UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-06637 |
| ||||
| ||||||
The UBS Funds | ||||||
(Exact name of registrant as specified in charter) | ||||||
| ||||||
One North Wacker Drive, Chicago, IL |
|
60606-2807 | ||||
(Address of principal executive offices) |
|
(Zip code) | ||||
| ||||||
Mark F. Kemper, Esq. UBS Global Asset Management Americas Inc. One North Wacker Drive Chicago, IL 60606-2807 | ||||||
(Name and address of agent for service) | ||||||
| ||||||
Copy to: Bruce Leto, Esq. Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 | ||||||
| ||||||
Registrants telephone number, including area code: |
212-821-3000 |
| ||||
| ||||||
Date of fiscal year end: |
June 30 |
| ||||
|
|
| ||||
Date of reporting period: |
March 31, 2011 |
| ||||
Item 1. Schedule of Investments
UBS Absolute Return Bond Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Aerospace & defense |
|
0.39 |
% |
Auto components |
|
0.17 |
|
Building materials |
|
0.26 |
|
Chemicals |
|
0.17 |
|
Commercial banks |
|
9.61 |
|
Communications equipment |
|
0.26 |
|
Construction & engineering |
|
1.10 |
|
Construction materials |
|
0.17 |
|
Consumer finance |
|
0.52 |
|
Diversified financial services |
|
10.89 |
|
Diversified telecommunication services |
|
2.81 |
|
Electric utilities |
|
0.75 |
|
Energy |
|
0.07 |
|
Food & staples retailing |
|
0.55 |
|
Health care equipment & supplies |
|
0.50 |
|
Health care providers & services |
|
0.44 |
|
Household durables |
|
0.17 |
|
Industrial conglomerates |
|
0.29 |
|
Insurance |
|
3.44 |
|
Media |
|
1.19 |
|
Metals & mining |
|
0.64 |
|
Oil, gas & consumable fuels |
|
2.76 |
|
Pharmaceuticals |
|
0.24 |
|
Road & rail |
|
0.44 |
|
Sovereign |
|
1.20 |
|
Thrifts & mortgage finance |
|
4.06 |
|
Tobacco |
|
2.59 |
|
Wireless telecommunication services |
|
2.06 |
|
Total corporate bonds |
|
47.74 |
% |
Asset-backed securities |
|
2.16 |
|
Collateralized debt obligations |
|
1.16 |
|
Commercial mortgage-backed securities |
|
0.46 |
|
Mortgage & agency debt securities |
|
22.69 |
|
US government obligation |
|
0.26 |
|
Non-US government obligations |
|
16.18 |
|
Supranational bonds |
|
4.46 |
|
Total bonds |
|
95.11 |
% |
Short-term investment |
|
8.20 |
|
Total investments |
|
103.31 |
% |
Liabilities, in excess of cash and other assets |
|
(3.31 |
) |
Net assets |
|
100.00 |
% |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Bonds95.11% |
|
|
|
|
| |||
Corporate bonds47.74% |
|
|
|
|
| |||
Australia0.25% |
|
|
|
|
| |||
Westpac Banking Corp., |
|
|
|
|
| |||
4.200%, due 02/27/15 |
|
$ |
350,000 |
|
$ |
366,226 |
| |
|
|
|
|
|
| |||
Denmark0.25% |
|
|
|
|
| |||
Dong Energy A/S, |
|
|
|
|
| |||
4.875%, due 05/07/14 |
|
EUR |
250,000 |
|
370,645 |
| ||
|
|
|
|
|
| |||
France3.21% |
|
|
|
|
| |||
AXA SA, |
|
|
|
|
| |||
6.667%, due 07/06/161,2 |
|
GBP |
525,000 |
|
768,512 |
| ||
Casino Guichard Perrachon SA, |
|
|
|
|
| |||
5.500%, due 01/30/15 |
|
EUR |
550,000 |
|
825,368 |
| ||
CNP Assurances, |
|
|
|
|
| |||
6.875%, due 09/30/411 |
|
500,000 |
|
698,198 |
| |||
Compagnie de Financement Foncier, |
|
|
|
|
| |||
3.625%, due 01/16/12 |
|
1,300,000 |
|
1,867,208 |
| |||
Natixis, |
|
|
|
|
| |||
0.553%, due 01/15/191 |
|
$ |
450,000 |
|
386,755 |
| ||
Rhodia SA, |
|
|
|
|
| |||
7.000%, due 05/15/18 |
|
EUR |
170,000 |
|
250,272 |
| ||
Total France corporate bonds |
|
|
|
4,796,313 |
| |||
|
|
|
|
|
| |||
Germany3.21% |
|
|
|
|
| |||
Commerzbank AG, |
|
|
|
|
| |||
6.375%, due 03/22/19 |
|
350,000 |
|
464,587 |
| |||
Eurohypo AG, |
|
|
|
|
| |||
3.750%, due 03/24/14 |
|
2,900,000 |
|
4,205,024 |
| |||
HeidelbergCement Finance BV, |
|
|
|
|
| |||
8.500%, due 10/31/19 |
|
160,000 |
|
256,797 |
| |||
Total Germany corporate bonds |
|
|
|
4,926,408 |
| |||
|
|
|
|
|
| |||
Ireland0.68% |
|
|
|
|
| |||
Allied Irish Banks PLC, |
|
|
|
|
| |||
4.500%, due 10/01/12 |
|
300,000 |
|
335,876 |
| |||
GE Capital UK Funding, |
|
|
|
|
| |||
6.000%, due 04/11/13 |
|
GBP |
400,000 |
|
680,955 |
| ||
Total Ireland corporate bonds |
|
|
|
1,016,831 |
| |||
|
|
|
|
|
| |||
Italy2.35% |
|
|
|
|
| |||
Intesa Sanpaolo SpA, |
|
|
|
|
| |||
2.713%, due 02/24/141,3 |
|
$ |
600,000 |
|
607,697 |
| ||
6.625%, due 05/08/18 |
|
EUR |
500,000 |
|
698,959 |
| ||
Telecom Italia SpA, |
|
|
|
|
| |||
5.625%, due 12/29/15 |
|
GBP |
1,350,000 |
|
2,210,716 |
| ||
Total Italy corporate bonds |
|
|
|
3,517,372 |
| |||
|
|
|
|
|
| |||
Luxembourg1.26% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
9.000%, due 02/15/15 |
|
$ |
350,000 |
|
418,920 |
| ||
Fiat Industrial Finance Europe SA, |
|
|
|
|
| |||
6.250%, due 03/09/18 |
|
EUR |
550,000 |
|
773,614 |
| ||
GAZ Capital SA for Gazprom, |
|
|
|
|
| |||
6.580%, due 10/31/13 |
|
GBP |
250,000 |
|
426,116 |
| ||
Wind Acquisition Finance SA, |
|
|
|
|
| |||
11.750%, due 07/15/174 |
|
EUR |
160,000 |
|
262,465 |
| ||
Total Luxembourg corporate bonds |
|
|
|
1,881,115 |
| |||
|
|
|
|
|
| |||
Mexico0.48% |
|
|
|
|
| |||
America Movil SAB de CV, |
|
|
|
|
| |||
3.625%, due 03/30/15 |
|
$ |
700,000 |
|
720,276 |
| ||
|
|
|
|
|
| |||
Netherlands4.59% |
|
|
|
|
| |||
Allianz Finance II BV, |
|
|
|
|
| |||
4.750%, due 07/22/19 |
|
EUR |
850,000 |
|
1,247,889 |
| ||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Netherlands(concluded) |
|
|
|
|
| |||
Conti-Gummi Finance BV, |
|
|
|
|
| |||
7.125%, due 10/15/184 |
|
EUR |
175,000 |
|
$ |
258,302 |
| |
CRH Finance BV, |
|
|
|
|
| |||
7.375%, due 05/28/14 |
|
250,000 |
|
389,443 |
| |||
ELM BV for Swiss Reinsurance Co., |
|
|
|
|
| |||
5.252%, due 05/25/161,2 |
|
EUR |
650,000 |
|
819,850 |
| ||
MDC BV, |
|
|
|
|
| |||
5.750%, due 05/06/143 |
|
$ |
1,650,000 |
|
1,786,125 |
| ||
PACCAR Financial Europe BV, |
|
|
|
|
| |||
5.125%, due 05/19/11 |
|
EUR |
350,000 |
|
497,537 |
| ||
Rabobank Nederland NV, |
|
|
|
|
| |||
4.000%, due 09/10/15 |
|
GBP |
230,000 |
|
378,661 |
| ||
Repsol International Finance BV, |
|
|
|
|
| |||
4.750%, due 02/16/17 |
|
EUR |
300,000 |
|
433,030 |
| ||
Scotland International Finance BV, |
|
|
|
|
| |||
4.250%, due 05/23/133 |
|
$ |
800,000 |
|
788,514 |
| ||
Ziggo Bond Co. BV, |
|
|
|
|
| |||
8.000%, due 05/15/184 |
|
EUR |
175,000 |
|
257,310 |
| ||
Total Netherlands corporate bonds |
|
|
|
6,856,661 |
| |||
|
|
|
|
|
| |||
Portugal0.51% |
|
|
|
|
| |||
EDP Finance BV, |
|
|
|
|
| |||
5.375%, due 11/02/123 |
|
$ |
750,000 |
|
766,083 |
| ||
|
|
|
|
|
|
| ||
Qatar0.29% |
|
|
|
|
| |||
Qtel International Finance Ltd., |
|
|
|
|
| |||
6.500%, due 06/10/143 |
|
400,000 |
|
438,500 |
| |||
|
|
|
|
|
| |||
South Korea0.50% |
|
|
|
|
| |||
Hyundai Capital Services, Inc., |
|
|
|
|
| |||
4.375%, due 07/27/163 |
|
750,000 |
|
753,985 |
| |||
|
|
|
|
|
| |||
Spain0.50% |
|
|
|
|
| |||
Telefonica Emisiones SAU, |
|
|
|
|
| |||
5.431%, due 02/03/14 |
|
EUR |
500,000 |
|
743,513 |
| ||
|
|
|
|
|
|
| ||
Sweden0.24% |
|
|
|
|
| |||
Vattenfall Treasury AB, |
|
|
|
|
| |||
4.250%, due 05/19/14 |
|
250,000 |
|
365,302 |
| |||
|
|
|
|
|
| |||
Switzerland0.87% |
|
|
|
|
| |||
Credit Suisse/London, |
|
|
|
|
| |||
6.125%, due 05/16/14 |
|
850,000 |
|
1,298,236 |
| |||
|
|
|
|
|
| |||
United Kingdom9.84% |
|
|
|
|
| |||
Anglo American Capital PLC, |
|
|
|
|
| |||
9.375%, due 04/08/143 |
|
$ |
450,000 |
|
538,236 |
| ||
Aviva PLC, |
|
|
|
|
| |||
4.729%, due 11/28/141,2 |
|
EUR |
675,000 |
|
846,791 |
| ||
BAA Funding Ltd., |
|
|
|
|
| |||
3.975%, due 02/15/141,3 |
|
1,150,000 |
|
1,645,475 |
| |||
Barclays Bank PLC, |
|
|
|
|
| |||
1.187%, due 04/20/161 |
|
600,000 |
|
850,016 |
| |||
2.500%, due 01/23/13 |
|
$ |
950,000 |
|
966,632 |
| ||
BP Capital Markets PLC, |
|
|
|
|
| |||
1.550%, due 08/11/11 |
|
100,000 |
|
100,357 |
| |||
HSBC Holdings PLC, |
|
|
|
|
| |||
4.500%, due 04/30/14 |
|
EUR |
250,000 |
|
365,634 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| |||
8.375%, due 02/17/16 |
|
1,200,000 |
|
2,016,440 |
| |||
Lloyds TSB Bank PLC, |
|
|
|
|
| |||
2.653%, due 01/24/141 |
|
$ |
1,500,000 |
|
1,537,667 |
| ||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United Kingdom(concluded) |
|
|
|
|
| |||
Nationwide Building Society, |
|
|
|
|
| |||
4.650%, due 02/25/153 |
|
$ |
550,000 |
|
$ |
557,176 |
| |
Reed Elsevier Investments PLC, |
|
|
|
|
| |||
5.625%, due 10/20/16 |
|
GBP |
450,000 |
|
761,356 |
| ||
Royal Bank of Scotland Group PLC, |
|
|
|
|
| |||
5.250%, due 05/15/13 |
|
EUR |
1,000,000 |
|
1,452,983 |
| ||
Smiths Group PLC, |
|
|
|
|
| |||
6.050%, due 05/15/143 |
|
$ |
400,000 |
|
429,058 |
| ||
Standard Chartered Bank PLC, |
|
|
|
|
| |||
3.850%, due 04/27/153 |
|
1,400,000 |
|
1,432,712 |
| |||
Vodafone Group PLC, |
|
|
|
|
| |||
5.750%, due 03/15/16 |
|
650,000 |
|
725,829 |
| |||
WPP PLC, |
|
|
|
|
| |||
6.625%, due 05/12/16 |
|
EUR |
300,000 |
|
472,540 |
| ||
Total United Kingdom corporate bonds |
|
|
|
14,698,902 |
| |||
|
|
|
|
|
| |||
United States18.63% |
|
|
|
|
| |||
Ally Financial, Inc., |
|
|
|
|
| |||
4.500%, due 02/11/14 |
|
$ |
215,000 |
|
215,000 |
| ||
Altria Group, Inc., |
|
|
|
|
| |||
9.250%, due 08/06/19 |
|
300,000 |
|
391,522 |
| |||
American Honda Finance Corp., |
|
|
|
|
| |||
3.875%, due 09/16/14 |
|
EUR |
200,000 |
|
288,894 |
| ||
American International Group, Inc., |
|
|
|
|
| |||
3.650%, due 01/15/14 |
|
$ |
750,000 |
|
762,855 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| |||
5.750%, due 06/15/14 |
|
1,000,000 |
|
1,094,731 |
| |||
7.625%, due 03/15/14 |
|
325,000 |
|
371,013 |
| |||
AT&T, Inc., |
|
|
|
|
| |||
4.850%, due 02/15/14 |
|
750,000 |
|
811,072 |
| |||
BAE Systems Holdings, Inc., |
|
|
|
|
| |||
4.950%, due 06/01/143 |
|
550,000 |
|
584,507 |
| |||
Bank of America Corp., |
|
|
|
|
| |||
4.900%, due 05/01/13 |
|
710,000 |
|
749,236 |
| |||
5.650%, due 05/01/18 |
|
650,000 |
|
679,303 |
| |||
Boston Scientific Corp., |
|
|
|
|
| |||
4.500%, due 01/15/15 |
|
720,000 |
|
742,598 |
| |||
Cellco Partnership, |
|
|
|
|
| |||
7.625%, due 12/19/11 |
|
EUR |
500,000 |
|
736,441 |
| ||
8.500%, due 11/15/18 |
|
$ |
500,000 |
|
642,407 |
| ||
Citibank Credit Card Issuance Trust, |
|
|
|
|
| |||
5.375%, due 04/11/11 |
|
EUR |
240,000 |
|
340,288 |
| ||
Citigroup, Inc., |
|
|
|
|
| |||
4.750%, due 05/31/171 |
|
400,000 |
|
539,962 |
| |||
5.625%, due 08/27/12 |
|
$ |
540,000 |
|
567,652 |
| ||
Comcast Corp., |
|
|
|
|
| |||
6.300%, due 11/15/17 |
|
620,000 |
|
700,133 |
| |||
CSX Corp., |
|
|
|
|
| |||
5.750%, due 03/15/13 |
|
610,000 |
|
657,328 |
| |||
DirecTV Holdings LLC, |
|
|
|
|
| |||
7.625%, due 05/15/16 |
|
550,000 |
|
606,375 |
| |||
Enterprise Products Operating LLC, |
|
|
|
|
| |||
3.700%, due 06/01/15 |
|
380,000 |
|
391,509 |
| |||
Series I, 5.000%, due 03/01/15 |
|
330,000 |
|
353,326 |
| |||
ERAC USA Finance Co., |
|
|
|
|
| |||
2.750%, due 07/01/133 |
|
400,000 |
|
404,940 |
| |||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United States(concluded) |
|
|
|
|
| |||
General Electric Capital Corp., |
|
|
|
|
| |||
0.429%, due 12/20/131 Series A, |
|
$ |
240,000 |
|
$ |
237,424 |
| |
3.750%, due 11/14/14 |
|
610,000 |
|
635,554 |
| |||
6.750%, due 03/15/32 |
|
2,250,000 |
|
2,472,392 |
| |||
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
7.500%, due 02/15/19 |
|
1,300,000 |
|
1,510,059 |
| |||
JPMorgan Chase & Co., |
|
|
|
|
| |||
3.400%, due 06/24/15 |
|
1,350,000 |
|
1,358,286 |
| |||
6.300%, due 04/23/19 |
|
1,200,000 |
|
1,328,264 |
| |||
Morgan Stanley, |
|
|
|
|
| |||
5.950%, due 12/28/17 |
|
1,300,000 |
|
1,396,379 |
| |||
Motorola Solutions, Inc., |
|
|
|
|
| |||
6.000%, due 11/15/17 |
|
350,000 |
|
383,042 |
| |||
ONEOK Partners LP, |
|
|
|
|
| |||
8.625%, due 03/01/19 |
|
550,000 |
|
691,800 |
| |||
Pfizer, Inc., |
|
|
|
|
| |||
3.625%, due 06/03/13 |
|
EUR |
250,000 |
|
361,034 |
| ||
Reynolds Group Issuer LLC, |
|
|
|
|
| |||
7.750%, due 10/15/164 |
|
170,000 |
|
249,356 |
| |||
Roche Holdings, Inc., |
|
|
|
|
| |||
4.625%, due 03/04/13 |
|
450,000 |
|
661,304 |
| |||
SLM Corp., |
|
|
|
|
| |||
1.343%, due 11/15/111 |
|
250,000 |
|
346,055 |
| |||
UST, Inc., |
|
|
|
|
| |||
6.625%, due 07/15/12 |
|
$ |
1,375,000 |
|
1,457,834 |
| ||
Wells Fargo & Co., |
|
|
|
|
| |||
5.250%, due 10/23/12 |
|
2,000,000 |
|
2,120,046 |
| |||
Total United States corporate bonds |
|
|
|
27,839,921 |
| |||
|
|
|
|
|
| |||
Total corporate bonds (cost $67,923,840) |
|
|
|
71,356,289 |
| |||
|
|
|
|
|
| |||
Asset-backed securities2.16% |
|
|
|
|
| |||
Cayman Islands0.18% |
|
|
|
|
| |||
MBNA America European Structured Offerings, Series 7, |
|
|
|
|
| |||
5.450%, due 04/19/11 |
|
EUR |
190,000 |
|
269,605 |
| ||
|
|
|
|
|
| |||
United Kingdom0.76% |
|
|
|
|
| |||
Chester Asset Receivables Dealings, Series 2004-1, Class A, |
|
|
|
|
| |||
0.993%, due 04/15/161 |
|
GBP |
150,000 |
|
233,767 |
| ||
Chester Asset Receivables Dealings 2003-B PLC, Series A, |
|
|
|
|
| |||
4.650%, due 07/15/13 |
|
|
240,000 |
|
396,970 |
| ||
Permanent Financing PLC, |
|
|
|
|
| |||
Series 6, Class 5A2, |
|
|
|
|
| |||
0.968%, due 06/10/421,4,5 |
|
|
320,000 |
|
510,042 |
| ||
Total United Kingdom asset-backed securities |
|
|
|
1,140,779 |
| |||
|
|
|
|
|
| |||
United States1.22% |
|
|
|
|
| |||
Bank of America Corp., |
|
|
|
|
| |||
Series 2008-A5, Class A5, |
|
|
|
|
| |||
1.455%, due 12/16/131 |
|
$ |
30,000 |
|
300,911 |
| ||
Series 2004-A1, |
|
|
|
|
| |||
4.500%, due 01/17/14 |
|
EUR |
270,000 |
|
388,940 |
| ||
Chase Issuance Trust, |
|
|
|
|
| |||
Series 2007-A16, Class A16, |
|
|
|
|
| |||
0.610%, due 06/16/141 |
|
$ |
300,000 |
|
300,483 |
| ||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United States(concluded) |
|
|
|
|
| |||
Series 2009-A3, Class A3, |
|
|
|
|
| |||
2.400%, due 06/17/13 |
|
$ |
390,000 |
|
$ |
391,572 |
| |
MBNA Credit Card Master Note Trust, |
|
|
|
|
| |||
Series 2002-A2, Class A, |
|
|
|
|
| |||
5.600%, due 07/17/14 |
|
EUR |
300,000 |
|
434,626 |
| ||
Total United States asset-backed securities |
|
|
|
1,816,532 |
| |||
Total asset-backed securities (cost $3,147,726) |
|
|
|
3,226,916 |
| |||
|
|
|
|
|
| |||
Collateralized debt obligations1.16% |
|
|
|
|
| |||
Cayman Islands0.43% |
|
|
|
|
| |||
Denali Capital CLO VII Ltd., |
|
|
|
|
| |||
Series 2007-1A, Class B2L, |
|
|
|
|
| |||
4.553%, due 01/22/221,3,6,7 |
|
$ |
290,000 |
|
219,095 |
| ||
FM Leveraged Capital Fund, |
|
|
|
|
| |||
Series 2006-2A, Class E, |
|
|
|
|
| |||
4.063%, due 11/15/201,7 |
|
400,000 |
|
272,000 |
| |||
Gresham Street CDO Funding, |
|
|
|
|
| |||
Series 2003-1X, Class D, |
|
|
|
|
| |||
3.561%, due 11/07/331,4,6,7 |
|
100,423 |
|
10,042 |
| |||
Trimaran CLO Ltd., |
|
|
|
|
| |||
Series 2007-1A, Class B2L, |
|
|
|
|
| |||
3.710%, due 06/15/111,3,6,7 |
|
200,000 |
|
146,500 |
| |||
Total Cayman Islands collateralized debt obligations |
|
|
|
647,637 |
| |||
|
|
|
|
|
| |||
Netherlands0.34% |
|
|
|
|
| |||
Highlander Euro CDO, |
|
|
|
|
| |||
Series 2006-2CA, Class E, |
|
|
|
|
| |||
due 12/14/223,6,7,8 |
|
250,000 |
|
189,551 |
| |||
Queen Street CLO, |
|
|
|
|
| |||
Series 2007-1A, Class F, |
|
|
|
|
| |||
6.980%, due 08/15/243,6,7 |
|
EUR |
350,000 |
|
322,413 |
| ||
Total Netherlands collateralized debt obligations |
|
|
|
511,964 |
| |||
|
|
|
|
|
| |||
United States0.39% |
|
|
|
|
| |||
Ajax Ltd., |
|
|
|
|
| |||
Series 2A, Class C, |
|
|
|
|
| |||
2.760%, due 09/08/321,3,6,7 |
|
$ |
500,000 |
|
237,500 |
| ||
Axius Europe CLO SA, |
|
|
|
|
| |||
Series 2007-1A, Class D, |
|
|
|
|
| |||
4.275%, due 11/15/231,3,6,7 |
|
EUR |
350,000 |
|
342,254 |
| ||
Total United States collateralized debt obligations |
|
|
|
579,754 |
| |||
Total collateralized debt obligations (cost $2,720,002) |
|
|
|
1,739,355 |
| |||
|
|
|
|
|
| |||
Commercial mortgage-backed securities0.46% |
|
|
|
|
| |||
United States0.46% |
|
|
|
|
| |||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| |||
Series 2007-GG11, Class A4, |
|
|
|
|
| |||
5.736%, due 12/10/49 |
|
175,000 |
|
185,098 |
| |||
GS Mortgage Securities Corp. II, |
|
|
|
|
| |||
Series 2007-GG10, Class A4, |
|
|
|
|
| |||
5.808%, due 08/10/451 |
|
300,000 |
|
318,521 |
| |||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Morgan Stanley Dean Witter Capital I, |
|
|
|
|
| ||
Series 2002-IQ3, Class B, |
|
|
|
|
| ||
5.240%, due 09/15/37 |
|
$ |
175,000 |
|
$ |
179,628 |
|
Total commercial mortgage-backed securities (cost $592,884) |
|
|
|
683,247 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities22.69% |
|
|
|
|
| ||
United Kingdom1.34% |
|
|
|
|
| ||
Arkle Master Issuer PLC, |
|
|
|
|
| ||
Series 2010-1A, Class 2A, |
|
|
|
|
| ||
1.464%, due 05/17/601,3 |
|
|
500,000 |
|
500,468 |
| |
Holmes Master Issuer PLC, |
|
|
|
|
| ||
Series 2011-1A, Class A2, |
|
|
|
|
| ||
1.641%, due 10/15/541,3 |
|
1,500,000 |
|
1,499,993 |
| ||
Total United Kingdom mortgage & agency debt securities |
|
|
|
2,000,461 |
| ||
|
|
|
|
|
| ||
United States21.35% |
|
|
|
|
| ||
Federal Home Loan Bank, |
|
|
|
|
| ||
5.250%, due 06/18/14 |
|
4,100,000 |
|
4,572,964 |
| ||
Federal Home Loan Mortgage Corp.,9 |
|
|
|
|
| ||
4.750%, due 03/05/12 |
|
1,300,000 |
|
1,352,891 |
| ||
5.000%, due 02/16/17 |
|
3,900,000 |
|
4,361,865 |
| ||
Federal Home Loan Mortgage Corp. Gold Pools,9 |
|
|
|
|
| ||
#G04668, 5.000%, due 03/01/38 |
|
671,951 |
|
702,627 |
| ||
#G08307, 5.000%, due 11/01/38 |
|
982,291 |
|
1,026,828 |
| ||
#G06381, 5.500%, due 08/01/40 |
|
800,000 |
|
856,610 |
| ||
5.500%, TBA |
|
1,900,000 |
|
2,026,468 |
| ||
Federal National Mortgage Association,9 |
|
|
|
|
| ||
4.125%, due 04/15/14 |
|
2,950,000 |
|
3,181,923 |
| ||
5.000%, due 10/15/11 |
|
3,120,000 |
|
3,200,091 |
| ||
Federal National Mortgage Association Pools,9 |
|
|
|
|
| ||
#992260, 4.000%, due 01/01/39 |
|
2,082,289 |
|
2,051,188 |
| ||
#933765, 4.500%, due 04/01/38 |
|
2,950,997 |
|
3,010,098 |
| ||
4.500%, TBA |
|
375,000 |
|
381,621 |
| ||
5.000%, TBA |
|
1,925,000 |
|
2,013,731 |
| ||
5.500%, TBA |
|
350,000 |
|
374,281 |
| ||
6.000%, TBA |
|
2,000,000 |
|
2,175,000 |
| ||
6.500%, TBA |
|
550,000 |
|
616,430 |
| ||
Total United States mortgage & agency debt securities |
|
|
|
31,904,616 |
| ||
Total mortgage & agency debt securities (cost $32,995,751) |
|
|
|
33,905,077 |
| ||
|
|
|
|
|
| ||
US government obligation0.26% |
|
|
|
|
| ||
U.S. Treasury Note, |
|
|
|
|
| ||
1.375%, due 03/15/12(cost $393,806) |
|
|
390,000 |
|
393,915 |
| |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Non-US government obligations16.18% |
|
|
|
|
| |||
Denmark0.85% |
|
|
|
|
| |||
Government of Denmark, |
|
|
|
|
| |||
1.875%, due 03/16/124 |
|
$ |
1,250,000 |
|
$ |
1,265,675 |
| |
|
|
|
|
|
| |||
Germany8.31% |
|
|
|
|
| |||
Bundesobligation, |
|
|
|
|
| |||
4.000%, due 04/13/12 |
|
EUR |
1,420,000 |
|
2,065,653 |
| ||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
Series 00 |
|
|
|
|
| |||
5.000%, due 01/04/12 |
|
1,300,000 |
|
1,896,157 |
| |||
Series 04 |
|
|
|
|
| |||
4.250%, due 07/04/14 |
|
800,000 |
|
1,206,309 |
| |||
Kreditanstalt fuer Wiederaufbau, |
|
|
|
|
| |||
3.375%, due 01/16/12 |
|
2,800,000 |
|
4,025,555 |
| |||
5.550%, due 06/07/21 |
|
GBP |
1,800,000 |
|
3,231,376 |
| ||
|
|
|
|
12,425,050 |
| |||
Italy2.20% |
|
|
|
|
| |||
Republic of Italy, |
|
|
|
|
| |||
4.500%, due 01/21/15 |
|
$ |
1,565,000 |
|
1,646,757 |
| ||
4.750%, due 01/25/16 |
|
1,565,000 |
|
1,637,288 |
| |||
|
|
|
|
3,284,045 |
| |||
Japan2.20% |
|
|
|
|
| |||
Government of Japan, |
|
|
|
|
| |||
Series 27 |
|
|
|
|
| |||
2.500%, due 09/20/37 |
|
JPY |
134,000,000 |
|
1,726,522 |
| ||
Japan Bank for International Cooperation, |
|
|
|
|
| |||
5.250%, due 03/23/16 |
|
$ |
1,400,000 |
|
1,563,731 |
| ||
|
|
|
|
3,290,253 |
| |||
Spain2.62% |
|
|
|
|
| |||
Instituto de Credito Oficial, |
|
|
|
|
| |||
5.375%, due 07/02/12 |
|
1,800,000 |
|
1,853,752 |
| |||
Spain Government Bond, |
|
|
|
|
| |||
4.700%, due 07/30/41 |
|
EUR |
1,775,000 |
|
2,058,332 |
| ||
|
|
|
|
3,912,084 |
| |||
Total Non-US government obligations (cost $23,316,236) |
|
|
|
24,177,107 |
| |||
|
|
|
|
|
| |||
Supranational bonds4.46% |
|
|
|
|
| |||
European Investment Bank, |
|
|
|
|
| |||
2.500%, due 04/15/12 |
|
EUR |
1,225,000 |
|
1,754,429 |
| ||
6.250%, due 04/15/14 |
|
GBP |
1,270,000 |
|
2,265,725 |
| ||
Inter-American Development Bank, |
|
|
|
|
| |||
3.250%, due 11/15/11 |
|
$ |
2,600,000 |
|
2,645,167 |
| ||
Total supranational bonds (cost $6,450,627) |
|
|
|
6,665,321 |
| |||
Total bonds (cost $137,540,872) |
|
|
|
142,147,227 |
| |||
|
|
|
|
|
| |||
|
|
Shares |
|
|
| |||
Short-term investment8.20% |
|
|
|
|
| |||
Investment company8.20% |
|
|
|
|
| |||
UBS Cash Management Prime Relationship Fund10 (cost $12,254,982) |
|
12,254,982 |
|
12,254,982 |
| |||
Total investments 103.31% (cost $149,795,854) |
|
|
|
$ |
154,402,209 |
| ||
Liabilities, in excess of cash and other assets (3.31%) |
|
|
|
(4,946,856 |
) | |||
Net assets 100.00% |
|
|
|
$ |
149,455,353 |
| ||
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
6,334,650 |
|
Gross unrealized depreciation |
|
(1,728,295 |
) | |
Net unrealized appreciation of investments |
|
$ |
4,606,355 |
|
1 |
Variable or floating rate security. The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
2 |
Perpetual bond security. The maturity date reflects the next call date. |
3 |
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. At March 31, 2011, the value of these securities amounted to $14,190,782 or 9.49% of net assets. |
4 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of these securities amounted to $2,813,192 or 1.88% of net assets. |
5 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
6 |
These securities, which represent 0.98% of net assets as of March 31, 2011, is considered restricted. (See restricted securities table below for more information.) |
|
|
|
|
Acquisition |
|
Acquisition |
|
Value |
|
03/31/11 |
| ||
Restricted securities |
|
Acquisition date |
|
cost |
|
net assets |
|
03/31/11 |
|
net assets |
| ||
Ajax Ltd., Series 2A, Class C, 2.760%, due 09/8/32 |
|
11/08/05 |
|
$ |
487,550 |
|
0.33% |
|
$ |
237,500 |
|
0.16% |
|
Axius Europe CLO SA, Series 2007-1A, Class D, 4.275%, due 11/15/23 |
|
09/28/07-11/01/09 |
|
466,689 |
|
0.31 |
|
342,254 |
|
0.23 |
| ||
Denali Capital CLO VII Ltd., Series 2007-1A, Class B2L, 4.553%, due 01/22/22 |
|
04/27/07 |
|
285,865 |
|
0.19 |
|
219,095 |
|
0.14 |
| ||
Gresham Street CDO Funding, Series 2003-1X, Class D, 3.561%, due 11/7/33 |
|
09/28/07-11/01/09 |
|
105,894 |
|
0.07 |
|
10,042 |
|
0.01 |
| ||
Highlander Euro CDO, Series 2006-2CA, Class E, due 12/14/22 |
|
11/28/06 |
|
329,608 |
|
0.22 |
|
189,551 |
|
0.13 |
| ||
Queen Street CLO, Series 2007-1A, Class F, 6.980%, due 08/15/24 |
|
05/18/07 |
|
463,444 |
|
0.31 |
|
322,413 |
|
0.21 |
| ||
Trimaran CLO Ltd., Series 2007-1A, Class B2L, 3.710%, due 06/15/11 |
|
03/09/07 |
|
198,806 |
|
0.14 |
|
146,500 |
|
0.10 |
| ||
|
|
|
|
$ |
2,337,856 |
|
1.57% |
|
$ |
1,467,355 |
|
0.98% |
|
7 |
Security is illiquid. At March 31, 2011, the value of these securities amounted to $1,739,355 or 1.16% of net assets. |
8 |
This security is the equity tranche of a collateralized debt obligation. The Fund receives periodic payments, which may vary, from the issuers of this security. |
9 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
10 |
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
5,509,864 |
|
$ |
39,315,470 |
|
$ |
32,570,352 |
|
$ |
12,254,982 |
|
$ |
12,264 |
|
CDO |
Collateralized debt obligations |
CLO |
Collateralized loan obligations |
GE |
General Electric |
GS |
Goldman Sachs |
TBA |
(To be announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement, when the specific mortgage pools are assigned. |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Currency type abbreviations: | |
EUR |
Euro |
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
Forward foreign currency contracts
UBS Absolute Return Bond Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
Barclays Bank PLC |
|
NOK |
20,681,425 |
|
GBP |
2,290,000 |
|
04/27/11 |
|
$ |
(62,551 |
) |
Goldman Sachs International |
|
USD |
10,155,577 |
|
NOK |
57,300,000 |
|
04/27/11 |
|
193,428 |
| |
Goldman Sachs International |
|
USD |
6,956,484 |
|
SEK |
44,820,000 |
|
04/27/11 |
|
136,552 |
| |
HSBC Bank, N.A. |
|
GBP |
15,220,000 |
|
USD |
24,527,913 |
|
04/27/11 |
|
117,823 |
| |
JPMorgan Chase Bank |
|
AUD |
2,590,000 |
|
EUR |
1,889,652 |
|
04/27/11 |
|
5,579 |
| |
JPMorgan Chase Bank |
|
GBP |
1,495,000 |
|
USD |
2,401,463 |
|
04/27/11 |
|
3,757 |
| |
JPMorgan Chase Bank |
|
USD |
2,531,549 |
|
AUD |
2,590,000 |
|
04/27/11 |
|
139,872 |
| |
JPMorgan Chase Bank |
|
USD |
2,751,696 |
|
EUR |
1,940,000 |
|
04/27/11 |
|
(3,369 |
) | |
Morgan Stanley & Co. Inc. |
|
EUR |
40,645,000 |
|
USD |
56,953,400 |
|
04/27/11 |
|
(626,881 |
) | |
Royal Bank of Scotland |
|
JPY |
550,600,000 |
|
USD |
6,997,228 |
|
04/27/11 |
|
376,994 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
$ |
281,204 |
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
EUR |
Euro |
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
NOK |
Norwegian Krone |
SEK |
Swedish Krona |
USD |
United States Dollar |
Futures contracts
UBS Absolute Return Bond Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |
2 Year US Treasury Notes, 120 contracts (USD) |
|
June 2011 |
|
(26,142,938 |
) |
(26,175,000 |
) |
(32,062 |
) | |
5 Year US Treasury Notes, 293 contracts (USD) |
|
June 2011 |
|
(34,129,876 |
) |
(34,219,195 |
) |
(89,319 |
) | |
10 Year US Treasury Notes, 179 contracts (USD) |
|
June 2011 |
|
(21,297,280 |
) |
(21,306,594 |
) |
(9,314 |
) | |
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |
Euro-Bund, 2 contracts (EUR) |
|
June 2011 |
|
348,032 |
|
343,756 |
|
(4,276 |
) | |
Euro-Buxl, 3 contracts (EUR) |
|
June 2011 |
|
436,491 |
|
432,558 |
|
(3,933 |
) | |
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |
Euro-Bobl, 159 contracts (EUR) |
|
June 2011 |
|
(25,832,738 |
) |
(25,816,608 |
) |
16,130 |
| |
Euro-Schatz, 41 contracts (EUR) |
|
June 2011 |
|
(6,224,693 |
) |
(6,227,715 |
) |
(3,022 |
) | |
Long Gilt, 18 contracts (GBP) |
|
June 2011 |
|
(3,364,497 |
) |
(3,383,354 |
) |
(18,857 |
) | |
10 Year Japanese Government Bond, 29 contracts (JPY) |
|
June 2011 |
|
(4,839,477 |
) |
(4,865,990 |
) |
(26,513 |
) | |
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(171,166 |
) |
Currency type abbreviations: | |
EUR |
Euro |
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
USD |
United States Dollar |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Swap agreements
UBS Absolute Return Bond Fund had outstanding interest rate swap agreements with the following terms as of March 31, 2011:
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made by |
|
Payments received by |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
CHF |
6,490,000 |
|
02/03/16 |
|
1.5575 |
% |
0.2400 |
%2 |
$ |
|
|
$ |
12,149 |
|
$ |
12,149 |
|
Deutsche Bank AG |
|
GBP |
4,410,000 |
|
02/01/16 |
|
1.0275 |
3 |
3.0060 |
|
|
|
44,475 |
|
44,475 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
56,624 |
|
$ |
56,624 |
|
1 |
Payments made or received are based on the notional amount. |
2 |
Rate based on 6 month LIBOR (CHF BBA). |
3 |
Rate based on 6 month LIBOR (GBP BBA). |
|
|
BBA |
British Banking Association |
LIBOR |
London Interbank Offered Rate |
| |
Currency type abbreviations: | |
CHF |
Swiss franc |
GBP |
Great Britain Pound |
UBS Absolute Return Bond Fund had outstanding credit default swap agreements with the following terms as of March 31, 2011:
Credit default swaps on credit indicesbuy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Barclays Bank PLC |
|
USD |
4,500,000 |
|
06/20/16 |
|
1.0000 |
% |
|
%3 |
$ |
5,864 |
|
$ |
(12,268 |
) |
$ |
(6,404 |
) |
Morgan Stanley |
|
EUR |
3,150,000 |
|
06/20/16 |
|
1.0000 |
% |
|
%4 |
(9,105 |
) |
4,607 |
|
(4,498 |
) | |||
Morgan Stanley |
|
EUR |
1,050,000 |
|
06/20/16 |
|
5.0000 |
% |
|
%5 |
69,222 |
|
(74,554 |
) |
(5,332 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
65,981 |
|
$ |
(82,215 |
) |
$ |
(16,234 |
) |
1 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
Payments made are based on the notional amount. |
3 |
Payment from the counterparty will be received upon the occurrence of a succession event with respect to the CDX.NA.IG Series 16 Index. |
4 |
Payment from the counterparty will be received upon the occurrence of a succession event with respect to the iTraxx Europe Series 15 Index. |
5 |
Payment from the counterparty will be received upon the occurrence of a succession event with respect to the iTraxx Crossover Series 15 Index. |
| |
Currency type abbreviation: | |
EUR |
Euro |
USD |
United States Dollar |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Absolute Return Bond Fund had outstanding credit deafult swap agreements on credit indices with the following terms as of March 31, 2011:
Credit default swaps on credit indicessell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
JPMorgan Chase Bank |
|
USD |
750,000 |
|
12/20/15 |
|
|
|
1.0000 |
% |
$ |
2,624 |
|
$ |
5,975 |
|
$ |
8,599 |
|
0.8300 |
% |
1 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
Payment to the counterparty will be made upon the occurrence of a succession event with respect to the CDX.NA.IG. Series 15 Index. |
3 |
Payments received are based on the notional amount. |
4 |
Credit spreads represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
|
|
Currency type abbreviation: | |
USD |
United States Dollar |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Absolute Return Bond Fund had outstanding credit deafult swap agreements with the following terms as of March 31, 2011:
Credit default swaps on corporate issuesbuy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Barclays Bank PLC |
|
EUR |
1,080,000 |
|
06/20/16 |
|
1.0000 |
% |
|
%3 |
$ |
34,972 |
|
$ |
(31,901 |
) |
$ |
3,071 |
|
Barclays Bank PLC |
|
EUR |
540,000 |
|
06/20/16 |
|
1.0000 |
|
|
4 |
(6,409 |
) |
4,369 |
|
(2,040 |
) | |||
Deutsche Bank AG |
|
USD |
1,130,000 |
|
03/20/14 |
|
1.0000 |
|
|
5 |
10,693 |
|
(9,749 |
) |
944 |
| |||
Deutsche Bank AG |
|
USD |
1,500,000 |
|
06/20/16 |
|
1.0000 |
|
|
6 |
(27,459 |
) |
27,773 |
|
314 |
| |||
Goldman Sachs International |
|
EUR |
1,200,000 |
|
12/20/15 |
|
1.0000 |
|
|
7 |
(30,229 |
) |
(7,779 |
) |
(38,008 |
) | |||
Goldman Sachs International |
|
USD |
2,260,000 |
|
03/20/14 |
|
1.0000 |
|
|
8 |
25,005 |
|
(25,311 |
) |
(306 |
) | |||
Goldman Sachs International |
|
USD |
890,000 |
|
03/20/16 |
|
1.0000 |
|
|
9 |
3,987 |
|
124 |
|
4,111 |
| |||
JPMorgan Chase Bank |
|
EUR |
1,680,000 |
|
03/20/14 |
|
5.0000 |
|
|
10 |
270,721 |
|
(246,538 |
) |
24,183 |
| |||
JPMorgan Chase Bank |
|
EUR |
540,000 |
|
06/20/16 |
|
1.0000 |
|
|
4 |
(7,112 |
) |
4,369 |
|
(2,743 |
) | |||
JPMorgan Chase Bank |
|
USD |
1,100,000 |
|
03/20/14 |
|
1.0000 |
|
|
5 |
9,401 |
|
(9,491 |
) |
(90 |
) | |||
JPMorgan Chase Bank |
|
USD |
1,500,000 |
|
12/20/15 |
|
1.0000 |
|
|
11 |
45,168 |
|
(43,020 |
) |
2,148 |
| |||
JPMorgan Chase Bank |
|
USD |
890,000 |
|
03/20/16 |
|
1.0000 |
|
|
9 |
3,987 |
|
124 |
|
4,111 |
| |||
Merrill Lynch International |
|
EUR |
1,100,000 |
|
06/20/16 |
|
1.0000 |
|
|
12 |
(2,402 |
) |
10,295 |
|
7,893 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
330,323 |
|
$ |
(326,735 |
) |
$ |
3,588 |
|
1 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
Payments made are based on the notional amount. |
3 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Centrica PLC 7.000% bond, due 09/19/18. |
4 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Legal & General Finance PLC 5.875% bond, due 12/11/31. |
5 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond, due 03/15/18. |
6 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Prudential Financial Inc. 4.500% bond, due 07/15/13 |
7 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Saint Gobain Neder NV 5.000% bond, due 04/25/14. |
8 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond, due 09/01/25. |
9 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Allstate Corp. 6.750% bond, due 05/15/18 |
10 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15 |
11 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Lockheed Martin Corp. 7.650% bond, due 01/05/16. |
12 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Volvo Treasury AB 5.000% bond, due 05/31/17 |
|
|
Currency type abbreviations: | |
EUR |
Euro |
USD |
United States Dollar |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Absolute Return Bond Fund had outstanding credit deafult swap agreements on corporate and sovereign issues with the following terms as of March 31, 2011:
Credit default swaps on corporate and sovereign issues sell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
Barclays Bank PLC |
|
EUR |
540,000 |
|
06/20/16 |
|
|
4 |
1.0000 |
% |
$ |
28,313 |
|
$ |
(24,176 |
) |
$ |
4,137 |
|
1.6850 |
% |
Barclays Bank PLC |
|
EUR |
1,080,000 |
|
06/20/16 |
|
|
5 |
1.0000 |
|
(21,981 |
) |
19,142 |
|
(2,839 |
) |
0.7470 |
| |||
Deutsche Bank AG |
|
USD |
750,000 |
|
03/20/16 |
|
|
6 |
1.0000 |
|
11,204 |
|
(13,427 |
) |
(2,223 |
) |
1.3890 |
| |||
Deutsche Bank AG |
|
USD |
1,500,000 |
|
06/20/16 |
|
|
7 |
1.0000 |
|
41,493 |
|
(37,345 |
) |
4,148 |
|
1.5210 |
| |||
Goldman Sachs International |
|
EUR |
1,200,000 |
|
12/20/15 |
|
|
8 |
1.0000 |
|
61,934 |
|
(13,743 |
) |
48,191 |
|
1.1920 |
| |||
Goldman Sachs International |
|
USD |
1,490,000 |
|
03/20/16 |
|
|
9 |
1.0000 |
|
14,985 |
|
(14,995 |
) |
(10 |
) |
1.2210 |
| |||
Goldman Sachs International |
|
USD |
590,000 |
|
03/20/16 |
|
|
10 |
1.0000 |
|
2,163 |
|
(1,815 |
) |
348 |
|
1.0610 |
| |||
Goldman Sachs International |
|
USD |
800,000 |
|
06/20/18 |
|
|
11 |
0.5140 |
|
|
|
(84,766 |
) |
(84,766 |
) |
2.2890 |
| |||
Goldman Sachs International |
|
USD |
1,600,000 |
|
12/20/18 |
|
|
12 |
1.1425 |
|
|
|
(44,139 |
) |
(44,139 |
) |
1.6060 |
| |||
Goldman Sachs International |
|
USD |
3,000,000 |
|
09/20/19 |
|
|
13 |
1.0000 |
|
(19,160 |
) |
65,951 |
|
46,791 |
|
0.7080 |
| |||
JPMorgan Chase Bank |
|
EUR |
430,000 |
|
03/20/16 |
|
|
14 |
1.0000 |
|
12,797 |
|
(11,274 |
) |
1,523 |
|
1.4170 |
| |||
JPMorgan Chase Bank |
|
EUR |
1,080,000 |
|
03/20/16 |
|
|
15 |
5.0000 |
|
(212,763 |
) |
190,381 |
|
(22,382 |
) |
2.2210 |
| |||
JPMorgan Chase Bank |
|
EUR |
540,000 |
|
06/20/16 |
|
|
4 |
1.0000 |
|
28,314 |
|
(24,176 |
) |
4,138 |
|
1.6850 |
| |||
JPMorgan Chase Bank |
|
USD |
740,000 |
|
03/20/16 |
|
|
6 |
1.0000 |
|
12,076 |
|
(13,248 |
) |
(1,172 |
) |
1.3890 |
| |||
JPMorgan Chase Bank |
|
USD |
590,000 |
|
03/20/16 |
|
|
10 |
1.0000 |
|
2,163 |
|
(1,815 |
) |
348 |
|
1.0610 |
| |||
JPMorgan Chase Bank |
|
USD |
1,500,000 |
|
03/20/20 |
|
|
16 |
1.0000 |
|
(2,579 |
) |
(60,942 |
) |
(63,521 |
) |
1.5570 |
| |||
Merrill Lynch International |
|
EUR |
1,100,000 |
|
06/20/16 |
|
|
17 |
1.0000 |
|
65,049 |
|
(90,791 |
) |
(25,742 |
) |
2.2770 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
24,008 |
|
$ |
(161,178 |
) |
$ |
(137,170 |
) |
|
|
1 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
Payments received are based on the notional amount. |
3 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
4 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Aegon NV 4.125% bond, due 12/08/14. |
5 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the E.ON International Finance BV 6.375% bond, due 05/29/17. |
6 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond, due 03/15/18. |
7 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the MetLife Inc. 5.000% bond, due 06/15/15. |
8 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Holcim Finance Luxembourg SA 4.375% bond, due 12/09/14. |
9 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond, due 09/1/25. |
10 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Travelers Cos. Inc. 5.900% bond, due 06/02/19. |
11 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Kingdom of Spain 5.500% bond, due 12/20/17. |
12 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Republic of Poland 5.250% bond, due 01/15/14. |
13 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Republic of Austria 5.250% bond, due 01/04/11. |
14 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the AXA SA 6.000% bond, due 06/18/13. |
15 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15 |
16 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Republic of Italy 6.875% bond, due 09/27/23. |
17 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Renault SA 2.647% bond, due 08/04/14 |
| |
Currency type abbreviations: | |
EUR |
Euro |
USD |
United States Dollar |
UBS Absolute Return Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 | |||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
71,356,289 |
|
$ |
|
|
$ |
71,356,289 |
|
Asset-backed securities |
|
|
|
3,226,916 |
|
|
|
3,226,916 |
| ||||
Collateralized debt obligations |
|
|
|
|
|
1,739,355 |
|
1,739,355 |
| ||||
Commercial mortgage-backed securities |
|
|
|
683,247 |
|
|
|
683,247 |
| ||||
Mortgage & agency debt securities |
|
|
|
33,905,077 |
|
|
|
33,905,077 |
| ||||
US government obligation |
|
|
|
393,915 |
|
|
|
393,915 |
| ||||
Non-US government obligations |
|
|
|
24,177,107 |
|
|
|
24,177,107 |
| ||||
Supranational bonds |
|
|
|
6,665,321 |
|
|
|
6,665,321 |
| ||||
Short-term investment |
|
|
|
12,254,982 |
|
|
|
12,254,982 |
| ||||
Other financial instruments1 |
|
(171,166 |
) |
(226,325 |
) |
|
|
(397,491 |
) | ||||
Total |
|
$ |
(171,166 |
) |
$ |
152,436,529 |
|
$ |
1,739,355 |
|
$ |
154,004,718 |
|
1 Other financial instruments include futures contracts, swap agreements and forward foreign currency contracts.
Level 3 Rollforward Disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
Measurements using unobservable inputs (Level 3)
|
|
Collateralized |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
1,269,921 |
|
$ |
1,269,921 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
(760,691 |
) |
(760,691 |
) | ||
Settlements |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
(266 |
) |
(266 |
) | ||
Total realized gain (loss) |
|
(1,705,645 |
) |
(1,705,645 |
) | ||
Net change in unrealized appreciation/depreciation |
|
2,936,036 |
|
2,936,036 |
| ||
Net transfers into Level 3 |
|
|
|
|
| ||
Net transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
1,739,355 |
|
$ |
1,739,355 |
|
The change in unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2011 was $860,502
UBS Core Plus Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Aerospace & defense |
|
0.18 |
% |
Beverages |
|
0.24 |
|
Biotechnology |
|
0.32 |
|
Building products |
|
0.29 |
|
Capital markets |
|
1.57 |
|
Chemicals |
|
0.15 |
|
Commercial banks |
|
2.38 |
|
Commercial services & supplies |
|
0.30 |
|
Consumer finance |
|
0.91 |
|
Diversified financial services |
|
2.77 |
|
Diversified telecommunication services |
|
0.33 |
|
Electric utilities |
|
0.85 |
|
Energy equipment & services |
|
0.35 |
|
Food & staples retailing |
|
0.53 |
|
Food products |
|
0.75 |
|
Health care providers & services |
|
0.20 |
|
Household durables |
|
0.06 |
|
Household products |
|
0.15 |
|
Insurance |
|
1.93 |
|
Leisure equipment & products |
|
0.13 |
|
Media |
|
2.05 |
|
Metals & mining |
|
0.38 |
|
Multi-utilities |
|
0.11 |
|
Oil, gas & consumable fuels |
|
2.12 |
|
Paper & forest products |
|
0.18 |
|
Pharmaceuticals |
|
0.38 |
|
Tobacco |
|
0.35 |
|
Wireless telecommunication services |
|
1.18 |
|
Total corporate bonds |
|
21.14 |
% |
Asset-backed securities |
|
1.03 |
|
Commercial mortgage-backed securities |
|
8.44 |
|
Mortgage & agency debt securities |
|
44.97 |
|
Municipal bonds |
|
1.20 |
|
US government obligations |
|
16.07 |
|
Supranational bond |
|
0.25 |
|
Total bonds |
|
93.10 |
% |
Investment companies |
|
|
|
UBS High Yield Relationship Fund |
|
3.68 |
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
1.11 |
|
Total investment companies |
|
4.79 |
% |
Short-term investment |
|
8.64 |
|
Investment of cash collateral from securities loaned |
|
0.34 |
|
Total investments |
|
106.87 |
% |
Liabilities, in excess of cash and other assets |
|
(6.87 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS Core Plus Bond Fund. Figures would be different if a breakdown of the underlying investment companies' industry diversification was included.
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Bonds93.10% |
|
|
|
|
| ||
Corporate bonds21.14% |
|
|
|
|
| ||
Canada0.23% |
|
|
|
|
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
4.500%, due 09/15/14 |
|
$ |
95,000 |
|
$ |
102,009 |
|
|
|
|
|
|
| ||
Cayman Islands0.57% |
|
|
|
|
| ||
Transocean, Inc., |
|
|
|
|
| ||
6.800%, due 03/15/38 |
|
145,000 |
|
152,434 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.625%, due 09/15/20 |
|
100,000 |
|
97,539 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
249,973 |
| ||
|
|
|
|
|
| ||
France0.31% |
|
|
|
|
| ||
BNP Paribas, |
|
|
|
|
| ||
3.600%, due 02/23/16 |
|
135,000 |
|
135,229 |
| ||
|
|
|
|
|
| ||
Ireland0.49% |
|
|
|
|
| ||
The Governor & Co. of the Bank of Ireland, |
|
|
|
|
| ||
2.750%, due 03/02/121 |
|
225,000 |
|
213,756 |
| ||
|
|
|
|
|
| ||
Luxembourg0.63% |
|
|
|
|
| ||
Covidien International Finance SA, |
|
|
|
|
| ||
4.200%, due 06/15/20 |
|
90,000 |
|
89,291 |
| ||
Telecom Italia Capital SA, |
|
|
|
|
| ||
4.950%, due 09/30/14 |
|
180,000 |
|
187,528 |
| ||
Total Luxembourg corporate bonds |
|
|
|
276,819 |
| ||
|
|
|
|
|
| ||
Mexico0.24% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
100,000 |
|
103,109 |
| ||
|
|
|
|
|
| ||
Netherlands Antilles0.22% |
|
|
|
|
| ||
Teva Pharmaceutical Finance II BV, |
|
|
|
|
| ||
3.000%, due 06/15/15 |
|
95,000 |
|
95,929 |
| ||
|
|
|
|
|
| ||
South Africa0.16% |
|
|
|
|
| ||
AngloGold Ashanti Holdings PLC, |
|
|
|
|
| ||
5.375%, due 04/15/20 |
|
70,000 |
|
71,003 |
| ||
|
|
|
|
|
| ||
United Kingdom0.63% |
|
|
|
|
| ||
BP Capital Markets PLC, |
|
|
|
|
| ||
3.875%, due 03/10/15 |
|
120,000 |
|
124,604 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| ||
6.375%, due 01/21/21 |
|
80,000 |
|
83,368 |
| ||
Royal Bank of Scotland PLC, |
|
|
|
|
| ||
5.625%, due 08/24/20 |
|
70,000 |
|
69,849 |
| ||
Total United Kingdom corporate bonds |
|
|
|
277,821 |
| ||
|
|
|
|
|
| ||
United States17.66% |
|
|
|
|
| ||
Allied Waste North America, Inc., |
|
|
|
|
| ||
6.875%, due 06/01/17 |
|
85,000 |
|
92,650 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
9.950%, due 11/10/38 |
|
55,000 |
|
76,714 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
6.400%, due 12/15/20 |
|
60,000 |
|
64,038 |
| ||
Amgen, Inc., |
|
|
|
|
| ||
3.450%, due 10/01/20 |
|
100,000 |
|
94,105 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.950%, due 09/15/16 |
|
75,000 |
|
81,554 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
4.125%, due 01/15/15 |
|
$ |
100,000 |
|
$ |
105,626 |
|
Appalachian Power Co., |
|
|
|
|
| ||
4.600%, due 03/30/21 |
|
70,000 |
|
68,986 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
5.625%, due 07/01/20 |
|
150,000 |
|
154,001 |
| ||
5.875%, due 01/05/21 |
|
45,000 |
|
46,988 |
| ||
6.500%, due 08/01/16 |
|
130,000 |
|
143,861 |
| ||
Browning-Ferris Industries, Inc., |
|
|
|
|
| ||
7.400%, due 09/15/35 |
|
35,000 |
|
41,402 |
| ||
Bunge Ltd. Finance Corp., |
|
|
|
|
| ||
4.100%, due 03/15/16 |
|
70,000 |
|
70,174 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
7.375%, due 05/23/14 |
|
55,000 |
|
63,129 |
| ||
Cellco Partnership, |
|
|
|
|
| ||
8.500%, due 11/15/18 |
|
85,000 |
|
109,209 |
| ||
CenterPoint Energy Resources Corp., |
|
|
|
|
| ||
6.000%, due 05/15/18 |
|
115,000 |
|
127,949 |
| ||
CIT Group, Inc., |
|
|
|
|
| ||
7.000%, due 05/01/16 |
|
135,000 |
|
135,169 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
6.125%, due 05/15/18 |
|
185,000 |
|
201,781 |
| ||
8.125%, due 07/15/39 |
|
60,000 |
|
75,211 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.300%, due 11/15/17 |
|
160,000 |
|
180,679 |
| ||
CVS Caremark Corp., |
|
|
|
|
| ||
6.125%, due 09/15/39 |
|
160,000 |
|
162,926 |
| ||
CVS Pass-Through Trust, |
|
|
|
|
| ||
6.036%, due 12/10/28 |
|
67,034 |
|
69,025 |
| ||
DirecTV Financing Co., Inc., |
|
|
|
|
| ||
6.000%, due 08/15/40 |
|
70,000 |
|
67,037 |
| ||
7.625%, due 05/15/16 |
|
105,000 |
|
115,763 |
| ||
Dow Chemical Co., |
|
|
|
|
| ||
4.250%, due 11/15/20 |
|
70,000 |
|
66,852 |
| ||
Duke Energy Carolinas LLC, |
|
|
|
|
| ||
5.100%, due 04/15/18 |
|
55,000 |
|
60,068 |
| ||
ERAC USA Finance Co., |
|
|
|
|
| ||
2.750%, due 07/01/131 |
|
25,000 |
|
25,309 |
| ||
7.000%, due 10/15/371 |
|
85,000 |
|
92,610 |
| ||
Express Scripts, Inc., |
|
|
|
|
| ||
6.250%, due 06/15/14 |
|
65,000 |
|
72,212 |
| ||
FGI Operating Co., Inc., |
|
|
|
|
| ||
10.250%, due 08/01/15 |
|
75,000 |
|
79,969 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
5.750%, due 02/01/21 |
|
110,000 |
|
108,625 |
| ||
7.800%, due 06/01/12 |
|
215,000 |
|
227,968 |
| ||
Fortune Brands, Inc., |
|
|
|
|
| ||
5.375%, due 01/15/16 |
|
25,000 |
|
26,547 |
| ||
6.375%, due 06/15/14 |
|
60,000 |
|
65,801 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
6.750%, due 03/15/32 |
|
260,000 |
|
285,699 |
| ||
Georgia-Pacific LLC, |
|
|
|
|
| ||
5.400%, due 11/01/201 |
|
80,000 |
|
78,998 |
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
6.150%, due 04/01/18 |
|
260,000 |
|
281,886 |
| ||
Hasbro, Inc., |
|
|
|
|
| ||
6.350%, due 03/15/40 |
|
55,000 |
|
55,142 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
80,000 |
|
85,960 |
| ||
Jersey Central Power & Light Co., |
|
|
|
|
| ||
7.350%, due 02/01/19 |
|
60,000 |
|
71,235 |
| ||
JP Morgan Chase Capital XXII, |
|
|
|
|
| ||
Series V, 6.450%, due 02/02/37 |
|
225,000 |
|
226,440 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
4.400%, due 07/22/20 |
|
145,000 |
|
140,121 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
5.800%, due 03/15/35 |
|
$ |
45,000 |
|
$ |
42,983 |
|
Kraft Foods, Inc., |
|
|
|
|
| ||
6.500%, due 02/09/40 |
|
135,000 |
|
144,192 |
| ||
Life Technologies Corp., |
|
|
|
|
| ||
6.000%, due 03/01/20 |
|
45,000 |
|
48,468 |
| ||
Massachusetts Mutual Life Insurance Co., |
|
|
|
|
| ||
8.875%, due 06/01/391 |
|
50,000 |
|
68,378 |
| ||
Merrill Lynch & Co., Inc., |
|
|
|
|
| ||
6.875%, due 04/25/18 |
|
75,000 |
|
83,302 |
| ||
MetLife, Inc., |
|
|
|
|
| ||
6.400%, due 12/15/36 |
|
150,000 |
|
144,465 |
| ||
MidAmerican Energy Holding Co., |
|
|
|
|
| ||
5.950%, due 05/15/37 |
|
40,000 |
|
41,248 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
5.500%, due 01/26/20 |
|
40,000 |
|
40,174 |
| ||
Series F, 5.625%, due 09/23/19 |
|
100,000 |
|
102,134 |
| ||
6.625%, due 04/01/18 |
|
200,000 |
|
219,823 |
| ||
Motiva Enterprises LLC, |
|
|
|
|
| ||
5.750%, due 01/15/201 |
|
45,000 |
|
49,196 |
| ||
Mutual of Omaha Insurance Co., |
|
|
|
|
| ||
6.800%, due 06/15/361 |
|
80,000 |
|
80,956 |
| ||
Nationwide Mutual Insurance Co., |
|
|
|
|
| ||
9.375%, due 08/15/391 |
|
95,000 |
|
115,530 |
| ||
NBC Universal, Inc., |
|
|
|
|
| ||
5.950%, due 04/01/411 |
|
85,000 |
|
81,453 |
| ||
News America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
35,000 |
|
35,200 |
| ||
7.750%, due 12/01/45 |
|
60,000 |
|
70,900 |
| ||
NuStar Logistics LP, |
|
|
|
|
| ||
7.650%, due 04/15/18 |
|
100,000 |
|
116,750 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
6.800%, due 09/01/18 |
|
50,000 |
|
56,990 |
| ||
ONEOK, Inc., |
|
|
|
|
| ||
6.000%, due 06/15/35 |
|
60,000 |
|
58,368 |
| ||
Owens Corning, |
|
|
|
|
| ||
6.500%, due 12/01/16 |
|
115,000 |
|
125,212 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
| ||
6.050%, due 03/01/34 |
|
30,000 |
|
31,261 |
| ||
Pacific Life Insurance Co., |
|
|
|
|
| ||
9.250%, due 06/15/391 |
|
100,000 |
|
131,444 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
105,000 |
|
133,459 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
4.500%, due 11/15/20 |
|
110,000 |
|
107,745 |
| ||
PSEG Power LLC, |
|
|
|
|
| ||
8.625%, due 04/15/31 |
|
35,000 |
|
43,869 |
| ||
Qwest Corp., |
|
|
|
|
| ||
7.625%, due 06/15/15 |
|
125,000 |
|
143,750 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
7.625%, due 06/01/16 |
|
65,000 |
|
77,250 |
| ||
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
35,000 |
|
46,468 |
| ||
Southern Natural Gas Co., |
|
|
|
|
| ||
8.000%, due 03/01/32 |
|
130,000 |
|
158,633 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
6.550%, due 05/01/37 |
|
$ |
65,000 |
|
$ |
66,158 |
|
6.750%, due 07/01/18 |
|
100,000 |
|
113,602 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
6.100%, due 07/15/40 |
|
35,000 |
|
34,258 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
6.100%, due 04/15/18 |
|
100,000 |
|
112,078 |
| ||
Wells Fargo & Co., |
|
|
|
|
| ||
3.676%, due 06/15/16 |
|
95,000 |
|
95,561 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
4.125%, due 11/15/20 |
|
20,000 |
|
19,037 |
| ||
6.300%, due 04/15/40 |
|
50,000 |
|
51,923 |
| ||
WM Wrigley Jr. Co., |
|
|
|
|
| ||
3.700%, due 06/30/141 |
|
110,000 |
|
112,508 |
| ||
WMG Acquisition Corp., |
|
|
|
|
| ||
9.500%, due 06/15/16 |
|
125,000 |
|
132,187 |
| ||
Total United States corporate bonds |
|
|
|
7,736,332 |
| ||
Total corporate bonds (cost $8,889,889) |
|
|
|
9,261,980 |
| ||
|
|
|
|
|
| ||
Asset-backed securities1.03% |
|
|
|
|
| ||
United States1.03% |
|
|
|
|
| ||
Ameriquest Mortgage Securities, Inc., |
|
|
|
|
| ||
Series 2005-R6, Class A2, |
|
|
|
|
| ||
0.450%, due 08/25/352 |
|
66,386 |
|
64,016 |
| ||
MBNA Credit Card Master Note Trust, |
|
|
|
|
| ||
Series 2004-C2, Class C2, |
|
|
|
|
| ||
1.155%, due 11/15/162 |
|
350,000 |
|
346,986 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/373 |
|
42,368 |
|
41,713 |
| ||
Total asset-backed securities (cost $421,320) |
|
|
|
452,715 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities8.44% |
|
|
|
|
| ||
United States8.44% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-2, Class AM, |
|
|
|
|
| ||
5.699%, due 04/10/492 |
|
150,000 |
|
147,311 |
| ||
Citigroup Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C6, Class AM, |
|
|
|
|
| ||
5.698%, due 12/10/492 |
|
370,000 |
|
373,830 |
| ||
FDIC Structured Sale Guaranteed Notes, |
|
|
|
|
| ||
Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
381,369 |
|
380,449 |
| ||
GE Capital Commercial Mortgage Corp., |
|
|
|
|
| ||
Series 2007-C1, Class A4, |
|
|
|
|
| ||
5.543%, due 12/10/49 |
|
250,000 |
|
260,460 |
| ||
Series 2007-C1, Class AM, |
|
|
|
|
| ||
5.606%, due 12/10/492 |
|
150,000 |
|
140,982 |
| ||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||
Series 2007-GG9, Class AM, |
|
|
|
|
| ||
5.475%, due 03/10/39 |
|
275,000 |
|
273,528 |
| ||
Series 2007-GG11, Class A4, |
|
|
|
|
| ||
5.736%, due 12/10/49 |
|
275,000 |
|
290,869 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2007-GG10, Class A4, |
|
|
|
|
| ||
5.808%, due 08/10/452,4 |
|
200,000 |
|
212,347 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2006-CB17, Class AM, |
|
|
|
|
| ||
5.464%, due 12/12/43 |
|
$ |
150,000 |
|
$ |
151,090 |
|
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
5.818%, due 06/15/492 |
|
200,000 |
|
214,203 |
| ||
Series 2006-LDP7, Class AM, |
|
|
|
|
| ||
5.863%, due 04/15/45 |
|
250,000 |
|
258,332 |
| ||
Series 2007-LD12, Class A4, |
|
|
|
|
| ||
5.882%, due 02/15/512 |
|
325,000 |
|
347,949 |
| ||
Morgan Stanley Dean Witter Capital I, |
|
|
|
|
| ||
Series 2002-IQ3, Class B, |
|
|
|
|
| ||
5.240%, due 09/15/37 |
|
75,000 |
|
76,984 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.807%, due 08/12/451,2 |
|
375,000 |
|
384,088 |
| ||
TrizecHahn Office Properties, |
|
|
|
|
| ||
Series 2001-TZHA, Class B4, |
|
|
|
|
| ||
6.718%, due 05/15/161 |
|
182,918 |
|
183,559 |
| ||
Total commercial mortgage-backed securities (cost $3,361,064) |
|
|
|
3,695,981 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities44.97% |
|
|
|
|
| ||
United Kingdom0.57% |
|
|
|
|
| ||
Holmes Master Issuer PLC, |
|
|
|
|
| ||
Series 2011-1A, Class A2, |
|
|
|
|
| ||
1.641%, due 10/15/541,2 |
|
250,000 |
|
249,999 |
| ||
|
|
|
|
|
| ||
United States44.40% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp.5 |
|
|
|
|
| ||
0.625%, due 12/28/124 |
|
1,280,000 |
|
1,277,595 |
| ||
Federal Home Loan Mortgage Corp. Gold Pools5 |
|
|
|
|
| ||
#G13223, 4.000%, due 05/01/23 |
|
401,686 |
|
413,925 |
| ||
#A96140, 4.000%, due 01/01/41 |
|
149,538 |
|
147,042 |
| ||
#G08431, 4.000%, due 01/01/41 |
|
398,546 |
|
391,894 |
| ||
#, 4.000%, due 04/15/41 |
|
75,000 |
|
73,641 |
| ||
#A90660, 4.500%, due 01/01/40 |
|
108,898 |
|
110,858 |
| ||
#A90675, 4.500%, due 01/01/40 |
|
740,447 |
|
753,772 |
| ||
#G05249, 5.000%, due 01/01/39 |
|
405,010 |
|
423,373 |
| ||
#G04567, 5.500%, due 07/01/38 |
|
193,008 |
|
206,062 |
| ||
#G05267, 5.500%, due 12/01/38 |
|
212,749 |
|
227,139 |
| ||
#G06381, 5.500%, due 08/01/40 |
|
200,000 |
|
214,153 |
| ||
#C63008, 6.000%, due 01/01/32 |
|
238,219 |
|
262,073 |
| ||
#G06019, 6.000%, due 10/01/36 |
|
248,233 |
|
272,393 |
| ||
#G01717, 6.500%, due 11/01/29 |
|
141,100 |
|
159,462 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Federal National Mortgage Association,5 |
|
|
|
|
| ||
1.250%, due 02/27/14 |
|
$ |
1,115,000 |
|
$ |
1,111,788 |
|
1.625%, due 10/26/15 |
|
1,120,000 |
|
1,089,809 |
| ||
4.500%, TBA |
|
700,000 |
|
712,359 |
| ||
Federal National Mortgage Association Pools,5 |
|
|
|
|
| ||
5.000%, TBA |
|
1,600,000 |
|
1,673,750 |
| ||
5.500%, TBA |
|
400,000 |
|
427,750 |
| ||
#AE8715, 4.000%, due 11/01/40 |
|
675,000 |
|
664,918 |
| ||
#AH1560, 4.000%, due 01/01/41 |
|
447,756 |
|
441,068 |
| ||
#AH2800, 4.000%, due 01/01/41 |
|
922,249 |
|
908,474 |
| ||
#AH3347, 4.000%, due 01/01/41 |
|
924,999 |
|
911,183 |
| ||
#935520, 4.500%, due 08/01/39 |
|
223,891 |
|
228,166 |
| ||
#AD8529, 4.500%, due 08/01/40 |
|
125,000 |
|
127,386 |
| ||
#MA0693, 4.500%, due 04/01/41 |
|
850,000 |
|
866,104 |
| ||
#890209, 5.000%, due 05/01/40 |
|
468,258 |
|
490,457 |
| ||
#AD9114, 5.000%, due 07/01/40 |
|
528,412 |
|
554,782 |
| ||
#576764, 5.500%, due 09/01/24 |
|
129,760 |
|
139,480 |
| ||
#688066, 5.500%, due 03/01/33 |
|
260,654 |
|
282,778 |
| ||
#688314, 5.500%, due 03/01/33 |
|
311,756 |
|
338,211 |
| ||
#802481, 5.500%, due 11/01/34 |
|
442,391 |
|
476,140 |
| ||
#962129, 5.500%, due 03/01/38 |
|
223,655 |
|
239,439 |
| ||
#995018, 5.500%, due 06/01/38 |
|
344,425 |
|
369,377 |
| ||
#408267, 6.000%, due 03/01/28 |
|
27,976 |
|
31,353 |
| ||
#323715, 6.000%, due 05/01/29 |
|
25,663 |
|
28,330 |
| ||
#522564, 6.000%, due 07/01/29 |
|
86,513 |
|
95,473 |
| ||
#676733, 6.000%, due 01/01/33 |
|
180,707 |
|
200,780 |
| ||
#708631, 6.000%, due 06/01/33 |
|
47,676 |
|
53,301 |
| ||
#AE0405, 6.000%, due 08/01/37 |
|
349,466 |
|
383,974 |
| ||
#831730, 6.500%, due 09/01/36 |
|
290,998 |
|
327,186 |
| ||
#894630, 6.500%, due 11/01/36 |
|
226,264 |
|
254,402 |
| ||
#253824, 7.000%, due 03/01/31 |
|
9,534 |
|
10,978 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Federal National Mortgage Association Pools Re-REMIC,5 |
|
|
|
|
| ||
Series 2005-29, Class KA, |
|
|
|
|
| ||
#FNR 2005-29 KA, 4.500%, due 02/25/35 |
|
$ |
223,330 |
|
$ |
235,040 |
|
First Horizon Asset Securities, Inc., |
|
|
|
|
| ||
Series 2004-FL1, Class 1A1, |
|
|
|
|
| ||
0.520%, due 02/25/352 |
|
49,196 |
|
39,815 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
#701813, 4.500%, due 04/15/39 |
|
610,707 |
|
631,159 |
| ||
#G2 2687, 6.000%, due 12/20/28 |
|
36,153 |
|
39,668 |
| ||
#G2 2794, 6.000%, due 08/20/29 |
|
118,210 |
|
129,703 |
| ||
WaMu Mortgage Pass-Through Certificates, |
|
|
|
|
| ||
Series 2007-HY1, Class 3B2, |
|
|
|
|
| ||
4.698%, due 02/25/372 |
|
990,946 |
|
5,778 |
| ||
Total United States mortgage & agency debt securities |
|
|
|
19,453,741 |
| ||
Total mortgage & agency debt securities (cost $19,645,079) |
|
|
|
19,703,740 |
| ||
|
|
|
|
|
| ||
Municipal bonds1.20% |
|
|
|
|
| ||
Chicago Transit Authority, |
|
|
|
|
| ||
Series 2008-A, |
|
|
|
|
| ||
6.899%, due 12/01/40 |
|
60,000 |
|
59,043 |
| ||
Illinois State Taxable Pension, |
|
|
|
|
| ||
Series 2003, |
|
|
|
|
| ||
5.100%, due 06/01/33 |
|
115,000 |
|
93,015 |
| ||
Los Angeles Unified School District, |
|
|
|
|
| ||
Series 2010, |
|
|
|
|
| ||
6.758%, due 07/01/34 |
|
110,000 |
|
115,126 |
| ||
New Jersey State Turnpike Authority Revenue Bonds, |
|
|
|
|
| ||
Class F, |
|
|
|
|
| ||
7.414%, due 01/01/40 |
|
30,000 |
|
33,586 |
| ||
New York State Urban Development Corp. Revenue Bonds, |
|
|
|
|
| ||
5.770%, due 03/15/39 |
|
55,000 |
|
55,380 |
| ||
State of California, GO, |
|
|
|
|
| ||
6.650%, due 03/01/22 |
|
30,000 |
|
32,443 |
| ||
7.300%, due 10/01/39 |
|
130,000 |
|
137,967 |
| ||
Total municipal bonds (cost $530,537) |
|
|
|
526,560 |
| ||
|
|
|
|
|
| ||
US government obligations16.07% |
|
|
|
|
| ||
US Treasury Bonds, |
|
|
|
|
| ||
4.250%, due 11/15/40 |
|
775,000 |
|
741,215 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
0.625%, due 01/31/134 |
|
2,890,000 |
|
2,884,807 |
| ||
0.625%, due 02/28/134 |
|
670,000 |
|
668,351 |
| ||
0.875%, due 01/31/124 |
|
700,000 |
|
703,473 |
| ||
2.125%, due 02/29/164 |
|
1,510,000 |
|
1,505,281 |
| ||
3.625%, due 02/15/21 |
|
530,000 |
|
537,536 |
| ||
Total US government obligations (cost $7,051,888) |
|
|
|
7,040,663 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Supranational bond0.25% |
|
|
|
|
| ||
European Investment Bank, |
|
|
|
|
| ||
1.250%, due 09/17/134 |
|
|
|
|
| ||
(cost $109,624) |
|
$ |
110,000 |
|
$ |
110,145 |
|
Total Bonds (cost $40,009,401) |
|
|
|
40,791,784 |
| ||
|
|
|
|
|
| ||
Investment companies4.79% |
|
|
|
|
| ||
UBS High Yield Relationship Fund*6 |
|
58,504 |
|
1,612,937 |
| ||
UBS Opportunistic Emerging Markets Debt Relationship Fund*6 |
|
28,534 |
|
483,141 |
| ||
Total investment companies (cost $1,956,127) |
|
|
|
2,096,078 |
| ||
|
|
|
|
|
| ||
Short-term investment8.64% |
|
|
|
|
| ||
Investment company8.64% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund6 |
|
|
|
|
| ||
(cost $3,787,772) |
|
3,787,772 |
|
3,787,772 |
| ||
|
|
|
|
|
| ||
Investment of cash collateral from securities loaned0.34% |
|
|
|
|
| ||
UBS Private Money Market Fund LLC6 (cost $151,087) |
|
151,087 |
|
151,087 |
| ||
Total investments106.87% (cost $45,904,387) |
|
|
|
46,826,721 |
| ||
Liabilities, in excess of cash and other assets(6.87%) |
|
|
|
(3,009,898 |
) | ||
Net assets100.00% |
|
|
|
$ |
43,816,823 |
| |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
1,252,921 |
|
Gross unrealized depreciation |
|
(330,587 |
) | |
Net unrealized appreciation of investments |
|
$ |
922,334 |
|
* |
|
Non-income producing security. |
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. At March 31, 2011, the value of these securities amounted to $2,334,193 or 5.33% of net assets. |
2 |
|
Variable or floating rate security. The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
3 |
|
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
4 |
|
Security, or portion thereof, was on loan at March 31, 2011. |
5 |
|
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
6 |
|
The table below details the Funds investments in funds that are advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds. |
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
nine months |
|
nine months |
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
2,632,182 |
|
$ |
28,049,352 |
|
$ |
26,893,762 |
|
$ |
|
|
$ |
|
|
$ |
3,787,772 |
|
$ |
10,275 |
|
UBS Private Money Market Fund LLCa |
|
197,250 |
|
4,328,526 |
|
4,374,689 |
|
|
|
|
|
151,087 |
|
587 |
| |||||||
UBS High Yield Relationship Fund |
|
988,798 |
|
1,540,000 |
|
1,075,000 |
|
101,154 |
|
57,985 |
|
1,612,937 |
|
|
| |||||||
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
417,560 |
|
|
|
|
|
|
|
65,581 |
|
483,141 |
|
|
| |||||||
|
|
$ |
4,235,790 |
|
$ |
33,917,878 |
|
$ |
32,343,451 |
|
$ |
101,154 |
|
$ |
123,566 |
|
$ |
6,034,937 |
|
$ |
10,862 |
|
a |
|
The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
GE |
General Electric |
GO |
General Obligation |
GS |
Goldman Sachs |
Re-REMIC |
Combined Real Estate Mortgage Investment Conduit |
TBA |
(To be announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement, when the specific mortgage pools are assigned. |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Core Plus Bond Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMorgan Chase Bank |
|
EUR |
645,000 |
|
USD |
864,008 |
|
04/18/11 |
|
$ |
(49,876 |
) |
JPMorgan Chase Bank |
|
USD |
873,482 |
|
EUR |
645,000 |
|
04/18/11 |
|
40,402 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(9,474 |
) |
Currency type abbreviations:
EUR |
|
Euro |
USD |
|
United States Dollar |
Futures contracts
UBS Core Plus Bond Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 11 contracts (USD) |
|
June 2011 |
|
$ |
1,348,641 |
|
$ |
1,359,187 |
|
$ |
10,546 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 6 contracts (USD) |
|
June 2011 |
|
(727,913 |
) |
(741,375 |
) |
(13,462 |
) | |||
5 Year US Treasury Notes, 21 contracts (USD) |
|
June 2011 |
|
(2,482,345 |
) |
(2,452,570 |
) |
29,775 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
26,859 |
| ||
Currency type abbreviation:
USD |
|
United States Dollar |
Written option activity for the period ended March 31, 2011 for UBS Core Plus Bond Fund was as follows:
|
|
Number of |
|
Amount of |
| |
Options outstanding at June 30, 2010 |
|
|
|
$ |
|
|
Options written |
|
31 |
|
30,186 |
| |
Options terminated in closing purchase transactions |
|
(31 |
) |
(30,186 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2011 |
|
|
|
$ |
|
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Swap agreements
UBS Core Plus Bond Fund has outstanding interest rate swap agreements with the following terms as of March 31, 2011:
Interest Rate Swaps
Counterparty |
|
Notional |
|
Termination |
|
Payments made |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
USD |
1,310,000 |
|
02/15/36 |
|
4.5450 |
% |
0.3028 |
% |
$ |
|
|
$ |
(72,536 |
) |
$ |
(72,536 |
) |
1 |
|
Payments made based on the notional amount. |
2 |
|
Rate based on 3 month LIBOR (USD BBA). |
|
|
|
BBA |
|
British Bankers Association |
LIBOR |
|
London Interbank Offered Rate |
Currency type abbreviation:
USD |
|
United States Dollar |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Core Plus Bond Fund had outstanding credit default swaps on corporate and sovereign issues with the following terms of March 31, 2011:
Credit default swaps on corporate issuesbuy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
USD |
225,000 |
|
03/20/14 |
|
1.0000 |
% |
|
%3 |
$ |
1,958 |
|
$ |
(2,520 |
) |
$ |
(562 |
) |
Deutsche Bank AG |
|
USD |
250,000 |
|
12/20/15 |
|
1.0000 |
|
|
4 |
5,970 |
|
(6,609 |
) |
(639 |
) | |||
Merrill Lynch International |
|
USD |
150,000 |
|
03/20/16 |
|
1.0000 |
|
|
5 |
672 |
|
(107 |
) |
565 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
8,600 |
|
$ |
(9,236 |
) |
$ |
(636 |
) |
1 |
|
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
|
Payments made are based on the notional amount. |
3 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Inc. 6.500% bond, due 09/01/25. |
4 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Amgen Inc. 4.850% bond, due 11/18/14. |
5 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Allstate Corp 6.750% bond, due 05/15/18. |
Currency type abbreviation:
USD |
|
United States Dollar |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Core Plus Bond Fund had outstanding credit default swap agreements on corporate and sovereign issues with the following terms as of March 31, 2011:
Credit default swaps on corporate issuessell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
Deutsche Bank AG |
|
USD |
250,000 |
|
12/20/15 |
|
|
%4 |
1.0000 |
% |
$ |
(5,716 |
) |
$ |
5,041 |
|
$ |
(675 |
) |
0.5620 |
% |
Deutsche Bank AG |
|
USD |
150,000 |
|
03/20/16 |
|
|
5 |
1.0000 |
|
2,683 |
|
(1,510 |
) |
1,173 |
|
1.2210 |
% | |||
Merrill Lynch International |
|
USD |
150,000 |
|
03/20/16 |
|
|
6 |
1.0000 |
|
763 |
|
(385 |
) |
378 |
|
1.0610 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,270 |
) |
$ |
3,146 |
|
$ |
876 |
|
|
|
1 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
Payments received are based on the notional amount. |
3 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
4 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Pfizer Inc. 4.650% bond, due 03/01/18. |
5 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond, due 09/1/25. |
6 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Travelers Cos Inc 5.900%, due 06/02/19. |
|
|
Currency type abbreviation: | |
USD |
United States Dollar |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
9,261,980 |
|
$ |
|
|
$ |
9,261,980 |
|
Asset-backed securities |
|
|
|
452,715 |
|
|
|
452,715 |
| ||||
Commercial mortgage-backed securities |
|
|
|
3,695,981 |
|
|
|
3,695,981 |
| ||||
Mortgage & agency debt securities |
|
|
|
19,703,740 |
|
|
|
19,703,740 |
| ||||
Municipal bonds |
|
|
|
526,560 |
|
|
|
526,560 |
| ||||
US government obligations |
|
|
|
7,040,663 |
|
|
|
7,040,663 |
| ||||
Supranational bond |
|
|
|
110,145 |
|
|
|
110,145 |
| ||||
Investment companies |
|
|
|
2,096,078 |
|
|
|
2,096,078 |
| ||||
Short-term investment |
|
|
|
3,787,772 |
|
|
|
3,787,772 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
151,087 |
|
|
|
151,087 |
| ||||
Other financial instruments1 |
|
26,859 |
|
(88,100 |
) |
|
|
(61,241 |
) | ||||
Total |
|
$ |
26,859 |
|
$ |
46,738,621 |
|
$ |
|
|
$ |
46,765,480 |
|
1 |
Other financial instruments include open futures contracts, swap agreements and forward foreign currency contracts. |
UBS Fixed Income Opportunities Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Broadcasting |
|
0.81 |
% |
Building materials |
|
0.95 |
|
Building products |
|
0.94 |
|
Cable TV |
|
0.12 |
|
Capital markets |
|
2.08 |
|
Chemicals |
|
0.82 |
|
Commercial banks |
|
10.86 |
|
Consumer finance |
|
2.38 |
|
Containers & packaging |
|
0.42 |
|
Diversified financial services |
|
6.01 |
|
Electric utilities |
|
1.97 |
|
Food products |
|
0.18 |
|
Health care providers & services |
|
0.32 |
|
Hotels, restaurants & leisure |
|
2.06 |
|
Household durables |
|
0.12 |
|
Household products |
|
0.63 |
|
Insurance |
|
1.04 |
|
Leisure equipment & products |
|
0.34 |
|
Machinery |
|
0.47 |
|
Media |
|
0.62 |
|
Metals & mining |
|
1.06 |
|
Office electronics |
|
0.40 |
|
Oil, gas & consumable fuels |
|
6.91 |
|
Paper & forest products |
|
1.10 |
|
Road & rail |
|
0.11 |
|
Specialty retail |
|
2.12 |
|
Textiles, apparel & luxury goods |
|
0.23 |
|
Tobacco |
|
0.67 |
|
Transportation infrastructure |
|
0.78 |
|
Wireless telecommunication services |
|
2.18 |
|
Total corporate bonds |
|
48.70 |
% |
Asset-backed securities |
|
3.75 |
|
Collateralized debt obligation |
|
0.54 |
|
Commercial mortgage-backed securities |
|
9.26 |
|
Mortgage & agency debt securities |
|
3.35 |
|
Municipal bonds |
|
4.57 |
|
US government obligations |
|
2.97 |
|
Non-US government obligations |
|
1.39 |
|
Total bonds |
|
74.53 |
% |
Preferred stock |
|
0.24 |
|
Investment companies |
|
|
|
UBS High Yield Relationship Fund |
|
3.53 |
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
15.08 |
|
Total investment companies |
|
18.61 |
% |
Short-term investment |
|
11.35 |
|
Options purchased |
|
1.62 |
|
Total investments |
|
106.35 |
% |
Liabilities, in excess of cash and other assets |
|
(6.35 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS Fixed Income Opportunities Fund. Figures would be different if a breakdown of the underlying investment companies industry diversification was included.
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||||||
Bonds 74.53% |
|
|
|
|
| ||||||
Corporate bonds 48.70% |
|
|
|
|
| ||||||
Australia 1.24% |
|
|
|
|
| ||||||
Leighton Finance Ltd., |
|
|
|
|
| ||||||
9.500%, due 07/28/14 |
|
AUD |
500,000 |
|
$ |
535,204 |
| ||||
Sydney Airport Finance Co. Pty Ltd., |
|
|
|
|
| ||||||
8.000%, due 07/06/15 |
|
500,000 |
|
521,975 |
| ||||||
Total Australia corporate bonds |
|
|
|
1,057,179 |
| ||||||
Brazil 0.94% |
|
|
|
|
| ||||||
Petrobras International Finance Co., |
|
|
|
|
| ||||||
5.375%, due 01/27/21 |
|
$ |
800,000 |
|
802,414 |
| |||||
Canada 1.14% |
|
|
|
|
| ||||||
ING Bank of Canada, |
|
|
|
|
| ||||||
4.300%, due 12/05/16 |
|
CAD |
150,000 |
|
146,209 |
| |||||
Rogers Communications, Inc., |
|
|
|
|
| ||||||
5.340%, due 03/22/21 |
|
800,000 |
|
822,313 |
| ||||||
Total Canada corporate bonds |
|
|
|
968,522 |
| ||||||
France 0.29% |
|
|
|
|
| ||||||
BNP Paribas, |
|
|
|
|
| ||||||
3.600%, due 02/23/16 |
|
$ |
250,000 |
|
250,424 |
| |||||
Germany 0.94% |
|
|
|
|
| ||||||
HeidelbergCement Finance BV, |
|
|
|
|
| ||||||
8.500%, due 10/31/19 |
|
500,000 |
|
802,490 |
| ||||||
Greece 0.82% |
|
|
|
|
| ||||||
OTE PLC |
|
|
|
|
| ||||||
3.750%, due 11/11/11 |
|
500,000 |
|
700,688 |
| ||||||
Ireland 1.64% |
|
|
|
|
| ||||||
Allied Irish Banks PLC, |
|
|
|
|
| ||||||
1.072%, due 04/11/121 |
|
EUR |
200,000 |
|
226,752 |
| |||||
1.248%, due 09/15/111 |
|
250,000 |
|
302,926 |
| ||||||
Ardagh Packaging Finance PLC, |
|
|
|
|
| ||||||
7.375%, due 10/15/172 |
|
250,000 |
|
362,272 |
| ||||||
Governor & Co. of the Bank of Ireland, |
|
|
|
|
| ||||||
2.750%, due 03/02/123 |
|
$ |
250,000 |
|
237,506 |
| |||||
4.000%, due 01/28/15 |
|
EUR |
250,000 |
|
268,914 |
| |||||
Total Ireland corporate bonds |
|
|
|
1,398,370 |
| ||||||
Luxembourg 1.19% |
|
|
|
|
| ||||||
ArcelorMittal, |
|
|
|
|
| ||||||
5.500%, due 03/01/21 |
|
$ |
400,000 |
|
394,163 |
| |||||
Cirsa Funding Luxembourg SA, |
|
|
|
|
| ||||||
8.750%, due 05/15/182 |
|
EUR |
200,000 |
|
289,109 |
| |||||
Wind Acquisition Finance SA, |
|
|
|
|
| ||||||
11.750%, due 07/15/172 |
|
200,000 |
|
328,081 |
| ||||||
Total Luxembourg corporate bonds |
|
|
|
1,011,353 |
| ||||||
Portugal 1.03% |
|
|
|
|
| ||||||
EDP Finance BV, |
|
|
|
|
| ||||||
4.900%, due 10/01/193 |
|
$ |
1,000,000 |
|
872,866 |
| |||||
Russia 0.67% |
|
|
|
|
| ||||||
Gazprom OAO Via Morgan Stanley Bank AG |
|
|
|
|
| ||||||
9.625%, due 03/01/132 |
|
500,000 |
|
568,000 |
| ||||||
South Africa 1.02% |
|
|
|
|
| ||||||
AngloGold Ashanti Holdings PLC, |
|
|
|
|
| ||||||
5.375%, due 04/15/20 |
|
500,000 |
|
507,167 |
| ||||||
Edcon Proprietary Ltd., |
|
|
|
|
| ||||||
4.423%, due 06/15/141,2 |
|
EUR |
300,000 |
|
363,512 |
| |||||
|
|
|
|
870,679 |
| ||||||
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||||
Spain 0.74% |
|
|
|
|
| |||||
Santander US Debt SA Unipersonal, |
|
|
|
|
| |||||
3.724%, due 01/20/153 |
|
$ |
650,000 |
|
$ |
628,583 |
| |||
United Kingdom 5.79% |
|
|
|
|
| |||||
Barclays Bank PLC, |
|
|
|
|
| |||||
5.140%, due 10/14/20 |
|
1,000,000 |
|
946,318 |
| |||||
CEVA Group PLC, |
|
|
|
|
| |||||
8.500%, due 12/01/142 |
|
EUR |
500,000 |
|
666,084 |
| ||||
FCE Bank PLC, |
|
|
|
|
| |||||
7.125%, due 01/15/13 |
|
500,000 |
|
744,030 |
| |||||
Ineos Group Holdings PLC, |
|
|
|
|
| |||||
7.875%, due 02/15/162 |
|
500,000 |
|
692,657 |
| |||||
Lloyds TSB Bank PLC, |
|
|
|
|
| |||||
6.375%, due 01/21/21 |
|
$ |
250,000 |
|
260,524 |
| ||||
6.500%, due 03/24/20 |
|
EUR |
1,000,000 |
|
1,347,115 |
| ||||
Virgin Media Finance PLC, |
|
|
|
|
| |||||
9.125%, due 08/15/16 |
|
$ |
250,000 |
|
265,000 |
| ||||
Total United Kingdom corporate bonds |
|
|
|
4,921,728 |
| |||||
United States 31.25% |
|
|
|
|
| |||||
Ally Financial, Inc., |
|
|
|
|
| |||||
3.443%, due 12/01/124 |
|
100,000 |
|
93,625 |
| |||||
6.625%, due 05/15/12 |
|
250,000 |
|
257,641 |
| |||||
Anadarko Petroleum Corp., |
|
|
|
|
| |||||
8.700%, due 03/15/19 |
|
600,000 |
|
734,921 |
| |||||
Apria Healthcare Group, Inc., |
|
|
|
|
| |||||
11.250%, due 11/01/14 |
|
250,000 |
|
269,375 |
| |||||
Bunge Ltd. Finance Corp., |
|
|
|
|
| |||||
4.100%, due 03/15/16 |
|
150,000 |
|
150,373 |
| |||||
Caesars Entertainment Operating Co., Inc., |
|
|
|
|
| |||||
11.250%, due 06/01/17 |
|
750,000 |
|
852,187 |
| |||||
Cemex Finance LLC, |
|
|
|
|
| |||||
9.500%, due 12/14/163 |
|
750,000 |
|
808,125 |
| |||||
Cequel Communications Holdings I LLC, |
|
|
|
|
| |||||
8.625%, due 11/15/173 |
|
100,000 |
|
104,250 |
| |||||
Chesapeake Energy Corp., |
|
|
|
|
| |||||
6.500%, due 08/15/17 |
|
250,000 |
|
270,312 |
| |||||
CIT Group, Inc., |
|
|
|
|
| |||||
7.000%, due 05/01/13 |
|
131,179 |
|
133,639 |
| |||||
Citigroup, Inc., |
|
|
|
|
| |||||
4.750%, due 05/31/171 |
|
EUR |
1,000,000 |
|
1,349,906 |
| ||||
5.000%, due 09/15/14 |
|
750,000 |
|
783,152 |
| |||||
DISH DBS Corp., |
|
|
|
|
| |||||
6.625%, due 10/01/14 |
|
$ |
250,000 |
|
264,687 |
| ||||
El Paso Corp., |
|
|
|
|
| |||||
7.800%, due 08/01/31 |
|
EUR |
600,000 |
|
665,617 |
| ||||
Exelon Generation Co. LLC, |
|
|
|
|
| |||||
6.200%, due 10/01/17 |
|
400,000 |
|
443,088 |
| |||||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||||
8.700%, due 10/01/14 |
|
500,000 |
|
567,580 |
| |||||
12.000%, due 05/15/15 |
|
250,000 |
|
314,663 |
| |||||
Fortune Brands, Inc., |
|
|
|
|
| |||||
5.375%, due 01/15/16 |
|
250,000 |
|
265,469 |
| |||||
6.375%, due 06/15/14 |
|
250,000 |
|
274,171 |
| |||||
GenOn Americas Generation LLC, |
|
|
|
|
| |||||
8.500%, due 10/01/21 |
|
350,000 |
|
364,000 |
| |||||
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||||
United States (continued) |
|
|
|
|
| |||||
Genworth Financial, Inc., |
|
|
|
|
| |||||
7.625%, due 09/24/21 |
|
$ |
250,000 |
|
$ |
250,800 |
| |||
Georgia-Pacific LLC, |
|
|
|
|
| |||||
5.400%, due 11/01/203 |
|
950,000 |
|
938,099 |
| |||||
Goldman Sachs Group, Inc., |
|
|
|
|
| |||||
4.100%, due 11/03/15 |
|
CAD |
330,000 |
|
336,760 |
| ||||
Hertz Corp., |
|
|
|
|
| |||||
8.875%, due 01/01/14 |
|
$ |
91,000 |
|
93,275 |
| ||||
Home Depot, Inc., |
|
|
|
|
| |||||
5.950%, due 04/01/41 |
|
CAD |
1,000,000 |
|
997,214 |
| ||||
HSBC USA, Inc., |
|
|
|
|
| |||||
5.000%, due 09/27/20 |
|
750,000 |
|
736,417 |
| |||||
International Lease Finance Corp., |
|
|
|
|
| |||||
5.000%, due 09/15/12 |
|
700,000 |
|
710,850 |
| |||||
JC Penney Corp., Inc., |
|
|
|
|
| |||||
7.650%, due 08/15/16 |
|
400,000 |
|
442,000 |
| |||||
JP Morgan Chase Capital XXVII, |
|
|
|
|
| |||||
7.000%, due 11/01/39 |
|
1,000,000 |
|
1,030,376 |
| |||||
Kinder Morgan Finance Co. ULC, |
|
|
|
|
| |||||
5.700%, due 01/05/16 |
|
750,000 |
|
786,563 |
| |||||
Marathon Petroleum Corp., |
|
|
|
|
| |||||
5.125%, due 03/01/213 |
|
250,000 |
|
251,996 |
| |||||
Merrill Lynch & Co., Inc., |
|
|
|
|
| |||||
6.050%, due 05/16/16 |
|
1,350,000 |
|
1,426,800 |
| |||||
6.400%, due 08/28/17 |
|
1,000,000 |
|
1,090,078 |
| |||||
MGM Resorts International, |
|
|
|
|
| |||||
13.000%, due 11/15/13 |
|
750,000 |
|
900,938 |
| |||||
Morgan Stanley, |
|
|
|
|
| |||||
4.750%, due 04/01/14 |
|
250,000 |
|
260,504 |
| |||||
5.750%, due 01/25/21 |
|
250,000 |
|
252,324 |
| |||||
6.250%, due 08/28/17 |
|
500,000 |
|
543,443 |
| |||||
7.300%, due 05/13/19 |
|
500,000 |
|
562,379 |
| |||||
Nationwide Mutual Insurance Co., |
|
|
|
|
| |||||
9.375%, due 08/15/393 |
|
250,000 |
|
304,026 |
| |||||
Pacific Life Insurance Co., |
|
|
|
|
| |||||
9.250%, due 06/15/393 |
|
250,000 |
|
328,610 |
| |||||
Petrohawk Energy Corp., |
|
|
|
|
| |||||
7.250%, due 08/15/183 |
|
1,000,000 |
|
1,030,000 |
| |||||
Plains Exploration & Production Co., |
|
|
|
|
| |||||
7.000%, due 03/15/17 |
|
750,000 |
|
774,375 |
| |||||
Quiksilver, Inc., |
|
|
|
|
| |||||
6.875%, due 04/15/15 |
|
200,000 |
|
197,000 |
| |||||
Reynolds American, Inc., |
|
|
|
|
| |||||
6.750%, due 06/15/17 |
|
500,000 |
|
571,776 |
| |||||
Reynolds Group Issuer LLC, |
|
|
|
|
| |||||
6.875%, due 02/15/213 |
|
100,000 |
|
100,750 |
| |||||
SLM Corp., |
|
|
|
|
| |||||
1.343%, due 11/15/111 |
|
EUR |
100,000 |
|
138,422 |
| ||||
5.400%, due 10/25/11 |
|
$ |
500,000 |
|
510,138 |
| ||||
Springleaf Finance Corp., |
|
|
|
|
| |||||
5.625%, due 08/17/11 |
|
50,000 |
|
50,063 |
| |||||
Tyco International Finance SA |
|
|
|
|
| |||||
4.625%, due 01/15/23 |
|
400,000 |
|
399,650 |
| |||||
Univision Communications, Inc., |
|
|
|
|
| |||||
7.875%, due 11/01/203 |
|
400,000 |
|
423,000 |
| |||||
12.000%, due 07/01/143 |
|
250,000 |
|
270,000 |
| |||||
Wachovia Capital Trust III, |
|
|
|
|
| |||||
5.570%, due 03/15/111,5 |
|
300,000 |
|
275,250 |
| |||||
Wells Fargo & Co., |
|
|
|
|
| |||||
3.676%, due 06/15/16 |
|
300,000 |
|
301,773 |
| |||||
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United States (concluded) |
|
|
|
|
| |||
Xerox Corp., |
|
|
|
|
| |||
6.750%, due 02/01/17 |
|
$ |
300,000 |
|
$ |
344,448 |
| |
Total United States corporate bonds |
|
|
|
26,596,878 |
| |||
Total corporate bonds (cost $40,929,472) |
|
|
|
41,450,174 |
| |||
Asset-backed securities 3.40% |
|
|
|
|
| |||
United Kingdom 0.52% |
|
|
|
|
| |||
Fosse Master Issuer PLC, |
|
|
|
|
| |||
Series 2006-1A, Class A2, |
|
|
|
|
| |||
0.363%, due 10/18/541,3 |
|
41,123 |
|
41,105 |
| |||
Permanent Financing PLC, |
|
|
|
|
| |||
Series 6, Class 5A2, |
|
|
|
|
| |||
0.968%, due 06/10/421,2,6 |
|
GBP |
250,000 |
|
398,470 |
| ||
Total United Kingdom asset-backed securities |
|
|
|
439,575 |
| |||
United States 2.88% |
|
|
|
|
| |||
Accredited Mortgage Loan Trust, |
|
|
|
|
| |||
Series 2006-1, Class A3, |
|
|
|
|
| |||
0.430%, due 04/25/361 |
|
$ |
416,288 |
|
347,212 |
| ||
Arkle Master Issuer PLC, |
|
|
|
|
| |||
Series 2006-1A, Class 4A1, |
|
|
|
|
| |||
0.404%, due 02/06/521,3 |
|
400,000 |
|
399,320 |
| |||
Capital One Multi-Asset Execution Trust, |
|
|
|
|
| |||
Series 2006-C1, Class C, |
|
|
|
|
| |||
0.545%, due 03/17/141 |
|
250,000 |
|
249,775 |
| |||
First Franklin Mortgage Loan Asset Backed Certificates, |
|
|
|
|
| |||
Series 2005-FF10, Class A4, |
|
|
|
|
| |||
0.570%, due 11/25/351 |
|
1,335,423 |
|
1,144,182 |
| |||
MBNA Master Credit Card Trust, |
|
|
|
|
| |||
Series 2001-C, Class C, |
|
|
|
|
| |||
7.100%, due 09/15/133 |
|
309,000 |
|
309,690 |
| |||
Total United States asset-backed securities |
|
|
|
2,450,179 |
| |||
Total asset-backed securities (cost $3,213,103) |
|
|
|
2,889,754 |
| |||
Collateralized debt obligation 0.54% |
|
|
|
|
| |||
United States 0.54% |
|
|
|
|
| |||
GSC Partners CDO Fund Ltd., |
|
|
|
|
| |||
Series 2003-4A, Class B, |
|
|
|
|
| |||
2.237%, due 12/16/151,3,7 |
|
500,000 |
|
460,000 |
| |||
(cost $457,829) |
|
|
|
|
| |||
Commercial mortgage-backed securities 9.26% |
|
|
|
|
| |||
United States 9.26% |
|
|
|
|
| |||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| |||
Series 2007-2, Class AM, |
|
|
|
|
| |||
5.699%, due 04/10/491 |
|
500,000 |
|
491,037 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| |
Series 2006-C8, Class AM, |
|
|
|
|
| |
5.347%, due 12/10/46 |
|
150,000 |
|
$ |
147,254 |
|
CW Capital Cobalt Ltd., |
|
|
|
|
| |
Series 2007-C3, Class AM, |
|
|
|
|
| |
5.816%, due 05/15/461 |
|
400,000 |
|
384,722 |
| |
GE Capital Commercial Mortgage Corp., |
|
|
|
|
| |
Series 2007-C1, Class A4, |
|
|
|
|
| |
5.543%, due 12/10/49 |
|
350,000 |
|
364,644 |
| |
Series 2007-C1, Class AM, |
|
|
|
|
| |
5.606%, due 12/10/491 |
|
1,000,000 |
|
939,877 |
| |
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| |
Series 2007-GG9, Class AM, |
|
|
|
|
| |
5.475%, due 03/10/39 |
|
500,000 |
|
497,324 |
| |
Series 2007-GG11, Class AM, |
|
|
|
|
| |
5.867%, due 12/10/491 |
|
500,000 |
|
492,161 |
| |
GS Mortgage Securities Corp. II, |
|
|
|
|
| |
Series 2007-GG10, Class A4, |
|
|
|
|
| |
5.808%, due 08/10/451 |
|
775,000 |
|
822,845 |
| |
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| |
Series 2007-LD11, Class AM, |
|
|
|
|
| |
5.818%, due 06/15/491 |
|
1,000,000 |
|
947,425 |
| |
Series 2007-LD12, Class A4, |
|
|
|
|
| |
5.882%, due 02/15/511 |
|
225,000 |
|
240,888 |
| |
Morgan Stanley Capital I, |
|
|
|
|
| |
Series 2006-HQ8, Class A3, |
|
|
|
|
| |
5.455%, due 03/12/441 |
|
700,778 |
|
711,466 |
| |
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| |
Series 2009-GG10, Class A4B, |
|
|
|
|
| |
5.808%, due 08/12/451,3 |
|
700,000 |
|
716,964 |
| |
TrizecHahn Office Properties, |
|
|
|
|
| |
Series 2001-TZHA, Class B4, |
|
|
|
|
| |
6.718%, due 05/15/163 |
|
182,918 |
|
183,559 |
| |
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| |
Series 2007-C33, Class AM, |
|
|
|
|
| |
5.900%, due 02/15/511 |
|
1,000,000 |
|
943,472 |
| |
Total commercial mortgage-backed securities (cost $7,989,658) |
|
|
|
7,883,638 |
| |
|
|
|
|
|
| |
Mortgage & agency debt securities 3.70% |
|
|
|
|
| |
United Kingdom 0.35% |
|
|
|
|
| |
Holmes Master Issuer PLC, |
|
|
|
|
| |
Series 2011-1A, Class A2, |
|
|
|
|
| |
1.641%, due 10/15/541,3,8 |
|
300,000 |
|
299,999 |
| |
United States 3.35% |
|
|
|
|
| |
Federal Home Loan Bank of Chicago, |
|
|
|
|
| |
5.625%, due 06/13/16 |
|
500,000 |
|
548,200 |
| |
Federal Home Loan Mortgage Corp.,9 |
|
|
|
|
| |
2.000%, due 04/27/12 |
|
400,000 |
|
400,505 |
| |
Federal National Mortgage Association,9 |
|
|
|
|
| |
4.592%, due 10/09/194 |
|
2,250,000 |
|
1,528,594 |
| |
5.116%, due 05/15/30 |
|
1,000,000 |
|
369,595 |
| |
Total United States mortgage & agency debt securities |
|
|
|
2,846,894 |
| |
Total mortgage & agency debt securities (cost $3,148,051) |
|
|
|
3,146,893 |
| |
|
|
|
|
|
| |
Municipal bonds 4.57% |
|
|
|
|
| |
American Municipal Power-Ohio, Inc., Revenue Bonds, |
|
|
|
|
| |
Series 2010, Class B, |
|
|
|
|
| |
7.834%, due 02/15/41 |
|
250,000 |
|
$ |
279,453 |
|
Commonwealth of Pennsylvania, GO Unlimited, |
|
|
|
|
| |
Series 2010, |
|
|
|
|
| |
5.850%, due 07/15/30 |
|
500,000 |
|
502,115 |
| |
Illinois State Taxable Pension, |
|
|
|
|
| |
Series 2003, |
|
|
|
|
| |
5.100%, due 06/01/33 |
|
250,000 |
|
202,207 |
| |
Los Angeles Unified School District, Series 2010, |
|
|
|
|
| |
6.758%, due 07/01/34 |
|
500,000 |
|
523,300 |
| |
New York City Transitional Finance Authority, Series 2010, |
|
|
|
|
| |
5.267%, due 05/01/27 |
|
250,000 |
|
256,470 |
| |
Port Authority of New York & New Jersey, Series 2009, |
|
|
|
|
| |
6.040%, due 12/01/29 |
|
250,000 |
|
255,327 |
|
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||||
United States(concluded) |
|
|
|
|
| ||||
State of California, GO bonds, |
|
|
|
|
| ||||
7.300%, due 10/01/39 |
|
800,000 |
|
$ |
849,024 |
| |||
State of Illinois, GO bonds, |
|
|
|
|
| ||||
Series 2010, 4.421%, due 01/01/15 |
|
225,000 |
|
224,609 |
| ||||
5.365%, due 03/01/17 |
|
800,000 |
|
796,040 |
| ||||
Total municipal bonds (cost $3,849,670) |
|
|
|
3,888,545 |
| ||||
|
|
|
|
|
| ||||
US government obligations 2.97% |
|
|
|
|
| ||||
U.S. Treasury Bonds, |
|
|
|
|
| ||||
PO, 4.706%, due 05/15/404 |
|
6,000,000 |
|
1,490,376 |
| ||||
4.750%, due 02/15/41 |
|
1,000,000 |
|
1,039,375 |
| ||||
Total US government obligations (cost $2,614,886) |
|
|
|
2,529,751 |
| ||||
|
|
|
|
|
| ||||
Non-US government obligations 1.39% |
|
|
|
|
| ||||
Greece 0.80% |
|
|
|
|
| ||||
Hellenic Republic Government Bond, |
|
|
|
|
| ||||
4.300%, due 03/20/12 |
|
EUR |
250,000 |
|
323,121 |
| |||
5.350%, due 05/18/11 |
|
250,000 |
|
353,408 |
| ||||
|
|
|
|
676,529 |
| ||||
Russia 0.59% |
|
|
|
|
| ||||
Federation of Russia, |
|
|
|
|
| ||||
3.625%, due 04/29/152 |
|
$ |
500,000 |
|
505,750 |
| |||
Total Non-US government obligations (cost $1,149,035) |
|
|
|
1,182,279 |
| ||||
Total bonds (cost $63,051,704) |
|
|
|
63,431,034 |
| ||||
|
|
|
|
|
| ||||
|
|
Shares |
|
|
| ||||
Preferred stock 0.24% |
|
|
|
|
| ||||
GMAC Capital Trust I*1 |
|
|
|
|
| ||||
(cost $200,000) |
|
8,000 |
|
$ |
204,000 |
| |||
Investment companies 18.61% |
|
|
|
|
| ||||
UBS High Yield Relationship Fund*10 |
|
109,055 |
|
3,006,642 |
| ||||
UBS Opportunistic Emerging Markets Debt Relationship Fund*10 |
|
757,924 |
|
12,833,473 |
| ||||
Total investment companies (cost $15,500,000) |
|
|
|
15,840,115 |
| ||||
|
|
|
|
|
| ||||
Short-term investment 11.35% |
|
|
|
|
| ||||
Investment company 11.35% |
|
|
|
|
| ||||
UBS Cash Management Prime Relationship Fund10 |
|
|
|
|
| ||||
(cost $9,656,635) |
|
9,656,635 |
|
9,656,635 |
| ||||
|
|
|
|
|
| ||||
|
|
Number of |
|
|
| ||||
Options purchased 1.62% |
|
|
|
|
| ||||
Call options 0.11% |
|
|
|
|
| ||||
10 Year US Treasury Notes, strike @ USD 121.00, expires April 2011* |
|
95 |
|
16,328 |
| ||||
2 Year US Treasury Notes, strike @ USD 108.75, expires May 2011* |
|
31 |
|
28,094 |
| ||||
5 Year US Treasury Notes, strike @ USD 118.00, expires May 2011* |
|
102 |
|
35,062 |
| ||||
90 Day Euro-Dollar Future Mid-Curve, strike @ USD 99.00, expires April 2011* |
|
382 |
|
16,713 |
| ||||
|
|
|
|
|
| ||||
Put options 0.77% |
|
|
|
|
| ||||
2 Year US Treasury Notes, strike @ USD 108.75, expires April 2011* |
|
400 |
|
50,000 |
| ||||
2 Year US Treasury Notes, strike @ USD 108.75, expires May 2011* |
|
31 |
|
8,719 |
| ||||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.25, expires December 2011* |
|
160 |
|
9,000 |
| ||||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.00, expires December 2012* |
|
130 |
|
184,437 |
| ||||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.50, expires September 2011* |
|
160 |
|
5,000 |
| ||||
90 Day Euro-Dollar Future Mid-Curve, strike @ USD 98.25, expires April 2011* |
|
248 |
|
1,550 |
| ||||
90 Day Euro-Dollar Future Mid-Curve, strike @ USD 98.25, expires December 2011* |
|
160 |
|
205,000 |
| ||||
90 Day Euro-Dollar Future Mid-Curve, strike @ USD 98.50, expires September 2011* |
|
160 |
|
142,000 |
| ||||
90 Day Euro-Dollar Future Mid-Curve, strike @ USD 98.75, expires April 2011* |
|
248 |
|
46,500 |
| ||||
|
|
|
|
|
| ||||
|
|
Notional |
|
|
| ||||
Options purchased on interest rate swaps 0.74% |
|
|
|
|
| ||||
Expiring 09/23/11. If exercised the Fund pays semi annually 3.716% and receives quarterly floating 3 month LIBOR terminating 09/27/21. European style. Counterparty: Merrill Lynch International* |
|
18,625,000 |
|
511,797 |
| ||||
Expiring 11/02/15. If exercised the Fund pays semi annually 6.000% and receives quarterly floating 3 month LIBOR terminating 11/04/25. European style. Counterparty: Deutsche Bank AG* |
|
3,050,000 |
|
122,038 |
| ||||
Total options purchased (cost $1,717,026) |
|
|
|
1,382,238 |
| ||||
Total investments 106.35% (cost $90,125,365) |
|
|
|
90,514,022 |
| ||||
Liabilities, in excess of cash and other assets (6.35) % |
|
|
|
(5,404,114 |
) | ||||
Net assets 100.00% |
|
|
|
$ |
85,109,908 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
1,177,329 |
|
Gross unrealized depreciation |
|
(788,672 |
) | |
Net unrealized appreciation of investments |
|
$ |
388,657 |
|
* |
Non-income producing security. |
1 |
Variable or floating rate security The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
2 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of these securities amounted to $4,173,935 or 4.90% of net assets. |
3 |
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. At March 31, 2011, the value of these securities amounted to $8,708,448 or 10.23% of net assets. |
4 |
Rate shown reflects annualized yield at March 31, 2011 on zero coupon bond. |
5 |
Perpetual bond security. The maturity date reflects the next call date. |
6 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
7 |
Security is illiquid. At March 31, 2011, the value of these securities amounted to $460,000 or 0.54% of net assets. |
8 |
Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2011, the value of these securities amounted to $299,999 or 0.35% of net assets. |
9 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
10 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds. |
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
period |
|
period |
|
the period |
|
period |
|
|
|
period |
| |||||||
|
|
Value |
|
ended1 |
|
ended1 |
|
ended1 |
|
ended1 |
|
Value |
|
ended1 |
| |||||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
|
|
$ |
38,279,879 |
|
$ |
28,623,244 |
|
$ |
|
|
$ |
|
|
$ |
9,656,635 |
|
$ |
3,277 |
|
UBS High Yield Relationship Fund |
|
|
|
3,000,000 |
|
|
|
|
|
6,642 |
|
3,006,642 |
|
|
| |||||||
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
|
|
12,500,000 |
|
|
|
|
|
333,473 |
|
12,833,473 |
|
|
| |||||||
|
|
$ |
|
|
$ |
53,779,879 |
|
$ |
28,623,244 |
|
$ |
|
|
$ |
340,115 |
|
$ |
25,496,750 |
|
$ |
3,277 |
|
1 |
For the period November 29, 2010 (commencement of operations) through March 31, 2011. |
CDO |
Collateralized Debt obligations |
GE |
General Electric |
GMAC |
General Motors Acceptance Corp. |
GO |
General Obligation |
PO |
Principal only security This security entitles the holder to receive the holder to receive principal payments from an underlying pool of assets. High prepayments return principal faster than expected and cause the yield to increase. Low prepayments return principal slower than expected and cause the yield to decrease. |
Re-REMIC |
Combined Real Estate Mortgage Investment Conduits |
Currency type abbreviations:
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
EUR |
Euro |
GBP |
Great Britain Pound |
USD |
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Fixed Income Opportunities Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMorgan Chase Bank |
|
AUD |
|
1,045,000 |
|
USD |
|
1,035,254 |
|
06/01/11 |
|
$ |
(37,574 |
) |
JPMorgan Chase Bank |
|
CAD |
|
310,000 |
|
USD |
|
313,246 |
|
06/01/11 |
|
(6,124 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
7,440,000 |
|
USD |
|
10,205,248 |
|
06/01/11 |
|
(327,263 |
) | |
JPMorgan Chase Bank |
|
GBP |
|
630,000 |
|
USD |
|
1,018,108 |
|
06/01/11 |
|
8,247 |
| |
JPMorgan Chase Bank |
|
JPY |
|
47,300,000 |
|
USD |
|
570,403 |
|
06/01/11 |
|
1,553 |
| |
JPMorgan Chase Bank |
|
USD |
|
319,385 |
|
CAD |
|
310,000 |
|
06/01/11 |
|
(14 |
) | |
JPMorgan Chase Bank |
|
USD |
|
615,586 |
|
GBP |
|
380,000 |
|
06/01/11 |
|
(6,463 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
$ |
(367,638 |
) |
Currency type abbreviations: | ||
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
JPY |
|
Japanese Yen |
USD |
|
United States Dollar |
Futures contracts
UBS Fixed Income Opportunities Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 48 contracts (USD) |
|
June 2011 |
|
$ |
5,849,538 |
|
$ |
5,931,000 |
|
$ |
81,462 |
|
2 Year US Treasury Notes, 224 contracts (USD) |
|
June 2011 |
|
48,846,175 |
|
48,860,000 |
|
13,825 |
| |||
10 Year US Treasury Notes, 11 contracts (USD) |
|
June 2011 |
|
1,309,120 |
|
1,309,344 |
|
224 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 41 contracts (USD) |
|
June 2011 |
|
(4,986,958 |
) |
(4,927,688 |
) |
59,270 |
| |||
2 Year US Treasury Notes, 17 contracts (USD) |
|
June 2011 |
|
(3,707,828 |
) |
(3,708,125 |
) |
(297 |
) | |||
5 Year US Treasury Notes, 70 contracts (USD) |
|
June 2011 |
|
(8,259,889 |
) |
(8,175,234 |
) |
84,655 |
| |||
10 Year US Treasury Notes, 57 contracts (USD) |
|
June 2011 |
|
(6,778,410 |
) |
(6,784,781 |
) |
(6,371 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Months Euro Euribor, 29 contracts (EUR) |
|
September 2011 |
|
10,108,205 |
|
10,085,645 |
|
(22,560 |
) | |||
90 Day Euro-Dollar Futures, 120 contracts (USD) |
|
March 2015 |
|
28,784,066 |
|
28,791,000 |
|
6,934 |
| |||
30 Day Fed Fund Futures, 52 contracts (USD) |
|
April 2011 |
|
21,634,835 |
|
21,642,398 |
|
7,563 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
1 Month Euro-Dollar Futures, 2 contracts (USD) |
|
April 2011 |
|
(498,618 |
) |
(498,788 |
) |
(170 |
) | |||
90 Day Euro-Dollar Futures, 40 contracts (USD) |
|
September 2011 |
|
(9,948,860 |
) |
(9,954,000 |
) |
(5,140 |
) | |||
90 Day Euro-Dollar Futures, 120 contracts (USD) |
|
March 2013 |
|
(29,361,705 |
) |
(29,326,500 |
) |
35,205 |
| |||
Japanese 10 Year Bond, 6 contracts (JPY) |
|
June 2011 |
|
(10,008,800 |
) |
(10,066,121 |
) |
(57,321 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
197,279 |
| ||
Currency type abbreviations:
EUR |
|
Euro |
JPY |
|
Japanese Yen |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Options Written
UBS Fixed Income Opportunities Fund had the following open options written as of March 31, 2011:
|
|
Expiration |
|
Premiums received |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
90 Day Euro-Dollar Future Mid-Curve, 382 contracts, strike @ USD 99.00 |
|
June 2011 |
|
$ |
175,577 |
|
$ |
(81,175 |
) |
Put options |
|
|
|
|
|
|
| ||
90 Day Euro-Dollar Future Mid-Curve, 160 contracts strike @ USD 97.50 |
|
September 2011 |
|
61,940 |
|
(34,000 |
) | ||
90 Day Euro-Dollar Future Mid-Curve, 160 contracts strike @ USD 97.25 |
|
December 2011 |
|
91,190 |
|
(75,000 |
) | ||
2 Year US Treasury Notes, 400 contracts, strike @ USD 108.250 |
|
May 2011 |
|
11,608 |
|
(12,500 |
) | ||
90 Day Euro-Dollar Time Deposit, 160 contracts, strike @ USD 99.500 |
|
September 2011 |
|
69,440 |
|
(38,000 |
) | ||
90 Day Euro-Dollar Time Deposit, 160 contracts, strike @ USD 99.250 |
|
December 2011 |
|
72,690 |
|
(54,000 |
) | ||
90 Day Euro-Dollar Time Deposit, 130 contracts, strike @ USD 96.000 |
|
December 2012 |
|
58,045 |
|
(51,188 |
) | ||
90 Day Euro-Dollar Future Mid-Curve, 496 contracts, strike @ USD 98.500 |
|
April 2011 |
|
60,264 |
|
(21,700 |
) | ||
Options written on interest rate swaps |
|
|
|
|
|
|
| ||
If option exercised the Fund pays semi annually 7.250% and receives quarterly floating 3 month LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: Deutsche Bank AG, Notional Amount USD 3,050,000 |
|
November 2015 |
|
63,135 |
|
(75,394 |
) | ||
If option exercised the Fund pays semi annually 8.760% and receives quarterly floating 3 month LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: Deutsche Bank AG, Notional Amount USD 3,050,000 |
|
November 2015 |
|
38,735 |
|
(38,804 |
) | ||
Receiver options written on credit default swap on credit indices |
|
|
|
|
|
|
| ||
If option exercised payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 15 Index and Fund pays fixed rate of 5.000%.Underlying credit default swap terminating 12/20/15. European style. Counterparty: Deutsche Bank, Notional Amount USD 12,000,000 |
|
December 2015 |
|
288,000 |
|
(254,862 |
) | ||
Total options written |
|
|
|
$ |
990,624 |
|
$ |
(736,623 |
) |
Currency type abbreviations:
USD |
|
United States Dollar |
Written option activity for the period ended March 31, 2011 for UBS Fixed Income Opportunities Fund was as follows:
|
|
Number of |
|
Amount of |
| |
Options outstanding at June 30, 2010 |
|
|
|
$ |
|
|
Options written |
|
4,673 |
|
1,069,154 |
| |
Options terminated in closing purchase transactions |
|
(2,625 |
) |
(468,400 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2011 |
|
2,048 |
|
$ |
600,754 |
|
Swaption activity for the period ended March 31, 2011 for UBS Fixed Income Opportunity Fund was as follows:
Swaptions outstanding at June 30, 2010 |
|
|
|
$ |
|
|
Swaptions written |
|
|
|
422,695 |
| |
Swaptions terminated in closing purchase transactions |
|
|
|
(32,825 |
) | |
Swaptions expired prior to exercise |
|
|
|
|
| |
Swaptions outstanding at March 31, 2011 |
|
|
|
$ |
389,870 |
|
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
UBS Fixed Income Opportunities Fund had outstanding currency swap agreements with the following terms as of March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upfront |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
payments |
|
|
|
Unrealized |
| |||
|
|
Pay |
|
Pay |
|
Receive |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
(made) / |
|
|
|
appreciation/ |
| |||
Counterparty |
|
currency |
|
contracts |
|
currency |
|
contracts |
|
date |
|
rate |
|
rate |
|
received |
|
Value |
|
(depreciation) |
| |||
Deutsche Bank AG |
|
EUR |
|
1,964,250 |
|
USD |
|
2,700,000 |
|
03/16/20 |
|
0.9950 |
%1 |
0.3028 |
%2 |
$ |
1,551 |
|
$ |
(77,506 |
) |
$ |
(75,955 |
) |
Deutsche Bank AG |
|
EUR |
|
2,701,397 |
|
USD |
|
3,500,000 |
|
01/13/21 |
|
0.9950 |
1 |
0.3028 |
2 |
|
|
(306,727 |
) |
(306,727 |
) | |||
Deutsche Bank AG |
|
USD |
|
2,700,000 |
|
EUR |
|
1,964,250 |
|
03/16/40 |
|
0.3028 |
2 |
0.9950 |
1 |
(16,829 |
) |
62,575 |
|
45,746 |
| |||
Deutsche Bank AG |
|
USD |
|
3,500,000 |
|
EUR |
|
2,701,397 |
|
01/13/41 |
|
0.3028 |
2 |
0.9950 |
1 |
|
|
301,935 |
|
301,935 |
| |||
Merrill Lynch International |
|
CAD |
|
3,322,400 |
|
USD |
|
3,404,447 |
|
03/16/40 |
|
1.2914 |
3 |
0.3028 |
2 |
(68,304 |
) |
(22,136 |
) |
(90,440 |
) | |||
Merrill Lynch International |
|
USD |
|
3,404,447 |
|
CAD |
|
3,322,400 |
|
03/16/20 |
|
0.3028 |
2 |
1.2914 |
3 |
76,989 |
|
17,358 |
|
94,347 |
| |||
Morgan Stanley |
|
AUD |
|
2,060,000 |
|
USD |
|
2,000,000 |
|
10/06/40 |
|
4.9600 |
4 |
0.3028 |
2 |
13,738 |
|
(118,865 |
) |
(105,127 |
) | |||
Morgan Stanley |
|
USD |
|
2,000,000 |
|
AUD |
|
2,060,000 |
|
10/06/20 |
|
0.3028 |
2 |
4.9600 |
4 |
9,738 |
|
135,461 |
|
145,199 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,883 |
|
$ |
(7,905 |
) |
$ |
8,978 |
|
1 |
Rate based on 3 month EURIBOR. |
2 |
Rate based on 3 month USD LIBOR. |
3 |
Rate based on 3 month Canada Bankers Acceptances. |
4 |
Rate based on 3 month BBSW. |
BBSW |
|
Bank Bill Swap Reference Rate (Australian Financial Market) |
LIBOR |
|
London Interbank Offered Rate |
|
|
|
Currency tpe abbreviations: | ||
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
EUR |
|
Euro |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
UBS Fixed Income Opportunities Fund had outstanding interest rate swap agreements with the following terms as of March 31, 2011:
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
AUD |
2,840,000 |
|
02/11/21 |
|
5.1300 |
%2 |
6.585 |
% |
$ |
|
|
$ |
14,246 |
|
$ |
14,246 |
|
Deutsche Bank AG |
|
CAD |
5,750,000 |
|
10/03/13 |
|
1.2914 |
3 |
1.8750 |
|
34,361 |
|
(60,486 |
) |
(26,125 |
) | |||
Deutsche Bank AG |
|
CAD |
5,150,000 |
|
10/03/16 |
|
2.4850 |
|
1.2914 |
3 |
(93,265 |
) |
184,106 |
|
90,841 |
| |||
Deutsche Bank AG |
|
CAD |
1,400,000 |
|
10/03/21 |
|
1.2914 |
3 |
3.2600 |
|
39,270 |
|
(84,544 |
) |
(45,274 |
) | |||
Deutsche Bank AG |
|
EUR |
4,060,000 |
|
03/15/16 |
|
1.2040 |
4 |
2.9300 |
|
|
|
(32,520 |
) |
(32,520 |
) | |||
Deutsche Bank AG |
|
EUR |
3,600,000 |
|
01/13/22 |
|
1.2040 |
4 |
3.5250 |
|
7,412 |
|
(144,371 |
) |
(136,959 |
) | |||
Deutsche Bank AG |
|
EUR |
1,700,000 |
|
01/13/42 |
|
3.5500 |
|
1.2040 |
4 |
|
|
162,662 |
|
162,662 |
| |||
Deutsche Bank AG |
|
KRW |
2,585,000,000 |
|
01/26/21 |
|
4.8100 |
|
|
5 |
|
|
(11,025 |
) |
(11,025 |
) | |||
Deutsche Bank AG |
|
USD |
65,600,000 |
|
03/31/13 |
|
1.1330 |
|
0.3028 |
6 |
10,000 |
|
(113,767 |
) |
(103,767 |
) | |||
Deutsche Bank AG |
|
USD |
6,250,000 |
|
10/05/13 |
|
1.1250 |
|
0.3028 |
6 |
(12,500 |
) |
44,460 |
|
31,960 |
| |||
Deutsche Bank AG |
|
USD |
3,000,000 |
|
12/15/15 |
|
1.5210 |
|
0.3028 |
6 |
(41,000 |
) |
91,221 |
|
50,221 |
| |||
Deutsche Bank AG |
|
USD |
4,950,000 |
|
10/05/16 |
|
0.3028 |
6 |
2.1200 |
|
54,000 |
|
(162,009 |
) |
(108,009 |
) | |||
Deutsche Bank AG |
|
USD |
1,250,000 |
|
09/23/20 |
|
2.6900 |
|
0.3028 |
6 |
(23,000 |
) |
79,250 |
|
56,250 |
| |||
Deutsche Bank AG |
|
USD |
1,350,000 |
|
10/05/21 |
|
2.9750 |
|
0.3028 |
6 |
(45,000 |
) |
93,096 |
|
48,096 |
| |||
Deutsche Bank AG |
|
USD |
1,450,000 |
|
02/15/36 |
|
3.6300 |
|
0.3028 |
6 |
(50,000 |
) |
131,333 |
|
81,333 |
| |||
Deutsche Bank AG |
|
USD |
2,750,000 |
|
05/15/38 |
|
4.4125 |
|
0.3028 |
6 |
|
|
(61,499 |
) |
(61,499 |
) | |||
Deutsche Bank AG |
|
USD |
875,000 |
|
05/15/40 |
|
3.4700 |
|
0.3028 |
6 |
(157,000 |
) |
219,758 |
|
62,758 |
| |||
Deutsche Bank AG |
|
USD |
695,000 |
|
05/15/40 |
|
4.5600 |
|
0.3028 |
6 |
|
|
(3,648 |
) |
(3,648 |
) | |||
Deutsche Bank AG |
|
USD |
1,250,000 |
|
09/17/40 |
|
3.4730 |
|
0.3028 |
6 |
(83,000 |
) |
168,480 |
|
85,480 |
| |||
JPMorgan Chase Bank |
|
AUD |
2,585,000 |
|
01/27/21 |
|
5.1300 |
2 |
6.4650 |
|
|
|
2,835 |
|
2,835 |
| |||
JPMorgan Chase Bank |
|
AUD |
5,000,000 |
|
01/28/21 |
|
5.1300 |
2 |
6.0650 |
|
|
|
34,427 |
|
34,427 |
| |||
JPMorgan Chase Bank |
|
AUD |
2,680,000 |
|
01/28/41 |
|
5.7450 |
|
5.1300 |
2 |
|
|
(31,763 |
) |
(31,763 |
) | |||
JPMorgan Chase Bank |
|
CAD |
6,125,000 |
|
02/11/14 |
|
1.2914 |
3 |
2.7750 |
|
|
|
10,767 |
|
10,767 |
| |||
JPMorgan Chase Bank |
|
CAD |
4,950,000 |
|
03/11/16 |
|
2.7950 |
|
1.2914 |
3 |
|
|
28,587 |
|
28,587 |
| |||
JPMorgan Chase Bank |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3.5000 |
|
1.2914 |
3 |
|
|
(16,963 |
) |
(16,963 |
) | |||
JPMorgan Chase Bank |
|
CAD |
1,550,000 |
|
02/11/22 |
|
1.2914 |
3 |
4.1450 |
|
|
|
5,880 |
|
5,880 |
| |||
JPMorgan Chase Bank |
|
EUR |
1,180,000 |
|
12/17/15 |
|
1.2040 |
4 |
2.6375 |
|
|
|
(21,733 |
) |
(21,733 |
) | |||
JPMorgan Chase Bank |
|
USD |
4,120,000 |
|
12/08/15 |
|
1.8050 |
|
0.3028 |
6 |
(3,500 |
) |
66,268 |
|
62,768 |
| |||
JPMorgan Chase Bank |
|
USD |
4,500,000 |
|
02/18/16 |
|
2.5320 |
|
0.3028 |
6 |
|
|
(48,577 |
) |
(48,577 |
) | |||
JPMorgan Chase Bank |
|
USD |
4,490,000 |
|
12/08/20 |
|
0.3028 |
6 |
3.1250 |
|
|
|
(95,220 |
) |
(95,220 |
) | |||
JPMorgan Chase Bank |
|
USD |
1,140,000 |
|
12/08/40 |
|
3.9970 |
|
0.3028 |
6 |
|
|
38,822 |
|
38,822 |
| |||
Merrill Lynch International |
|
AUD |
175,000 |
|
02/15/21 |
|
5.1300 |
2 |
6.6350 |
|
|
|
1,165 |
|
1,165 |
| |||
Merrill Lynch International |
|
CAD |
1,340,000 |
|
12/15/15 |
|
2.6770 |
|
1.2914 |
3 |
|
|
6,344 |
|
6,344 |
| |||
Merrill Lynch International |
|
CAD |
1,200,000 |
|
02/04/21 |
|
3.7250 |
|
1.2914 |
3 |
|
|
(3,105 |
) |
(3,105 |
) | |||
Merrill Lynch International |
|
CAD |
1,500,000 |
|
02/04/31 |
|
1.2914 |
3 |
4.3100 |
|
|
|
2,636 |
|
2,636 |
| |||
Merrill Lynch International |
|
CAD |
600,000 |
|
02/04/41 |
|
4.2075 |
|
1.29143 |
|
|
|
(2,336 |
) |
(2,336 |
) | |||
Merrill Lynch International |
|
JPY |
841,000,000 |
|
04/26/13 |
|
|
7 |
0.4512 |
|
|
|
9,364 |
|
9,364 |
| |||
Merrill Lynch International |
|
JPY |
676,000,000 |
|
04/26/16 |
|
0.7062 |
|
|
7 |
|
|
(28,278 |
) |
(28,278 |
) | |||
Merrill Lynch International |
|
JPY |
176,000,000 |
|
04/26/21 |
|
|
7 |
1.3337 |
|
|
|
4,183 |
|
4,183 |
| |||
Merrill Lynch International |
|
KRW |
3,015,000,000 |
|
02/11/21 |
|
4.8400 |
|
|
5 |
|
|
(15,585 |
) |
(15,585 |
) | |||
Merrill Lynch International |
|
USD |
6,580,000 |
|
02/15/14 |
|
2.2120 |
|
0.3028 |
6 |
|
|
(38,238 |
) |
(38,238 |
) | |||
Merrill Lynch International |
|
USD |
5,310,000 |
|
02/15/17 |
|
0.3028 |
6 |
3.4630 |
|
|
|
83,390 |
|
83,390 |
| |||
Merrill Lynch International |
|
USD |
15,650,000 |
|
03/21/18 |
|
2.7625 |
|
0.3028 |
6 |
|
|
226,522 |
|
226,522 |
| |||
Merrill Lynch International |
|
USD |
8,200,000 |
|
06/20/18 |
|
3.4025 |
|
0.3028 |
6 |
|
|
(136,712 |
) |
(136,712 |
) | |||
Merrill Lynch International |
|
USD |
9,800,000 |
|
09/27/21 |
|
0.3028 |
6 |
3.7160 |
|
|
|
(49,445 |
) |
(49,445 |
) | |||
Merrill Lynch International |
|
USD |
1,510,000 |
|
02/15/22 |
|
4.2965 |
|
0.3028 |
6 |
|
|
(41,702 |
) |
(41,702 |
) | |||
Merrill Lynch International |
|
USD |
3,670,000 |
|
02/17/41 |
|
4.4225 |
|
0.3028 |
6 |
|
|
(116,083 |
) |
(116,083 |
) | |||
Morgan Stanley |
|
EUR |
550,000 |
|
10/10/21 |
|
1.2040 |
4 |
2.8010 |
|
34,251 |
|
(64,153 |
) |
(29,902 |
) | |||
Morgan Stanley |
|
EUR |
250,000 |
|
10/10/41 |
|
2.8550 |
|
1.2040 |
4 |
(29,658 |
) |
65,093 |
|
35,435 |
| |||
Morgan Stanley |
|
USD |
3,500,000 |
|
09/23/20 |
|
2.6900 |
|
0.3028 |
6 |
(60,500 |
) |
221,899 |
|
161,399 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
(419,129 |
) |
$ |
613,032 |
|
$ |
193,903 |
|
1 |
Payments made or received are based on the notional amount. |
2 |
Rate based on 6 month BBSW |
3 |
Rate based on 3 month Canada Bankers Acceptances |
4 |
Rate based on 6 month EURIBOR. |
5 |
Rate based on 3 month KORIBOR. This is a forward starting trade, and as such, a floating rate has not yet been assigned as of March 31, 2011. |
6 |
Rate based on 3 month LIBOR (USD BBA). |
7 |
Rate based on 6 month LIBOR (JPY BBA). This is a forward starting trade, and as such, a floating rate has not yet been assigned as of March 31, 2011. |
BBA |
|
British Banking Association |
EURIBOR |
|
Euro Interbank Offered Rate |
KORIBOR |
|
Korea Interbank Offered Rate |
LIBOR |
|
London Interbank Offered Rate |
|
|
|
Currency type abbreviations: | ||
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
EUR |
|
Euro |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Credit default swaps on credit indices buy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank |
|
EUR |
6,000,000 |
|
12/20/15 |
|
1.0000 |
% |
|
%3 |
$ |
11,163 |
|
$ |
(12,595 |
) |
$ |
(1,432 |
) |
Deutsche Bank |
|
USD |
9,000,000 |
|
12/20/15 |
|
5.0000 |
|
|
%4 |
1,172,611 |
|
|
|
1,172,611 |
| |||
Deutsche Bank |
|
USD |
12,000,000 |
|
12/20/15 |
|
5.0000 |
|
|
%5 |
610,458 |
|
(473,015 |
) |
137,443 |
| |||
Merrill Lynch International |
|
EUR |
1,800,000 |
|
12/20/15 |
|
1.0000 |
|
|
%3 |
6,873 |
|
(3,778 |
) |
3,095 |
| |||
Merrill Lynch International |
|
USD |
2,500,000 |
|
12/20/15 |
|
5.0000 |
|
|
%4 |
323,750 |
|
(326,235 |
) |
(2,485 |
) | |||
Merrill Lynch International |
|
USD |
1,500,000 |
|
12/20/15 |
|
1.0000 |
|
|
%6 |
(70,295 |
) |
28,631 |
|
(41,664 |
) | |||
Morgan Stanley |
|
EUR |
5,000,000 |
|
12/20/15 |
|
1.0000 |
|
|
%3 |
(24,437 |
) |
(10,496 |
) |
(34,933 |
) | |||
Morgan Stanley |
|
USD |
10,000,000 |
|
12/20/15 |
|
1.0000 |
|
|
%7 |
61,257 |
|
(79,662 |
) |
(18,405 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
2,091,380 |
|
$ |
(877,150 |
) |
$ |
1,214,230 |
|
1 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
Payments made are based on the notional amount. |
3 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to Itraxx Europe Main Series 14 Index. |
4 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to CDX.EM Series 14 Index. |
5 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to CDX.NA.HY Series 15 Index. |
6 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to MCDX.NA.Series 15 Index |
7 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to CDX.NA.IG Series 15 Index. |
Currency type abbreviation: | ||
EUR |
|
Euro |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
UBS Fixed Income Opportunities Fund had outstanding credit deafult swap agreements on corporate issues with the following terms as of March 31, 2011:
Credit default swaps on corporate issues buy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
EUR |
1,500,000 |
|
03/20/14 |
|
5.0000 |
% |
% |
3 |
$ |
236,056 |
|
$ |
(220,124 |
) |
$ |
15,932 |
|
Deutsche Bank AG |
|
USD |
2,250,000 |
|
03/20/14 |
|
1.0000 |
|
|
4 |
16,250 |
|
(19,412 |
) |
(3,162 |
) | |||
Deutsche Bank AG |
|
USD |
1,515,000 |
|
03/20/14 |
|
1.0000 |
|
|
5 |
13,182 |
|
(16,967 |
) |
(3,785 |
) | |||
Deutsche Bank AG |
|
USD |
1,225,000 |
|
03/20/16 |
|
1.0000 |
|
|
6 |
(16,926 |
) |
19,114 |
|
2,188 |
| |||
Merrill Lynch International |
|
USD |
650,000 |
|
03/20/16 |
|
1.0000 |
|
|
7 |
2,892 |
|
(463 |
) |
2,429 |
| |||
Merrill Lynch International |
|
USD |
400,000 |
|
03/20/16 |
|
1.0000 |
|
|
8 |
(12,191 |
) |
14,534 |
|
2,343 |
| |||
Morgan Stanley |
|
EUR |
500,000 |
|
12/20/15 |
|
1.0000 |
|
|
9 |
(6,369 |
) |
(3,241 |
) |
(9,610 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
232,894 |
|
$ |
(226,559 |
) |
$ |
6,335 |
|
1 |
|
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
|
Payments made are based on the notional amount. |
3 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15 |
4 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond, due 03/15/18. |
5 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc 6.500% bond, due 09/01/25. |
6 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Prudential Financial Inc. 4.500% bond, due 07/15/13 |
7 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Allstate Corp. 6.750% bond, due 05/15/18 |
8 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the JC Penney Corp., Inc., 6.375% bond, due 10/15/36 |
9 |
|
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Saint Gobain Neder NV 5.000% bond, due 04/25/14. |
|
|
|
Currency type abbreviations: | ||
EUR |
|
Euro |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
Credit default swaps on corporate and sovereign issues sell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
Deutsche Bank AG |
|
EUR |
1,000,000 |
|
03/20/16 |
|
|
4 |
5.0000 |
% |
$ |
(190,725 |
) |
$ |
176,279 |
|
$ |
(14,446 |
) |
2.2210 |
% |
Deutsche Bank AG |
|
USD |
500,000 |
|
12/20/15 |
|
|
5 |
1.0000 |
|
24,022 |
|
(9,122 |
) |
14,900 |
|
1.2660 |
| |||
Deutsche Bank AG |
|
USD |
1,500,000 |
|
03/20/16 |
|
|
6 |
1.0000 |
|
33,597 |
|
(26,855 |
) |
6,742 |
|
1.3890 |
| |||
Deutsche Bank AG |
|
USD |
1,225,000 |
|
03/20/16 |
|
|
5 |
1.0000 |
|
30,738 |
|
(26,446 |
) |
4,292 |
|
1.4710 |
| |||
Deutsche Bank AG |
|
USD |
1,000,000 |
|
03/20/16 |
|
|
7 |
1.0000 |
|
17,886 |
|
(10,064 |
) |
7,822 |
|
1.2210 |
| |||
Deutsche Bank AG |
|
USD |
200,000 |
|
03/20/16 |
|
|
8 |
1.0000 |
|
27,531 |
|
(36,089 |
) |
(8,558 |
) |
5.6900 |
| |||
JPMorgan Chase Bank |
|
EUR |
900,000 |
|
03/20/16 |
|
|
9 |
1.0000 |
|
47,675 |
|
(68,011 |
) |
(20,336 |
) |
2.2170 |
| |||
Merrill Lynch International |
|
EUR |
900,000 |
|
03/20/16 |
|
|
10 |
1.0000 |
|
36,430 |
|
(36,409 |
) |
21 |
|
1.6460 |
| |||
Merrill Lynch International |
|
USD |
650,000 |
|
03/20/16 |
|
|
11 |
1.0000 |
|
3,326 |
|
(1,671 |
) |
1,655 |
|
1.0610 |
| |||
Morgan Stanley |
|
EUR |
500,000 |
|
12/20/15 |
|
|
12 |
1.0000 |
|
15,197 |
|
(5,726 |
) |
9,471 |
|
1.1920 |
| |||
Morgan Stanley |
|
USD |
5,250,000 |
|
03/20/16 |
|
|
13 |
1.0000 |
|
(64,257 |
) |
15,147 |
|
(49,110 |
) |
0.9450 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
(18,580 |
) |
$ |
(28,967 |
) |
$ |
(47,547 |
) |
|
|
1 |
|
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
|
Payments received are based on the notional amount. |
3 |
|
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
4 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15. |
5 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the MetLife Inc.5.000% bond, due 06/15/15. |
6 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond, due 03/15/18. |
7 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond, due 09/1/25. |
8 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Portugal Obrigacoes do Tesouro OT 5.450% bond, due 09/23/13 |
9 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Renault SA 2.647% bond, due 08/04/14 |
10 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Aegon NV 4.125% bond, due 12/08/14. |
11 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Travelers Cos Inc. 5.900% bond, due 06/02/19. |
12 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Holcim Finance Luxembourg SA 4.375% bond, due 12/09/14. |
13 |
|
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Government of Japan 2.000% bond, due 03/21/22. |
Currency type abbreviations:
EUR |
|
Euro |
USD |
|
United States Dollar |
UBS Fixed Income Opportunities Fund
Portfolio of Investments March 31, 2011 (unaudited)
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
41,450,174 |
|
$ |
|
|
$ |
41,450,174 |
|
Asset-backed securities |
|
|
|
2,889,754 |
|
|
|
2,889,754 |
| ||||
Collateralized debt obligation |
|
|
|
|
|
460,000 |
|
460,000 |
| ||||
Commercial mortgage-backed securities |
|
|
|
7,883,638 |
|
|
|
7,883,638 |
| ||||
Mortgage & agency debt securities |
|
|
|
3,146,893 |
|
|
|
3,146,893 |
| ||||
Municipal bonds |
|
|
|
3,888,545 |
|
|
|
3,888,545 |
| ||||
US government obligations |
|
|
|
2,529,751 |
|
|
|
2,529,751 |
| ||||
Non-US government obligations |
|
|
|
1,182,279 |
|
|
|
1,182,279 |
| ||||
Preferred stock |
|
204,000 |
|
|
|
|
|
204,000 |
| ||||
Investment companies |
|
|
|
15,840,115 |
|
|
|
15,840,115 |
| ||||
Short-term investment |
|
|
|
9,656,635 |
|
|
|
9,656,635 |
| ||||
Options purchased |
|
748,403 |
|
633,835 |
|
|
|
1,382,238 |
| ||||
Other financial instruments1 |
|
(170,284 |
) |
(1,264,247 |
) |
|
|
(1,434,531 |
) | ||||
Total |
|
$ |
782,119 |
|
$ |
87,837,372 |
|
$ |
460,000 |
|
$ |
89,079,491 |
|
1 Other financial instrument includes futures contracts, swap agreements, options written, and forward foreign currency contracts.
Level 3 Rollforward Disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
Measurements using unobservable inputs (Level 3)
|
|
Collateralized debt obligation |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
|
|
$ |
|
|
Purchases |
|
455,500 |
|
455,500 |
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Settlements |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
2,329 |
|
2,329 |
| ||
Total realized gain (loss) |
|
|
|
|
| ||
Net change in unrealized appreciation/depreciation |
|
2,171 |
|
2,171 |
| ||
Net transfers into Level 3 |
|
|
|
|
| ||
Net transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
460,000 |
|
$ |
460,000 |
|
The change in unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2011 was $2,171.
UBS Global Bond Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Chemicals |
|
0.46 |
% |
Commercial banks |
|
10.92 |
|
Commercial services & supplies |
|
0.30 |
|
Construction & engineering |
|
0.44 |
|
Construction materials |
|
0.30 |
|
Diversified financial services |
|
7.33 |
|
Diversified telecommunication services |
|
1.75 |
|
Electric utilities |
|
0.48 |
|
Gas utilities |
|
0.45 |
|
Health care equipment & supplies |
|
0.33 |
|
Insurance |
|
0.77 |
|
Leisure equipment & products |
|
0.31 |
|
Media |
|
1.83 |
|
Metals & mining |
|
0.32 |
|
Oil, gas & consumable fuels |
|
1.44 |
|
Thrifts & mortgage finance |
|
3.79 |
|
Tobacco |
|
1.85 |
|
Wireless telecommunication services |
|
1.18 |
|
Total corporate bonds |
|
34.25 |
% |
Asset-backed securities |
|
2.28 |
|
Collateralized debt obligations |
|
1.82 |
|
Commercial mortgage-backed security |
|
2.32 |
|
Mortgage & agency debt securities |
|
8.08 |
|
US government obligations |
|
6.57 |
|
Non-US government obligations |
|
33.65 |
|
Supranational bonds |
|
4.17 |
|
Total bonds |
|
93.14 |
% |
Short-term investment |
|
2.04 |
|
Total investments |
|
95.18 |
% |
Cash and other assets, less liabilities |
|
4.82 |
|
Net assets |
|
100.00 |
% |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Bonds93.14% |
|
|
|
|
|
| |
Corporate bonds34.25% |
|
|
|
|
|
| |
Australia0.45% |
|
|
|
|
|
| |
Westpac Banking Corp., |
|
|
|
|
|
| |
4.200%, due 02/27/15 |
|
$ |
70,000 |
|
$ |
73,245 |
|
|
|
|
|
|
|
| |
Cayman Islands0.32% |
|
|
|
|
|
| |
Vale Overseas Ltd., |
|
|
|
|
|
| |
5.625%, due 09/15/19 |
|
|
50,000 |
|
52,361 |
| |
|
|
|
|
|
|
| |
France2.56% |
|
|
|
|
|
| |
AXA SA, |
|
|
|
|
|
| |
6.667%, due 07/06/161,2 |
|
GBP |
50,000 |
|
73,192 |
| |
CM-CIC Covered Bonds, |
|
|
|
|
|
| |
4.375%, due 03/17/21 |
|
EUR |
100,000 |
|
140,680 |
| |
Compagnie de Financement Foncier, |
|
|
|
|
|
| |
4.000%, due 07/21/11 |
|
|
50,000 |
|
71,351 |
| |
France Telecom SA, |
|
|
|
|
|
| |
8.500%, due 03/01/31 |
|
$ |
40,000 |
|
53,823 |
| |
Rhodia SA, |
|
|
|
|
|
| |
7.000%, due 05/15/18 |
|
EUR |
50,000 |
|
73,609 |
| |
Total France corporate bonds |
|
|
|
|
412,655 |
| |
|
|
|
|
|
|
| |
Germany6.77% |
|
|
|
|
|
| |
Bayerische Landesbank, |
|
|
|
|
|
| |
3.750%, due 05/23/11 |
|
|
240,000 |
|
341,319 |
| |
HeidelbergCement Finance BV, |
|
|
|
|
|
| |
8.500%, due 10/31/19 |
|
|
30,000 |
|
48,149 |
| |
Hypothekenbank in Essen AG, |
|
|
|
|
|
| |
4.000%, due 11/21/11 |
|
|
240,000 |
|
345,004 |
| |
Kreditanstalt fuer Wiederaufbau, |
|
|
|
|
|
| |
5.500%, due 12/07/15 |
|
GBP |
200,000 |
|
356,751 |
| |
Total Germany corporate bonds |
|
|
|
|
1,091,223 |
| |
|
|
|
|
|
|
| |
Ireland0.53% |
|
|
|
|
|
| |
GE Capital UK Funding, |
|
|
|
|
|
| |
6.000%, due 04/11/13 |
|
|
50,000 |
|
85,119 |
| |
|
|
|
|
|
|
| |
Italy0.96% |
|
|
|
|
|
| |
Telecom Italia SpA, |
|
|
|
|
|
| |
1.888%, due 06/07/161 |
|
EUR |
50,000 |
|
67,103 |
| |
7.375%, due 12/15/17 |
|
GBP |
50,000 |
|
87,771 |
| |
Total Italy corporate bonds |
|
|
|
|
154,874 |
| |
|
|
|
|
|
|
| |
Luxembourg0.48% |
|
|
|
|
|
| |
Enel Finance International SA, |
|
|
|
|
|
| |
5.625%, due 08/14/24 |
|
|
50,000 |
|
78,214 |
| |
|
|
|
|
|
|
| |
Mexico0.64% |
|
|
|
|
|
| |
America Movil SAB de CV, |
|
|
|
|
|
| |
3.625%, due 03/30/15 |
|
$ |
100,000 |
|
102,896 |
| |
|
|
|
|
|
|
| |
Netherlands0.51% |
|
|
|
|
|
| |
Rabobank Nederland NV, |
|
|
|
|
|
| |
4.000%, due 09/10/15 |
|
GBP |
50,000 |
|
82,318 |
| |
|
|
|
|
|
|
| |
Qatar0.68% |
|
|
|
|
|
| |
Qtel International Finance Ltd., |
|
|
|
|
|
| |
6.500%, due 06/10/143 |
|
$ |
100,000 |
|
109,625 |
| |
|
|
|
|
|
|
| |
Spain1.04% |
|
|
|
|
|
| |
Caja de Ahorros y Monte de Piedad de Madrid, |
|
|
|
|
|
| |
4.125%, due 03/24/36 |
|
EUR |
100,000 |
|
95,436 |
| |
Gas Natural Capital Markets SA, |
|
|
|
|
|
| |
5.250%, due 07/09/14 |
|
|
50,000 |
|
73,125 |
| |
Total Spain corporate bonds |
|
|
|
|
168,561 |
| |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United Kingdom5.81% |
|
|
|
|
|
| |
Aviva PLC, |
|
|
|
|
|
| |
4.729%, due 11/28/141,2 |
|
EUR |
40,000 |
|
$ |
50,180 |
|
BAA Funding Ltd., |
|
|
|
|
|
| |
3.975%, due 02/15/141,3 |
|
|
50,000 |
|
71,542 |
| |
Barclays Bank PLC, |
|
|
|
|
|
| |
4.750%, due 03/15/201,2 |
|
|
40,000 |
|
41,240 |
| |
4.875%, due 12/15/141,2 |
|
|
60,000 |
|
72,915 |
| |
Imperial Tobacco Finance PLC, |
|
|
|
|
|
| |
8.375%, due 02/17/16 |
|
|
100,000 |
|
168,037 |
| |
Lloyds TSB Bank PLC, |
|
|
|
|
|
| |
4.500%, due 09/15/14 |
|
|
100,000 |
|
141,347 |
| |
Nationwide Building Society, |
|
|
|
|
|
| |
1.392%, due 12/22/161 |
|
|
200,000 |
|
265,735 |
| |
WPP PLC, |
|
|
|
|
|
| |
6.625%, due 05/12/16 |
|
|
80,000 |
|
126,011 |
| |
Total United Kingdom corporate bonds |
|
|
|
|
937,007 |
| |
|
|
|
|
|
|
| |
United States13.50% |
|
|
|
|
|
| |
Alltel Corp., |
|
|
|
|
|
| |
7.875%, due 07/01/32 |
|
$ |
40,000 |
|
51,703 |
| |
Ally Financial, Inc., |
|
|
|
|
|
| |
4.500%, due 02/11/14 |
|
|
15,000 |
|
15,000 |
| |
Altria Group, Inc., |
|
|
|
|
|
| |
9.250%, due 08/06/19 |
|
|
100,000 |
|
130,507 |
| |
American Honda Finance Corp., |
|
|
|
|
|
| |
3.875%, due 09/16/14 |
|
EUR |
50,000 |
|
72,223 |
| |
Anadarko Petroleum Corp., |
|
|
|
|
|
| |
5.750%, due 06/15/14 |
|
$ |
100,000 |
|
109,473 |
| |
Bank of America Corp., |
|
|
|
|
|
| |
7.375%, due 05/15/14 |
|
|
125,000 |
|
141,165 |
| |
Bear Stearns Cos. LLC, |
|
|
|
|
|
| |
5.700%, due 11/15/14 |
|
|
300,000 |
|
329,739 |
| |
Boston Scientific Corp., |
|
|
|
|
|
| |
6.000%, due 01/15/20 |
|
|
50,000 |
|
52,391 |
| |
Citibank Credit Card Issuance Trust, |
|
|
|
|
|
| |
5.375%, due 04/11/11 |
|
EUR |
40,000 |
|
56,715 |
| |
Citigroup, Inc., |
|
|
|
|
|
| |
4.750%, due 05/31/171 |
|
|
50,000 |
|
67,495 |
| |
5.625%, due 08/27/12 |
|
$ |
70,000 |
|
73,584 |
| |
Comcast Corp., |
|
|
|
|
|
| |
6.300%, due 11/15/17 |
|
|
150,000 |
|
169,387 |
| |
Enterprise Products Operating LLC, |
|
|
|
|
|
| |
3.700%, due 06/01/15 |
|
|
30,000 |
|
30,909 |
| |
5.000%, due 03/01/15 |
|
|
20,000 |
|
21,414 |
| |
General Electric Capital Corp., Series A, |
|
|
|
|
|
| |
6.750%, due 03/15/32 |
|
|
110,000 |
|
120,873 |
| |
Goldman Sachs Group, Inc., |
|
|
|
|
|
| |
7.500%, due 02/15/19 |
|
|
200,000 |
|
232,317 |
| |
Hasbro, Inc., |
|
|
|
|
|
| |
6.350%, due 03/15/40 |
|
|
50,000 |
|
50,130 |
| |
Kinder Morgan Energy Partners LP, |
|
|
|
|
|
| |
5.800%, due 03/15/35 |
|
|
75,000 |
|
71,639 |
| |
Morgan Stanley, |
|
|
|
|
|
| |
5.450%, due 01/09/17 |
|
|
250,000 |
|
263,550 |
| |
SLM Corp., |
|
|
|
|
|
| |
1.343%, due 11/15/111 |
|
EUR |
50,000 |
|
69,211 |
| |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
|
| |
Waste Management, Inc., |
|
|
|
|
|
| |
7.375%, due 03/11/19 |
|
$ |
40,000 |
|
$ |
48,160 |
|
Total United States corporate bonds |
|
|
|
|
2,177,585 |
| |
Total corporate bonds (cost $5,402,081) |
|
|
|
|
5,525,683 |
| |
|
|
|
|
|
|
| |
Asset-backed securities2.28% |
|
|
|
|
|
| |
Cayman Islands0.17% |
|
|
|
|
|
| |
MBNA America European Structured Offerings, |
|
|
|
|
|
| |
Series 7, |
|
|
|
|
|
| |
5.450%, due 04/19/11 |
|
EUR |
20,000 |
|
28,380 |
| |
|
|
|
|
|
|
| |
United Kingdom1.20% |
|
|
|
|
|
| |
Chester Asset Receivables Dealings, |
|
|
|
|
|
| |
Series 2004-1, Class A, |
|
|
|
|
|
| |
0.993%, due 04/15/161 |
|
GBP |
20,000 |
|
31,169 |
| |
Chester Asset Receivables Dealings 2003-B PLC, |
|
|
|
|
|
| |
Series A, |
|
|
|
|
|
| |
4.650%, due 07/15/13 |
|
|
30,000 |
|
49,621 |
| |
Permanent Financing PLC, |
|
|
|
|
|
| |
Series 6, Class 5A2, |
|
|
|
|
|
| |
0.968%, due 06/10/421,4,5 |
|
|
40,000 |
|
63,755 |
| |
Whinstone Capital Management Ltd., |
|
|
|
|
|
| |
Series 1A, Class B2, |
|
|
|
|
|
| |
2.825%, due 10/25/441 |
|
EUR |
77,108 |
|
49,721 |
| |
Total United Kingdom asset-backed securities |
|
|
|
|
194,266 |
| |
|
|
|
|
|
|
| |
United States0.91% |
|
|
|
|
|
| |
Bank of America Corp., |
|
|
|
|
|
| |
Series 2004-A1, |
|
|
|
|
|
| |
4.500%, due 01/17/14 |
|
|
40,000 |
|
57,621 |
| |
MBNA Credit Card Master Note Trust, |
|
|
|
|
|
| |
Series 2002-A2, Class A, |
|
|
|
|
|
| |
5.600%, due 07/17/14 |
|
|
50,000 |
|
72,437 |
| |
Merrill Lynch Mortgage Investors, Inc., |
|
|
|
|
|
| |
Series 2006-SL1, Class A, |
|
|
|
|
|
| |
0.430%, due 09/25/361 |
|
$ |
34,454 |
|
16,222 |
| |
Total United States asset-backed securities |
|
|
|
|
146,280 |
| |
Total asset-backed securities (cost $421,285) |
|
|
|
|
368,926 |
| |
|
|
|
|
|
|
| |
Collateralized debt obligations1.82% |
|
|
|
|
|
| |
Netherlands0.57% |
|
|
|
|
|
| |
Queen Street CLO, |
|
|
|
|
|
| |
Series 2007-1A, Class F, |
|
|
|
|
|
| |
due 08/15/243,6,7,8 |
|
|
100,000 |
|
92,118 |
| |
|
|
|
|
|
|
| |
United States1.25% |
|
|
|
|
|
| |
Hewetts Island CDO Ltd., |
|
|
|
|
|
| |
Series 2007-6A, Class D, |
|
|
|
|
|
| |
2.560%, due 06/09/191,3,6,7 |
|
|
250,000 |
|
202,500 |
| |
|
|
|
|
|
|
| |
Total collateralized debt obligations (cost $379,921) |
|
|
|
|
294,618 |
| |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Commercial mortgage-backed security2.32% |
|
|
|
|
|
| |
United States2.32% |
|
|
|
|
|
| |
JPMorgan Chase Commercial Alternative Mortgage Product, |
|
|
|
|
|
| |
Series 2006-CB17, Class A4, |
|
|
|
|
|
| |
5.429%, due 12/12/43 |
|
|
|
|
|
| |
(cost $329,417) |
|
$ |
350,000 |
|
$ |
374,728 |
|
|
|
|
|
|
|
| |
Mortgage & agency debt securities8.08% |
|
|
|
|
|
| |
United States8.08% |
|
|
|
|
|
| |
Federal Home Loan Mortgage Corp. Gold Pools,9 |
|
|
|
|
|
| |
#G04461, 5.000%, due 07/01/38 |
|
|
156,755 |
|
163,862 |
| |
Federal National Mortgage Association Pools,9 |
|
|
|
|
|
| |
#AA5244, 4.000%, due 05/01/39 |
|
|
70,624 |
|
69,569 |
| |
#909356, 5.000%, due 02/01/37 |
|
|
170,448 |
|
178,848 |
| |
#914467, 5.000%, due 04/01/37 |
|
|
128,790 |
|
134,976 |
| |
#928197, 5.500%, due 03/01/37 |
|
|
137,958 |
|
147,866 |
| |
#AC1466, 5.500%, due 08/01/39 |
|
|
156,699 |
|
168,728 |
| |
#900568, 6.000%, due 09/01/36 |
|
|
87,163 |
|
95,211 |
| |
#940642, 6.000%, due 08/01/37 |
|
|
150,501 |
|
164,678 |
| |
#889579, 6.000%, due 05/01/38 |
|
|
114,526 |
|
124,778 |
| |
Government National Mortgage Association Pools, |
|
|
|
|
|
| |
#781276, 6.500%, due 04/15/31 |
|
|
48,814 |
|
55,282 |
| |
Total mortgage & agency debt securities (cost $1,222,760) |
|
|
|
|
1,303,798 |
| |
|
|
|
|
|
|
| |
US government obligations6.57% |
|
|
|
|
|
| |
US Treasury Bonds, |
|
|
|
|
|
| |
4.375%, due 05/15/40 |
|
|
425,000 |
|
415,505 |
| |
US Treasury Notes, |
|
|
|
|
|
| |
1.250%, due 10/31/15 |
|
|
125,000 |
|
120,615 |
| |
2.625%, due 08/15/20 |
|
|
350,000 |
|
328,344 |
| |
3.625%, due 02/15/20 |
|
|
190,000 |
|
195,166 |
| |
Total US government obligations (cost $1,132,266) |
|
|
|
|
1,059,630 |
| |
|
|
|
|
|
|
| |
Non-US government obligations33.65% |
|
|
|
|
|
| |
Canada2.20% |
|
|
|
|
|
| |
Canadian Government Bond, |
|
|
|
|
|
| |
3.500%, due 06/01/20 |
|
CAD |
340,000 |
|
355,325 |
| |
|
|
|
|
|
|
| |
Denmark0.62% |
|
|
|
|
|
| |
Government of Denmark, |
|
|
|
|
|
| |
4.000%, due 11/15/17 |
|
DKK |
500,000 |
|
100,048 |
| |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Germany2.11% |
|
|
|
|
|
| |
Bundesrepublik Deutschland, |
|
|
|
|
|
| |
2.250%, due 09/04/20 |
|
EUR |
75,000 |
|
$ |
97,287 |
|
6.250%, due 01/04/24 |
|
|
135,000 |
|
242,503 |
| |
|
|
|
|
|
339,790 |
| |
Italy5.44% |
|
|
|
|
|
| |
Buoni Poliennali Del Tesoro, |
|
|
|
|
|
| |
4.000%, due 09/01/20 |
|
|
200,000 |
|
268,704 |
| |
5.000%, due 08/01/39 |
|
|
235,000 |
|
305,932 |
| |
Republic of Italy, |
|
|
|
|
|
| |
4.750%, due 01/25/16 |
|
$ |
290,000 |
|
303,395 |
| |
|
|
|
|
|
878,031 |
| |
Japan14.23% |
|
|
|
|
|
| |
Government of Japan, |
|
|
|
|
|
| |
0.800%, due 03/20/13 |
|
JPY |
25,950,000 |
|
315,609 |
| |
1.800%, due 06/20/17 |
|
|
88,000,000 |
|
1,130,615 |
| |
1.900%, due 06/20/25 |
|
|
68,800,000 |
|
849,188 |
| |
|
|
|
|
|
2,295,412 |
| |
Netherlands0.40% |
|
|
|
|
|
| |
Government of Netherlands, |
|
|
|
|
|
| |
4.000%, due 01/15/37 |
|
EUR |
45,000 |
|
64,529 |
| |
|
|
|
|
|
|
| |
Spain4.41% |
|
|
|
|
|
| |
Government of Spain, |
|
|
|
|
|
| |
4.200%, due 07/30/13 |
|
|
55,000 |
|
79,492 |
| |
4.700%, due 07/30/41 |
|
|
190,000 |
|
220,329 |
| |
Instituto de Credito Oficial, |
|
|
|
|
|
| |
5.375%, due 07/02/12 |
|
$ |
400,000 |
|
411,945 |
| |
|
|
|
|
|
711,766 |
| |
United Kingdom4.24% |
|
|
|
|
|
| |
UK Gilts, |
|
|
|
|
|
| |
2.000%, due 01/22/16 |
|
GBP |
200,000 |
|
311,667 |
| |
4.500%, due 12/07/42 |
|
|
170,000 |
|
280,841 |
| |
5.000%, due 03/07/12 |
|
|
55,000 |
|
91,577 |
| |
|
|
|
|
|
684,085 |
| |
Total Non-US government obligations (cost $5,090,141) |
|
|
|
|
5,428,986 |
| |
|
|
|
|
|
|
| |
Supranational bonds4.17% |
|
|
|
|
|
| |
European Investment Bank, |
|
|
|
|
|
| |
6.125%, due 01/23/17 |
|
AUD |
150,000 |
|
154,772 |
| |
6.250%, due 04/15/14 |
|
GBP |
290,000 |
|
517,370 |
| |
Total supranational bonds (cost $718,406) |
|
|
|
|
672,142 |
| |
Total bonds (cost $14,696,277) |
|
|
|
|
15,028,511 |
| |
|
|
Shares |
|
|
| |
Short-term investment2.04% |
|
|
|
|
| |
Investment company2.04% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund10 (cost $328,729) |
|
328,729 |
|
328,729 |
| |
Total investments95.18% (cost $15,025,006) |
|
|
|
15,357,240 |
| |
Cash and other assets, less liabilities4.82% |
|
|
|
777,322 |
| |
Net assets100.00% |
|
|
|
$ |
16,134,562 |
|
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
798,916 |
|
Gross unrealized depreciation |
|
(466,682 |
) | |
Net unrealized appreciation of investments |
|
$ |
332,234 |
|
1 |
|
Variable or floating rate security The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
2 |
|
Perpetual bond security. The maturity date reflects the next call date. |
3 |
|
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. At March 31, 2011, the value of these securities amounted to $475,785 or 2.95% of net assets. |
4 |
|
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of this security amounted to $63,755 or 0.40% of net assets. |
5 |
|
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
6 |
|
Security is illiquid. At March 31, 2011, the value of these securities amounted to $294,618 or 1.83% of net assets. |
7 |
|
These securities, which represent 1.83% of net assets as of March 31, 2011, are considered restricted. (See restricted securities table below for more information.) |
Restricted securities |
|
Acquisition date |
|
Acquisition |
|
Acquisition |
|
Value |
|
03/31/11 |
| ||
Hewetts Island CDO Ltd., Series 2007-6A, Class D, 2.560%, due 06/9/19 |
|
05/09/07-09/25/09 |
|
$ |
247,508 |
|
1.53 |
% |
$ |
202,500 |
|
1.26 |
% |
Queen Street CLO, Series 2007-1A, Class F, due 08/15/24 |
|
05/18/07 |
|
132,413 |
|
0.82 |
|
92,118 |
|
0.57 |
| ||
|
|
|
|
$ |
379,921 |
|
2.35 |
% |
$ |
294,618 |
|
1.83 |
% |
8 |
|
This security is the equity tranche of a collateralized debt obligation. The Fund receives periodic payments, which may vary, from the issuer of this security. |
9 |
|
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
10 |
|
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
570,589 |
|
$ |
4,988,105 |
|
$ |
5,229,965 |
|
$ |
328,729 |
|
$ |
1,073 |
|
CDO |
|
Collateralized debt obligations |
CLO |
|
Collateralized loan obligations |
GE |
|
General Electric |
Currency type abbreviations:
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
DKK |
|
Danish Krone |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
JPY |
|
Japanese Yen |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Global Bond Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
Barclays Bank PLC |
|
NOK |
905,225 |
|
GBP |
100,000 |
|
06/20/11 |
|
$ |
(2,735 |
) |
Goldman Sachs International |
|
JPY |
23,600,000 |
|
USD |
286,349 |
|
06/20/11 |
|
2,484 |
| |
Goldman Sachs International |
|
USD |
285,573 |
|
JPY |
23,600,000 |
|
06/20/11 |
|
(1,707 |
) | |
JPMorgan Chase Bank |
|
AUD |
85,000 |
|
USD |
84,078 |
|
06/20/11 |
|
(2,983 |
) | |
JPMorgan Chase Bank |
|
EUR |
180,000 |
|
USD |
251,152 |
|
06/20/11 |
|
(3,554 |
) | |
JPMorgan Chase Bank |
|
GBP |
1,300,000 |
|
USD |
2,107,758 |
|
06/20/11 |
|
24,503 |
| |
JPMorgan Chase Bank |
|
USD |
192,383 |
|
CHF |
180,000 |
|
06/20/11 |
|
3,689 |
| |
JPMorgan Chase Bank |
|
USD |
420,696 |
|
EUR |
305,000 |
|
06/20/11 |
|
10,889 |
| |
JPMorgan Chase Bank |
|
USD |
87,979 |
|
GBP |
55,000 |
|
06/20/11 |
|
159 |
| |
JPMorgan Chase Bank |
|
USD |
80,731 |
|
GBP |
50,000 |
|
06/20/11 |
|
(606 |
) | |
JPMorgan Chase Bank |
|
USD |
789,034 |
|
JPY |
65,300,000 |
|
06/20/11 |
|
(3,594 |
) | |
JPMorgan Chase Bank |
|
USD |
220,510 |
|
KRW |
249,000,000 |
|
06/20/11 |
|
5,338 |
| |
JPMorgan Chase Bank |
|
USD |
218,546 |
|
NOK |
1,240,000 |
|
06/20/11 |
|
4,716 |
| |
JPMorgan Chase Bank |
|
USD |
495,713 |
|
SEK |
3,190,000 |
|
06/20/11 |
|
7,624 |
| |
Morgan Stanley & Co. Inc. |
|
JPY |
47,400,000 |
|
USD |
585,583 |
|
06/20/11 |
|
15,447 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
59,670 |
|
Currency type abbreviations:
AUD |
|
Australian Dollar |
CHF |
|
Swiss Franc |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
NOK |
|
Norwegian Krone |
SEK |
|
Swedish Krona |
USD |
|
United States Dollar |
Futures contracts
UBS Global Bond Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 6 contracts (USD) |
|
June 2011 |
|
$ |
(721,116 |
) |
$ |
(714,188 |
) |
$ |
6,928 |
|
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 3 contracts (EUR) |
|
June 2011 |
|
522,049 |
|
515,635 |
|
(6,414 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
514 |
| ||
Currency type abbreviations:
EUR |
|
Euro |
USD |
|
United States Dollar |
Swap agreements
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Global Bond Fund had outstanding interest rate swap agreements with the following terms as of March 31, 2011:
Interest Rate Swaps
Counterparty |
|
Notional |
|
Termination |
|
Payments made |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Deutsche Bank AG |
|
CHF |
710,000 |
|
02/03/16 |
|
1.5575 |
% |
0.2400 |
%2 |
$ |
|
|
$ |
1,329 |
|
$ |
1,329 |
|
Deutsche Bank AG |
|
GBP |
480,000 |
|
02/01/16 |
|
1.0275 |
3 |
3.0060 |
|
|
|
4,841 |
|
4,841 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
6,170 |
|
$ |
6,170 |
|
1 |
|
Payments made or received are based on the notional amount. |
2 |
|
Rate based on 6 month LIBOR (CHF BBA). |
3 |
|
Rate based on 6 month LIBOR (GBP BBA). |
|
|
|
BBA |
|
British Bankers Association |
LIBOR |
|
London Interbank Offered Rate |
Currency type abbreviation:
CHF |
|
Swiss Franc |
GBP |
|
Great Britain pound |
UBS Global Bond Fund had outstanding credit default swap agreements with the following terms as of March 31, 2011:
Credit default swaps on credit indices buy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Barclays Bank PLC |
|
USD |
150,000 |
|
06/20/16 |
|
1.0000 |
% |
|
3 |
$ |
196 |
|
$ |
(409 |
) |
$ |
(213 |
) |
Morgan Stanley |
|
EUR |
100,000 |
|
06/20/16 |
|
1.0000 |
|
|
4 |
(289 |
) |
146 |
|
(143 |
) | |||
Morgan Stanley |
|
EUR |
100,000 |
|
06/20/16 |
|
5.0000 |
|
|
5 |
6,592 |
|
(7,100 |
) |
(508 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
6,499 |
|
$ |
(7,363 |
) |
$ |
(864 |
) |
1 |
|
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
|
Payments made are based on the notional amount. |
3 |
|
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.IG Series 16 Index. |
4 |
|
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the iTraxx Europe Series 15 Index. |
5 |
|
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the iTraxx Crossover Series 15 Index. |
Currency type abbreviations:
EUR |
|
Euro |
USD |
|
United States Dollar |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
5,525,683 |
|
$ |
|
|
$ |
5,525,683 |
|
Asset-backed securities |
|
|
|
368,926 |
|
|
|
368,926 |
| ||||
Collateralized debt obligations |
|
|
|
|
|
294,618 |
|
294,618 |
| ||||
Commercial mortgage-backed security |
|
|
|
374,728 |
|
|
|
374,728 |
| ||||
Mortgage & agency debt securities |
|
|
|
1,303,798 |
|
|
|
1,303,798 |
| ||||
US government obligations |
|
|
|
1,059,630 |
|
|
|
1,059,630 |
| ||||
Non-US government obligations |
|
|
|
5,428,986 |
|
|
|
5,428,986 |
| ||||
Supranational bonds |
|
|
|
672,142 |
|
|
|
672,142 |
| ||||
Short-term investment |
|
|
|
328,729 |
|
|
|
328,729 |
| ||||
Other financial instruments1 |
|
514 |
|
58,477 |
|
|
|
58,991 |
| ||||
Total |
|
$ |
514 |
|
$ |
15,121,099 |
|
$ |
294,618 |
|
$ |
15,416,231 |
|
1 |
|
Other financial instruments include open futures contracts, swap agreements and forward foreign currency contracts. |
UBS Global Bond Fund
Portfolio of investments March 31, 2011 (unaudited)
Level 3 Rollforward Disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
Measurements using unobservable inputs (Level 3)
|
|
Collateralized debt obligation |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
269,435 |
|
$ |
269,435 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
(101,540 |
) |
(101,540 |
) | ||
Settlements |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
|
|
|
| ||
Total realized gain (loss) |
|
(98,460 |
) |
(98,460 |
) | ||
Net change in unrealized appreciation/depreciation |
|
225,183 |
|
225,183 |
| ||
Net transfers into Level 3 |
|
|
|
|
| ||
Net transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
294,618 |
|
$ |
294,618 |
|
The change in unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2011 was $107,933.
UBS High Yield Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Aerospace |
|
1.13 |
% |
Air transportation |
|
0.47 |
|
Automotive & auto parts distributors |
|
3.54 |
|
Banks & thrifts |
|
3.55 |
|
Broadcasting |
|
1.88 |
|
Building materials |
|
1.13 |
|
Cable TV |
|
2.21 |
|
Capital goods |
|
0.89 |
|
Chemicals |
|
2.40 |
|
Consumer products |
|
0.39 |
|
Containers |
|
2.38 |
|
Diversified financial services |
|
5.51 |
|
Diversified media |
|
1.10 |
|
Electric utilities |
|
4.72 |
|
Energy |
|
11.04 |
|
Entertainment/film |
|
0.45 |
|
Environmental |
|
0.21 |
|
Food & drug retail |
|
0.61 |
|
Food/beverage/tobacco |
|
1.93 |
|
Gaming |
|
8.39 |
|
Healthcare |
|
4.75 |
|
Homebuilders/real estate |
|
3.12 |
|
Hotel |
|
0.62 |
|
Insurance |
|
3.73 |
|
Leisure |
|
0.95 |
|
Machinery |
|
0.82 |
|
Metals/mining |
|
1.09 |
|
Paper |
|
3.01 |
|
Publishing/printing |
|
1.28 |
|
Restaurants |
|
0.24 |
|
Services |
|
2.60 |
|
Steels |
|
2.22 |
|
Super retail index |
|
5.20 |
|
Technology |
|
5.21 |
|
Telecommunications |
|
7.30 |
|
Textile/apparel |
|
0.14 |
|
Transportation excluding air/rail |
|
0.83 |
|
Total corporate bonds |
|
97.04 |
% |
Commercial mortgage-backed securities |
|
0.29 |
|
Total bonds |
|
97.33 |
% |
Common stocks |
|
0.05 |
|
Preferred stock |
|
0.43 |
|
Warrants |
|
0.00 |
1 |
Short-term investment |
|
0.57 |
|
Total investments |
|
98.38 |
% |
Cash and other assets, less liabilities |
|
1.62 |
|
Net assets |
|
100.00 |
% |
1 Amount represents less than 0.005%.
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Bonds97.33% |
|
|
|
|
| |||
Corporate bonds97.04% |
|
|
|
|
| |||
Austria0.30% |
|
|
|
|
| |||
PE Paper Escrow GmbH, |
|
|
|
|
| |||
12.000%, due 08/01/141 |
|
$ |
235,000 |
|
$ |
270,250 |
| |
|
|
|
|
|
| |||
Bermuda0.37% |
|
|
|
|
| |||
Intelsat Bermuda Ltd., |
|
|
|
|
| |||
11.250%, due 02/04/17 |
|
300,000 |
|
327,750 |
| |||
|
|
|
|
|
| |||
Canada1.34% |
|
|
|
|
| |||
Bombardier, Inc., |
|
|
|
|
| |||
7.500%, due 03/15/181 |
|
110,000 |
|
118,800 |
| |||
7.750%, due 03/15/201 |
|
150,000 |
|
162,938 |
| |||
CHC Helicopter SA, |
|
|
|
|
| |||
9.250%, due 10/15/201 |
|
250,000 |
|
257,500 |
| |||
Connacher Oil and Gas Ltd., |
|
|
|
|
| |||
10.250%, due 12/15/151 |
|
165,000 |
|
174,900 |
| |||
Nova Chemicals Corp., |
|
|
|
|
| |||
8.625%, due 11/01/19 |
|
150,000 |
|
167,812 |
| |||
Reliance Intermediate Holdings LP, |
|
|
|
|
| |||
9.500%, due 12/15/191 |
|
200,000 |
|
219,500 |
| |||
Trinidad Drilling Ltd., |
|
|
|
|
| |||
7.875%, due 01/15/191 |
|
95,000 |
|
100,225 |
| |||
Total Canada corporate bonds |
|
|
|
1,201,675 |
| |||
|
|
|
|
|
| |||
Cayman Islands0.35% |
|
|
|
|
| |||
Sable International Finance Ltd., |
|
|
|
|
| |||
7.750%, due 02/15/171 |
|
125,000 |
|
131,250 |
| |||
Seagate HDD Cayman, |
|
|
|
|
| |||
7.750%, due 12/15/181 |
|
175,000 |
|
181,125 |
| |||
Total Cayman Islands corporate bonds |
|
|
|
312,375 |
| |||
|
|
|
|
|
| |||
China0.10% |
|
|
|
|
| |||
Sino-Forest Corp., |
|
|
|
|
| |||
6.250%, due 10/21/171 |
|
90,000 |
|
86,850 |
| |||
|
|
|
|
|
| |||
France0.16% |
|
|
|
|
| |||
Cie Generale de Geophysique-Veritas, |
|
|
|
|
| |||
7.750%, due 05/15/17 |
|
135,000 |
|
141,919 |
| |||
|
|
|
|
|
| |||
Germany0.09% |
|
|
|
|
| |||
Unitymedia Hessen, |
|
|
|
|
| |||
8.125%, due 12/01/171 |
|
75,000 |
|
78,937 |
| |||
|
|
|
|
|
| |||
Ireland0.60% |
|
|
|
|
| |||
Ardagh Packaging Finance PLC, |
|
|
|
|
| |||
7.375%, due 10/15/171 |
|
200,000 |
|
214,000 |
| |||
Governor & Co. of the Bank of Ireland, |
|
|
|
|
| |||
4.625%, due 04/08/13 |
|
EUR |
275,000 |
|
321,296 |
| ||
Total Ireland corporate bonds |
|
|
|
535,296 |
| |||
|
|
|
|
|
| |||
Luxembourg2.58% |
|
|
|
|
| |||
APERAM, |
|
|
|
|
| |||
7.750%, due 04/01/181 |
|
$150,000 |
|
153,000 |
| |||
ConvaTec Healthcare E SA, |
|
|
|
|
| |||
10.500%, due 12/15/181 |
|
400,000 |
|
420,000 |
| |||
Expro Finance Luxembourg SCA, |
|
|
|
|
| |||
8.500%, due 12/15/161 |
|
555,000 |
|
549,450 |
| |||
Intelsat Jackson Holdings SA, |
|
|
|
|
| |||
7.250%, due 10/15/201 |
|
100,000 |
|
100,000 |
| |||
11.250%, due 06/15/16 |
|
727,000 |
|
775,164 |
| |||
Wind Acquisition Finance SA, |
|
|
|
|
| |||
11.750%, due 07/15/171 |
|
270,000 |
|
310,500 |
| |||
Total Luxembourg corporate bonds |
|
|
|
2,308,114 |
| |||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Netherlands0.81% |
|
|
|
|
| |||
ING Groep NV, |
|
|
|
|
| |||
5.775%, due 12/08/152,3 |
|
$ |
245,000 |
|
$ |
226,625 |
| |
NXP BV, |
|
|
|
|
| |||
7.875%, due 10/15/14 |
|
230,000 |
|
238,913 |
| |||
9.500%, due 10/15/15 |
|
245,000 |
|
260,312 |
| |||
Total Netherlands corporate bonds |
|
|
|
725,850 |
| |||
|
|
|
|
|
| |||
Russia0.26% |
|
|
|
|
| |||
Evraz Group SA, |
|
|
|
|
| |||
9.500%, due 04/24/181 |
|
200,000 |
|
234,400 |
| |||
|
|
|
|
|
| |||
South Africa0.34% |
|
|
|
|
| |||
Edcon Proprietary Ltd., |
|
|
|
|
| |||
4.423%, due 06/15/142 |
|
EUR |
250,000 |
|
302,926 |
| ||
|
|
|
|
|
| |||
Spain0.29% |
|
|
|
|
| |||
Cemex Espana Luxembourg, |
|
|
|
|
| |||
9.250%, due 05/12/201 |
|
$ |
252,000 |
|
261,135 |
| ||
|
|
|
|
|
| |||
United Kingdom1.99% |
|
|
|
|
| |||
Global Crossing UK Finance PLC, |
|
|
|
|
| |||
10.750%, due 12/15/14 |
|
300,000 |
|
312,000 |
| |||
Hanson Ltd., |
|
|
|
|
| |||
6.125%, due 08/15/16 |
|
200,000 |
|
208,000 |
| |||
HBOS Capital Funding LP, |
|
|
|
|
| |||
6.071%, due 06/30/141,2,3 |
|
300,000 |
|
274,125 |
| |||
Ineos Finance PLC, |
|
|
|
|
| |||
9.000%, due 05/15/151 |
|
100,000 |
|
109,125 |
| |||
Ineos Group Holdings PLC, |
|
|
|
|
| |||
8.500%, due 02/15/161 |
|
325,000 |
|
327,844 |
| |||
Vedanta Resources PLC, |
|
|
|
|
| |||
9.500%, due 07/18/181 |
|
100,000 |
|
109,500 |
| |||
Virgin Media Finance PLC, |
|
|
|
|
| |||
9.125%, due 08/15/16 |
|
150,000 |
|
159,000 |
| |||
9.500%, due 08/15/16 |
|
100,000 |
|
113,750 |
| |||
Virgin Media Secured Finance PLC, |
|
|
|
|
| |||
6.500%, due 01/15/18 |
|
150,000 |
|
163,875 |
| |||
Total United Kingdom corporate bonds |
|
|
|
1,777,219 |
| |||
|
|
|
|
|
| |||
United States87.46% |
|
|
|
|
| |||
Accellent, Inc., |
|
|
|
|
| |||
8.375%, due 02/01/17 |
|
275,000 |
|
294,938 |
| |||
ACCO Brands Corp., |
|
|
|
|
| |||
10.625%, due 03/15/15 |
|
75,000 |
|
84,563 |
| |||
Advanced Micro Devices, Inc., |
|
|
|
|
| |||
8.125%, due 12/15/17 |
|
135,000 |
|
140,400 |
| |||
AES Corp., |
|
|
|
|
| |||
8.000%, due 10/15/17 |
|
60,000 |
|
64,500 |
| |||
8.000%, due 06/01/20 |
|
550,000 |
|
594,000 |
| |||
AK Steel Corp., |
|
|
|
|
| |||
7.625%, due 05/15/20 |
|
200,000 |
|
204,000 |
| |||
Allison Transmission, Inc., |
|
|
|
|
| |||
11.000%, due 11/01/151 |
|
190,000 |
|
206,150 |
| |||
Ally Financial, Inc., |
|
|
|
|
| |||
7.500%, due 09/15/201 |
|
150,000 |
|
159,938 |
| |||
8.000%, due 03/15/20 |
|
425,000 |
|
462,719 |
| |||
8.300%, due 02/12/15 |
|
500,000 |
|
548,125 |
| |||
Alta Mesa Holdings, |
|
|
|
|
| |||
9.625%, due 10/15/181 |
|
150,000 |
|
152,250 |
| |||
AMC Entertainment, Inc., |
|
|
|
|
| |||
8.750%, due 06/01/19 |
|
275,000 |
|
298,375 |
| |||
American General Institutional Capital A, |
|
|
|
|
| |||
7.570%, due 12/01/451 |
|
600,000 |
|
613,500 |
| |||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
American International Group, Inc., |
|
|
|
|
| ||
6.250%, due 03/15/37 |
|
$ |
175,000 |
|
$ |
160,125 |
|
8.175%, due 05/15/582 |
|
130,000 |
|
139,913 |
| ||
Ameristar Casinos, Inc., |
|
|
|
|
| ||
7.500%, due 04/15/211 |
|
135,000 |
|
133,819 |
| ||
AMGH Merger Sub, Inc., |
|
|
|
|
| ||
9.250%, due 11/01/181 |
|
135,000 |
|
144,956 |
| ||
Amsted Industries, Inc., |
|
|
|
|
| ||
8.125%, due 03/15/181 |
|
60,000 |
|
63,975 |
| ||
Apria Healthcare Group, Inc., |
|
|
|
|
| ||
11.250%, due 11/01/14 |
|
680,000 |
|
732,700 |
| ||
Aquilex Holdings LLC, |
|
|
|
|
| ||
11.125%, due 12/15/16 |
|
70,000 |
|
73,938 |
| ||
ARAMARK Corp., |
|
|
|
|
| ||
8.500%, due 02/01/15 |
|
460,000 |
|
479,550 |
| ||
ArvinMeritor, Inc., |
|
|
|
|
| ||
10.625%, due 03/15/18 |
|
150,000 |
|
168,750 |
| ||
Ashland, Inc., |
|
|
|
|
| ||
9.125%, due 06/01/17 |
|
165,000 |
|
189,338 |
| ||
Aspect Software, Inc., |
|
|
|
|
| ||
10.625%, due 05/15/171 |
|
60,000 |
|
64,200 |
| ||
Atlas Pipeline Partners LP, |
|
|
|
|
| ||
8.125%, due 12/15/15 |
|
275,000 |
|
286,172 |
| ||
ATP Oil & Gas Corp., |
|
|
|
|
| ||
11.875%, due 05/01/15 |
|
50,000 |
|
52,500 |
| ||
Avis Budget Car Rental LLC, |
|
|
|
|
| ||
7.750%, due 05/15/16 |
|
125,000 |
|
128,906 |
| ||
9.625%, due 03/15/18 |
|
100,000 |
|
110,500 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
8.000%, due 01/30/182,3 |
|
75,000 |
|
80,653 |
| ||
BankAmerica Capital II, |
|
|
|
|
| ||
8.000%, due 12/15/26 |
|
380,000 |
|
388,550 |
| ||
BE Aerospace, Inc., |
|
|
|
|
| ||
6.875%, due 10/01/20 |
|
175,000 |
|
181,125 |
| ||
Beazer Homes USA, Inc., |
|
|
|
|
| ||
6.875%, due 07/15/15 |
|
15,000 |
|
14,775 |
| ||
8.125%, due 06/15/16 |
|
150,000 |
|
149,625 |
| ||
Belden, Inc., |
|
|
|
|
| ||
9.250%, due 06/15/19 |
|
100,000 |
|
110,875 |
| ||
Berry Petroleum Co., |
|
|
|
|
| ||
6.750%, due 11/01/20 |
|
100,000 |
|
103,125 |
| ||
Berry Plastics Corp., |
|
|
|
|
| ||
8.250%, due 11/15/15 |
|
125,000 |
|
132,656 |
| ||
9.500%, due 05/15/18 |
|
140,000 |
|
139,300 |
| ||
Boise Paper Holdings LLC, |
|
|
|
|
| ||
9.000%, due 11/01/17 |
|
70,000 |
|
77,700 |
| ||
Bon-Ton Department Stores, Inc., |
|
|
|
|
| ||
10.250%, due 03/15/14 |
|
375,000 |
|
384,375 |
| ||
Boyd Gaming Corp., |
|
|
|
|
| ||
9.125%, due 12/01/181 |
|
420,000 |
|
433,650 |
| ||
Brocade Communications Systems, Inc., |
|
|
|
|
| ||
6.875%, due 01/15/20 |
|
50,000 |
|
54,000 |
| ||
Brunswick Corp., |
|
|
|
|
| ||
11.250%, due 11/01/161 |
|
80,000 |
|
96,800 |
| ||
Burlington Coat Factory Warehouse Corp., |
|
|
|
|
| ||
10.000%, due 02/15/191 |
|
500,000 |
|
485,000 |
| ||
Cablevision Systems Corp., |
|
|
|
|
| ||
8.625%, due 09/15/17 |
|
445,000 |
|
495,062 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Caesars Entertainment Operating Co., Inc., |
|
|
|
|
| ||
10.000%, due 12/15/18 |
|
$ |
605,000 |
|
$ |
552,062 |
|
11.250%, due 06/01/17 |
|
880,000 |
|
999,900 |
| ||
Calpine Construction Finance Co. LP, |
|
|
|
|
| ||
8.000%, due 06/01/161 |
|
200,000 |
|
218,000 |
| ||
Calpine Corp., |
|
|
|
|
| ||
7.500%, due 02/15/211 |
|
285,000 |
|
294,975 |
| ||
7.875%, due 07/31/201 |
|
645,000 |
|
685,312 |
| ||
Capella Healthcare, Inc., |
|
|
|
|
| ||
9.250%, due 07/01/171 |
|
55,000 |
|
58,575 |
| ||
Carriage Services, Inc., |
|
|
|
|
| ||
7.875%, due 01/15/15 |
|
250,000 |
|
255,000 |
| ||
Case New Holland, Inc., |
|
|
|
|
| ||
7.875%, due 12/01/171 |
|
225,000 |
|
250,031 |
| ||
Casella Waste Systems, Inc., |
|
|
|
|
| ||
11.000%, due 07/15/14 |
|
125,000 |
|
141,562 |
| ||
CB Richard Ellis Services, Inc., |
|
|
|
|
| ||
11.625%, due 06/15/17 |
|
100,000 |
|
118,000 |
| ||
CDW Finance Corp., |
|
|
|
|
| ||
12.535%, due 10/12/17 |
|
100,000 |
|
107,250 |
| ||
Celanese US Holdings LLC, |
|
|
|
|
| ||
6.625%, due 10/15/181 |
|
95,000 |
|
97,850 |
| ||
Cemex Finance LLC, |
|
|
|
|
| ||
9.500%, due 12/14/161 |
|
200,000 |
|
215,500 |
| ||
Cengage Learning Acquisitions, Inc., |
|
|
|
|
| ||
10.500%, due 01/15/151 |
|
180,000 |
|
183,600 |
| ||
13.250%, due 07/15/151,4 |
|
100,000 |
|
105,000 |
| ||
Cequel Communications Holdings I LLC, |
|
|
|
|
| ||
8.625%, due 11/15/171 |
|
50,000 |
|
52,125 |
| ||
Ceridian Corp., |
|
|
|
|
| ||
11.250%, due 11/15/15 |
|
290,000 |
|
301,600 |
| ||
Chesapeake Energy Corp., |
|
|
|
|
| ||
6.625%, due 08/15/20 |
|
130,000 |
|
138,450 |
| ||
7.250%, due 12/15/18 |
|
530,000 |
|
592,275 |
| ||
CIT Group, Inc., |
|
|
|
|
| ||
7.000%, due 05/01/13 |
|
104,943 |
|
106,911 |
| ||
7.000%, due 05/01/16 |
|
755,000 |
|
755,944 |
| ||
7.000%, due 05/01/17 |
|
1,675,000 |
|
1,677,094 |
| ||
Citigroup Capital XXI, |
|
|
|
|
| ||
8.300%, due 12/21/572 |
|
655,000 |
|
681,200 |
| ||
Claires Stores, Inc., |
|
|
|
|
| ||
9.625%, due 06/01/155 |
|
335,000 |
|
334,162 |
| ||
10.500%, due 06/01/17 |
|
150,000 |
|
147,750 |
| ||
Clear Channel Communications, Inc., |
|
|
|
|
| ||
5.500%, due 09/15/14 |
|
130,000 |
|
116,675 |
| ||
10.750%, due 08/01/16 |
|
545,000 |
|
519,112 |
| ||
Clear Channel Worldwide Holdings, Inc., |
|
|
|
|
| ||
Series B, 9.250%, due 12/15/17 |
|
105,000 |
|
115,106 |
| ||
9.250%, due 12/15/17 |
|
25,000 |
|
27,312 |
| ||
Clearwater Paper Corp., |
|
|
|
|
| ||
7.125%, due 11/01/181 |
|
125,000 |
|
130,937 |
| ||
Clearwire Communications LLC, |
|
|
|
|
| ||
12.000%, due 12/01/151 |
|
645,000 |
|
696,600 |
| ||
CMP Susquehanna Corp., |
|
|
|
|
| ||
16.612%, due 05/15/146 |
|
50,000 |
|
35,370 |
| ||
Community Health Systems, Inc., |
|
|
|
|
| ||
8.875%, due 07/15/15 |
|
155,000 |
|
163,525 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Comstock Resources, Inc., |
|
|
|
|
| ||
8.375%, due 10/15/17 |
|
$ |
100,000 |
|
$ |
104,750 |
|
Consol Energy, Inc., |
|
|
|
|
| ||
8.000%, due 04/01/17 |
|
200,000 |
|
219,000 |
| ||
Constellation Brands, Inc., |
|
|
|
|
| ||
8.375%, due 12/15/14 |
|
350,000 |
|
396,375 |
| ||
CPM Holdings, Inc., |
|
|
|
|
| ||
10.625%, due 09/01/141 |
|
150,000 |
|
162,000 |
| ||
Cricket Communications, Inc., |
|
|
|
|
| ||
7.750%, due 05/15/16 |
|
200,000 |
|
212,500 |
| ||
10.000%, due 07/15/15 |
|
125,000 |
|
137,187 |
| ||
Crosstex Energy LP, |
|
|
|
|
| ||
8.875%, due 02/15/18 |
|
280,000 |
|
305,200 |
| ||
CSC Holdings LLC, |
|
|
|
|
| ||
8.625%, due 02/15/19 |
|
125,000 |
|
143,125 |
| ||
DAE Aviation Holdings, Inc., |
|
|
|
|
| ||
11.250%, due 08/01/151 |
|
180,000 |
|
190,350 |
| ||
Darling International, Inc., |
|
|
|
|
| ||
8.500%, due 12/15/181 |
|
40,000 |
|
43,500 |
| ||
Delta Air Lines, Inc., |
|
|
|
|
| ||
12.250%, due 03/15/151 |
|
160,000 |
|
179,200 |
| ||
Denbury Resources, Inc., |
|
|
|
|
| ||
8.250%, due 02/15/20 |
|
125,000 |
|
139,687 |
| ||
9.750%, due 03/01/16 |
|
335,000 |
|
377,712 |
| ||
Developers Diversified Realty Corp., REIT, |
|
|
|
|
| ||
9.625%, due 03/15/16 |
|
310,000 |
|
377,655 |
| ||
Diamond Resorts Corp., |
|
|
|
|
| ||
12.000%, due 08/15/181 |
|
620,000 |
|
663,400 |
| ||
DISH DBS Corp., |
|
|
|
|
| ||
6.625%, due 10/01/14 |
|
400,000 |
|
423,500 |
| ||
7.875%, due 09/01/19 |
|
200,000 |
|
216,500 |
| ||
Domtar Corp., |
|
|
|
|
| ||
10.750%, due 06/01/17 |
|
85,000 |
|
106,250 |
| ||
DuPont Fabros Technology LP, REIT, |
|
|
|
|
| ||
8.500%, due 12/15/17 |
|
400,000 |
|
440,500 |
| ||
Dynegy Holdings, Inc., |
|
|
|
|
| ||
8.375%, due 05/01/16 |
|
160,000 |
|
134,000 |
| ||
E*Trade Financial Corp., |
|
|
|
|
| ||
12.500%, due 11/30/175 |
|
324,000 |
|
386,370 |
| ||
Edison Mission Energy, |
|
|
|
|
| ||
7.000%, due 05/15/17 |
|
280,000 |
|
224,700 |
| ||
El Paso Corp., |
|
|
|
|
| ||
7.800%, due 08/01/31 |
|
640,000 |
|
709,991 |
| ||
Encore Acquisition Co., |
|
|
|
|
| ||
9.500%, due 05/01/16 |
|
140,000 |
|
157,850 |
| ||
Energy Future Intermediate Holding Co. LLC, |
|
|
|
|
| ||
10.000%, due 12/01/20 |
|
451,000 |
|
477,913 |
| ||
Energy Transfer Equity LP, |
|
|
|
|
| ||
7.500%, due 10/15/20 |
|
50,000 |
|
54,375 |
| ||
Entravision Communications Corp., |
|
|
|
|
| ||
8.750%, due 08/01/17 |
|
175,000 |
|
186,375 |
| ||
Equinix, Inc., |
|
|
|
|
| ||
8.125%, due 03/01/18 |
|
250,000 |
|
270,625 |
| ||
Exopack Holding Corp., |
|
|
|
|
| ||
11.250%, due 02/01/14 |
|
195,000 |
|
200,606 |
| ||
Ferrellgas Partners-LP, |
|
|
|
|
| ||
9.125%, due 10/01/17 |
|
435,000 |
|
485,025 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
FireKeepers Development Authority, |
|
|
|
|
| ||
13.875%, due 05/01/151 |
|
$ |
930,000 |
|
$ |
1,102,050 |
|
First Data Corp., |
|
|
|
|
| ||
9.875%, due 09/24/15 |
|
380,000 |
|
389,500 |
| ||
11.250%, due 03/31/16 |
|
195,000 |
|
194,269 |
| ||
Ford Motor Co., |
|
|
|
|
| ||
7.450%, due 07/16/31 |
|
415,000 |
|
449,283 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
8.700%, due 10/01/14 |
|
250,000 |
|
283,790 |
| ||
12.000%, due 05/15/15 |
|
895,000 |
|
1,126,493 |
| ||
Forest Oil Corp., |
|
|
|
|
| ||
8.500%, due 02/15/14 |
|
140,000 |
|
156,100 |
| ||
Freeport-McMoRan Copper & Gold, Inc., |
|
|
|
|
| ||
8.375%, due 04/01/17 |
|
210,000 |
|
231,525 |
| ||
Freescale Semiconductor, Inc., |
|
|
|
|
| ||
9.125%, due 12/15/145 |
|
135,000 |
|
139,050 |
| ||
9.250%, due 04/15/181 |
|
115,000 |
|
125,925 |
| ||
10.125%, due 03/15/181 |
|
125,000 |
|
140,000 |
| ||
10.750%, due 08/01/201 |
|
150,000 |
|
168,375 |
| ||
Frontier Communications Corp., |
|
|
|
|
| ||
8.250%, due 04/15/17 |
|
60,000 |
|
64,800 |
| ||
8.500%, due 04/15/20 |
|
60,000 |
|
65,025 |
| ||
9.000%, due 08/15/31 |
|
380,000 |
|
388,550 |
| ||
FTI Consulting, Inc., |
|
|
|
|
| ||
6.750%, due 10/01/201 |
|
100,000 |
|
101,250 |
| ||
Gannett Co., Inc., |
|
|
|
|
| ||
9.375%, due 11/15/17 |
|
150,000 |
|
169,500 |
| ||
GenOn Energy, Inc., |
|
|
|
|
| ||
9.500%, due 10/15/181 |
|
340,000 |
|
353,600 |
| ||
GenOn Escrow Corp., |
|
|
|
|
| ||
9.875%, due 10/15/201 |
|
200,000 |
|
209,000 |
| ||
Gentiva Health Services, Inc., |
|
|
|
|
| ||
11.500%, due 09/01/18 |
|
55,000 |
|
62,219 |
| ||
Geo Group, Inc., |
|
|
|
|
| ||
7.750%, due 10/15/17 |
|
125,000 |
|
133,281 |
| ||
Georgia Gulf Corp., |
|
|
|
|
| ||
9.000%, due 01/15/171 |
|
235,000 |
|
257,325 |
| ||
Georgia-Pacific LLC, |
|
|
|
|
| ||
5.400%, due 11/01/201 |
|
200,000 |
|
197,495 |
| ||
8.250%, due 05/01/161 |
|
375,000 |
|
422,812 |
| ||
8.875%, due 05/15/31 |
|
215,000 |
|
259,612 |
| ||
Glen Meadow Pass-Through Trust, |
|
|
|
|
| ||
6.505%, due 02/12/671,2 |
|
200,000 |
|
176,500 |
| ||
Global Aviation Holdings, Inc., |
|
|
|
|
| ||
14.000%, due 08/15/13 |
|
205,000 |
|
240,362 |
| ||
Goodyear Tire & Rubber Co., |
|
|
|
|
| ||
10.500%, due 05/15/16 |
|
380,000 |
|
425,600 |
| ||
Graham Packaging Co. LP, |
|
|
|
|
| ||
8.250%, due 10/01/18 |
|
45,000 |
|
48,262 |
| ||
9.875%, due 10/15/14 |
|
545,000 |
|
563,394 |
| ||
Graphic Packaging International, Inc., |
|
|
|
|
| ||
7.875%, due 10/01/18 |
|
120,000 |
|
128,550 |
| ||
9.500%, due 06/15/17 |
|
55,000 |
|
61,050 |
| ||
Gulfmark Offshore, Inc., |
|
|
|
|
| ||
7.750%, due 07/15/14 |
|
215,000 |
|
219,300 |
| ||
Harland Clarke Holdings Corp., |
|
|
|
|
| ||
9.500%, due 05/15/15 |
|
450,000 |
|
444,937 |
| ||
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
8.125%, due 06/15/382 |
|
460,000 |
|
503,700 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
HCA Holdings, Inc., |
|
|
|
|
| ||
7.750%, due 05/15/211 |
|
$ |
280,000 |
|
$ |
291,900 |
|
Helix Energy Solutions Group, Inc., |
|
|
|
|
| ||
9.500%, due 01/15/161 |
|
470,000 |
|
495,850 |
| ||
Hertz Corp., |
|
|
|
|
| ||
7.375%, due 01/15/211 |
|
240,000 |
|
245,400 |
| ||
Hexion US Finance Corp., |
|
|
|
|
| ||
8.875%, due 02/01/18 |
|
145,000 |
|
153,337 |
| ||
Hilcorp Finance Co., |
|
|
|
|
| ||
7.625%, due 04/15/211 |
|
90,000 |
|
94,275 |
| ||
8.000%, due 02/15/201 |
|
85,000 |
|
90,525 |
| ||
Hilton Worldwide, Inc., |
|
|
|
|
| ||
4.813%, due 11/15/131,2 |
|
250,000 |
|
230,000 |
| ||
Host Hotels & Resorts LP, REIT, |
|
|
|
|
| ||
9.000%, due 05/15/17 |
|
285,000 |
|
321,337 |
| ||
Huntington Ingalls Industries, Inc., |
|
|
|
|
| ||
6.875%, due 03/15/181 |
|
95,000 |
|
99,156 |
| ||
7.125%, due 03/15/211 |
|
75,000 |
|
78,187 |
| ||
Icahn Enterprises LP, |
|
|
|
|
| ||
8.000%, due 01/15/18 |
|
125,000 |
|
128,437 |
| ||
ILFC E-Capital Trust I, |
|
|
|
|
| ||
5.970%, due 12/21/651,2 |
|
420,000 |
|
349,528 |
| ||
Inergy LP, |
|
|
|
|
| ||
6.875%, due 08/01/211 |
|
175,000 |
|
182,437 |
| ||
7.000%, due 10/01/181 |
|
80,000 |
|
83,200 |
| ||
ING Capital Funding Trust III, |
|
|
|
|
| ||
3.907%, due 06/30/112,3 |
|
215,000 |
|
208,459 |
| ||
Ingles Markets, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/17 |
|
205,000 |
|
220,119 |
| ||
Insight Communications Co., Inc., |
|
|
|
|
| ||
9.375%, due 07/15/181 |
|
50,000 |
|
55,500 |
| ||
Interactive Data Corp., |
|
|
|
|
| ||
10.250%, due 08/01/181 |
|
25,000 |
|
27,875 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
425,000 |
|
456,662 |
| ||
8.625%, due 09/15/151 |
|
405,000 |
|
445,500 |
| ||
8.750%, due 03/15/171 |
|
130,000 |
|
146,250 |
| ||
Iron Mountain, Inc., |
|
|
|
|
| ||
8.375%, due 08/15/21 |
|
300,000 |
|
324,750 |
| ||
Jabil Circuit, Inc., |
|
|
|
|
| ||
8.250%, due 03/15/18 |
|
150,000 |
|
170,250 |
| ||
Jacobs Entertainment, Inc., |
|
|
|
|
| ||
9.750%, due 06/15/14 |
|
180,000 |
|
181,800 |
| ||
JC Penney Corp., Inc., |
|
|
|
|
| ||
7.125%, due 11/15/23 |
|
325,000 |
|
336,375 |
| ||
JMC Steel Group, |
|
|
|
|
| ||
8.250%, due 03/15/181 |
|
130,000 |
|
132,925 |
| ||
K Hovnanian Enterprises, Inc., |
|
|
|
|
| ||
10.625%, due 10/15/16 |
|
180,000 |
|
191,250 |
| ||
KB Home, |
|
|
|
|
| ||
5.875%, due 01/15/15 |
|
150,000 |
|
148,125 |
| ||
6.250%, due 06/15/15 |
|
150,000 |
|
148,500 |
| ||
KEMET Corp., |
|
|
|
|
| ||
10.500%, due 05/01/18 |
|
100,000 |
|
112,750 |
| ||
Key Energy Services, Inc., |
|
|
|
|
| ||
6.750%, due 03/01/21 |
|
200,000 |
|
203,500 |
| ||
Land OLakes Capital Trust I, |
|
|
|
|
| ||
7.450%, due 03/15/281 |
|
340,000 |
|
307,700 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Landrys Restaurants, Inc., |
|
|
|
|
| ||
11.625%, due 12/01/15 |
|
$ |
200,000 |
|
$ |
215,500 |
|
Level 3 Financing, Inc., |
|
|
|
|
| ||
9.250%, due 11/01/14 |
|
280,000 |
|
286,300 |
| ||
10.000%, due 02/01/18 |
|
150,000 |
|
150,187 |
| ||
Libbey Glass, Inc., |
|
|
|
|
| ||
10.000%, due 02/15/15 |
|
68,000 |
|
74,120 |
| ||
Liberty Mutual Group, Inc., |
|
|
|
|
| ||
7.800%, due 03/15/371 |
|
100,000 |
|
99,500 |
| ||
10.750%, due 06/15/581,2 |
|
335,000 |
|
435,500 |
| ||
Limited Brands, Inc., |
|
|
|
|
| ||
7.600%, due 07/15/37 |
|
100,000 |
|
99,000 |
| ||
8.500%, due 06/15/19 |
|
155,000 |
|
177,862 |
| ||
Lincoln National Corp., |
|
|
|
|
| ||
7.000%, due 05/17/662 |
|
550,000 |
|
545,875 |
| ||
Linn Energy LLC, |
|
|
|
|
| ||
7.750%, due 02/01/211 |
|
240,000 |
|
256,200 |
| ||
Lyondell Chemical Co., |
|
|
|
|
| ||
8.000%, due 11/01/171 |
|
270,000 |
|
297,675 |
| ||
11.000%, due 05/01/18 |
|
175,000 |
|
196,438 |
| ||
Macys Retail Holdings, Inc., |
|
|
|
|
| ||
6.375%, due 03/15/37 |
|
225,000 |
|
225,000 |
| ||
Manitowoc Co., Inc., |
|
|
|
|
| ||
8.500%, due 11/01/20 |
|
300,000 |
|
321,750 |
| ||
Marina District Finance Co., Inc., |
|
|
|
|
| ||
9.500%, due 10/15/151 |
|
555,000 |
|
580,669 |
| ||
Marquette Transportation Finance Corp., |
|
|
|
|
| ||
10.875%, due 01/15/171 |
|
100,000 |
|
104,250 |
| ||
McClatchy Co., |
|
|
|
|
| ||
11.500%, due 02/15/17 |
|
210,000 |
|
236,250 |
| ||
McJunkin Red Man Corp., |
|
|
|
|
| ||
9.500%, due 12/15/161 |
|
355,000 |
|
359,438 |
| ||
MedAssets, Inc., |
|
|
|
|
| ||
8.000%, due 11/15/181 |
|
225,000 |
|
230,063 |
| ||
Mediacom LLC, |
|
|
|
|
| ||
9.125%, due 08/15/19 |
|
75,000 |
|
80,250 |
| ||
Mercer International, Inc., |
|
|
|
|
| ||
9.500%, due 12/01/171 |
|
140,000 |
|
153,300 |
| ||
Meritage Homes Corp., |
|
|
|
|
| ||
6.250%, due 03/15/15 |
|
100,000 |
|
100,750 |
| ||
MGM Resorts International, |
|
|
|
|
| ||
10.000%, due 11/01/161 |
|
860,000 |
|
905,150 |
| ||
10.375%, due 05/15/14 |
|
125,000 |
|
143,125 |
| ||
11.125%, due 11/15/17 |
|
410,000 |
|
469,450 |
| ||
13.000%, due 11/15/13 |
|
260,000 |
|
312,325 |
| ||
Michael Foods, Inc., |
|
|
|
|
| ||
9.750%, due 07/15/181 |
|
220,000 |
|
240,350 |
| ||
Michaels Stores, Inc., |
|
|
|
|
| ||
11.375%, due 11/01/16 |
|
215,000 |
|
234,350 |
| ||
Mirant Americas Generation LLC, |
|
|
|
|
| ||
9.125%, due 05/01/31 |
|
240,000 |
|
247,800 |
| ||
Momentive Performance Materials, Inc., |
|
|
|
|
| ||
12.500%, due 06/15/14 |
|
80,000 |
|
88,800 |
| ||
Multiplan, Inc., |
|
|
|
|
| ||
9.875%, due 09/01/181 |
|
485,000 |
|
518,950 |
| ||
Murray Energy Corp., |
|
|
|
|
| ||
10.250%, due 10/15/151 |
|
210,000 |
|
225,750 |
| ||
Mylan, Inc., |
|
|
|
|
| ||
7.625%, due 07/15/171 |
|
250,000 |
|
269,063 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Nalco Co., |
|
|
|
|
| ||
6.625%, due 01/15/191 |
|
$ |
250,000 |
|
$ |
257,188 |
|
Navios Maritime Acquisition Corp., |
|
|
|
|
| ||
8.625%, due 11/01/17 |
|
450,000 |
|
465,750 |
| ||
Navios Maritime Holdings, Inc., |
|
|
|
|
| ||
8.875%, due 11/01/17 |
|
160,000 |
|
173,400 |
| ||
Navistar International Corp., |
|
|
|
|
| ||
8.250%, due 11/01/21 |
|
125,000 |
|
138,594 |
| ||
NB Capital Trust II, |
|
|
|
|
| ||
7.830%, due 12/15/26 |
|
115,000 |
|
117,588 |
| ||
Neiman Marcus Group, Inc., |
|
|
|
|
| ||
9.750%, due 10/15/155 |
|
66,456 |
|
69,447 |
| ||
10.375%, due 10/15/15 |
|
115,000 |
|
121,181 |
| ||
Nexstar Broadcasting, Inc., |
|
|
|
|
| ||
8.875%, due 04/15/17 |
|
125,000 |
|
135,313 |
| ||
Nextel Communications, Inc., |
|
|
|
|
| ||
Series D, 7.375%, due 08/01/15 |
|
250,000 |
|
250,938 |
| ||
Nielsen Finance LLC, |
|
|
|
|
| ||
7.750%, due 10/15/181 |
|
35,000 |
|
37,538 |
| ||
11.625%, due 02/01/14 |
|
91,000 |
|
107,153 |
| ||
Niska Gas Storage US LLC, |
|
|
|
|
| ||
8.875%, due 03/15/18 |
|
290,000 |
|
315,375 |
| ||
North American Energy Alliance LLC, |
|
|
|
|
| ||
10.875%, due 06/01/161 |
|
200,000 |
|
224,000 |
| ||
NRG Energy, Inc., |
|
|
|
|
| ||
7.375%, due 02/01/16 |
|
225,000 |
|
232,875 |
| ||
8.500%, due 06/15/19 |
|
100,000 |
|
105,250 |
| ||
Omnicare, Inc., |
|
|
|
|
| ||
7.750%, due 06/01/20 |
|
42,000 |
|
44,520 |
| ||
Owens-Brockway Glass Container, Inc., |
|
|
|
|
| ||
7.375%, due 05/15/16 |
|
120,000 |
|
131,550 |
| ||
PAETEC Holding Corp., |
|
|
|
|
| ||
9.875%, due 12/01/181 |
|
300,000 |
|
316,500 |
| ||
Patriot Coal Corp., |
|
|
|
|
| ||
8.250%, due 04/30/18 |
|
125,000 |
|
133,125 |
| ||
Peabody Energy Corp., |
|
|
|
|
| ||
6.500%, due 09/15/20 |
|
50,000 |
|
53,625 |
| ||
Peninsula Gaming LLC, |
|
|
|
|
| ||
8.375%, due 08/15/15 |
|
100,000 |
|
106,750 |
| ||
Petco Animal Supplies, Inc., |
|
|
|
|
| ||
9.250%, due 12/01/181 |
|
215,000 |
|
230,050 |
| ||
Petrohawk Energy Corp., |
|
|
|
|
| ||
7.875%, due 06/01/15 |
|
200,000 |
|
212,000 |
| ||
10.500%, due 08/01/14 |
|
445,000 |
|
511,194 |
| ||
Pinafore LLC, Inc., |
|
|
|
|
| ||
9.000%, due 10/01/181 |
|
270,000 |
|
292,950 |
| ||
Pinnacle Foods Finance LLC, |
|
|
|
|
| ||
10.625%, due 04/01/17 |
|
230,000 |
|
246,675 |
| ||
Plains Exploration & Production Co., |
|
|
|
|
| ||
7.625%, due 06/01/18 |
|
127,000 |
|
135,890 |
| ||
10.000%, due 03/01/16 |
|
305,000 |
|
343,888 |
| ||
Pokagon Gaming Authority, |
|
|
|
|
| ||
10.375%, due 06/15/141 |
|
398,000 |
|
411,930 |
| ||
Pride International, Inc., |
|
|
|
|
| ||
6.875%, due 08/15/20 |
|
35,000 |
|
39,681 |
| ||
Prospect Medical Holdings, Inc., |
|
|
|
|
| ||
12.750%, due 07/15/14 |
|
200,000 |
|
226,000 |
| ||
QEP Resources, Inc., |
|
|
|
|
| ||
6.875%, due 03/01/21 |
|
105,000 |
|
110,250 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Quicksilver Resources, Inc., |
|
|
|
|
| ||
11.750%, due 01/01/16 |
|
$ |
140,000 |
|
$ |
163,100 |
|
Quiksilver, Inc., |
|
|
|
|
| ||
6.875%, due 04/15/15 |
|
125,000 |
|
123,125 |
| ||
QVC, Inc., |
|
|
|
|
| ||
7.125%, due 04/15/171 |
|
70,000 |
|
73,500 |
| ||
7.500%, due 10/01/191 |
|
130,000 |
|
136,500 |
| ||
Qwest Communications International, Inc., |
|
|
|
|
| ||
7.125%, due 04/01/18 |
|
450,000 |
|
485,438 |
| ||
Radiation Therapy Services, Inc., |
|
|
|
|
| ||
9.875%, due 04/15/17 |
|
100,000 |
|
102,000 |
| ||
RBS Global, Inc., |
|
|
|
|
| ||
8.500%, due 05/01/18 |
|
140,000 |
|
151,200 |
| ||
Realogy Corp., |
|
|
|
|
| ||
10.500%, due 04/15/14 |
|
435,000 |
|
441,525 |
| ||
Regal Entertainment Group, |
|
|
|
|
| ||
9.125%, due 08/15/18 |
|
100,000 |
|
107,000 |
| ||
Residential Capital LLC, |
|
|
|
|
| ||
9.625%, due 05/15/15 |
|
125,000 |
|
126,094 |
| ||
Reynolds Group Issuer, Inc., |
|
|
|
|
| ||
7.750%, due 10/15/161 |
|
200,000 |
|
211,500 |
| ||
8.500%, due 05/15/181 |
|
200,000 |
|
202,500 |
| ||
Rite Aid Corp., |
|
|
|
|
| ||
10.375%, due 07/15/16 |
|
300,000 |
|
323,250 |
| ||
Roofing Supply Group LLC, |
|
|
|
|
| ||
8.625%, due 12/01/171 |
|
180,000 |
|
189,450 |
| ||
Royal Caribbean Cruises Ltd., |
|
|
|
|
| ||
7.500%, due 10/15/27 |
|
190,000 |
|
188,338 |
| ||
Ryerson, Inc., |
|
|
|
|
| ||
12.000%, due 11/01/15 |
|
580,000 |
|
629,300 |
| ||
Ryland Group, Inc., |
|
|
|
|
| ||
6.625%, due 05/01/20 |
|
275,000 |
|
268,125 |
| ||
Salem Communications Corp., |
|
|
|
|
| ||
9.625%, due 12/15/16 |
|
53,000 |
|
57,240 |
| ||
SandRidge Energy, Inc., |
|
|
|
|
| ||
8.750%, due 01/15/20 |
|
210,000 |
|
228,900 |
| ||
9.875%, due 05/15/161 |
|
190,000 |
|
210,900 |
| ||
Sanmina-SCI Corp., |
|
|
|
|
| ||
8.125%, due 03/01/16 |
|
505,000 |
|
522,675 |
| ||
SBA Telecommunications, Inc., |
|
|
|
|
| ||
8.250%, due 08/15/19 |
|
180,000 |
|
198,900 |
| ||
Scientific Games Corp., |
|
|
|
|
| ||
8.125%, due 09/15/181 |
|
55,000 |
|
58,025 |
| ||
Sealy Mattress Co., |
|
|
|
|
| ||
10.875%, due 04/15/161 |
|
90,000 |
|
101,925 |
| ||
Severstal Columbus LLC, |
|
|
|
|
| ||
10.250%, due 02/15/18 |
|
200,000 |
|
221,000 |
| ||
Shingle Springs Tribal Gaming Authority, |
|
|
|
|
| ||
9.375%, due 06/15/151 |
|
365,000 |
|
240,900 |
| ||
Sinclair Television Group, Inc., |
|
|
|
|
| ||
9.250%, due 11/01/171 |
|
225,000 |
|
250,875 |
| ||
Smithfield Foods, Inc., |
|
|
|
|
| ||
10.000%, due 07/15/14 |
|
102,000 |
|
120,105 |
| ||
Solo Cup Co., |
|
|
|
|
| ||
8.500%, due 02/15/14 |
|
100,000 |
|
89,500 |
| ||
Spirit Aerosystems, Inc., |
|
|
|
|
| ||
7.500%, due 10/01/17 |
|
115,000 |
|
123,625 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Sprint Capital Corp., |
|
|
|
|
| ||
6.875%, due 11/15/28 |
|
$ |
100,000 |
|
$ |
92,250 |
|
8.750%, due 03/15/32 |
|
430,000 |
|
457,413 |
| ||
Sprint Nextel Corp., |
|
|
|
|
| ||
6.000%, due 12/01/16 |
|
175,000 |
|
175,656 |
| ||
8.375%, due 08/15/17 |
|
300,000 |
|
334,125 |
| ||
SPX Corp., |
|
|
|
|
| ||
7.625%, due 12/15/14 |
|
400,000 |
|
440,500 |
| ||
SquareTwo Financial Corp., |
|
|
|
|
| ||
11.625%, due 04/01/171 |
|
355,000 |
|
360,325 |
| ||
Standard Pacific Corp., |
|
|
|
|
| ||
10.750%, due 09/15/16 |
|
115,000 |
|
133,975 |
| ||
SunGard Data Systems, Inc., |
|
|
|
|
| ||
10.250%, due 08/15/15 |
|
815,000 |
|
855,750 |
| ||
Susser Holdings LLC, |
|
|
|
|
| ||
8.500%, due 05/15/16 |
|
50,000 |
|
54,125 |
| ||
Swift Energy Co., |
|
|
|
|
| ||
8.875%, due 01/15/20 |
|
125,000 |
|
136,563 |
| ||
Tenet Healthcare Corp., |
|
|
|
|
| ||
6.875%, due 11/15/31 |
|
150,000 |
|
124,312 |
| ||
8.875%, due 07/01/19 |
|
145,000 |
|
165,300 |
| ||
Tenneco, Inc., |
|
|
|
|
| ||
7.750%, due 08/15/18 |
|
55,000 |
|
58,712 |
| ||
Tesoro Corp., |
|
|
|
|
| ||
9.750%, due 06/01/19 |
|
205,000 |
|
232,675 |
| ||
Texas Competitive Electric Holdings Co. LLC, |
|
|
|
|
| ||
Series A, 10.250%, due 11/01/15 |
|
270,000 |
|
157,950 |
| ||
Toll Brothers Finance Corp., |
|
|
|
|
| ||
8.910%, due 10/15/17 |
|
225,000 |
|
261,015 |
| ||
Toys R Us Property Co. II LLC, |
|
|
|
|
| ||
8.500%, due 12/01/17 |
|
505,000 |
|
542,875 |
| ||
Trimas Corp., |
|
|
|
|
| ||
9.750%, due 12/15/17 |
|
30,000 |
|
33,037 |
| ||
Triumph Group, Inc., |
|
|
|
|
| ||
8.000%, due 11/15/17 |
|
55,000 |
|
58,850 |
| ||
Tube City IMS Corp., |
|
|
|
|
| ||
9.750%, due 02/01/15 |
|
240,000 |
|
250,800 |
| ||
Tunica-Biloxi Gaming Authority, |
|
|
|
|
| ||
9.000%, due 11/15/151 |
|
600,000 |
|
594,750 |
| ||
Tyson Foods, Inc., |
|
|
|
|
| ||
10.500%, due 03/01/14 |
|
175,000 |
|
210,000 |
| ||
Unisys Corp., |
|
|
|
|
| ||
12.750%, due 10/15/141 |
|
200,000 |
|
237,500 |
| ||
United States Steel Corp., |
|
|
|
|
| ||
7.375%, due 04/01/20 |
|
150,000 |
|
157,125 |
| ||
Universal Hospital Services, Inc., |
|
|
|
|
| ||
8.500%, due 06/01/155 |
|
130,000 |
|
135,688 |
| ||
Univision Communications, Inc., |
|
|
|
|
| ||
7.875%, due 11/01/201 |
|
35,000 |
|
37,013 |
| ||
8.500%, due 05/15/211 |
|
185,000 |
|
191,475 |
| ||
12.000%, due 07/01/141 |
|
200,000 |
|
216,000 |
| ||
USG Corp., |
|
|
|
|
| ||
8.375%, due 10/15/181 |
|
35,000 |
|
36,575 |
| ||
9.750%, due 08/01/141 |
|
100,000 |
|
109,500 |
| ||
Vanguard Health Holding Co. II LLC, |
|
|
|
|
| ||
8.000%, due 02/01/18 |
|
225,000 |
|
230,344 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Verso Paper Holdings LLC, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
11.375%, due 08/01/16 |
|
$ |
515,000 |
|
$ |
545,900 |
|
11.500%, due 07/01/14 |
|
234,000 |
|
255,645 |
| ||
Viskase Cos., Inc., |
|
|
|
|
| ||
9.875%, due 01/15/181 |
|
200,000 |
|
215,500 |
| ||
West Corp., |
|
|
|
|
| ||
7.875%, due 01/15/191 |
|
250,000 |
|
254,688 |
| ||
11.000%, due 10/15/16 |
|
300,000 |
|
322,500 |
| ||
Weyerhaeuser Co., |
|
|
|
|
| ||
7.375%, due 03/15/32 |
|
170,000 |
|
179,263 |
| ||
Whiting Petroleum Corp., |
|
|
|
|
| ||
6.500%, due 10/01/18 |
|
150,000 |
|
155,250 |
| ||
WMG Acquisition Corp., |
|
|
|
|
| ||
9.500%, due 06/15/16 |
|
485,000 |
|
512,888 |
| ||
XL Group PLC, |
|
|
|
|
| ||
Series E, 6.500%, due 04/15/172,3 |
|
240,000 |
|
220,200 |
| ||
XM Satellite Radio, Inc., |
|
|
|
|
| ||
13.000%, due 08/01/131 |
|
115,000 |
|
136,563 |
| ||
Yankee Candle Co., Inc., |
|
|
|
|
| ||
Series B, 9.750%, due 02/15/17 |
|
245,000 |
|
260,619 |
| ||
Yankee Finance, Inc., |
|
|
|
|
| ||
10.250%, due 02/15/161,5 |
|
425,000 |
|
428,188 |
| ||
Yonkers Racing Corp., |
|
|
|
|
| ||
11.375%, due 07/15/161 |
|
260,000 |
|
289,250 |
| ||
Zions Bancorp., |
|
|
|
|
| ||
5.500%, due 11/16/15 |
|
140,000 |
|
142,377 |
| ||
Total United States corporate bonds |
|
|
|
78,272,082 |
| ||
Total corporate bonds (cost $78,990,526) |
|
|
|
86,836,778 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities0.29% |
|
|
|
|
| ||
United States0.29% |
|
|
|
|
| ||
GE Capital Commercial Mortgage Corp., |
|
|
|
|
| ||
Series 2007-C1, Class AJ, |
|
|
|
|
| ||
5.677%, due 12/10/492 |
|
225,000 |
|
167,131 |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C33, Class AM, |
|
|
|
|
| ||
5.900%, due 02/15/512 |
|
100,000 |
|
94,347 |
| ||
Total commercial mortgage-backed securities (cost $181,299) |
|
|
|
261,478 |
| ||
Total bonds (cost $79,171,825) |
|
|
|
87,098,256 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Common stocks0.05% |
|
|
|
|
| ||
United States0.05% |
|
|
|
|
| ||
American Restaurant Group, Inc.*6,7 |
|
972 |
|
0 |
| ||
Knology, Inc.* |
|
3,926 |
|
50,684 |
| ||
Pliant Corp.*6,7,8 |
|
1 |
|
0 |
| ||
Total common stocks (cost $375,000) |
|
|
|
50,684 |
| ||
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Preferred stock0.43% |
|
|
|
|
| |
United States0.43% |
|
|
|
|
| |
CMP Susquehana Radio Holdings Corp., Series A6 |
|
11,661 |
|
$ |
117 |
|
GMAC Capital Trust I*2 |
|
15,000 |
|
382,500 |
| |
Total preferred stock (cost $375,135) |
|
|
|
382,617 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Warrants0.00%8 |
|
|
|
|
| |
United States0.00%8 |
|
|
|
|
| |
CMP Susquehanna Radio Holdings Corp., strike @ $0.01, expires 03/26/19*6,7 |
|
13,325 |
|
133 |
| |
Sabreliner Corp., strike @ $0.01, expires 06/08/18*6,7 |
|
8,400 |
|
0 |
| |
Total warrants (cost $153,135) |
|
|
|
133 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment0.57% |
|
|
|
|
| |
Investment company0.57% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund9 (cost $513,628) |
|
513,628 |
|
513,628 |
| |
Total investments98.38% (cost $80,213,723) |
|
|
|
88,045,318 |
| |
Cash and other assets, less liabilities 1.62% |
|
|
|
1,445,468 |
| |
Net assets100.00% |
|
|
|
$ |
89,490,786 |
|
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
8,450,269 |
|
Gross unrealized depreciation |
|
(618,674 |
) | |
Net unrealized appreciation of investments |
|
$ |
7,831,595 |
|
* |
Non-income producing security. |
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. At March 31, 2011, the value of these securities amounted to $29,923,281 or 33.44% of net assets. |
2 |
Variable or floating rate security The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
3 |
Perpetual bond security. The maturity date reflects the next call date. |
4 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
5 |
PIK - Payment-in kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. |
6 |
Security is illiquid. At March 31, 2011, the value of these securities amounted to $35,619 or 0.04% of net assets. |
7 |
Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2011, the value of these securities amounted to $133 or 0.00% of net assets. |
8 |
Amount represents less than 0.005%. |
9 |
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,804,675 |
|
$ |
24,190,987 |
|
$ |
25,482,034 |
|
$ |
513,628 |
|
$ |
2,523 |
|
GE |
General Electric |
GMAC |
General Motors Acceptance Corp. |
REIT |
Real estate investment trust |
Forward foreign currency contracts
UBS High Yield Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMorgan Chase Bank |
|
EUR |
450,000 |
|
USD |
625,824 |
|
04/18/11 |
|
$ |
(11,769 |
) |
Currency type abbreviations: | |
EUR |
Euro |
USD |
United States Dollar |
UBS High Yield Fund
Portfolio of investments March 31, 2011 (unaudited)
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
86,836,778 |
|
$ |
|
|
$ |
86,836,778 |
|
Commercial mortgage-backed securities |
|
|
|
261,478 |
|
|
|
261,478 |
| ||||
Common stocks1 |
|
50,684 |
|
|
|
0 |
|
50,684 |
| ||||
Preferred stock |
|
382,500 |
|
117 |
|
|
|
382,617 |
| ||||
Warrants |
|
|
|
|
|
133 |
|
133 |
| ||||
Short-term investment |
|
|
|
513,628 |
|
|
|
513,628 |
| ||||
Other financial instruments1 |
|
|
|
(11,769 |
) |
|
|
(11,769 |
) | ||||
Total |
|
$ |
433,184 |
|
$ |
87,600,232 |
|
$ |
133 |
|
$ |
88,033,549 |
|
1 Other financial instruments include open forward foreign currency contracts.
Level 3 Rollforward Disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
Measurements using unobservable inputs (Level 3)
|
|
Corporate bonds |
|
Common |
|
Preferred |
|
Warrants |
|
Total |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Beginning balance |
|
$ |
17,750 |
|
$ |
0 |
|
$ |
117 |
|
$ |
133 |
|
$ |
18,000 |
|
Purchases |
|
|
|
|
|
|
|
|
|
|
| |||||
Issuances |
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
|
|
|
|
|
|
|
|
|
|
| |||||
Settlements |
|
|
|
|
|
|
|
|
|
|
| |||||
Accrued discounts (premiums) |
|
(59,665 |
) |
|
|
|
|
|
|
(59,665 |
) | |||||
Total realized gain (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net change in unrealized appreciation/depreciation |
|
77,285 |
|
|
|
|
|
|
|
77,285 |
| |||||
Net transfers into Level 3 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net transfers out of Level 3 |
|
(35,370 |
) |
|
|
(117 |
) |
|
|
(35,487 |
) | |||||
Ending balance |
|
$ |
|
|
$ |
0 |
|
$ |
|
|
$ |
133 |
|
$ |
133 |
|
UBS Global Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
1.16 |
% |
Automobiles |
|
0.97 |
|
Biotechnology |
|
1.40 |
|
Building products |
|
1.50 |
|
Capital markets |
|
3.10 |
|
Chemicals |
|
3.86 |
|
Commercial banks |
|
7.69 |
|
Commercial services & supplies |
|
1.56 |
|
Communications equipment |
|
0.93 |
|
Computers & peripherals |
|
2.90 |
|
Construction & engineering |
|
1.29 |
|
Construction materials |
|
1.32 |
|
Consumer finance |
|
1.03 |
|
Diversified financial services |
|
2.86 |
|
Diversified telecommunication services |
|
1.59 |
|
Electronic equipment, instruments & components |
|
1.23 |
|
Energy equipment & services |
|
0.86 |
|
Food & staples retailing |
|
1.02 |
|
Food products |
|
1.55 |
|
Health care equipment & supplies |
|
1.33 |
|
Health care providers & services |
|
4.58 |
|
Hotels, restaurants & leisure |
|
1.20 |
|
Household products |
|
1.12 |
|
Insurance |
|
6.17 |
|
Internet software & services |
|
1.32 |
|
IT services |
|
0.94 |
|
Leisure equipment & products |
|
0.75 |
|
Machinery |
|
1.51 |
|
Media |
|
3.84 |
|
Metals & mining |
|
2.75 |
|
Multi-utilities |
|
1.34 |
|
Oil, gas & consumable fuels |
|
11.54 |
|
Personal products |
|
1.23 |
|
Pharmaceuticals |
|
1.90 |
|
Professional services |
|
1.44 |
|
Real estate management & development |
|
1.81 |
|
Semiconductors & semiconductor equipment |
|
2.58 |
|
Software |
|
3.45 |
|
Specialty retail |
|
1.40 |
|
Tobacco |
|
2.52 |
|
Trading companies & distributors |
|
2.87 |
|
Wireless telecommunication services |
|
2.06 |
|
Total common stocks |
|
97.47 |
% |
Participation note |
|
0.48 |
|
Short-term investment |
|
1.07 |
|
Investment of cash collateral from securities loaned |
|
3.06 |
|
Total investments |
|
102.08 |
% |
Liabilities, in excess of cash and other assets |
|
(2.08 |
) |
Net assets |
|
100.00 |
% |
UBS Global Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security |
|
Shares |
|
Value |
| |
Common stocks97.47% |
|
|
|
|
| |
Australia2.62% |
|
|
|
|
| |
Orica Ltd. |
|
45,770 |
|
$ |
1,248,414 |
|
Rio Tinto Ltd. |
|
22,831 |
|
2,001,392 |
| |
Total Australia common stocks |
|
|
|
3,249,806 |
| |
|
|
|
|
|
| |
Brazil1.14% |
|
|
|
|
| |
Vale SA ADR |
|
42,300 |
|
1,410,705 |
| |
|
|
|
|
|
| |
Canada7.16% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
50,700 |
|
1,708,478 |
| |
Gran Tierra Energy, Inc.* |
|
143,800 |
|
1,159,893 |
| |
Petrobank Energy & Resources Ltd.* |
|
45,200 |
|
955,284 |
| |
Petrominerales Ltd.1 |
|
58,700 |
|
2,224,485 |
| |
Research In Motion Ltd.* |
|
20,400 |
|
1,153,720 |
| |
Suncor Energy, Inc. |
|
37,700 |
|
1,690,764 |
| |
Total Canada common stocks |
|
|
|
8,892,624 |
| |
|
|
|
|
|
| |
China5.15% |
|
|
|
|
| |
AIA Group Ltd.* |
|
477,255 |
|
1,469,459 |
| |
China Construction Bank Corp., H Shares |
|
1,952,450 |
|
1,829,822 |
| |
China Mengniu Dairy Co., Ltd. |
|
319,000 |
|
844,810 |
| |
New World Development Ltd. |
|
931,000 |
|
1,644,515 |
| |
Sino-Ocean Land Holdings Ltd. |
|
978,500 |
|
606,330 |
| |
Total China common stocks |
|
|
|
6,394,936 |
| |
|
|
|
|
|
| |
Denmark1.29% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
18,759 |
|
1,598,073 |
| |
|
|
|
|
|
| |
Finland0.82% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
32,115 |
|
1,024,506 |
| |
|
|
|
|
|
| |
France1.02% |
|
|
|
|
| |
Carrefour SA |
|
28,717 |
|
1,271,397 |
| |
|
|
|
|
|
| |
Germany4.89% |
|
|
|
|
| |
Allianz SE |
|
8,639 |
|
1,212,443 |
| |
Beiersdorf AG NPV |
|
25,063 |
|
1,529,638 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
25,297 |
|
1,698,975 |
| |
HeidelbergCement AG |
|
23,391 |
|
1,633,784 |
| |
Total Germany common stocks |
|
|
|
6,074,840 |
| |
|
|
|
|
|
| |
Indonesia1.26% |
|
|
|
|
| |
Bank Rakyat Indonesia PT |
|
2,363,000 |
|
1,560,408 |
| |
|
|
|
|
|
| |
Ireland2.27% |
|
|
|
|
| |
Accenture PLC, Class A |
|
21,200 |
|
1,165,364 |
| |
Covidien PLC |
|
31,804 |
|
1,651,900 |
| |
Total Ireland common stocks |
|
|
|
2,817,264 |
| |
|
|
|
|
|
| |
Italy1.51% |
|
|
|
|
| |
Fiat Industrial SpA* |
|
130,415 |
|
1,872,269 |
| |
|
|
|
|
|
| |
Japan8.39% |
|
|
|
|
| |
ITOCHU Corp. |
|
196,100 |
|
2,053,416 |
| |
KDDI Corp. |
|
223 |
|
1,380,681 |
| |
Mitsubishi Corp. |
|
54,400 |
|
1,510,094 |
| |
ORIX Corp. |
|
10,820 |
|
1,013,318 |
| |
Sankyo Co., Ltd. |
|
18,200 |
|
933,193 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
21,800 |
|
1,083,710 |
| |
Sumitomo Mitsui Financial Group, Inc.1 |
|
43,600 |
|
1,355,489 |
| |
UBS Global Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
Tokio Marine Holdings, Inc. |
|
40,900 |
|
$ |
1,093,551 |
|
Total Japan common stocks |
|
|
|
10,423,452 |
| |
|
|
|
|
|
| |
Malaysia1.13% |
|
|
|
|
| |
Petronas Chemicals Group Bhd* |
|
587,200 |
|
1,403,658 |
| |
|
|
|
|
|
| |
Netherlands3.34% |
|
|
|
|
| |
ASML Holding NV |
|
34,666 |
|
1,527,901 |
| |
LyondellBasell Industries NV, Class A* |
|
26,725 |
|
1,056,974 |
| |
Wolters Kluwer NV |
|
67,095 |
|
1,568,936 |
| |
Total Netherlands common stocks |
|
|
|
4,153,811 |
| |
|
|
|
|
|
| |
Norway2.45% |
|
|
|
|
| |
Petroleum Geo-Services ASA* |
|
66,590 |
|
1,067,439 |
| |
Telenor ASA |
|
119,702 |
|
1,969,691 |
| |
Total Norway common stocks |
|
|
|
3,037,130 |
| |
|
|
|
|
|
| |
Russia3.52% |
|
|
|
|
| |
Gazprom OAO ADR |
|
45,593 |
|
1,475,845 |
| |
Mobile Telesystems OJSC ADR |
|
55,500 |
|
1,178,265 |
| |
Sberbank of Russia* |
|
456,159 |
|
1,714,246 |
| |
Total Russia common stocks |
|
|
|
4,368,356 |
| |
|
|
|
|
|
| |
South Africa1.18% |
|
|
|
|
| |
Naspers Ltd., Class N |
|
27,275 |
|
1,467,568 |
| |
|
|
|
|
|
| |
South Korea1.35% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
1,976 |
|
1,678,866 |
| |
|
|
|
|
|
| |
Switzerland3.34% |
|
|
|
|
| |
Novartis AG |
|
43,506 |
|
2,359,792 |
| |
SGS SA |
|
1,004 |
|
1,787,196 |
| |
Total Switzerland common stocks |
|
|
|
4,146,988 |
| |
|
|
|
|
|
| |
Taiwan1.23% |
|
|
|
|
| |
HON HAI Precision Industry Co., Ltd. |
|
435,840 |
|
1,526,585 |
| |
|
|
|
|
|
| |
Thailand1.17% |
|
|
|
|
| |
Bank of Ayudhya PCL1 |
|
1,773,900 |
|
1,454,545 |
| |
|
|
|
|
|
| |
United Kingdom7.04% |
|
|
|
|
| |
BP PLC |
|
246,758 |
|
1,797,155 |
| |
Imperial Tobacco Group PLC |
|
46,859 |
|
1,448,549 |
| |
Lloyds Banking Group PLC* |
|
1,757,052 |
|
1,637,361 |
| |
Man Group PLC |
|
263,317 |
|
1,038,714 |
| |
Prudential PLC |
|
121,691 |
|
1,379,206 |
| |
Tullow Oil PLC |
|
62,176 |
|
1,444,275 |
| |
Total United Kingdom common stocks |
|
|
|
8,745,260 |
| |
|
|
|
|
|
| |
United States34.20% |
|
|
|
|
| |
Altria Group, Inc. |
|
64,800 |
|
1,686,744 |
| |
AmerisourceBergen Corp. |
|
20,000 |
|
791,200 |
| |
Apple, Inc.* |
|
6,100 |
|
2,125,545 |
| |
Autodesk, Inc.* |
|
30,100 |
|
1,327,711 |
| |
Bank of New York Mellon Corp. |
|
62,300 |
|
1,860,901 |
| |
Boeing Co. |
|
19,500 |
|
1,441,635 |
| |
Capital One Financial Corp. |
|
24,500 |
|
1,273,020 |
| |
Carnival Corp. |
|
38,800 |
|
1,488,368 |
| |
Citigroup, Inc.* |
|
574,500 |
|
2,539,290 |
| |
Colgate-Palmolive Co. |
|
17,300 |
|
1,397,148 |
| |
Comcast Corp., Class A |
|
70,000 |
|
1,730,400 |
| |
EOG Resources, Inc. |
|
15,800 |
|
1,872,458 |
| |
General Motors Co.* |
|
38,648 |
|
1,199,247 |
| |
Gilead Sciences, Inc.* |
|
41,100 |
|
1,744,284 |
| |
UBS Global Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security |
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Goldman Sachs Group, Inc. |
|
6,000 |
|
$ |
950,820 |
|
Google, Inc., Class A* |
|
2,800 |
|
1,641,388 |
| |
Hewlett-Packard Co. |
|
35,900 |
|
1,470,823 |
| |
Kraft Foods, Inc., Class A |
|
34,600 |
|
1,085,056 |
| |
Lowes Cos., Inc. |
|
65,900 |
|
1,741,737 |
| |
MDU Resources Group, Inc. |
|
72,500 |
|
1,665,325 |
| |
MetLife, Inc. |
|
33,300 |
|
1,489,509 |
| |
Microsoft Corp. |
|
116,500 |
|
2,954,440 |
| |
Owens Corning* |
|
51,900 |
|
1,867,881 |
| |
Republic Services, Inc. |
|
64,700 |
|
1,943,588 |
| |
UnitedHealth Group, Inc. |
|
34,000 |
|
1,536,800 |
| |
Universal Health Services, Inc., Class B |
|
33,500 |
|
1,655,235 |
| |
Total United States common stocks |
|
|
|
42,480,553 |
| |
Total common stocks (cost $101,428,613) |
|
|
|
121,053,600 |
| |
|
|
|
|
|
| |
Participation note0.48% |
|
|
|
|
| |
India0.48% |
|
|
|
|
| |
Housing Development & Infrastructure Limited, expires 08/10/12* (cost $959,885) |
|
151,614 |
|
601,084 |
| |
|
|
|
|
|
| |
Short-term investment1.07% |
|
|
|
|
| |
Investment company1.07% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $1,324,678) |
|
1,324,678 |
|
1,324,678 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned3.06% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $3,800,512) |
|
3,800,512 |
|
3,800,512 |
| |
Total investments102.08% (cost $107,513,688) |
|
|
|
126,779,874 |
| |
Liabilities, in excess of cash and other assets(2.08)% |
|
|
|
(2,583,659 |
) | |
Net assets100.00% |
|
|
|
$ |
124,196,215 |
|
UBS Global Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
21,258,863 |
|
Gross unrealized depreciation |
|
(1,992,677 |
) | |
Net unrealized appreciation of investments |
|
$ |
19,266,186 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
760,855 |
|
$ |
30,477,494 |
|
$ |
29,913,671 |
|
$ |
1,324,678 |
|
$ |
1,334 |
|
UBS Private Money Market Fund LLCa |
|
2,220,517 |
|
31,440,004 |
|
29,860,009 |
|
3,800,512 |
|
12,247 |
| |||||
|
|
$ |
2,981,372 |
|
$ |
61,917,498 |
|
$ |
59,773,680 |
|
$ |
5,125,190 |
|
$ |
13,581 |
|
a |
The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
ADR |
American depositary receipt |
OJSC |
Open joint stock company |
Forward foreign currency contracts
UBS Global Equity Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMorgan Chase Bank |
|
AUD |
|
2,200,000 |
|
USD |
|
2,176,143 |
|
06/20/11 |
|
$ |
(77,214 |
) |
JPMorgan Chase Bank |
|
BRL |
|
2,190,000 |
|
USD |
|
1,277,713 |
|
06/20/11 |
|
(41,408 |
) | |
JPMorgan Chase Bank |
|
CAD |
|
3,380,000 |
|
USD |
|
3,410,087 |
|
06/20/11 |
|
(70,311 |
) | |
JPMorgan Chase Bank |
|
CHF |
|
690,000 |
|
USD |
|
740,572 |
|
06/20/11 |
|
(11,037 |
) | |
JPMorgan Chase Bank |
|
DKK |
|
8,070,000 |
|
USD |
|
1,484,790 |
|
06/20/11 |
|
(46,844 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
620,000 |
|
USD |
|
850,316 |
|
06/20/11 |
|
(27,004 |
) | |
JPMorgan Chase Bank |
|
HKD |
|
24,540,000 |
|
USD |
|
3,152,230 |
|
06/20/11 |
|
(4,764 |
) | |
JPMorgan Chase Bank |
|
JPY |
|
88,200,000 |
|
USD |
|
1,099,465 |
|
06/20/11 |
|
38,580 |
| |
JPMorgan Chase Bank |
|
MYR |
|
3,357,000 |
|
USD |
|
1,096,772 |
|
06/20/11 |
|
(5,643 |
) | |
JPMorgan Chase Bank |
|
NOK |
|
13,020,000 |
|
USD |
|
2,294,728 |
|
06/20/11 |
|
(49,520 |
) | |
JPMorgan Chase Bank |
|
THB |
|
41,330,000 |
|
USD |
|
1,345,592 |
|
06/20/11 |
|
(15,127 |
) | |
JPMorgan Chase Bank |
|
TWD |
|
70,700,000 |
|
USD |
|
2,419,162 |
|
06/20/11 |
|
10,827 |
| |
JPMorgan Chase Bank |
|
USD |
|
529,063 |
|
CAD |
|
520,000 |
|
06/20/11 |
|
6,382 |
| |
JPMorgan Chase Bank |
|
USD |
|
737,469 |
|
CHF |
|
690,000 |
|
06/20/11 |
|
14,141 |
| |
JPMorgan Chase Bank |
|
USD |
|
2,764,405 |
|
GBP |
|
1,705,000 |
|
06/20/11 |
|
(32,137 |
) | |
JPMorgan Chase Bank |
|
USD |
|
909,170 |
|
HKD |
|
7,075,000 |
|
06/20/11 |
|
1,007 |
| |
JPMorgan Chase Bank |
|
USD |
|
4,525,164 |
|
JPY |
|
373,500,000 |
|
06/20/11 |
|
(32,639 |
) | |
JPMorgan Chase Bank |
|
USD |
|
2,571,464 |
|
MXN |
|
31,450,000 |
|
06/20/11 |
|
53,799 |
| |
JPMorgan Chase Bank |
|
USD |
|
4,299,802 |
|
SEK |
|
27,670,000 |
|
06/20/11 |
|
66,128 |
| |
JPMorgan Chase Bank |
|
USD |
|
3,618,331 |
|
SGD |
|
4,615,000 |
|
06/20/11 |
|
43,370 |
| |
JPMorgan Chase Bank |
|
USD |
|
1,268,861 |
|
TWD |
|
37,000,000 |
|
06/20/11 |
|
(8,488 |
) | |
JPMorgan Chase Bank |
|
USD |
|
1,137,745 |
|
TWD |
|
33,700,000 |
|
06/20/11 |
|
10,217 |
| |
JPMorgan Chase Bank |
|
ZAR |
|
11,080,000 |
|
USD |
|
1,528,867 |
|
06/20/11 |
|
(90,258 |
) | |
Morgan Stanley & Co. Inc. |
|
EUR |
|
1,065,000 |
|
CAD |
|
1,432,362 |
|
06/20/11 |
|
(32,102 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
$ |
(300,045 |
) |
Currency type abbreviations: | |
AUD |
Australian Dollar |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
DKK |
Danish Krone |
EUR |
Euro |
GBP |
Great Britain Pound |
HKD |
Hong Kong Dollar |
JPY |
Japanese Yen |
UBS Global Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
MXN |
Mexican Peso |
MYR |
Malaysian Ringgit |
NOK |
Norwegian Krone |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
THB |
Thai Baht |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
ZAR |
South African Rand |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
121,053,600 |
|
$ |
|
|
$ |
|
|
$ |
121,053,600 |
|
Participation note |
|
|
|
601,084 |
|
|
|
601,084 |
| ||||
Short-term investment |
|
|
|
1,324,678 |
|
|
|
1,324,678 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
3,800,512 |
|
|
|
3,800,512 |
| ||||
Other financial instruments1 |
|
|
|
(300,045 |
) |
|
|
(300,045 |
) | ||||
Total |
|
$ |
121,053,600 |
|
$ |
5,426,229 |
|
$ |
|
|
$ |
126,479,829 |
|
1 Other financial instruments include forward foreign currency contracts.
UBS International Equity Fund Portfolio of investments
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
0.35 |
% |
Airlines |
|
0.92 |
|
Auto components |
|
0.68 |
|
Automobiles |
|
2.60 |
|
Beverages |
|
0.42 |
|
Building products |
|
1.47 |
|
Capital markets |
|
1.08 |
|
Chemicals |
|
3.17 |
|
Commercial banks |
|
14.18 |
|
Communications equipment |
|
0.57 |
|
Computers & peripherals |
|
0.52 |
|
Construction & engineering |
|
1.43 |
|
Construction materials |
|
1.15 |
|
Diversified financial services |
|
2.18 |
|
Diversified telecommunication services |
|
1.66 |
|
Electric utilities |
|
1.34 |
|
Electrical equipment |
|
0.38 |
|
Electronic equipment, instruments & components |
|
1.39 |
|
Energy equipment & services |
|
2.69 |
|
Food & staples retailing |
|
1.39 |
|
Food products |
|
1.88 |
|
Health care equipment & supplies |
|
0.33 |
|
Health care providers & services |
|
0.81 |
|
Hotels, restaurants & leisure |
|
1.13 |
|
Household products |
|
0.48 |
|
Industrial conglomerates |
|
0.41 |
|
Insurance |
|
3.62 |
|
Internet software & services |
|
1.00 |
|
Leisure equipment & products |
|
0.53 |
|
Machinery |
|
5.35 |
|
Marine |
|
0.33 |
|
Media |
|
1.85 |
|
Metals & mining |
|
7.20 |
|
Office electronics |
|
0.54 |
|
Oil, gas & consumable fuels |
|
10.25 |
|
Personal products |
|
0.59 |
|
Pharmaceuticals |
|
4.52 |
|
Professional services |
|
0.97 |
|
Real estate management & development |
|
1.53 |
|
Semiconductors & semiconductor equipment |
|
3.56 |
|
Software |
|
0.69 |
|
Specialty retail |
|
0.66 |
|
Textiles, apparel & luxury goods |
|
0.98 |
|
Tobacco |
|
1.31 |
|
Trading companies & distributors |
|
2.64 |
|
Wireless telecommunication services |
|
3.54 |
|
Total common stocks |
|
96.27 |
% |
Preferred stock |
|
0.84 |
|
Participation note |
|
0.30 |
|
Short-term investment |
|
2.78 |
|
Investment of cash collateral from securities loaned |
|
3.67 |
|
Total investments |
|
103.86 |
% |
Liabilities, in excess of cash and other assets |
|
(3.86 |
) |
Net assets |
|
100.00 |
% |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks96.27% |
|
|
|
|
| |
Australia4.21% |
|
|
|
|
| |
Alumina Ltd. |
|
55,507 |
|
$ |
141,238 |
|
BHP Billiton Ltd. |
|
1,969 |
|
94,826 |
| |
Incitec Pivot Ltd. |
|
52,336 |
|
234,399 |
| |
Mount Gibson Iron Ltd.* |
|
27,096 |
|
55,773 |
| |
National Australia Bank Ltd. |
|
10,135 |
|
270,989 |
| |
Orica Ltd. |
|
9,484 |
|
258,684 |
| |
Qantas Airways Ltd.* |
|
70,630 |
|
159,262 |
| |
Total Australia common stocks |
|
|
|
1,215,171 |
| |
|
|
|
|
|
| |
Austria0.27% |
|
|
|
|
| |
Raiffeisen Bank International AG1 |
|
1,409 |
|
78,196 |
| |
|
|
|
|
|
| |
Belgium0.42% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
2,120 |
|
120,764 |
| |
|
|
|
|
|
| |
Brazil1.06% |
|
|
|
|
| |
Vale SA ADR |
|
9,200 |
|
306,820 |
| |
|
|
|
|
|
| |
Canada6.24% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
6,400 |
|
215,666 |
| |
Gran Tierra Energy, Inc.* |
|
20,200 |
|
162,934 |
| |
Petrobank Energy & Resources Ltd.* |
|
4,500 |
|
95,106 |
| |
Petrominerales Ltd.1 |
|
6,700 |
|
253,902 |
| |
Research In Motion Ltd.* |
|
2,900 |
|
164,009 |
| |
Royal Bank of Canada |
|
3,200 |
|
198,007 |
| |
Suncor Energy, Inc. |
|
9,600 |
|
430,539 |
| |
Teck Resources Ltd., Class B |
|
3,000 |
|
159,020 |
| |
Trican Well Service Ltd. |
|
5,400 |
|
121,925 |
| |
Total Canada common stocks |
|
|
|
1,801,108 |
| |
|
|
|
|
|
| |
China6.50% |
|
|
|
|
| |
AIA Group Ltd.* |
|
78,038 |
|
240,277 |
| |
Baidu, Inc. ADR* |
|
2,100 |
|
289,401 |
| |
China Construction Bank Corp., H Shares |
|
322,280 |
|
302,039 |
| |
China Everbright Ltd. |
|
16,000 |
|
35,873 |
| |
China Mengniu Dairy Co., Ltd. |
|
54,000 |
|
143,009 |
| |
China Merchants Bank Co., Ltd., H Shares |
|
86,259 |
|
238,975 |
| |
China National Building Material Co., Ltd., H Shares |
|
24,000 |
|
88,088 |
| |
Dongfang Electric Corp. Ltd., H Shares |
|
32,000 |
|
108,606 |
| |
Focus Media Holding Ltd. ADR* |
|
2,600 |
|
79,742 |
| |
Fushan International Energy Group Ltd. |
|
58,000 |
|
41,756 |
| |
New World Development Ltd. |
|
114,000 |
|
201,369 |
| |
Sino-Ocean Land Holdings Ltd. |
|
171,500 |
|
106,271 |
| |
Total China common stocks |
|
|
|
1,875,406 |
| |
|
|
|
|
|
| |
Denmark1.49% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
2,936 |
|
250,117 |
| |
Novo Nordisk A/S, Class B1 |
|
1,437 |
|
180,540 |
| |
Total Denmark common stocks |
|
|
|
430,657 |
| |
|
|
|
|
|
| |
Finland1.07% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
6,865 |
|
219,002 |
| |
YIT Oyj |
|
2,987 |
|
88,558 |
| |
Total Finland common stocks |
|
|
|
307,560 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
France2.93% |
|
|
|
|
| |
BNP Paribas |
|
6,438 |
|
$ |
470,886 |
|
Carrefour SA |
|
4,425 |
|
195,910 |
| |
Total SA |
|
1,971 |
|
119,986 |
| |
Valeo SA* |
|
1,018 |
|
59,375 |
| |
Total France common stocks |
|
|
|
846,157 |
| |
|
|
|
|
|
| |
Germany6.77% |
|
|
|
|
| |
Aixtron SE NA1 |
|
2,685 |
|
117,561 |
| |
Bayer AG |
|
2,817 |
|
218,137 |
| |
Bayerische Motoren Werke AG |
|
1,028 |
|
85,592 |
| |
Beiersdorf AG |
|
2,774 |
|
169,302 |
| |
Dialog Semiconductor PLC* |
|
2,950 |
|
61,227 |
| |
E.ON AG |
|
7,460 |
|
227,833 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
3,494 |
|
234,661 |
| |
GEA Group AG |
|
3,995 |
|
131,578 |
| |
HeidelbergCement AG |
|
3,503 |
|
244,673 |
| |
MAN SE |
|
1,086 |
|
135,439 |
| |
Metro AG |
|
3,020 |
|
206,358 |
| |
ThyssenKrupp AG |
|
2,926 |
|
119,550 |
| |
Total Germany common stocks |
|
|
|
1,951,911 |
| |
|
|
|
|
|
| |
Hong Kong1.01% |
|
|
|
|
| |
Hong Kong Exchanges & Clearing Ltd. |
|
6,200 |
|
134,704 |
| |
Shangri-La Asia Ltd. |
|
36,000 |
|
93,025 |
| |
Sun Hung Kai Properties Ltd. |
|
4,000 |
|
63,354 |
| |
|
|
|
|
291,083 |
| |
|
|
|
|
|
| |
Indonesia1.44% |
|
|
|
|
| |
Astra International Tbk PT |
|
21,500 |
|
140,741 |
| |
Bank Rakyat Indonesia PT |
|
416,000 |
|
274,705 |
| |
Total Indonesia common stocks |
|
|
|
415,446 |
| |
|
|
|
|
|
| |
Ireland0.37% |
|
|
|
|
| |
Ryanair Holdings PLC ADR |
|
3,800 |
|
105,640 |
| |
|
|
|
|
|
| |
Israel0.43% |
|
|
|
|
| |
Teva Pharmaceutical Industries Ltd. |
|
2,473 |
|
124,067 |
| |
|
|
|
|
|
| |
Italy1.62% |
|
|
|
|
| |
Fiat Industrial SpA* |
|
17,590 |
|
252,526 |
| |
Saipem SpA |
|
4,031 |
|
214,285 |
| |
Total Italy common stocks |
|
|
|
466,811 |
| |
|
|
|
|
|
| |
Japan17.82% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
28,000 |
|
352,104 |
| |
Canon, Inc. |
|
3,600 |
|
156,672 |
| |
Denki Kagaku Kogyo KK |
|
23,000 |
|
113,369 |
| |
Disco Corp.1 |
|
2,000 |
|
136,571 |
| |
Fanuc Corp. |
|
1,600 |
|
242,174 |
| |
Ibiden Co., Ltd. |
|
2,900 |
|
91,588 |
| |
Isuzu Motors Ltd. |
|
30,000 |
|
118,658 |
| |
ITOCHU Corp. |
|
22,900 |
|
239,792 |
| |
KDDI Corp. |
|
38 |
|
235,273 |
| |
Komatsu Ltd. |
|
6,200 |
|
210,567 |
| |
Makino Milling Machine Co., Ltd.* |
|
12,000 |
|
101,851 |
| |
Mitsubishi Corp. |
|
18,800 |
|
521,871 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
24,200 |
|
111,719 |
| |
Nippon Sheet Glass Co., Ltd. |
|
25,000 |
|
72,133 |
| |
Nippon Yusen KK |
|
24,000 |
|
93,773 |
| |
Nissan Motor Co., Ltd. |
|
45,500 |
|
403,691 |
| |
ORIX Corp. |
|
3,640 |
|
340,894 |
| |
OSAKA Titanium Technologies Co.1 |
|
2,100 |
|
144,915 |
| |
Sankyo Co., Ltd. |
|
3,000 |
|
153,823 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
3,300 |
|
164,048 |
| |
Sony Financial Holdings, Inc. |
|
11,600 |
|
230,103 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
9,500 |
|
295,347 |
| |
THK Co., Ltd. |
|
12,900 |
|
324,439 |
| |
Tokio Marine Holdings, Inc. |
|
4,800 |
|
128,339 |
| |
Tokyu Land Corp. |
|
16,000 |
|
69,632 |
| |
Toshiba Corp. |
|
18,000 |
|
88,074 |
| |
Total Japan common stocks |
|
|
|
5,141,420 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Luxembourg0.88% |
|
|
|
|
| |
ArcelorMittal |
|
6,977 |
|
$ |
252,386 |
|
|
|
|
|
|
| |
Malaysia0.50% |
|
|
|
|
| |
Petronas Chemicals Group Bhd* |
|
60,700 |
|
145,099 |
| |
|
|
|
|
|
| |
Netherlands3.28% |
|
|
|
|
| |
ASML Holding NV |
|
5,512 |
|
242,941 |
| |
Fugro NV CVA |
|
1,117 |
|
98,432 |
| |
Gemalto NV |
|
1,234 |
|
60,693 |
| |
ING Groep NV CVA* |
|
9,325 |
|
118,027 |
| |
Royal Dutch Shell PLC, Class A |
|
6,915 |
|
251,146 |
| |
Wolters Kluwer NV |
|
7,539 |
|
176,290 |
| |
Total Netherlands common stocks |
|
|
|
947,529 |
| |
|
|
|
|
|
| |
Norway2.26% |
|
|
|
|
| |
Petroleum Geo-Services ASA* |
|
13,215 |
|
211,837 |
| |
Subsea 7 SA |
|
5,277 |
|
133,303 |
| |
Telenor ASA |
|
18,741 |
|
308,382 |
| |
Total Norway common stocks |
|
|
|
653,522 |
| |
|
|
|
|
|
| |
Russia3.11% |
|
|
|
|
| |
Gazprom OAO ADR |
|
6,072 |
|
196,551 |
| |
Mechel OAO ADR |
|
3,100 |
|
95,449 |
| |
Mobile Telesystems OJSC ADR |
|
5,950 |
|
126,318 |
| |
NovaTek OAO GDR2 |
|
1,022 |
|
142,058 |
| |
Sberbank of Russia Federation* |
|
60,488 |
|
227,314 |
| |
VTB Bank OJSC GDR2 |
|
15,566 |
|
108,962 |
| |
Total Russia common stocks |
|
|
|
896,652 |
| |
|
|
|
|
|
| |
Singapore1.63% |
|
|
|
|
| |
Biosensors International Group Ltd.* |
|
103,000 |
|
96,422 |
| |
DBS Group Holdings Ltd. |
|
13,159 |
|
152,835 |
| |
Golden Agri-Resources Ltd. |
|
190,000 |
|
104,006 |
| |
Keppel Corp. Ltd. |
|
12,000 |
|
117,096 |
| |
Total Singapore common stocks |
|
|
|
470,359 |
| |
|
|
|
|
|
| |
South Africa1.52% |
|
|
|
|
| |
MTN Group Ltd. |
|
8,069 |
|
162,895 |
| |
Naspers Ltd., Class N |
|
5,133 |
|
276,188 |
| |
Total South Africa common stocks |
|
|
|
439,083 |
| |
|
|
|
|
|
| |
South Korea1.52% |
|
|
|
|
| |
Hyundai Mobis |
|
461 |
|
137,634 |
| |
Samsung Electronics Co., Ltd. |
|
354 |
|
300,768 |
| |
Total South Korea common stocks |
|
|
|
438,402 |
| |
|
|
|
|
|
| |
Spain1.25% |
|
|
|
|
| |
Inditex SA |
|
2,359 |
|
189,290 |
| |
Telefonica SA |
|
6,824 |
|
170,838 |
| |
Total Spain common stocks |
|
|
|
360,128 |
| |
|
|
|
|
|
| |
Sweden1.35% |
|
|
|
|
| |
Skandinaviska Enskilda Banken AB, Class A1 |
|
13,661 |
|
121,851 |
| |
Swedish Match AB |
|
3,742 |
|
124,439 |
| |
Volvo AB, Class B* |
|
8,217 |
|
144,503 |
| |
Total Sweden common stocks |
|
|
|
390,793 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Switzerland5.02% |
|
|
|
|
| |
Cie Financiere Richemont SA, Class A |
|
2,523 |
|
$ |
145,721 |
|
GAM Holding AG* |
|
7,571 |
|
143,837 |
| |
Nestle SA |
|
5,139 |
|
294,576 |
| |
Novartis AG |
|
8,254 |
|
447,702 |
| |
SGS SA |
|
157 |
|
279,472 |
| |
Swatch Group AG |
|
1,707 |
|
135,668 |
| |
Total Switzerland common stocks |
|
|
|
1,446,976 |
| |
|
|
|
|
|
| |
Taiwan1.66% |
|
|
|
|
| |
AU Optronics Corp.* |
|
104,000 |
|
90,891 |
| |
HON HAI Precision Industry Co., Ltd. |
|
62,624 |
|
219,349 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
13,900 |
|
169,302 |
| |
Total Taiwan common stocks |
|
|
|
479,542 |
| |
|
|
|
|
|
| |
Thailand1.22% |
|
|
|
|
| |
Italian-Thai Development PCL* |
|
531,100 |
|
73,752 |
| |
Kasikornbank PCL |
|
64,200 |
|
279,130 |
| |
Total Thailand common stocks |
|
|
|
352,882 |
| |
|
|
|
|
|
| |
United Kingdom17.42% |
|
|
|
|
| |
Anglo American PLC |
|
1,867 |
|
96,051 |
| |
Barclays PLC |
|
51,239 |
|
228,139 |
| |
BG Group PLC |
|
9,911 |
|
246,597 |
| |
BP PLC |
|
54,706 |
|
398,428 |
| |
Carnival PLC |
|
5,911 |
|
232,509 |
| |
Cobham PLC |
|
27,025 |
|
99,800 |
| |
GlaxoSmithKline PLC |
|
11,514 |
|
219,710 |
| |
HSBC Holdings PLC |
|
17,772 |
|
182,748 |
| |
Imperial Tobacco Group PLC |
|
8,201 |
|
253,517 |
| |
Lloyds Banking Group PLC* |
|
336,377 |
|
313,463 |
| |
Man Group PLC |
|
42,426 |
|
167,359 |
| |
Prudential PLC |
|
19,958 |
|
226,197 |
| |
Reckitt Benckiser Group PLC |
|
2,689 |
|
138,125 |
| |
Rio Tinto PLC |
|
6,149 |
|
431,954 |
| |
Sage Group PLC |
|
44,814 |
|
199,928 |
| |
Scottish & Southern Energy PLC |
|
7,904 |
|
159,890 |
| |
Shire PLC |
|
4,007 |
|
116,412 |
| |
Standard Chartered PLC |
|
8,965 |
|
232,551 |
| |
Tullow Oil PLC |
|
19,144 |
|
444,692 |
| |
Vodafone Group PLC |
|
175,232 |
|
496,154 |
| |
Xstrata PLC |
|
6,085 |
|
142,226 |
| |
Total United Kingdom common stocks |
|
|
|
5,026,450 |
| |
Total common stocks (cost $21,061,851) |
|
|
|
27,778,020 |
| |
|
|
|
|
|
| |
Preferred stock0.84% |
|
|
|
|
| |
Germany0.84% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $142,941) |
|
1,487 |
|
241,189 |
| |
|
|
|
|
|
| |
Participation note0.30% |
|
|
|
|
| |
India0.30% |
|
|
|
|
| |
Housing Development & Infrastructure Limited, expires 08/10/12*(cost $139,284) |
|
22,000 |
|
87,221 |
| |
Short-term investment2.78% |
|
|
|
|
| |
Investment company2.78% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $802,607) |
|
802,607 |
|
802,607 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Investment of cash collateral from securities loaned3.67% |
|
|
|
|
| |
UBS Private Money Market Fund LLC3 (cost $1,060,238) |
|
1,060,238 |
|
$ |
1,060,238 |
|
Total investments103.86% (cost $23,206,921) |
|
|
|
29,969,275 |
| |
Liabilities, in excess of cash and other assets(3.86)% |
|
|
|
(1,114,239 |
) | |
Net assets100.00% |
|
|
|
$ |
28,855,036 |
|
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
7,123,582 |
|
Gross unrealized depreciation |
|
(361,228 |
) | |
Net unrealized appreciation of investments |
|
$ |
6,762,354 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of this security amounted to $251,020 or 0.87% of net assets. |
3 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
722,032 |
|
$ |
10,324,646 |
|
$ |
10,244,071 |
|
$ |
802,607 |
|
$ |
1,020 |
|
UBS Private Money Market Fund LLCa |
|
471,729 |
|
7,982,740 |
|
7,394,231 |
|
1,060,238 |
|
7,624 |
| |||||
|
|
$ |
1,193,761 |
|
$ |
18,307,386 |
|
$ |
17,638,302 |
|
$ |
1,862,845 |
|
$ |
8,644 |
|
a |
The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
ADR |
American depositary receipt |
CVA |
Dutch certification - depository certificate |
GDR |
Global depositary receipt |
OJSC |
Open joint stock company |
Preference shares |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
Forward foreign currency contracts
UBS International Equity Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMorgan Chase Bank |
|
AUD |
|
145,000 |
|
USD |
|
143,428 |
|
06/20/11 |
|
$ |
(5,089 |
) |
JPMorgan Chase Bank |
|
BRL |
|
340,000 |
|
USD |
|
198,366 |
|
06/20/11 |
|
(6,429 |
) | |
JPMorgan Chase Bank |
|
CAD |
|
345,000 |
|
USD |
|
348,071 |
|
06/20/11 |
|
(7,177 |
) | |
JPMorgan Chase Bank |
|
CHF |
|
405,000 |
|
USD |
|
437,861 |
|
06/20/11 |
|
(3,301 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
80,000 |
|
CAD |
|
107,596 |
|
06/20/11 |
|
(2,410 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
275,000 |
|
USD |
|
380,554 |
|
06/20/11 |
|
(8,580 |
) | |
JPMorgan Chase Bank |
|
GBP |
|
95,000 |
|
USD |
|
154,028 |
|
06/20/11 |
|
1,791 |
| |
JPMorgan Chase Bank |
|
HKD |
|
2,655,000 |
|
USD |
|
341,040 |
|
06/20/11 |
|
(518 |
) | |
JPMorgan Chase Bank |
|
JPY |
|
13,400,000 |
|
USD |
|
165,549 |
|
06/20/11 |
|
4,371 |
| |
JPMorgan Chase Bank |
|
KRW |
|
182,000,000 |
|
USD |
|
159,930 |
|
06/20/11 |
|
(5,148 |
) | |
JPMorgan Chase Bank |
|
NOK |
|
2,270,000 |
|
USD |
|
400,079 |
|
06/20/11 |
|
(8,634 |
) | |
JPMorgan Chase Bank |
|
SEK |
|
890,000 |
|
USD |
|
138,266 |
|
06/20/11 |
|
(2,163 |
) | |
JPMorgan Chase Bank |
|
THB |
|
7,880,000 |
|
USD |
|
256,551 |
|
06/20/11 |
|
(2,884 |
) | |
JPMorgan Chase Bank |
|
TWD |
|
11,600,000 |
|
USD |
|
396,920 |
|
06/20/11 |
|
1,776 |
| |
JPMorgan Chase Bank |
|
USD |
|
448,244 |
|
CAD |
|
437,404 |
|
06/20/11 |
|
2,153 |
| |
JPMorgan Chase Bank |
|
USD |
|
972,604 |
|
CHF |
|
910,000 |
|
06/20/11 |
|
18,650 |
| |
JPMorgan Chase Bank |
|
USD |
|
688,561 |
|
EUR |
|
495,000 |
|
06/20/11 |
|
11,880 |
| |
JPMorgan Chase Bank |
|
USD |
|
154,196 |
|
GBP |
|
95,000 |
|
06/20/11 |
|
(1,958 |
) | |
JPMorgan Chase Bank |
|
USD |
|
174,696 |
|
HKD |
|
1,360,000 |
|
06/20/11 |
|
264 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMorgan Chase Bank |
|
USD |
|
1,290,858 |
|
JPY |
|
106,500,000 |
|
06/20/11 |
|
(9,857 |
) | |
JPMorgan Chase Bank |
|
USD |
|
174,156 |
|
MXN |
|
2,130,000 |
|
06/20/11 |
|
3,644 |
| |
JPMorgan Chase Bank |
|
USD |
|
176,806 |
|
PLN |
|
515,000 |
|
06/20/11 |
|
3,348 |
| |
JPMorgan Chase Bank |
|
USD |
|
540,777 |
|
SEK |
|
3,480,000 |
|
06/20/11 |
|
8,317 |
| |
JPMorgan Chase Bank |
|
USD |
|
193,380 |
|
SGD |
|
245,000 |
|
06/20/11 |
|
1,011 |
| |
JPMorgan Chase Bank |
|
ZAR |
|
3,230,000 |
|
USD |
|
445,690 |
|
06/20/11 |
|
(26,312 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
$ |
(33,255 |
) | ||||||||
Currency type abbreviations: | |
AUD |
Australian Dollar |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
EUR |
Euro |
GBP |
Great Britain Pound |
HKD |
Hong Kong Dollar |
JPY |
Japanese Yen |
KRW |
Korean Won |
MXN |
Mexican Peso |
NOK |
Norwegian Krone |
PLN |
Polish Zloty |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
THB |
Thai Baht |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
ZAR |
South African Rand |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
27,778,020 |
|
$ |
|
|
$ |
|
|
$ |
27,778,020 |
|
Preferred stock |
|
241,189 |
|
|
|
|
|
241,189 |
| ||||
Participation note |
|
|
|
87,221 |
|
|
|
87,221 |
| ||||
Short-term investment |
|
|
|
802,607 |
|
|
|
802,607 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
1,060,238 |
|
|
|
1,060,238 |
| ||||
Other financial instruments1 |
|
|
|
(33,255 |
) |
|
|
(33,255 |
) | ||||
Total |
|
$ |
28,019,209 |
|
$ |
1,916,811 |
|
$ |
|
|
$ |
29,936,020 |
|
1 Other financial instruments include forward foreign currency contracts.
UBS Market Neutral Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
2.11 |
% |
Air freight & logistics |
|
0.96 |
|
Airlines |
|
0.72 |
|
Auto components |
|
1.00 |
|
Automobiles |
|
0.67 |
|
Beverages |
|
1.34 |
|
Biotechnology |
|
1.53 |
|
Building products |
|
0.42 |
|
Capital markets |
|
2.49 |
|
Chemicals |
|
2.86 |
|
Commercial banks |
|
2.15 |
|
Communications equipment |
|
0.95 |
|
Computers & peripherals |
|
1.67 |
|
Construction & engineering |
|
1.01 |
|
Construction materials |
|
0.30 |
|
Consumer finance |
|
0.60 |
|
Containers & packaging |
|
0.56 |
|
Distributors |
|
0.11 |
|
Diversified consumer services |
|
0.64 |
|
Diversified financial services |
|
1.11 |
|
Diversified telecommunication services |
|
1.90 |
|
Electric utilities |
|
3.43 |
|
Electrical equipment |
|
0.81 |
|
Electronic equipment, instruments & components |
|
1.37 |
|
Energy equipment & services |
|
2.40 |
|
Food & staples retailing |
|
1.54 |
|
Food products |
|
2.48 |
|
Gas utilities |
|
0.95 |
|
Health care equipment & supplies |
|
2.33 |
|
Health care providers & services |
|
1.46 |
|
Health care technology |
|
0.21 |
|
Hotels, restaurants & leisure |
|
1.76 |
|
Household durables |
|
0.82 |
|
Household products |
|
0.33 |
|
Independent power producers & energy traders |
|
0.54 |
|
Industrial conglomerates |
|
0.63 |
|
Insurance |
|
3.18 |
|
Internet & catalog retail |
|
0.48 |
|
Internet software & services |
|
1.09 |
|
IT services |
|
1.31 |
|
Leisure equipment & products |
|
0.23 |
|
Life sciences tools & services |
|
0.83 |
|
Machinery |
|
3.98 |
|
Media |
|
1.95 |
|
Metals & mining |
|
2.85 |
|
Multiline retail |
|
0.28 |
|
Multi-utilities |
|
0.66 |
|
Office electronics |
|
0.10 |
|
Oil, gas & consumable fuels |
|
6.42 |
|
Paper & forest products |
|
0.41 |
|
Personal products |
|
0.76 |
|
Pharmaceuticals |
|
2.93 |
|
Professional services |
|
0.04 |
|
Real estate investment trust (REIT) |
|
1.21 |
|
Real estate management & development |
|
0.92 |
|
Road & rail |
|
1.50 |
|
Semiconductors & semiconductor equipment |
|
3.22 |
|
Software |
|
2.32 |
|
Specialty retail |
|
1.91 |
|
Textiles, apparel & luxury goods |
|
1.38 |
|
Thrifts & mortgage finance |
|
0.49 |
|
UBS Market Neutral Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Tobacco |
|
0.63 |
% |
Trading companies & distributors |
|
0.58 |
|
Transportation infrastructure |
|
0.09 |
|
Wireless telecommunication services |
|
0.33 |
|
Total common stocks |
|
88.24 |
% |
Preferred stocks |
|
0.27 |
|
Investment companies |
|
|
|
iShares II PLC |
|
0.41 |
|
iShares Russell 1000 Index Fund |
|
0.71 |
|
iShares Russell 2000 Index Fund |
|
0.16 |
|
SPDR S&P 500 ETF Trust |
|
0.19 |
|
Total investment companies |
|
1.47 |
|
Short-term investment |
|
42.83 |
|
Total investments before investments sold short |
|
132.81 |
% |
|
|
|
|
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(1.63 |
) |
Air freight & logistics |
|
(1.47 |
) |
Airlines |
|
(0.48 |
) |
Auto components |
|
(0.34 |
) |
Automobiles |
|
(0.97 |
) |
Beverages |
|
(1.39 |
) |
Biotechnology |
|
(0.39 |
) |
Building products |
|
(0.50 |
) |
Capital markets |
|
(1.15 |
) |
Chemicals |
|
(2.82 |
) |
Commercial banks |
|
(2.89 |
) |
Commercial services & supplies |
|
(0.64 |
) |
Communications equipment |
|
(0.40 |
) |
Computers & peripherals |
|
(1.70 |
) |
Construction & engineering |
|
(0.50 |
) |
Construction materials |
|
(0.56 |
) |
Consumer finance |
|
(0.38 |
) |
Containers & packaging |
|
(0.34 |
) |
Distributors |
|
(0.25 |
) |
Diversified consumer services |
|
(0.45 |
) |
Diversified financial services |
|
(0.60 |
) |
Diversified telecommunication services |
|
(2.00 |
) |
Electric utilities |
|
(1.97 |
) |
Electrical equipment |
|
(1.46 |
) |
Electronic equipment, instruments & components |
|
(1.19 |
) |
Energy equipment & services |
|
(1.61 |
) |
Food & staples retailing |
|
(1.76 |
) |
Food products |
|
(3.66 |
) |
Gas utilities |
|
(0.55 |
) |
Health care equipment & supplies |
|
(1.65 |
) |
Health care providers & services |
|
(1.29 |
) |
Health care technology |
|
(0.08 |
) |
Hotels, restaurants & leisure |
|
(1.32 |
) |
Household durables |
|
(0.52 |
) |
Household products |
|
(0.72 |
) |
Independent power producers & energy traders |
|
(0.40 |
) |
Industrial conglomerates |
|
(0.47 |
) |
Insurance |
|
(3.71 |
) |
Internet & catalog retail |
|
(0.57 |
) |
Internet software & services |
|
(0.64 |
) |
IT services |
|
(1.72 |
) |
Leisure equipment & products |
|
(0.28 |
) |
Life sciences tools & services |
|
(0.91 |
) |
Machinery |
|
(3.49 |
) |
Marine |
|
(0.23 |
) |
Media |
|
(1.47 |
) |
Metals & mining |
|
(3.58 |
) |
Multiline retail |
|
(0.96 |
) |
Multi-utilities |
|
(2.07 |
) |
UBS Market Neutral Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Office electronics |
|
(0.08 |
)% |
Oil, gas & consumable fuels |
|
(4.98 |
) |
Paper & forest products |
|
(0.10 |
) |
Personal products |
|
(0.37 |
) |
Pharmaceuticals |
|
(3.22 |
) |
Professional services |
|
(0.77 |
) |
Real estate investment trust (REIT) |
|
(1.73 |
) |
Real estate management & development |
|
(0.90 |
) |
Road & rail |
|
(0.78 |
) |
Semiconductors & semiconductor equipment |
|
(3.08 |
) |
Software |
|
(2.44 |
) |
Specialty retail |
|
(1.61 |
) |
Textiles, apparel & luxury goods |
|
(0.95 |
) |
Thrifts & mortgage finance |
|
(0.33 |
) |
Trading companies & distributors |
|
(1.24 |
) |
Transportation infrastructure |
|
(0.26 |
) |
Water utilities |
|
(0.53 |
) |
Wireless telecommunication services |
|
(0.19 |
) |
Total investments sold short |
|
(83.69 |
)% |
Investment company |
|
|
|
SPDR S&P MidCap 400 ETF Trust |
|
(0.52 |
) |
Total investments, net of investments sold short |
|
48.60 |
|
Cash and other assets, less liabilities |
|
51.40 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS Market Neutral Multi-Strategy Fund. Figures would be different if a breakdown of the underlying investment companies' industry diversification was included.
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks88.24% |
|
|
|
|
| |
Australia0.61% |
|
|
|
|
| |
Goodman Fielder Ltd. |
|
16,241 |
|
$ |
20,663 |
|
Goodman Group |
|
30,275 |
|
21,451 |
| |
GrainCorp Ltd. |
|
2,682 |
|
21,111 |
| |
OneSteel Ltd. |
|
7,914 |
|
19,973 |
| |
Rio Tinto Ltd. |
|
267 |
|
23,405 |
| |
Santos Ltd. |
|
1,422 |
|
22,872 |
| |
TABCORP Holdings Ltd. |
|
3,026 |
|
23,443 |
| |
Total Australia common stocks |
|
|
|
152,918 |
| |
|
|
|
|
|
| |
Austria0.48% |
|
|
|
|
| |
OMV AG NPV |
|
254 |
|
11,479 |
| |
Telekom Austria AG |
|
5,790 |
|
84,682 |
| |
Wiener Staedtische Versicherung AG |
|
425 |
|
24,273 |
| |
Total Austria common stocks |
|
|
|
120,434 |
| |
|
|
|
|
|
| |
Belgium0.76% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
839 |
|
47,793 |
| |
Bekaert SA |
|
200 |
|
22,814 |
| |
Belgacom SA |
|
576 |
|
22,313 |
| |
Delhaize Group SA |
|
459 |
|
37,371 |
| |
Dexia SA* |
|
5,213 |
|
20,302 |
| |
KBC Groep NV* |
|
530 |
|
19,931 |
| |
Mobistar SA |
|
306 |
|
21,215 |
| |
Total Belgium common stocks |
|
|
|
191,739 |
| |
|
|
|
|
|
| |
Bermuda0.34% |
|
|
|
|
| |
Argo Group International Holdings Ltd. |
|
1,250 |
|
41,300 |
| |
Aspen Insurance Holdings Ltd.1 |
|
700 |
|
19,292 |
| |
Endurance Specialty Holdings Ltd.1 |
|
500 |
|
24,410 |
| |
Total Bermuda common stocks |
|
|
|
85,002 |
| |
|
|
|
|
|
| |
Brazil0.09% |
|
|
|
|
| |
Cia Energetica de Minas Gerais ADR |
|
1,200 |
|
23,124 |
| |
|
|
|
|
|
| |
Canada3.09% |
|
|
|
|
| |
Agrium, Inc. |
|
300 |
|
27,704 |
| |
Alimentation Couche Tard, Inc., Class B |
|
800 |
|
21,033 |
| |
Cameco Corp. |
|
700 |
|
21,054 |
| |
Canadian Pacific Railway Ltd. |
|
400 |
|
25,712 |
| |
CGI Group, Inc., Class A* |
|
1,300 |
|
27,260 |
| |
Domtar Corp.1 |
|
300 |
|
27,534 |
| |
Empire Co., Ltd., Class A |
|
400 |
|
22,065 |
| |
Encana Corp. |
|
1,100 |
|
38,043 |
| |
Genworth MI Canada, Inc. |
|
800 |
|
21,595 |
| |
Goldcorp, Inc. |
|
500 |
|
24,930 |
| |
Gran Tierra Energy, Inc.* |
|
2,300 |
|
18,552 |
| |
Magna International, Inc. |
|
200 |
|
9,588 |
| |
Open Text Corp.* |
|
500 |
|
31,068 |
| |
Petrobank Energy & Resources Ltd.* |
|
1,100 |
|
23,248 |
| |
Petrominerales Ltd. |
|
1,200 |
|
45,475 |
| |
Potash Corp. of Saskatchewan, Inc. |
|
380 |
|
22,416 |
| |
Precision Drilling Corp.* |
|
3,500 |
|
47,437 |
| |
Research In Motion Ltd.* |
|
700 |
|
39,588 |
| |
Royal Bank of Canada |
|
400 |
|
24,751 |
| |
Saputo, Inc. |
|
1,000 |
|
45,137 |
| |
Suncor Energy, Inc. |
|
500 |
|
22,424 |
| |
Teck Resources Ltd., Class B |
|
300 |
|
15,902 |
| |
TMX Group, Inc. |
|
700 |
|
28,029 |
| |
Toronto-Dominion Bank |
|
300 |
|
26,550 |
| |
Valeant Pharmaceuticals International, Inc.1 |
|
1,712 |
|
85,399 |
| |
Viterra, Inc. |
|
1,600 |
|
19,408 |
| |
Yamana Gold, Inc. |
|
1,600 |
|
19,771 |
| |
Total Canada common stocks |
|
|
|
781,673 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
China3.14% |
|
|
|
|
| |
Anhui Conch Cement Co., Ltd., H Shares |
|
4,000 |
|
$ |
25,018 |
|
Baidu, Inc. ADR*1 |
|
200 |
|
27,562 |
| |
Cathay Pacific Airways Ltd. |
|
7,000 |
|
16,774 |
| |
China BlueChemical Ltd., H Shares |
|
24,000 |
|
19,654 |
| |
China Mengniu Dairy Co., Ltd. |
|
8,000 |
|
21,187 |
| |
China National Building Material Co., Ltd., H Shares |
|
8,000 |
|
29,363 |
| |
China National Materials Co., Ltd., H Shares |
|
29,000 |
|
26,097 |
| |
China Petroleum & Chemical Corp. ADR1 |
|
200 |
|
20,116 |
| |
China Resources Cement Holdings Ltd.*2 |
|
24,000 |
|
23,789 |
| |
China Resources Enterprise Ltd. |
|
6,000 |
|
24,375 |
| |
China Taiping Insurance Holdings Co., Ltd.* |
|
9,200 |
|
27,144 |
| |
China Yurun Food Group Ltd. |
|
7,000 |
|
23,488 |
| |
CNOOC Ltd. ADR1 |
|
100 |
|
25,304 |
| |
Dongfeng Motor Group Co., Ltd., H Shares |
|
10,000 |
|
17,021 |
| |
Fantasia Holdings Group Co., Ltd.2 |
|
117,000 |
|
19,403 |
| |
Focus Media Holding Ltd. ADR* |
|
800 |
|
24,536 |
| |
GOME Electrical Appliances Holding Ltd.* |
|
80,000 |
|
28,180 |
| |
Industrial & Commercial Bank of China, H Shares |
|
40,000 |
|
33,220 |
| |
Link |
|
7,000 |
|
21,913 |
| |
Longfor Properties Co., Ltd.2 |
|
13,500 |
|
22,770 |
| |
NetEase.com, Inc. ADR*1 |
|
600 |
|
29,706 |
| |
New World Development Ltd. |
|
11,000 |
|
19,430 |
| |
NWS Holdings Ltd. |
|
19,000 |
|
29,067 |
| |
PICC Property & Casualty Co., Ltd., H Shares* |
|
30,000 |
|
36,176 |
| |
Renhe Commercial Holdings Co., Ltd. |
|
188,000 |
|
35,045 |
| |
Sina Corp.*1 |
|
300 |
|
32,112 |
| |
Sino-Ocean Land Holdings Ltd. |
|
35,500 |
|
21,998 |
| |
Sohu.com, Inc.*1 |
|
300 |
|
26,808 |
| |
Trina Solar Ltd. ADR* |
|
800 |
|
24,096 |
| |
Weichai Power Co., Ltd., H Shares |
|
3,000 |
|
18,223 |
| |
Wynn Macau Ltd. |
|
16,400 |
|
45,751 |
| |
Total China common stocks |
|
|
|
795,326 |
| |
|
|
|
|
|
| |
Denmark0.73% |
|
|
|
|
| |
Carlsberg A/S, Class B |
|
999 |
|
107,568 |
| |
Coloplast A/S, Class B |
|
79 |
|
11,442 |
| |
Jyske Bank A/S* |
|
484 |
|
21,554 |
| |
Novo Nordisk A/S, Class B |
|
176 |
|
22,112 |
| |
Topdanmark A/S* |
|
133 |
|
22,094 |
| |
Total Denmark common stocks |
|
|
|
184,770 |
| |
|
|
|
|
|
| |
Finland0.81% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
4,276 |
|
136,410 |
| |
Stora Enso Oyj, Class R |
|
1,676 |
|
19,964 |
| |
UPM-Kymmene Oyj |
|
1,073 |
|
22,688 |
| |
Wartsila Oyj |
|
644 |
|
25,144 |
| |
Total Finland common stocks |
|
|
|
204,206 |
| |
|
|
|
|
|
| |
France2.42% |
|
|
|
|
| |
Alstom SA |
|
516 |
|
30,512 |
| |
AXA SA |
|
1,055 |
|
22,046 |
| |
BNP Paribas |
|
471 |
|
34,450 |
| |
Carrefour SA |
|
1,203 |
|
53,261 |
| |
Casino Guichard Perrachon SA |
|
217 |
|
20,540 |
| |
Cie Generale des Etablissements Michelin, Class B |
|
256 |
|
21,623 |
| |
EDF SA |
|
1,526 |
|
63,193 |
| |
France Telecom SA |
|
1,440 |
|
32,265 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
France(concluded) |
|
|
|
|
| |
Hermes International NPV |
|
702 |
|
$ |
153,907 |
|
LVMH Moet Hennessy Louis Vuitton SA |
|
216 |
|
34,193 |
| |
Metropole Television SA |
|
1,309 |
|
34,208 |
| |
Valeo SA* |
|
349 |
|
20,355 |
| |
Vinci SA |
|
1,451 |
|
90,675 |
| |
Total France common stocks |
|
|
|
611,228 |
| |
|
|
|
|
|
| |
Germany2.41% |
|
|
|
|
| |
Aixtron SE NA ADR1 |
|
500 |
|
21,940 |
| |
Allianz SE |
|
560 |
|
78,593 |
| |
Axel Springer AG NPV |
|
138 |
|
22,305 |
| |
Bayer AG |
|
964 |
|
74,648 |
| |
Bayerische Motoren Werke AG |
|
300 |
|
24,978 |
| |
Deutsche Bank AG |
|
377 |
|
22,165 |
| |
Deutsche Post AG |
|
1,218 |
|
21,957 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
965 |
|
64,810 |
| |
Infineon Technologies AG |
|
2,139 |
|
21,932 |
| |
Lanxess AG |
|
254 |
|
18,999 |
| |
Linde AG |
|
664 |
|
104,877 |
| |
SAP AG |
|
1,406 |
|
86,080 |
| |
Siemens AG |
|
174 |
|
23,848 |
| |
Volkswagen AG |
|
145 |
|
22,255 |
| |
Total Germany common stocks |
|
|
|
609,387 |
| |
|
|
|
|
|
| |
Greece0.31% |
|
|
|
|
| |
Hellenic Telecommunications Organization SA |
|
6,940 |
|
77,503 |
| |
|
|
|
|
|
| |
Hong Kong0.16% |
|
|
|
|
| |
Hopson Development Holdings Ltd.* |
|
10,000 |
|
11,339 |
| |
Shanghai Industrial Holdings Ltd. |
|
7,000 |
|
26,817 |
| |
Shangri-La Asia Ltd. |
|
666 |
|
1,721 |
| |
Total Hong Kong common stocks |
|
|
|
39,877 |
| |
|
|
|
|
|
| |
Ireland1.08% |
|
|
|
|
| |
Covidien PLC1 |
|
2,200 |
|
114,268 |
| |
Elan Corp. PLC* |
|
1,374 |
|
9,454 |
| |
Kerry Group PLC, Class A |
|
2,249 |
|
83,730 |
| |
Seagate Technology PLC*1 |
|
4,600 |
|
66,240 |
| |
Total Ireland common stocks |
|
|
|
273,692 |
| |
|
|
|
|
|
| |
Israel0.10% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
500 |
|
25,525 |
| |
|
|
|
|
|
| |
Italy1.19% |
|
|
|
|
| |
Azimut Holding SpA |
|
6,692 |
|
74,828 |
| |
Enel SpA |
|
4,830 |
|
30,447 |
| |
Finmeccanica SpA |
|
8,952 |
|
112,659 |
| |
Intesa Sanpaolo SpA |
|
6,444 |
|
19,069 |
| |
Pirelli & Co SpA NPV |
|
4,466 |
|
39,241 |
| |
Tods SpA |
|
217 |
|
25,571 |
| |
Total Italy common stocks |
|
|
|
301,815 |
| |
|
|
|
|
|
| |
Japan8.06% |
|
|
|
|
| |
Aeon Co., Ltd. |
|
1,800 |
|
20,861 |
| |
Aeon Credit Service Co., Ltd. |
|
1,700 |
|
23,401 |
| |
Aeon Mall Co., Ltd. |
|
1,000 |
|
21,472 |
| |
Aisin Seiki Co., Ltd. |
|
700 |
|
24,304 |
| |
Ajinomoto Co., Inc. |
|
2,000 |
|
20,846 |
| |
Alps Electric Co., Ltd. |
|
1,900 |
|
18,251 |
| |
Aozora Bank Ltd. |
|
11,000 |
|
24,862 |
| |
Asahi Glass Co., Ltd. |
|
3,000 |
|
37,725 |
| |
Asahi Kasei Corp. |
|
4,000 |
|
26,978 |
| |
Central Glass Co., Ltd. |
|
6,000 |
|
24,165 |
| |
Central Japan Railway Co. |
|
3 |
|
23,768 |
| |
Chubu Electric Power Co., Inc. |
|
900 |
|
20,017 |
| |
Cosmo Oil Co., Ltd. |
|
7,000 |
|
21,796 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(continued) |
|
|
|
|
| |
Daicel Chemical Industries Ltd. |
|
4,000 |
|
$ |
24,669 |
|
Daikin Industries Ltd. |
|
700 |
|
20,963 |
| |
Daito Trust Construction Co., Ltd. |
|
300 |
|
20,666 |
| |
Dentsu, Inc. |
|
800 |
|
20,649 |
| |
DIC Corp. |
|
9,000 |
|
20,882 |
| |
Dowa Holdings Co., Ltd. |
|
1,000 |
|
6,228 |
| |
Eisai Co., Ltd. |
|
600 |
|
21,524 |
| |
Elpida Memory, Inc.* |
|
3,700 |
|
47,640 |
| |
Fuji Heavy Industries Ltd. |
|
2,000 |
|
12,888 |
| |
FUJIFILM Holdings Corp. |
|
700 |
|
21,678 |
| |
GS Yuasa Corp. |
|
1,000 |
|
6,648 |
| |
Honda Motor Co., Ltd. |
|
500 |
|
18,785 |
| |
Idemitsu Kosan Co., Ltd. |
|
200 |
|
23,419 |
| |
IHI Corp. |
|
10,000 |
|
24,405 |
| |
Ito En Ltd. |
|
1,300 |
|
22,646 |
| |
ITOCHU Corp. |
|
3,500 |
|
36,649 |
| |
Japan Petroleum Exploration Co. |
|
500 |
|
25,006 |
| |
Kajima Corp. |
|
11,000 |
|
30,813 |
| |
Kawasaki Heavy Industries Ltd. |
|
6,000 |
|
26,401 |
| |
Keihin Corp. |
|
1,300 |
|
24,678 |
| |
Kinden Corp. |
|
2,000 |
|
18,202 |
| |
Kobe Steel Ltd. |
|
8,000 |
|
20,774 |
| |
Konica Minolta Holdings, Inc. |
|
3,000 |
|
25,138 |
| |
Kubota Corp. |
|
3,000 |
|
28,276 |
| |
Kuraray Co., Ltd. |
|
2,500 |
|
32,219 |
| |
Kyocera Corp. |
|
200 |
|
20,269 |
| |
Marubeni Corp. |
|
5,000 |
|
36,006 |
| |
Maruichi Steel Tube Ltd. |
|
1,000 |
|
24,706 |
| |
MEIJI Holdings Co., Ltd. |
|
400 |
|
16,086 |
| |
Meiko Network Japan Co., Ltd.* |
|
7,500 |
|
62,575 |
| |
Minebea Co., Ltd. |
|
4,000 |
|
22,073 |
| |
Mitsubishi Chemical Holdings Corp. |
|
3,500 |
|
22,007 |
| |
Mitsubishi Electric Corp. |
|
2,000 |
|
23,611 |
| |
Mitsubishi Logistics Corp. |
|
2,000 |
|
22,361 |
| |
Mitsubishi UFJ Lease & Finance Co., Ltd. |
|
570 |
|
22,853 |
| |
Mitsui & Co., Ltd. |
|
2,200 |
|
39,435 |
| |
Mitsui Chemicals, Inc. |
|
7,000 |
|
24,742 |
| |
Mitsui Engineering & Shipbuilding Co., Ltd. |
|
6,000 |
|
14,354 |
| |
Mitsui Mining & Smelting Co., Ltd. |
|
6,000 |
|
20,846 |
| |
Murata Manufacturing Co., Ltd. |
|
400 |
|
28,805 |
| |
NGK Spark Plug Co., Ltd. |
|
1,000 |
|
13,657 |
| |
NHK Spring Co., Ltd. |
|
1,000 |
|
9,906 |
| |
Nikon Corp. |
|
600 |
|
12,371 |
| |
Nippon Building Fund, Inc. |
|
2 |
|
19,476 |
| |
Nippon Electric Glass Co., Ltd. |
|
2,000 |
|
28,324 |
| |
Nippon Meat Packers, Inc. |
|
2,000 |
|
25,222 |
| |
Nippon Shokubai Co., Ltd. |
|
2,000 |
|
25,054 |
| |
Nippon Telegraph & Telephone Corp. |
|
500 |
|
22,451 |
| |
Nishi-Nippon City Bank Ltd. |
|
7,000 |
|
20,113 |
| |
Nissan Chemical Industries Ltd. |
|
2,000 |
|
20,678 |
| |
Nissan Motor Co., Ltd. |
|
3,000 |
|
26,617 |
| |
Nisshinbo Holdings, Inc. |
|
2,000 |
|
19,404 |
| |
Nitto Denko Corp. |
|
500 |
|
26,509 |
| |
NSK Ltd. |
|
2,000 |
|
17,240 |
| |
NTN Corp. |
|
4,000 |
|
19,187 |
| |
NTT Data Corp. |
|
8 |
|
24,727 |
| |
Osaka Gas Co., Ltd. |
|
6,000 |
|
23,948 |
| |
Renesas Electronics Corp.* |
|
2,700 |
|
22,982 |
| |
Santen Pharmaceutical Co., Ltd. |
|
900 |
|
35,868 |
| |
Sapporo Hokuyo Holdings, Inc. |
|
4,200 |
|
20,197 |
| |
Sega Sammy Holdings, Inc. |
|
1,100 |
|
19,122 |
| |
Shimizu Corp. |
|
5,000 |
|
22,241 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
SMC Corp. |
|
100 |
|
$ |
16,458 |
|
Sony Corp. |
|
700 |
|
22,419 |
| |
Sumitomo Corp. |
|
2,500 |
|
35,736 |
| |
Sumitomo Electric Industries Ltd. |
|
1,400 |
|
19,372 |
| |
Sumitomo Metal Mining Co., Ltd. |
|
1,000 |
|
17,204 |
| |
Taisei Corp. |
|
10,000 |
|
24,645 |
| |
TDK Corp. |
|
400 |
|
23,636 |
| |
Tokyo Electric Power Co., Inc. |
|
1,900 |
|
10,644 |
| |
Tokyu Land Corp. |
|
4,000 |
|
17,408 |
| |
TonenGeneral Sekiyu KK |
|
2,000 |
|
24,693 |
| |
Toray Industries, Inc. |
|
2,000 |
|
14,547 |
| |
Ushio, Inc. |
|
1,100 |
|
21,516 |
| |
Yamada Denki Co., Ltd. |
|
340 |
|
22,931 |
| |
Total Japan common stocks |
|
|
|
2,037,524 |
| |
|
|
|
|
|
| |
Luxembourg0.09% |
|
|
|
|
| |
ArcelorMittal |
|
658 |
|
23,803 |
| |
|
|
|
|
|
| |
Mexico0.19% |
|
|
|
|
| |
Fomento Economico Mexicano SAB de CV ADR1 |
|
400 |
|
23,480 |
| |
Fresnillo PLC |
|
1,029 |
|
25,471 |
| |
Total Mexico common stocks |
|
|
|
48,951 |
| |
|
|
|
|
|
| |
Netherlands0.90% |
|
|
|
|
| |
Aegon NV* |
|
2,925 |
|
21,904 |
| |
ASML Holding NV |
|
529 |
|
23,316 |
| |
Core Laboratories NV1 |
|
300 |
|
30,651 |
| |
ING Groep NV CVA* |
|
2,150 |
|
27,212 |
| |
Koninklijke DSM NV |
|
263 |
|
16,159 |
| |
Koninklijke Philips Electronics NV* |
|
1,808 |
|
57,793 |
| |
LyondellBasell Industries NV, Class A*1 |
|
500 |
|
19,775 |
| |
TNT NV |
|
73 |
|
1,872 |
| |
Wolters Kluwer NV |
|
1,229 |
|
28,739 |
| |
Total Netherlands common stocks |
|
|
|
227,421 |
| |
|
|
|
|
|
| |
Norway0.64% |
|
|
|
|
| |
DnB NOR ASA |
|
1,273 |
|
19,531 |
| |
Petroleum Geo-Services ASA* |
|
1,388 |
|
22,250 |
| |
Telenor ASA |
|
7,229 |
|
118,953 |
| |
Total Norway common stocks |
|
|
|
160,734 |
| |
|
|
|
|
|
| |
Portugal0.22% |
|
|
|
|
| |
Portugal Telecom, SGPS, SA |
|
4,872 |
|
56,231 |
| |
|
|
|
|
|
| |
Russia0.09% |
|
|
|
|
| |
Gazprom OAO ADR |
|
688 |
|
22,271 |
| |
|
|
|
|
|
| |
Singapore0.44% |
|
|
|
|
| |
Avago Technologies Ltd.1 |
|
800 |
|
24,880 |
| |
Jardine Cycle & Carriage Ltd. |
|
1,000 |
|
29,036 |
| |
SembCorp Marine Ltd. |
|
3,000 |
|
13,899 |
| |
Singapore Airlines Ltd. |
|
2,000 |
|
21,706 |
| |
UOL Group Ltd. |
|
6,000 |
|
22,610 |
| |
Total Singapore common stocks |
|
|
|
112,131 |
| |
|
|
|
|
|
| |
South Africa0.11% |
|
|
|
|
| |
Sasol Ltd. ADR1 |
|
500 |
|
28,975 |
| |
|
|
|
|
|
| |
Spain1.19% |
|
|
|
|
| |
Acciona SA |
|
230 |
|
24,994 |
| |
EDP Renovaveis SA* |
|
3,489 |
|
25,059 |
| |
Enagas SA |
|
5,757 |
|
129,889 |
| |
Ferrovial SA |
|
1,744 |
|
21,874 |
| |
Gas Natural SDG SA |
|
1,320 |
|
24,796 |
| |
Mapfre SA |
|
6,570 |
|
24,758 |
| |
Red Electrica Corp. SA |
|
400 |
|
22,732 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Spain(concluded) |
|
|
|
|
| |
Repsol YPF SA |
|
749 |
|
$ |
25,661 |
|
Total Spain common stocks |
|
|
|
299,763 |
| |
|
|
|
|
|
| |
Sweden0.49% |
|
|
|
|
| |
Getinge AB, Class B |
|
918 |
|
22,660 |
| |
Holmen AB, Class B |
|
294 |
|
10,163 |
| |
Millicom International Cellular SA SDR |
|
224 |
|
21,435 |
| |
Svenska Cellulosa AB, Class B |
|
1,375 |
|
22,133 |
| |
Swedbank AB |
|
1,258 |
|
21,525 |
| |
Volvo AB, Class B* |
|
1,467 |
|
25,798 |
| |
Total Sweden common stocks |
|
|
|
123,714 |
| |
|
|
|
|
|
| |
Switzerland1.07% |
|
|
|
|
| |
Aryzta AG |
|
1,120 |
|
57,311 |
| |
Cie Financiere Richemont SA, Class A |
|
404 |
|
23,334 |
| |
Ferrexpo PLC |
|
3,284 |
|
22,758 |
| |
Novartis AG |
|
856 |
|
46,430 |
| |
Straumann Holding AG |
|
290 |
|
74,576 |
| |
Syngenta AG |
|
67 |
|
21,774 |
| |
Transocean Ltd.* |
|
305 |
|
23,975 |
| |
Total Switzerland common stocks |
|
|
|
270,158 |
| |
|
|
|
|
|
| |
Taiwan0.02% |
|
|
|
|
| |
Uni-President China Holdings Ltd. |
|
11,000 |
|
5,671 |
| |
|
|
|
|
|
| |
United Kingdom4.64% |
|
|
|
|
| |
Aberdeen Asset Management PLC |
|
15,839 |
|
53,562 |
| |
AstraZeneca PLC |
|
497 |
|
22,826 |
| |
BAE Systems PLC |
|
22,735 |
|
118,496 |
| |
BG Group PLC |
|
1,934 |
|
48,120 |
| |
British Land Co., PLC |
|
32 |
|
284 |
| |
Ensco International PLC ADR1 |
|
1,000 |
|
57,840 |
| |
Home Retail Group PLC |
|
6,390 |
|
19,794 |
| |
Imperial Tobacco Group PLC |
|
4,134 |
|
127,794 |
| |
Intercontinental Hotels Group PLC |
|
1,062 |
|
21,773 |
| |
Legal & General Group PLC |
|
14,191 |
|
26,225 |
| |
Marks & Spencer Group PLC |
|
3,824 |
|
20,655 |
| |
Petrofac Ltd. |
|
824 |
|
19,683 |
| |
Premier Oil PLC* |
|
806 |
|
25,782 |
| |
Prudential PLC |
|
1,848 |
|
20,945 |
| |
Reed Elsevier PLC |
|
3,112 |
|
26,958 |
| |
Rio Tinto PLC |
|
294 |
|
20,653 |
| |
Sage Group PLC |
|
9,118 |
|
40,678 |
| |
Scottish & Southern Energy PLC |
|
6,365 |
|
128,757 |
| |
Tesco PLC |
|
8,987 |
|
54,929 |
| |
Tullow Oil PLC |
|
320 |
|
7,433 |
| |
Vedanta Resources PLC |
|
3,087 |
|
117,812 |
| |
Weir Group PLC |
|
751 |
|
20,854 |
| |
WPP PLC |
|
1,714 |
|
21,131 |
| |
Xstrata PLC |
|
6,461 |
|
151,014 |
| |
Total United Kingdom common stocks |
|
|
|
1,173,998 |
| |
|
|
|
|
|
| |
United States52.37% |
|
|
|
|
| |
ACE Ltd.1 |
|
400 |
|
25,880 |
| |
Acorda Therapeutics, Inc.*1 |
|
1,700 |
|
39,440 |
| |
Adobe Systems, Inc.*1 |
|
3,000 |
|
99,480 |
| |
Aetna, Inc.1 |
|
600 |
|
22,458 |
| |
Aflac, Inc.1 |
|
1,200 |
|
63,336 |
| |
Agilent Technologies, Inc.*1 |
|
500 |
|
22,390 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
1,400 |
|
138,152 |
| |
Allergan, Inc.1 |
|
2,000 |
|
142,040 |
| |
Allscripts Healthcare Solutions, Inc.*1 |
|
1,000 |
|
20,990 |
| |
Amazon.com, Inc.*1 |
|
300 |
|
54,039 |
| |
Ambassadors Group, Inc. |
|
3,800 |
|
41,610 |
| |
American Assets Trust, Inc. |
|
3,990 |
|
84,867 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
American Electric Power Co., Inc.1 |
|
3,900 |
|
$ |
137,046 |
|
American International Group, Inc.*1 |
|
600 |
|
21,084 |
| |
Ameriprise Financial, Inc.1 |
|
400 |
|
24,432 |
| |
Amgen, Inc.*1 |
|
400 |
|
21,380 |
| |
Amylin Pharmaceuticals, Inc.*1 |
|
2,600 |
|
29,562 |
| |
Analog Devices, Inc.1 |
|
1,200 |
|
47,256 |
| |
AO Smith Corp.1 |
|
500 |
|
22,170 |
| |
Apache Corp.1 |
|
200 |
|
26,184 |
| |
Apollo Group, Inc., Class A*1 |
|
400 |
|
16,684 |
| |
Apple, Inc.*1 |
|
740 |
|
257,853 |
| |
Applied Materials, Inc.1 |
|
1,400 |
|
21,868 |
| |
Arch Coal, Inc.1 |
|
1,500 |
|
54,060 |
| |
Archer-Daniels-Midland Co. NPV1 |
|
2,500 |
|
90,025 |
| |
Ashland, Inc.1 |
|
400 |
|
23,104 |
| |
Atlas Air Worldwide Holdings, Inc.*1 |
|
300 |
|
20,916 |
| |
Autodesk, Inc.*1 |
|
2,900 |
|
127,919 |
| |
AutoZone, Inc.*1 |
|
100 |
|
27,356 |
| |
Avon Products, Inc1. |
|
5,300 |
|
143,312 |
| |
Baker Hughes, Inc.1 |
|
900 |
|
66,087 |
| |
Ball Corp.1 |
|
600 |
|
21,510 |
| |
Bank of America Corp.1 |
|
1,500 |
|
19,995 |
| |
Bank of Hawaii Corp.1 |
|
600 |
|
28,692 |
| |
Bank of New York Mellon Corp.1 |
|
1,000 |
|
29,870 |
| |
Baxter International, Inc.1 |
|
700 |
|
37,639 |
| |
Becton Dickinson & Co.1 |
|
400 |
|
31,848 |
| |
BG Medicine, Inc.* |
|
10,730 |
|
82,728 |
| |
Biogen Idec, Inc.*1 |
|
300 |
|
22,017 |
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
200 |
|
24,028 |
| |
BlackRock, Inc. |
|
485 |
|
97,490 |
| |
Boeing Co.1 |
|
700 |
|
51,751 |
| |
Boise, Inc.1 |
|
5,100 |
|
46,716 |
| |
Boston Scientific Corp.*1 |
|
2,500 |
|
17,975 |
| |
Brinker International, Inc.1 |
|
1,000 |
|
25,300 |
| |
Broadcom Corp., Class A1 |
|
3,200 |
|
126,016 |
| |
C.R. Bard, Inc. |
|
520 |
|
51,641 |
| |
Capital One Financial Corp.1 |
|
400 |
|
20,784 |
| |
CARBO Ceramics, Inc.1 |
|
200 |
|
28,224 |
| |
Carnival Corp.1 |
|
1,300 |
|
49,868 |
| |
CB Richard Ellis Group, Inc., Class A*1 |
|
800 |
|
21,360 |
| |
CBL & Associates Properties, Inc.1 |
|
2,800 |
|
48,776 |
| |
CBOE Holdings, Inc.1 |
|
1,500 |
|
43,455 |
| |
CBS Corp., Class B1 |
|
1,800 |
|
45,072 |
| |
Celanese Corp., Series A1 |
|
2,500 |
|
110,925 |
| |
CF Industries Holdings, Inc.1 |
|
100 |
|
13,679 |
| |
Chemed Corp. |
|
620 |
|
41,298 |
| |
Chesapeake Energy Corp1. |
|
600 |
|
20,112 |
| |
Chevron Corp1. |
|
200 |
|
21,486 |
| |
Chicos FAS, Inc.1 |
|
2,300 |
|
34,270 |
| |
Choice Hotels International, Inc.1 |
|
800 |
|
31,080 |
| |
Cimarex Energy Co.1 |
|
200 |
|
23,048 |
| |
Cisco Systems, Inc.1 |
|
3,400 |
|
58,310 |
| |
Citigroup, Inc.*1 |
|
2,400 |
|
10,608 |
| |
Citrix Systems, Inc.*1 |
|
400 |
|
29,384 |
| |
Cliffs Natural Resources, Inc.1 |
|
500 |
|
49,140 |
| |
Coach, Inc.1 |
|
1,400 |
|
72,856 |
| |
Coinstar, Inc.*1 |
|
1,200 |
|
55,104 |
| |
Colgate-Palmolive Co. |
|
500 |
|
40,380 |
| |
Comcast Corp., Class A1 |
|
1,400 |
|
34,608 |
| |
Complete Production Services, Inc.*1 |
|
800 |
|
25,448 |
| |
Computer Sciences Corp.1 |
|
500 |
|
24,365 |
| |
Concho Resources, Inc.*1 |
|
200 |
|
21,460 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
ConocoPhillips1 |
|
300 |
|
$ |
23,958 |
|
Cooper Industries PLC1 |
|
400 |
|
25,960 |
| |
Corning, Inc.1 |
|
1,000 |
|
20,630 |
| |
Crane Co.1 |
|
700 |
|
33,901 |
| |
Crown Castle International Corp.*1 |
|
1,000 |
|
42,550 |
| |
CSX Corp.1 |
|
300 |
|
23,580 |
| |
Cubist Pharmaceuticals, Inc.*1 |
|
1,000 |
|
25,240 |
| |
Danaher Corp.1 |
|
1,600 |
|
83,040 |
| |
Deere & Co.1 |
|
200 |
|
19,378 |
| |
Delta Air Lines, Inc.*1 |
|
2,100 |
|
20,580 |
| |
Demand Media, Inc.* |
|
3,660 |
|
86,193 |
| |
Dicks Sporting Goods, Inc.*1 |
|
600 |
|
23,988 |
| |
Digital Realty Trust, Inc.1 |
|
400 |
|
23,256 |
| |
Dillards, Inc., Class A1 |
|
400 |
|
16,048 |
| |
Discover Financial Services1 |
|
1,000 |
|
24,120 |
| |
Dolby Laboratories, Inc., Class A*1 |
|
1,000 |
|
49,210 |
| |
Dover Corp.1 |
|
2,100 |
|
138,054 |
| |
Dresser-Rand Group, Inc.*1 |
|
500 |
|
26,810 |
| |
DST Systems, Inc.1 |
|
500 |
|
26,410 |
| |
DTE Energy Co.1 |
|
500 |
|
24,480 |
| |
Dynegy, Inc.,* |
|
15,400 |
|
87,626 |
| |
Eastman Chemical Co.1 |
|
200 |
|
19,864 |
| |
Edison International1 |
|
3,200 |
|
117,088 |
| |
Edwards Lifesciences Corp.*1 |
|
200 |
|
17,400 |
| |
El Paso Corp.1 |
|
1,300 |
|
23,400 |
| |
EMC Corp.*1 |
|
800 |
|
21,240 |
| |
Endo Pharmaceuticals Holdings, Inc.*1 |
|
600 |
|
22,896 |
| |
Endocyte, Inc.* |
|
10,100 |
|
86,557 |
| |
Energen Corp.1 |
|
500 |
|
31,560 |
| |
Energy XXI Bermuda Ltd.*1 |
|
800 |
|
27,280 |
| |
Entergy Corp.1 |
|
300 |
|
20,163 |
| |
EOG Resources, Inc.1 |
|
630 |
|
74,661 |
| |
ePocrates, Inc.* |
|
4,370 |
|
86,526 |
| |
Estee Lauder Cos., Inc., Class A1 |
|
500 |
|
48,180 |
| |
Exelon Corp.1 |
|
1,700 |
|
70,108 |
| |
Exxon Mobil Corp.1 |
|
100 |
|
8,413 |
| |
F5 Networks, Inc.*1 |
|
200 |
|
20,514 |
| |
FedEx Corp.1 |
|
2,100 |
|
196,455 |
| |
Fidelity National Information Services, Inc.1 |
|
2,900 |
|
94,801 |
| |
FirstEnergy Corp.1 |
|
3,733 |
|
138,457 |
| |
Flextronics International Ltd.*1 |
|
2,700 |
|
20,169 |
| |
Fluidigm Corp.* |
|
5,670 |
|
81,138 |
| |
Fortegra Financial Corp.* |
|
7,200 |
|
81,792 |
| |
Fortinet, Inc.*1 |
|
600 |
|
26,400 |
| |
Fortune Brands, Inc.1 |
|
2,200 |
|
136,158 |
| |
Franklin Resources, Inc.1 |
|
200 |
|
25,016 |
| |
Freeport-McMoRan Copper & Gold, Inc.1 |
|
800 |
|
44,440 |
| |
Frontier Oil Corp.1 |
|
800 |
|
23,456 |
| |
FXCM, Inc., Class A |
|
6,670 |
|
86,910 |
| |
Gain Capital Holdings, Inc.* |
|
10,770 |
|
82,606 |
| |
GameStop Corp., Class A*1 |
|
4,400 |
|
99,088 |
| |
Gannett Co., Inc.1 |
|
1,300 |
|
19,799 |
| |
Gap, Inc.1 |
|
1,100 |
|
24,926 |
| |
General Dynamics Corp.1 |
|
2,100 |
|
160,776 |
| |
General Electric Co.1 |
|
1,100 |
|
22,055 |
| |
General Motors Co.*1 |
|
1,500 |
|
46,545 |
| |
Genzyme Corp.*1 |
|
500 |
|
38,075 |
| |
Gevo, Inc.* |
|
4,180 |
|
82,346 |
| |
Goldman Sachs Group, Inc.1 |
|
110 |
|
17,432 |
| |
Hartford Financial Services Group, Inc.1 |
|
1,100 |
|
29,623 |
| |
Helix Energy Solutions Group, Inc.*1 |
|
700 |
|
12,040 |
| |
Helmerich & Payne, Inc.1 |
|
400 |
|
27,476 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
2,400 |
|
$ |
37,512 |
|
Hess Corp.1 |
|
700 |
|
59,647 |
| |
Hewlett-Packard Co.1 |
|
1,500 |
|
61,455 |
| |
Holly Corp.1 |
|
400 |
|
24,304 |
| |
Hologic, Inc.*1 |
|
1,100 |
|
24,420 |
| |
Home Depot, Inc.1 |
|
1,700 |
|
63,002 |
| |
Hormel Foods Corp.1 |
|
800 |
|
22,272 |
| |
Hubbell, Inc., Class B1 |
|
400 |
|
28,412 |
| |
Hudson City Bancorp, Inc.1 |
|
2,200 |
|
21,296 |
| |
Humana, Inc.*1 |
|
300 |
|
20,982 |
| |
Huntington Bancshares, Inc.1 |
|
3,200 |
|
21,248 |
| |
Huntington Ingalls Industries, Inc.* |
|
1,050 |
|
43,575 |
| |
Huntsman Corp.1 |
|
1,200 |
|
20,856 |
| |
Illinois Tool Works, Inc.1 |
|
3,900 |
|
209,508 |
| |
Imperial Holdings, Inc.* |
|
8,160 |
|
82,824 |
| |
International Business Machines Corp.1 |
|
515 |
|
83,981 |
| |
Interpublic Group of Cos., Inc.1 |
|
6,200 |
|
77,934 |
| |
Intersil Corp., Class A1 |
|
9,000 |
|
112,050 |
| |
Intuitive Surgical, Inc.*1 |
|
75 |
|
25,010 |
| |
JB Hunt Transport Services, Inc. |
|
1,100 |
|
49,962 |
| |
Johnson & Johnson1 |
|
700 |
|
41,475 |
| |
Johnson Controls, Inc.1 |
|
1,900 |
|
78,983 |
| |
Joy Global, Inc.1 |
|
300 |
|
29,643 |
| |
JPMorgan Chase & Co.1 |
|
500 |
|
23,050 |
| |
KBR, Inc.1 |
|
1,200 |
|
45,324 |
| |
Kellogg Co.1 |
|
400 |
|
21,592 |
| |
Kennametal, Inc.1 |
|
300 |
|
11,700 |
| |
Kinetic Concepts, Inc.*1 |
|
500 |
|
27,210 |
| |
Knot, Inc.* |
|
3,500 |
|
42,175 |
| |
Kraft Foods, Inc., Class A1 |
|
1,700 |
|
53,312 |
| |
Kroger Co.1 |
|
4,700 |
|
112,659 |
| |
Las Vegas Sands Corp.*1 |
|
900 |
|
37,998 |
| |
Legg Mason, Inc.1 |
|
700 |
|
25,263 |
| |
Liberty Global, Inc., Series C*1 |
|
600 |
|
23,994 |
| |
Lockheed Martin Corp.1 |
|
300 |
|
24,120 |
| |
Lowes Cos., Inc.1 |
|
2,600 |
|
68,718 |
| |
Macys, Inc.1 |
|
1,200 |
|
29,112 |
| |
Manitowoc Co., Inc.1 |
|
500 |
|
10,940 |
| |
Marathon Oil Corp.1 |
|
400 |
|
21,324 |
| |
Marvell Technology Group Ltd.*1 |
|
3,600 |
|
55,980 |
| |
MasterCard, Inc., Class A1 |
|
100 |
|
25,172 |
| |
McKesson Corp.1 |
|
700 |
|
55,335 |
| |
MDU Resources Group, Inc.1 |
|
3,800 |
|
87,286 |
| |
Mead Johnson Nutrition Co.1 |
|
400 |
|
23,172 |
| |
Medley Capital Corp.* |
|
7,100 |
|
86,478 |
| |
Medtronic, Inc.1 |
|
900 |
|
35,415 |
| |
Merck & Co., Inc.1 |
|
2,000 |
|
66,020 |
| |
Micron Technology, Inc.*1 |
|
2,500 |
|
28,650 |
| |
Microsoft Corp.1 |
|
3,200 |
|
81,152 |
| |
Molson Coors Brewing Co., Class B1 |
|
900 |
|
42,201 |
| |
Monsanto Co.1 |
|
300 |
|
21,678 |
| |
Moodys Corp.1 |
|
700 |
|
23,737 |
| |
Mosaic Co.1 |
|
300 |
|
23,625 |
| |
Motorola Solutions, Inc.*1 |
|
500 |
|
22,345 |
| |
Murphy Oil Corp.1 |
|
300 |
|
22,026 |
| |
National Oilwell Varco, Inc.1 |
|
500 |
|
39,635 |
| |
National Semiconductor Corp.1 |
|
6,100 |
|
87,474 |
| |
Navistar International Corp.*1 |
|
400 |
|
27,732 |
| |
NeoPhotonics Corp.* |
|
8,200 |
|
92,742 |
| |
NetFlix, Inc.*1 |
|
100 |
|
23,733 |
| |
Newmont Mining Corp.1 |
|
400 |
|
21,832 |
| |
NextEra Energy, Inc.1 |
|
1,100 |
|
60,632 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Noble Corp.1 |
|
1,300 |
|
$ |
59,306 |
|
Norfolk Southern Corp.1 |
|
1,200 |
|
83,124 |
| |
NRG Energy, Inc.*1 |
|
1,000 |
|
21,540 |
| |
Nvidia Corp.*1 |
|
2,500 |
|
46,150 |
| |
Obagi Medical Products, Inc.* |
|
3,200 |
|
40,448 |
| |
Oceaneering International, Inc.*1 |
|
300 |
|
26,835 |
| |
Omnicom Group, Inc.1 |
|
800 |
|
39,248 |
| |
Oneok, Inc.1 |
|
500 |
|
33,440 |
| |
PACCAR, Inc.1 |
|
1,400 |
|
73,290 |
| |
Pall Corp.1 |
|
900 |
|
51,849 |
| |
Parker Hannifin Corp.1 |
|
200 |
|
18,936 |
| |
Peabody Energy Corp.1 |
|
900 |
|
64,764 |
| |
PepsiCo, Inc.1 |
|
1,450 |
|
93,394 |
| |
Pfizer, Inc.1 |
|
1,300 |
|
26,403 |
| |
Pharmasset, Inc.*1 |
|
900 |
|
70,839 |
| |
Philip Morris International, Inc.1 |
|
500 |
|
32,815 |
| |
PNC Financial Services Group, Inc. |
|
700 |
|
44,093 |
| |
Polaris Industries, Inc.1 |
|
300 |
|
26,106 |
| |
Premiere Global Services, Inc.* |
|
5,500 |
|
41,910 |
| |
Priceline.com, Inc.*1 |
|
50 |
|
25,322 |
| |
Procter & Gamble Co.1 |
|
700 |
|
43,120 |
| |
Protective Life Corp.1 |
|
800 |
|
21,240 |
| |
Prudential Financial, Inc.1 |
|
300 |
|
18,474 |
| |
Public Storage1 |
|
200 |
|
22,182 |
| |
QUALCOMM, Inc.1 |
|
1,000 |
|
54,830 |
| |
Rayonier, Inc.1 |
|
600 |
|
37,386 |
| |
Reliance Steel & Aluminum Co.1 |
|
500 |
|
28,890 |
| |
RigNet, Inc.* |
|
4,470 |
|
81,265 |
| |
Riverbed Technology, Inc.*1 |
|
600 |
|
22,590 |
| |
Robert Half International, Inc.1 |
|
300 |
|
9,180 |
| |
Rockwell Automation, Inc.1 |
|
300 |
|
28,395 |
| |
Rockwell Collins, Inc.1 |
|
300 |
|
19,449 |
| |
Ryder System, Inc.1 |
|
1,900 |
|
96,140 |
| |
SanDisk Corp.*1 |
|
400 |
|
18,436 |
| |
SandRidge Energy, Inc.*1 |
|
3,200 |
|
40,960 |
| |
Schlumberger Ltd.1 |
|
100 |
|
9,326 |
| |
Sempra Energy1 |
|
1,000 |
|
53,500 |
| |
Signature Bank*1 |
|
400 |
|
22,560 |
| |
Silgan Holdings, Inc.1 |
|
1,670 |
|
63,694 |
| |
Sirona Dental Systems, Inc.*1 |
|
400 |
|
20,064 |
| |
SL Green Realty Corp.1 |
|
300 |
|
22,560 |
| |
Smithfield Foods, Inc.*1 |
|
1,200 |
|
28,872 |
| |
Solar Senior Capital Ltd.* |
|
4,500 |
|
83,835 |
| |
Sothebys1 |
|
500 |
|
26,300 |
| |
Southwest Airlines Co.1 |
|
8,000 |
|
101,040 |
| |
Starbucks Corp.1 |
|
600 |
|
22,170 |
| |
Starwood Hotels & Resorts Worldwide, Inc.1 |
|
400 |
|
23,248 |
| |
Stone Energy Corp.*1 |
|
1,500 |
|
50,055 |
| |
Summit Hotel Properties, Inc.* |
|
8,500 |
|
84,490 |
| |
Sunoco, Inc.1 |
|
1,100 |
|
50,149 |
| |
SXC Health Solutions Corp.*1 |
|
600 |
|
32,880 |
| |
Symantec Corp.*1 |
|
2,100 |
|
38,934 |
| |
Targa Resources Corp. |
|
2,370 |
|
85,889 |
| |
Target Corp.1 |
|
100 |
|
5,001 |
| |
Tech Data Corp.*1 |
|
500 |
|
25,430 |
| |
Teleflex, Inc.1 |
|
400 |
|
23,192 |
| |
Tellabs, Inc.1 |
|
3,900 |
|
20,436 |
| |
Temple-Inland, Inc.1 |
|
400 |
|
9,360 |
| |
Teradata Corp.*1 |
|
500 |
|
25,350 |
| |
Teradyne, Inc.*1 |
|
1,400 |
|
24,934 |
| |
Texas Instruments, Inc.1 |
|
1,600 |
|
55,296 |
| |
TIBCO Software, Inc.*1 |
|
1,200 |
|
32,700 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Tiffany & Co.1 |
|
400 |
|
$ |
24,576 |
|
TJX Cos., Inc.1 |
|
600 |
|
29,838 |
| |
Travelers Cos., Inc.1 |
|
300 |
|
17,844 |
| |
TRW Automotive Holdings Corp.*1 |
|
200 |
|
11,016 |
| |
Tupperware Brands Corp.1 |
|
400 |
|
23,884 |
| |
Tyson Foods, Inc., Class A1 |
|
1,400 |
|
26,866 |
| |
Ultra Petroleum Corp.*1 |
|
4,500 |
|
221,625 |
| |
Union Pacific Corp.1 |
|
400 |
|
39,332 |
| |
United Continental Holdings, Inc.*1 |
|
829 |
|
19,059 |
| |
United States Steel Corp.1 |
|
400 |
|
21,576 |
| |
UnitedHealth Group, Inc.1 |
|
1,400 |
|
63,280 |
| |
US Bancorp1 |
|
600 |
|
15,858 |
| |
Varian Medical Systems, Inc.*1 |
|
400 |
|
27,056 |
| |
VCA Antech, Inc.*1 |
|
600 |
|
15,108 |
| |
Veeco Instruments, Inc.*1 |
|
400 |
|
20,336 |
| |
Verizon Communications, Inc.1 |
|
600 |
|
23,124 |
| |
VF Corp.1 |
|
200 |
|
19,706 |
| |
Viacom, Inc., Class B1 |
|
1,600 |
|
74,432 |
| |
Walgreen Co.1 |
|
500 |
|
20,070 |
| |
Walker & Dunlop, Inc.* |
|
6,970 |
|
84,685 |
| |
Wells Fargo & Co.1 |
|
2,700 |
|
85,590 |
| |
Western Refining, Inc.*1 |
|
1,400 |
|
23,730 |
| |
Whirlpool Corp.1 |
|
300 |
|
25,608 |
| |
Whiting Petroleum Corp.*1 |
|
400 |
|
29,380 |
| |
Williams-Sonoma, Inc.1 |
|
900 |
|
36,450 |
| |
Wynn Resorts Ltd.1 |
|
300 |
|
38,175 |
| |
Zimmer Holdings, Inc.*1 |
|
400 |
|
24,212 |
| |
Zions Bancorporation1 |
|
1,000 |
|
23,060 |
| |
Total United States common stocks |
|
|
|
13,244,121 |
| |
Total common stocks (cost $20,399,016) |
|
|
|
22,313,685 |
| |
|
|
|
|
|
| |
Preferred stocks0.27% |
|
|
|
|
| |
Germany0.17% |
|
|
|
|
| |
Henkel AG & Co KGaA, Preference shares |
|
225 |
|
13,938 |
| |
Volkswagen AG, Preference shares |
|
173 |
|
28,060 |
| |
Total Germany preferred stocks |
|
|
|
41,998 |
| |
|
|
|
|
|
| |
Italy0.10% |
|
|
|
|
| |
Telecom Italia SpA, Preference shares |
|
19,723 |
|
26,526 |
| |
Total preferred stocks (cost $64,952) |
|
|
|
68,524 |
| |
|
|
|
|
|
| |
Investment companies1.47% |
|
|
|
|
| |
iShares II PLC |
|
4,182 |
|
104,370 |
| |
iShares Russell 1000 Index Fund |
|
2,435 |
|
179,873 |
| |
iShares Russell 2000 Index Fund |
|
480 |
|
40,402 |
| |
SPDR S&P 500 ETF Trust |
|
360 |
|
47,703 |
| |
Total investment companies (cost $368,978) |
|
|
|
372,348 |
| |
|
|
|
|
|
| |
Short-term investment42.83% |
|
|
|
|
| |
Investment company42.83% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $10,831,769) |
|
10,831,769 |
|
10,831,769 |
| |
Total investments before investments sold short132.81% (cost $31,664,715) |
|
|
|
33,586,326 |
| |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Investments sold short(83.69)% |
|
|
|
|
| |
Common stocks(83.69)% |
|
|
|
|
| |
Australia(0.91)% |
|
|
|
|
| |
AMP Ltd. |
|
(4,077 |
) |
$ |
(22,898 |
) |
Asciano Ltd. |
|
(13,321 |
) |
(23,975 |
) | |
Commonwealth Bank of Australia |
|
(427 |
) |
(23,143 |
) | |
Crown Ltd. |
|
(2,696 |
) |
(22,727 |
) | |
Insurance Australia Group Ltd. |
|
(6,348 |
) |
(23,572 |
) | |
Nufarm Ltd. |
|
(4,211 |
) |
(22,519 |
) | |
Orica Ltd. |
|
(864 |
) |
(23,566 |
) | |
Origin Energy Ltd. |
|
(1,393 |
) |
(23,371 |
) | |
Paladin Energy Ltd. |
|
(5,866 |
) |
(21,904 |
) | |
Woolworths Ltd. |
|
(834 |
) |
(23,188 |
) | |
Total Australia common stocks |
|
|
|
(230,863 |
) | |
|
|
|
|
|
| |
Austria(0.31)% |
|
|
|
|
| |
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A |
|
(1,760 |
) |
(78,196 |
) | |
|
|
|
|
|
| |
Belgium(0.47)% |
|
|
|
|
| |
Colruyt SA |
|
(2,257 |
) |
(118,861 |
) | |
|
|
|
|
|
| |
Bermuda(0.61)% |
|
|
|
|
| |
Central European Media Enterprises Ltd., Class A |
|
(2,100 |
) |
(44,310 |
) | |
Everest Re Group Ltd. |
|
(300 |
) |
(26,454 |
) | |
Frontline Ltd. |
|
(877 |
) |
(21,821 |
) | |
Genpact Ltd. |
|
(2,900 |
) |
(41,992 |
) | |
Li & Fung Ltd. |
|
(4,000 |
) |
(20,492 |
) | |
Total Bermuda common stocks |
|
|
|
(155,069 |
) | |
|
|
|
|
|
| |
Brazil(0.27)% |
|
|
|
|
| |
Cia Siderurgica Nacional SA ADR |
|
(1,400 |
) |
(23,324 |
) | |
Petroleo Brasileiro SA ADR |
|
(1,100 |
) |
(44,473 |
) | |
Total Brazil common stocks |
|
|
|
(67,797 |
) | |
|
|
|
|
|
| |
Canada(3.20)% |
|
|
|
|
| |
Agnico-Eagle Mines Ltd. |
|
(300 |
) |
(19,943 |
) | |
Bombardier, Inc., Class B |
|
(6,100 |
) |
(44,861 |
) | |
Brookfield Asset Management, Inc., Class A |
|
(700 |
) |
(22,751 |
) | |
Canadian Imperial Bank of Commerce |
|
(300 |
) |
(25,869 |
) | |
Cenovus Energy, Inc. |
|
(700 |
) |
(27,653 |
) | |
Crescent Point Energy Corp. |
|
(600 |
) |
(29,118 |
) | |
Enbridge, Inc. |
|
(400 |
) |
(24,516 |
) | |
Fairfax Financial Holdings Ltd. |
|
(100 |
) |
(37,803 |
) | |
Fortis, Inc. |
|
(600 |
) |
(20,497 |
) | |
George Weston Ltd. |
|
(600 |
) |
(40,883 |
) | |
Gildan Activewear, Inc. |
|
(700 |
) |
(22,975 |
) | |
Husky Energy, Inc. |
|
(700 |
) |
(21,271 |
) | |
IAMGOLD Corp. |
|
(1,100 |
) |
(24,247 |
) | |
Imperial Oil Ltd. |
|
(400 |
) |
(20,439 |
) | |
Inmet Mining Corp. |
|
(300 |
) |
(21,088 |
) | |
Intact Financial Corp. |
|
(500 |
) |
(25,915 |
) | |
InterOil Corp. |
|
(300 |
) |
(22,392 |
) | |
Methanex Corp. |
|
(700 |
) |
(21,762 |
) | |
National Bank of Canada NPV |
|
(300 |
) |
(24,381 |
) | |
Niko Resources Ltd. |
|
(300 |
) |
(28,778 |
) | |
Onex Corp. |
|
(600 |
) |
(21,036 |
) | |
Osisko Mining Corp. |
|
(1,700 |
) |
(24,479 |
) | |
Power Financial Corp. |
|
(700 |
) |
(22,664 |
) | |
Progress Energy Resources Corp. |
|
(2,100 |
) |
(30,238 |
) | |
Ritchie Bros Auctioneers, Inc. |
|
(1,000 |
) |
(28,210 |
) | |
Shaw Communications, Inc., Class B |
|
(1,000 |
) |
(21,083 |
) | |
Sherritt International Corp. |
|
(1,500 |
) |
(12,316 |
) | |
Silver Wheaton Corp. |
|
(600 |
) |
(26,067 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Canada(concluded) |
|
|
|
|
| |
SNC-Lavalin Group, Inc. |
|
(400 |
) |
$ |
(22,791 |
) |
Thompson Creek Metals Co., Inc. |
|
(2,800 |
) |
(35,112 |
) | |
TransAlta Corp. |
|
(900 |
) |
(18,975 |
) | |
TransCanada Corp. |
|
(500 |
) |
(20,273 |
) | |
Total Canada common stocks |
|
|
|
(810,386 |
) | |
|
|
|
|
|
| |
Chile(0.10)% |
|
|
|
|
| |
Banco Santander Chile ADR |
|
(300 |
) |
(26,025 |
) | |
|
|
|
|
|
| |
China(3.66)% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
(20,000 |
) |
(31,523 |
) | |
AIA Group Ltd. |
|
(16,400 |
) |
(50,495 |
) | |
Alibaba.com Ltd. |
|
(12,500 |
) |
(21,437 |
) | |
Angang Steel Co., Ltd., H Shares |
|
(16,000 |
) |
(21,968 |
) | |
Beijing Capital International Airport Co., Ltd., H Shares |
|
(32,000 |
) |
(16,867 |
) | |
Brilliance China Automotive Holdings Ltd. |
|
(30,000 |
) |
(30,083 |
) | |
China Citic Bank Corp. Ltd., H Shares |
|
(15,000 |
) |
(10,915 |
) | |
China Everbright Ltd. |
|
(10,000 |
) |
(22,421 |
) | |
China Foods Ltd. |
|
(18,000 |
) |
(10,969 |
) | |
China High Speed Transmission Equipment Group Co., Ltd. |
|
(14,000 |
) |
(22,426 |
) | |
China Molybdenum Co., Ltd., H Shares |
|
(23,000 |
) |
(20,047 |
) | |
China Pacific Insurance Group Co., Ltd., H Shares |
|
(10,800 |
) |
(45,402 |
) | |
China Resources Land Ltd. |
|
(12,000 |
) |
(22,462 |
) | |
China Unicom Hong Kong Ltd. |
|
(26,000 |
) |
(43,185 |
) | |
Ctrip.com International Ltd. ADR |
|
(500 |
) |
(20,745 |
) | |
Datang International Power Generation Co., Ltd., H Shares |
|
(62,000 |
) |
(22,955 |
) | |
Foxconn International Holdings Ltd. |
|
(30,000 |
) |
(18,011 |
) | |
Giant Interactive Group, Inc. ADR |
|
(6,600 |
) |
(49,170 |
) | |
Hengan International Group Co., Ltd. |
|
(7,500 |
) |
(55,634 |
) | |
Li Ning Co., Ltd. |
|
(20,000 |
) |
(33,682 |
) | |
Maanshan Iron & Steel, H Shares |
|
(40,000 |
) |
(21,649 |
) | |
New Oriental Education & Technology Group ADR |
|
(300 |
) |
(30,021 |
) | |
Parkson Retail Group Ltd. |
|
(25,000 |
) |
(34,389 |
) | |
PCCW Ltd. |
|
(50,000 |
) |
(20,827 |
) | |
Shun Tak Holdings Ltd. |
|
(44,000 |
) |
(24,210 |
) | |
Sino Land Co., Ltd. |
|
(6,000 |
) |
(10,660 |
) | |
Sinofert Holdings Ltd. |
|
(46,000 |
) |
(19,811 |
) | |
Sinopec Yizheng Chemical Fibre Co., Ltd., H Shares |
|
(50,000 |
) |
(20,441 |
) | |
Sinopharm Group Co., H Shares |
|
(6,000 |
) |
(21,289 |
) | |
Stella International Holdings Ltd. |
|
(7,000 |
) |
(15,605 |
) | |
Tsingtao Brewery Co., Ltd., H Shares |
|
(10,000 |
) |
(47,695 |
) | |
United Laboratories International Holdings Ltd. |
|
(28,000 |
) |
(50,395 |
) | |
Want Want China Holdings Ltd. |
|
(26,000 |
) |
(20,423 |
) | |
Wumart Stores, Inc., H Shares |
|
(9,000 |
) |
(19,623 |
) | |
Total China common stocks |
|
|
|
(927,435 |
) | |
|
|
|
|
|
| |
Denmark(0.98)% |
|
|
|
|
| |
Danisco A/S |
|
(339 |
) |
(42,784 |
) | |
FLSmidth & Co. A/S |
|
(563 |
) |
(47,962 |
) | |
H Lundbeck A/S |
|
(3,016 |
) |
(69,937 |
) | |
Novo Nordisk A/S, Class B |
|
(295 |
) |
(37,063 |
) | |
Vestas Wind Systems A/S |
|
(443 |
) |
(19,215 |
) | |
William Demant Holding A/S |
|
(351 |
) |
(30,395 |
) | |
Total Denmark common stocks |
|
|
|
(247,356 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Finland(0.91)% |
|
|
|
|
| |
Fortum OYJ |
|
(964 |
) |
$ |
(32,734 |
) |
Kone OYJ, Class B |
|
(395 |
) |
(22,727 |
) | |
Metso Oyj |
|
(2,083 |
) |
(112,000 |
) | |
Outokumpu Oyj |
|
(1,244 |
) |
(21,544 |
) | |
Rautaruukki Oyj NPV |
|
(915 |
) |
(21,941 |
) | |
Sampo Oyj, Class A |
|
(636 |
) |
(20,289 |
) | |
Total Finland common stocks |
|
|
|
(231,235 |
) | |
|
|
|
|
|
| |
France(3.32)% |
|
|
|
|
| |
Accor SA |
|
(615 |
) |
(27,633 |
) | |
Alstom SA |
|
(537 |
) |
(31,754 |
) | |
Atos Origin SA |
|
(141 |
) |
(8,268 |
) | |
BioMerieux |
|
(212 |
) |
(22,236 |
) | |
Carrefour SA |
|
(484 |
) |
(21,428 |
) | |
Cie de Saint-Gobain |
|
(915 |
) |
(56,026 |
) | |
Cie Generale de Geophysique-Veritas ADR |
|
(925 |
) |
(33,356 |
) | |
Credit Agricole SA |
|
(1,974 |
) |
(32,396 |
) | |
Danone |
|
(1,681 |
) |
(109,813 |
) | |
Dassault Systemes SA |
|
(852 |
) |
(65,480 |
) | |
Edenred |
|
(637 |
) |
(19,224 |
) | |
EDF SA |
|
(548 |
) |
(22,693 |
) | |
Eramet |
|
(69 |
) |
(25,503 |
) | |
Gecina SA |
|
(179 |
) |
(24,688 |
) | |
Groupe Eurotunnel SA |
|
(2,282 |
) |
(24,278 |
) | |
Iliad SA |
|
(196 |
) |
(23,499 |
) | |
Lafarge SA |
|
(386 |
) |
(24,078 |
) | |
Neopost SA |
|
(246 |
) |
(21,549 |
) | |
Pernod-Ricard SA |
|
(1,067 |
) |
(99,651 |
) | |
Renault SA |
|
(439 |
) |
(24,270 |
) | |
Schneider Electric SA |
|
(232 |
) |
(39,652 |
) | |
Technip SA |
|
(219 |
) |
(23,355 |
) | |
Thales SA |
|
(542 |
) |
(21,619 |
) | |
Unibail-Rodamco SE |
|
(173 |
) |
(37,475 |
) | |
Total France common stocks |
|
|
|
(839,924 |
) | |
|
|
|
|
|
| |
Germany(2.18)% |
|
|
|
|
| |
BASF SE |
|
(397 |
) |
(34,337 |
) | |
Bayer AG |
|
(288 |
) |
(22,301 |
) | |
Beiersdorf AG NPV |
|
(475 |
) |
(28,990 |
) | |
Commerzbank AG |
|
(2,860 |
) |
(22,288 |
) | |
Daimler AG |
|
(327 |
) |
(23,102 |
) | |
Deutsche Bank AG |
|
(659 |
) |
(38,744 |
) | |
GEA Group AG |
|
(2,992 |
) |
(98,544 |
) | |
Hamburger Hafen und Logistik AG |
|
(507 |
) |
(23,585 |
) | |
K&S AG NPV |
|
(416 |
) |
(31,406 |
) | |
Linde AG |
|
(150 |
) |
(23,692 |
) | |
Merck KGAA |
|
(431 |
) |
(38,897 |
) | |
Puma AG Rudolf Dassler Sport |
|
(74 |
) |
(21,703 |
) | |
RWE AG |
|
(1,024 |
) |
(65,225 |
) | |
SGL Carbon SE NPV |
|
(389 |
) |
(19,042 |
) | |
Siemens AG |
|
(343 |
) |
(47,011 |
) | |
United Internet AG |
|
(628 |
) |
(11,303 |
) | |
Total Germany common stocks |
|
|
|
(550,170 |
) | |
|
|
|
|
|
| |
Hong Kong(0.13)% |
|
|
|
|
| |
Hong Kong Exchanges & Clearing Ltd. |
|
(1,000 |
) |
(21,726 |
) | |
Shangri-La Asia Ltd. |
|
(4,000 |
) |
(10,336 |
) | |
Total Hong Kong common stocks |
|
|
|
(32,062 |
) | |
|
|
|
|
|
| |
India(0.13)% |
|
|
|
|
| |
HDFC Bank Ltd. ADR |
|
(200 |
) |
(33,988 |
) | |
|
|
|
|
|
| |
Ireland(0.25)% |
|
|
|
|
| |
James Hardie Industries SE CDI |
|
(3,480 |
) |
(21,957 |
) | |
Ryanair Holdings PLC |
|
(3,162 |
) |
(15,053 |
) | |
Warner Chilcott PLC, Class A |
|
(1,100 |
) |
(25,608 |
) | |
Total Ireland common stocks |
|
|
|
(62,618 |
) | |
|
|
|
|
|
| |
Italy(1.63)% |
|
|
|
|
| |
Assicurazioni Generali SpA |
|
(3,237 |
) |
(70,097 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Italy(concluded) |
|
|
|
|
| |
Banca Monte dei Paschi di Siena SpA |
|
(18,789 |
) |
$ |
(23,446 |
) |
Bulgari SpA |
|
(638 |
) |
(11,058 |
) | |
Fiat Industrial SpA |
|
(1,594 |
) |
(22,884 |
) | |
Luxottica Group SpA |
|
(965 |
) |
(31,509 |
) | |
Mediolanum SpA |
|
(1,815 |
) |
(9,759 |
) | |
Saras SpA |
|
(9,602 |
) |
(24,889 |
) | |
Snam Rete Gas SpA |
|
(12,529 |
) |
(70,421 |
) | |
Terna-Rete Elettrica Nazionale SpA |
|
(26,712 |
) |
(127,878 |
) | |
Unione di Banche Italiane SCPA |
|
(2,366 |
) |
(20,219 |
) | |
Total Italy common stocks |
|
|
|
(412,160 |
) | |
|
|
|
|
|
| |
Japan(6.58)% |
|
|
|
|
| |
Advantest Corp. |
|
(1,300 |
) |
(23,412 |
) | |
All Nippon Airways Co., Ltd. |
|
(17,000 |
) |
(50,685 |
) | |
Benesse Holdings, Inc. |
|
(500 |
) |
(20,468 |
) | |
Bridgestone Corp. |
|
(1,100 |
) |
(23,050 |
) | |
Canon Marketing Japan, Inc. |
|
(1,600 |
) |
(19,870 |
) | |
Chugai Pharmaceutical Co., Ltd. |
|
(2,500 |
) |
(43,039 |
) | |
Chugoku Bank Ltd. |
|
(2,000 |
) |
(22,698 |
) | |
Chuo Mitsui Trust Holdings, Inc. |
|
(2,980 |
) |
(10,569 |
) | |
Dai-ichi Life Insurance Co., Ltd. |
|
(7 |
) |
(10,561 |
) | |
Daiichi Sankyo Co., Ltd. |
|
(1,100 |
) |
(21,238 |
) | |
Fast Retailing Co., Ltd. |
|
(200 |
) |
(25,030 |
) | |
Furukawa Electric Co., Ltd. |
|
(5,000 |
) |
(20,197 |
) | |
Hirose Electric Co., Ltd. |
|
(200 |
) |
(21,544 |
) | |
Inpex Corp. |
|
(3 |
) |
(22,758 |
) | |
Jafco Co., Ltd. |
|
(800 |
) |
(20,582 |
) | |
Japan Prime Realty Investment Corp. |
|
(8 |
) |
(21,601 |
) | |
Japan Real Estate Investment Corp. |
|
(2 |
) |
(18,923 |
) | |
Kawasaki Kisen Kaisha Ltd. |
|
(4,000 |
) |
(14,763 |
) | |
Keikyu Corp. |
|
(3,000 |
) |
(21,604 |
) | |
Keio Corp. |
|
(4,000 |
) |
(23,900 |
) | |
Keyence Corp. |
|
(100 |
) |
(25,595 |
) | |
Kintetsu Corp. |
|
(7,000 |
) |
(22,469 |
) | |
Kirin Holdings Co., Ltd. |
|
(2,000 |
) |
(26,280 |
) | |
Kurita Water Industries Ltd. |
|
(800 |
) |
(23,650 |
) | |
Lawson, Inc. |
|
(500 |
) |
(24,104 |
) | |
Matsui Securities Co., Ltd. |
|
(3,300 |
) |
(17,932 |
) | |
MISUMI Group, Inc. |
|
(1,900 |
) |
(47,169 |
) | |
Mitsubishi Estate Co., Ltd. |
|
(2,000 |
) |
(33,830 |
) | |
Mitsubishi Motors Corp. |
|
(33,000 |
) |
(40,466 |
) | |
Mitsui OSK Lines Ltd. |
|
(6,000 |
) |
(34,552 |
) | |
Mitsui Sumitomo Insurance Group Holdings, Inc. |
|
(1,800 |
) |
(40,986 |
) | |
Mizuho Trust & Banking Co., Ltd. |
|
(37,000 |
) |
(33,361 |
) | |
Mori Seiki Co., Ltd. |
|
(1,900 |
) |
(22,682 |
) | |
Namco Bandai Holdings, Inc. |
|
(2,300 |
) |
(25,079 |
) | |
NEC Corp. |
|
(8,000 |
) |
(17,408 |
) | |
Nintendo Co., Ltd. |
|
(100 |
) |
(27,014 |
) | |
Nippon Sheet Glass Co., Ltd. |
|
(8,000 |
) |
(23,083 |
) | |
Nippon Steel Corp. |
|
(5,000 |
) |
(15,989 |
) | |
Nissha Printing Co., Ltd. |
|
(900 |
) |
(19,422 |
) | |
Nissin Foods Holdings Co., Ltd. |
|
(1,000 |
) |
(35,249 |
) | |
Nomura Real Estate Holdings, Inc. |
|
(1,400 |
) |
(21,224 |
) | |
Nomura Research Institute Ltd. |
|
(1,400 |
) |
(30,902 |
) | |
Obayashi Corp. |
|
(4,000 |
) |
(17,793 |
) | |
Olympus Corp. |
|
(700 |
) |
(19,473 |
) | |
Omron Corp. |
|
(800 |
) |
(22,486 |
) | |
Oracle Corp. |
|
(500 |
) |
(20,828 |
) | |
Otsuka Corp. |
|
(400 |
) |
(25,727 |
) | |
Rakuten, Inc. |
|
(25 |
) |
(22,481 |
) | |
Senshu Ikeda Holdings, Inc. |
|
(15,500 |
) |
(21,057 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
Sharp Corp. |
|
(2,000 |
) |
$ |
(19,837 |
) |
Shimadzu Corp. |
|
(3,000 |
) |
(26,653 |
) | |
Shinko Electric Industries Co., Ltd. |
|
(2,100 |
) |
(21,510 |
) | |
Sony Financial Holdings, Inc. |
|
(1,200 |
) |
(23,804 |
) | |
Square Enix Holdings Co., Ltd. |
|
(1,400 |
) |
(24,304 |
) | |
Sumco Corp. |
|
(1,300 |
) |
(26,209 |
) | |
Sumitomo Chemical Co., Ltd. |
|
(6,000 |
) |
(29,935 |
) | |
Sumitomo Metal Industries Ltd. |
|
(17,000 |
) |
(38,014 |
) | |
Suzuki Motor Corp. |
|
(900 |
) |
(20,114 |
) | |
Tokyo Electron Ltd. |
|
(400 |
) |
(22,049 |
) | |
Tosoh Corp. |
|
(10,000 |
) |
(35,946 |
) | |
Toyota Boshoku Corp. |
|
(1,500 |
) |
(21,586 |
) | |
Toyota Industries Corp. |
|
(700 |
) |
(21,173 |
) | |
Trend Micro, Inc. |
|
(1,300 |
) |
(34,618 |
) | |
Yakult Honsha Co., Ltd. |
|
(1,400 |
) |
(35,783 |
) | |
Yamaha Motor Co., Ltd. |
|
(1,300 |
) |
(22,693 |
) | |
Yaskawa Electric Corp. |
|
(2,000 |
) |
(23,708 |
) | |
Total Japan common stocks |
|
|
|
(1,662,719 |
) | |
|
|
|
|
|
| |
Jersey (Channel Islands)(0.08)% |
|
|
|
|
| |
Heritage Oil PLC |
|
(4,323 |
) |
(19,702 |
) | |
|
|
|
|
|
| |
Luxembourg(0.22)% |
|
|
|
|
| |
LOccitane International SA |
|
(9,750 |
) |
(24,041 |
) | |
Tenaris SA |
|
(1,243 |
) |
(30,528 |
) | |
Total Luxembourg common stocks |
|
|
|
(54,569 |
) | |
|
|
|
|
|
| |
Mexico(0.09)% |
|
|
|
|
| |
Cemex SAB de CV ADR |
|
(2,600 |
) |
(23,218 |
) | |
|
|
|
|
|
| |
Netherlands(1.55)% |
|
|
|
|
| |
Aalberts Industries NV |
|
(2,428 |
) |
(57,619 |
) | |
Akzo Nobel NV |
|
(675 |
) |
(46,377 |
) | |
CNH Global NV |
|
(500 |
) |
(24,275 |
) | |
Koninklijke KPN NV |
|
(4,728 |
) |
(80,540 |
) | |
QIAGEN NV |
|
(1,103 |
) |
(22,033 |
) | |
TNT NV |
|
(1,393 |
) |
(35,732 |
) | |
Unilever NV, CVA |
|
(3,159 |
) |
(99,052 |
) | |
VistaPrint NV |
|
(500 |
) |
(25,950 |
) | |
Total Netherlands common stocks |
|
|
|
(391,578 |
) | |
|
|
|
|
|
| |
New Zealand(0.14)% |
|
|
|
|
| |
Contact Energy Ltd. |
|
(7,701 |
) |
(34,199 |
) | |
|
|
|
|
|
| |
Norway(0.64)% |
|
|
|
|
| |
Cermaq ASA |
|
(2,122 |
) |
(37,507 |
) | |
Subsea 7 SA |
|
(1,797 |
) |
(45,394 |
) | |
Yara International ASA |
|
(1,555 |
) |
(78,787 |
) | |
Total Norway common stocks |
|
|
|
(161,688 |
) | |
|
|
|
|
|
| |
Portugal(0.18)% |
|
|
|
|
| |
Galp Energia SGPS SA, Class B |
|
(1,011 |
) |
(21,642 |
) | |
Jeronimo Martins SGPS SA |
|
(1,427 |
) |
(22,954 |
) | |
Total Portugal common stocks |
|
|
|
(44,596 |
) | |
|
|
|
|
|
| |
Russia(0.07)% |
|
|
|
|
| |
United Co. RUSAL PLC |
|
(10,000 |
) |
(17,278 |
) | |
|
|
|
|
|
| |
Singapore(0.74)% |
|
|
|
|
| |
Ascendas Real Estate Investment Trust |
|
(14,000 |
) |
(22,658 |
) | |
CapitaLand Ltd. |
|
(8,000 |
) |
(20,944 |
) | |
CapitaMalls Asia Ltd. |
|
(15,000 |
) |
(21,182 |
) | |
Keppel Land Ltd. |
|
(6,000 |
) |
(21,372 |
) | |
Singapore Exchange Ltd. |
|
(7,000 |
) |
(43,594 |
) | |
Singapore Technologies Engineering Ltd. |
|
(14,000 |
) |
(36,208 |
) | |
Wilmar International Ltd. |
|
(5,000 |
) |
(21,658 |
) | |
Total Singapore common stocks |
|
|
|
(187,616 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Spain(0.89)% |
|
|
|
|
| |
Acerinox SA |
|
(3,238 |
) |
$ |
(63,900 |
) |
Banco de Valencia SA |
|
(6,322 |
) |
(28,312 |
) | |
Enagas SA |
|
(1,061 |
) |
(23,938 |
) | |
Gestevision Telecinco SA |
|
(2,855 |
) |
(32,685 |
) | |
Telefonica SA |
|
(2,994 |
) |
(74,954 |
) | |
Total Spain common stocks |
|
|
|
(223,789 |
) | |
|
|
|
|
|
| |
Sweden(0.41)% |
|
|
|
|
| |
Atlas Copco AB, Class B |
|
(710 |
) |
(17,165 |
) | |
Boliden AB |
|
(1,585 |
) |
(34,152 |
) | |
Electrolux AB, Series B |
|
(922 |
) |
(23,766 |
) | |
Securitas AB, Class B |
|
(2,397 |
) |
(28,539 |
) | |
Total Sweden common stocks |
|
|
|
(103,622 |
) | |
|
|
|
|
|
| |
Switzerland(1.70)% |
|
|
|
|
| |
Adecco SA |
|
(346 |
) |
(22,753 |
) | |
Geberit AG |
|
(105 |
) |
(22,863 |
) | |
Givaudan SA |
|
(26 |
) |
(26,142 |
) | |
Holcim Ltd. |
|
(303 |
) |
(22,828 |
) | |
Kuehne & Nagel International AG |
|
(49 |
) |
(6,855 |
) | |
Lindt & Spruengli AG |
|
(1 |
) |
(32,515 |
) | |
Logitech International SA |
|
(1,153 |
) |
(20,763 |
) | |
Nobel Biocare Holding AG |
|
(1,034 |
) |
(21,434 |
) | |
Sonova Holding AG |
|
(306 |
) |
(27,268 |
) | |
STMicroelectronics NV |
|
(3,004 |
) |
(37,209 |
) | |
Straumann Holding AG |
|
(213 |
) |
(54,775 |
) | |
Swiss Reinsurance Co., Ltd. |
|
(1,778 |
) |
(101,724 |
) | |
Weatherford International Ltd. |
|
(1,500 |
) |
(33,900 |
) | |
Total Switzerland common stocks |
|
|
|
(431,029 |
) | |
|
|
|
|
|
| |
United Kingdom(4.57)% |
|
|
|
|
| |
Antofagasta PLC |
|
(1,882 |
) |
(41,090 |
) | |
ARM Holdings PLC |
|
(2,726 |
) |
(25,145 |
) | |
AstraZeneca PLC |
|
(1,003 |
) |
(46,066 |
) | |
BHP Billiton PLC |
|
(2,171 |
) |
(85,675 |
) | |
British Land Co., PLC |
|
(32 |
) |
(284 |
) | |
BT Group PLC, Class A |
|
(37,057 |
) |
(110,333 |
) | |
Burberry Group PLC |
|
(658 |
) |
(12,392 |
) | |
Cable & Wireless Worldwide PLC |
|
(72,533 |
) |
(61,030 |
) | |
Ensco International PLC ADR |
|
(400 |
) |
(23,136 |
) | |
GlaxoSmithKline PLC |
|
(3,211 |
) |
(61,272 |
) | |
Hargreaves Lansdown PLC |
|
(5,220 |
) |
(51,081 |
) | |
Hays PLC |
|
(8,436 |
) |
(15,739 |
) | |
HSBC Holdings PLC |
|
(1,245 |
) |
(12,802 |
) | |
Invensys PLC |
|
(3,848 |
) |
(21,309 |
) | |
ITV PLC |
|
(21,335 |
) |
(26,474 |
) | |
Kazakhmys |
|
(1,995 |
) |
(44,613 |
) | |
Kingfisher PLC |
|
(4,110 |
) |
(16,213 |
) | |
Lloyds Banking Group PLC |
|
(28,783 |
) |
(26,822 |
) | |
Lonmin PLC |
|
(1,908 |
) |
(52,126 |
) | |
Misys PLC |
|
(4,589 |
) |
(23,278 |
) | |
Rolls-Royce Group PLC |
|
(9,522 |
) |
(94,553 |
) | |
RSA Insurance Group PLC |
|
(12,836 |
) |
(27,078 |
) | |
SABMiller PLC |
|
(1,263 |
) |
(44,726 |
) | |
Severn Trent PLC |
|
(938 |
) |
(21,984 |
) | |
Smith & Nephew PLC |
|
(2,499 |
) |
(28,183 |
) | |
Standard Life PLC |
|
(18,877 |
) |
(62,624 |
) | |
TUI Travel PLC |
|
(5,557 |
) |
(20,236 |
) | |
Vedanta Resources PLC |
|
(963 |
) |
(36,752 |
) | |
WM Morrison Supermarkets PLC |
|
(9,612 |
) |
(42,558 |
) | |
Wolseley PLC |
|
(632 |
) |
(21,281 |
) | |
Total United Kingdom common stocks |
|
|
|
(1,156,855 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(46.77)% |
|
|
|
|
| |
3M Co. |
|
(500 |
) |
$ |
(46,750 |
) |
Abercrombie & Fitch Co., Class A |
|
(500 |
) |
(29,350 |
) | |
Actuant Corp., Class A |
|
(800 |
) |
(23,200 |
) | |
Acuity Brands, Inc. |
|
(400 |
) |
(23,396 |
) | |
Advanced Micro Devices, Inc. |
|
(7,100 |
) |
(61,060 |
) | |
Aecom Technology Corp. |
|
(800 |
) |
(22,184 |
) | |
Air Products & Chemicals, Inc. |
|
(300 |
) |
(27,054 |
) | |
AK Steel Holding Corp. |
|
(1,600 |
) |
(25,248 |
) | |
Akamai Technologies, Inc. |
|
(1,100 |
) |
(41,800 |
) | |
Alcoa, Inc. |
|
(1,300 |
) |
(22,945 |
) | |
Alliant Energy Corp. |
|
(2,200 |
) |
(85,646 |
) | |
Altera Corp. |
|
(2,800 |
) |
(123,256 |
) | |
Amedisys, Inc. |
|
(800 |
) |
(28,000 |
) | |
American Express Co. |
|
(500 |
) |
(22,600 |
) | |
American Superconductor Corp. |
|
(1,100 |
) |
(27,357 |
) | |
American Water Works Co., Inc. |
|
(2,200 |
) |
(61,710 |
) | |
Amphenol Corp., Class A |
|
(500 |
) |
(27,195 |
) | |
AMR Corp. |
|
(3,700 |
) |
(23,902 |
) | |
AON Corp. |
|
(400 |
) |
(21,184 |
) | |
Aqua America, Inc. |
|
(2,200 |
) |
(50,358 |
) | |
Archer-Daniels-Midland Co. NPV |
|
(400 |
) |
(14,404 |
) | |
Associated Banc-Corp. |
|
(1,500 |
) |
(22,275 |
) | |
AT&T, Inc. |
|
(800 |
) |
(24,480 |
) | |
Avon Products, Inc. |
|
(400 |
) |
(10,816 |
) | |
Bally Technologies, Inc. |
|
(500 |
) |
(18,925 |
) | |
BB&T Corp. |
|
(900 |
) |
(24,705 |
) | |
Bemis Co., Inc. |
|
(700 |
) |
(22,967 |
) | |
Berkshire Hathaway, Inc., Class B |
|
(300 |
) |
(25,089 |
) | |
Best Buy Co., Inc. |
|
(1,900 |
) |
(54,568 |
) | |
BioMarin Pharmaceutical, Inc. |
|
(900 |
) |
(22,617 |
) | |
Bio-Reference Labs, Inc. |
|
(1,800 |
) |
(40,392 |
) | |
BJs Wholesale Club, Inc. |
|
(500 |
) |
(24,410 |
) | |
BMC Software, Inc. |
|
(4,000 |
) |
(198,960 |
) | |
Booz Allen Hamilton Holding Corp. |
|
(1,800 |
) |
(32,418 |
) | |
Boston Scientific Corp. |
|
(4,800 |
) |
(34,512 |
) | |
Bristol-Myers Squibb Co. |
|
(1,400 |
) |
(37,002 |
) | |
Brown-Forman Corp., Class B |
|
(1,100 |
) |
(75,130 |
) | |
C.H. Robinson Worldwide, Inc. |
|
(2,200 |
) |
(163,086 |
) | |
Calpine Corp. |
|
(2,200 |
) |
(34,914 |
) | |
Campbell Soup Co. |
|
(1,300 |
) |
(43,043 |
) | |
Capella Education Co. |
|
(400 |
) |
(19,916 |
) | |
Cardinal Health, Inc. |
|
(1,100 |
) |
(45,243 |
) | |
Carters, Inc. |
|
(1,600 |
) |
(45,808 |
) | |
Caterpillar, Inc. |
|
(1,100 |
) |
(122,485 |
) | |
Celgene Corp. |
|
(900 |
) |
(51,777 |
) | |
Centene Corp. |
|
(700 |
) |
(23,086 |
) | |
CenturyLink, Inc. |
|
(1,600 |
) |
(66,480 |
) | |
Charles River Laboratories International, Inc. |
|
(1,500 |
) |
(57,570 |
) | |
Charles Schwab Corp. |
|
(1,400 |
) |
(25,242 |
) | |
Chesapeake Energy Corp. |
|
(2,500 |
) |
(83,800 |
) | |
Chesapeake Lodging Trust |
|
(2,400 |
) |
(41,784 |
) | |
Chevron Corp. |
|
(300 |
) |
(32,229 |
) | |
Church & Dwight Co., Inc. |
|
(1,100 |
) |
(87,274 |
) | |
Cie Generale de Geophysique-Veritas ADR |
|
(1,000 |
) |
(36,190 |
) | |
CIT Group, Inc. |
|
(500 |
) |
(21,275 |
) | |
City National Corp. |
|
(400 |
) |
(22,820 |
) | |
Clean Energy Fuels Corp. |
|
(1,600 |
) |
(26,208 |
) | |
Clear Channel Outdoor Holdings, Inc., Class A |
|
(1,000 |
) |
(14,550 |
) | |
Clorox Co. |
|
(900 |
) |
(63,063 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Cobalt International Energy, Inc. |
|
(1,600 |
) |
$ |
(26,896 |
) |
Coca-Cola Co. |
|
(400 |
) |
(26,540 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(500 |
) |
(40,700 |
) | |
Commercial Metals Co. |
|
(1,400 |
) |
(24,178 |
) | |
Compuware Corp. |
|
(4,000 |
) |
(46,200 |
) | |
Comstock Resources, Inc. |
|
(900 |
) |
(27,846 |
) | |
ConocoPhillips |
|
(700 |
) |
(55,902 |
) | |
CONSOL Energy, Inc. |
|
(700 |
) |
(37,541 |
) | |
Consolidated Edison, Inc. |
|
(2,700 |
) |
(136,944 |
) | |
Constellation Brands, Inc., Class A |
|
(600 |
) |
(12,168 |
) | |
Constellation Energy Group, Inc. |
|
(800 |
) |
(24,904 |
) | |
Con-way, Inc. |
|
(700 |
) |
(27,503 |
) | |
Corning, Inc. |
|
(2,600 |
) |
(53,638 |
) | |
Covance, Inc. |
|
(600 |
) |
(32,832 |
) | |
Covanta Holding Corp. |
|
(1,300 |
) |
(22,204 |
) | |
Crown Castle International Corp. |
|
(600 |
) |
(25,530 |
) | |
CSX Corp. |
|
(700 |
) |
(55,020 |
) | |
Cullen/Frost Bankers, Inc. |
|
(400 |
) |
(23,608 |
) | |
Dean Foods Co. |
|
(2,100 |
) |
(21,000 |
) | |
Deere & Co. |
|
(500 |
) |
(48,445 |
) | |
Dell, Inc. |
|
(9,100 |
) |
(132,041 |
) | |
Diebold, Inc. |
|
(1,500 |
) |
(53,190 |
) | |
Dillards, Inc., Class A |
|
(400 |
) |
(16,048 |
) | |
Discovery Communications, Inc., Class A |
|
(500 |
) |
(19,950 |
) | |
Dolby Laboratories, Inc., Class A |
|
(400 |
) |
(19,684 |
) | |
Dollar General Corp. |
|
(1,600 |
) |
(50,160 |
) | |
DreamWorks Animation SKG, Inc., Class A |
|
(700 |
) |
(19,551 |
) | |
Dril-Quip, Inc. |
|
(500 |
) |
(39,515 |
) | |
Duke Energy Corp. |
|
(1,400 |
) |
(25,410 |
) | |
Ecolab, Inc. |
|
(300 |
) |
(15,306 |
) | |
Edwards Lifesciences Corp. |
|
(1,020 |
) |
(88,740 |
) | |
EI Du Pont de Nemours & Co. |
|
(1,200 |
) |
(65,964 |
) | |
Eli Lilly & Co. |
|
(4,400 |
) |
(154,748 |
) | |
EMC Corp. |
|
(5,100 |
) |
(135,405 |
) | |
Emerson Electric Co. |
|
(300 |
) |
(17,529 |
) | |
Emulex Corp. |
|
(2,200 |
) |
(23,474 |
) | |
EQT Corp. |
|
(500 |
) |
(24,950 |
) | |
Expedia, Inc. |
|
(1,100 |
) |
(24,926 |
) | |
Expeditors International Washington, Inc. |
|
(2,900 |
) |
(145,406 |
) | |
Express Scripts, Inc. |
|
(800 |
) |
(44,488 |
) | |
Fastenal Co. |
|
(400 |
) |
(25,932 |
) | |
Federated Investors, Inc., Class B |
|
(800 |
) |
(21,400 |
) | |
FedEx Corp. |
|
(300 |
) |
(28,065 |
) | |
Fifth Third Bancorp |
|
(1,500 |
) |
(20,820 |
) | |
Financial Institutions, Inc. |
|
(2,300 |
) |
(40,250 |
) | |
First Niagara Financial Group, Inc. |
|
(1,500 |
) |
(20,370 |
) | |
FirstMerit Corp. |
|
(1,300 |
) |
(22,178 |
) | |
Fiserv, Inc. |
|
(800 |
) |
(50,176 |
) | |
FleetCor Technologies, Inc. |
|
(2,770 |
) |
(90,468 |
) | |
Flextronics International Ltd. |
|
(5,200 |
) |
(38,844 |
) | |
Flowers Foods, Inc. |
|
(2,000 |
) |
(54,460 |
) | |
Ford Motor Co. |
|
(4,900 |
) |
(73,059 |
) | |
Forest City Enterprises, Inc., Class A |
|
(1,300 |
) |
(24,479 |
) | |
Forest Laboratories, Inc. |
|
(2,400 |
) |
(77,520 |
) | |
Forest Oil Corp. |
|
(600 |
) |
(22,698 |
) | |
Freeport-McMoRan Copper & Gold, Inc. |
|
(800 |
) |
(44,440 |
) | |
FTI Consulting, Inc. |
|
(600 |
) |
(22,998 |
) | |
General Mills, Inc. |
|
(400 |
) |
(14,620 |
) | |
Genworth Financial, Inc., Class A |
|
(1,200 |
) |
(16,152 |
) | |
Goodrich Corp. |
|
(1,800 |
) |
(153,954 |
) | |
GrafTech International Ltd. |
|
(1,100 |
) |
(22,693 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Great Plains Energy, Inc. |
|
(1,400 |
) |
$ |
(28,028 |
) |
Green Mountain Coffee Roasters, Inc. |
|
(200 |
) |
(12,922 |
) | |
GSI Commerce, Inc. |
|
(1,200 |
) |
(35,124 |
) | |
H&R Block, Inc. |
|
(2,600 |
) |
(43,524 |
) | |
Halliburton Co. |
|
(300 |
) |
(14,952 |
) | |
Hasbro, Inc. |
|
(500 |
) |
(23,420 |
) | |
Health Care REIT, Inc. |
|
(400 |
) |
(20,976 |
) | |
Hercules Technology Growth Capital, Inc. |
|
(3,700 |
) |
(40,700 |
) | |
Hershey Co. |
|
(1,500 |
) |
(81,525 |
) | |
Honeywell International, Inc. |
|
(1,000 |
) |
(59,710 |
) | |
Hormel Foods Corp. |
|
(1,400 |
) |
(38,976 |
) | |
Hospira, Inc. |
|
(1,400 |
) |
(77,280 |
) | |
Hudson City Bancorp, Inc. |
|
(2,300 |
) |
(22,264 |
) | |
Human Genome Sciences, Inc. |
|
(900 |
) |
(24,705 |
) | |
Humana, Inc. |
|
(900 |
) |
(62,946 |
) | |
Illinois Tool Works, Inc. |
|
(400 |
) |
(21,488 |
) | |
Integrys Energy Group, Inc. |
|
(400 |
) |
(20,204 |
) | |
Intel Corp. |
|
(4,400 |
) |
(88,748 |
) | |
International Business Machines Corp. |
|
(300 |
) |
(48,921 |
) | |
International Game Technology |
|
(1,200 |
) |
(19,476 |
) | |
International Paper Co. |
|
(800 |
) |
(24,144 |
) | |
Intrepid Potash, Inc. |
|
(600 |
) |
(20,892 |
) | |
Intuitive Surgical, Inc. |
|
(200 |
) |
(66,692 |
) | |
Invesco Ltd. |
|
(600 |
) |
(15,336 |
) | |
Invesco Mortgage Capital, Inc. |
|
(1,850 |
) |
(40,423 |
) | |
Iron Mountain, Inc. |
|
(700 |
) |
(21,861 |
) | |
Jarden Corp. |
|
(600 |
) |
(21,342 |
) | |
JC Penney Co., Inc. |
|
(600 |
) |
(21,546 |
) | |
Jefferies Group, Inc. |
|
(900 |
) |
(22,446 |
) | |
JetBlue Airways Corp. |
|
(5,200 |
) |
(32,604 |
) | |
JM Smucker Co. |
|
(100 |
) |
(7,139 |
) | |
Johnson Controls, Inc. |
|
(500 |
) |
(20,785 |
) | |
Joy Global, Inc. |
|
(600 |
) |
(59,286 |
) | |
Kellogg Co. |
|
(300 |
) |
(16,194 |
) | |
KeyCorp |
|
(1,500 |
) |
(13,320 |
) | |
Kinder Morgan Management LLC |
|
(312 |
) |
(20,464 |
) | |
Knight Transportation, Inc. |
|
(1,100 |
) |
(21,175 |
) | |
Koppers Holdings, Inc. |
|
(2,080 |
) |
(88,816 |
) | |
Kraft Foods, Inc., Class A |
|
(500 |
) |
(15,680 |
) | |
Laboratory Corp. of America Holdings |
|
(400 |
) |
(36,852 |
) | |
Lamar Advertising Co., Class A |
|
(3,400 |
) |
(125,596 |
) | |
LaSalle Hotel Properties |
|
(800 |
) |
(21,600 |
) | |
Lenovo Group Ltd. |
|
(42,000 |
) |
(23,920 |
) | |
LKQ Corp. |
|
(900 |
) |
(21,690 |
) | |
Loews Corp. |
|
(600 |
) |
(25,854 |
) | |
Longtop Financial Technologies Ltd. ADR |
|
(700 |
) |
(21,994 |
) | |
LSI Corp. |
|
(4,400 |
) |
(29,920 |
) | |
LTC Properties, Inc. |
|
(1,450 |
) |
(41,093 |
) | |
Martin Marietta Materials, Inc. |
|
(300 |
) |
(26,901 |
) | |
Masco Corp. |
|
(1,800 |
) |
(25,056 |
) | |
Mattel, Inc. |
|
(900 |
) |
(22,437 |
) | |
Maxim Integrated Products, Inc. |
|
(800 |
) |
(20,480 |
) | |
McDonalds Corp. |
|
(900 |
) |
(68,481 |
) | |
McMoRan Exploration Co. |
|
(1,300 |
) |
(23,023 |
) | |
Meadowbrook Insurance Group, Inc. |
|
(12,500 |
) |
(129,375 |
) | |
MedAssets, Inc. |
|
(1,400 |
) |
(21,378 |
) | |
Medtronic, Inc. |
|
(600 |
) |
(23,610 |
) | |
MEMC Electronic Materials, Inc. |
|
(1,900 |
) |
(24,624 |
) | |
MetLife, Inc. |
|
(400 |
) |
(17,892 |
) | |
MFA Financial, Inc. |
|
(4,900 |
) |
(40,180 |
) | |
MGM Resorts International |
|
(3,400 |
) |
(44,710 |
) | |
Micron Technology, Inc. |
|
(3,000 |
) |
(34,380 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Microsemi Corp. |
|
(1,100 |
) |
$ |
(22,781 |
) |
Mohawk Industries, Inc. |
|
(400 |
) |
(24,460 |
) | |
Monster Worldwide, Inc. |
|
(1,600 |
) |
(25,440 |
) | |
Motorola Mobility Holdings, Inc. |
|
(1,312 |
) |
(32,013 |
) | |
MSC Industrial Direct Co., Class A |
|
(400 |
) |
(27,388 |
) | |
MSCI, Inc., Class A |
|
(1,200 |
) |
(44,184 |
) | |
National Fuel Gas Co. |
|
(300 |
) |
(22,200 |
) | |
Navistar International Corp. |
|
(900 |
) |
(62,397 |
) | |
NCR Corp. |
|
(1,100 |
) |
(20,724 |
) | |
Nektar Therapeutics |
|
(3,100 |
) |
(29,357 |
) | |
NetApp, Inc. |
|
(600 |
) |
(28,908 |
) | |
NetFlix, Inc. |
|
(400 |
) |
(94,932 |
) | |
New York Community Bancorp, Inc. |
|
(1,200 |
) |
(20,712 |
) | |
New York Times Co., Class A |
|
(2,300 |
) |
(21,781 |
) | |
Newcastle Investment Corp. |
|
(6,700 |
) |
(40,468 |
) | |
Nicor, Inc. |
|
(400 |
) |
(21,480 |
) | |
Nielsen Holdings NV |
|
(3,240 |
) |
(88,484 |
) | |
Nordstrom, Inc. |
|
(600 |
) |
(26,928 |
) | |
Novellus Systems, Inc. |
|
(2,400 |
) |
(89,112 |
) | |
NSTAR |
|
(2,500 |
) |
(115,675 |
) | |
Nucor Corp. |
|
(300 |
) |
(13,806 |
) | |
Nvidia Corp. |
|
(1,700 |
) |
(31,382 |
) | |
Occidental Petroleum Corp. |
|
(1,700 |
) |
(177,633 |
) | |
Office Depot, Inc. |
|
(4,700 |
) |
(21,761 |
) | |
Old Republic International Corp. |
|
(1,100 |
) |
(13,959 |
) | |
Olin Corp. |
|
(1,000 |
) |
(22,920 |
) | |
OReilly Automotive, Inc. |
|
(1,850 |
) |
(106,301 |
) | |
Owens-Illinois, Inc. |
|
(1,200 |
) |
(36,228 |
) | |
PACCAR, Inc. |
|
(400 |
) |
(20,940 |
) | |
Parker Hannifin Corp. |
|
(500 |
) |
(47,340 |
) | |
Patterson Cos., Inc. |
|
(700 |
) |
(22,533 |
) | |
Paychex, Inc. |
|
(1,400 |
) |
(43,904 |
) | |
PepsiCo, Inc. |
|
(300 |
) |
(19,323 |
) | |
PerkinElmer, Inc. |
|
(1,900 |
) |
(49,913 |
) | |
PG&E Corp. |
|
(500 |
) |
(22,090 |
) | |
Phillips-Van Heusen Corp. |
|
(200 |
) |
(13,006 |
) | |
Pioneer Natural Resources Co. |
|
(700 |
) |
(71,344 |
) | |
PNC Financial Services Group, Inc. |
|
(1,000 |
) |
(62,990 |
) | |
PPG Industries, Inc. |
|
(300 |
) |
(28,563 |
) | |
Procter & Gamble Co. |
|
(500 |
) |
(30,800 |
) | |
PulteGroup, Inc. |
|
(3,000 |
) |
(22,200 |
) | |
Quanta Services, Inc. |
|
(700 |
) |
(15,701 |
) | |
Quicksilver Resources, Inc. |
|
(2,400 |
) |
(34,344 |
) | |
Ralcorp Holdings, Inc. |
|
(400 |
) |
(27,372 |
) | |
Rambus, Inc. |
|
(2,400 |
) |
(47,520 |
) | |
Range Resources Corp. |
|
(800 |
) |
(46,768 |
) | |
Red Hat, Inc. |
|
(800 |
) |
(36,312 |
) | |
Regency Centers Corp. |
|
(500 |
) |
(21,740 |
) | |
Regions Financial Corp. |
|
(3,300 |
) |
(23,958 |
) | |
Republic Services, Inc. |
|
(700 |
) |
(21,028 |
) | |
Rockwell Automation, Inc. |
|
(1,300 |
) |
(123,045 |
) | |
SAIC, Inc. |
|
(1,300 |
) |
(21,996 |
) | |
Salesforce.com, Inc. |
|
(200 |
) |
(26,716 |
) | |
Salix Pharmaceuticals Ltd. |
|
(600 |
) |
(21,018 |
) | |
Sanmina-SCI Corp. |
|
(2,100 |
) |
(23,541 |
) | |
SBA Communications Corp., Class A |
|
(600 |
) |
(23,808 |
) | |
Schlumberger Ltd. |
|
(800 |
) |
(74,608 |
) | |
Sealed Air Corp. |
|
(1,000 |
) |
(26,660 |
) | |
Sears Holdings Corp. |
|
(1,100 |
) |
(90,915 |
) | |
SEI Investments Co. |
|
(1,000 |
) |
(23,880 |
) | |
Sherwin-Williams Co. |
|
(400 |
) |
(33,596 |
) | |
Silicon Laboratories, Inc. |
|
(500 |
) |
(21,605 |
) | |
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Skechers U.S.A., Inc., Class A |
|
(1,700 |
) |
$ |
(34,918 |
) |
SLM Corp. |
|
(4,800 |
) |
(73,440 |
) | |
Smithfield Foods, Inc. |
|
(3,100 |
) |
(74,586 |
) | |
Southern Co. |
|
(3,300 |
) |
(125,763 |
) | |
Southern Copper Corp. |
|
(500 |
) |
(20,135 |
) | |
Southwestern Energy Co. |
|
(500 |
) |
(21,485 |
) | |
Spectra Energy Corp. |
|
(2,000 |
) |
(54,360 |
) | |
Staples, Inc. |
|
(1,200 |
) |
(23,304 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(1,000 |
) |
(58,120 |
) | |
Sterling Bancorp, Class N |
|
(4,100 |
) |
(41,041 |
) | |
Swift Energy Co. |
|
(500 |
) |
(21,340 |
) | |
Sysco Corp. |
|
(300 |
) |
(8,310 |
) | |
TD Ameritrade Holding Corp. |
|
(900 |
) |
(18,783 |
) | |
Tellabs, Inc. |
|
(4,300 |
) |
(22,532 |
) | |
Terex Corp. |
|
(1,500 |
) |
(55,560 |
) | |
TFS Financial Corp. |
|
(1,962 |
) |
(20,836 |
) | |
Thermo Fisher Scientific, Inc. |
|
(1,200 |
) |
(66,660 |
) | |
Thomson Reuters Corp. |
|
(500 |
) |
(19,620 |
) | |
Thor Industries, Inc. |
|
(300 |
) |
(10,011 |
) | |
Tidewater, Inc. |
|
(400 |
) |
(23,940 |
) | |
TiVo, Inc. |
|
(4,600 |
) |
(40,296 |
) | |
TJX Cos., Inc. |
|
(1,700 |
) |
(84,541 |
) | |
Toll Brothers, Inc. |
|
(1,000 |
) |
(19,770 |
) | |
Travelers Cos., Inc. |
|
(1,200 |
) |
(71,376 |
) | |
Tyson Foods, Inc., Class A |
|
(3,200 |
) |
(61,408 |
) | |
UDR, Inc. |
|
(1,600 |
) |
(38,992 |
) | |
Ultra Petroleum Corp. |
|
(500 |
) |
(24,625 |
) | |
Unit Corp. |
|
(500 |
) |
(30,975 |
) | |
Urban Outfitters, Inc. |
|
(700 |
) |
(20,881 |
) | |
Varian Semiconductor Equipment Associates, Inc. |
|
(500 |
) |
(24,335 |
) | |
Verisk Analytics, Inc., Class A |
|
(1,400 |
) |
(45,864 |
) | |
Viasat, Inc. |
|
(600 |
) |
(23,904 |
) | |
Vulcan Materials Co. |
|
(500 |
) |
(22,800 |
) | |
Walt Disney Co. |
|
(600 |
) |
(25,854 |
) | |
Wendys/Arbys Group, Inc., Class A |
|
(4,400 |
) |
(22,132 |
) | |
Whole Foods Market, Inc. |
|
(1,500 |
) |
(98,850 |
) | |
WW Grainger, Inc. |
|
(1,400 |
) |
(192,752 |
) | |
Xcel Energy, Inc. |
|
(3,150 |
) |
(75,254 |
) | |
Total United States common stocks |
|
|
|
(11,828,292 |
) | |
Total common stocks (cost $(19,304,093)) |
|
|
|
(21,164,895 |
) | |
|
|
|
|
|
| |
Investment company(0.52)% |
|
|
|
|
| |
SPDR S&P MidCap 400 ETF Trust (cost $(131,445)) |
|
(735 |
) |
(131,969 |
) | |
Total investments sold short (proceeds $19,435,538) |
|
|
|
(21,296,864 |
) | |
Total investments, net of investments sold short48.60% |
|
|
|
12,289,462 |
| |
Cash and other assets, less liabilities51.40% |
|
|
|
12,999,594 |
| |
Net assets100.00% |
|
|
|
$ |
25,289,056 |
|
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes before investments sold short was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
2,194,920 |
|
Gross unrealized depreciation |
|
(273,309 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,921,611 |
|
* Non-income producing security.
1 All or a portion of these securities have been delivered to cover open short positions.
2 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of these securities amounted to $65,962 or 0.26% of net assets.
3 The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund.
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/2010 |
|
03/31/2011 |
|
03/31/2011 |
|
03/31/2011 |
|
03/31/2011 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
|
|
$ |
56,447,697 |
|
$ |
45,615,928 |
|
$ |
10,831,769 |
|
$ |
13,047 |
|
ADR |
American depositary receipt |
CDI |
Chess depositary interest |
CVA |
Dutch certification - depository certificate |
ETF |
Exchange Traded Fund |
NPV |
No Par Value |
Preference shares |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT |
Real estate investment trust |
SDR |
Swedish depository receipts |
SPDR |
Standard & Poors Depository Receipts |
Forward foreign currency contracts
UBS Market Neutral Multi-Strategy Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
|
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMorgan Chase Bank |
|
EUR |
|
470,000 |
|
USD |
|
644,595 |
|
06/20/11 |
|
$ |
(20,471 |
) |
JPMorgan Chase Bank |
|
GBP |
|
475,000 |
|
USD |
|
770,142 |
|
06/20/11 |
|
8,953 |
| |
JPMorgan Chase Bank |
|
JPY |
|
50,700,000 |
|
USD |
|
624,432 |
|
06/20/11 |
|
14,604 |
| |
JPMorgan Chase Bank |
|
SEK |
|
3,810,000 |
|
USD |
|
601,289 |
|
06/20/11 |
|
125 |
| |
JPMorgan Chase Bank |
|
USD |
|
299,263 |
|
CHF |
|
280,000 |
|
06/20/11 |
|
5,738 |
| |
JPMorgan Chase Bank |
|
USD |
|
134,631 |
|
EUR |
|
95,000 |
|
06/20/11 |
|
(203 |
) | |
JPMorgan Chase Bank |
|
USD |
|
518,187 |
|
EUR |
|
375,000 |
|
06/20/11 |
|
12,450 |
| |
JPMorgan Chase Bank |
|
USD |
|
520,567 |
|
GBP |
|
320,000 |
|
06/20/11 |
|
(7,766 |
) | |
JPMorgan Chase Bank |
|
USD |
|
298,456 |
|
JPY |
|
24,700,000 |
|
06/20/11 |
|
(1,359 |
) | |
JPMorgan Chase Bank |
|
USD |
|
592,058 |
|
SEK |
|
3,810,000 |
|
06/20/11 |
|
9,106 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
21,177 |
|
Currency type abbreviations:
CHF Swiss Franc
EUR Euro
GBP Great Britain Pound
JPY Japanese Yen
SEK Swedish Krona
USD United States Dollar
UBS Market Neutral Multi-Strategy Fund
Portfolio of investments March 31, 2011 (unaudited)
Futures contracts
UBS Market Neutral Multi-Strategy Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |
Mini TPX Index, 6 contracts (JPY) |
|
June 2011 |
|
(61,516 |
) |
(62,467 |
) |
$ |
(951 |
) |
Russell 2000 Mini Index, 18 contracts (USD) |
|
June 2011 |
|
(1,513,400 |
) |
(1,515,060 |
) |
(1,660 |
) | |
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |
S&P SmallCap 600 E-MINI, 5 contracts (USD) |
|
June 2011 |
|
215,505 |
|
222,950 |
|
7,445 |
| |
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
4,834 |
|
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks1 |
|
$ |
22,313,685 |
|
$ |
|
|
$ |
|
|
$ |
22,313,685 |
|
Common stocks sold short |
|
(21,142,237 |
) |
(22,658 |
) |
|
|
(21,164,895 |
) | ||||
Preferred stocks |
|
68,524 |
|
|
|
|
|
68,524 |
| ||||
Investment companies |
|
372,348 |
|
|
|
|
|
372,348 |
| ||||
Investment companies sold short |
|
(131,969 |
) |
|
|
|
|
(131,969 |
) | ||||
Short-term investment |
|
|
|
10,831,769 |
|
|
|
10,831,769 |
| ||||
Other financial instruments1 |
|
4,834 |
|
21,177 |
|
|
|
26,011 |
| ||||
Total |
|
$ |
1,485,185 |
|
$ |
10,830,288 |
|
$ |
|
|
$ |
12,315,473 |
|
1 Other financial instruments include futures contracts and forward foreign currency contracts.
UBS U.S. Equity Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
2.91 |
% |
Air freight & logistics |
|
1.42 |
|
Airlines |
|
1.10 |
|
Auto components |
|
1.01 |
|
Automobiles |
|
1.66 |
|
Beverages |
|
2.47 |
|
Biotechnology |
|
2.49 |
|
Capital markets |
|
4.20 |
|
Chemicals |
|
1.47 |
|
Commercial banks |
|
4.33 |
|
Communications equipment |
|
3.83 |
|
Computers & peripherals |
|
5.73 |
|
Diversified consumer services |
|
0.76 |
|
Diversified financial services |
|
4.39 |
|
Electric utilities |
|
4.56 |
|
Energy equipment & services |
|
4.95 |
|
Food & staples retailing |
|
2.25 |
|
Food products |
|
1.87 |
|
Health care equipment & supplies |
|
6.08 |
|
Health care providers & services |
|
3.19 |
|
Health care technology |
|
0.36 |
|
Hotels, restaurants & leisure |
|
2.27 |
|
Household durables |
|
1.11 |
|
Household products |
|
4.47 |
|
Insurance |
|
3.39 |
|
Internet & catalog retail |
|
1.52 |
|
IT services |
|
1.51 |
|
Life sciences tools & services |
|
0.37 |
|
Machinery |
|
4.93 |
|
Media |
|
5.48 |
|
Metals & mining |
|
0.70 |
|
Multi-utilities |
|
0.83 |
|
Oil, gas & consumable fuels |
|
10.40 |
|
Personal products |
|
1.14 |
|
Pharmaceuticals |
|
5.55 |
|
Road & rail |
|
4.19 |
|
Semiconductors & semiconductor equipment |
|
2.91 |
|
Software |
|
8.10 |
|
Specialty retail |
|
2.61 |
|
Total common stocks |
|
122.51 |
|
Total investments before investments sold short |
|
122.51 |
|
UBS U.S. Equity Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(0 .84 |
)% |
Automobiles |
|
(0 .76 |
) |
Beverages |
|
(0 .46 |
) |
Commercial banks |
|
(0 .71 |
) |
Computers & peripherals |
|
(0 .89 |
) |
Diversified telecommunication services |
|
(0 .82 |
) |
Energy equipment & services |
|
(0 .83 |
) |
Health care providers & services |
|
(0 .94 |
) |
Hotels, restaurants & leisure |
|
(0 .65 |
) |
Household products |
|
(0 .67 |
) |
Insurance |
|
(0 .70 |
) |
Internet & catalog retail |
|
(0 .47 |
) |
IT services |
|
(0 .57 |
) |
Media |
|
(1 .18 |
) |
Multiline retail |
|
(1 .88 |
) |
Multi-utilities |
|
(1 .78 |
) |
Oil, gas & consumable fuels |
|
(1 .74 |
)% |
Pharmaceuticals |
|
(0 .68 |
) |
Semiconductors & semiconductor equipment |
|
(2 .06 |
) |
Software |
|
(1 .35 |
) |
Specialty retail |
|
(1 .24 |
) |
Trading companies & distributors |
|
(0 .70 |
) |
Water utilities |
|
(1 .23 |
) |
Total investments sold short |
|
(23 .15 |
)% |
Total investments, net of investments sold short |
|
99.36 |
|
Cash and other assets, less liabilities |
|
0.64 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Equity Alpha Fund. Figures would be different if a breakdown of the underlying investment company was included.
UBS U.S. Equity Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks122.51% |
|
|
|
|
| |
Aerospace & defense2.91% |
|
|
|
|
| |
Boeing Co.1 |
|
8,300 |
|
$ |
613,619 |
|
General Dynamics Corp.1 |
|
5,500 |
|
421,080 |
| |
|
|
|
|
1,034,699 |
| |
Air freight & logistics1.42% |
|
|
|
|
| |
FedEx Corp.1 |
|
5,400 |
|
505,170 |
| |
|
|
|
|
|
| |
Airlines1.10% |
|
|
|
|
| |
Southwest Airlines Co.1 |
|
30,900 |
|
390,267 |
| |
|
|
|
|
|
| |
Auto components1.01% |
|
|
|
|
| |
Johnson Controls, Inc.1 |
|
8,600 |
|
357,502 |
| |
|
|
|
|
|
| |
Automobiles1.66% |
|
|
|
|
| |
General Motors Co.*1 |
|
19,000 |
|
589,570 |
| |
|
|
|
|
|
| |
Beverages2.47% |
|
|
|
|
| |
PepsiCo, Inc.1 |
|
13,600 |
|
875,976 |
| |
Biotechnology2.49% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
7,700 |
|
178,640 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
2,300 |
|
226,964 |
| |
Amgen, Inc.*1 |
|
5,300 |
|
283,285 |
| |
Amylin Pharmaceuticals, Inc.*1 |
|
7,400 |
|
84,138 |
| |
Pharmasset, Inc.*1 |
|
1,400 |
|
110,194 |
| |
|
|
|
|
883,221 |
| |
Capital markets4.20% |
|
|
|
|
| |
Bank of New York Mellon Corp.1 |
|
13,806 |
|
412,385 |
| |
Goldman Sachs Group, Inc.1 |
|
3,200 |
|
507,104 |
| |
Morgan Stanley1 |
|
20,900 |
|
570,988 |
| |
|
|
|
|
1,490,477 |
| |
Chemicals1.47% |
|
|
|
|
| |
Air Products & Chemicals, Inc.1 |
|
1,900 |
|
171,342 |
| |
Celanese Corp., Series A1 |
|
7,900 |
|
350,523 |
| |
|
|
|
|
521,865 |
| |
Commercial banks4.33% |
|
|
|
|
| |
US Bancorp1 |
|
19,800 |
|
523,314 |
| |
Wells Fargo & Co.1 |
|
32,000 |
|
1,014,400 |
| |
|
|
|
|
1,537,714 |
| |
Communications equipment3.83% |
|
|
|
|
| |
Cisco Systems, Inc.1 |
|
34,000 |
|
583,100 |
| |
QUALCOMM, Inc.1 |
|
14,200 |
|
778,586 |
| |
|
|
|
|
1,361,686 |
| |
Computers & peripherals5.73% |
|
|
|
|
| |
Apple, Inc.*1 |
|
3,800 |
|
1,324,110 |
| |
Hewlett-Packard Co.1 |
|
17,400 |
|
712,878 |
| |
|
|
|
|
2,036,988 |
| |
Diversified consumer services0.76% |
|
|
|
|
| |
Apollo Group, Inc., Class A*1 |
|
6,500 |
|
271,115 |
| |
|
|
|
|
|
| |
Diversified financial services4.39% |
|
|
|
|
| |
Citigroup, Inc.*1 |
|
163,700 |
|
723,554 |
| |
JPMorgan Chase & Co.1 |
|
18,100 |
|
834,410 |
| |
|
|
|
|
1,557,964 |
| |
Electric utilities4.56% |
|
|
|
|
| |
American Electric Power Co., Inc.1 |
|
12,100 |
|
425,194 |
| |
Edison International1 |
|
8,600 |
|
314,674 |
| |
FirstEnergy Corp.1 |
|
11,700 |
|
433,953 |
| |
NextEra Energy, Inc.1 |
|
8,100 |
|
446,472 |
| |
|
|
|
|
1,620,293 |
| |
Energy equipment & services4.95% |
|
|
|
|
| |
Baker Hughes, Inc.1 |
|
5,400 |
|
396,522 |
| |
Ensco PLC ADR1 |
|
9,600 |
|
555,264 |
| |
Noble Corp.1 |
|
17,700 |
|
807,474 |
| |
|
|
|
|
1,759,260 |
| |
UBS U.S. Equity Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Food & staples retailing2.25% |
|
|
|
|
| |
Kroger Co.1 |
|
33,300 |
|
$ |
798,201 |
|
|
|
|
|
|
| |
Food products1.87% |
|
|
|
|
| |
Kellogg Co. |
|
2,900 |
|
156,542 |
| |
Kraft Foods, Inc., Class A1 |
|
16,200 |
|
508,032 |
| |
|
|
|
|
664,574 |
| |
Health care equipment & supplies6.08% |
|
|
|
|
| |
Baxter International, Inc.1 |
|
10,300 |
|
553,831 |
| |
Boston Scientific Corp.*1 |
|
31,600 |
|
227,204 |
| |
Covidien PLC1 |
|
13,600 |
|
706,384 |
| |
Medtronic, Inc.1 |
|
17,100 |
|
672,885 |
| |
|
|
|
|
2,160,304 |
| |
Health care providers & services3.19% |
|
|
|
|
| |
HCA Holdings, Inc.*1 |
|
8,500 |
|
287,895 |
| |
UnitedHealth Group, Inc.1 |
|
18,700 |
|
845,240 |
| |
|
|
|
|
1,133,135 |
| |
Health care technology0.36% |
|
|
|
|
| |
Emdeon, Inc., Class A*1 |
|
8,000 |
|
128,880 |
| |
|
|
|
|
|
| |
Hotels, restaurants & leisure2.27% |
|
|
|
|
| |
Carnival Corp.1 |
|
14,500 |
|
556,220 |
| |
International Game Technology1 |
|
15,400 |
|
249,942 |
| |
|
|
|
|
806,162 |
| |
Household durables1.11% |
|
|
|
|
| |
Fortune Brands, Inc.1 |
|
6,400 |
|
396,096 |
| |
|
|
|
|
|
| |
Household products4.47% |
|
|
|
|
| |
Colgate-Palmolive Co.1 |
|
6,600 |
|
533,016 |
| |
Procter & Gamble Co.1 |
|
17,100 |
|
1,053,360 |
| |
|
|
|
|
1,586,376 |
| |
Insurance3.39% |
|
|
|
|
| |
Aflac, Inc.1 |
|
9,200 |
|
485,576 |
| |
MetLife, Inc.1 |
|
16,100 |
|
720,153 |
| |
|
|
|
|
1,205,729 |
| |
Internet & catalog retail1.52% |
|
|
|
|
| |
Amazon.com, Inc.*1 |
|
3,000 |
|
540,390 |
| |
|
|
|
|
|
| |
IT services1.51% |
|
|
|
|
| |
Visa, Inc., Class A1 |
|
7,300 |
|
537,426 |
| |
|
|
|
|
|
| |
Life sciences tools & services0.37% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,100 |
|
132,154 |
| |
|
|
|
|
|
| |
Machinery4.93% |
|
|
|
|
| |
Dover Corp.1 |
|
7,200 |
|
473,328 |
| |
Illinois Tool Works, Inc.1 |
|
12,800 |
|
687,616 |
| |
PACCAR, Inc.1 |
|
5,900 |
|
308,865 |
| |
Pall Corp.1 |
|
4,900 |
|
282,289 |
| |
|
|
|
|
1,752,098 |
| |
Media5.48% |
|
|
|
|
| |
Comcast Corp., Class A1 |
|
27,100 |
|
669,912 |
| |
Time Warner, Inc.1 |
|
16,700 |
|
596,190 |
| |
Viacom, Inc., Class B1 |
|
14,600 |
|
679,192 |
| |
|
|
|
|
1,945,294 |
| |
Metals & mining0.70% |
|
|
|
|
| |
Steel Dynamics, Inc.1 |
|
13,200 |
|
247,764 |
| |
|
|
|
|
|
| |
Multi-utilities0.83% |
|
|
|
|
| |
MDU Resources Group, Inc.1 |
|
12,800 |
|
294,016 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels10.40% |
|
|
|
|
| |
EOG Resources, Inc.1 |
|
4,900 |
|
580,699 |
| |
Exxon Mobil Corp.1 |
|
23,200 |
|
1,951,816 |
| |
Hess Corp.1 |
|
4,800 |
|
409,008 |
| |
Ultra Petroleum Corp.*1 |
|
15,300 |
|
753,525 |
| |
|
|
|
|
3,695,048 |
| |
UBS U.S. Equity Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Personal products1.14% |
|
|
|
|
| |
Avon Products, Inc.1 |
|
15,000 |
|
$ |
405,600 |
|
|
|
|
|
|
| |
Pharmaceuticals5.55% |
|
|
|
|
| |
Allergan, Inc.1 |
|
6,400 |
|
454,528 |
| |
Johnson & Johnson1 |
|
13,000 |
|
770,250 |
| |
Merck & Co., Inc.1 |
|
22,600 |
|
746,026 |
| |
|
|
|
|
1,970,804 |
| |
Road & rail4.19% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
36,500 |
|
570,495 |
| |
Norfolk Southern Corp.1 |
|
8,500 |
|
588,795 |
| |
Ryder System, Inc.1 |
|
6,500 |
|
328,900 |
| |
|
|
|
|
1,488,190 |
| |
Semiconductors & semiconductor equipment2.91% |
|
|
|
|
| |
Broadcom Corp., Class A1 |
|
7,300 |
|
287,474 |
| |
Intersil Corp., Class A1 |
|
19,800 |
|
246,510 |
| |
Marvell Technology Group Ltd.*1 |
|
10,500 |
|
163,275 |
| |
National Semiconductor Corp.1 |
|
23,400 |
|
335,556 |
| |
|
|
|
|
1,032,815 |
| |
Software8.10% |
|
|
|
|
| |
Adobe Systems, Inc.*1 |
|
25,800 |
|
855,528 |
| |
Autodesk, Inc.*1 |
|
15,200 |
|
670,472 |
| |
Microsoft Corp.1 |
|
31,800 |
|
806,448 |
| |
Symantec Corp.*1 |
|
29,500 |
|
546,930 |
| |
|
|
|
|
2,879,378 |
| |
Specialty retail2.61% |
|
|
|
|
| |
GameStop Corp., Class A*1 |
|
16,900 |
|
380,588 |
| |
Lowes Cos., Inc.1 |
|
20,700 |
|
547,101 |
| |
|
|
|
|
927,689 |
| |
Total common stocks (cost $37,165,869) |
|
|
|
43,521,890 |
| |
|
|
|
|
|
| |
Total investments before investments sold short122.51% (cost $37,165,869) |
|
|
|
43,521,890 |
| |
|
|
|
|
|
| |
Investments sold short(23.15)% |
|
|
|
|
| |
Common stocks(23.15)% |
|
|
|
|
| |
Aerospace & defense(0.84)% |
|
|
|
|
| |
Goodrich Corp. |
|
(3,500 |
) |
(299,355 |
) | |
|
|
|
|
|
| |
Automobiles(0.76)% |
|
|
|
|
| |
Ford Motor Co. |
|
(18,000 |
) |
(268,380 |
) | |
|
|
|
|
|
| |
Beverages(0.46)% |
|
|
|
|
| |
Constellation Brands, Inc., Class A |
|
(8,100 |
) |
(164,268 |
) | |
|
|
|
|
|
| |
Commercial banks(0.71)% |
|
|
|
|
| |
BB&T Corp. |
|
(9,200 |
) |
(252,540 |
) | |
|
|
|
|
|
| |
Computers & peripherals(0.89)% |
|
|
|
|
| |
EMC Corp. |
|
(6,100 |
) |
(161,955 |
) | |
NetApp, Inc. |
|
(3,200 |
) |
(154,176 |
) | |
|
|
|
|
(316,131 |
) | |
|
|
|
|
|
| |
Diversified telecommunication services(0.82)% |
|
|
|
|
| |
Qwest Communications International, Inc. |
|
(42,600 |
) |
(290,958 |
) | |
|
|
|
|
|
| |
Energy equipment & services(0.83)% |
|
|
|
|
| |
Halliburton Co. |
|
(5,900 |
) |
(294,056 |
) | |
|
|
|
|
|
| |
Health care providers & services(0.94)% |
|
|
|
|
| |
Bio-Reference Labs, Inc. |
|
(5,800 |
) |
(130,152 |
) | |
Humana, Inc. |
|
(2,900 |
) |
(202,826 |
) | |
|
|
|
|
(332,978 |
) | |
UBS U.S. Equity Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Hotels, restaurants & leisure(0.65)% |
|
|
|
|
| |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(4,000 |
) |
$ |
(232,480 |
) |
|
|
|
|
|
| |
Household products(0.67)% |
|
|
|
|
| |
Church & Dwight Co., Inc. |
|
(3,000 |
) |
(238,020 |
) | |
|
|
|
|
|
| |
Insurance(0.70)% |
|
|
|
|
| |
Travelers Cos., Inc. |
|
(4,200 |
) |
(249,816 |
) | |
|
|
|
|
|
| |
Internet & catalog retail(0.47)% |
|
|
|
|
| |
NetFlix, Inc. |
|
(700 |
) |
(166,131 |
) | |
|
|
|
|
|
| |
IT services(0.57)% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Class A |
|
(2,500 |
) |
(203,500 |
) | |
|
|
|
|
|
| |
Media(1.18)% |
|
|
|
|
| |
Discovery Communications, Inc., Class A |
|
(4,400 |
) |
(175,560 |
) | |
Lamar Advertising Co., Class A |
|
(6,600 |
) |
(243,804 |
) | |
|
|
|
|
(419,364 |
) | |
Multiline retail(1.88)% |
|
|
|
|
| |
Dillards, Inc., Class A |
|
(5,400 |
) |
(216,648 |
) | |
Dollar General Corp. |
|
(8,300 |
) |
(260,205 |
) | |
Sears Holdings Corp. |
|
(2,300 |
) |
(190,095 |
) | |
|
|
|
|
(666,948 |
) | |
Multi-utilities(1.78)% |
|
|
|
|
| |
Consolidated Edison, Inc. |
|
(5,100 |
) |
(258,672 |
) | |
Integrys Energy Group, Inc. |
|
(4,300 |
) |
(217,193 |
) | |
NSTAR |
|
(3,400 |
) |
(157,318 |
) | |
|
|
|
|
(633,183 |
) | |
Oil, gas & consumable fuels(1.74)% |
|
|
|
|
| |
Occidental Petroleum Corp. |
|
(2,600 |
) |
(271,674 |
) | |
Pioneer Natural Resources Co. |
|
(3,400 |
) |
(346,528 |
) | |
|
|
|
|
(618,202 |
) | |
Pharmaceuticals(0.68)% |
|
|
|
|
| |
Eli Lilly & Co. |
|
(6,900 |
) |
(242,673 |
) | |
|
|
|
|
|
| |
Semiconductors & semiconductor equipment(2.06)% |
|
|
|
|
| |
Altera Corp. |
|
(6,200 |
) |
(272,924 |
) | |
Novellus Systems, Inc. |
|
(7,600 |
) |
(282,188 |
) | |
NVIDIA Corp. |
|
(9,500 |
) |
(175,370 |
) | |
|
|
|
|
(730,482 |
) | |
Software(1.35)% |
|
|
|
|
| |
BMC Software, Inc. |
|
(6,100 |
) |
(303,414 |
) | |
Compuware Corp. |
|
(15,300 |
) |
(176,715 |
) | |
|
|
|
|
(480,129 |
) | |
Specialty retail(1.24)% |
|
|
|
|
| |
OReilly Automotive, Inc. |
|
(4,100 |
) |
(235,586 |
) | |
TJX Cos., Inc. |
|
(4,100 |
) |
(203,893 |
) | |
|
|
|
|
(439,479 |
) | |
Trading companies & distributors(0.70)% |
|
|
|
|
| |
WW Grainger, Inc. |
|
(1,800 |
) |
(247,824 |
) | |
|
|
|
|
|
| |
Water utilities(1.23)% |
|
|
|
|
| |
American Water Works Co., Inc. |
|
(8,100 |
) |
(227,205 |
) | |
Aqua America, Inc. |
|
(9,200 |
) |
(210,588 |
) | |
|
|
|
|
(437,793 |
) | |
UBS U.S. Equity Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Total investments sold short (proceeds $6,408,341) |
|
|
|
$ |
(8,224,690 |
) |
Total investments, net of investments sold short99.36% |
|
|
|
35,297,200 |
| |
Cash and other assets, less liabilities0.64% |
|
|
|
227,322 |
| |
Net assets100.00% |
|
|
|
$ |
35,524,522 |
|
Notes to portfolio of investments
Aggregate cost for federal income tax purposes before investments sold short was the same for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
7,308,651 |
|
Gross unrealized depreciation |
|
(952,630 |
) | |
Net unrealized appreciation of investments |
|
$ |
6,356,021 |
|
* Non-income producing security.
1 All or a portion of these securities have been delivered to cover open short positions.
ADR American Depositary Receipt
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
43,521,890 |
|
$ |
|
|
$ |
|
|
$ |
43,521,890 |
|
Common stocks sold short |
|
(8,224,690 |
) |
|
|
|
|
(8,224,690 |
) | ||||
Total |
|
$ |
35,297,200 |
|
$ |
|
|
$ |
|
|
$ |
35,297,200 |
|
UBS U.S. Large Cap Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
2.58 |
% |
Air freight & logistics |
|
1.34 |
|
Airlines |
|
1.01 |
|
Auto components |
|
0.90 |
|
Automobiles |
|
1.28 |
|
Beverages |
|
1.76 |
|
Biotechnology |
|
2.35 |
|
Capital markets |
|
3.83 |
|
Chemicals |
|
1.00 |
|
Commercial banks |
|
3.76 |
|
Communications equipment |
|
3.28 |
|
Computers & peripherals |
|
4.95 |
|
Diversified consumer services |
|
0.67 |
|
Diversified financial services |
|
4.13 |
|
Electric utilities |
|
3.25 |
|
Energy equipment & services |
|
3.57 |
|
Food & staples retailing |
|
1.44 |
|
Food products |
|
1.07 |
|
Health care equipment & supplies |
|
3.69 |
|
Health care providers & services |
|
2.66 |
|
Health care technology |
|
0.31 |
|
Hotels, restaurants & leisure |
|
2.28 |
|
Household durables |
|
1.04 |
|
Household products |
|
3.46 |
|
Insurance |
|
2.99 |
|
Internet & catalog retail |
|
1.50 |
|
IT services |
|
0.90 |
|
Life sciences tools & services |
|
0.37 |
|
Machinery |
|
3.16 |
|
Media |
|
4.70 |
|
Oil, gas & consumable fuels |
|
8.61 |
|
Personal products |
|
1.18 |
|
Pharmaceuticals |
|
4.69 |
|
Road & rail |
|
3.23 |
|
Semiconductors & semiconductor equipment |
|
2.22 |
|
Software |
|
6.61 |
|
Specialty retail |
|
2.17 |
|
Total common stocks |
|
97.94 |
% |
Short-term investment |
|
1.88 |
|
Investment of cash collateral from securities loaned |
|
0.96 |
|
Total investments |
|
100.78 |
% |
Liabilities, in excess of cash and other assets |
|
(0.78 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks97.94% |
|
|
|
|
| |
Aerospace & defense2.58% |
|
|
|
|
| |
Boeing Co. |
|
48,000 |
|
$ |
3,548,640 |
|
General Dynamics Corp. |
|
38,100 |
|
2,916,936 |
| |
|
|
|
|
6,465,576 |
| |
Air freight & logistics1.34% |
|
|
|
|
| |
FedEx Corp. |
|
35,700 |
|
3,339,735 |
| |
|
|
|
|
|
| |
Airlines1.01% |
|
|
|
|
| |
Southwest Airlines Co. |
|
201,000 |
|
2,538,630 |
| |
|
|
|
|
|
| |
Auto components0.90% |
|
|
|
|
| |
Johnson Controls, Inc. |
|
54,000 |
|
2,244,780 |
| |
|
|
|
|
|
| |
Automobiles1.28% |
|
|
|
|
| |
General Motors Co.* |
|
103,500 |
|
3,211,605 |
| |
|
|
|
|
|
| |
Beverages1.76% |
|
|
|
|
| |
PepsiCo, Inc. |
|
68,300 |
|
4,399,203 |
| |
|
|
|
|
|
| |
Biotechnology2.35% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
46,700 |
|
1,083,440 |
| |
Alexion Pharmaceuticals, Inc.* |
|
16,200 |
|
1,598,616 |
| |
Amgen, Inc.* |
|
37,100 |
|
1,982,995 |
| |
Amylin Pharmaceuticals, Inc.*1 |
|
40,200 |
|
457,074 |
| |
Pharmasset, Inc.* |
|
9,700 |
|
763,487 |
| |
|
|
|
|
5,885,612 |
| |
Capital markets3.83% |
|
|
|
|
| |
Bank of New York Mellon Corp. |
|
90,883 |
|
2,714,675 |
| |
Goldman Sachs Group, Inc. |
|
18,200 |
|
2,884,154 |
| |
Morgan Stanley |
|
146,000 |
|
3,988,720 |
| |
|
|
|
|
9,587,549 |
| |
Chemicals1.00% |
|
|
|
|
| |
Celanese Corp., Series A |
|
56,300 |
|
2,498,031 |
| |
|
|
|
|
|
| |
Commercial banks3.76% |
|
|
|
|
| |
US Bancorp |
|
132,300 |
|
3,496,689 |
| |
Wells Fargo & Co. |
|
186,400 |
|
5,908,880 |
| |
|
|
|
|
9,405,569 |
| |
Communications equipment3.28% |
|
|
|
|
| |
Cisco Systems, Inc. |
|
231,700 |
|
3,973,655 |
| |
QUALCOMM, Inc. |
|
77,400 |
|
4,243,842 |
| |
|
|
|
|
8,217,497 |
| |
Computers & peripherals4.95% |
|
|
|
|
| |
Apple, Inc.* |
|
23,400 |
|
8,153,730 |
| |
Hewlett-Packard Co. |
|
103,100 |
|
4,224,007 |
| |
|
|
|
|
12,377,737 |
| |
Diversified consumer services0.67% |
|
|
|
|
| |
Apollo Group, Inc., Class A* |
|
40,100 |
|
1,672,571 |
| |
|
|
|
|
|
| |
Diversified financial services4.13% |
|
|
|
|
| |
Citigroup, Inc.* |
|
1,018,500 |
|
4,501,770 |
| |
JPMorgan Chase & Co. |
|
126,500 |
|
5,831,650 |
| |
|
|
|
|
10,333,420 |
| |
Electric utilities3.25% |
|
|
|
|
| |
American Electric Power Co., Inc. |
|
72,300 |
|
2,540,622 |
| |
FirstEnergy Corp. |
|
72,200 |
|
2,677,898 |
| |
NextEra Energy, Inc. |
|
52,800 |
|
2,910,336 |
| |
|
|
|
|
8,128,856 |
| |
Energy equipment & services3.57% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
23,300 |
|
1,710,919 |
| |
Ensco PLC ADR |
|
48,200 |
|
2,787,888 |
| |
Noble Corp. |
|
96,900 |
|
4,420,578 |
| |
|
|
|
|
8,919,385 |
| |
Food & staples retailing1.44% |
|
|
|
|
| |
Kroger Co. |
|
150,700 |
|
3,612,279 |
| |
|
|
|
|
|
| |
Food products1.07% |
|
|
|
|
| |
Kellogg Co. |
|
17,700 |
|
955,446 |
| |
Kraft Foods, Inc., Class A |
|
54,700 |
|
1,715,392 |
| |
|
|
|
|
2,670,838 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Health care equipment & supplies3.69% |
|
|
|
|
| |
Baxter International, Inc. |
|
43,300 |
|
$ |
2,328,241 |
|
Covidien PLC |
|
69,000 |
|
3,583,860 |
| |
Medtronic, Inc. |
|
84,500 |
|
3,325,075 |
| |
|
|
|
|
9,237,176 |
| |
Health care providers & services2.66% |
|
|
|
|
| |
HCA Holdings, Inc.* |
|
53,319 |
|
1,805,915 |
| |
UnitedHealth Group, Inc. |
|
107,200 |
|
4,845,440 |
| |
|
|
|
|
6,651,355 |
| |
Health care technology0.31% |
|
|
|
|
| |
Emdeon, Inc., Class A* |
|
47,500 |
|
765,225 |
| |
|
|
|
|
|
| |
Hotels, restaurants & leisure2.28% |
|
|
|
|
| |
Carnival Corp. |
|
103,500 |
|
3,970,260 |
| |
International Game Technology |
|
106,300 |
|
1,725,249 |
| |
|
|
|
|
5,695,509 |
| |
Household durables1.04% |
|
|
|
|
| |
Fortune Brands, Inc. |
|
42,000 |
|
2,599,380 |
| |
|
|
|
|
|
| |
Household products3.46% |
|
|
|
|
| |
Colgate-Palmolive Co. |
|
37,300 |
|
3,012,348 |
| |
Procter & Gamble Co. |
|
91,700 |
|
5,648,720 |
| |
|
|
|
|
8,661,068 |
| |
Insurance2.99% |
|
|
|
|
| |
Aflac, Inc. |
|
62,700 |
|
3,309,306 |
| |
MetLife, Inc. |
|
93,400 |
|
4,177,782 |
| |
|
|
|
|
7,487,088 |
| |
Internet & catalog retail1.50% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
20,900 |
|
3,764,717 |
| |
|
|
|
|
|
| |
IT services0.90% |
|
|
|
|
| |
Visa, Inc., Class A |
|
30,700 |
|
2,260,134 |
| |
|
|
|
|
|
| |
Life sciences tools & services0.37% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
7,700 |
|
925,078 |
| |
|
|
|
|
|
| |
Machinery3.16% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
82,800 |
|
4,448,016 |
| |
PACCAR, Inc. |
|
35,850 |
|
1,876,748 |
| |
Pall Corp. |
|
27,400 |
|
1,578,514 |
| |
|
|
|
|
7,903,278 |
| |
Media4.70% |
|
|
|
|
| |
Comcast Corp., Class A |
|
186,400 |
|
4,607,808 |
| |
Time Warner, Inc. |
|
114,800 |
|
4,098,360 |
| |
Viacom, Inc., Class B |
|
65,700 |
|
3,056,364 |
| |
|
|
|
|
11,762,532 |
| |
Oil, gas & consumable fuels8.61% |
|
|
|
|
| |
EOG Resources, Inc. |
|
28,500 |
|
3,377,535 |
| |
Exxon Mobil Corp. |
|
136,000 |
|
11,441,680 |
| |
Hess Corp. |
|
32,800 |
|
2,794,888 |
| |
Ultra Petroleum Corp.* |
|
79,577 |
|
3,919,167 |
| |
|
|
|
|
21,533,270 |
| |
Personal products1.18% |
|
|
|
|
| |
Avon Products, Inc. |
|
109,200 |
|
2,952,768 |
| |
|
|
|
|
|
| |
Pharmaceuticals4.69% |
|
|
|
|
| |
Allergan, Inc. |
|
44,600 |
|
3,167,492 |
| |
Johnson & Johnson |
|
76,900 |
|
4,556,325 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Pharmaceuticals(concluded) |
|
|
|
|
| |
Merck & Co., Inc. |
|
121,600 |
|
$ |
4,014,016 |
|
|
|
|
|
11,737,833 |
| |
Road & rail3.23% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
201,000 |
|
3,141,630 |
| |
Norfolk Southern Corp. |
|
50,000 |
|
3,463,500 |
| |
Ryder System, Inc. |
|
29,200 |
|
1,477,520 |
| |
|
|
|
|
8,082,650 |
| |
Semiconductors & semiconductor equipment2.22% |
|
|
|
|
| |
Broadcom Corp., Class A |
|
51,400 |
|
2,024,132 |
| |
Intersil Corp., Class A |
|
123,700 |
|
1,540,065 |
| |
National Semiconductor Corp. |
|
138,700 |
|
1,988,958 |
| |
|
|
|
|
5,553,155 |
| |
Software6.61% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
154,600 |
|
5,126,536 |
| |
Autodesk, Inc.* |
|
68,900 |
|
3,039,179 |
| |
Microsoft Corp. |
|
224,400 |
|
5,690,784 |
| |
Symantec Corp.* |
|
144,700 |
|
2,682,738 |
| |
|
|
|
|
16,539,237 |
| |
Specialty retail2.17% |
|
|
|
|
| |
GameStop Corp.,Class A*1 |
|
94,800 |
|
2,134,896 |
| |
Lowes Cos., Inc. |
|
124,200 |
|
3,282,606 |
| |
|
|
|
|
5,417,502 |
| |
Total common stocks (cost $205,851,823) |
|
|
|
245,037,828 |
| |
|
|
|
|
|
| |
Short-term investment1.88% |
|
|
|
|
| |
Investment company1.88% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $4,693,158) |
|
4,693,158 |
|
4,693,158 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned0.96% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $2,401,360) |
|
2,401,360 |
|
2,401,360 |
| |
Total investments100.78% (cost $212,946,341) |
|
|
|
252,132,346 |
| |
Liabilities, in excess of cash and other assets(0.78)% |
|
|
|
(1,948,495 |
) | |
Net assets100.00% |
|
|
|
$ |
250,183,851 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
44,205,816 |
|
Gross unrealized depreciation |
|
(5,019,811 |
) | |
Net unrealized appreciation of investments |
|
$ |
39,186,005 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund. |
Security description |
|
Value |
|
Purchases |
|
Sales |
|
Value |
|
Income |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
5,489,875 |
|
$ |
35,421,016 |
|
$ |
36,217,733 |
|
$ |
4,693,158 |
|
$ |
7,315 |
|
UBS Private Money Market Fund LLCa |
|
|
|
62,405,563 |
|
60,004,203 |
|
2,401,360 |
|
758 |
| |||||
|
|
$ |
5,489,875 |
|
$ |
97,826,579 |
|
$ |
96,221,936 |
|
$ |
7,094,518 |
|
$ |
8,073 |
|
a |
The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
245,037,828 |
|
$ |
|
|
$ |
|
|
$ |
245,037,828 |
|
Short-term investment |
|
|
|
4,693,158 |
|
|
|
4,693,158 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
2,401,360 |
|
|
|
2,401,360 |
| ||||
Total |
|
$ |
245,037,828 |
|
$ |
7,094,518 |
|
$ |
|
|
$ |
252,132,346 |
|
UBS U.S. Large Cap Value Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
3.18 |
% |
Air freight & logistics |
|
1.31 |
|
Airlines |
|
0.64 |
|
Auto components |
|
1.61 |
|
Automobiles |
|
1.08 |
|
Beverages |
|
1.55 |
|
Capital markets |
|
4.97 |
|
Chemicals |
|
1.54 |
|
Commercial banks |
|
5.94 |
|
Computers & peripherals |
|
2.42 |
|
Diversified consumer services |
|
0.55 |
|
Diversified financial services |
|
6.52 |
|
Diversified telecommunication services |
|
2.90 |
|
Electric utilities |
|
5.49 |
|
Energy equipment & services |
|
4.18 |
|
Food & staples retailing |
|
2.00 |
|
Food products |
|
1.33 |
|
Health care equipment & supplies |
|
5.02 |
|
Health care providers & services |
|
2.45 |
|
Hotels, restaurants & leisure |
|
1.35 |
|
Household durables |
|
0.97 |
|
Household products |
|
4.52 |
|
Insurance |
|
3.69 |
|
Machinery |
|
1.91 |
|
Media |
|
5.05 |
|
Oil, gas & consumable fuels |
|
8.55 |
|
Personal products |
|
0.86 |
|
Pharmaceuticals |
|
5.82 |
|
Road & rail |
|
4.01 |
|
Semiconductors & semiconductor equipment |
|
1.79 |
|
Software |
|
3.04 |
|
Specialty retail |
|
2.82 |
|
Total common stocks |
|
99.06 |
% |
Short-term investment |
|
0.20 |
|
Investment of cash collateral from securities loaned |
|
0.87 |
|
Total investments |
|
100.13 |
% |
Liabilities, in excess of cash and other assets |
|
(0.13 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Value Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks99.06% |
|
|
|
|
| |
Aerospace & defense3.18% |
|
|
|
|
| |
Boeing Co. |
|
11,800 |
|
$ |
872,374 |
|
General Dynamics Corp. |
|
10,500 |
|
803,880 |
| |
|
|
|
|
1,676,254 |
| |
Air freight & logistics1.31% |
|
|
|
|
| |
FedEx Corp. |
|
7,400 |
|
692,270 |
| |
|
|
|
|
|
| |
Airlines0.64% |
|
|
|
|
| |
Southwest Airlines Co. |
|
26,600 |
|
335,958 |
| |
|
|
|
|
|
| |
Auto components1.61% |
|
|
|
|
| |
Johnson Controls, Inc. |
|
20,500 |
|
852,185 |
| |
|
|
|
|
|
| |
Automobiles1.08% |
|
|
|
|
| |
General Motors Co.* |
|
18,300 |
|
567,849 |
| |
|
|
|
|
|
| |
Beverages1.55% |
|
|
|
|
| |
PepsiCo, Inc. |
|
12,700 |
|
818,007 |
| |
|
|
|
|
|
| |
Capital markets4.97% |
|
|
|
|
| |
Bank of New York Mellon Corp. |
|
25,000 |
|
746,750 |
| |
Goldman Sachs Group, Inc. |
|
5,500 |
|
871,585 |
| |
Morgan Stanley |
|
36,700 |
|
1,002,644 |
| |
|
|
|
|
2,620,979 |
| |
Chemicals1.54% |
|
|
|
|
| |
Celanese Corp., Series A |
|
18,300 |
|
811,971 |
| |
|
|
|
|
|
| |
Commercial banks5.94% |
|
|
|
|
| |
US Bancorp |
|
44,400 |
|
1,173,492 |
| |
Wells Fargo & Co. |
|
61,800 |
|
1,959,060 |
| |
|
|
|
|
3,132,552 |
| |
Computers & peripherals2.42% |
|
|
|
|
| |
Hewlett-Packard Co. |
|
17,400 |
|
712,878 |
| |
Seagate Technology PLC* |
|
39,000 |
|
561,600 |
| |
|
|
|
|
1,274,478 |
| |
Diversified consumer services0.55% |
|
|
|
|
| |
Apollo Group, Inc., Class A* |
|
7,000 |
|
291,970 |
| |
|
|
|
|
|
| |
Diversified financial services6.52% |
|
|
|
|
| |
Citigroup, Inc.* |
|
331,800 |
|
1,466,556 |
| |
JPMorgan Chase & Co. |
|
42,770 |
|
1,971,697 |
| |
|
|
|
|
3,438,253 |
| |
Diversified telecommunication services2.90% |
|
|
|
|
| |
AT&T, Inc. |
|
49,950 |
|
1,528,470 |
| |
|
|
|
|
|
| |
Electric utilities5.49% |
|
|
|
|
| |
American Electric Power Co., Inc. |
|
26,800 |
|
941,752 |
| |
Edison International |
|
12,600 |
|
461,034 |
| |
FirstEnergy Corp. |
|
25,900 |
|
960,631 |
| |
NextEra Energy, Inc. |
|
9,700 |
|
534,664 |
| |
|
|
|
|
2,898,081 |
| |
Energy equipment & services4.18% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
10,000 |
|
734,300 |
| |
Noble Corp. |
|
32,200 |
|
1,468,964 |
| |
|
|
|
|
2,203,264 |
| |
Food & staples retailing2.00% |
|
|
|
|
| |
Kroger Co. |
|
44,100 |
|
1,057,077 |
| |
|
|
|
|
|
| |
Food products1.33% |
|
|
|
|
| |
Kellogg Co. |
|
3,400 |
|
183,532 |
| |
Kraft Foods, Inc., Class A |
|
16,600 |
|
520,576 |
| |
|
|
|
|
704,108 |
| |
Health care equipment & supplies5.02% |
|
|
|
|
| |
Baxter International, Inc. |
|
9,800 |
|
526,946 |
| |
Boston Scientific Corp.* |
|
63,400 |
|
455,846 |
| |
Covidien PLC |
|
19,700 |
|
1,023,218 |
| |
Medtronic, Inc. |
|
16,300 |
|
641,405 |
| |
|
|
|
|
2,647,415 |
| |
UBS U.S. Large Cap Value Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Health care providers & services2.45% |
|
|
|
|
| |
UnitedHealth Group, Inc. |
|
28,600 |
|
$ |
1,292,720 |
|
|
|
|
|
|
| |
Hotels, restaurants & leisure1.35% |
|
|
|
|
| |
Carnival Corp. |
|
18,600 |
|
713,496 |
| |
|
|
|
|
|
| |
Household durables0.97% |
|
|
|
|
| |
Fortune Brands, Inc. |
|
8,300 |
|
513,687 |
| |
|
|
|
|
|
| |
Household products4.52% |
|
|
|
|
| |
Colgate-Palmolive Co. |
|
7,400 |
|
597,624 |
| |
Procter & Gamble Co. |
|
29,000 |
|
1,786,400 |
| |
|
|
|
|
2,384,024 |
| |
Insurance3.69% |
|
|
|
|
| |
Aflac, Inc. |
|
15,000 |
|
791,700 |
| |
MetLife, Inc. |
|
25,800 |
|
1,154,034 |
| |
|
|
|
|
1,945,734 |
| |
Machinery1.91% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
18,800 |
|
1,009,936 |
| |
|
|
|
|
|
| |
Media5.05% |
|
|
|
|
| |
Comcast Corp., Class A |
|
52,100 |
|
1,287,912 |
| |
Viacom, Inc., Class B |
|
29,600 |
|
1,376,992 |
| |
|
|
|
|
2,664,904 |
| |
Oil, gas & consumable fuels8.55% |
|
|
|
|
| |
EOG Resources, Inc. |
|
6,400 |
|
758,464 |
| |
Exxon Mobil Corp. |
|
24,150 |
|
2,031,739 |
| |
Hess Corp. |
|
6,400 |
|
545,344 |
| |
Ultra Petroleum Corp.* |
|
23,900 |
|
1,177,075 |
| |
|
|
|
|
4,512,622 |
| |
Personal products0.86% |
|
|
|
|
| |
Avon Products, Inc. |
|
16,800 |
|
454,272 |
| |
|
|
|
|
|
| |
Pharmaceuticals5.82% |
|
|
|
|
| |
Johnson & Johnson |
|
29,800 |
|
1,765,650 |
| |
Merck & Co., Inc. |
|
39,500 |
|
1,303,895 |
| |
|
|
|
|
3,069,545 |
| |
Road & rail4.01% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
50,700 |
|
792,441 |
| |
Norfolk Southern Corp. |
|
14,000 |
|
969,780 |
| |
Ryder System, Inc. |
|
7,000 |
|
354,200 |
| |
|
|
|
|
2,116,421 |
| |
Semiconductors & semiconductor equipment1.79% |
|
|
|
|
| |
Intersil Corp., Class A |
|
35,400 |
|
440,730 |
| |
National Semiconductor Corp. |
|
35,300 |
|
506,202 |
| |
|
|
|
|
946,932 |
| |
Software3.04% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
28,900 |
|
958,324 |
| |
Symantec Corp.* |
|
34,800 |
|
645,192 |
| |
|
|
|
|
1,603,516 |
| |
Specialty retail2.82% |
|
|
|
|
| |
GameStop Corp., Class A*1 |
|
22,000 |
|
495,440 |
| |
Lowes Cos., Inc. |
|
37,500 |
|
991,125 |
| |
|
|
|
|
1,486,565 |
| |
Total common stocks (cost $45,782,023) |
|
|
|
52,265,515 |
| |
|
|
|
|
|
| |
Short-term investment0.20% |
|
|
|
|
| |
Investment company0.20% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund, 2 (cost $104,517) |
|
104,517 |
|
104,517 |
| |
UBS U.S. Large Cap Value Equity Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Investment of cash collateral from securities loaned0.87% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $460,350) |
|
460,350 |
|
$ |
460,350 |
|
|
|
|
|
|
| |
Total investments100.13% (cost $46,346,890) |
|
|
|
52,830,382 |
| |
Liabilities, in excess of cash and other assets(0.13)% |
|
|
|
(67,605 |
) | |
Net assets100.00% |
|
|
|
$ |
52,762,777 |
|
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
7,196,080 |
|
Gross unrealized depreciation |
|
(712,588 |
) | |
Net unrealized appreciation of investments |
|
$ |
6,483,492 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds. |
Security description |
|
Value |
|
Purchases |
|
Sales |
|
Value |
|
Income |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
2,293,816 |
|
$ |
10,647,979 |
|
$ |
12,837,278 |
|
$ |
104,517 |
|
$ |
949 |
|
UBS Private Money Market Fund LLCa |
|
|
|
17,448,095 |
|
16,987,745 |
|
460,350 |
|
240 |
| |||||
|
|
$ |
2,293,816 |
|
$ |
28,096,074 |
|
$ |
29,825,023 |
|
$ |
564,867 |
|
$ |
1,189 |
|
a |
The advisor does not earn management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
52,265,515 |
|
$ |
|
|
$ |
|
|
$ |
52,265,515 |
|
Short-term investment |
|
|
|
104,517 |
|
|
|
104,517 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
460,350 |
|
|
|
460,350 |
| ||||
Total |
|
$ |
52,265,515 |
|
$ |
564,867 |
|
$ |
|
|
$ |
52,830,382 |
|
UBS U.S. Small Cap Growth Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
0.77 |
% |
Air freight & logistics |
|
1.30 |
|
Auto components |
|
3.09 |
|
Biotechnology |
|
6.51 |
|
Chemicals |
|
2.92 |
|
Commercial banks |
|
0.25 |
|
Commercial services & supplies |
|
0.76 |
|
Communications equipment |
|
7.27 |
|
Construction & engineering |
|
1.36 |
|
Consumer finance |
|
0.53 |
|
Containers & packaging |
|
1.71 |
|
Distributors |
|
1.00 |
|
Electrical equipment |
|
4.16 |
|
Electronic equipment, instruments & components |
|
1.60 |
|
Energy equipment & services |
|
2.62 |
|
Food & staples retailing |
|
1.88 |
|
Food products |
|
2.82 |
|
Health care equipment & supplies |
|
4.25 |
|
Health care providers & services |
|
4.38 |
|
Health care technology |
|
1.23 |
|
Hotels, restaurants & leisure |
|
5.85 |
|
Household durables |
|
0.51 |
|
Internet software & services |
|
2.09 |
|
Machinery |
|
1.59 |
|
Media |
|
2.86 |
|
Metals & mining |
|
0.58 |
|
Oil, gas & consumable fuels |
|
6.81 |
|
Pharmaceuticals |
|
2.16 |
|
Real estate investment trust (REIT) |
|
1.55 |
|
Road & rail |
|
2.20 |
|
Semiconductors & semiconductor equipment |
|
7.50 |
|
Software |
|
7.95 |
|
Specialty retail |
|
4.20 |
|
Textiles, apparel & luxury goods |
|
1.30 |
|
Total common stocks |
|
97.56 |
|
Investment company |
|
|
|
iShares Russell 2000 Growth Index Fund |
|
1.01 |
|
Short-term investment |
|
2.03 |
|
Investment of cash collateral from securities loaned |
|
8.42 |
|
Total investments |
|
109.02 |
% |
Liabilities, in excess of cash and other assets |
|
(9.02 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS U.S. Small Cap Growth Fund. Figures would be different if a breakdown of the underlying investment companys industry diversification was included.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks97.56% |
|
|
|
|
| |
Aerospace & defense0.77% |
|
|
|
|
| |
DigitalGlobe, Inc.* |
|
45,300 |
|
$ |
1,269,759 |
|
|
|
|
|
|
| |
Air freight & logistics1.30% |
|
|
|
|
| |
Hub Group, Inc., Class A* |
|
59,000 |
|
2,135,210 |
| |
|
|
|
|
|
| |
Auto components3.09% |
|
|
|
|
| |
Cooper Tire & Rubber Co. |
|
75,400 |
|
1,941,550 |
| |
Tenneco, Inc.* |
|
73,800 |
|
3,132,810 |
| |
|
|
|
|
5,074,360 |
| |
Biotechnology6.51% |
|
|
|
|
| |
Cepheid, Inc.* |
|
74,500 |
|
2,087,490 |
| |
Emergent Biosolutions, Inc.* |
|
46,400 |
|
1,121,024 |
| |
Exelixis, Inc.* |
|
71,500 |
|
807,950 |
| |
Incyte Corp. Ltd.* |
|
54,000 |
|
855,900 |
| |
Ironwood Pharmaceuticals, Inc.* |
|
74,800 |
|
1,047,200 |
| |
Pharmasset, Inc.* |
|
28,300 |
|
2,227,493 |
| |
Regeneron Pharmaceuticals, Inc.* |
|
35,300 |
|
1,586,382 |
| |
Seattle Genetics, Inc.*1 |
|
62,500 |
|
973,125 |
| |
|
|
|
|
10,706,564 |
| |
Chemicals2.92% |
|
|
|
|
| |
LSB Industries, Inc.* |
|
46,800 |
|
1,855,152 |
| |
Solutia, Inc.* |
|
116,200 |
|
2,951,480 |
| |
|
|
|
|
4,806,632 |
| |
Commercial banks0.25% |
|
|
|
|
| |
Columbia Banking System, Inc. |
|
21,700 |
|
415,989 |
| |
|
|
|
|
|
| |
Commercial services & supplies0.76% |
|
|
|
|
| |
Clean Harbors, Inc.* |
|
12,700 |
|
1,252,982 |
| |
|
|
|
|
|
| |
Communications equipment7.27% |
|
|
|
|
| |
Acme Packet, Inc.* |
|
39,841 |
|
2,827,117 |
| |
Blue Coat Systems, Inc.* |
|
33,100 |
|
932,096 |
| |
Finisar Corp.* |
|
106,421 |
|
2,617,957 |
| |
Polycom, Inc.* |
|
55,300 |
|
2,867,305 |
| |
Riverbed Technology, Inc.* |
|
72,229 |
|
2,719,422 |
| |
|
|
|
|
11,963,897 |
| |
Construction & engineering1.36% |
|
|
|
|
| |
EMCOR Group, Inc.* |
|
72,200 |
|
2,236,034 |
| |
|
|
|
|
|
| |
Consumer finance0.53% |
|
|
|
|
| |
Netspend Holdings, Inc.* |
|
82,200 |
|
864,744 |
| |
|
|
|
|
|
| |
Containers & packaging1.71% |
|
|
|
|
| |
Rock-Tenn Co., Class A1 |
|
40,456 |
|
2,805,624 |
| |
|
|
|
|
|
| |
Distributors1.00% |
|
|
|
|
| |
LKQ Corp.* |
|
67,900 |
|
1,636,390 |
| |
|
|
|
|
|
| |
Electrical equipment4.16% |
|
|
|
|
| |
EnerSys* |
|
62,700 |
|
2,492,325 |
| |
Regal-Beloit Corp. |
|
35,200 |
|
2,598,816 |
| |
Woodward, Inc. |
|
50,900 |
|
1,759,104 |
| |
|
|
|
|
6,850,245 |
| |
Electronic equipment, instruments & components1.60% |
|
|
|
|
| |
NeoPhotonics Corp.*1 |
|
56,800 |
|
642,408 |
| |
Tech Data Corp.* |
|
39,000 |
|
1,983,540 |
| |
|
|
|
|
2,625,948 |
| |
Energy equipment & services2.62% |
|
|
|
|
| |
Dril-Quip, Inc.* |
|
9,100 |
|
719,173 |
| |
Key Energy Services, Inc.* |
|
159,400 |
|
2,478,670 |
| |
Pioneer Drilling Co.* |
|
80,400 |
|
1,109,520 |
| |
|
|
|
|
4,307,363 |
| |
Food & staples retailing1.88% |
|
|
|
|
| |
Fresh Market, Inc.* |
|
23,100 |
|
871,794 |
| |
United Natural Foods, Inc.* |
|
49,700 |
|
2,227,554 |
| |
|
|
|
|
3,099,348 |
| |
Food products2.82% |
|
|
|
|
| |
Diamond Foods, Inc.1 |
|
44,900 |
|
2,505,420 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Food products(concluded) |
|
|
|
|
| |
TreeHouse Foods, Inc.* |
|
37,500 |
|
$ |
2,132,625 |
|
|
|
|
|
4,638,045 |
| |
Health care equipment & supplies4.25% |
|
|
|
|
| |
HeartWare International, Inc.* |
|
11,800 |
|
1,009,254 |
| |
Insulet Corp.* |
|
82,400 |
|
1,699,088 |
| |
ResMed, Inc.* |
|
44,900 |
|
1,347,000 |
| |
Thoratec Corp.* |
|
40,700 |
|
1,055,351 |
| |
Zoll Medical Corp.* |
|
41,900 |
|
1,877,539 |
| |
|
|
|
|
6,988,232 |
| |
Health care providers & services4.38% |
|
|
|
|
| |
Emergency Medical Services Corp., Class A* |
|
22,500 |
|
1,430,775 |
| |
ePocrates, Inc.*1 |
|
26,900 |
|
532,620 |
| |
HMS Holdings Corp.* |
|
25,945 |
|
2,123,598 |
| |
Mednax, Inc.* |
|
14,400 |
|
959,184 |
| |
PSS World Medical, Inc.* |
|
79,700 |
|
2,163,855 |
| |
|
|
|
|
7,210,032 |
| |
Health care technology1.23% |
|
|
|
|
| |
MedAssets, Inc.* |
|
40,900 |
|
624,543 |
| |
SXC Health Solutions Corp.* |
|
25,632 |
|
1,404,634 |
| |
|
|
|
|
2,029,177 |
| |
Hotels, restaurants & leisure5.85% |
|
|
|
|
| |
BJs Restaurants, Inc.* |
|
41,000 |
|
1,612,530 |
| |
Buffalo Wild Wings, Inc.* |
|
25,700 |
|
1,398,851 |
| |
Panera Bread Co., Class A* |
|
9,700 |
|
1,231,900 |
| |
Texas Roadhouse, Inc. |
|
112,600 |
|
1,913,074 |
| |
The Cheesecake Factory, Inc.* |
|
60,300 |
|
1,814,427 |
| |
WMS Industries, Inc.* |
|
46,600 |
|
1,647,310 |
| |
|
|
|
|
9,618,092 |
| |
Household durables0.51% |
|
|
|
|
| |
Ryland Group, Inc. |
|
52,400 |
|
833,160 |
| |
|
|
|
|
|
| |
Internet software & services2.09% |
|
|
|
|
| |
Cornerstone OnDemand, Inc.* |
|
23,200 |
|
422,936 |
| |
Qihoo 360 Technology Co., Ltd. ADR* |
|
55,300 |
|
1,636,327 |
| |
VistaPrint NV* |
|
26,700 |
|
1,385,730 |
| |
|
|
|
|
3,444,993 |
| |
Machinery1.59% |
|
|
|
|
| |
Chart Industries, Inc.* |
|
47,500 |
|
2,614,400 |
| |
|
|
|
|
|
| |
Media2.86% |
|
|
|
|
| |
Imax Corp.*1 |
|
102,700 |
|
3,284,346 |
| |
National CineMedia, Inc. |
|
76,300 |
|
1,424,521 |
| |
|
|
|
|
4,708,867 |
| |
Metals & mining0.58% |
|
|
|
|
| |
Steel Dynamics, Inc. |
|
50,800 |
|
953,516 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels6.81% |
|
|
|
|
| |
Approach Resources, Inc.* |
|
69,600 |
|
2,338,560 |
| |
Resolute Energy Corp.*1 |
|
144,200 |
|
2,615,788 |
| |
SM Energy Co. |
|
44,800 |
|
3,323,712 |
| |
Whiting Petroleum Corp.* |
|
39,800 |
|
2,923,310 |
| |
|
|
|
|
11,201,370 |
| |
Pharmaceuticals2.16% |
|
|
|
|
| |
MAP Pharmaceuticals, Inc.* |
|
24,070 |
|
331,925 |
| |
Nektar Therapeutics* |
|
76,400 |
|
723,508 |
| |
Questcor Pharmaceuticals, Inc.* |
|
57,900 |
|
834,339 |
| |
Viropharma, Inc.* |
|
83,300 |
|
1,657,670 |
| |
|
|
|
|
3,547,442 |
| |
Real estate investment trust (REIT)1.55% |
|
|
|
|
| |
BioMed Realty Trust, Inc. |
|
36,900 |
|
701,838 |
| |
DuPont Fabros Technology, Inc.1 |
|
38,100 |
|
923,925 |
| |
Franklin Street Properties Corp. |
|
65,800 |
|
925,806 |
| |
|
|
|
|
2,551,569 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Road & rail2.20% |
|
|
|
|
| |
Knight Transportation, Inc. |
|
80,200 |
|
$ |
1,543,850 |
|
Landstar System, Inc. |
|
45,400 |
|
2,073,872 |
| |
|
|
|
|
3,617,722 |
| |
Semiconductors & semiconductor equipment7.50% |
|
|
|
|
| |
Cavium Networks, Inc.* |
|
63,600 |
|
2,857,548 |
| |
Cirrus Logic, Inc.* |
|
86,576 |
|
1,820,693 |
| |
Cymer, Inc.* |
|
30,900 |
|
1,748,322 |
| |
Mellanox Technologies Ltd.* |
|
54,292 |
|
1,369,787 |
| |
SemiLEDs Corp.*1 |
|
22,900 |
|
360,446 |
| |
Skyworks Solutions, Inc.* |
|
71,520 |
|
2,318,679 |
| |
Veeco Instruments, Inc.*1 |
|
36,588 |
|
1,860,134 |
| |
|
|
|
|
12,335,609 |
| |
Software7.95% |
|
|
|
|
| |
Factset Research Systems, Inc. |
|
22,300 |
|
2,335,479 |
| |
NICE Systems Ltd. ADR* |
|
55,000 |
|
2,031,700 |
| |
Radiant Systems, Inc.* |
|
106,400 |
|
1,883,280 |
| |
Rovi Corp.* |
|
39,200 |
|
2,103,080 |
| |
Synchronoss Technologies, Inc.* |
|
62,700 |
|
2,178,825 |
| |
Ultimate Software Group, Inc.* |
|
43,304 |
|
2,544,110 |
| |
|
|
|
|
13,076,474 |
| |
Specialty retail4.20% |
|
|
|
|
| |
Chicos FAS, Inc. |
|
116,300 |
|
1,732,870 |
| |
Childrens Place Retail Stores, Inc.* |
|
20,000 |
|
996,600 |
| |
Talbots, Inc.*1 |
|
124,800 |
|
753,792 |
| |
The Mens Wearhouse, Inc. |
|
81,900 |
|
2,216,214 |
| |
Wet Seal, Inc., Class A* |
|
280,800 |
|
1,201,824 |
| |
|
|
|
|
6,901,300 |
| |
Textiles, apparel & luxury goods1.30% |
|
|
|
|
| |
Phillips-Van Heusen Corp. |
|
33,000 |
|
2,145,990 |
| |
Total common stocks (cost $105,585,881) |
|
|
|
160,467,079 |
| |
|
|
|
|
|
| |
Investment company1.01% |
|
|
|
|
| |
iShares Russell 2000 Growth Index Fund1 (cost $1,587,358) |
|
17,400 |
|
1,658,916 |
| |
|
|
|
|
|
| |
Short-term investment2.03% |
|
|
|
|
| |
Investment company2.03% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $3,344,226) |
|
3,344,226 |
|
3,344,226 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned8.42% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $13,855,872) |
|
13,855,872 |
|
13,855,872 |
| |
|
|
|
|
|
| |
Total investments109.02% (cost $124,373,337) |
|
|
|
179,326,093 |
| |
Liabilities, in excess of cash and other assets(9.02)% |
|
|
|
(14,834,791 |
) | |
Net assets100.00% |
|
|
|
$ |
164,491,302 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments |
|
|
| |
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of: |
|
|
| |
|
|
|
| |
Gross unrealized appreciation |
|
$ |
57,188,946 |
|
Gross unrealized depreciation |
|
(2,236,190 |
) | |
Net unrealized appreciation of investments |
|
$ |
54,952,756 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
2,089,534 |
|
$ |
43,563,662 |
|
$ |
42,308,970 |
|
$ |
3,344,226 |
|
$ |
4,142 |
|
UBS Private Money Market Fund LLCa |
|
6,773,043 |
|
98,774,870 |
|
91,692,041 |
|
13,855,872 |
|
145,842 |
| |||||
|
|
$ |
8,862,577 |
|
$ |
142,338,532 |
|
$ |
134,001,011 |
|
$ |
17,200,098 |
|
$ |
149,984 |
|
a |
The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
ADR |
American depositary receipt |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 | |||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
160,467,079 |
|
$ |
|
|
$ |
|
|
$ |
160,467,079 |
|
Investment company |
|
1,658,916 |
|
|
|
|
|
1,658,916 |
| ||||
Short-term investment |
|
|
|
3,344,226 |
|
|
|
3,344,226 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
13,855,872 |
|
|
|
13,855,872 |
| ||||
Total |
|
$ |
162,125,995 |
|
$ |
17,200,098 |
|
$ |
|
|
$ |
179,326,093 |
|
UBS Dynamic Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
1.92 |
% |
Air freight & logistics |
|
1.29 |
|
Airlines |
|
0.32 |
|
Auto components |
|
0.42 |
|
Automobiles |
|
0.46 |
|
Beverages |
|
1.32 |
|
Biotechnology |
|
0.91 |
|
Building products |
|
0.70 |
|
Capital markets |
|
1.07 |
|
Chemicals |
|
1.94 |
|
Commercial banks |
|
3.98 |
|
Communications equipment |
|
1.34 |
|
Computers & peripherals |
|
2.69 |
|
Construction & engineering |
|
0.14 |
|
Construction materials |
|
0.27 |
|
Consumer finance |
|
0.01 |
|
Containers & packaging |
|
0.01 |
|
Distributors |
|
0.01 |
|
Diversified consumer services |
|
0.23 |
|
Diversified financial services |
|
1.10 |
|
Diversified telecommunication services |
|
1.32 |
|
Electric utilities |
|
2.03 |
|
Electrical equipment |
|
0.99 |
|
Electronic equipment, instruments & components |
|
0.38 |
|
Energy equipment & services |
|
1.72 |
|
Food & staples retailing |
|
1.24 |
|
Food products |
|
1.73 |
|
Gas utilities |
|
0.29 |
|
Health care equipment & supplies |
|
1.23 |
|
Health care providers & services |
|
0.62 |
|
Health care technology |
|
0.01 |
|
Hotels, restaurants & leisure |
|
1.66 |
|
Household durables |
|
0.45 |
|
Household products |
|
0.62 |
|
Independent power producers & energy traders |
|
0.00 |
2 |
Industrial conglomerates |
|
0.25 |
|
Insurance |
|
1.26 |
|
Internet & catalog retail |
|
1.25 |
|
Internet software & services |
|
1.65 |
|
IT services |
|
0.92 |
|
Leisure equipment & products |
|
0.00 |
2 |
Life sciences tools & services |
|
0.41 |
|
Machinery |
|
3.10 |
|
Marine |
|
0.07 |
|
Media |
|
2.06 |
|
Metals & mining |
|
2.30 |
|
Multiline retail |
|
0.01 |
|
Multi-utilities |
|
0.45 |
|
Office electronics |
|
0.13 |
|
Oil, gas & consumable fuels |
|
5.77 |
|
Paper & forest products |
|
0.01 |
|
Personal products |
|
0.46 |
|
Pharmaceuticals |
|
3.54 |
|
Professional services |
|
0.00 |
2 |
Real estate investment trust (REIT) |
|
0.06 |
|
Real estate management & development |
|
0.13 |
|
Road & rail |
|
1.42 |
|
Semiconductors & semiconductor equipment |
|
2.09 |
|
Software |
|
3.23 |
|
Specialty retail |
|
1.03 |
|
Textiles, apparel & luxury goods |
|
0.81 |
|
Thrifts & mortgage finance |
|
0.00 |
2 |
Tobacco |
|
0.69 |
|
Trading companies & distributors |
|
0.43 |
|
Transportation infrastructure |
|
0.01 |
|
Wireless telecommunication services |
|
1.18 |
|
Total common stocks |
|
69.14 |
% |
UBS Dynamic Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Preferred stocks |
|
0.89 |
% |
Bonds |
|
|
|
Corporate bonds |
|
|
|
Building materials |
|
0.04 |
|
Capital markets |
|
0.05 |
|
Chemicals |
|
0.06 |
|
Commercial banks |
|
1.14 |
|
Commercial banks |
|
0.14 |
|
Construction materials |
|
0.13 |
|
Consumer finance |
|
0.55 |
|
Containers & packaging |
|
0.05 |
|
Diversified financial services |
|
0.64 |
|
Electric utilities |
|
0.19 |
|
Energy equipment & services |
|
0.14 |
|
Food products |
|
0.02 |
|
Gas distribution |
|
0.13 |
|
Health care providers & services |
|
0.16 |
|
Hotels, restaurants & leisure |
|
0.15 |
|
Household durables |
|
0.07 |
|
Insurance |
|
0.19 |
|
Media |
|
0.28 |
|
Metals & mining |
|
0.19 |
|
Office electronics |
|
0.07 |
|
Oil, gas & consumable fuels |
|
0.63 |
|
Pharmaceuticals |
|
0.15 |
|
Road & rail |
|
0.04 |
|
Specialty retail |
|
0.06 |
|
Tobacco |
|
0.08 |
|
Wireless telecommunication services |
|
0.17 |
|
Total corporate bonds |
|
5.52 |
% |
|
|
|
|
Asset-backed securities |
|
0.70 |
|
Collateralized debt obligations |
|
1.56 |
|
Commercial mortgage-backed securities |
|
1.40 |
|
Mortgage & agency debt securities |
|
0.79 |
|
Municipal bonds |
|
0.52 |
|
US government obligation |
|
0.34 |
|
Non-US government obligation |
|
0.05 |
|
Total bonds |
|
10.88 |
% |
Investment companies |
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
2.41 |
|
UBS U.S. Equity Alpha Relationship Fund |
|
13.45 |
|
Total investment companies |
|
15.86 |
% |
|
|
|
|
Short-term investment |
|
13.19 |
|
Options purchased |
|
0.46 |
|
Investment of cash collateral from securities loaned |
|
2.26 |
|
Total investments before investments sold short |
|
112.68 |
% |
|
|
|
|
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(0.63 |
)% |
Air freight & logistics |
|
(0.99 |
) |
Airlines |
|
(0.18 |
) |
Auto components |
|
(0.01 |
) |
Automobiles |
|
(0.25 |
) |
Beverages |
|
(0.31 |
) |
Biotechnology |
|
(0.03 |
) |
Building products |
|
(0.01 |
) |
Capital markets |
|
(0.02 |
) |
Chemicals |
|
(0.30 |
) |
Commercial banks |
|
(0.42 |
) |
UBS Dynamic Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Commercial services & supplies |
|
(0.02 |
)% |
Communications equipment |
|
(0.10 |
) |
Computers & peripherals |
|
(1.01 |
) |
Construction & engineering |
|
(0.02 |
) |
Construction materials |
|
(0.04 |
) |
Consumer finance |
|
(0.00 |
)2 |
Containers & packaging |
|
(0.03 |
) |
Distributors |
|
(0.01 |
) |
Diversified consumer services |
|
(0.03 |
) |
Diversified financial services |
|
(0.03 |
) |
Diversified telecommunication services |
|
(0.15 |
) |
Electric utilities |
|
(0.44 |
) |
Electrical equipment |
|
(0.42 |
) |
Electronic equipment, instruments & components |
|
(0.35 |
) |
Energy equipment & services |
|
(0.33 |
) |
Food & staples retailing |
|
(0.35 |
) |
Food products |
|
(1.09 |
) |
Gas utilities |
|
(0.02 |
) |
Health care equipment & supplies |
|
(0.28 |
) |
Health care providers & services |
|
(0.74 |
) |
Health care technology |
|
(0.00 |
)2 |
Hotels, restaurants & leisure |
|
(0.39 |
) |
Household durables |
|
(0.02 |
) |
Household products |
|
(0.47 |
) |
Independent power producers & energy traders |
|
(0.13 |
) |
Industrial conglomerates |
|
(0.14 |
) |
Insurance |
|
(0.31 |
) |
Internet & catalog retail |
|
(0.32 |
) |
Internet software & services |
|
(0.16 |
) |
IT services |
|
(0.43 |
) |
Leisure equipment & products |
|
(0.01 |
) |
Life sciences tools & services |
|
(0.63 |
) |
Machinery |
|
(1.13 |
) |
Marine |
|
(0.01 |
) |
Media |
|
(0.50 |
) |
Metals & mining |
|
(0.26 |
) |
Multiline retail |
|
(0.58 |
) |
Multi-utilities |
|
(1.14 |
) |
Office electronics |
|
(0.00 |
)2 |
Oil, gas & consumable fuels |
|
(1.87 |
) |
Paper & forest products |
|
(0.01 |
) |
Personal products |
|
(0.02 |
) |
Pharmaceuticals |
|
(1.10 |
) |
Professional services |
|
(0.01 |
) |
Real estate investment trust (REIT) |
|
(0.03 |
) |
Real estate management & development |
|
(0.04 |
) |
Road & rail |
|
(0.18 |
) |
Semiconductors & semiconductor equipment |
|
(1.48 |
) |
Software |
|
(0.84 |
) |
Specialty retail |
|
(0.72 |
) |
Textiles, apparel & luxury goods |
|
(0.03 |
) |
Thrifts & mortgage finance |
|
(0.08 |
) |
Trading companies & distributors |
|
(0.60 |
) |
Transportation infrastructure |
|
(0.01 |
) |
Water utilities |
|
(0.34 |
) |
Wireless telecommunication services |
|
(0.02 |
) |
Total investments sold short |
|
(22 .62 |
)% |
Total investments, net of investments sold short |
|
90.06 |
|
Cash and other assets, less liabilities |
|
9.94 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of UBS Dynamic Alpha Fund. Figures would be different if a breakdown of the underlying investment companies industry diversification was included.
2 Amount represents less than 0.005%.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks69.14% |
|
|
|
|
| |
Argentina0.07% |
|
|
|
|
| |
MercadoLibre, Inc. |
|
3,800 |
|
$ |
310,194 |
|
|
|
|
|
|
| |
Australia0.50% |
|
|
|
|
| |
Alumina Ltd. |
|
185,935 |
|
473,112 |
| |
BHP Billiton Ltd. |
|
6,272 |
|
302,055 |
| |
Goodman Fielder Ltd. |
|
14,319 |
|
18,217 |
| |
Goodman Group |
|
25,754 |
|
18,248 |
| |
GrainCorp Ltd. |
|
2,284 |
|
17,978 |
| |
Incitec Pivot Ltd. |
|
166,906 |
|
747,528 |
| |
Mount Gibson Iron Ltd.* |
|
87,373 |
|
179,845 |
| |
National Australia Bank Ltd.1 |
|
12,927 |
|
345,641 |
| |
OneSteel Ltd. |
|
6,936 |
|
17,505 |
| |
Rio Tinto Ltd. |
|
227 |
|
19,899 |
| |
Santos Ltd. |
|
1,210 |
|
19,462 |
| |
TABCORP Holdings Ltd. |
|
2,574 |
|
19,942 |
| |
Total Australia common stocks |
|
|
|
2,179,432 |
| |
|
|
|
|
|
| |
Austria0.64% |
|
|
|
|
| |
bwin Interactive Entertainment AG |
|
5,593 |
|
219,403 |
| |
Erste Group Bank AG |
|
23,871 |
|
1,204,517 |
| |
OMV AG |
|
213 |
|
9,626 |
| |
Raiffeisen Bank International AG1 |
|
4,486 |
|
248,962 |
| |
Telekom Austria AG |
|
1,281 |
|
18,735 |
| |
Wiener Staedtische Versicherung AG |
|
18,888 |
|
1,078,753 |
| |
Total Austria common stocks |
|
|
|
2,779,996 |
| |
|
|
|
|
|
| |
Belgium0.26% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
7,577 |
|
431,619 |
| |
Bekaert SA |
|
170 |
|
19,392 |
| |
Belgacom SA |
|
490 |
|
18,982 |
| |
Delhaize Group SA |
|
399 |
|
32,486 |
| |
Dexia SA* |
|
4,435 |
|
17,272 |
| |
KBC Groep NV* |
|
460 |
|
17,299 |
| |
Mobistar SA |
|
270 |
|
18,719 |
| |
Nyrstar NV |
|
40,495 |
|
584,225 |
| |
Total Belgium common stocks |
|
|
|
1,139,994 |
| |
|
|
|
|
|
| |
Bermuda0.01% |
|
|
|
|
| |
Aspen Insurance Holdings Ltd. |
|
600 |
|
16,536 |
| |
Energy XXI Bermuda Ltd.*1 |
|
600 |
|
20,460 |
| |
Total Bermuda common stocks |
|
|
|
36,996 |
| |
|
|
|
|
|
| |
Brazil0.00%2 |
|
|
|
|
| |
Cia Energetica de Minas Gerais ADR |
|
1,000 |
|
19,270 |
| |
|
|
|
|
|
| |
Canada0.82% |
|
|
|
|
| |
Agrium, Inc. |
|
200 |
|
18,469 |
| |
Alimentation Couche Tard, Inc., Class B |
|
700 |
|
18,404 |
| |
Cameco Corp.1 |
|
600 |
|
18,046 |
| |
Canadian Pacific Railway Ltd. |
|
400 |
|
25,712 |
| |
CGI Group, Inc., Class A* |
|
900 |
|
18,873 |
| |
Domtar Corp. |
|
300 |
|
27,534 |
| |
Empire Co., Ltd., Class A |
|
300 |
|
16,549 |
| |
Encana Corp. |
|
900 |
|
31,126 |
| |
Genworth MI Canada, Inc. |
|
700 |
|
18,895 |
| |
Goldcorp, Inc. |
|
400 |
|
19,944 |
| |
Gran Tierra Energy, Inc.* |
|
1,900 |
|
15,326 |
| |
Magna International, Inc. |
|
200 |
|
9,589 |
| |
Open Text Corp.* |
|
400 |
|
24,854 |
| |
Petrobank Energy & Resources Ltd.* |
|
900 |
|
19,021 |
| |
Petrominerales Ltd.1 |
|
1,000 |
|
37,896 |
| |
Potash Corp. of Saskatchewan, Inc. |
|
16,500 |
|
972,363 |
| |
Precision Drilling Corp.* |
|
3,000 |
|
40,660 |
| |
Research In Motion Ltd.* |
|
600 |
|
33,933 |
| |
Royal Bank of Canada |
|
400 |
|
24,751 |
| |
Saputo, Inc. |
|
800 |
|
36,109 |
| |
Suncor Energy, Inc. |
|
24,400 |
|
1,094,171 |
| |
Teck Resources Ltd., Class B |
|
9,800 |
|
519,466 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Canada(concluded) |
|
|
|
|
|
|
TMX Group, Inc. |
|
600 |
|
$ |
24,025 |
|
Toronto-Dominion Bank |
|
200 |
|
17,700 |
| |
Trican Well Service Ltd. |
|
17,400 |
|
392,869 |
| |
Valeant Pharmaceuticals International, Inc. |
|
1,500 |
|
74,816 |
| |
Viterra, Inc. |
|
1,400 |
|
16,982 |
| |
Yamana Gold, Inc. |
|
1,500 |
|
18,535 |
| |
Total Canada common stocks |
|
|
|
3,586,618 |
| |
|
|
|
|
|
| |
China1.46% |
|
|
|
|
| |
Anhui Conch Cement Co., Ltd., H Shares |
|
4,000 |
|
25,018 |
| |
Baidu, Inc. ADR* |
|
16,400 |
|
2,260,084 |
| |
Cathay Pacific Airways Ltd. |
|
6,000 |
|
14,378 |
| |
China BlueChemical Ltd., H Shares |
|
22,000 |
|
18,016 |
| |
China Everbright Ltd. |
|
40,000 |
|
89,683 |
| |
China Mengniu Dairy Co., Ltd. |
|
7,000 |
|
18,538 |
| |
China National Building Material Co., Ltd., H Shares |
|
86,000 |
|
315,650 |
| |
China National Materials Co., Ltd., H Shares |
|
26,000 |
|
23,398 |
| |
China Petroleum & Chemical Corp. ADR |
|
200 |
|
20,116 |
| |
China Resources Cement Holdings Ltd.* |
|
20,000 |
|
19,824 |
| |
China Resources Enterprise Ltd. |
|
6,000 |
|
24,375 |
| |
China Taiping Insurance Holdings Co., Ltd.* |
|
6,600 |
|
19,473 |
| |
China Yurun Food Group Ltd. |
|
6,000 |
|
20,132 |
| |
CNOOC Ltd. ADR |
|
100 |
|
25,304 |
| |
Dongfang Electric Corp. Ltd., H Shares |
|
103,400 |
|
350,934 |
| |
Dongfeng Motor Group Co., Ltd., H Shares |
|
8,000 |
|
13,617 |
| |
Fantasia Holdings Group Co., Ltd. |
|
100,000 |
|
16,584 |
| |
Focus Media Holding Ltd. ADR* |
|
50,200 |
|
1,539,634 |
| |
Fushan International Energy Group Ltd. |
|
220,000 |
|
158,384 |
| |
GOME Electrical Appliances Holding Ltd.* |
|
70,000 |
|
24,658 |
| |
Industrial & Commercial Bank of China, H Shares |
|
35,000 |
|
29,067 |
| |
Link REIT |
|
6,000 |
|
18,782 |
| |
Longfor Properties Co., Ltd. |
|
12,000 |
|
20,240 |
| |
NetEase.com, Inc. ADR*1 |
|
500 |
|
24,755 |
| |
New World Development Ltd. |
|
10,000 |
|
17,664 |
| |
NWS Holdings Ltd. |
|
17,000 |
|
26,007 |
| |
PICC Property & Casualty Co., Ltd., H Shares* |
|
26,000 |
|
31,353 |
| |
Renhe Commercial Holdings Co., Ltd.1 |
|
166,000 |
|
30,944 |
| |
Sina Corp.* |
|
10,000 |
|
1,070,400 |
| |
Sino-Ocean Land Holdings Ltd.1 |
|
30,500 |
|
18,899 |
| |
Sohu.com, Inc.*1 |
|
300 |
|
26,808 |
| |
Trina Solar Ltd. ADR*1 |
|
700 |
|
21,084 |
| |
Uni-President China Holdings Ltd. |
|
9,000 |
|
4,640 |
| |
Weichai Power Co., Ltd., H Shares |
|
3,000 |
|
18,223 |
| |
Total China common stocks |
|
|
|
6,356,666 |
| |
|
|
|
|
|
| |
Denmark0.33% |
|
|
|
|
| |
Carlsberg A/S, Class B |
|
154 |
|
16,582 |
| |
Coloplast A/S, Class B |
|
68 |
|
9,848 |
| |
Jyske Bank A/S* |
|
17,661 |
|
786,507 |
| |
Novo Nordisk A/S, Class B1 |
|
4,730 |
|
594,262 |
| |
Topdanmark A/S* |
|
113 |
|
18,772 |
| |
Total Denmark common stocks |
|
|
|
1,425,971 |
| |
|
|
|
|
|
| |
Finland0.15% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
9,046 |
|
288,578 |
| |
Stora Enso Oyj, Class R |
|
1,427 |
|
16,998 |
| |
UPM-Kymmene Oyj* |
|
939 |
|
19,855 |
| |
Wartsila Oyj |
|
552 |
|
21,552 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Finland(concluded) |
|
|
|
|
| |
YIT OYJ |
|
9,628 |
|
$ |
285,449 |
|
Total Finland common stocks |
|
|
|
632,432 |
| |
|
|
|
|
|
| |
France1.36% |
|
|
|
|
| |
Alstom SA |
|
14,914 |
|
881,905 |
| |
AXA SA |
|
898 |
|
18,765 |
| |
BNP Paribas |
|
6,797 |
|
497,144 |
| |
Carrefour SA |
|
18,112 |
|
801,879 |
| |
Casino Guichard Perrachon SA |
|
211 |
|
19,972 |
| |
Cie Generale des Etablissements Michelin, Class B |
|
218 |
|
18,413 |
| |
Credit Agricole SA |
|
56,683 |
|
930,235 |
| |
Hermes International NPV |
|
603 |
|
132,202 |
| |
LVMH Moet Hennessy Louis Vuitton SA |
|
3,194 |
|
505,614 |
| |
Metropole Television SA |
|
1,114 |
|
29,112 |
| |
Sanofi-Aventis SA |
|
9,423 |
|
660,703 |
| |
Schneider Electric SA |
|
3,269 |
|
558,719 |
| |
Societe Generale |
|
4,043 |
|
262,709 |
| |
Total SA |
|
6,354 |
|
386,805 |
| |
Valeo SA* |
|
3,543 |
|
206,645 |
| |
Total France common stocks |
|
|
|
5,910,822 |
| |
|
|
|
|
|
| |
Germany2.29% |
|
|
|
|
| |
Aixtron SE NA1 |
|
9,132 |
|
399,839 |
| |
Aixtron SE NA ADR |
|
400 |
|
17,552 |
| |
Allianz SE |
|
3,854 |
|
540,891 |
| |
Axel Springer AG |
|
110 |
|
17,780 |
| |
Bayer AG |
|
19,118 |
|
1,480,418 |
| |
Bayerische Motoren Werke AG |
|
3,541 |
|
294,825 |
| |
Deutsche Bank AG |
|
321 |
|
18,872 |
| |
Deutsche Post AG |
|
1,037 |
|
18,694 |
| |
Dialog Semiconductor PLC* |
|
9,400 |
|
195,096 |
| |
E.ON AG |
|
45,415 |
|
1,387,004 |
| |
GEA Group AG |
|
12,730 |
|
419,272 |
| |
Infineon Technologies AG |
|
1,820 |
|
18,661 |
| |
Lanxess AG |
|
223 |
|
16,680 |
| |
Linde AG |
|
7,118 |
|
1,124,266 |
| |
MAN SE |
|
4,192 |
|
522,799 |
| |
Muenchener Rueckversicherungs-Gesellschaft AG |
|
3,176 |
|
499,614 |
| |
SAP AG |
|
37,189 |
|
2,276,824 |
| |
Siemens AG |
|
148 |
|
20,285 |
| |
Sky Deutschland AG* |
|
74,264 |
|
305,427 |
| |
ThyssenKrupp AG |
|
9,323 |
|
380,918 |
| |
Volkswagen AG |
|
126 |
|
19,339 |
| |
Total Germany common stocks |
|
|
|
9,975,056 |
| |
|
|
|
|
|
| |
Greece0.33% |
|
|
|
|
| |
Hellenic Telecommunications Organization SA |
|
127,790 |
|
1,427,099 |
| |
|
|
|
|
|
| |
Guernsey0.01% |
|
|
|
|
| |
Resolution Ltd. |
|
13,598 |
|
64,547 |
| |
|
|
|
|
|
| |
Hong Kong0.22% |
|
|
|
|
| |
Hong Kong Exchanges & Clearing Ltd. |
|
19,900 |
|
432,356 |
| |
Hopson Development Holdings Ltd.* |
|
8,000 |
|
9,071 |
| |
Shanghai Industrial Holdings Ltd. |
|
5,000 |
|
19,155 |
| |
Shangri-La Asia Ltd. |
|
112,000 |
|
289,411 |
| |
Sun Hung Kai Properties Ltd. |
|
12,000 |
|
190,061 |
| |
Total Hong Kong common stocks |
|
|
|
940,054 |
| |
|
|
|
|
|
| |
Ireland0.77% |
|
|
|
|
| |
Covidien PLC3 |
|
30,000 |
|
1,558,200 |
| |
CRH PLC |
|
35,575 |
|
815,745 |
| |
Elan Corp. PLC* |
|
1,200 |
|
8,257 |
| |
Kerry Group PLC, Class A |
|
1,215 |
|
45,234 |
| |
Seagate Technology PLC*3 |
|
62,800 |
|
904,320 |
| |
WPP PLC |
|
1,498 |
|
18,468 |
| |
Total Ireland common stocks |
|
|
|
3,350,224 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Israel0.00%2 |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
400 |
|
$ |
20,420 |
|
|
|
|
|
|
| |
Italy1.50% |
|
|
|
|
| |
Azimut Holding SpA |
|
52,878 |
|
591,266 |
| |
Enel SpA |
|
4,194 |
|
26,438 |
| |
ENI SpA |
|
87,220 |
|
2,142,130 |
| |
Finmeccanica SpA |
|
143,968 |
|
1,811,799 |
| |
Intesa Sanpaolo SpA |
|
5,482 |
|
16,222 |
| |
Pirelli & Co SpA NPV |
|
3,819 |
|
33,556 |
| |
Saipem SpA |
|
13,556 |
|
720,626 |
| |
Tods SpA |
|
185 |
|
21,800 |
| |
UniCredit SpA |
|
481,669 |
|
1,190,492 |
| |
Total Italy common stocks |
|
|
|
6,554,329 |
| |
|
|
|
|
|
| |
Japan2.33% |
|
|
|
|
| |
Aeon Co., Ltd. |
|
1,600 |
|
18,543 |
| |
Aeon Credit Service Co., Ltd. |
|
1,400 |
|
19,271 |
| |
Aeon Mall Co., Ltd. |
|
900 |
|
19,324 |
| |
Aisin Seiki Co., Ltd. |
|
600 |
|
20,832 |
| |
Ajinomoto Co., Inc. |
|
2,000 |
|
20,846 |
| |
Alps Electric Co., Ltd. |
|
1,800 |
|
17,290 |
| |
Aozora Bank Ltd. |
|
8,000 |
|
18,081 |
| |
Asahi Glass Co., Ltd. |
|
41,000 |
|
515,581 |
| |
Asahi Kasei Corp. |
|
3,000 |
|
20,233 |
| |
Canon, Inc. |
|
11,600 |
|
504,833 |
| |
Central Glass Co., Ltd. |
|
5,000 |
|
20,137 |
| |
Central Japan Railway Co. |
|
3 |
|
23,768 |
| |
Chubu Electric Power Co., Inc. |
|
800 |
|
17,793 |
| |
Cosmo Oil Co., Ltd. |
|
6,000 |
|
18,682 |
| |
Daicel Chemical Industries Ltd. |
|
3,000 |
|
18,502 |
| |
Daikin Industries Ltd. |
|
600 |
|
17,968 |
| |
Daito Trust Construction Co., Ltd. |
|
200 |
|
13,777 |
| |
Denki Kagaku Kogyo KK |
|
76,000 |
|
374,609 |
| |
Dentsu, Inc.1 |
|
600 |
|
15,487 |
| |
DIC Corp. |
|
8,000 |
|
18,562 |
| |
Disco Corp.1 |
|
6,500 |
|
443,857 |
| |
Dowa Holdings Co., Ltd. |
|
1,000 |
|
6,227 |
| |
Eisai Co., Ltd. |
|
500 |
|
17,937 |
| |
Elpida Memory, Inc.*1 |
|
3,300 |
|
42,490 |
| |
FANUC Corp. |
|
5,000 |
|
756,793 |
| |
Fuji Heavy Industries Ltd.1 |
|
2,000 |
|
12,888 |
| |
FUJIFILM Holdings Corp. |
|
600 |
|
18,581 |
| |
GS Yuasa Corp.1 |
|
1,000 |
|
6,648 |
| |
Honda Motor Co., Ltd. |
|
400 |
|
15,028 |
| |
Ibiden Co., Ltd.1 |
|
9,600 |
|
303,188 |
| |
Idemitsu Kosan Co., Ltd. |
|
200 |
|
23,419 |
| |
IHI Corp. |
|
9,000 |
|
21,964 |
| |
Isuzu Motors Ltd. |
|
95,000 |
|
375,751 |
| |
Ito En Ltd. |
|
1,100 |
|
19,162 |
| |
ITOCHU Corp. |
|
3,000 |
|
31,414 |
| |
Japan Petroleum Exploration Co. |
|
500 |
|
25,006 |
| |
Kajima Corp.1 |
|
10,000 |
|
28,012 |
| |
Kawasaki Heavy Industries Ltd. |
|
5,000 |
|
22,000 |
| |
Keihin Corp. |
|
1,100 |
|
20,881 |
| |
Kinden Corp. |
|
2,000 |
|
18,202 |
| |
Kobe Steel Ltd.1 |
|
7,000 |
|
18,177 |
| |
Komatsu Ltd. |
|
20,000 |
|
679,250 |
| |
Konica Minolta Holdings, Inc. |
|
2,500 |
|
20,949 |
| |
Kubota Corp. |
|
2,000 |
|
18,851 |
| |
Kuraray Co., Ltd. |
|
2,500 |
|
32,219 |
| |
Kyocera Corp. |
|
200 |
|
20,269 |
| |
Makino Milling Machine Co., Ltd.*1 |
|
36,000 |
|
305,554 |
| |
Marubeni Corp. |
|
4,000 |
|
28,805 |
| |
Maruichi Steel Tube Ltd. |
|
900 |
|
22,235 |
| |
MEIJI Holdings Co., Ltd. |
|
400 |
|
16,086 |
| |
Minebea Co., Ltd. |
|
3,000 |
|
16,554 |
| |
Mitsubishi Chemical Holdings Corp. |
|
3,000 |
|
18,863 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
Mitsubishi Corp. |
|
20,000 |
|
$ |
555,182 |
|
Mitsubishi Electric Corp. |
|
2,000 |
|
23,611 |
| |
Mitsubishi Logistics Corp. |
|
2,000 |
|
22,361 |
| |
Mitsubishi UFJ Financial Group, Inc.1 |
|
78,400 |
|
361,933 |
| |
Mitsubishi UFJ Lease & Finance Co., Ltd. |
|
530 |
|
21,250 |
| |
Mitsui & Co., Ltd. |
|
2,200 |
|
39,435 |
| |
Mitsui Chemicals, Inc. |
|
6,000 |
|
21,207 |
| |
Mitsui Engineering & Shipbuilding Co., Ltd. |
|
5,000 |
|
11,962 |
| |
Mitsui Mining & Smelting Co., Ltd.1 |
|
5,000 |
|
17,372 |
| |
Murata Manufacturing Co., Ltd. |
|
300 |
|
21,604 |
| |
NGK Spark Plug Co., Ltd.1 |
|
1,000 |
|
13,657 |
| |
NHK Spring Co., Ltd.1 |
|
1,000 |
|
9,906 |
| |
Nikon Corp. |
|
500 |
|
10,309 |
| |
Nippon Building Fund, Inc. |
|
2 |
|
19,476 |
| |
Nippon Electric Glass Co., Ltd. |
|
1,000 |
|
14,162 |
| |
Nippon Meat Packers, Inc. |
|
2,000 |
|
25,222 |
| |
Nippon Sheet Glass Co., Ltd. |
|
81,000 |
|
233,710 |
| |
Nippon Shokubai Co., Ltd. |
|
2,000 |
|
25,054 |
| |
Nippon Telegraph & Telephone Corp. |
|
400 |
|
17,961 |
| |
Nippon Yusen KK |
|
78,000 |
|
304,761 |
| |
Nishi-Nippon City Bank Ltd. |
|
6,000 |
|
17,240 |
| |
Nissan Chemical Industries Ltd. |
|
2,000 |
|
20,678 |
| |
Nissan Motor Co., Ltd. |
|
74,200 |
|
658,327 |
| |
Nisshinbo Holdings, Inc. |
|
2,000 |
|
19,404 |
| |
Nitto Denko Corp. |
|
500 |
|
26,509 |
| |
NSK Ltd. |
|
2,000 |
|
17,240 |
| |
NTN Corp. |
|
3,000 |
|
14,390 |
| |
NTT Data Corp.1 |
|
5 |
|
15,454 |
| |
ORIX Corp. |
|
4,360 |
|
408,324 |
| |
Osaka Gas Co., Ltd.1 |
|
5,000 |
|
19,957 |
| |
OSAKA Titanium Technologies Co., Ltd.1 |
|
6,900 |
|
476,148 |
| |
Renesas Electronics Corp.* |
|
2,300 |
|
19,577 |
| |
Santen Pharmaceutical Co., Ltd. |
|
800 |
|
31,883 |
| |
Sapporo Hokuyo Holdings, Inc. |
|
3,800 |
|
18,274 |
| |
Sega Sammy Holdings, Inc. |
|
1,000 |
|
17,384 |
| |
Shimizu Corp. |
|
4,000 |
|
17,793 |
| |
SMC Corp. |
|
100 |
|
16,458 |
| |
Sony Corp. |
|
600 |
|
19,216 |
| |
Sumitomo Corp.1 |
|
2,100 |
|
30,018 |
| |
Sumitomo Electric Industries Ltd. |
|
1,300 |
|
17,989 |
| |
Sumitomo Metal Mining Co., Ltd. |
|
1,000 |
|
17,204 |
| |
Sumitomo Mitsui Financial Group, Inc.1 |
|
10,000 |
|
310,892 |
| |
Taisei Corp. |
|
9,000 |
|
22,181 |
| |
TDK Corp. |
|
300 |
|
17,727 |
| |
THK Co., Ltd. |
|
16,800 |
|
422,525 |
| |
Tokyo Electric Power Co., Inc. |
|
1,600 |
|
8,964 |
| |
Tokyu Land Corp. |
|
56,000 |
|
243,712 |
| |
TonenGeneral Sekiyu KK |
|
2,000 |
|
24,693 |
| |
Toray Industries, Inc. |
|
2,000 |
|
14,547 |
| |
Toshiba Corp. |
|
57,000 |
|
278,901 |
| |
Ushio, Inc.1 |
|
900 |
|
17,604 |
| |
Yamada Denki Co., Ltd. |
|
290 |
|
19,559 |
| |
Total Japan common stocks |
|
|
|
10,172,286 |
| |
|
|
|
|
|
| |
Luxembourg0.25% |
|
|
|
|
| |
ArcelorMittal |
|
29,062 |
|
1,051,290 |
| |
Millicom International Cellular SA SDR |
|
198 |
|
18,947 |
| |
Total Luxembourg common stocks |
|
|
|
1,070,237 |
| |
|
|
|
|
|
| |
Macau0.01% |
|
|
|
|
| |
Wynn Macau Ltd. |
|
14,400 |
|
40,172 |
| |
|
|
|
|
|
| |
Mexico0.01% |
|
|
|
|
| |
Fomento Economico Mexicano SAB de CV ADR |
|
300 |
|
17,610 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Mexico(concluded) |
|
|
|
|
| |
Fresnillo PLC |
|
884 |
|
$ |
21,881 |
|
Total Mexico common stocks |
|
|
|
39,491 |
| |
|
|
|
|
|
| |
Netherlands2.31% |
|
|
|
|
| |
Aegon NV* |
|
2,489 |
|
18,639 |
| |
ASML Holding NV |
|
20,014 |
|
882,115 |
| |
Core Laboratories NV1 |
|
200 |
|
20,434 |
| |
Fugro NV, CVA |
|
3,683 |
|
324,551 |
| |
Gemalto NV |
|
3,996 |
|
196,539 |
| |
Heineken NV |
|
23,311 |
|
1,273,716 |
| |
Hunter Douglas NV |
|
7,442 |
|
379,316 |
| |
ING Groep NV, CVA CVA* |
|
127,841 |
|
1,618,085 |
| |
LyondellBasell Industries NV, Class A* |
|
500 |
|
19,775 |
| |
Ordina NV* |
|
33,419 |
|
186,130 |
| |
Reed Elsevier NV |
|
77,816 |
|
1,001,350 |
| |
Royal Dutch Shell PLC, Class A |
|
71,775 |
|
2,606,803 |
| |
TNT NV |
|
60,590 |
|
1,554,214 |
| |
Total Netherlands common stocks |
|
|
|
10,081,667 |
| |
|
|
|
|
|
| |
Norway0.88% |
|
|
|
|
| |
DnB NOR ASA |
|
1,274 |
|
19,547 |
| |
Petroleum Geo-Services ASA* |
|
66,818 |
|
1,071,094 |
| |
Subsea 7 SA |
|
16,819 |
|
424,866 |
| |
Telenor ASA |
|
141,194 |
|
2,323,340 |
| |
Total Norway common stocks |
|
|
|
3,838,847 |
| |
|
|
|
|
|
| |
Portugal0.32% |
|
|
|
|
| |
Portugal Telecom, SGPS, SA |
|
121,647 |
|
1,404,010 |
| |
|
|
|
|
|
| |
Russia0.28% |
|
|
|
|
| |
Gazprom OAO ADR |
|
586 |
|
18,969 |
| |
Mechel OAO ADR1 |
|
12,200 |
|
375,638 |
| |
NovaTek OAO GDR |
|
3,395 |
|
471,905 |
| |
VTB Bank OJSC GDR |
|
50,983 |
|
356,881 |
| |
Total Russia common stocks |
|
|
|
1,223,393 |
| |
|
|
|
|
|
| |
Singapore0.26% |
|
|
|
|
| |
Avago Technologies Ltd. |
|
700 |
|
21,770 |
| |
Biosensors International Group Ltd.* |
|
329,000 |
|
307,989 |
| |
Golden Agri-Resources Ltd. |
|
614,000 |
|
336,105 |
| |
Jardine Cycle & Carriage Ltd. |
|
1,000 |
|
29,036 |
| |
Keppel Corp. Ltd. |
|
39,000 |
|
380,563 |
| |
SembCorp Marine Ltd. |
|
3,000 |
|
13,899 |
| |
Singapore Airlines Ltd. |
|
2,000 |
|
21,706 |
| |
UOL Group Ltd. |
|
6,000 |
|
22,610 |
| |
Total Singapore common stocks |
|
|
|
1,133,678 |
| |
|
|
|
|
|
| |
South Africa0.01% |
|
|
|
|
| |
Sasol Ltd. ADR |
|
400 |
|
23,180 |
| |
|
|
|
|
|
| |
South Korea0.10% |
|
|
|
|
| |
Hyundai Mobis |
|
1,488 |
|
444,250 |
| |
|
|
|
|
|
| |
Spain1.63% |
|
|
|
|
| |
Acciona SA |
|
7,405 |
|
804,708 |
| |
Banco Santander SA |
|
185,367 |
|
2,152,056 |
| |
Enagas SA |
|
47,689 |
|
1,075,951 |
| |
Ferrovial SA |
|
1,483 |
|
18,600 |
| |
Gas Natural SDG SA |
|
1,115 |
|
20,945 |
| |
Inditex SA |
|
7,604 |
|
610,159 |
| |
Mapfre SA |
|
6,400 |
|
24,117 |
| |
Repsol YPF SA |
|
53,522 |
|
1,833,707 |
| |
Telefonica SA |
|
22,525 |
|
563,910 |
| |
Total Spain common stocks |
|
|
|
7,104,153 |
| |
|
|
|
|
|
| |
Sweden1.34% |
|
|
|
|
| |
Assa Abloy AB, Class B |
|
79,418 |
|
2,283,681 |
| |
Getinge AB, Class B |
|
781 |
|
19,278 |
| |
Holmen AB, Class B1 |
|
250 |
|
8,643 |
| |
Nordea Bank AB1 |
|
144,831 |
|
1,585,548 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Sweden(concluded) |
|
|
|
|
| |
Skandinaviska Enskilda Banken AB, Class A1 |
|
43,538 |
|
$ |
388,344 |
|
Svenska Cellulosa AB, Class B |
|
1,086 |
|
17,481 |
| |
Swedbank AB |
|
1,070 |
|
18,308 |
| |
Swedish Match AB |
|
31,439 |
|
1,045,493 |
| |
Volvo AB, Class B*1 |
|
27,788 |
|
488,675 |
| |
Total Sweden common stocks |
|
|
|
5,855,451 |
| |
|
|
|
|
|
| |
Switzerland3.31% |
|
|
|
|
| |
ABB Ltd.* |
|
58,957 |
|
1,415,995 |
| |
ACE Ltd. |
|
300 |
|
19,410 |
| |
Aryzta AG |
|
384 |
|
19,649 |
| |
Cie Financiere Richemont SA, Class A |
|
8,481 |
|
489,839 |
| |
Credit Suisse Group AG |
|
24,022 |
|
1,020,772 |
| |
Ferrexpo PLC |
|
2,814 |
|
19,501 |
| |
GAM Holding AG* |
|
24,131 |
|
458,450 |
| |
Givaudan SA* |
|
1,374 |
|
1,381,480 |
| |
Nestle SA |
|
29,565 |
|
1,694,717 |
| |
Nobel Biocare Holding AG* |
|
86,816 |
|
1,799,648 |
| |
Novartis AG |
|
52,000 |
|
2,820,512 |
| |
Roche Holding AG |
|
5,084 |
|
832,481 |
| |
Roche Holding AG (Non-voting) |
|
10,441 |
|
1,491,409 |
| |
STMicroelectronics NV |
|
38,996 |
|
483,017 |
| |
Swatch Group AG |
|
5,443 |
|
432,595 |
| |
Syngenta AG |
|
57 |
|
18,524 |
| |
Transocean Ltd.* |
|
264 |
|
20,752 |
| |
Total Switzerland common stocks |
|
|
|
14,418,751 |
| |
|
|
|
|
|
| |
Taiwan0.12% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
44,700 |
|
544,446 |
| |
|
|
|
|
|
| |
Thailand0.04% |
|
|
|
|
| |
Italian-Thai Development PCL*1 |
|
1,206,500 |
|
167,542 |
| |
|
|
|
|
|
| |
United Kingdom10.26% |
|
|
|
|
| |
Aberdeen Asset Management PLC |
|
362,848 |
|
1,227,026 |
| |
Anglo American PLC |
|
31,477 |
|
1,619,388 |
| |
AstraZeneca PLC |
|
434 |
|
19,933 |
| |
BAE Systems PLC |
|
236,060 |
|
1,230,356 |
| |
Barclays PLC |
|
523,912 |
|
2,332,696 |
| |
BG Group PLC |
|
94,222 |
|
2,344,351 |
| |
BP PLC |
|
197,661 |
|
1,439,579 |
| |
Diageo PLC |
|
114,736 |
|
2,181,105 |
| |
Ensco International PLC ADR |
|
13,800 |
|
798,192 |
| |
Firstgroup PLC |
|
108,996 |
|
570,540 |
| |
GlaxoSmithKline PLC |
|
43,329 |
|
826,802 |
| |
Halma PLC |
|
110,082 |
|
618,960 |
| |
Hiscox Ltd. |
|
40,996 |
|
248,134 |
| |
Home Retail Group PLC |
|
5,492 |
|
17,013 |
| |
HSBC Holdings PLC |
|
189,480 |
|
1,948,408 |
| |
Imperial Tobacco Group PLC |
|
48,201 |
|
1,490,034 |
| |
Intercontinental Hotels Group PLC |
|
1,034 |
|
21,199 |
| |
Jardine Lloyd Thompson Group PLC |
|
47,734 |
|
529,898 |
| |
Kingfisher PLC |
|
123,048 |
|
485,391 |
| |
Legal & General Group PLC |
|
11,983 |
|
22,145 |
| |
Lloyds Banking Group PLC* |
|
364,396 |
|
339,573 |
| |
Marks & Spencer Group PLC |
|
3,353 |
|
18,111 |
| |
Pearson PLC |
|
59,654 |
|
1,053,623 |
| |
Petrofac Ltd. |
|
704 |
|
16,816 |
| |
Premier Oil PLC* |
|
614 |
|
19,640 |
| |
Prudential PLC |
|
100,651 |
|
1,140,746 |
| |
Reckitt Benckiser Group PLC |
|
30,819 |
|
1,583,064 |
| |
Reed Elsevier PLC |
|
121,203 |
|
1,049,943 |
| |
Rio Tinto PLC |
|
7,122 |
|
500,306 |
| |
Sage Group PLC |
|
883,930 |
|
3,943,459 |
| |
Scottish & Southern Energy PLC |
|
796 |
|
16,102 |
| |
Shire PLC |
|
12,921 |
|
375,382 |
| |
Smiths Group PLC |
|
28,057 |
|
583,767 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United Kingdom(concluded) |
|
|
|
|
| |
Sportingbet PLC |
|
357,031 |
|
$ |
282,079 |
|
Stagecoach Group PLC |
|
329,499 |
|
1,138,566 |
| |
Standard Chartered PLC |
|
28,591 |
|
741,648 |
| |
Tesco PLC |
|
271,489 |
|
1,659,341 |
| |
Tullow Oil PLC |
|
61,316 |
|
1,424,298 |
| |
Unilever PLC |
|
73,824 |
|
2,250,141 |
| |
Vodafone Group PLC |
|
1,050,627 |
|
2,974,759 |
| |
Weir Group PLC |
|
639 |
|
17,744 |
| |
William Hill PLC |
|
180,246 |
|
522,495 |
| |
Wolseley PLC* |
|
33,391 |
|
1,124,347 |
| |
Xstrata PLC |
|
83,395 |
|
1,949,208 |
| |
Total United Kingdom common stocks |
|
|
|
44,696,308 |
| |
|
|
|
|
|
| |
United States34.96% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*3 |
|
22,500 |
|
522,000 |
| |
Adobe Systems, Inc.*3 |
|
41,100 |
|
1,362,876 |
| |
Aetna, Inc. |
|
500 |
|
18,715 |
| |
Aflac, Inc.3 |
|
15,900 |
|
839,202 |
| |
Agilent Technologies, Inc.*3 |
|
33,100 |
|
1,482,218 |
| |
Alexion Pharmaceuticals, Inc.*3 |
|
18,800 |
|
1,855,184 |
| |
Allergan, Inc.3 |
|
51,900 |
|
3,685,938 |
| |
Allscripts Healthcare Solutions, Inc.* |
|
900 |
|
18,891 |
| |
Amazon.com, Inc.*3 |
|
18,900 |
|
3,404,457 |
| |
American Electric Power Co., Inc.3 |
|
52,800 |
|
1,855,392 |
| |
American International Group, Inc.*1 |
|
500 |
|
17,570 |
| |
Ameriprise Financial, Inc. |
|
300 |
|
18,324 |
| |
Amgen, Inc.* |
|
400 |
|
21,380 |
| |
Amylin Pharmaceuticals, Inc.*3 |
|
37,000 |
|
420,690 |
| |
Anadarko Petroleum Corp. |
|
13,700 |
|
1,122,304 |
| |
Analog Devices, Inc. |
|
1,100 |
|
43,318 |
| |
AO Smith Corp. |
|
400 |
|
17,736 |
| |
Apache Corp. |
|
200 |
|
26,184 |
| |
Apollo Group, Inc., Class A*3 |
|
5,000 |
|
208,550 |
| |
Apple, Inc.*3 |
|
19,640 |
|
6,843,558 |
| |
Applied Materials, Inc. |
|
1,200 |
|
18,744 |
| |
Arch Coal, Inc.3 |
|
20,300 |
|
731,612 |
| |
Archer-Daniels-Midland Co. NPV |
|
2,000 |
|
72,020 |
| |
Ashland, Inc. |
|
300 |
|
17,328 |
| |
Atlas Air Worldwide Holdings, Inc.* |
|
300 |
|
20,916 |
| |
Autodesk, Inc.*3 |
|
31,500 |
|
1,389,465 |
| |
AutoZone, Inc.* |
|
100 |
|
27,356 |
| |
Avon Products, Inc. |
|
72,500 |
|
1,960,400 |
| |
Baker Hughes, Inc.3 |
|
12,600 |
|
925,218 |
| |
Ball Corp. |
|
400 |
|
14,340 |
| |
Bank of America Corp. |
|
1,300 |
|
17,329 |
| |
Bank of Hawaii Corp. |
|
500 |
|
23,910 |
| |
Bank of New York Mellon Corp.3 |
|
13,600 |
|
406,232 |
| |
Baxter International, Inc.3 |
|
9,100 |
|
489,307 |
| |
Becton Dickinson & Co.3 |
|
5,300 |
|
421,986 |
| |
Biogen Idec, Inc.* |
|
300 |
|
22,017 |
| |
Bio-Rad Laboratories, Inc., Class A*3 |
|
2,500 |
|
300,350 |
| |
Boeing Co.3 |
|
3,800 |
|
280,934 |
| |
Boise, Inc. |
|
4,500 |
|
41,220 |
| |
Boston Scientific Corp.* |
|
33,100 |
|
237,989 |
| |
Brinker International, Inc. |
|
900 |
|
22,770 |
| |
Broadcom Corp., Class A3 |
|
43,500 |
|
1,713,030 |
| |
C.H. Robinson Worldwide, Inc. |
|
18,800 |
|
1,393,644 |
| |
Capital One Financial Corp. |
|
400 |
|
20,784 |
| |
CARBO Ceramics, Inc. |
|
200 |
|
28,224 |
| |
Carnival Corp.3 |
|
17,600 |
|
675,136 |
| |
CB Richard Ellis Group, Inc., Class A* |
|
700 |
|
18,690 |
| |
CBL & Associates Properties, Inc. |
|
2,300 |
|
40,066 |
| |
CBOE Holdings, Inc.1 |
|
1,300 |
|
37,661 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
CBS Corp., Class B |
|
1,600 |
|
$ |
40,064 |
|
Celanese Corp., Series A3 |
|
34,000 |
|
1,508,580 |
| |
CF Industries Holdings, Inc. |
|
100 |
|
13,679 |
| |
Chesapeake Energy Corp. |
|
500 |
|
16,760 |
| |
Chevron Corp. |
|
200 |
|
21,486 |
| |
Chicos FAS, Inc. |
|
1,900 |
|
28,310 |
| |
Choice Hotels International, Inc. |
|
700 |
|
27,195 |
| |
Cimarex Energy Co. |
|
6,600 |
|
760,584 |
| |
Cisco Systems, Inc.3 |
|
46,200 |
|
792,330 |
| |
Citigroup, Inc.*3 |
|
31,200 |
|
137,904 |
| |
Citrix Systems, Inc.* |
|
300 |
|
22,038 |
| |
Cliffs Natural Resources, Inc. |
|
400 |
|
39,312 |
| |
CME Group, Inc. |
|
5,700 |
|
1,718,835 |
| |
Coach, Inc.3 |
|
13,800 |
|
718,152 |
| |
Coinstar, Inc.*3 |
|
16,300 |
|
748,496 |
| |
Colgate-Palmolive Co. |
|
6,200 |
|
500,712 |
| |
Comcast Corp., Class A3 |
|
19,300 |
|
477,096 |
| |
Complete Production Services, Inc.* |
|
700 |
|
22,267 |
| |
Computer Sciences Corp. |
|
400 |
|
19,492 |
| |
Concho Resources, Inc.* |
|
12,800 |
|
1,373,440 |
| |
ConocoPhillips |
|
300 |
|
23,958 |
| |
CONSOL Energy, Inc. |
|
19,900 |
|
1,067,237 |
| |
Cooper Industries PLC |
|
300 |
|
19,470 |
| |
Corning, Inc. |
|
900 |
|
18,567 |
| |
Crane Co. |
|
600 |
|
29,058 |
| |
Crown Castle International Corp.* |
|
50,500 |
|
2,148,775 |
| |
CSX Corp. |
|
300 |
|
23,580 |
| |
Cubist Pharmaceuticals, Inc.* |
|
900 |
|
22,716 |
| |
CVS Caremark Corp. |
|
38,300 |
|
1,314,456 |
| |
Danaher Corp.3 |
|
46,000 |
|
2,387,400 |
| |
Deere & Co. |
|
200 |
|
19,378 |
| |
Delta Air Lines, Inc.* |
|
1,800 |
|
17,640 |
| |
Dicks Sporting Goods, Inc.* |
|
500 |
|
19,990 |
| |
Digital Realty Trust, Inc.1 |
|
400 |
|
23,256 |
| |
Dillards, Inc., Class A1 |
|
300 |
|
12,036 |
| |
Discover Financial Services |
|
800 |
|
19,296 |
| |
Discovery Communications, Inc., Class A* |
|
27,400 |
|
1,093,260 |
| |
Dolby Laboratories, Inc., Class A* |
|
13,500 |
|
664,335 |
| |
Dover Corp.3 |
|
27,800 |
|
1,827,572 |
| |
Dresser-Rand Group, Inc.* |
|
400 |
|
21,448 |
| |
DST Systems, Inc. |
|
400 |
|
21,128 |
| |
DTE Energy Co. |
|
400 |
|
19,584 |
| |
Eastman Chemical Co. |
|
200 |
|
19,864 |
| |
Edison International3 |
|
42,500 |
|
1,555,075 |
| |
Edwards Lifesciences Corp.* |
|
200 |
|
17,400 |
| |
El Paso Corp. |
|
1,100 |
|
19,800 |
| |
EMC Corp.* |
|
100,200 |
|
2,660,310 |
| |
Endo Pharmaceuticals Holdings, Inc.* |
|
500 |
|
19,080 |
| |
Endurance Specialty Holdings Ltd. |
|
400 |
|
19,528 |
| |
Energen Corp. |
|
400 |
|
25,248 |
| |
Entergy Corp. |
|
300 |
|
20,163 |
| |
EOG Resources, Inc.3 |
|
7,800 |
|
924,378 |
| |
Estee Lauder Cos., Inc., Class A |
|
400 |
|
38,544 |
| |
Exelon Corp.3 |
|
16,600 |
|
684,584 |
| |
Express Scripts, Inc.* |
|
19,300 |
|
1,073,273 |
| |
Exxon Mobil Corp. |
|
100 |
|
8,413 |
| |
F5 Networks, Inc.* |
|
175 |
|
17,950 |
| |
FedEx Corp. |
|
28,100 |
|
2,628,755 |
| |
Fidelity National Information Services, Inc.3 |
|
39,400 |
|
1,287,986 |
| |
FirstEnergy Corp.3 |
|
43,766 |
|
1,623,281 |
| |
Flextronics International Ltd.* |
|
2,400 |
|
17,928 |
| |
FMC Technologies, Inc.* |
|
10,300 |
|
973,144 |
| |
Fortinet, Inc.* |
|
500 |
|
22,000 |
| |
Fortune Brands, Inc.3 |
|
25,500 |
|
1,578,195 |
| |
Franklin Resources, Inc. |
|
200 |
|
25,016 |
| |
Freeport-McMoRan Copper & Gold, Inc. |
|
20,700 |
|
1,149,885 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Frontier Oil Corp. |
|
700 |
|
$ |
20,524 |
|
GameStop Corp., Class A*1,3 |
|
59,400 |
|
1,337,688 |
| |
Gannett Co., Inc. |
|
1,100 |
|
16,753 |
| |
Gap, Inc. |
|
900 |
|
20,394 |
| |
General Dynamics Corp.3 |
|
28,100 |
|
2,151,336 |
| |
General Electric Co. |
|
900 |
|
18,045 |
| |
General Motors Co.*3 |
|
20,200 |
|
626,806 |
| |
Genzyme Corp.* |
|
400 |
|
30,460 |
| |
Goldman Sachs Group, Inc. |
|
5,600 |
|
887,432 |
| |
Google, Inc., Class A*3 |
|
5,800 |
|
3,400,018 |
| |
Hartford Financial Services Group, Inc. |
|
900 |
|
24,237 |
| |
Helix Energy Solutions Group, Inc.* |
|
600 |
|
10,320 |
| |
Helmerich & Payne, Inc. |
|
300 |
|
20,607 |
| |
Hertz Global Holdings, Inc.*3 |
|
31,700 |
|
495,471 |
| |
Hess Corp.3 |
|
5,300 |
|
451,613 |
| |
Hewlett-Packard Co.3 |
|
20,100 |
|
823,497 |
| |
Holly Corp. |
|
300 |
|
18,228 |
| |
Hologic, Inc.* |
|
900 |
|
19,980 |
| |
Home Depot, Inc.3 |
|
22,500 |
|
833,850 |
| |
Hormel Foods Corp. |
|
800 |
|
22,272 |
| |
Hubbell, Inc., Class B |
|
300 |
|
21,309 |
| |
Hudson City Bancorp, Inc. |
|
1,900 |
|
18,392 |
| |
Humana, Inc.* |
|
300 |
|
20,982 |
| |
Huntington Bancshares, Inc. |
|
2,700 |
|
17,928 |
| |
Huntsman Corp. |
|
1,000 |
|
17,380 |
| |
Illinois Tool Works, Inc. |
|
51,900 |
|
2,788,068 |
| |
International Business Machines Corp. |
|
430 |
|
70,120 |
| |
International Game Technology |
|
60,600 |
|
983,538 |
| |
Interpublic Group of Cos., Inc.3 |
|
64,500 |
|
810,765 |
| |
Intersil Corp., Class A3 |
|
122,300 |
|
1,522,635 |
| |
Intuitive Surgical, Inc.* |
|
50 |
|
16,673 |
| |
JB Hunt Transport Services, Inc.3 |
|
14,800 |
|
672,216 |
| |
Johnson & Johnson3 |
|
10,100 |
|
598,425 |
| |
Johnson Controls, Inc. |
|
25,200 |
|
1,047,564 |
| |
Joy Global, Inc. |
|
200 |
|
19,762 |
| |
JPMorgan Chase & Co.3 |
|
5,900 |
|
271,990 |
| |
Juniper Networks, Inc.* |
|
20,300 |
|
854,224 |
| |
KBR, Inc. |
|
1,000 |
|
37,770 |
| |
Kellogg Co. |
|
32,400 |
|
1,748,952 |
| |
Kennametal, Inc. |
|
300 |
|
11,700 |
| |
Kinetic Concepts, Inc.* |
|
400 |
|
21,768 |
| |
Kraft Foods, Inc., Class A |
|
23,500 |
|
736,960 |
| |
Kroger Co.3 |
|
64,400 |
|
1,543,668 |
| |
Las Vegas Sands Corp.* |
|
36,700 |
|
1,549,474 |
| |
Legg Mason, Inc. |
|
600 |
|
21,654 |
| |
Liberty Global, Inc., Series C* |
|
500 |
|
19,995 |
| |
Lockheed Martin Corp. |
|
200 |
|
16,080 |
| |
Lowes Cos., Inc.3 |
|
34,800 |
|
919,764 |
| |
Macys, Inc. |
|
1,100 |
|
26,686 |
| |
Manitowoc Co., Inc. |
|
400 |
|
8,752 |
| |
Marathon Oil Corp. |
|
400 |
|
21,324 |
| |
Marvell Technology Group Ltd.*3 |
|
48,900 |
|
760,395 |
| |
MasterCard, Inc., Class A3 |
|
3,200 |
|
805,504 |
| |
McDonalds Corp. |
|
30,700 |
|
2,335,963 |
| |
McKesson Corp.3 |
|
8,900 |
|
703,545 |
| |
MDU Resources Group, Inc.3 |
|
52,400 |
|
1,203,628 |
| |
Mead Johnson Nutrition Co.3 |
|
5,100 |
|
295,443 |
| |
Medtronic, Inc. |
|
11,900 |
|
468,265 |
| |
Merck & Co., Inc.3 |
|
18,600 |
|
613,986 |
| |
Micron Technology, Inc.* |
|
2,100 |
|
24,066 |
| |
Microsoft Corp.3 |
|
43,100 |
|
1,093,016 |
| |
Molson Coors Brewing Co., Class B3 |
|
13,000 |
|
609,570 |
| |
Monsanto Co. |
|
200 |
|
14,452 |
| |
Moodys Corp. |
|
600 |
|
20,346 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Mosaic Co. |
|
300 |
|
$ |
23,625 |
|
Motorola Solutions, Inc.* |
|
400 |
|
17,876 |
| |
Murphy Oil Corp. |
|
300 |
|
22,026 |
| |
National Oilwell Varco, Inc. |
|
400 |
|
31,708 |
| |
National Semiconductor Corp.3 |
|
82,000 |
|
1,175,880 |
| |
Navistar International Corp.* |
|
300 |
|
20,799 |
| |
NetFlix, Inc.*1 |
|
100 |
|
23,733 |
| |
Newmont Mining Corp. |
|
300 |
|
16,374 |
| |
NextEra Energy, Inc.3 |
|
15,800 |
|
870,896 |
| |
NIKE, Inc., Class B |
|
15,800 |
|
1,196,060 |
| |
Noble Corp.3 |
|
17,700 |
|
807,474 |
| |
Norfolk Southern Corp.3 |
|
16,600 |
|
1,149,882 |
| |
NRG Energy, Inc.* |
|
900 |
|
19,386 |
| |
Nvidia Corp.* |
|
2,200 |
|
40,612 |
| |
Oceaneering International, Inc.* |
|
200 |
|
17,890 |
| |
Omnicom Group, Inc.3 |
|
11,100 |
|
544,566 |
| |
Oneok, Inc. |
|
500 |
|
33,440 |
| |
Oracle Corp. |
|
59,500 |
|
1,985,515 |
| |
PACCAR, Inc. |
|
18,700 |
|
978,945 |
| |
Pall Corp.3 |
|
13,000 |
|
748,930 |
| |
Parker Hannifin Corp. |
|
9,800 |
|
927,864 |
| |
Peabody Energy Corp.3 |
|
6,100 |
|
438,956 |
| |
PepsiCo, Inc. |
|
19,900 |
|
1,281,759 |
| |
Pfizer, Inc. |
|
1,100 |
|
22,341 |
| |
Pharmasset, Inc.*3 |
|
12,200 |
|
960,262 |
| |
Philip Morris International, Inc.3 |
|
7,400 |
|
485,662 |
| |
PNC Financial Services Group, Inc. |
|
600 |
|
37,794 |
| |
Polaris Industries, Inc. |
|
200 |
|
17,404 |
| |
Praxair, Inc. |
|
6,800 |
|
690,880 |
| |
Precision Castparts Corp. |
|
9,700 |
|
1,427,646 |
| |
Priceline.com, Inc.*3 |
|
3,950 |
|
2,000,438 |
| |
Procter & Gamble Co. |
|
9,700 |
|
597,520 |
| |
Protective Life Corp. |
|
700 |
|
18,585 |
| |
Prudential Financial, Inc. |
|
300 |
|
18,474 |
| |
Public Storage |
|
200 |
|
22,182 |
| |
QUALCOMM, Inc.3 |
|
54,100 |
|
2,966,303 |
| |
Rayonier, Inc. |
|
500 |
|
31,155 |
| |
Red Hat, Inc.* |
|
15,500 |
|
703,545 |
| |
Reliance Steel & Aluminum Co. |
|
400 |
|
23,112 |
| |
Riverbed Technology, Inc.* |
|
30,800 |
|
1,159,620 |
| |
Robert Half International, Inc. |
|
200 |
|
6,120 |
| |
Rockwell Automation, Inc. |
|
200 |
|
18,930 |
| |
Rockwell Collins, Inc. |
|
300 |
|
19,449 |
| |
Roper Industries, Inc. |
|
10,900 |
|
942,414 |
| |
Ryder System, Inc.3 |
|
26,200 |
|
1,325,720 |
| |
Salesforce.com, Inc.* |
|
4,400 |
|
587,752 |
| |
SanDisk Corp.* |
|
400 |
|
18,436 |
| |
SandRidge Energy, Inc.* |
|
2,800 |
|
35,840 |
| |
Schlumberger Ltd. |
|
7,700 |
|
718,102 |
| |
Sempra Energy3 |
|
13,700 |
|
732,950 |
| |
Sherwin-Williams Co. |
|
15,300 |
|
1,285,047 |
| |
Signature Bank* |
|
400 |
|
22,560 |
| |
Silgan Holdings, Inc. |
|
500 |
|
19,070 |
| |
Sirona Dental Systems, Inc.* |
|
400 |
|
20,064 |
| |
SL Green Realty Corp. |
|
300 |
|
22,560 |
| |
Smithfield Foods, Inc.* |
|
1,000 |
|
24,060 |
| |
Sothebys |
|
400 |
|
21,040 |
| |
Southwest Airlines Co.3 |
|
108,700 |
|
1,372,881 |
| |
Starbucks Corp. |
|
500 |
|
18,475 |
| |
Starwood Hotels & Resorts Worldwide, Inc. |
|
300 |
|
17,436 |
| |
Stone Energy Corp.* |
|
1,300 |
|
43,381 |
| |
Sunoco, Inc.3 |
|
14,400 |
|
656,496 |
| |
SXC Health Solutions Corp.* |
|
500 |
|
27,400 |
| |
Symantec Corp.*3 |
|
29,300 |
|
543,222 |
| |
Target Corp. |
|
100 |
|
5,001 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Tech Data Corp.* |
|
400 |
|
$ |
20,344 |
| |
Teleflex, Inc. |
|
300 |
|
17,394 |
| ||
Tellabs, Inc. |
|
3,300 |
|
17,292 |
| ||
Temple-Inland, Inc. |
|
300 |
|
7,020 |
| ||
Teradata Corp.* |
|
31,200 |
|
1,581,840 |
| ||
Teradyne, Inc.* |
|
1,100 |
|
19,591 |
| ||
Texas Instruments, Inc.3 |
|
22,300 |
|
770,688 |
| ||
TIBCO Software, Inc.* |
|
900 |
|
24,525 |
| ||
Tiffany & Co. |
|
300 |
|
18,432 |
| ||
TJX Cos., Inc. |
|
500 |
|
24,865 |
| ||
Travelers Cos., Inc. |
|
200 |
|
11,896 |
| ||
TRW Automotive Holdings Corp.* |
|
200 |
|
11,016 |
| ||
Tupperware Brands Corp. |
|
300 |
|
17,913 |
| ||
Tyson Foods, Inc., Class A |
|
1,300 |
|
24,947 |
| ||
Ultra Petroleum Corp.* |
|
60,700 |
|
2,989,475 |
| ||
Union Pacific Corp. |
|
8,100 |
|
796,473 |
| ||
United Continental Holdings, Inc.* |
|
600 |
|
13,794 |
| ||
United States Steel Corp.1 |
|
300 |
|
16,182 |
| ||
United Technologies Corp.3 |
|
17,600 |
|
1,489,840 |
| ||
UnitedHealth Group, Inc.3 |
|
19,100 |
|
863,320 |
| ||
US Bancorp3 |
|
8,000 |
|
211,440 |
| ||
Varian Medical Systems, Inc.* |
|
300 |
|
20,292 |
| ||
VCA Antech, Inc.* |
|
500 |
|
12,590 |
| ||
Veeco Instruments, Inc.*1 |
|
400 |
|
20,336 |
| ||
Verizon Communications, Inc. |
|
500 |
|
19,270 |
| ||
VF Corp. |
|
200 |
|
19,706 |
| ||
Viacom, Inc., Class B3 |
|
21,400 |
|
995,528 |
| ||
Walgreen Co. |
|
500 |
|
20,070 |
| ||
Watson Pharmaceuticals, Inc.* |
|
21,100 |
|
1,181,811 |
| ||
Wells Fargo & Co.3 |
|
27,700 |
|
878,090 |
| ||
Western Refining, Inc.* |
|
1,200 |
|
20,340 |
| ||
Whirlpool Corp. |
|
200 |
|
17,072 |
| ||
Whiting Petroleum Corp.* |
|
400 |
|
29,380 |
| ||
Williams-Sonoma, Inc. |
|
800 |
|
32,400 |
| ||
Wynn Resorts Ltd. |
|
300 |
|
38,175 |
| ||
Zimmer Holdings, Inc.* |
|
300 |
|
18,159 |
| ||
Zions Bancorporation |
|
900 |
|
20,754 |
| ||
Total United States common stocks |
|
|
|
152,331,850 |
| ||
Total common stocks (cost $249,627,035) |
|
|
|
301,299,832 |
| ||
|
|
|
|
|
| ||
Preferred stocks0.89% |
|
|
|
|
| ||
Germany0.85% |
|
|
|
|
| ||
Henkel AG & Co KGaA, Preference shares1 |
|
40,817 |
|
2,528,442 |
| ||
Volkswagen AG, Preference shares |
|
7,145 |
|
1,158,909 |
| ||
Total Germany preferred stocks |
|
|
|
3,687,351 |
| ||
|
|
|
|
|
| ||
Italy0.00%2 |
|
|
|
|
| ||
Telecom Italia SpA, Preference shares |
|
18,407 |
|
24,756 |
| ||
|
|
|
|
|
| ||
United States0.04% |
|
|
|
|
| ||
GMAC Capital Trust I*4 |
|
6,000 |
|
153,000 |
| ||
Total preferred stocks (cost $2,740,272) |
|
|
|
3,865,107 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
Bonds10.88% |
|
|
|
|
| ||
Corporate bonds5.52% |
|
|
|
|
| ||
Australia0.12% |
|
|
|
|
| ||
Leighton Finance Ltd., |
|
|
|
|
| ||
9.500%, due 07/28/14 |
|
AUD |
250,000 |
|
267,602 |
| |
Wesfarmers Ltd., |
|
|
|
|
| ||
8.250%, due 09/11/14 |
|
250,000 |
|
272,069 |
| ||
Total Australia corporate bonds |
|
|
|
539,671 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
Bermuda0.04% |
|
|
|
|
| |||
Validus Holdings Ltd., |
|
|
|
|
| |||
8.875%, due 01/26/40 |
|
$ |
150,000 |
|
$ |
157,522 |
| |
|
|
|
|
|
| |||
Brazil0.05% |
|
|
|
|
| |||
Petrobras International Finance Co., |
|
|
|
|
| |||
5.375%, due 01/27/21 |
|
200,000 |
|
200,604 |
| |||
|
|
|
|
|
| |||
Canada0.23% |
|
|
|
|
| |||
ING Bank of Canada, |
|
|
|
|
| |||
4.300%, due 12/05/16 |
|
CAD |
200,000 |
|
194,946 |
| ||
Kinder Morgan Finance Co. ULC, |
|
|
|
|
| |||
5.700%, due 01/05/16 |
|
$ |
587,500 |
|
616,141 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| |||
5.340%, due 03/22/21 |
|
CAD |
200,000 |
|
205,578 |
| ||
Total Canada corporate bonds |
|
|
|
1,016,665 |
| |||
|
|
|
|
|
| |||
France0.06% |
|
|
|
|
| |||
Credit Agricole SA, |
|
|
|
|
| |||
6.637%, due 05/31/174,5,6 |
|
$ |
300,000 |
|
268,500 |
| ||
|
|
|
|
|
| |||
Germany0.13% |
|
|
|
|
| |||
HeidelbergCement AG, |
|
|
|
|
| |||
8.000%, due 01/31/17 |
|
EUR |
350,000 |
|
550,582 |
| ||
|
|
|
|
|
| |||
Greece0.06% |
|
|
|
|
| |||
OTE PLC, |
|
|
|
|
| |||
3.750%, due 11/11/11 |
|
EUR |
200,000 |
|
280,275 |
| ||
|
|
|
|
|
| |||
Ireland0.26% |
|
|
|
|
| |||
Allied Irish Banks PLC, |
|
|
|
|
| |||
1.072%, due 04/11/124 |
|
500,000 |
|
566,880 |
| |||
Ardagh Packaging Finance PLC, |
|
|
|
|
| |||
7.375%, due 10/15/17 |
|
150,000 |
|
217,363 |
| |||
Governor & Co. of the Bank of Ireland, |
|
|
|
|
| |||
2.750%, due 03/02/125 |
|
$ |
200,000 |
|
190,005 |
| ||
4.000%, due 01/28/15 |
|
EUR |
150,000 |
|
161,348 |
| ||
Total Ireland corporate bonds |
|
|
|
1,135,596 |
| |||
|
|
|
|
|
| |||
Luxembourg0.19% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
5.500%, due 03/01/21 |
|
$ |
300,000 |
|
295,622 |
| ||
GAZ Capital SA for Gazprom, |
|
|
|
|
| |||
6.580%, due 10/31/13 |
|
GBP |
300,000 |
|
511,339 |
| ||
Total Luxembourg corporate bonds |
|
|
|
806,961 |
| |||
|
|
|
|
|
| |||
Portugal0.12% |
|
|
|
|
| |||
EDP Finance BV, |
|
|
|
|
| |||
4.900%, due 10/01/195 |
|
$ |
600,000 |
|
523,720 |
| ||
|
|
|
|
|
| |||
Spain0.11% |
|
|
|
|
| |||
Santander US Debt SA Unipersonal, |
|
|
|
|
| |||
3.724%, due 01/20/155 |
|
500,000 |
|
483,525 |
| |||
|
|
|
|
|
| |||
United Kingdom0.35% |
|
|
|
|
| |||
Barclays Bank PLC, |
|
|
|
|
| |||
5.140%, due 10/14/20 |
|
275,000 |
|
260,237 |
| |||
FCE Bank PLC, |
|
|
|
|
| |||
7.125%, due 01/15/13 |
|
EUR |
250,000 |
|
372,015 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| |||
5.800%, due 01/13/205 |
|
$ |
600,000 |
|
600,592 |
| ||
Virgin Media Finance PLC, |
|
|
|
|
| |||
9.125%, due 08/15/16 |
|
275,000 |
|
291,500 |
| |||
Total United Kingdom corporate bonds |
|
|
|
1,524,344 |
| |||
|
|
|
|
|
| |||
United States3.80% |
|
|
|
|
| |||
Ally Financial, Inc., |
|
|
|
|
| |||
3.441%, due 12/01/127 |
|
200,000 |
|
187,250 |
| |||
6.625%, due 05/15/12 |
|
150,000 |
|
154,585 |
| |||
American General Finance Corp., |
|
|
|
|
| |||
5.625%, due 08/17/11 |
|
300,000 |
|
300,375 |
| |||
Anadarko Petroleum Corp., |
|
|
|
|
| |||
8.700%, due 03/15/19 |
|
300,000 |
|
367,461 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United States(continued) |
|
|
|
|
| |||
Apria Healthcare Group, Inc., |
|
|
|
|
| |||
11.250%, due 11/01/14 |
|
$ |
650,000 |
|
$ |
700,375 |
| |
Axcan Intermediate Holdings, Inc., |
|
|
|
|
| |||
12.750%, due 03/01/16 |
|
600,000 |
|
667,500 |
| |||
Bunge Ltd. Finance Corp., |
|
|
|
|
| |||
4.100%, due 03/15/16 |
|
75,000 |
|
75,187 |
| |||
Cemex Finance LLC, |
|
|
|
|
| |||
9.500%, due 12/14/161,5 |
|
150,000 |
|
161,625 |
| |||
Chesapeake Energy Corp., |
|
|
|
|
| |||
6.500%, due 08/15/17 |
|
250,000 |
|
270,313 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
4.750%, due 05/31/174 |
|
EUR |
900,000 |
|
1,214,915 |
| ||
Discover Financial Services, |
|
|
|
|
| |||
10.250%, due 07/15/19 |
|
$ |
300,000 |
|
385,940 |
| ||
DISH DBS Corp., |
|
|
|
|
| |||
6.625%, due 10/01/14 |
|
250,000 |
|
264,687 |
| |||
El Paso Corp., |
|
|
|
|
| |||
7.800%, due 08/01/31 |
|
500,000 |
|
554,680 |
| |||
FireKeepers Development Authority, |
|
|
|
|
| |||
13.875%, due 05/01/155 |
|
300,000 |
|
355,500 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
12.000%, due 05/15/15 |
|
650,000 |
|
818,123 |
| |||
Frontier Communications Corp., |
|
|
|
|
| |||
8.250%, due 05/01/14 |
|
250,000 |
|
277,500 |
| |||
GenOn Americas Generation LLC, |
|
|
|
|
| |||
8.500%, due 10/01/21 |
|
300,000 |
|
312,000 |
| |||
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
4.100%, due 11/03/15 |
|
CAD |
200,000 |
|
204,097 |
| ||
Hertz Corp., |
|
|
|
|
| |||
8.875%, due 01/01/14 |
|
$ |
183,000 |
|
187,575 |
| ||
International Lease Finance Corp., |
|
|
|
|
| |||
5.000%, due 09/15/121 |
|
500,000 |
|
507,750 |
| |||
8.875%, due 09/15/155 |
|
675,000 |
|
742,500 |
| |||
JP Morgan Chase Capital XXVII, |
|
|
|
|
| |||
7.000%, due 11/01/39 |
|
400,000 |
|
412,150 |
| |||
Merrill Lynch & Co., Inc., |
|
|
|
|
| |||
6.400%, due 08/28/17 |
|
700,000 |
|
763,055 |
| |||
Momentive Performance Materials, Inc., |
|
|
|
|
| |||
11.500%, due 12/01/161 |
|
250,000 |
|
268,125 |
| |||
Morgan Stanley, |
|
|
|
|
| |||
7.300%, due 05/13/19 |
|
600,000 |
|
674,855 |
| |||
Pacific Life Insurance Co., |
|
|
|
|
| |||
9.250%, due 06/15/395 |
|
500,000 |
|
657,221 |
| |||
Petrohawk Energy Corp., |
|
|
|
|
| |||
10.500%, due 08/01/14 |
|
550,000 |
|
631,813 |
| |||
Plains Exploration & Production Co., |
|
|
|
|
| |||
7.750%, due 06/15/15 |
|
450,000 |
|
469,687 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
6.750%, due 06/15/17 |
|
300,000 |
|
343,066 |
| |||
Ryerson, Inc., |
|
|
|
|
| |||
12.000%, due 11/01/15 |
|
500,000 |
|
542,500 |
| |||
SLM Corp., |
|
|
|
|
| |||
1.343%, due 11/15/114 |
|
EUR |
250,000 |
|
346,055 |
| ||
SunTrust Bank, |
|
|
|
|
| |||
7.250%, due 03/15/18 |
|
$ |
300,000 |
|
340,989 |
| ||
Univision Communications, Inc., |
|
|
|
|
| |||
12.000%, due 07/01/145 |
|
600,000 |
|
648,000 |
| |||
Wachovia Capital Trust III, |
|
|
|
|
| |||
5.570%, due 03/15/114,6 |
|
600,000 |
|
550,500 |
| |||
Williams Cos., Inc., |
|
|
|
|
| |||
8.750%, due 03/15/32 |
|
241,000 |
|
311,903 |
| |||
Xerox Corp., |
|
|
|
|
| |||
6.750%, due 02/01/17 |
|
250,000 |
|
287,040 |
| |||
Yankee Acquisition Corp., |
|
|
|
|
| |||
8.500%, due 02/15/15 |
|
300,000 |
|
311,250 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| |||
United States(concluded) |
|
|
|
|
| |||
Yonkers Racing Corp., |
|
|
|
|
| |||
11.375%, due 07/15/165 |
|
$ |
270,000 |
|
$ |
300,375 |
| |
Total United States corporate bonds |
|
|
|
16,568,522 |
| |||
Total corporate bonds (cost $22,939,024) |
|
|
|
24,056,487 |
| |||
|
|
|
|
|
| |||
Asset-backed securities0.70% |
|
|
|
|
| |||
Cayman Islands0.19% |
|
|
|
|
| |||
Commercial Industrial Finance Corp., |
|
|
|
|
| |||
Series 2007-1A, Class A1LB, |
|
|
|
|
| |||
0.652%, due 05/10/214,5,8,9 |
|
1,000,000 |
|
824,300 |
| |||
|
|
|
|
|
| |||
United Kingdom0.06% |
|
|
|
|
| |||
Chester Asset Receivables Dealings, |
|
|
|
|
| |||
Series 2004-1, Class C, |
|
|
|
|
| |||
1.703%, due 04/15/164 |
|
GBP |
170,000 |
|
258,364 |
| ||
|
|
|
|
|
| |||
United States0.45% |
|
|
|
|
| |||
Ameriquest Mortgage Securities, Inc., |
|
|
|
|
| |||
Series 2005-R6, Class A2, |
|
|
|
|
| |||
0.450%, due 08/25/354 |
|
$ |
78,101 |
|
75,312 |
| ||
First Franklin Mortgage Loan Asset Backed Certificates, |
|
|
|
|
| |||
Series 2006-FF15, Class A3, |
|
|
|
|
| |||
0.300%, due 11/25/364 |
|
30,265 |
|
30,033 |
| |||
Series 2005-FF10, Class A4, |
|
|
|
|
| |||
0.570%, due 11/25/354 |
|
222,570 |
|
190,697 |
| |||
Home Equity Asset Trust, |
|
|
|
|
| |||
Series 2006-3, Class 2A3, |
|
|
|
|
| |||
0.430%, due 07/25/364 |
|
290,559 |
|
280,451 |
| |||
Home Equity Mortgage Trust, |
|
|
|
|
| |||
Series 2006-6, Class 2A1, |
|
|
|
|
| |||
0.350%, due 03/25/374 |
|
2,516,375 |
|
216,041 |
| |||
Nomura Asset Acceptance Corp., |
|
|
|
|
| |||
Series 2006-S4, Class A1, |
|
|
|
|
| |||
0.420%, due 08/25/364,8 |
|
947,646 |
|
307,296 |
| |||
Popular ABS Mortgage Pass-Through Trust, |
|
|
|
|
| |||
Series 2006-E, Class A1, |
|
|
|
|
| |||
0.340%, due 01/25/374 |
|
10,248 |
|
10,214 |
| |||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| |||
Series 2005-3, Class AF3, |
|
|
|
|
| |||
4.814%, due 11/25/3510 |
|
47,976 |
|
46,403 |
| |||
Residential Asset Securities Corp., |
|
|
|
|
| |||
Series 2006-KS2, Class A3, |
|
|
|
|
| |||
0.440%, due 03/25/364 |
|
301,386 |
|
290,882 |
| |||
Series 2005-KS11, Class AI3, |
|
|
|
|
| |||
0.450%, due 12/25/354 |
|
28,666 |
|
28,183 |
| |||
SACO I Trust, |
|
|
|
|
| |||
Series 2006-3, Class A1, |
|
|
|
|
| |||
0.610%, due 04/25/364 |
|
1,404,627 |
|
509,658 |
| |||
Soundview Home Equity Loan Trust, |
|
|
|
|
| |||
Series 2006-OPT3, Class 2A2, |
|
|
|
|
| |||
0.360%, due 06/25/364 |
|
1,308 |
|
1,307 |
| |||
Total United States asset-backed securities |
|
|
|
1,986,477 |
| |||
Total asset-backed securities (cost $5,645,466) |
|
|
|
3,069,141 |
| |||
|
|
|
|
|
| |||
Collateralized debt obligations1.56% |
|
|
|
|
| |||
Cayman Islands0.28% |
|
|
|
|
| |||
FM Leveraged Capital Fund II, |
|
|
|
|
| |||
due 11/20/204,5,8,9,11 |
|
5,300,000 |
|
378,950 |
| |||
Harbourview CLO VI Ltd., |
|
|
|
|
| |||
Series 6A, Class SUB, |
|
|
|
|
| |||
due 12/27/195,8,9,11 |
|
1,200,000 |
|
828,000 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||||
Cayman Islands(concluded) |
|
|
|
|
| ||||
LNR CDO Ltd., |
|
|
|
|
| ||||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||||
7.592%, due 05/28/435,8,9 |
|
$ |
8,000,000 |
|
$ |
0 |
| ||
Total Cayman Islands collateralized debt obligations |
|
|
|
1,206,950 |
| ||||
|
|
|
|
|
| ||||
Ireland0.15% |
|
|
|
|
| ||||
Eurocredit CDO BV, |
|
|
|
|
| ||||
Series VI-X, Class SUB, |
|
|
|
|
| ||||
due 01/16/224,8,11 |
|
1,000,000 |
|
637,740 |
| ||||
|
|
|
|
|
| ||||
Luxembourg0.08% |
|
|
|
|
| ||||
Ashwell Rated SA, |
|
|
|
|
| ||||
6.625%, due 12/22/774,5,8,9,12 |
|
GBP |
1,950,000 |
|
31 |
| |||
GSC European CDO SA, |
|
|
|
|
| ||||
Series I-RA, Class SUB, |
|
|
|
|
| ||||
due 12/15/224,5,8,9,11 |
|
EUR |
2,400,000 |
|
340,128 |
| |||
Total Luxembourg collateralized debt obligations |
|
|
|
340,159 |
| ||||
|
|
|
|
|
| ||||
Netherlands0.79% |
|
|
|
|
| ||||
Ares Euro CLO BV, |
|
|
|
|
| ||||
Series 2007-1A, Class G1, |
|
|
|
|
| ||||
13.138%, due 05/15/244,5,8,9 |
|
1,400,000 |
|
753,951 |
| ||||
Prospero CLO I BV, |
|
|
|
|
| ||||
Series I-A, Class A2, |
|
|
|
|
| ||||
0.834%, due 03/20/174,5,8,9 |
|
$ |
1,000,000 |
|
890,000 |
| |||
Regents Park CDO BV, |
|
|
|
|
| ||||
Series 1A, Class F, |
|
|
|
|
| ||||
6.465%, due 01/26/234,5,8,9 |
|
EUR |
2,000,000 |
|
1,814,016 |
| |||
Total Netherlands collateralized debt obligations |
|
|
|
3,457,967 |
| ||||
|
|
|
|
|
| ||||
United States0.26% |
|
|
|
|
| ||||
Cent CDO Ltd., |
|
|
|
|
| ||||
Series 2006-12A, Class INC, |
|
|
|
|
| ||||
due 11/18/208,11 |
|
$ |
2,000,000 |
|
1,160,000 |
| |||
Total collateralized debt obligations (cost $29,852,963) |
|
|
|
6,802,816 |
| ||||
|
|
|
|
|
| ||||
Commercial mortgage-backed securities1.40% |
|
|
|
|
| ||||
United States1.40% |
|
|
|
|
| ||||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||||
Series 2007-2, Class AM, |
|
|
|
|
| ||||
5.699%, due 04/10/494 |
|
450,000 |
|
441,933 |
| ||||
Citigroup Commercial Mortgage Trust, |
|
|
|
|
| ||||
Series 2007-C6, Class AM, |
|
|
|
|
| ||||
5.698%, due 12/10/494 |
|
650,000 |
|
656,729 |
| ||||
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| ||||
Series 2006-C8, Class AM, |
|
|
|
|
| ||||
5.347%, due 12/10/46 |
|
300,000 |
|
294,508 |
| ||||
GE Capital Commercial Mortgage Corp., |
|
|
|
|
| ||||
Series 2007-C1, Class A4, |
|
|
|
|
| ||||
5.543%, due 12/10/49 |
|
400,000 |
|
416,736 |
| ||||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||||
Series 2007-GG9, Class AM, |
|
|
|
|
| ||||
5.475%, due 03/10/39 |
|
1,200,000 |
|
1,193,579 |
| ||||
Series 2006-GG7, Class A4, |
|
|
|
|
| ||||
5.890%, due 07/10/384 |
|
900,000 |
|
984,596 |
| ||||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||||
Series 2007-GG10, Class A4, |
|
|
|
|
| ||||
5.808%, due 08/10/454 |
|
375,000 |
|
398,151 |
| ||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2006-CB17, Class AM, |
|
|
|
|
| ||
5.464%, due 12/12/43 |
|
$ |
300,000 |
|
$ |
302,180 |
|
Series 2007-LD12, Class A4, |
|
|
|
|
| ||
5.882%, due 02/15/514 |
|
825,000 |
|
883,255 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.808%, due 08/12/454,5 |
|
500,000 |
|
512,117 |
| ||
Total commercial mortgage-backed securities (cost $4,880,573) |
|
|
|
6,083,784 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities0.79% |
|
|
|
|
| ||
United States0.79% |
|
|
|
|
| ||
American Home Mortgage Investment Trust, |
|
|
|
|
| ||
Series 2006-3, Class 4A, |
|
|
|
|
| ||
0.440%, due 11/25/354 |
|
2,548,059 |
|
559,503 |
| ||
Credit Suisse Mortgage Capital Certificates, |
|
|
|
|
| ||
Series 2006-4, Class CB1, |
|
|
|
|
| ||
5.571%, due 05/25/364 |
|
566,579 |
|
52,659 |
| ||
Series 2006-7, Class B1, |
|
|
|
|
| ||
5.848%, due 08/25/364 |
|
18,456 |
|
797 |
| ||
Federal Home Loan Bank of Chicago, |
|
|
|
|
| ||
5.625%, due 06/13/16 |
|
1,300,000 |
|
1,425,320 |
| ||
Federal National Mortgage Association, |
|
|
|
|
| ||
due 10/09/197,13 |
|
1,700,000 |
|
1,154,937 |
| ||
GSR Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2006-5F, Class B1, |
|
|
|
|
| ||
6.035%, due 06/25/364 |
|
954,956 |
|
15,334 |
| ||
Harborview Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2005-3, Class 2A1A, |
|
|
|
|
| ||
0.494%, due 06/19/354 |
|
248,883 |
|
168,348 |
| ||
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-7, Class B11, |
|
|
|
|
| ||
3.106%, due 04/25/354 |
|
1,677,040 |
|
52,743 |
| ||
WaMu Mortgage Pass-Through Certificates, |
|
|
|
|
| ||
Series 2006-AR16, Class 3B1, |
|
|
|
|
| ||
3.462%, due 12/25/364 |
|
1,048,714 |
|
11,892 |
| ||
Wells Fargo Mortgage Backed Securities Trust, |
|
|
|
|
| ||
Series 2006-AR12, Class 2B1, |
|
|
|
|
| ||
5.892%, due 09/25/364 |
|
160,704 |
|
1,607 |
| ||
Series 2006-18, Class B1, |
|
|
|
|
| ||
6.000%, due 12/26/36 |
|
937,470 |
|
9 |
| ||
Total mortgage & agency debt securities (cost $5,458,192) |
|
|
|
3,443,149 |
| ||
|
|
|
|
|
| ||
Municipal bonds0.52% |
|
|
|
|
| ||
State of California, GO, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
1,425,000 |
|
1,512,324 |
| ||
State of Illinois, GO, |
|
|
|
|
| ||
Series 2010, |
|
|
|
|
| ||
4.421%, due 01/01/15 |
|
165,000 |
|
164,713 |
| ||
5.365%, due 03/01/17 |
|
600,000 |
|
597,030 |
| ||
Total municipal bonds (cost $2,202,649) |
|
|
|
2,274,067 |
| ||
|
|
|
|
|
| ||
US government obligation0.34% |
|
|
|
|
| ||
US Treasury Bonds, PO, |
|
|
|
|
| ||
3.963%, due 08/15/296 (cost $1,708,809) |
|
3,500,000 |
|
1,484,045 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Non-US government obligation0.05% |
|
|
|
|
| ||
Greece0.05% |
|
|
|
|
| ||
Hellenic Republic Government Bond, |
|
|
|
|
| ||
4.300%, due 03/20/12 (cost $210,288) |
|
EUR |
160,000 |
|
$ |
206,798 |
|
Total bonds (cost $72,897,964) |
|
|
|
47,420,287 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment companies15.86% |
|
|
|
|
| ||
UBS Opportunistic Emerging Markets Debt Relationship Fund*14 |
|
619,434 |
|
10,488,505 |
| ||
UBS U.S. Equity Alpha Relationship Fund*14 |
|
4,951,857 |
|
58,603,245 |
| ||
Total investment companies (cost $48,539,165) |
|
|
|
69,091,750 |
| ||
|
|
|
|
|
| ||
Short-term investment13.19% |
|
|
|
|
| ||
Investment company13.19% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund14 (cost $57,478,962) |
|
57,478,962 |
|
57,478,962 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased0.46% |
|
|
|
|
| ||
Call options0.02% |
|
|
|
|
| ||
10 Year US Treasury Notes, strike @ USD 121.00, expires April 2011* |
|
60 |
|
10,312 |
| ||
2 Year US Treasury Notes, strike @ USD 108.75, expires May 2011* |
|
31 |
|
28,094 |
| ||
5 Year US Treasury Notes, strike @ USD 118.00, expires May 2011* |
|
86 |
|
29,562 |
| ||
90 Day Euro-Dollar Future mid-curve, strike @ USD 99.00, expires April 2011* |
|
238 |
|
10,413 |
| ||
Put options0.31% |
|
|
|
|
| ||
2 Year US Treasury Notes, strike @ USD 108.75, expires April 2011* |
|
230 |
|
28,750 |
| ||
2 Year US Treasury Notes, strike @ USD 108.75, expires May 2011* |
|
31 |
|
8,719 |
| ||
90 Day Euro-Dollar Futures, strike @ USD 95.00, expires June 2011* |
|
144 |
|
900 |
| ||
90 Day Euro-Dollar Futures, strike @ USD 96.00, expires September 2011* |
|
528 |
|
3,300 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.50, expires September 2011* |
|
254 |
|
7,937 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.25, expires December 2011* |
|
127 |
|
7,144 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 98.00, expires December 2012* |
|
100 |
|
141,875 |
| ||
90 Day Euro-Dollar Future mid-curve, strike @ USD 98.25, expires April 2011* |
|
200 |
|
1,250 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Number of |
|
Value |
| |||||
Options purchased0.46% |
|
|
|
|
| |||||
90 Day Euro-Dollar Future mid-curve, strike @ USD 98.75, expires April 2011* |
|
200 |
|
$ |
37,500 |
| ||||
90 Day Euro-Dollar Future mid-curve, strike @ USD 98.50, expires September 2011* |
|
254 |
|
225,425 |
| |||||
90 Day Euro-Dollar Future mid-curve, strike @ USD 98.25, expires December 2011* |
|
127 |
|
162,719 |
| |||||
S&P 500 Index, strike @ USD 1,250.00, expires May 2011* |
|
544 |
|
652,800 |
| |||||
|
|
|
|
|
| |||||
|
|
Face amount |
|
|
| |||||
Foreign Exchange Option, Buy AUD/USD, strike @ AUD 0.93, expires April 2011* |
|
$ |
9,950,000 |
|
0 |
| ||||
Foreign Exchange Option, Buy AUD/USD, strike @ AUD 0.93, expires May 2011* |
|
9,665,000 |
|
1,288 |
| |||||
Foreign Exchange Option, Buy AUD/USD, strike @ AUD 0.96, expires June 2011* |
|
8,994,000 |
|
44,431 |
| |||||
|
|
|
|
|
| |||||
|
|
Notional |
|
|
| |||||
Options purchased on interest rate swaps0.13% |
|
|
|
|
| |||||
Expiring 04/15/11. If option exercised the Fund pays monthly floating 28day MEXIBOR and receives monthly 4.860% terminating 04/15/13. European style. Counterparty: Deutsche Bank AG* |
|
MXN |
1,472,000,000 |
|
0 |
| ||||
Expiring 04/18/11. If option exercised the Fund pays monthly floating 28day MEXIBOR and receives monthly 4.870% terminating 04/16/13. European style. Counterparty: Deutsche Bank AG* |
|
1,472,000,000 |
|
0 |
| |||||
Expiring 04/27/11. If option exercised the Fund pays semi-annually 4.035% and receives semi-annually floating 6 month LIBOR terminating 04/27/18. European style. Counterparty: Deutsche Bank AG* |
|
GBP |
6,500,000 |
|
546 |
| ||||
Expiring 04/29/11. If option exercised the Fund pays monthly floating 28day MEXIBOR and receives monthly 4.920% terminating 04/29/13. European style. Counterparty: Citi Bank NA* |
|
MXN |
1,570,400,000 |
|
1 |
| ||||
Expiring 05/05/11. If option exercised the Fund pays monthly floating 28day MEXIBOR and receives monthly 5.160% terminating 05/03/13. European style. Counterparty: Deutsche Bank AG* |
|
1,470,500,000 |
|
0 |
| |||||
Expiring 06/08/11. If option exercised the Fund pays semi-annually 1.990% and receives quarterly floating 3 month LIBOR terminating 06/10/13. European style. Counterparty: Deutsche Bank AG* |
|
$ |
32,500,000 |
|
6,935 |
| ||||
Expiring 09/23/11. If option exercised the Fund pays semi-annually 3.716% and receives Quarterly floating 3 months LIBOR terminating 09/27/21. European style. Counterparty: Merrill Lynch International* |
|
10,625,000 |
|
291,965 |
| |||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Notional |
|
Value |
| ||
Options purchased(concluded) |
|
|
|
|
| ||
Expiring 11/02/15. If option exercised the Fund pays semi-annually 6.000% and receives Quarterly floating 3 months LIBOR terminating 11/04/25. European style. Counterparty: Deutsche Bank AG |
|
$ |
7,050,000 |
|
$ |
282,076 |
|
Total options purchased (cost $5,767,122) |
|
|
|
1,983,942 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment of cash collateral from securities loaned2.26% |
|
|
|
|
| ||
UBS Private Money Market Fund LLC, 14 (cost $9,846,812) |
|
9,846,812 |
|
9,846,812 |
| ||
Total investments before investments sold short 112.68% (cost $446,897,332) |
|
|
|
490,986,692 |
| ||
|
|
|
|
|
| ||
Investments sold short(22.62)% |
|
|
|
|
| ||
Common stocks(22.62)% |
|
|
|
|
| ||
Australia(0.05)% |
|
|
|
|
| ||
AMP Ltd. |
|
(3,468 |
) |
(19,478 |
) | ||
Asciano Ltd. |
|
(11,332 |
) |
(20,395 |
) | ||
Commonwealth Bank of Australia |
|
(364 |
) |
(19,729 |
) | ||
Crown Ltd. |
|
(2,293 |
) |
(19,330 |
) | ||
Insurance Australia Group Ltd. |
|
(5,400 |
) |
(20,052 |
) | ||
InterOil Corp. |
|
(300 |
) |
(22,392 |
) | ||
Nufarm Ltd. |
|
(3,583 |
) |
(19,160 |
) | ||
Orica Ltd. |
|
(735 |
) |
(20,048 |
) | ||
Origin Energy Ltd. |
|
(1,185 |
) |
(19,881 |
) | ||
Paladin Energy Ltd. |
|
(4,990 |
) |
(18,633 |
) | ||
Woolworths Ltd. |
|
(710 |
) |
(19,740 |
) | ||
Total Australia common stocks |
|
|
|
(218,838 |
) | ||
|
|
|
|
|
| ||
Belgium(0.01)% |
|
|
|
|
| ||
Colruyt SA |
|
(764 |
) |
(40,235 |
) | ||
|
|
|
|
|
| ||
Bermuda(0.03)% |
|
|
|
|
| ||
Central European Media Enterprises Ltd., Class A |
|
(1,800 |
) |
(37,980 |
) | ||
Everest Re Group Ltd. |
|
(200 |
) |
(17,636 |
) | ||
Frontline Ltd. |
|
(746 |
) |
(18,562 |
) | ||
Genpact Ltd. |
|
(2,500 |
) |
(36,200 |
) | ||
Li & Fung Ltd. |
|
(4,000 |
) |
(20,492 |
) | ||
Total Bermuda common stocks |
|
|
|
(130,870 |
) | ||
|
|
|
|
|
| ||
Brazil(0.01)% |
|
|
|
|
| ||
Cia Siderurgica Nacional SA ADR |
|
(1,200 |
) |
(19,992 |
) | ||
Petroleo Brasileiro SA ADR |
|
(900 |
) |
(36,387 |
) | ||
Total Brazil common stocks |
|
|
|
(56,379 |
) | ||
|
|
|
|
|
| ||
Canada(0.16)% |
|
|
|
|
| ||
Agnico-Eagle Mines Ltd. |
|
(300 |
) |
(19,943 |
) | ||
Bombardier, Inc., Class B |
|
(5,200 |
) |
(38,242 |
) | ||
Brookfield Asset Management, Inc., Class A |
|
(600 |
) |
(19,501 |
) | ||
Canadian Imperial Bank of Commerce |
|
(200 |
) |
(17,246 |
) | ||
Cenovus Energy, Inc. |
|
(500 |
) |
(19,753 |
) | ||
Crescent Point Energy Corp. |
|
(500 |
) |
(24,265 |
) | ||
Enbridge, Inc. |
|
(400 |
) |
(24,516 |
) | ||
Fairfax Financial Holdings Ltd. |
|
(100 |
) |
(37,803 |
) | ||
Fortis, Inc. |
|
(600 |
) |
(20,497 |
) | ||
George Weston Ltd. |
|
(500 |
) |
(34,069 |
) | ||
Gildan Activewear, Inc. |
|
(600 |
) |
(19,693 |
) | ||
Husky Energy, Inc. |
|
(600 |
) |
(18,232 |
) | ||
IAMGOLD Corp. |
|
(900 |
) |
(19,838 |
) | ||
Imperial Oil Ltd. |
|
(400 |
) |
(20,439 |
) | ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Canada(concluded) |
|
|
|
|
| |
Inmet Mining Corp. |
|
(300 |
) |
$ |
(21,088 |
) |
Intact Financial Corp. |
|
(400 |
) |
(20,732 |
) | |
Methanex Corp. |
|
(700 |
) |
(21,762 |
) | |
National Bank of Canada NPV |
|
(300 |
) |
(24,381 |
) | |
Niko Resources Ltd. |
|
(200 |
) |
(19,185 |
) | |
Onex Corp. |
|
(500 |
) |
(17,530 |
) | |
Osisko Mining Corp. |
|
(1,400 |
) |
(20,159 |
) | |
Power Financial Corp. |
|
(600 |
) |
(19,427 |
) | |
Progress Energy Resources Corp. |
|
(1,900 |
) |
(27,358 |
) | |
Ritchie Bros Auctioneers, Inc. |
|
(700 |
) |
(19,747 |
) | |
Shaw Communications, Inc., Class B |
|
(900 |
) |
(18,975 |
) | |
Sherritt International Corp. |
|
(1,300 |
) |
(10,674 |
) | |
Silver Wheaton Corp. |
|
(500 |
) |
(21,723 |
) | |
SNC-Lavalin Group, Inc. |
|
(400 |
) |
(22,791 |
) | |
Thompson Creek Metals Co., Inc. |
|
(2,300 |
) |
(28,842 |
) | |
TransAlta Corp. |
|
(800 |
) |
(16,866 |
) | |
TransCanada Corp. |
|
(500 |
) |
(20,273 |
) | |
Total Canada common stocks |
|
|
|
(685,550 |
) | |
|
|
|
|
|
| |
Chile(0.00)%2 |
|
|
|
|
| |
Banco Santander Chile ADR |
|
(200 |
) |
(17,350 |
) | |
|
|
|
|
|
| |
China(0.19)% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
(16,000 |
) |
(25,218 |
) | |
AIA Group Ltd. |
|
(13,800 |
) |
(42,490 |
) | |
Alibaba.com Ltd. |
|
(10,500 |
) |
(18,007 |
) | |
Angang Steel Co., Ltd., H Shares |
|
(14,000 |
) |
(19,222 |
) | |
Beijing Capital International Airport Co., Ltd., H Shares |
|
(28,000 |
) |
(14,759 |
) | |
Brilliance China Automotive Holdings Ltd. |
|
(26,000 |
) |
(26,072 |
) | |
China Citic Bank Corp. Ltd., H Shares |
|
(13,000 |
) |
(9,459 |
) | |
China Everbright Ltd. |
|
(8,000 |
) |
(17,936 |
) | |
China Foods Ltd. |
|
(16,000 |
) |
(9,750 |
) | |
China High Speed Transmission Equipment Group Co., Ltd. |
|
(12,000 |
) |
(19,222 |
) | |
China Molybdenum Co., Ltd., H Shares |
|
(20,000 |
) |
(17,433 |
) | |
China Pacific Insurance Group Co., Ltd., H Shares |
|
(9,600 |
) |
(40,357 |
) | |
China Resources Land Ltd. |
|
(10,000 |
) |
(18,718 |
) | |
China Unicom Hong Kong Ltd. |
|
(22,000 |
) |
(36,542 |
) | |
Ctrip.com International Ltd. ADR |
|
(400 |
) |
(16,596 |
) | |
Datang International Power Generation Co., Ltd., H Shares |
|
(54,000 |
) |
(19,993 |
) | |
Foxconn International Holdings Ltd. |
|
(27,000 |
) |
(16,210 |
) | |
Giant Interactive Group, Inc. ADR |
|
(5,700 |
) |
(42,465 |
) | |
Hengan International Group Co., Ltd. |
|
(6,500 |
) |
(48,216 |
) | |
Hong Kong Exchanges & Clearing Ltd. |
|
(900 |
) |
(19,554 |
) | |
Li Ning Co., Ltd. |
|
(17,000 |
) |
(28,630 |
) | |
Maanshan Iron & Steel, H Shares |
|
(34,000 |
) |
(18,402 |
) | |
New Oriental Education & Technology Group ADR |
|
(300 |
) |
(30,021 |
) | |
Parkson Retail Group Ltd. |
|
(21,500 |
) |
(29,575 |
) | |
PCCW Ltd. |
|
(44,000 |
) |
(18,327 |
) | |
Shangri-La Asia Ltd. |
|
(4,000 |
) |
(10,336 |
) | |
Shun Tak Holdings Ltd. |
|
(30,000 |
) |
(16,507 |
) | |
Sino Land Co., Ltd. |
|
(6,000 |
) |
(10,660 |
) | |
Sinofert Holdings Ltd. |
|
(42,000 |
) |
(18,088 |
) | |
Sinopec Yizheng Chemical Fibre Co., Ltd., H Shares |
|
(44,000 |
) |
(17,988 |
) | |
Sinopharm Group Co., H Shares |
|
(5,000 |
) |
(17,741 |
) | |
Stella International Holdings Ltd. |
|
(6,000 |
) |
(13,375 |
) | |
Tsingtao Brewery Co., Ltd., H Shares |
|
(8,000 |
) |
(38,156 |
) | |
United Laboratories International Holdings Ltd. |
|
(24,000 |
) |
(43,196 |
) | |
Want Want China Holdings Ltd. |
|
(23,000 |
) |
(18,066 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
China(concluded) |
|
|
|
|
| |
Wumart Stores, Inc., H Shares |
|
(10,000 |
) |
$ |
(21,804 |
) |
Total China common stocks |
|
|
|
(829,091 |
) | |
|
|
|
|
|
| |
Denmark(0.03)% |
|
|
|
|
| |
Danisco A/S |
|
(293 |
) |
(36,978 |
) | |
FLSmidth & Co. A/S |
|
(486 |
) |
(41,402 |
) | |
H Lundbeck A/S |
|
(1,091 |
) |
(25,299 |
) | |
Vestas Wind Systems A/S |
|
(376 |
) |
(16,309 |
) | |
Total Denmark common stocks |
|
|
|
(119,988 |
) | |
|
|
|
|
|
| |
Finland(0.02)% |
|
|
|
|
| |
Kone OYJ, Class B |
|
(355 |
) |
(20,426 |
) | |
Metso Oyj |
|
(441 |
) |
(23,712 |
) | |
Outokumpu Oyj |
|
(1,083 |
) |
(18,755 |
) | |
Rautaruukki Oyj NPV |
|
(778 |
) |
(18,656 |
) | |
Sampo Oyj, Class A |
|
(536 |
) |
(17,099 |
) | |
Total Finland common stocks |
|
|
|
(98,648 |
) | |
|
|
|
|
|
| |
France(0.08)% |
|
|
|
|
| |
Alstom SA |
|
(458 |
) |
(27,083 |
) | |
BioMerieux |
|
(180 |
) |
(18,880 |
) | |
Carrefour SA |
|
(412 |
) |
(18,241 |
) | |
Cie Generale de Geophysique-Veritas |
|
(783 |
) |
(28,235 |
) | |
Cie Generale de Geophysique-Veritas ADR |
|
(900 |
) |
(32,571 |
) | |
Credit Agricole SA |
|
(1,679 |
) |
(27,554 |
) | |
Edenred |
|
(554 |
) |
(16,719 |
) | |
EDF SA |
|
(453 |
) |
(18,759 |
) | |
Eramet |
|
(59 |
) |
(21,807 |
) | |
Gecina SA |
|
(152 |
) |
(20,964 |
) | |
Groupe Eurotunnel SA |
|
(1,966 |
) |
(20,916 |
) | |
Iliad SA |
|
(188 |
) |
(22,540 |
) | |
Lafarge SA |
|
(347 |
) |
(21,645 |
) | |
Neopost SA |
|
(212 |
) |
(18,571 |
) | |
Technip SA |
|
(186 |
) |
(19,836 |
) | |
Thales SA |
|
(488 |
) |
(19,465 |
) | |
Total France common stocks |
|
|
|
(353,786 |
) | |
|
|
|
|
|
| |
Germany(0.05)% |
|
|
|
|
| |
BASF SE |
|
(338 |
) |
(29,234 |
) | |
Bayer AG |
|
(245 |
) |
(18,972 |
) | |
Beiersdorf AG |
|
(404 |
) |
(24,657 |
) | |
Commerzbank AG |
|
(2,433 |
) |
(18,961 |
) | |
Daimler AG |
|
(278 |
) |
(19,640 |
) | |
GEA Group AG |
|
(640 |
) |
(21,079 |
) | |
Hamburger Hafen und Logistik AG |
|
(455 |
) |
(21,166 |
) | |
Linde AG |
|
(130 |
) |
(20,533 |
) | |
Puma AG Rudolf Dassler Sport |
|
(63 |
) |
(18,477 |
) | |
SGL Carbon SE NPV |
|
(331 |
) |
(16,203 |
) | |
Total Germany common stocks |
|
|
|
(208,922 |
) | |
|
|
|
|
|
| |
India(0.00)%2 |
|
|
|
|
| |
HDFC Bank Ltd. ADR |
|
(100 |
) |
(16,994 |
) | |
|
|
|
|
|
| |
Ireland(0.09)% |
|
|
|
|
| |
James Hardie Industries SE CDI |
|
(2,960 |
) |
(18,676 |
) | |
Ryanair Holdings PLC |
|
(2,754 |
) |
(13,110 |
) | |
Warner Chilcott PLC, Class A |
|
(14,400 |
) |
(335,232 |
) | |
Total Ireland common stocks |
|
|
|
(367,018 |
) | |
|
|
|
|
|
| |
Italy(0.03)% |
|
|
|
|
| |
Assicurazioni Generali SpA |
|
(874 |
) |
(18,926 |
) | |
Banca Monte dei Paschi di Siena SpA |
|
(14,984 |
) |
(18,698 |
) | |
Bulgari SpA |
|
(543 |
) |
(9,412 |
) | |
Fiat Industrial SpA |
|
(1,356 |
) |
(19,467 |
) | |
Mediolanum SpA |
|
(1,547 |
) |
(8,318 |
) | |
Saras SpA |
|
(6,943 |
) |
(17,997 |
) | |
Terna-Rete Elettrica Nazionale SpA |
|
(4,043 |
) |
(19,355 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Italy(concluded) |
|
|
|
|
| |
Unione di Banche Italiane SCPA |
|
(1,811 |
) |
$ |
(15,476 |
) |
Total Italy common stocks |
|
|
|
(127,649 |
) | |
|
|
|
|
|
| |
Japan(0.32)% |
|
|
|
|
| |
Advantest Corp. |
|
(900 |
) |
(16,208 |
) | |
All Nippon Airways Co., Ltd. |
|
(15,000 |
) |
(44,722 |
) | |
Benesse Holdings, Inc. |
|
(400 |
) |
(16,374 |
) | |
Bridgestone Corp. |
|
(900 |
) |
(18,859 |
) | |
Canon Marketing Japan, Inc. |
|
(1,200 |
) |
(14,903 |
) | |
Chugai Pharmaceutical Co., Ltd. |
|
(2,100 |
) |
(36,153 |
) | |
Chugoku Bank Ltd. |
|
(2,000 |
) |
(22,698 |
) | |
Chuo Mitsui Trust Holdings, Inc. |
|
(2,980 |
) |
(10,569 |
) | |
Dai-ichi Life Insurance Co., Ltd. |
|
(6 |
) |
(9,053 |
) | |
Daiichi Sankyo Co., Ltd. |
|
(1,000 |
) |
(19,308 |
) | |
Fast Retailing Co., Ltd. |
|
(100 |
) |
(12,515 |
) | |
Furukawa Electric Co., Ltd. |
|
(4,000 |
) |
(16,158 |
) | |
Hirose Electric Co., Ltd. |
|
(200 |
) |
(21,544 |
) | |
Inpex Corp. |
|
(3 |
) |
(22,758 |
) | |
Jafco Co., Ltd. |
|
(700 |
) |
(18,009 |
) | |
Japan Prime Realty Investment Corp. |
|
(7 |
) |
(18,901 |
) | |
Japan Real Estate Investment Corp. |
|
(2 |
) |
(18,923 |
) | |
Kawasaki Kisen Kaisha Ltd. |
|
(3,000 |
) |
(11,072 |
) | |
Keikyu Corp. |
|
(2,000 |
) |
(14,402 |
) | |
Keio Corp. |
|
(3,000 |
) |
(17,925 |
) | |
Keyence Corp. |
|
(100 |
) |
(25,595 |
) | |
Kintetsu Corp. |
|
(6,000 |
) |
(19,259 |
) | |
Kirin Holdings Co., Ltd. |
|
(1,000 |
) |
(13,140 |
) | |
Kurita Water Industries Ltd. |
|
(700 |
) |
(20,694 |
) | |
Lawson, Inc. |
|
(400 |
) |
(19,283 |
) | |
Matsui Securities Co., Ltd. |
|
(2,900 |
) |
(15,759 |
) | |
MISUMI Group, Inc. |
|
(1,600 |
) |
(39,721 |
) | |
Mitsubishi Estate Co., Ltd. |
|
(1,000 |
) |
(16,915 |
) | |
Mitsubishi Motors Corp. |
|
(28,000 |
) |
(34,335 |
) | |
Mitsui OSK Lines Ltd. |
|
(5,000 |
) |
(28,793 |
) | |
Mitsui Sumitomo Insurance Group Holdings, Inc. |
|
(1,600 |
) |
(36,432 |
) | |
Mizuho Trust & Banking Co., Ltd. |
|
(31,000 |
) |
(27,951 |
) | |
Mori Seiki Co., Ltd. |
|
(1,500 |
) |
(17,907 |
) | |
Namco Bandai Holdings, Inc. |
|
(2,100 |
) |
(22,899 |
) | |
NEC Corp. |
|
(6,000 |
) |
(13,056 |
) | |
Nintendo Co., Ltd. |
|
(100 |
) |
(27,014 |
) | |
Nippon Sheet Glass Co., Ltd. |
|
(7,000 |
) |
(20,197 |
) | |
Nippon Steel Corp. |
|
(5,000 |
) |
(15,989 |
) | |
Nissha Printing Co., Ltd. |
|
(900 |
) |
(19,422 |
) | |
Nissin Foods Holdings Co., Ltd. |
|
(800 |
) |
(28,199 |
) | |
Nomura Real Estate Holdings, Inc. |
|
(1,200 |
) |
(18,192 |
) | |
Nomura Research Institute Ltd. |
|
(1,200 |
) |
(26,487 |
) | |
Obayashi Corp. |
|
(3,000 |
) |
(13,345 |
) | |
Olympus Corp. |
|
(1,000 |
) |
(27,819 |
) | |
Omron Corp. |
|
(700 |
) |
(19,675 |
) | |
Oracle Corp. |
|
(400 |
) |
(16,663 |
) | |
Otsuka Corp. |
|
(300 |
) |
(19,295 |
) | |
Rakuten, Inc. |
|
(22 |
) |
(19,784 |
) | |
Senshu Ikeda Holdings, Inc. |
|
(13,200 |
) |
(17,932 |
) | |
Sharp Corp. |
|
(2,000 |
) |
(19,836 |
) | |
Shimadzu Corp. |
|
(2,000 |
) |
(17,769 |
) | |
Shinko Electric Industries Co., Ltd. |
|
(1,800 |
) |
(18,437 |
) | |
Sony Financial Holdings, Inc. |
|
(1,000 |
) |
(19,836 |
) | |
Square Enix Holdings Co., Ltd. |
|
(1,000 |
) |
(17,360 |
) | |
Sumco Corp. |
|
(1,100 |
) |
(22,177 |
) | |
Sumitomo Chemical Co., Ltd. |
|
(5,000 |
) |
(24,946 |
) | |
Sumitomo Metal Industries Ltd. |
|
(15,000 |
) |
(33,542 |
) | |
Suzuki Motor Corp. |
|
(800 |
) |
(17,879 |
) | |
Tokyo Electron Ltd. |
|
(300 |
) |
(16,536 |
) | |
Tosoh Corp. |
|
(8,000 |
) |
(28,757 |
) | |
Toyota Boshoku Corp. |
|
(1,300 |
) |
(18,708 |
) | |
Toyota Industries Corp. |
|
(600 |
) |
(18,149 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
|
|
Trend Micro, Inc. |
|
(1,000 |
) |
$ |
(26,629 |
) |
Yakult Honsha Co., Ltd. |
|
(1,200 |
) |
(30,671 |
) | |
Yamaha Motor Co., Ltd. |
|
(1,100 |
) |
(19,202 |
) | |
Yaskawa Electric Corp. |
|
(2,000 |
) |
(23,708 |
) | |
Total Japan common stocks |
|
|
|
(1,396,948 |
) | |
|
|
|
|
|
| |
Jersey (Channel Islands)(0.00)%2 |
|
|
|
|
| |
Heritage Oil PLC |
|
(3,677 |
) |
(16,758 |
) | |
|
|
|
|
|
| |
Luxembourg(0.01)% |
|
|
|
|
| |
LOccitane International SA |
|
(8,000 |
) |
(19,726 |
) | |
Tenaris SA |
|
(802 |
) |
(19,697 |
) | |
Total Luxembourg common stocks |
|
|
|
(39,423 |
) | |
|
|
|
|
|
| |
Mexico(0.01)% |
|
|
|
|
| |
Cemex SAB de CV ADR |
|
(2,184 |
) |
(19,503 |
) | |
|
|
|
|
|
| |
Netherlands(0.03)% |
|
|
|
|
| |
Akzo Nobel NV |
|
(574 |
) |
(39,437 |
) | |
CNH Global NV |
|
(400 |
) |
(19,420 |
) | |
QIAGEN NV |
|
(938 |
) |
(18,737 |
) | |
TNT NV |
|
(1,186 |
) |
(30,423 |
) | |
Unilever NV, CVA |
|
(606 |
) |
(19,001 |
) | |
VistaPrint NV |
|
(400 |
) |
(20,760 |
) | |
Total Netherlands common stocks |
|
|
|
(147,778 |
) | |
|
|
|
|
|
| |
New Zealand(0.01)% |
|
|
|
|
| |
Contact Energy Ltd. |
|
(6,655 |
) |
(29,553 |
) | |
|
|
|
|
|
| |
Norway(0.01)% |
|
|
|
|
| |
Cermaq ASA |
|
(1,854 |
) |
(32,770 |
) | |
|
|
|
|
|
| |
Portugal(0.01)% |
|
|
|
|
| |
Galp Energia SGPS SA, Class B |
|
(860 |
) |
(18,410 |
) | |
Jeronimo Martins SGPS SA |
|
(1,233 |
) |
(19,833 |
) | |
Total Portugal common stocks |
|
|
|
(38,243 |
) | |
|
|
|
|
|
| |
Russia(0.00)%2 |
|
|
|
|
| |
United Co. RUSAL PLC |
|
(9,000 |
) |
(15,550 |
) | |
|
|
|
|
|
| |
Singapore(0.04)% |
|
|
|
|
| |
Ascendas Real Estate Investment Trust |
|
(12,000 |
) |
(19,421 |
) | |
CapitaLand Ltd. |
|
(7,000 |
) |
(18,326 |
) | |
CapitaMalls Asia Ltd. |
|
(14,000 |
) |
(19,770 |
) | |
Keppel Land Ltd. |
|
(5,000 |
) |
(17,811 |
) | |
Singapore Exchange Ltd. |
|
(6,000 |
) |
(37,366 |
) | |
Singapore Technologies Engineering Ltd. |
|
(12,000 |
) |
(31,035 |
) | |
Wilmar International Ltd. |
|
(5,000 |
) |
(21,658 |
) | |
Total Singapore common stocks |
|
|
|
(165,387 |
) | |
|
|
|
|
|
| |
Spain(0.02)% |
|
|
|
|
| |
Acerinox SA |
|
(944 |
) |
(18,629 |
) | |
Banco de Valencia SA |
|
(4,973 |
) |
(22,271 |
) | |
Enagas SA |
|
(903 |
) |
(20,373 |
) | |
Gestevision Telecinco SA |
|
(2,429 |
) |
(27,808 |
) | |
Total Spain common stocks |
|
|
|
(89,081 |
) | |
|
|
|
|
|
| |
Sweden(0.02)% |
|
|
|
|
| |
Atlas Copco AB, Class B |
|
(613 |
) |
(14,820 |
) | |
Boliden AB |
|
(1,364 |
) |
(29,390 |
) | |
Electrolux AB, Series B |
|
(788 |
) |
(20,312 |
) | |
Securitas AB, Class B |
|
(2,044 |
) |
(24,336 |
) | |
Total Sweden common stocks |
|
|
|
(88,858 |
) | |
|
|
|
|
|
| |
Switzerland(0.06)% |
|
|
|
|
| |
Adecco SA |
|
(243 |
) |
(15,980 |
) | |
Geberit AG |
|
(89 |
) |
(19,379 |
) | |
Givaudan SA |
|
(23 |
) |
(23,125 |
) | |
Holcim Ltd. |
|
(262 |
) |
(19,739 |
) | |
Lindt & Spruengli AG |
|
(1 |
) |
(32,515 |
) | |
Logitech International SA |
|
(1,001 |
) |
(18,026 |
) | |
Nobel Biocare Holding AG |
|
(905 |
) |
(18,760 |
) | |
STMicroelectronics NV |
|
(2,587 |
) |
(32,043 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Switzerland(concluded) |
|
|
|
|
| |
Straumann Holding AG |
|
(176 |
) |
$ |
(45,260 |
) |
Weatherford International Ltd. |
|
(1,300 |
) |
(29,380 |
) | |
Total Switzerland common stocks |
|
|
|
(254,207 |
) | |
|
|
|
|
|
| |
United Kingdom(0.07)% |
|
|
|
|
| |
BT Group PLC, Class A |
|
(6,721 |
) |
(20,011 |
) | |
Ensco International PLC ADR |
|
(400 |
) |
(23,136 |
) | |
GlaxoSmithKline PLC |
|
(2,783 |
) |
(53,105 |
) | |
Hays PLC |
|
(7,326 |
) |
(13,668 |
) | |
Invensys PLC |
|
(3,475 |
) |
(19,243 |
) | |
Kingfisher PLC |
|
(3,604 |
) |
(14,217 |
) | |
Lloyds Banking Group PLC |
|
(24,702 |
) |
(23,019 |
) | |
Lonmin PLC |
|
(708 |
) |
(19,342 |
) | |
SABMiller PLC |
|
(1,080 |
) |
(38,246 |
) | |
Severn Trent PLC |
|
(798 |
) |
(18,703 |
) | |
TUI Travel PLC |
|
(4,727 |
) |
(17,214 |
) | |
Vedanta Resources PLC |
|
(819 |
) |
(31,256 |
) | |
Wolseley PLC |
|
(538 |
) |
(18,116 |
) | |
Total United Kingdom common stocks |
|
|
|
(309,276 |
) | |
|
|
|
|
|
| |
United States(21.26)% |
|
|
|
|
| |
3M Co. |
|
(6,700 |
) |
(626,450 |
) | |
Abercrombie & Fitch Co., Class A |
|
(400 |
) |
(23,480 |
) | |
Actuant Corp., Class A |
|
(700 |
) |
(20,300 |
) | |
Acuity Brands, Inc. |
|
(300 |
) |
(17,547 |
) | |
Advanced Micro Devices, Inc. |
|
(95,500 |
) |
(821,300 |
) | |
Aecom Technology Corp. |
|
(700 |
) |
(19,411 |
) | |
Air Products & Chemicals, Inc. |
|
(200 |
) |
(18,036 |
) | |
AK Steel Holding Corp. |
|
(1,300 |
) |
(20,514 |
) | |
Akamai Technologies, Inc. |
|
(15,000 |
) |
(570,000 |
) | |
Alcoa, Inc. |
|
(1,100 |
) |
(19,415 |
) | |
Alliant Energy Corp. |
|
(29,900 |
) |
(1,164,007 |
) | |
Altera Corp. |
|
(38,100 |
) |
(1,677,162 |
) | |
Amedisys, Inc. |
|
(9,400 |
) |
(329,000 |
) | |
American Express Co. |
|
(400 |
) |
(18,080 |
) | |
American Superconductor Corp. |
|
(900 |
) |
(22,383 |
) | |
American Water Works Co., Inc. |
|
(30,100 |
) |
(844,305 |
) | |
Amphenol Corp., Class A |
|
(400 |
) |
(21,756 |
) | |
AMR Corp. |
|
(49,900 |
) |
(322,354 |
) | |
AON Corp. |
|
(300 |
) |
(15,888 |
) | |
Aqua America, Inc. |
|
(29,200 |
) |
(668,388 |
) | |
Archer-Daniels-Midland Co. NPV |
|
(5,200 |
) |
(187,252 |
) | |
Associated Banc-Corp. |
|
(1,300 |
) |
(19,305 |
) | |
AT&T, Inc. |
|
(700 |
) |
(21,420 |
) | |
Avon Products, Inc. |
|
(300 |
) |
(8,112 |
) | |
Bally Technologies, Inc. |
|
(400 |
) |
(15,140 |
) | |
BB&T Corp. |
|
(12,600 |
) |
(345,870 |
) | |
Bemis Co., Inc. |
|
(600 |
) |
(19,686 |
) | |
Berkshire Hathaway, Inc., Class B |
|
(200 |
) |
(16,726 |
) | |
Best Buy Co., Inc. |
|
(25,100 |
) |
(720,872 |
) | |
BioMarin Pharmaceutical, Inc. |
|
(800 |
) |
(20,104 |
) | |
Bio-Reference Labs, Inc. |
|
(24,200 |
) |
(543,048 |
) | |
BJs Wholesale Club, Inc. |
|
(400 |
) |
(19,528 |
) | |
BMC Software, Inc. |
|
(53,700 |
) |
(2,671,038 |
) | |
Booz Allen Hamilton Holding Corp. |
|
(1,500 |
) |
(27,015 |
) | |
Boston Scientific Corp. |
|
(4,100 |
) |
(29,479 |
) | |
Bristol-Myers Squibb Co. |
|
(19,100 |
) |
(504,813 |
) | |
Brown-Forman Corp., Class B |
|
(15,300 |
) |
(1,044,990 |
) | |
C.H. Robinson Worldwide, Inc. |
|
(30,100 |
) |
(2,231,313 |
) | |
Calpine Corp. |
|
(29,200 |
) |
(463,404 |
) | |
Campbell Soup Co. |
|
(1,100 |
) |
(36,421 |
) | |
Capella Education Co. |
|
(400 |
) |
(19,916 |
) | |
Cardinal Health, Inc. |
|
(14,000 |
) |
(575,820 |
) | |
Carters, Inc. |
|
(1,300 |
) |
(37,219 |
) | |
Caterpillar, Inc. |
|
(15,200 |
) |
(1,692,520 |
) | |
Celgene Corp. |
|
(700 |
) |
(40,271 |
) | |
Centene Corp. |
|
(600 |
) |
(19,788 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
|
|
|
|
|
|
|
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
CenturyLink, Inc. |
|
(11,200 |
) |
$ |
(465,360 |
) |
Charles River Laboratories International, Inc. |
|
(20,700 |
) |
(794,466 |
) | |
Charles Schwab Corp. |
|
(1,200 |
) |
(21,636 |
) | |
Chesapeake Energy Corp. |
|
(33,500 |
) |
(1,122,920 |
) | |
Chevron Corp. |
|
(3,800 |
) |
(408,234 |
) | |
Church & Dwight Co., Inc. |
|
(14,500 |
) |
(1,150,430 |
) | |
CIT Group, Inc. |
|
(400 |
) |
(17,020 |
) | |
City National Corp. |
|
(300 |
) |
(17,115 |
) | |
Clean Energy Fuels Corp. |
|
(1,500 |
) |
(24,570 |
) | |
Clear Channel Outdoor Holdings, Inc., Class A |
|
(800 |
) |
(11,640 |
) | |
Clorox Co. |
|
(12,300 |
) |
(861,861 |
) | |
Cobalt International Energy, Inc. |
|
(1,400 |
) |
(23,534 |
) | |
Coca-Cola Co. |
|
(300 |
) |
(19,905 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(3,700 |
) |
(301,180 |
) | |
Commercial Metals Co. |
|
(1,200 |
) |
(20,724 |
) | |
Compuware Corp. |
|
(26,200 |
) |
(302,610 |
) | |
Comstock Resources, Inc. |
|
(600 |
) |
(18,564 |
) | |
ConocoPhillips |
|
(9,300 |
) |
(742,698 |
) | |
CONSOL Energy, Inc. |
|
(9,700 |
) |
(520,211 |
) | |
Consolidated Edison, Inc. |
|
(32,000 |
) |
(1,623,040 |
) | |
Constellation Brands, Inc., Class A |
|
(8,700 |
) |
(176,436 |
) | |
Constellation Energy Group, Inc. |
|
(700 |
) |
(21,791 |
) | |
Con-way, Inc. |
|
(600 |
) |
(23,574 |
) | |
Corning, Inc. |
|
(35,200 |
) |
(726,176 |
) | |
Covance, Inc. |
|
(7,700 |
) |
(421,344 |
) | |
Covanta Holding Corp. |
|
(1,100 |
) |
(18,788 |
) | |
Crown Castle International Corp. |
|
(500 |
) |
(21,275 |
) | |
CSX Corp. |
|
(9,100 |
) |
(715,260 |
) | |
Cullen/Frost Bankers, Inc. |
|
(300 |
) |
(17,706 |
) | |
Dean Foods Co. |
|
(1,800 |
) |
(18,000 |
) | |
Deere & Co. |
|
(6,300 |
) |
(610,407 |
) | |
Dell, Inc. |
|
(99,800 |
) |
(1,448,098 |
) | |
Diebold, Inc. |
|
(19,900 |
) |
(705,654 |
) | |
Dillards, Inc., Class A |
|
(6,300 |
) |
(252,756 |
) | |
Discovery Communications, Inc., Class A |
|
(6,600 |
) |
(263,340 |
) | |
Dolby Laboratories, Inc., Class A |
|
(300 |
) |
(14,763 |
) | |
Dollar General Corp. |
|
(12,400 |
) |
(388,740 |
) | |
DreamWorks Animation SKG, Inc., Class A |
|
(700 |
) |
(19,551 |
) | |
Dril-Quip, Inc. |
|
(400 |
) |
(31,612 |
) | |
Duke Energy Corp. |
|
(19,500 |
) |
(353,925 |
) | |
Ecolab, Inc. |
|
(200 |
) |
(10,204 |
) | |
EI Du Pont de Nemours & Co. |
|
(16,000 |
) |
(879,520 |
) | |
Eli Lilly & Co. |
|
(59,200 |
) |
(2,082,064 |
) | |
EMC Corp. |
|
(69,000 |
) |
(1,831,950 |
) | |
Emerson Electric Co. |
|
(200 |
) |
(11,686 |
) | |
Emulex Corp. |
|
(2,100 |
) |
(22,407 |
) | |
EQT Corp. |
|
(400 |
) |
(19,960 |
) | |
Expedia, Inc. |
|
(800 |
) |
(18,128 |
) | |
Expeditors International Washington, Inc. |
|
(40,100 |
) |
(2,010,614 |
) | |
Express Scripts, Inc. |
|
(5,400 |
) |
(300,294 |
) | |
Fastenal Co. |
|
(300 |
) |
(19,449 |
) | |
Federated Investors, Inc., Class B |
|
(700 |
) |
(18,725 |
) | |
FedEx Corp. |
|
(300 |
) |
(28,065 |
) | |
Fifth Third Bancorp |
|
(1,300 |
) |
(18,044 |
) | |
First Niagara Financial Group, Inc. |
|
(1,300 |
) |
(17,654 |
) | |
FirstMerit Corp. |
|
(900 |
) |
(15,354 |
) | |
Fiserv, Inc. |
|
(10,600 |
) |
(664,832 |
) | |
Flextronics International Ltd. |
|
(70,900 |
) |
(529,623 |
) | |
Flowers Foods, Inc. |
|
(27,000 |
) |
(735,210 |
) | |
Ford Motor Co. |
|
(66,300 |
) |
(988,533 |
) | |
Forest City Enterprises, Inc., Class A |
|
(1,200 |
) |
(22,596 |
) | |
Forest Laboratories, Inc. |
|
(31,600 |
) |
(1,020,680 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Forest Oil Corp. |
|
(500 |
) |
$ |
(18,915 |
) |
Freeport-McMoRan Copper & Gold, Inc. |
|
(9,800 |
) |
(544,390 |
) | |
FTI Consulting, Inc. |
|
(500 |
) |
(19,165 |
) | |
General Mills, Inc. |
|
(400 |
) |
(14,620 |
) | |
Genworth Financial, Inc., Class A |
|
(1,000 |
) |
(13,460 |
) | |
Goodrich Corp. |
|
(21,300 |
) |
(1,821,789 |
) | |
GrafTech International Ltd. |
|
(900 |
) |
(18,567 |
) | |
Great Plains Energy, Inc. |
|
(1,200 |
) |
(24,024 |
) | |
Green Mountain Coffee Roasters, Inc. |
|
(100 |
) |
(6,461 |
) | |
GSI Commerce, Inc. |
|
(1,100 |
) |
(32,197 |
) | |
H&R Block, Inc. |
|
(2,200 |
) |
(36,828 |
) | |
Halliburton Co. |
|
(4,400 |
) |
(219,296 |
) | |
Hasbro, Inc. |
|
(400 |
) |
(18,736 |
) | |
Health Care REIT, Inc. |
|
(400 |
) |
(20,976 |
) | |
Hershey Co. |
|
(20,800 |
) |
(1,130,480 |
) | |
Honeywell International, Inc. |
|
(13,700 |
) |
(818,027 |
) | |
Hormel Foods Corp. |
|
(19,000 |
) |
(528,960 |
) | |
Hospira, Inc. |
|
(10,200 |
) |
(563,040 |
) | |
Hudson City Bancorp, Inc. |
|
(32,700 |
) |
(316,536 |
) | |
Human Genome Sciences, Inc. |
|
(900 |
) |
(24,705 |
) | |
Humana, Inc. |
|
(11,500 |
) |
(804,310 |
) | |
Illinois Tool Works, Inc. |
|
(400 |
) |
(21,488 |
) | |
Integrys Energy Group, Inc. |
|
(4,500 |
) |
(227,295 |
) | |
Intel Corp. |
|
(59,700 |
) |
(1,204,149 |
) | |
International Business Machines Corp. |
|
(4,300 |
) |
(701,201 |
) | |
International Game Technology |
|
(1,100 |
) |
(17,853 |
) | |
International Paper Co. |
|
(700 |
) |
(21,126 |
) | |
Intrepid Potash, Inc. |
|
(500 |
) |
(17,410 |
) | |
Intuitive Surgical, Inc. |
|
(3,100 |
) |
(1,033,726 |
) | |
Invesco Ltd. |
|
(500 |
) |
(12,780 |
) | |
Iron Mountain, Inc. |
|
(600 |
) |
(18,738 |
) | |
Jarden Corp. |
|
(500 |
) |
(17,785 |
) | |
JC Penney Co., Inc. |
|
(8,100 |
) |
(290,871 |
) | |
Jefferies Group, Inc. |
|
(800 |
) |
(19,952 |
) | |
JetBlue Airways Corp. |
|
(70,400 |
) |
(441,408 |
) | |
JM Smucker Co. |
|
(100 |
) |
(7,139 |
) | |
Johnson Controls, Inc. |
|
(500 |
) |
(20,785 |
) | |
Joy Global, Inc. |
|
(8,100 |
) |
(800,361 |
) | |
Kellogg Co. |
|
(300 |
) |
(16,194 |
) | |
KeyCorp |
|
(1,300 |
) |
(11,544 |
) | |
Kinder Morgan Management LLC |
|
(300 |
) |
(19,677 |
) | |
Knight Transportation, Inc. |
|
(1,000 |
) |
(19,250 |
) | |
Kraft Foods, Inc., Class A |
|
(400 |
) |
(12,544 |
) | |
Laboratory Corp. of America Holdings |
|
(5,900 |
) |
(543,567 |
) | |
Lamar Advertising Co., Class A |
|
(39,800 |
) |
(1,470,212 |
) | |
LaSalle Hotel Properties |
|
(700 |
) |
(18,900 |
) | |
Lenovo Group Ltd. |
|
(36,000 |
) |
(20,503 |
) | |
LKQ Corp. |
|
(800 |
) |
(19,280 |
) | |
Loews Corp. |
|
(500 |
) |
(21,545 |
) | |
Longtop Financial Technologies Ltd. ADR |
|
(600 |
) |
(18,852 |
) | |
LSI Corp. |
|
(60,500 |
) |
(411,400 |
) | |
Martin Marietta Materials, Inc. |
|
(200 |
) |
(17,934 |
) | |
Masco Corp. |
|
(1,300 |
) |
(18,096 |
) | |
Mattel, Inc. |
|
(700 |
) |
(17,451 |
) | |
Maxim Integrated Products, Inc. |
|
(700 |
) |
(17,920 |
) | |
McDonalds Corp. |
|
(11,700 |
) |
(890,253 |
) | |
McMoRan Exploration Co. |
|
(1,100 |
) |
(19,481 |
) | |
MedAssets, Inc. |
|
(1,200 |
) |
(18,324 |
) | |
Medtronic, Inc. |
|
(500 |
) |
(19,675 |
) | |
MEMC Electronic Materials, Inc. |
|
(1,600 |
) |
(20,736 |
) | |
MetLife, Inc. |
|
(400 |
) |
(17,892 |
) | |
MGM Resorts International |
|
(2,900 |
) |
(38,135 |
) | |
Micron Technology, Inc. |
|
(41,000 |
) |
(469,860 |
) | |
Microsemi Corp. |
|
(900 |
) |
(18,639 |
) | |
Mohawk Industries, Inc. |
|
(400 |
) |
(24,460 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Monster Worldwide, Inc. |
|
(1,300 |
) |
$ |
(20,670 |
) |
Motorola Mobility Holdings, Inc. |
|
(1,000 |
) |
(24,400 |
) | |
MSC Industrial Direct Co., Class A |
|
(300 |
) |
(20,541 |
) | |
MSCI, Inc., Class A |
|
(1,000 |
) |
(36,820 |
) | |
National Fuel Gas Co. |
|
(300 |
) |
(22,200 |
) | |
Navistar International Corp. |
|
(12,100 |
) |
(838,893 |
) | |
NCR Corp. |
|
(1,000 |
) |
(18,840 |
) | |
Nektar Therapeutics |
|
(2,700 |
) |
(25,569 |
) | |
NetApp, Inc. |
|
(8,500 |
) |
(409,530 |
) | |
NetFlix, Inc. |
|
(5,600 |
) |
(1,329,048 |
) | |
New York Community Bancorp, Inc. |
|
(1,000 |
) |
(17,260 |
) | |
New York Times Co., Class A |
|
(1,800 |
) |
(17,046 |
) | |
Nicor, Inc. |
|
(400 |
) |
(21,480 |
) | |
Nordstrom, Inc. |
|
(7,600 |
) |
(341,088 |
) | |
Novellus Systems, Inc. |
|
(32,600 |
) |
(1,210,438 |
) | |
NSTAR |
|
(34,300 |
) |
(1,587,061 |
) | |
Nucor Corp. |
|
(300 |
) |
(13,806 |
) | |
Nvidia Corp. |
|
(22,800 |
) |
(420,888 |
) | |
Occidental Petroleum Corp. |
|
(23,200 |
) |
(2,424,168 |
) | |
Office Depot, Inc. |
|
(4,000 |
) |
(18,520 |
) | |
Old Republic International Corp. |
|
(1,000 |
) |
(12,690 |
) | |
Olin Corp. |
|
(900 |
) |
(20,628 |
) | |
OReilly Automotive, Inc. |
|
(19,300 |
) |
(1,108,978 |
) | |
Owens-Illinois, Inc. |
|
(1,000 |
) |
(30,190 |
) | |
PACCAR, Inc. |
|
(400 |
) |
(20,940 |
) | |
Parker Hannifin Corp. |
|
(6,600 |
) |
(624,888 |
) | |
Patterson Cos., Inc. |
|
(600 |
) |
(19,314 |
) | |
Paychex, Inc. |
|
(1,200 |
) |
(37,632 |
) | |
PepsiCo, Inc. |
|
(300 |
) |
(19,323 |
) | |
PerkinElmer, Inc. |
|
(25,300 |
) |
(664,631 |
) | |
PG&E Corp. |
|
(400 |
) |
(17,672 |
) | |
Phillips-Van Heusen Corp. |
|
(200 |
) |
(13,006 |
) | |
Pioneer Natural Resources Co. |
|
(10,000 |
) |
(1,019,200 |
) | |
PNC Financial Services Group, Inc. |
|
(14,100 |
) |
(888,159 |
) | |
PPG Industries, Inc. |
|
(200 |
) |
(19,042 |
) | |
Procter & Gamble Co. |
|
(500 |
) |
(30,800 |
) | |
PulteGroup, Inc. |
|
(2,600 |
) |
(19,240 |
) | |
Quanta Services, Inc. |
|
(600 |
) |
(13,458 |
) | |
Quicksilver Resources, Inc. |
|
(32,800 |
) |
(469,368 |
) | |
Ralcorp Holdings, Inc. |
|
(300 |
) |
(20,529 |
) | |
Rambus, Inc. |
|
(2,100 |
) |
(41,580 |
) | |
Range Resources Corp. |
|
(700 |
) |
(40,922 |
) | |
Red Hat, Inc. |
|
(10,800 |
) |
(490,212 |
) | |
Regency Centers Corp. |
|
(400 |
) |
(17,392 |
) | |
Regions Financial Corp. |
|
(47,600 |
) |
(345,576 |
) | |
Republic Services, Inc. |
|
(600 |
) |
(18,024 |
) | |
Rockwell Automation, Inc. |
|
(18,000 |
) |
(1,703,700 |
) | |
SAIC, Inc. |
|
(1,100 |
) |
(18,612 |
) | |
Salesforce.com, Inc. |
|
(175 |
) |
(23,376 |
) | |
Salix Pharmaceuticals Ltd. |
|
(500 |
) |
(17,515 |
) | |
Sanmina-SCI Corp. |
|
(1,800 |
) |
(20,178 |
) | |
SBA Communications Corp., Class A |
|
(500 |
) |
(19,840 |
) | |
Schlumberger Ltd. |
|
(10,300 |
) |
(960,578 |
) | |
Sealed Air Corp. |
|
(800 |
) |
(21,328 |
) | |
Sears Holdings Corp. |
|
(14,400 |
) |
(1,190,160 |
) | |
SEI Investments Co. |
|
(800 |
) |
(19,104 |
) | |
Sherwin-Williams Co. |
|
(400 |
) |
(33,596 |
) | |
Silicon Laboratories, Inc. |
|
(400 |
) |
(17,284 |
) | |
Skechers U.S.A., Inc., Class A |
|
(1,500 |
) |
(30,810 |
) | |
SLM Corp. |
|
(1,200 |
) |
(18,360 |
) | |
Smithfield Foods, Inc. |
|
(41,500 |
) |
(998,490 |
) | |
Southern Co. |
|
(37,100 |
) |
(1,413,881 |
) | |
Southern Copper Corp. |
|
(500 |
) |
(20,135 |
) | |
Southwestern Energy Co. |
|
(500 |
) |
(21,485 |
) | |
Spectra Energy Corp. |
|
(26,600 |
) |
(722,988 |
) | |
Staples, Inc. |
|
(1,000 |
) |
(19,420 |
) | |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(13,200 |
) |
$ |
(767,184 |
) |
Swift Energy Co. |
|
(400 |
) |
(17,072 |
) | |
Sysco Corp. |
|
(300 |
) |
(8,310 |
) | |
TD Ameritrade Holding Corp. |
|
(800 |
) |
(16,696 |
) | |
Tellabs, Inc. |
|
(58,000 |
) |
(303,920 |
) | |
Terex Corp. |
|
(1,300 |
) |
(48,152 |
) | |
TFS Financial Corp. |
|
(2,000 |
) |
(21,240 |
) | |
Thermo Fisher Scientific, Inc. |
|
(15,800 |
) |
(877,690 |
) | |
Thomson Reuters Corp. |
|
(500 |
) |
(19,620 |
) | |
Thor Industries, Inc. |
|
(300 |
) |
(10,011 |
) | |
Tidewater, Inc. |
|
(300 |
) |
(17,955 |
) | |
TiVo, Inc. |
|
(3,900 |
) |
(34,164 |
) | |
TJX Cos., Inc. |
|
(23,400 |
) |
(1,163,682 |
) | |
Toll Brothers, Inc. |
|
(900 |
) |
(17,793 |
) | |
Travelers Cos., Inc. |
|
(16,400 |
) |
(975,472 |
) | |
Tyson Foods, Inc., Class A |
|
(43,100 |
) |
(827,089 |
) | |
UDR, Inc. |
|
(1,300 |
) |
(31,681 |
) | |
Ultra Petroleum Corp. |
|
(400 |
) |
(19,700 |
) | |
Unit Corp. |
|
(400 |
) |
(24,780 |
) | |
Urban Outfitters, Inc. |
|
(600 |
) |
(17,898 |
) | |
Varian Semiconductor Equipment Associates, Inc. |
|
(400 |
) |
(19,468 |
) | |
Verisk Analytics, Inc., Class A |
|
(1,200 |
) |
(39,312 |
) | |
Viasat, Inc. |
|
(500 |
) |
(19,920 |
) | |
Vulcan Materials Co. |
|
(400 |
) |
(18,240 |
) | |
Walt Disney Co. |
|
(7,500 |
) |
(323,175 |
) | |
Wendys/Arbys Group, Inc., Class A |
|
(3,800 |
) |
(19,114 |
) | |
Whole Foods Market, Inc. |
|
(20,200 |
) |
(1,331,180 |
) | |
WW Grainger, Inc. |
|
(18,300 |
) |
(2,519,544 |
) | |
Xcel Energy, Inc. |
|
(15,700 |
) |
(375,073 |
) | |
Total United States common stocks |
|
|
|
(92,652,860 |
) | |
Total common stocks (cost $(71,761,283)) |
|
|
|
(98,567,513 |
) | |
Total investments sold short (proceeds $71,761,283) |
|
|
|
(98,567,513 |
) | |
Total investments, net of investments sold short90.06% |
|
|
|
392,419,179 |
| |
Cash and other assets, less liabilities9.94% |
|
|
|
43,310,638 |
| |
Net assets100.00% |
|
|
|
$ |
435,729,817 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes, before investments sold short, was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
79,926,367 |
|
Gross unrealized depreciation |
|
(35,837,007 |
) | |
Net unrealized appreciation of investments |
|
$ |
44,089,360 |
|
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2011. |
2 |
Amount represents less than 0.005%. |
3 |
All or a portion of these securities have been delivered to cover open short positions. |
4 |
Variable or floating rate security The interest rate shown is the current rates as of March 31, 2011 and changes periodically. |
5 |
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. At March 31, 2011, the value of these securities amounted to $11,273,056 or 2.59% of net assets. |
6 |
Perpetual bond security. The maturity date reflects the next call date. |
7 |
Rate shown reflects annualized yield at March 31, 2011 on zero coupon bond. |
8 |
Security is illiquid. At March 31, 2011, the value of these securities amounted to $7,934,412 or 1.82% of net assets. |
9 |
These securities, which represent 1.34% of net assets as of March 31, 2011, are considered restricted. (See restricted securities table below for more information.) |
Restricted securities |
|
Acquisition |
|
Acquisition |
|
Acquisition |
|
Value |
|
03/31/11 |
| ||
Ares Euro CLO BV, |
|
|
|
|
|
|
|
|
|
|
| ||
Series 2007-1A, Class G1, |
|
|
|
|
|
|
|
|
|
|
| ||
13.138%, due 05/15/24 |
|
03/26/07 |
|
$ |
1,863,680 |
|
0.43 |
% |
$ |
753,951 |
|
0.17 |
% |
Ashwell Rated SA |
|
|
|
|
|
|
|
|
|
|
| ||
6.625%, due 12/22/77 |
|
01/29/07 |
|
3,660,332 |
|
0.84 |
|
31 |
|
0.00 |
a | ||
Commercial Industrial Finance Corp., |
|
|
|
|
|
|
|
|
|
|
| ||
Series 2007-1A, Class A1LB, |
|
|
|
|
|
|
|
|
|
|
| ||
0.652%, due 05/10/21 |
|
09/30/09 |
|
692,500 |
|
0.16 |
|
824,300 |
|
0.19 |
| ||
FM Leveraged Capital Fund II, |
|
|
|
|
|
|
|
|
|
|
| ||
due 11/20/20 |
|
10/31/06 |
|
5,300,000 |
|
1.22 |
|
378,950 |
|
0.09 |
| ||
GSC European CDO SA, |
|
|
|
|
|
|
|
|
|
|
| ||
Series I-RA, Class SUB, |
|
|
|
|
|
|
|
|
|
|
| ||
due 12/15/22 |
|
12/01/06 |
|
3,200,760 |
|
0.73 |
|
340,128 |
|
0.08 |
| ||
Harbourview CLO VI Ltd., |
|
|
|
|
|
|
|
|
|
|
| ||
Series 6A, Class SUB, |
|
|
|
|
|
|
|
|
|
|
| ||
due 12/27/19 |
|
10/20/06 |
|
1,128,000 |
|
0.26 |
|
828,000 |
|
0.19 |
| ||
LNR CDO Ltd., |
|
|
|
|
|
|
|
|
|
|
| ||
Series 2006-1A, Class FFX, |
|
|
|
|
|
|
|
|
|
|
| ||
7.592%, due 05/28/43 |
|
11/03/06 |
|
8,138,056 |
|
1.87 |
|
0 |
|
0.00 |
| ||
Prospero CLO I BV, |
|
|
|
|
|
|
|
|
|
|
| ||
Series I-A, Class A2, |
|
|
|
|
|
|
|
|
|
|
| ||
0.834%, due 03/20/17 |
|
10/29/09 |
|
760,000 |
|
0.17 |
|
890,000 |
|
0.20 |
| ||
Regents Park CDO BV, |
|
|
|
|
|
|
|
|
|
|
| ||
Series 1A, Class F, |
|
|
|
|
|
|
|
|
|
|
| ||
6.465%, due 01/26/23 |
|
09/25/06 |
|
2,551,500 |
|
0.58 |
|
1,814,016 |
|
0.42 |
| ||
|
|
|
|
$ |
27,294,828 |
|
6.26 |
% |
$ |
5,829,376 |
|
1.34 |
% |
|
a Amount represents less than 0.005%. |
10 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2011. Maturity date disclosed is the ultimate maturity date. |
11 |
This security is the equity tranche of a collateralized debt obligation. The Fund receives periodic payments, which may vary, from the issuers of this security. |
12 |
Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2011, the value of this security amounted to $31 or 0.00% of net assets. |
13 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
14 |
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from UBS Cash Management Prime Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
nine months |
|
nine months |
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
30,452,523 |
|
$ |
282,490,723 |
|
$ |
255,464,284 |
|
$ |
|
|
$ |
|
|
$ |
57,478,962 |
|
$ |
58,017 |
|
UBS Private Money Market Fund LLCa |
|
4,355,230 |
|
49,668,653 |
|
44,177,071 |
|
|
|
|
|
9,846,812 |
|
40,116 |
| |||||||
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
17,369,977 |
|
|
|
9,000,000 |
|
2,688,654 |
|
(570,126 |
) |
10,488,505 |
|
|
| |||||||
UBS U.S. Equity Alpha Relationship Fund |
|
62,547,042 |
|
|
|
20,000,000 |
|
4,573,639 |
|
11,482,564 |
|
58,603,245 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
53,202,142 |
|
|
|
55,167,044 |
|
3,531,044 |
|
(1,566,142 |
) |
|
|
|
| |||||||
|
|
$ |
167,926,914 |
|
$ |
332,159,376 |
|
$ |
383,808,399 |
|
$ |
10,793,337 |
|
$ |
9,346,296 |
|
$ |
136,417,524 |
|
$ |
98,133 |
|
a |
The adviser does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information. |
ABS |
Asset-backed securities |
ADR |
American depositary receipt |
CDI |
Chess depositary interest |
CDO |
Collateralized debt obligations |
CLO |
Collateralized loan obligations |
CVA |
Dutch certification - depository certificate |
GDR |
Global depositary receipt |
GE |
General Electric |
GMAC |
General Motors Acceptance Corp. |
GO |
General Obligation |
GSR |
Goldman Sachs Residential |
LIBOR |
London Interbank Offered Rate |
MEXIBOR |
Mexican Interbank Offered Rate |
NPV |
No Par Value |
OJSC |
Open joint stock company |
PO |
Principal only securityThis security entitles the holder to receive principal payments from an underlying pool of assets. High prepayments return principal faster than expected and cause the yield to increase. Low prepayments return principal slower than expected and cause the yield to decrease. |
Preference shares |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
Re-REMIC |
Combined Real Estate Mortgage Investment Conduit |
|
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
EUR |
Euro |
GBP |
Great Britain Pound |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Dynamic Alpha Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| ||||
Barclays Bank PLC |
|
CAD |
|
32,730,000 |
|
USD |
33,024,246 |
|
06/07/11 |
|
$ |
(689,987 |
) |
Barclays Bank PLC |
|
CHF |
|
19,960,000 |
|
USD |
21,317,157 |
|
06/07/11 |
|
(421,974 |
) | |
Barclays Bank PLC |
|
EUR |
|
6,505,000 |
|
SEK |
57,521,113 |
|
06/07/11 |
|
(125,891 |
) | |
Barclays Bank PLC |
|
USD |
|
2,251,478 |
|
CHF |
2,095,000 |
|
06/07/11 |
|
30,260 |
| |
Barclays Bank PLC |
|
USD |
|
13,590,000 |
|
MXN |
163,483,079 |
|
06/07/11 |
|
71,187 |
| |
Goldman Sachs International |
|
AUD |
|
13,725,000 |
|
NZD |
18,369,815 |
|
06/07/11 |
|
(124,090 |
) | |
Goldman Sachs International |
|
EUR |
|
9,965,000 |
|
CAD |
13,500,781 |
|
06/07/11 |
|
(198,358 |
) | |
Goldman Sachs International |
|
EUR |
|
92,960,000 |
|
USD |
127,397,032 |
|
06/07/11 |
|
(4,184,749 |
) | |
Goldman Sachs International |
|
NZD |
|
18,380,000 |
|
USD |
13,423,465 |
|
06/07/11 |
|
(540,066 |
) | |
Goldman Sachs International |
|
USD |
|
4,653,798 |
|
AUD |
4,630,000 |
|
06/07/11 |
|
95,918 |
| |
Goldman Sachs International |
|
USD |
|
2,280,158 |
|
EUR |
1,630,000 |
|
06/07/11 |
|
27,053 |
| |
Goldman Sachs International |
|
USD |
|
25,725,806 |
|
SEK |
165,880,000 |
|
06/07/11 |
|
464,152 |
| |
Goldman Sachs International |
|
USD |
|
27,475,067 |
|
SGD |
35,070,000 |
|
06/07/11 |
|
349,727 |
| |
HSBC Bank, N.A. |
|
AUD |
|
20,170,000 |
|
USD |
20,010,052 |
|
06/07/11 |
|
(681,477 |
) | |
HSBC Bank, N.A. |
|
CAD |
|
4,407,464 |
|
USD |
4,530,000 |
|
06/07/11 |
|
(10,002 |
) | |
HSBC Bank, N.A. |
|
EUR |
|
4,880,000 |
|
PLN |
19,584,416 |
|
06/07/11 |
|
(49,304 |
) | |
HSBC Bank, N.A. |
|
NZD |
|
75,790,000 |
|
USD |
56,118,706 |
|
06/07/11 |
|
(1,459,968 |
) | |
HSBC Bank, N.A. |
|
USD |
|
12,899,547 |
|
TRY |
20,925,000 |
|
06/07/11 |
|
503,275 |
| |
JPMorgan Chase Bank |
|
AUD |
|
480,000 |
|
USD |
475,433 |
|
06/02/11 |
|
(17,282 |
) | |
JPMorgan Chase Bank |
|
CAD |
|
575,000 |
|
USD |
582,399 |
|
06/02/11 |
|
(9,969 |
) | |
JPMorgan Chase Bank |
|
DKK |
|
15,470,000 |
|
USD |
2,846,978 |
|
06/07/11 |
|
(89,973 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
710,000 |
|
USD |
984,966 |
|
06/02/11 |
|
(20,132 |
) | |
JPMorgan Chase Bank |
|
EUR |
|
9,760,000 |
|
USD |
13,476,579 |
|
06/07/11 |
|
(338,376 |
) | |
JPMorgan Chase Bank |
|
GBP |
|
460,000 |
|
USD |
742,027 |
|
06/02/11 |
|
4,681 |
| |
JPMorgan Chase Bank |
|
GBP |
|
30,140,000 |
|
USD |
48,925,358 |
|
06/07/11 |
|
616,765 |
| |
JPMorgan Chase Bank |
|
KRW |
|
4,951,000,000 |
|
USD |
4,437,175 |
|
06/07/11 |
|
(57,105 |
) | |
JPMorgan Chase Bank |
|
MXN |
|
43,660,000 |
|
USD |
3,617,246 |
|
06/07/11 |
|
(31,128 |
) | |
JPMorgan Chase Bank |
|
MYR |
|
13,845,000 |
|
USD |
4,553,977 |
|
06/07/11 |
|
3,625 |
| |
JPMorgan Chase Bank |
|
NOK |
|
12,360,000 |
|
USD |
2,180,054 |
|
06/07/11 |
|
(46,854 |
) | |
JPMorgan Chase Bank |
|
SEK |
|
14,280,000 |
|
USD |
2,240,790 |
|
06/07/11 |
|
(13,807 |
) | |
JPMorgan Chase Bank |
|
TRY |
|
22,252,958 |
|
USD |
14,180,000 |
|
06/07/11 |
|
(73,402 |
) | |
JPMorgan Chase Bank |
|
USD |
|
2,176,279 |
|
CHF |
1,970,000 |
|
06/07/11 |
|
(30,683 |
) | |
JPMorgan Chase Bank |
|
USD |
|
3,812,684 |
|
EUR |
2,775,000 |
|
06/02/11 |
|
115,690 |
| |
JPMorgan Chase Bank |
|
USD |
|
5,258,750 |
|
EUR |
3,755,000 |
|
06/07/11 |
|
56,328 |
| |
JPMorgan Chase Bank |
|
USD |
|
12,711,044 |
|
JPY |
1,052,593,512 |
|
06/07/11 |
|
(51,542 |
) | |
JPMorgan Chase Bank |
|
USD |
|
56,170,188 |
|
KRW |
63,398,430,500 |
|
06/07/11 |
|
1,379,864 |
| |
JPMorgan Chase Bank |
|
USD |
|
43,812,546 |
|
MXN |
538,500,000 |
|
06/07/11 |
|
1,186,295 |
| |
JPMorgan Chase Bank |
|
USD |
|
39,570,374 |
|
MYR |
121,010,000 |
|
06/07/11 |
|
201,243 |
| |
JPMorgan Chase Bank |
|
USD |
|
22,065,332 |
|
PLN |
64,245,000 |
|
06/07/11 |
|
432,320 |
| |
JPMorgan Chase Bank |
|
USD |
|
9,060,000 |
|
SGD |
11,511,650 |
|
06/07/11 |
|
73,427 |
| |
JPMorgan Chase Bank |
|
USD |
|
19,617,179 |
|
TWD |
574,278,150 |
|
06/07/11 |
|
(60,805 |
) | |
Royal Bank of Scotland |
|
USD |
|
6,674,818 |
|
AUD |
6,635,000 |
|
06/07/11 |
|
131,740 |
| |
Royal Bank of Scotland |
|
USD |
|
2,637,390 |
|
CAD |
2,580,000 |
|
06/07/11 |
|
20,194 |
| |
Royal Bank of Scotland |
|
USD |
|
2,173,777 |
|
NZD |
2,905,000 |
|
06/07/11 |
|
33,191 |
| |
State Street Bank & Trust |
|
AUD |
|
46,920,000 |
|
USD |
46,451,269 |
|
06/07/11 |
|
(1,681,925 |
) | |
State Street Bank & Trust |
|
EUR |
|
7,140,000 |
|
USD |
9,755,032 |
|
06/02/11 |
|
(352,566 |
) | |
State Street Bank & Trust |
|
JPY |
|
375,300,000 |
|
USD |
4,572,926 |
|
06/07/11 |
|
59,207 |
| |
State Street Bank & Trust |
|
USD |
|
1,378,060 |
|
EUR |
1,000,000 |
|
06/07/11 |
|
37,407 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
$ |
(5,467,866 |
) |
Currency type abbreviations:
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
DKK |
Danish Krone |
EUR |
Euro |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
KRW |
Korean Won |
MXN |
Mexican Peso |
MYR |
Malaysian Ringgit |
NOK |
Norwegian Krone |
NZD |
New Zealand Dollar |
PLN |
Polish Zloty |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
TRY |
Turkish Lira |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
Futures contracts
UBS Dynamic Alpha Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 24 contracts (USD) |
|
June 2011 |
|
$ |
2,882,758 |
|
$ |
2,884,500 |
|
$ |
1,742 |
|
US Ultra Bond Futures, 66 contracts (USD) |
|
June 2011 |
|
8,070,222 |
|
8,155,125 |
|
84,903 |
| |||
2 Year US Treasury Notes, 130 contracts (USD) |
|
June 2011 |
|
28,345,549 |
|
28,356,250 |
|
10,701 |
| |||
5 Year US Treasury Notes, 22 contracts (USD) |
|
June 2011 |
|
2,585,378 |
|
2,569,359 |
|
(16,019 |
) | |||
10 Year US Treasury Notes, 11 contracts (USD) |
|
June 2011 |
|
1,308,973 |
|
1,309,344 |
|
371 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 969 contracts (USD) |
|
June 2011 |
|
(114,125,863 |
) |
(113,168,602 |
) |
957,261 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Amsterdam Exchange Index, 85 contracts (EUR) |
|
April 2011 |
|
8,327,875 |
|
8,772,043 |
|
444,168 |
| |||
QAC 40 Euro Index, 153 contracts (EUR) |
|
April 2011 |
|
8,140,017 |
|
8,653,749 |
|
513,732 |
| |||
DAX Index, 3 contracts (EUR) |
|
June 2011 |
|
696,104 |
|
752,374 |
|
56,270 |
| |||
Dow Jones EURO STOXX 50 Index, 458 contracts (EUR) |
|
June 2011 |
|
17,382,453 |
|
18,459,767 |
|
1,077,314 |
| |||
MSCI Singapore Index, 31 contracts (SGD) |
|
April 2011 |
|
1,765,067 |
|
1,804,665 |
|
39,598 |
| |||
NIKKEI 225 Index, 84 contracts (JPY) |
|
June 2011 |
|
10,618,595 |
|
9,856,215 |
|
(762,380 |
) | |||
SPI 200 Index, 48 contracts (AUD) |
|
June 2011 |
|
5,715,520 |
|
6,038,535 |
|
323,015 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
FTSE 100 Index, 198 contracts (GBP) |
|
June 2011 |
|
(18,176,520 |
) |
(18,691,032 |
) |
(514,512 |
) | |||
FTSE/MIB Index, 78 contracts (EUR) |
|
June 2011 |
|
(11,399,799 |
) |
(11,801,974 |
) |
(402,175 |
) | |||
Hang Seng Stock Index, 33 contracts (HKD) |
|
April 2011 |
|
(4,876,206 |
) |
(4,988,044 |
) |
(111,838 |
) | |||
IBEX 35 Index, 35 contracts (EUR) |
|
April 2011 |
|
(5,020,403 |
) |
(5,241,939 |
) |
(221,536 |
) | |||
OMXS 30 Index, 1,282 contracts (SEK) |
|
April 2011 |
|
(21,148,108 |
) |
(22,773,531 |
) |
(1,625,423 |
) | |||
S&P 500 Index, 90 contracts (USD) |
|
June 2011 |
|
(29,277,810 |
) |
(29,722,500 |
) |
(444,690 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Months Euro Euribor, 35 contracts (EUR) |
|
September 2011 |
|
12,199,558 |
|
12,172,331 |
|
(27,227 |
) | |||
90 Day Euro-Dollar Futures, 93 contracts (USD) |
|
March 2015 |
|
22,309,658 |
|
22,313,025 |
|
3,367 |
| |||
Long Gilt, 362 contracts (GBP) |
|
June 2011 |
|
68,400,783 |
|
68,043,009 |
|
(357,774 |
) | |||
30 Day Fed Fund Futures, 54 contracts (USD) |
|
April 2011 |
|
22,466,922 |
|
22,474,798 |
|
7,876 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
1 Month Euro-Dollar Futures, 2 contracts (USD) |
|
April 2011 |
|
(498,618 |
) |
(498,787 |
) |
(169 |
) | |||
90 Day Euro-Dollar Futures, 48 contracts (USD) |
|
September 2011 |
|
(11,938,632 |
) |
(11,944,800 |
) |
(6,168 |
) | |||
90 Day Euro-Dollar Futures, 93 contracts (USD) |
|
March 2013 |
|
(22,756,124 |
) |
(22,728,037 |
) |
28,087 |
| |||
Japanese 10 Year Bond, 96 contracts (JPY) |
|
June 2011 |
|
(161,077,549 |
) |
(161,057,947 |
) |
19,602 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(921,904 |
) | ||
Currency type abbreviations:
AUD |
Australian Dollar |
EUR |
Euro |
GBP |
Great Britain Pound |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
HKD |
Hong Kong Dollar |
JPY |
Japanese Yen |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
USD |
United States Dollar |
Options written
UBS Dynamic Alpha Fund had the following open options written as of March 31, 2011:
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
90 Day Euro-Dollar Future mid-curve, 238 contracts, strike @ USD 99.000 |
|
June 2011 |
|
$ |
109,391 |
|
$ |
(50,575 |
) |
Foreign Exchange Option, Sell AUD/USD, $9,950,000 face amount covered by contracts, strike @ AUD 1.019 |
|
April 2011 |
|
109,583 |
|
(159,791 |
) | ||
Foreign Exchange Option, Sell AUD/USD, $9,665,000 face amount covered by contracts, strike @ AUD 1.003 |
|
May 2011 |
|
142,186 |
|
(311,549 |
) | ||
Foreign Exchange Option, Sell AUD/USD, $8,994,000 face amount covered by contracts, strike @ AUD 1.034 |
|
June 2011 |
|
91,089 |
|
(148,060 |
) | ||
Put options |
|
|
|
|
|
|
| ||
1 Year Euro-Dollar Mid Curve, 254 contracts, strike @ USD 97.500 |
|
September 2011 |
|
110,236 |
|
(53,975 |
) | ||
1 Year Euro-Dollar Mid Curve, 127 contracts, strike @ USD 97.250 |
|
December 2011 |
|
78,931 |
|
(59,531 |
) | ||
2 Year US Treasury Notes, 230 contracts, strike @ USD 108.250 |
|
May 2011 |
|
6,675 |
|
(7,188 |
) | ||
90 Day Euro-Dollar Futures, 528 contracts, strike @ USD 95.000 |
|
September 2011 |
|
394,152 |
|
(3,300 |
) | ||
90 Day Euro-Dollar Time Deposit, 254 contracts, strike @ USD 99.500 |
|
September 2011 |
|
138,811 |
|
(60,325 |
) | ||
90 Day Euro-Dollar Time Deposit, 127 contracts, strike @ USD 99.250 |
|
December 2011 |
|
77,343 |
|
(42,863 |
) | ||
90 Day Euro-Dollar Time Deposit, 100 contracts, strike @ USD 96.000 |
|
December 2012 |
|
44,650 |
|
(39,375 |
) | ||
90 Day Euro-Dollar Future mid-curve, 400 contracts, strike @ USD 98.500 |
|
April 2011 |
|
48,600 |
|
(17,500 |
) | ||
S&P 500 Index, 544 contracts, strike @ USD 1,125.000 |
|
May 2011 |
|
542,368 |
|
(146,880 |
) | ||
Options written on interest rate swaps |
|
|
|
|
|
|
| ||
If option exercised the Fund pays monthly 1.550% and receives quarterly floating 3 month LIBOR. Underlying interest rate swap terminating 06/10/12. European style. Counterparty: Merrill Lynch International, Notional Amount USD 64,025,000 |
|
June 2011 |
|
266,504 |
|
(495 |
) | ||
If option exercised the Fund pays monthly 7.250% and receives quarterly floating 3 month LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: Deutsche Bank AG, Notional Amount USD 7,050,000 |
|
November 2015 |
|
129,720 |
|
(174,263 |
) | ||
If option exercised the Fund pays monthly 8.760% and receives quarterly floating 3 month LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: Deutsche Bank AG, Notional Amount USD 7,050,000 |
|
November 2015 |
|
83,895 |
|
(89,689 |
) | ||
Receiver options written on credit default swaps on credit indices |
|
|
|
|
|
|
| ||
If option exercised payment to the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 15 Index and Fund pays fixed rate of 5.000%. Underlying credit default swap terminating 12/20/15. European style. Counterparty: Deutsche Bank AG, Notional Amount USD 14,000,000 |
|
June 2011 |
|
336,000 |
|
(297,340 |
) | ||
Total options written |
|
|
|
$ |
2,710,134 |
|
$ |
(1,662,699 |
) |
LIBOR |
London Interbank Offered Rate |
Currency type abbreviations:
AUD |
Australian Dollar |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Written option activity for the period ended March 31, 2011 for UBS Dynamic Alpha Fund was as follows:
|
|
Number of |
|
Amount of |
| |
Options outstanding at June 30, 2010 |
|
2,678 |
|
$ |
1,073,661 |
|
Options written |
|
15,285 |
|
3,648,726 |
| |
Options terminated in closing purchase transactions |
|
(15,161 |
) |
(3,171,230 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2011 |
|
2,802 |
|
$ |
1,551,157 |
|
Swaption activity for the period ended March 31, 2011 for UBS Dynamic Alpha Fund was as follows:
Swaptions & Foreign exchange options outstanding at June 30, 2010 |
|
|
|
$ |
779,716 |
|
Swaptions & Foreign exchange options written |
|
|
|
3,943,464 |
| |
Swaptions & Foreign exchange options terminated in closing purchase transactions |
|
|
|
(3,146,475 |
) | |
Swaptions & Foreign exchange options expired prior to exercise |
|
|
|
(417,728 |
) | |
Swaptions & Foreign exchange options outstanding at March 31, 2011 |
|
|
|
$ |
1,158,977 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Swap agreements
UBS Dynamic Alpha Fund had outstanding currency swap agreements with the following terms as of March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upfront |
|
|
|
|
| |||
|
|
Pay |
|
Pay |
|
Receive |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
payments |
|
|
|
Unrealized |
| |||
Counterparty |
|
currency |
|
contracts |
|
currency |
|
contracts |
|
date |
|
rate |
|
rate |
|
received |
|
Value |
|
(depreciation) |
| |||
Citigroup Global Markets Ltd. |
|
AUD |
|
5,650,000 |
|
USD |
|
5,644,915 |
|
02/25/40 |
|
4.9600 |
%1 |
0.3028 |
%2 |
$ |
(1,029,430 |
) |
$ |
(212,680 |
) |
$ |
(1,242,110 |
) |
Deutsche Bank AG |
|
EUR |
|
3,273,917 |
|
USD |
|
4,500,000 |
|
03/16/20 |
|
0.9950 |
3 |
0.3028 |
2 |
|
|
(129,411 |
) |
(129,411 |
) | |||
Deutsche Bank AG |
|
USD |
|
4,500,000 |
|
EUR |
|
3,273,917 |
|
03/16/40 |
|
0.3028 |
2 |
0.9950 |
3 |
|
|
104,525 |
|
104,525 |
| |||
Merrill Lynch International |
|
USD |
|
5,644,915 |
|
AUD |
|
5,650,000 |
|
02/25/20 |
|
0.3028 |
2 |
4.9600 |
1 |
1,029,430 |
|
259,841 |
|
1,289,271 |
| |||
Merrill Lynch International |
|
USD |
|
4,098,781 |
|
CAD |
|
4,000,000 |
|
03/16/20 |
|
0.3028 |
2 |
1.2914 |
4 |
244,241 |
|
20,899 |
|
265,140 |
| |||
Merrill Lynch International |
|
CAD |
|
4,000,000 |
|
USD |
|
4,098,781 |
|
03/16/40 |
|
1.2914 |
4 |
0.3028 |
2 |
(244,241 |
) |
(26,651 |
) |
(270,892 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
16,523 |
|
$ |
16,523 |
|
1 |
Based on 3 month BBSW. |
2 |
Based on 3 month USD LIBOR. |
3 |
Based on 3 month EURIBOR. |
4 |
Based on the 3 month Canadian Bankers Acceptance. |
BBSW |
Bank Bill Swap Reference Rate (Australian Financial Market) |
EURIBOR |
Euro Interbank Offered Rate |
LIBOR |
London Interbank Offered Rate |
|
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
EUR |
Euro |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
UBS Dynamic Alpha Fund had outstanding interest rate swap agreements with the following terms as of March 31, 2011:
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made by |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Citibank, N.A. |
|
USD |
27,444,000 |
|
08/31/14 |
|
2.6325 |
% |
0.3028 |
%2 |
$ |
|
|
$ |
(888,903 |
) |
$ |
(888,903 |
) |
Citibank, N.A. |
|
USD |
20,960,000 |
|
11/15/16 |
|
4.0000 |
|
0.3028 |
%2 |
|
|
(1,851,013 |
) |
(1,851,013 |
) | |||
Citibank, N.A. |
|
USD |
7,029,000 |
|
02/15/36 |
|
4.6680 |
|
0.3028 |
%2 |
|
|
(527,102 |
) |
(527,102 |
) | |||
Credit Suisse International |
|
EUR |
10,670,000 |
|
04/13/15 |
|
1.2040 |
3 |
2.4430 |
|
(340,303 |
) |
12,870 |
|
(327,433 |
) | |||
Credit Suisse International |
|
EUR |
5,140,000 |
|
04/13/20 |
|
3.3300 |
|
1.2040 |
3 |
247,389 |
|
(68,871 |
) |
178,518 |
| |||
Deutsche Bank AG |
|
AUD |
7,400,000 |
|
09/21/19 |
|
5.1300 |
4 |
5.9700 |
|
|
|
25,826 |
|
25,826 |
| |||
Deutsche Bank AG |
|
AUD |
2,945,000 |
|
02/11/21 |
|
5.1300 |
4 |
6.5850 |
|
|
|
14,773 |
|
14,773 |
| |||
Deutsche Bank AG |
|
AUD |
3,640,000 |
|
09/21/39 |
|
5.6200 |
|
5.1300 |
4 |
(3,103 |
) |
42,455 |
|
39,352 |
| |||
Deutsche Bank AG |
|
CAD |
12,950,000 |
|
10/03/13 |
|
1.2914 |
5 |
1.8750 |
|
|
|
(136,226 |
) |
(136,226 |
) | |||
Deutsche Bank AG |
|
CAD |
11,550,000 |
|
10/03/16 |
|
2.4850 |
|
1.2914 |
5 |
|
|
412,898 |
|
412,898 |
| |||
Deutsche Bank AG |
|
CAD |
3,200,000 |
|
10/03/21 |
|
1.2914 |
5 |
3.2600 |
|
|
|
(193,244 |
) |
(193,244 |
) | |||
Deutsche Bank AG |
|
EUR |
1,150,000 |
|
03/15/16 |
|
1.2040 |
3 |
2.9300 |
|
|
|
(9,211 |
) |
(9,211 |
) | |||
Deutsche Bank AG |
|
GBP |
8,750,000 |
|
04/13/15 |
|
2.9375 |
|
1.0275 |
6 |
|
|
(256,432 |
) |
(256,432 |
) | |||
Deutsche Bank AG |
|
GBP |
4,250,000 |
|
04/13/20 |
|
1.0275 |
6 |
3.8660 |
|
|
|
174,255 |
|
174,255 |
| |||
Deutsche Bank AG |
|
KRW |
4,600,000,000 |
|
01/26/21 |
|
4.8100 |
|
|
7 |
|
|
(19,618 |
) |
(19,618 |
) | |||
Deutsche Bank AG |
|
USD |
50,500,000 |
|
03/31/13 |
|
1.1330 |
|
0.3028 |
2 |
|
|
(87,580 |
) |
(87,580 |
) | |||
Deutsche Bank AG |
|
USD |
20,268,000 |
|
02/15/17 |
|
0.3028 |
2 |
3.4175 |
|
|
|
883,547 |
|
883,547 |
| |||
Deutsche Bank AG |
|
USD |
11,000,000 |
|
10/01/18 |
|
4.5460 |
|
0.3028 |
2 |
|
|
(1,317,874 |
) |
(1,317,874 |
) | |||
Deutsche Bank AG |
|
USD |
451,000 |
|
02/15/36 |
|
4.5450 |
|
0.3028 |
2 |
|
|
(24,972 |
) |
(24,972 |
) | |||
Deutsche Bank AG |
|
USD |
360,000 |
|
04/01/39 |
|
4.5690 |
|
0.3028 |
2 |
|
|
(19,047 |
) |
(19,047 |
) | |||
Deutsche Bank AG |
|
USD |
990,000 |
|
10/01/39 |
|
4.0580 |
|
0.3028 |
2 |
|
|
14,050 |
|
14,050 |
| |||
Goldman Sachs International |
|
CHF |
77,100,000 |
|
03/28/13 |
|
0.8150 |
|
0.2400 |
8 |
|
|
98,414 |
|
98,414 |
| |||
Goldman Sachs International |
|
EUR |
4,650,000 |
|
10/10/21 |
|
1.2040 |
3 |
2.7950 |
|
|
|
(545,642 |
) |
(545,642 |
) | |||
Goldman Sachs International |
|
EUR |
2,050,000 |
|
10/10/41 |
|
2.8550 |
|
1.2040 |
3 |
|
|
533,761 |
|
533,761 |
| |||
JPMorgan Chase Bank |
|
AUD |
4,600,000 |
|
01/27/21 |
|
5.1300 |
4 |
6.4650 |
|
|
|
5,046 |
|
5,046 |
| |||
JPMorgan Chase Bank |
|
CAD |
1,950,000 |
|
03/11/16 |
|
2.7950 |
|
1.2914 |
5 |
|
|
11,261 |
|
11,261 |
| |||
JPMorgan Chase Bank |
|
EUR |
4,680,000 |
|
12/17/15 |
|
1.2040 |
3 |
2.6375 |
|
|
|
(86,195 |
) |
(86,195 |
) | |||
JPMorgan Chase Bank |
|
USD |
5,870,000 |
|
12/08/15 |
|
1.8050 |
|
0.3028 |
2 |
|
|
94,415 |
|
94,415 |
| |||
JPMorgan Chase Bank |
|
USD |
119,500,000 |
|
11/24/18 |
|
0.2520 |
9 |
0.3028 |
2 |
|
|
191,860 |
|
191,860 |
| |||
JPMorgan Chase Bank |
|
USD |
6,380,000 |
|
12/08/20 |
|
0.3028 |
2 |
3.1250 |
|
|
|
(135,301 |
) |
(135,301 |
) | |||
JPMorgan Chase Bank |
|
USD |
1,570,000 |
|
12/08/40 |
|
3.9975 |
|
0.3028 |
2 |
|
|
53,466 |
|
53,466 |
| |||
Merrill Lynch International |
|
AUD |
245,000 |
|
02/15/21 |
|
5.1300 |
4 |
6.6350 |
|
|
|
1,631 |
|
1,631 |
| |||
Merrill Lynch International |
|
CAD |
5,290,000 |
|
12/15/15 |
|
2.6770 |
|
1.2914 |
5 |
|
|
25,043 |
|
25,043 |
| |||
Merrill Lynch International |
|
CAD |
1,420,000 |
|
02/04/21 |
|
3.7250 |
|
1.2914 |
5 |
|
|
(3,674 |
) |
(3,674 |
) | |||
Merrill Lynch International |
|
CAD |
1,770,000 |
|
02/04/31 |
|
1.2914 |
5 |
4.3100 |
|
|
|
3,110 |
|
3,110 |
| |||
Merrill Lynch International |
|
CAD |
710,000 |
|
02/04/41 |
|
4.2075 |
|
1.2914 |
5 |
|
|
(2,764 |
) |
(2,764 |
) | |||
Merrill Lynch International |
|
JPY |
1,146,000,000 |
|
04/26/13 |
|
|
10 |
0.4513 |
|
|
|
12,760 |
|
12,760 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made by |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Merrill Lynch International |
|
JPY |
920,000,000 |
|
04/26/16 |
|
0.7063 |
|
|
10 |
|
|
$ |
(38,485 |
) |
$ |
(38,485 |
) | |
Merrill Lynch International |
|
JPY |
239,000,000 |
|
04/26/21 |
|
|
10 |
1.3338 |
|
|
|
5,681 |
|
5,681 |
| |||
Merrill Lynch International |
|
KRW |
3,190,000,000 |
|
02/11/21 |
|
4.8400 |
|
|
7 |
|
|
(16,489 |
) |
(16,489 |
) | |||
Merrill Lynch International |
|
USD |
119,500,000 |
|
11/24/11 |
|
0.3028 |
2 |
0.2520 |
9 |
|
|
87,177 |
|
87,177 |
| |||
Merrill Lynch International |
|
USD |
14,100,000 |
|
10/05/13 |
|
1.1300 |
|
0.3028 |
2 |
|
|
98,911 |
|
98,911 |
| |||
Merrill Lynch International |
|
USD |
11,150,000 |
|
10/05/16 |
|
0.3028 |
2 |
2.1300 |
|
|
|
(359,685 |
) |
(359,685 |
) | |||
Merrill Lynch International |
|
USD |
5,590,000 |
|
09/27/21 |
|
0.3028 |
2 |
3.7160 |
|
|
|
(28,204 |
) |
(28,204 |
) | |||
Merrill Lynch International |
|
USD |
3,100,000 |
|
10/05/21 |
|
2.9863 |
|
0.3028 |
2 |
|
|
210,812 |
|
210,812 |
| |||
Merrill Lynch International |
|
USD |
2,970,000 |
|
08/15/29 |
|
4.2625 |
|
0.3028 |
2 |
|
|
(80,315 |
) |
(80,315 |
) | |||
Merrill Lynch International |
|
USD |
4,080,000 |
|
06/15/39 |
|
3.6250 |
|
0.3028 |
2 |
|
|
389,773 |
|
389,773 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
(96,017 |
) |
$ |
(3,293,052 |
) |
$ |
(3,389,069 |
) | |
1 |
Payments made or received are based on the notional amount. |
2 |
Rate based on 3 month LIBOR (USD BBA). |
3 |
Rate based on 6 month EURIBOR. |
4 |
Rate based on 6 month BBSW. |
5 |
Rate based on 3 month Canadian Bankers Acceptance. |
6 |
Rate based on 6 month LIBOR (GBP BBA). |
7 |
Rate based on 3 month KORIBOR. This is a forward starting trade, and as such, a floating rate has not yet been assigned as of March 31, 2011. |
8 |
Rate based on 6 month LIBOR (CHF BBA). |
9 |
Rate based on 1 month LIBOR (USD BBA). |
10 |
Rate based on 6 month LIBOR (JPY BBA). This is a forward starting trade, and as such, a floating rate has not yet been assigned as of March 31, 2011. |
BBA |
British Banking Association |
BBSW |
Bank Bill Swap Rate (Australian Financial Market) |
EURIBOR |
Euro Interbank Offered Rate |
KORIBOR |
Korea Interbank Offered Rate |
LIBOR |
London Interbank Offered Rate |
|
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
CHF |
Swiss franc |
EUR |
Euro |
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
KRW |
Korean Won |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Credit default swaps on credit indices buy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
Citigroup Global Markets Ltd. |
|
USD |
3,750,000 |
|
06/20/15 |
|
5.0000 |
% |
|
3 |
$ |
(117,188 |
) |
$ |
(191,703 |
) |
$ |
(308,891 |
) |
Deutsche Bank AG |
|
USD |
10,000,000 |
|
12/20/12 |
|
0.6000 |
|
|
4 |
|
|
(6,635 |
) |
(6,635 |
) | |||
Deutsche Bank AG |
|
USD |
5,500,000 |
|
06/20/15 |
|
5.0000 |
|
|
3 |
(173,021 |
) |
(281,165 |
) |
(454,186 |
) | |||
Deutsche Bank AG |
|
USD |
14,000,000 |
|
12/20/15 |
|
5.0000 |
|
|
5 |
712,201 |
|
(551,851 |
) |
160,350 |
| |||
Goldman Sachs International |
|
USD |
4,960,000 |
|
12/20/13 |
|
1.5000 |
|
|
6 |
(120,095 |
) |
(115,483 |
) |
(235,578 |
) | |||
Goldman Sachs International |
|
USD |
8,460,000 |
|
06/20/14 |
|
5.0000 |
|
|
7 |
(1,322,463 |
) |
(580,673 |
) |
(1,903,136 |
) | |||
Goldman Sachs International |
|
USD |
12,500,000 |
|
12/20/15 |
|
5.0000 |
|
|
8 |
1,799,306 |
|
(1,631,175 |
) |
168,131 |
| |||
Merrill Lynch International |
|
EUR |
3,750,000 |
|
06/20/15 |
|
1.0000 |
|
|
9 |
12,904 |
|
(28,720 |
) |
(15,816 |
) | |||
Merrill Lynch International |
|
EUR |
14,600,000 |
|
12/20/15 |
|
1.0000 |
|
|
10 |
(63,743 |
) |
(30,648 |
) |
(94,391 |
) | |||
Merrill Lynch International |
|
USD |
2,000,000 |
|
12/20/15 |
|
1.0000 |
|
|
11 |
(93,727 |
) |
38,175 |
|
(55,552 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
634,174 |
|
$ |
(3,379,878 |
) |
$ |
(2,745,704 |
) |
1 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
Payments made are based on the notional amount. |
3 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.HY Series 14 Index. |
4 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.IG Series 9 Index. |
5 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.HY Series 15 Index. |
6 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.IG Series 11 Index. |
7 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.HY Series 12 Index. |
8 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.EM Series 14 Index. |
9 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the iTraxx Europe Series 13 Index. |
10 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the iTraxx Europe Series 14 Index. |
11 |
Payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the MCDX.NA 15 Index. |
Currency type abbreviations:
EUR |
Euro |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Credit default swaps on credit indices sell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
Citigroup Global Markets Ltd. |
|
USD |
9,250,000 |
|
06/20/15 |
|
|
4 |
5.0000 |
% |
$ |
154,966 |
|
$ |
472,868 |
|
$ |
627,834 |
|
3.6930 |
% |
Deutsche Bank AG |
|
USD |
31,350,000 |
|
06/20/15 |
|
|
4 |
5.0000 |
|
550,802 |
|
1,602,641 |
|
2,153,443 |
|
3.6930 |
| |||
Deutsche Bank AG |
|
USD |
13,550,000 |
|
06/20/15 |
|
|
4 |
5.0000 |
|
159,965 |
|
692,690 |
|
852,655 |
|
3.6930 |
| |||
Deutsche Bank AG |
|
USD |
9,500,000 |
|
07/25/45 |
|
|
5 |
0.5400 |
|
|
|
(5,129,876 |
) |
(5,129,876 |
) |
|
| |||
Goldman Sachs International |
|
USD |
6,500,000 |
|
06/20/15 |
|
|
6 |
1.0000 |
|
14,442 |
|
73,831 |
|
88,273 |
|
0.7280 |
| |||
Merrill Lynch International |
|
USD |
3,100,000 |
|
07/25/45 |
|
|
5 |
0.5400 |
|
|
|
(1,673,960 |
) |
(1,673,960 |
) |
|
| |||
|
|
|
|
|
|
|
|
|
|
$ |
880,175 |
|
$ |
(3,961,806 |
) |
$ |
(3,081,631 |
) |
|
|
1 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2 |
Payments received are based on the notional amount. |
3 |
Credit spreads, where available, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
4 |
Payment to the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.HY Series 14 Index. |
5 |
Payment to the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones ABX-HE-A Series 6 Index. |
6 |
Payment to the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the Dow Jones CDX.NA.IG Series 14 Index. |
Currency type abbreviation:
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Credit default swaps on corporate and sovereign issues buy protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
Citigroup Global Markets Ltd. |
|
EUR |
1,000,000 |
|
12/20/15 |
|
1.0000 |
% |
|
3 |
$ |
(18,770 |
) |
$ |
(6,482 |
) |
$ |
(25,252 |
) |
Citigroup Global Markets Ltd. |
|
USD |
600,000 |
|
09/20/14 |
|
5.0000 |
|
|
4 |
(53,000 |
) |
(91,091 |
) |
(144,091 |
) | |||
Citigroup Global Markets Ltd. |
|
USD |
2,600,000 |
|
12/20/14 |
|
1.0000 |
|
|
5 |
29,397 |
|
(47,723 |
) |
(18,326 |
) | |||
Deutsche Bank AG |
|
EUR |
1,500,000 |
|
03/20/14 |
|
5.0000 |
|
|
6 |
236,056 |
|
(220,124 |
) |
15,932 |
| |||
Deutsche Bank AG |
|
USD |
1,875,000 |
|
03/20/14 |
|
1.0000 |
|
|
7 |
13,542 |
|
(16,177 |
) |
(2,635 |
) | |||
Deutsche Bank AG |
|
USD |
1,895,000 |
|
03/20/14 |
|
1.0000 |
|
|
8 |
16,488 |
|
(21,223 |
) |
(4,735 |
) | |||
Deutsche Bank AG |
|
USD |
3,000,000 |
|
12/20/14 |
|
1.0000 |
|
|
9 |
47,207 |
|
(62,384 |
) |
(15,177 |
) | |||
Deutsche Bank AG |
|
USD |
675,000 |
|
03/20/16 |
|
1.0000 |
|
|
10 |
(9,326 |
) |
10,532 |
|
1,206 |
| |||
Merrill Lynch International |
|
USD |
1,265,000 |
|
12/20/13 |
|
3.0500 |
|
|
11 |
|
|
(93,774 |
) |
(93,774 |
) | |||
Merrill Lynch International |
|
USD |
2,740,000 |
|
06/20/15 |
|
1.0000 |
|
|
12 |
53,128 |
|
27,132 |
|
80,260 |
| |||
Merrill Lynch International |
|
USD |
2,740,000 |
|
06/20/15 |
|
0.2500 |
|
|
13 |
(37,017 |
) |
39,524 |
|
2,507 |
| |||
Merrill Lynch International |
|
USD |
600,000 |
|
03/20/16 |
|
1.0000 |
|
|
14 |
2,670 |
|
(428 |
) |
2,242 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
280,375 |
|
$ |
(482,218 |
) |
$ |
(201,843 |
) |
1 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
Payments made are based on the notional amount. |
3 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Saint Gobain Nederland BV 5.000% bond, due 04/25/14. |
4 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Textron Financial Corp. 5.125% bond, due 08/15/14. |
5 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Wells Fargo & Company 0.702% bond, due 10/28/15. |
6 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15. |
7 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond, due 03/15/18. |
8 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond, due 09/01/25. |
9 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the JPMorgan Chase & Co. 4.750% bond, due 03/01/15. |
10 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Prudential Financial Inc. 4.500% bond, due 07/15/13. |
11 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the American Express Co. 4.875% bond, due 07/15/13. |
12 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Belgium Kingdom 4.250% bond, due 09/28/14. |
13 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the The Government of France 4.250% bond, due 04/25/19. |
14 |
Payment from the counterparty will be received upon the occurrence of bankruptcy and/or restructuring event with respect to the Allstate Corp. 6.750% bond, due 05/15/18. |
Currency type abbreviations:
EUR |
Euro |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
Credit default swaps on corporate and sovereign issues sell protection1
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
Citigroup Global Markets Ltd. |
|
EUR |
1,000,000 |
|
12/20/15 |
|
|
4 |
1.0000 |
% |
$ |
47,182 |
|
$ |
(11,452 |
) |
$ |
35,730 |
|
1.1920 |
% |
Citigroup Global Markets Ltd. |
|
USD |
1,000,000 |
|
03/20/15 |
|
|
5 |
1.0000 |
|
38,346 |
|
(8,249 |
) |
30,097 |
|
1.2230 |
| |||
Credit Suisse International |
|
EUR |
4,700,000 |
|
12/20/15 |
|
|
6 |
0.2500 |
|
54,276 |
|
(39,284 |
) |
14,992 |
|
0.3840 |
| |||
Deutsche Bank AG |
|
EUR |
1,000,000 |
|
03/20/16 |
|
|
7 |
5.0000 |
|
(190,725 |
) |
176,279 |
|
(14,446 |
) |
2.2210 |
| |||
Deutsche Bank AG |
|
USD |
600,000 |
|
09/20/11 |
|
|
8 |
5.0000 |
|
5,929 |
|
14,816 |
|
20,745 |
|
0.1690 |
| |||
Deutsche Bank AG |
|
USD |
1,265,000 |
|
12/20/13 |
|
|
9 |
5.3500 |
|
|
|
159,804 |
|
159,804 |
|
0.7190 |
| |||
Deutsche Bank AG |
|
USD |
1,400,000 |
|
12/20/13 |
|
|
10 |
4.0800 |
|
|
|
128,503 |
|
128,503 |
|
0.7200 |
| |||
Deutsche Bank AG |
|
USD |
675,000 |
|
06/20/15 |
|
|
11 |
1.0000 |
|
87,610 |
|
(188,451 |
) |
(100,841 |
) |
11.2650 |
| |||
Deutsche Bank AG |
|
USD |
1,250,000 |
|
03/20/16 |
|
|
12 |
1.0000 |
|
27,997 |
|
(22,379 |
) |
5,618 |
|
1.3890 |
| |||
Deutsche Bank AG |
|
USD |
675,000 |
|
03/20/16 |
|
|
5 |
1.0000 |
|
16,938 |
|
(14,572 |
) |
2,366 |
|
1.4710 |
| |||
Deutsche Bank AG |
|
USD |
1,250,000 |
|
03/20/16 |
|
|
13 |
1.0000 |
|
22,358 |
|
(12,580 |
) |
9,778 |
|
1.2210 |
| |||
Deutsche Bank AG |
|
USD |
450,000 |
|
03/20/16 |
|
|
14 |
1.0000 |
|
61,944 |
|
(81,201 |
) |
(19,257 |
) |
5.6900 |
| |||
JP Morgan Chase Bank |
|
EUR |
800,000 |
|
03/20/16 |
|
|
15 |
1.0000 |
|
42,378 |
|
(60,454 |
) |
(18,076 |
) |
2.2170 |
| |||
Merrill Lynch International |
|
EUR |
800,000 |
|
03/20/16 |
|
|
16 |
1.0000 |
|
32,382 |
|
(32,363 |
) |
19 |
|
1.6460 |
| |||
Merrill Lynch International |
|
USD |
600,000 |
|
09/20/14 |
|
|
17 |
5.0000 |
|
13,250 |
|
68,072 |
|
81,322 |
|
1.6440 |
| |||
Merrill Lynch International |
|
USD |
600,000 |
|
03/20/16 |
|
|
18 |
1.0000 |
|
3,070 |
|
(1,542 |
) |
1,528 |
|
1.0610 |
| |||
Morgan Stanley |
|
USD |
500,000 |
|
12/20/15 |
|
|
5 |
1.0000 |
|
20,390 |
|
(9,122 |
) |
11,268 |
|
1.2660 |
| |||
Morgan Stanley |
|
USD |
5,250,000 |
|
03/20/16 |
|
|
19 |
1.0000 |
|
(64,257 |
) |
15,147 |
|
(49,110 |
) |
0.9450 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
219,068 |
|
$ |
80,972 |
|
$ |
300,040 |
|
|
|
1 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. |
2 |
Payments received are based on the notional amount. |
3 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
4 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Holcim Finance Luxembourg SA. 4.375% bond due 12/09/14. |
5 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the MetLife, Inc. 5.000% bond due 06/15/15. |
6 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the United States Treasury Notes. 4.875% bond due 08/15/16. |
7 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the ITV PLC 5.375% bond, due 10/19/15. |
8 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the BP Capital Markets America, Inc. 4.200% bond due 06/15/18. |
9 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the General Electric Capital Corp. 6.000% bond, due 06/15/12. |
10 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Morgan Stanley, 6.600% bond due 04/01/12. |
11 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Hellenic Republic, 5.900% bond,due 10/22/22. |
12 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Computer Sciences Corp. 6.500% bond,due 03/15/18. |
13 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Motorola Solutions Inc. 6.500% bond,due 09/01/25. |
14 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Portugal Obrigacoes do Tesouro OT 5.450% bond,due 09/23/13. |
15 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Renault SA 2.647% bond,due 08/04/14. |
16 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Aegon NV 4.125% bond,due 12/08/14. |
17 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Bombardier Inc. 6.750% bond, due 05/01/12. |
18 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Travelers Cos Inc. 5.900% bond, due 06/02/19. |
19 |
Payment to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the Government of Japan 2.000% bond, due 03/21/22. |
Currency type abbreviations:
EUR |
Euro |
USD |
United States Dollar |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2011 (unaudited)
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 |
| ||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
301,080,429 |
|
$ |
219,403 |
|
$ |
|
|
$ |
301,299,832 |
|
Common stocks sold short |
|
(98,548,092 |
) |
(19,421 |
) |
|
|
(98,567,513 |
) | ||||
Preferred stocks |
|
3,865,107 |
|
|
|
|
|
3,865,107 |
| ||||
Corporate bonds |
|
|
|
24,056,487 |
|
|
|
24,056,487 |
| ||||
Asset-backed securities |
|
|
|
2,244,841 |
|
824,300 |
|
3,069,141 |
| ||||
Collateralized debt obligations |
|
|
|
|
|
6,802,816 |
|
6,802,816 |
| ||||
Commercial mortgage-backed securities |
|
|
|
6,083,784 |
|
|
|
6,083,784 |
| ||||
Mortgage & agency debt securities |
|
|
|
3,443,149 |
|
|
|
3,443,149 |
| ||||
Municipal bonds |
|
|
|
2,274,067 |
|
|
|
2,274,067 |
| ||||
US government obligation |
|
|
|
1,484,045 |
|
|
|
1,484,045 |
| ||||
Non-US government obligation |
|
|
|
206,798 |
|
|
|
206,798 |
| ||||
Investment companies |
|
|
|
69,091,750 |
|
|
|
69,091,750 |
| ||||
Short-term investment |
|
|
|
57,478,962 |
|
|
|
57,478,962 |
| ||||
Options purchased |
|
1,356,700 |
|
627,242 |
|
|
|
1,983,942 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
9,846,812 |
|
|
|
9,846,812 |
| ||||
Other financial instruments1 |
|
(1,403,415 |
) |
(17,668,512 |
) |
|
|
(19,071,927 |
) | ||||
Total |
|
$ |
206,350,729 |
|
$ |
159,369,407 |
|
$ |
7,627,116 |
|
$ |
373,347,252 |
|
1 Other financial instruments include open futures contracts, swap agreements, options written and forward foreign currency contracts.
Level 3 Rollforward Disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
Measurements using unobservable inputs (Level 3)
|
|
Common stock |
|
Asset-backed |
|
Collateralized |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Beginning balance |
|
$ |
0 |
|
$ |
766,614 |
|
$ |
9,334,600 |
|
$ |
10,101,214 |
|
Purchases |
|
|
|
|
|
|
|
|
| ||||
Issuances |
|
|
|
|
|
|
|
|
| ||||
Sales |
|
(6,573 |
) |
|
|
(14,957,101 |
) |
(14,963,674 |
) | ||||
Settlements |
|
|
|
|
|
|
|
|
| ||||
Accrued discounts (premiums) |
|
|
|
16,290 |
|
42,783 |
|
59,073 |
| ||||
Total realized gain (loss) |
|
(1,597,897 |
) |
(3,863 |
) |
(12,700,242 |
) |
(14,302,002 |
) | ||||
Net change in unrealized appreciation/depreciation |
|
1,604,470 |
|
45,259 |
|
25,082,776 |
|
26,732,505 |
| ||||
Net transfers into Level 3 |
|
|
|
|
|
|
|
|
| ||||
Net transfers out of Level 3 |
|
|
|
|
|
|
|
|
| ||||
Ending balance |
|
$ |
|
|
$ |
824,300 |
|
$ |
6,802,816 |
|
$ |
7,627,116 |
|
The change in unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2011 was $7,840,637.
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Common stocks |
|
|
|
Aerospace & defense |
|
1.20 |
% |
Air freight & logistics |
|
0.52 |
|
Airlines |
|
0.44 |
|
Auto components |
|
0.28 |
|
Automobiles |
|
0.63 |
|
Beverages |
|
0.61 |
|
Biotechnology |
|
0.37 |
|
Building products |
|
0.27 |
|
Capital markets |
|
1.55 |
|
Chemicals |
|
1.34 |
|
Commercial banks |
|
2.94 |
|
Communications equipment |
|
1.32 |
|
Computers & peripherals |
|
2.07 |
|
Construction & engineering |
|
0.24 |
|
Construction materials |
|
0.28 |
|
Distributors |
|
0.02 |
|
Diversified consumer services |
|
0.14 |
|
Diversified financial services |
|
1.67 |
|
Diversified telecommunication services |
|
0.53 |
|
Electric utilities |
|
1.46 |
|
Electrical equipment |
|
0.15 |
|
Electronic equipment, instruments & components |
|
0.10 |
|
Energy equipment & services |
|
1.42 |
|
Food & staples retailing |
|
1.13 |
|
Food products |
|
0.58 |
|
Health care equipment & supplies |
|
0.94 |
|
Health care providers & services |
|
1.00 |
|
Health care technology |
|
0.05 |
|
Hotels, restaurants & leisure |
|
1.50 |
|
Household durables |
|
0.23 |
|
Household products |
|
0.87 |
|
Industrial conglomerates |
|
0.20 |
|
Insurance |
|
1.93 |
|
Internet & catalog retail |
|
0.93 |
|
Internet software & services |
|
1.12 |
|
IT services |
|
0.54 |
|
Leisure equipment & products |
|
0.12 |
|
Life sciences tools & services |
|
0.29 |
|
Machinery |
|
1.74 |
|
Media |
|
1.66 |
|
Metals & mining |
|
1.32 |
|
Office electronics |
|
0.19 |
|
Oil, gas & consumable fuels |
|
4.78 |
|
Personal products |
|
0.57 |
|
Pharmaceuticals |
|
2.54 |
|
Professional services |
|
0.24 |
|
Real estate management & development |
|
0.26 |
|
Road & rail |
|
0.95 |
|
Semiconductors & semiconductor equipment |
|
0.72 |
|
Software |
|
1.91 |
|
Specialty retail |
|
0.54 |
|
Textiles, apparel & luxury goods |
|
0.19 |
|
Tobacco |
|
0.22 |
|
Trading companies & distributors |
|
0.53 |
|
Wireless telecommunication services |
|
0.87 |
|
Total common stocks |
|
50.21 |
% |
Preferred stock |
|
0.21 |
|
Bonds |
|
|
|
Corporate bonds |
|
|
|
Commercial banks |
|
0.10 |
|
Diversified financial services |
|
0.18 |
|
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Wireless telecommunication services |
|
0.03 |
% |
Total corporate bonds |
|
0.31 |
% |
Mortgage & agency debt securities |
|
0.11 |
|
US government obligations |
|
6.73 |
|
Non-US government obligations |
|
2.91 |
|
Supranational bond |
|
0.04 |
|
Total bonds |
|
10.10 |
% |
Investment companies |
|
|
|
UBS Credit Bond Relationship Fund |
|
4.31 |
|
UBS Emerging Markets Equity Relationship Fund |
|
3.76 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
15.75 |
|
UBS Global Corporate Bond Relationship Fund |
|
4.30 |
|
UBS High Yield Relationship Fund |
|
4.37 |
|
UBS Small-Cap Equity Relationship Fund |
|
2.22 |
|
Total investment companies |
|
34.71 |
% |
Warrants |
|
0.11 |
|
Short-term investment |
|
3.08 |
|
Investment of cash collateral from securities loaned |
|
0.43 |
|
Total investments |
|
98.85 |
% |
Cash and other assets, less liabilities |
|
1.15 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS Global Allocation Fund. Figures would be different if a breakdown of the underlying investment companies industry diversification was included.
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Common stocks50.21% |
|
|
|
|
| |
Argentina0.05% |
|
|
|
|
| |
MercadoLibre, Inc. |
|
8,100 |
|
$ |
661,203 |
|
|
|
|
|
|
| |
Australia0.51% |
|
|
|
|
| |
National Australia Bank Ltd. |
|
86,157 |
|
2,303,661 |
| |
Orica Ltd. |
|
106,317 |
|
2,899,882 |
| |
Qantas Airways Ltd.* |
|
794,466 |
|
1,791,428 |
| |
Total Australia common stocks |
|
|
|
6,994,971 |
| |
|
|
|
|
|
| |
Belgium0.19% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
45,495 |
|
2,591,593 |
| |
|
|
|
|
|
| |
Brazil0.45% |
|
|
|
|
| |
Banco Bradesco SA ADR |
|
6,764 |
|
140,353 |
| |
Cia de Bebidas das Americas ADR |
|
18,700 |
|
529,397 |
| |
Cosan Ltd., Class A |
|
45,800 |
|
590,820 |
| |
Diagnosticos da America SA |
|
31,000 |
|
398,738 |
| |
Embraer SA ADR |
|
14,000 |
|
471,800 |
| |
Itau Unibanco Holding SA ADR |
|
5,580 |
|
134,199 |
| |
Odontoprev SA |
|
7,000 |
|
114,391 |
| |
Petroleo Brasileiro SA ADR |
|
61,900 |
|
2,502,617 |
| |
Porto Seguro SA |
|
13,500 |
|
228,218 |
| |
Vale SA ADR |
|
31,100 |
|
1,037,185 |
| |
Total Brazil common stocks |
|
|
|
6,147,718 |
| |
|
|
|
|
|
| |
Canada1.69% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
73,000 |
|
2,459,938 |
| |
Petrobank Energy & Resources Ltd.* |
|
79,500 |
|
1,680,201 |
| |
Petrominerales Ltd.1 |
|
74,858 |
|
2,836,805 |
| |
Potash Corp. of Saskatchewan, Inc. |
|
34,200 |
|
2,015,406 |
| |
Research In Motion Ltd.* |
|
41,700 |
|
2,358,340 |
| |
Royal Bank of Canada |
|
55,000 |
|
3,403,249 |
| |
Suncor Energy, Inc. |
|
105,700 |
|
4,740,170 |
| |
Teck Resources Ltd., Class B |
|
67,500 |
|
3,577,953 |
| |
Total Canada common stocks |
|
|
|
23,072,062 |
| |
|
|
|
|
|
| |
China2.06% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
322,000 |
|
507,514 |
| |
AIA Group Ltd.* |
|
960,317 |
|
2,956,797 |
| |
Baidu, Inc. ADR* |
|
31,800 |
|
4,382,358 |
| |
BBMG Corp., H Shares |
|
561,500 |
|
916,758 |
| |
China Liansu Group Holdings Ltd.*1 |
|
1,091,000 |
|
938,323 |
| |
China Oilfield Services Ltd., H Shares |
|
388,000 |
|
877,902 |
| |
Chongqing Machinery & Electric Co., Ltd., H Shares |
|
1,636,000 |
|
557,353 |
| |
CNOOC Ltd. |
|
432,000 |
|
1,088,532 |
| |
CSR Corp. Ltd., H Shares |
|
695,000 |
|
711,212 |
| |
Focus Media Holding Ltd. ADR* |
|
85,800 |
|
2,631,486 |
| |
Hidili Industry International Development Ltd. |
|
431,000 |
|
380,658 |
| |
Industrial & Commercial Bank of China, H Shares |
|
743,000 |
|
617,053 |
| |
International Mining Machinery Holdings Ltd.* |
|
335,000 |
|
293,718 |
| |
Jardine Matheson Holdings Ltd. |
|
49,600 |
|
2,209,184 |
| |
Melco Crown Entertainment Ltd. ADR*1 |
|
168,700 |
|
1,282,120 |
| |
MIE Holdings Corp.* |
|
445,985 |
|
212,714 |
| |
New World Development Ltd. |
|
1,372,000 |
|
2,423,495 |
| |
PetroChina Co., Ltd., H Shares |
|
354,000 |
|
536,105 |
| |
Renesola Ltd. ADR* |
|
12,000 |
|
126,600 |
| |
Sina Corp.* |
|
20,800 |
|
2,226,432 |
| |
Tencent Holdings Ltd. |
|
31,500 |
|
767,399 |
| |
Xingda International Holdings Ltd. |
|
1,008,000 |
|
942,099 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
China(concluded) |
|
|
|
|
| |
Yanzhou Coal Mining Co., Ltd., H Shares |
|
172,000 |
|
$ |
625,772 |
|
Total China common stocks |
|
|
|
28,211,584 |
| |
|
|
|
|
|
| |
Cyprus0.04% |
|
|
|
|
| |
Globaltrans Investment PLC GDR2 |
|
29,336 |
|
539,489 |
| |
|
|
|
|
|
| |
Denmark0.22% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
35,315 |
|
3,008,474 |
| |
|
|
|
|
|
| |
Finland0.20% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
85,920 |
|
2,740,949 |
| |
|
|
|
|
|
| |
France0.50% |
|
|
|
|
| |
BNP Paribas |
|
56,419 |
|
4,126,581 |
| |
Carrefour SA |
|
61,985 |
|
2,744,282 |
| |
Total France common stocks |
|
|
|
6,870,863 |
| |
|
|
|
|
|
| |
Germany1.60% |
|
|
|
|
| |
Allianz SE |
|
21,865 |
|
3,068,650 |
| |
Bayer AG |
|
33,467 |
|
2,591,544 |
| |
Beiersdorf AG |
|
42,408 |
|
2,588,233 |
| |
E.ON AG |
|
98,919 |
|
3,021,052 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
42,037 |
|
2,823,251 |
| |
HeidelbergCement AG |
|
40,490 |
|
2,828,093 |
| |
MAN SE |
|
16,147 |
|
2,013,751 |
| |
Metro AG |
|
44,139 |
|
3,016,031 |
| |
Total Germany common stocks |
|
|
|
21,950,605 |
| |
|
|
|
|
|
| |
India0.16% |
|
|
|
|
| |
ICICI Bank Ltd. ADR |
|
7,100 |
|
353,793 |
| |
Infosys Technology Ltd. ADR |
|
9,900 |
|
709,830 |
| |
Reliance Industries Ltd. GDR3 |
|
10,694 |
|
507,110 |
| |
Tata Motors Ltd. ADR1 |
|
22,500 |
|
625,275 |
| |
Total India common stocks |
|
|
|
2,196,008 |
| |
|
|
|
|
|
| |
Indonesia0.02% |
|
|
|
|
| |
Harum Energy Tbk PT* |
|
231,000 |
|
237,433 |
| |
|
|
|
|
|
| |
Ireland0.55% |
|
|
|
|
| |
Covidien PLC |
|
95,300 |
|
4,949,882 |
| |
Ryanair Holdings PLC ADR |
|
51,800 |
|
1,440,040 |
| |
Seagate Technology PLC* |
|
78,500 |
|
1,130,400 |
| |
Total Ireland common stocks |
|
|
|
7,520,322 |
| |
|
|
|
|
|
| |
Italy0.25% |
|
|
|
|
| |
Fiat Industrial SpA* |
|
235,853 |
|
3,385,961 |
| |
|
|
|
|
|
| |
Japan2.68% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
222,000 |
|
2,791,681 |
| |
Canon, Inc. |
|
60,600 |
|
2,637,317 |
| |
ITOCHU Corp. |
|
221,600 |
|
2,320,433 |
| |
Kao Corp. |
|
76,000 |
|
1,895,888 |
| |
KDDI Corp. |
|
437 |
|
2,705,638 |
| |
Mitsubishi Corp. |
|
153,000 |
|
4,247,139 |
| |
Nissan Motor Co., Ltd. |
|
360,100 |
|
3,194,924 |
| |
ORIX Corp.1 |
|
32,150 |
|
3,010,922 |
| |
Sankyo Co., Ltd. |
|
32,700 |
|
1,676,671 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
41,700 |
|
2,072,968 |
| |
Sony Financial Holdings, Inc. |
|
144,000 |
|
2,856,456 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
94,600 |
|
2,941,039 |
| |
THK Co., Ltd. |
|
110,100 |
|
2,769,046 |
| |
Tokio Marine Holdings, Inc. |
|
58,400 |
|
1,561,452 |
| |
Total Japan common stocks |
|
|
|
36,681,574 |
| |
|
|
|
|
|
| |
Kazakhstan0.03% |
|
|
|
|
| |
Eurasian Natural Resources Corp. |
|
29,453 |
|
442,482 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Luxembourg0.18% |
|
|
|
|
| |
ArcelorMittal |
|
67,313 |
|
$ |
2,434,983 |
|
|
|
|
|
|
| |
Malaysia0.18% |
|
|
|
|
| |
Axiata Group Bhd* |
|
487,200 |
|
770,512 |
| |
KNM Group Bhd |
|
940,200 |
|
856,773 |
| |
Malayan Banking Bhd |
|
277,800 |
|
821,820 |
| |
Total Malaysia common stocks |
|
|
|
2,449,105 |
| |
|
|
|
|
|
| |
Mexico0.05% |
|
|
|
|
| |
America Movil SAB de CV ADR, Series L |
|
8,400 |
|
488,040 |
| |
Wal-Mart de Mexico SAB de CV |
|
84,000 |
|
251,623 |
| |
Total Mexico common stocks |
|
|
|
739,663 |
| |
|
|
|
|
|
| |
Netherlands0.44% |
|
|
|
|
| |
ASML Holding NV |
|
68,291 |
|
3,009,921 |
| |
Wolters Kluwer NV |
|
128,393 |
|
3,002,316 |
| |
Total Netherlands common stocks |
|
|
|
6,012,237 |
| |
|
|
|
|
|
| |
Norway0.65% |
|
|
|
|
| |
Petroleum Geo-Services ASA* |
|
160,039 |
|
2,565,428 |
| |
Statoil ASA |
|
74,820 |
|
2,074,030 |
| |
Telenor ASA |
|
255,398 |
|
4,202,562 |
| |
Total Norway common stocks |
|
|
|
8,842,020 |
| |
|
|
|
|
|
| |
Peru0.02% |
|
|
|
|
| |
Credicorp Ltd. |
|
2,500 |
|
262,325 |
| |
|
|
|
|
|
| |
Philippines0.13% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
2,585,000 |
|
709,982 |
| |
Megaworld Corp. |
|
10,755,000 |
|
522,881 |
| |
Metropolitan Bank & Trust* |
|
411,312 |
|
608,438 |
| |
Total Philippines common stocks |
|
|
|
1,841,301 |
| |
|
|
|
|
|
| |
Russia0.33% |
|
|
|
|
| |
Gazprom OAO ADR |
|
40,466 |
|
1,309,884 |
| |
Lukoil OAO ADR |
|
7,019 |
|
501,086 |
| |
Mechel OAO ADR1 |
|
44,100 |
|
1,357,839 |
| |
United Co. RUSAL PLC* |
|
318,000 |
|
549,450 |
| |
Uralkali GDR2 |
|
19,311 |
|
800,827 |
| |
Total Russia common stocks |
|
|
|
4,519,086 |
| |
|
|
|
|
|
| |
Singapore0.16% |
|
|
|
|
| |
DBS Group Holdings Ltd. |
|
188,280 |
|
2,186,767 |
| |
|
|
|
|
|
| |
South Africa0.21% |
|
|
|
|
| |
African Bank Investments Ltd. |
|
103,448 |
|
578,942 |
| |
Barloworld Ltd. |
|
55,953 |
|
617,840 |
| |
Imperial Holdings Ltd. |
|
14,902 |
|
251,561 |
| |
Sasol Ltd. |
|
12,747 |
|
737,668 |
| |
Shoprite Holdings Ltd. |
|
48,407 |
|
742,527 |
| |
Total South Africa common stocks |
|
|
|
2,928,538 |
| |
|
|
|
|
|
| |
South Korea0.50% |
|
|
|
|
| |
Cheil Industries, Inc. |
|
5,547 |
|
589,111 |
| |
Doosan Infracore Co., Ltd.* |
|
9,870 |
|
274,879 |
| |
Duksan Hi-Metal Co., Ltd* |
|
5,784 |
|
133,402 |
| |
Hyundai Engineering & Construction Co., Ltd. |
|
3,393 |
|
244,975 |
| |
Hyundai Heavy Industries Co., Ltd. |
|
1,737 |
|
820,244 |
| |
Hyundai Mobis |
|
803 |
|
239,740 |
| |
Hyundai Motor Co. |
|
9,582 |
|
1,773,231 |
| |
KB Financial Group, Inc. |
|
9,244 |
|
484,553 |
| |
KIWOOM Securities Co., Ltd.* |
|
11,737 |
|
635,560 |
| |
LG Chem Ltd. |
|
3,459 |
|
1,450,513 |
| |
SFA Engineering Corp. |
|
3,914 |
|
244,056 |
| |
Total South Korea common stocks |
|
|
|
6,890,264 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Spain0.19% |
|
|
|
|
| |
Acciona SA |
|
24,111 |
|
$ |
2,620,164 |
|
|
|
|
|
|
| |
Switzerland0.95% |
|
|
|
|
| |
Credit Suisse Group AG |
|
66,617 |
|
2,830,769 |
| |
Novartis AG |
|
77,176 |
|
4,186,073 |
| |
Roche Holding AG |
|
18,214 |
|
2,601,717 |
| |
SGS SA |
|
1,879 |
|
3,344,763 |
| |
Total Switzerland common stocks |
|
|
|
12,963,322 |
| |
|
|
|
|
|
| |
Taiwan0.26% |
|
|
|
|
| |
Chinatrust Financial Holding Co., Ltd. |
|
297,000 |
|
252,495 |
| |
Formosa Chemicals & Fibre Corp. |
|
189,000 |
|
716,627 |
| |
Largan Precision Co., Ltd. |
|
19,000 |
|
514,308 |
| |
Powertech Technology, Inc. |
|
35,000 |
|
109,619 |
| |
Taishin Financial Holding Co., Ltd* |
|
430,000 |
|
243,467 |
| |
Uni-President Enterprises Corp. |
|
506,600 |
|
694,268 |
| |
Wintek Corp.* |
|
339,000 |
|
600,612 |
| |
Yuanta Financial Holding Co., Ltd. |
|
667,000 |
|
479,725 |
| |
Total Taiwan common stocks |
|
|
|
3,611,121 |
| |
|
|
|
|
|
| |
Thailand0.15% |
|
|
|
|
| |
Bangkok Bank PCL |
|
138,600 |
|
791,218 |
| |
CP ALL PCL |
|
190,600 |
|
252,075 |
| |
Thanachart Capital PCL |
|
370,400 |
|
398,016 |
| |
Tisco Financial Group PCL NVDR |
|
443,000 |
|
571,235 |
| |
Total Thailand common stocks |
|
|
|
2,012,544 |
| |
|
|
|
|
|
| |
Turkey0.02% |
|
|
|
|
| |
Turkiye Garanti Bankasi AS |
|
70,399 |
|
329,187 |
| |
|
|
|
|
|
| |
United Kingdom3.27% |
|
|
|
|
| |
Barclays PLC |
|
596,358 |
|
2,655,258 |
| |
BP PLC |
|
727,170 |
|
5,296,029 |
| |
Carnival PLC |
|
71,733 |
|
2,821,616 |
| |
Cobham PLC |
|
356,158 |
|
1,315,245 |
| |
Ensco PLC ADR |
|
39,100 |
|
2,261,544 |
| |
GlaxoSmithKline PLC |
|
151,466 |
|
2,890,268 |
| |
Imperial Tobacco Group PLC |
|
95,952 |
|
2,966,158 |
| |
Lloyds Banking Group PLC* |
|
3,332,362 |
|
3,105,361 |
| |
Man Group PLC |
|
600,112 |
|
2,367,278 |
| |
Prudential PLC |
|
250,631 |
|
2,840,570 |
| |
Rio Tinto PLC |
|
69,546 |
|
4,885,462 |
| |
Sage Group PLC |
|
575,132 |
|
2,565,825 |
| |
Scottish & Southern Energy PLC |
|
96,939 |
|
1,960,975 |
| |
Tullow Oil PLC |
|
98,715 |
|
2,293,033 |
| |
Vodafone Group PLC |
|
1,594,801 |
|
4,515,540 |
| |
Total United Kingdom common stocks |
|
|
|
44,740,162 |
| |
|
|
|
|
|
| |
United States31.32% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
38,987 |
|
904,498 |
| |
Adobe Systems, Inc.* |
|
183,400 |
|
6,081,544 |
| |
Aflac, Inc. |
|
80,800 |
|
4,264,624 |
| |
Agilent Technologies, Inc.* |
|
69,400 |
|
3,107,732 |
| |
Alexion Pharmaceuticals, Inc.* |
|
13,200 |
|
1,302,576 |
| |
Allergan, Inc. |
|
95,900 |
|
6,810,818 |
| |
Amazon.com, Inc.* |
|
47,800 |
|
8,610,214 |
| |
American Electric Power Co., Inc. |
|
112,600 |
|
3,956,764 |
| |
Amgen, Inc.* |
|
30,200 |
|
1,614,190 |
| |
Amylin Pharmaceuticals, Inc.*1 |
|
32,700 |
|
371,799 |
| |
Anadarko Petroleum Corp. |
|
29,200 |
|
2,392,064 |
| |
Apollo Group, Inc., Class A* |
|
46,800 |
|
1,952,028 |
| |
Apple, Inc.* |
|
48,000 |
|
16,725,600 |
| |
AT&T, Inc. |
|
100,400 |
|
3,072,240 |
| |
Autodesk, Inc.* |
|
56,100 |
|
2,474,571 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Avon Products, Inc. |
|
123,000 |
|
$ |
3,325,920 |
|
Baker Hughes, Inc. |
|
38,900 |
|
2,856,427 |
| |
Bank of New York Mellon Corp. |
|
124,002 |
|
3,703,940 |
| |
Baxter International, Inc. |
|
55,100 |
|
2,962,727 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
6,300 |
|
756,882 |
| |
Boeing Co. |
|
63,800 |
|
4,716,734 |
| |
Boston Scientific Corp.* |
|
126,700 |
|
910,973 |
| |
Broadcom Corp., Class A |
|
41,900 |
|
1,650,022 |
| |
C.H. Robinson Worldwide, Inc. |
|
39,900 |
|
2,957,787 |
| |
Carnival Corp. |
|
121,600 |
|
4,664,576 |
| |
Celanese Corp., Series A |
|
82,600 |
|
3,664,962 |
| |
Cimarex Energy Co. |
|
13,600 |
|
1,567,264 |
| |
Cisco Systems, Inc. |
|
191,000 |
|
3,275,650 |
| |
Citigroup, Inc.* |
|
1,496,800 |
|
6,615,856 |
| |
CME Group, Inc. |
|
12,100 |
|
3,648,755 |
| |
Colgate-Palmolive Co. |
|
45,000 |
|
3,634,200 |
| |
Comcast Corp., Class A |
|
254,700 |
|
6,296,184 |
| |
Concho Resources, Inc.* |
|
26,900 |
|
2,886,370 |
| |
CONSOL Energy, Inc. |
|
42,300 |
|
2,268,549 |
| |
Crown Castle International Corp.* |
|
80,400 |
|
3,421,020 |
| |
CVS Caremark Corp. |
|
81,500 |
|
2,797,080 |
| |
Danaher Corp. |
|
52,500 |
|
2,724,750 |
| |
Discovery Communications, Inc., Class A* |
|
58,500 |
|
2,334,150 |
| |
Edison International |
|
25,500 |
|
933,045 |
| |
EMC Corp.* |
|
211,700 |
|
5,620,635 |
| |
Emdeon, Inc.,, Class A* |
|
39,100 |
|
629,901 |
| |
EOG Resources, Inc. |
|
36,000 |
|
4,266,360 |
| |
Express Scripts, Inc.* |
|
40,900 |
|
2,274,449 |
| |
Exxon Mobil Corp. |
|
158,800 |
|
13,359,844 |
| |
FedEx Corp. |
|
44,000 |
|
4,116,200 |
| |
FirstEnergy Corp. |
|
111,100 |
|
4,120,699 |
| |
FMC Technologies, Inc.* |
|
21,900 |
|
2,069,112 |
| |
Fortune Brands, Inc. |
|
50,800 |
|
3,144,012 |
| |
Freeport-McMoRan Copper & Gold, Inc. |
|
42,600 |
|
2,366,430 |
| |
GameStop Corp., Class A*1 |
|
121,200 |
|
2,729,424 |
| |
General Dynamics Corp. |
|
52,400 |
|
4,011,744 |
| |
General Motors Co.* |
|
121,300 |
|
3,763,939 |
| |
Goldman Sachs Group, Inc. |
|
37,500 |
|
5,942,625 |
| |
Google, Inc., Class A* |
|
12,300 |
|
7,210,383 |
| |
HCA Holdings, Inc.* |
|
43,359 |
|
1,468,569 |
| |
Hertz Global Holdings, Inc.* |
|
265,800 |
|
4,154,454 |
| |
Hess Corp. |
|
39,500 |
|
3,365,795 |
| |
Hewlett-Packard Co. |
|
119,100 |
|
4,879,527 |
| |
Illinois Tool Works, Inc. |
|
105,000 |
|
5,640,600 |
| |
International Game Technology |
|
215,400 |
|
3,495,942 |
| |
Intersil Corp., Class A |
|
172,300 |
|
2,145,135 |
| |
Johnson & Johnson |
|
122,500 |
|
7,258,125 |
| |
Johnson Controls, Inc. |
|
85,600 |
|
3,558,392 |
| |
JPMorgan Chase & Co. |
|
188,200 |
|
8,676,020 |
| |
Juniper Networks, Inc.* |
|
43,100 |
|
1,813,648 |
| |
Kellogg Co. |
|
79,200 |
|
4,275,216 |
| |
Kraft Foods, Inc., Class A |
|
77,600 |
|
2,433,536 |
| |
Kroger Co. |
|
210,900 |
|
5,055,273 |
| |
Las Vegas Sands Corp.* |
|
76,300 |
|
3,221,386 |
| |
Lowes Cos., Inc. |
|
176,100 |
|
4,654,323 |
| |
MasterCard, Inc., Class A |
|
6,520 |
|
1,641,214 |
| |
McDonalds Corp. |
|
65,300 |
|
4,968,677 |
| |
Medtronic, Inc. |
|
101,900 |
|
4,009,765 |
| |
Merck & Co., Inc. |
|
178,300 |
|
5,885,683 |
| |
MetLife, Inc. |
|
127,900 |
|
5,720,967 |
| |
Microsoft Corp. |
|
183,300 |
|
4,648,488 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
|
|
Morgan Stanley |
|
194,500 |
|
$ |
5,313,740 |
|
National Semiconductor Corp. |
|
183,900 |
|
2,637,126 |
| |
NextEra Energy, Inc. |
|
62,600 |
|
3,450,512 |
| |
NIKE, Inc., Class B |
|
33,600 |
|
2,543,520 |
| |
Noble Corp. |
|
143,800 |
|
6,560,156 |
| |
Norfolk Southern Corp. |
|
69,500 |
|
4,814,265 |
| |
Oracle Corp. |
|
126,500 |
|
4,221,305 |
| |
PACCAR, Inc. |
|
29,250 |
|
1,531,238 |
| |
Pall Corp. |
|
22,300 |
|
1,284,703 |
| |
Parker Hannifin Corp. |
|
20,400 |
|
1,931,472 |
| |
PepsiCo, Inc. |
|
81,100 |
|
5,223,651 |
| |
Pharmasset, Inc.* |
|
7,900 |
|
621,809 |
| |
Praxair, Inc. |
|
14,400 |
|
1,463,040 |
| |
Precision Castparts Corp. |
|
20,700 |
|
3,046,626 |
| |
Priceline.com, Inc.* |
|
8,200 |
|
4,152,808 |
| |
Procter & Gamble Co. |
|
133,200 |
|
8,205,120 |
| |
QUALCOMM, Inc. |
|
149,000 |
|
8,169,670 |
| |
Red Hat, Inc.* |
|
32,900 |
|
1,493,331 |
| |
Riverbed Technology, Inc.* |
|
64,500 |
|
2,428,425 |
| |
Roper Industries, Inc. |
|
23,200 |
|
2,005,872 |
| |
Ryder System, Inc. |
|
37,300 |
|
1,887,380 |
| |
Salesforce.com, Inc.* |
|
9,300 |
|
1,242,294 |
| |
Schlumberger Ltd. |
|
16,100 |
|
1,501,486 |
| |
Sherwin-Williams Co. |
|
32,700 |
|
2,746,473 |
| |
Southwest Airlines Co. |
|
217,100 |
|
2,741,973 |
| |
Symantec Corp.* |
|
188,000 |
|
3,485,520 |
| |
Teradata Corp.* |
|
65,500 |
|
3,320,850 |
| |
Time Warner, Inc. |
|
93,500 |
|
3,337,950 |
| |
Ultra Petroleum Corp.* |
|
113,000 |
|
5,565,250 |
| |
Union Pacific Corp. |
|
16,700 |
|
1,642,111 |
| |
United Technologies Corp. |
|
37,300 |
|
3,157,445 |
| |
UnitedHealth Group, Inc. |
|
144,400 |
|
6,526,880 |
| |
US Bancorp |
|
197,200 |
|
5,211,996 |
| |
Viacom, Inc., Class B |
|
113,100 |
|
5,261,412 |
| |
Visa, Inc., Class A |
|
25,000 |
|
1,840,500 |
| |
Watson Pharmaceuticals, Inc.* |
|
44,900 |
|
2,514,849 |
| |
Wells Fargo & Co. |
|
275,500 |
|
8,733,350 |
| |
Total United States common stocks |
|
|
|
428,627,685 |
| |
Total common stocks (cost $568,233,492) |
|
|
|
687,263,765 |
| |
|
|
|
|
|
| |
Preferred stock0.21% |
|
|
|
|
| |
Germany0.21% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $1,614,796) |
|
17,314 |
|
2,808,306 |
|
|
|
Face |
|
|
| |
Bonds10.10% |
|
|
|
|
| |
Corporate bonds0.31% |
|
|
|
|
| |
Austria0.07% |
|
|
|
|
| |
Oesterreichische Kontrollbank AG, |
|
|
|
|
| |
3.500%, due 04/28/14 |
|
EUR |
635,000 |
|
917,918 |
|
France0.01% |
|
|
|
|
| |
Societe Generale, |
|
|
|
|
| |
3.750%, due 08/21/14 |
|
100,000 |
|
143,015 |
| |
Netherlands0.01% |
|
|
|
|
| |
Rabobank Nederland NV, |
|
|
|
|
| |
4.125%, due 01/14/20 |
|
100,000 |
|
138,598 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Switzerland0.01% |
|
|
|
|
| ||
Credit Suisse/London, |
|
|
|
|
| ||
4.750%, due 08/05/19 |
|
EUR |
100,000 |
|
$ |
143,765 |
|
|
|
|
|
|
|
| |
United Kingdom0.17% |
|
|
|
|
|
| |
Barclays Bank PLC, |
|
|
|
|
|
| |
4.875%, due 08/13/19 |
|
|
120,000 |
|
168,670 |
| |
Lloyds TSB Bank PLC, |
|
|
|
|
|
| |
6.750%, due 10/24/18 |
|
GBP |
100,000 |
|
169,792 |
| |
Network Rail Infrastructure Finance PLC, |
|
|
|
|
|
| |
4.875%, due 03/07/12 |
|
|
600,000 |
|
992,910 |
| |
Royal Bank of Scotland PLC, |
|
|
|
|
|
| |
5.375%, due 09/30/19 |
|
EUR |
150,000 |
|
205,482 |
| |
Vodafone Group PLC, |
|
|
|
|
|
| |
3.625%, due 11/29/12 |
|
|
280,000 |
|
404,268 |
| |
Wellcome Trust Finance, |
|
|
|
|
|
| |
4.750%, due 05/28/21 |
|
GBP |
215,000 |
|
355,512 |
| |
Total United Kingdom corporate bonds |
|
|
|
|
2,296,634 |
| |
|
|
|
|
|
|
| |
United States0.04% |
|
|
|
|
|
| |
Citigroup, Inc., |
|
|
|
|
|
| |
5.500%, due 11/18/15 |
|
|
100,000 |
|
168,978 |
| |
Goldman Sachs Group, Inc., |
|
|
|
|
|
| |
5.125%, due 10/23/19 |
|
EUR |
150,000 |
|
209,081 |
| |
Morgan Stanley, |
|
|
|
|
|
| |
5.500%, due 10/02/17 |
|
|
125,000 |
|
179,126 |
| |
Total United States corporate bonds |
|
|
|
|
557,185 |
| |
Total corporate bonds (cost $4,108,259) |
|
|
|
|
4,197,115 |
| |
|
|
|
|
|
|
| |
Mortgage & agency debt securities0.11% |
|
|
|
|
|
| |
United States0.11% |
|
|
|
|
|
| |
Federal Home Loan Mortgage Corp. Gold Pools, #G00194, |
|
|
|
|
|
| |
7.500%, due 02/01/244 |
|
$ |
61,003 |
|
70,204 |
| |
Government National Mortgage Association, Series 2001-35, Class AZ, |
|
|
|
|
|
| |
6.500%, due 08/20/31 |
|
|
1,278,469 |
|
1,369,912 |
| |
Total mortgage & agency debt securities (cost $2,181,348) |
|
|
|
|
1,440,116 |
| |
|
|
|
|
|
|
| |
US government obligations6.73% |
|
|
|
|
|
| |
US Treasury Bonds, |
|
|
|
|
|
| |
4.250%, due 11/15/40 |
|
|
7,265,000 |
|
6,948,290 |
| |
5.375%, due 02/15/31 |
|
|
1,500,000 |
|
1,715,391 |
| |
6.125%, due 11/15/27 |
|
|
1,700,000 |
|
2,100,030 |
| |
6.250%, due 08/15/23 |
|
|
3,500,000 |
|
4,346,562 |
| |
8.000%, due 11/15/21 |
|
|
1,960,000 |
|
2,737,262 |
| |
US Treasury Notes, |
|
|
|
|
|
| |
0.625%, due 01/31/131 |
|
|
27,765,000 |
|
27,715,106 |
| |
0.625%, due 02/28/131 |
|
|
10,570,000 |
|
10,543,987 |
| |
2.000%, due 01/31/161 |
|
|
870,000 |
|
863,679 |
| |
2.125%, due 02/29/161 |
|
|
1,810,000 |
|
1,804,344 |
| |
2.500%, due 04/30/151 |
|
|
6,225,000 |
|
6,394,731 |
| |
2.625%, due 04/30/16 |
|
|
14,000,000 |
|
14,247,184 |
| |
3.125%, due 04/30/17 |
|
|
8,000,000 |
|
8,222,496 |
| |
3.625%, due 02/15/211 |
|
|
4,430,000 |
|
4,492,990 |
| |
Total US government obligations (cost $91,989,576) |
|
|
|
|
92,132,052 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Non-US government obligations2.91% |
|
|
|
|
|
| |
Australia0.02% |
|
|
|
|
|
| |
Government of Australia, |
|
|
|
|
|
| |
4.500%, due 10/21/14 |
|
AUD |
225,000 |
|
$ |
228,195 |
|
|
|
|
|
|
|
| |
Austria0.08% |
|
|
|
|
|
| |
Government of Austria, |
|
|
|
|
|
| |
4.150%, due 03/15/373 |
|
EUR |
785,000 |
|
1,097,294 |
| |
|
|
|
|
|
|
| |
Belgium0.15% |
|
|
|
|
|
| |
Government of Belgium, |
|
|
|
|
|
| |
3.500%, due 03/28/15 |
|
|
1,415,000 |
|
2,024,208 |
| |
|
|
|
|
|
|
| |
Canada0.09% |
|
|
|
|
|
| |
Government of Canada, |
|
|
|
|
|
| |
3.750%, due 06/01/19 |
|
CAD |
170,000 |
|
182,062 |
| |
5.250%, due 06/01/12 |
|
|
935,000 |
|
1,006,338 |
| |
|
|
|
|
|
1,188,400 |
| |
Denmark0.05% |
|
|
|
|
|
| |
Government of Denmark, |
|
|
|
|
|
| |
4.000%, due 11/15/17 |
|
DKK |
3,600,000 |
|
720,347 |
| |
|
|
|
|
|
|
| |
Finland0.07% |
|
|
|
|
|
| |
Government of Finland, |
|
|
|
|
|
| |
4.375%, due 07/04/19 |
|
EUR |
667,000 |
|
1,004,919 |
| |
|
|
|
|
|
|
| |
France0.14% |
|
|
|
|
|
| |
Government of France, |
|
|
|
|
|
| |
4.000%, due 04/25/14 |
|
|
680,000 |
|
1,011,303 |
| |
4.000%, due 04/25/55 |
|
|
630,000 |
|
855,881 |
| |
|
|
|
|
|
1,867,184 |
| |
Germany1.17% |
|
|
|
|
|
| |
Bundesobligation, |
|
|
|
|
|
| |
2.250%, due 04/10/15 |
|
|
830,000 |
|
1,168,866 |
| |
4.000%, due 04/13/12 |
|
|
1,155,000 |
|
1,680,161 |
| |
4.000%, due 10/11/13 |
|
|
315,000 |
|
468,877 |
| |
Bundesrepublik Deutschland, |
|
|
|
|
|
| |
3.750%, due 01/04/19 |
|
|
925,000 |
|
1,363,045 |
| |
4.000%, due 01/04/37 |
|
|
1,230,000 |
|
1,776,938 |
| |
5.000%, due 07/04/12 |
|
|
210,000 |
|
310,353 |
| |
Bundesschatzanweisungen, |
|
|
|
|
|
| |
0.500%, due 06/15/12 |
|
|
3,750,000 |
|
5,254,446 |
| |
1.000%, due 03/16/12 |
|
|
905,000 |
|
1,279,232 |
| |
Kreditanstalt fuer Wiederaufbau, |
|
|
|
|
|
| |
3.875%, due 07/04/13 |
|
|
970,000 |
|
1,429,049 |
| |
5.500%, due 06/05/14 |
|
AUD |
420,000 |
|
433,972 |
| |
Landwirtschaftliche Rentenbank, |
|
|
|
|
|
| |
3.250%, due 03/12/14 |
|
EUR |
600,000 |
|
865,772 |
| |
|
|
|
|
|
16,030,711 |
| |
Ireland0.02% |
|
|
|
|
|
| |
Government of Ireland, |
|
|
|
|
|
| |
3.900%, due 03/05/12 |
|
|
170,000 |
|
234,901 |
| |
|
|
|
|
|
|
| |
Italy0.34% |
|
|
|
|
|
| |
Buoni Poliennali Del Tesoro, |
|
|
|
|
|
| |
3.750%, due 08/01/21 |
|
|
1,165,000 |
|
1,523,330 |
| |
4.000%, due 02/01/17 |
|
|
1,330,000 |
|
1,880,522 |
| |
5.000%, due 08/01/34 |
|
|
980,000 |
|
1,294,692 |
| |
|
|
|
|
|
4,698,544 |
| |
Mexico0.05% |
|
|
|
|
|
| |
Mexican Bonos, Series M, |
|
|
|
|
|
| |
8.000%, due 06/11/20 |
|
MXN |
8,500,000 |
|
739,124 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Netherlands0.07% |
|
|
|
|
|
| |
Government of Netherlands, |
|
|
|
|
|
| |
4.250%, due 07/15/13 |
|
EUR |
645,000 |
|
$ |
960,622 |
|
|
|
|
|
|
|
| |
Spain0.15% |
|
|
|
|
|
| |
Government of Spain, |
|
|
|
|
|
| |
3.900%, due 10/31/12 |
|
|
630,000 |
|
905,157 |
| |
4.000%, due 04/30/20 |
|
|
765,000 |
|
1,002,304 |
| |
4.200%, due 01/31/37 |
|
|
105,000 |
|
113,810 |
| |
|
|
|
|
|
2,021,271 |
| |
Sweden0.03% |
|
|
|
|
|
| |
Government of Sweden, |
|
|
|
|
|
| |
6.750%, due 05/05/14 |
|
SEK |
2,320,000 |
|
409,939 |
| |
|
|
|
|
|
|
| |
United Kingdom0.48% |
|
|
|
|
|
| |
UK Gilts, |
|
|
|
|
|
| |
2.000%, due 01/22/16 |
|
GBP |
1,355,000 |
|
2,111,545 |
| |
2.750%, due 01/22/15 |
|
|
1,035,000 |
|
1,689,918 |
| |
4.250%, due 12/07/49 |
|
|
1,045,000 |
|
1,662,676 |
| |
4.750%, due 12/07/38 |
|
|
680,000 |
|
1,162,656 |
| |
|
|
|
|
|
6,626,795 |
| |
Total Non-US government obligations (cost $38,768,871) |
|
|
|
|
39,852,454 |
| |
|
|
|
|
|
|
| |
Supranational bond0.04% |
|
|
|
|
|
| |
European Investment Bank, |
|
|
|
|
|
| |
5.375%, due 10/15/12 (cost $541,793) |
|
EUR |
390,000 |
|
581,608 |
| |
Total bonds (cost $137,589,847) |
|
|
|
|
138,203,345 |
| |
|
|
Shares |
|
|
|
Investment companies34.71% |
|
|
|
|
|
UBS Credit Bond Relationship Fund*5 |
|
4,122,673 |
|
59,062,645 |
|
UBS Emerging Markets Equity Relationship Fund*5 |
|
1,266,080 |
|
51,407,908 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund*5 |
|
14,761,707 |
|
215,593,252 |
|
UBS Global Corporate Bond Relationship Fund*5 |
|
5,351,787 |
|
58,831,119 |
|
UBS High Yield Relationship Fund*5 |
|
2,171,223 |
|
59,860,396 |
|
UBS Small-Cap Equity Relationship Fund*5 |
|
514,661 |
|
30,413,719 |
|
Total investment companies (cost $342,431,782) |
|
|
|
475,169,039 |
|
|
|
Number of |
|
|
|
Warrants0.11% |
|
|
|
|
|
India0.00%6 |
|
|
|
|
|
India Infoline Ltd., strike @ USD 0.000001, expires 09/21/20* |
|
48,193 |
|
80,132 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Number of |
|
Value |
| |
Russia0.11% |
|
|
|
|
| |
Aeroflot - Russian Airlines OJSC, strike @ USD 0.00001, expires 04/08/13* |
|
95,053 |
|
$ |
243,335 |
|
Sberbank of Russia, strike @ USD 0.00001, expires 11/05/12* |
|
326,999 |
|
1,228,859 |
| |
Total Russia warrants |
|
|
|
1,472,194 |
| |
Total warrants (cost $1,335,870) |
|
|
|
1,552,326 |
| |
|
|
Shares |
|
|
| |
Short-term investment3.08% |
|
|
|
|
| |
Investment company3.08% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund5 (cost $42,142,411) |
|
42,142,411 |
|
42,142,411 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned0.43% |
|
|
|
|
| |
UBS Private Money Market Fund LLC5 (cost $5,912,619) |
|
5,912,619 |
|
5,912,619 |
| |
Total investments 98.85% (cost $1,099,260,817) |
|
|
|
1,353,051,811 |
| |
Cash and other assets, less liabilities1.15% |
|
|
|
15,729,988 |
| |
Net assets 100.00% |
|
|
|
$ |
1,368,781,799 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
264,643,294 |
|
Gross unrealized depreciation |
|
(10,852,300 |
) | |
Net unrealized appreciation of investments |
|
$ |
253,790,994 |
|
* Non-income producing security.
1 Security, or portion thereof, was on loan at March 31, 2011.
2 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933.
Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2011, the value of these securities amounted to $1,340,316 or 0.10% of net assets.
3 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. At March 31, 2011, the value of these securities amounted to $1,604,404 or 0.12% of net assets.
4 On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.
5 The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
nine months |
|
nine months |
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
17,046,965 |
|
$ |
323,479,760 |
|
$ |
298,384,314 |
|
$ |
|
|
$ |
|
|
$ |
42,142,411 |
|
$ |
71,214 |
|
UBS Private Money Market Fund LLCa |
|
10,789,467 |
|
126,887,457 |
|
131,764,305 |
|
|
|
|
|
5,912,619 |
|
93,243 |
| |||||||
UBS Credit Bond Relationship Fund |
|
74,925,815 |
|
|
|
19,500,000 |
|
4,140,119 |
|
(503,289 |
) |
59,062,645 |
|
|
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
62,461,477 |
|
2,700,000 |
|
30,000,000 |
|
15,017,800 |
|
1,228,631 |
|
51,407,908 |
|
|
| |||||||
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
193,561,579 |
|
|
|
33,000,000 |
|
8,251,307 |
|
46,780,366 |
|
215,593,252 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
116,724,130 |
|
|
|
62,900,000 |
|
4,784,229 |
|
222,760 |
|
58,831,119 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
37,881,974 |
|
20,000,000 |
|
5,000,000 |
|
1,719,872 |
|
5,258,550 |
|
59,860,396 |
|
|
| |||||||
UBS Small-Cap Equity Relationship Fund |
|
31,361,478 |
|
|
|
10,000,000 |
|
2,794,596 |
|
6,257,645 |
|
30,413,719 |
|
|
| |||||||
|
|
$ |
544,752,885 |
|
$ |
473,067,217 |
|
$ |
590,548,619 |
|
$ |
36,707,923 |
|
$ |
59,244,663 |
|
$ |
523,224,069 |
|
$ |
164,457 |
|
a The advisor does earn a management fee from this affiliated fund, and any income earned is net of expenses. Please see the Notes to financial statements for further information.
6 Amount represents less than 0.005%.
ADR |
American depositary receipt |
GDR |
Global depositary receipt |
NVDR |
Non voting depository receipt |
OJSC |
Open joint stock company |
Preference shares |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
DKK |
Danish Krone |
EUR |
Euro |
GBP |
Great Britain Pound |
MXN |
Mexican Peso |
SEK |
Swedish Krona |
USD |
United States Dollar |
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Global Allocation Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
Barclays Bank PLC |
|
CHF |
|
5,690,000 |
|
USD |
|
6,077,761 |
|
06/20/11 |
|
$ |
(120,294 |
) |
Barclays Bank PLC |
|
HKD |
|
91,375,000 |
|
USD |
|
11,737,014 |
|
06/20/11 |
|
(18,094 |
) | |
Barclays Bank PLC |
|
JPY |
|
862,000,000 |
|
USD |
|
10,561,655 |
|
06/20/11 |
|
193,364 |
| |
Barclays Bank PLC |
|
USD |
|
6,095,347 |
|
CHF |
|
5,690,000 |
|
06/20/11 |
|
102,708 |
| |
Goldman Sachs International |
|
EUR |
|
4,840,000 |
|
USD |
|
6,804,120 |
|
06/20/11 |
|
(44,641 |
) | |
Goldman Sachs International |
|
USD |
|
6,450,253 |
|
CAD |
|
6,275,000 |
|
06/20/11 |
|
11,137 |
| |
Goldman Sachs International |
|
USD |
|
4,540,592 |
|
NOK |
|
25,890,000 |
|
06/20/11 |
|
120,897 |
| |
Goldman Sachs International |
|
USD |
|
38,730,523 |
|
SEK |
|
249,930,000 |
|
06/20/11 |
|
704,857 |
| |
Goldman Sachs International |
|
USD |
|
30,582,262 |
|
SGD |
|
39,030,000 |
|
06/20/11 |
|
385,490 |
| |
JPMorgan Chase Bank |
|
GBP |
|
2,175,000 |
|
USD |
|
3,526,441 |
|
06/20/11 |
|
40,996 |
| |
JPMorgan Chase Bank |
|
USD |
|
20,036,309 |
|
KRW |
|
22,625,000,000 |
|
06/20/11 |
|
485,041 |
| |
JPMorgan Chase Bank |
|
USD |
|
15,898,970 |
|
MXN |
|
195,640,000 |
|
06/20/11 |
|
431,924 |
| |
JPMorgan Chase Bank |
|
USD |
|
14,402,884 |
|
PLN |
|
41,980,000 |
|
06/20/11 |
|
282,305 |
| |
JPMorgan Chase Bank |
|
USD |
|
18,682,635 |
|
TWD |
|
546,000,000 |
|
06/20/11 |
|
|
(83,611 |
) |
Morgan Stanley & Co. Inc. |
|
CAD |
|
15,390,000 |
|
USD |
|
15,520,371 |
|
06/20/11 |
|
(326,769 |
) | |
Morgan Stanley & Co. Inc. |
|
EUR |
|
10,235,000 |
|
CAD |
|
13,765,466 |
|
06/20/11 |
|
(308,515 |
) | |
Morgan Stanley & Co. Inc. |
|
EUR |
|
7,240,000 |
|
USD |
|
9,925,497 |
|
06/20/11 |
|
(319,344 |
) | |
Morgan Stanley & Co. Inc. |
|
NOK |
|
54,550,000 |
|
USD |
|
9,622,678 |
|
06/20/11 |
|
(199,036 |
) | |
Morgan Stanley & Co. Inc. |
|
USD |
|
102,891,047 |
|
JPY |
|
8,514,800,000 |
|
06/20/11 |
|
(473,508 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
864,907 |
|
Currency type abbreviations: | |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
EUR |
Euro |
GBP |
Great Britain Pound |
HKD |
Hong Kong Dollar |
JPY |
Japanese Yen |
KRW |
Korean Won |
MXN |
Mexican Peso |
NOK |
Norwegian Krone |
PLN |
Polish Zloty |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
Futures contracts
UBS Global Allocation Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 55 contracts (USD) |
|
June 2011 |
|
$ |
(6,519,992 |
) |
$ |
(6,546,719 |
) |
$ |
(26,727 |
) |
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
DAX Index, 168 contracts (EUR) |
|
June 2011 |
|
40,667,776 |
|
42,132,931 |
|
1,465,155 |
| |||
Dow Jones EURO STOXX 50 Index, 1,701 contracts (EUR) |
|
June 2011 |
|
64,557,976 |
|
68,559,091 |
|
4,001,115 |
| |||
FTSE 100 Index, 220 contracts (GBP) |
|
June 2011 |
|
20,190,120 |
|
20,767,813 |
|
577,693 |
| |||
Topix Index, 122 contracts (JPY) |
|
June 2011 |
|
13,734,054 |
|
12,701,611 |
|
(1,032,443 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
OMX Stockholm 30 Index, 2,374 contracts (SEK) |
|
April 2011 |
|
(39,161,942 |
) |
(42,171,890 |
) |
(3,009,948 |
) | |||
Russell 2000 Mini Index, 710 contracts (USD) |
|
June 2011 |
|
(56,750,481 |
) |
(59,760,700 |
) |
(3,010,219 |
) | |||
S&P 500 Index, 135 contracts (USD) |
|
June 2011 |
|
(8,782,796 |
) |
(8,916,750 |
) |
(133,954 |
) | |||
S&P Toronto Stock Exchange 60 Index, 42 contracts (CAD) |
|
June 2011 |
|
(6,775,618 |
) |
(6,994,657 |
) |
(219,039 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 131 contracts (EUR) |
|
June 2011 |
|
22,538,875 |
|
22,516,020 |
|
(22,855 |
) | |||
Long Gilt, 30 contracts (GBP) |
|
June 2011 |
|
5,576,000 |
|
5,638,923 |
|
62,923 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,348,299 |
) | ||
UBS Global Allocation Fund
Portfolio of investments March 31, 2011 (unaudited)
Currency type abbreviations: | |
CAD |
Canadian Dollar |
EUR |
Euro |
GBP |
Great Britain Pound |
JPY |
Japanese Yen |
SEK |
Swedish Krona |
USD |
United States Dollar |
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11 | |||||||||||||
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
687,263,765 |
|
$ |
|
|
$ |
|
|
$ |
687,263,765 |
|
Preferred stock |
|
2,808,306 |
|
|
|
|
|
2,808,306 |
| ||||
Corporate bonds |
|
|
|
4,197,115 |
|
|
|
4,197,115 |
| ||||
Mortgage & agency debt securities |
|
|
|
1,440,116 |
|
|
|
1,440,116 |
| ||||
US government obligations |
|
|
|
92,132,052 |
|
|
|
92,132,052 |
| ||||
Non-US government obligations |
|
|
|
39,852,454 |
|
|
|
39,852,454 |
| ||||
Supranational bond |
|
|
|
581,608 |
|
|
|
581,608 |
| ||||
Investment companies |
|
|
|
475,169,039 |
|
|
|
475,169,039 |
| ||||
Warrants |
|
|
|
1,552,326 |
|
|
|
1,552,326 |
| ||||
Short-term investment |
|
|
|
42,142,411 |
|
|
|
42,142,411 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
5,912,619 |
|
|
|
5,912,619 |
| ||||
Other financial instruments1 |
|
(1,348,299 |
) |
864,907 |
|
|
|
(483,392 |
) | ||||
Total |
|
$ |
688,723,772 |
|
$ |
663,844,647 |
|
$ |
|
|
$ |
1,352,568,419 |
|
1 Other financial instruments include futures contracts and forward foreign currency contracts.
UBS Global Frontier Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2011
Bonds |
|
|
|
Corporate bonds |
|
|
|
Diversified financial services |
|
0.42 |
% |
Total corporate bonds |
|
0.42 |
% |
US government obligations |
|
1.81 |
|
Non-US government obligations |
|
6.38 |
|
Total bonds |
|
8.61 |
% |
Investment companies |
|
|
|
UBS Credit Bond Relationship Fund |
|
6.05 |
|
UBS Emerging Markets Equity Relationship Fund |
|
11.30 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
11.61 |
|
UBS Global Corporate Bond Relationship Fund |
|
6.06 |
|
UBS High Yield Relationship Fund |
|
6.50 |
|
UBS International Equity Relationship Fund |
|
11.08 |
|
UBS U.S. Large Cap Equity Relationship Fund |
|
17.12 |
|
UBS U.S. Large Cap Growth Equity Relationship Fund |
|
8.92 |
|
Total investment companies |
|
78.64 |
% |
Short-term investment |
|
8.58 |
|
Total investments |
|
95.83 |
% |
Cash and other assets, less liabilities |
|
4.17 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of the UBS Global Frontier Fund. Figures would be different if a breakdown of the underlying investment companies' industry diversification was included.
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Bonds8.61% |
|
|
|
|
|
| |
Corporate bonds0.42% |
|
|
|
|
|
| |
Austria0.26% |
|
|
|
|
|
| |
Oesterreichische Kontrollbank AG, |
|
|
|
|
|
| |
3.500%, due 04/28/14 |
|
EUR |
130,000 |
|
$ |
187,920 |
|
|
|
|
|
|
|
| |
United Kingdom0.16% |
|
|
|
|
|
| |
Network Rail Infrastructure Finance PLC, |
|
|
|
|
|
| |
4.875%, due 03/07/12 |
|
GBP |
70,000 |
|
115,840 |
| |
Total corporate bonds (cost $290,843) |
|
|
|
|
303,760 |
| |
|
|
|
|
|
|
| |
US government obligations1.81% |
|
|
|
|
|
| |
US Treasury Bonds, |
|
|
|
|
|
| |
4.250%, due 11/15/40 |
|
$ |
120,000 |
|
114,769 |
| |
6.250%, due 08/15/23 |
|
|
70,000 |
|
86,931 |
| |
6.625%, due 02/15/27 |
|
|
105,000 |
|
135,909 |
| |
US Treasury Notes, |
|
|
|
|
|
| |
0.625%, due 01/31/131 |
|
|
385,000 |
|
384,308 |
| |
0.625%, due 02/28/131 |
|
|
105,000 |
|
104,742 |
| |
0.875%, due 01/31/121 |
|
|
30,000 |
|
30,149 |
| |
2.000%, due 01/31/161 |
|
|
45,000 |
|
44,673 |
| |
2.125%, due 02/29/161 |
|
|
95,000 |
|
94,703 |
| |
2.500%, due 04/30/151 |
|
|
170,000 |
|
174,635 |
| |
4.625%, due 07/31/12 |
|
|
120,000 |
|
126,624 |
| |
Total US government obligations (cost $1,278,808) |
|
|
|
|
1,297,443 |
| |
|
|
|
|
|
|
| |
Non-US government obligations6.38% |
|
|
|
|
|
| |
Austria0.06% |
|
|
|
|
|
| |
Republic of Austria, |
|
|
|
|
|
| |
4.350%, due 03/15/192 |
|
EUR |
30,000 |
|
44,733 |
| |
|
|
|
|
|
|
| |
Belgium0.32% |
|
|
|
|
|
| |
Kingdom of Belgium, |
|
|
|
|
|
| |
3.500%, due 03/28/15 |
|
|
160,000 |
|
228,886 |
| |
|
|
|
|
|
|
| |
Canada0.19% |
|
|
|
|
|
| |
Government of Canada, |
|
|
|
|
|
| |
5.250%, due 06/01/12 |
|
CAD |
125,000 |
|
134,537 |
| |
|
|
|
|
|
|
| |
Denmark0.10% |
|
|
|
|
|
| |
Government of Denmark, |
|
|
|
|
|
| |
4.000%, due 11/15/17 |
|
DKK |
370,000 |
|
74,036 |
| |
|
|
|
|
|
|
| |
France0.48% |
|
|
|
|
|
| |
Government of France, |
|
|
|
|
|
| |
4.250%, due 10/25/17 |
|
EUR |
190,000 |
|
284,526 |
| |
4.750%, due 04/25/35 |
|
|
40,000 |
|
61,454 |
| |
|
|
|
|
|
345,980 |
| |
Germany2.51% |
|
|
|
|
|
| |
Bundesrepublik Deutschland, |
|
|
|
|
|
| |
3.750%, due 01/04/19 |
|
|
185,000 |
|
272,609 |
| |
4.000%, due 01/04/37 |
|
|
35,000 |
|
50,563 |
| |
4.750%, due 07/04/34 |
|
|
95,000 |
|
151,757 |
| |
6.250%, due 01/04/24 |
|
|
170,000 |
|
305,374 |
| |
Bundesschatzanweisungen, |
|
|
|
|
|
| |
1.000%, due 03/16/12 |
|
|
385,000 |
|
544,203 |
| |
Kreditanstalt fuer Wiederaufbau, |
|
|
|
|
|
| |
3.875%, due 07/04/13 |
|
|
160,000 |
|
235,719 |
| |
4.625%, due 10/12/12 |
|
|
30,000 |
|
44,284 |
| |
5.500%, due 06/05/14 |
|
AUD |
95,000 |
|
98,160 |
| |
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Face |
|
Value |
| ||
Germany(concluded) |
|
|
|
|
|
| |
Landwirtschaftliche Rentenbank, |
|
|
|
|
|
| |
3.250%, due 03/12/14 |
|
EUR |
70,000 |
|
$ |
101,007 |
|
|
|
|
|
|
1,803,676 |
| |
Ireland0.05% |
|
|
|
|
|
| |
Republic of Ireland, |
|
|
|
|
|
| |
3.900%, due 03/05/12 |
|
|
25,000 |
|
34,544 |
| |
|
|
|
|
|
|
| |
Italy0.79% |
|
|
|
|
|
| |
Buoni Poliennali Del Tesoro, |
|
|
|
|
|
| |
3.750%, due 08/01/21 |
|
|
115,000 |
|
150,372 |
| |
4.000%, due 02/01/37 |
|
|
155,000 |
|
175,440 |
| |
4.250%, due 08/01/13 |
|
|
165,000 |
|
240,292 |
| |
|
|
|
|
|
566,104 |
| |
Mexico0.08% |
|
|
|
|
|
| |
Mexican Bonos, |
|
|
|
|
|
| |
Series M, |
|
|
|
|
|
| |
8.000%, due 06/11/20 |
|
MXN |
700,000 |
|
60,869 |
| |
|
|
|
|
|
|
| |
Netherlands0.22% |
|
|
|
|
|
| |
Government of the Netherlands, |
|
|
|
|
|
| |
4.000%, due 07/15/18 |
|
EUR |
40,000 |
|
59,165 |
| |
5.000%, due 07/15/12 |
|
|
70,000 |
|
103,502 |
| |
|
|
|
|
|
162,667 |
| |
Spain0.39% |
|
|
|
|
|
| |
Government of Spain, |
|
|
|
|
|
| |
4.200%, due 01/31/37 |
|
|
15,000 |
|
16,258 |
| |
4.850%, due 10/31/20 |
|
|
85,000 |
|
117,247 |
| |
5.000%, due 07/30/12 |
|
|
100,000 |
|
146,020 |
| |
|
|
|
|
|
279,525 |
| |
Sweden0.06% |
|
|
|
|
|
| |
Government of Sweden, |
|
|
|
|
|
| |
6.750%, due 05/05/14 |
|
SEK |
240,000 |
|
42,407 |
| |
|
|
|
|
|
|
| |
United Kingdom1.13% |
|
|
|
|
|
| |
UK Gilts, |
|
|
|
|
|
| |
2.000%, due 01/22/16 |
|
GBP |
110,000 |
|
171,417 |
| |
2.250%, due 03/07/14 |
|
|
130,000 |
|
211,065 |
| |
3.750%, due 09/07/19 |
|
|
35,000 |
|
57,019 |
| |
4.000%, due 03/07/22 |
|
|
30,000 |
|
48,702 |
| |
4.250%, due 12/07/49 |
|
|
95,000 |
|
151,152 |
| |
4.750%, due 12/07/38 |
|
|
100,000 |
|
170,979 |
| |
|
|
|
|
|
810,334 |
| |
Total Non-US government obligations (cost $4,509,019) |
|
|
|
|
4,588,298 |
| |
Total bonds (cost $6,078,670) |
|
|
|
|
6,189,501 |
| |
|
|
Shares |
|
|
| |
Investment companies78.64% |
|
|
|
|
|
|
UBS Credit Bond Relationship Fund*3 |
|
|
303,412 |
|
4,346,765 |
|
UBS Emerging Markets Equity Relationship Fund*3 |
|
|
200,111 |
|
8,125,313 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund*3 |
|
|
571,797 |
|
8,351,041 |
|
UBS Global Corporate Bond Relationship Fund*3 |
|
|
396,242 |
|
4,355,813 |
|
UBS High Yield Relationship Fund*3 |
|
|
169,412 |
|
4,670,673 |
|
UBS International Equity Relationship Fund*3 |
|
|
425,216 |
|
7,968,421 |
|
UBS U.S. Large Cap Equity Relationship Fund*3 |
|
|
603,807 |
|
12,310,716 |
|
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Security description |
|
Shares |
|
Value |
| |
Investment companies (concluded) |
|
|
|
|
| |
UBS U.S. Large Cap Growth Equity Relationship Fund*3 |
|
448,986 |
|
$ |
6,412,779 |
|
Total investment companies (cost $39,405,426) |
|
|
|
56,541,521 |
| |
Short-term investment8.58% |
|
|
|
|
| |
Investment company8.58% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $6,169,983) |
|
6,169,983 |
|
6,169,983 |
| |
Total investments 95.83% (cost $51,654,079) |
|
|
|
68,901,005 |
| |
Cash and other assets, less liabilities4.17% |
|
|
|
3,001,370 |
| |
Net assets 100.00% |
|
|
|
$ |
71,902,375 |
|
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
17,297,308 |
|
Gross unrealized depreciation |
|
(50,382 |
) | |
Net unrealized appreciation of investments |
|
$ |
17,246,926 |
|
* Non-income producing security.
1 Security, or portion thereof, was on loan at March 31, 2011.
2 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. At March 31, 2011, the value of this security amounted to $44,733 or 0.06% of net assets.
3 The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
nine months |
|
nine months |
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/10 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
|
03/31/11 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
625,102 |
|
$ |
27,491,396 |
|
$ |
21,946,515 |
|
$ |
|
|
$ |
|
|
$ |
6,169,983 |
|
$ |
7,010 |
|
UBS Credit Bond Relationship Fund |
|
4,005,338 |
|
1,500,000 |
|
1,350,000 |
|
292,173 |
|
(100,746 |
) |
4,346,765 |
|
|
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
8,982,575 |
|
600,000 |
|
3,700,000 |
|
1,972,312 |
|
270,426 |
|
8,125,313 |
|
|
| |||||||
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
6,080,116 |
|
1,350,000 |
|
1,000,000 |
|
215,272 |
|
1,705,653 |
|
8,351,041 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
7,355,743 |
|
900,000 |
|
4,300,000 |
|
372,708 |
|
27,362 |
|
4,355,813 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
2,560,339 |
|
1,600,000 |
|
|
|
|
|
510,334 |
|
4,670,673 |
|
|
| |||||||
UBS International Equity Relationship Fund |
|
6,453,919 |
|
500,000 |
|
900,000 |
|
283,640 |
|
1,630,862 |
|
7,968,421 |
|
|
| |||||||
UBS U.S. Large Cap Equity Relationship Fund |
|
11,425,002 |
|
|
|
2,000,000 |
|
465,440 |
|
2,420,274 |
|
12,310,716 |
|
|
| |||||||
UBS U.S. Large Cap Growth Equity Relationship Fund |
|
5,368,075 |
|
|
|
800,000 |
|
313,583 |
|
1,531,121 |
|
6,412,779 |
|
|
| |||||||
|
|
$ |
52,856,209 |
|
$ |
33,941,396 |
|
$ |
35,996,515 |
|
$ |
3,915,128 |
|
$ |
7,995,286 |
|
$ |
62,711,504 |
|
$ |
7,010 |
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
DKK |
Danish Krone |
EUR |
Euro |
GBP |
Great Britain Pound |
MXN |
Mexican Peso |
SEK |
Swedish Krona |
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Forward foreign currency contracts
UBS Global Frontier Fund had the following open forward foreign currency contracts as of March 31, 2011:
Counterparty |
|
Contracts to |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMorgan Chase Bank |
|
EUR |
|
435,000 |
|
USD |
|
617,255 |
|
06/20/11 |
|
$ |
1,716 |
|
JPMorgan Chase Bank |
|
GBP |
|
225,000 |
|
USD |
|
368,276 |
|
06/20/11 |
|
7,712 |
| |
JPMorgan Chase Bank |
|
JPY |
|
44,300,000 |
|
USD |
|
542,983 |
|
06/20/11 |
|
10,135 |
| |
JPMorgan Chase Bank |
|
USD |
|
751,759 |
|
AUD |
|
760,000 |
|
06/20/11 |
|
26,674 |
| |
JPMorgan Chase Bank |
|
USD |
|
469,139 |
|
CAD |
|
465,000 |
|
06/20/11 |
|
9,673 |
| |
JPMorgan Chase Bank |
|
USD |
|
1,116,891 |
|
CHF |
|
1,045,000 |
|
06/20/11 |
|
21,416 |
| |
JPMorgan Chase Bank |
|
USD |
|
1,659,488 |
|
EUR |
|
1,210,000 |
|
06/20/11 |
|
52,702 |
| |
JPMorgan Chase Bank |
|
USD |
|
3,218,384 |
|
GBP |
|
1,985,000 |
|
06/20/11 |
|
(37,415 |
) | |
JPMorgan Chase Bank |
|
USD |
|
323,059 |
|
HKD |
|
2,515,000 |
|
06/20/11 |
|
488 |
| |
JPMorgan Chase Bank |
|
USD |
|
333,531 |
|
JPY |
|
27,000,000 |
|
06/20/11 |
|
(8,770 |
) | |
JPMorgan Chase Bank |
|
USD |
|
1,763,195 |
|
KRW |
|
1,991,000,000 |
|
06/20/11 |
|
42,684 |
| |
JPMorgan Chase Bank |
|
USD |
|
1,275,755 |
|
MXN |
|
15,540,000 |
|
06/20/11 |
|
21,435 |
| |
JPMorgan Chase Bank |
|
USD |
|
368,531 |
|
MYR |
|
1,128,000 |
|
06/20/11 |
|
1,896 |
| |
JPMorgan Chase Bank |
|
USD |
|
1,189,577 |
|
PLN |
|
3,465,000 |
|
06/20/11 |
|
22,528 |
| |
JPMorgan Chase Bank |
|
USD |
|
2,592,002 |
|
SEK |
|
16,680,000 |
|
06/20/11 |
|
39,863 |
| |
JPMorgan Chase Bank |
|
USD |
|
2,203,144 |
|
SGD |
|
2,810,000 |
|
06/20/11 |
|
26,407 |
| |
JPMorgan Chase Bank |
|
USD |
|
810,950 |
|
TWD |
|
23,700,000 |
|
06/20/11 |
|
(3,629 |
) | |
JPMorgan Chase Bank |
|
USD |
|
401,535 |
|
ZAR |
|
2,910,000 |
|
06/20/11 |
|
23,705 |
| |
Morgan Stanley & Co. Inc. |
|
EUR |
|
740,000 |
|
CAD |
|
995,256 |
|
06/20/11 |
|
(22,306 |
) | |
Morgan Stanley & Co. Inc. |
|
USD |
|
10,930,996 |
|
JPY |
|
904,600,000 |
|
06/20/11 |
|
(50,305 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
186,609 |
|
Currency type abbreviations: | |
AUD |
Australian Dollar |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
EUR |
Euro |
GBP |
Great Britain Pound |
HKD |
Hong Kong Dollar |
JPY |
Japanese Yen |
KRW |
Korean Won |
MXN |
Mexican Peso |
MYR |
Malaysian Ringgit |
PLN |
Polish Zloty |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
ZAR |
South African Rand |
UBS Global Frontier Fund
Portfolio of investments March 31, 2011 (unaudited)
Futures contracts
UBS Global Frontier Fund had the following open futures contracts as of March 31, 2011:
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
DAX Index, 14 contracts (EUR) |
|
June 2011 |
|
$ |
3,378,946 |
|
$ |
3,511,078 |
|
$ |
132,132 |
|
Dow Jones Euro STOXX 50 Index, 225 contracts (EUR) |
|
June 2011 |
|
8,539,415 |
|
9,068,663 |
|
529,248 |
| |||
FTSE 100 Index, 44 contracts (GBP) |
|
June 2011 |
|
4,038,024 |
|
4,153,563 |
|
115,539 |
| |||
Hang Seng Stock Index, 3 contracts (HKD) |
|
April 2011 |
|
443,376 |
|
453,459 |
|
10,083 |
| |||
IBEX 35 Index, 4 contracts (EUR) |
|
April 2011 |
|
573,236 |
|
599,079 |
|
25,843 |
| |||
S&P 500 Index, 239 contracts (USD) |
|
June 2011 |
|
15,549,878 |
|
15,785,950 |
|
236,072 |
| |||
S&P Toronto Stock Exchange 60 Index, 11 contracts (CAD) |
|
June 2011 |
|
1,825,354 |
|
1,831,934 |
|
6,580 |
| |||
SPI 200 Index, 13 contracts (AUD) |
|
June 2011 |
|
1,547,953 |
|
1,635,436 |
|
87,483 |
| |||
TOPIX Index, 33 contracts (JPY) |
|
June 2011 |
|
3,714,949 |
|
3,435,682 |
|
(279,267 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
OMX Stockholm 30 Index, 111 contracts (SEK) |
|
April 2011 |
|
(1,831,076 |
) |
(1,971,811 |
) |
(140,735 |
) | |||
Russell 2000 Mini Index, 30 contracts (USD) |
|
June 2011 |
|
(2,397,034 |
) |
(2,525,100 |
) |
(128,066 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
594,912 |
| ||
Currency type abbreviations:
AUD Australian Dollar
CAD Canadian Dollar
EUR Euro
GBP Great Britain Pound
HKD Hong Kong Dollar
JPY Japanese Yen
SEK Swedish Krona
USD United States Dollar
The following is a summary of the inputs used as of March 31, 2011 in valuing the Funds investments:
Measurements at 03/31/11
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
303,760 |
|
$ |
|
|
$ |
303,760 |
|
US government obligations |
|
|
|
1,297,443 |
|
|
|
1,297,443 |
| ||||
Non-US government obligations |
|
|
|
4,588,298 |
|
|
|
4,588,298 |
| ||||
Investment companies |
|
|
|
56,541,521 |
|
|
|
56,541,521 |
| ||||
Short-term investment |
|
|
|
6,169,983 |
|
|
|
6,169,983 |
| ||||
Other financial instruments1 |
|
594,912 |
|
186,609 |
|
|
|
781,521 |
| ||||
Total |
|
$ |
594,912 |
|
$ |
69,087,614 |
|
$ |
|
|
$ |
69,682,526 |
|
1 Other financial instruments include open futures contracts and forward foreign currency contracts.
Valuation of investments: Each Fund calculates its net asset value based on the current market value, where available, for its portfolio securities. The Funds normally obtain market values for their securities and other instruments 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 matrix systems that derive values based on comparable securities or instruments. A matrix 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 securities or instruments. Securities and other instruments also may be valued based on appraisals derived from information concerning the security or instrument or similar securities or instruments received from recognized dealers in those holdings. Securities and instruments 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. Securities and instruments 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. In cases where securities or instruments are traded on more than one exchange, the securities or instruments are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. (UBS Global AM or the Advisor), the investment advisor of the Funds. If a market value is not readily available from an independent pricing source for a particular security or instrument, that security or instrument is valued at fair value as determined in good faith by or under the direction of the Trusts Board of Trustees (the Board). Various factors may be reviewed in order to make a good faith determination of a securitys or instruments 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 securities or instruments; and the evaluation of forces which influence the market in which the securities or instruments are purchased and sold. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange (NYSE).
Certain securities or instruments in which the Funds invest are 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 Funds net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Funds securities or instruments, the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities or instruments as of 4:00 p.m. Eastern Time.
Certain Funds may use a systematic fair valuation model provided by an independent third party to value securities or instruments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If a security or instrument is valued at a fair value, that value is likely to be different from the last quoted market price for the security or instrument. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 at reporting periods.
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 Funds use of the practical expedient within ASC Topic 820, investments in non-registered investment companies are also valued at the daily net asset value. All investments quoted in foreign currencies will be valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds custodian.
Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.
Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of assets and liabilities. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.
GAAP requires disclosure regarding the various inputs that are used in determining the value of the Funds investments. These inputs are summarized into the three broad levels listed below:
Level 1Unadjusted quoted prices in active markets for identical investments.
Level 2Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.
Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the value of investments.
A fair value hierarchy has been included near the end of each Funds Portfolio of investments.
In January 2010, the FASB issued Accounting Standards Update (ASU) No. 2010-06 Improving Disclosures about Fair Value Measurements. ASU No. 2010-06 requires reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, including information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures have been implemented for annual and interim periods beginning after December 15, 2009. The disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements have been implemented for annual and interim periods beginning after December 15, 2010.
For more information regarding the Funds other significant accounting policies, please refer to the Funds semi-annual report to shareholders dated December 31, 2010.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (Investment Company Act)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) The registrants principal executive officer and principal financial officer are aware of no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The UBS Funds
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver | |
|
President | |
|
| |
Date: |
May 31, 2011 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver | |
|
President | |
|
| |
Date: |
May 31, 2011 | |
|
| |
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow | |
|
Treasurer and Principal Accounting Officer | |
|
| |
Date: |
May 31, 2011 |
Exhibit EX-99.CERT
Certifications
I, Mark E. Carver, President of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver | |
|
President | |
|
| |
Date: |
May 31, 2011 |
I, Thomas Disbrow, Treasurer and Principal Accounting Officer of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow | |
|
Treasurer and Principal Accounting Officer | |
|
| |
Date: |
May 31, 2011 |