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) | ||||||
| ||||||||
Joseph J. Allessie, Esq. UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019 | ||||||||
(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, 2013 |
| ||||||
Item 1. Schedule of Investments
UBS Core Plus Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Automobiles |
|
0.40 |
% |
Beverages |
|
0.37 |
|
Building products |
|
0.06 |
|
Capital markets |
|
2.48 |
|
Chemicals |
|
0.41 |
|
Commercial banks |
|
2.20 |
|
Commercial services & supplies |
|
0.27 |
|
Communications equipment |
|
0.13 |
|
Consumer finance |
|
1.87 |
|
Diversified financial services |
|
3.54 |
|
Diversified telecommunication services |
|
0.23 |
|
Electric utilities |
|
0.67 |
|
Electronic equipment, instruments & components |
|
0.21 |
|
Energy equipment & services |
|
0.42 |
|
Food & staples retailing |
|
0.18 |
|
Gas utilities |
|
0.60 |
|
Independent power producers & energy traders |
|
0.20 |
|
Insurance |
|
2.08 |
|
Leisure equipment & products |
|
0.14 |
|
Media |
|
1.81 |
|
Metals & mining |
|
0.92 |
|
Multiline retail |
|
0.10 |
|
Multi-utilities |
|
0.53 |
|
Oil, gas & consumable fuels |
|
5.40 |
|
Pharmaceuticals |
|
0.76 |
|
Real estate investment trust (REIT) |
|
0.32 |
|
Road & rail |
|
0.77 |
|
Semiconductors & semiconductor equipment |
|
0.13 |
|
Tobacco |
|
0.78 |
|
Trading companies & distributors |
|
0.25 |
|
Wireless telecommunication services |
|
0.66 |
|
Total corporate bonds |
|
28.89 |
% |
Asset-backed securities |
|
1.00 |
|
Commercial mortgage-backed securities |
|
8.15 |
|
Mortgage & agency debt securities |
|
41.98 |
|
Municipal bonds |
|
1.50 |
|
US government obligations |
|
11.98 |
|
Total bonds |
|
93.50 |
% |
Investment company |
|
|
|
UBS High Yield Relationship Fund |
|
4.38 |
|
Short-term investments |
|
12.99 |
|
Options purchased |
|
0.12 |
|
Investment of cash collateral from securities loaned |
|
0.03 |
|
Total investments |
|
111.02 |
% |
Liabilities, in excess of cash and other assets |
|
(11.02 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Core Plus Bond Fund (excluding derivatives exposure). Figures might be different if a breakdown of the affiliated underlying investment company and derivatives exposure was included.
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds92.97% |
|
|
|
|
| ||
Corporate bonds28.89% |
|
|
|
|
| ||
Australia0.39% |
|
|
|
|
| ||
Westpac Banking Corp., |
|
|
|
|
| ||
2.000%, due 08/14/17 |
|
$ |
140,000 |
|
$ |
144,113 |
|
|
|
|
|
|
| ||
Brazil1.15% |
|
|
|
|
| ||
Caixa Economica Federal, |
|
|
|
|
| ||
2.375%, due 11/06/171 |
|
150,000 |
|
145,500 |
| ||
Petrobras International Finance Co., |
|
|
|
|
| ||
2.875%, due 02/06/15 |
|
150,000 |
|
153,115 |
| ||
5.375%, due 01/27/21 |
|
120,000 |
|
129,470 |
| ||
Total Brazil corporate bonds |
|
|
|
428,085 |
| ||
|
|
|
|
|
| ||
Canada0.56% |
|
|
|
|
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
4.500%, due 09/15/14 |
|
95,000 |
|
100,034 |
| ||
Petro-Canada, |
|
|
|
|
| ||
6.800%, due 05/15/38 |
|
50,000 |
|
65,204 |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
6.250%, due 07/15/41 |
|
40,000 |
|
42,310 |
| ||
Total Canada corporate bonds |
|
|
|
207,548 |
| ||
|
|
|
|
|
| ||
Cayman Islands0.81% |
|
|
|
|
| ||
Transocean, Inc., |
|
|
|
|
| ||
3.800%, due 10/15/22 |
|
65,000 |
|
64,033 |
| ||
6.800%, due 03/15/38 |
|
85,000 |
|
93,619 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.375%, due 01/11/22 |
|
110,000 |
|
112,865 |
| ||
6.875%, due 11/21/36 |
|
30,000 |
|
34,076 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
304,593 |
| ||
|
|
|
|
|
| ||
Curacao0.51% |
|
|
|
|
| ||
Teva Pharmaceutical Finance Co. BV, |
|
|
|
|
| ||
2.400%, due 11/10/16 |
|
105,000 |
|
109,694 |
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
75,000 |
|
79,815 |
| ||
Total Curacao corporate bonds |
|
|
|
189,509 |
| ||
|
|
|
|
|
| ||
Luxembourg0.22% |
|
|
|
|
| ||
Telecom Italia Capital SA, |
|
|
|
|
| ||
4.950%, due 09/30/14 |
|
80,000 |
|
82,857 |
| ||
|
|
|
|
|
| ||
Mexico0.95% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
3.125%, due 07/16/22 |
|
35,000 |
|
34,323 |
| ||
5.000%, due 03/30/20 |
|
115,000 |
|
129,339 |
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
4.875%, due 01/24/22 |
|
175,000 |
|
193,200 |
| ||
Total Mexico corporate bonds |
|
|
|
356,862 |
| ||
|
|
|
|
|
| ||
Norway0.47% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
3.000%, due 11/17/14 |
|
175,000 |
|
174,125 |
| ||
|
|
|
|
|
| ||
Singapore0.21% |
|
|
|
|
| ||
Flextronics International Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/231 |
|
80,000 |
|
79,800 |
| ||
|
|
|
|
|
| ||
South Africa0.17% |
|
|
|
|
| ||
AngloGold Ashanti Holdings PLC, |
|
|
|
|
| ||
5.375%, due 04/15/20 |
|
60,000 |
|
63,509 |
| ||
|
|
|
|
|
| ||
Spain0.27% |
|
|
|
|
| ||
Santander US Debt SA Unipersonal, |
|
|
|
|
| ||
3.724%, due 01/20/151 |
|
100,000 |
|
101,087 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United Kingdom1.18% |
|
|
|
|
| ||
HSBC Holdings PLC, |
|
|
|
|
| ||
4.000%, due 03/30/22 |
|
$ |
200,000 |
|
$ |
215,185 |
|
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
3.500%, due 02/11/231 |
|
110,000 |
|
112,017 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| ||
6.500%, due 09/14/201,2 |
|
100,000 |
|
112,138 |
| ||
Total United Kingdom corporate bonds |
|
|
|
439,340 |
| ||
|
|
|
|
|
| ||
United States22.00% |
|
|
|
|
| ||
AbbVie, Inc., |
|
|
|
|
| ||
2.900%, due 11/06/221 |
|
95,000 |
|
95,086 |
| ||
ADT Corp., |
|
|
|
|
| ||
3.500%, due 07/15/221 |
|
100,000 |
|
99,690 |
| ||
Airgas, Inc., |
|
|
|
|
| ||
2.375%, due 02/15/20 |
|
70,000 |
|
69,849 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
9.950%, due 11/10/38 |
|
55,000 |
|
90,829 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
3.000%, due 03/20/15 |
|
115,000 |
|
119,311 |
| ||
4.250%, due 09/15/14 |
|
50,000 |
|
52,373 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.950%, due 09/15/16 |
|
95,000 |
|
109,355 |
| ||
6.450%, due 09/15/36 |
|
110,000 |
|
135,198 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
2.500%, due 07/15/22 |
|
60,000 |
|
58,976 |
| ||
8.200%, due 01/15/39 |
|
50,000 |
|
80,421 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
6.500%, due 09/01/37 |
|
70,000 |
|
85,842 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
3.300%, due 01/11/23 |
|
55,000 |
|
54,233 |
| ||
5.625%, due 07/01/20 |
|
75,000 |
|
87,523 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
3.000%, due 05/15/22 |
|
35,000 |
|
35,675 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
4.450%, due 03/15/43 |
|
90,000 |
|
91,034 |
| ||
6.150%, due 05/01/37 |
|
35,000 |
|
43,977 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
2.150%, due 03/23/15 |
|
65,000 |
|
66,333 |
| ||
CenterPoint Energy Resources Corp., |
|
|
|
|
| ||
6.000%, due 05/15/18 |
|
115,000 |
|
137,976 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
4.500%, due 01/14/22 |
|
30,000 |
|
33,354 |
| ||
5.375%, due 08/09/20 |
|
40,000 |
|
46,830 |
| ||
5.500%, due 02/15/17 |
|
180,000 |
|
200,166 |
| ||
6.125%, due 05/15/18 |
|
155,000 |
|
184,656 |
| ||
8.500%, due 05/22/19 |
|
65,000 |
|
86,596 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.300%, due 11/15/17 |
|
90,000 |
|
109,760 |
| ||
6.950%, due 08/15/37 |
|
50,000 |
|
66,481 |
| ||
ConocoPhillips, |
|
|
|
|
| ||
6.500%, due 02/01/39 |
|
50,000 |
|
66,861 |
| ||
CVS Caremark Corp., |
|
|
|
|
| ||
6.125%, due 09/15/39 |
|
55,000 |
|
67,951 |
| ||
DirecTV Holdings LLC, |
|
|
|
|
| ||
6.000%, due 08/15/40 |
|
90,000 |
|
95,923 |
| ||
DPL, Inc., |
|
|
|
|
| ||
7.250%, due 10/15/21 |
|
85,000 |
|
90,100 |
| ||
El Paso Pipeline Partners Operating Co. LLC, |
|
|
|
|
| ||
5.000%, due 10/01/21 |
|
80,000 |
|
89,695 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
5.200%, due 02/01/22 |
|
$ |
105,000 |
|
$ |
117,887 |
|
6.500%, due 02/01/42 |
|
40,000 |
|
45,705 |
| ||
9.000%, due 04/15/19 |
|
130,000 |
|
171,279 |
| ||
ERP Operating LP, REIT, |
|
|
|
|
| ||
4.750%, due 07/15/20 |
|
35,000 |
|
39,569 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
8.125%, due 01/15/20 |
|
500,000 |
|
631,307 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
Series A, 6.750%, due 03/15/32 |
|
110,000 |
|
140,018 |
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
6.150%, due 04/01/18 |
|
160,000 |
|
188,539 |
| ||
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
5.950%, due 10/15/36 |
|
45,000 |
|
52,531 |
| ||
Hasbro, Inc., |
|
|
|
|
| ||
6.350%, due 03/15/40 |
|
45,000 |
|
51,879 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
80,000 |
|
94,000 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
3.150%, due 07/05/16 |
|
210,000 |
|
222,660 |
| ||
5.400%, due 01/06/42 |
|
80,000 |
|
91,828 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
3.500%, due 09/01/23 |
|
70,000 |
|
70,964 |
| ||
3.950%, due 09/01/22 |
|
75,000 |
|
79,688 |
| ||
6.500%, due 09/01/39 |
|
45,000 |
|
54,307 |
| ||
Marathon Oil Corp., |
|
|
|
|
| ||
6.600%, due 10/01/37 |
|
30,000 |
|
37,780 |
| ||
Markel Corp., |
|
|
|
|
| ||
3.625%, due 03/30/23 |
|
40,000 |
|
40,152 |
| ||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||
3.375%, due 03/15/23 |
|
50,000 |
|
50,356 |
| ||
Merrill Lynch & Co., Inc. |
|
|
|
|
| ||
Series C, 5.000%, due 01/15/15 |
|
150,000 |
|
159,568 |
| ||
6.875%, due 04/25/18 |
|
60,000 |
|
72,421 |
| ||
MidAmerican Energy Holding Co., |
|
|
|
|
| ||
5.950%, due 05/15/37 |
|
75,000 |
|
92,424 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
3.750%, due 02/25/23 |
|
60,000 |
|
60,647 |
| ||
4.875%, due 11/01/22 |
|
45,000 |
|
47,705 |
| ||
6.625%, due 04/01/18 |
|
230,000 |
|
274,943 |
| ||
7.300%, due 05/13/19 |
|
100,000 |
|
123,748 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/23 |
|
50,000 |
|
50,295 |
| ||
National Fuel Gas Co., |
|
|
|
|
| ||
3.750%, due 03/01/23 |
|
85,000 |
|
86,177 |
| ||
News America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
35,000 |
|
41,400 |
| ||
Nissan Motor Acceptance Corp., |
|
|
|
|
| ||
1.800%, due 03/15/181 |
|
150,000 |
|
150,531 |
| ||
Norfolk Southern Corp., |
|
|
|
|
| ||
3.250%, due 12/01/21 |
|
75,000 |
|
78,321 |
| ||
Owens Corning, |
|
|
|
|
| ||
6.500%, due 12/01/16 |
|
21,000 |
|
23,643 |
| ||
Petrohawk Energy Corp., |
|
|
|
|
| ||
7.250%, due 08/15/18 |
|
185,000 |
|
207,005 |
| ||
Phillips 66, |
|
|
|
|
| ||
4.300%, due 04/01/22 |
|
50,000 |
|
54,888 |
| ||
PPL Energy Supply LLC, |
|
|
|
|
| ||
4.600%, due 12/15/21 |
|
70,000 |
|
74,598 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
90,000 |
|
122,443 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
5.200%, due 03/15/443 |
|
50,000 |
|
50,125 |
| ||
6.625%, due 12/01/37 |
|
85,000 |
|
106,845 |
| ||
7.375%, due 06/15/19 |
|
150,000 |
|
192,595 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
7.750%, due 06/01/18 |
|
70,000 |
|
88,521 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Ryder System, Inc., |
|
|
|
|
| ||
2.350%, due 02/26/19 |
|
$ |
75,000 |
|
$ |
75,713 |
|
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
75,000 |
|
105,425 |
| ||
Southern California Edison Co., |
|
|
|
|
| ||
4.050%, due 03/15/42 |
|
65,000 |
|
65,889 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
3.500%, due 11/08/22 |
|
95,000 |
|
94,545 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
3.550%, due 02/15/22 |
|
90,000 |
|
93,762 |
| ||
SunTrust Banks, Inc., |
|
|
|
|
| ||
3.600%, due 04/15/16 |
|
95,000 |
|
101,730 |
| ||
Target Corp., |
|
|
|
|
| ||
7.000%, due 01/15/38 |
|
25,000 |
|
35,715 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
6.550%, due 05/01/37 |
|
35,000 |
|
40,385 |
| ||
6.750%, due 07/01/18 |
|
145,000 |
|
178,433 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
6.100%, due 07/15/40 |
|
35,000 |
|
40,580 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
110,000 |
|
134,034 |
| ||
Valspar Corp., |
|
|
|
|
| ||
4.200%, due 01/15/22 |
|
75,000 |
|
81,619 |
| ||
Ventas Realty LP/Ventas Capital Corp., |
|
|
|
|
| ||
2.700%, due 04/01/20 |
|
80,000 |
|
80,266 |
| ||
Viacom, Inc., |
|
|
|
|
| ||
4.875%, due 06/15/43 |
|
100,000 |
|
99,926 |
| ||
Total United States corporate bonds |
|
|
|
8,219,368 |
| ||
Total corporate bonds (cost $10,379,094) |
|
|
|
10,790,796 |
| ||
|
|
|
|
|
| ||
Asset-backed securities1.00% |
|
|
|
|
| ||
United States1.00% |
|
|
|
|
| ||
MBNA Credit Card Master Note Trust, |
|
|
|
|
| ||
Series 2004-C2, Class C2, |
|
|
|
|
| ||
1.103%, due 11/15/163 |
|
350,000 |
|
351,351 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/374 |
|
39,985 |
|
24,669 |
| ||
Total asset-backed securities (cost $374,139) |
|
|
|
376,020 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities8.15% |
|
|
|
|
| ||
United States8.15% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-4, Class AM, |
|
|
|
|
| ||
5.821%, due 02/10/513 |
|
300,000 |
|
343,536 |
| ||
Commercial Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2008-LS1, Class A4B, |
|
|
|
|
| ||
6.206%, due 12/10/493 |
|
250,000 |
|
292,239 |
| ||
FDIC Structured Sale Guaranteed Notes, |
|
|
|
|
| ||
Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
187,273 |
|
195,906 |
| ||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||
Series 2007-GG9, Class A4, |
|
|
|
|
| ||
5.444%, due 03/10/39 |
|
175,000 |
|
199,481 |
| ||
Series 2007-GG11, Class A4, |
|
|
|
|
| ||
5.736%, due 12/10/49 |
|
88,000 |
|
101,625 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2007-GG10, Class A4, |
|
|
|
|
| ||
5.787%, due 08/10/452,3 |
|
75,000 |
|
85,820 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2007-CB18, Class AM, |
|
|
|
|
| ||
5.466%, due 06/12/473 |
|
$ |
175,000 |
|
$ |
196,257 |
|
Series 2006-LDP8, Class AJ, |
|
|
|
|
| ||
5.480%, due 05/15/453 |
|
200,000 |
|
213,492 |
| ||
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
5.807%, due 06/15/493 |
|
275,000 |
|
315,794 |
| ||
Series 2006-LDP7, Class AJ, |
|
|
|
|
| ||
6.059%, due 04/15/453 |
|
225,000 |
|
233,449 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
50,000 |
|
52,376 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.787%, due 08/12/451,3 |
|
300,000 |
|
340,779 |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C32, Class A3, |
|
|
|
|
| ||
5.732%, due 06/15/493 |
|
175,000 |
|
200,820 |
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/463 |
|
125,000 |
|
142,150 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/483 |
|
125,000 |
|
129,791 |
| ||
Total commercial mortgage-backed securities (cost $2,926,227) |
|
|
|
3,043,515 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities41.98% |
|
|
|
|
| ||
United Kingdom3.36% |
|
|
|
|
| ||
Arkle Master Issuer PLC, |
|
|
|
|
| ||
Series 2012-1A, Class 2A1, |
|
|
|
|
| ||
1.990%, due 05/17/601,3 |
|
225,000 |
|
230,949 |
| ||
Fosse Master Issuer PLC, |
|
|
|
|
| ||
Series 2012-1A, Class 2A2, |
|
|
|
|
| ||
1.703%, due 10/18/541,3 |
|
200,000 |
|
204,366 |
| ||
Series 2011-1A, Class A2, |
|
|
|
|
| ||
1.703%, due 10/18/541,3 |
|
255,037 |
|
258,014 |
| ||
Holmes Master Issuer PLC, |
|
|
|
|
| ||
Series 2010-1A, Class A2, |
|
|
|
|
| ||
1.704%, due 10/15/541,3 |
|
77,287 |
|
77,813 |
| ||
Series 2012-1A, Class A2, |
|
|
|
|
| ||
1.954%, due 10/15/541,3 |
|
325,000 |
|
331,882 |
| ||
Silverstone Master Issuer PLC, |
|
|
|
|
| ||
Series 2012-1A, Class 1A, |
|
|
|
|
| ||
1.852%, due 01/21/551,3 |
|
150,000 |
|
153,812 |
| ||
Total United Kingdom mortgage & agency debt securities |
|
|
|
1,256,836 |
| ||
|
|
|
|
|
| ||
United States38.62% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp.,5 |
|
|
|
|
| ||
1.250%, due 10/02/19 |
|
400,000 |
|
397,175 |
| ||
Federal Home Loan Mortgage Corp. Gold Pools,5 |
|
|
|
|
| ||
3.500%, TBA |
|
225,000 |
|
236,769 |
| ||
#A96140, 4.000%, due 01/01/41, |
|
117,648 |
|
125,051 |
| ||
#A95090, 4.500%, due 11/01/40, |
|
562,030 |
|
601,613 |
| ||
#FG A96792, 4.500%, due 02/01/41, |
|
60,635 |
|
64,905 |
| ||
#G08451, 4.500%, due 06/01/41, |
|
185,802 |
|
199,149 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
#G04913, 5.000%, due 03/01/38, |
|
$ |
72,176 |
|
$ |
77,757 |
|
#G06381, 5.500%, due 08/01/40, |
|
145,872 |
|
159,080 |
| ||
#C63008, 6.000%, due 01/01/32, |
|
92,450 |
|
103,017 |
| ||
#G06019, 6.000%, due 10/01/36, |
|
135,778 |
|
150,278 |
| ||
#G01717, 6.500%, due 11/01/29, |
|
71,516 |
|
83,581 |
| ||
Federal National Mortgage Association,5 |
|
|
|
|
| ||
0.375%, due 12/21/15 |
|
830,000 |
|
829,019 |
| ||
Federal National Mortgage Association Pools,5 |
|
|
|
|
| ||
#AK7377, 3.000%, due 03/01/27, |
|
449,476 |
|
475,152 |
| ||
#AP1589, 3.000%, due 08/01/27, |
|
118,262 |
|
125,461 |
| ||
#AP7537, 3.000%, due 09/01/27, |
|
358,957 |
|
380,809 |
| ||
3.000%, TBA |
|
75,000 |
|
78,853 |
| ||
3.000%, TBA |
|
225,000 |
|
232,066 |
| ||
3.500%, TBA |
|
200,000 |
|
211,188 |
| ||
3.500%, TBA |
|
250,000 |
|
263,359 |
| ||
4.000%, TBA |
|
250,000 |
|
266,524 |
| ||
4.000%, TBA |
|
225,000 |
|
239,590 |
| ||
5.000%, TBA |
|
325,000 |
|
352,066 |
| ||
6.000%, TBA |
|
100,000 |
|
109,531 |
| ||
#AP3098, 3.500%, due 10/01/42, |
|
122,343 |
|
130,074 |
| ||
#AQ0600, 3.500%, due 10/01/42, |
|
124,030 |
|
132,022 |
| ||
#AB2331, 4.000%, due 02/01/41, |
|
132,171 |
|
141,014 |
| ||
#AH4568, 4.000%, due 03/01/41, |
|
126,332 |
|
134,745 |
| ||
#AE9202, 4.000%, due 09/01/41, |
|
499,266 |
|
532,670 |
| ||
#AE0106, 4.500%, due 06/01/40, |
|
1,744 |
|
1,878 |
| ||
#AI2472, 4.500%, due 05/01/41, |
|
148,116 |
|
159,884 |
| ||
#AI6578, 4.500%, due 07/01/41, |
|
393,315 |
|
424,563 |
| ||
#AJ1415, 4.500%, due 09/01/41, |
|
233,211 |
|
251,739 |
| ||
#890209, 5.000%, due 05/01/40, |
|
269,231 |
|
292,189 |
| ||
#AD9114, 5.000%, due 07/01/40, |
|
339,172 |
|
373,372 |
| ||
#AJ1422, 5.000%, due 09/01/41, |
|
290,828 |
|
320,171 |
| ||
#688066, 5.500%, due 03/01/33, |
|
155,260 |
|
174,782 |
| ||
#688314, 5.500%, due 03/01/33, |
|
183,093 |
|
205,474 |
| ||
#802481, 5.500%, due 11/01/34, |
|
302,898 |
|
336,347 |
| ||
#408267, 6.000%, due 03/01/28, |
|
18,530 |
|
21,219 |
| ||
#323715, 6.000%, due 05/01/29, |
|
13,343 |
|
14,828 |
| ||
#522564, 6.000%, due 07/01/29, |
|
34,625 |
|
38,599 |
| ||
#676733, 6.000%, due 01/01/33, |
|
126,721 |
|
142,536 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
|
|
|
#708631, 6.000%, due 06/01/33, |
|
$ |
34,070 |
|
$ |
39,014 |
|
#AE0405, 6.000%, due 08/01/37, |
|
156,280 |
|
173,203 |
| ||
#831730, 6.500%, due 09/01/36, |
|
136,095 |
|
152,744 |
| ||
#253824, 7.000%, due 03/01/31, |
|
7,666 |
|
9,022 |
| ||
Federal National Mortgage Association Pools Re-REMIC,5 |
|
|
|
|
| ||
Series 2005-29, Class KA, |
|
|
|
|
| ||
4.500%, due 02/25/35 |
|
64,267 |
|
66,928 |
| ||
First Horizon Asset Securities, Inc., |
|
|
|
|
| ||
Series 2004-FL1, Class 1A1, |
|
|
|
|
| ||
0.474%, due 02/25/353 |
|
48,392 |
|
46,405 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
3.000%, TBA |
|
250,000 |
|
260,625 |
| ||
3.500%, TBA |
|
550,000 |
|
591,594 |
| ||
3.500%, TBA |
|
125,000 |
|
133,652 |
| ||
3.500%, TBA |
|
400,000 |
|
428,937 |
| ||
4.000%, TBA |
|
100,000 |
|
108,988 |
| ||
4.000%, TBA |
|
175,000 |
|
190,347 |
| ||
4.500%, TBA |
|
225,000 |
|
245,988 |
| ||
4.500%, TBA |
|
150,000 |
|
163,805 |
| ||
5.000%, TBA |
|
175,000 |
|
190,313 |
| ||
#738970, 3.500%, due 11/15/26, |
|
161,305 |
|
172,437 |
| ||
#G2 5256, 3.500%, due 12/20/26, |
|
277,534 |
|
296,557 |
| ||
#G2 AB2784, 3.500%, due 08/20/42, |
|
513,479 |
|
555,312 |
| ||
#G2 AB2302, 3.500%, due 09/20/42, |
|
24,070 |
|
25,888 |
| ||
#G2 5107, 4.000%, due 07/20/26, |
|
299,224 |
|
324,382 |
| ||
#G2 779424, 4.000%, due 06/20/42, |
|
118,718 |
|
131,726 |
| ||
#G2 779425, 4.000%, due 06/20/42, |
|
118,482 |
|
131,463 |
| ||
#AA8267, 4.000%, due 07/15/42, |
|
118,860 |
|
131,884 |
| ||
#AA0785, 4.000%, due 08/15/42, |
|
49,414 |
|
54,828 |
| ||
#G2 2687, 6.000%, due 12/20/28, |
|
23,893 |
|
27,058 |
| ||
#G2 2794, 6.000%, due 08/20/29, |
|
73,543 |
|
83,285 |
| ||
#G2 4245, 6.000%, due 09/20/38, |
|
86,476 |
|
98,979 |
| ||
Total United States mortgage & agency debt securities |
|
|
|
14,425,463 |
| ||
Total mortgage & agency debt securities (cost $15,410,456) |
|
|
|
15,682,299 |
| ||
|
|
|
|
|
| ||
Municipal bonds1.50% |
|
|
|
|
| ||
Chicago Transit Authority, |
|
|
|
|
| ||
Series 2008-A, |
|
|
|
|
| ||
6.899%, due 12/01/40 |
|
50,000 |
|
61,758 |
| ||
Illinois State Taxable Pension, |
|
|
|
|
| ||
Series 2003, |
|
|
|
|
| ||
5.100%, due 06/01/33 |
|
110,000 |
|
108,671 |
| ||
Los Angeles Unified School District, |
|
|
|
|
| ||
6.758%, due 07/01/34 |
|
110,000 |
|
149,298 |
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Municipal bonds(continued) |
|
|
|
|
| ||
State of California, GO, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
$ |
90,000 |
|
$ |
125,428 |
|
State of Illinois, GO, |
|
|
|
|
| ||
5.877%, due 03/01/19 |
|
100,000 |
|
115,081 |
| ||
Total municipal bonds (cost $464,884) |
|
|
|
560,236 |
| ||
|
|
|
|
|
| ||
US government obligations11.98% |
|
|
|
|
| ||
US Treasury Bills, |
|
|
|
|
| ||
0.067%, due 06/20/136 |
|
200,000 |
|
199,972 |
| ||
US Treasury Bonds, |
|
|
|
|
| ||
2.750%, due 11/15/42 |
|
885,000 |
|
820,284 |
| ||
3.125%, due 02/15/43 |
|
480,000 |
|
480,900 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
0.125%, due 12/31/14 |
|
200,000 |
|
199,656 |
| ||
0.250%, due 11/30/142 |
|
325,000 |
|
325,127 |
| ||
0.250%, due 01/31/15 |
|
350,000 |
|
350,082 |
| ||
0.250%, due 02/28/15 |
|
475,000 |
|
475,037 |
| ||
0.750%, due 12/31/172 |
|
500,000 |
|
500,664 |
| ||
0.750%, due 02/28/18 |
|
425,000 |
|
424,901 |
| ||
0.875%, due 01/31/182 |
|
80,000 |
|
80,519 |
| ||
2.000%, due 02/15/232 |
|
610,000 |
|
617,720 |
| ||
Total US government obligations (cost $4,478,432) |
|
|
|
4,474,862 |
| ||
Total bonds (cost $34,033,232) |
|
|
|
34,927,728 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment company4.38% |
|
|
|
|
| ||
UBS High Yield Relationship Fund*7 (cost $1,600,000) |
|
51,148 |
|
1,634,182 |
| ||
|
|
|
|
|
| ||
Short-term investments12.99% |
|
|
|
|
| ||
Investment company12.99% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund7 (cost $4,852,359) |
|
4,852,359 |
|
4,852,359 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased*0.12% |
|
|
|
|
| ||
Call options0.04% |
|
|
|
|
| ||
30 Year US Treasury Bonds, strike @ USD 143.00, expires May 2013 |
|
8 |
|
16,875 |
| ||
|
|
|
|
|
| ||
Put options0.08% |
|
|
|
|
| ||
30 Year US Treasury Bonds, strike @ USD 143.00, expires May 2013 |
|
8 |
|
5,125 |
| ||
30 Year US Treasury Bonds, strike @ USD 144.00, expires June 2013 |
|
12 |
|
19,500 |
| ||
Euro-Schatz, strike @ EUR 110.70, expires June 2013 |
|
34 |
|
3,704 |
| ||
|
|
|
|
28,329 |
| ||
Total options purchased (cost $61,715) |
|
|
|
45,204 |
| ||
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned0.03% |
|
|
|
|
| |
UBS Private Money Market Fund LLC7 (cost $11,575) |
|
11,575 |
|
|
11,575 |
|
Total investments111.02% (cost $40,558,881) |
|
|
|
41,471,048 |
| |
Liabilities, in excess of cash and other assets(11.02%) |
|
|
|
(4,116,311 |
) | |
Net assets 100.00% |
|
|
|
$ |
37,354,737 |
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
999,304 |
|
Gross unrealized depreciation |
|
(87,137 |
) | |
Net unrealized appreciation of investments |
|
$ |
912,167 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity date |
|
Unrealized |
| |||
GSI |
|
GBP |
270,000 |
|
USD |
405,591 |
|
06/11/13 |
|
$ |
(4,508 |
) |
JPMCB |
|
GBP |
480,000 |
|
USD |
722,088 |
|
06/11/13 |
|
(6,977 |
) | |
JPMCB |
|
JPY |
123,600,000 |
|
USD |
1,321,867 |
|
06/11/13 |
|
8,207 |
| |
RBS |
|
USD |
660,000 |
|
JPY |
62,895,558 |
|
06/11/13 |
|
8,474 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
$ |
5,196 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
2 Year US Treasury Notes, 22 contracts (USD) |
|
June 2013 |
|
$ |
4,850,161 |
|
$ |
4,849,969 |
|
$ |
(192 |
) |
5 Year US Treasury Notes, 38 contracts (USD) |
|
June 2013 |
|
4,709,437 |
|
4,714,078 |
|
4,641 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 1 contract (USD) |
|
June 2013 |
|
(143,312 |
) |
(144,469 |
) |
(1,157 |
) | |||
US Ultra Bond Futures, 2 contracts (USD) |
|
June 2013 |
|
(317,278 |
) |
(315,187 |
) |
2,091 |
| |||
10 Year US Treasury Notes, 8 contracts (USD) |
|
June 2013 |
|
(1,052,941 |
) |
(1,055,875 |
) |
(2,934 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
2,449 |
| ||
Interest rate swap agreements
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
USD |
5,555,000 |
|
03/31/15 |
|
0.420% |
|
3 month USD LIBOR |
|
$ |
|
|
$ |
1,112 |
|
$ |
1,112 |
|
JPMCB |
|
USD |
20,000,000 |
|
02/12/16 |
|
0.825 |
|
3 month USD LIBOR |
|
|
|
(24,704 |
) |
(24,704 |
) | |||
JPMCB |
|
USD |
4,890,000 |
|
08/31/17 |
|
0.830 |
|
3 month USD LIBOR |
|
|
|
2,252 |
|
2,252 |
| |||
MLI |
|
CAD |
20,000,000 |
|
02/08/16 |
|
3 month BA |
|
1.785% |
|
|
|
25,751 |
|
25,751 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
4,411 |
|
$ |
4,411 |
|
Credit default swaps on corporate issues buy protection9
Counterparty |
|
Referenced Obligation10 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
MSC |
|
Deutsche Bank AG, 5.125%, due 8/31/17 |
|
EUR |
140,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
(6,257 |
) |
$ |
519 |
|
$ |
(5,738 |
) |
Credit default swaps on credit indices buy protection9
Counterparty |
|
Referenced Index10 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
CDX.NA.IG.Series 19 Index |
|
USD |
1,000,000 |
|
12/20/17 |
|
1.000 |
% |
$ |
998 |
|
$ |
(8,626 |
) |
$ |
(7,628 |
) |
Credit default swaps on credit indices sell protection11
Counterparty |
|
Referenced Index10 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CITI |
|
MCDX.NA.Series 19 Index |
|
USD |
1,000,000 |
|
12/20/17 |
|
1.000 |
% |
$ |
26,630 |
|
$ |
(6,583 |
) |
$ |
20,047 |
|
1.161 |
% |
Total return swap agreements13
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
GBP |
234,000 |
|
06/25/13 |
|
3 month GBP LIBOR |
|
|
14 |
$ |
|
|
$ |
5,446 |
|
$ |
5,446 |
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
30 Year US Treasury Bonds, 12 contracts, strike @ USD 147.00 |
|
June 2013 |
|
$ |
12,355 |
|
$ |
(10,312 |
) |
Euro-Schatz, 34 contracts, strike @ EUR 110.80 |
|
June 2013 |
|
5,209 |
|
(6,320 |
) | ||
Put options |
|
|
|
|
|
|
| ||
30 Year US Treasury Bonds, 12 contracts, strike @ USD 141.00 |
|
June 2013 |
|
17,229 |
|
(7,687 |
) | ||
Euro-Schatz, 34 contracts, strike @ EUR 110.20 |
|
June 2013 |
|
613 |
|
(436 |
) | ||
Total options written |
|
|
|
$ |
35,406 |
|
$ |
(24,755 |
) |
Written options activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2012 |
|
158 |
|
$ |
12,688 |
|
Options written |
|
371 |
|
47,096 |
| |
Options terminated in closing purchase transactions |
|
(358 |
) |
(19,521 |
) | |
Options expired prior to exercise |
|
(79 |
) |
(4,857 |
) | |
Options outstanding at March 31, 2013 |
|
92 |
|
$ |
35,406 |
|
|
|
|
|
|
| |
Swaptions activity for the period ended March 31, 2013 was as follows: |
|
|
|
|
| |
|
|
|
|
|
| |
Swaptions outstanding at June 30, 2012 |
|
|
|
$ |
|
|
Swaptions written |
|
|
|
13,500 |
| |
Swaptions terminated in closing purchase transactions |
|
|
|
(13,500 |
) | |
Swaptions expired prior to exercise |
|
|
|
|
| |
Swaptions outstanding at March 31, 2013 |
|
|
|
$ |
|
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
10,790,796 |
|
$ |
|
|
$ |
10,790,796 |
|
Asset-backed securities |
|
|
|
376,020 |
|
|
|
376,020 |
| ||||
Commercial mortgage-backed securities |
|
|
|
3,043,515 |
|
|
|
3,043,515 |
| ||||
Mortgage & agency debt securities |
|
|
|
15,682,299 |
|
|
|
15,682,299 |
| ||||
Municipal bonds |
|
|
|
560,236 |
|
|
|
560,236 |
| ||||
US government obligations |
|
|
|
4,474,862 |
|
|
|
4,474,862 |
| ||||
Investment companies |
|
|
|
1,634,182 |
|
|
|
1,634,182 |
| ||||
Short-term investments |
|
|
|
4,852,359 |
|
|
|
4,852,359 |
| ||||
Options purchased |
|
45,204 |
|
|
|
|
|
45,204 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
11,575 |
|
|
|
11,575 |
| ||||
Forward foreign currency contracts, net |
|
|
|
5,196 |
|
|
|
5,196 |
| ||||
Futures contracts, net |
|
2,449 |
|
|
|
|
|
2,449 |
| ||||
Swap agreements, net |
|
|
|
(4,833 |
) |
|
|
(4,833 |
) | ||||
Options written |
|
(24,755 |
) |
|
|
|
|
(24,755 |
) | ||||
Total |
|
$ |
22,898 |
|
$ |
41,426,207 |
|
$ |
|
|
$ |
41,449,105 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* 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, 2013, the value of these securities amounted to $2,783,370 or 7.45% of net assets.
2 Security, or portion thereof, was on loan at March 31, 2013.
3 Variable or floating rate security The interest rate shown is the current rate as of March 31, 2013 and changes periodically.
4 Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2013. Maturity date disclosed is the ultimate maturity date.
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 Interest rate shown is the discount rate at date of purchase.
7 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.
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
Security description |
|
Value |
|
Purchases |
|
Sales |
|
Net realized |
|
Change in |
|
Value |
|
Net income |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
4,601,792 |
|
$ |
20,991,182 |
|
$ |
20,740,615 |
|
$ |
|
|
$ |
|
|
$ |
4,852,359 |
|
$ |
6,966 |
|
UBS Private Money Market Fund LLCa |
|
37,795 |
|
3,321,744 |
|
3,347,964 |
|
|
|
|
|
11,575 |
|
57 |
| |||||||
UBS High Yield Relationship Fund |
|
227,983 |
|
2,500,000 |
|
1,158,569 |
|
48,570 |
|
16,198 |
|
1,634,182 |
|
|
| |||||||
|
|
$ |
4,867,570 |
|
$ |
26,812,926 |
|
$ |
25,247,148 |
|
$ |
48,570 |
|
$ |
16,198 |
|
$ |
6,498,116 |
|
$ |
7,023 |
|
a The adviser does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
8 Payments made or received are based on the notional amount.
9 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.
10 Payments from/to the counterparty will be received/made upon the occurrence of a bankruptcy and/or restructuring event with respect to the referenced index/obligation.
11 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 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 underlying securities comprising the referenced index.
12 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. Credit spread are unaudited.
13 Security is illiquid. At March 31, 2013, the value of these securities and other illiquid derivative instruments amounted to $5,446 or 0.01% of net assets.
14 Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index.
UBS Emerging Markets Debt Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Commercial banks |
|
5.14 |
% |
Diversified financial services |
|
6.80 |
|
Electric utilities |
|
0.83 |
|
Oil, gas & consumable fuels |
|
6.33 |
|
Road & rail |
|
0.90 |
|
Total corporate bonds |
|
20.00 |
% |
Non-US government obligations |
|
65.78 |
|
Structured notes |
|
3.16 |
|
Total bonds |
|
88.94 |
% |
Short-term investment |
|
5.14 |
|
Options purchased |
|
0.08 |
|
Total investments |
|
94.16 |
% |
Cash and other assets, less liabilities |
|
5.84 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Emerging Markets Debt Fund (excluding derivatives exposure). Figures might be different if a breakdown of underlying investment companies and derivatives exposure was included.
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds88.94% |
|
|
|
|
| |||
Corporate bonds20.00% |
|
|
|
|
| |||
Brazil1.66% |
|
|
|
|
| |||
Banco do Brasil SA, |
|
|
|
|
| |||
5.875%, due 01/26/221 |
|
$ |
200,000 |
|
$ |
214,500 |
| |
Centrais Eletricas Brasileiras SA, |
|
|
|
|
| |||
5.750%, due 10/27/211 |
|
200,000 |
|
212,000 |
| |||
Total Brazil corporate bonds |
|
|
|
426,500 |
| |||
|
|
|
|
|
| |||
Indonesia1.26% |
|
|
|
|
| |||
Pertamina Persero PT, |
|
|
|
|
| |||
5.250%, due 05/23/211 |
|
300,000 |
|
322,875 |
| |||
|
|
|
|
|
| |||
Kazakhstan0.90% |
|
|
|
|
| |||
Kazakhstan Temir Zholy Finance BV, |
|
|
|
|
| |||
6.950%, due 07/10/422 |
|
200,000 |
|
232,500 |
| |||
|
|
|
|
|
| |||
Malaysia0.78% |
|
|
|
|
| |||
Malayan Banking Bhd, |
|
|
|
|
| |||
3.250%, due 09/20/223 |
|
200,000 |
|
201,300 |
| |||
|
|
|
|
|
| |||
Mexico3.04% |
|
|
|
|
| |||
Petroleos Mexicanos, |
|
|
|
|
| |||
4.875%, due 03/15/15 |
|
200,000 |
|
214,500 |
| |||
4.875%, due 01/24/22 |
|
300,000 |
|
331,200 |
| |||
6.500%, due 06/02/41 |
|
200,000 |
|
236,000 |
| |||
Total Mexico corporate bonds |
|
|
|
781,700 |
| |||
|
|
|
|
|
| |||
Peru0.83% |
|
|
|
|
| |||
Corp Financiera Desarrollo, |
|
|
|
|
| |||
4.750%, due 02/08/221 |
|
200,000 |
|
213,834 |
| |||
|
|
|
|
|
| |||
Russia7.86% |
|
|
|
|
| |||
RSHB Capital SA for OJSC Russian Agricultural Bank, |
|
|
|
|
| |||
7.175%, due 05/16/131 |
|
250,000 |
|
251,650 |
| |||
7.750%, due 05/29/181 |
|
250,000 |
|
291,563 |
| |||
8.625%, due 02/17/171 |
|
RUB |
21,000,000 |
|
700,237 |
| ||
Sberbank of Russia, |
|
|
|
|
| |||
5.180%, due 06/28/191 |
|
$ |
250,000 |
|
267,200 |
| ||
5.717%, due 06/16/211 |
|
200,000 |
|
217,500 |
| |||
VEB Finance Ltd., |
|
|
|
|
| |||
6.902%, due 07/09/201 |
|
250,000 |
|
290,312 |
| |||
Total Russia corporate bonds |
|
|
|
2,018,462 |
| |||
|
|
|
|
|
| |||
Singapore0.82% |
|
|
|
|
| |||
Oversea-Chinese Banking Corp. Ltd., |
|
|
|
|
| |||
3.750%, due 11/15/223 |
|
200,000 |
|
209,560 |
| |||
|
|
|
|
|
| |||
Turkey0.82% |
|
|
|
|
| |||
Turkiye Halk Bankasi AS, |
|
|
|
|
| |||
4.875%, due 07/19/172 |
|
200,000 |
|
210,000 |
| |||
|
|
|
|
|
| |||
Venezuela2.03% |
|
|
|
|
| |||
Petroleos de Venezuela SA, |
|
|
|
|
| |||
8.500%, due 11/02/171 |
|
50,000 |
|
48,500 |
| |||
9.000%, due 11/17/211 |
|
300,000 |
|
285,000 |
| |||
9.750%, due 05/17/351 |
|
200,000 |
|
189,500 |
| |||
Total Venezuela corporate bonds |
|
|
|
523,000 |
| |||
Total corporate bonds (cost $4,988,006) |
|
|
|
5,139,731 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
Non-US government obligations65.78% |
|
|
|
|
| ||||
Argentina1.59% |
|
|
|
|
| ||||
Republic of Argentina, |
|
|
|
|
| ||||
6.370%, due 12/15/353,4 |
|
$ |
1,480,000 |
|
$ |
53,838 |
| ||
7.000%, due 10/03/15 |
|
40,000 |
|
33,440 |
| ||||
8.280%, due 12/31/33 |
|
273,500 |
|
143,587 |
| ||||
8.750%, due 06/02/17 |
|
100,000 |
|
73,000 |
| ||||
10.455%, due 12/15/35 |
|
1,400,000 |
|
49,528 |
| ||||
Series VII, 7.000%, due 09/12/13 |
|
55,000 |
|
54,236 |
| ||||
|
|
|
|
407,629 |
| ||||
Belarus1.03% |
|
|
|
|
| ||||
Republic of Belarus, |
|
|
|
|
| ||||
8.750%, due 08/03/151 |
|
100,000 |
|
104,000 |
| ||||
8.950%, due 01/26/181 |
|
150,000 |
|
159,750 |
| ||||
|
|
|
|
263,750 |
| ||||
China0.93% |
|
|
|
|
| ||||
China Government Bond, |
|
|
|
|
| ||||
1.400%, due 08/18/161 |
|
CNY |
500,000 |
|
78,046 |
| |||
2.560%, due 06/29/171 |
|
1,000,000 |
|
161,724 |
| ||||
|
|
|
|
239,770 |
| ||||
Colombia1.85% |
|
|
|
|
| ||||
Republic of Colombia, |
|
|
|
|
| ||||
6.125%, due 01/18/41 |
|
$ |
110,000 |
|
138,325 |
| |||
9.850%, due 06/28/27 |
|
COP |
400,000,000 |
|
337,668 |
| |||
|
|
|
|
475,993 |
| ||||
Croatia0.43% |
|
|
|
|
| ||||
Republic of Croatia, |
|
|
|
|
| ||||
6.750%, due 11/05/191 |
|
$ |
100,000 |
|
109,750 |
| |||
|
|
|
|
|
| ||||
Dominican Republic0.44% |
|
|
|
|
| ||||
Republic of Dominica, |
|
|
|
|
| ||||
7.500%, due 05/06/211 |
|
100,000 |
|
112,000 |
| ||||
|
|
|
|
|
| ||||
El Salvador0.45% |
|
|
|
|
| ||||
Republic of El Salvador, |
|
|
|
|
| ||||
7.650%, due 06/15/351 |
|
100,000 |
|
114,750 |
| ||||
|
|
|
|
|
| ||||
Hungary2.32% |
|
|
|
|
| ||||
Government of Hungary, |
|
|
|
|
| ||||
6.250%, due 01/29/20 |
|
100,000 |
|
103,000 |
| ||||
6.750%, due 02/24/17 |
|
HUF |
100,000,000 |
|
442,142 |
| |||
7.625%, due 03/29/41 |
|
$ |
50,000 |
|
50,750 |
| |||
|
|
|
|
595,892 |
| ||||
Indonesia5.67% |
|
|
|
|
| ||||
Republic of Indonesia, |
|
|
|
|
| ||||
5.875%, due 03/13/201 |
|
100,000 |
|
115,880 |
| ||||
6.625%, due 02/17/371 |
|
200,000 |
|
247,750 |
| ||||
7.000%, due 05/15/22 |
|
IDR |
6,000,000,000 |
|
685,750 |
| |||
8.500%, due 10/12/351 |
|
$ |
275,000 |
|
407,687 |
| |||
|
|
|
|
1,457,067 |
| ||||
Lithuania0.43% |
|
|
|
|
| ||||
Republic of Lithuania, |
|
|
|
|
| ||||
5.125%, due 09/14/171 |
|
100,000 |
|
111,157 |
| ||||
|
|
|
|
|
| ||||
Malaysia5.49% |
|
|
|
|
| ||||
Government of Malaysia, |
|
|
|
|
| ||||
3.197%, due 10/15/15 |
|
MYR |
700,000 |
|
226,774 |
| |||
3.434%, due 08/15/14 |
|
1,000,000 |
|
325,141 |
| ||||
3.580%, due 09/28/18 |
|
2,200,000 |
|
719,752 |
| ||||
4.392%, due 04/15/26 |
|
400,000 |
|
138,834 |
| ||||
|
|
|
|
1,410,501 |
| ||||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Mexico7.30% |
|
|
|
|
| |||
Mexican Udibonos, |
|
|
|
|
| |||
4.000%, due 11/15/40 |
|
MXN |
4,944,723 |
|
$ |
544,848 |
| |
Series M 6.500%, due 06/10/21 |
|
900,000 |
|
80,888 |
| |||
Mexico Cetes, |
|
|
|
|
| |||
4.863%, due 09/19/135 |
|
35,000,000 |
|
277,870 |
| |||
5.035%, due 04/04/135 |
|
97,000,000 |
|
785,333 |
| |||
United Mexican States, |
|
|
|
|
| |||
6.050%, due 01/11/40 |
|
$ |
150,000 |
|
186,000 |
| ||
|
|
|
|
1,874,939 |
| |||
Mongolia1.52% |
|
|
|
|
| |||
Development Bank of Mongolia LLC, |
|
|
|
|
| |||
5.750%, due 03/21/171 |
|
200,000 |
|
205,000 |
| |||
Mongolia Government International Bond, |
|
|
|
|
| |||
5.125%, due 12/05/222 |
|
200,000 |
|
185,750 |
| |||
|
|
|
|
390,750 |
| |||
Montenegro0.77% |
|
|
|
|
| |||
Republic of Montenegro, |
|
|
|
|
| |||
7.250%, due 04/08/16 |
|
EUR |
150,000 |
|
199,007 |
| ||
|
|
|
|
|
| |||
Nigeria1.53% |
|
|
|
|
| |||
Nigeria Government Bond, |
|
|
|
|
| |||
15.100%, due 04/27/17 |
|
NGN |
27,000,000 |
|
193,589 |
| ||
Nigeria Treasury Bills, |
|
|
|
|
| |||
11.019%, due 01/23/146 |
|
3,000,000 |
|
17,414 |
| |||
12.573%, due 04/25/136 |
|
5,000,000 |
|
31,214 |
| |||
12.730%, due 09/05/136 |
|
12,000,000 |
|
72,019 |
| |||
14.812%, due 11/07/136 |
|
13,550,000 |
|
79,810 |
| |||
|
|
|
|
394,046 |
| |||
Peru3.21% |
|
|
|
|
| |||
Peruvian Government International Bond, |
|
|
|
|
| |||
5.625%, due 11/18/50 |
|
$ |
100,000 |
|
119,250 |
| ||
7.840%, due 08/12/201 |
|
PEN |
1,450,000 |
|
705,451 |
| ||
|
|
|
|
824,701 |
| |||
Philippines2.15% |
|
|
|
|
| |||
Republic of Philippines, |
|
|
|
|
| |||
6.500%, due 01/20/20 |
|
$ |
200,000 |
|
250,500 |
| ||
7.000%, due 01/27/16 |
|
PHP |
11,000,000 |
|
302,775 |
| ||
|
|
|
|
553,275 |
| |||
Poland3.00% |
|
|
|
|
| |||
Republic of Poland, |
|
|
|
|
| |||
4.000%, due 10/25/23 |
|
PLN |
150,000 |
|
46,322 |
| ||
5.000%, due 03/23/22 |
|
$ |
50,000 |
|
57,119 |
| ||
5.750%, due 09/23/22 |
|
PLN |
1,900,000 |
|
667,422 |
| ||
|
|
|
|
770,863 |
| |||
Romania0.91% |
|
|
|
|
| |||
Government of Romania, |
|
|
|
|
| |||
5.750%, due 01/27/16 |
|
RON |
200,000 |
|
58,409 |
| ||
6.750%, due 02/07/221 |
|
$ |
150,000 |
|
174,375 |
| ||
|
|
|
|
232,784 |
| |||
Russia1.52% |
|
|
|
|
| |||
Russian Federation, |
|
|
|
|
| |||
7.600%, due 04/14/21 |
|
RUB |
7,500,000 |
|
253,255 |
| ||
8.150%, due 02/03/27 |
|
4,000,000 |
|
138,207 |
| |||
|
|
|
|
391,462 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
South Africa4.46% |
|
|
|
|
| |||
Republic of South Africa, |
|
|
|
|
| |||
4.665%, due 01/17/24 |
|
$ |
200,000 |
|
$ |
213,750 |
| |
6.750%, due 03/31/21 |
|
ZAR |
3,000,000 |
|
330,977 |
| ||
7.000%, due 02/28/31 |
|
5,000,000 |
|
495,980 |
| |||
7.750%, due 02/28/23 |
|
ZAR |
900,000 |
|
104,279 |
| ||
|
|
|
|
1,144,986 |
| |||
Sri Lanka1.44% |
|
|
|
|
| |||
Republic of Sri Lanka, |
|
|
|
|
| |||
6.250%, due 07/27/211 |
|
$ |
350,000 |
|
369,250 |
| ||
|
|
|
|
|
| |||
Thailand3.54% |
|
|
|
|
| |||
Government of Thailand, |
|
|
|
|
| |||
1.231%, due 07/14/21 |
|
THB |
14,503,677 |
|
511,478 |
| ||
3.580%, due 12/17/27 |
|
4,000,000 |
|
133,449 |
| |||
3.775%, due 06/25/32 |
|
8,000,000 |
|
264,808 |
| |||
|
|
|
|
909,735 |
| |||
Turkey9.54% |
|
|
|
|
| |||
Export Credit Bank of Turkey, |
|
|
|
|
| |||
5.875%, due 04/24/191 |
|
$ |
200,000 |
|
222,500 |
| ||
Government of Turkey, |
|
|
|
|
| |||
8.339%, due 07/17/135 |
|
TRY |
1,500,000 |
|
814,743 |
| ||
9.500%, due 01/12/22 |
|
800,000 |
|
513,544 |
| |||
Republic of Turkey, |
|
|
|
|
| |||
7.500%, due 11/07/19 |
|
$ |
720,000 |
|
900,900 |
| ||
|
|
|
|
2,451,687 |
| |||
Ukraine0.84% |
|
|
|
|
| |||
Government of Ukraine, |
|
|
|
|
| |||
9.250%, due 07/24/172 |
|
200,000 |
|
215,750 |
| |||
|
|
|
|
|
| |||
Venezuela3.42% |
|
|
|
|
| |||
Republic of Venezuela, |
|
|
|
|
| |||
7.750%, due 10/13/191 |
|
140,000 |
|
130,200 |
| |||
8.250%, due 10/13/241 |
|
190,000 |
|
171,950 |
| |||
9.250%, due 09/15/27 |
|
100,000 |
|
98,000 |
| |||
9.250%, due 05/07/281 |
|
300,000 |
|
285,750 |
| |||
9.375%, due 01/13/34 |
|
200,000 |
|
192,000 |
| |||
|
|
|
|
877,900 |
| |||
Total Non-US government obligations (cost $16,594,140) |
|
|
|
16,899,394 |
| |||
|
|
|
|
|
| |||
Structured notes3.16% |
|
|
|
|
| |||
Ghana1.15% |
|
|
|
|
| |||
Citigroup Funding, Inc., |
|
|
|
|
| |||
23.000%, due 08/23/172 (linked to Republic of Ghana, 23.000%, due 08/23/17) |
|
500,000 |
|
296,375 |
| |||
Sri Lanka2.01% |
|
|
|
|
| |||
Citigroup Funding Inc, |
|
|
|
|
| |||
8.000%, due 06/15/172 (linked to Sri Lanka Government Bonds, 8.000%, due 06/20/17) |
|
LKR |
10,000,000 |
|
70,349 |
| ||
Citigroup Funding Inc, |
|
|
|
|
| |||
8.000%, due 06/15/172 (linked to Sri Lanka Government Bonds, 8.000%, due 06/20/17) |
|
20,000,000 |
|
140,699 |
| |||
Citigroup Funding Inc, |
|
|
|
|
| |||
8.500%, due 02/01/182 (linked to Sri Lanka Government Bonds, 8.500%, due 02/06/18) |
|
10,000,000 |
|
69,224 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
Citigroup Funding Inc, |
|
|
|
|
| ||||
8.500%, due 04/01/182 (linked to Sri Lanka Government Bonds, 8.500%, due 04/01/18) |
|
LKR |
34,000,000 |
|
$ |
235,360 |
| ||
Total Sri Lanka structured notes |
|
|
|
515,632 |
| ||||
Total structured notes (cost $768,363) |
|
|
|
812,007 |
| ||||
Total bonds (cost $22,350,509) |
|
|
|
22,851,132 |
| ||||
|
|
|
|
|
| ||||
|
|
Shares |
|
|
| ||||
Short-term investment5.14% |
|
|
|
|
| ||||
Investment company5.14% |
|
|
|
|
| ||||
UBS Cash Management Prime Relationship Fund7 (cost $1,320,259) |
|
1,320,259 |
|
1,320,259 |
| ||||
|
|
|
|
|
| ||||
|
|
Face amount |
|
|
| ||||
Options Purchased*0.08% |
|
|
|
|
| ||||
Call Options0.00%8 |
|
|
|
|
| ||||
Foreign Exchange Option, Buy GBP/SGD, strike @ SGD 1.90, expires April 2013 |
|
GBP |
250,000 |
|
292 |
| |||
Foreign Exchange Option, Buy GBP/SGD, strike @ SGD 1.92, expires April 2013 |
|
170,000 |
|
285 |
| ||||
|
|
|
|
577 |
| ||||
Put Options0.08% |
|
|
|
|
| ||||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.40, expires June 2013 |
|
EUR |
120,000 |
|
89 |
| |||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.52, expires June 2013 |
|
120,000 |
|
792 |
| ||||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.54, expires June 2013 |
|
120,000 |
|
1,133 |
| ||||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.50, expires September 2013 |
|
450,000 |
|
4,062 |
| ||||
Foreign Exchange Option, Buy EUR/ZAR strike @ ZAR 11.80, expires June 2013 |
|
120,000 |
|
2,859 |
| ||||
Foreign Exchange Option, Buy GBP/MXN, strike @ MXN 18.80, expires September 2013 |
|
GBP |
170,000 |
|
5,821 |
| |||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 1.94, expires April 2013 |
|
$ |
290,000 |
|
4 |
| |||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 1.93, expires April 2013 |
|
|
340,000 |
|
|
4 |
| ||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 2.01, expires April 2013 |
|
240,000 |
|
1,165 |
| ||||
Foreign Exchange Option, Buy USD/RUB, strike @ RUB 31.00, expires June 2013 |
|
140,000 |
|
912 |
| ||||
Foreign Exchange Option, Buy USD/ZAR, strike @ ZAR 9.00, expires September 2013 |
|
160,000 |
|
2,898 |
| ||||
|
|
|
|
19,739 |
| ||||
Total options purchased (cost $32,877) |
|
|
|
20,316 |
| ||||
Total investments94.16% (cost $23,703,645) |
|
|
|
24,191,707 |
| ||||
Cash and other assets, less liabilities5.84% |
|
|
|
1,500,502 |
| ||||
Net assets100.00% |
|
|
|
$ |
25,692,209 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
998,286 |
|
Gross unrealized depreciation |
|
(510,224 |
) | |
Net unrealized appreciation of investments |
|
$ |
488,062 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
BB |
|
GBP |
59,667 |
|
SGD |
114,000 |
|
04/19/13 |
|
$ |
1,261 |
|
BB |
|
GBP |
195,771 |
|
SGD |
367,000 |
|
04/19/13 |
|
(1,537 |
) | |
BB |
|
PEN |
1,000,000 |
|
USD |
385,356 |
|
06/14/13 |
|
22 |
| |
BB |
|
SGD |
203,000 |
|
GBP |
108,095 |
|
04/05/13 |
|
578 |
| |
BB |
|
SGD |
16,000 |
|
GBP |
8,382 |
|
04/19/13 |
|
(165 |
) | |
BB |
|
SGD |
64,000 |
|
GBP |
34,190 |
|
04/19/13 |
|
344 |
| |
BB |
|
USD |
28,108 |
|
ARS |
156,000 |
|
06/11/13 |
|
(971 |
) | |
BB |
|
USD |
23,830 |
|
CLP |
11,430,000 |
|
06/14/13 |
|
159 |
| |
BB |
|
USD |
822,855 |
|
CNY |
5,170,000 |
|
06/14/13 |
|
5,645 |
| |
BB |
|
USD |
190,794 |
|
COP |
347,150,000 |
|
06/14/13 |
|
(1,827 |
) | |
BB |
|
USD |
252,645 |
|
HUF |
58,500,000 |
|
06/14/13 |
|
(8,331 |
) | |
BB |
|
USD |
264,701 |
|
INR |
14,720,000 |
|
06/14/13 |
|
2,021 |
| |
BB |
|
USD |
523,060 |
|
KRW |
570,449,200 |
|
06/14/13 |
|
(12,385 |
) | |
BB |
|
USD |
143,410 |
|
MXN |
1,779,000 |
|
04/02/13 |
|
622 |
| |
BB |
|
USD |
148,469 |
|
RUB |
4,630,000 |
|
06/14/13 |
|
(1,407 |
) | |
CSI |
|
BRL |
243,000 |
|
USD |
120,476 |
|
04/25/13 |
|
532 |
| |
CSI |
|
EUR |
108,000 |
|
USD |
139,572 |
|
04/02/13 |
|
1,132 |
| |
CSI |
|
EUR |
208,000 |
|
USD |
269,150 |
|
04/04/13 |
|
2,521 |
| |
CSI |
|
INR |
14,880,000 |
|
USD |
269,097 |
|
06/14/13 |
|
(524 |
) | |
CSI |
|
MXN |
888,000 |
|
USD |
72,056 |
|
04/02/13 |
|
162 |
| |
CSI |
|
MXN |
4,499,000 |
|
USD |
362,214 |
|
04/02/13 |
|
(2,035 |
) | |
CSI |
|
USD |
14,054 |
|
ARS |
78,000 |
|
06/11/13 |
|
(485 |
) | |
CSI |
|
USD |
59,871 |
|
BRL |
121,000 |
|
04/25/13 |
|
(146 |
) | |
CSI |
|
USD |
60,099 |
|
BRL |
122,000 |
|
04/25/13 |
|
120 |
| |
CSI |
|
USD |
50,327 |
|
BRL |
100,000 |
|
06/14/13 |
|
(1,267 |
) | |
CSI |
|
USD |
135,464 |
|
EUR |
105,000 |
|
04/02/13 |
|
(870 |
) | |
CSI |
|
USD |
3,831 |
|
EUR |
3,000 |
|
04/02/13 |
|
14 |
| |
CSI |
|
USD |
133,991 |
|
EUR |
100,000 |
|
04/18/13 |
|
(5,793 |
) | |
CSI |
|
USD |
172,674 |
|
HUF |
40,000,000 |
|
06/14/13 |
|
(5,622 |
) | |
CSI |
|
USD |
455,070 |
|
IDR |
4,457,410,000 |
|
06/14/13 |
|
(726 |
) | |
CSI |
|
USD |
421,991 |
|
MXN |
5,218,000 |
|
04/02/13 |
|
469 |
| |
DB |
|
GBP |
124,943 |
|
SGD |
237,000 |
|
04/05/13 |
|
1,236 |
| |
DB |
|
MXN |
1,610,000 |
|
USD |
129,995 |
|
04/02/13 |
|
(354 |
) | |
DB |
|
MXN |
3,870,000 |
|
USD |
310,148 |
|
06/14/13 |
|
(993 |
) | |
DB |
|
PLN |
1,600,000 |
|
USD |
489,701 |
|
06/14/13 |
|
1,270 |
| |
DB |
|
SGD |
32,000 |
|
GBP |
16,896 |
|
04/05/13 |
|
(128 |
) | |
DB |
|
SGD |
2,000 |
|
USD |
1,611 |
|
04/05/13 |
|
(2 |
) | |
DB |
|
USD |
567,161 |
|
THB |
16,930,000 |
|
06/14/13 |
|
8,331 |
| |
DB |
|
USD |
515,551 |
|
TWD |
15,250,000 |
|
06/14/13 |
|
(4,781 |
) | |
DB |
|
USD |
563,011 |
|
ZAR |
5,190,000 |
|
06/14/13 |
|
(4,209 |
) | |
GS |
|
PHP |
1,010,000 |
|
USD |
51,714 |
|
06/14/13 |
|
650 |
| |
GS |
|
TRY |
440,000 |
|
USD |
239,612 |
|
06/14/13 |
|
(1,294 |
) | |
GS |
|
TRY |
120,000 |
|
USD |
66,068 |
|
06/14/13 |
|
367 |
| |
GS |
|
USD |
14,054 |
|
ARS |
78,000 |
|
06/11/13 |
|
(485 |
) | |
GS |
|
USD |
934 |
|
MXN |
12,000 |
|
06/14/13 |
|
31 |
| |
GS |
|
USD |
122,181 |
|
MYR |
382,000 |
|
06/14/13 |
|
560 |
| |
GS |
|
USD |
520,428 |
|
PLN |
1,670,000 |
|
06/14/13 |
|
(10,628 |
) | |
JPMCB |
|
USD |
28,036 |
|
ARS |
157,000 |
|
06/11/13 |
|
|
(725 |
) |
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
MSCI |
|
EUR |
255,000 |
|
USD |
340,227 |
|
04/18/13 |
|
$ |
13,322 |
|
RBS |
|
EUR |
210,000 |
|
USD |
272,371 |
|
04/18/13 |
|
3,155 |
| |
RBS |
|
USD |
41,986 |
|
ARS |
234,000 |
|
06/11/13 |
|
(1,280 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(24,446 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 9 contracts (USD) |
|
June 2013 |
|
$ |
1,299,171 |
|
$ |
1,300,219 |
|
$ |
1,048 |
|
5 Year US Treasury Notes, 7 contracts (USD) |
|
June 2013 |
|
867,541 |
|
868,383 |
|
842 |
| |||
10 Year US Treasury Notes, 3 contracts (USD) |
|
June 2013 |
|
394,083 |
|
395,953 |
|
1,870 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
3,760 |
| ||
Interest rate swap agreements
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received by |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
MYR |
1,150,000 |
|
08/23/22 |
|
3 month KLIBOR |
|
|
3.880 |
% |
$ |
|
|
$ |
(3,878 |
) |
$ |
(3,878 |
) |
DB |
|
BRL |
865,272 |
|
01/02/17 |
|
1 Day CDI |
|
|
8.645 |
|
|
|
(3,169 |
) |
(3,169 |
) | |||
DB |
|
MYR |
950,000 |
|
08/23/22 |
|
3 month KLIBOR |
|
|
3.860 |
|
|
|
(3,455 |
) |
(3,455 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,502 |
) |
$ |
(10,502 |
) |
Currency swap agreements10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
Pay |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
|
|
Unrealized |
| |||||
Counterparty |
|
contract |
|
contract |
|
date |
|
rate9 |
|
rate9 |
|
payments |
|
Value |
|
depreciation |
| |||||
BB |
|
PHP |
8,238,200 |
|
USD |
200,614 |
|
12/18/15 |
|
1.300 |
% |
6 month USD LIBOR |
|
$ |
|
|
$ |
(3,108 |
) |
$ |
(3,108 |
) |
Credit default swaps on credit indicesbuy protection11
Counterparty |
|
Referenced Index12 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized appreciation |
| ||||
BB |
|
CDX.EM.Series 18 Index |
|
USD |
150,000 |
|
12/20/17 |
|
5.000 |
% |
$ |
16,694 |
|
$ |
(15,444 |
) |
$ |
1,250 |
|
DB |
|
CDX.EM.Series 17 Index |
|
USD |
150,000 |
|
06/20/17 |
|
5.000 |
|
14,356 |
|
(13,823 |
) |
533 |
| |||
GSI |
|
CDX.EM.Series 18 Index |
|
USD |
400,000 |
|
12/20/17 |
|
5.000 |
|
43,202 |
|
(41,186 |
) |
2,016 |
| |||
MLI |
|
CDX.EM.Series 18 Index |
|
USD |
150,000 |
|
12/20/17 |
|
5.000 |
|
16,258 |
|
(15,444 |
) |
814 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
90,510 |
|
$ |
(85,897 |
) |
$ |
4,613 |
|
Credit default swaps on sovereign issuessell protection13
Counterparty |
|
Referenced Obligation12 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB |
|
Russian Federation bond, 2.250%, due 03/31/30 |
|
USD |
300,000 |
|
12/20/22 |
|
1.000 |
% |
$ |
27,523 |
|
$ |
(26,647 |
) |
$ |
876 |
|
2.072 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
GSI |
|
United Mexican States bond, 5.950%, due 03/19/19 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
15,632 |
|
(7,290 |
) |
8,342 |
|
1.347 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
GSI |
|
Federative Republic of Brazil bond, 12.250%, due 03/06/30 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
19,720 |
|
(15,418 |
) |
4,302 |
|
1.749 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
62,875 |
|
$ |
(49,355 |
) |
$ |
13,520 |
|
|
|
Total return swap agreements10
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
BRL |
830,000 |
|
07/26/13 |
|
|
15 |
$ |
(1,177,360 |
) |
$ |
1,208,756 |
|
$ |
31,396 |
|
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell USD/BRL, USD 90,000 face amount covered by contracts, strike @ BRL 1.96 |
|
April 2013 |
|
$ |
905 |
|
$ |
(2,605 |
) |
Foreign Exchange Option, Sell USD/BRL, USD 210,000 face amount covered by contracts, strike @ BRL 2.05 |
|
May 2013 |
|
2,251 |
|
(2,339 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 150,000 face amount covered by contracts, strike @ BRL 2.03 |
|
May 2013 |
|
1,913 |
|
(2,088 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 120,000 face amount covered by contracts, strike @ BRL 2.03 |
|
June 2013 |
|
1,050 |
|
(1,941 |
) | ||
Put options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell EUR/BRL, EUR 450,000 face amount covered by contracts, strike @ BRL 2.40 |
|
September 2013 |
|
2,098 |
|
(1,321 |
) | ||
Foreign Exchange Option, Sell EUR/ZAR, EUR 240,000 face amount covered by contracts, strike @ ZAR 11.20 |
|
June 2013 |
|
1,283 |
|
(1,290 |
) | ||
Foreign Exchange Option, Sell GBP/MXN, GBP 250,000 face amount covered by contracts, strike @ MXN 17.90 |
|
September 2013 |
|
2,760 |
|
(2,795 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 290,000 face amount covered by contracts, strike @ BRL 1.91 |
|
April 2013 |
|
293 |
|
|
| ||
Foreign Exchange Option, Sell USD/BRL, USD 340,000 face amount covered by contracts, strike @ BRL 1.90 |
|
April 2013 |
|
383 |
|
|
| ||
Foreign Exchange Option, Sell USD/BRL, USD 480,000 face amount covered by contracts, strike @ BRL 1.97 |
|
April 2013 |
|
1,169 |
|
(499 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 240,000 face amount covered by contracts, strike @ BRL 2.44 |
|
June 2013 |
|
683 |
|
(515 |
) | ||
Foreign Exchange Option, Sell USD/RUB, USD 280,000 face amount covered by contracts, strike @ RUB 30.00 |
|
June 2013 |
|
848 |
|
(292 |
) | ||
Foreign Exchange Option, Sell USD/ZAR, USD 320,000 face amount covered by contracts, strike @ ZAR 8.40 |
|
September 2013 |
|
1,603 |
|
(1,385 |
) | ||
Total options written |
|
|
|
$ |
17,239 |
|
$ |
(17,070 |
) |
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2013 (unaudited)
Foreign exchange option activity for the period ended March 31, 2013 was as follows:
|
|
Premiums |
| |
Foreign exchange options outstanding at June 30, 2012 |
|
$ |
|
|
Foreign exchange options written |
|
2,297 |
| |
Foreign exchange options terminated in closing purchase transactions |
|
14,942 |
| |
Foreign exchange options expired prior to exercise |
|
|
| |
Foreign exchange options outstanding at March 31, 2013 |
|
$ |
17,239 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
5,139,731 |
|
$ |
|
|
$ |
5,139,731 |
|
Non-US government obligations |
|
|
|
16,899,394 |
|
|
|
16,899,394 |
| ||||
Structured notes |
|
|
|
812,007 |
|
|
|
812,007 |
| ||||
Short-term investments |
|
|
|
1,320,259 |
|
|
|
1,320,259 |
| ||||
Options purchased |
|
|
|
20,316 |
|
|
|
20,316 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(24,446 |
) |
|
|
(24,446 |
) | ||||
Futures contracts, net |
|
3,760 |
|
|
|
|
|
3,760 |
| ||||
Swap agreements, net |
|
|
|
1,059,894 |
|
|
|
1,059,894 |
| ||||
Options written |
|
|
|
(17,070 |
) |
|
|
(17,070 |
) | ||||
Total |
|
$ |
3,760 |
|
$ |
25,210,085 |
|
$ |
|
|
$ |
25,213,845 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Portfolio Footnotes
* |
Non-income producing security. |
1 |
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, 2013, the value of these securities amounted to $7,387,641 or 28.75% of net assets. |
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, 2013, the value of these securities amounted to $1,656,007 or 6.44% of net assets. |
3 |
Variable or floating rate security the interest rate shown is the current rate as of March 31, 2013 and changes periodically. |
4 |
Security has yet to make its first payment. Security pays, when required, a floating rate that is determined annually based on the Argentina GDP. |
5 |
Rate shown is the discount rate at the date of purchase. |
6 |
Interest rate shown is the discount rate at the date of purchase. |
7 |
The table below details the Funds investment in a fund advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
Value |
|
period ended |
|
period ended |
|
Value |
|
period ended |
| |||||
Security description |
|
7/23/2012a |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
|
|
$ |
28,961,476 |
|
$ |
27,641,217 |
|
$ |
1,320,259 |
|
$ |
3,253 |
|
a Fund commenced operations on July 23, 2012.
8 |
Amount represents less than 0.005%. |
9 |
Payments made or received are based on the notional amount. |
10 |
Security is illiquid. At March 31, 2013, the value of these securities and other illiquid derivative instruments amounted to $1,205,648 or 4.69% of net assets. |
11 |
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. |
12 |
Payments from/to the counterparty will be received/made upon the occurrence of a bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
13 |
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. |
14 |
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. Credit spreads are unaudited. |
15 |
Payment is based on the performance of the underlying Brazilian Government 6.000% bond, due 08/15/50. |
16 |
Payment made to fully fund swap. |
UBS Fixed Income Opportunities Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Building materials |
|
2.27 |
% |
Capital markets |
|
1.57 |
|
Chemicals |
|
0.13 |
|
Commercial banks |
|
8.10 |
|
Computers & peripherals |
|
0.36 |
|
Construction & engineering |
|
0.19 |
|
Consumer finance |
|
4.41 |
|
Containers & packaging |
|
1.02 |
|
Diversified financial services |
|
11.66 |
|
Diversified telecommunication services |
|
0.67 |
|
Electronic equipment, instruments & components |
|
1.32 |
|
Energy |
|
0.65 |
|
Health care providers & services |
|
0.46 |
|
Hotels, restaurants & leisure |
|
2.26 |
|
Insurance |
|
1.30 |
|
IT services |
|
0.36 |
|
Leisure equipment & products |
|
0.39 |
|
Machinery |
|
1.48 |
|
Media |
|
1.98 |
|
Metals & mining |
|
1.44 |
|
Multi-utilities |
|
0.38 |
|
Oil, gas & consumable fuels |
|
4.86 |
|
Real estate investment trust (REIT) |
|
0.21 |
|
Real estate management & development |
|
0.75 |
|
Semiconductors & semiconductor equipment |
|
0.33 |
|
Telecommunications |
|
0.28 |
|
Trading companies & distributors |
|
1.20 |
|
Total corporate bonds |
|
50.03 |
% |
Asset-backed securities |
|
2.66 |
|
Collateralized debt obligations |
|
2.57 |
|
Commercial mortgage-backed securities |
|
6.87 |
|
Mortgage & agency debt securities |
|
0.93 |
|
Municipal bonds |
|
2.19 |
|
US government obligations |
|
9.75 |
|
Non-US government obligation |
|
0.34 |
|
Total bonds |
|
75.34 |
% |
Investment company |
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
19.71 |
|
Short-term investment |
|
8.37 |
|
Options purchased |
|
4.43 |
|
Total investments |
|
107.85 |
% |
Liabilities, in excess of cash and other assets |
|
(7.85 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Fixed Income Opportunities Fund (excluding derivatives exposure). Figures might be different if a breakdown of the affiliated underlying investment company and derivatives exposure was included.
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| |||
Bonds75.34% |
|
|
|
|
| |||
Corporate bonds50.03% |
|
|
|
|
| |||
Australia1.78% |
|
|
|
|
| |||
Crown Group Finance Ltd., |
|
|
|
|
| |||
5.750%, due 07/18/17 |
|
AUD |
370,000 |
|
$ |
394,148 |
| |
Sydney Airport Finance Co. Pty Ltd., |
|
|
|
|
| |||
3.900%, due 03/22/231 |
|
$ |
730,000 |
|
741,524 |
| ||
8.000%, due 07/06/15 |
|
AUD |
500,000 |
|
558,296 |
| ||
Total Australia corporate bonds |
|
|
|
1,693,968 |
| |||
|
|
|
|
|
| |||
Brazil1.66% |
|
|
|
|
| |||
Caixa Economica Federal, |
|
|
|
|
| |||
2.375%, due 11/06/171 |
|
$ |
520,000 |
|
504,400 |
| ||
Petrobras International Finance Co., |
|
|
|
|
| |||
5.375%, due 01/27/21 |
|
1,000,000 |
|
1,078,920 |
| |||
Total Brazil corporate bonds |
|
|
|
1,583,320 |
| |||
|
|
|
|
|
| |||
Cayman Islands0.89% |
|
|
|
|
| |||
Evergrande Real Estate Group Ltd., |
|
|
|
|
| |||
13.000%, due 01/27/152 |
|
175,000 |
|
190,312 |
| |||
Fantasia Holdings Group Co. Ltd., |
|
|
|
|
| |||
10.750%, due 01/22/202 |
|
315,000 |
|
313,456 |
| |||
Seagate Technology HDD Holdings, |
|
|
|
|
| |||
6.800%, due 10/01/16 |
|
300,000 |
|
339,000 |
| |||
Total Cayman Islands corporate bonds |
|
|
|
842,768 |
| |||
|
|
|
|
|
| |||
China0.22% |
|
|
|
|
| |||
Gemdale International Investment Ltd., |
|
|
|
|
| |||
7.125%, due 11/16/17 |
|
200,000 |
|
207,703 |
| |||
|
|
|
|
|
| |||
Germany1.60% |
|
|
|
|
| |||
HeidelbergCement Finance BV, |
|
|
|
|
| |||
8.500%, due 10/31/192 |
|
EUR |
500,000 |
|
809,078 |
| ||
Unitymedia GmbH, |
|
|
|
|
| |||
9.625%, due 12/01/192 |
|
500,000 |
|
713,093 |
| |||
Total Germany corporate bonds |
|
|
|
1,522,171 |
| |||
|
|
|
|
|
| |||
Ireland1.91% |
|
|
|
|
| |||
Ardagh Packaging Finance PLC, |
|
|
|
|
| |||
7.375%, due 10/15/172 |
|
700,000 |
|
969,079 |
| |||
The Governor & Co. of the Bank of Ireland, |
|
|
|
|
| |||
4.000%, due 01/28/15 |
|
250,000 |
|
328,474 |
| |||
5.875%, due 05/03/13 |
|
400,000 |
|
514,404 |
| |||
Total Ireland corporate bonds |
|
|
|
1,811,957 |
| |||
|
|
|
|
|
| |||
Italy0.28% |
|
|
|
|
| |||
Wind Acquisition Finance SA, |
|
|
|
|
| |||
11.750%, due 07/15/172 |
|
200,000 |
|
270,470 |
| |||
|
|
|
|
|
| |||
Luxembourg2.11% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
5.000%, due 02/25/17 |
|
$ |
400,000 |
|
418,600 |
| ||
6.000%, due 03/01/21 |
|
900,000 |
|
946,223 |
| |||
Intelsat Jackson Holdings SA, |
|
|
|
|
| |||
7.500%, due 04/01/21 |
|
575,000 |
|
639,688 |
| |||
Total Luxembourg corporate bonds |
|
|
|
2,004,511 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| |||
Mexico1.42% |
|
|
|
|
| |||
Cemex Finance LLC, |
|
|
|
|
| |||
9.500%, due 12/14/161 |
|
$ |
1,250,000 |
|
$ |
1,353,125 |
| |
|
|
|
|
|
| |||
Netherlands0.73% |
|
|
|
|
| |||
Ziggo Bond Co. BV, |
|
|
|
|
| |||
8.000%, due 05/15/182 |
|
EUR |
500,000 |
|
690,597 |
| ||
|
|
|
|
|
| |||
Norway2.04% |
|
|
|
|
| |||
Eksportfinans ASA, |
|
|
|
|
| |||
1.600%, due 03/20/14 |
|
JPY |
124,000,000 |
|
1,283,005 |
| ||
5.500%, due 05/25/16 |
|
$ |
380,000 |
|
394,732 |
| ||
5.500%, due 06/26/17 |
|
250,000 |
|
259,250 |
| |||
Total Norway corporate bonds |
|
|
|
1,936,987 |
| |||
|
|
|
|
|
| |||
Portugal1.57% |
|
|
|
|
| |||
EDP Finance BV, |
|
|
|
|
| |||
4.750%, due 09/26/16 |
|
EUR |
750,000 |
|
994,559 |
| ||
4.900%, due 10/01/191 |
|
$ |
500,000 |
|
502,500 |
| ||
Total Portugal corporate bonds |
|
|
|
1,497,059 |
| |||
|
|
|
|
|
| |||
Singapore0.49% |
|
|
|
|
| |||
Flextronics International Ltd., |
|
|
|
|
| |||
5.000%, due 02/15/231 |
|
470,000 |
|
468,825 |
| |||
|
|
|
|
|
| |||
Spain2.59% |
|
|
|
|
| |||
BBVA US Senior SAU, |
|
|
|
|
| |||
4.664%, due 10/09/15 |
|
660,000 |
|
676,812 |
| |||
Cirsa Funding Luxembourg SA, |
|
|
|
|
| |||
8.750%, due 05/15/182 |
|
EUR |
300,000 |
|
375,903 |
| ||
Santander US Debt SA Unipersonal, |
|
|
|
|
| |||
3.724%, due 01/20/151 |
|
$ |
1,400,000 |
|
1,415,218 |
| ||
Total Spain corporate bonds |
|
|
|
2,467,933 |
| |||
|
|
|
|
|
| |||
United Kingdom3.05% |
|
|
|
|
| |||
Barclays Bank PLC, |
|
|
|
|
| |||
6.050%, due 12/04/171 |
|
200,000 |
|
222,923 |
| |||
FCE Bank PLC, |
|
|
|
|
| |||
5.125%, due 11/16/15 |
|
GBP |
500,000 |
|
816,705 |
| ||
HBOS PLC, |
|
|
|
|
| |||
6.750%, due 05/21/181 |
|
$ |
400,000 |
|
444,588 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| |||
6.500%, due 03/24/20 |
|
EUR |
1,000,000 |
|
1,415,975 |
| ||
Total United Kingdom corporate bonds |
|
|
|
2,900,191 |
| |||
|
|
|
|
|
| |||
United States27.69% |
|
|
|
|
| |||
Airgas, Inc., |
|
|
|
|
| |||
2.375%, due 02/15/20 |
|
$ |
125,000 |
|
124,731 |
| ||
Ally Financial, Inc., |
|
|
|
|
| |||
3.125%, due 01/15/16 |
|
210,000 |
|
212,625 |
| |||
3.558%, due 06/15/153 |
|
1,140,000 |
|
1,065,900 |
| |||
American International Group, Inc., |
|
|
|
|
| |||
4.375%, due 04/26/16 |
|
EUR |
400,000 |
|
553,759 |
| ||
5.000%, due 06/26/17 |
|
200,000 |
|
288,357 |
| |||
Amsouth Bank, |
|
|
|
|
| |||
5.200%, due 04/01/15 |
|
$ |
450,000 |
|
479,502 |
| ||
Caesars Entertainment Operating Co., Inc., |
|
|
|
|
| |||
11.250%, due 06/01/17 |
|
750,000 |
|
797,813 |
| |||
Case New Holland, Inc., |
|
|
|
|
| |||
7.875%, due 12/01/17 |
|
1,200,000 |
|
1,404,000 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| |||
United States(Continued) |
|
|
|
|
| |||
CIT Group, Inc., |
|
|
|
|
| |||
4.250%, due 08/15/17 |
|
$ |
250,000 |
|
$ |
261,250 |
| |
5.000%, due 05/15/17 |
|
500,000 |
|
536,250 |
| |||
5.250%, due 04/01/141 |
|
900,000 |
|
934,875 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.859%, due 05/31/174 |
|
EUR |
1,600,000 |
|
1,940,721 |
| ||
5.000%, due 09/15/14 |
|
$ |
750,000 |
|
787,522 |
| ||
CMS Energy Corp., |
|
|
|
|
| |||
8.750%, due 06/15/19 |
|
270,000 |
|
364,406 |
| |||
DISH DBS Corp., |
|
|
|
|
| |||
7.875%, due 09/01/19 |
|
990,000 |
|
1,173,150 |
| |||
El Paso Corp., |
|
|
|
|
| |||
7.250%, due 06/01/18 |
|
900,000 |
|
1,032,630 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
680,000 |
|
736,268 |
| |||
9.000%, due 04/15/19 |
|
270,000 |
|
355,733 |
| |||
Fidelity National Financial, Inc., |
|
|
|
|
| |||
5.500%, due 09/01/22 |
|
110,000 |
|
124,872 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
8.125%, due 01/15/20 |
|
850,000 |
|
1,073,221 |
| |||
General Motors Financial Co., Inc., |
|
|
|
|
| |||
4.750%, due 08/15/171 |
|
320,000 |
|
333,737 |
| |||
HCA, Inc., |
|
|
|
|
| |||
7.875%, due 02/15/20 |
|
400,000 |
|
442,000 |
| |||
International Lease Finance Corp., |
|
|
|
|
| |||
8.625%, due 09/15/15 |
|
1,000,000 |
|
1,137,500 |
| |||
Kinder Morgan Finance Co. ULC, |
|
|
|
|
| |||
5.700%, due 01/05/16 |
|
750,000 |
|
815,498 |
| |||
Linn Energy LLC, |
|
|
|
|
| |||
6.250%, due 11/01/191 |
|
600,000 |
|
613,500 |
| |||
Markel Corp., |
|
|
|
|
| |||
3.625%, due 03/30/23 |
|
150,000 |
|
150,569 |
| |||
Maxim Integrated Products, Inc., |
|
|
|
|
| |||
3.375%, due 03/15/23 |
|
310,000 |
|
312,204 |
| |||
Merrill Lynch & Co., Inc., |
|
|
|
|
| |||
4.625%, due 09/14/18 |
|
EUR |
790,000 |
|
1,078,485 |
| ||
6.400%, due 08/28/17 |
|
$ |
1,000,000 |
|
1,173,692 |
| ||
Morgan Stanley, |
|
|
|
|
| |||
6.625%, due 04/01/18 |
|
1,250,000 |
|
1,494,253 |
| |||
Plains Exploration & Production Co., |
|
|
|
|
| |||
6.500%, due 11/15/20 |
|
370,000 |
|
408,850 |
| |||
6.875%, due 02/15/23 |
|
170,000 |
|
192,525 |
| |||
Prudential Financial, Inc., |
|
|
|
|
| |||
5.200%, due 03/15/444 |
|
110,000 |
|
110,275 |
| |||
Regions Financial Corp., |
|
|
|
|
| |||
5.750%, due 06/15/15 |
|
250,000 |
|
271,275 |
| |||
7.750%, due 11/10/14 |
|
340,000 |
|
374,843 |
| |||
Sanmina-SCI Corp., |
|
|
|
|
| |||
7.000%, due 05/15/191 |
|
760,000 |
|
794,200 |
| |||
SLM Corp., |
|
|
|
|
| |||
3.875%, due 09/10/15 |
|
670,000 |
|
697,663 |
| |||
URS Corp., |
|
|
|
|
| |||
3.850%, due 04/01/171 |
|
170,000 |
|
176,669 |
| |||
Ventas Realty LP/Ventas Capital Corp., |
|
|
|
|
| |||
2.700%, due 04/01/20 |
|
200,000 |
|
200,664 |
| |||
Western Union Co., |
|
|
|
|
| |||
2.375%, due 12/10/15 |
|
340,000 |
|
346,033 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
United States(Concluded) |
|
|
|
|
| ||
Wyndham Worldwide Corp., |
|
|
|
|
| ||
3.900%, due 03/01/23 |
|
$ |
960,000 |
|
$ |
963,139 |
|
Total United States corporate bonds |
|
|
|
26,335,159 |
| ||
Total corporate bonds (cost $46,399,439) |
|
|
|
47,586,744 |
| ||
|
|
|
|
|
| ||
Asset-backed securities2.66% |
|
|
|
|
| ||
United States2.66% |
|
|
|
|
| ||
Accredited Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2006-1, Class A3, |
|
|
|
|
| ||
0.384%, due 04/25/364 |
|
270,266 |
|
253,046 |
| ||
Citigroup Mortgage Loan Trust, Inc., |
|
|
|
|
| ||
Series 2006-WFH2, Class A2A, |
|
|
|
|
| ||
0.354%, due 08/25/364 |
|
576,524 |
|
533,171 |
| ||
First Franklin Mortgage Loan Asset Backed Certificates, |
|
|
|
|
| ||
Series 2005-FF10, Class A4, |
|
|
|
|
| ||
0.524%, due 11/25/354 |
|
883,775 |
|
873,080 |
| ||
Saxon Asset Securities Trust, |
|
|
|
|
| ||
Series 2006-2, Class A3C, |
|
|
|
|
| ||
0.354%, due 09/25/364 |
|
1,018,319 |
|
875,862 |
| ||
Total asset-backed securities (cost $2,242,746) |
|
|
|
2,535,159 |
| ||
|
|
|
|
|
| ||
Collateralized debt obligations2.57% |
|
|
|
|
| ||
Cayman Islands1.87% |
|
|
|
|
| ||
Denali Capital CLO X Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class A3L, |
|
|
|
|
| ||
3.181%, due 04/28/251,4 |
|
550,000 |
|
546,205 |
| ||
Galaxy CLO Ltd., |
|
|
|
|
| ||
Series 2013-15A, Class C, |
|
|
|
|
| ||
2.881%, due 04/15/251,4 |
|
500,000 |
|
483,750 |
| ||
Marathon CLO V Ltd., |
|
|
|
|
| ||
Series 2013-5A, Class A2A, |
|
|
|
|
| ||
2.639%, due 02/21/251,4 |
|
400,000 |
|
400,722 |
| ||
Race Point CLO Ltd., |
|
|
|
|
| ||
Series 2013-8A, Class C, |
|
|
|
|
| ||
3.089%, due 02/20/251,4 |
|
350,000 |
|
345,416 |
| ||
Total Cayman Islands collateralized debt obligations |
|
|
|
1,776,093 |
| ||
|
|
|
|
|
| ||
United Kingdom0.70% |
|
|
|
|
| ||
Jubilee CDO BV, |
|
|
|
|
| ||
Series IIIX, Class A1, |
|
|
|
|
| ||
0.804%, due 04/20/172,4 |
|
26,685 |
|
34,191 |
| ||
Series IIIX, Class A2, |
|
|
|
|
| ||
1.304%, due 04/20/172,4 |
|
500,000 |
|
636,519 |
| ||
Total United Kingdom collateralized debt obligations |
|
|
|
670,710 |
| ||
Total collateralized debt obligations (cost $2,500,015) |
|
|
|
2,446,803 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Commercial mortgage-backed securities6.87% |
|
|
|
|
| ||
United States6.87% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-2, Class AM, |
|
|
|
|
| ||
5.619%, due 04/10/494 |
|
$ |
500,000 |
|
$ |
562,386 |
|
Series 2007-4, Class AM, |
|
|
|
|
| ||
5.821%, due 02/10/514 |
|
425,000 |
|
486,675 |
| ||
Citigroup Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C6, Class AM, |
|
|
|
|
| ||
5.697%, due 12/10/494 |
|
425,000 |
|
478,974 |
| ||
CW Capital Cobalt Ltd., |
|
|
|
|
| ||
Series 2007-C3, Class AJ, |
|
|
|
|
| ||
5.811%, due 05/15/464 |
|
575,000 |
|
499,528 |
| ||
Series 2007-C3, Class AM, |
|
|
|
|
| ||
5.811%, due 05/15/464 |
|
400,000 |
|
448,116 |
| ||
Extended Stay America Trust, |
|
|
|
|
| ||
Series 2013-ESH7, Class B7, |
|
|
|
|
| ||
3.604%, due 12/05/311 |
|
500,000 |
|
505,903 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
150,000 |
|
157,130 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.787%, due 08/12/451,4 |
|
625,000 |
|
709,957 |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/464 |
|
475,000 |
|
540,171 |
| ||
Series 2007-C33, Class AM, |
|
|
|
|
| ||
5.926%, due 02/15/514 |
|
1,000,000 |
|
1,114,557 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C11, Class B, |
|
|
|
|
| ||
3.714%, due 03/15/454 |
|
500,000 |
|
515,029 |
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/48 |
|
500,000 |
|
519,163 |
| ||
Total commercial mortgage-backed securities (cost $6,076,691) |
|
|
|
6,537,589 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities0.93% |
|
|
|
|
| ||
United States0.93% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMIC,5 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
1,369,028 |
|
153,106 |
| ||
Federal National Mortgage Association REMIC,6 |
|
|
|
|
| ||
Series 2012-146, Class IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
1,808,267 |
|
367,395 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Government National Mortgage Association, |
|
|
|
|
| ||
Series 2013-22, Class IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
$ |
1,746,455 |
|
$ |
363,102 |
|
Total mortgage & agency debt securities (cost $881,893) |
|
|
|
883,603 |
| ||
|
|
|
|
|
| ||
Municipal bonds2.19% |
|
|
|
|
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
800,000 |
|
1,114,920 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.665%, due 03/01/18 |
|
800,000 |
|
914,712 |
| ||
5.877%, due 03/01/19 |
|
50,000 |
|
57,540 |
| ||
Total municipal bonds (cost $1,698,591) |
|
|
|
2,087,172 |
| ||
|
|
|
|
|
| ||
US government obligations9.75% |
|
|
|
|
| ||
US Treasury Bonds, PO, |
|
|
|
|
| ||
3.222%, due 08/15/423,5 |
|
1,750,000 |
|
650,624 |
| ||
5.162%, due 05/15/403,5 |
|
6,000,000 |
|
2,451,360 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
2.000%, due 02/15/225 |
|
6,000,000 |
|
6,168,282 |
| ||
Total US government obligations (cost $8,575,095) |
|
|
|
9,270,266 |
| ||
|
|
|
|
|
| ||
Non-US government obligation0.34% |
|
|
|
|
| ||
Croatia0.34% |
|
|
|
|
| ||
Republic of Croatia, |
|
|
|
|
| ||
6.250%, due 04/27/172 (cost $332,707) |
|
300,000 |
|
321,345 |
| ||
Total bonds (cost $68,707,177) |
|
|
|
71,668,681 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
|
|
|
|
|
| ||
Investment company19.71% |
|
|
|
|
| ||
UBS Opportunistic Emerging Markets Debt Relationship Fund*7 (cost $16,475,544) |
|
942,596 |
|
18,749,366 |
| ||
|
|
|
|
|
| ||
Short-term investment8.37% |
|
|
|
|
| ||
Investment company8.37% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund7 (cost $7,957,793) |
|
7,957,793 |
|
7,957,793 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Number of |
|
Value |
| ||||
Options purchased*4.43% |
|
|
|
|
| ||||
Call options0.45% |
|
|
|
|
| ||||
10 Year US Treasury Notes, strike @ USD 131.50, expires June 2013 |
|
238 |
|
$ |
271,469 |
| |||
30 Year US Treasury Bonds, strike @ USD 143.00, expires May 2013 |
|
40 |
|
84,375 |
| ||||
5 Year US Treasury Notes, strike @ USD 124.00, expires May 2013 |
|
178 |
|
69,531 |
| ||||
|
|
|
|
425,375 |
| ||||
Put options0.55% |
|
|
|
|
| ||||
10 Year US Treasury Notes, strike @ USD 131.50, expires May 2013 |
|
238 |
|
156,187 |
| ||||
30 Year US Treasury Bonds, strike @ USD 139.00, expires May 2013 |
|
500 |
|
39,063 |
| ||||
30 Year US Treasury Bonds, strike @ USD 143.00, expires May 2013 |
|
40 |
|
25,625 |
| ||||
30 Year US Treasury Bonds, strike @ USD 144.00, expires May 2013 |
|
128 |
|
208,000 |
| ||||
5 Year US Treasury Notes, strike @ USD 124.00, expires June 2013 |
|
178 |
|
59,797 |
| ||||
Euro-Schatz, strike @ EUR 110.70, expires May 2013 |
|
303 |
|
33,014 |
| ||||
|
|
|
|
521,686 |
| ||||
Options purchased on interest rate swaps83.43% |
|
|
|
|
| ||||
Expiring 01/06/14. If option exercised the Fund pays semi-annually 2.765% and receives semi-annually floating 6 month GBP LIBOR. Underlying interest rate swap terminating 01/06/24. European style. Counterparty: DB |
|
GBP |
4,630,000 |
|
48,785 |
| |||
Expiring 01/06/14. If option exercised the Fund pays semi-annually floating 6 month GBP LIBOR and receives semi-annually 2.765%. Underlying interest rate swap terminating 01/06/24. European style. Counterparty: DB |
|
4,630,000 |
|
437,510 |
| ||||
Expiring 06/14/13. If option exercised the Fund pays quarterly floating 3 month USD LIBOR and receives semi-annually 3.410%. Underlying interest rate swap terminating 06/18/18. European style. Counterparty: DB |
|
$ |
8,240,000 |
|
$ |
961,078 |
| ||
Expiring 06/14/21. If option exercised the Fund pays quarterly floating 3 month USD LIBOR and receives semi-annually 5.080%. Underlying interest rate swap terminating 06/16/26. European style. Counterparty: DB |
|
4,050,000 |
|
291,375 |
| ||||
Expiring 11/02/15. If option exercised the Fund pays semi-annually 6.000% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: DB |
|
3,050,000 |
|
10,598 |
| ||||
Expiring 12/07/17. If option exercised the Fund pays semi-annually 3.000% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/11/22. European style. Counterparty: BB |
|
8,650,000 |
|
317,869 |
| ||||
Expiring 12/07/17. If option exercised the Fund pays semi-annually 7.000% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/11/22. European style. Counterparty: BB |
|
8,650,000 |
|
36,862 |
| ||||
Expiring 12/08/14. If option exercised the Fund pays quarterly floating 3 month EURIBOR and receives annually 2.325%. Underlying interest rate swap terminating 12/10/15. European style. Counterparty: BB |
|
EUR |
32,000,000 |
|
721,952 |
| |||
Expiring 12/19/17. If option exercised the Fund pays semi-annually 3.000% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/21/22. European style. Counterparty: BB |
|
$ |
8,650,000 |
|
$ |
320,888 |
| ||
Expiring 12/19/17. If option exercised the Fund pays semi-annually 7.000% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/21/22. European style. Counterparty: BB |
|
8,650,000 |
|
37,345 |
| ||||
Expiring 12/24/13. If option exercised the Fund pays semi-annually 2.140% and receives semi-annually floating 6 month JPY LIBOR. Underlying interest rate swap terminating 12/30/33. European style. Counterparty: BB |
|
JPY |
310,000,000 |
|
25,869 |
| |||
Expiring 12/24/13. If option exercised the Fund pays semi-annually 2.140% and receives semi-annually floating 6 month JPY LIBOR. Underlying interest rate swap terminating 12/30/33. European style. Counterparty: JPMCB |
|
670,000,000 |
|
55,912 |
| ||||
|
|
|
|
3,266,043 |
| ||||
Total options purchased (cost $3,789,218) |
|
|
|
4,213,104 |
| ||||
Total investments107.85% (cost $96,929,732) |
|
|
|
102,588,944 |
| ||||
Liabilities, in excess of cash and other assets(7.85%) |
|
|
|
(7,468,783 |
) | ||||
Net assets 100.00% |
|
|
|
$ |
95,120,161 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
7,434,693 |
|
Gross unrealized depreciation |
|
(1,775,481 |
) | |
Net unrealized appreciation of investments |
|
$ |
5,659,212 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||||
CSI |
|
EUR |
1,348,073 |
|
CHF |
1,640,000 |
|
06/04/13 |
|
$ |
194 |
| ||||
CSI |
|
JPY |
560,200,000 |
|
USD |
5,983,502 |
|
06/04/13 |
|
29,816 |
| |||||
JPMCB |
|
AUD |
2,665,000 |
|
USD |
2,721,738 |
|
06/04/13 |
|
(39,624 |
) | |||||
JPMCB |
|
CHF |
1,640,000 |
|
USD |
1,763,562 |
|
06/04/13 |
|
34,564 |
| |||||
JPMCB |
|
EUR |
10,050,000 |
|
USD |
13,267,025 |
|
06/04/13 |
|
378,643 |
| |||||
JPMCB |
|
GBP |
3,220,000 |
|
USD |
4,863,066 |
|
06/04/13 |
|
(27,901 |
) | |||||
JPMCB |
|
JPY |
168,000,000 |
|
USD |
1,771,066 |
|
06/04/13 |
|
(14,402 |
) | |||||
JPMCB |
|
USD |
529,733 |
|
CAD |
545,000 |
|
06/04/13 |
|
5,984 |
| |||||
RBS |
|
USD |
3,025,000 |
|
JPY |
288,285,828 |
|
06/04/13 |
|
38,840 |
| |||||
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
406,114 |
| ||||
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 53 contracts (USD) |
|
June 2013 |
|
$ |
7,596,442 |
|
$ |
7,656,844 |
|
$ |
60,402 |
|
US Ultra Bond Futures, 71 contracts (USD) |
|
June 2013 |
|
11,171,963 |
|
11,189,156 |
|
17,193 |
| |||
2 Year US Treasury Notes, 96 contracts (USD) |
|
June 2013 |
|
21,159,654 |
|
21,163,500 |
|
3,846 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 55 contracts (USD) |
|
June 2013 |
|
(6,811,340 |
) |
(6,823,008 |
) |
(11,668 |
) | |||
10 Year US Treasury Notes, 68 contracts (USD) |
|
June 2013 |
|
(8,971,399 |
) |
(8,974,937 |
) |
(3,538 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Long Gilt, 32 contracts (GBP) |
|
June 2013 |
|
5,681,941 |
|
5,775,369 |
|
93,428 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bobl, 15 contracts (EUR) |
|
June 2013 |
|
(2,418,594 |
) |
(2,436,540 |
) |
(17,946 |
) | |||
Euro-Bund, 50 contracts (EUR) |
|
June 2013 |
|
(9,170,469 |
) |
(9,324,818 |
) |
(154,349 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(12,632 |
) | ||
Currency swap agreements8
|
|
|
|
|
|
|
|
|
|
|
|
Upfront |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
payments |
|
|
|
Unrealized |
| |||||
|
|
Pay |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
(made)/ |
|
|
|
appreciation/ |
| |||||
Counterparty |
|
contracts |
|
contracts |
|
date |
|
rate9 |
|
rate9 |
|
received |
|
Value |
|
(depreciation) |
| |||||
BB |
|
AUD |
8,158,397 |
|
USD |
8,550,000 |
|
12/24/13 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
$ |
|
|
$ |
36,533 |
|
$ |
36,533 |
|
BB |
|
USD |
8,550,000 |
|
AUD |
8,158,397 |
|
12/24/22 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
|
|
(50,912 |
) |
(50,912 |
) | |||
MLI |
|
CAD |
6,678,500 |
|
USD |
6,847,637 |
|
03/16/40 |
|
3 month BA |
|
3 month USD LIBOR |
|
(141,380 |
) |
335,461 |
|
194,081 |
| |||
MLI |
|
USD |
6,847,637 |
|
CAD |
6,678,500 |
|
03/16/20 |
|
3 month USD LIBOR |
|
3 month BA |
|
106,250 |
|
(238,188 |
) |
(131,938 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(35,130 |
) |
$ |
82,894 |
|
$ |
47,764 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made by the |
|
Payments received by the |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
USD |
72,000,000 |
|
06/20/13 |
|
3 month USD LIBOR |
|
1 month USD LIBOR |
|
$ |
|
|
$ |
27,067 |
|
$ |
27,067 |
|
BB |
|
USD |
13,175,000 |
|
03/31/15 |
|
0.420% |
|
3 month USD LIBOR |
|
|
|
2,638 |
|
2,638 |
| |||
BB |
|
USD |
72,000,000 |
|
06/20/21 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
169,552 |
|
169,552 |
| |||
BB |
|
USD |
1,470,000 |
|
06/16/26 |
|
3.624 |
|
3 month USD LIBOR |
|
|
|
10,437 |
|
10,437 |
| |||
CITI |
|
USD |
1,860,000 |
|
02/15/36 |
|
4.668 |
|
3 month USD LIBOR |
|
526,631 |
|
(600,339 |
) |
(73,708 |
) | |||
CSI |
|
CAD |
6,125,000 |
|
02/11/14 |
|
2.775 |
|
3 month BA |
|
|
|
(89,839 |
) |
(89,839 |
) | |||
CSI |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3 month BA |
|
3.500% |
|
(43,547 |
) |
412,343 |
|
368,796 |
| |||
CSI |
|
CAD |
1,550,000 |
|
02/11/22 |
|
4.145 |
|
3 month BA |
|
|
|
(249,728 |
) |
(249,728 |
) | |||
CSI |
|
USD |
2,650,000 |
|
08/12/16 |
|
3 month USD LIBOR |
|
1.194 |
|
|
|
56,931 |
|
56,931 |
| |||
DB |
|
USD |
3,000,000 |
|
12/15/15 |
|
1.521 |
|
3 month USD LIBOR |
|
(41,000 |
) |
(96,284 |
) |
(137,284 |
) | |||
DB |
|
USD |
1,250,000 |
|
09/23/20 |
|
2.690 |
|
3 month USD LIBOR |
|
(23,000 |
) |
(104,222 |
) |
(127,222 |
) | |||
DB |
|
USD |
4,550,000 |
|
02/15/38 |
|
4.474 |
|
3 month USD LIBOR |
|
1,798,089 |
|
(1,348,354 |
) |
449,735 |
| |||
DB |
|
USD |
1,450,000 |
|
02/15/38 |
|
3.669 |
|
3 month USD LIBOR |
|
361,849 |
|
(212,691 |
) |
149,158 |
| |||
DB |
|
USD |
875,000 |
|
05/15/40 |
|
3.470 |
|
3 month USD LIBOR |
|
(157,000 |
) |
(153,470 |
) |
(310,470 |
) | |||
DB |
|
USD |
695,000 |
|
05/15/40 |
|
4.560 |
|
3 month USD LIBOR |
|
|
|
(402,812 |
) |
(402,812 |
) | |||
DB |
|
USD |
1,250,000 |
|
06/27/42 |
|
3.489 |
|
3 month USD LIBOR |
|
284,540 |
|
(145,369 |
) |
139,171 |
| |||
JPMCB |
|
CAD |
6,125,000 |
|
02/11/14 |
|
3 month BA |
|
2.775 |
|
|
|
89,839 |
|
89,839 |
| |||
JPMCB |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3.500 |
|
3 month BA |
|
|
|
(412,343 |
) |
(412,343 |
) | |||
JPMCB |
|
CAD |
1,550,000 |
|
02/11/22 |
|
3 month BA |
|
4.145 |
|
|
|
249,728 |
|
249,728 |
| |||
JPMCB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
6 month EURIBOR |
|
2.130 |
|
|
|
503,058 |
|
503,058 |
| |||
JPMCB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
2.460 |
|
6 month EURIBOR |
|
|
|
(173,475 |
) |
(173,475 |
) | |||
JPMCB |
|
USD |
66,000,000 |
|
02/12/16 |
|
0.825 |
|
3 month USD LIBOR |
|
|
|
(81,522 |
) |
(81,522 |
) | |||
JPMCB |
|
USD |
4,500,000 |
|
02/18/16 |
|
2.532 |
|
3 month USD LIBOR |
|
|
|
(271,766 |
) |
(271,766 |
) | |||
JPMCB |
|
USD |
70,000,000 |
|
07/03/42 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
83,259 |
|
83,259 |
| |||
MLI |
|
CAD |
66,000,000 |
|
02/08/16 |
|
3 month BA |
|
1.785 |
|
|
|
84,979 |
|
84,979 |
| |||
MLI |
|
CAD |
9,280,000 |
|
04/08/17 |
|
3 month BA |
|
1.978 |
|
|
|
177,238 |
|
177,238 |
| |||
MLI |
|
CAD |
3,030,000 |
|
02/04/21 |
|
3.725 |
|
3 month BA |
|
79,133 |
|
(374,276 |
) |
(295,143 |
) | |||
MLI |
|
CAD |
3,000,000 |
|
02/04/31 |
|
3 month BA |
|
4.310 |
|
5,192 |
|
638,189 |
|
643,381 |
| |||
MLI |
|
CAD |
1,060,000 |
|
02/04/41 |
|
4.208 |
|
3 month BA |
|
|
|
(285,270 |
) |
(285,270 |
) | |||
MLI |
|
JPY |
841,000,000 |
|
04/26/13 |
|
6 month JPY LIBOR |
|
0.451 |
|
|
|
6,287 |
|
6,287 |
| |||
MLI |
|
JPY |
676,000,000 |
|
04/26/16 |
|
0.706 |
|
6 month JPY LIBOR |
|
|
|
(116,760 |
) |
(116,760 |
) | |||
MLI |
|
JPY |
176,000,000 |
|
04/26/21 |
|
6 month JPY LIBOR |
|
1.334 |
|
|
|
134,827 |
|
134,827 |
| |||
MLI |
|
USD |
4,020,000 |
|
06/18/18 |
|
2.090 |
|
3 month USD LIBOR |
|
|
|
(208,883 |
) |
(208,883 |
) | |||
MLI |
|
USD |
20,000,000 |
|
06/27/19 |
|
3.298 |
|
3 month USD LIBOR |
|
2,344,793 |
|
(2,652,680 |
) |
(307,887 |
) | |||
MLI |
|
USD |
3,630,000 |
|
06/16/21 |
|
3 month USD LIBOR |
|
3.171 |
|
|
|
121,947 |
|
121,947 |
| |||
MLI |
|
USD |
3,670,000 |
|
06/27/42 |
|
4.449 |
|
3 month USD LIBOR |
|
1,573,737 |
|
(1,151,981 |
) |
421,756 |
| |||
MSCI |
|
CAD |
8,870,000 |
|
04/08/17 |
|
3.600 |
|
3 month BA |
|
|
|
(789,348 |
) |
(789,348 |
) | |||
MSCI |
|
USD |
3,000,000 |
|
06/27/22 |
|
2.970 |
|
3 month USD LIBOR |
|
318,563 |
|
(311,382 |
) |
7,181 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
7,027,980 |
|
$ |
(7,464,475 |
) |
$ |
(436,495 |
) |
Credit default swaps on credit indices buy protection10
Counterparty |
|
Referenced index11 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CSI |
|
CMBX.NA.AAA Series 4 Index |
|
USD |
4,000,000 |
|
02/17/51 |
|
0.350 |
% |
$ |
(407,590 |
) |
$ |
119,340 |
|
$ |
(288,250 |
) |
JPMCB |
|
CDX.NA.IG. Series 19 Index |
|
USD |
3,850,000 |
|
12/20/17 |
|
1.000 |
|
3,840 |
|
(33,211 |
) |
(29,371 |
) | |||
JPMCB |
|
CDX.EM.Series 19 Index |
|
USD |
11,300,000 |
|
06/20/18 |
|
5.000 |
|
1,312,077 |
|
(1,268,341 |
) |
43,736 |
| |||
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
10,500,000 |
|
06/20/18 |
|
1.000 |
|
(129,309 |
) |
169,191 |
|
39,882 |
| |||
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
3,250,000 |
|
06/20/18 |
|
5.000 |
|
37,301 |
|
(29,747 |
) |
7,554 |
| |||
MLI |
|
CDX.EM.Series 18 Index |
|
USD |
3,000,000 |
|
12/20/17 |
|
5.000 |
|
321,505 |
|
(308,892 |
) |
12,613 |
| |||
MSCI |
|
CDX.EM.Series 18 Index |
|
USD |
1,700,000 |
|
12/20/17 |
|
5.000 |
|
179,192 |
|
(175,039 |
) |
4,153 |
| |||
MSCI |
|
CDX.EM.Series 19 Index |
|
USD |
3,000,000 |
|
06/20/18 |
|
5.000 |
|
346,847 |
|
(336,728 |
) |
10,119 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
1,663,863 |
|
$ |
(1,863,427 |
) |
$ |
(199,564 |
) |
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
Credit default swaps on corporate and sovereign issues buy protection10
Counterparty |
|
Referenced obligation11 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
Credit Suisse Group Finance Guernsey Ltd. bond, 5.000%, due 07/29/19 |
|
EUR |
1,250,000 |
|
09/20/16 |
|
1.000 |
% |
$ |
(22,419 |
) |
$ |
(8,107 |
) |
$ |
(30,526 |
) |
BB |
|
Verizon Communications bond, 4.900%, due 09/15/15 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
34,435 |
|
(53,034 |
) |
(18,599 |
) | |||
BB |
|
Aetna, Inc. bond, 6.625%, due 06/15/36 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
13,436 |
|
(23,282 |
) |
(9,846 |
) | |||
BB |
|
Cox Communication, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
16,498 |
|
(24,753 |
) |
(8,255 |
) | |||
BB |
|
United Mexican States bond, 5.950%, due 03/19/19 |
|
USD |
4,200,000 |
|
12/20/17 |
|
1.000 |
|
(11,463 |
) |
(22,438 |
) |
(33,901 |
) | |||
CITI |
|
Commerzbank AG , 4.000%, due 09/16/20 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
|
(23,357 |
) |
33,585 |
|
10,228 |
| |||
DB |
|
ING Bank NV bond, 5.250%, due 06/07/19 |
|
EUR |
2,500,000 |
|
06/20/16 |
|
1.000 |
|
(9,883 |
) |
38,295 |
|
28,412 |
| |||
JPMCB |
|
Government of France bond, 4.250%, due 04/25/19 |
|
USD |
3,025,000 |
|
09/20/16 |
|
0.250 |
|
(97,127 |
) |
26,742 |
|
(70,385 |
) | |||
JPMCB |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(6,542 |
) |
(15,513 |
) |
(22,055 |
) | |||
JPMCB |
|
Government of Japan bond, 2.000%, due 03/21/22 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
12,582 |
|
(37,054 |
) |
(24,472 |
) | |||
JPMCB |
|
Eastman Chemical Co. bond, 7.600%, due 02/01/27 |
|
USD |
850,000 |
|
12/20/17 |
|
1.000 |
|
4,549 |
|
(7,560 |
) |
(3,011 |
) | |||
MLI |
|
Credit Agricole SA bond, 5.065%, due 08/10/22 |
|
EUR |
2,750,000 |
|
06/20/16 |
|
1.000 |
|
(88,491 |
) |
55,611 |
|
(32,880 |
) | |||
MLI |
|
Deutsche Bank AG, 5.125%, due 08/31/17 |
|
EUR |
1,250,000 |
|
06/20/17 |
|
1.000 |
|
(47,772 |
) |
4,637 |
|
(43,135 |
) | |||
MLI |
|
United Parcel Service of America, Inc. bond, 8.375%, due 04/01/30 |
|
USD |
3,500,000 |
|
06/20/16 |
|
1.000 |
|
110,916 |
|
(95,757 |
) |
15,159 |
| |||
MLI |
|
Weyerhaeuser Co. bond, 7.125%, due 07/15/23 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(9,777 |
) |
(10,926 |
) |
(20,703 |
) | |||
MLI |
|
BorgWarner, Inc. bond, 8.000%, due 10/01/19 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(6,547 |
) |
(8,730 |
) |
(15,277 |
) | |||
MLI |
|
Nucor Corp., 5.750%, due 12/01/17 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
11,321 |
|
(9,640 |
) |
1,681 |
| |||
MLI |
|
Allstate Corp., 6.750%, due 05/15/18 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
16,436 |
|
(20,606 |
) |
(4,170 |
) | |||
MSCI |
|
BNP Paribas bond, 4.250%, due 01/16/14 |
|
EUR |
2,500,000 |
|
06/20/16 |
|
1.000 |
|
(10,692 |
) |
23,150 |
|
12,458 |
| |||
MSCI |
|
VF Corp. bond, 5.950%, due 11/01/17 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
26,473 |
|
(67,294 |
) |
(40,821 |
) | |||
MSCI |
|
Chesapeake Energy Corp. bond, 6.625%, due 08/15/20 |
|
USD |
875,000 |
|
03/20/17 |
|
5.000 |
|
(1,403 |
) |
(58,818 |
) |
(60,221 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
(88,827 |
) |
$ |
(281,492 |
) |
$ |
(370,319 |
) |
Credit default swaps on credit indices sell protection12
Counterparty |
|
Referenced index11 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CITI |
|
MCDX.NA.Series 19 Index |
|
USD |
3,850,000 |
|
12/20/17 |
|
1.000 |
% |
$ |
102,524 |
|
$ |
(25,345 |
) |
$ |
77,179 |
|
1.161 |
% |
MLI |
|
CDX.NA.HY.Series 15 Index |
|
USD |
1,150,000 |
|
12/20/15 |
|
5.000 |
|
66,947 |
|
87,604 |
|
154,551 |
|
2.237 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
169,471 |
|
$ |
62,259 |
|
$ |
231,730 |
|
|
|
Credit default swaps on corporate and sovereign issues sell protection12
Counterparty |
|
Referenced obligation11 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
BB |
|
Lloyds TSB Bank PLC, 3.375%, due 04/20/15 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
25,352 |
|
$ |
(32,026 |
) |
$ |
(6,674 |
) |
1.782 |
% |
BB |
|
UnitedHealth Group, Inc. bond, 6.000%, due 02/15/18 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
|
|
20,227 |
|
20,227 |
|
0.421 |
| |||
DB |
|
Potash Corporation of Saskatchewan, Inc. bond, 6.500%, due 05/15/19 |
|
USD |
850,000 |
|
12/20/17 |
|
1.000 |
|
|
|
5,149 |
|
5,149 |
|
0.874 |
| |||
JPMCB |
|
Peoples Republic of China bond, 4.250%, due 10/28/14 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
(9,046 |
) |
40,959 |
|
31,913 |
|
0.653 |
| |||
MLI |
|
Aegon NV bond, 4.125%, due 12/08/14 |
|
EUR |
900,000 |
|
03/20/16 |
|
1.000 |
|
36,430 |
|
(15,361 |
) |
21,069 |
|
1.466 |
| |||
MLI |
|
Georgia-Pacific LLC bond, 7.750%, due 11/15/29 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
9,777 |
|
10,825 |
|
20,602 |
|
0.692 |
| |||
MLI |
|
Johnson Control, Inc. bond, 7.125%, due 07/15/17 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
12,984 |
|
4,958 |
|
17,942 |
|
0.862 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
5,893 |
|
10,796 |
|
16,689 |
|
0.692 |
| |||
MLI |
|
Barrick Gold Corp., 5.800%, due 11/15/34 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
16,706 |
|
(19,249 |
) |
(2,543 |
) |
1.465 |
| |||
MLI |
|
The Hartford Financial Services Group, Inc., 6.000%, due 01/15/19 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
9,443 |
|
(2,694 |
) |
6,749 |
|
1.069 |
| |||
MSCI |
|
MetLife, Inc. bond, 5.000%, due 06/15/15 |
|
USD |
1,300,000 |
|
06/20/16 |
|
1.000 |
|
23,959 |
|
11,308 |
|
35,267 |
|
0.737 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
131,498 |
|
$ |
34,892 |
|
$ |
166,390 |
|
|
|
Total return swap agreements8
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
GBP |
534,000 |
|
06/25/13 |
|
3 month GBP LIBOR |
|
|
14 |
$ |
|
|
$ |
12,427 |
|
$ |
12,427 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
30 Year US Treasury Bonds, 128 contracts, strike @ USD 147.00 |
|
May 2013 |
|
$ |
155,784 |
|
$ |
(110,000 |
) |
Euro-Schatz, 303 contracts, strike @ EUR 110.80 |
|
May 2013 |
|
46,500 |
|
(56,318 |
) | ||
Put options |
|
|
|
|
|
|
| ||
30 Year US Treasury Bonds, 128 contracts, strike @ USD 141.00 |
|
May 2013 |
|
169,774 |
|
(82,000 |
) | ||
Euro-Schatz, 303 contracts, strike @ EUR 110.20 |
|
May 2013 |
|
5,479 |
|
(3,884 |
) | ||
Options written on interest rate swaps8 |
|
|
|
|
|
|
| ||
If option exercised the Fund receives semi-annually 5.000% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/11/22. European style. Counterparty: BB, Notional Amount USD 17,300,000 |
|
December 2017 |
|
410,875 |
|
(426,254 |
) | ||
If option exercised the Fund receives annually 3.325% and pays quarterly floating 3 month EURIBOR. Underlying interest rate swap terminating 12/10/15. European style. Counterparty: BB, Notional Amount EUR 32,000,000 |
|
December 2014 |
|
155,492 |
|
(8,326 |
) | ||
If option exercised the Fund receives quarterly floating 3 month EURIBOR and pays annually 1.825%. Underlying interest rate swap terminating 12/10/15. European style. Counterparty: BB, Notional Amount EUR 32,000,000 |
|
December 2014 |
|
180,156 |
|
(527,564 |
) | ||
If option exercised the Fund receives quarterly floating 3 month USD LIBOR and pays semi-annually 4.700% . Underlying interest rate swap terminating 06/16/21. European style. Counterparty: DB, Notional Amount USD 10,200,000 |
|
June 2016 |
|
402,115 |
|
(1,132,409 |
) | ||
If option exercised the Fund receives semi-annually 1.620% and pays semi-annually floating 6 month GBP LIBOR. Underlying interest rate swap terminating 01/06/16. European style. Counterparty: BB, Notional Amount GBP 21,000,000 |
|
January 2014 |
|
276,702 |
|
(11,023 |
) | ||
If option exercised the Fund receives semi-annually 7.250% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: DB, Notional Amount USD 3,050,000 |
|
November 2015 |
|
63,135 |
|
(3,885 |
) | ||
If option exercised the Fund receives semi-annually 8.760% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 11/04/25. European style. Counterparty: DB, Notional Amount USD 3,050,000 |
|
November 2015 |
|
38,735 |
|
(1,261 |
) | ||
If option exercised the Fund receives semi-annually floating 6 month GBP LIBOR and pays semi-annually 1.620%. Underlying interest rate swap terminating 01/06/16. European style. Counterparty: BB, Notional Amount GBP 21,000,000 |
|
January 2014 |
|
276,702 |
|
(597,817 |
) | ||
If option exercised the Fund receives semi-annually floating 6 month JPY LIBOR and pays semi-annually 1.600%. Underlying interest rate swap terminating 12/30/33. European style. Counterparty: BB, Notional Amount JPY 310,000,000 |
|
December 2013 |
|
51,495 |
|
(118,370 |
) | ||
If option exercised the Fund receives semi-annually floating 6 month JPY LIBOR and pays semi-annually 1.600%. Underlying interest rate swap terminating 12/30/33. European style. Counterparty: MSC, Notional Amount JPY 670,000,000 |
|
December 2013 |
|
248,815 |
|
(255,842 |
) | ||
Options written on Credit default swaps on credit indices8 |
|
|
|
|
|
|
| ||
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 19 Index and Fund pays quarterly fixed rate of 5.000%. Underlying credit default swap terminating 06/19/13. European style. Counterparty: JPMCB, Notional Amount USD 5,000,000 |
|
June 2013 |
|
62,500 |
|
(51,950 |
) | ||
Total options written |
|
|
|
$ |
2,544,259 |
|
$ |
(3,386,903 |
) |
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
Written options activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2012 |
|
883 |
|
$ |
126,189 |
|
Options written |
|
7,632 |
|
1,221,131 |
| |
Options terminated in closing purchase transactions |
|
(4,308 |
) |
(811,992 |
) | |
Options expired prior to exercise |
|
(3,345 |
) |
(157,791 |
) | |
Options outstanding at March 31, 2013 |
|
862 |
|
$ |
377,537 |
|
|
|
|
|
|
| |
Written swaption activity for the period ended March 31, 2013 was as follows: |
|
|
|
|
| |
|
|
|
|
|
| |
Swaptions outstanding at June 30, 2012 |
|
|
|
$ |
1,827,295 |
|
Swaptions written |
|
|
|
852,119 |
| |
Swaptions terminated in closing purchase transactions |
|
|
|
(512,692 |
) | |
Swaptions expired prior to exercise |
|
|
|
|
| |
Written swaptions outstanding at March 31, 2013 |
|
|
|
$ |
2,166,722 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
47,586,744 |
|
$ |
|
|
$ |
47,586,744 |
|
Asset-backed securities |
|
|
|
2,535,159 |
|
|
|
2,535,159 |
| ||||
Collateralized debt obligations |
|
|
|
2,446,803 |
|
|
|
2,446,803 |
| ||||
Commercial mortgage-backed securities |
|
|
|
6,537,589 |
|
|
|
6,537,589 |
| ||||
Mortgage & agency debt securities |
|
|
|
883,603 |
|
|
|
883,603 |
| ||||
Municipal bonds |
|
|
|
2,087,172 |
|
|
|
2,087,172 |
| ||||
US government obligations |
|
|
|
9,270,266 |
|
|
|
9,270,266 |
| ||||
Non-US government obligations |
|
|
|
321,345 |
|
|
|
321,345 |
| ||||
Investment company |
|
|
|
18,749,366 |
|
|
|
18,749,366 |
| ||||
Short-term investment |
|
|
|
7,957,793 |
|
|
|
7,957,793 |
| ||||
Options purchased |
|
947,061 |
|
3,266,043 |
|
|
|
4,213,104 |
| ||||
Forward foreign currency contracts, net |
|
|
|
406,114 |
|
|
|
406,114 |
| ||||
Futures contracts, net |
|
(12,632 |
) |
|
|
|
|
(12,632 |
) | ||||
Swap agreements, net |
|
|
|
(9,416,922 |
) |
|
|
(9,416,922 |
) | ||||
Options written |
|
(252,202 |
) |
(3,134,701 |
) |
|
|
(3,386,903 |
) | ||||
Total |
|
$ |
682,227 |
|
$ |
89,496,374 |
|
$ |
|
|
$ |
90,178,601 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investment that were valued using unobservable inputs for the period:
|
|
Collaterized |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
239,669 |
|
$ |
239,669 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
(246,446 |
) |
(246,446 |
) | ||
Accrued discounts (premiums) |
|
254 |
|
254 |
| ||
Total realized gain |
|
15,409 |
|
15,409 |
| ||
Change in unrealized appreciation (depreciation) |
|
(8,886 |
) |
(8,886 |
) | ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
|
|
$ |
|
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2013 (unaudited)
Portfolio footnotes
* |
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, 2013, the value of these securities amounted to $11,498,037 or 12.09% of net assets. |
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, 2013, the value of these securities amounted to $5,324,043 or 5.60% of net assets. |
3 |
Rate shown is the discount rate at date of purchase. |
4 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2013 and changes periodically. |
5 |
All or a portion of these securities have been designated as collateral for open swap agreements. |
6 |
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. |
7 |
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/ |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
Net realized |
|
(depreciation) |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
gain during the |
|
during the |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
nine months |
|
nine months |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
ended |
|
ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,513,534 |
|
$ |
63,751,049 |
|
$ |
57,306,790 |
|
$ |
|
|
$ |
|
|
$ |
7,957,793 |
|
$ |
6,913 |
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
12,925,043 |
|
4,750,000 |
|
|
|
|
|
1,074,323 |
|
18,749,366 |
|
|
| |||||||
|
|
$ |
14,438,577 |
|
$ |
68,501,049 |
|
$ |
57,306,790 |
|
$ |
|
|
$ |
1,074,323 |
|
$ |
26,707,159 |
|
$ |
6,913 |
|
8 |
Security is illiquid. At March 31, 2013, the value of these securities and other derivative instruments amounted to $7,074,265 or 7.44% of net assets. |
9 |
Payments made or received are based on the notional amount. |
10 |
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. |
11 |
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or or restructuring event with respect to the referenced index/obligation. |
12 |
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. |
13 |
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. Credit spreads are unaudited. |
14 |
Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index. |
UBS Global Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Beverages |
|
0.29 |
% |
Capital markets |
|
1.68 |
|
Commercial banks |
|
9.01 |
|
Consumer finance |
|
0.76 |
|
Diversified financial services |
|
4.42 |
|
Diversified telecommunication services |
|
0.20 |
|
Electric utilities |
|
3.10 |
|
Energy equipment & services |
|
0.20 |
|
Engineering & construction |
|
0.96 |
|
Food products |
|
0.05 |
|
Household durables |
|
0.10 |
|
Industrial conglomerates |
|
0.14 |
|
Insurance |
|
1.35 |
|
Internet & catalog retail |
|
0.15 |
|
IT services |
|
0.29 |
|
Media |
|
0.39 |
|
Metals & mining |
|
1.08 |
|
Oil, gas & consumable fuels |
|
2.98 |
|
Pharmaceuticals |
|
0.34 |
|
Road & rail |
|
0.15 |
|
Telecommunications |
|
0.65 |
|
Thrifts & mortgage finance |
|
0.71 |
|
Tobacco |
|
3.02 |
|
Wireless telecommunication services |
|
1.10 |
|
Total corporate bonds |
|
33.12 |
% |
Asset-backed securities |
|
1.25 |
|
Commercial mortgage-backed securities |
|
2.19 |
|
Mortgage & agency debt securities |
|
17.79 |
|
Non-US government obligations |
|
39.21 |
|
Supranational bond |
|
0.43 |
|
Total bonds |
|
93.99 |
% |
Short-term investment |
|
3.67 |
|
Total investments |
|
97.66 |
% |
Cash and other assets, less liabilities |
|
2.34 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Global Bond Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment companies and derivatives exposure was included.
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds93.99% |
|
|
|
|
| |||
Corporate bonds33.12% |
|
|
|
|
| |||
Australia0.85% |
|
|
|
|
| |||
Westpac Banking Corp., |
|
|
|
|
| |||
5.000%, due 10/21/19 |
|
GBP |
50,000 |
|
$ |
88,949 |
| |
|
|
|
|
|
| |||
Brazil0.19% |
|
|
|
|
| |||
Vale SA, |
|
|
|
|
| |||
5.625%, due 09/11/42 |
|
$ |
20,000 |
|
19,786 |
| ||
|
|
|
|
|
| |||
Canada0.47% |
|
|
|
|
| |||
Bank of Montreal, |
|
|
|
|
| |||
2.550%, due 11/06/22 |
|
40,000 |
|
39,328 |
| |||
Rogers Communications, Inc., |
|
|
|
|
| |||
3.000%, due 03/15/23 |
|
10,000 |
|
10,035 |
| |||
Total Canada corporate bonds |
|
|
|
49,363 |
| |||
|
|
|
|
|
| |||
Cayman Islands0.47% |
|
|
|
|
| |||
Transocean, Inc., |
|
|
|
|
| |||
2.500%, due 10/15/17 |
|
20,000 |
|
20,253 |
| |||
Vale Overseas Ltd., |
|
|
|
|
| |||
5.625%, due 09/15/19 |
|
25,000 |
|
28,189 |
| |||
Total Cayman Islands corporate bonds |
|
|
|
48,442 |
| |||
|
|
|
|
|
| |||
Finland1.40% |
|
|
|
|
| |||
Teollisuuden Voima Oyj, |
|
|
|
|
| |||
4.625%, due 02/04/191 |
|
EUR |
100,000 |
|
145,418 |
| ||
|
|
|
|
|
| |||
France3.45% |
|
|
|
|
| |||
EDF SA, |
|
|
|
|
| |||
5.250%, due 01/29/232,3,4 |
|
$ |
100,000 |
|
99,344 |
| ||
Societe Generale SA, |
|
|
|
|
| |||
2.200%, due 09/14/132 |
|
100,000 |
|
100,600 |
| |||
2.875%, due 03/14/19 |
|
EUR |
100,000 |
|
139,034 |
| ||
Vivendi SA, |
|
|
|
|
| |||
3.450%, due 01/12/182 |
|
$ |
20,000 |
|
20,706 |
| ||
Total France corporate bonds |
|
|
|
359,684 |
| |||
|
|
|
|
|
| |||
Italy0.65% |
|
|
|
|
| |||
Wind Acquisition Finance SA, |
|
|
|
|
| |||
11.750%, due 07/15/171 |
|
EUR |
50,000 |
|
67,617 |
| ||
|
|
|
|
|
| |||
Japan0.43% |
|
|
|
|
| |||
Nomura Holdings, Inc., |
|
|
|
|
| |||
2.000%, due 09/13/16 |
|
$ |
45,000 |
|
44,890 |
| ||
|
|
|
|
|
| |||
Mexico1.01% |
|
|
|
|
| |||
America Movil SAB de CV, |
|
|
|
|
| |||
3.625%, due 03/30/15 |
|
100,000 |
|
104,831 |
| |||
|
|
|
|
|
| |||
Netherlands2.98% |
|
|
|
|
| |||
Bank Nederlandse Gemeenten, |
|
|
|
|
| |||
1.375%, due 03/23/152 |
|
40,000 |
|
40,636 |
| |||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, |
|
|
|
|
| |||
3.875%, due 02/08/22 |
|
30,000 |
|
31,646 |
| |||
Heineken NV, |
|
|
|
|
| |||
2.750%, due 04/01/232 |
|
20,000 |
|
19,640 |
| |||
3.400%, due 04/01/222 |
|
10,000 |
|
10,386 |
| |||
Nederlandse Waterschapsbank NV, |
|
|
|
|
| |||
2.125%, due 02/09/172 |
|
200,000 |
|
207,802 |
| |||
Total Netherlands corporate bonds |
|
|
|
310,110 |
| |||
|
|
|
|
|
| |||
Norway0.52% |
|
|
|
|
| |||
Eksportfinans ASA, |
|
|
|
|
| |||
2.000%, due 09/15/15 |
|
35,000 |
|
33,603 |
| |||
Statoil ASA, |
|
|
|
|
| |||
1.200%, due 01/17/18 |
|
20,000 |
|
20,070 |
| |||
Total Norway corporate bonds |
|
|
|
53,673 |
| |||
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Sweden0.71% |
|
|
|
|
| |||
Swedbank Hypotek AB, |
|
|
|
|
| |||
2.375%, due 04/05/172 |
|
$ |
|
70,000 |
|
$ |
73,570 |
|
|
|
|
|
|
| |||
United Kingdom7.57% |
|
|
|
|
| |||
Aviva PLC, |
|
|
|
|
| |||
4.729%, due 11/28/143,4 |
|
EUR |
40,000 |
|
49,185 |
| ||
BAA Funding Ltd., |
|
|
|
|
| |||
6.750%, due 12/03/26 |
|
GBP |
50,000 |
|
100,038 |
| ||
Barclays Bank PLC, |
|
|
|
|
| |||
4.875%, due 12/15/143,4 |
|
EUR |
50,000 |
|
46,627 |
| ||
BAT International Finance PLC, |
|
|
|
|
| |||
3.250%, due 06/07/222 |
|
$ |
120,000 |
|
124,745 |
| ||
HSBC Holdings PLC, |
|
|
|
|
| |||
6.500%, due 09/15/37 |
|
100,000 |
|
122,488 |
| |||
Imperial Tobacco Finance PLC, |
|
|
|
|
| |||
4.500%, due 07/05/18 |
|
EUR |
100,000 |
|
145,965 |
| ||
Royal Bank of Scotland PLC, |
|
|
|
|
| |||
3.400%, due 08/23/13 |
|
$ |
120,000 |
|
121,336 |
| ||
Scottish & Southern Energy PLC, |
|
|
|
|
| |||
5.453%, due 10/01/153,4 |
|
GBP |
50,000 |
|
78,577 |
| ||
Total United Kingdom corporate bonds |
|
|
|
788,961 |
| |||
|
|
|
|
|
| |||
United States12.42% |
|
|
|
|
| |||
AbbVie, Inc., |
|
|
|
|
| |||
2.900%, due 11/06/222 |
|
$ |
30,000 |
|
30,027 |
| ||
Altria Group, Inc., |
|
|
|
|
| |||
9.250%, due 08/06/19 |
|
17,000 |
|
23,696 |
| |||
Anadarko Petroleum Corp., |
|
|
|
|
| |||
5.750%, due 06/15/14 |
|
115,000 |
|
121,361 |
| |||
Apache Corp., |
|
|
|
|
| |||
4.750%, due 04/15/43 |
|
50,000 |
|
51,122 |
| |||
Bank of America Corp., |
|
|
|
|
| |||
1.500%, due 10/09/15 |
|
130,000 |
|
130,429 |
| |||
Bank of New York Mellon Corp., |
|
|
|
|
| |||
1.350%, due 03/06/18 |
|
55,000 |
|
54,935 |
| |||
Capital One Financial Corp., |
|
|
|
|
| |||
1.000%, due 11/06/15 |
|
20,000 |
|
19,926 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.859%, due 05/31/173 |
|
EUR |
50,000 |
|
60,648 |
| ||
1.250%, due 01/15/16 |
|
$ |
15,000 |
|
14,982 |
| ||
ConAgra Foods, Inc., |
|
|
|
|
| |||
3.200%, due 01/25/23 |
|
5,000 |
|
4,984 |
| |||
DirecTV Holdings LLC, |
|
|
|
|
| |||
2.400%, due 03/15/17 |
|
40,000 |
|
41,027 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
50,000 |
|
54,137 |
| |||
ERAC USA Finance LLC, |
|
|
|
|
| |||
2.750%, due 03/15/172 |
|
15,000 |
|
15,626 |
| |||
Freeport-McMoRan Copper & Gold, Inc., |
|
|
|
|
| |||
3.100%, due 03/15/202 |
|
20,000 |
|
20,067 |
| |||
3.875%, due 03/15/232 |
|
45,000 |
|
45,130 |
| |||
General Electric Capital Corp., |
|
|
|
|
| |||
1.000%, due 12/11/15 |
|
30,000 |
|
30,186 |
| |||
Series A, 6.750%, due 03/15/32 |
|
95,000 |
|
120,925 |
| |||
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
United States(concluded) |
|
|
|
|
| |||
General Electric Co., |
|
|
|
|
| |||
4.125%, due 10/09/42 |
|
$ |
15,000 |
|
$ |
15,038 |
| |
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
5.125%, due 04/24/13 |
|
EUR |
40,000 |
|
51,421 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| |||
1.800%, due 01/25/18 |
|
$ |
70,000 |
|
70,370 |
| ||
Lorillard Tobacco Co., |
|
|
|
|
| |||
2.300%, due 08/21/17 |
|
10,000 |
|
10,081 |
| |||
Mohawk Industries, Inc., |
|
|
|
|
| |||
3.850%, due 02/01/23 |
|
10,000 |
|
10,166 |
| |||
Morgan Stanley, |
|
|
|
|
| |||
6.375%, due 07/24/42 |
|
20,000 |
|
24,029 |
| |||
New York Life Global Funding, |
|
|
|
|
| |||
1.650%, due 05/15/172 |
|
80,000 |
|
81,199 |
| |||
Quicksilver Resources, Inc., |
|
|
|
|
| |||
11.750%, due 01/01/16 |
|
20,000 |
|
20,400 |
| |||
QVC, Inc., |
|
|
|
|
| |||
4.375%, due 03/15/232 |
|
15,000 |
|
15,164 |
| |||
Range Resources Corp., |
|
|
|
|
| |||
5.750%, due 06/01/21 |
|
5,000 |
|
5,363 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
3.250%, due 11/01/22 |
|
10,000 |
|
9,887 |
| |||
SLM Corp., |
|
|
|
|
| |||
3.875%, due 09/10/15 |
|
5,000 |
|
5,206 |
| |||
6.250%, due 01/25/16 |
|
50,000 |
|
54,624 |
| |||
Swiss Re Treasury US Corp., |
|
|
|
|
| |||
2.875%, due 12/06/222 |
|
10,000 |
|
9,971 |
| |||
Valero Energy Corp., |
|
|
|
|
| |||
6.625%, due 06/15/37 |
|
30,000 |
|
36,555 |
| |||
Western Union Co., |
|
|
|
|
| |||
2.875%, due 12/10/17 |
|
30,000 |
|
30,447 |
| |||
Zoetis, Inc., |
|
|
|
|
| |||
3.250%, due 02/01/232 |
|
5,000 |
|
5,070 |
| |||
Total United States corporate bonds |
|
|
|
1,294,199 |
| |||
Total corporate bonds (cost $3,376,385) |
|
|
|
3,449,493 |
| |||
|
|
|
|
|
| |||
Asset-backed securities1.25% |
|
|
|
|
| |||
United Kingdom0.74% |
|
|
|
|
| |||
Chester Asset Receivables Dealings, |
|
|
|
|
| |||
Series 2004-1, Class A, |
|
|
|
|
| |||
0.700%, due 04/15/161,3 |
|
GBP |
20,000 |
|
30,359 |
| ||
Series 2003-B PLC, Class A, |
|
|
|
|
| |||
4.650%, due 07/15/13 |
|
30,000 |
|
46,073 |
| |||
Total United Kingdom asset-backed securities |
|
|
|
76,432 |
| |||
|
|
|
|
|
| |||
United States0.51% |
|
|
|
|
| |||
Bank of America Corp., |
|
|
|
|
| |||
Series 2004-A1, |
|
|
|
|
| |||
4.500%, due 01/17/14 |
|
EUR |
40,000 |
|
53,239 |
| ||
Total asset-backed securities (cost $131,833) |
|
|
|
129,671 |
| |||
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Commercial mortgage-backed securities2.19% |
|
|
|
|
| |||
United States2.19% |
|
|
|
|
| |||
Commercial Mortgage Trust, |
|
|
|
|
| |||
Series 2007-GG9, Class A4, |
|
|
|
|
| |||
5.444%, due 03/10/39 |
|
$ |
100,000 |
|
$ |
113,989 |
| |
GS Mortgage Securities Trust, |
|
|
|
|
| |||
Series 2007-GG10, Class A4, |
|
|
|
|
| |||
5.787%, due 08/10/453 |
|
100,000 |
|
114,427 |
| |||
Total commercial mortgage-backed securities (cost $231,094) |
|
|
|
228,416 |
| |||
|
|
|
|
|
| |||
Mortgage & agency debt securities17.79% |
|
|
|
|
| |||
United States17.79% |
|
|
|
|
| |||
Federal Home Loan Mortgage Corp. Gold Pools5 |
|
|
|
|
| |||
#G04461, 5.000%, due 07/01/38 |
|
64,966 |
|
69,876 |
| |||
Federal National Mortgage Association Pools5 |
|
|
|
|
| |||
#AR0988, 3.000%, due 01/01/43 |
|
149,460 |
|
154,298 |
| |||
#AP1937, 3.500%, due 08/01/42 |
|
93,783 |
|
99,094 |
| |||
#AA5244, 4.000%, due 05/01/39 |
|
20,069 |
|
21,406 |
| |||
#AJ6221, 4.000%, due 01/01/42 |
|
312,753 |
|
333,678 |
| |||
#MA0755, 4.500%, due 06/01/41 |
|
285,159 |
|
307,815 |
| |||
#909356, 5.000%, due 02/01/37 |
|
87,489 |
|
94,786 |
| |||
#914467, 5.000%, due 04/01/37 |
|
57,156 |
|
61,923 |
| |||
#928197, 5.500%, due 03/01/37 |
|
44,008 |
|
48,002 |
| |||
#AC1466, 5.500%, due 08/01/39 |
|
92,457 |
|
101,236 |
| |||
#900568, 6.000%, due 09/01/36 |
|
27,203 |
|
29,867 |
| |||
#940642, 6.000%, due 08/01/37 |
|
69,611 |
|
77,950 |
| |||
#889579, 6.000%, due 05/01/38 |
|
47,039 |
|
51,654 |
| |||
Government National Mortgage Association Pools |
|
|
|
|
| |||
#G2 MA0022, 3.500%, due 04/20/42 |
|
202,431 |
|
216,709 |
| |||
#745191, 4.500%, due 07/15/40 |
|
130,684 |
|
143,813 |
| |||
#781276, 6.500%, due 04/15/31 |
|
34,425 |
|
41,530 |
| |||
Total mortgage & agency debt securities (cost $1,793,934) |
|
|
|
1,853,637 |
| |||
|
|
|
|
|
| |||
Non-US government obligations39.21% |
|
|
|
|
| |||
Canada7.75% |
|
|
|
|
| |||
Canadian Government Bond, |
|
|
|
|
| |||
1.250%, due 03/01/18 |
|
CAD |
550,000 |
|
540,011 |
| ||
3.500%, due 06/01/20 |
|
240,000 |
|
267,070 |
| |||
|
|
|
|
807,081 |
| |||
Denmark0.96% |
|
|
|
|
| |||
Government of Denmark, |
|
|
|
|
| |||
4.000%, due 11/15/17 |
|
DKK |
500,000 |
|
100,457 |
| ||
|
|
|
|
|
| |||
France2.63% |
|
|
|
|
| |||
Government of France, |
|
|
|
|
| |||
2.250%, due 10/25/22 |
|
EUR |
210,000 |
|
274,508 |
| ||
|
|
|
|
|
| |||
Germany6.86% |
|
|
|
|
| |||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
1.500%, due 04/15/166 |
|
302,535 |
|
422,241 |
| |||
4.000%, due 01/04/37 |
|
EUR |
50,000 |
|
|
86,070 |
| |
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||||
Germany(concluded) |
|
|
|
|
| |||||
Kreditanstalt fuer Wiederaufbau, |
|
|
|
|
| |||||
2.625%, due 01/25/22 |
|
$ |
150,000 |
|
$ |
157,304 |
| |||
6.000%, due 08/28/14 |
|
AUD |
45,000 |
|
48,548 |
| ||||
|
|
|
|
714,163 |
| |||||
Italy3.58% |
|
|
|
|
| |||||
Republic of Italy, |
|
|
|
|
| |||||
4.750%, due 09/15/16 |
|
EUR |
275,000 |
|
373,272 |
| ||||
|
|
|
|
|
| |||||
Japan10.09% |
|
|
|
|
| |||||
Government of Japan, |
|
|
|
|
| |||||
1.800%, due 06/20/17 |
|
JPY |
53,500,000 |
|
608,472 |
| ||||
1.900%, due 06/20/25 |
|
9,300,000 |
|
112,068 |
| |||||
2.500%, due 09/20/35 |
|
26,000,000 |
|
330,060 |
| |||||
|
|
|
|
1,050,600 |
| |||||
Netherlands0.91% |
|
|
|
|
| |||||
Government of the Netherlands, |
|
|
|
|
| |||||
2.250%, due 07/15/221 |
|
EUR |
70,000 |
|
94,905 |
| ||||
|
|
|
|
|
| |||||
Spain0.68% |
|
|
|
|
| |||||
Kingdom of Spain, |
|
|
|
|
| |||||
4.200%, due 07/30/13 |
|
55,000 |
|
71,305 |
| |||||
|
|
|
|
|
| |||||
Sweden4.45% |
|
|
|
|
| |||||
Kingdom of Sweden, |
|
|
|
|
| |||||
4.250%, due 03/12/19 |
|
SEK |
2,600,000 |
|
463,181 |
| ||||
|
|
|
|
|
| |||||
United Kingdom1.30% |
|
|
|
|
| |||||
UK Gilts, |
|
|
|
|
| |||||
4.000%, due 01/22/60 |
|
GBP |
75,000 |
|
135,100 |
| ||||
Total Non-US government obligations (cost $4,096,822) |
|
|
|
4,084,572 |
| |||||
|
|
|
|
|
| |||||
Supranational bond0.43% |
|
|
|
|
| |||||
European Investment Bank, |
|
|
|
|
| |||||
6.125%, due 01/23/17 (cost $36,011) |
|
AUD |
40,000 |
|
45,120 |
| ||||
Total bonds (cost $9,666,079) |
|
|
|
9,790,909 |
| |||||
|
|
|
|
|
| |||||
|
|
Shares |
|
|
| |||||
Short-term investment3.67% |
|
|
|
|
| |||||
Investment company3.67% |
|
|
|
|
| |||||
UBS Cash Management Prime Relationship Fund7 (cost $382,457) |
|
382,457 |
|
382,457 |
| |||||
Total investments97.66% (cost $10,048,536) |
|
|
|
10,173,366 |
| |||||
Cash and other assets, less liabilities2.34% |
|
|
|
243,352 |
| |||||
Net assets100.00% |
|
|
|
$ |
10,416,718 |
| ||||
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
279,282 |
|
Gross unrealized depreciation |
|
(154,452 |
) | |
Net unrealized appreciation of investments |
|
$ |
124,830 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMCB |
|
CAD |
|
455,000 |
|
USD |
|
442,515 |
|
06/19/13 |
|
$ |
(4,587 |
) |
JPMCB |
|
DKK |
|
340,000 |
|
USD |
|
59,796 |
|
06/19/13 |
|
1,274 |
| |
JPMCB |
|
EUR |
|
40,000 |
|
USD |
|
52,342 |
|
06/19/13 |
|
1,038 |
| |
JPMCB |
|
JPY |
|
5,624,460 |
|
USD |
|
60,000 |
|
06/19/13 |
|
218 |
| |
JPMCB |
|
JPY |
|
5,755,158 |
|
USD |
|
60,000 |
|
06/19/13 |
|
(1,171 |
) | |
JPMCB |
|
SEK |
|
2,670,000 |
|
USD |
|
413,438 |
|
06/19/13 |
|
4,395 |
| |
JPMCB |
|
USD |
|
20,352 |
|
AUD |
|
20,000 |
|
06/19/13 |
|
348 |
| |
JPMCB |
|
USD |
|
75,435 |
|
CHF |
|
70,000 |
|
06/19/13 |
|
(1,621 |
) | |
JPMCB |
|
USD |
|
491,359 |
|
EUR |
|
375,000 |
|
06/19/13 |
|
(10,391 |
) | |
JPMCB |
|
USD |
|
90,957 |
|
GBP |
|
60,000 |
|
06/19/13 |
|
173 |
| |
JPMCB |
|
USD |
|
60,000 |
|
JPY |
|
5,696,334 |
|
06/19/13 |
|
546 |
| |
JPMCB |
|
USD |
|
775,822 |
|
JPY |
|
71,500,000 |
|
06/19/13 |
|
(15,853 |
) | |
JPMCB |
|
USD |
|
152,358 |
|
KRW |
|
167,000,000 |
|
06/19/13 |
|
(2,891 |
) | |
JPMCB |
|
USD |
|
54,131 |
|
NOK |
|
310,000 |
|
06/19/13 |
|
(1,219 |
) | |
MSCI |
|
EUR |
|
35,000 |
|
GBP |
|
29,642 |
|
06/19/13 |
|
132 |
| |
MSCI |
|
GBP |
|
20,000 |
|
SEK |
|
191,342 |
|
06/19/13 |
|
(1,063 |
) | |
MSCI |
|
SEK |
|
196,297 |
|
GBP |
|
20,000 |
|
06/19/13 |
|
304 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(30,368 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 3 contracts (USD) |
|
June 2013 |
|
$ |
(370,824 |
) |
$ |
(372,164 |
) |
$ |
(1,340 |
) |
10 Year US Treasury Notes, 3 contracts (USD) |
|
June 2013 |
|
(392,340 |
) |
(395,953 |
) |
(3,613 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 3 contracts (AUD) |
|
June 2013 |
|
375,548 |
|
379,815 |
|
4,267 |
| |||
Euro-Bund, 1 contract (EUR) |
|
June 2013 |
|
184,077 |
|
186,496 |
|
2,419 |
| |||
Euro-Buxl, 1 contract (EUR) |
|
June 2013 |
|
170,625 |
|
173,639 |
|
3,014 |
| |||
10 Year Japanese Government Bond, 1 contract (JPY) |
|
June 2013 |
|
153,781 |
|
154,916 |
|
1,135 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bobl, 2 contracts (EUR) |
|
June 2013 |
|
(323,082 |
) |
(324,872 |
) |
(1,790 |
) | |||
Long Gilt, 1 contract (GBP) |
|
June 2013 |
|
(174,588 |
) |
(180,480 |
) |
(5,892 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,800 |
) | ||
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
Credit default swaps on credit indices buy protection8
Counterparty |
|
Referenced index9 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
iTraxx Europe Crossover Series 18 Index |
|
EUR |
120,000 |
|
12/20/17 |
|
5.000 |
% |
$ |
3,386 |
|
$ |
(5,129 |
) |
$ |
(1,743 |
) |
Credit default swaps on corporate issues buy protection8
Counterparty |
|
Referenced obligation9 |
|
Notional |
|
Termination |
|
Payments made |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
Solvay SA bond, 4.625%, due 06/27/18 |
|
EUR |
30,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
(584 |
) |
$ |
(144 |
) |
$ |
(728 |
) |
BB |
|
Next PLC bond, 5.375%, due 10/26/21 |
|
EUR |
20,000 |
|
03/20/18 |
|
1.000 |
|
(217 |
) |
|
|
(217 |
) | |||
BB |
|
St-Gobain Nederland B.V., 5.000%, due 04/25/14 |
|
EUR |
25,000 |
|
06/20/18 |
|
1.000 |
|
(874 |
) |
866 |
|
(8 |
) | |||
CITI |
|
Imperial Tobacco Group PLC bond, 6.250%, due 12/04/18 |
|
EUR |
110,000 |
|
03/20/18 |
|
1.000 |
|
(273 |
) |
(999 |
) |
(1,272 |
) | |||
CSI |
|
Lloyds TSB Bank PLC bond, 3.375%, due 04/20/15 |
|
EUR |
50,000 |
|
12/20/17 |
|
3.000 |
|
4,546 |
|
(3,907 |
) |
639 |
| |||
CSI |
|
Cox Communications, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
35,000 |
|
06/20/17 |
|
1.000 |
|
800 |
|
(1,021 |
) |
(221 |
) | |||
GSI |
|
Solvay SA bond, 4.625%, due 06/27/18 |
|
EUR |
20,000 |
|
06/20/17 |
|
1.000 |
|
(399 |
) |
(96 |
) |
(495 |
) | |||
GSI |
|
ConAgra Foods, Inc. bond, 7.000%, due 10/01/28 |
|
USD |
30,000 |
|
03/20/17 |
|
1.000 |
|
483 |
|
(690 |
) |
(207 |
) | |||
GSI |
|
Cox Communications, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
35,000 |
|
06/20/17 |
|
1.000 |
|
672 |
|
(1,014 |
) |
(342 |
) | |||
JPMCB |
|
Michelin Luxembourg SCS bond, 8.625%, due 04/24/14 |
|
EUR |
50,000 |
|
09/20/16 |
|
1.000 |
|
(2,240 |
) |
(490 |
) |
(2,730 |
) | |||
JPMCB |
|
Bayer AG bond, 5.625%, due 05/23/18 |
|
EUR |
50,000 |
|
03/20/18 |
|
1.000 |
|
1,052 |
|
(1,438 |
) |
(386 |
) | |||
JPMCB |
|
Deutsche Bank AG, 5.125%, due 08/31/17 |
|
EUR |
25,000 |
|
03/20/20 |
|
1.000 |
|
63 |
|
896 |
|
959 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
3,029 |
|
$ |
(8,037 |
) |
$ |
(5,008 |
) |
Credit default swaps on corporate issues sell protection11
Counterparty |
|
Referenced obligation9 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
BB |
|
RWE AG bond, 5.750%, due 02/14/33 |
|
EUR |
50,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
187 |
|
$ |
603 |
|
$ |
790 |
|
0.780 |
% |
BB |
|
Tesco PLC bond, 6.000%, due 12/14/29 |
|
EUR |
20,000 |
|
03/20/18 |
|
1.000 |
|
38 |
|
215 |
|
253 |
|
0.833 |
| |||
BB |
|
Bouygues S.A., 4.750%, due 05/24/16 |
|
EUR |
25,000 |
|
06/20/18 |
|
1.000 |
|
919 |
|
(791 |
) |
128 |
|
1.501 |
| |||
CSI |
|
Barclays Bank PLC bond, 1.551%, due 10/27/15 |
|
EUR |
50,000 |
|
12/20/17 |
|
1.000 |
|
1,010 |
|
(1,514 |
) |
(504 |
) |
1.529 |
| |||
GSI |
|
Procter & Gamble Co. bond, 4.950%, due 08/15/14 |
|
USD |
30,000 |
|
03/20/17 |
|
1.000 |
|
(541 |
) |
873 |
|
332 |
|
0.272 |
| |||
GSI |
|
Xerox Corp. bond, 6.350%, due 05/15/18 |
|
USD |
35,000 |
|
06/20/17 |
|
1.000 |
|
1,593 |
|
(393 |
) |
1,200 |
|
1.278 |
| |||
JPMCB |
|
Linde Finance BV bond, 5.875%, due 04/24/23 |
|
EUR |
50,000 |
|
03/20/18 |
|
1.000 |
|
(1,178 |
) |
1,399 |
|
221 |
|
0.558 |
| |||
JPMCB |
|
Barclays Bank PLC bond, 1.551%, due 10/27/15 |
|
EUR |
25,000 |
|
03/20/20 |
|
1.000 |
|
519 |
|
(1,647 |
) |
(1,128 |
) |
1.819 |
| |||
JPMCB |
|
Xerox Corp. bond, 6.350%, due 05/15/18 |
|
USD |
35,000 |
|
06/20/17 |
|
1.000 |
|
1,568 |
|
(393 |
) |
1,175 |
|
1.278 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
4,115 |
|
$ |
(1,648 |
) |
$ |
2,467 |
|
|
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
3,449,493 |
|
$ |
|
|
$ |
3,449,493 |
|
Asset-backed securities |
|
|
|
129,671 |
|
|
|
129,671 |
| ||||
Commercial mortgage-backed securities |
|
|
|
228,416 |
|
|
|
228,416 |
| ||||
Mortgage & agency debt securities |
|
|
|
1,853,637 |
|
|
|
1,853,637 |
| ||||
Non-US government obligations |
|
|
|
4,084,572 |
|
|
|
4,084,572 |
| ||||
Supranational bond |
|
|
|
45,120 |
|
|
|
45,120 |
| ||||
Short-term investment |
|
|
|
382,457 |
|
|
|
382,457 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(30,368 |
) |
|
|
(30,368 |
) | ||||
Futures contracts, net |
|
(1,800 |
) |
|
|
|
|
(1,800 |
) | ||||
Swap agreements, net |
|
|
|
(14,814 |
) |
|
|
(14,814 |
) | ||||
Total |
|
$ |
(1,800 |
) |
$ |
10,128,184 |
|
$ |
|
|
$ |
10,126,384 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
UBS Global Bond Fund
Portfolio of investments March 31, 2013 (unaudited)
Level 3 rollforward disclosure
The following is a rollforward of the Funds investment that were valued using unobservable inputs for the period:
|
|
Collateralized |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
174,375 |
|
$ |
174,375 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
(204,375 |
) |
(204,375 |
) | ||
Accrued discounts (premiums) |
|
|
|
|
| ||
Total realized loss |
|
(43,133 |
) |
(43,133 |
) | ||
Change in net unrealized appreciation/depreciation |
|
73,133 |
|
73,133 |
| ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
|
|
$ |
|
|
Portfolio footnotes
1 |
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, 2013, the value of these securities amounted to $338,299 or 3.25% of net assets. |
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, 2013, the value of these securities amounted to $919,683 or 8.83% of net assets. |
3 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2013 and changes periodically. |
4 |
Perpetual bond security. The maturity date reflects the next call date. |
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 |
Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity. |
7 |
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. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
170,229 |
|
$ |
4,828,667 |
|
$ |
4,616,439 |
|
$ |
382,457 |
|
$ |
1,122 |
|
8 |
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. |
9 |
Payments from/to the counterparty will be received/made upon the occurrence of a bankruptcy and/or restructuring event with respect to the referenced obligation. |
10 |
Payments made or received are based on the notional amount. |
11 |
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. |
12 |
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. Credit spreads are unaudited. |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
1.96 |
% |
Airlines |
|
0.76 |
|
Auto components |
|
0.85 |
|
Automobiles |
|
0.41 |
|
Beverages |
|
1.21 |
|
Biotechnology |
|
5.12 |
|
Capital markets |
|
1.70 |
|
Chemicals |
|
0.86 |
|
Commercial banks |
|
3.51 |
|
Commercial services & supplies |
|
0.77 |
|
Communications equipment |
|
0.51 |
|
Computers & peripherals |
|
3.25 |
|
Diversified consumer services |
|
0.60 |
|
Diversified financial services |
|
3.92 |
|
Electric utilities |
|
3.00 |
|
Electronic equipment, instruments & components |
|
0.68 |
|
Energy equipment & services |
|
2.38 |
|
Food & staples retailing |
|
1.49 |
|
Food products |
|
1.42 |
|
Health care equipment & supplies |
|
2.70 |
|
Health care providers & services |
|
2.68 |
|
Hotels, restaurants & leisure |
|
1.11 |
|
Household durables |
|
0.58 |
|
Household products |
|
0.83 |
|
Independent power producers & energy traders |
|
0.52 |
|
Industrial conglomerates |
|
0.92 |
|
Insurance |
|
3.68 |
|
Internet & catalog retail |
|
1.64 |
|
Internet software & services |
|
1.33 |
|
IT services |
|
3.11 |
|
Life sciences tools & services |
|
0.93 |
|
Machinery |
|
0.86 |
|
Media |
|
2.55 |
|
Metals & mining |
|
0.83 |
|
Multiline retail |
|
0.44 |
|
Multi-utilities |
|
1.37 |
|
Oil, gas & consumable fuels |
|
1.95 |
|
Pharmaceuticals |
|
5.83 |
|
Real estate investment trust (REIT) |
|
1.59 |
|
Real estate management & development |
|
2.01 |
|
Road & rail |
|
3.35 |
|
Semiconductors & semiconductor equipment |
|
4.94 |
|
Software |
|
3.02 |
|
Textiles, apparel & luxury goods |
|
0.73 |
|
Tobacco |
|
0.68 |
|
Trading companies & distributors |
|
0.63 |
|
Wireless telecommunication services |
|
2.04 |
|
Total common stocks |
|
87.25 |
% |
Preferred stock |
|
0.57 |
|
Short-term investment |
|
23.75 |
|
Total investments before investments sold short |
|
111.57 |
% |
|
|
|
|
Investments sold short |
|
|
|
Common stocks |
|
|
|
Air freight & logistics |
|
(0.50 |
)% |
Airlines |
|
(0.59 |
) |
Automobiles |
|
(0.82 |
) |
Biotechnology |
|
(1.78 |
) |
Capital markets |
|
(1.62 |
) |
Chemicals |
|
(2.57 |
) |
Commercial banks |
|
(2.71 |
) |
Commercial services & supplies |
|
(2.31 |
) |
Communications equipment |
|
(1.50 |
) |
Computers & peripherals |
|
(2.17 |
) |
Construction & engineering |
|
(0.34 |
) |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2013
Construction materials |
|
(0.67 |
)% |
Consumer finance |
|
(0.21 |
) |
Distributors |
|
(0.38 |
) |
Diversified financial services |
|
(0.49 |
) |
Diversified telecommunication services |
|
(1.20 |
) |
Electric utilities |
|
(1.99 |
) |
Electrical equipment |
|
(1.10 |
) |
Energy equipment & services |
|
(1.02 |
) |
Food & staples retailing |
|
(0.30 |
) |
Gas utilities |
|
(0.37 |
) |
Health care equipment & supplies |
|
(3.00 |
) |
Health care providers & services |
|
(1.34 |
) |
Hotels, restaurants & leisure |
|
(1.94 |
) |
Independent power producers & energy traders |
|
(0.30 |
) |
Insurance |
|
(1.15 |
) |
IT services |
|
(2.17 |
) |
Life sciences tools & services |
|
(0.60 |
) |
Machinery |
|
(1.86 |
) |
Media |
|
(3.63 |
) |
Metals & mining |
|
(2.92 |
) |
Multiline retail |
|
(0.32 |
) |
Multi-utilities |
|
(3.03 |
) |
Office electronics |
|
(0.68 |
) |
Oil, gas & consumable fuels |
|
(2.80 |
) |
Paper & forest products |
|
(0.36 |
) |
Pharmaceuticals |
|
(1.78 |
) |
Real estate investment trust (REIT) |
|
(0.56 |
) |
Road & rail |
|
(1.07 |
) |
Semiconductors & semiconductor equipment |
|
(1.89 |
) |
Software |
|
(2.48 |
) |
Specialty retail |
|
(1.06 |
) |
Textiles, apparel & luxury goods |
|
(0.16 |
) |
Trading companies & distributors |
|
(1.45 |
) |
Transportation infrastructure |
|
(0.62 |
) |
Water utilities |
|
(0.46 |
) |
Wireless telecommunication services |
|
(0.34 |
) |
Total investments sold short |
|
(62.61 |
)% |
Total investments, net of investments sold short |
|
48.96 |
|
Cash and other assets, less liabilities |
|
51.04 |
|
Net assets |
|
100.00 |
% |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks87.25% |
|
|
|
|
| |
Canada1.03% |
|
|
|
|
| |
Detour Gold Corp.* |
|
4,400 |
|
$ |
84,591 |
|
Valeant Pharmaceuticals International, Inc.*1 |
|
1,100 |
|
82,522 |
| |
Total Canada common stocks |
|
|
|
167,113 |
| |
|
|
|
|
|
| |
China0.41% |
|
|
|
|
| |
Tencent Holdings Ltd. |
|
2,100 |
|
66,767 |
| |
|
|
|
|
|
| |
Denmark0.47% |
|
|
|
|
| |
Topdanmark A/S* |
|
3,231 |
|
77,325 |
| |
|
|
|
|
|
| |
Finland0.28% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
1,193 |
|
45,878 |
| |
|
|
|
|
|
| |
France1.60% |
|
|
|
|
| |
Dassault Systemes SA |
|
553 |
|
63,925 |
| |
Ingenico |
|
1,860 |
|
110,176 |
| |
Pernod-Ricard SA |
|
692 |
|
86,229 |
| |
Total France common stocks |
|
|
|
260,330 |
| |
|
|
|
|
|
| |
Germany7.15% |
|
|
|
|
| |
Allianz SE |
|
441 |
|
59,893 |
| |
Bayer AG |
|
978 |
|
100,881 |
| |
Brenntag AG |
|
660 |
|
103,045 |
| |
Continental AG |
|
438 |
|
52,366 |
| |
Deutsche Wohnen AG |
|
6,713 |
|
122,020 |
| |
Drillisch AG |
|
5,593 |
|
102,200 |
| |
Freenet AG |
|
3,659 |
|
88,904 |
| |
Fresenius SE & Co KGaA |
|
1,336 |
|
164,902 |
| |
SAP AG |
|
788 |
|
63,131 |
| |
Suedzucker AG |
|
2,250 |
|
95,033 |
| |
TAG Immobilien AG |
|
11,080 |
|
126,832 |
| |
Wirecard AG |
|
2,997 |
|
82,789 |
| |
Total Germany common stocks |
|
|
|
1,161,996 |
| |
|
|
|
|
|
| |
Ireland0.99% |
|
|
|
|
| |
Accenture PLC, Class A1 |
|
800 |
|
60,776 |
| |
Paddy Power PLC |
|
1,110 |
|
100,169 |
| |
Total Ireland common stocks |
|
|
|
160,945 |
| |
|
|
|
|
|
| |
Israel0.37% |
|
|
|
|
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
1,500 |
|
59,520 |
| |
|
|
|
|
|
| |
Japan3.56% |
|
|
|
|
| |
Bridgestone Corp. |
|
2,600 |
|
87,003 |
| |
Dena Co., Ltd. |
|
1,900 |
|
51,670 |
| |
Sekisui House Ltd. |
|
7,000 |
|
94,811 |
| |
Seven & I Holdings Co., Ltd. |
|
3,000 |
|
99,272 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
2,500 |
|
101,981 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
2,000 |
|
77,442 |
| |
Toyota Motor Corp. |
|
1,300 |
|
66,633 |
| |
Total Japan common stocks |
|
|
|
578,812 |
| |
|
|
|
|
|
| |
Luxembourg0.41% |
|
|
|
|
| |
SES SA, FDR |
|
2,107 |
|
66,036 |
| |
|
|
|
|
|
| |
Netherlands2.41% |
|
|
|
|
| |
Gemalto NV |
|
1,048 |
|
91,417 |
| |
Heineken NV |
|
1,466 |
|
110,496 |
| |
Koninklijke Philips Electronics NV |
|
2,111 |
|
62,468 |
| |
NXP Semiconductor NV*1 |
|
4,200 |
|
127,092 |
| |
Total Netherlands common stocks |
|
|
|
391,473 |
| |
|
|
|
|
|
| |
Norway1.95% |
|
|
|
|
| |
Algeta ASA* |
|
1,984 |
|
66,748 |
| |
Gjensidige Forsikring ASA |
|
3,884 |
|
64,071 |
| |
Opera Software ASA |
|
15,286 |
|
97,357 |
| |
SpareBank 1 SMN |
|
11,225 |
|
88,981 |
| |
Total Norway common stocks |
|
|
|
317,157 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Philippines3.03% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
166,000 |
|
$ |
86,030 |
|
Ayala Corp. |
|
8,660 |
|
120,107 |
| |
First Gen Corp.* |
|
139,000 |
|
84,299 |
| |
Metro Pacific Investments Corp. |
|
776,500 |
|
106,172 |
| |
Security Bank Corp. |
|
21,430 |
|
95,571 |
| |
Total Philippines common stocks |
|
|
|
492,179 |
| |
|
|
|
|
|
| |
Singapore0.68% |
|
|
|
|
| |
Avago Technologies Ltd.1 |
|
3,100 |
|
111,352 |
| |
|
|
|
|
|
| |
Spain0.87% |
|
|
|
|
| |
Grifols SA* |
|
2,538 |
|
94,103 |
| |
Repsol SA |
|
2,347 |
|
47,685 |
| |
Total Spain common stocks |
|
|
|
141,788 |
| |
|
|
|
|
|
| |
Sweden1.47% |
|
|
|
|
| |
Investment AB Kinnevik, Class B |
|
4,305 |
|
104,313 |
| |
Svenska Cellulosa AB, Class B |
|
5,211 |
|
134,342 |
| |
Total Sweden common stocks |
|
|
|
238,655 |
| |
|
|
|
|
|
| |
Switzerland1.87% |
|
|
|
|
| |
Novartis AG |
|
2,410 |
|
171,236 |
| |
Roche Holding AG (Non-voting) |
|
567 |
|
132,000 |
| |
Total Switzerland common stocks |
|
|
|
303,236 |
| |
|
|
|
|
|
| |
United States58.70% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
4,900 |
|
156,947 |
| |
Adobe Systems, Inc.*1 |
|
6,500 |
|
282,815 |
| |
Aegerion Pharmaceuticals, Inc.*1 |
|
1,750 |
|
70,595 |
| |
Allergan, Inc.1 |
|
500 |
|
55,815 |
| |
Alliance Data Systems Corp.*1 |
|
700 |
|
113,323 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
3,800 |
|
92,606 |
| |
Amazon.com, Inc.*1 |
|
1,000 |
|
266,490 |
| |
American Campus Communities, Inc.1 |
|
900 |
|
40,806 |
| |
American Capital Agency Corp.1 |
|
4,200 |
|
137,676 |
| |
Apple, Inc.1 |
|
560 |
|
247,873 |
| |
Archer-Daniels-Midland Co.1 |
|
4,000 |
|
134,920 |
| |
Atmel Corp.*1 |
|
15,600 |
|
108,576 |
| |
Baker Hughes, Inc.1 |
|
2,700 |
|
125,307 |
| |
Baxter International, Inc.1 |
|
4,600 |
|
334,144 |
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,200 |
|
151,200 |
| |
Boeing Co.1 |
|
900 |
|
77,265 |
| |
Broadcom Corp., Class A1 |
|
2,400 |
|
83,208 |
| |
Cardinal Health, Inc. |
|
1,500 |
|
62,430 |
| |
Citigroup, Inc.1 |
|
3,940 |
|
174,306 |
| |
Comcast Corp., Class A1 |
|
1,600 |
|
67,216 |
| |
Cubist Pharmaceuticals, Inc.*1 |
|
2,100 |
|
98,322 |
| |
CVS Caremark Corp.1 |
|
2,600 |
|
142,974 |
| |
Digital Realty Trust, Inc.1 |
|
1,200 |
|
80,292 |
| |
Dow Chemical Co.1 |
|
4,400 |
|
140,096 |
| |
Edison International1 |
|
4,300 |
|
216,376 |
| |
EOG Resources, Inc.1 |
|
930 |
|
119,105 |
| |
Fifth Third Bancorp1 |
|
1,900 |
|
30,989 |
| |
General Dynamics Corp.1 |
|
2,600 |
|
183,326 |
| |
Gilead Sciences, Inc.*1 |
|
2,600 |
|
127,218 |
| |
Halliburton Co.1 |
|
2,100 |
|
84,861 |
| |
Hertz Global Holdings, Inc.*1 |
|
9,900 |
|
220,374 |
| |
Hess Corp.1 |
|
2,100 |
|
150,381 |
| |
Hospira, Inc.*1 |
|
3,100 |
|
101,773 |
| |
Illinois Tool Works, Inc.1 |
|
2,300 |
|
140,162 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(Concluded) |
|
|
|
|
| |
Impax Laboratories, Inc.*1 |
|
3,300 |
|
$ |
50,952 |
|
Invesco Ltd.1 |
|
2,900 |
|
83,984 |
| |
Johnson & Johnson1 |
|
1,300 |
|
105,989 |
| |
JPMorgan Chase & Co.1 |
|
2,800 |
|
132,888 |
| |
Lam Research Corp.*1 |
|
900 |
|
37,314 |
| |
Ligand Pharmaceuticals, Inc., Class B*1 |
|
4,700 |
|
125,255 |
| |
Lincoln National Corp.1 |
|
3,500 |
|
114,135 |
| |
Macys, Inc.1 |
|
1,700 |
|
71,128 |
| |
MasterCard, Inc., Class A1 |
|
200 |
|
108,226 |
| |
McDermott International, Inc.*1 |
|
4,300 |
|
47,257 |
| |
McKesson Corp.1 |
|
1,100 |
|
118,756 |
| |
Medtronic, Inc.1 |
|
2,200 |
|
103,312 |
| |
Merck & Co., Inc.1 |
|
900 |
|
39,807 |
| |
MetLife, Inc.1 |
|
2,700 |
|
102,654 |
| |
MetroPCS Communications, Inc.*1 |
|
3,400 |
|
37,060 |
| |
Micron Technology, Inc.*1 |
|
17,500 |
|
174,650 |
| |
Morgan Stanley1 |
|
8,700 |
|
191,226 |
| |
Motorola Solutions, Inc.1 |
|
1,300 |
|
83,239 |
| |
NetApp, Inc.*1 |
|
5,500 |
|
187,880 |
| |
News Corp., Class A1 |
|
2,000 |
|
61,040 |
| |
NextEra Energy, Inc.1 |
|
3,500 |
|
271,880 |
| |
NII Holdings, Inc.*1 |
|
23,500 |
|
101,755 |
| |
Noble Corp.1 |
|
3,400 |
|
129,710 |
| |
Norfolk Southern Corp.1 |
|
4,200 |
|
323,736 |
| |
PG&E Corp.1 |
|
5,000 |
|
222,650 |
| |
Philip Morris International, Inc.1 |
|
1,200 |
|
111,252 |
| |
PNC Financial Services Group, Inc.1 |
|
500 |
|
33,250 |
| |
Prudential Financial, Inc.1 |
|
600 |
|
35,394 |
| |
Ralph Lauren Corp.1 |
|
700 |
|
118,517 |
| |
Republic Services, Inc.1 |
|
1,300 |
|
42,900 |
| |
Salix Pharmaceuticals Ltd.*1 |
|
900 |
|
46,062 |
| |
ServiceSource International, Inc.*1 |
|
19,800 |
|
139,986 |
| |
Skyworks Solutions, Inc.*1 |
|
7,400 |
|
163,022 |
| |
Spirit Airlines, Inc.*1 |
|
4,900 |
|
124,264 |
| |
Starbucks Corp.1 |
|
1,400 |
|
79,744 |
| |
Steel Dynamics, Inc.1 |
|
3,200 |
|
50,784 |
| |
SunTrust Banks, Inc.1 |
|
1,000 |
|
28,810 |
| |
Symantec Corp.*1 |
|
3,300 |
|
81,444 |
| |
Time Warner, Inc.1 |
|
2,000 |
|
115,240 |
| |
Travelers Cos., Inc.1 |
|
1,200 |
|
101,028 |
| |
United Technologies Corp.1 |
|
600 |
|
56,058 |
| |
UnitedHealth Group, Inc.1 |
|
1,600 |
|
91,536 |
| |
US Bancorp1 |
|
3,200 |
|
108,576 |
| |
Viacom, Inc., Class B1 |
|
1,700 |
|
104,669 |
| |
Waste Management, Inc.1 |
|
2,100 |
|
82,341 |
| |
Weight Watchers International, Inc.1 |
|
2,300 |
|
96,853 |
| |
Wells Fargo & Co.1 |
|
2,200 |
|
81,378 |
| |
Total United States common stocks |
|
|
|
9,539,358 |
| |
Total common stocks (cost $12,794,661) |
|
|
|
14,179,920 |
| |
|
|
|
|
|
| |
Preferred stock0.57% |
|
|
|
|
| |
Germany0.57% |
|
|
|
|
| |
Henkel AG & Co KGaA, Preference shares (cost $85,309) |
|
963 |
|
92,692 |
| |
|
|
|
|
|
| |
Short-term investment23.75% |
|
|
|
|
| |
Investment company23.75% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund (cost $3,858,991) |
|
3,858,991 |
|
3,858,991 |
| |
Total investments before investments sold short111.57% (cost $16,738,961) |
|
|
|
18,131,603 |
| |
|
|
|
|
|
| |
Investments sold short(62.61)% |
|
|
|
|
| |
Common stocks(62.61)% |
|
|
|
|
| |
Austria(0.34)% |
|
|
|
|
| |
Strabag SE |
|
(2,482 |
) |
(55,629 |
) | |
|
|
|
|
|
| |
Belgium(0.52)% |
|
|
|
|
| |
Belgacom SA |
|
(3,430 |
) |
(85,275 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Bermuda(0.58)% |
|
|
|
|
| |
Frontline Ltd. |
|
(17,614 |
) |
$ |
(39,053 |
) |
Marvell Technology Group Ltd. |
|
(5,200 |
) |
(55,016 |
) | |
Total Bermuda common stocks |
|
|
|
(94,069 |
) | |
|
|
|
|
|
| |
Denmark(0.79)% |
|
|
|
|
| |
William Demant Holding A/S |
|
(1,533 |
) |
(128,435 |
) | |
|
|
|
|
|
| |
Finland(1.03)% |
|
|
|
|
| |
Nokia Oyj |
|
(27,505 |
) |
(88,990 |
) | |
Stockmann OYJ Abp, Class B |
|
(1,238 |
) |
(19,392 |
) | |
UPM-Kymmene Oyj |
|
(5,249 |
) |
(58,571 |
) | |
Total Finland common stocks |
|
|
|
(166,953 |
) | |
|
|
|
|
|
| |
France(3.05)% |
|
|
|
|
| |
Areva SA |
|
(3,976 |
) |
(58,713 |
) | |
Bourbon SA |
|
(2,202 |
) |
(60,927 |
) | |
Cie Generale de Geophysique-Veritas |
|
(2,032 |
) |
(45,765 |
) | |
Electricite de France SA |
|
(4,733 |
) |
(90,762 |
) | |
GDF Suez |
|
(3,875 |
) |
(74,607 |
) | |
Peugeot SA |
|
(7,627 |
) |
(55,238 |
) | |
Societe Television Francaise 1 |
|
(5,107 |
) |
(57,248 |
) | |
Vallourec SA |
|
(1,105 |
) |
(53,117 |
) | |
Total France common stocks |
|
|
|
(496,377 |
) | |
|
|
|
|
|
| |
Germany(3.24)% |
|
|
|
|
| |
Commerzbank AG |
|
(27,904 |
) |
(40,955 |
) | |
E.ON SE |
|
(5,808 |
) |
(101,401 |
) | |
Fraport AG Frankfurt Airport Services Worldwide |
|
(1,006 |
) |
(56,385 |
) | |
H&R AG |
|
(4,909 |
) |
(62,077 |
) | |
K+S AG NPV |
|
(2,010 |
) |
(93,489 |
) | |
Metro AG |
|
(1,697 |
) |
(48,248 |
) | |
Rhoen Klinikum AG |
|
(2,404 |
) |
(51,015 |
) | |
Salzgitter AG |
|
(1,821 |
) |
(73,097 |
) | |
Total Germany common stocks |
|
|
|
(526,667 |
) | |
|
|
|
|
|
| |
Italy(3.07)% |
|
|
|
|
| |
Atlantia SpA |
|
(2,787 |
) |
(44,014 |
) | |
Banca Monte dei Paschi di Siena SpA |
|
(255,238 |
) |
(60,528 |
) | |
Fiat SpA |
|
(14,640 |
) |
(77,880 |
) | |
Italcementi SpA |
|
(18,740 |
) |
(108,915 |
) | |
Mediaset SpA |
|
(33,160 |
) |
(67,712 |
) | |
Saras SpA |
|
(68,319 |
) |
(82,977 |
) | |
Unione di Banche Italiane SCPA |
|
(15,451 |
) |
(56,922 |
) | |
Total Italy common stocks |
|
|
|
(498,948 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Japan(0.60)% |
|
|
|
|
| |
Nintendo Co., Ltd. |
|
(900 |
) |
$ |
(97,042 |
) |
|
|
|
|
|
| |
Luxembourg(0.91)% |
|
|
|
|
| |
APERAM SA NPV |
|
(5,981 |
) |
(73,494 |
) | |
ArcelorMittal |
|
(4,724 |
) |
(60,857 |
) | |
Millicom International Cellular SA SDR |
|
(168 |
) |
(13,419 |
) | |
Total Luxembourg common stocks |
|
|
|
(147,770 |
) | |
|
|
|
|
|
| |
Netherlands(0.35)% |
|
|
|
|
| |
LyondellBasell Industries NV, Class A |
|
(900 |
) |
(56,961 |
) | |
|
|
|
|
|
| |
Norway(0.89)% |
|
|
|
|
| |
Norsk Hydro ASA |
|
(20,933 |
) |
(90,459 |
) | |
Storebrand ASA |
|
(13,945 |
) |
(54,126 |
) | |
Total Norway common stocks |
|
|
|
(144,585 |
) | |
|
|
|
|
|
| |
Portugal(0.68)% |
|
|
|
|
| |
Portugal Telecom SGPS SA |
|
(22,199 |
) |
(109,953 |
) | |
|
|
|
|
|
| |
Singapore(1.10)% |
|
|
|
|
| |
Genting Singapore PLC |
|
(68,000 |
) |
(81,961 |
) | |
Singapore Airlines Ltd. |
|
(11,000 |
) |
(96,400 |
) | |
Total Singapore common stocks |
|
|
|
(178,361 |
) | |
|
|
|
|
|
| |
Spain(1.49)% |
|
|
|
|
| |
Antena 3 de Television SA |
|
(17,267 |
) |
(94,068 |
) | |
Iberdrola SA |
|
(12,020 |
) |
(55,977 |
) | |
Indra Sistemas SA |
|
(7,673 |
) |
(91,471 |
) | |
Total Spain common stocks |
|
|
|
(241,516 |
) | |
|
|
|
|
|
| |
Sweden(3.04)% |
|
|
|
|
| |
Modern Times Group AB, Class B |
|
(2,501 |
) |
(99,517 |
) | |
Ratos AB, Class B |
|
(9,396 |
) |
(99,272 |
) | |
SKF AB, Class B |
|
(3,539 |
) |
(86,295 |
) | |
SSAB AB, Class A |
|
(10,258 |
) |
(78,172 |
) | |
Tele2 AB, Class B |
|
(2,393 |
) |
(41,643 |
) | |
Volvo AB, Class B |
|
(6,106 |
) |
(88,781 |
) | |
Total Sweden common stocks |
|
|
|
(493,680 |
) | |
|
|
|
|
|
| |
Switzerland(1.24)% |
|
|
|
|
| |
Panalpina Welttransport Holding AG |
|
(922 |
) |
(81,293 |
) | |
Schmolz + Bickenbach AG |
|
(24,251 |
) |
(59,778 |
) | |
Tyco International Ltd. |
|
(1,900 |
) |
(60,800 |
) | |
Total Switzerland common stocks |
|
|
|
(201,871 |
) | |
|
|
|
|
|
| |
United States(39.69)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(1,000 |
) |
(47,320 |
) | |
Abbott Laboratories |
|
(1,100 |
) |
(38,852 |
) | |
AbbVie, Inc. |
|
(1,100 |
) |
(44,858 |
) | |
Abercrombie & Fitch Co., Class A |
|
(600 |
) |
(27,720 |
) | |
ADT Corp./The |
|
(2,272 |
) |
(111,192 |
) | |
Advanced Micro Devices, Inc. |
|
(12,600 |
) |
(32,130 |
) | |
AGCO Corp. |
|
(1,400 |
) |
(72,968 |
) | |
AK Steel Holding Corp. |
|
(11,300 |
) |
(37,403 |
) | |
American Express Co. |
|
(500 |
) |
(33,730 |
) | |
American International Group, Inc. |
|
(2,500 |
) |
(97,050 |
) | |
Amgen, Inc. |
|
(400 |
) |
(41,004 |
) | |
Analog Devices, Inc. |
|
(700 |
) |
(32,543 |
) | |
Aqua America, Inc. |
|
(2,400 |
) |
(75,456 |
) | |
Associated Banc-Corp. |
|
(3,400 |
) |
(51,646 |
) | |
Auxilium Pharmaceuticals, Inc. |
|
(2,200 |
) |
(38,016 |
) | |
AvalonBay Communities, Inc. |
|
(200 |
) |
(25,334 |
) | |
Bank of America Corp. |
|
(6,600 |
) |
(80,388 |
) | |
BMC Software, Inc. |
|
(2,800 |
) |
(129,724 |
) | |
Bristol-Myers Squibb Co. |
|
(2,000 |
) |
(82,380 |
) | |
Calpine Corp. |
|
(2,400 |
) |
(49,440 |
) | |
Celgene Corp. |
|
(700 |
) |
(81,137 |
) | |
Charles Schwab Corp. |
|
(4,500 |
) |
(79,605 |
) | |
Chevron Corp. |
|
(400 |
) |
(47,528 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(Continued) |
|
|
|
|
| |
Choice Hotels International, Inc. |
|
(700 |
) |
$ |
(29,617 |
) |
Ciena Corp. |
|
(4,200 |
) |
(67,242 |
) | |
Cisco Systems, Inc. |
|
(4,200 |
) |
(87,822 |
) | |
Citrix Systems, Inc. |
|
(800 |
) |
(57,728 |
) | |
City National Corp. |
|
(500 |
) |
(29,455 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(1,400 |
) |
(107,254 |
) | |
Community Health Systems, Inc. |
|
(1,050 |
) |
(49,759 |
) | |
ConocoPhillips |
|
(2,100 |
) |
(126,210 |
) | |
Consolidated Edison, Inc. |
|
(2,600 |
) |
(158,678 |
) | |
CSX Corp. |
|
(3,900 |
) |
(96,057 |
) | |
DexCom, Inc. |
|
(2,900 |
) |
(48,488 |
) | |
Diebold, Inc. |
|
(1,700 |
) |
(51,544 |
) | |
Ecolab, Inc. |
|
(1,100 |
) |
(88,198 |
) | |
Edwards Lifesciences Corp. |
|
(700 |
) |
(57,512 |
) | |
Endo Health Solutions, Inc. |
|
(800 |
) |
(24,608 |
) | |
Equity Residential |
|
(500 |
) |
(27,530 |
) | |
Exxon Mobil Corp. |
|
(1,200 |
) |
(108,132 |
) | |
Fastenal Co. |
|
(2,400 |
) |
(123,240 |
) | |
First Solar, Inc. |
|
(1,200 |
) |
(32,352 |
) | |
Fiserv, Inc. |
|
(900 |
) |
(79,047 |
) | |
Gannett Co., Inc. |
|
(3,900 |
) |
(85,293 |
) | |
Gap, Inc. |
|
(2,100 |
) |
(74,340 |
) | |
Genuine Parts Co. |
|
(800 |
) |
(62,400 |
) | |
Hartford Financial Services Group, Inc. |
|
(1,400 |
) |
(36,120 |
) | |
Hawaiian Electric Industries, Inc. |
|
(1,700 |
) |
(47,107 |
) | |
Healthcare Services Group, Inc. |
|
(2,400 |
) |
(61,512 |
) | |
Henry Schein, Inc. |
|
(500 |
) |
(46,275 |
) | |
Hewlett-Packard Co. |
|
(5,300 |
) |
(126,352 |
) | |
Hyatt Hotels Corp., Class A |
|
(2,200 |
) |
(95,106 |
) | |
IDEXX Laboratories, Inc. |
|
(750 |
) |
(69,292 |
) | |
Integrys Energy Group, Inc. |
|
(1,100 |
) |
(63,976 |
) | |
Intel Corp. |
|
(5,700 |
) |
(124,545 |
) | |
International Business Machines Corp. |
|
(350 |
) |
(74,655 |
) | |
Kansas City Southern |
|
(700 |
) |
(77,630 |
) | |
Lamar Advertising Co., Class A |
|
(2,900 |
) |
(140,969 |
) | |
Lexmark International, Inc., Class A |
|
(1,800 |
) |
(47,520 |
) | |
MDU Resources Group, Inc. |
|
(2,000 |
) |
(49,980 |
) | |
Meridian Bioscience, Inc. |
|
(2,000 |
) |
(45,640 |
) | |
Mettler-Toledo International, Inc. |
|
(460 |
) |
(98,081 |
) | |
Nordstrom, Inc. |
|
(600 |
) |
(33,138 |
) | |
Northern Trust Corp. |
|
(600 |
) |
(32,736 |
) | |
Onyx Pharmaceuticals, Inc. |
|
(500 |
) |
(44,430 |
) | |
Owens & Minor, Inc. |
|
(2,200 |
) |
(71,632 |
) | |
Pepco Holdings, Inc. |
|
(2,300 |
) |
(49,220 |
) | |
Perrigo Co. |
|
(500 |
) |
(59,365 |
) | |
Pioneer Natural Resources Co. |
|
(400 |
) |
(49,700 |
) | |
Pitney Bowes, Inc. |
|
(6,800 |
) |
(101,048 |
) | |
Praxair, Inc. |
|
(700 |
) |
(78,078 |
) | |
Public Storage |
|
(250 |
) |
(38,080 |
) | |
QLogic Corp. |
|
(10,900 |
) |
(126,440 |
) | |
Questar Corp. |
|
(2,500 |
) |
(60,825 |
) | |
Red Hat, Inc. |
|
(2,300 |
) |
(116,288 |
) | |
Regeneron Pharmaceuticals, Inc. |
|
(200 |
) |
(35,280 |
) | |
Rockwell Automation, Inc. |
|
(1,400 |
) |
(120,890 |
) | |
Schlumberger Ltd. |
|
(800 |
) |
(59,912 |
) | |
Sigma-Aldrich Corp. |
|
(500 |
) |
(38,840 |
) | |
Signature Bank |
|
(500 |
) |
(39,380 |
) | |
Southern Co. |
|
(1,700 |
) |
(79,764 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(Concluded) |
|
|
|
|
| |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(1,700 |
) |
$ |
(108,341 |
) |
Stericycle, Inc. |
|
(400 |
) |
(42,472 |
) | |
STERIS Corp. |
|
(850 |
) |
(35,369 |
) | |
SVB Financial Group |
|
(500 |
) |
(35,470 |
) | |
T. Rowe Price Group, Inc. |
|
(700 |
) |
(52,409 |
) | |
TCF Financial Corp. |
|
(4,300 |
) |
(64,328 |
) | |
TECO Energy, Inc. |
|
(2,500 |
) |
(44,550 |
) | |
Teradyne, Inc. |
|
(1,800 |
) |
(29,196 |
) | |
TJX Cos., Inc. |
|
(1,500 |
) |
(70,125 |
) | |
Under Armour, Inc., Class A |
|
(500 |
) |
(25,600 |
) | |
United Therapeutics Corp. |
|
(800 |
) |
(48,696 |
) | |
Vertex Pharmaceuticals, Inc. |
|
(700 |
) |
(38,486 |
) | |
Walt Disney Co. |
|
(800 |
) |
(45,440 |
) | |
Wright Medical Group, Inc. |
|
(2,300 |
) |
(54,763 |
) | |
WW Grainger, Inc. |
|
(500 |
) |
(112,490 |
) | |
Xerox Corp. |
|
(12,800 |
) |
(110,080 |
) | |
Zions Bancorporation |
|
(2,500 |
) |
(62,475 |
) | |
Total United States common stocks |
|
|
|
(6,450,026 |
) | |
Total investments sold short (proceeds $9,788,650) |
|
|
|
(10,174,118 |
) | |
Total investments, net of investments sold short48.96% |
|
|
|
7,957,485 |
| |
Cash and other assets, less liabilities51.04% |
|
|
|
8,293,922 |
| |
Net assets100.00% |
|
|
|
$ |
16,251,407 |
|
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 |
|
$ |
1,727,352 |
|
Gross unrealized depreciation |
|
(334,709 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,392,643 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
EUR |
245,000 |
|
GBP |
210,450 |
|
04/22/13 |
|
$ |
5,639 |
|
JPMCB |
|
GBP |
605,095 |
|
EUR |
705,000 |
|
04/22/13 |
|
(15,490 |
) | |
JPMCB |
|
GBP |
195,472 |
|
SEK |
1,970,000 |
|
04/22/13 |
|
5,197 |
| |
JPMCB |
|
GBP |
38,000 |
|
USD |
59,642 |
|
04/22/13 |
|
1,910 |
| |
JPMCB |
|
JPY |
28,200,000 |
|
USD |
309,979 |
|
04/22/13 |
|
10,371 |
| |
JPMCB |
|
SEK |
1,970,000 |
|
GBP |
196,763 |
|
04/22/13 |
|
(3,235 |
) | |
JPMCB |
|
USD |
34,829 |
|
EUR |
26,000 |
|
04/22/13 |
|
(1,497 |
) | |
Net unrealized appreciation on forward foreign |
|
|
|
|
|
$ |
2,895 |
|
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
Portfolio Swap* Outstanding at March 31, 20137
Counterparty |
|
Description |
|
Termination Date |
|
Value |
| |
Credit Suisse International |
|
The Fund receives or pays the total return on a portfolio of long and short positions and pays or receives a specified LIBOR or SAFEX floating rate. |
|
08/04/14 |
|
$ |
199,301 |
|
*See the accompanying Additional Information-Portfolio Swap for further details.
*Additional Information-Portfolio Swap
Portfolio swap positions |
|
Notional Values3 |
|
Current Values4 |
|
Value5 |
| |||
Long Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
Berkeley Group Holdings PLC |
|
$ |
89,214 |
|
$ |
99,455 |
|
$ |
10,241 |
|
British American Tobacco PLC |
|
77,269 |
|
83,066 |
|
5,797 |
| |||
BT Group PLC |
|
64,835 |
|
72,591 |
|
7,756 |
| |||
Diageo PLC |
|
90,470 |
|
99,693 |
|
9,223 |
| |||
Diploma PLC |
|
102,398 |
|
104,906 |
|
2,508 |
| |||
Filtrona PLC |
|
89,334 |
|
112,607 |
|
23,273 |
| |||
Glaxosmithkline PLC |
|
207,130 |
|
220,373 |
|
13,243 |
| |||
Halma PLC |
|
65,236 |
|
73,300 |
|
8,064 |
| |||
Interteck Group PLC |
|
58,857 |
|
64,289 |
|
5,432 |
| |||
Next PLC |
|
94,400 |
|
101,433 |
|
7,033 |
| |||
Nichols PLC |
|
90,866 |
|
91,352 |
|
486 |
| |||
Playtech Ltd. |
|
77,825 |
|
106,554 |
|
28,729 |
| |||
Qinetiq Group PLC |
|
117,674 |
|
130,037 |
|
12,363 |
| |||
Reckitt Benckiser Group PLC |
|
128,994 |
|
144,307 |
|
15,313 |
| |||
Tate & Lyle PLC |
|
55,415 |
|
57,951 |
|
2,536 |
| |||
Unilever PLC |
|
77,569 |
|
83,165 |
|
5,596 |
| |||
William Hill PLC |
|
95,038 |
|
91,613 |
|
(3,425 |
) | |||
William Hill PLC |
|
46 |
|
6,824 |
|
6,778 |
| |||
Total United Kingdom |
|
1,582,570 |
|
1,743,516 |
|
160,946 |
| |||
|
|
|
|
|
|
|
| |||
Total Long Positions of Portfolio Swap |
|
1,582,570 |
|
1,743,516 |
|
160,946 |
| |||
|
|
|
|
|
|
|
| |||
Short Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
South Africa |
|
|
|
|
|
|
| |||
African Bank Investments Ltd. |
|
(94,586 |
) |
(90,244 |
) |
4,342 |
| |||
|
|
|
|
|
|
|
| |||
South Korea |
|
|
|
|
|
|
| |||
Korean Air Lines Co., Ltd. |
|
(107,974 |
) |
(97,431 |
) |
10,543 |
| |||
|
|
|
|
|
|
|
| |||
Taiwan |
|
|
|
|
|
|
| |||
Taiwan Glass Industry Corp. |
|
(97,930 |
) |
(91,464 |
) |
6,466 |
| |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
Astrazeneca PLC |
|
(63,227 |
) |
(68,383 |
) |
(5,156 |
) | |||
Debenhams PLC |
|
(96,723 |
) |
(83,289 |
) |
13,434 |
| |||
Stobart Group Ltd. |
|
(31,399 |
) |
(26,216 |
) |
5,183 |
| |||
Total United Kingdom |
|
(191,349 |
) |
(177,888 |
) |
13,461 |
| |||
|
|
|
|
|
|
|
| |||
Total Short Positions of Portfolio Swap |
|
(491,839 |
) |
(457,027 |
) |
34,812 |
| |||
|
|
|
|
|
|
|
| |||
Total Long and Short Positions of Portfolio Swap |
|
1,090,731 |
|
1,286,489 |
|
195,758 |
| |||
|
|
|
|
|
|
|
| |||
Cash and Other Receivables6 |
|
|
|
|
|
6,420 |
| |||
|
|
|
|
|
|
|
| |||
Financing costs |
|
|
|
|
|
(2,877 |
) | |||
|
|
|
|
|
|
|
| |||
Net Swap Contract, at Value |
|
|
|
|
|
$ |
199,301 |
| ||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant observable |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
14,179,920 |
|
$ |
|
|
$ |
|
|
$ |
14,179,920 |
|
Preferred stock |
|
92,692 |
|
|
|
|
|
92,692 |
| ||||
Short-term investment |
|
|
|
3,858,991 |
|
|
|
3,858,991 |
| ||||
Common stocks sold short |
|
(10,174,118 |
) |
|
|
|
|
(10,174,118 |
) | ||||
Forward foreign currency contracts, net |
|
|
|
2,895 |
|
|
|
2,895 |
| ||||
Portfolio swap |
|
|
|
199,301 |
|
|
|
199,301 |
| ||||
Total |
|
$ |
4,098,494 |
|
4,061,187 |
|
|
|
8,159,681 |
| |||
1 At March 31, 2013, securities valued at $(53,353) were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investment that were valued using unobservable inputs for the period:
|
|
Common stock |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
(1,296 |
) |
$ |
(1,296 |
) |
Purchases |
|
1,096 |
|
1,096 |
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
|
|
|
| ||
Total realized gain |
|
(1,096 |
) |
(1,096 |
) | ||
Change in net unrealized appreciation/depreciation |
|
1,296 |
|
1,296 |
| ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
|
|
$ |
|
|
Portfolio footnotes
* Non-income producing security.
1 All or a portion of these securities have been delivered to cover open short positions.
2 The table below details the Funds investment in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund.
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
9,335,046 |
|
$ |
19,308,493 |
|
$ |
24,784,548 |
|
$ |
3,858,991 |
|
$ |
7,650 |
|
3 Notional value represents the market value (including any fees or commissions) of the long and short positions at the time they are established.
4 Current value represents the market value of these positions based on the securities last sale or closing price on the principal exchange on which the securities are traded.
5 Value represents the unrealized gain (loss) of the positions at March 31, 2013.
6 Cash and other receivables includes the gains (or losses) realized within the swap when the swap resets. Gains (or losses) will be realized on the swap, and reflected on the Statement of Operations, when cash is settled with the counterparty.
7 Security is illiquid. At March 31, 2013, the value of these securities and other derivative instruments amounted to $199,301 or 1.23% of net assets.
UBS International Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Airlines |
|
0.61 |
% |
Auto components |
|
1.43 |
|
Automobiles |
|
3.75 |
|
Beverages |
|
2.63 |
|
Building products |
|
0.56 |
|
Capital markets |
|
2.21 |
|
Chemicals |
|
3.73 |
|
Commercial banks |
|
15.97 |
|
Computers & peripherals |
|
0.75 |
|
Construction & engineering |
|
0.63 |
|
Construction materials |
|
1.72 |
|
Consumer finance |
|
0.38 |
|
Diversified financial services |
|
1.54 |
|
Diversified telecommunication services |
|
1.06 |
|
Electric utilities |
|
0.65 |
|
Electrical equipment |
|
0.69 |
|
Electronic equipment, instruments & components |
|
1.68 |
|
Energy equipment & services |
|
1.23 |
|
Food & staples retailing |
|
1.37 |
|
Food products |
|
3.36 |
|
Gas utilities |
|
0.41 |
|
Hotels, restaurants & leisure |
|
1.57 |
|
Household products |
|
0.37 |
|
Industrial conglomerates |
|
0.44 |
|
Insurance |
|
4.82 |
|
Internet & catalog retail |
|
1.36 |
|
Internet software & services |
|
0.67 |
|
IT services |
|
0.46 |
|
Leisure equipment & products |
|
0.65 |
|
Life sciences tools & services |
|
0.75 |
|
Machinery |
|
5.07 |
|
Marine |
|
0.28 |
|
Media |
|
1.86 |
|
Metals & mining |
|
3.82 |
|
Multiline retail |
|
0.40 |
|
Multi-utilities |
|
0.54 |
|
Oil, gas & consumable fuels |
|
6.07 |
|
Personal products |
|
0.46 |
|
Pharmaceuticals |
|
5.62 |
|
Real estate investment trust (REIT) |
|
1.00 |
|
Real estate management & development |
|
1.27 |
|
Semiconductors & semiconductor equipment |
|
2.91 |
|
Software |
|
1.51 |
|
Specialty retail |
|
0.99 |
|
Textiles, apparel & luxury goods |
|
1.37 |
|
Tobacco |
|
1.08 |
|
Trading companies & distributors |
|
1.60 |
|
Wireless telecommunication services |
|
3.55 |
|
Total common stocks |
|
96.85 |
% |
Preferred stock |
|
1.14 |
|
Investment of cash collateral from securities loaned |
|
4.77 |
|
Total investments |
|
102.76 |
% |
|
|
|
|
Liabilities, in excess of cash and other assets |
|
(2.76 |
) |
Net assets |
|
100.00 |
% |
UBS International Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks96.85% |
|
|
|
|
| |
Australia3.25% |
|
|
|
|
| |
Australia & New Zealand Banking Group Ltd. |
|
1,771 |
|
$ |
52,606 |
|
BHP Billiton Ltd. |
|
2,080 |
|
70,945 |
| |
Commonwealth Bank of Australia |
|
1,093 |
|
77,394 |
| |
Orica Ltd. |
|
5,628 |
|
143,267 |
| |
Treasury Wine Estates Ltd. |
|
13,452 |
|
79,691 |
| |
Westfield Group |
|
9,784 |
|
110,525 |
| |
Westpac Banking Corp. |
|
2,110 |
|
67,574 |
| |
Total Australia common stocks |
|
|
|
602,002 |
| |
|
|
|
|
|
| |
Austria0.39% |
|
|
|
|
| |
Andritz AG |
|
1,082 |
|
72,594 |
| |
|
|
|
|
|
| |
Belgium0.11% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
209 |
|
20,696 |
| |
|
|
|
|
|
| |
Brazil0.94% |
|
|
|
|
| |
Cielo SA |
|
2,900 |
|
85,432 |
| |
Vale SA ADR1 |
|
5,100 |
|
88,179 |
| |
Total Brazil common stocks |
|
|
|
173,611 |
| |
|
|
|
|
|
| |
Canada2.82% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
4,200 |
|
86,576 |
| |
PetroBakken Energy Ltd.1 |
|
7,956 |
|
69,155 |
| |
Petrominerales Ltd.1 |
|
6,100 |
|
37,110 |
| |
Royal Bank of Canada |
|
2,900 |
|
174,711 |
| |
Suncor Energy, Inc. |
|
5,200 |
|
155,818 |
| |
Total Canada common stocks |
|
|
|
523,370 |
| |
|
|
|
|
|
| |
China4.97% |
|
|
|
|
| |
AIA Group Ltd. |
|
43,238 |
|
189,383 |
| |
Brilliance China Automotive Holdings Ltd.* |
|
84,000 |
|
98,689 |
| |
China Construction Bank Corp., H Shares |
|
315,280 |
|
257,502 |
| |
China Merchants Bank Co., Ltd., H Shares |
|
38,259 |
|
81,027 |
| |
China Mobile Ltd. |
|
11,000 |
|
116,482 |
| |
China Shipping Container Lines Co., Ltd., H Shares* |
|
190,000 |
|
51,401 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
16,500 |
|
127,961 |
| |
Total China common stocks |
|
|
|
922,445 |
| |
|
|
|
|
|
| |
Denmark1.76% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
1,918 |
|
116,108 |
| |
Novo Nordisk A/S, Class B |
|
1,292 |
|
209,913 |
| |
Total Denmark common stocks |
|
|
|
326,021 |
| |
|
|
|
|
|
| |
Finland1.21% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
5,834 |
|
224,349 |
| |
|
|
|
|
|
| |
France2.89% |
|
|
|
|
| |
BNP Paribas SA |
|
1,767 |
|
90,692 |
| |
Carrefour SA |
|
6,947 |
|
190,167 |
| |
Lafarge SA |
|
813 |
|
54,014 |
| |
Schneider Electric SA |
|
1,762 |
|
128,741 |
| |
Technip SA |
|
357 |
|
36,601 |
| |
Valeo SA |
|
673 |
|
36,418 |
| |
Total France common stocks |
|
|
|
536,633 |
| |
|
|
|
|
|
| |
Germany8.70% |
|
|
|
|
| |
Allianz SE |
|
211 |
|
28,656 |
| |
BASF SE |
|
736 |
|
64,456 |
| |
Bayer AG |
|
2,145 |
|
221,258 |
| |
Bayerische Motoren Werke AG |
|
867 |
|
74,806 |
| |
Beiersdorf AG NPV |
|
918 |
|
84,772 |
| |
Deutsche Bank AG |
|
3,011 |
|
117,391 |
| |
E.ON SE |
|
5,776 |
|
100,842 |
| |
GEA Group AG |
|
1,471 |
|
48,479 |
| |
Gerresheimer AG |
|
2,414 |
|
138,706 |
| |
HeidelbergCement AG |
|
2,634 |
|
189,280 |
| |
Hugo Boss AG |
|
368 |
|
41,238 |
| |
Infineon Technologies AG |
|
14,240 |
|
112,442 |
| |
Kabel Deutschland Holding AG |
|
1,774 |
|
163,683 |
| |
MAN SE |
|
768 |
|
82,567 |
| |
SAP AG |
|
1,813 |
|
145,249 |
| |
Total Germany common stocks |
|
|
|
1,613,825 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Hong Kong0.62% |
|
|
|
|
| |
Shangri-La Asia Ltd. |
|
24,000 |
|
$ |
46,995 |
|
Sun Hung Kai Properties Ltd. |
|
5,000 |
|
67,375 |
| |
Total Hong Kong common stocks |
|
|
|
114,370 |
| |
|
|
|
|
|
| |
India0.37% |
|
|
|
|
| |
ICICI Bank Ltd. ADR |
|
1,600 |
|
68,640 |
| |
|
|
|
|
|
| |
Indonesia2.52% |
|
|
|
|
| |
Astra International Tbk PT |
|
144,000 |
|
117,067 |
| |
Bank Rakyat Indonesia PT |
|
305,000 |
|
274,634 |
| |
Semen Indonesia Persero Tbk PT |
|
42,000 |
|
76,501 |
| |
Total Indonesia common stocks |
|
|
|
468,202 |
| |
|
|
|
|
|
| |
Ireland0.61% |
|
|
|
|
| |
Ryanair Holdings PLC ADR |
|
2,700 |
|
112,806 |
| |
|
|
|
|
|
| |
Israel0.64% |
|
|
|
|
| |
Teva Pharmaceutical Industries Ltd. |
|
3,019 |
|
118,853 |
| |
|
|
|
|
|
| |
Italy0.89% |
|
|
|
|
| |
Fiat Industrial SpA |
|
14,603 |
|
164,164 |
| |
|
|
|
|
|
| |
Japan20.46% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
15,000 |
|
103,734 |
| |
Bridgestone Corp. |
|
5,400 |
|
180,698 |
| |
Calsonic Kansei Corp.1 |
|
11,000 |
|
48,377 |
| |
Cosmos Pharmaceutical Corp. |
|
500 |
|
64,907 |
| |
Credit Saison Co., Ltd. |
|
2,800 |
|
69,721 |
| |
Don Quijote Co., Ltd. |
|
1,700 |
|
75,216 |
| |
FANUC Corp. |
|
500 |
|
76,433 |
| |
Ibiden Co., Ltd. |
|
4,600 |
|
71,638 |
| |
Isuzu Motors Ltd. |
|
11,000 |
|
66,256 |
| |
ITOCHU Corp. |
|
17,600 |
|
214,823 |
| |
Japan Petroleum Exploration Co. |
|
2,400 |
|
94,205 |
| |
Kakaku.com, Inc.1 |
|
3,400 |
|
85,528 |
| |
KDDI Corp.1 |
|
4,400 |
|
183,460 |
| |
Komatsu Ltd. |
|
3,900 |
|
92,513 |
| |
Makino Milling Machine Co., Ltd. |
|
14,000 |
|
86,705 |
| |
Mitsubishi Corp. |
|
4,400 |
|
82,265 |
| |
Mitsubishi Estate Co., Ltd. |
|
3,000 |
|
84,485 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
69,700 |
|
417,600 |
| |
Murata Manufacturing Co., Ltd.1 |
|
900 |
|
67,690 |
| |
Nippon Steel & Sumitomo Metal Corp. |
|
28,000 |
|
70,792 |
| |
Nissan Motor Co., Ltd. |
|
9,700 |
|
93,460 |
| |
ORIX Corp. |
|
18,200 |
|
231,234 |
| |
Sankyo Co., Ltd. |
|
2,600 |
|
121,528 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
3,800 |
|
250,683 |
| |
Sumitomo Mitsui Financial Group, Inc.1 |
|
2,800 |
|
114,219 |
| |
Tadano Ltd. |
|
7,000 |
|
79,120 |
| |
THK Co., Ltd. |
|
7,000 |
|
138,015 |
| |
Tokio Marine Holdings, Inc. |
|
4,300 |
|
123,516 |
| |
Tokyo Gas Co., Ltd. |
|
14,000 |
|
75,551 |
| |
Tokyo Tatemono Co., Ltd. |
|
12,000 |
|
85,154 |
| |
Toyota Motor Corp. |
|
4,800 |
|
246,030 |
| |
Total Japan common stocks |
|
|
|
3,795,556 |
| |
|
|
|
|
|
| |
Luxembourg0.36% |
|
|
|
|
| |
ArcelorMittal |
|
5,150 |
|
66,345 |
| |
|
|
|
|
|
| |
Macau1.31% |
|
|
|
|
| |
Sands China Ltd. |
|
46,800 |
|
242,665 |
| |
|
|
|
|
|
| |
Malaysia0.43% |
|
|
|
|
| |
Petronas Chemicals Group Bhd |
|
38,400 |
|
79,987 |
| |
|
|
|
|
|
| |
Netherlands3.21% |
|
|
|
|
| |
ASML Holding NV |
|
675 |
|
45,400 |
| |
Gemalto NV |
|
1,599 |
|
139,481 |
| |
Heineken NV |
|
2,593 |
|
195,442 |
| |
ING Groep NV CVA* |
|
7,464 |
|
52,976 |
| |
Koninklijke DSM NV |
|
1,439 |
|
83,762 |
| |
Unilever NV CVA |
|
1,916 |
|
78,482 |
| |
Total Netherlands common stocks |
|
|
|
595,543 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Norway2.07% |
|
|
|
|
| |
DNB ASA |
|
5,069 |
|
$ |
74,333 |
|
Subsea 7 SA1 |
|
4,813 |
|
112,481 |
| |
Telenor ASA |
|
9,044 |
|
197,735 |
| |
Total Norway common stocks |
|
|
|
384,549 |
| |
|
|
|
|
|
| |
Philippines0.44% |
|
|
|
|
| |
SM Investments Corp. |
|
3,005 |
|
82,102 |
| |
|
|
|
|
|
| |
Russia2.01% |
|
|
|
|
| |
Gazprom OAO ADR |
|
11,513 |
|
98,436 |
| |
Mobile Telesystems OJSC ADR |
|
7,050 |
|
146,217 |
| |
Sberbank of Russia Federation2 |
|
40,776 |
|
128,893 |
| |
Total Russia common stocks |
|
|
|
373,546 |
| |
|
|
|
|
|
| |
South Africa0.98% |
|
|
|
|
| |
Naspers Ltd., Class N |
|
2,901 |
|
180,727 |
| |
|
|
|
|
|
| |
South Korea2.13% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
221 |
|
299,937 |
| |
Shinhan Financial Group Co., Ltd. |
|
2,640 |
|
94,557 |
| |
Total South Korea common stocks |
|
|
|
394,494 |
| |
|
|
|
|
|
| |
Spain1.22% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
3,538 |
|
30,671 |
| |
Banco Santander SA |
|
4,467 |
|
30,016 |
| |
Inditex SA |
|
701 |
|
92,913 |
| |
Viscofan SA |
|
1,393 |
|
73,041 |
| |
Total Spain common stocks |
|
|
|
226,641 |
| |
|
|
|
|
|
| |
Sweden1.50% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
4,082 |
|
88,323 |
| |
Skandinaviska Enskilda Banken AB, Class A1 |
|
9,006 |
|
90,453 |
| |
Trelleborg AB, Class B |
|
620 |
|
8,506 |
| |
Volvo AB, Class B |
|
6,246 |
|
90,816 |
| |
Total Sweden common stocks |
|
|
|
278,098 |
| |
|
|
|
|
|
| |
Switzerland7.94% |
|
|
|
|
| |
Cie Financiere Richemont SA, Class A |
|
1,527 |
|
119,837 |
| |
Credit Suisse Group AG* |
|
7,989 |
|
209,634 |
| |
GAM Holding AG* |
|
4,991 |
|
84,384 |
| |
Nestle SA |
|
6,548 |
|
473,528 |
| |
Novartis AG |
|
6,943 |
|
493,317 |
| |
Swatch Group AG |
|
908 |
|
92,158 |
| |
Total Switzerland common stocks |
|
|
|
1,472,858 |
| |
|
|
|
|
|
| |
Taiwan0.93% |
|
|
|
|
| |
HON HAI Precision Industry Co., Ltd. |
|
62,124 |
|
171,813 |
| |
|
|
|
|
|
| |
Thailand1.21% |
|
|
|
|
| |
Home Product Center PCL |
|
157,680 |
|
90,457 |
| |
Kasikornbank PCL |
|
18,800 |
|
134,171 |
| |
Total Thailand common stocks |
|
|
|
224,628 |
| |
|
|
|
|
|
| |
Turkey0.41% |
|
|
|
|
| |
Turkiye Halk Bankasi AS |
|
7,083 |
|
75,751 |
| |
UBS International Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United Kingdom17.55% |
|
|
|
|
| |
Afren PLC* |
|
9,856 |
|
$ |
21,236 |
|
ARM Holdings PLC |
|
5,742 |
|
80,354 |
| |
ASOS PLC* |
|
4,972 |
|
252,856 |
| |
Barclays PLC |
|
35,544 |
|
157,242 |
| |
BG Group PLC |
|
2,147 |
|
36,831 |
| |
BP PLC |
|
39,409 |
|
275,388 |
| |
Croda International PLC |
|
1,689 |
|
70,395 |
| |
Derwent London PLC |
|
1,099 |
|
35,936 |
| |
Diageo PLC |
|
772 |
|
24,340 |
| |
Great Portland Estates PLC |
|
5,265 |
|
39,672 |
| |
HSBC Holdings PLC |
|
34,414 |
|
367,340 |
| |
Imperial Tobacco Group PLC |
|
5,709 |
|
199,428 |
| |
Jardine Lloyd Thompson Group PLC |
|
2,798 |
|
36,180 |
| |
John Wood Group PLC |
|
5,905 |
|
77,745 |
| |
Prudential PLC |
|
9,938 |
|
160,818 |
| |
Reckitt Benckiser Group PLC |
|
959 |
|
68,748 |
| |
Rio Tinto PLC |
|
5,328 |
|
249,750 |
| |
Royal Dutch Shell PLC, Class A |
|
4,222 |
|
136,578 |
| |
SABMiller PLC |
|
3,207 |
|
168,796 |
| |
Sage Group PLC |
|
25,931 |
|
135,027 |
| |
SSE PLC |
|
5,349 |
|
120,613 |
| |
Standard Chartered PLC |
|
3,944 |
|
102,086 |
| |
Telecity Group PLC |
|
2,872 |
|
39,428 |
| |
Tullow Oil PLC |
|
1,328 |
|
24,839 |
| |
Vodafone Group PLC |
|
74,871 |
|
212,281 |
| |
Xstrata PLC |
|
9,987 |
|
162,066 |
| |
Total United Kingdom common stocks |
|
|
|
3,255,973 |
| |
Total common stocks (cost $15,879,482) |
|
|
|
17,963,857 |
| |
|
|
|
|
|
| |
Preferred stock1.14% |
|
|
|
|
| |
Germany1.14% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $215,838) |
|
1,070 |
|
$ |
212,595 |
|
|
|
|
|
|
| |
Investment of cash collateral from securities loaned4.77% |
|
|
|
|
| |
UBS Private Money Market Fund LLC3 (cost $884,362) |
|
884,362 |
|
|
884,362 |
|
|
|
|
|
|
| |
Total investments102.76% (cost $16,979,682) |
|
|
|
19,060,814 |
| |
Liabilities, in excess of cash and other assets(2.76)% |
|
|
|
(512,008 |
) | |
Net assets100.00% |
|
|
|
$ |
18,548,806 |
|
UBS International Equity Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
2,927,185 |
|
Gross unrealized depreciation |
|
(846,053 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,081,132 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used through out the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||||
JPMCB |
|
AUD |
|
79,900 |
|
USD |
|
81,306 |
|
06/19/13 |
|
$ |
(1,390 |
) |
JPMCB |
|
BRL |
|
359,600 |
|
USD |
|
179,531 |
|
06/19/13 |
|
3,236 |
| |
JPMCB |
|
CHF |
|
106,826 |
|
EUR |
|
87,600 |
|
06/19/13 |
|
(292 |
) | |
JPMCB |
|
CHF |
|
156,800 |
|
USD |
|
168,975 |
|
06/19/13 |
|
3,632 |
| |
JPMCB |
|
CNY |
|
3,337,400 |
|
USD |
|
530,156 |
|
06/19/13 |
|
(4,532 |
) | |
JPMCB |
|
GBP |
|
242,800 |
|
USD |
|
362,918 |
|
06/19/13 |
|
(5,854 |
) | |
JPMCB |
|
HKD |
|
1,558,900 |
|
USD |
|
200,989 |
|
06/19/13 |
|
89 |
| |
JPMCB |
|
ILS |
|
377,500 |
|
USD |
|
100,790 |
|
06/19/13 |
|
(2,703 |
) | |
JPMCB |
|
JPY |
|
17,934,900 |
|
USD |
|
190,072 |
|
06/19/13 |
|
(557 |
) | |
JPMCB |
|
JPY |
|
17,610,000 |
|
USD |
|
187,753 |
|
06/19/13 |
|
577 |
| |
JPMCB |
|
KRW |
|
467,000,000 |
|
USD |
|
426,056 |
|
06/19/13 |
|
8,084 |
| |
JPMCB |
|
MYR |
|
458,000 |
|
USD |
|
146,809 |
|
06/19/13 |
|
(307 |
) | |
JPMCB |
|
NOK |
|
1,433,100 |
|
USD |
|
250,243 |
|
06/19/13 |
|
5,635 |
| |
JPMCB |
|
THB |
|
5,310,000 |
|
USD |
|
177,035 |
|
06/19/13 |
|
(3,412 |
) | |
JPMCB |
|
TWD |
|
5,405,500 |
|
USD |
|
182,587 |
|
06/19/13 |
|
1,519 |
| |
JPMCB |
|
USD |
|
83,221 |
|
AUD |
|
79,900 |
|
06/19/13 |
|
(524 |
) | |
JPMCB |
|
USD |
|
622,680 |
|
CAD |
|
640,200 |
|
06/19/13 |
|
6,408 |
| |
JPMCB |
|
USD |
|
734,524 |
|
EUR |
|
561,400 |
|
06/19/13 |
|
(14,483 |
) | |
JPMCB |
|
USD |
|
97,779 |
|
GBP |
|
64,500 |
|
06/19/13 |
|
186 |
| |
JPMCB |
|
USD |
|
74,348 |
|
HKD |
|
576,900 |
|
06/19/13 |
|
(1 |
) | |
JPMCB |
|
USD |
|
117,613 |
|
INR |
|
6,499,300 |
|
06/19/13 |
|
34 |
| |
JPMCB |
|
USD |
|
224,023 |
|
JPY |
|
20,596,200 |
|
06/19/13 |
|
(5,108 |
) | |
JPMCB |
|
USD |
|
223,102 |
|
MXN |
|
2,885,200 |
|
06/19/13 |
|
8,765 |
| |
JPMCB |
|
USD |
|
160,416 |
|
PLN |
|
515,000 |
|
06/19/13 |
|
(3,257 |
) | |
JPMCB |
|
USD |
|
210,208 |
|
SEK |
|
1,349,900 |
|
06/19/13 |
|
(3,404 |
) | |
JPMCB |
|
USD |
|
418,077 |
|
SGD |
|
518,000 |
|
06/19/13 |
|
(370 |
) | |
JPMCB |
|
USD |
|
75,979 |
|
SGD |
|
94,800 |
|
06/19/13 |
|
466 |
| |
JPMCB |
|
ZAR |
|
1,745,200 |
|
USD |
|
195,095 |
|
06/19/13 |
|
7,318 |
| |
Net unrealized depreciation on |
|
$ |
(245 |
) |
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
17,963,857 |
|
$ |
|
|
$ |
|
|
$ |
17,963,857 |
|
Preferred stock |
|
212,595 |
|
|
|
|
|
212,595 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
884,362 |
|
|
|
884,362 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(245 |
) |
|
|
(245 |
) | ||||
Total |
|
$ |
18,176,452 |
|
$ |
884,117 |
|
$ |
|
|
$ |
19,060,569 |
|
1 At March 31, 2013, securities valued at $14,482,161 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
UBS International Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
Level 3 rollforward disclosure
The following is a rollforward of the Funds investment that were valued using unobservable inputs for the period:
|
|
Common Stock |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
223 |
|
$ |
223 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
(182 |
) |
(182 |
) | ||
Accrued discounts (premiums) |
|
|
|
|
| ||
Total realized gain |
|
182 |
|
182 |
| ||
Change in net unrealized appreciation/depreciation |
|
(223 |
) |
(223 |
) | ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
|
|
$ |
|
|
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at March 31, 2013.
2 Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2013, the value of these securities amounted to $128,893 or 0.69% 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.
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
325,319 |
|
$ |
3,879,030 |
|
$ |
4,204,349 |
|
$ |
|
|
$ |
457 |
|
UBS Private Money Market Fund LLCa |
|
781,222 |
|
7,581,756 |
|
7,478,616 |
|
884,362 |
|
|
217 |
| ||||
|
|
$ |
1,106,541 |
|
$ |
11,460,786 |
|
$ |
11,682,965 |
|
$ |
884,362 |
|
$ |
674 |
|
a The advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
5.48 |
% |
Airlines |
|
1.52 |
|
Biotechnology |
|
4.41 |
|
Capital markets |
|
3.92 |
|
Chemicals |
|
2.17 |
|
Commercial banks |
|
4.37 |
|
Commercial services & supplies |
|
1.99 |
|
Computers & peripherals |
|
6.11 |
|
Diversified financial services |
|
6.27 |
|
Electric utilities |
|
5.60 |
|
Energy equipment & services |
|
5.66 |
|
Food products |
|
4.82 |
|
Health care equipment & supplies |
|
2.81 |
|
Health care providers & services |
|
3.13 |
|
Hotels, restaurants & leisure |
|
2.24 |
|
Household products |
|
2.20 |
|
Insurance |
|
3.55 |
|
Internet & catalog retail |
|
4.44 |
|
IT services |
|
1.61 |
|
Life sciences tools & services |
|
1.34 |
|
Machinery |
|
1.83 |
|
Media |
|
8.90 |
|
Multiline retail |
|
1.45 |
|
Multi-utilities |
|
2.37 |
|
Oil, gas & consumable fuels |
|
3.64 |
|
Pharmaceuticals |
|
9.01 |
|
Real estate investment trust (REIT) |
|
3.28 |
|
Road & rail |
|
6.89 |
|
Semiconductors & semiconductor equipment |
|
8.49 |
|
Software |
|
5.72 |
|
Textiles, apparel & luxury goods |
|
1.47 |
|
Tobacco |
|
2.16 |
|
Wireless telecommunication services |
|
2.00 |
|
Total common stocks |
|
130.85 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
1.67 |
|
Options purchased |
|
0.29 |
|
Total investments before investments sold short |
|
132.81 |
% |
|
|
|
|
Investments sold short |
|
|
|
Common stocks |
|
|
|
Biotechnology |
|
(1.70 |
) |
Capital markets |
|
(1.68 |
) |
Chemicals |
|
(0.96 |
) |
Commercial banks |
|
(1.66 |
) |
Commercial services & supplies |
|
(1.38 |
) |
Computers & peripherals |
|
(1.48 |
) |
Consumer finance |
|
(0.31 |
) |
Diversified financial services |
|
(0.41 |
) |
Electric utilities |
|
(0.96 |
) |
Gas utilities |
|
(0.49 |
) |
Health care equipment & supplies |
|
(2.11 |
) |
Health care providers & services |
|
(1.05 |
) |
Hotels, restaurants & leisure |
|
(3.46 |
) |
Insurance |
|
(0.85 |
) |
IT services |
|
(0.46 |
) |
Life sciences tools & services |
|
(0.71 |
) |
Machinery |
|
(0.97 |
) |
Media |
|
(2.79 |
) |
Multi-utilities |
|
(1.85 |
) |
Office electronics |
|
(0.56 |
) |
Pharmaceuticals |
|
(1.63 |
) |
Real estate investment trust (REIT) |
|
(0.47 |
) |
Road & rail |
|
(0.96 |
) |
Semiconductors & semiconductor equipment |
|
(1.47 |
) |
Software |
|
(1.27 |
) |
Specialty retail |
|
(0.31 |
) |
Textiles, apparel & luxury goods |
|
(0.27 |
) |
Trading companies & distributors |
|
(0.44 |
) |
Water utilities |
|
(0.71 |
) |
Total investments sold short |
|
(33.37 |
)% |
Total investments, net of investments sold short |
|
99.44 |
|
Cash and other assets, less liabilities |
|
0.56 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the industry breakdown of direct investments of UBS U.S. Defensive Equity Fund. Figures might be different if a breakdown of the underlying investment company and derivatives exposure was included.
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks130.85% |
|
|
|
|
| |
Aerospace & defense5.48% |
|
|
|
|
| |
Boeing Co.1 |
|
4,000 |
|
$ |
343,400 |
|
General Dynamics Corp.1 |
|
6,800 |
|
479,468 |
| |
|
|
|
|
822,868 |
| |
Airlines1.52% |
|
|
|
|
| |
Spirit Airlines, Inc.*1 |
|
9,000 |
|
228,240 |
| |
|
|
|
|
|
| |
Biotechnology4.41% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
4,900 |
|
156,947 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
3,300 |
|
80,421 |
| |
Cubist Pharmaceuticals, Inc.*1 |
|
1,500 |
|
70,230 |
| |
Gilead Sciences, Inc.*1 |
|
4,200 |
|
205,506 |
| |
Ligand Pharmaceuticals, Inc., Class B*1 |
|
5,600 |
|
149,240 |
| |
|
|
|
|
662,344 |
| |
Capital markets3.92% |
|
|
|
|
| |
Invesco Ltd.1 |
|
5,900 |
|
170,864 |
| |
Morgan Stanley1 |
|
19,000 |
|
417,620 |
| |
|
|
|
|
588,484 |
| |
Chemicals2.17% |
|
|
|
|
| |
Dow Chemical Co.1 |
|
10,200 |
|
324,768 |
| |
|
|
|
|
|
| |
Commercial banks4.37% |
|
|
|
|
| |
US Bancorp |
|
8,000 |
|
271,440 |
| |
Wells Fargo & Co.1 |
|
10,400 |
|
384,696 |
| |
|
|
|
|
656,136 |
| |
Commercial services & supplies1.99% |
|
|
|
|
| |
Waste Management, Inc.1 |
|
7,600 |
|
297,996 |
| |
|
|
|
|
|
| |
Computers & peripherals6.11% |
|
|
|
|
| |
Apple, Inc.1 |
|
1,430 |
|
632,961 |
| |
NetApp, Inc.*1 |
|
8,300 |
|
283,528 |
| |
|
|
|
|
916,489 |
| |
Diversified financial services6.27% |
|
|
|
|
| |
Citigroup, Inc.1 |
|
10,319 |
|
456,513 |
| |
JPMorgan Chase & Co.1 |
|
10,200 |
|
484,092 |
| |
|
|
|
|
940,605 |
| |
Electric utilities5.60% |
|
|
|
|
| |
Edison International1 |
|
7,600 |
|
382,432 |
| |
NextEra Energy, Inc.1 |
|
5,900 |
|
458,312 |
| |
|
|
|
|
840,744 |
| |
Energy equipment & services5.66% |
|
|
|
|
| |
Baker Hughes, Inc.1 |
|
4,400 |
|
204,204 |
| |
Halliburton Co.1 |
|
4,700 |
|
189,927 |
| |
McDermott International, Inc.*1 |
|
7,800 |
|
85,722 |
| |
Noble Corp.1 |
|
9,700 |
|
370,055 |
| |
|
|
|
|
849,908 |
| |
Food products4.82% |
|
|
|
|
| |
Archer-Daniels-Midland Co.1 |
|
7,700 |
|
259,721 |
| |
Kraft Foods Group, Inc.1 |
|
3,233 |
|
166,596 |
| |
Mondelez International, Inc., Class A1 |
|
9,700 |
|
296,917 |
| |
|
|
|
|
723,234 |
| |
Health care equipment & supplies2.81% |
|
|
|
|
| |
Baxter International, Inc.1 |
|
5,800 |
|
421,312 |
| |
|
|
|
|
|
| |
Health care providers & services3.13% |
|
|
|
|
| |
Cardinal Health, Inc. |
|
4,700 |
|
195,614 |
| |
UnitedHealth Group, Inc.1 |
|
4,800 |
|
274,608 |
| |
|
|
|
|
470,222 |
| |
Hotels, restaurants & leisure2.24% |
|
|
|
|
| |
Starbucks Corp.1 |
|
5,900 |
|
336,064 |
| |
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Household products2.20% |
|
|
|
|
| |
Colgate-Palmolive Co.1 |
|
2,800 |
|
$ |
330,484 |
|
|
|
|
|
|
| |
Insurance3.55% |
|
|
|
|
| |
Lincoln National Corp.1 |
|
6,900 |
|
225,009 |
| |
MetLife, Inc.1 |
|
8,100 |
|
307,962 |
| |
|
|
|
|
532,971 |
| |
Internet & catalog retail4.44% |
|
|
|
|
| |
Amazon.com, Inc.*1 |
|
2,500 |
|
666,225 |
| |
|
|
|
|
|
| |
IT services1.61% |
|
|
|
|
| |
ServiceSource International, Inc.*1 |
|
34,200 |
|
241,794 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.34% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,600 |
|
201,600 |
| |
|
|
|
|
|
| |
Machinery1.83% |
|
|
|
|
| |
Illinois Tool Works, Inc.1 |
|
4,500 |
|
274,230 |
| |
|
|
|
|
|
| |
Media8.90% |
|
|
|
|
| |
Comcast Corp., Class A1 |
|
10,900 |
|
457,909 |
| |
Time Warner, Inc.1 |
|
6,800 |
|
391,816 |
| |
Viacom, Inc., Class B1 |
|
7,900 |
|
486,403 |
| |
|
|
|
|
1,336,128 |
| |
Multiline retail1.45% |
|
|
|
|
| |
Macys, Inc.1 |
|
5,200 |
|
217,568 |
| |
|
|
|
|
|
| |
Multi-utilities2.37% |
|
|
|
|
| |
PG&E Corp.1 |
|
8,000 |
|
356,240 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels3.64% |
|
|
|
|
| |
Cabot Oil & Gas Corp.1 |
|
1,100 |
|
74,371 |
| |
EOG Resources, Inc.1 |
|
1,500 |
|
192,105 |
| |
Hess Corp.1 |
|
3,900 |
|
279,279 |
| |
|
|
|
|
545,755 |
| |
Pharmaceuticals9.01% |
|
|
|
|
| |
Allergan, Inc.1 |
|
1,200 |
|
133,956 |
| |
Hospira, Inc.*1 |
|
6,700 |
|
219,961 |
| |
Impax Laboratories, Inc.*1 |
|
8,700 |
|
134,328 |
| |
Johnson & Johnson1 |
|
3,700 |
|
301,661 |
| |
Merck & Co., Inc.1 |
|
6,200 |
|
274,226 |
| |
Salix Pharmaceuticals Ltd.*1 |
|
3,300 |
|
168,894 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
3,000 |
|
119,040 |
| |
|
|
|
|
1,352,066 |
| |
Real estate investment trust (REIT)3.28% |
|
|
|
|
| |
American Campus Communities, Inc.1 |
|
2,400 |
|
108,816 |
| |
American Capital Agency Corp.1 |
|
6,200 |
|
203,236 |
| |
Digital Realty Trust, Inc.1 |
|
2,700 |
|
180,657 |
| |
|
|
|
|
492,709 |
| |
Road & rail6.89% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
21,200 |
|
471,912 |
| |
Norfolk Southern Corp.1 |
|
7,300 |
|
562,684 |
| |
|
|
|
|
1,034,596 |
| |
Semiconductors & semiconductor equipment8.49% |
|
|
|
|
| |
Atmel Corp.*1 |
|
24,900 |
|
173,304 |
| |
Avago Technologies Ltd.1 |
|
3,900 |
|
140,088 |
| |
Broadcom Corp., Class A1 |
|
6,900 |
|
239,223 |
| |
Freescale Semiconductor Ltd.*1 |
|
3,900 |
|
58,071 |
| |
Micron Technology, Inc.*1 |
|
21,500 |
|
214,570 |
| |
NXP Semiconductor NV*1 |
|
5,500 |
|
166,430 |
| |
Skyworks Solutions, Inc.*1 |
|
12,800 |
|
281,984 |
| |
|
|
|
|
1,273,670 |
| |
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Software5.72% |
|
|
|
|
| |
Adobe Systems, Inc.*1 |
|
11,100 |
|
$ |
482,961 |
|
Symantec Corp.*1 |
|
15,200 |
|
375,136 |
| |
|
|
|
|
858,097 |
| |
Textiles, apparel & luxury goods1.47% |
|
|
|
|
| |
Ralph Lauren Corp.1 |
|
1,300 |
|
220,103 |
| |
|
|
|
|
|
| |
Tobacco2.16% |
|
|
|
|
| |
Philip Morris International, Inc.1 |
|
3,500 |
|
324,485 |
| |
|
|
|
|
|
| |
Wireless telecommunication services2.00% |
|
|
|
|
| |
MetroPCS Communications, Inc.*1 |
|
12,800 |
|
139,520 |
| |
NII Holdings, Inc.*1 |
|
37,000 |
|
160,210 |
| |
|
|
|
|
299,730 |
| |
Total common stocks (cost $16,025,930) |
|
|
|
19,637,865 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Options purchased0.29% |
|
|
|
|
| |
Put options0.29% |
|
|
|
|
| |
S&P 500 Index, Strike @ USD 14.30, expires May 2013 (cost $176,468) |
|
99 |
|
44,055 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Investment company1.67% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $248,030) |
|
1,600 |
|
250,480 |
| |
Total investments before investments sold short132.81% (cost $16,450,428) |
|
|
|
19,932,400 |
| |
|
|
|
|
|
| |
Investments sold short(33.37)% |
|
|
|
|
| |
Common stocks(33.37)% |
|
|
|
|
| |
Biotechnology(1.70)% |
|
|
|
|
| |
Celgene Corp. |
|
(600 |
) |
(69,546 |
) | |
Onyx Pharmaceuticals, Inc. |
|
(550 |
) |
(48,873 |
) | |
Regeneron Pharmaceuticals, Inc. |
|
(250 |
) |
(44,100 |
) | |
United Therapeutics Corp. |
|
(700 |
) |
(42,609 |
) | |
Vertex Pharmaceuticals, Inc. |
|
(900 |
) |
(49,482 |
) | |
|
|
|
|
(254,610 |
) | |
Capital markets(1.68)% |
|
|
|
|
| |
Charles Schwab Corp. |
|
(8,600 |
) |
(152,134 |
) | |
Northern Trust Corp. |
|
(1,000 |
) |
(54,560 |
) | |
T. Rowe Price Group, Inc. |
|
(600 |
) |
(44,922 |
) | |
|
|
|
|
(251,616 |
) | |
Chemicals(0.96)% |
|
|
|
|
| |
Ecolab, Inc. |
|
(600 |
) |
(48,108 |
) | |
LyondellBasell Industries NV, Class A |
|
(900 |
) |
(56,961 |
) | |
Sigma-Aldrich Corp. |
|
(500 |
) |
(38,840 |
) | |
|
|
|
|
(143,909 |
) | |
Commercial banks(1.66)% |
|
|
|
|
| |
Associated Banc-Corp. |
|
(3,300 |
) |
(50,127 |
) | |
Signature Bank |
|
(600 |
) |
(47,256 |
) | |
SVB Financial Group |
|
(700 |
) |
(49,658 |
) | |
TCF Financial Corp. |
|
(3,300 |
) |
(49,368 |
) | |
Zions Bancorporation |
|
(2,100 |
) |
(52,479 |
) | |
|
|
|
|
(248,888 |
) | |
Commercial services & supplies(1.38)% |
|
|
|
|
| |
Healthcare Services Group, Inc. |
|
(2,800 |
) |
(71,764 |
) | |
Pitney Bowes, Inc. |
|
(6,300 |
) |
(93,618 |
) | |
Stericycle, Inc. |
|
(400 |
) |
(42,472 |
) | |
|
|
|
|
(207,854 |
) | |
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Computers & peripherals(1.48)% |
|
|
|
|
| |
Diebold, Inc. |
|
(2,200 |
) |
$ |
(66,704 |
) |
Hewlett-Packard Co. |
|
(4,400 |
) |
(104,896 |
) | |
Lexmark International, Inc., Class A |
|
(1,900 |
) |
(50,160 |
) | |
|
|
|
|
(221,760 |
) | |
Consumer finance(0.31)% |
|
|
|
|
| |
American Express Co. |
|
(700 |
) |
(47,222 |
) | |
|
|
|
|
|
| |
Diversified financial services(0.41)% |
|
|
|
|
| |
Bank of America Corp. |
|
(5,000 |
) |
(60,900 |
) | |
|
|
|
|
|
| |
Electric utilities(0.96)% |
|
|
|
|
| |
Hawaiian Electric Industries, Inc. |
|
(2,600 |
) |
(72,046 |
) | |
Pepco Holdings, Inc. |
|
(3,400 |
) |
(72,760 |
) | |
|
|
|
|
(144,806 |
) | |
Gas utilities(0.49)% |
|
|
|
|
| |
Questar Corp. |
|
(3,000 |
) |
(72,990 |
) | |
|
|
|
|
|
| |
Health care equipment & supplies(2.11)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(900 |
) |
(42,588 |
) | |
DexCom, Inc. |
|
(2,900 |
) |
(48,488 |
) | |
Edwards Lifesciences Corp. |
|
(400 |
) |
(32,864 |
) | |
IDEXX Laboratories, Inc. |
|
(600 |
) |
(55,434 |
) | |
Meridian Bioscience, Inc. |
|
(2,100 |
) |
(47,922 |
) | |
STERIS Corp. |
|
(1,000 |
) |
(41,610 |
) | |
Wright Medical Group, Inc. |
|
(2,000 |
) |
(47,620 |
) | |
|
|
|
|
(316,526 |
) | |
Health care providers & services(1.05)% |
|
|
|
|
| |
Community Health Systems, Inc. |
|
(1,400 |
) |
(66,346 |
) | |
Henry Schein, Inc. |
|
(500 |
) |
(46,275 |
) | |
Owens & Minor, Inc. |
|
(1,400 |
) |
(45,584 |
) | |
|
|
|
|
(158,205 |
) | |
Hotels, restaurants & leisure(3.46)% |
|
|
|
|
| |
Choice Hotels International, Inc. |
|
(5,100 |
) |
(215,781 |
) | |
Hyatt Hotels Corp., Class A |
|
(2,000 |
) |
(86,460 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(3,400 |
) |
(216,682 |
) | |
|
|
|
|
(518,923 |
) | |
Insurance(0.85)% |
|
|
|
|
| |
American International Group, Inc. |
|
(3,300 |
) |
(128,106 |
) | |
|
|
|
|
|
| |
IT services(0.46)% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Class A |
|
(900 |
) |
(68,949 |
) | |
|
|
|
|
|
| |
Life sciences tools & services(0.71)% |
|
|
|
|
| |
Mettler-Toledo International, Inc. |
|
(500 |
) |
(106,610 |
) | |
|
|
|
|
|
| |
Machinery(0.97)% |
|
|
|
|
| |
AGCO Corp. |
|
(2,800 |
) |
(145,936 |
) | |
|
|
|
|
|
| |
Media(2.79)% |
|
|
|
|
| |
Discovery Communications, Inc., Class A |
|
(1,600 |
) |
(125,984 |
) | |
Gannett Co., Inc. |
|
(8,300 |
) |
(181,521 |
) | |
Lamar Advertising Co., Class A |
|
(2,300 |
) |
(111,803 |
) | |
|
|
|
|
(419,308 |
) | |
Multi-utilities(1.85)% |
|
|
|
|
| |
Consolidated Edison, Inc. |
|
(1,200 |
) |
(73,236 |
) | |
Integrys Energy Group, Inc. |
|
(1,200 |
) |
(69,792 |
) | |
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Multi-utilities(concluded) |
|
|
|
|
| |
MDU Resources Group, Inc. |
|
(2,800 |
) |
$ |
(69,972 |
) |
TECO Energy, Inc. |
|
(3,600 |
) |
(64,152 |
) | |
|
|
|
|
(277,152 |
) | |
Office electronics(0.56)% |
|
|
|
|
| |
Xerox Corp. |
|
(9,700 |
) |
(83,420 |
) | |
|
|
|
|
|
| |
Pharmaceuticals(1.63)% |
|
|
|
|
| |
Auxilium Pharmaceuticals, Inc. |
|
(2,300 |
) |
(39,744 |
) | |
Bristol-Myers Squibb Co. |
|
(1,100 |
) |
(45,309 |
) | |
Endo Health Solutions, Inc. |
|
(1,700 |
) |
(52,292 |
) | |
Perrigo Co. |
|
(900 |
) |
(106,857 |
) | |
|
|
|
|
(244,202 |
) | |
Real estate investment trust (REIT)(0.47)% |
|
|
|
|
| |
AvalonBay Communities, Inc. |
|
(300 |
) |
(38,001 |
) | |
Equity Residential |
|
(600 |
) |
(33,036 |
) | |
|
|
|
|
(71,037 |
) | |
Road & rail(0.96)% |
|
|
|
|
| |
CSX Corp. |
|
(2,700 |
) |
(66,501 |
) | |
Kansas City Southern |
|
(700 |
) |
(77,630 |
) | |
|
|
|
|
(144,131 |
) | |
Semiconductors & semiconductor equipment(1.47)% |
|
|
|
|
| |
Advanced Micro Devices, Inc. |
|
(18,800 |
) |
(47,940 |
) | |
First Solar, Inc. |
|
(2,100 |
) |
(56,616 |
) | |
Intel Corp. |
|
(2,200 |
) |
(48,070 |
) | |
Marvell Technology Group Ltd. |
|
(6,400 |
) |
(67,712 |
) | |
|
|
|
|
(220,338 |
) | |
Software(1.27)% |
|
|
|
|
| |
BMC Software, Inc. |
|
(2,200 |
) |
(101,926 |
) | |
Citrix Systems, Inc. |
|
(800 |
) |
(57,728 |
) | |
Red Hat, Inc. |
|
(600 |
) |
(30,336 |
) | |
|
|
|
|
(189,990 |
) | |
Specialty retail(0.31)% |
|
|
|
|
| |
Abercrombie & Fitch Co., Class A |
|
(1,000 |
) |
(46,200 |
) | |
|
|
|
|
|
| |
Textiles, apparel & luxury goods(0.27)% |
|
|
|
|
| |
Under Armour, Inc., Class A |
|
(800 |
) |
(40,960 |
) | |
|
|
|
|
|
| |
Trading companies & distributors(0.44)% |
|
|
|
|
| |
Fastenal Co. |
|
(1,300 |
) |
(66,755 |
) | |
|
|
|
|
|
| |
Water utilities(0.71)% |
|
|
|
|
| |
Aqua America, Inc. |
|
(3,400 |
) |
(106,896 |
) | |
Total investments sold short (proceeds $3,982,309) |
|
|
|
(5,008,199 |
) | |
Total investments, net of investments sold short99.44% |
|
|
|
14,924,201 |
| |
Cash and other assets, less liabilities0.56% |
|
|
|
83,400 |
| |
Net assets100.00% |
|
|
|
$ |
15,007,601 |
|
UBS U.S. Defensive Equity Fund (formerly known as UBS U.S. Equity Alpha Fund)
Portfolio of investments March 31, 2013 (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 |
|
$ |
3,990,188 |
|
Gross unrealized depreciation |
|
(508,216 |
) | |
Net unrealized appreciation of investments |
|
$ |
3,481,972 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the table that follow, please refer to end of this report.
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Put option |
|
|
|
|
|
|
| ||
S&P 500 Index, 99 contracts, strike @ USD 12.75 |
|
May 2013 |
|
$ |
39,353 |
|
$ |
(6,435 |
) |
Written options activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
|
|
contracts |
|
received |
| |
Options outstanding at June 30, 2012 |
|
|
|
$ |
|
|
Options written |
|
99 |
|
39,353 |
| |
Options terminated in closing purchase transactions |
|
|
|
|
| |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2013 |
|
99 |
|
$ |
39,353 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
19,637,865 |
|
$ |
|
|
$ |
|
|
$ |
19,637,865 |
|
Options purchased |
|
44,055 |
|
|
|
|
|
44,055 |
| ||||
Investment company |
|
250,480 |
|
|
|
|
|
250,480 |
| ||||
Common stocks sold short |
|
(5,008,199 |
) |
|
|
|
|
(5,008,199 |
) | ||||
Options written |
|
(6,435 |
) |
|
|
|
|
(6,435 |
) | ||||
Total |
|
$ |
14,917,766 |
|
$ |
|
|
$ |
|
|
$ |
14,917,766 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
All or a portion of these securities have been delivered to cover open short positions. |
The table below details the Funds investment in a fund advised by the same advisor as the Fund. The advisor did not earn a management fee from the affiliated UBS Relationship Fund.
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
106,349 |
|
$ |
4,110,360 |
|
$ |
4,216,709 |
|
$ |
|
|
$ |
120 |
|
UBS U.S. Equity Opportunity Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
3.21 |
% |
Biotechnology |
|
5.57 |
|
Capital markets |
|
5.28 |
|
Computers & peripherals |
|
6.78 |
|
Diversified consumer services |
|
2.51 |
|
Diversified financial services |
|
3.93 |
|
Diversified telecommunication services |
|
1.94 |
|
Electric utilities |
|
1.90 |
|
Electronic equipment, instruments & components |
|
2.33 |
|
Energy equipment & services |
|
4.07 |
|
Food products |
|
3.11 |
|
Health care equipment & supplies |
|
3.44 |
|
Insurance |
|
4.83 |
|
Internet & catalog retail |
|
5.14 |
|
Internet software & services |
|
2.04 |
|
IT services |
|
2.20 |
|
Life sciences tools & services |
|
1.97 |
|
Oil, gas & consumable fuels |
|
3.06 |
|
Pharmaceuticals |
|
1.84 |
|
Real estate investment trust (REIT) |
|
4.28 |
|
Road & rail |
|
5.70 |
|
Semiconductors & semiconductor equipment |
|
9.14 |
|
Software |
|
2.11 |
|
Textiles, apparel & luxury goods |
|
4.61 |
|
Tobacco |
|
2.63 |
|
Wireless telecommunication services |
|
1.22 |
|
Total common stocks |
|
94.84 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
2.03 |
|
Short-term investment |
|
2.91 |
|
Investment of cash collateral from securities loaned |
|
3.59 |
|
Total investments |
|
103.37 |
% |
Liabilities, in excess of cash and other assets |
|
(3.37 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Equity Opportunity Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks94.84% |
|
|
|
|
| |
Aerospace & defense3.21% |
|
|
|
|
| |
Boeing Co. |
|
15,300 |
|
$ |
1,313,505 |
|
|
|
|
|
|
| |
Biotechnology5.57% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
25,100 |
|
803,953 |
| |
Aegerion Pharmaceuticals, Inc.* |
|
11,400 |
|
459,876 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
23,500 |
|
572,695 |
| |
Ligand Pharmaceuticals, Inc., Class B* |
|
16,600 |
|
442,390 |
| |
|
|
|
|
2,278,914 |
| |
Capital markets5.28% |
|
|
|
|
| |
Invesco Ltd. |
|
32,900 |
|
952,784 |
| |
Morgan Stanley |
|
55,000 |
|
1,208,900 |
| |
|
|
|
|
2,161,684 |
| |
Computers & peripherals6.78% |
|
|
|
|
| |
Apple, Inc. |
|
4,525 |
|
2,002,901 |
| |
NetApp, Inc.* |
|
22,700 |
|
775,432 |
| |
|
|
|
|
2,778,333 |
| |
Diversified consumer services2.51% |
|
|
|
|
| |
Regis Corp. |
|
56,400 |
|
1,025,916 |
| |
|
|
|
|
|
| |
Diversified financial services3.93% |
|
|
|
|
| |
Citigroup, Inc. |
|
36,354 |
|
1,608,301 |
| |
|
|
|
|
|
| |
Diversified telecommunication services1.94% |
|
|
|
|
| |
Telenor ASA |
|
36,412 |
|
796,099 |
| |
|
|
|
|
|
| |
Electric utilities1.90% |
|
|
|
|
| |
NextEra Energy, Inc. |
|
10,000 |
|
776,800 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components2.33% |
|
|
|
|
| |
Hollysys Automation Technologies Ltd.* |
|
78,400 |
|
955,696 |
| |
|
|
|
|
|
| |
Energy equipment & services4.07% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
17,500 |
|
812,175 |
| |
Noble Corp. |
|
22,400 |
|
854,560 |
| |
|
|
|
|
1,666,735 |
| |
Food products3.11% |
|
|
|
|
| |
Archer-Daniels-Midland Co. |
|
37,800 |
|
1,274,994 |
| |
|
|
|
|
|
| |
Health care equipment & supplies3.44% |
|
|
|
|
| |
Baxter International, Inc. |
|
19,400 |
|
1,409,216 |
| |
|
|
|
|
|
| |
Insurance4.83% |
|
|
|
|
| |
MetLife, Inc. |
|
29,000 |
|
1,102,580 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
112,900 |
|
875,560 |
| |
|
|
|
|
1,978,140 |
| |
Internet & catalog retail5.14% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
7,900 |
|
2,105,271 |
| |
|
|
|
|
|
| |
Internet software & services2.04% |
|
|
|
|
| |
Google, Inc., Class A* |
|
1,050 |
|
833,731 |
| |
|
|
|
|
|
| |
IT services2.20% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
127,300 |
|
900,011 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.97% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
6,400 |
|
806,400 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels3.06% |
|
|
|
|
| |
BP PLC ADR |
|
29,576 |
|
1,252,544 |
| |
|
|
|
|
|
| |
Pharmaceuticals1.84% |
|
|
|
|
| |
Hospira, Inc.* |
|
22,900 |
|
751,807 |
| |
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Real estate investment trust (REIT)4.28% |
|
|
|
|
| |
American Capital Agency Corp. |
|
53,500 |
|
$ |
1,753,730 |
|
|
|
|
|
|
| |
Road & rail5.70% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
49,500 |
|
1,101,870 |
| |
Norfolk Southern Corp. |
|
16,000 |
|
1,233,280 |
| |
|
|
|
|
2,335,150 |
| |
Semiconductors & semiconductor equipment9.14% |
|
|
|
|
| |
Atmel Corp.* |
|
145,500 |
|
1,012,680 |
| |
Avago Technologies Ltd. |
|
26,400 |
|
948,288 |
| |
NXP Semiconductor NV* |
|
27,000 |
|
817,020 |
| |
Skyworks Solutions, Inc.* |
|
43,800 |
|
964,914 |
| |
|
|
|
|
3,742,902 |
| |
Software2.11% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
19,900 |
|
865,849 |
| |
|
|
|
|
|
| |
Textiles, apparel & luxury goods4.61% |
|
|
|
|
| |
Lululemon Athletica, Inc.*1 |
|
15,581 |
|
971,475 |
| |
Ralph Lauren Corp. |
|
5,400 |
|
914,274 |
| |
|
|
|
|
1,885,749 |
| |
Tobacco2.63% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
11,600 |
|
1,075,436 |
| |
|
|
|
|
|
| |
Wireless telecommunication services1.22% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
115,600 |
|
500,548 |
| |
Total common stocks (cost $34,528,446) |
|
|
|
38,833,461 |
| |
|
|
|
|
|
| |
Investment company2.03% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $809,628) |
|
5,300 |
|
829,715 |
| |
|
|
|
|
|
| |
Short-term investment2.91% |
|
|
|
|
| |
Investment company2.91% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 2 (cost $1,190,459) |
|
1,190,459 |
|
1,190,459 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned3.59% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $1,469,259) |
|
1,469,259 |
|
1,469,259 |
| |
Total investments103.38% (cost $37,997,792) |
|
|
|
42,322,894 |
| |
Liabilities, in excess of cash and other assets(3.38)% |
|
|
|
(1,382,352 |
) | |
Net assets100.00% |
|
|
|
$ |
40,940,542 |
|
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
5,107,886 |
|
Gross unrealized depreciation |
|
(782,784 |
) | |
Net unrealized appreciation of investments |
|
$ |
4,325,102 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
38,833,461 |
|
$ |
|
|
$ |
|
|
$ |
38,833,461 |
|
Investment company |
|
829,715 |
|
|
|
|
|
829,715 |
| ||||
Short-term investment |
|
|
|
1,190,459 |
|
|
|
1,190,459 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
1,469,259 |
|
|
|
1,469,259 |
| ||||
Total |
|
$ |
39,663,176 |
|
$ |
2,659,718 |
|
$ |
|
|
$ |
42,322,894 |
|
1 At March 31, 2013, securities valued at $796,099 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2013. |
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. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
577,073 |
|
$ |
11,608,966 |
|
$ |
10,995,580 |
|
$ |
1,190,459 |
|
$ |
1,409 |
|
UBS Private Money Market Fund LLCa |
|
1,201,460 |
|
19,484,992 |
|
19,217,193 |
|
1,469,259 |
|
330 |
| |||||
|
|
$ |
1,778,533 |
|
$ |
31,093,958 |
|
$ |
30,212,773 |
|
$ |
2,659,718 |
|
$ |
1,739 |
|
a The advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS U.S. Large Cap Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
3.91 |
% |
Airlines |
|
1.47 |
|
Biotechnology |
|
2.98 |
|
Capital markets |
|
3.72 |
|
Chemicals |
|
1.51 |
|
Commercial banks |
|
3.89 |
|
Commercial services & supplies |
|
1.57 |
|
Computers & peripherals |
|
5.83 |
|
Diversified financial services |
|
5.92 |
|
Electric utilities |
|
2.14 |
|
Energy equipment & services |
|
5.29 |
|
Food products |
|
2.94 |
|
Health care equipment & supplies |
|
2.78 |
|
Health care providers & services |
|
2.53 |
|
Hotels, restaurants & leisure |
|
1.43 |
|
Household products |
|
0.84 |
|
Insurance |
|
2.79 |
|
Internet & catalog retail |
|
2.59 |
|
IT services |
|
1.23 |
|
Life sciences tools & services |
|
1.05 |
|
Machinery |
|
1.66 |
|
Media |
|
3.70 |
|
Multiline retail |
|
1.53 |
|
Multi-utilities |
|
1.64 |
|
Oil, gas & consumable fuels |
|
3.69 |
|
Pharmaceuticals |
|
4.05 |
|
Real estate investment trust (REIT) |
|
2.77 |
|
Road & rail |
|
5.31 |
|
Semiconductors & semiconductor equipment |
|
8.03 |
|
Software |
|
3.33 |
|
Textiles, apparel & luxury goods |
|
1.20 |
|
Tobacco |
|
2.93 |
|
Wireless telecommunication services |
|
1.71 |
|
Total common stocks |
|
97.96 |
% |
Short-term investment |
|
1.65 |
|
Investment of cash collateral from securities loaned |
|
1.20 |
|
Total investments |
|
100.81 |
% |
Liabilities, in excess of cash and other assets |
|
(0.81 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks97.96% |
|
|
|
|
| |
Aerospace & defense3.91% |
|
|
|
|
| |
Boeing Co. |
|
52,200 |
|
$ |
4,481,370 |
|
General Dynamics Corp. |
|
56,500 |
|
3,983,815 |
| |
|
|
|
|
8,465,185 |
| |
Airlines1.47% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
125,600 |
|
3,185,216 |
| |
|
|
|
|
|
| |
Biotechnology2.98% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
44,700 |
|
1,431,741 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
53,200 |
|
1,296,484 |
| |
Cubist Pharmaceuticals, Inc.* |
|
26,600 |
|
1,245,412 |
| |
Gilead Sciences, Inc.* |
|
50,600 |
|
2,475,858 |
| |
|
|
|
|
6,449,495 |
| |
Capital markets3.72% |
|
|
|
|
| |
Invesco Ltd. |
|
98,300 |
|
2,846,768 |
| |
Morgan Stanley |
|
237,200 |
|
5,213,656 |
| |
|
|
|
|
8,060,424 |
| |
Chemicals1.51% |
|
|
|
|
| |
Dow Chemical Co. |
|
103,000 |
|
3,279,520 |
| |
|
|
|
|
|
| |
Commercial banks3.89% |
|
|
|
|
| |
US Bancorp |
|
97,800 |
|
3,318,354 |
| |
Wells Fargo & Co. |
|
138,450 |
|
5,121,266 |
| |
|
|
|
|
8,439,620 |
| |
Commercial services & supplies1.57% |
|
|
|
|
| |
Waste Management, Inc. |
|
86,700 |
|
3,399,507 |
| |
|
|
|
|
|
| |
Computers & peripherals5.83% |
|
|
|
|
| |
Apple, Inc. |
|
21,700 |
|
9,605,071 |
| |
NetApp, Inc.* |
|
88,800 |
|
3,033,408 |
| |
|
|
|
|
12,638,479 |
| |
Diversified financial services5.92% |
|
|
|
|
| |
Citigroup, Inc. |
|
145,930 |
|
6,455,943 |
| |
JPMorgan Chase & Co. |
|
134,500 |
|
6,383,370 |
| |
|
|
|
|
12,839,313 |
| |
Electric utilities2.14% |
|
|
|
|
| |
Edison International |
|
44,000 |
|
2,214,080 |
| |
NextEra Energy, Inc. |
|
31,100 |
|
2,415,848 |
| |
|
|
|
|
4,629,928 |
| |
Energy equipment & services5.29% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
48,000 |
|
2,227,680 |
| |
Halliburton Co. |
|
101,300 |
|
4,093,533 |
| |
McDermott International, Inc.* |
|
174,900 |
|
1,922,151 |
| |
Noble Corp. |
|
84,700 |
|
3,231,305 |
| |
|
|
|
|
11,474,669 |
| |
Food products2.94% |
|
|
|
|
| |
Archer-Daniels-Midland Co. |
|
87,000 |
|
2,934,510 |
| |
Mondelez International, Inc., Class A |
|
112,600 |
|
3,446,686 |
| |
|
|
|
|
6,381,196 |
| |
Health care equipment & supplies2.78% |
|
|
|
|
| |
Baxter International, Inc. |
|
82,900 |
|
6,021,856 |
| |
|
|
|
|
|
| |
Health care providers & services2.53% |
|
|
|
|
| |
Cardinal Health, Inc. |
|
50,600 |
|
2,105,972 |
| |
UnitedHealth Group, Inc. |
|
59,000 |
|
3,375,390 |
| |
|
|
|
|
5,481,362 |
| |
Hotels, restaurants & leisure1.43% |
|
|
|
|
| |
Starbucks Corp. |
|
54,600 |
|
3,110,016 |
| |
|
|
|
|
|
| |
Household products0.84% |
|
|
|
|
| |
Colgate-Palmolive Co. |
|
15,400 |
|
1,817,662 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Insurance2.79% |
|
|
|
|
| |
Lincoln National Corp. |
|
81,700 |
|
$ |
2,664,237 |
|
MetLife, Inc. |
|
88,800 |
|
3,376,176 |
| |
|
|
|
|
6,040,413 |
| |
Internet & catalog retail2.59% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
21,100 |
|
5,622,939 |
| |
|
|
|
|
|
| |
IT services1.23% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
378,100 |
|
2,673,167 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.05% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
18,100 |
|
2,280,600 |
| |
|
|
|
|
|
| |
Machinery1.66% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
58,900 |
|
3,589,366 |
| |
|
|
|
|
|
| |
Media3.70% |
|
|
|
|
| |
Comcast Corp., Class A |
|
71,000 |
|
2,982,710 |
| |
Time Warner, Inc. |
|
40,500 |
|
2,333,610 |
| |
Viacom, Inc., Class B |
|
44,000 |
|
2,709,080 |
| |
|
|
|
|
8,025,400 |
| |
Multiline retail1.53% |
|
|
|
|
| |
Macys, Inc. |
|
79,400 |
|
3,322,096 |
| |
|
|
|
|
|
| |
Multi-utilities1.64% |
|
|
|
|
| |
PG&E Corp. |
|
79,900 |
|
3,557,947 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels3.69% |
|
|
|
|
| |
Cabot Oil & Gas Corp. |
|
20,800 |
|
1,406,288 |
| |
EOG Resources, Inc. |
|
14,800 |
|
1,895,436 |
| |
Hess Corp. |
|
65,700 |
|
4,704,777 |
| |
|
|
|
|
8,006,501 |
| |
Pharmaceuticals4.05% |
|
|
|
|
| |
Allergan, Inc. |
|
18,500 |
|
2,065,155 |
| |
Hospira, Inc.* |
|
90,700 |
|
2,977,681 |
| |
Impax Laboratories, Inc.* |
|
47,700 |
|
736,488 |
| |
Salix Pharmaceuticals Ltd.* |
|
30,100 |
|
1,540,518 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
36,900 |
|
1,464,192 |
| |
|
|
|
|
8,784,034 |
| |
Real estate investment trust (REIT)2.77% |
|
|
|
|
| |
American Capital Agency Corp. |
|
110,200 |
|
3,612,356 |
| |
Digital Realty Trust, Inc. |
|
35,700 |
|
2,388,687 |
| |
|
|
|
|
6,001,043 |
| |
Road & rail5.31% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
195,400 |
|
4,349,604 |
| |
Norfolk Southern Corp. |
|
92,900 |
|
7,160,732 |
| |
|
|
|
|
11,510,336 |
| |
Semiconductors & semiconductor equipment8.03% |
|
|
|
|
| |
Atmel Corp.* |
|
359,400 |
|
2,501,424 |
| |
Avago Technologies Ltd. |
|
81,400 |
|
2,923,888 |
| |
Broadcom Corp., Class A |
|
80,900 |
|
2,804,803 |
| |
Freescale Semiconductor Ltd.*1 |
|
50,400 |
|
750,456 |
| |
Micron Technology, Inc.* |
|
262,700 |
|
2,621,746 |
| |
NXP Semiconductor NV* |
|
76,700 |
|
2,320,942 |
| |
Skyworks Solutions, Inc.* |
|
157,600 |
|
3,471,928 |
| |
|
|
|
|
17,395,187 |
| |
Software3.33% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
96,200 |
|
4,185,662 |
| |
Symantec Corp.* |
|
122,600 |
|
3,025,768 |
| |
|
|
|
|
7,211,430 |
| |
Textiles, apparel & luxury goods1.20% |
|
|
|
|
| |
Ralph Lauren Corp. |
|
15,300 |
|
2,590,443 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Tobacco2.93% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
68,550 |
|
$ |
6,355,270 |
|
|
|
|
|
|
| |
Wireless telecommunication services1.71% |
|
|
|
|
| |
MetroPCS Communications, Inc.* |
|
144,000 |
|
1,569,600 |
| |
NII Holdings, Inc.*1 |
|
493,300 |
|
2,135,989 |
| |
|
|
|
|
3,705,589 |
| |
Total common stocks (cost $175,508,133) |
|
|
|
212,345,209 |
| |
|
|
|
|
|
| |
Short-term investment1.65% |
|
|
|
|
| |
Investment company1.65% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $3,570,977) |
|
3,570,977 |
|
3,570,977 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned1.20% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $2,603,250) |
|
2,603,250 |
|
2,603,250 |
| |
Total investments100.81% (cost $181,682,360) |
|
|
|
218,519,436 |
| |
Liabilities, in excess of cash and other assets(0.81)% |
|
|
|
(1,765,151 |
) | |
Net assets100.00% |
|
|
|
$ |
216,754,285 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
41,387,153 |
|
Gross unrealized depreciation |
|
(4,550,077 |
) | |
Net unrealized appreciation of investments |
|
$ |
36,837,076 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
212,345,209 |
|
$ |
|
|
$ |
|
|
$ |
212,345,209 |
|
Short-term investment |
|
|
|
3,570,977 |
|
|
|
3,570,977 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
2,603,250 |
|
|
|
2,603,250 |
| ||||
Total |
|
$ |
212,345,209 |
|
$ |
6,174,227 |
|
$ |
|
|
$ |
218,519,436 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2013. |
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. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
2,622,278 |
|
$ |
49,032,463 |
|
$ |
48,083,764 |
|
$ |
3,570,977 |
|
$ |
4,253 |
|
UBS Private Money Market Fund LLCa |
|
6,091,464 |
|
27,537,406 |
|
31,025,620 |
|
2,603,250 |
|
1,764 |
| |||||
|
|
$ |
8,713,742 |
|
$ |
76,569,869 |
|
$ |
79,109,384 |
|
$ |
6,174,227 |
|
$ |
6,017 |
|
a The adviser does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS U.S. Small Cap Growth Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
1.18 |
% |
Air freight & logistics |
|
1.13 |
|
Airlines |
|
1.50 |
|
Auto components |
|
2.03 |
|
Biotechnology |
|
5.89 |
|
Chemicals |
|
0.79 |
|
Commercial banks |
|
2.04 |
|
Commercial services & supplies |
|
0.73 |
|
Communications equipment |
|
2.42 |
|
Computers & peripherals |
|
1.66 |
|
Construction & engineering |
|
1.53 |
|
Containers & packaging |
|
1.87 |
|
Distributors |
|
1.51 |
|
Electrical equipment |
|
2.60 |
|
Electronic equipment, instruments & components |
|
4.25 |
|
Energy equipment & services |
|
2.91 |
|
Food & staples retailing |
|
2.42 |
|
Health care equipment & supplies |
|
2.88 |
|
Health care providers & services |
|
4.34 |
|
Hotels, restaurants & leisure |
|
3.02 |
|
Household durables |
|
3.19 |
|
Internet & catalog retail |
|
3.07 |
|
Internet software & services |
|
1.32 |
|
Machinery |
|
5.52 |
|
Media |
|
1.67 |
|
Oil, gas & consumable fuels |
|
6.24 |
|
Paper & forest products |
|
0.85 |
|
Pharmaceuticals |
|
3.10 |
|
Real estate investment trust (REIT) |
|
2.01 |
|
Road & rail |
|
1.94 |
|
Semiconductors & semiconductor equipment |
|
4.29 |
|
Software |
|
10.95 |
|
Specialty retail |
|
4.03 |
|
Textiles, apparel & luxury goods |
|
1.36 |
|
Thrifts & mortgage finance |
|
0.95 |
|
Total common stocks |
|
97.19 |
% |
Investment company |
|
|
|
iShares Russell 2000 Growth Index Fund |
|
1.00 |
|
Short-term investment |
|
2.09 |
|
Investment of cash collateral from securities loaned |
|
13.68 |
|
Total investments |
|
113.96 |
% |
Liabilities, in excess of cash and other assets |
|
(13.96 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Small Cap Growth Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks97.19% |
|
|
|
|
| |
Aerospace & defense1.18% |
|
|
|
|
| |
KEYW Holding Corp.*1 |
|
143,600 |
|
$ |
2,316,268 |
|
|
|
|
|
|
| |
Air freight & logistics1.13% |
|
|
|
|
| |
Hub Group, Inc., Class A* |
|
58,000 |
|
2,230,680 |
| |
|
|
|
|
|
| |
Airlines1.50% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
116,700 |
|
2,959,512 |
| |
|
|
|
|
|
| |
Auto components2.03% |
|
|
|
|
| |
Drew Industries, Inc. |
|
47,600 |
|
1,728,356 |
| |
Tenneco, Inc.* |
|
57,700 |
|
2,268,187 |
| |
|
|
|
|
3,996,543 |
| |
Biotechnology5.89% |
|
|
|
|
| |
Amarin Corp. PLC ADR*1 |
|
71,300 |
|
528,333 |
| |
Ariad Pharmaceuticals, Inc.* |
|
56,900 |
|
1,029,321 |
| |
Cepheid, Inc.* |
|
73,200 |
|
2,808,684 |
| |
Exact Sciences Corp.* |
|
45,200 |
|
442,960 |
| |
Halozyme Therapeutics, Inc.* |
|
95,900 |
|
553,343 |
| |
Incyte Corp. Ltd.*1 |
|
53,000 |
|
1,240,730 |
| |
Medivation, Inc.* |
|
39,300 |
|
1,838,061 |
| |
Seattle Genetics, Inc.*1 |
|
61,300 |
|
2,176,763 |
| |
Synageva BioPharma Corp.* |
|
17,800 |
|
977,576 |
| |
|
|
|
|
11,595,771 |
| |
Chemicals0.79% |
|
|
|
|
| |
LSB Industries, Inc.* |
|
44,900 |
|
1,561,622 |
| |
|
|
|
|
|
| |
Commercial banks2.04% |
|
|
|
|
| |
Columbia Banking System, Inc. |
|
41,000 |
|
901,180 |
| |
National Bank Holdings Corp., Class A |
|
94,700 |
|
1,733,010 |
| |
Webster Financial Corp. |
|
56,900 |
|
1,380,394 |
| |
|
|
|
|
4,014,584 |
| |
Commercial services & supplies0.73% |
|
|
|
|
| |
Clean Harbors, Inc.* |
|
24,900 |
|
1,446,441 |
| |
|
|
|
|
|
| |
Communications equipment2.42% |
|
|
|
|
| |
Aruba Networks, Inc.* |
|
98,800 |
|
2,444,312 |
| |
Finisar Corp.*1 |
|
104,621 |
|
1,379,951 |
| |
Procera Networks, Inc.* |
|
78,800 |
|
936,932 |
| |
|
|
|
|
4,761,195 |
| |
Computers & peripherals1.66% |
|
|
|
|
| |
Fusion-io, Inc.*1 |
|
38,800 |
|
635,156 |
| |
Stratasys Ltd.*1 |
|
35,500 |
|
2,634,810 |
| |
|
|
|
|
3,269,966 |
| |
Construction & engineering1.53% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
71,000 |
|
3,009,690 |
| |
|
|
|
|
|
| |
Containers & packaging1.87% |
|
|
|
|
| |
Rock Tenn Co., Class A |
|
39,756 |
|
3,688,959 |
| |
|
|
|
|
|
| |
Distributors1.51% |
|
|
|
|
| |
LKQ Corp.* |
|
136,400 |
|
2,968,064 |
| |
|
|
|
|
|
| |
Electrical equipment2.60% |
|
|
|
|
| |
EnerSys* |
|
61,600 |
|
2,807,728 |
| |
Regal-Beloit Corp. |
|
28,200 |
|
2,299,992 |
| |
|
|
|
|
5,107,720 |
| |
Electronic equipment, instruments & components4.25% |
|
|
|
|
| |
FARO Technologies, Inc.* |
|
23,400 |
|
1,015,326 |
| |
InvenSense, Inc.*1 |
|
178,600 |
|
1,907,448 |
| |
OSI Systems, Inc.* |
|
69,100 |
|
4,304,239 |
| |
Universal Display Corp.*1 |
|
38,400 |
|
1,128,576 |
| |
|
|
|
|
8,355,589 |
| |
Energy equipment & services2.91% |
|
|
|
|
| |
Hornbeck Offshore Services, Inc.* |
|
59,200 |
|
2,750,432 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Energy equipment & services(concluded) |
|
|
|
|
| |
Key Energy Services, Inc.* |
|
156,700 |
|
$ |
1,266,136 |
|
Pioneer Energy Services Corp.* |
|
207,000 |
|
1,707,750 |
| |
|
|
|
|
5,724,318 |
| |
Food & staples retailing2.42% |
|
|
|
|
| |
Susser Holdings Corp.* |
|
46,300 |
|
2,366,393 |
| |
United Natural Foods, Inc.* |
|
48,900 |
|
2,405,880 |
| |
|
|
|
|
4,772,273 |
| |
Health care equipment & supplies2.88% |
|
|
|
|
| |
Insulet Corp.* |
|
80,700 |
|
2,086,902 |
| |
ResMed, Inc.1 |
|
44,700 |
|
2,072,292 |
| |
Thoratec Corp.* |
|
40,000 |
|
1,500,000 |
| |
|
|
|
|
5,659,194 |
| |
Health care providers & services4.34% |
|
|
|
|
| |
Air Methods Corp. |
|
67,500 |
|
3,256,200 |
| |
HMS Holdings Corp.* |
|
76,535 |
|
2,077,925 |
| |
IPC The Hospitalist Co., Inc.* |
|
42,000 |
|
1,868,160 |
| |
Mednax, Inc.* |
|
15,000 |
|
1,344,450 |
| |
|
|
|
|
8,546,735 |
| |
Hotels, restaurants & leisure3.02% |
|
|
|
|
| |
AFC Enterprises, Inc.* |
|
72,700 |
|
2,641,191 |
| |
Bloomin Brands, Inc.* |
|
60,700 |
|
1,084,709 |
| |
Buffalo Wild Wings, Inc.* |
|
25,300 |
|
2,214,509 |
| |
|
|
|
|
5,940,409 |
| |
Household durables3.19% |
|
|
|
|
| |
Meritage Homes Corp.* |
|
49,300 |
|
2,310,198 |
| |
Ryland Group, Inc. |
|
68,500 |
|
2,850,970 |
| |
TRI Pointe Homes Inc.* |
|
55,600 |
|
1,120,340 |
| |
|
|
|
|
6,281,508 |
| |
Internet & catalog retail3.07% |
|
|
|
|
| |
HomeAway, Inc.* |
|
100,700 |
|
3,272,750 |
| |
Shutterfly, Inc.* |
|
62,800 |
|
2,773,876 |
| |
|
|
|
|
6,046,626 |
| |
Internet software & services1.32% |
|
|
|
|
| |
Marin Software, Inc.*1 |
|
158,400 |
|
2,602,512 |
| |
|
|
|
|
|
| |
Machinery5.52% |
|
|
|
|
| |
Chart Industries, Inc.* |
|
45,200 |
|
3,616,452 |
| |
ESCO Technologies, Inc. |
|
59,900 |
|
2,447,514 |
| |
ExOne Co.*1 |
|
28,900 |
|
968,150 |
| |
Wabash National Corp.* |
|
180,649 |
|
1,835,394 |
| |
Woodward, Inc. |
|
50,000 |
|
1,988,000 |
| |
|
|
|
|
10,855,510 |
| |
Media1.67% |
|
|
|
|
| |
Imax Corp.*1 |
|
122,900 |
|
3,285,117 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels6.24% |
|
|
|
|
| |
Approach Resources, Inc.*1 |
|
68,400 |
|
1,683,324 |
| |
Bonanza Creek Energy, Inc.* |
|
77,800 |
|
3,008,526 |
| |
Gulfport Energy Corp.* |
|
89,500 |
|
4,101,785 |
| |
Midstates Petroleum Co., Inc.* |
|
131,700 |
|
1,126,035 |
| |
Solazyme, Inc.*1 |
|
127,500 |
|
995,775 |
| |
Whiting Petroleum Corp.* |
|
26,700 |
|
1,357,428 |
| |
|
|
|
|
12,272,873 |
| |
Paper & forest products0.85% |
|
|
|
|
| |
Boise Cascade Co.* |
|
49,100 |
|
1,666,454 |
| |
|
|
|
|
|
| |
Pharmaceuticals3.10% |
|
|
|
|
| |
Nektar Therapeutics* |
|
75,000 |
|
825,000 |
| |
Pacira Pharmaceuticals, Inc.*1 |
|
47,800 |
|
1,379,508 |
| |
Questcor Pharmaceuticals, Inc.1 |
|
56,600 |
|
1,841,764 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Pharmaceuticals(concluded) |
|
|
|
|
| |
ViroPharma, Inc.* |
|
81,900 |
|
$ |
2,060,604 |
|
|
|
|
|
6,106,876 |
| |
Real estate investment trust (REIT)2.01% |
|
|
|
|
| |
Aviv REIT Inc.* |
|
54,900 |
|
1,320,894 |
| |
BioMed Realty Trust, Inc. |
|
36,200 |
|
781,920 |
| |
DuPont Fabros Technology, Inc. |
|
37,400 |
|
907,698 |
| |
Franklin Street Properties Corp. |
|
64,600 |
|
944,452 |
| |
|
|
|
|
3,954,964 |
| |
Road & rail1.94% |
|
|
|
|
| |
Knight Transportation, Inc. |
|
78,800 |
|
1,268,680 |
| |
Landstar System, Inc. |
|
44,700 |
|
2,551,923 |
| |
|
|
|
|
3,820,603 |
| |
Semiconductors & semiconductor equipment4.29% |
|
|
|
|
| |
Cavium, Inc.* |
|
78,800 |
|
3,058,228 |
| |
Cymer, Inc.* |
|
23,000 |
|
2,210,300 |
| |
Mellanox Technologies Ltd.*1 |
|
35,992 |
|
1,997,916 |
| |
Skyworks Solutions, Inc.* |
|
53,300 |
|
1,174,199 |
| |
|
|
|
|
8,440,643 |
| |
Software10.95% |
|
|
|
|
| |
FactSet Research Systems, Inc. |
|
22,200 |
|
2,055,720 |
| |
Infoblox, Inc.* |
|
134,600 |
|
2,920,820 |
| |
NICE Systems Ltd. ADR* |
|
54,100 |
|
1,992,503 |
| |
Proofpoint, Inc.* |
|
139,700 |
|
2,355,342 |
| |
QLIK Technologies, Inc.* |
|
81,000 |
|
2,092,230 |
| |
Silver Spring Networks Inc.* |
|
110,300 |
|
1,911,499 |
| |
Splunk, Inc.* |
|
51,800 |
|
2,073,554 |
| |
Synchronoss Technologies, Inc.* |
|
81,000 |
|
2,513,430 |
| |
Ultimate Software Group, Inc.* |
|
34,904 |
|
3,635,601 |
| |
|
|
|
|
21,550,699 |
| |
Specialty retail4.03% |
|
|
|
|
| |
ANN, Inc.* |
|
66,400 |
|
1,926,928 |
| |
Asbury Automotive Group, Inc.* |
|
70,800 |
|
2,597,652 |
| |
Francescas Holdings Corp.*1 |
|
52,417 |
|
1,502,271 |
| |
Restoration Hardware Holdings, Inc.*1 |
|
54,400 |
|
1,904,000 |
| |
|
|
|
|
7,930,851 |
| |
Textiles, apparel & luxury goods1.36% |
|
|
|
|
| |
PVH Corp. |
|
25,100 |
|
2,680,931 |
| |
|
|
|
|
|
| |
Thrifts & mortgage finance0.95% |
|
|
|
|
| |
EverBank Financial Corp. |
|
121,000 |
|
1,863,400 |
| |
Total common stocks (cost $143,897,019) |
|
|
|
191,285,100 |
| |
|
|
|
|
|
| |
Investment company1.00% |
|
|
|
|
| |
iShares Russell 2000 Growth Index Fund1 (cost $1,945,050) |
|
18,200 |
|
1,961,050 |
| |
|
|
|
|
|
| |
Short-term investment2.09% |
|
|
|
|
| |
Investment company2.09% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 2 (cost $4,103,348) |
|
4,103,348 |
|
4,103,348 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned13.68% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $26,921,332) |
|
26,921,332 |
|
26,921,332 |
| |
Total investments113.96% (cost $176,866,749) |
|
|
|
224,270,830 |
| |
Liabilities, in excess of cash and other assets(13.96)% |
|
|
|
(27,467,968 |
) | |
Net assets100.00% |
|
|
|
$ |
196,802,862 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
53,235,602 |
|
Gross unrealized depreciation |
|
(5,831,521 |
) | |
Net unrealized appreciation of investments |
|
$ |
47,404,081 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
191,285,100 |
|
$ |
|
|
$ |
|
|
$ |
191,285,100 |
|
Investment company |
|
1,961,050 |
|
|
|
|
|
1,961,050 |
| ||||
Short-term investment |
|
|
|
4,103,348 |
|
|
|
4,103,348 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
26,921,332 |
|
|
|
26,921,332 |
| ||||
Total |
|
$ |
193,246,150 |
|
$ |
31,024,680 |
|
$ |
|
|
$ |
224,270,830 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2013. |
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. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,394,321 |
|
$ |
28,413,662 |
|
$ |
25,704,635 |
|
$ |
4,103,348 |
|
$ |
3,266 |
|
UBS Private Money Market Fund LLCa |
|
19,982,605 |
|
108,010,658 |
|
101,071,931 |
|
26,921,332 |
|
$ |
8,048 |
| ||||
|
|
$ |
21,376,926 |
|
$ |
136,424,320 |
|
$ |
126,776,566 |
|
$ |
31,024,680 |
|
$ |
11,314 |
|
a The advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS Dynamic Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Air freight & logistics |
|
0.03 |
% |
Automobiles |
|
0.23 |
|
Beverages |
|
1.10 |
|
Building materials |
|
0.14 |
|
Capital markets |
|
3.30 |
|
Chemicals |
|
0.16 |
|
Commercial banks |
|
11.58 |
|
Commercial services & supplies |
|
1.01 |
|
Communications equipment |
|
0.39 |
|
Computers & peripherals |
|
0.24 |
|
Construction & engineering |
|
0.21 |
|
Consumer finance |
|
0.81 |
|
Diversified financial services |
|
7.28 |
|
Diversified operations |
|
0.40 |
|
Diversified telecommunication services |
|
3.17 |
|
Electric utilities |
|
5.04 |
|
Electrical equipment |
|
0.10 |
|
Energy equipment & services |
|
0.54 |
|
Engineering & construction |
|
0.44 |
|
Food & staples retailing |
|
0.87 |
|
Food products |
|
0.75 |
|
Gas utilities |
|
0.49 |
|
Health care equipment & supplies |
|
0.34 |
|
Household durables |
|
0.10 |
|
Industrial conglomerates |
|
0.08 |
|
Insurance |
|
4.45 |
|
Internet & catalog retail |
|
0.10 |
|
IT services |
|
0.15 |
|
Leisure equipment & products |
|
0.19 |
|
Media |
|
2.66 |
|
Metals & mining |
|
2.80 |
|
Multi-utilities |
|
0.52 |
|
Oil, gas & consumable fuels |
|
5.33 |
|
Pharmaceuticals |
|
1.01 |
|
Real estate investment trust (REIT) |
|
0.16 |
|
Real estate management & development |
|
0.15 |
|
Road & rail |
|
0.39 |
|
Semiconductors & semiconductor equipment |
|
0.19 |
|
Software |
|
0.29 |
|
Thrifts & mortgage finance |
|
0.31 |
|
Tobacco |
|
2.03 |
|
Transportation |
|
0.16 |
|
Water utilities |
|
0.25 |
|
Wireless telecommunication services |
|
0.88 |
|
Total corporate bonds |
|
60.82 |
% |
Collateralized debt obligation |
|
0.00 |
2 |
Mortgage & agency debt securities |
|
0.01 |
|
Total bonds |
|
60.83 |
% |
Short-term investment |
|
25.15 |
|
Options purchased |
|
3.12 |
|
Investment of cash collateral from securities loaned |
|
0.07 |
|
Total investments |
|
89.17 |
% |
Cash and other assets, less liabilities |
|
10.83 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Dynamic Alpha Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment companies and derivatives exposure was included.
2 Amount represents less than 0.005%.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds60.83% |
|
|
|
|
| |||
Corporate bonds60.82% |
|
|
|
|
| |||
Australia1.81% |
|
|
|
|
| |||
BHP Billiton Finance Ltd., |
|
|
|
|
| |||
3.250%, due 09/25/24 |
|
GBP |
300,000 |
|
$ |
455,639 |
| |
Commonwealth Bank of Australia, |
|
|
|
|
| |||
2.250%, due 03/16/171 |
|
$ |
1,490,000 |
|
1,558,093 |
| ||
National Australia Bank, |
|
|
|
|
| |||
2.750%, due 03/09/17 |
|
1,050,000 |
|
1,105,089 |
| |||
Rio Tinto Finance USA Ltd., |
|
|
|
|
| |||
4.125%, due 05/20/21 |
|
1,080,000 |
|
1,166,326 |
| |||
Telstra Corp. Ltd., |
|
|
|
|
| |||
4.800%, due 10/12/211 |
|
300,000 |
|
345,491 |
| |||
Westpac Banking Corp., |
|
|
|
|
| |||
5.000%, due 10/21/19 |
|
GBP |
475,000 |
|
845,013 |
| ||
Total Australia corporate bonds |
|
|
|
5,475,651 |
| |||
|
|
|
|
|
| |||
Brazil0.21% |
|
|
|
|
| |||
Vale SA, |
|
|
|
|
| |||
5.625%, due 09/11/42 |
|
$ |
650,000 |
|
643,055 |
| ||
|
|
|
|
|
| |||
Canada2.73% |
|
|
|
|
| |||
Bank of Montreal, |
|
|
|
|
| |||
2.550%, due 11/06/22 |
|
640,000 |
|
629,243 |
| |||
6.020%, due 05/02/18 |
|
CAD |
500,000 |
|
581,193 |
| ||
Bank of Nova Scotia, |
|
|
|
|
| |||
4.100%, due 06/08/17 |
|
700,000 |
|
744,935 |
| |||
Barrick Gold Corp., |
|
|
|
|
| |||
2.900%, due 05/30/16 |
|
$ |
565,000 |
|
594,064 |
| ||
Canadian Imperial Bank of Commerce, |
|
|
|
|
| |||
3.400%, due 01/14/16 |
|
CAD |
600,000 |
|
618,026 |
| ||
Goldcorp, Inc., |
|
|
|
|
| |||
2.125%, due 03/15/18 |
|
$ |
480,000 |
|
481,572 |
| ||
Greater Toronto Airports Authority, |
|
|
|
|
| |||
6.980%, due 10/15/32 |
|
CAD |
350,000 |
|
486,768 |
| ||
Hydro One, Inc., |
|
|
|
|
| |||
5.360%, due 05/20/36 |
|
375,000 |
|
450,624 |
| |||
Nexen, Inc., |
|
|
|
|
| |||
6.400%, due 05/15/37 |
|
$ |
420,000 |
|
542,565 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| |||
3.000%, due 03/15/23 |
|
180,000 |
|
180,629 |
| |||
Royal Bank of Canada, |
|
|
|
|
| |||
2.980%, due 05/07/19 |
|
CAD |
500,000 |
|
508,235 |
| ||
Suncor Energy, Inc., |
|
|
|
|
| |||
6.500%, due 06/15/38 |
|
$ |
720,000 |
|
916,443 |
| ||
Teck Resources Ltd., |
|
|
|
|
| |||
5.400%, due 02/01/43 |
|
350,000 |
|
332,116 |
| |||
Toronto-Dominion Bank, |
|
|
|
|
| |||
3.367%, due 11/02/202 |
|
CAD |
650,000 |
|
664,103 |
| ||
Xstrata Finance Canada Ltd., |
|
|
|
|
| |||
1.800%, due 10/23/151 |
|
$ |
255,000 |
|
257,898 |
| ||
2.450%, due 10/25/171 |
|
245,000 |
|
248,335 |
| |||
Total Canada corporate bonds |
|
|
|
8,236,749 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Cayman Islands1.29% |
|
|
|
|
| |||
Hutchison Whampoa International Ltd., |
|
|
|
|
| |||
7.625%, due 04/09/191 |
|
$ |
950,000 |
|
$ |
1,217,646 |
| |
New York Life Funding, |
|
|
|
|
| |||
5.125%, due 02/03/15 |
|
GBP |
350,000 |
|
570,050 |
| ||
Principal Financial Global Funding II LLC, |
|
|
|
|
| |||
4.500%, due 01/26/17 |
|
EUR |
400,000 |
|
571,234 |
| ||
Transocean, Inc., |
|
|
|
|
| |||
2.500%, due 10/15/17 |
|
$ |
680,000 |
|
688,605 |
| ||
6.800%, due 03/15/38 |
|
400,000 |
|
440,561 |
| |||
Vale Overseas Ltd., |
|
|
|
|
| |||
5.625%, due 09/15/19 |
|
355,000 |
|
400,286 |
| |||
Total Cayman Islands corporate bonds |
|
|
|
3,888,382 |
| |||
|
|
|
|
|
| |||
China0.19% |
|
|
|
|
| |||
AIA Group Ltd., |
|
|
|
|
| |||
1.750%, due 03/13/183 |
|
560,000 |
|
557,090 |
| |||
|
|
|
|
|
| |||
Curacao0.15% |
|
|
|
|
| |||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| |||
3.650%, due 11/10/21 |
|
430,000 |
|
457,606 |
| |||
|
|
|
|
|
| |||
Denmark0.27% |
|
|
|
|
| |||
DONG Energy A/S, |
|
|
|
|
| |||
4.875%, due 01/12/32 |
|
GBP |
500,000 |
|
815,846 |
| ||
|
|
|
|
|
| |||
Finland0.22% |
|
|
|
|
| |||
Teollisuuden Voima Oyj, |
|
|
|
|
| |||
4.625%, due 02/04/193 |
|
EUR |
460,000 |
|
668,922 |
| ||
|
|
|
|
|
| |||
France2.53% |
|
|
|
|
| |||
Autoroutes du Sud de la France SA, |
|
|
|
|
| |||
5.625%, due 07/04/22 |
|
450,000 |
|
723,499 |
| |||
AXA SA, |
|
|
|
|
| |||
5.250%, due 04/16/402 |
|
1,000,000 |
|
1,324,702 |
| |||
Casino Guichard Perrachon SA, |
|
|
|
|
| |||
6.375%, due 04/04/13 |
|
750,000 |
|
961,945 |
| |||
Danone SA, |
|
|
|
|
| |||
3.000%, due 06/15/221 |
|
$ |
260,000 |
|
265,267 |
| ||
EDF SA, |
|
|
|
|
| |||
5.250%, due 01/29/231,2,4 |
|
1,295,000 |
|
1,286,505 |
| |||
6.950%, due 01/26/391 |
|
350,000 |
|
455,663 |
| |||
Societe Generale SA, |
|
|
|
|
| |||
2.200%, due 09/14/131 |
|
880,000 |
|
885,280 |
| |||
Total Capital International SA, |
|
|
|
|
| |||
1.550%, due 06/28/17 |
|
650,000 |
|
660,581 |
| |||
Veolia Environnement SA, |
|
|
|
|
| |||
6.750%, due 04/24/19 |
|
EUR |
250,000 |
|
408,920 |
| ||
Vivendi SA, |
|
|
|
|
| |||
3.450%, due 01/12/181 |
|
$ |
650,000 |
|
672,945 |
| ||
Total France corporate bonds |
|
|
|
7,645,307 |
| |||
|
|
|
|
|
| |||
Germany0.51% |
|
|
|
|
| |||
Muenchener Rueckversicherungs AG, |
|
|
|
|
| |||
6.000%, due 05/26/412 |
|
EUR |
900,000 |
|
1,339,894 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Germany(concluded) |
|
|
|
|
| |||
RWE AG, |
|
|
|
|
| |||
4.625%, due 09/28/152,4 |
|
EUR |
150,000 |
|
$ |
195,546 |
| |
Total Germany corporate bonds |
|
|
|
1,535,440 |
| |||
|
|
|
|
|
| |||
Ireland0.79% |
|
|
|
|
| |||
CRH Finance Ltd., |
|
|
|
|
| |||
7.375%, due 05/28/14 |
|
300,000 |
|
412,836 |
| |||
GE Capital European Funding, |
|
|
|
|
| |||
6.025%, due 03/01/38 |
|
500,000 |
|
875,799 |
| |||
GE Capital UK Funding, |
|
|
|
|
| |||
6.000%, due 04/11/13 |
|
GBP |
723,000 |
|
1,100,120 |
| ||
Total Ireland corporate bonds |
|
|
|
2,388,755 |
| |||
|
|
|
|
|
| |||
Italy0.61% |
|
|
|
|
| |||
Assicurazioni Generali SpA, |
|
|
|
|
| |||
4.875%, due 11/11/14 |
|
EUR |
195,000 |
|
262,459 |
| ||
Intesa Sanpaolo SpA, |
|
|
|
|
| |||
3.875%, due 01/16/18 |
|
$ |
320,000 |
|
309,424 |
| ||
4.375%, due 10/15/19 |
|
EUR |
500,000 |
|
633,393 |
| ||
Telecom Italia SpA, |
|
|
|
|
| |||
6.125%, due 12/14/18 |
|
GBP |
450,000 |
|
632,541 |
| ||
Total Italy corporate bonds |
|
|
|
1,837,817 |
| |||
|
|
|
|
|
| |||
Japan0.46% |
|
|
|
|
| |||
Nippon Telegraph & Telephone Corp., |
|
|
|
|
| |||
1.400%, due 07/18/17 |
|
$ |
210,000 |
|
211,191 |
| ||
Nomura Holdings, Inc., |
|
|
|
|
| |||
2.000%, due 09/13/16 |
|
1,190,000 |
|
1,187,081 |
| |||
Total Japan corporate bonds |
|
|
|
1,398,272 |
| |||
|
|
|
|
|
| |||
Jersey, Channel Islands0.55% |
|
|
|
|
| |||
ASIF III Jersey Ltd., |
|
|
|
|
| |||
4.750%, due 09/11/13 |
|
EUR |
725,000 |
|
945,203 |
| ||
Gatwick Funding Ltd., |
|
|
|
|
| |||
5.250%, due 01/23/24 |
|
GBP |
250,000 |
|
426,613 |
| ||
HSBC Capital Funding LP, |
|
|
|
|
| |||
5.130%, due 03/29/162,4 |
|
EUR |
215,000 |
|
276,976 |
| ||
Total Jersey, Channel Islands corporate bonds |
|
|
|
1,648,792 |
| |||
|
|
|
|
|
| |||
Luxembourg0.83% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
9.500%, due 02/15/15 |
|
$ |
800,000 |
|
904,000 |
| ||
Enel Finance International SA, |
|
|
|
|
| |||
6.000%, due 10/07/391 |
|
450,000 |
|
428,264 |
| |||
GAZ Capital SA for Gazprom, |
|
|
|
|
| |||
6.580%, due 10/31/13 |
|
GBP |
500,000 |
|
777,233 |
| ||
SES, |
|
|
|
|
| |||
3.600%, due 04/04/231 |
|
$ |
130,000 |
|
129,996 |
| ||
Zurich Finance Luxembourg SA, |
|
|
|
|
| |||
3.250%, due 09/30/13 |
|
270,000 |
|
273,324 |
| |||
Total Luxembourg corporate bonds |
|
|
|
2,512,817 |
| |||
|
|
|
|
|
| |||
Mexico0.49% |
|
|
|
|
| |||
America Movil SAB de CV, |
|
|
|
|
| |||
3.625%, due 03/30/15 |
|
880,000 |
|
922,514 |
| |||
5.000%, due 03/30/20 |
|
485,000 |
|
545,476 |
| |||
Total Mexico corporate bonds |
|
|
|
1,467,990 |
| |||
|
|
|
|
|
| |||
Netherlands4.46% |
|
|
|
|
| |||
ABN Amro Bank NV, |
|
|
|
|
| |||
4.875%, due 01/16/19 |
|
GBP |
580,000 |
|
994,499 |
| ||
Alliander NV, |
|
|
|
|
| |||
2.250%, due 11/14/22 |
|
EUR |
220,000 |
|
286,401 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||||
Netherlands(concluded) |
|
|
|
|
| |||||
Allianz Finance II BV, |
|
|
|
|
| |||||
4.375%, due 02/17/172,4 |
|
EUR |
525,000 |
|
$ |
669,943 |
| |||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, |
|
|
|
|
| |||||
3.875%, due 02/08/22 |
|
$ |
1,510,000 |
|
1,592,834 |
| ||||
Deutsche Telekom International Finance BV, |
|
|
|
|
| |||||
4.500%, due 10/25/13 |
|
EUR |
1,055,000 |
|
1,382,944 |
| ||||
6.500%, due 04/08/22 |
|
GBP |
350,000 |
|
675,115 |
| ||||
E.ON International Finance BV, |
|
|
|
|
| |||||
5.125%, due 05/07/13 |
|
EUR |
237,000 |
|
305,137 |
| ||||
6.000%, due 10/30/19 |
|
GBP |
250,000 |
|
467,027 |
| ||||
Enbw International Finance BV, |
|
|
|
|
| |||||
6.000%, due 11/20/13 |
|
EUR |
900,000 |
|
1,193,732 |
| ||||
Generali Finance BV, |
|
|
|
|
| |||||
4.750%, due 05/12/14 |
|
100,000 |
|
132,801 |
| |||||
Heineken NV, |
|
|
|
|
| |||||
2.750%, due 04/01/231 |
|
$ |
295,000 |
|
289,699 |
| ||||
3.400%, due 04/01/221 |
|
280,000 |
|
290,811 |
| |||||
ING Bank NV, |
|
|
|
|
| |||||
4.250%, due 01/13/17 |
|
EUR |
520,000 |
|
733,856 |
| ||||
6.125%, due 05/29/232 |
|
270,000 |
|
371,792 |
| |||||
Koninklijke KPN NV, |
|
|
|
|
| |||||
4.250%, due 03/01/22 |
|
200,000 |
|
277,216 |
| |||||
Petrobras Global Finance BV, |
|
|
|
|
| |||||
3.250%, due 04/01/19 |
|
250,000 |
|
329,435 |
| |||||
Repsol International Finance BV, |
|
|
|
|
| |||||
4.250%, due 02/12/16 |
|
500,000 |
|
683,808 |
| |||||
4.750%, due 02/16/17 |
|
350,000 |
|
490,772 |
| |||||
RWE Finance BV, |
|
|
|
|
| |||||
4.750%, due 01/31/34 |
|
GBP |
200,000 |
|
321,514 |
| ||||
Scotland International Finance BV, |
|
|
|
|
| |||||
4.250%, due 05/23/131 |
|
$ |
580,000 |
|
582,224 |
| ||||
TenneT Holding BV, |
|
|
|
|
| |||||
6.655%, due 06/01/172,4 |
|
EUR |
300,000 |
|
417,519 |
| ||||
Volkswagen International Finance NV, |
|
|
|
|
| |||||
2.125%, due 01/19/15 |
|
500,000 |
|
657,740 |
| |||||
Ziggo BV, |
|
|
|
|
| |||||
3.625%, due 03/27/20 |
|
240,000 |
|
307,961 |
| |||||
Total Netherlands corporate bonds |
|
|
|
13,454,780 |
| |||||
|
|
|
|
|
| |||||
Norway0.30% |
|
|
|
|
| |||||
DNB Bank ASA, |
|
|
|
|
| |||||
3.200%, due 04/03/171 |
|
$ |
450,000 |
|
476,623 |
| ||||
Statoil ASA, |
|
|
|
|
| |||||
3.125%, due 08/17/17 |
|
400,000 |
|
433,678 |
| |||||
Total Norway corporate bonds |
|
|
|
910,301 |
| |||||
|
|
|
|
|
| |||||
Portugal0.19% |
|
|
|
|
| |||||
EDP Finance BV, |
|
|
|
|
| |||||
3.250%, due 03/16/15 |
|
EUR |
450,000 |
|
584,043 |
| ||||
|
|
|
|
|
| |||||
Qatar0.39% |
|
|
|
|
| |||||
Qtel International Finance Ltd., |
|
|
|
|
| |||||
3.875%, due 01/31/281 |
|
$ |
200,000 |
|
196,000 |
| ||||
6.500%, due 06/10/141 |
|
935,000 |
|
993,812 |
| |||||
Total Qatar corporate bonds |
|
|
|
1,189,812 |
| |||||
|
|
|
|
|
| |||||
South Korea0.25% |
|
|
|
|
| |||||
GS Caltex Corp., |
|
|
|
|
| |||||
5.500%, due 10/15/153 |
|
700,000 |
|
764,750 |
| |||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
Spain1.96% |
|
|
|
|
| ||||
Banco de Sabadell SA, |
|
|
|
|
| ||||
3.375%, due 01/23/18 |
|
EUR |
200,000 |
|
$ |
257,250 |
| ||
Banco Santander SA, |
|
|
|
|
| ||||
4.375%, due 03/16/15 |
|
600,000 |
|
801,413 |
| ||||
BBVA US Senior SAU, |
|
|
|
|
| ||||
4.664%, due 10/09/15 |
|
$ |
460,000 |
|
471,717 |
| |||
Santander International Debt SAU, |
|
|
|
|
| ||||
3.381%, due 12/01/15 |
|
EUR |
1,800,000 |
|
2,309,116 |
| |||
Santander US Debt SAU, |
|
|
|
|
| ||||
2.991%, due 10/07/131 |
|
$ |
200,000 |
|
201,335 |
| |||
2.991%, due 10/07/133 |
|
200,000 |
|
201,334 |
| ||||
Telefonica Emisiones SAU, |
|
|
|
|
| ||||
4.797%, due 02/21/18 |
|
EUR |
1,200,000 |
|
1,666,846 |
| |||
Total Spain corporate bonds |
|
|
|
5,909,011 |
| ||||
|
|
|
|
|
| ||||
Sweden0.93% |
|
|
|
|
| ||||
Nordea Bank AB, |
|
|
|
|
| ||||
6.250%, due 09/10/182 |
|
300,000 |
|
392,023 |
| ||||
Svenska Handelsbanken AB, |
|
|
|
|
| ||||
5.125%, due 03/30/201 |
|
$ |
800,000 |
|
930,654 |
| |||
Swedbank Hypotek AB, |
|
|
|
|
| ||||
2.375%, due 04/05/171 |
|
890,000 |
|
935,390 |
| ||||
Telefonaktiebolaget LM Ericsson, |
|
|
|
|
| ||||
4.125%, due 05/15/22 |
|
520,000 |
|
540,671 |
| ||||
Total Sweden corporate bonds |
|
|
|
2,798,738 |
| ||||
|
|
|
|
|
| ||||
Switzerland0.19% |
|
|
|
|
| ||||
Credit Suisse AG, |
|
|
|
|
| ||||
1.625%, due 03/06/151 |
|
570,000 |
|
580,993 |
| ||||
|
|
|
|
|
| ||||
United Arab Emirates0.21% |
|
|
|
|
| ||||
Xstrata Finance Dubai Ltd., |
|
|
|
|
| ||||
1.500%, due 05/19/16 |
|
EUR |
500,000 |
|
640,560 |
| |||
|
|
|
|
|
| ||||
United Kingdom9.89% |
|
|
|
|
| ||||
Abbey National Treasury Services PLC, |
|
|
|
|
| ||||
1.750%, due 01/15/18 |
|
440,000 |
|
558,745 |
| ||||
3.875%, due 11/10/141 |
|
$ |
650,000 |
|
673,867 |
| |||
Anglo American Capital PLC, |
|
|
|
|
| ||||
2.625%, due 09/27/171 |
|
450,000 |
|
457,061 |
| ||||
Aviva PLC, |
|
|
|
|
| ||||
5.250%, due 10/02/232 |
|
EUR |
1,400,000 |
|
1,790,104 |
| |||
B.A.T. International Finance PLC, |
|
|
|
|
| ||||
3.250%, due 06/07/221 |
|
$ |
1,055,000 |
|
1,096,720 |
| |||
BAA Funding Ltd., |
|
|
|
|
| ||||
4.375%, due 01/25/17 |
|
EUR |
300,000 |
|
426,779 |
| |||
6.750%, due 12/03/26 |
|
GBP |
450,000 |
|
900,338 |
| |||
Barclays Bank PLC, |
|
|
|
|
| ||||
2.250%, due 05/10/171 |
|
$ |
660,000 |
|
688,182 |
| |||
5.750%, due 08/17/21 |
|
GBP |
450,000 |
|
824,498 |
| |||
BG Energy Capital PLC, |
|
|
|
|
| ||||
5.125%, due 12/07/17 |
|
150,000 |
|
264,433 |
| ||||
BP Capital Markets PLC, |
|
|
|
|
| ||||
3.245%, due 05/06/22 |
|
$ |
155,000 |
|
160,135 |
| |||
3.561%, due 11/01/21 |
|
280,000 |
|
297,264 |
| ||||
3.875%, due 03/10/15 |
|
450,000 |
|
477,103 |
| ||||
Brambles Finance PLC, |
|
|
|
|
| ||||
4.625%, due 04/20/18 |
|
EUR |
200,000 |
|
294,005 |
| |||
British Telecommunications PLC, |
|
|
|
|
| ||||
8.500%, due 12/07/16 |
|
GBP |
475,000 |
|
895,177 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
United Kingdom(concluded) |
|
|
|
|
| |||
Everything Everywhere Finance PLC, |
|
|
|
|
| |||
4.375%, due 03/28/19 |
|
GBP |
180,000 |
|
$ |
283,000 |
| |
GlaxoSmithKline Capital PLC, |
|
|
|
|
| |||
1.500%, due 05/08/17 |
|
$ |
480,000 |
|
488,154 |
| ||
HSBC Holdings PLC, |
|
|
|
|
| |||
5.100%, due 04/05/21 |
|
350,000 |
|
404,415 |
| |||
6.000%, due 06/10/19 |
|
EUR |
600,000 |
|
916,468 |
| ||
6.500%, due 09/15/37 |
|
$ |
1,650,000 |
|
2,021,057 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| |||
2.050%, due 02/11/181 |
|
620,000 |
|
623,039 |
| |||
4.500%, due 07/05/18 |
|
EUR |
800,000 |
|
1,167,724 |
| ||
9.000%, due 02/17/22 |
|
GBP |
250,000 |
|
544,636 |
| ||
Lloyds Banking Group PLC, |
|
|
|
|
| |||
5.875%, due 07/08/14 |
|
EUR |
200,000 |
|
268,089 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| |||
6.500%, due 03/24/20 |
|
550,000 |
|
778,786 |
| |||
7.500%, due 04/15/24 |
|
GBP |
340,000 |
|
685,489 |
| ||
National Express Group PLC, |
|
|
|
|
| |||
6.250%, due 01/13/17 |
|
150,000 |
|
255,969 |
| |||
National Grid Electricity Transmission PLC, |
|
|
|
|
| |||
4.000%, due 06/08/27 |
|
330,000 |
|
513,567 |
| |||
Royal Bank of Scotland PLC, |
|
|
|
|
| |||
3.400%, due 08/23/13 |
|
$ |
950,000 |
|
960,577 |
| ||
4.875%, due 03/16/15 |
|
550,000 |
|
589,712 |
| |||
5.375%, due 09/30/19 |
|
EUR |
350,000 |
|
525,292 |
| ||
Scottish & Southern Energy PLC, |
|
|
|
|
| |||
5.453%, due 10/01/152,4 |
|
GBP |
172,000 |
|
270,304 |
| ||
SSE PLC, |
|
|
|
|
| |||
6.125%, due 07/29/13 |
|
EUR |
755,000 |
|
985,325 |
| ||
Standard Chartered PLC, |
|
|
|
|
| |||
3.850%, due 04/27/151 |
|
$ |
500,000 |
|
527,950 |
| ||
3.850%, due 04/27/153 |
|
320,000 |
|
337,888 |
| |||
4.125%, due 01/18/19 |
|
EUR |
480,000 |
|
694,984 |
| ||
5.300%, due 01/09/431 |
|
$ |
455,000 |
|
469,805 |
| ||
Tesco PLC, |
|
|
|
|
| |||
6.125%, due 02/24/22 |
|
GBP |
480,000 |
|
898,651 |
| ||
Tesco Property Finance 4 PLC, |
|
|
|
|
| |||
5.801%, due 10/13/403 |
|
248,546 |
|
424,128 |
| |||
Thames Water Utilities Finance Ltd., |
|
|
|
|
| |||
5.125%, due 09/28/37 |
|
450,000 |
|
759,767 |
| |||
Vodafone Group PLC, |
|
|
|
|
| |||
5.750%, due 03/15/16 |
|
$ |
400,000 |
|
455,043 |
| ||
6.150%, due 02/27/37 |
|
230,000 |
|
272,754 |
| |||
Wales & West Utilities Finance PLC, |
|
|
|
|
| |||
5.125%, due 12/02/16 |
|
GBP |
725,000 |
|
1,230,156 |
| ||
Western Power Distribution East Midlands PLC, |
|
|
|
|
| |||
5.250%, due 01/17/23 |
|
350,000 |
|
625,883 |
| |||
Western Power Distribution West Midlands PLC, |
|
|
|
|
| |||
5.750%, due 04/16/32 |
|
200,000 |
|
361,722 |
| |||
WPP PLC, |
|
|
|
|
| |||
6.625%, due 05/12/16 |
|
EUR |
475,000 |
|
707,423 |
| ||
Total United Kingdom corporate bonds |
|
|
|
29,852,168 |
| |||
|
|
|
|
|
| |||
United States28.41% |
|
|
|
|
| |||
ABB Finance USA, Inc., |
|
|
|
|
| |||
2.875%, due 05/08/22 |
|
$ |
615,000 |
|
624,168 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
United States(continued) |
|
|
|
|
| |||
Abbott Laboratories, |
|
|
|
|
| |||
6.000%, due 04/01/39 |
|
$ |
130,000 |
|
$ |
172,037 |
| |
AbbVie, Inc., |
|
|
|
|
| |||
2.900%, due 11/06/221 |
|
720,000 |
|
720,649 |
| |||
4.400%, due 11/06/421 |
|
360,000 |
|
362,967 |
| |||
Alcoa, Inc., |
|
|
|
|
| |||
6.150%, due 08/15/20 |
|
645,000 |
|
702,248 |
| |||
Alltel Corp., |
|
|
|
|
| |||
7.875%, due 07/01/32 |
|
375,000 |
|
550,516 |
| |||
Altria Group, Inc., |
|
|
|
|
| |||
4.250%, due 08/09/42 |
|
1,045,000 |
|
984,760 |
| |||
4.750%, due 05/05/21 |
|
950,000 |
|
1,075,228 |
| |||
American Honda Finance Corp., |
|
|
|
|
| |||
3.875%, due 09/16/14 |
|
EUR |
250,000 |
|
335,793 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| |||
6.375%, due 09/15/17 |
|
$ |
925,000 |
|
1,104,091 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| |||
2.500%, due 07/15/22 |
|
920,000 |
|
904,292 |
| |||
3.750%, due 07/15/42 |
|
470,000 |
|
440,556 |
| |||
Apache Corp., |
|
|
|
|
| |||
4.250%, due 01/15/44 |
|
170,000 |
|
161,307 |
| |||
4.750%, due 04/15/43 |
|
590,000 |
|
603,244 |
| |||
AT&T, Inc., |
|
|
|
|
| |||
2.500%, due 03/15/23 |
|
EUR |
310,000 |
|
400,413 |
| ||
5.550%, due 08/15/41 |
|
$ |
1,265,000 |
|
1,394,360 |
| ||
Bank of America Corp., |
|
|
|
|
| |||
1.500%, due 10/09/15 |
|
1,925,000 |
|
1,931,359 |
| |||
2.000%, due 01/11/18 |
|
960,000 |
|
955,433 |
| |||
3.300%, due 01/11/23 |
|
375,000 |
|
369,772 |
| |||
5.875%, due 02/07/42 |
|
385,000 |
|
457,392 |
| |||
Bank of New York Mellon Corp., |
|
|
|
|
| |||
1.350%, due 03/06/18 |
|
1,330,000 |
|
1,328,419 |
| |||
BB&T Corp., |
|
|
|
|
| |||
1.600%, due 08/15/17 |
|
310,000 |
|
313,018 |
| |||
Boston Scientific Corp., |
|
|
|
|
| |||
6.000%, due 01/15/20 |
|
725,000 |
|
847,428 |
| |||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| |||
3.450%, due 09/15/21 |
|
875,000 |
|
929,020 |
| |||
Cameron International Corp., |
|
|
|
|
| |||
6.375%, due 07/15/18 |
|
400,000 |
|
480,528 |
| |||
Capital One Financial Corp., |
|
|
|
|
| |||
1.000%, due 11/06/15 |
|
1,065,000 |
|
1,061,038 |
| |||
Cargill, Inc., |
|
|
|
|
| |||
3.250%, due 11/15/211 |
|
200,000 |
|
205,315 |
| |||
Chevron Corp., |
|
|
|
|
| |||
2.355%, due 12/05/22 |
|
200,000 |
|
198,557 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.859%, due 05/31/172 |
|
EUR |
550,000 |
|
667,123 |
| ||
1.250%, due 01/15/16 |
|
$ |
230,000 |
|
229,723 |
| ||
4.050%, due 07/30/22 |
|
665,000 |
|
686,960 |
| |||
5.500%, due 02/15/17 |
|
480,000 |
|
533,774 |
| |||
6.000%, due 08/15/17 |
|
1,490,000 |
|
1,739,684 |
| |||
Comcast Corp., |
|
|
|
|
| |||
5.700%, due 07/01/19 |
|
1,380,000 |
|
1,682,363 |
| |||
ConAgra Foods, Inc., |
|
|
|
|
| |||
3.200%, due 01/25/23 |
|
230,000 |
|
229,244 |
| |||
ConocoPhillips, |
|
|
|
|
| |||
4.600%, due 01/15/15 |
|
690,000 |
|
739,186 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
United States(continued) |
|
|
|
|
| |||
Daimler Finance North America LLC, |
|
|
|
|
| |||
2.250%, due 07/31/191 |
|
$ |
700,000 |
|
$ |
703,077 |
| |
DCP Midstream Operating LP, |
|
|
|
|
| |||
3.875%, due 03/15/23 |
|
230,000 |
|
231,243 |
| |||
DirecTV Holdings LLC, |
|
|
|
|
| |||
2.400%, due 03/15/17 |
|
1,240,000 |
|
1,271,822 |
| |||
5.000%, due 03/01/21 |
|
785,000 |
|
873,244 |
| |||
Dow Chemical Co., |
|
|
|
|
| |||
5.900%, due 02/15/15 |
|
450,000 |
|
491,850 |
| |||
Duke Energy Corp., |
|
|
|
|
| |||
3.050%, due 08/15/22 |
|
635,000 |
|
646,463 |
| |||
Eaton Corp., |
|
|
|
|
| |||
2.750%, due 11/02/221 |
|
300,000 |
|
298,270 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
300,000 |
|
324,824 |
| |||
9.700%, due 03/15/19 |
|
354,000 |
|
477,185 |
| |||
Enterprise Products Operating LLC, |
|
|
|
|
| |||
3.200%, due 02/01/16 |
|
920,000 |
|
976,180 |
| |||
4.850%, due 03/15/44 |
|
460,000 |
|
469,601 |
| |||
ERAC USA Finance LLC, |
|
|
|
|
| |||
5.625%, due 03/15/421 |
|
435,000 |
|
484,951 |
| |||
ERP Operating LP, REIT, |
|
|
|
|
| |||
5.750%, due 06/15/17 |
|
420,000 |
|
490,802 |
| |||
FedEx Corp., |
|
|
|
|
| |||
3.875%, due 08/01/42 |
|
110,000 |
|
102,941 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
3.000%, due 06/12/17 |
|
1,075,000 |
|
1,102,500 |
| |||
Freeport-McMoRan Copper & Gold, Inc., |
|
|
|
|
| |||
3.100%, due 03/15/201 |
|
350,000 |
|
351,169 |
| |||
3.875%, due 03/15/231 |
|
820,000 |
|
822,372 |
| |||
General Electric Capital Corp., |
|
|
|
|
| |||
1.000%, due 12/11/15 |
|
910,000 |
|
915,655 |
| |||
4.375%, due 09/16/20 |
|
1,075,000 |
|
1,200,500 |
| |||
Series A, 6.750%, due 03/15/32 |
|
1,410,000 |
|
1,794,780 |
| |||
General Electric Co., |
|
|
|
|
| |||
4.125%, due 10/09/42 |
|
235,000 |
|
235,598 |
| |||
Georgia Power Co., |
|
|
|
|
| |||
0.750%, due 08/10/15 |
|
375,000 |
|
376,347 |
| |||
5.400%, due 06/01/40 |
|
385,000 |
|
453,140 |
| |||
GlaxoSmithKline Capital, Inc., |
|
|
|
|
| |||
6.375%, due 05/15/38 |
|
210,000 |
|
280,850 |
| |||
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
3.300%, due 05/03/15 |
|
565,000 |
|
589,027 |
| |||
3.625%, due 01/22/23 |
|
785,000 |
|
790,521 |
| |||
4.375%, due 03/16/17 |
|
EUR |
750,000 |
|
1,052,431 |
| ||
5.125%, due 04/24/13 |
|
60,000 |
|
77,132 |
| |||
Hartford Financial Services Group, Inc., |
|
|
|
|
| |||
4.000%, due 10/15/17 |
|
$ |
735,000 |
|
814,045 |
| ||
5.500%, due 03/30/20 |
|
190,000 |
|
221,595 |
| |||
Hasbro, Inc., |
|
|
|
|
| |||
6.350%, due 03/15/40 |
|
500,000 |
|
576,433 |
| |||
Hewlett-Packard Co., |
|
|
|
|
| |||
2.625%, due 12/09/14 |
|
710,000 |
|
727,932 |
| |||
Indiana Michigan Power Co., |
|
|
|
|
| |||
7.000%, due 03/15/19 |
|
350,000 |
|
440,871 |
| |||
Jersey Central Power & Light Co., |
|
|
|
|
| |||
6.150%, due 06/01/37 |
|
215,000 |
|
262,210 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
United States(continued) |
|
|
|
|
| ||||
JPMorgan Chase & Co., |
|
|
|
|
| ||||
1.800%, due 01/25/18 |
|
$ |
780,000 |
|
$ |
784,121 |
| ||
3.200%, due 01/25/23 |
|
2,730,000 |
|
2,725,583 |
| ||||
Kellogg Co., |
|
|
|
|
| ||||
1.875%, due 11/17/16 |
|
440,000 |
|
452,011 |
| ||||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||||
6.950%, due 01/15/38 |
|
595,000 |
|
746,851 |
| ||||
Kraft Foods Group, Inc., |
|
|
|
|
| ||||
5.000%, due 06/04/42 |
|
500,000 |
|
536,107 |
| ||||
Kraft Foods, Inc., |
|
|
|
|
| ||||
5.375%, due 02/10/20 |
|
459,000 |
|
546,108 |
| ||||
Lincoln National Corp., |
|
|
|
|
| ||||
4.200%, due 03/15/22 |
|
805,000 |
|
873,801 |
| ||||
Lorillard Tobacco Co., |
|
|
|
|
| ||||
2.300%, due 08/21/17 |
|
160,000 |
|
161,298 |
| ||||
Markel Corp., |
|
|
|
|
| ||||
3.625%, due 03/30/23 |
|
60,000 |
|
60,228 |
| ||||
MassMutual Global Funding II, |
|
|
|
|
| ||||
2.000%, due 04/05/171 |
|
450,000 |
|
461,279 |
| ||||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||||
3.375%, due 03/15/23 |
|
580,000 |
|
584,124 |
| ||||
Merck & Co., Inc., |
|
|
|
|
| ||||
6.550%, due 09/15/37 |
|
370,000 |
|
510,546 |
| ||||
Metropolitan Life Global Funding I, |
|
|
|
|
| ||||
2.375%, due 01/11/23 |
|
EUR |
1,415,000 |
|
1,803,298 |
| |||
Microsoft Corp., |
|
|
|
|
| ||||
3.500%, due 11/15/42 |
|
$ |
955,000 |
|
881,899 |
| |||
Mohawk Industries, Inc., |
|
|
|
|
| ||||
3.850%, due 02/01/23 |
|
290,000 |
|
294,815 |
| ||||
Morgan Stanley, |
|
|
|
|
| ||||
4.750%, due 03/22/17 |
|
1,250,000 |
|
1,378,779 |
| ||||
6.375%, due 07/24/42 |
|
295,000 |
|
354,428 |
| ||||
Motorola Solutions, Inc., |
|
|
|
|
| ||||
6.000%, due 11/15/17 |
|
550,000 |
|
643,762 |
| ||||
NBCUniversal Media LLC, |
|
|
|
|
| ||||
5.150%, due 04/30/20 |
|
600,000 |
|
711,097 |
| ||||
News America, Inc., |
|
|
|
|
| ||||
6.200%, due 12/15/34 |
|
280,000 |
|
331,202 |
| ||||
Novartis Capital Corp., |
|
|
|
|
| ||||
3.700%, due 09/21/42 |
|
95,000 |
|
91,688 |
| ||||
NuStar Logistics LP, |
|
|
|
|
| ||||
4.800%, due 09/01/20 |
|
505,000 |
|
498,510 |
| ||||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||||
7.000%, due 05/01/32 |
|
146,000 |
|
190,619 |
| ||||
ONEOK Partners LP, |
|
|
|
|
| ||||
8.625%, due 03/01/19 |
|
200,000 |
|
264,914 |
| ||||
Pacific Gas & Electric Co., |
|
|
|
|
| ||||
6.050%, due 03/01/34 |
|
240,000 |
|
300,219 |
| ||||
PacifiCorp, |
|
|
|
|
| ||||
6.000%, due 01/15/39 |
|
580,000 |
|
756,558 |
| ||||
Pemex Project Funding Master Trust, |
|
|
|
|
| ||||
5.500%, due 02/24/253 |
|
EUR |
700,000 |
|
1,033,504 |
| |||
PepsiCo, Inc., |
|
|
|
|
| ||||
1.250%, due 08/13/17 |
|
$ |
590,000 |
|
591,874 |
| |||
Philip Morris International, Inc., |
|
|
|
|
| ||||
1.750%, due 03/19/20 |
|
EUR |
550,000 |
|
702,021 |
| |||
Phillips 66, |
|
|
|
|
| ||||
4.300%, due 04/01/22 |
|
$ |
795,000 |
|
872,722 |
| |||
PNC Funding Corp., |
|
|
|
|
| ||||
3.300%, due 03/08/22 |
|
430,000 |
|
443,364 |
| ||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
3.300%, due 09/15/22 |
|
$ |
210,000 |
|
$ |
213,433 |
|
Prudential Financial, Inc., |
|
|
|
|
| ||
4.500%, due 11/15/20 |
|
1,115,000 |
|
1,253,208 |
| ||
QVC, Inc., |
|
|
|
|
| ||
4.375%, due 03/15/231 |
|
285,000 |
|
288,116 |
| ||
Qwest Corp., |
|
|
|
|
| ||
6.750%, due 12/01/21 |
|
250,000 |
|
287,848 |
| ||
Republic Services, Inc., |
|
|
|
|
| ||
5.250%, due 11/15/21 |
|
1,055,000 |
|
1,233,243 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
3.250%, due 11/01/22 |
|
130,000 |
|
128,530 |
| ||
6.750%, due 06/15/17 |
|
720,000 |
|
866,600 |
| ||
SABMiller Holdings, Inc., |
|
|
|
|
| ||
1.875%, due 01/20/20 |
|
EUR |
610,000 |
|
789,832 |
| |
Sempra Energy, |
|
|
|
|
| ||
6.000%, due 10/15/39 |
|
$ |
500,000 |
|
621,784 |
| |
SLM Corp., |
|
|
|
|
| ||
3.875%, due 09/10/15 |
|
95,000 |
|
98,922 |
| ||
6.250%, due 01/25/16 |
|
880,000 |
|
961,381 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
6.200%, due 03/15/40 |
|
510,000 |
|
631,641 |
| ||
Swiss Re Treasury US Corp., |
|
|
|
|
| ||
4.250%, due 12/06/421 |
|
380,000 |
|
367,138 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
5.000%, due 02/01/20 |
|
1,495,000 |
|
1,701,146 |
| ||
6.750%, due 06/15/39 |
|
285,000 |
|
336,333 |
| ||
US Bancorp, |
|
|
|
|
| ||
1.650%, due 05/15/17 |
|
760,000 |
|
774,481 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
895,000 |
|
1,090,552 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
4.750%, due 11/01/41 |
|
530,000 |
|
525,069 |
| ||
6.350%, due 04/01/19 |
|
440,000 |
|
539,943 |
| ||
Virginia Electric and Power Co., |
|
|
|
|
| ||
6.000%, due 05/15/37 |
|
270,000 |
|
351,548 |
| ||
Wachovia Corp., |
|
|
|
|
| ||
5.750%, due 02/01/18 |
|
1,900,000 |
|
2,261,479 |
| ||
Walgreen Co., |
|
|
|
|
| ||
3.100%, due 09/15/22 |
|
350,000 |
|
346,344 |
| ||
Waste Management, Inc., |
|
|
|
|
| ||
6.125%, due 11/30/39 |
|
185,000 |
|
227,089 |
| ||
7.375%, due 03/11/19 |
|
430,000 |
|
544,338 |
| ||
WEA Finance LLC, |
|
|
|
|
| ||
5.750%, due 09/02/151 |
|
400,000 |
|
444,224 |
| ||
Western Union Co., |
|
|
|
|
| ||
2.875%, due 12/10/175 |
|
440,000 |
|
446,562 |
| ||
Xcel Energy, Inc., |
|
|
|
|
| ||
4.700%, due 05/15/20 |
|
240,000 |
|
280,889 |
| ||
4.800%, due 09/15/41 |
|
335,000 |
|
372,353 |
| ||
Zoetis, Inc., |
|
|
|
|
| ||
3.250%, due 02/01/231 |
|
160,000 |
|
162,253 |
| ||
Total United States corporate bonds |
|
|
|
85,783,135 |
| ||
Total corporate bonds (cost $178,902,459) |
|
|
|
183,646,782 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Collateralized debt obligation0.00% |
|
|
|
|
| ||
Cayman Islands0.00%6 |
|
|
|
|
| ||
LNR CDO Ltd., |
|
|
|
|
| ||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||
7.592%, due 05/28/431,7,8,9 (cost $8,113,892) |
|
$ |
8,000,000 |
|
$ |
8,000 |
|
|
|
|
|
|
| ||
Mortgage & agency debt securities0.01% |
|
|
|
|
| ||
United States0.01% |
|
|
|
|
| ||
Credit Suisse Mortgage Capital Certificates, |
|
|
|
|
| ||
Series 2006-4, Class CB1, |
|
|
|
|
| ||
0.791%, due 05/25/362 |
|
39,647 |
|
32 |
| ||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2005-7, Class B11, |
|
|
|
|
| ||
2.889%, due 04/25/352 |
|
1,129,172 |
|
27,425 |
| ||
Total mortgage & agency debt securities (cost $148,780) |
|
|
|
27,457 |
| ||
Total bonds (cost $187,165,131) |
|
|
|
183,682,239 |
| ||
|
|
Shares |
|
|
|
Short-term investment25.15% |
|
|
|
|
|
Investment company25.15% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund10 (cost $75,937,825) |
|
75,937,825 |
|
75,937,825 |
|
|
|
Number of |
|
|
|
Options purchased*3.12% |
|
|
|
|
|
Call options3.12% |
|
|
|
|
|
DAX Index, strike @ EUR 7,900, expires December 2013 |
|
564 |
|
1,524,007 |
|
EURO STOXX 50 Index, strike @ EUR 2,800, expires December 2013 |
|
822 |
|
665,926 |
|
FTSE 100 Index, strike @ GBP 6,500, expires December 2013 |
|
312 |
|
850,953 |
|
NIKKEI 225 Index, strike @ JPY 11,000, expires December 2013 |
|
118 |
|
2,143,517 |
|
S&P 500 Index, strike @ USD 1,500, expires December 2013 |
|
194 |
|
2,121,972 |
|
S&P/ASX 200 Index, strike @ AUD 5,100, expires December 2013 |
|
578 |
|
962,855 |
|
Swiss Market Index, strike @ CHF 7,800 expires December 2013 |
|
370 |
|
1,144,728 |
|
Total options purchased (cost $8,514,980) |
|
|
|
9,413,958 |
|
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned0.07% |
|
|
|
|
| |
UBS Private Money Market Fund LLC10 (cost $209,000) |
|
209,000 |
|
209,000 |
| |
Total investments89.17% (cost $271,826,936) |
|
|
|
269,243,022 |
| |
Cash and other assets, less liabilities10.83% |
|
|
|
32,687,391 |
| |
Net assets100.00% |
|
|
|
$ |
301,930,413 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
8,031,269 |
|
Gross unrealized depreciation |
|
(10,615,183 |
) | |
Net unrealized depreciation of investments |
|
$ |
(2,583,914 |
) |
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| ||||||
JPMCB |
|
AUD |
|
21,625,000 |
|
USD |
|
21,763,508 |
|
06/11/13 |
|
$ |
(631,737 |
) | |
JPMCB |
|
CAD |
|
18,880,000 |
|
USD |
|
18,301,277 |
|
06/11/13 |
|
(254,281 |
) | ||
JPMCB |
|
CHF |
|
5,689,117 |
|
EUR |
|
4,665,000 |
|
06/11/13 |
|
(15,571 |
) | ||
JPMCB |
|
CHF |
|
2,280,000 |
|
USD |
|
2,413,554 |
|
06/11/13 |
|
9,594 |
| ||
JPMCB |
|
CZK |
|
108,850,000 |
|
USD |
|
5,508,603 |
|
06/11/13 |
|
92,610 |
| ||
JPMCB |
|
EUR |
|
2,605,000 |
|
USD |
|
3,386,523 |
|
06/11/13 |
|
45,615 |
| ||
JPMCB |
|
JPY |
|
430,200,000 |
|
USD |
|
4,600,868 |
|
06/11/13 |
|
28,564 |
| ||
JPMCB |
|
NOK |
|
32,560,000 |
|
USD |
|
5,663,141 |
|
06/11/13 |
|
103,950 |
| ||
JPMCB |
|
NZD |
|
28,710,000 |
|
USD |
|
23,466,980 |
|
06/11/13 |
|
(440,649 |
) | ||
JPMCB |
|
USD |
|
11,002,979 |
|
INR |
|
616,750,000 |
|
06/11/13 |
|
179,065 |
| ||
JPMCB |
|
USD |
|
5,961,640 |
|
KRW |
|
6,546,000,000 |
|
06/11/13 |
|
(100,777 |
) | ||
JPMCB |
|
USD |
|
5,472,008 |
|
PHP |
|
223,050,000 |
|
06/11/13 |
|
(3,086 |
) | ||
JPMCB |
|
USD |
|
5,805,477 |
|
PLN |
|
18,635,000 |
|
06/11/13 |
|
(115,604 |
) | ||
JPMCB |
|
USD |
|
5,571,900 |
|
ZAR |
|
51,340,000 |
|
06/11/13 |
|
(41,936 |
) | ||
SSB |
|
EUR |
|
36,550,000 |
|
USD |
|
47,539,123 |
|
06/11/13 |
|
663,809 |
| ||
SSB |
|
GBP |
|
14,955,000 |
|
USD |
|
22,474,823 |
|
06/11/13 |
|
(240,102 |
) | ||
SSB |
|
USD |
|
11,219,455 |
|
MXN |
|
144,630,000 |
|
06/11/13 |
|
411,488 |
| ||
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(309,048 |
) | |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 23 contracts (USD) |
|
June 2013 |
|
$ |
2,842,866 |
|
$ |
2,853,258 |
|
$ |
10,392 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 16 contracts (USD) |
|
June 2013 |
|
(2,504,730 |
) |
(2,521,500 |
) |
(16,770 |
) | |||
10 Year US Treasury Notes, 765 contracts (USD) |
|
June 2013 |
|
(100,367,268 |
) |
(100,968,047 |
) |
(600,779 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
CAC 40 Euro Index, 186 contracts (EUR) |
|
April 2013 |
|
8,992,002 |
|
8,897,987 |
|
(94,015 |
) | |||
Dow Jones EURO STOXX 50 Index, 446 contracts (EUR) |
|
June 2013 |
|
14,902,894 |
|
14,601,348 |
|
(301,546 |
) | |||
FTSE China A50 Index, 1,410 contracts (USD) |
|
April 2013 |
|
11,944,697 |
|
11,280,000 |
|
(664,697 |
) | |||
Mini MSCI Emerging Markets Index, 274 contracts (USD) |
|
June 2013 |
|
14,458,569 |
|
14,075,380 |
|
(383,189 |
) | |||
OMX Stockholm 30 Index, 502 contracts (SEK) |
|
April 2013 |
|
9,066,783 |
|
9,167,121 |
|
100,338 |
| |||
SPI 200 Index, 59 contracts (AUD) |
|
June 2013 |
|
7,822,518 |
|
7,627,803 |
|
(194,715 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
H-Shares Index, 158 contracts (HKD) |
|
April 2013 |
|
(11,123,975 |
) |
(11,077,739 |
) |
46,236 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 316 contracts (AUD) |
|
June 2013 |
|
39,518,768 |
|
40,007,183 |
|
488,415 |
| |||
Euro-Bobl, 40 contracts (EUR) |
|
June 2013 |
|
6,462,673 |
|
6,497,441 |
|
34,768 |
| |||
Euro-Btp, 135 contracts (EUR) |
|
June 2013 |
|
18,673,675 |
|
18,777,628 |
|
103,953 |
| |||
Euro-Bund, 22 contracts (EUR) |
|
June 2013 |
|
4,049,691 |
|
4,102,920 |
|
53,229 |
| |||
Long Gilt, 42 contracts (GBP) |
|
June 2013 |
|
7,323,924 |
|
7,580,171 |
|
256,247 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 75 contracts (EUR) |
|
June 2013 |
|
$ |
(13,785,919 |
) |
$ |
(13,987,226 |
) |
$ |
(201,307 |
) |
Euro-Buxl, 5 contracts (EUR) |
|
June 2013 |
|
(855,868 |
) |
(868,197 |
) |
(12,329 |
) | |||
Long Gilt, 10 contracts (GBP) |
|
June 2013 |
|
(1,745,882 |
) |
(1,804,803 |
) |
(58,921 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,434,690 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional amount |
|
Termination |
|
Payments made by the |
|
Payments received by the |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
DB |
|
EUR |
|
32,600,000 |
|
11/01/21 |
|
2.698 |
% |
6 month EURIBOR |
|
$ |
|
|
$ |
(4,513,228 |
) |
$ |
(4,513,228 |
) |
GSI |
|
EUR |
|
31,200,000 |
|
06/21/21 |
|
6 month EURIBOR |
|
3.325 |
% |
|
|
6,911,140 |
|
6,911,140 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,397,912 |
|
$ |
2,397,912 |
| |
Credit default swaps on corporate issues buy protection12
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
Solvay SA bond, 4.625%, due 06/27/18 |
|
EUR |
|
390,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
(7,587 |
) |
$ |
(1,871 |
) |
$ |
(9,458 |
) |
BB |
|
Next PLC bond, 5.375%, due 10/26/21 |
|
EUR |
|
370,000 |
|
03/20/18 |
|
1.000 |
|
(4,014 |
) |
(14 |
) |
(4,028 |
) | |||
BB |
|
St-Gobain Nederland B.V., 5.000%, due 04/25/14 |
|
EUR |
|
385,000 |
|
06/20/18 |
|
1.000 |
|
(13,457 |
) |
13,330 |
|
(127 |
) | |||
CITI |
|
Imperial Tobacco Group PLC bond, 6.250%, due 12/04/18 |
|
EUR |
|
1,020,000 |
|
03/20/18 |
|
1.000 |
|
(2,529 |
) |
(9,262 |
) |
(11,791 |
) | |||
CSI |
|
Lloyds TSB Bank PLC, 3.375%, due 04/20/15 |
|
EUR |
|
800,000 |
|
12/20/17 |
|
3.000 |
|
72,732 |
|
(62,507 |
) |
10,225 |
| |||
CSI |
|
Cox Communication, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
|
490,000 |
|
06/20/17 |
|
1.000 |
|
11,195 |
|
(14,290 |
) |
(3,095 |
) | |||
GSI |
|
Solvay SA bond, 4.625%, due 06/27/18 |
|
EUR |
|
390,000 |
|
06/20/17 |
|
1.000 |
|
(7,783 |
) |
(1,871 |
) |
(9,654 |
) | |||
GSI |
|
ConAgra Foods, Inc. bond, 7.000%, due 10/01/28 |
|
USD |
|
485,000 |
|
03/20/17 |
|
1.000 |
|
7,802 |
|
(11,161 |
) |
(3,359 |
) | |||
GSI |
|
Cox Communication, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
|
490,000 |
|
06/20/17 |
|
1.000 |
|
9,414 |
|
(14,190 |
) |
(4,776 |
) | |||
JPMCB |
|
Banco Santander SA bond, 3.000%, due 08/09/13 |
|
EUR |
|
800,000 |
|
12/20/16 |
|
3.000 |
|
(28,602 |
) |
(2,894 |
) |
(31,496 |
) | |||
JPMCB |
|
Bayer AG bond, 5.625%, due 05/23/18 |
|
EUR |
|
780,000 |
|
03/20/18 |
|
1.000 |
|
16,413 |
|
(22,429 |
) |
(6,016 |
) | |||
JPMCB |
|
Deutsche Bank AG, 5.125%, due 08/31/17 |
|
EUR |
|
375,000 |
|
03/20/20 |
|
1.000 |
|
950 |
|
13,442 |
|
14,392 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
54,534 |
|
$ |
(113,717 |
) |
$ |
(59,183 |
) |
Credit default swaps on credit indices sell protection14
Counterparty |
|
Referenced Index13 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| |||||
CITI |
|
CDX.NA.HY.Series 20 Index |
|
USD |
|
30,300,000 |
|
06/20/18 |
|
5.000 |
% |
$ |
(849,958 |
) |
$ |
963,769 |
|
$ |
113,811 |
|
4.313 |
% |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
Credit default swaps on corporate issues sell protection14
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| |||||
BB |
|
RWE AG bond, 5.750%, due 02/14/33 |
|
EUR |
|
950,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
3,560 |
|
$ |
11,459 |
|
$ |
15,019 |
|
0.780 |
% |
BB |
|
Tesco PLC bond, 6.000%, due 12/14/29 |
|
EUR |
|
370,000 |
|
03/20/18 |
|
1.000 |
|
673 |
|
3,972 |
|
4,645 |
|
0.833 |
| |||
BB |
|
Bouygues S.A., 4.750%, due 05/24/16 |
|
EUR |
|
385,000 |
|
06/20/18 |
|
1.000 |
|
14,186 |
|
(12,187 |
) |
1,999 |
|
1.501 |
| |||
CSI |
|
Barclays Bank PLC bond, 1.551%, due 10/27/15 |
|
EUR |
|
800,000 |
|
12/20/17 |
|
1.000 |
|
16,158 |
|
(24,231 |
) |
(8,073 |
) |
1.529 |
| |||
GSI |
|
Procter & Gamble Co. bond, 4.950%, due 08/15/14 |
|
USD |
|
485,000 |
|
03/20/17 |
|
1.000 |
|
(8,749 |
) |
14,121 |
|
5,372 |
|
0.272 |
| |||
GSI |
|
Xerox Corp. bond, 6.350%, due 05/15/18 |
|
USD |
|
510,000 |
|
06/20/17 |
|
1.000 |
|
23,215 |
|
(5,723 |
) |
17,492 |
|
1.278 |
| |||
JPMCB |
|
Linde Finance BV bond, 5.875, due 04/24/23 |
|
EUR |
|
780,000 |
|
03/20/18 |
|
1.000 |
|
(18,376 |
) |
21,817 |
|
3,441 |
|
0.558 |
| |||
JPMCB |
|
Barclays Bank PLC bond, 1.551%, due 10/27/15 |
|
EUR |
|
375,000 |
|
03/20/20 |
|
1.000 |
|
7,787 |
|
(24,708 |
) |
(16,921 |
) |
1.819 |
| |||
JPMCB |
|
Xerox Corp. bond, 6.350%, due 05/15/18 |
|
USD |
|
510,000 |
|
06/20/17 |
|
1.000 |
|
22,848 |
|
(5,723 |
) |
17,125 |
|
1.278 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,302 |
|
$ |
(21,203 |
) |
$ |
40,099 |
|
|
|
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
FTSE 100 Index, 312 contracts, strike @ GBP 6,900 |
|
December 2013 |
|
$ |
404,537 |
|
$ |
(270,219 |
) |
NIKKEI 225 Index, 117 contracts, strike @ JPY 13,000 |
|
December 2013 |
|
761,228 |
|
(708,451 |
) | ||
S&P 500 Index, 194 contracts, strike @ USD 1,600 |
|
December 2013 |
|
880,275 |
|
(1,006,860 |
) | ||
Total options written |
|
|
|
$ |
2,046,040 |
|
$ |
(1,985,530 |
) |
Written option activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
|
|
contracts |
|
received |
| |
Options outstanding at June 30, 2012 |
|
|
|
$ |
|
|
Options written |
|
1,696 |
|
2,818,822 |
| |
Options terminated in closing purchase transactions |
|
(1,073 |
) |
(772,782 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2013 |
|
623 |
|
$ |
2,046,040 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
183,646,782 |
|
$ |
|
|
$ |
183,646,782 |
|
Collateralized debt obligation |
|
|
|
|
|
8,000 |
|
8,000 |
| ||||
Mortgage & agency debt securities |
|
|
|
27,457 |
|
|
|
27,457 |
| ||||
Short-term investment |
|
|
|
75,937,825 |
|
|
|
75,937,825 |
| ||||
Options purchased |
|
9,413,958 |
|
|
|
|
|
9,413,958 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
209,000 |
|
|
|
209,000 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(309,048 |
) |
|
|
(309,048 |
) | ||||
Futures contracts, net |
|
(1,434,690 |
) |
|
|
|
|
(1,434,690 |
) | ||||
Swap agreements, net |
|
|
|
3,226,761 |
|
|
|
3,226,761 |
| ||||
Options written |
|
(1,985,530 |
) |
|
|
|
|
(1,985,530 |
) | ||||
Total |
|
$ |
5,993,738 |
|
$ |
262,738,777 |
|
$ |
8,000 |
|
$ |
268,740,515 |
|
1 At March 31, 2013, securities valued at $(188,392) were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
|
|
Collateralized |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
0 |
|
$ |
0 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
(2,833 |
) |
(2,833 |
) | ||
Total realized gain |
|
|
|
|
| ||
Change in net unrealized appreciation/depreciation |
|
10,833 |
|
10,833 |
| ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
8,000 |
|
$ |
8,000 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2013 was 10,833.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2013 (unaudited)
Portfolio footnotes
* |
|
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, 2013, the value of these securities amounted to $23,445,328 or 7.77% of net assets. |
2 |
|
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2013 and changes periodically. |
3 |
|
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, 2013, the value of these securities amounted to $3,987,616 or 1.32% of net assets. |
4 |
|
Perpetual bond security. The maturity date reflects the next call date. |
5 |
|
Security, or portion thereof, was on loan at March 31, 2013. |
6 |
|
Amount represents less than 0.005%. |
7 |
|
Security is illiquid. At March 31, 2013, the value of this security and other illiquid derivative instruments amounted to $8,000 or 0.00% of net assets. |
8 |
|
This security, which represents 0.00% of net assets as of March 31, 2013, is considered restricted. (See restricted security table below for more information.) |
Restricted security |
|
Acquisition |
|
Acquisition |
|
Acquisition |
|
Value 03/31/13 |
|
Value as a |
| ||
LNR CDO Ltd., |
|
11/03/06 |
|
$ |
8,138,056 |
|
2.70 |
% |
$ |
8,000 |
|
0.00 |
% |
9 |
|
Security is in default. |
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 Fund. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
60,522,059 |
|
$ |
102,525,973 |
|
$ |
87,110,207 |
|
$ |
75,937,825 |
|
$ |
90,337 |
|
UBS Private Money Market Fund LLCa |
|
1,319,990 |
|
5,740,813 |
|
6,851,803 |
|
209,000 |
|
289 |
| |||||
|
|
$ |
61,842,049 |
|
$ |
108,266,786 |
|
$ |
93,962,010 |
|
$ |
76,146,825 |
|
$ |
90,626 |
|
a The adviser does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
11 |
|
Payments made or received are based on the notional amount. |
12 |
|
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. |
13 |
|
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
14 |
|
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. |
15 |
|
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. Credit spread are unaudited. |
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
1.01 |
% |
Airlines |
|
0.46 |
|
Auto components |
|
0.45 |
|
Automobiles |
|
0.75 |
|
Beverages |
|
1.08 |
|
Biotechnology |
|
0.90 |
|
Building products |
|
0.26 |
|
Capital markets |
|
0.93 |
|
Chemicals |
|
1.35 |
|
Commercial banks |
|
3.05 |
|
Commercial services & supplies |
|
0.12 |
|
Communications equipment |
|
0.38 |
|
Computers & peripherals |
|
1.05 |
|
Construction & engineering |
|
0.25 |
|
Construction materials |
|
0.49 |
|
Consumer finance |
|
0.14 |
|
Diversified financial services |
|
1.02 |
|
Diversified telecommunication services |
|
0.55 |
|
Electric utilities |
|
0.57 |
|
Electrical equipment |
|
0.31 |
|
Electronic equipment, instruments & components |
|
0.11 |
|
Energy equipment & services |
|
0.98 |
|
Food & staples retailing |
|
0.47 |
|
Food products |
|
1.31 |
|
Gas utilities |
|
0.31 |
|
Health care equipment & supplies |
|
0.34 |
|
Health care providers & services |
|
0.80 |
|
Hotels, restaurants & leisure |
|
0.61 |
|
Household durables |
|
0.08 |
|
Household products |
|
0.11 |
|
Industrial conglomerates |
|
0.72 |
|
Insurance |
|
1.98 |
|
Internet & catalog retail |
|
0.69 |
|
Internet software & services |
|
0.88 |
|
IT services |
|
1.03 |
|
Leisure equipment & products |
|
0.23 |
|
Life sciences tools & services |
|
0.22 |
|
Machinery |
|
1.28 |
|
Marine |
|
0.05 |
|
Media |
|
1.01 |
|
Metals & mining |
|
1.20 |
|
Multiline retail |
|
0.42 |
|
Multi-utilities |
|
0.35 |
|
Oil, gas & consumable fuels |
|
2.47 |
|
Paper & forest products |
|
0.28 |
|
Personal products |
|
0.44 |
|
Pharmaceuticals |
|
2.05 |
|
Professional services |
|
0.43 |
|
Real estate investment trust (REIT) |
|
0.41 |
|
Real estate management & development |
|
0.39 |
|
Road & rail |
|
0.63 |
|
Semiconductors & semiconductor equipment |
|
1.07 |
|
Software |
|
1.74 |
|
Specialty retail |
|
0.07 |
|
Textiles, apparel & luxury goods |
|
1.08 |
|
Tobacco |
|
0.74 |
|
Trading companies & distributors |
|
0.64 |
|
Wireless telecommunication services |
|
1.38 |
|
Total common stocks |
|
44.12 |
% |
Preferred stock |
|
0.25 |
|
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Bonds |
|
|
|
Mortgage & agency debt securities |
|
0.14 |
% |
US government obligations |
|
3.60 |
|
Non-US government obligations |
|
6.83 |
|
Total bonds |
|
10.57 |
% |
Investment companies |
|
|
|
iShares iBoxx $ High Yield Corporate Bond Fund |
|
1.03 |
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
2.00 |
|
UBS Credit Bond Relationship Fund |
|
5.13 |
|
UBS Emerging Markets Equity Relationship Fund |
|
7.34 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
2.66 |
|
UBS Global Corporate Bond Relationship Fund |
|
6.22 |
|
UBS High Yield Relationship Fund |
|
5.18 |
|
Total investment companies |
|
29.56 |
% |
Warrant |
|
0.03 |
|
Short-term investment |
|
12.58 |
|
Investment of cash collateral from securities loaned |
|
2.89 |
|
Total investments |
|
100.00 |
% |
Liabilities, in excess of cash and other assets |
|
0.00 |
2 |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Global Allocation Fund (excluding derivatives exposure). Figures might be different if a breakdown of the affiliated underlying investment companies and derivatives exposure was included.
2 Amount represents less than 0.005%.
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks44.12% |
|
|
|
|
| |
Australia0.95% |
|
|
|
|
| |
Australia & New Zealand Banking Group Ltd. |
|
101,891 |
|
$ |
3,026,571 |
|
Orica Ltd. |
|
85,343 |
|
2,172,501 |
| |
Westfield Group |
|
181,183 |
|
2,046,730 |
| |
Total Australia common stocks |
|
|
|
7,245,802 |
| |
|
|
|
|
|
| |
Brazil0.28% |
|
|
|
|
| |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR1 |
|
6,300 |
|
335,664 |
| |
Cia de Bebidas das Americas ADR |
|
2,800 |
|
118,524 |
| |
Cosan Ltd., Class A |
|
13,400 |
|
261,300 |
| |
Itau Unibanco Holding SA ADR |
|
22,100 |
|
393,380 |
| |
JHSF Participacoes SA |
|
58,800 |
|
224,055 |
| |
Lojas Renner SA |
|
7,800 |
|
291,890 |
| |
Minerva SA |
|
20,800 |
|
134,841 |
| |
Vale SA ADR |
|
20,500 |
|
354,445 |
| |
Total Brazil common stocks |
|
|
|
2,114,099 |
| |
|
|
|
|
|
| |
Canada1.61% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
92,500 |
|
1,906,728 |
| |
Lululemon Athletica, Inc.*1 |
|
20,100 |
|
1,253,235 |
| |
PetroBakken Energy Ltd.1 |
|
115,915 |
|
1,007,560 |
| |
Petrobank Energy & Resources Ltd.*1 |
|
101,000 |
|
69,597 |
| |
Petrominerales Ltd.1 |
|
75,158 |
|
457,229 |
| |
Royal Bank of Canada |
|
59,700 |
|
3,596,633 |
| |
Suncor Energy, Inc. |
|
87,000 |
|
2,606,960 |
| |
Teck Resources Ltd., Class B |
|
49,100 |
|
1,382,350 |
| |
Total Canada common stocks |
|
|
|
12,280,292 |
| |
|
|
|
|
|
| |
China1.44% |
|
|
|
|
| |
AAC Technologies Holdings, Inc. |
|
58,000 |
|
278,697 |
| |
AIA Group Ltd. |
|
756,717 |
|
3,314,424 |
| |
Anhui Conch Cement Co., Ltd., H Shares |
|
39,000 |
|
129,371 |
| |
Brilliance China Automotive Holdings Ltd.* |
|
508,000 |
|
596,835 |
| |
China Liansu Group Holdings Ltd. |
|
258,600 |
|
146,581 |
| |
China Lumena New Materials Corp. |
|
238,000 |
|
51,202 |
| |
China Overseas Land & Investment Ltd. |
|
68,000 |
|
187,464 |
| |
China Shipping Container Lines Co., Ltd., H Shares* |
|
1,307,000 |
|
353,582 |
| |
China ZhengTong Auto Services Holdings Ltd.* |
|
568,500 |
|
371,308 |
| |
Dongfang Electric Corp. Ltd., H Shares |
|
22,000 |
|
36,447 |
| |
Dongyue Group |
|
71,000 |
|
41,159 |
| |
Evergrande Real Estate Group Ltd. |
|
589,000 |
|
237,495 |
| |
Harbin Electric Co., Ltd., H Shares |
|
125,800 |
|
102,260 |
| |
Jardine Matheson Holdings Ltd. |
|
44,800 |
|
2,916,480 |
| |
Kingboard Chemical Holdings Ltd. |
|
48,500 |
|
138,080 |
| |
Lee & Man Paper Manufacturing Ltd. |
|
713,000 |
|
558,456 |
| |
Nine Dragons Paper Holdings Ltd.1 |
|
856,000 |
|
803,890 |
| |
Shanghai Electric Group Co., Ltd., H Shares |
|
108,000 |
|
42,017 |
| |
Shimao Property Holdings Ltd. |
|
158,500 |
|
304,236 |
| |
Tencent Holdings Ltd. |
|
8,700 |
|
276,605 |
| |
Vipshop Holdings Ltd. ADR* |
|
4,700 |
|
142,739 |
| |
Total China common stocks |
|
|
|
11,029,328 |
| |
|
|
|
|
|
| |
Denmark0.23% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
29,535 |
|
1,787,923 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Finland0.50% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
99,903 |
|
$ |
3,841,820 |
|
|
|
|
|
|
| |
France0.69% |
|
|
|
|
| |
Carrefour SA |
|
113,136 |
|
3,096,974 |
| |
Schneider Electric SA |
|
30,272 |
|
2,211,838 |
| |
Total France common stocks |
|
|
|
5,308,812 |
| |
|
|
|
|
|
| |
Germany2.39% |
|
|
|
|
| |
Bayer AG |
|
29,413 |
|
3,033,965 |
| |
Beiersdorf AG |
|
13,513 |
|
1,247,851 |
| |
Deutsche Bank AG |
|
54,225 |
|
2,114,095 |
| |
E.ON SE |
|
102,908 |
|
1,796,650 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
18,193 |
|
1,227,834 |
| |
HeidelbergCement AG |
|
35,997 |
|
2,586,763 |
| |
Infineon Technologies AG |
|
261,080 |
|
2,061,539 |
| |
MAN SE |
|
11,966 |
|
1,286,450 |
| |
SAP AG |
|
35,849 |
|
2,872,065 |
| |
Total Germany common stocks |
|
|
|
18,227,212 |
| |
|
|
|
|
|
| |
India0.09% |
|
|
|
|
| |
HDFC Bank Ltd. ADR |
|
10,700 |
|
400,394 |
| |
ICICI Bank Ltd. ADR |
|
6,900 |
|
296,010 |
| |
Total India common stocks |
|
|
|
696,404 |
| |
|
|
|
|
|
| |
Indonesia0.29% |
|
|
|
|
| |
Alam Sutera Realty Tbk PT |
|
5,158,000 |
|
567,951 |
| |
Astra International Tbk PT |
|
47,500 |
|
38,616 |
| |
Bank Rakyat Indonesia Persero Tbk PT |
|
606,000 |
|
545,665 |
| |
Lippo Karawaci Tbk PT |
|
1,080,000 |
|
152,261 |
| |
Media Nusantara Citra Tbk PT |
|
621,500 |
|
180,678 |
| |
Perusahaan Gas Negara Persero Tbk PT |
|
571,000 |
|
349,622 |
| |
Semen Indonesia Persero Tbk PT |
|
134,500 |
|
244,986 |
| |
Wijaya Karya Persero Tbk PT |
|
673,500 |
|
140,348 |
| |
Total Indonesia common stocks |
|
|
|
2,220,127 |
| |
|
|
|
|
|
| |
Ireland0.23% |
|
|
|
|
| |
Ryanair Holdings PLC ADR |
|
42,400 |
|
1,771,472 |
| |
|
|
|
|
|
| |
Israel0.31% |
|
|
|
|
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
59,516 |
|
2,361,595 |
| |
|
|
|
|
|
| |
Italy0.36% |
|
|
|
|
| |
Fiat Industrial SpA |
|
244,187 |
|
2,745,107 |
| |
|
|
|
|
|
| |
Japan4.63% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
263,000 |
|
1,818,803 |
| |
Bridgestone Corp. |
|
97,800 |
|
3,272,640 |
| |
ITOCHU Corp. |
|
277,700 |
|
3,389,571 |
| |
KDDI Corp. |
|
64,800 |
|
2,701,864 |
| |
Mitsubishi Corp. |
|
79,500 |
|
1,486,376 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
548,000 |
|
3,283,285 |
| |
ORIX Corp. |
|
238,200 |
|
3,026,369 |
| |
Sankyo Co., Ltd. |
|
38,100 |
|
1,780,847 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
43,700 |
|
2,882,849 |
| |
THK Co., Ltd. |
|
113,400 |
|
2,235,836 |
| |
Tokio Marine Holdings, Inc. |
|
96,800 |
|
2,780,551 |
| |
Tokyo Gas Co., Ltd. |
|
370,000 |
|
1,996,707 |
| |
Toyota Motor Corp. |
|
92,200 |
|
4,725,819 |
| |
Total Japan common stocks |
|
|
|
35,381,517 |
| |
|
|
|
|
|
| |
Luxembourg0.14% |
|
|
|
|
| |
ArcelorMittal |
|
83,431 |
|
1,074,808 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Macau0.20% |
|
|
|
|
| |
Melco Crown Entertainment Ltd. ADR* |
|
41,800 |
|
$ |
975,612 |
|
Sands China Ltd. |
|
102,400 |
|
530,960 |
| |
Total Macau common stocks |
|
|
|
1,506,572 |
| |
|
|
|
|
|
| |
Malaysia0.09% |
|
|
|
|
| |
Axiata Group Bhd |
|
215,000 |
|
459,648 |
| |
Sapurakencana Petroleum Bhd* |
|
268,700 |
|
260,326 |
| |
Total Malaysia common stocks |
|
|
|
719,974 |
| |
|
|
|
|
|
| |
Mexico0.30% |
|
|
|
|
| |
Alsea SAB de CV |
|
136,000 |
|
390,665 |
| |
Cemex SAB de CV ADR* |
|
63,800 |
|
778,998 |
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
105,000 |
|
838,881 |
| |
Grupo Televisa SAB ADR |
|
9,900 |
|
263,439 |
| |
Total Mexico common stocks |
|
|
|
2,271,983 |
| |
|
|
|
|
|
| |
Netherlands1.08% |
|
|
|
|
| |
Heineken NV |
|
40,798 |
|
3,075,059 |
| |
Koninklijke DSM NV |
|
45,365 |
|
2,640,643 |
| |
NXP Semiconductor NV* |
|
20,100 |
|
608,226 |
| |
Wolters Kluwer NV |
|
88,698 |
|
1,936,837 |
| |
Total Netherlands common stocks |
|
|
|
8,260,765 |
| |
|
|
|
|
|
| |
Norway0.71% |
|
|
|
|
| |
Statoil ASA |
|
64,871 |
|
1,568,255 |
| |
Telenor ASA |
|
177,417 |
|
3,878,980 |
| |
Total Norway common stocks |
|
|
|
5,447,235 |
| |
|
|
|
|
|
| |
Philippines0.29% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
1,326,000 |
|
687,206 |
| |
Bloomberry Resorts Corp.* |
|
649,500 |
|
226,633 |
| |
Megaworld Corp. |
|
4,875,000 |
|
464,684 |
| |
Metropolitan Bank & Trust |
|
184,562 |
|
529,129 |
| |
SM Investments Corp. |
|
12,075 |
|
329,910 |
| |
Total Philippines common stocks |
|
|
|
2,237,562 |
| |
|
|
|
|
|
| |
Russia0.02% |
|
|
|
|
| |
Uralkali OJSC GDR2 |
|
3,254 |
|
120,007 |
| |
|
|
|
|
|
| |
Singapore0.08% |
|
|
|
|
| |
Avago Technologies Ltd. |
|
17,400 |
|
625,008 |
| |
|
|
|
|
|
| |
South Africa0.05% |
|
|
|
|
| |
Life Healthcare Group Holdings Ltd. |
|
57,063 |
|
214,716 |
| |
Shoprite Holdings Ltd. |
|
9,460 |
|
188,062 |
| |
Total South Africa common stocks |
|
|
|
402,778 |
| |
|
|
|
|
|
| |
South Korea0.29% |
|
|
|
|
| |
Able C&C Co., Ltd. |
|
4,816 |
|
375,715 |
| |
Amorepacific Corp. |
|
218 |
|
183,397 |
| |
Hyundai Heavy Industries Co., Ltd. |
|
1,007 |
|
193,689 |
| |
Hyundai Motor Co. |
|
1,467 |
|
294,692 |
| |
Kangwon Land, Inc. |
|
8,820 |
|
243,767 |
| |
Korean Air Lines Co., Ltd.* |
|
1,150 |
|
41,965 |
| |
LG Chem Ltd. |
|
832 |
|
198,166 |
| |
Samsung Electronics Co., Ltd. |
|
482 |
|
654,161 |
| |
Total South Korea common stocks |
|
|
|
2,185,552 |
| |
|
|
|
|
|
| |
Spain0.12% |
|
|
|
|
| |
Acciona SA1 |
|
16,458 |
|
897,242 |
| |
|
|
|
|
|
| |
Sweden0.17% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
58,987 |
|
1,276,314 |
| |
|
|
|
|
|
| |
Switzerland2.15% |
|
|
|
|
| |
Credit Suisse Group AG* |
|
88,599 |
|
2,324,872 |
| |
Nestle SA |
|
79,427 |
|
5,743,878 |
| |
Novartis AG |
|
82,405 |
|
|
5,855,069 |
|
SGS SA |
|
1,034 |
|
2,535,713 |
| |
Total Switzerland common stocks |
|
|
|
16,459,532 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Taiwan0.28% |
|
|
|
|
| |
Largan Precision Co., Ltd. |
|
28,000 |
|
$ |
730,374 |
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
56,100 |
|
964,359 |
| |
Uni-President Enterprises Corp. |
|
236,778 |
|
448,969 |
| |
Total Taiwan common stocks |
|
|
|
2,143,702 |
| |
|
|
|
|
|
| |
Thailand0.29% |
|
|
|
|
| |
Home Product Center PCL |
|
248,440 |
|
142,523 |
| |
Jasmine International PCL |
|
1,534,300 |
|
343,168 |
| |
Land and Houses PCL NVDR |
|
621,300 |
|
271,560 |
| |
LPN Development PCL |
|
324,900 |
|
280,134 |
| |
Minor International PCL |
|
132,300 |
|
110,683 |
| |
Pruksa Real Estate PCL |
|
132,800 |
|
136,042 |
| |
Sri Trang Agro-Industry PCL |
|
349,300 |
|
192,034 |
| |
Supalai PCL |
|
178,800 |
|
126,995 |
| |
Thanachart Capital PCL |
|
162,500 |
|
248,314 |
| |
Tisco Financial Group PCL |
|
192,500 |
|
363,177 |
| |
Total Thailand common stocks |
|
|
|
2,214,630 |
| |
|
|
|
|
|
| |
Turkey0.10% |
|
|
|
|
| |
Turk Hava Yollari* |
|
177,983 |
|
727,947 |
| |
|
|
|
|
|
| |
United Kingdom4.86% |
|
|
|
|
| |
Barclays PLC |
|
541,139 |
|
2,393,933 |
| |
BP PLC |
|
715,326 |
|
4,998,663 |
| |
HSBC Holdings PLC |
|
496,944 |
|
5,304,448 |
| |
Imperial Tobacco Group PLC |
|
106,164 |
|
3,708,537 |
| |
Prudential PLC |
|
169,401 |
|
2,741,271 |
| |
Rio Tinto PLC |
|
64,980 |
|
3,045,940 |
| |
SABMiller PLC |
|
79,628 |
|
4,191,120 |
| |
Sage Group PLC |
|
488,017 |
|
2,541,180 |
| |
SSE PLC |
|
88,331 |
|
1,991,744 |
| |
Vodafone Group PLC |
|
1,325,836 |
|
3,759,134 |
| |
Xstrata PLC |
|
154,098 |
|
2,500,660 |
| |
Total United Kingdom common stocks |
|
|
|
37,176,630 |
| |
|
|
|
|
|
| |
United States18.90% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
18,400 |
|
589,352 |
| |
Adobe Systems, Inc.* |
|
39,100 |
|
1,701,241 |
| |
Aegerion Pharmaceuticals, Inc.* |
|
10,300 |
|
415,502 |
| |
Agilent Technologies, Inc. |
|
29,200 |
|
1,225,524 |
| |
Allergan, Inc. |
|
20,900 |
|
2,333,067 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
19,200 |
|
467,904 |
| |
Amazon.com, Inc.* |
|
12,000 |
|
3,197,880 |
| |
American Capital Agency Corp. |
|
19,100 |
|
626,098 |
| |
Apple, Inc. |
|
13,950 |
|
6,174,688 |
| |
Archer-Daniels-Midland Co. |
|
31,200 |
|
1,052,376 |
| |
Atmel Corp.* |
|
93,800 |
|
652,848 |
| |
Baker Hughes, Inc. |
|
26,800 |
|
1,243,788 |
| |
Baxter International, Inc. |
|
17,300 |
|
1,256,672 |
| |
Biogen Idec, Inc.* |
|
7,300 |
|
1,408,243 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
3,700 |
|
466,200 |
| |
Boeing Co. |
|
20,400 |
|
1,751,340 |
| |
Broadcom Corp., Class A |
|
21,300 |
|
738,471 |
| |
Cabot Oil & Gas Corp. |
|
14,200 |
|
960,062 |
| |
Cardinal Health, Inc. |
|
48,400 |
|
2,014,408 |
| |
Citigroup, Inc. |
|
50,420 |
|
2,230,581 |
| |
Coach, Inc. |
|
18,500 |
|
924,815 |
| |
Colgate-Palmolive Co. |
|
7,100 |
|
838,013 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
| |
Comcast Corp., Class A |
|
40,300 |
|
$ |
1,693,003 |
|
Concho Resources, Inc.* |
|
12,600 |
|
1,227,618 |
| |
Crown Castle International Corp.* |
|
17,700 |
|
1,232,628 |
| |
Cubist Pharmaceuticals, Inc.* |
|
8,800 |
|
412,016 |
| |
Cummins, Inc. |
|
9,900 |
|
1,146,519 |
| |
Danaher Corp. |
|
25,900 |
|
1,609,685 |
| |
Digital Realty Trust, Inc. |
|
6,700 |
|
448,297 |
| |
Discover Financial Services |
|
18,900 |
|
847,476 |
| |
Dollar General Corp.* |
|
40,100 |
|
2,028,258 |
| |
Dow Chemical Co. |
|
31,100 |
|
990,224 |
| |
eBay, Inc.* |
|
39,100 |
|
2,120,002 |
| |
Edison International |
|
12,400 |
|
623,968 |
| |
EOG Resources, Inc. |
|
8,700 |
|
1,114,209 |
| |
Estee Lauder Cos., Inc., Class A |
|
25,100 |
|
1,607,153 |
| |
Facebook, Inc., Class A* |
|
60,400 |
|
1,545,032 |
| |
Fidelity National Information Services, Inc. |
|
23,600 |
|
935,032 |
| |
First Cash Financial Services, Inc.* |
|
4,500 |
|
262,530 |
| |
FMC Technologies, Inc.* |
|
28,100 |
|
1,528,359 |
| |
Freescale Semiconductor Ltd.*1 |
|
20,900 |
|
311,201 |
| |
General Dynamics Corp. |
|
28,700 |
|
2,023,637 |
| |
Gilead Sciences, Inc.* |
|
60,300 |
|
2,950,479 |
| |
Google, Inc., Class A* |
|
3,500 |
|
2,779,105 |
| |
Halliburton Co. |
|
41,200 |
|
1,664,892 |
| |
Hertz Global Holdings, Inc.* |
|
67,700 |
|
1,507,002 |
| |
Hess Corp. |
|
19,900 |
|
1,425,039 |
| |
Hospira, Inc.* |
|
20,000 |
|
656,600 |
| |
IHS, Inc., Class A* |
|
7,300 |
|
764,456 |
| |
Illinois Tool Works, Inc. |
|
36,000 |
|
2,193,840 |
| |
Impax Laboratories, Inc.* |
|
23,000 |
|
355,120 |
| |
Informatica Corp.* |
|
20,500 |
|
706,635 |
| |
IntercontinentalExchange, Inc.* |
|
5,700 |
|
929,499 |
| |
International Paper Co. |
|
18,700 |
|
871,046 |
| |
Interpublic Group of Cos., Inc. |
|
51,000 |
|
664,530 |
| |
Intuitive Surgical, Inc.* |
|
1,740 |
|
854,671 |
| |
Invesco Ltd. |
|
31,900 |
|
923,824 |
| |
JPMorgan Chase & Co. |
|
34,000 |
|
1,613,640 |
| |
Kraft Foods Group, Inc. |
|
24,266 |
|
1,250,427 |
| |
Las Vegas Sands Corp. |
|
28,000 |
|
1,577,800 |
| |
Liberty Global, Inc., Class A*1 |
|
10,400 |
|
763,360 |
| |
Ligand Pharmaceuticals, Inc., Class B* |
|
25,000 |
|
666,250 |
| |
Lincoln National Corp. |
|
30,500 |
|
994,605 |
| |
Macys, Inc. |
|
20,900 |
|
874,456 |
| |
MasterCard, Inc., Class A |
|
3,100 |
|
1,677,503 |
| |
McDermott International, Inc.* |
|
56,000 |
|
615,440 |
| |
Medtronic, Inc. |
|
10,200 |
|
478,992 |
| |
MetLife, Inc. |
|
20,900 |
|
794,618 |
| |
MetroPCS Communications, Inc.* |
|
135,800 |
|
1,480,220 |
| |
Michael Kors Holdings Ltd.* |
|
30,400 |
|
1,726,416 |
| |
Micron Technology, Inc.* |
|
83,200 |
|
830,336 |
| |
Mohawk Industries, Inc.* |
|
5,400 |
|
610,848 |
| |
Mondelez International, Inc., Class A |
|
45,500 |
|
1,392,755 |
| |
Monster Beverage Corp.* |
|
18,200 |
|
868,868 |
| |
Morgan Stanley |
|
79,000 |
|
1,736,420 |
| |
NetApp, Inc.* |
|
54,600 |
|
1,865,136 |
| |
NextEra Energy, Inc. |
|
10,900 |
|
846,712 |
| |
NII Holdings, Inc.*1 |
|
207,500 |
|
898,475 |
| |
NIKE, Inc., Class B |
|
28,200 |
|
1,664,082 |
| |
Noble Corp. |
|
30,000 |
|
1,144,500 |
| |
Norfolk Southern Corp. |
|
21,800 |
|
1,680,344 |
| |
PG&E Corp. |
|
20,800 |
|
926,224 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
|
|
Philip Morris International, Inc. |
|
20,500 |
|
$ |
1,900,555 |
|
Precision Castparts Corp. |
|
9,900 |
|
1,877,238 |
| |
Priceline.com, Inc.* |
|
2,800 |
|
1,926,204 |
| |
Progressive Corp. |
|
30,300 |
|
765,681 |
| |
QUALCOMM, Inc. |
|
38,700 |
|
2,590,965 |
| |
Ralph Lauren Corp. |
|
15,200 |
|
2,573,512 |
| |
Salesforce.com, Inc.* |
|
9,200 |
|
1,645,236 |
| |
Salix Pharmaceuticals Ltd.* |
|
12,700 |
|
649,986 |
| |
Schlumberger Ltd. |
|
14,500 |
|
1,085,905 |
| |
ServiceNow, Inc.*1 |
|
21,400 |
|
774,680 |
| |
ServiceSource International, Inc.* |
|
117,300 |
|
829,311 |
| |
Sherwin-Williams Co. |
|
6,900 |
|
1,165,341 |
| |
Sirius XM Radio, Inc. |
|
115,200 |
|
354,816 |
| |
Skyworks Solutions, Inc.* |
|
28,300 |
|
623,449 |
| |
Spirit Airlines, Inc.* |
|
37,000 |
|
938,320 |
| |
Starbucks Corp. |
|
10,800 |
|
615,168 |
| |
Steel Dynamics, Inc. |
|
45,700 |
|
725,259 |
| |
Symantec Corp.* |
|
52,100 |
|
1,285,828 |
| |
Teradata Corp.* |
|
25,100 |
|
1,468,601 |
| |
Time Warner, Inc. |
|
14,200 |
|
818,204 |
| |
Union Pacific Corp. |
|
11,200 |
|
1,594,992 |
| |
United Technologies Corp. |
|
21,900 |
|
2,046,117 |
| |
UnitedHealth Group, Inc. |
|
46,300 |
|
2,648,823 |
| |
US Bancorp |
|
35,700 |
|
1,211,301 |
| |
Viacom, Inc., Class B |
|
16,700 |
|
1,028,219 |
| |
Visa, Inc., Class A |
|
17,500 |
|
2,972,200 |
| |
VMware, Inc., Class A* |
|
22,600 |
|
1,782,688 |
| |
Waste Management, Inc. |
|
24,200 |
|
948,882 |
| |
Wells Fargo & Co. |
|
25,300 |
|
935,847 |
| |
Zoetis, Inc.* |
|
12,700 |
|
424,180 |
| |
Total United States common stocks |
|
|
|
144,408,593 |
| |
Total common stocks (cost $296,872,080) |
|
|
|
337,168,344 |
| |
|
|
|
|
|
| |
Preferred stock0.25% |
|
|
|
|
| |
Germany0.25% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $1,673,351) |
|
9,505 |
|
1,888,518 |
|
|
|
Face |
|
|
| |
Bonds10.57% |
|
|
|
|
| |
Mortgage & agency debt securities0.14% |
|
|
|
|
| |
United States0.14% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp. |
|
|
|
|
| |
Gold Pools,3 |
|
|
|
|
| |
#G00194, 7.500%, |
|
|
|
|
| |
due 02/01/24 |
|
$ |
43,150 |
|
49,682 |
|
Government National Mortgage Association, |
|
|
|
|
| |
Series 2001-35, Class AZ, |
|
|
|
|
| |
6.500%, due 08/20/31 |
|
865,182 |
|
1,018,953 |
| |
Total mortgage & agency debt securities (cost $1,413,568) |
|
|
|
1,068,635 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
US government obligations3.60% |
|
|
|
|
| |||
US Treasury Bonds, |
|
|
|
|
| |||
2.750%, due 08/15/42 |
|
$ |
1,255,000 |
|
$ |
1,164,404 |
| |
2.750%, due 11/15/42 |
|
1,305,000 |
|
1,209,572 |
| |||
5.375%, due 02/15/31 |
|
1,500,000 |
|
2,086,641 |
| |||
6.250%, due 08/15/23 |
|
1,500,000 |
|
2,122,968 |
| |||
8.000%, due 11/15/21 |
|
1,960,000 |
|
2,986,550 |
| |||
US Treasury Notes, |
|
|
|
|
| |||
0.125%, due 12/31/141 |
|
5,205,000 |
|
5,196,053 |
| |||
0.250%, due 11/30/14 |
|
4,450,000 |
|
4,451,740 |
| |||
0.750%, due 12/31/171 |
|
4,145,000 |
|
4,150,504 |
| |||
1.625%, due 11/15/221 |
|
605,000 |
|
594,271 |
| |||
2.500%, due 04/30/15 |
|
725,000 |
|
758,531 |
| |||
3.125%, due 04/30/17 |
|
2,500,000 |
|
2,756,445 |
| |||
Total US government obligations (cost $26,383,268) |
|
|
|
27,477,679 |
| |||
|
|
|
|
|
| |||
Non-US government obligations6.83% |
|
|
|
|
| |||
Australia1.23% |
|
|
|
|
| |||
Government of Australia, |
|
|
|
|
| |||
5.750%, due 05/15/21 |
|
AUD |
7,715,000 |
|
9,411,727 |
| ||
|
|
|
|
|
| |||
Finland0.34% |
|
|
|
|
| |||
Government of Finland, |
|
|
|
|
| |||
4.375%, due 07/04/19 |
|
EUR |
1,702,000 |
|
2,638,868 |
| ||
|
|
|
|
|
| |||
France0.48% |
|
|
|
|
| |||
Government of France, |
|
|
|
|
| |||
3.750%, due 04/25/21 |
|
1,590,000 |
|
2,363,832 |
| |||
4.500%, due 04/25/41 |
|
810,000 |
|
1,299,514 |
| |||
|
|
|
|
3,663,346 |
| |||
Germany2.02% |
|
|
|
|
| |||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
1.500%, due 04/15/164 |
|
5,702,492 |
|
7,958,844 |
| |||
3.250%, due 07/04/21 |
|
2,835,000 |
|
4,294,968 |
| |||
4.000%, due 07/04/16 |
|
1,090,000 |
|
1,575,753 |
| |||
4.000%, due 01/04/37 |
|
920,000 |
|
1,583,685 |
| |||
|
|
|
|
15,413,250 |
| |||
Italy0.86% |
|
|
|
|
| |||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| |||
3.000%, due 04/15/15 |
|
2,050,000 |
|
2,665,633 |
| |||
4.250%, due 02/01/19 |
|
2,960,000 |
|
3,874,335 |
| |||
|
|
|
|
6,539,968 |
| |||
Sweden0.88% |
|
|
|
|
| |||
Kingdom of Sweden, |
|
|
|
|
| |||
4.250%, due 03/12/19 |
|
SEK |
22,385,000 |
|
3,987,808 |
| ||
5.000%, due 12/01/20 |
|
14,390,000 |
|
2,750,210 |
| |||
|
|
|
|
6,738,018 |
| |||
United Kingdom1.02% |
|
|
|
|
| |||
UK Gilts, |
|
|
|
|
| |||
3.750%, due 09/07/21 |
|
GBP |
2,905,000 |
|
5,194,323 |
| ||
4.250%, due 12/07/49 |
|
710,000 |
|
1,320,344 |
| |||
4.750%, due 12/07/38 |
|
655,000 |
|
1,303,493 |
| |||
|
|
|
|
7,818,160 |
| |||
Total Non-US government obligations (cost $51,042,498) |
|
|
|
52,223,337 |
| |||
Total bonds (cost $78,839,334) |
|
|
|
80,769,651 |
| |||
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies29.56% |
|
|
|
|
| |
iShares iBoxx $ High Yield Corporate Bond Fund1 |
|
83,600 |
|
$ |
7,887,660 |
|
iShares JPMorgan USD Emerging Markets Bond Fund1 |
|
130,100 |
|
15,282,847 |
| |
UBS Credit Bond Relationship Fund*5 |
|
2,327,094 |
|
39,221,772 |
| |
UBS Emerging Markets Equity Relationship Fund*5 |
|
1,489,932 |
|
56,084,926 |
| |
UBS Global (ex-U.S.) All Cap Growth Relationship Fund*5 |
|
1,448,724 |
|
20,284,159 |
| |
UBS Global Corporate Bond Relationship Fund*5 |
|
3,789,833 |
|
47,522,231 |
| |
UBS High Yield Relationship Fund*5 |
|
1,239,482 |
|
39,601,437 |
| |
Total investment companies (cost $188,681,779) |
|
|
|
225,885,032 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Warrant0.03% |
|
|
|
|
| |
Russia0.03% |
|
|
|
|
| |
Sberbank of Russia,strike @ USD 0.00001, expires 10/14/15*(cost $229,994) |
|
79,207 |
|
251,223 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment12.58% |
|
|
|
|
| |
Investment company12.58% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund5 (cost $96,106,676) |
|
96,106,676 |
|
96,106,676 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned2.89% |
|
|
|
|
| |
UBS Private Money Market Fund LLC,5 (cost $22,098,369) |
|
22,098,369 |
|
22,098,369 |
| |
Total investments100.00% (cost $684,501,583) |
|
|
|
764,167,813 |
| |
Cash and other assets, less liabilities0.00% |
|
|
|
32,883 |
| |
Net assets100.00% |
|
|
|
$ |
764,200,696 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
91,077,575 |
|
Gross unrealized depreciation |
|
(11,411,345 |
) | |
Net unrealized appreciation of investments |
|
$ |
79,666,230 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
BB |
|
CAD |
6,490,000 |
|
USD |
6,308,860 |
|
06/19/13 |
|
$ |
(68,485 |
) |
CSI |
|
USD |
26,484,759 |
|
EUR |
20,225,000 |
|
06/19/13 |
|
(544,558 |
) | |
JPMCB |
|
CZK |
175,890,000 |
|
USD |
9,026,481 |
|
06/19/13 |
|
274,406 |
| |
JPMCB |
|
EUR |
3,110,000 |
|
USD |
4,051,114 |
|
06/19/13 |
|
62,287 |
| |
JPMCB |
|
HKD |
43,660,000 |
|
USD |
5,629,073 |
|
06/19/13 |
|
2,494 |
| |
JPMCB |
|
IDR |
51,519,500,000 |
|
USD |
5,247,988 |
|
06/19/13 |
|
6 |
| |
JPMCB |
|
SEK |
22,830,000 |
|
USD |
3,526,344 |
|
06/19/13 |
|
28,796 |
| |
JPMCB |
|
THB |
114,000,000 |
|
USD |
3,877,815 |
|
06/19/13 |
|
3,806 |
| |
JPMCB |
|
USD |
3,100,120 |
|
GBP |
2,045,000 |
|
06/19/13 |
|
5,885 |
| |
JPMCB |
|
USD |
12,752,805 |
|
INR |
704,720,000 |
|
06/19/13 |
|
3,689 |
| |
JPMCB |
|
USD |
10,608,521 |
|
KRW |
11,628,000,000 |
|
06/19/13 |
|
(201,287 |
) | |
JPMCB |
|
USD |
8,851,916 |
|
PHP |
360,450,000 |
|
06/19/13 |
|
(14,108 |
) | |
JPMCB |
|
USD |
3,926,538 |
|
SGD |
4,865,000 |
|
06/19/13 |
|
(3,473 |
) | |
JPMCB |
|
USD |
7,148,924 |
|
ZAR |
63,950,000 |
|
06/19/13 |
|
(268,143 |
) | |
MSCI |
|
NOK |
73,110,000 |
|
USD |
12,772,537 |
|
06/19/13 |
|
293,830 |
| |
MSCI |
|
USD |
39,789,768 |
|
JPY |
3,660,400,000 |
|
06/19/13 |
|
(883,621 |
) | |
MSCI |
|
USD |
9,256,835 |
|
PLN |
29,695,000 |
|
06/19/13 |
|
(195,007 |
) | |
RBS |
|
AUD |
25,535,000 |
|
USD |
25,971,393 |
|
06/19/13 |
|
(457,356 |
) | |
RBS |
|
CHF |
7,231,546 |
|
EUR |
5,930,000 |
|
06/19/13 |
|
(19,846 |
) | |
RBS |
|
NZD |
37,310,000 |
|
USD |
30,692,325 |
|
06/19/13 |
|
(360,897 |
) | |
RBS |
|
USD |
15,819,931 |
|
MXN |
205,580,000 |
|
06/19/13 |
|
701,369 |
| |
Net unrealized depreciation on |
|
|
|
|
|
|
|
$ |
(1,640,213 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |
10 Year US Treasury Notes, 130 contracts (USD) |
|
June 2013 |
|
(17,079,600 |
) |
(17,157,969 |
) |
(78,369 |
) | |
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |
CAC 40 Euro Index, 184 contracts (EUR) |
|
April 2013 |
|
9,035,547 |
|
8,802,310 |
|
(233,237 |
) | |
DAX Index, 52 contracts (EUR) |
|
June 2013 |
|
13,333,665 |
|
12,998,792 |
|
(334,873 |
) | |
Dow Jones EURO STOXX 50 Index, 168 contracts (EUR) |
|
June 2013 |
|
5,720,422 |
|
5,500,059 |
|
(220,363 |
) | |
E-mini S&P 500 Index, 1,195 contracts (USD) |
|
June 2013 |
|
92,606,599 |
|
93,371,325 |
|
764,726 |
| |
FTSE 100 Index, 62 contracts (GBP) |
|
June 2013 |
|
6,080,323 |
|
5,983,017 |
|
(97,306 |
) | |
OMX Stockholm 30 Index, 627 contracts (SEK) |
|
April 2013 |
|
11,445,307 |
|
11,449,770 |
|
4,463 |
| |
SPI 200 Index, 112 contracts (AUD) |
|
June 2013 |
|
14,750,553 |
|
14,479,897 |
|
(270,656 |
) | |
TOPIX Index, 233 contracts (JPY) |
|
June 2013 |
|
24,605,675 |
|
25,754,130 |
|
1,148,455 |
| |
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |
E-mini NASDAQ 100 Index, 434 contracts (USD) |
|
June 2013 |
|
(24,209,418 |
) |
(24,399,480 |
) |
(190,062 |
) | |
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
492,778 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call option* |
|
|
|
|
|
|
| ||
NIKKEI 225 Index, 294 contracts, strike @ JPY 13,000.00 |
|
December 2013 |
|
$ |
1,977,338 |
|
$ |
(1,780,209 |
) |
Written options activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
|
|
|
|
|
| |
Options outstanding at June 30, 2012 |
|
|
|
$ |
|
|
Options written |
|
619 |
|
3,436,378 |
| |
Options terminated in closing purchase transactions |
|
(325 |
) |
(1,459,040 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2013 |
|
294 |
|
$ |
1,977,338 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
337,168,344 |
|
$ |
|
|
$ |
|
|
$ |
337,168,344 |
|
Preferred stock |
|
1,888,518 |
|
|
|
|
|
1,888,518 |
| ||||
Mortgage & agency debt securities |
|
|
|
1,068,635 |
|
|
|
1,068,635 |
| ||||
US government obligations |
|
|
|
27,477,679 |
|
|
|
27,477,679 |
| ||||
Non-US government obligations |
|
|
|
52,223,337 |
|
|
|
52,223,337 |
| ||||
Investment companies |
|
23,170,507 |
|
202,714,525 |
|
|
|
225,885,032 |
| ||||
Warrant |
|
251,223 |
|
|
|
|
|
251,223 |
| ||||
Short-term investment |
|
|
|
96,106,676 |
|
|
|
96,106,676 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
22,098,369 |
|
|
|
22,098,369 |
| ||||
Forward foreign currency contracts,net |
|
|
|
(1,640,213 |
) |
|
|
(1,640,213 |
) | ||||
Futures contracts,net |
|
492,778 |
|
|
|
|
|
492,778 |
| ||||
Options written |
|
(1,780,209 |
) |
|
|
|
|
(1,780,209 |
) | ||||
Total |
|
$ |
361,191,161 |
|
$ |
400,049,008 |
|
$ |
|
|
$ |
761,240,169 |
|
1 At March 31, 2013, securities valued at $149,120,821 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2013. |
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, 2013, the value of this security amounted to $120,007 or 0.02% of net assets. |
3 |
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. |
4 |
Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity. |
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/ |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
Net realized |
|
(depreciation) |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
gain during the |
|
during the |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
nine months |
|
nine months |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
ended |
|
ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
106,415,060 |
|
$ |
218,294,125 |
|
$ |
228,602,509 |
|
$ |
|
|
$ |
|
|
$ |
96,106,676 |
|
$ |
126,948 |
|
UBS Private Money Market Fund LLCa |
|
14,940,198 |
|
264,979,548 |
|
257,821,377 |
|
|
|
|
|
22,098,369 |
|
5,025 |
| |||||||
UBS Credit Bond Relationship Fund |
|
67,654,084 |
|
|
|
32,000,000 |
|
6,618,768 |
|
(3,051,080 |
) |
39,221,772 |
|
|
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
54,873,562 |
|
7,700,000 |
|
11,000,000 |
|
5,826,401 |
|
(1,315,037 |
) |
56,084,926 |
|
|
| |||||||
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
20,337,854 |
|
|
|
3,500,000 |
|
603,926 |
|
2,842,379 |
|
20,284,159 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
53,293,279 |
|
|
|
9,000,000 |
|
1,389,075 |
|
1,839,877 |
|
47,522,231 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
44,465,802 |
|
13,800,000 |
|
22,950,000 |
|
8,692,162 |
|
(4,406,527 |
) |
39,601,437 |
|
|
| |||||||
UBS Small-Cap Equity Relationship Fund |
|
20,206,469 |
|
|
|
23,356,704 |
|
11,726,535 |
|
(8,576,300 |
) |
|
|
|
| |||||||
|
|
$ |
382,186,308 |
|
$ |
504,773,673 |
|
$ |
588,230,590 |
|
$ |
34,856,867 |
|
$ |
(12,666,688 |
) |
$ |
320,919,570 |
|
$ |
131,973 |
|
a The advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS Global Frontier Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
0.92 |
% |
Airlines |
|
0.11 |
|
Beverages |
|
0.11 |
|
Biotechnology |
|
0.82 |
|
Capital markets |
|
0.29 |
|
Chemicals |
|
0.26 |
|
Commercial banks |
|
0.25 |
|
Commercial services & supplies |
|
0.11 |
|
Communications equipment |
|
0.33 |
|
Computers & peripherals |
|
0.97 |
|
Consumer finance |
|
0.10 |
|
Diversified financial services |
|
0.56 |
|
Electric utilities |
|
0.16 |
|
Energy equipment & services |
|
0.86 |
|
Food products |
|
0.42 |
|
Health care equipment & supplies |
|
0.29 |
|
Health care providers & services |
|
0.57 |
|
Hotels, restaurants & leisure |
|
0.27 |
|
Household durables |
|
0.08 |
|
Household products |
|
0.09 |
|
Industrial conglomerates |
|
0.20 |
|
Insurance |
|
0.30 |
|
Internet & catalog retail |
|
0.63 |
|
Internet software & services |
|
0.81 |
|
IT services |
|
0.95 |
|
Life sciences tools & services |
|
0.20 |
|
Machinery |
|
0.40 |
|
Media |
|
0.59 |
|
Metals & mining |
|
0.08 |
|
Multiline retail |
|
0.35 |
|
Multi-utilities |
|
0.11 |
|
Oil, gas & consumable fuels |
|
0.56 |
|
Paper & forest products |
|
0.10 |
|
Personal products |
|
0.20 |
|
Pharmaceuticals |
|
0.57 |
|
Professional services |
|
0.10 |
|
Real estate investment trust (REIT) |
|
0.12 |
|
Road & rail |
|
0.55 |
|
Semiconductors & semiconductor equipment |
|
0.48 |
|
Software |
|
0.95 |
|
Textiles, apparel & luxury goods |
|
1.00 |
|
Tobacco |
|
0.21 |
|
Wireless telecommunication services |
|
0.42 |
|
Total common stocks |
|
17.45 |
% |
Bonds |
|
|
|
US government obligations |
|
4.72 |
|
Non-US government obligations |
|
7.96 |
|
Total bonds |
|
12.68 |
% |
Investment companies |
|
|
|
iShares iBoxx $ High Yield Corporate Bond Fund |
|
1.31 |
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
2.31 |
|
UBS Credit Bond Relationship Fund |
|
6.15 |
|
UBS Emerging Markets Equity Relationship Fund |
|
12.96 |
|
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
1.33 |
|
UBS Global Corporate Bond Relationship Fund |
|
7.47 |
|
UBS High Yield Relationship Fund |
|
6.43 |
|
UBS International Equity Relationship Fund |
|
13.66 |
|
Total investment companies |
|
51.62 |
% |
Short-term investment |
|
11.68 |
|
Investment of cash collateral from securities loaned |
|
1.47 |
|
Total investments |
|
94.90 |
% |
Cash and other assets, less liabilities |
|
5.10 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Global Frontier Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment companies and derivatives exposure was included.
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks17.45% |
|
|
|
|
| |
Canada0.16% |
|
|
|
|
| |
Lululemon Athletica, Inc.*1 |
|
980 |
|
$ |
61,103 |
|
|
|
|
|
|
| |
Israel0.05% |
|
|
|
|
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
540 |
|
21,427 |
| |
|
|
|
|
|
| |
Netherlands0.06% |
|
|
|
|
| |
NXP Semiconductor NV* |
|
830 |
|
25,116 |
| |
|
|
|
|
|
| |
Singapore0.07% |
|
|
|
|
| |
Avago Technologies Ltd. |
|
750 |
|
26,940 |
| |
|
|
|
|
|
| |
United States17.11% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
760 |
|
24,343 |
| |
Adobe Systems, Inc.* |
|
1,700 |
|
73,967 |
| |
Aegerion Pharmaceuticals, Inc.* |
|
450 |
|
18,153 |
| |
Agilent Technologies, Inc. |
|
1,426 |
|
59,849 |
| |
Allergan, Inc. |
|
1,004 |
|
112,077 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
780 |
|
19,009 |
| |
Amazon.com, Inc.* |
|
562 |
|
149,767 |
| |
American Capital Agency Corp. |
|
870 |
|
28,519 |
| |
Apple, Inc. |
|
654 |
|
289,480 |
| |
Archer-Daniels-Midland Co. |
|
1,350 |
|
45,535 |
| |
Atmel Corp.* |
|
4,110 |
|
28,606 |
| |
Baker Hughes, Inc. |
|
1,160 |
|
53,836 |
| |
Baxter International, Inc. |
|
710 |
|
51,574 |
| |
Biogen Idec, Inc.* |
|
354 |
|
68,290 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
160 |
|
20,160 |
| |
Boeing Co. |
|
880 |
|
75,548 |
| |
Broadcom Corp., Class A |
|
900 |
|
31,203 |
| |
Cabot Oil & Gas Corp. |
|
674 |
|
45,569 |
| |
Cardinal Health, Inc. |
|
2,346 |
|
97,641 |
| |
Citigroup, Inc. |
|
2,190 |
|
96,886 |
| |
Coach, Inc. |
|
800 |
|
39,992 |
| |
Colgate-Palmolive Co. |
|
310 |
|
36,589 |
| |
Comcast Corp., Class A |
|
1,750 |
|
73,517 |
| |
Concho Resources, Inc.* |
|
606 |
|
59,043 |
| |
Crown Castle International Corp.* |
|
847 |
|
58,985 |
| |
Cubist Pharmaceuticals, Inc.* |
|
380 |
|
17,792 |
| |
Cummins, Inc. |
|
487 |
|
56,399 |
| |
Danaher Corp. |
|
1,256 |
|
78,060 |
| |
Digital Realty Trust, Inc. |
|
280 |
|
18,735 |
| |
Discover Financial Services |
|
900 |
|
40,356 |
| |
Dollar General Corp.* |
|
1,945 |
|
98,378 |
| |
Dow Chemical Co. |
|
1,340 |
|
42,666 |
| |
eBay, Inc.* |
|
1,935 |
|
104,916 |
| |
Edison International |
|
540 |
|
27,173 |
| |
EOG Resources, Inc. |
|
400 |
|
51,228 |
| |
Estee Lauder Cos., Inc., Class A |
|
1,207 |
|
77,284 |
| |
Facebook, Inc., Class A* |
|
2,921 |
|
74,719 |
| |
Fidelity National Information Services, Inc. |
|
1,020 |
|
40,412 |
| |
FMC Technologies, Inc.* |
|
1,402 |
|
76,255 |
| |
Freescale Semiconductor Ltd.*1 |
|
900 |
|
13,401 |
| |
General Dynamics Corp. |
|
1,240 |
|
87,432 |
| |
Gilead Sciences, Inc.* |
|
2,862 |
|
140,038 |
| |
Google, Inc., Class A* |
|
170 |
|
134,985 |
| |
Halliburton Co. |
|
1,790 |
|
72,334 |
| |
Hertz Global Holdings, Inc.* |
|
2,990 |
|
66,557 |
| |
Hess Corp. |
|
850 |
|
60,868 |
| |
Hospira, Inc.* |
|
850 |
|
27,905 |
| |
IHS, Inc., Class A* |
|
355 |
|
37,176 |
| |
Illinois Tool Works, Inc. |
|
1,560 |
|
95,066 |
| |
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(continued) |
|
|
|
|
|
|
Impax Laboratories, Inc.* |
|
1,000 |
|
$ |
15,440 |
|
Informatica Corp.* |
|
1,054 |
|
36,331 |
| |
IntercontinentalExchange, Inc.* |
|
300 |
|
48,921 |
| |
International Paper Co. |
|
810 |
|
37,730 |
| |
Interpublic Group of Cos., Inc. |
|
2,200 |
|
28,666 |
| |
Intuitive Surgical, Inc.* |
|
86 |
|
42,242 |
| |
Invesco Ltd. |
|
1,380 |
|
39,965 |
| |
JPMorgan Chase & Co. |
|
1,470 |
|
69,766 |
| |
Kraft Foods Group, Inc. |
|
1,056 |
|
54,416 |
| |
Las Vegas Sands Corp. |
|
1,358 |
|
76,523 |
| |
Liberty Global, Inc., Class A*1 |
|
500 |
|
36,700 |
| |
Ligand Pharmaceuticals, Inc., Class B* |
|
1,070 |
|
28,515 |
| |
Lincoln National Corp. |
|
1,350 |
|
44,023 |
| |
Macys, Inc. |
|
910 |
|
38,074 |
| |
MasterCard, Inc., Class A |
|
150 |
|
81,170 |
| |
McDermott International, Inc.* |
|
2,430 |
|
26,706 |
| |
Medtronic, Inc. |
|
440 |
|
20,662 |
| |
MetLife, Inc. |
|
900 |
|
34,218 |
| |
MetroPCS Communications, Inc.* |
|
5,890 |
|
64,201 |
| |
Michael Kors Holdings Ltd.* |
|
1,519 |
|
86,264 |
| |
Micron Technology, Inc.* |
|
3,670 |
|
36,627 |
| |
Mohawk Industries, Inc.* |
|
270 |
|
30,542 |
| |
Mondelez International, Inc., Class A |
|
2,000 |
|
61,220 |
| |
Monster Beverage Corp.* |
|
895 |
|
42,727 |
| |
Morgan Stanley |
|
3,410 |
|
74,952 |
| |
NetApp, Inc.* |
|
2,508 |
|
85,673 |
| |
NextEra Energy, Inc. |
|
470 |
|
36,510 |
| |
NII Holdings, Inc.*1 |
|
9,070 |
|
39,273 |
| |
NIKE, Inc., Class B |
|
1,406 |
|
82,968 |
| |
Noble Corp. |
|
1,300 |
|
49,595 |
| |
Norfolk Southern Corp. |
|
900 |
|
69,372 |
| |
PG&E Corp. |
|
920 |
|
40,968 |
| |
Philip Morris International, Inc. |
|
890 |
|
82,512 |
| |
Precision Castparts Corp. |
|
490 |
|
92,914 |
| |
Priceline.com, Inc.* |
|
137 |
|
94,246 |
| |
Progressive Corp. |
|
1,500 |
|
37,905 |
| |
QUALCOMM, Inc. |
|
1,904 |
|
127,473 |
| |
Ralph Lauren Corp. |
|
710 |
|
120,210 |
| |
Salesforce.com, Inc.* |
|
452 |
|
80,831 |
| |
Salix Pharmaceuticals Ltd.* |
|
560 |
|
28,661 |
| |
Schlumberger Ltd. |
|
697 |
|
52,198 |
| |
ServiceNow, Inc.*1 |
|
1,063 |
|
38,481 |
| |
ServiceSource International, Inc.* |
|
5,060 |
|
35,774 |
| |
Sherwin-Williams Co. |
|
336 |
|
56,747 |
| |
Sirius XM Radio, Inc. |
|
5,000 |
|
15,400 |
| |
Skyworks Solutions, Inc.* |
|
1,280 |
|
28,198 |
| |
Spirit Airlines, Inc.* |
|
1,660 |
|
42,098 |
| |
Starbucks Corp. |
|
470 |
|
26,771 |
| |
Steel Dynamics, Inc. |
|
1,985 |
|
31,502 |
| |
Symantec Corp.* |
|
2,250 |
|
55,530 |
| |
Teradata Corp.* |
|
1,217 |
|
71,207 |
| |
Time Warner, Inc. |
|
620 |
|
35,724 |
| |
Union Pacific Corp. |
|
551 |
|
78,468 |
| |
United Technologies Corp. |
|
1,078 |
|
100,718 |
| |
UnitedHealth Group, Inc. |
|
2,155 |
|
123,288 |
| |
US Bancorp |
|
1,580 |
|
53,609 |
| |
Viacom, Inc., Class B |
|
690 |
|
42,483 |
| |
Visa, Inc., Class A |
|
851 |
|
144,534 |
| |
VMware, Inc., Class A* |
|
1,087 |
|
85,743 |
| |
Waste Management, Inc. |
|
1,050 |
|
41,171 |
| |
Wells Fargo & Co. |
|
1,140 |
|
42,169 |
|
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Zoetis, Inc.* |
|
600 |
|
$ |
20,040 |
|
Total United States common stocks |
|
|
|
6,645,838 |
| |
Total common stocks (cost $6,010,260) |
|
|
|
6,780,424 |
| |
|
|
Face |
|
|
| |||
Bonds12.68% |
|
|
|
|
| |||
US government obligations4.72% |
|
|
|
|
| |||
US Treasury Bonds, |
|
|
|
|
| |||
2.750%, due 08/15/42 |
|
$ |
95,000 |
|
88,142 |
| ||
2.750%, due 11/15/421 |
|
150,000 |
|
139,032 |
| |||
6.625%, due 02/15/27 |
|
105,000 |
|
158,714 |
| |||
US Treasury Notes, |
|
|
|
|
| |||
0.125%, due 12/31/14 |
|
555,000 |
|
554,046 |
| |||
0.250%, due 11/30/141 |
|
455,000 |
|
455,178 |
| |||
0.750%, due 12/31/17 |
|
75,000 |
|
75,099 |
| |||
0.875%, due 12/31/16 |
|
360,000 |
|
364,866 |
| |||
Total US government obligations (cost $1,807,892) |
|
|
|
1,835,077 |
| |||
|
|
|
|
|
| |||
Non-US government obligations7.96% |
|
|
|
|
| |||
Australia1.43% |
|
|
|
|
| |||
Government of Australia, |
|
|
|
|
| |||
5.750%, due 05/15/21 |
|
AUD |
455,000 |
|
555,067 |
| ||
Finland0.40% |
|
|
|
|
| |||
Government of Finland, |
|
|
|
|
| |||
4.375%, due 07/04/19 |
|
EUR |
100,000 |
|
155,045 |
| ||
France0.57% |
|
|
|
|
| |||
Government of France, |
|
|
|
|
| |||
3.750%, due 04/25/21 |
|
95,000 |
|
141,235 |
| |||
4.500%, due 04/25/41 |
|
50,000 |
|
80,217 |
| |||
|
|
|
|
221,452 |
| |||
Germany2.36% |
|
|
|
|
| |||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
1.500%, due 04/15/162 |
|
336,784 |
|
470,042 |
| |||
3.250%, due 07/04/21 |
|
170,000 |
|
257,546 |
| |||
4.000%, due 07/04/16 |
|
65,000 |
|
93,967 |
| |||
4.000%, due 01/04/37 |
|
55,000 |
|
94,677 |
| |||
|
|
|
|
916,232 |
| |||
Italy0.99% |
|
|
|
|
| |||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| |||
3.000%, due 04/15/15 |
|
120,000 |
|
156,037 |
| |||
4.250%, due 02/01/19 |
|
175,000 |
|
229,057 |
| |||
|
|
|
|
385,094 |
| |||
Sweden1.03% |
|
|
|
|
| |||
Kingdom of Sweden, |
|
|
|
|
| |||
4.250%, due 03/12/19 |
|
SEK |
1,325,000 |
|
236,044 |
| ||
5.000%, due 12/01/20 |
|
855,000 |
|
163,407 |
| |||
|
|
|
|
399,451 |
| |||
United Kingdom1.18% |
|
|
|
|
| |||
UK Gilts, |
|
|
|
|
| |||
3.750%, due 09/07/21 |
|
GBP |
170,000 |
|
303,971 |
| ||
4.250%, due 12/07/49 |
|
40,000 |
|
74,385 |
| |||
4.750%, due 12/07/38 |
|
40,000 |
|
79,603 |
| |||
|
|
|
|
457,959 |
| |||
Total Non-US government obligations (cost $3,023,012) |
|
|
|
3,090,300 |
| |||
Total bonds (cost $4,830,904) |
|
|
|
$ |
4,925,377 |
| ||
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies51.62% |
|
|
|
|
| |
iShares iBoxx $ High Yield Corporate Bond Fund |
|
5,400 |
|
509,490 |
| |
iShares JPMorgan USD Emerging Markets Bond Fund1 |
|
7,630 |
|
896,296 |
| |
UBS Credit Bond Relationship Fund*3 |
|
141,781 |
|
2,389,637 |
| |
UBS Emerging Markets Equity Relationship Fund*3 |
|
133,768 |
|
5,035,383 |
| |
UBS Global (ex-U.S.) All Cap Growth Relationship Fund*3 |
|
36,842 |
|
515,846 |
| |
UBS Global Corporate Bond Relationship Fund*3 |
|
231,279 |
|
2,900,097 |
| |
UBS High Yield Relationship Fund*3 |
|
78,177 |
|
2,497,743 |
| |
UBS International Equity Relationship Fund*3 |
|
271,292 |
|
5,306,180 |
| |
Total investment companies (cost $17,355,264) |
|
|
|
20,050,672 |
| |
|
|
|
|
|
| |
Short-term investment11.68% |
|
|
|
|
| |
Investment company11.68% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $4,536,683) |
|
4,536,683 |
|
4,536,683 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned1.47% |
|
|
|
|
| |
UBS Private Money Market Fund LLC3 (cost $571,615) |
|
571,615 |
|
571,615 |
| |
Total investments94.90% (cost $33,304,726) |
|
|
|
36,864,771 |
| |
Cash and other assets, less liabilities5.10% |
|
|
|
1,980,269 |
| |
Net assets100.00% |
|
|
|
$ |
38,845,040 |
|
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
3,785,796 |
|
Gross unrealized depreciation |
|
(225,751 |
) | |
Net unrealized appreciation of investments |
|
$ |
3,560,045 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
AUD |
1,700,000 |
|
USD |
1,729,918 |
|
06/19/13 |
|
$ |
(29,583 |
) |
JPMCB |
|
BRL |
460,000 |
|
USD |
229,656 |
|
06/19/13 |
|
4,140 |
| |
JPMCB |
|
CAD |
500,000 |
|
USD |
486,280 |
|
06/19/13 |
|
(5,041 |
) | |
JPMCB |
|
CHF |
463,399 |
|
EUR |
380,000 |
|
06/19/13 |
|
(1,266 |
) | |
JPMCB |
|
CZK |
12,310,000 |
|
USD |
631,736 |
|
06/19/13 |
|
19,205 |
| |
JPMCB |
|
IDR |
3,862,000,000 |
|
USD |
393,399 |
|
06/19/13 |
|
1 |
| |
JPMCB |
|
NOK |
2,860,000 |
|
USD |
499,403 |
|
06/19/13 |
|
11,246 |
| |
JPMCB |
|
NZD |
2,335,000 |
|
USD |
1,921,612 |
|
06/19/13 |
|
(21,816 |
) | |
JPMCB |
|
SEK |
2,420,000 |
|
USD |
373,796 |
|
06/19/13 |
|
3,052 |
| |
JPMCB |
|
THB |
5,840,000 |
|
USD |
196,673 |
|
06/19/13 |
|
(1,785 |
) | |
JPMCB |
|
TWD |
5,100,000 |
|
USD |
172,268 |
|
06/19/13 |
|
1,433 |
| |
JPMCB |
|
USD |
431,058 |
|
CHF |
400,000 |
|
06/19/13 |
|
(9,264 |
) | |
JPMCB |
|
USD |
1,579,790 |
|
EUR |
1,205,000 |
|
06/19/13 |
|
(34,280 |
) | |
JPMCB |
|
USD |
894,411 |
|
GBP |
590,000 |
|
06/19/13 |
|
1,698 |
| |
JPMCB |
|
USD |
595,910 |
|
INR |
32,930,000 |
|
06/19/13 |
|
172 |
| |
JPMCB |
|
USD |
2,559,342 |
|
JPY |
235,300,000 |
|
06/19/13 |
|
(58,354 |
) | |
JPMCB |
|
USD |
452,513 |
|
KRW |
496,000,000 |
|
06/19/13 |
|
(8,586 |
) | |
JPMCB |
|
USD |
983,593 |
|
MXN |
12,720,000 |
|
06/19/13 |
|
38,641 |
| |
JPMCB |
|
USD |
583,251 |
|
PHP |
23,750,000 |
|
06/19/13 |
|
(929 |
) | |
JPMCB |
|
USD |
566,908 |
|
PLN |
1,820,000 |
|
06/19/13 |
|
(11,510 |
) | |
JPMCB |
|
USD |
268,294 |
|
ZAR |
2,400,000 |
|
06/19/13 |
|
(10,063 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(112,889 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 7 contracts (USD) |
|
June 2013 |
|
$ |
(919,671 |
) |
$ |
(923,891 |
) |
$ |
(4,220 |
) |
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Amsterdam Exchange Index, 2 contracts (EUR) |
|
April 2013 |
|
180,130 |
|
178,126 |
|
(2,004 |
) | |||
CAC 40 Euro Index, 11 contracts (EUR) |
|
April 2013 |
|
540,169 |
|
526,225 |
|
(13,944 |
) | |||
DAX Index, 4 contracts (EUR) |
|
June 2013 |
|
1,025,666 |
|
999,907 |
|
(25,759 |
) | |||
Dow Jones EURO STOXX 50 Index, 35 contracts (EUR) |
|
June 2013 |
|
1,191,755 |
|
1,145,846 |
|
(45,909 |
) | |||
E-mini S&P 500 Index, 102 contracts (USD) |
|
June 2013 |
|
7,904,964 |
|
7,969,770 |
|
64,806 |
| |||
FTSE 100 Index, 22 contracts (GBP) |
|
June 2013 |
|
2,157,534 |
|
2,123,006 |
|
(34,528 |
) | |||
Hang Seng Stock Index, 1 contract (HKD) |
|
April 2013 |
|
143,454 |
|
143,742 |
|
288 |
| |||
OMX Stockholm 30 Index, 67 contracts (SEK) |
|
April 2013 |
|
1,223,023 |
|
1,223,500 |
|
477 |
| |||
S&P Toronto Stock Exchange 60 Index, 4 contracts (CAD) |
|
June 2013 |
|
578,058 |
|
574,022 |
|
(4,036 |
) | |||
SPI 200 Index, 11 contracts (AUD) |
|
June 2013 |
|
1,448,715 |
|
1,422,133 |
|
(26,582 |
) | |||
TOPIX Index, 25 contracts (JPY) |
|
June 2013 |
|
2,640,094 |
|
2,763,319 |
|
123,225 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
E-mini NASDAQ 100 Index, 21 contracts (USD) |
|
June 2013 |
|
|
(1,171,424 |
) |
|
(1,180,620 |
) |
(9,196 |
) | |
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
22,618 |
|
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call option* |
|
|
|
|
|
|
| ||
NIKKEI 225 Index, 19 contracts, strike @ JPY 13,000 |
|
December 2013 |
|
$ |
127,787 |
|
$ |
(115,048 |
) |
|
|
Number of |
|
Premiums |
| |
|
|
contracts |
|
received |
| |
Options outstanding at June 30, 2012 |
|
|
|
$ |
|
|
Options written |
|
39 |
|
217,557 |
| |
Options terminated in closing purchase transactions |
|
(20 |
) |
(89,770 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2013 |
|
19 |
|
$ |
127,787 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
6,780,424 |
|
$ |
|
|
$ |
|
|
$ |
6,780,424 |
|
US government obligations |
|
|
|
1,835,077 |
|
|
|
1,835,077 |
| ||||
Non-US government obligations |
|
|
|
3,090,300 |
|
|
|
3,090,300 |
| ||||
Investment companies |
|
1,405,786 |
|
18,644,886 |
|
|
|
20,050,672 |
| ||||
Short-term investment |
|
|
|
4,536,683 |
|
|
|
4,536,683 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
571,615 |
|
|
|
571,615 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(112,889 |
) |
|
|
(112,889 |
) | ||||
Futures contracts, net |
|
22,618 |
|
|
|
|
|
22,618 |
| ||||
Options written |
|
(115,048 |
) |
|
|
|
|
(115,048 |
) | ||||
Total |
|
$ |
8,093,780 |
|
$ |
28,565,672 |
|
$ |
|
|
$ |
36,659,452 |
|
At March 31, 2013, there were no transfers between Level 1 and Level 2 for the Fund.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2013. |
2 |
Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity. |
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. |
UBS Global Frontier Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
5,571,539 |
|
$ |
13,953,720 |
|
$ |
14,988,576 |
|
$ |
|
|
$ |
|
|
$ |
4,536,683 |
|
$ |
5,656 |
|
UBS Private Money Market Fund LLCa |
|
148,247 |
|
3,590,612 |
|
3,167,244 |
|
|
|
|
|
571,615 |
|
91 |
| |||||||
UBS Credit Bond Relationship Fund |
|
4,180,252 |
|
|
|
2,000,000 |
|
207,752 |
|
1,633 |
|
2,389,637 |
|
|
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
4,545,790 |
|
900,000 |
|
775,000 |
|
177,466 |
|
187,127 |
|
5,035,383 |
|
|
| |||||||
UBS Global (ex-U.S.) All Cap Growth Relationship Fund |
|
435,824 |
|
|
|
|
|
|
|
80,022 |
|
515,846 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
3,303,785 |
|
|
|
600,000 |
|
93,598 |
|
102,714 |
|
2,900,097 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
2,681,692 |
|
860,000 |
|
1,305,000 |
|
295,202 |
|
(34,151 |
) |
2,497,743 |
|
|
| |||||||
UBS International Equity Relationship Fund |
|
5,528,400 |
|
|
|
1,250,000 |
|
436,164 |
|
591,616 |
|
5,306,180 |
|
|
| |||||||
|
|
$ |
26,395,529 |
|
$ |
19,304,332 |
|
$ |
24,085,820 |
|
$ |
1,210,182 |
|
$ |
928,961 |
|
$ |
23,753,184 |
|
$ |
5,747 |
|
a The adviser does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS Multi-Asset Income Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2013
Common stocks |
|
|
|
Capital markets |
|
1.92 |
% |
Commercial services & supplies |
|
0.01 |
|
Health care providers & services |
|
0.01 |
|
Real estate investment trust (REIT) |
|
10.63 |
|
Real estate management & development |
|
3.59 |
|
Total common stocks |
|
16.16 |
% |
Bonds |
|
|
|
Commercial mortgage-backed securities |
|
1.20 |
|
Mortgage & agency debt securities |
|
6.10 |
|
US government obligations |
|
5.04 |
|
Non-US government obligation |
|
2.84 |
|
Total bonds |
|
15.18 |
% |
Investment companies |
|
|
|
HICL Infrastructure Co., Ltd. |
|
2.47 |
|
iShares Dow Jones Select Dividend Index Fund |
|
2.01 |
|
iShares Emerging Markets Local Currency Bond Fund |
|
9.98 |
|
iShares iBoxx $ High Yield Corporate Bond Fund |
|
22.01 |
|
iShares iBoxx Investment Grade Corporate Bond Fund |
|
15.97 |
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
5.09 |
|
iShares MSCI EAFE Index Fund |
|
5.28 |
|
WisdomTree Emerging Markets Equity Income Fund |
|
4.41 |
|
Total investment companies |
|
67.22 |
% |
Short-term investment |
|
2.32 |
|
Total investments |
|
100 .88 |
% |
Liabilities, in excess of cash and other assets |
|
(0.88 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investment of UBS Multi-Asset Income Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment companies and derivatives exposure was included.
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks16.16% |
|
|
|
|
| |
Australia1.07% |
|
|
|
|
| |
BWP Trust |
|
4,644 |
|
$ |
11,508 |
|
CFS Retail Property Trust Group |
|
15,973 |
|
33,427 |
| |
Charter Hall Retail REIT |
|
2,659 |
|
10,825 |
| |
Commonwealth Property Office Fund |
|
16,438 |
|
18,997 |
| |
Dexus Property Group |
|
35,037 |
|
37,938 |
| |
Federation Centres Ltd. |
|
10,155 |
|
24,952 |
| |
Goodman Group |
|
12,554 |
|
62,477 |
| |
GPT Group |
|
12,197 |
|
47,113 |
| |
Investa Office Fund |
|
4,774 |
|
15,210 |
| |
Mirvac Group |
|
24,794 |
|
41,819 |
| |
Stockland |
|
15,954 |
|
60,628 |
| |
Westfield Group |
|
15,588 |
|
176,089 |
| |
Westfield Retail Trust |
|
21,812 |
|
68,583 |
| |
Total Australia common stocks |
|
|
|
609,566 |
| |
|
|
|
|
|
| |
Austria0.02% |
|
|
|
|
| |
CA Immobilien Anlagen AG* |
|
625 |
|
8,224 |
| |
Conwert Immobilien Invest SE |
|
494 |
|
5,382 |
| |
Total Austria common stocks |
|
|
|
13,606 |
| |
|
|
|
|
|
| |
Belgium0.05% |
|
|
|
|
| |
Aedifica |
|
64 |
|
4,076 |
| |
Befimmo SCA Sicafi |
|
167 |
|
10,614 |
| |
Cofinimmo |
|
122 |
|
13,973 |
| |
Total Belgium common stocks |
|
|
|
28,663 |
| |
|
|
|
|
|
| |
Canada0.63% |
|
|
|
|
| |
Allied Properties REIT |
|
426 |
|
13,851 |
| |
Artis REIT |
|
853 |
|
13,519 |
| |
Boardwalk REIT |
|
309 |
|
19,008 |
| |
Calloway REIT |
|
837 |
|
24,125 |
| |
Canadian Apartment Properties REIT |
|
824 |
|
20,457 |
| |
Canadian REIT |
|
508 |
|
22,483 |
| |
Chartwell Seniors Housing REIT |
|
1,322 |
|
14,419 |
| |
Cominar REIT |
|
972 |
|
22,084 |
| |
Crombie REIT |
|
358 |
|
5,216 |
| |
Dundee International REIT |
|
500 |
|
5,237 |
| |
Dundee REIT |
|
749 |
|
27,023 |
| |
Extendicare, Inc. |
|
670 |
|
5,342 |
| |
First Capital Realty, Inc. |
|
698 |
|
13,021 |
| |
Granite Real Estate, Inc. |
|
400 |
|
15,301 |
| |
H&R REIT |
|
2,355 |
|
54,224 |
| |
InnVest REIT |
|
434 |
|
2,119 |
| |
Killam Properties, Inc. |
|
381 |
|
4,501 |
| |
Morguard REIT |
|
329 |
|
5,771 |
| |
Northern Property REIT |
|
234 |
|
7,288 |
| |
NorthWest Healthcare Properties REIT |
|
359 |
|
4,499 |
| |
RioCan REIT |
|
2,216 |
|
60,644 |
| |
Total Canada common stocks |
|
|
|
360,132 |
| |
|
|
|
|
|
| |
China1.08% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
10,000 |
|
11,916 |
| |
Champion REIT |
|
19,000 |
|
9,864 |
| |
Country Garden Holdings Co., Ltd.* |
|
29,540 |
|
14,765 |
| |
Hang Lung Properties Ltd. |
|
16,000 |
|
59,774 |
| |
Henderson Land Development Co., Ltd. |
|
7,058 |
|
48,280 |
| |
Hongkong Land Holdings Ltd. |
|
9,000 |
|
66,690 |
| |
Hysan Development Co., Ltd. |
|
5,030 |
|
25,401 |
| |
Kerry Properties Ltd. |
|
5,500 |
|
24,409 |
| |
Link REIT |
|
17,100 |
|
93,182 |
| |
New World China Land Ltd. |
|
14,000 |
|
5,988 |
| |
New World Development Co., Ltd. |
|
28,765 |
|
48,692 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
|
|
|
|
|
| |
China(concluded) |
|
|
|
|
|
|
Shimao Property Holdings Ltd. |
|
9,500 |
|
$ |
18,235 |
|
Shui On Land Ltd. |
|
21,500 |
|
9,251 |
| |
Sino Land Co., Ltd. |
|
22,000 |
|
37,297 |
| |
Soho China Ltd. |
|
13,000 |
|
10,852 |
| |
Swire Properties Ltd. |
|
9,200 |
|
32,652 |
| |
Wharf Holdings Ltd. |
|
11,000 |
|
98,060 |
| |
Total China common stocks |
|
|
|
615,308 |
| |
|
|
|
|
|
| |
Finland0.03% |
|
|
|
|
| |
Citycon OYJ |
|
1,973 |
|
5,640 |
| |
Sponda OYJ |
|
2,270 |
|
10,708 |
| |
Total Finland common stocks |
|
|
|
16,348 |
| |
|
|
|
|
|
| |
France0.46% |
|
|
|
|
| |
ANF Immobilier |
|
108 |
|
3,003 |
| |
Fonciere Des Regions |
|
212 |
|
16,599 |
| |
Gecina SA |
|
145 |
|
16,825 |
| |
ICADE |
|
162 |
|
14,166 |
| |
Klepierre |
|
743 |
|
29,187 |
| |
Mercialys SA |
|
331 |
|
6,778 |
| |
Societe de la Tour Eiffel |
|
48 |
|
2,738 |
| |
Societe Immobiliere de Location pour lIndustrie et le Commerce |
|
57 |
|
6,079 |
| |
Unibail-Rodamco SE |
|
723 |
|
168,395 |
| |
Total France common stocks |
|
|
|
263,770 |
| |
|
|
|
|
|
| |
Germany0.16% |
|
|
|
|
| |
Alstria Office REIT-AG |
|
712 |
|
8,022 |
| |
Deutsche Euroshop AG |
|
330 |
|
13,348 |
| |
Deutsche Wohnen AG |
|
1,201 |
|
21,830 |
| |
DIC Asset AG |
|
305 |
|
3,049 |
| |
GSW Immobilien AG |
|
408 |
|
16,140 |
| |
Hamborner REIT AG |
|
269 |
|
2,482 |
| |
IVG Immobilien AG* |
|
1,195 |
|
1,002 |
| |
LEG Immobilien AG* |
|
197 |
|
10,556 |
| |
Patrizia Immobilien AG* |
|
274 |
|
2,546 |
| |
TAG Immobilien AG |
|
978 |
|
11,195 |
| |
Total Germany common stocks |
|
|
|
90,170 |
| |
|
|
|
|
|
| |
Hong Kong0.28% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
12,000 |
|
161,699 |
| |
|
|
|
|
|
| |
Israel0.02% |
|
|
|
|
| |
Azrieli Group |
|
329 |
|
9,162 |
| |
|
|
|
|
|
| |
Italy0.01% |
|
|
|
|
| |
Beni Stabili SpA |
|
8,920 |
|
5,318 |
| |
|
|
|
|
|
| |
Japan2.05% |
|
|
|
|
| |
Activia Properties, Inc. |
|
2 |
|
19,185 |
| |
Advance Residence Investment Corp. |
|
10 |
|
26,791 |
| |
Aeon Mall Co., Ltd. |
|
700 |
|
21,297 |
| |
Daiwahouse Residential Investment Corp. |
|
2 |
|
9,497 |
| |
Frontier Real Estate Investment Corp. |
|
1 |
|
11,399 |
| |
GLP J-REIT |
|
12 |
|
12,888 |
| |
Industrial & Infrastructure Fund Investment Corp. |
|
1 |
|
11,037 |
| |
Japan Excellent, Inc. |
|
1 |
|
7,489 |
| |
Japan Logistics Fund, Inc. |
|
1 |
|
11,653 |
| |
Japan Prime Realty Investment Corp. |
|
7 |
|
27,030 |
| |
Japan Real Estate Investment Corp. |
|
4 |
|
55,282 |
| |
Japan Retail Fund Investment Corp. |
|
16 |
|
39,603 |
| |
Kenedix Realty Investment Corp. |
|
2 |
|
9,699 |
| |
Mitsubishi Estate Co., Ltd. |
|
10,000 |
|
281,617 |
| |
Mitsui Fudosan Co., Ltd. |
|
7,000 |
|
198,693 |
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
Mori Hills REIT Investment Corp. |
|
1 |
|
$ |
7,404 |
|
Mori Trust Sogo Reit, Inc. |
|
1 |
|
10,697 |
| |
Nippon Accommodations Fund, Inc. |
|
2 |
|
16,891 |
| |
Nippon Building Fund, Inc. |
|
5 |
|
69,900 |
| |
Nomura Real Estate Holdings, Inc. |
|
900 |
|
20,078 |
| |
Nomura Real Estate Office Fund, Inc. |
|
2 |
|
14,702 |
| |
NTT Urban Development Corp. |
|
9 |
|
10,785 |
| |
Orix JREIT, Inc. |
|
10 |
|
14,054 |
| |
Premier Investment Corp. |
|
2 |
|
10,772 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
4,000 |
|
154,884 |
| |
Tokyo Tatemono Co., Ltd. |
|
3,000 |
|
21,289 |
| |
Tokyu Land Corp. |
|
3,000 |
|
28,109 |
| |
Tokyu REIT, Inc. |
|
1 |
|
7,553 |
| |
Top REIT, Inc. |
|
1 |
|
5,949 |
| |
United Urban Investment Corp. |
|
16 |
|
26,073 |
| |
Total Japan common stocks |
|
|
|
1,162,300 |
| |
|
|
|
|
|
| |
Luxembourg0.01% |
|
|
|
|
| |
GAGFAH SA* |
|
617 |
|
7,578 |
| |
|
|
|
|
|
| |
Netherlands0.10% |
|
|
|
|
| |
Corio NV |
|
484 |
|
22,580 |
| |
Eurocommercial Properties NV |
|
287 |
|
10,505 |
| |
Nieuwe Steen Investments NV |
|
754 |
|
4,939 |
| |
Vastned Retail NV |
|
146 |
|
6,054 |
| |
Wereldhave NV |
|
174 |
|
12,029 |
| |
Total Netherlands common stocks |
|
|
|
56,107 |
| |
|
|
|
|
|
| |
New Zealand0.01% |
|
|
|
|
| |
Kiwi Income Property Trust |
|
4,432 |
|
4,339 |
| |
|
|
|
|
|
| |
Norway0.01% |
|
|
|
|
| |
Norwegian Property ASA |
|
2,619 |
|
4,112 |
| |
|
|
|
|
|
| |
Singapore0.63% |
|
|
|
|
| |
Ascendas REIT |
|
15,000 |
|
31,443 |
| |
CapitaCommercial Trust |
|
16,000 |
|
20,446 |
| |
CapitaLand Ltd. |
|
20,000 |
|
56,919 |
| |
CapitaMall Trust |
|
18,000 |
|
30,330 |
| |
CapitaMalls Asia Ltd. |
|
11,000 |
|
18,180 |
| |
CDL Hospitality Trusts |
|
6,000 |
|
9,917 |
| |
City Developments Ltd. |
|
4,000 |
|
36,538 |
| |
Global Logistic Properties Ltd. |
|
22,000 |
|
46,471 |
| |
Keppel Land Ltd. |
|
6,000 |
|
19,059 |
| |
Mapletree Commercial Trust |
|
9,000 |
|
9,759 |
| |
Mapletree Industrial Trust |
|
8,000 |
|
9,062 |
| |
Mapletree Logistics Trust |
|
12,000 |
|
11,755 |
| |
Suntec REIT |
|
16,000 |
|
23,219 |
| |
UOL Group Ltd. |
|
4,000 |
|
22,510 |
| |
Wing Tai Holdings Ltd. |
|
4,550 |
|
6,988 |
| |
Yanlord Land Group Ltd.* |
|
5,000 |
|
6,047 |
| |
Total Singapore common stocks |
|
|
|
358,643 |
| |
|
|
|
|
|
| |
Sweden0.13% |
|
|
|
|
| |
Castellum AB |
|
1,072 |
|
15,266 |
| |
Fabege AB |
|
1,120 |
|
11,447 |
| |
Fastighets AB Balder* |
|
881 |
|
6,205 |
| |
Hufvudstaden AB, Class A |
|
758 |
|
9,515 |
| |
Klovern AB |
|
633 |
|
2,739 |
| |
Kungsleden AB |
|
1,158 |
|
7,464 |
| |
Wallenstam AB, Class B |
|
941 |
|
12,245 |
| |
Wihlborgs Fastigheter AB |
|
545 |
|
8,970 |
| |
Total Sweden common stocks |
|
|
|
73,851 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Switzerland0.15% |
|
|
|
|
| |
Allreal Holding AG* |
|
59 |
|
$ |
8,577 |
|
Mobimo Holding AG* |
|
48 |
|
10,770 |
| |
PSP Swiss Property AG* |
|
337 |
|
30,707 |
| |
Swiss Prime Site AG* |
|
428 |
|
34,649 |
| |
Total Switzerland common stocks |
|
|
|
84,703 |
| |
|
|
|
|
|
| |
United Kingdom2.56% |
|
|
|
|
| |
Big Yellow Group PLC |
|
1,218 |
|
6,570 |
| |
British Land Co., PLC |
|
6,569 |
|
54,248 |
| |
Capital & Counties Properties PLC |
|
5,537 |
|
22,909 |
| |
Daejan Holdings PLC |
|
43 |
|
2,385 |
| |
Derwent London PLC |
|
753 |
|
24,622 |
| |
Development Securities PLC |
|
1,242 |
|
2,840 |
| |
F&C Commercial Property Trust Ltd. |
|
3,921 |
|
6,172 |
| |
Grainger PLC |
|
3,926 |
|
8,101 |
| |
Great Portland Estates PLC |
|
2,585 |
|
19,478 |
| |
Hammerson PLC |
|
5,288 |
|
39,523 |
| |
Hansteen Holdings PLC |
|
5,344 |
|
7,012 |
| |
Helical Bar PLC |
|
844 |
|
3,036 |
| |
Intu Properties PLC |
|
4,488 |
|
22,797 |
| |
John Laing Infrastructure Fund Ltd. |
|
625,800 |
|
1,080,190 |
| |
Land Securities Group PLC |
|
5,891 |
|
74,204 |
| |
Londonmetric Property PLC |
|
3,692 |
|
5,946 |
| |
Medicx Fund Ltd. |
|
1,230 |
|
1,663 |
| |
Mucklow A & J Group PLC |
|
502 |
|
2,838 |
| |
Picton Property Income Ltd. |
|
4,029 |
|
2,449 |
| |
Primary Health Properties PLC |
|
672 |
|
3,380 |
| |
Quintain Estates & Development PLC* |
|
3,243 |
|
3,302 |
| |
Safestore Holdings PLC |
|
1,614 |
|
2,906 |
| |
Schroder REIT |
|
3,860 |
|
2,493 |
| |
Segro PLC |
|
5,493 |
|
21,225 |
| |
Shaftesbury PLC |
|
1,810 |
|
15,992 |
| |
ST Modwen Properties PLC |
|
851 |
|
3,330 |
| |
UK Commercial Property Trust Ltd. |
|
4,362 |
|
4,606 |
| |
Unite Group PLC |
|
871 |
|
4,248 |
| |
Workspace Group PLC |
|
512 |
|
2,670 |
| |
Total United Kingdom common stocks |
|
|
|
1,451,135 |
| |
|
|
|
|
|
| |
United States6.69% |
|
|
|
|
| |
Acadia Realty Trust |
|
448 |
|
12,441 |
| |
Agree Realty Corp. |
|
77 |
|
2,318 |
| |
Alexandria Real Estate Equities, Inc. |
|
439 |
|
31,160 |
| |
American Assets Trust, Inc. |
|
327 |
|
10,467 |
| |
American Campus Communities, Inc. |
|
804 |
|
36,453 |
| |
Apartment Investment & Management Co., Class A |
|
1,101 |
|
33,757 |
| |
Ashford Hospitality Trust, Inc. |
|
515 |
|
6,365 |
| |
Associated Estates Realty Corp. |
|
438 |
|
8,164 |
| |
AvalonBay Communities, Inc. |
|
885 |
|
112,103 |
| |
BioMed Realty Trust, Inc. |
|
1,211 |
|
26,158 |
| |
Boston Properties, Inc. |
|
1,149 |
|
116,118 |
| |
Brandywine Realty Trust |
|
1,165 |
|
17,300 |
| |
BRE Properties, Inc. |
|
591 |
|
28,770 |
| |
Brookfield Office Properties, Inc. |
|
1,930 |
|
33,134 |
| |
Camden Property Trust |
|
642 |
|
44,093 |
| |
Campus Crest Communities, Inc. |
|
456 |
|
6,338 |
| |
CapLease, Inc. |
|
482 |
|
3,070 |
| |
CBL & Associates Properties, Inc. |
|
1,229 |
|
29,004 |
| |
Cedar Realty Trust, Inc. |
|
559 |
|
3,416 |
| |
Chesapeake Lodging Trust |
|
381 |
|
8,740 |
| |
Colonial Properties Trust |
|
639 |
|
14,448 |
| |
CommonWealth REIT |
|
842 |
|
18,895 |
| |
Corporate Office Properties Trust |
|
616 |
|
16,435 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(Continued) |
|
|
|
|
| |
Cousins Properties, Inc. |
|
801 |
|
$ |
8,563 |
|
CubeSmart |
|
961 |
|
15,184 |
| |
DCT Industrial Trust, Inc. |
|
1,994 |
|
14,756 |
| |
DDR Corp. |
|
1,927 |
|
33,568 |
| |
DiamondRock Hospitality Co. |
|
1,342 |
|
12,494 |
| |
Digital Realty Trust, Inc. |
|
953 |
|
63,765 |
| |
Douglas Emmett, Inc. |
|
1,011 |
|
25,204 |
| |
Duke Realty Corp. |
|
2,486 |
|
42,212 |
| |
DuPont Fabros Technology, Inc. |
|
496 |
|
12,038 |
| |
EastGroup Properties, Inc. |
|
233 |
|
13,561 |
| |
Education Realty Trust, Inc. |
|
813 |
|
8,561 |
| |
EPR Properties |
|
352 |
|
18,322 |
| |
Equity Lifestyle Properties, Inc. |
|
289 |
|
22,195 |
| |
Equity One, Inc. |
|
484 |
|
11,602 |
| |
Equity Residential |
|
2,447 |
|
134,732 |
| |
Essex Property Trust, Inc. |
|
280 |
|
42,162 |
| |
Excel Trust, Inc. |
|
300 |
|
4,095 |
| |
Extra Space Storage, Inc. |
|
831 |
|
32,633 |
| |
Federal Realty Investment Trust |
|
507 |
|
54,776 |
| |
FelCor Lodging Trust, Inc.* |
|
1,058 |
|
6,295 |
| |
First Industrial Realty Trust, Inc. |
|
752 |
|
12,882 |
| |
First Potomac Realty Trust |
|
300 |
|
4,449 |
| |
Forest City Enterprises, Inc., Class A* |
|
1,173 |
|
20,844 |
| |
Franklin Street Properties Corp. |
|
676 |
|
9,883 |
| |
General Growth Properties, Inc. |
|
4,095 |
|
81,409 |
| |
Getty Realty Corp. |
|
225 |
|
4,547 |
| |
Glimcher Realty Trust |
|
1,199 |
|
13,908 |
| |
Government Properties Income Trust |
|
455 |
|
11,707 |
| |
HCP, Inc. |
|
3,482 |
|
173,613 |
| |
Health Care REIT, Inc. |
|
1,993 |
|
135,345 |
| |
Healthcare Realty Trust, Inc. |
|
646 |
|
18,340 |
| |
Hersha Hospitality Trust |
|
1,166 |
|
6,809 |
| |
Highwoods Properties, Inc. |
|
617 |
|
24,415 |
| |
Home Properties, Inc. |
|
392 |
|
24,861 |
| |
Hospitality Properties Trust |
|
1,051 |
|
28,839 |
| |
Host Hotels & Resorts, Inc. |
|
5,457 |
|
95,443 |
| |
Hudson Pacific Properties, Inc. |
|
320 |
|
6,960 |
| |
Inland Real Estate Corp. |
|
456 |
|
4,601 |
| |
Investors Real Estate Trust |
|
825 |
|
8,143 |
| |
Kilroy Realty Corp. |
|
582 |
|
30,497 |
| |
Kimco Realty Corp. |
|
3,119 |
|
69,866 |
| |
Kite Realty Group Trust |
|
498 |
|
3,357 |
| |
LaSalle Hotel Properties |
|
698 |
|
17,715 |
| |
Lexington Realty Trust |
|
1,591 |
|
18,774 |
| |
Liberty Property Trust |
|
891 |
|
35,417 |
| |
LTC Properties, Inc. |
|
198 |
|
8,065 |
| |
Macerich Co. |
|
1,056 |
|
67,985 |
| |
Mack-Cali Realty Corp. |
|
705 |
|
20,170 |
| |
Medical Properties Trust, Inc. |
|
1,158 |
|
18,574 |
| |
Mid-America Apartment Communities, Inc. |
|
309 |
|
21,340 |
| |
National Health Investors, Inc. |
|
182 |
|
11,912 |
| |
National Retail Properties, Inc. |
|
837 |
|
30,274 |
| |
Omega Healthcare Investors, Inc. |
|
868 |
|
26,352 |
| |
Parkway Properties, Inc. |
|
377 |
|
6,993 |
| |
Pebblebrook Hotel Trust |
|
428 |
|
11,038 |
| |
Pennsylvania REIT |
|
462 |
|
8,958 |
| |
Piedmont Office Realty Trust, Inc., Class A |
|
1,312 |
|
25,702 |
| |
Post Properties, Inc. |
|
419 |
|
19,735 |
| |
Prologis, Inc. |
|
3,493 |
|
139,650 |
| |
PS Business Parks, Inc. |
|
140 |
|
11,049 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(Concluded) |
|
|
|
|
|
|
Public Storage |
|
1,099 |
|
$ |
167,400 |
|
Ramco-Gershenson Properties Trust |
|
365 |
|
6,132 |
| |
Realty Income Corp. |
|
1,366 |
|
61,948 |
| |
Regency Centers Corp. |
|
671 |
|
35,503 |
| |
Retail Opportunity Investments Corp. |
|
391 |
|
5,478 |
| |
RLJ Lodging Trust |
|
914 |
|
20,803 |
| |
Rouse Properties, Inc. |
|
233 |
|
4,217 |
| |
Sabra Health Care REIT, Inc. |
|
334 |
|
9,689 |
| |
Saul Centers, Inc. |
|
64 |
|
2,799 |
| |
Senior Housing Properties Trust |
|
1,411 |
|
37,857 |
| |
Simon Property Group, Inc. |
|
2,359 |
|
374,043 |
| |
SL Green Realty Corp. |
|
677 |
|
58,296 |
| |
Sovran Self Storage, Inc. |
|
210 |
|
13,543 |
| |
Spirit Realty Capital, Inc. |
|
200 |
|
3,800 |
| |
STAG Industrial, Inc. |
|
250 |
|
5,318 |
| |
Strategic Hotels & Resorts, Inc.* |
|
1,467 |
|
12,249 |
| |
Sun Communities, Inc. |
|
256 |
|
12,628 |
| |
Sunstone Hotel Investors, Inc.* |
|
1,193 |
|
14,686 |
| |
Tanger Factory Outlet Centers |
|
744 |
|
26,918 |
| |
Taubman Centers, Inc. |
|
464 |
|
36,034 |
| |
UDR, Inc. |
|
1,901 |
|
45,985 |
| |
Universal Health Realty Income Trust |
|
91 |
|
5,252 |
| |
Urstadt Biddle Properties, Inc., Class A |
|
222 |
|
4,831 |
| |
Ventas, Inc. |
|
2,264 |
|
165,725 |
| |
Vornado Realty Trust |
|
1,277 |
|
106,808 |
| |
Washington REIT |
|
483 |
|
13,447 |
| |
Weingarten Realty Investors |
|
868 |
|
27,385 |
| |
Winthrop Realty Trust |
|
289 |
|
3,636 |
| |
WP Carey, Inc. |
|
461 |
|
31,071 |
| |
Total United States common stocks |
|
|
|
3,799,767 |
| |
|
|
|
|
|
| |
Venezuela0.01% |
|
|
|
|
| |
Warehouses De Pauw SCA* |
|
94 |
|
5,965 |
| |
Total common stocks (cost $8,248,971) |
|
|
|
9,182,242 |
|
|
|
Face |
|
|
|
Bonds15.18% |
|
|
|
|
|
Commercial mortgage-backed securities1.20% |
|
|
|
|
|
United States1.20% |
|
|
|
|
|
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
|
Series 2007-4, Class AM, |
|
|
|
|
|
5.821%, due 02/10/511 |
|
100,000 |
|
114,512 |
|
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
|
Series 2007-CB18, Class AM, |
|
|
|
|
|
5.466%, due 06/12/471 |
|
100,000 |
|
112,147 |
|
Series 2007-LD11, Class A4, |
|
|
|
|
|
5.807%, due 06/15/491 |
|
100,000 |
|
114,834 |
|
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
|
Series 2009-GG10, Class A4B, |
|
|
|
|
|
5.787%, due 08/12/451,2 |
|
300,000 |
|
340,779 |
|
Total commercial mortgage-backed securities (cost $625,829) |
|
|
|
682,272 |
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Mortgage & agency debt securities6.10% |
|
|
|
|
| ||
United States6.10% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp., IO,3 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
$ |
157,275 |
|
$ |
17,589 |
|
Federal Home Loan Mortgage Corp. Gold Pools,3 |
|
|
|
|
| ||
#G05132, 5.000%, due 12/01/38 |
|
35,026 |
|
37,673 |
| ||
Federal National Mortgage Association Pools,3 |
|
|
|
|
| ||
#AP1589, 3.000%, due 08/01/27 |
|
236,524 |
|
250,923 |
| ||
#AB6198, 3.000%, due 09/01/27 |
|
94,098 |
|
99,826 |
| ||
Federal National Mortgage Association Re-REMIC,3 |
|
|
|
|
| ||
Series 2012-146, Class IO, IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
644,040 |
|
130,853 |
| ||
Government National Mortgage Association, |
|
|
|
|
| ||
Series 2013-22, Class IO, IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
1,022,924 |
|
212,674 |
| ||
Series 2012-26, Class GI, IO |
|
|
|
|
| ||
3.500%, due 02/20/27 |
|
1,115,909 |
|
126,544 |
| ||
Series 2012-16, Class AI, IO |
|
|
|
|
| ||
3.500%, due 10/20/38 |
|
1,349,521 |
|
151,956 |
| ||
Series 2012-143, Class IB, IO |
|
|
|
|
| ||
3.500%, due 12/20/394 |
|
857,842 |
|
115,759 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
#G2 4882, 4.000%, due 12/20/40 |
|
93,542 |
|
101,944 |
| ||
#G2 779424, 4.000%, due 06/20/42 |
|
451,129 |
|
500,559 |
| ||
#G2 MA0463, 4.000%, due 10/20/42 |
|
334,107 |
|
361,611 |
| ||
#G2 AB9234, 4.000%, due 11/20/42 |
|
124,025 |
|
137,614 |
| ||
#GN 732230, 4.500%, due 03/15/40 |
|
414,769 |
|
455,093 |
| ||
#GN 692856, 4.500%, due 04/15/40 |
|
423,794 |
|
464,994 |
| ||
#GN 747264, 4.500%, due 09/15/40 |
|
272,529 |
|
299,024 |
| ||
Total mortgage & agency debt securities (cost $3,535,526) |
|
|
|
3,464,636 |
| ||
|
|
|
|
|
| ||
US government obligations5.04% |
|
|
|
|
| ||
US Treasury Inflation IndexedBonds (TIPS), |
|
|
|
|
| ||
3.875%, due 04/15/29 |
|
415,000 |
|
944,430 |
| ||
US Treasury Inflation IndexedNotes (TIPS), |
|
|
|
|
| ||
2.000%, due 01/15/16 |
|
800,000 |
|
1,034,417 |
| ||
2.625%, due 07/15/17 |
|
660,000 |
|
882,161 |
| ||
Total US government obligations (cost $2,827,087) |
|
|
|
2,861,008 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Non-US government obligation2.84% |
|
|
|
|
| ||
Italy2.84% |
|
|
|
|
| ||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
2.378%, due 09/15/17 (cost $1,631,438) |
|
EUR |
1,253,521 |
|
$ |
1,611,180 |
|
|
|
|
|
|
| ||
Total bonds (cost $8,619,880) |
|
|
|
8,619,096 |
| ||
|
|
Shares |
|
|
| |
Investment companies67.22% |
|
|
|
|
| |
HICL Infrastructure Co., Ltd. |
|
729,143 |
|
1,401,489 |
| |
iShares Dow Jones Select Dividend Index Fund |
|
18,000 |
|
1,141,200 |
| |
iShares Emerging Markets Local Currency Bond Fund |
|
106,600 |
|
5,671,120 |
| |
iShares iBoxx $ High Yield Corporate Bond Fund |
|
132,489 |
|
12,500,337 |
| |
iShares iBoxx Investment Grade Corporate Bond Fund |
|
75,670 |
|
9,072,833 |
| |
iShares JPMorgan USD Emerging Markets Bond Fund |
|
24,593 |
|
2,888,940 |
| |
iShares MSCI EAFE Index Fund. |
|
50,900 |
|
3,002,082 |
| |
WisdomTree Emerging Markets Equity Income Fund |
|
45,500 |
|
2,505,230 |
| |
Total investment companies (cost $37,557,619) |
|
|
|
38,183,231 |
| |
|
|
|
|
|
| |
Short-term investment2.32% |
|
|
|
|
| |
Investment company2.32% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund5 (cost $1,316,642) |
|
1,316,642 |
|
1,316,642 |
| |
|
|
|
|
|
| |
Total investments100.88% (cost $55,743,112) |
|
|
|
57,301,211 |
| |
Liabilities, in excess of cash and other assets(0.88)% |
|
|
|
(500,615 |
) | |
Net assets100.00% |
|
|
|
$ |
56,800,596 |
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (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 |
|
$ |
1,799,146 |
|
Gross unrealized depreciation |
|
(241,047 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,558,099 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts to deliver |
|
In exchange for |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
EUR |
1,610,200 |
|
USD |
2,101,698 |
|
04/02/13 |
|
$ |
37,663 |
|
JPMCB |
|
EUR |
1,610,200 |
|
USD |
2,071,047 |
|
05/02/13 |
|
6,610 |
| |
JPMCB |
|
GBP |
1,786,900 |
|
USD |
2,725,986 |
|
04/02/13 |
|
10,880 |
| |
JPMCB |
|
GBP |
1,786,900 |
|
USD |
2,707,257 |
|
05/02/13 |
|
(7,401 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
47,752 |
|
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call option* |
|
|
|
|
|
|
| ||
MSCI EAFE PR Index, 3,036,880 contracts, strike @ USD 1,782.20 |
|
April 2013 |
|
$ |
7,883 |
|
$ |
(425 |
) |
Written options activity for the period ended March 31, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
|
|
contracts |
|
received |
| |
Options outstanding at June 30, 2012 |
|
3,087 |
|
$ |
9,560 |
|
Options written |
|
12,997,103 |
|
75,482 |
| |
Options terminated in closing purchase transactions |
|
(9,961,777 |
) |
(67,711 |
) | |
Options expired prior to exercise |
|
(1,533 |
) |
(9,448 |
) | |
Options outstanding at March 31, 2013 |
|
3,036,880 |
|
$ |
7,883 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Funds investments:
Description |
|
Unadjusted quoted prices |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
9,182,242 |
|
$ |
|
|
$ |
|
|
$ |
9,182,242 |
|
Commercial mortgage-backed securities |
|
|
|
682,272 |
|
|
|
682,272 |
| ||||
Mortgage & agency debt securities |
|
|
|
3,186,136 |
|
278,500 |
|
3,464,636 |
| ||||
US government obligations |
|
|
|
2,861,008 |
|
|
|
2,861,008 |
| ||||
Non-US government obligation |
|
|
|
1,611,180 |
|
|
|
1,611,180 |
| ||||
Investment companies |
|
38,183,231 |
|
|
|
|
|
38,183,231 |
| ||||
Short-term investment |
|
|
|
1,316,642 |
|
|
|
1,316,642 |
| ||||
Forward foreign currency contracts, net |
|
|
|
47,752 |
|
|
|
47,752 |
| ||||
Options written |
|
|
|
(425 |
) |
|
|
(425 |
) | ||||
Total |
|
$ |
47,365,473 |
|
$ |
9,704,565 |
|
$ |
278,500 |
|
$ |
57,348,538 |
|
1 At March 31, 2013, securities valued at $4,968,686 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
|
|
Mortgage & |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
225,897 |
|
$ |
225,897 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
|
|
|
| ||
Total realized gain |
|
(38,540 |
) |
(38,540 |
) | ||
Change in net unrealized appreciation/depreciation |
|
(35,401 |
) |
(35,401 |
) | ||
Transfers into Level 36 |
|
126,544 |
|
126,544 |
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
278,500 |
|
$ |
278,500 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2013 was $(43,682).
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2013 (unaudited)
Portfolio footnotes
* |
Non-income producing security. |
1 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2013 and changes periodically. |
2 |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of this security amounted to $340,779 or 0.60% of net assets. |
3 |
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. |
4 |
Holding is illiquid. At March 31, 2013, the value of this security amounted to $115,759 or 0.20% of net assets. |
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 Fund. |
|
|
|
|
|
|
|
|
|
|
Net 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 |
|
06/30/12 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
|
03/31/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,116,620 |
|
$ |
18,755,955 |
|
$ |
18,555,933 |
|
$ |
1,316,642 |
|
$ |
2,911 |
|
6 |
Transfers into Level 3 represent the value at the end of the period. At March 31, 2013, securities were transferred from Level 2 to Level 3 as the valuations are based primarily on unobservable input. |
Portfolio acronyms |
|
|
ADR |
|
American depositary receipt |
BA |
|
Canadian Bankers Acceptance Rate |
BBSW |
|
Bank Bill Swap Reference Rate (Australian Financial Market) |
CDI |
|
Certificate of Interbank Deposits |
CDO |
|
Collateralized debt obligations |
CLO |
|
Collateralized loan obligations |
CVA |
|
Dutch certification depositary certificate |
EURIBOR |
|
Euro Interbank Offered Rate |
FDIC |
|
Federal Deposit Insurance Co. |
FDR |
|
Foreign depositary receipt |
GDR |
|
Global depositary receipt |
GE |
|
General Electric |
GO |
|
General Obligation |
GS |
|
Goldman Sachs |
IO |
|
Interest onlyThis security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal paydown. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase. |
KLIBOR |
|
Kuala Lumpur Interbank Offered Rate |
LIBOR |
|
London Interbank Offered Rate |
NPV |
|
No Par Value |
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. |
PO |
|
Principal only securityThis security entitles the holder to receive principal payments from an underlying pool of assets or on the security itself. In the case of asset-backed securities, 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. |
REIT |
|
Real estate investment trust |
Re-REMIC |
|
Combined Real Estate Mortgage Investment Conduit |
REMIC |
|
Real Estate Mortgage Investment Conduit |
SDR |
|
Special Depositary Receipt |
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. |
TIPS |
|
Treasury inflation protected securities (TIPS) are debt securities issued by the US Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (CPI). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury security of the same maturity. |
ULC |
|
Unlimited Liability Co. |
|
|
|
Counterparty abbreviations |
|
|
BB |
|
Barclays Bank PLC |
CITI |
|
Citibank NA |
CSI |
|
Credit Suisse International |
DB |
|
Deutsche Bank AG |
GSI |
|
Goldman Sachs International |
GS |
|
Goldman Sachs |
JPMCB |
|
JPMorgan Chase Bank |
MLI |
|
Merrill Lynch International |
MSCI |
|
Morgan Stanley & Co. International PLC |
MSC |
|
Morgan Stanley & Co., Inc. |
RBS |
|
Royal Bank of Scotland PLC |
SSB |
|
State Street Bank |
|
|
|
Currency abbreviations |
|
|
ARS |
|
Argentine Peso |
AUD |
|
Australian Dollar |
BRL |
|
Brazilian Real |
CAD |
|
Canadian Dollar |
CHF |
|
Swiss Franc |
CLP |
|
Chilean Peso |
CNY |
|
Chinese Yuan |
COP |
|
Colombian Peso |
CZK |
|
Czech Koruna |
DKK |
|
Danish Krone |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
HKD |
|
Hong Kong Dollar |
HUF |
|
Hungarian Forint |
IDR |
|
Indonesian Rupiah |
ILS |
|
Israel New Shekel |
INR |
|
India Rupee |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
MXN |
|
Mexican Peso |
MYR |
|
Malaysian Ringgit |
NGN |
|
Nigerian Naira |
NOK |
|
Norwegian Krone |
NZD |
|
New Zealand Dollar |
PEN |
|
Peruvian Nuevo Sol |
PHP |
|
Philippine Peso |
PLN |
|
Polish Zloty |
RON |
|
Romanian Leu |
RUB |
|
Russian Ruble |
SEK |
|
Swedish Krona |
SGD |
|
Singapore Dollar |
THB |
|
Thailand Baht |
TRY |
|
Turkish Lira |
TWD |
|
Taiwan Dollar |
USD |
|
United States Dollar |
ZAR |
|
South African Rand |
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 evaluation systems that derive values based on comparable securities or instruments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio 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. UBS Global AM is an indirect wholly owned asset management subsidiary of UBS AG, an internationally diversified organization with headquarters in Zurich and Basel, Switzerland and operations in many areas of the financial services industry. 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 of the fair valuation hierarchy at the end of the reporting period.
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.
The Board has delegated to the UBS Global Asset Management Global Valuation Committee (GVC) the responsibility for making fair value determinations with respect to the Funds portfolio holdings. The GVC is comprised of representatives of management, including members of the investment team.
The GVC provides reports to the Board at each quarterly meeting regarding any securities or instruments that have been fair valued, valued pursuant to standing instructions approved by the GVC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the GVC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews, periodic internal audit reviews.
The types of securities or instruments for which such fair value pricing may be necessary include, but are not limited to: foreign securities and instruments under some circumstances, as discussed below, securities of an issuer that has entered into a restructuring; securities or instruments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and securities or instruments that are restricted as to transfer or resale. The need to fair value a Funds portfolio securities and other instruments may also result from low trading volume in foreign markets or thinly traded domestic securities or instruments, and when a security subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the limit up or limit down price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of 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. Valuing securities and other instruments at fair value involves greater reliance on judgment than valuing securities and other instruments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.
U.S. 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 fair value of investments.
A fair value hierarchy has been included near the end of each Funds Portfolio of investments.
In January 2013 Accounting Standards Update 2013-01 (ASU 2013-01), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Funds financial statements.
For more information regarding the Funds other significant accounting policies, please refer to the Funds semiannual report to shareholders dated December 31, 2012.
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 30, 2013 |
|
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.
The UBS Funds
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
May 30, 2013 |
|
|
|
|
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow |
|
|
Treasurer and Principal Accounting Officer |
|
|
|
|
Date: |
May 30, 2013 |
|
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 30, 2013 |
|
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 |
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Thomas Disbrow |
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Treasurer and Principal Accounting Officer |
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Date: |
May 30, 2013 |
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