NPORT-EX 2 NPORT_CFEQ_1767955678.htm FOR VALIDATION PURPOSES ONLY - [190599.TX]

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — 27.2%

      

BMW Vehicle Owner Trust,

      

Series 2018-A, Class A4,

      

2.510%, due 06/25/24

      2,288,855        2,301,454  

Canadian Pacer Auto Receivables Trust,

      

Series 2018-2A, Class A3,

      

3.270%, due 12/19/221

      431,904        434,302  

CCG Receivables Trust,

      

Series 2018-2, Class A2,

      

3.090%, due 12/15/251

      326,564        327,530  

Series 2019-1, Class A2,

      

2.800%, due 09/14/261

      1,233,935        1,246,481  

Series 2021-1, Class A2,

      

0.300%, due 06/14/271

      2,300,000        2,297,897  

Chesapeake Funding II LLC,

      

Series 2018-2A, Class A1,

      

3.230%, due 08/15/301

      947,597        954,067  

Series 2019-1A, Class A1,

      

2.940%, due 04/15/311

      1,842,171        1,857,456  

Series 2019-2A, Class A1,

      

1.950%, due 09/15/311

      2,302,973        2,329,789  

Daimler Trucks Retail Trust,

      

Series 2019-1, Class A3,

      

2.770%, due 08/15/221

      520,038        522,772  

Dell Equipment Finance Trust,

      

Series 2019-1, Class A3,

      

2.830%, due 03/22/241

      13,923,534        14,001,249  

Discover Card Execution Note Trust,

      

Series 2018-A5, Class A5,

      

3.320%, due 03/15/24

      10,820,000        10,862,776  

DLL LLC,

      

Series 2018-1, Class A4,

      

3.270%, due 04/17/261

      792,975        800,088  

Series 2018-ST2, Class A4,

      

3.590%, due 06/20/241

      6,921,383        6,959,031  

Series 2019-DA1, Class A3,

      

2.890%, due 04/20/231

      2,462,976        2,481,012  

Series 2019-DA1, Class A4,

      

2.920%, due 04/20/271

      24,485,000        25,165,463  

Series 2019-MA2, Class A3,

      

2.340%, due 09/20/231

      10,711,807        10,806,284  

Series 2019-MT3, Class A3,

      

2.080%, due 02/21/231

      21,672,097        21,809,246  

Series 2019-MT3, Class A4,

      

2.150%, due 09/21/261

      3,000,000        3,056,876  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — (continued)

      

Enterprise Fleet Financing LLC,

      

Series 2018-1, Class A3,

      

3.100%, due 10/20/231

      1,375,118        1,379,251  

Series 2018-2, Class A2,

      

3.140%, due 02/20/241

      756,136        757,360  

Series 2018-2, Class A3,

      

3.340%, due 02/20/241

      2,135,000        2,167,268  

Series 2018-3, Class A2,

      

3.380%, due 05/20/241

      4,188,848        4,207,190  

Series 2018-3, Class A3,

      

3.550%, due 05/20/241

      16,520,000        16,910,222  

Series 2019-1, Class A2,

      

2.980%, due 10/20/241

      4,194,976        4,225,150  

Series 2019-2, Class A2,

      

2.290%, due 02/20/251

      8,318,984        8,420,246  

Series 2019-3, Class A2,

      

2.060%, due 05/20/251

      20,633,033        20,899,191  

Series 2020-1, Class A2,

      

1.780%, due 12/22/251

      13,874,570        14,055,472  

Series 2020-2, Class A2,

      

0.610%, due 07/20/261

      4,507,098        4,523,980  

Ford Credit Auto Lease Trust,

      

Series 2019-A, Class B,

      

3.250%, due 07/15/22

      13,357,609        13,373,931  

Series 2020-B, Class C,

      

1.700%, due 02/15/25

      12,750,000        12,971,899  

Ford Credit Auto Owner Trust,

      

Series 2017-1, Class A,

      

2.620%, due 08/15/281

      21,485,000        21,768,907  

Series 2017-2, Class A,

      

2.360%, due 03/15/291

      22,500,000        23,043,877  

Series 2017-2, Class B,

      

2.600%, due 03/15/291

      11,926,000        12,217,964  

Series 2018-2, Class B,

      

3.610%, due 01/15/301

      10,000,000        10,601,130  

Series 2019-A, Class A3,

      

2.780%, due 09/15/23

      6,805,282        6,876,473  

Ford Credit Floorplan Master Owner Trust,

      

Series 2018-2, Class A,

      

3.170%, due 03/15/25

      8,000,000        8,369,492  

Series 2019-3, Class A1,

      

2.230%, due 09/15/24

      10,000,000        10,221,437  

Series 2019-3, Class B,

      

2.420%, due 09/15/24

      34,918,000        35,705,478  

GM Financial Automobile Leasing Trust,

      

Series 2019-2, Class B,

      

2.890%, due 03/20/23

      3,000,000        3,008,681  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — (continued)

      

Series 2019-2, Class C,

      

3.120%, due 03/20/23

      2,000,000        2,013,606  

Series 2020-2, Class A2A,

      

0.710%, due 10/20/22

      1,653,603        1,656,170  

Series 2020-2, Class B,

      

1.560%, due 07/22/24

      4,750,000        4,830,958  

GM Financial Consumer Automobile Receivables Trust,

      

Series 2018-2, Class A3,

      

2.810%, due 12/16/22

      1,194,809        1,200,225  

Series 2019-1, Class A3,

      

2.970%, due 11/16/23

      1,057,985        1,068,312  

Series 2020-2, Class A2A,

      

1.500%, due 03/16/23

      872,809        873,884  

GMF Floorplan Owner Revolving Trust,

      

Series 2019-1, Class A,

      

2.700%, due 04/15/241

      22,200,000        22,583,367  

Series 2019-1, Class B,

      

2.860%, due 04/15/241

      8,000,000        8,144,923  

GreatAmerica Leasing Receivables Funding LLC,

      

Series 2018-1, Class A4,

      

2.830%, due 06/17/241

      3,344,892        3,363,641  

Series 2019-1, Class A4,

      

3.210%, due 02/18/251

      1,667,000        1,718,349  

Honda Auto Receivables Owner Trust,

      

Series 2018-1I, Class A4,

      

2.830%, due 05/15/24

      1,924,702        1,926,605  

Series 2018-4, Class A3,

      

3.160%, due 01/17/23

      790,292        796,918  

Hyundai Auto Lease Securitization Trust,

      

Series 2019-A, Class A4,

      

3.050%, due 12/15/221

      882,403        883,422  

Series 2019-B, Class A3,

      

2.040%, due 08/15/221

      848,161        850,265  

Series 2019-B, Class B,

      

2.130%, due 11/15/231

      11,884,000        11,991,294  

Series 2020-B, Class A4,

      

0.580%, due 06/17/241

      1,550,000        1,557,314  

Hyundai Auto Receivables Trust,

      

Series 2019-A, Class A3,

      

2.660%, due 06/15/23

      7,688,798        7,757,561  

John Deere Owner Trust,

      

Series 2018-B, Class A3,

      

3.080%, due 11/15/22

      879,708        883,271  

Kubota Credit Owner Trust,

      

Series 2018-1A, Class A3,

      

3.100%, due 08/15/221

      724,983        727,222  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — (continued)

      

Series 2018-1A, Class A4,

      

3.210%, due 01/15/251

      9,100,000        9,210,586  

Series 2019-1A, Class A3,

      

2.460%, due 10/16/231

      2,732,362        2,774,635  

MMAF Equipment Finance LLC,

      

Series 2014-AA, Class A5,

      

2.330%, due 12/08/251

      2,463,807        2,486,145  

Series 2016-AA, Class A4,

      

1.760%, due 01/17/231

      255,207        255,531  

Series 2017-AA, Class A5,

      

2.680%, due 07/16/271

      3,000,000        3,062,648  

Series 2017-B, Class A4,

      

2.410%, due 11/15/241

      3,190,855        3,223,614  

Series 2018-A, Class A3,

      

3.200%, due 09/12/221

      361,767        363,034  

Series 2019-B, Class A2,

      

2.070%, due 10/12/221

      1,818,792        1,826,515  

NextGear Floorplan Master Owner Trust,

      

Series 2020-1A, Class A2,

      

1.550%, due 02/15/251

      5,725,000        5,820,862  

Nissan Auto Lease Trust,

      

Series 2019-A, Class A4,

      

2.780%, due 07/15/24

      21,165,073        21,187,586  

Series 2019-B, Class A3,

      

2.270%, due 07/15/22

      814,859        816,853  

Series 2020-A, Class A4,

      

1.880%, due 04/15/25

      4,500,000        4,565,429  

Nissan Auto Receivables Owner Trust,

      

Series 2017-C, Class A4,

      

2.280%, due 02/15/24

      1,062,368        1,067,968  

Series 2018-B, Class A3,

      

3.060%, due 03/15/23

      469,270        473,791  

Series 2018-C, Class A3,

      

3.220%, due 06/15/23

      1,985,224        2,005,616  

Series 2019-A, Class A3,

      

2.900%, due 10/16/23

      4,731,843        4,785,598  

Series 2020-A, Class A2,

      

1.450%, due 12/15/22

      898,330        899,867  

Santander Consumer Auto Receivables Trust,

      

Series 2020-AA, Class A,

      

1.370%, due 10/15/241

      2,492,784        2,508,157  

Santander Retail Auto Lease Trust,

      

Series 2019-A, Class A3,

      

2.770%, due 06/20/221

      1,552,430        1,556,794  

Series 2019-A, Class C,

      

3.300%, due 05/22/231

      10,890,000        11,040,686  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — (continued)

      

Series 2019-C, Class B,

      

2.170%, due 11/20/231

      7,995,000        8,143,734  

Series 2020-A, Class A3,

      

1.740%, due 07/20/231

      25,000,000        25,358,993  

Securitized Term Auto Receivables Trust,

      

Series 2019-1A, Class A3,

      

2.986%, due 02/27/231

      2,768,951        2,792,573  

Synchrony Credit Card Master Note Trust,

      

Series 2017-2, Class B,

      

2.820%, due 10/15/25

      14,917,808        15,344,839  

Tesla Auto Lease Trust,

      

Series 2018-B, Class B,

      

4.120%, due 10/20/211

      1,930,362        1,932,736  

Series 2020-A, Class A2,

      

0.550%, due 05/22/231

      7,720,543        7,731,248  

Toyota Auto Receivables Owner Trust,

      

Series 2018-B, Class A3,

      

2.960%, due 09/15/22

      720,828        723,022  

Series 2018-D, Class A3,

      

3.180%, due 03/15/23

      6,123,014        6,176,313  

Series 2019-A, Class A3,

      

2.910%, due 07/17/23

      2,213,288        2,241,082  

USAA Auto Owner Trust,

      

Series 2019-1, Class A3,

      

2.160%, due 07/17/23

      8,452,926        8,490,180  

Verizon Owner Trust,

      

Series 2018-A, Class B,

      

3.380%, due 04/20/23

      6,700,000        6,797,898  

Series 2019-A, Class C,

      

3.220%, due 09/20/23

      2,700,000        2,774,963  

Series 2019-B, Class A1A,

      

2.330%, due 12/20/23

      1,386,648        1,401,466  

Series 2019-B, Class C,

      

2.600%, due 12/20/23

      14,450,000        14,843,735  

World Financial Network Credit Card Master Trust,

      

Series 2018-B, Class A,

      

3.460%, due 07/15/25

      4,452,000        4,470,045  

Series 2018-C, Class A,

      

3.550%, due 08/15/25

      12,549,000        12,636,116  

Series 2019-A, Class A,

      

3.140%, due 12/15/25

      20,800,000        21,131,592  

Series 2019-B, Class A,

      

2.490%, due 04/15/26

      21,500,000        21,929,245  

Series 2019-B, Class M,

      

3.040%, due 04/15/26

      3,705,000        3,778,615  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Asset-backed securities — (concluded)

      

Series 2019-C, Class M,

      

2.710%, due 07/15/26

      16,180,000        16,580,104  

World Omni Auto Receivables Trust,

      

Series 2018-B, Class A3,

      

2.870%, due 07/17/23

      668,885        673,368  

Series 2018-C, Class A3,

      

3.130%, due 11/15/23

      1,126,153        1,137,305  

Series 2018-C, Class A4,

      

3.270%, due 09/16/24

      2,610,000        2,678,855  

Series 2018-D, Class A3,

      

3.330%, due 04/15/24

      693,068        702,552  
     

 

 

  

Total asset-backed securities
(cost — $687,465,869)

         689,148,173  
     

 

 

  

Certificates of deposit — 1.2%

      

DNB Bank ASA

      

3 mo. USD LIBOR + 0.290%,

      

0.418%, due 12/10/212

      25,000,000        25,026,169  

Sumitomo Mitsui Banking Corp.

      

3 mo. USD LIBOR + 0.380%,

      

0.499%, due 10/12/212

      6,500,000        6,504,985  
     

 

 

  

Total certificates of deposit
(cost — $31,500,227)

         31,531,154  
     

 

 

  

Commercial paper3 — 22.2%

      

American Electric Power Co., Inc.

      

0.213%, due 11/16/215

      5,276,000        5,272,709  

AT&T, Inc.

      

0.330%, due 08/17/21

      10,000,000        9,999,050  

0.340%, due 09/21/21

      8,000,000        7,998,175  

0.350%, due 09/21/21

      4,000,000        3,999,087  

0.376%, due 10/20/215

      15,000,000        14,994,875  

0.380%, due 11/16/21

      15,000,000        14,992,915  

0.387%, due 11/18/215

      25,000,000        24,987,898  

0.400%, due 12/14/21

      3,000,000        2,998,048  

BPCE SA

      

0.300%, due 08/03/21

      4,000,000        3,999,968  

Ei Dupont De Nemours

      

0.305%, due 12/01/215

      25,000,000        24,984,809  

Enel Finance America LLC

      

0.350%, due 10/06/21

      17,050,000        17,044,267  

0.407%, due 03/03/225

      15,000,000        14,977,320  

0.407%, due 03/09/225

      15,000,000        14,976,505  

0.407%, due 04/01/225

      15,000,000        14,973,254  

0.407%, due 04/13/225

      10,000,000        9,981,011  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Commercial paper3 — (concluded)

      

Energy Transfer LP

      

0.355%, due 08/02/21

      30,000,000        29,999,240  

ENI Finance USA, Inc.

      

0.274%, due 08/23/21

      15,000,000        14,998,570  

General Motors Financial Co.

      

0.304%, due 08/09/215

      55,000,000        54,995,508  

0.304%, due 08/25/215

      15,000,000        14,995,818  

Glencore Funding LLC

      

0.254%, due 10/06/215

      5,000,000        4,997,233  

0.254%, due 10/07/215

      10,000,000        9,994,384  

0.284%, due 11/05/215

      25,000,000        24,979,379  

Humana Inc.

      

0.264%, due 11/08/215

      25,000,000        24,975,732  

Hyundai Capital America

      

0.190%, due 11/02/21

      11,000,000        10,995,007  

0.294%, due 08/23/215

      20,000,000        19,998,453  

0.300%, due 04/06/22

      13,893,000        13,868,591  

0.320%, due 02/03/22

      21,400,000        21,374,855  

Intesa Funding LLC

      

0.081%, due 08/02/215

      53,000,000        52,997,880  

Societe Generale NA

      

0.285%, due 12/29/215

      25,000,000        24,987,228  

0.285%, due 01/11/225

      15,000,000        14,991,063  

Volkswagen Credit, Inc.

      

0.325%, due 01/10/225

      10,000,000        9,988,657  

0.336%, due 03/01/225

      10,000,000        9,984,485  

Volkswagen Group of America Finance LLC

      

0.500%, due 11/10/21

      4,000,000        3,994,747  

Walt Disney Co.

      

0.290%, due 08/16/21

      12,000,000        11,999,450  
     

 

 

  

Total commercial paper
(cost — $561,153,122)

         561,296,171  
     

 

 

  

Corporate bonds — 46.6%

      

Auto manufacturers — 6.4%

      

American Honda Finance Corp.

      

3 mo. USD LIBOR + 0.350%,

      

0.526%, due 11/05/212

      10,035,000        10,043,382  

3.375%, due 12/10/21

      20,000,000        20,221,061  

BMW US Capital LLC

      

3 mo. USD LIBOR + 0.500%,

      

0.660%, due 08/13/211,2

      8,080,000        8,081,648  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (continued)

      

Auto manufacturers — (concluded)

      

Daimler Finance North America LLC

      

3 mo. USD LIBOR + 0.670%,

      

0.846%, due 11/05/211,2

      4,500,000        4,507,303  

3 mo. USD LIBOR + 0.880%,

      

1.030%, due 02/22/221,2

      9,750,000        9,789,770  

2.200%, due 10/30/211

      25,000,000        25,113,965  

2.850%, due 01/06/221

      11,525,000        11,648,155  

3.400%, due 02/22/221

      14,682,000        14,930,963  

Nissan Motor Acceptance Corp.

      

3 mo. USD LIBOR + 0.630%,

      

0.765%, due 09/21/211,2

      2,500,000        2,500,987  

Toyota Motor Corp.

      

2.157%, due 07/02/22

      4,425,000        4,503,677  

Toyota Motor Credit Corp.

      

3 mo. USD LIBOR + 0.125%,

      

0.285%, due 08/13/212

      5,090,000        5,090,313  

3 mo. USD LIBOR + 0.690%,

      

0.809%, due 01/11/222

      4,000,000        4,011,346  

Volkswagen Group of America Finance LLC

      

0.750%, due 11/23/221

      5,000,000        5,018,121  

3 mo. USD LIBOR + 0.860%,

      

0.994%, due 09/24/211,2

      7,000,000        7,008,338  

3 mo. USD LIBOR + 0.940%,

      

1.108%, due 11/12/211,2

      7,000,000        7,017,465  

2.900%, due 05/13/221

      21,786,000        22,210,121  
     

 

 

  
        161,696,615  
     

 

 

  

Banks — 27.2%

      

ABN AMRO Bank N.V.

      

3 mo. USD LIBOR + 0.570%,

      

0.709%, due 08/27/211,2

      20,120,000        20,127,281  

3.400%, due 08/27/211

      5,909,000        5,921,710  

Bank of Montreal

      

0.372%, due 07/09/24

      2,000,000        2,001,780  

3 mo. USD LIBOR + 0.790%,

      

0.929%, due 08/27/212

      6,013,000        6,016,344  

Bank of Nova Scotia,

      

Series FRN,

      

SOFR + 0.445%,

      

0.495%, due 04/15/242

      10,000,000        10,044,974  

BNP Paribas SA

      

2.950%, due 05/23/221

      18,070,000        18,453,819  

BPCE SA

      

3.000%, due 05/22/221

      52,600,000        53,750,504  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (continued)

      

Banks — (continued)

      

Citigroup, Inc.

      

3 mo. USD LIBOR + 1.070%,

      

1.198%, due 12/08/212

      16,099,000        16,144,571  

3 mo. USD LIBOR + 1.190%,

      

1.366%, due 08/02/212

      2,000,000        2,000,000  

2.350%, due 08/02/21

      10,011,000        10,011,000  

Commonwealth Bank of Australia

      

3 mo. USD LIBOR + 0.700%,

      

0.828%, due 03/10/221,2

      14,800,000        14,859,850  

3 mo. USD LIBOR + 0.830%,

      

0.961%, due 09/06/211,2

      6,250,000        6,255,110  

Cooperatieve Rabobank UA

      

3 mo. USD LIBOR + 0.830%,

      

0.949%, due 01/10/222

      2,150,000        2,157,887  

Credit Agricole SA

      

3.375%, due 01/10/221

      35,983,000        36,480,431  

Credit Suisse AG

      

SOFR + 0.450%,

      

0.479%, due 02/04/222

      4,750,000        4,756,803  

Credit Suisse Group Funding Guernsey Ltd.

      

3.800%, due 09/15/22

      19,844,000        20,605,086  

Goldman Sachs Group, Inc.

      

3.200%, due 02/23/23

      10,000,000        10,409,430  

5.750%, due 01/24/22

      49,820,000        51,121,012  

ING Groep N.V.

      

3.150%, due 03/29/22

      20,632,000        21,030,390  

Macquarie Bank Ltd.

      

3 mo. USD LIBOR + 0.450%,

      

0.600%, due 11/24/211,2

      15,000,000        15,018,209  

3 mo. USD LIBOR + 0.450%,

      

0.625%, due 08/06/211,2

      4,000,000        4,000,196  

Mitsubishi UFJ Financial Group, Inc.

      

3 mo. USD LIBOR + 0.920%,

      

1.070%, due 02/22/222

      10,285,000        10,334,102  

3 mo. USD LIBOR + 1.060%,

      

1.179%, due 09/13/212

      6,769,000        6,776,919  

2.190%, due 09/13/21

      31,286,000        31,356,594  

2.665%, due 07/25/22

      20,000,000        20,474,218  

Mizuho Financial Group, Inc.

      

3 mo. USD LIBOR + 0.940%,

      

1.075%, due 02/28/222

      4,630,000        4,653,330  

3 mo. USD LIBOR + 1.140%,

      

1.259%, due 09/13/212

      27,921,000        27,955,323  

2.953%, due 02/28/22

      8,382,000        8,513,405  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (continued)

      

Banks — (continued)

      

Morgan Stanley

      

SOFR + 0.700%,

      

0.750%, due 01/20/232

      8,515,000        8,537,828  

2.625%, due 11/17/21

      7,000,000        7,050,171  

2.750%, due 05/19/22

      21,000,000        21,424,881  

3.750%, due 02/25/23

      15,000,000        15,782,289  

National Australia Bank Ltd.

      

3 mo. USD LIBOR + 0.580%,

      

0.715%, due 09/20/211,2

      3,850,000        3,852,470  

3 mo. USD LIBOR + 0.710%,

      

0.886%, due 11/04/211,2

      8,350,000        8,364,367  

National Bank of Canada

      

2.100%, due 02/01/23

      18,000,000        18,463,197  

NatWest Markets PLC

      

3.625%, due 09/29/221

      35,000,000        36,332,000  

Royal Bank of Canada

      

3 mo. USD LIBOR + 0.730%,

      

0.906%, due 02/01/222

      7,143,000        7,169,738  

Santander UK Group Holdings PLC

      

2.875%, due 08/05/21

      3,180,000        3,180,445  

Skandinaviska Enskilda Banken AB

      

1.875%, due 09/13/21

      5,558,000        5,568,649  

Sumitomo Mitsui Financial Group, Inc.

      

3 mo. USD LIBOR + 1.140%,

      

1.274%, due 10/19/212

      11,086,000        11,112,683  

2.778%, due 10/18/22

      20,000,000        20,602,182  

Svenska Handelsbanken AB

      

1.875%, due 09/07/21

      10,930,000        10,947,644  

Toronto-Dominion Bank

      

SOFR + 0.480%,

      

0.530%, due 01/27/232

      9,475,000        9,520,491  

US Bancorp

      

3 mo. USD LIBOR + 0.640%,

      

0.765%, due 01/24/222

      18,216,000        18,261,608  

US Bank N.A.

      

3 mo. USD LIBOR + 0.180%,

      

0.314%, due 01/21/222

      14,000,000        14,010,593  

Wells Fargo & Co.

      

3.500%, due 03/08/22

      5,022,000        5,119,488  

Westpac Banking Corp.

      

3 mo. USD LIBOR + 0.850%,

      

0.969%, due 01/11/222

      6,000,000        6,021,881  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (continued)

      

Banks — (concluded)

      

3 mo. USD LIBOR + 0.850%,

      

1.000%, due 08/19/212

      15,599,000        15,605,334  
     

 

 

  
        688,158,217  
     

 

 

  

Diversified financial services — 2.6%

      

American Express Co.

      

2.500%, due 08/01/22

      15,000,000        15,310,020  

2.750%, due 05/20/22

      19,795,000        20,147,568  

3.700%, due 11/05/21

      10,415,000        10,477,040  

Capital One Financial Corp.

      

3.050%, due 03/09/22

      20,000,000        20,290,146  
     

 

 

  
        66,224,774  
     

 

 

  

Electric — 1.8%

      

DTE Energy Co.,

      

Series H,

      

0.550%, due 11/01/22

      4,500,000        4,513,198  

Duke Energy Florida LLC,

      

Series A,

      

3 mo. USD LIBOR + 0.250%,

      

0.391%, due 11/26/212

      5,000,000        5,002,866  

NextEra Energy Capital Holdings, Inc.

      

3 mo. USD LIBOR + 0.720%,

      

0.867%, due 02/25/222

      5,000,000        5,017,069  

2.403%, due 09/01/21

      25,000,000        25,042,294  

2.900%, due 04/01/22

      6,398,000        6,509,627  
     

 

 

  
        46,085,054  
     

 

 

  

Gas — 0.2%

      

CenterPoint Energy Resources Corp.

      

0.700%, due 03/02/23

      5,000,000        5,001,415  
     

 

 

  

Healthcare-services — 0.1%

      

Aetna, Inc.

      

2.750%, due 11/15/22

      3,025,000        3,100,194  
     

 

 

  

Insurance — 1.7%

      

Lincoln National Corp.

      

4.200%, due 03/15/22

      26,238,000        26,853,981  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (continued)

      

Insurance — (concluded)

      

New York Life Global Funding

      

3 mo. USD LIBOR + 0.280%,

      

0.414%, due 01/21/221,2

      15,425,000        15,449,283  
     

 

 

  
        42,303,264  
     

 

 

  

Machinery-construction & mining — 0.4%

      

Caterpillar Financial Services Corp.

      

3 mo. USD LIBOR + 0.280%,

      

0.411%, due 09/07/212

      9,185,000        9,188,139  
     

 

 

  

Machinery-diversified — 0.1%

      

John Deere Capital Corp.

      

3 mo. USD LIBOR + 0.260%,

      

0.388%, due 09/10/212

      2,371,000        2,371,588  
     

 

 

  

Miscellaneous manufacturers — 0.1%

      

Siemens Financieringsmaatschappij N.V.

      

3 mo. USD LIBOR + 0.610%,

      

0.728%, due 03/16/221,2

      2,300,000        2,309,456  
     

 

 

  

Oil & gas — 0.4%

      

Phillips 66

      

4.300%, due 04/01/22

      9,306,000        9,549,646  
     

 

 

  

Pharmaceuticals — 2.4%

      

AbbVie, Inc.

      

3 mo. USD LIBOR + 0.460%,

      

0.610%, due 11/19/212

      11,287,000        11,299,933  

3.450%, due 03/15/22

      48,997,000        49,687,476  
     

 

 

  
        60,987,409  
     

 

 

  

Pipelines — 0.8%

      

Enterprise Products Operating LLC

      

4.050%, due 02/15/22

      20,000,000        20,399,912  
     

 

 

  

Retail — 0.6%

      

Home Depot, Inc.

      

3 mo. USD LIBOR + 0.310%,

      

0.445%, due 03/01/222

      1,325,000        1,327,454  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Corporate bonds — (concluded)

      

Retail — (concluded)

      

McDonald’s Corp.

      

3 mo. USD LIBOR + 0.430%,

      

0.562%, due 10/28/212

      13,600,000        13,613,631  
     

 

 

  
        14,941,085  
     

 

 

  

Software — 1.4%

      

Oracle Corp.

      

1.900%, due 09/15/21

      10,000,000        10,012,766  

2.500%, due 05/15/22

      26,300,000        26,655,839  
     

 

 

  
        36,668,605  
     

 

 

  

Telecommunications — 0.4%

      

Verizon Communications, Inc.

      

3 mo. USD LIBOR + 1.000%,

      

1.118%, due 03/16/222

      9,300,000        9,355,054  
     

 

 

  

Total corporate bonds
(cost — $1,177,705,693)

         1,178,340,427  
     

 

 

  

Mortgage-backed securities — 3.0%

      

Angel Oak Mortgage Trust,

      

Series 2020-R1, Class A1,

      

0.990%, due 04/25/531,4

      11,965,284        11,970,930  

Series 2021-1, Class A1,

      

0.909%, due 01/25/661,4

      9,432,614        9,431,233  

Angel Oak Mortgage Trust LLC,

      

Series 2020-5, Class A1,

      

1.373%, due 05/25/651,4

      7,276,455        7,304,803  

COLT Funding LLC,

      

Series 2021-2, Class A1,

      

0.924%, due 08/25/661,4

      2,200,000        2,199,993  

Series 2021-3R, Class A1,

      

1.051%, due 12/25/641,4

      5,561,626        5,561,089  

COLT Mortgage Pass-Through Certificates,

      

Series 2021-1R, Class A1,

      

0.857%, due 05/25/651,4

      1,924,319        1,922,446  

Deephaven Residential Mortgage Trust,

      

Series 2021-1, Class A1,

      

0.715%, due 05/25/651,4

      2,810,418        2,808,433  

GS Mortgage Backed Securities Corp. Trust,

      

Series 2021-NQM1, Class A1,

      

1.017%, due 07/25/611,4

      5,042,728        5,052,558  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

 

    Face
amount ($)		      Value ($)  

Mortgage-backed securities — (concluded)

      

MFA Trust,

      

Series 2020-NQM3, Class A1,

      

1.014%, due 01/26/651,4

      991,605        992,823  

Series 2021-NQM1, Class A1,

      

1.153%, due 04/25/651,4

      2,793,494        2,791,095  

Verus Securitization Trust,

      

Series 2021-1, Class A1,

      

0.815%, due 01/25/661,4

      4,854,183        4,849,258  

Series 2021-2, Class A1,

      

1.031%, due 02/25/661,4

      1,786,204        1,786,924  

Series 2021-3, Class A1,

      

1.046%, due 06/25/661,4

      3,411,530        3,417,545  

Series 2021-4, Class A1,

      

0.938%, due 07/25/661,4

      1,850,000        1,849,967  

Series 2021-R1, Class A1,

      

0.820%, due 10/25/631,4

      10,926,378        10,924,898  

Series 2021-R2, Class A1,

      

0.918%, due 02/25/641,4

      3,313,180        3,319,405  
     

 

 

  

Total mortgage-backed securities
(cost — $76,202,547)

         76,183,400  
     

 

 

  
     Number of
shares		         

Short-term investments — 0.3%

      

Investment companies — 0.3%

      

State Street Institutional U.S. Government Money Market Fund, 0.030%5
(cost — $7,932,935)

      7,932,935        7,932,935  
     

 

 

  

Total investments
(cost — $2,541,960,393) — 100.5%

         2,544,432,260  
     

 

 

  

Liabilities in excess of other assets — (0.5)%

         (13,916,695 ) 
     

 

 

  

Net assets — 100.0%

       $ 2,530,515,565  
     

 

 

  

UBS Ultra Short Income Fund

Portfolio of investments — July 31, 2021 (unaudited)

 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2021 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

 

Description

    Unadjusted quoted
prices in  active
markets for
identical  investments
(Level 1) ($)		      Other significant
observable  inputs
(Level 2) ($)		      Unobservable
inputs
(Level 3) ($)		      Total ($)  

Asset-backed securities

      —        689,148,173        —        689,148,173  

Certificates of deposit

      —        31,531,154        —        31,531,154  

Commercial paper

      —        561,296,171        —        561,296,171  

Corporate bonds

      —        1,178,340,427        —        1,178,340,427  

Mortgage-backed securities

      —        72,765,855        3,417,545        76,183,400  

Short-term investments

      —        7,932,935        —        7,932,935  

Total

      —        2,541,014,715        3,417,545        2,544,432,260  

At July 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

1

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $817,319,961, represented 32.3% of the Fund’s net assets at period end.

2

Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

3

Rate shown is the discount rate at the date of purchase unless otherwise noted.

4

Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

5

Rates shown reflect yield at July 31, 2021.

 

Portfolio acronyms

LIBOR    London Interbank Offered Rate
SOFR    Secured Overnight Financing Rate

UBS Series Funds

UBS Ultra Short Income Fund

 

Valuation of investments: The Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Fund does not price its shares, on most national holidays and Good Friday. To the extent that the Fund’s assets are traded in other markets on days when the NYSE is not open, the value of the Fund’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the US Securities and Exchange Commission (“SEC”).

The Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS Asset Management (Americas) Inc. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Trustees (the “Board”). Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Fund invests may be traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in the Fund’s net asset value. However, if the Fund determines that such developments are so significant that they will materially affect the value of the Fund’s investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund’s use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (“VC”) the responsibility for making fair value determinations with respect to the Fund’s portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical investments.

Level 2 — Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3 — Unobservable inputs inclusive of the Fund’s own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund’s Portfolio of investments.

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s annual report to shareholders dated April 30, 2021.