Siemens PLM Licensing Licensing Tool -> Bundle Settings vs UGS_LICENSE_BUNDLE

Start -> Siemens NX -> Tool - Licensing Tool -> Bundle Settings (and Applied Bundles)

vs. 

the UGS_LICENSE_BUNDLE environment variable setting. 

Solution

The NX Licensing Tool is used to store a persistent bundle setting in the Registry.

Start -> Siemens NX -> Tool - Licensing Tool -> Bundle Settings.
The "Applied Bundles" represent the bundle(s) the user selected:

The registry setting for "NX_BUNDLES" will always supersede the UGS_LICENSE_BUNDLE
environment variable setting, rendering the UGS_LICENSE_BUNDLE setting ineffective.

NX_BUNDLES is located in the following registry path.
Notice it is a USER registry entry:

\HKEY_CURRENT_USER\Software\Siemens_PLM_Software\Common_Licensing\

Notes and References

Hardware/Software Configuration

Platform: INTL64
OS: windows
OS Version: 1064
Product: NX
Application: SYSTEM
Version: V1980
Function: SYSTEM_TOOLS

Ref: 001-10002162