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: |
September 30, 2013 |
| ||||||
Item 1. Schedule of Investments
UBS Core Plus Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Beverages |
|
0.22 |
% |
Biotechnology |
|
0.30 |
|
Building products |
|
0.07 |
|
Capital markets |
|
2.86 |
|
Chemicals |
|
0.39 |
|
Commercial banks |
|
1.89 |
|
Commercial services & supplies |
|
0.26 |
|
Communications equipment |
|
0.40 |
|
Consumer finance |
|
1.52 |
|
Diversified financial services |
|
3.95 |
|
Diversified telecommunication services |
|
1.18 |
|
Electric utilities |
|
0.53 |
|
Electronic equipment, instruments & components |
|
0.23 |
|
Energy equipment & services |
|
0.46 |
|
Food & staples retailing |
|
0.24 |
|
Gas utilities |
|
0.40 |
|
Independent power producers & energy traders |
|
0.21 |
|
Insurance |
|
2.43 |
|
Media |
|
1.37 |
|
Metals & mining |
|
1.59 |
|
Multi-utilities |
|
0.30 |
|
Oil, gas & consumable fuels |
|
5.15 |
|
Pharmaceuticals |
|
0.44 |
|
Real estate investment trust (REIT) |
|
0.66 |
|
Road & rail |
|
0.59 |
|
Semiconductors & semiconductor equipment |
|
0.14 |
|
Specialty retail |
|
0.30 |
|
Tobacco |
|
1.14 |
|
Trading companies & distributors |
|
0.27 |
|
Wireless telecommunication services |
|
0.98 |
|
Total corporate bonds |
|
30.47 |
% |
Asset-backed securities |
|
1.58 |
|
Commercial mortgage-backed securities |
|
7.65 |
|
Mortgage & agency debt securities |
|
39.00 |
|
Municipal bonds |
|
2.41 |
|
US government obligations |
|
9.58 |
|
Non-US government obligations |
|
0.94 |
|
Total bonds |
|
91.63 |
% |
Investment company |
|
|
|
UBS High Yield Relationship Fund |
|
5.73 |
|
Short-term investment |
|
13.32 |
|
Options purchased |
|
0.12 |
|
Investment of cash collateral from securities loaned |
|
0.41 |
|
Total investments |
|
111.21 |
% |
Liabilities, in excess of cash and other assets |
|
(11.21 |
) |
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 companies and derivatives exposure was included. |
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds91.63% |
|
|
|
|
| ||
Corporate bonds: 30.47% |
|
|
|
|
| ||
Brazil: 1.25% |
|
|
|
|
| ||
Caixa Economica Federal, |
|
|
|
|
| ||
2.375%, due 11/06/171 |
|
$ |
150,000 |
|
$ |
140,280 |
|
Petrobras International Finance Co., |
|
|
|
|
| ||
2.875%, due 02/06/15 |
|
150,000 |
|
152,177 |
| ||
5.375%, due 01/27/21 |
|
120,000 |
|
120,674 |
| ||
Total Brazil corporate bonds |
|
|
|
413,131 |
| ||
|
|
|
|
|
| ||
Canada: 1.48% |
|
|
|
|
| ||
Barrick Gold Corp., |
|
|
|
|
| ||
3.850%, due 04/01/22 |
|
90,000 |
|
79,596 |
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
3.800%, due 09/15/23 |
|
100,000 |
|
98,872 |
| ||
Goldcorp, Inc., |
|
|
|
|
| ||
3.700%, due 03/15/23 |
|
80,000 |
|
72,992 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
4.100%, due 10/01/23 |
|
200,000 |
|
200,620 |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
6.250%, due 07/15/41 |
|
40,000 |
|
38,757 |
| ||
Total Canada corporate bonds |
|
|
|
490,837 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.87% |
|
|
|
|
| ||
Transocean, Inc., |
|
|
|
|
| ||
3.800%, due 10/15/22 |
|
65,000 |
|
61,203 |
| ||
6.800%, due 03/15/38 |
|
85,000 |
|
90,241 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.375%, due 01/11/22 |
|
110,000 |
|
105,979 |
| ||
6.875%, due 11/21/36 |
|
30,000 |
|
30,426 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
287,849 |
| ||
|
|
|
|
|
| ||
Curacao: 0.44% |
|
|
|
|
| ||
Teva Pharmaceutical Finance Co. BV, |
|
|
|
|
| ||
2.400%, due 11/10/16 |
|
70,000 |
|
72,174 |
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
75,000 |
|
74,441 |
| ||
Total Curacao corporate bonds |
|
|
|
146,615 |
| ||
|
|
|
|
|
| ||
France: 0.31% |
|
|
|
|
| ||
BNP Paribas SA, |
|
|
|
|
| ||
2.700%, due 08/20/18 |
|
100,000 |
|
101,144 |
| ||
|
|
|
|
|
| ||
Mexico: 0.92% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
115,000 |
|
123,645 |
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
4.875%, due 01/24/22 |
|
175,000 |
|
179,567 |
| ||
Total Mexico corporate bonds |
|
|
|
303,212 |
| ||
|
|
|
|
|
| ||
Norway: 0.53% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
3.000%, due 11/17/14 |
|
175,000 |
|
175,000 |
| ||
|
|
|
|
|
| ||
Singapore: 0.23% |
|
|
|
|
| ||
Flextronics International Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/23 |
|
80,000 |
|
76,000 |
| ||
|
|
|
|
|
| ||
Spain: 0.76% |
|
|
|
|
| ||
Santander US Debt SA Unipersonal, |
|
|
|
|
| ||
3.724%, due 01/20/151 |
|
100,000 |
|
101,416 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
3.192%, due 04/27/18 |
|
150,000 |
|
148,003 |
| ||
Total Spain corporate bonds |
|
|
|
249,419 |
| ||
|
|
|
|
|
| ||
United Kingdom: 0.96% |
|
|
|
|
| ||
Barclays Bank PLC, |
|
|
|
|
| ||
5.140%, due 10/14/20 |
|
100,000 |
|
104,449 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
3.500%, due 02/11/231 |
|
110,000 |
|
103,672 |
| ||
Lloyds Bank PLC, |
|
|
|
|
| ||
6.500%, due 09/14/201 |
|
100,000 |
|
110,391 |
| ||
Total United Kingdom corporate bonds |
|
|
|
318,512 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States: 22.72% |
|
|
|
|
| ||
ADT Corp., |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
$ |
100,000 |
|
$ |
84,540 |
|
Altria Group, Inc., |
|
|
|
|
| ||
9.950%, due 11/10/38 |
|
55,000 |
|
82,103 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
3.000%, due 03/20/15 |
|
115,000 |
|
118,360 |
| ||
4.250%, due 09/15/14 |
|
50,000 |
|
51,637 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.950%, due 09/15/16 |
|
95,000 |
|
106,673 |
| ||
6.450%, due 09/15/36 |
|
50,000 |
|
57,422 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
8.200%, due 01/15/39 |
|
50,000 |
|
73,555 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
6.500%, due 09/01/37 |
|
70,000 |
|
77,336 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
5.625%, due 07/01/20 |
|
75,000 |
|
84,031 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
3.000%, due 05/15/22 |
|
35,000 |
|
33,994 |
| ||
Boston Properties LP, |
|
|
|
|
| ||
3.800%, due 02/01/24 |
|
110,000 |
|
105,733 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
6.150%, due 05/01/37 |
|
35,000 |
|
39,787 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
2.150%, due 03/23/15 |
|
65,000 |
|
66,047 |
| ||
Celgene Corp., |
|
|
|
|
| ||
4.000%, due 08/15/23 |
|
100,000 |
|
99,614 |
| ||
CenterPoint Energy Resources Corp., |
|
|
|
|
| ||
6.000%, due 05/15/18 |
|
115,000 |
|
133,098 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/23 |
|
140,000 |
|
129,751 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
5.375%, due 08/09/20 |
|
40,000 |
|
44,745 |
| ||
5.500%, due 09/13/25 |
|
100,000 |
|
102,845 |
| ||
5.500%, due 02/15/17 |
|
180,000 |
|
197,084 |
| ||
6.125%, due 05/15/18 |
|
155,000 |
|
179,280 |
| ||
8.500%, due 05/22/19 |
|
65,000 |
|
83,021 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.300%, due 11/15/17 |
|
90,000 |
|
106,039 |
| ||
6.950%, due 08/15/37 |
|
50,000 |
|
62,908 |
| ||
DirecTV Holdings LLC, |
|
|
|
|
| ||
6.000%, due 08/15/40 |
|
40,000 |
|
37,947 |
| ||
DPL, Inc., |
|
|
|
|
| ||
7.250%, due 10/15/21 |
|
85,000 |
|
86,913 |
| ||
El Paso Pipeline Partners Operating Co., LLC, |
|
|
|
|
| ||
5.000%, due 10/01/21 |
|
80,000 |
|
84,918 |
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
5.200%, due 02/01/22 |
|
105,000 |
|
110,386 |
| ||
9.000%, due 04/15/19 |
|
130,000 |
|
164,191 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
2.800%, due 11/01/181 |
|
80,000 |
|
80,568 |
| ||
ERP Operating LP REIT, |
|
|
|
|
| ||
4.750%, due 07/15/20 |
|
35,000 |
|
37,824 |
| ||
Ford Motor Credit Co., LLC, |
|
|
|
|
| ||
8.125%, due 01/15/20 |
|
350,000 |
|
435,265 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
2.150%, due 01/09/15 |
|
100,000 |
|
102,075 |
| ||
Series A, 6.750%, due 03/15/32 |
|
110,000 |
|
131,208 |
| ||
Glencore Funding LLC, |
|
|
|
|
| ||
2.500%, due 01/15/191 |
|
120,000 |
|
112,485 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
5.750%, due 01/24/22 |
|
$ |
80,000 |
|
$ |
88,691 |
|
6.150%, due 04/01/18 |
|
160,000 |
|
183,000 |
| ||
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
5.950%, due 10/15/36 |
|
155,000 |
|
173,139 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
80,000 |
|
89,400 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
3.700%, due 01/20/15 |
|
200,000 |
|
207,139 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
3.950%, due 09/01/22 |
|
145,000 |
|
142,565 |
| ||
6.500%, due 09/01/39 |
|
45,000 |
|
48,862 |
| ||
Kroger Co., |
|
|
|
|
| ||
3.850%, due 08/01/23 |
|
80,000 |
|
78,791 |
| ||
Lowes Cos., Inc., |
|
|
|
|
| ||
5.000%, due 09/15/43 |
|
100,000 |
|
100,737 |
| ||
Marathon Oil Corp., |
|
|
|
|
| ||
6.600%, due 10/01/37 |
|
30,000 |
|
35,573 |
| ||
Markel Corp., |
|
|
|
|
| ||
3.625%, due 03/30/23 |
|
40,000 |
|
38,012 |
| ||
Marsh & McLennan Cos., Inc., |
|
|
|
|
| ||
9.250%, due 04/15/19 |
|
65,000 |
|
84,262 |
| ||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||
3.375%, due 03/15/23 |
|
50,000 |
|
46,560 |
| ||
Merrill Lynch & Co., Inc., |
|
|
|
|
| ||
Series C, 5.000%, due 01/15/15 |
|
150,000 |
|
157,482 |
| ||
6.110%, due 01/29/37 |
|
100,000 |
|
102,993 |
| ||
6.875%, due 04/25/18 |
|
60,000 |
|
70,710 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
3.750%, due 02/25/23 |
|
60,000 |
|
57,842 |
| ||
4.875%, due 11/01/22 |
|
45,000 |
|
45,024 |
| ||
7.300%, due 05/13/19 |
|
200,000 |
|
239,309 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/23 |
|
140,000 |
|
130,708 |
| ||
News America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
35,000 |
|
37,894 |
| ||
Owens Corning, |
|
|
|
|
| ||
6.500%, due 12/01/16 |
|
21,000 |
|
23,439 |
| ||
Petrohawk Energy Corp., |
|
|
|
|
| ||
7.250%, due 08/15/18 |
|
185,000 |
|
200,725 |
| ||
PPL Energy Supply LLC, |
|
|
|
|
| ||
4.600%, due 12/15/21 |
|
70,000 |
|
69,069 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
90,000 |
|
116,655 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
5.200%, due 03/15/442 |
|
95,000 |
|
86,165 |
| ||
6.625%, due 12/01/37 |
|
85,000 |
|
101,654 |
| ||
Regions Financial Corp., |
|
|
|
|
| ||
2.000%, due 05/15/18 |
|
70,000 |
|
67,946 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
6.150%, due 09/15/43 |
|
100,000 |
|
104,622 |
| ||
7.750%, due 06/01/18 |
|
70,000 |
|
85,074 |
| ||
Ryder System, Inc., |
|
|
|
|
| ||
2.350%, due 02/26/19 |
|
75,000 |
|
73,284 |
| ||
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
75,000 |
|
100,368 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
3.500%, due 11/08/22 |
|
95,000 |
|
86,523 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
3.550%, due 02/15/22 |
|
90,000 |
|
87,408 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
6.550%, due 05/01/37 |
|
35,000 |
|
32,204 |
| ||
Time Warner Entertainment Co. LP, |
|
|
|
|
| ||
8.375%, due 03/15/23 |
|
120,000 |
|
139,973 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
6.100%, due 07/15/40 |
|
$ |
35,000 |
|
$ |
37,552 |
|
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
110,000 |
|
119,476 |
| ||
Ventas Realty LP/Ventas Capital Corp., |
|
|
|
|
| ||
2.700%, due 04/01/20 |
|
80,000 |
|
76,246 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
2.002%, due 09/14/182 |
|
50,000 |
|
52,575 |
| ||
6.400%, due 09/15/33 |
|
100,000 |
|
111,051 |
| ||
Williams Cos., Inc., |
|
|
|
|
| ||
3.700%, due 01/15/23 |
|
90,000 |
|
81,282 |
| ||
Total United States corporate bonds |
|
|
|
7,515,367 |
| ||
Total corporate bonds (cost $10,158,612) |
|
|
|
10,077,086 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 1.58% |
|
|
|
|
| ||
United States: 1.58% |
|
|
|
|
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2013-3, Class B, |
|
|
|
|
| ||
2.320%, due 07/20/18 |
|
150,000 |
|
150,427 |
| ||
MBNA Credit Card Master Note Trust, |
|
|
|
|
| ||
Series 2004-C2, Class C2, |
|
|
|
|
| ||
1.082%, due 11/15/162 |
|
350,000 |
|
350,821 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/373 |
|
39,719 |
|
22,482 |
| ||
Total asset-backed securities (cost $525,572) |
|
|
|
523,730 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 7.65% |
|
|
|
|
| ||
United States: 7.65% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-4, Class AM, |
|
|
|
|
| ||
6.001%, due 02/10/512 |
|
300,000 |
|
328,529 |
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.232%, due 08/15/261,2 |
|
150,000 |
|
150,000 |
| ||
Commercial Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2008-LS1, Class A4B, |
|
|
|
|
| ||
6.209%, due 12/10/492 |
|
250,000 |
|
281,460 |
| ||
FDIC Structured Sale Guaranteed Notes, |
|
|
|
|
| ||
Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
151,582 |
|
156,618 |
| ||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||
Series 2007-GG11, Class A4, |
|
|
|
|
| ||
5.736%, due 12/10/49 |
|
88,000 |
|
98,842 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2007-GG10, Class A4, |
|
|
|
|
| ||
5.993%, due 08/10/452,4 |
|
75,000 |
|
83,190 |
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2006-LDP8, Class AJ, |
|
|
|
|
| ||
5.480%, due 05/15/452 |
|
200,000 |
|
206,301 |
| ||
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
6.002%, due 06/15/492 |
|
275,000 |
|
309,306 |
| ||
Series 2006-LDP7, Class AJ, |
|
|
|
|
| ||
5.863%, due 04/15/452 |
|
225,000 |
|
224,773 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
50,000 |
|
47,300 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.993%, due 08/12/451,2 |
|
$ |
175,000 |
|
$ |
191,976 |
|
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/462 |
|
125,000 |
|
137,539 |
| ||
Series 2007-C32, Class A3, |
|
|
|
|
| ||
5.936%, due 06/15/492 |
|
175,000 |
|
194,774 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/482 |
|
125,000 |
|
118,711 |
| ||
Total commercial mortgage-backed securities (cost $2,526,529) |
|
|
|
2,529,319 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 39.00% |
|
|
|
|
| ||
United Kingdom: 0.85% |
|
|
|
|
| ||
Arkle Master Issuer PLC, |
|
|
|
|
| ||
Series 2012-1A, Class 2A1, |
|
|
|
|
| ||
1.963%, due 05/17/601,2 |
|
225,000 |
|
229,191 |
| ||
Holmes Master Issuer PLC, |
|
|
|
|
| ||
Series 2010-1A, Class A2, |
|
|
|
|
| ||
1.668%, due 10/15/541,2 |
|
52,500 |
|
52,709 |
| ||
Total United Kingdom mortgage & agency debt securities |
|
|
|
281,900 |
| ||
|
|
|
|
|
| ||
United States: 38.15% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp.,5 |
|
|
|
|
| ||
1.250%, due 10/02/19 |
|
400,000 |
|
382,194 |
| ||
Federal Home Loan Mortgage Corp. Gold Pools,5 |
|
|
|
|
| ||
#G08540, 3.000%, due 08/01/43, |
|
25,000 |
|
24,355 |
| ||
#A96140, 4.000%, due 01/01/41, |
|
110,189 |
|
115,248 |
| ||
#FG A96792, 4.500%, due 02/01/41, |
|
57,481 |
|
61,202 |
| ||
#G08451, 4.500%, due 06/01/41, |
|
153,639 |
|
163,780 |
| ||
#C63008, 6.000%, due 01/01/32, |
|
79,417 |
|
87,684 |
| ||
#G06019, 6.000%, due 10/01/36, |
|
113,410 |
|
125,158 |
| ||
#G01717, 6.500%, due 11/01/29, |
|
61,457 |
|
68,116 |
| ||
Federal National Mortgage Association,5 |
|
|
|
|
| ||
0.375%, due 12/21/15 |
|
830,000 |
|
827,805 |
| ||
0.500%, due 05/20/16 |
|
400,000 |
|
398,145 |
| ||
0.625%, due 08/26/165 |
|
200,000 |
|
199,411 |
| ||
Federal National Mortgage Association Pools,5 |
|
|
|
|
| ||
2.500%, TBA |
|
350,000 |
|
351,969 |
| ||
3.000%, TBA |
|
450,000 |
|
439,594 |
| ||
3.500%, TBA |
|
500,000 |
|
525,859 |
| ||
3.500%, TBA |
|
900,000 |
|
916,172 |
| ||
4.000%, TBA |
|
525,000 |
|
550,676 |
| ||
4.500%, TBA |
|
300,000 |
|
320,390 |
| ||
5.000%, TBA |
|
100,000 |
|
108,156 |
| ||
#AK7377, 3.000%, due 03/01/27, |
|
419,098 |
|
434,340 |
| ||
#AP1589, 3.000%, due 08/01/27, |
|
112,930 |
|
117,059 |
| ||
#AP7537, 3.000%, due 09/01/27, |
|
339,375 |
|
351,787 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
#AT2723, 3.000%, due 05/01/43, |
|
$ |
149,999 |
|
$ |
146,666 |
|
#AP6056, 3.000%, due 07/01/43, |
|
75,001 |
|
73,334 |
| ||
#AS0302, 3.000%, due 08/01/43, |
|
175,540 |
|
171,639 |
| ||
#AE1879, 3.500%, due 08/01/25, |
|
46,265 |
|
48,840 |
| ||
#AP3098, 3.500%, due 10/01/42, |
|
113,018 |
|
115,208 |
| ||
#AQ0600, 3.500%, due 10/01/42, |
|
120,715 |
|
123,094 |
| ||
#AB2331, 4.000%, due 02/01/41, |
|
115,041 |
|
120,717 |
| ||
#AH4568, 4.000%, due 03/01/41, |
|
115,147 |
|
120,818 |
| ||
#AE9202, 4.000%, due 09/01/41, |
|
426,495 |
|
447,412 |
| ||
#AE0106, 4.500%, due 06/01/40, |
|
1,419 |
|
1,515 |
| ||
#AI2472, 4.500%, due 05/01/41, |
|
122,357 |
|
130,856 |
| ||
#AI6578, 4.500%, due 07/01/41, |
|
335,770 |
|
359,118 |
| ||
#AJ1415, 4.500%, due 09/01/41, |
|
190,347 |
|
203,620 |
| ||
#AB8144, 5.000%, due 04/01/37, |
|
75,817 |
|
82,041 |
| ||
#890209, 5.000%, due 05/01/40, |
|
223,025 |
|
242,069 |
| ||
#AD9114, 5.000%, due 07/01/40, |
|
275,595 |
|
300,804 |
| ||
#AJ1422, 5.000%, due 09/01/41, |
|
232,145 |
|
253,439 |
| ||
#688066, 5.500%, due 03/01/33, |
|
124,588 |
|
135,977 |
| ||
#688314, 5.500%, due 03/01/33, |
|
145,231 |
|
159,117 |
| ||
#802481, 5.500%, due 11/01/34, |
|
243,652 |
|
267,616 |
| ||
#408267, 6.000%, due 03/01/28, |
|
16,383 |
|
18,315 |
| ||
#323715, 6.000%, due 05/01/29, |
|
10,914 |
|
12,092 |
| ||
#522564, 6.000%, due 07/01/29, |
|
22,341 |
|
24,422 |
| ||
#676733, 6.000%, due 01/01/33, |
|
101,412 |
|
112,546 |
| ||
#708631, 6.000%, due 06/01/33, |
|
31,751 |
|
35,451 |
| ||
#AE0405, 6.000%, due 08/01/37, |
|
123,819 |
|
136,592 |
| ||
#831730, 6.500%, due 09/01/36, |
|
108,046 |
|
121,135 |
| ||
#253824, 7.000%, due 03/01/31, |
|
7,133 |
|
8,255 |
| ||
Federal National Mortgage Association Pools REMICS, |
|
|
|
|
| ||
Series 2005-29, Class KA, |
|
|
|
|
| ||
4.500%, due 02/25/35 |
|
31,399 |
|
32,661 |
| ||
First Horizon Asset Securities, Inc., |
|
|
|
|
| ||
Series 2004-FL1, Class 1A1, |
|
|
|
|
| ||
0.449%, due 02/25/352 |
|
48,250 |
|
43,532 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
#738970, 3.500%, due 11/15/26, |
|
$ |
142,068 |
|
$ |
150,061 |
|
#G2 5256, 3.500%, due 12/20/26, |
|
220,863 |
|
234,506 |
| ||
#G2 AB2784, 3.500%, due 08/20/42, |
|
377,960 |
|
391,193 |
| ||
#G2 AB2302, 3.500%, due 09/20/42, |
|
22,504 |
|
23,284 |
| ||
#G2 5107, 4.000%, due 07/20/26, |
|
251,738 |
|
267,325 |
| ||
#G2 779424, 4.000%, due 06/20/42, |
|
67,686 |
|
71,776 |
| ||
#G2 779425, 4.000%, due 06/20/42, |
|
111,497 |
|
118,217 |
| ||
#AA8267, 4.000%, due 07/15/42, |
|
111,060 |
|
117,751 |
| ||
#AA0785, 4.000%, due 08/15/42, |
|
48,887 |
|
51,831 |
| ||
4.000%, TBA |
|
100,000 |
|
105,469 |
| ||
4.500%, TBA |
|
275,000 |
|
296,398 |
| ||
#G2 2687, 6.000%, due 12/20/28, |
|
20,755 |
|
22,960 |
| ||
#G2 2794, 6.000%, due 08/20/29, |
|
68,514 |
|
75,814 |
| ||
#G2 4245, 6.000%, due 09/20/38, |
|
67,087 |
|
73,770 |
| ||
Total United States mortgage & agency debt securities |
|
|
|
12,618,356 |
| ||
Total mortgage & agency debt securities (cost $12,819,794) |
|
|
|
12,900,256 |
| ||
|
|
|
|
|
| ||
Municipal bonds: 2.41% |
|
|
|
|
| ||
Chicago Transit Authority, |
|
|
|
|
| ||
Series 2008-A, |
|
|
|
|
| ||
6.899%, due 12/01/40 |
|
50,000 |
|
56,151 |
| ||
Illinois State Taxable Pension, |
|
|
|
|
| ||
Series 2003, |
|
|
|
|
| ||
5.100%, due 06/01/33 |
|
110,000 |
|
97,228 |
| ||
Los Angeles Unified School District, |
|
|
|
|
| ||
6.758%, due 07/01/34 |
|
110,000 |
|
134,477 |
| ||
Massachusetts Water Resources Authority Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/32 |
|
60,000 |
|
65,039 |
| ||
New York State Dormitory Authority, State Personal Taxable General Purpose, |
|
|
|
|
| ||
5.000%, due 03/15/34 |
|
60,000 |
|
63,242 |
| ||
State of California, GO, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
90,000 |
|
113,447 |
| ||
State of Illinois, GO, |
|
|
|
|
| ||
5.877%, due 03/01/19 |
|
180,000 |
|
193,826 |
| ||
State of Washington, GO, |
|
|
|
|
| ||
5.000%, due 08/01/33 |
|
70,000 |
|
75,406 |
| ||
Total municipal bonds (cost $756,438) |
|
|
|
798,816 |
| ||
|
|
|
|
|
| ||
US government obligations: 9.58% |
|
|
|
|
| ||
US Treasury Bond, |
|
|
|
|
| ||
2.875%, due 05/15/43 |
|
480,000 |
|
407,400 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
0.125%, due 04/30/15 |
|
800,000 |
|
798,531 |
| ||
0.250%, due 05/31/15 |
|
1,105,000 |
|
1,104,784 |
| ||
2.625%, due 01/31/18 |
|
500,000 |
|
530,586 |
| ||
2.875%, due 03/31/18 |
|
$ |
305,000 |
|
$ |
326,946 |
|
Total US government obligations (cost $3,163,350) |
|
|
|
3,168,247 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Non-US government obligations: 0.94% |
|
|
|
|
| ||
Brazil: 0.61% |
|
|
|
|
| ||
Banco Nacional de Desenvolvimento Economico e Social, |
|
|
|
|
| ||
3.375%, due 09/26/161 |
|
$ |
200,000 |
|
$ |
200,600 |
|
|
|
|
|
|
| ||
Turkey: 0.33% |
|
|
|
|
| ||
Republic of Turkey, |
|
|
|
|
| ||
6.750%, due 04/03/18 |
|
100,000 |
|
110,400 |
| ||
Total Non-US government obligations (cost $312,652) |
|
|
|
311,000 |
| ||
Total bonds (cost $30,262,947) |
|
|
|
30,308,454 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment company: 5.73% |
|
|
|
|
| ||
UBS High Yield Relationship Fund*6 (cost $1,850,000) |
|
58,898 |
|
1,893,013 |
| ||
|
|
|
|
|
| ||
Short-term investment: 13.32% |
|
|
|
|
| ||
Investment company: 13.32% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund6 (cost $4,406,000) |
|
4,406,000 |
|
4,406,000 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased*: 0.12% |
|
|
|
|
| ||
Put Options: 0.12% |
|
|
|
|
| ||
3 Month Eurodollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
49 |
|
25,419 |
| ||
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
13 |
|
14,706 |
| ||
|
|
|
|
40,125 |
| ||
Total options purchased (cost $62,317) |
|
|
|
40,125 |
| ||
|
|
|
|
|
| ||
Investment of cash collateral from securities loaned: 0.41% |
|
|
|
|
| ||
UBS Private Money Market Fund LLC6 (cost $135,155) |
|
135,155 |
|
135,155 |
| ||
Total investments: 111.21% (cost $36,716,419) |
|
|
|
36,782,747 |
| ||
Liabilities, in excess of cash and other assets: (11.21%) |
|
|
|
(3,706,570 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
33,076,177 |
| |
UBS Core Plus Bond Fund
Portfolio of investments September 30, 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 |
|
$ |
517,867 |
|
Gross unrealized depreciation |
|
(451,539 |
) | |
Net unrealized appreciation of investments |
|
$ |
66,328 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
GSI |
|
EUR |
250,000 |
|
USD |
338,821 |
|
12/11/13 |
|
$ |
546 |
|
GSI |
|
JPY |
66,706,370 |
|
USD |
670,637 |
|
12/11/13 |
|
(8,306 |
) | |
GSI |
|
USD |
298,615 |
|
GBP |
190,000 |
|
12/11/13 |
|
8,815 |
| |
JPMCB |
|
EUR |
475,000 |
|
USD |
625,895 |
|
12/11/13 |
|
(16,828 |
) | |
JPMCB |
|
GBP |
190,000 |
|
USD |
296,271 |
|
12/11/13 |
|
(11,160 |
) | |
JPMCB |
|
JPY |
60,900,000 |
|
USD |
612,164 |
|
12/11/13 |
|
(7,681 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(34,614 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 12 contracts (USD) |
|
December 2013 |
|
$ |
1,684,904 |
|
$ |
1,705,125 |
|
$ |
20,221 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 9 contracts (USD) |
|
December 2013 |
|
(1,175,108 |
) |
(1,200,375 |
) |
(25,267 |
) | |||
10 Year US Treasury Notes, 9 contracts (USD) |
|
December 2013 |
|
(1,116,555 |
) |
(1,137,516 |
) |
(20,961 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 10 contracts (EUR) |
|
March 2015 |
|
3,358,547 |
|
3,363,185 |
|
4,638 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(21,369 |
) | ||
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
USD |
20,000,000 |
|
02/12/16 |
|
0.825% |
|
3 month USD LIBOR |
|
$ |
|
|
$ |
(2,408 |
) |
$ |
(2,408 |
) |
MLI |
|
CAD |
20,000,000 |
|
02/08/16 |
|
3 month BA |
|
1.785% |
|
|
|
(21,192 |
) |
(21,192 |
) | |||
MLI |
|
USD |
965,000 |
|
08/15/39 |
|
3.219 |
|
3 month USD LIBOR |
|
|
|
66,705 |
|
66,705 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
43,105 |
|
$ |
43,105 |
|
Credit default swaps on corporate issuesbuy protection8
Counterparty |
|
Referenced obligation9 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
Allstate Corp. bond, 6.750%, due 05/15/18 |
|
USD |
350,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
8,675 |
|
$ |
(9,265 |
) |
$ |
(590 |
) |
JPMCB |
|
Nucor Corp. bond, 5.750%, due 12/01/17 |
|
USD |
350,000 |
|
06/20/18 |
|
1.000 |
|
4,290 |
|
(5,383 |
) |
(1,093 |
) | |||
MSC |
|
Deutsche Bank AG bond, 5.125%, due 08/31/17 |
|
EUR |
140,000 |
|
06/20/17 |
|
1.000 |
|
(5,478 |
) |
(1,500 |
) |
(6,978 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
7,487 |
|
$ |
(16,148 |
) |
$ |
(8,661 |
) |
Credit default swaps on corporate issues sell protection10
Counterparty |
|
Referenced obligation9 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CITI |
|
The Hartford Financial Services Group, Inc. bond, 6.000%, due 01/15/19 |
|
USD |
350,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
471 |
|
$ |
983 |
|
$ |
1,454 |
|
0.945 |
% |
MSC |
|
Barrick Gold Corp. bond, 5.800%, due 11/15/34 |
|
USD |
350,000 |
|
06/20/18 |
|
1.000 |
|
14,061 |
|
(21,791 |
) |
(7,730 |
) |
2.420 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
14,532 |
|
$ |
(20,808 |
) |
$ |
(6,276 |
) |
|
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
Total return swap agreements12
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments received by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
GBP |
235,000 |
|
12/20/13 |
|
3 month GBP LIBOR |
|
|
13 |
$ |
|
|
$ |
(11,719 |
) |
$ |
(11,719 |
) |
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, USD 13 face amount covered by contracts, strike @ USD 98.75 |
|
June 2016 |
|
$ |
7,917 |
|
$ |
(11,294 |
) |
Put options |
|
|
|
|
|
|
| ||
3 Month Eurodollar Time Deposit, USD 49 face amount covered by contracts, strike @ USD 98.25 |
|
March 2015 |
|
12,691 |
|
(8,881 |
) | ||
3 Year Euro-Dollar Midcurve, USD 13 face amount covered by contracts, strike @ USD 96.75 |
|
June 2016 |
|
15,230 |
|
(8,206 |
) | ||
Options written on credit default swaps on credit indices12 |
|
|
|
|
|
|
| ||
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 20 Index and Fund pays quarterly, fixed rate of 5.000%. Underlying credit default swap terminating 12/18/13. European style. Counterparty: CITI, Notional Amount USD 1,000,000 |
|
December 2013 |
|
18,300 |
|
(8,289 |
) | ||
Total options written |
|
|
|
$ |
54,138 |
|
$ |
(36,670 |
) |
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
61 |
|
$ |
22,607 |
|
Options written |
|
26 |
|
23,147 |
| |
Options terminated in closing purchase transactions |
|
(12 |
) |
(9,916 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
75 |
|
$ |
35,838 |
|
Written swaptions for the period ended September 30, 2013 was as follows:
|
|
Premiums |
| |
Swaptions outstanding at June 30, 2013 |
|
$ |
|
|
Swaptions written |
|
18,300 |
| |
Swaptions terminated in closing purchase transactions |
|
|
| |
Swaptions expired prior to exercise |
|
|
| |
Swaptions outstanding at September 30, 2013 |
|
$ |
18,300 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
10,077,086 |
|
$ |
|
|
$ |
10,077,086 |
|
Asset-backed securities |
|
|
|
523,730 |
|
|
|
523,730 |
| ||||
Commercial mortgage-backed securities |
|
|
|
2,529,319 |
|
|
|
2,529,319 |
| ||||
Mortgage & agency debt securities |
|
|
|
12,900,256 |
|
|
|
12,900,256 |
| ||||
Municipal bonds |
|
|
|
798,816 |
|
|
|
798,816 |
| ||||
US government obligations |
|
|
|
3,168,247 |
|
|
|
3,168,247 |
| ||||
Non-US government obligations |
|
|
|
311,000 |
|
|
|
311,000 |
| ||||
Investment companies |
|
|
|
1,893,013 |
|
|
|
1,893,013 |
| ||||
Short-term investment |
|
|
|
4,406,000 |
|
|
|
4,406,000 |
| ||||
Options purchased |
|
40,125 |
|
|
|
|
|
40,125 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
135,155 |
|
|
|
135,155 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(34,614 |
) |
|
|
(34,614 |
) | ||||
Futures contracts, net |
|
(21,369 |
) |
|
|
|
|
(21,369 |
) | ||||
Swap agreements, net |
|
|
|
(5,570 |
) |
|
|
(5,570 |
) | ||||
Options written |
|
(28,381 |
) |
(8,289 |
) |
|
|
(36,670 |
) | ||||
Total |
|
$ |
(9,625 |
) |
$ |
36,694,149 |
|
$ |
|
|
$ |
36,684,524 |
|
At September 30, 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 September 30, 2013, the value of these securities amounted to $1,719,306 or 5.20% of net assets. |
2 |
Variable or floating rate security the interest rate shown is the current rate as of September 30, 2013 and changes periodically. |
3 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2013. Maturity date disclosed is the ultimate maturity date. |
4 |
Security, or portion thereof, was on loan at September 30, 2013. |
5 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
6 |
The table below details the Funds investments in funds 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 |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
loss during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
three months ended |
|
three months ended |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
4,494,940 |
|
$ |
4,214,047 |
|
$ |
4,302,987 |
|
$ |
|
|
$ |
|
|
$ |
4,406,000 |
|
$ |
1,040 |
|
UBS Private Money Market Fund LLCa |
|
800,921 |
|
1,015,723 |
|
1,681,489 |
|
|
|
|
|
135,155 |
|
11 |
| |||||||
UBS High Yield Relationship Fund |
|
1,851,702 |
|
|
|
|
|
|
|
41,311 |
|
1,893,013 |
|
|
| |||||||
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
342,988 |
|
|
|
346,464 |
|
(22,006 |
) |
25,482 |
|
|
|
|
| |||||||
|
|
$ |
7,490,551 |
|
$ |
5,229,770 |
|
$ |
6,330,940 |
|
$ |
(22,006 |
) |
$ |
66,793 |
|
$ |
6,434,168 |
|
$ |
1,051 |
|
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. |
|
|
7 |
Payments made or received are based on the notional amount. |
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 bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
10 |
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. |
11 |
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. |
12 |
Illiquid investment. At September 30, 2013, the value of these investments amounted to $20,008 or 0.06% of net assets |
13 |
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 September 30, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Commercial banks |
|
4.64 |
% |
Diversified financial services |
|
7.04 |
|
Electric utilities |
|
1.57 |
|
Metals & mining |
|
0.84 |
|
Oil, gas & consumable fuels |
|
4.94 |
|
Road & rail |
|
0.88 |
|
Total corporate bonds |
|
19.91 |
% |
Non-US government obligations |
|
67.09 |
|
Structured notes |
|
3.62 |
|
Total bonds |
|
90.62 |
% |
Short-term investment |
|
6.46 |
|
Options purchased |
|
0.05 |
|
Total investments |
|
97.13 |
% |
Cash and other assets, less liabilities |
|
2.87 |
|
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 the underlying investment companies and derivatives exposure was included. |
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds: 90.62% |
|
|
|
|
| |||
Corporate bonds: 19.91% |
|
|
|
|
| |||
Brazil: 2.51% |
|
|
|
|
| |||
Banco do Brasil SA, |
|
|
|
|
| |||
5.875%, due 01/26/221 |
|
$ |
200,000 |
|
$ |
190,700 |
| |
Centrais Eletricas Brasileiras SA, |
|
|
|
|
| |||
5.750%, due 10/27/211 |
|
200,000 |
|
191,260 |
| |||
State of Minas Gerais, |
|
|
|
|
| |||
5.333%, due 02/15/282 |
|
200,000 |
|
192,000 |
| |||
Total Brazil corporate bonds |
|
|
|
573,960 |
| |||
|
|
|
|
|
| |||
India: 0.73% |
|
|
|
|
| |||
Power Grid Corp. of India Ltd., |
|
|
|
|
| |||
3.875%, due 01/17/231 |
|
200,000 |
|
167,510 |
| |||
|
|
|
|
|
| |||
Indonesia: 1.24% |
|
|
|
|
| |||
Pertamina Persero PT, |
|
|
|
|
| |||
5.250%, due 05/23/211 |
|
300,000 |
|
282,000 |
| |||
|
|
|
|
|
| |||
Kazakhstan: 0.88% |
|
|
|
|
| |||
Kazakhstan Temir Zholy Finance BV, |
|
|
|
|
| |||
6.950%, due 07/10/422 |
|
200,000 |
|
202,000 |
| |||
|
|
|
|
|
| |||
Malaysia: 0.85% |
|
|
|
|
| |||
Malayan Banking Bhd, |
|
|
|
|
| |||
3.250%, due 09/20/221,3 |
|
200,000 |
|
195,040 |
| |||
|
|
|
|
|
| |||
Mexico: 1.76% |
|
|
|
|
| |||
Petroleos Mexicanos, |
|
|
|
|
| |||
4.875%, due 01/24/22 |
|
100,000 |
|
102,610 |
| |||
5.500%, due 06/27/44 |
|
100,000 |
|
90,784 |
| |||
6.500%, due 06/02/41 |
|
200,000 |
|
209,500 |
| |||
Total Mexico corporate bonds |
|
|
|
402,894 |
| |||
|
|
|
|
|
| |||
Peru: 0.86% |
|
|
|
|
| |||
Corp Financiera Desarrollo, |
|
|
|
|
| |||
4.750%, due 02/08/221 |
|
200,000 |
|
195,500 |
| |||
|
|
|
|
|
| |||
Russia: 7.09% |
|
|
|
|
| |||
RSHB Capital SA for OJSC Russian Agricultural Bank, |
|
|
|
|
| |||
7.750%, due 05/29/181 |
|
250,000 |
|
281,250 |
| |||
8.625%, due 02/17/171 |
|
RUB |
21,000,000 |
|
651,035 |
| ||
Sberbank of Russia, |
|
|
|
|
| |||
5.717%, due 06/16/211 |
|
$ |
200,000 |
|
206,500 |
| ||
VEB Finance Ltd., |
|
|
|
|
| |||
6.025%, due 07/05/221 |
|
200,000 |
|
205,500 |
| |||
6.902%, due 07/09/201 |
|
250,000 |
|
274,062 |
| |||
Total Russia corporate bonds |
|
|
|
1,618,347 |
| |||
|
|
|
|
|
| |||
Turkey: 2.05% |
|
|
|
|
| |||
Turkiye Halk Bankasi AS, |
|
|
|
|
| |||
3.875%, due 02/05/201 |
|
300,000 |
|
267,750 |
| |||
4.875%, due 07/19/172 |
|
200,000 |
|
200,000 |
| |||
Total Turkey corporate bonds |
|
|
|
467,750 |
| |||
|
|
|
|
|
| |||
Venezuela: 1.94% |
|
|
|
|
| |||
Petroleos de Venezuela SA, |
|
|
|
|
| |||
8.500%, due 11/02/171 |
|
50,000 |
|
44,850 |
| |||
9.000%, due 11/17/211 |
|
300,000 |
|
243,780 |
| |||
9.750%, due 05/17/351 |
|
200,000 |
|
153,280 |
| |||
Total Venezuela corporate bonds |
|
|
|
441,910 |
| |||
Total corporate bonds (cost $4,776,547) |
|
|
|
4,546,911 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| |||||
Non-US government obligations: 67.09% |
|
|
|
|
| |||||
Argentina: 0.92% |
|
|
|
|
| |||||
Republic of Argentina, |
|
|
|
|
| |||||
6.266%, due 12/15/353 |
|
$ |
1,400,000 |
|
$ |
42,737 |
| |||
6.266%, due 12/15/353,4 |
|
1,480,000 |
|
46,659 |
| |||||
7.000%, due 10/03/15 |
|
40,000 |
|
36,752 |
| |||||
Series 1, 8.750%, due 06/02/17 |
|
100,000 |
|
82,750 |
| |||||
|
|
|
|
208,898 |
| |||||
Belarus: 1.67% |
|
|
|
|
| |||||
Republic of Belarus, |
|
|
|
|
| |||||
8.750%, due 08/03/151 |
|
250,000 |
|
240,625 |
| |||||
8.950%, due 01/26/181 |
|
150,000 |
|
140,625 |
| |||||
|
|
|
|
381,250 |
| |||||
Brazil: 4.50% |
|
|
|
|
| |||||
Federative Republic of Brazil, |
|
|
|
|
| |||||
6.000%, due 08/15/50 |
|
BRL |
980,000 |
|
1,028,471 |
| ||||
|
|
|
|
|
| |||||
China: 1.04% |
|
|
|
|
| |||||
China Government Bond, |
|
|
|
|
| |||||
1.400%, due 08/18/161 |
|
CNY |
500,000 |
|
77,938 |
| ||||
2.560%, due 06/29/171 |
|
1,000,000 |
|
160,405 |
| |||||
|
|
|
|
238,343 |
| |||||
Colombia: 1.71% |
|
|
|
|
| |||||
Republic of Colombia, |
|
|
|
|
| |||||
6.125%, due 01/18/41 |
|
$ |
110,000 |
|
119,900 |
| ||||
9.850%, due 06/28/27 |
|
COP |
400,000,000 |
|
271,147 |
| ||||
|
|
|
|
391,047 |
| |||||
Croatia: 0.47% |
|
|
|
|
| |||||
Republic of Croatia, |
|
|
|
|
| |||||
6.750%, due 11/05/191 |
|
$ |
100,000 |
|
106,750 |
| ||||
|
|
|
|
|
| |||||
El Salvador: 0.44% |
|
|
|
|
| |||||
Republic of El Salvador, |
|
|
|
|
| |||||
7.650%, due 06/15/351 |
|
100,000 |
|
100,000 |
| |||||
|
|
|
|
|
| |||||
Hungary: 2.39% |
|
|
|
|
| |||||
Government of Hungary, |
|
|
|
|
| |||||
5.375%, due 02/21/23 |
|
100,000 |
|
97,000 |
| |||||
6.750%, due 02/24/17 |
|
HUF |
60,000,000 |
|
288,768 |
| ||||
7.625%, due 03/29/41 |
|
$ |
150,000 |
|
160,125 |
| ||||
|
|
|
|
545,893 |
| |||||
Indonesia: 6.06% |
|
|
|
|
| |||||
Republic of Indonesia, |
|
|
|
|
| |||||
5.875%, due 03/13/201 |
|
360,000 |
|
378,450 |
| |||||
6.625%, due 02/17/371 |
|
200,000 |
|
202,500 |
| |||||
7.000%, due 05/15/22 |
|
IDR |
6,000,000,000 |
|
470,167 |
| ||||
8.500%, due 10/12/351 |
|
$ |
275,000 |
|
333,438 |
| ||||
|
|
|
|
1,384,555 |
| |||||
Lithuania: 0.48% |
|
|
|
|
| |||||
Republic of Lithuania, |
|
|
|
|
| |||||
5.125%, due 09/14/171 |
|
100,000 |
|
109,174 |
| |||||
|
|
|
|
|
| |||||
Malaysia: 4.85% |
|
|
|
|
| |||||
Government of Malaysia, |
|
|
|
|
| |||||
3.434%, due 08/15/14 |
|
MYR |
1,000,000 |
|
307,716 |
| ||||
3.580%, due 09/28/18 |
|
2,200,000 |
|
672,419 |
| |||||
4.392%, due 04/15/26 |
|
400,000 |
|
127,289 |
| |||||
|
|
|
|
1,107,424 |
| |||||
Mexico: 5.30% |
|
|
|
|
| |||||
Mexican Udibonos, |
|
|
|
|
| |||||
4.000%, due 11/15/405 |
|
MXN |
3,479,703 |
|
289,964 |
| ||||
Series M, 6.500%, due 06/10/21 |
|
900,000 |
|
72,077 |
| |||||
Series M, 8.000%, due 12/17/15 |
|
8,250,000 |
|
685,286 |
| |||||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Non-US government obligations(continued) |
|
|
|
|
| ||
United Mexican States, |
|
|
|
|
| ||
6.050%, due 01/11/40 |
|
$ |
150,000 |
|
164,250 |
| |
|
|
|
|
1,211,577 |
| ||
Mongolia: 1.56% |
|
|
|
|
| ||
Development Bank of Mongolia LLC, |
|
|
|
|
| ||
5.750%, due 03/21/171 |
|
200,000 |
|
187,250 |
| ||
Mongolia Government International Bond, |
|
|
|
|
| ||
5.125%, due 12/05/222 |
|
200,000 |
|
169,500 |
| ||
|
|
|
|
356,750 |
| ||
Montenegro: 0.92% |
|
|
|
|
| ||
Republic of Montenegro, |
|
|
|
|
| ||
7.250%, due 04/08/161 |
|
EUR |
150,000 |
|
210,030 |
| |
|
|
|
|
|
| ||
Nigeria: 2.25% |
|
|
|
|
| ||
Nigeria Government Bond, |
|
|
|
|
| ||
15.100%, due 04/27/17 |
|
NGN |
27,000,000 |
|
175,567 |
| |
Nigeria Treasury Bills, |
|
|
|
|
| ||
10.829%, due 01/23/146 |
|
3,000,000 |
|
17,953 |
| ||
11.044%, due 11/21/136 |
|
15,000,000 |
|
91,595 |
| ||
11.069%, due 04/10/146 |
|
25,000,000 |
|
145,760 |
| ||
14.564%, due 11/07/136 |
|
13,550,000 |
|
82,947 |
| ||
|
|
|
|
513,822 |
| ||
Peru: 3.09% |
|
|
|
|
| ||
Peruvian Government International Bond, |
|
|
|
|
| ||
5.625%, due 11/18/50 |
|
$ |
100,000 |
|
103,000 |
| |
7.840%, due 08/12/201 |
|
PEN |
1,450,000 |
|
601,611 |
| |
|
|
|
|
704,611 |
| ||
Philippines: 2.25% |
|
|
|
|
| ||
Republic of Philippines, |
|
|
|
|
| ||
6.500%, due 01/20/20 |
|
$ |
200,000 |
|
235,000 |
| |
7.000%, due 01/27/16 |
|
PHP |
11,000,000 |
|
279,938 |
| |
|
|
|
|
514,938 |
| ||
Poland: 3.35% |
|
|
|
|
| ||
Republic of Poland, |
|
|
|
|
| ||
4.000%, due 10/25/23 |
|
PLN |
150,000 |
|
46,237 |
| |
5.000%, due 03/23/22 |
|
$ |
50,000 |
|
53,554 |
| |
5.750%, due 09/23/22 |
|
PLN |
1,900,000 |
|
665,703 |
| |
|
|
|
|
765,494 |
| ||
Romania: 0.66% |
|
|
|
|
| ||
Government of Romania, |
|
|
|
|
| ||
5.750%, due 01/27/16 |
|
RON |
300,000 |
|
94,096 |
| |
6.750%, due 02/07/221 |
|
$ |
50,000 |
|
56,750 |
| |
|
|
|
|
150,846 |
| ||
Russia: 2.62% |
|
|
|
|
| ||
Russian Federation, |
|
|
|
|
| ||
7.000%, due 01/25/23 |
|
RUB |
2,300,000 |
|
70,110 |
| |
7.050%, due 01/19/28 |
|
5,000,000 |
|
146,315 |
| ||
7.600%, due 04/14/21 |
|
7,500,000 |
|
235,637 |
| ||
8.150%, due 02/03/27 |
|
4,500,000 |
|
146,883 |
| ||
|
|
|
|
598,945 |
| ||
South Africa: 3.41% |
|
|
|
|
| ||
Republic of South Africa, |
|
|
|
|
| ||
4.665%, due 01/17/24 |
|
$ |
200,000 |
|
193,750 |
| |
6.750%, due 03/31/21 |
|
ZAR |
1,800,000 |
|
173,180 |
| |
7.000%, due 02/28/31 |
|
3,500,000 |
|
300,701 |
| ||
7.750%, due 02/28/23 |
|
1,100,000 |
|
110,839 |
| ||
|
|
|
|
778,470 |
| ||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
Sri Lanka: 1.89% |
|
|
|
|
| ||||
Republic of Sri Lanka, |
|
|
|
|
| ||||
6.250%, due 10/04/201 |
|
$ |
100,000 |
|
$ |
97,000 |
| ||
6.250%, due 07/27/211 |
|
350,000 |
|
334,250 |
| ||||
|
|
|
|
431,250 |
| ||||
Thailand: 3.44% |
|
|
|
|
| ||||
Government of Thailand, |
|
|
|
|
| ||||
1.200%, due 07/14/211,5 |
|
THB |
14,639,758 |
|
436,280 |
| |||
3.580%, due 12/17/27 |
|
4,000,000 |
|
119,409 |
| ||||
3.775%, due 06/25/32 |
|
8,000,000 |
|
230,622 |
| ||||
|
|
|
|
786,311 |
| ||||
Turkey: 7.81% |
|
|
|
|
| ||||
Export Credit Bank of Turkey, |
|
|
|
|
| ||||
5.875%, due 04/24/191 |
|
$ |
200,000 |
|
205,000 |
| |||
Government of Turkey, |
|
|
|
|
| ||||
9.500%, due 01/12/22 |
|
TRY |
800,000 |
|
402,922 |
| |||
Republic of Turkey, |
|
|
|
|
| ||||
7.100%, due 03/08/23 |
|
450,000 |
|
196,243 |
| ||||
7.500%, due 11/07/19 |
|
$ |
720,000 |
|
834,300 |
| |||
8.500%, due 09/14/22 |
|
TRY |
300,000 |
|
144,152 |
| |||
|
|
|
|
1,782,617 |
| ||||
Ukraine: 0.80% |
|
|
|
|
| ||||
Government of Ukraine, |
|
|
|
|
| ||||
9.250%, due 07/24/172 |
|
$ |
200,000 |
|
183,750 |
| |||
|
|
|
|
|
| ||||
Venezuela: 3.21% |
|
|
|
|
| ||||
Republic of Venezuela, |
|
|
|
|
| ||||
7.750%, due 10/13/191 |
|
140,000 |
|
116,200 |
| ||||
8.250%, due 10/13/241 |
|
190,000 |
|
141,550 |
| ||||
9.250%, due 09/15/27 |
|
100,000 |
|
81,000 |
| ||||
9.250%, due 05/07/281 |
|
300,000 |
|
234,750 |
| ||||
9.375%, due 01/13/34 |
|
200,000 |
|
159,000 |
| ||||
|
|
|
|
732,500 |
| ||||
Total Non-US government obligations (cost $16,951,650) |
|
|
|
15,323,716 |
| ||||
|
|
|
|
|
| ||||
Structured notes: 3.62% |
|
|
|
|
| ||||
Bangladesh: 1.12% |
|
|
|
|
| ||||
Standard Chartered Bank, |
|
264,780 |
|
255,628 |
| ||||
|
|
|
|
|
| ||||
Ghana: 1.08% |
|
|
|
|
| ||||
Citigroup Funding, Inc., |
|
GHS |
500,000 |
|
247,209 |
| |||
|
|
|
|
|
| ||||
Sri Lanka: 0.59% |
|
|
|
|
| ||||
Citigroup Funding, Inc., |
|
LKR |
10,000,000 |
|
68,347 |
| |||
Citigroup Funding, Inc., |
|
10,000,000 |
|
66,979 |
| ||||
Total Sri Lanka structured notes |
|
|
|
135,326 |
| ||||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||||
Structured notes(concluded) |
|
|
|
|
| ||||
Vietnam: 0.83% |
|
|
|
|
| ||||
Citigroup Funding, Inc., |
|
VND |
4,000,000,000 |
|
$ |
188,671 |
| ||
Total structured notes (cost $846,751) |
|
|
|
826,834 |
| ||||
Total bonds (cost $22,574,948) |
|
|
|
20,697,461 |
| ||||
|
|
|
|
|
| ||||
|
|
Shares |
|
|
| ||||
Short-term investment: 6.46% |
|
|
|
|
| ||||
Investment company: 6.46% |
|
|
|
|
| ||||
UBS Cash Management Prime Relationship Fund7 (cost $1,475,797) |
|
1,475,797 |
|
1,475,797 |
| ||||
|
|
|
|
|
| ||||
|
|
Face amount |
|
|
| ||||
Options Purchased*: 0.05% |
|
|
|
|
| ||||
Put Options: 0.05% |
|
|
|
|
| ||||
Foreign Exchange Option, Buy AUD/BRL, strike @ BRL 2.00, expires November 2013 |
|
AUD |
160,000 |
|
351 |
| |||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.80, expires June 2014 |
|
EUR |
460,000 |
|
3,659 |
| |||
Foreign Exchange Option, Buy EUR/PLN, strike @ PLN 4.00, expires October 2013 |
|
300,000 |
|
1 |
| ||||
Foreign Exchange Option, Buy EUR/PLN, strike @ PLN 4.00, expires January 2014 |
|
260,000 |
|
471 |
| ||||
Foreign Exchange Option, Buy EUR/ZAR, strike @ ZAR 11.50, expires October 2013 |
|
170,000 |
|
0 |
| ||||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 1.90, expires April 2014 |
|
$ |
870,000 |
|
446 |
| |||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 2.03, expires June 2014 |
|
360,000 |
|
1,303 |
| ||||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 2.03, expires June 2014 |
|
240,000 |
|
868 |
| ||||
Foreign Exchange Option, Buy USD/MXN, strike @ MXN 12.00, expires October 2013 |
|
300,000 |
|
0 |
| ||||
Foreign Exchange Option, Buy USD/TRY, strike @ TRY 1.92, expires June 2014 |
|
660,000 |
|
4,960 |
| ||||
|
|
|
|
12,059 |
| ||||
Total options purchased (cost $51,993) |
|
|
|
12,059 |
| ||||
Total investments: 97.13% (cost $24,102,738) |
|
|
|
22,185,317 |
| ||||
Cash and other assets, less liabilities: 2.87% |
|
|
|
655,427 |
| ||||
Net assets: 100.00% |
|
|
|
$ |
22,840,744 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 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 depreciation consisted of:
Gross unrealized appreciation |
|
$ |
233,650 |
|
Gross unrealized depreciation |
|
(2,151,071 |
) | |
Net unrealized depreciation of investments |
|
$ |
(1,917,421 |
) |
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
BB |
|
EUR |
45,000 |
|
USD |
59,689 |
|
10/18/13 |
|
$ |
(1,191 |
) |
BB |
|
MYR |
759,000 |
|
USD |
227,341 |
|
12/18/13 |
|
(4,362 |
) | |
BB |
|
TWD |
242,600 |
|
USD |
8,213 |
|
12/18/13 |
|
(3 |
) | |
BB |
|
USD |
404,906 |
|
BRL |
924,000 |
|
06/10/14 |
|
(11,021 |
) | |
BB |
|
USD |
19,421 |
|
BRL |
47,000 |
|
06/10/14 |
|
614 |
| |
CSI |
|
EUR |
265,000 |
|
USD |
346,442 |
|
10/18/13 |
|
(12,077 |
) | |
CSI |
|
GBP |
212,000 |
|
USD |
329,617 |
|
10/22/13 |
|
(13,531 |
) | |
CSI |
|
PEN |
1,000,000 |
|
USD |
351,989 |
|
12/18/13 |
|
(3,764 |
) | |
CSI |
|
USD |
20,456 |
|
BRL |
50,000 |
|
12/18/13 |
|
1,711 |
| |
CSI |
|
USD |
340,495 |
|
GBP |
212,000 |
|
10/22/13 |
|
2,653 |
| |
CSI |
|
USD |
99,167 |
|
MXN |
1,342,000 |
|
12/18/13 |
|
2,710 |
| |
CSI |
|
USD |
237,163 |
|
RUB |
8,060,000 |
|
12/18/13 |
|
8,135 |
| |
CSI |
|
USD |
429,410 |
|
ZAR |
4,500,000 |
|
12/18/13 |
|
13,593 |
| |
DB |
|
BRL |
158,000 |
|
USD |
68,836 |
|
12/18/13 |
|
(1,210 |
) | |
DB |
|
KRW |
6,173,400 |
|
USD |
5,627 |
|
12/18/13 |
|
(90 |
) | |
DB |
|
PLN |
100,000 |
|
USD |
30,687 |
|
12/18/13 |
|
(1,187 |
) | |
DB |
|
USD |
14,767 |
|
CLP |
7,617,000 |
|
12/18/13 |
|
160 |
| |
DB |
|
USD |
177,593 |
|
COP |
347,150,000 |
|
12/18/13 |
|
3,268 |
| |
DB |
|
USD |
364,200 |
|
HUF |
84,520,000 |
|
12/18/13 |
|
18,132 |
| |
DB |
|
USD |
364,947 |
|
IDR |
4,445,670,000 |
|
12/18/13 |
|
13,562 |
| |
DB |
|
USD |
197,957 |
|
INR |
13,760,000 |
|
12/18/13 |
|
17,245 |
| |
DB |
|
USD |
282,400 |
|
MYR |
936,100 |
|
12/18/13 |
|
3,367 |
| |
DB |
|
USD |
232,143 |
|
PHP |
10,270,000 |
|
12/18/13 |
|
3,706 |
| |
DB |
|
USD |
499,194 |
|
PLN |
1,610,000 |
|
12/18/13 |
|
13,977 |
| |
DB |
|
USD |
53,979 |
|
THB |
1,750,000 |
|
12/18/13 |
|
1,706 |
| |
DB |
|
USD |
275,862 |
|
TRY |
580,000 |
|
12/18/13 |
|
7,262 |
| |
GSI |
|
BRL |
971,000 |
|
USD |
402,654 |
|
06/10/14 |
|
(11,266 |
) | |
GSI |
|
INR |
14,010,000 |
|
USD |
204,079 |
|
12/18/13 |
|
(15,034 |
) | |
GSI |
|
USD |
14,598 |
|
RON |
50,000 |
|
12/18/13 |
|
505 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
37,570 |
|
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2013 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond Futures, 4 contracts (USD) |
|
December 2013 |
|
$ |
522,565 |
|
$ |
533,500 |
|
$ |
10,935 |
|
5 Year US Treasury Notes, 2 contracts (USD) |
|
December 2013 |
|
239,050 |
|
242,094 |
|
3,044 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 2 contracts (USD) |
|
December 2013 |
|
(248,122 |
) |
(252,781 |
) |
(4,659 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
9,320 |
| ||
Currency swap agreement8
Counterparty |
|
Pay contract |
|
Receive contract |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
PHP |
8,238,200 |
|
USD |
200,614 |
|
12/18/15 |
|
1.300 |
% |
6 month USD LIBOR |
|
$ |
|
|
$ |
11,249 |
|
$ |
11,249 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
DB |
|
BRL |
865,272 |
|
01/02/17 |
|
1 Day CDI |
|
8.645 |
% |
$ |
|
|
$ |
(28,006 |
) |
$ |
(28,006 |
) |
MLI |
|
ZAR |
2,000,000 |
|
06/04/18 |
|
3 month JIBAR |
|
6.400 |
|
|
|
(5,413 |
) |
(5,413 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
(33,419 |
) |
$ |
(33,419 |
) |
Credit default swaps on sovereign issuessell protection10
Counterparty |
|
Referenced obligation11 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit spread12 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
BB |
|
Russian Federation bond, 2.250%, due 03/31/30 |
|
USD |
300,000 |
|
12/20/22 |
|
1.000 |
% |
26,105 |
|
(28,294 |
) |
(2,189 |
) |
2.228 |
% | |||
GSI |
|
United Mexican States bond, 5.950%, due 03/19/19 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
15,632 |
|
(11,571 |
) |
4,061 |
|
1.598 |
| |||
GSI |
|
Federative Republic of Brazil bond, 12.250%, due 03/06/30 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
19,720 |
|
(21,069 |
) |
(1,349 |
) |
2.117 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
61,457 |
|
$ |
(60,934 |
) |
$ |
523 |
|
|
| |
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Put options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell AUD/BRL, AUD 160,000 face amount covered by contracts, strike @ BRL 1.90 |
|
November 2013 |
|
$ |
1,123 |
|
$ |
(173 |
) |
Foreign Exchange Option, Sell EUR/BRL, EUR 460,000 face amount covered by contracts, strike @ BRL 2.60 |
|
June 2014 |
|
3,914 |
|
(746 |
) | ||
Foreign Exchange Option, Sell EUR/PLN, EUR 300,000 face amount covered by contracts, strike @ PLN 3.90 |
|
October 2013 |
|
502 |
|
0 |
| ||
Foreign Exchange Option, Sell EUR/PLN, EUR 260,000 face amount covered by contracts, strike @ PLN 3.90 |
|
January 2014 |
|
1,084 |
|
(121 |
) | ||
Foreign Exchange Option, Sell EUR/ZAR, EUR 170,000 face amount covered by contracts, strike @ ZAR 11.00 |
|
October 2013 |
|
1,759 |
|
0 |
| ||
Foreign Exchange Option, Sell USD/BRL, USD 870,000 face amount covered by contracts, strike @ BRL 1.80 |
|
April 2014 |
|
2,309 |
|
(76 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 720,000 face amount covered by contracts, strike @ BRL 1.96 |
|
June 2014 |
|
3,244 |
|
(1,166 |
) | ||
Foreign Exchange Option, Sell USD/BRL, USD 480,000 face amount covered by contracts, strike @ BRL 1.96 |
|
June 2014 |
|
2,377 |
|
(780 |
) | ||
Foreign Exchange Option, Sell USD/MXN, USD 300,000 face amount covered by contracts, strike @ MXN 11.50 |
|
October 2013 |
|
1,395 |
|
0 |
| ||
Foreign Exchange Option, Sell USD/TRY, USD 330,000 face amount covered by contracts, strike @ TRY 1.98 |
|
June 2014 |
|
10,428 |
|
(4,500 |
) | ||
Total options written |
|
|
|
$ |
28,135 |
|
$ |
(7,562 |
) |
Foreign exchange options activity for the period ended September 30, 2013 was as follows:
|
|
Premiums |
| |
Foreign exchange options outstanding at June 30, 2013 |
|
$ |
42,727 |
|
Foreign exchange options written |
|
3,348 |
| |
Foreign exchange options terminated in closing purchase transactions |
|
(16,337 |
) | |
Foreign exchange options expired prior to exercise |
|
(1,603 |
) | |
Foreign exchange written options outstanding at September 30, 2013 |
|
$ |
28,135 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
4,546,911 |
|
$ |
|
|
$ |
4,546,911 |
|
Non-US government obligations |
|
|
|
15,323,716 |
|
|
|
15,323,716 |
| ||||
Structured notes |
|
|
|
826,834 |
|
|
|
826,834 |
| ||||
Short-term investments |
|
|
|
1,475,797 |
|
|
|
1,475,797 |
| ||||
Options purchased |
|
|
|
12,059 |
|
|
|
12,059 |
| ||||
Forward foreign currency contracts, net |
|
|
|
37,570 |
|
|
|
37,570 |
| ||||
Futures contracts, net |
|
9,320 |
|
|
|
|
|
9,320 |
| ||||
Options written |
|
|
|
(7,562 |
) |
|
|
(7,562 |
) | ||||
Swap agreements, net |
|
|
|
(83,104 |
) |
|
|
(83,104 |
) | ||||
Total |
|
$ |
9,320 |
|
$ |
22,132,221 |
|
$ |
|
|
$ |
22,141,541 |
|
At September 30, 2013, there were no transfers between Level 1 and Level 2.
UBS Emerging Markets Debt Fund
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 September 30, 2013, the value of these securities amounted to $8,020,593 or 35.12% 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 September 30, 2013, the value of these securities amounted to $1,774,084 or 7.77% of net assets. |
3 |
Variable or floating rate security the interest rate shown is the current rate as of September 30, 2013 and changes periodically. |
4 |
Security pays, when required, a floating rate that is determined annually based on the Argentina GDP. |
5 |
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. |
6 |
Rate shown is the discount rate at date of purchase. |
7 |
The table below details the Funds investments 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 |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/2013 |
|
09/30/2013 |
|
09/30/2013 |
|
09/30/2013 |
|
09/30/2013 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
671,558 |
|
$ |
2,936,654 |
|
$ |
2,132,415 |
|
$ |
1,475,797 |
|
$ |
345 |
|
8 |
Illiquid investment. At September 30, 2013, the value of this investment amounted to $11,249 or 0.05% of net assets.. |
9 |
Payments made or received are based on the notional amount. |
10 |
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. |
11 |
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. |
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 Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Automobiles |
|
0.43 |
% |
Capital markets |
|
4.13 |
|
Chemicals |
|
1.20 |
|
Commercial banks |
|
12.42 |
|
Commercial services & supplies |
|
0.52 |
|
Computers & peripherals |
|
0.04 |
|
Construction & engineering |
|
0.16 |
|
Construction materials |
|
1.69 |
|
Consumer finance |
|
4.16 |
|
Containers & packaging |
|
0.95 |
|
Diversified financial services |
|
6.22 |
|
Diversified telecommunication services |
|
1.27 |
|
Electronic equipment, instruments & components |
|
1.48 |
|
Gas utilities |
|
0.38 |
|
Health care providers & services |
|
0.66 |
|
Hotels, restaurants & leisure |
|
2.00 |
|
Insurance |
|
1.36 |
|
IT services |
|
0.33 |
|
Leisure equipment & products |
|
0.40 |
|
Machinery |
|
1.65 |
|
Media |
|
2.46 |
|
Metals & mining |
|
2.14 |
|
Oil, gas & consumable fuels |
|
6.94 |
|
Real estate management & development |
|
1.19 |
|
Road & rail |
|
0.48 |
|
Telecommunications |
|
0.27 |
|
Tobacco |
|
0.20 |
|
Trading companies & distributors |
|
1.05 |
|
Transportation infrastructure |
|
1.13 |
|
Wireless telecommunication services |
|
0.29 |
|
Total corporate bonds |
|
57.60 |
% |
Asset-backed securities |
|
1.11 |
|
Collateralized debt obligations |
|
4.13 |
|
Commercial mortgage-backed securities |
|
5.79 |
|
Mortgage & agency debt securities |
|
2.64 |
|
Municipal bonds |
|
3.52 |
|
US government obligations |
|
10.18 |
|
Non-US government obligations |
|
1.27 |
|
Total bonds |
|
86.24 |
% |
Investment company |
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
16.81 |
|
Short-term investment |
|
2.78 |
|
Options purchased |
|
3.31 |
|
Total investments |
|
109.14 |
% |
Liabilities, in excess of cash and other assets |
|
(9.14 |
) |
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 September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds 86.24% |
|
|
|
|
| ||
Corporate bonds: 57.60% |
|
|
|
|
| ||
Australia: 1.70% |
|
|
|
|
| ||
Crown Group Finance Ltd., |
|
|
|
|
| ||
5.750%, due 07/18/17 |
|
AUD |
620,000 |
|
$ |
595,026 |
|
Sydney Airport Finance Co., Pty Ltd., |
|
|
|
|
|
| |
3.900%, due 03/22/231 |
|
$ |
730,000 |
|
696,077 |
| |
8.000%, due 07/06/15 |
|
AUD |
500,000 |
|
497,161 |
| |
Total Australia corporate bonds |
|
|
|
|
1,788,264 |
| |
|
|
|
|
|
|
| |
Brazil: 1.87% |
|
|
|
|
|
| |
Caixa Economica Federal, |
|
|
|
|
|
| |
2.375%, due 11/06/171 |
|
$ |
870,000 |
|
813,624 |
| |
Petrobras International Finance Co., |
|
|
|
|
|
| |
5.375%, due 01/27/21 |
|
|
1,150,000 |
|
1,156,463 |
| |
Total Brazil corporate bonds |
|
|
|
|
1,970,087 |
| |
|
|
|
|
|
|
| |
Canada: 0.52% |
|
|
|
|
|
| |
Cenovus Energy, Inc., |
|
|
|
|
|
| |
3.800%, due 09/15/23 |
|
|
250,000 |
|
247,180 |
| |
Rogers Communications, Inc., |
|
|
|
|
|
| |
4.100%, due 10/01/23 |
|
|
300,000 |
|
300,930 |
| |
Total Canada corporate bonds |
|
|
|
|
548,110 |
| |
|
|
|
|
|
|
| |
Cayman Islands: 1.03% |
|
|
|
|
|
| |
Evergrande Real Estate Group Ltd., |
|
|
|
|
|
| |
13.000%, due 01/27/152 |
|
|
325,000 |
|
348,562 |
| |
Fantasia Holdings Group Co. Ltd., |
|
|
|
|
|
| |
10.750%, due 01/22/202 |
|
|
315,000 |
|
294,525 |
| |
Kaisa Group Holdings Ltd., |
|
|
|
|
|
| |
10.250%, due 01/08/202 |
|
|
400,000 |
|
402,000 |
| |
Seagate Technology HDD Holdings, |
|
|
|
|
|
| |
6.800%, due 10/01/16 |
|
|
40,000 |
|
45,200 |
| |
Total Cayman Islands corporate bonds |
|
|
|
|
1,090,287 |
| |
|
|
|
|
|
|
| |
China: 0.39% |
|
|
|
|
|
| |
China Oil & Gas Group Ltd., |
|
|
|
|
|
| |
5.250%, due 04/25/181 |
|
|
210,000 |
|
203,175 |
| |
Gemdale International Investment Ltd., |
|
|
|
|
|
| |
7.125%, due 11/16/172 |
|
|
200,000 |
|
205,500 |
| |
Total China corporate bonds |
|
|
|
|
408,675 |
| |
|
|
|
|
|
|
| |
France: 0.29% |
|
|
|
|
|
| |
BNP Paribas SA, |
|
|
|
|
|
| |
2.700%, due 08/20/18 |
|
|
300,000 |
|
303,431 |
| |
|
|
|
|
|
|
| |
Germany: 1.99% |
|
|
|
|
|
| |
HeidelbergCement Finance BV, |
|
|
|
|
|
| |
8.500%, due 10/31/192 |
|
EUR |
800,000 |
|
1,343,380 |
| |
Unitymedia GmbH, |
|
|
|
|
|
| |
9.625%, due 12/01/192 |
|
|
500,000 |
|
748,802 |
| |
Total Germany corporate bonds |
|
|
|
|
2,092,182 |
| |
|
|
|
|
|
|
| |
Ireland: 1.28% |
|
|
|
|
|
| |
Ardagh Packaging Finance PLC, |
|
|
|
|
|
| |
7.375%, due 10/15/172 |
|
|
700,000 |
|
1,006,618 |
| |
The Governor & Co. of the Bank of Ireland, |
|
|
|
|
|
| |
4.000%, due 01/28/15 |
|
|
250,000 |
|
346,831 |
| |
Total Ireland corporate bonds |
|
|
|
|
1,353,449 |
| |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Luxembourg: 2.54% |
|
|
|
|
|
| |
ArcelorMittal, |
|
|
|
|
|
| |
5.000%, due 02/25/17 |
|
$ |
400,000 |
|
$ |
416,000 |
|
6.000%, due 03/01/21 |
|
|
900,000 |
|
922,500 |
| |
Intelsat Jackson Holdings SA, |
|
|
|
|
|
| |
7.500%, due 04/01/21 |
|
|
975,000 |
|
1,053,000 |
| |
Wind Acquisition Finance SA, |
|
|
|
|
|
| |
11.750%, due 07/15/172 |
|
EUR |
200,000 |
|
287,819 |
| |
Total Luxembourg corporate bonds |
|
|
|
|
2,679,319 |
| |
|
|
|
|
|
|
| |
Mexico: 0.74% |
|
|
|
|
|
| |
Cemex Finance LLC, |
|
|
|
|
|
| |
9.500%, due 12/14/161 |
|
$ |
411,000 |
|
436,174 |
| |
Petroleos Mexicanos, |
|
|
|
|
|
| |
3.500%, due 07/18/18 |
|
|
340,000 |
|
344,250 |
| |
Total Mexico corporate bonds |
|
|
|
|
780,424 |
| |
|
|
|
|
|
|
| |
Netherlands: 3.73% |
|
|
|
|
|
| |
Basell Finance Co. BV, |
|
|
|
|
|
| |
8.100%, due 03/15/271 |
|
|
1,000,000 |
|
1,262,702 |
| |
EDP Finance BV, |
|
|
|
|
|
| |
4.750%, due 09/26/16 |
|
EUR |
1,050,000 |
|
1,456,090 |
| |
4.900%, due 10/01/191 |
|
$ |
500,000 |
|
493,750 |
| |
Ziggo Bond Co. BV, |
|
|
|
|
|
| |
8.000%, due 05/15/182 |
|
EUR |
500,000 |
|
722,084 |
| |
Total Netherlands corporate bonds |
|
|
|
|
3,934,626 |
| |
|
|
|
|
|
|
| |
Norway: 2.20% |
|
|
|
|
|
| |
Eksportfinans ASA, |
|
|
|
|
|
| |
1.600%, due 03/20/14 |
|
JPY |
124,000,000 |
|
1,246,273 |
| |
5.500%, due 05/25/16 |
|
$ |
780,000 |
|
814,125 |
| |
5.500%, due 06/26/17 |
|
|
250,000 |
|
259,688 |
| |
Total Norway corporate bonds |
|
|
|
|
2,320,086 |
| |
|
|
|
|
|
|
| |
Singapore: 0.42% |
|
|
|
|
|
| |
Flextronics International Ltd., |
|
|
|
|
|
| |
5.000%, due 02/15/23 |
|
|
470,000 |
|
446,500 |
| |
|
|
|
|
|
|
| |
South Korea: 0.19% |
|
|
|
|
|
| |
Korea Gas Corp., |
|
|
|
|
|
| |
2.875%, due 07/29/181 |
|
|
200,000 |
|
199,597 |
| |
|
|
|
|
|
|
| |
Spain: 2.96% |
|
|
|
|
|
| |
BBVA US Senior SAU, |
|
|
|
|
|
| |
4.664%, due 10/09/15 |
|
|
960,000 |
|
999,553 |
| |
Cirsa Funding Luxembourg SA, |
|
|
|
|
|
| |
8.750%, due 05/15/182 |
|
EUR |
300,000 |
|
420,060 |
| |
Santander US Debt SA Unipersonal, |
|
|
|
|
|
| |
3.724%, due 01/20/151 |
|
$ |
1,400,000 |
|
1,419,823 |
| |
Telefonica Emisiones SAU, |
|
|
|
|
|
| |
3.192%, due 04/27/18 |
|
|
290,000 |
|
286,140 |
| |
Total Spain corporate bonds |
|
|
|
|
3,125,576 |
| |
|
|
|
|
|
|
| |
United Kingdom: 4.23% |
|
|
|
|
|
| |
Barclays Bank PLC, |
|
|
|
|
|
| |
5.140%, due 10/14/20 |
|
|
100,000 |
|
104,449 |
| |
6.050%, due 12/04/171 |
|
|
990,000 |
|
1,099,686 |
| |
HBOS PLC, |
|
|
|
|
|
| |
6.750%, due 05/21/181 |
|
|
700,000 |
|
777,836 |
| |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
United Kingdom(concluded) |
|
|
|
|
|
| |
Lloyds Bank PLC, |
|
|
|
|
|
| |
6.500%, due 09/14/201 |
|
$ |
200,000 |
|
$ |
220,781 |
|
6.500%, due 03/24/20 |
|
EUR |
1,000,000 |
|
1,535,539 |
| |
Royal Bank of Scotland Group PLC, |
|
|
|
|
|
| |
6.100%, due 06/10/23 |
|
$ |
710,000 |
|
716,265 |
| |
Total United Kingdom corporate bonds |
|
|
|
|
4,454,556 |
| |
|
|
|
|
|
|
| |
United States: 31.52% |
|
|
|
|
|
| |
ADT Corp., |
|
|
|
|
|
| |
3.500%, due 07/15/22 |
|
|
650,000 |
|
549,512 |
| |
Allstate Corp., |
|
|
|
|
|
| |
5.750%, due 08/15/533 |
|
|
400,000 |
|
390,000 |
| |
Ally Financial, Inc., |
|
|
|
|
|
| |
3.125%, due 01/15/16 |
|
|
210,000 |
|
210,675 |
| |
3.603%, due 06/15/154 |
|
|
1,140,000 |
|
1,077,300 |
| |
8.300%, due 02/12/15 |
|
|
200,000 |
|
215,500 |
| |
Amsouth Bank, |
|
|
|
|
|
| |
5.200%, due 04/01/15 |
|
|
450,000 |
|
473,961 |
| |
Barrick North America Finance LLC, |
|
|
|
|
|
| |
5.750%, due 05/01/43 |
|
|
425,000 |
|
356,612 |
| |
Caesars Entertainment Operating Co., Inc., |
|
|
|
|
|
| |
11.250%, due 06/01/17 |
|
|
950,000 |
|
964,250 |
| |
Case New Holland, Inc., |
|
|
|
|
|
| |
7.875%, due 12/01/17 |
|
|
1,500,000 |
|
1,743,750 |
| |
CIT Group, Inc., |
|
|
|
|
|
| |
5.000%, due 08/15/22 |
|
|
275,000 |
|
268,812 |
| |
5.000%, due 05/15/17 |
|
|
500,000 |
|
525,625 |
| |
5.250%, due 04/01/141 |
|
|
900,000 |
|
914,625 |
| |
Citigroup, Inc., |
|
|
|
|
|
| |
0.869%, due 05/31/173 |
|
EUR |
1,750,000 |
|
2,263,318 |
| |
5.000%, due 09/15/14 |
|
$ |
750,000 |
|
778,270 |
| |
5.500%, due 09/13/25 |
|
|
550,000 |
|
565,649 |
| |
DISH DBS Corp., |
|
|
|
|
|
| |
7.875%, due 09/01/19 |
|
|
990,000 |
|
1,128,600 |
| |
El Paso LLC, |
|
|
|
|
|
| |
7.250%, due 06/01/18 |
|
|
900,000 |
|
1,009,391 |
| |
Energy Transfer Partners LP, |
|
|
|
|
|
| |
6.050%, due 06/01/41 |
|
|
780,000 |
|
782,855 |
| |
9.000%, due 04/15/19 |
|
|
570,000 |
|
719,913 |
| |
ERAC USA Finance LLC, |
|
|
|
|
|
| |
2.800%, due 11/01/181 |
|
|
500,000 |
|
503,551 |
| |
Fidelity National Financial, Inc., |
|
|
|
|
|
| |
5.500%, due 09/01/22 |
|
|
110,000 |
|
115,955 |
| |
Ford Motor Credit Co., LLC, |
|
|
|
|
|
| |
8.125%, due 01/15/20 |
|
|
850,000 |
|
1,057,072 |
| |
General Motors Co., |
|
|
|
|
|
| |
3.500%, due 10/02/181 |
|
|
450,000 |
|
450,000 |
| |
General Motors Financial Co., Inc., |
|
|
|
|
|
| |
4.750%, due 08/15/171 |
|
|
810,000 |
|
838,350 |
| |
Glencore Funding LLC, |
|
|
|
|
|
| |
2.500%, due 01/15/191 |
|
|
600,000 |
|
562,424 |
| |
HCA, Inc., |
|
|
|
|
|
| |
7.875%, due 02/15/20 |
|
|
650,000 |
|
700,781 |
| |
International Lease Finance Corp., |
|
|
|
|
|
| |
8.625%, due 09/15/15 |
|
|
1,000,000 |
|
1,103,750 |
| |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Kinder Morgan Finance Co. LLC, |
|
|
|
|
|
| |
5.700%, due 01/05/16 |
|
$ |
900,000 |
|
$ |
969,452 |
|
Linn Energy LLC, |
|
|
|
|
|
| |
6.750%, due 11/01/191 |
|
|
600,000 |
|
565,500 |
| |
Merrill Lynch & Co., Inc., |
|
|
|
|
|
| |
4.625%, due 09/14/18 |
|
EUR |
1,590,000 |
|
2,301,604 |
| |
MetLife, Inc., |
|
|
|
|
|
| |
6.400%, due 12/15/36 |
|
$ |
570,000 |
|
575,700 |
| |
Morgan Stanley, |
|
|
|
|
|
| |
6.625%, due 04/01/18 |
|
|
1,250,000 |
|
1,451,196 |
| |
7.300%, due 05/13/19 |
|
|
500,000 |
|
598,272 |
| |
Plains Exploration & Production Co., |
|
|
|
|
|
| |
6.125%, due 06/15/19 |
|
|
250,000 |
|
268,014 |
| |
6.500%, due 11/15/20 |
|
|
770,000 |
|
826,151 |
| |
6.875%, due 02/15/23 |
|
|
170,000 |
|
182,325 |
| |
Prudential Financial, Inc., |
|
|
|
|
|
| |
5.200%, due 03/15/443 |
|
|
385,000 |
|
349,195 |
| |
Regions Bank, |
|
|
|
|
|
| |
7.500%, due 05/15/18 |
|
|
750,000 |
|
882,086 |
| |
Regions Financial Corp., |
|
|
|
|
|
| |
5.750%, due 06/15/15 |
|
|
250,000 |
|
267,878 |
| |
7.750%, due 11/10/14 |
|
|
96,000 |
|
103,099 |
| |
Reynolds American, Inc., |
|
|
|
|
|
| |
6.150%, due 09/15/43 |
|
|
200,000 |
|
209,244 |
| |
Sanmina Corp., |
|
|
|
|
|
| |
7.000%, due 05/15/191 |
|
|
1,060,000 |
|
1,115,650 |
| |
SLM Corp., |
|
|
|
|
|
| |
3.875%, due 09/10/15 |
|
|
970,000 |
|
989,400 |
| |
Tesoro Corp., |
|
|
|
|
|
| |
9.750%, due 06/01/19 |
|
|
230,000 |
|
251,275 |
| |
URS Corp., |
|
|
|
|
|
| |
4.350%, due 04/01/171 |
|
|
170,000 |
|
173,705 |
| |
Western Union Co., |
|
|
|
|
|
| |
2.375%, due 12/10/15 |
|
|
340,000 |
|
347,519 |
| |
Wyndham Worldwide Corp., |
|
|
|
|
|
| |
3.900%, due 03/01/23 |
|
|
575,000 |
|
545,898 |
| |
Total United States corporate bonds |
|
|
|
|
33,243,664 |
| |
Total corporate bonds (cost $60,181,197) |
|
|
|
|
60,738,833 |
| |
|
|
|
|
|
|
| |
Asset-backed securities: 1.11% |
|
|
|
|
|
| |
Cayman Islands: 0.32% |
|
|
|
|
|
| |
Octagon Investment Partners XVII Ltd., |
|
|
|
|
|
| |
Series 2013-1A, Class C, |
|
|
|
|
|
| |
3.065%, due 10/25/251,3 (cost $339,664) |
|
|
350,000 |
|
339,587 |
| |
|
|
|
|
|
|
| |
United States: 0.79% |
|
|
|
|
|
| |
Saxon Asset Securities Trust, |
|
|
|
|
|
| |
Series 2006-2, Class A3C, |
|
|
|
|
|
| |
0.329%, due 09/25/363 (cost $737,944) |
|
|
953,818 |
|
826,683 |
| |
Total asset-backed securities (cost $1,077,608) |
|
|
|
|
1,166,270 |
| |
|
|
|
|
|
|
| |
Collateralized debt obligations: 4.13% |
|
|
|
|
|
| |
Cayman Islands: 3.91% |
|
|
|
|
|
| |
Apidos CLO XIV, |
|
|
|
|
|
| |
Series 2013-14A, Class C1, |
|
|
|
|
|
| |
3.118%, due 04/15/251,3 |
|
|
300,000 |
|
288,000 |
| |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Cayman Islands(concluded) |
|
|
|
|
| ||
Ares XXVII CLO Ltd., |
|
|
|
|
| ||
Series 2013-2A, Class C, |
|
|
|
|
| ||
3.024%, due 07/28/251,3 |
|
$ |
500,000 |
|
$ |
480,000 |
|
BlueMountain CLO Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.923%, due 05/15/251,3 |
|
500,000 |
|
481,200 |
| ||
CIFC Funding Ltd., |
|
|
|
|
| ||
Series 2013-3A, Class B, |
|
|
|
|
| ||
2.906%, due 10/24/251,3,5 |
|
400,000 |
|
375,304 |
| ||
Denali Capital CLO X Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class A3L, |
|
|
|
|
| ||
3.164%, due 04/28/251,3 |
|
550,000 |
|
522,500 |
| ||
Galaxy CLO Ltd., |
|
|
|
|
| ||
Series 2013-16A, Class C, |
|
|
|
|
| ||
2.600%, due 11/16/251,3,5,6 |
|
500,000 |
|
477,480 |
| ||
Galaxy CLO XV Ltd., |
|
|
|
|
| ||
Series 2013-15A, Class C, |
|
|
|
|
| ||
2.881%, due 04/15/251,3 |
|
500,000 |
|
476,250 |
| ||
KKR Financial CLO Trust, |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.903%, due 07/15/251,3 |
|
300,000 |
|
286,806 |
| ||
Marathon CLO V Ltd., |
|
|
|
|
| ||
Series 2013-5A, Class A2A, |
|
|
|
|
| ||
2.613%, due 02/21/251,3 |
|
400,000 |
|
400,868 |
| ||
Race Point VIII CLO. Ltd., |
|
|
|
|
| ||
Series 2013-8A, Class C, |
|
|
|
|
| ||
3.064%, due 02/20/251,3 |
|
350,000 |
|
336,012 |
| ||
Total Cayman Islands collateralized debt obligations |
|
|
|
4,124,420 |
| ||
|
|
|
|
|
| ||
Netherlands: 0.22% |
|
|
|
|
| ||
Jubilee CDO III BV, |
|
|
|
|
| ||
Series III X, Class A2, |
|
|
|
|
| ||
1.320%, due 04/20/172,3 |
|
169,037 |
|
228,442 |
| ||
Total collateralized debt obligations (cost $4,430,436) |
|
|
|
4,352,862 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 5.79% |
|
|
|
|
| ||
United States: 5.79% |
|
|
|
|
| ||
Americold 2010 LLC Trust, |
|
|
|
|
| ||
Series 2010-ARTA, Class D, |
|
|
|
|
| ||
7.443%, due 01/14/291 |
|
290,000 |
|
327,198 |
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.232%, due 08/15/261,3 |
|
400,000 |
|
400,000 |
| ||
Citigroup Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C6, Class AM, |
|
|
|
|
| ||
5.885%, due 12/10/493 |
|
425,000 |
|
471,959 |
| ||
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| ||
Series 2013-THL, Class D, |
|
|
|
|
| ||
2.832%, due 06/08/301,3 |
|
450,000 |
|
448,594 |
| ||
CW Capital Cobalt Ltd., |
|
|
|
|
| ||
Series 2007-C3, Class AM, |
|
|
|
|
| ||
5.966%, due 05/15/463 |
|
400,000 |
|
434,588 |
| ||
Extended Stay America Trust, |
|
|
|
|
| ||
Series 2013-ESH7, Class B7, |
|
|
|
|
| ||
3.604%, due 12/05/311 |
|
500,000 |
|
488,971 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2013-KYO, Class D, |
|
|
|
|
| ||
2.782%, due 11/08/291,3 |
|
250,000 |
|
247,514 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| ||
Irvine Core Office Trust, |
|
|
|
|
| ||
Series 2013-IRV, Class C, |
|
|
|
|
| ||
3.279%, due 05/15/481,3 |
|
$ |
250,000 |
|
$ |
220,287 |
|
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2012-HSBC, Class E, |
|
|
|
|
| ||
4.675%, due 07/05/321,3 |
|
200,000 |
|
189,306 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
150,000 |
|
141,901 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.993%, due 08/12/451,3 |
|
735,000 |
|
806,298 |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/463 |
|
475,000 |
|
522,649 |
| ||
Wells Fargo Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-120B, Class C, |
|
|
|
|
| ||
2.800%, due 03/18/281,3 |
|
500,000 |
|
457,565 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C11, Class B, |
|
|
|
|
| ||
3.714%, due 03/15/453 |
|
500,000 |
|
479,135 |
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/483 |
|
500,000 |
|
474,844 |
| ||
Total commercial mortgage-backed securities (cost $6,174,842) |
|
|
|
6,110,809 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 2.64% |
|
|
|
|
| ||
United States: 2.64% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMICS, IO,6 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
1,290,673 |
|
160,854 |
| ||
3.500%, due 10/15/42 |
|
1,714,109 |
|
390,394 |
| ||
Federal National Mortgage Association REMICS, IO,6 |
|
|
|
|
| ||
Series 2013-15, Class IO, |
|
|
|
|
| ||
2.500%, due 03/25/28 |
|
2,308,657 |
|
261,273 |
| ||
Series 2013-87, Class IW, |
|
|
|
|
| ||
2.500%, due 06/25/28 |
|
4,044,046 |
|
456,924 |
| ||
Series 2013-64, Class LI, |
|
|
|
|
| ||
3.000%, due 06/25/33 |
|
2,432,136 |
|
395,446 |
| ||
Series 2012-146, Class IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
1,743,985 |
|
415,075 |
| ||
Government National Mortgage Association, IO, |
|
|
|
|
| ||
Series 2013-22, Class IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
1,704,707 |
|
342,879 |
| ||
Series 2013-53, Class OI, |
|
|
|
|
| ||
3.500%, due 04/20/43 |
|
1,696,672 |
|
358,741 |
| ||
Total mortgage & agency debt securities (cost $2,676,277) |
|
|
|
2,781,586 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face amount |
|
Value |
| |||
Municipal bonds: 3.52% |
|
|
|
|
| |||
Massachusetts Water Resources Authority Revenue Bonds, |
|
|
|
|
| |||
5.000%, due 08/01/32 |
|
$ |
500,000 |
|
$ |
541,995 |
| |
State of California, GO Bonds, |
|
|
|
|
| |||
7.300%, due 10/01/39 |
|
800,000 |
|
1,008,416 |
| |||
7.550%, due 04/01/39 |
|
200,000 |
|
259,502 |
| |||
State of Illinois, GO Bonds, |
|
|
|
|
| |||
5.665%, due 03/01/18 |
|
1,055,000 |
|
1,149,644 |
| |||
5.877%, due 03/01/19 |
|
200,000 |
|
215,362 |
| |||
State of Washington, GO Bonds, |
|
|
|
|
| |||
5.000%, due 08/01/33 |
|
500,000 |
|
538,615 |
| |||
Total municipal bonds (cost $3,446,601) |
|
|
|
3,713,534 |
| |||
|
|
|
|
|
| |||
US government obligations: 10.18% |
|
|
|
|
| |||
US Treasury Bonds, PO, |
|
|
|
|
| |||
3.220%, due 08/15/424,7 |
|
1,750,000 |
|
561,851 |
| |||
5.196%, due 05/15/404,7 |
|
6,000,000 |
|
2,142,102 |
| |||
US Treasury Inflation Indexed Notes (TIPS), |
|
|
|
|
| |||
2.000%, due 01/15/16 |
|
1,750,000 |
|
2,202,694 |
| |||
US Treasury Notes, |
|
|
|
|
| |||
2.000%, due 02/15/227 |
|
6,000,000 |
|
5,832,654 |
| |||
Total US government obligations (cost $10,819,650) |
|
|
|
10,739,301 |
| |||
|
|
|
|
|
| |||
Non-US government obligations: 1.27% |
|
|
|
|
| |||
Brazil: 0.33% |
|
|
|
|
| |||
Banco Nacional de Desenvolvimento Economico e Social, |
|
|
|
|
| |||
3.375%, due 09/26/161 |
|
$ |
350,000 |
|
351,050 |
| ||
|
|
|
|
|
| |||
Croatia: 0.50% |
|
|
|
|
| |||
Republic of Croatia, |
|
|
|
|
| |||
6.250%, due 04/27/172 |
|
500,000 |
|
525,410 |
| |||
|
|
|
|
|
| |||
Greece: 0.44% |
|
|
|
|
| |||
Hellenic Republic, |
|
|
|
|
| |||
2.000%, due 02/24/248 |
|
EUR |
400,000 |
|
308,896 |
| ||
2.000%, due 02/24/268 |
|
220,000 |
|
158,256 |
| |||
|
|
|
|
467,152 |
| |||
Total Non-US government obligations (cost $1,322,373) |
|
|
|
1,343,612 |
| |||
Total bonds (cost $90,128,984) |
|
|
|
90,946,807 |
| |||
|
|
Shares |
|
|
|
Investment company: 16.81% |
|
|
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund*10 (cost $16,455,628) |
|
932,797 |
|
17,730,878 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
|
|
|
|
|
| |
Short-term investment: 2.78% |
|
|
|
|
| |
Investment company: 2.78% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund10 (cost $2,926,554) |
|
2,926,554 |
|
$ |
2,926,554 |
|
|
|
Number of |
|
|
|
Options purchased*: 3.31% |
|
|
|
|
|
Call options: 0.29% |
|
|
|
|
|
10 Year US Treasury Notes, strike @ USD 126.00, expires October 2013 |
|
134 |
|
104,687 |
|
10 Year US Treasury Notes, strike @ USD 125.00, expires November 2013 |
|
95 |
|
201,875 |
|
|
|
|
|
306,562 |
|
Put options: 0.69% |
|
|
|
|
|
1 Year Euro-Dollar Midcurve, strike @ USD 99.25, expires December 2013 |
|
20 |
|
750 |
|
1 Year Euro-Dollar Midcurve, strike @ USD 99.00, expires March 2014 |
|
97 |
|
10,912 |
|
10 Year US Treasury Notes, strike @ USD 126.50, expires October 2013 |
|
134 |
|
119,344 |
|
10 Year US Treasury Notes, strike @ USD 125.00, expires November 2013 |
|
95 |
|
69,766 |
|
2 Year US Treasury Notes, strike @ USD 109.50, expires November 2013 |
|
389 |
|
6,078 |
|
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
84 |
|
95,025 |
|
30 Year US Treasury Notes, strike @ USD 130.00, expires October 2013 |
|
91 |
|
36,969 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.50, expires June 2014 |
|
49 |
|
7,044 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.38, expires September 2014 |
|
244 |
|
53,375 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
234 |
|
121,387 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 98.75, expires June 2015 |
|
433 |
|
205,675 |
|
|
|
|
|
726,325 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Number of |
|
Value |
| ||
Options purchased on interest rate swaps5: 2.33% |
|
|
|
|
| ||
Expiring 05/22/15. If option exercised the Fund pays semi-annually 2.350% and receives semi-annually floating 6 month JPY LIBOR. Underlying interest rate swap terminating 05/27/35. European style. Counterparty: BB |
|
JPY |
475,000,000 |
|
$ |
85,554 |
|
Expiring 09/30/14. If option exercised the Fund pays annually 1.700% and receives semi-annually floating 6 month EURIBOR. Underlying interest rate swap terminating 10/02/16. European style. Counterparty: MLI |
|
EUR |
15,800,000 |
|
34,200 |
| |
Expiring 09/30/14. If option exercised the Fund pays semi-annually 1.300% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 10/02/16. European style. Counterparty: MLI |
|
$ |
26,350,000 |
|
94,201 |
| |
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 |
|
18,915 |
| ||
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 |
|
497,755 |
| ||
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 |
|
50,861 |
| ||
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 |
|
744,804 |
| |
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 |
|
500,903 |
| ||
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: JPMCB |
|
3,500,000 |
|
202,678 |
| ||
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 |
|
51,637 |
| ||
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: JPMCB |
|
3,500,000 |
|
20,894 |
| ||
Expiring 12/20/13. If option exercised the Fund pays quarterly floating 3 month USD LIBOR and receives annually 2.165%. Underlying interest rate swap terminating 12/24/20. European style. Counterparty: MLI |
|
15,000,000 |
|
105,794 |
| ||
Expiring 12/20/13. If option exercised the Fund pays semi-annually 2.665% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/24/20. European style. Counterparty: MLI |
|
15,000,000 |
|
53,814 |
| ||
|
|
|
|
2,462,010 |
| ||
Total options purchased (cost $3,301,758) |
|
|
|
3,494,897 |
| ||
Total investments: 109.14% (cost $112,812,924) |
|
|
|
115,099,136 |
| ||
Liabilities, in excess of cash and other assets: (9.14%) |
|
|
|
(9,642,093 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
105,457,043 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 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 |
|
$ |
4,800,348 |
|
Gross unrealized depreciation |
|
(2,514,136 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,286,212 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
BB |
|
EUR |
13,930,000 |
|
USD |
18,565,305 |
|
12/04/13 |
|
$ |
(283,037 |
) |
JPMCB |
|
AUD |
4,585,000 |
|
USD |
4,069,628 |
|
12/04/13 |
|
(189,917 |
) | |
JPMCB |
|
EUR |
275,000 |
|
USD |
366,160 |
|
12/04/13 |
|
(5,936 |
) | |
JPMCB |
|
GBP |
2,025,000 |
|
USD |
3,144,033 |
|
12/04/13 |
|
(132,684 |
) | |
JPMCB |
|
JPY |
519,600,000 |
|
USD |
5,323,241 |
|
12/04/13 |
|
35,130 |
| |
JPMCB |
|
USD |
780,292 |
|
CAD |
820,000 |
|
12/04/13 |
|
14,509 |
| |
MSCI |
|
USD |
1,363,185 |
|
GBP |
860,000 |
|
12/04/13 |
|
28,409 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
$ |
(533,526 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 69 contracts (USD) |
|
December 2013 |
|
$ |
9,658,719 |
|
$ |
9,804,469 |
|
$ |
145,750 |
|
5 Year US Treasury Notes, 182 contracts (USD) |
|
December 2013 |
|
21,747,809 |
|
22,030,531 |
|
282,722 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 8 contracts (USD) |
|
December 2013 |
|
(1,044,540 |
) |
(1,067,000 |
) |
(22,460 |
) | |||
US Ultra Bond Futures, 3 contracts (USD) |
|
December 2013 |
|
(412,121 |
) |
(426,281 |
) |
(14,160 |
) | |||
5 Year US Treasury Notes, 31 contracts (USD) |
|
December 2013 |
|
(3,738,704 |
) |
(3,752,453 |
) |
(13,749 |
) | |||
10 Year US Treasury Notes, 153 contracts (USD) |
|
December 2013 |
|
(19,141,477 |
) |
(19,337,766 |
) |
(196,289 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 46 contracts (EUR) |
|
March 2015 |
|
15,449,318 |
|
15,470,651 |
|
21,333 |
| |||
3 Month EURIBOR, 29 contracts (EUR) |
|
June 2015 |
|
9,737,546 |
|
9,743,919 |
|
6,373 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
90 Day Euro-Dollar Time Deposit, 195 contracts (USD) |
|
June 2015 |
|
(48,181,381 |
) |
(48,377,063 |
) |
(195,682 |
) | |||
Long Gilt, 17 contracts (GBP) |
|
December 2013 |
|
(3,007,812 |
) |
(3,036,150 |
) |
(28,338 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(14,500 |
) | ||
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Currency swap agreements5
Counterparty |
|
Pay contracts |
|
Receive contracts |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
AUD |
8,158,397 |
|
USD |
7,705,198 |
|
12/24/13 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
$ |
|
|
$ |
(62,316 |
) |
$ |
(62,316 |
) |
BB |
|
USD |
7,705,198 |
|
AUD |
8,158,397 |
|
12/24/22 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
|
|
48,255 |
|
48,255 |
| |||
JPMCB |
|
AUD |
1,884,491 |
|
USD |
1,699,999 |
|
09/05/14 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
|
|
(65,048 |
) |
(65,048 |
) | |||
JPMCB |
|
USD |
1,699,999 |
|
AUD |
1,884,491 |
|
09/05/23 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
|
|
60,277 |
|
60,277 |
| |||
MLI |
|
CAD |
6,678,500 |
|
USD |
6,471,415 |
|
03/16/40 |
|
3 month BA |
|
3 month USD LIBOR |
|
(141,380 |
) |
40,461 |
|
(100,919 |
) | |||
MLI |
|
USD |
6,471,415 |
|
CAD |
6,678,500 |
|
03/16/20 |
|
3 month USD LIBOR |
|
3 month BA |
|
106,250 |
|
75,904 |
|
182,154 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(35,130 |
) |
$ |
97,533 |
|
$ |
62,403 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
CAD |
1,750,000 |
|
06/07/16 |
|
3 month BA |
|
2.288% |
|
$ |
|
|
$ |
2,611 |
|
$ |
2,611 |
|
CITI |
|
USD |
4,750,000 |
|
06/11/16 |
|
1.106 |
|
3 month USD LIBOR |
|
|
|
(1,043 |
) |
(1,043 |
) | |||
CITI |
|
USD |
1,860,000 |
|
02/15/36 |
|
4.668 |
|
3 month USD LIBOR |
|
515,096 |
|
(349,054 |
) |
166,042 |
| |||
CSI |
|
CAD |
6,125,000 |
|
02/11/14 |
|
2.775 |
|
3 month BA |
|
|
|
(44,196 |
) |
(44,196 |
) | |||
CSI |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3 month BA |
|
3.500 |
|
(38,231 |
) |
302,732 |
|
264,501 |
| |||
CSI |
|
CAD |
1,550,000 |
|
02/11/22 |
|
4.145 |
|
3 month BA |
|
|
|
(153,510 |
) |
(153,510 |
) | |||
CSI |
|
USD |
2,650,000 |
|
08/12/16 |
|
3 month USD LIBOR |
|
1.194 |
|
|
|
39,639 |
|
39,639 |
| |||
DB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
2.130 |
|
6 month EURIBOR |
|
333,786 |
|
(212,316 |
) |
121,470 |
| |||
DB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
6 month EURIBOR |
|
2.460 |
|
|
|
(89,746 |
) |
(89,746 |
) | |||
DB |
|
USD |
3,000,000 |
|
12/15/15 |
|
1.521 |
|
3 month USD LIBOR |
|
(41,000 |
) |
(79,831 |
) |
(120,831 |
) | |||
DB |
|
USD |
1,250,000 |
|
09/23/20 |
|
2.690 |
|
3 month USD LIBOR |
|
(23,000 |
) |
(45,949 |
) |
(68,949 |
) | |||
DB |
|
USD |
1,450,000 |
|
02/15/38 |
|
3.669 |
|
3 month USD LIBOR |
|
354,561 |
|
(29,976 |
) |
324,585 |
| |||
DB |
|
USD |
4,550,000 |
|
02/15/38 |
|
4.474 |
|
3 month USD LIBOR |
|
1,761,874 |
|
(717,048 |
) |
1,044,826 |
| |||
DB |
|
USD |
875,000 |
|
05/15/40 |
|
3.470 |
|
3 month USD LIBOR |
|
(157,000 |
) |
11,788 |
|
(145,212 |
) | |||
DB |
|
USD |
695,000 |
|
05/15/40 |
|
4.560 |
|
3 month USD LIBOR |
|
|
|
(227,261 |
) |
(227,261 |
) | |||
DB |
|
USD |
1,250,000 |
|
06/27/42 |
|
3.489 |
|
3 month USD LIBOR |
|
279,664 |
|
20,367 |
|
300,031 |
| |||
JPMCB |
|
CAD |
6,125,000 |
|
02/11/14 |
|
3 month BA |
|
2.775 |
|
|
|
44,196 |
|
44,196 |
| |||
JPMCB |
|
CAD |
4,750,000 |
|
06/07/16 |
|
3 month BA |
|
1.893 |
|
|
|
(10,484 |
) |
(10,484 |
) | |||
JPMCB |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3.500 |
|
3 month BA |
|
|
|
(302,732 |
) |
(302,732 |
) | |||
JPMCB |
|
CAD |
1,550,000 |
|
02/11/22 |
|
3 month BA |
|
4.145 |
|
|
|
153,510 |
|
153,510 |
| |||
JPMCB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
6 month EURIBOR |
|
2.130 |
|
|
|
212,316 |
|
212,316 |
| |||
JPMCB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
2.460 |
|
6 month EURIBOR |
|
|
|
89,746 |
|
89,746 |
| |||
JPMCB |
|
USD |
66,000,000 |
|
02/12/16 |
|
0.825 |
|
3 month USD LIBOR |
|
|
|
(7,945 |
) |
(7,945 |
) | |||
JPMCB |
|
USD |
4,500,000 |
|
02/18/16 |
|
2.532 |
|
3 month USD LIBOR |
|
|
|
(222,459 |
) |
(222,459 |
) | |||
JPMCB |
|
USD |
70,000,000 |
|
07/03/42 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
114,626 |
|
114,626 |
| |||
MLI |
|
CAD |
66,000,000 |
|
02/08/16 |
|
3 month BA |
|
1.785 |
|
|
|
(69,932 |
) |
(69,932 |
) | |||
MLI |
|
CAD |
9,280,000 |
|
04/09/17 |
|
3 month BA |
|
1.978 |
|
|
|
54,310 |
|
54,310 |
| |||
MLI |
|
CAD |
3,030,000 |
|
02/04/21 |
|
3.725 |
|
3 month BA |
|
79,133 |
|
(215,371 |
) |
(136,238 |
) | |||
MLI |
|
CAD |
3,000,000 |
|
02/04/31 |
|
3 month BA |
|
4.310 |
|
5,192 |
|
293,776 |
|
298,968 |
| |||
MLI |
|
CAD |
1,060,000 |
|
02/04/41 |
|
4.208 |
|
3 month BA |
|
|
|
(118,304 |
) |
(118,304 |
) | |||
MLI |
|
USD |
20,000,000 |
|
06/27/19 |
|
3.298 |
|
3 month USD LIBOR |
|
2,156,429 |
|
(1,851,664 |
) |
304,765 |
| |||
MLI |
|
USD |
3,670,000 |
|
06/27/42 |
|
4.449 |
|
3 month USD LIBOR |
|
1,546,769 |
|
(599,238 |
) |
947,531 |
| |||
MSC |
|
CAD |
8,870,000 |
|
04/08/17 |
|
3.600 |
|
3 month BA |
|
|
|
(596,264 |
) |
(596,264 |
) | |||
MSC |
|
USD |
3,000,000 |
|
06/27/22 |
|
2.970 |
|
3 month USD LIBOR |
|
301,285 |
|
(129,374 |
) |
171,911 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
7,074,558 |
|
$ |
(4,734,080 |
) |
$ |
2,340,478 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Credit default swap on credit indicesbuy protection12
Counterparty |
|
Referenced index13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
CITI |
|
CDX.EM.Series 20 Index |
|
USD |
10,000,000 |
|
12/20/18 |
|
5.000 |
% |
$ |
1,116,943 |
|
$ |
(976,235 |
) |
$ |
140,708 |
|
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
9,000,000 |
|
06/20/18 |
|
1.000 |
|
(99,979 |
) |
(32,168 |
) |
(132,147 |
) | |||
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
3,250,000 |
|
06/20/18 |
|
5.000 |
|
33,647 |
|
(220,816 |
) |
(187,169 |
) | |||
MSCI |
|
iTraxx Europe Senior Financials Series 19 Index |
|
EUR |
3,750,000 |
|
06/20/18 |
|
1.000 |
|
(140,612 |
) |
75,623 |
|
(64,989 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
909,999 |
|
$ |
(1,153,596 |
) |
$ |
(243,597 |
) |
Credit default swaps on corporate and sovereign issuesbuy protection12
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination date |
|
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 |
% |
$ |
(19,521 |
) |
$ |
(22,403 |
) |
$ |
(41,924 |
) |
BB |
|
Verizon Communications bond, 4.900%, due 09/15/15 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
29,799 |
|
(61,121 |
) |
(31,322 |
) | |||
BB |
|
Cox Communications, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
14,415 |
|
(8,495 |
) |
5,920 |
| |||
CITI |
|
Commerzbank AG bond, 4.000%, due 09/16/20 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
|
(21,068 |
) |
18,878 |
|
(2,190 |
) | |||
DB |
|
ING Bank NV bond, 5.250%, due 06/07/19 |
|
EUR |
2,500,000 |
|
06/20/16 |
|
1.000 |
|
(9,883 |
) |
(32,213 |
) |
(42,096 |
) | |||
JPMCB |
|
Government of France bond, 4.250%, due 04/25/19 |
|
USD |
3,025,000 |
|
09/20/16 |
|
0.250 |
|
(97,127 |
) |
7,079 |
|
(90,048 |
) | |||
JPMCB |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(5,716 |
) |
(17,398 |
) |
(23,114 |
) | |||
JPMCB |
|
Government of Japan bond, 2.000%, due 03/21/22 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
12,582 |
|
(51,411 |
) |
(38,829 |
) | |||
MLI |
|
Deutsche Bank AG bond, 5.125%, due 08/31/17 |
|
EUR |
1,250,000 |
|
06/20/17 |
|
1.000 |
|
(42,124 |
) |
(13,389 |
) |
(55,513 |
) | |||
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 |
|
(87,113 |
) |
23,803 |
| |||
MLI |
|
Weyerhaeuser Co. bond, 7.125%, due 07/15/23 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(8,542 |
) |
(12,278 |
) |
(20,820 |
) | |||
MLI |
|
Nucor Corp. bond, 5.750%, due 12/01/17 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
10,179 |
|
(14,579 |
) |
(4,400 |
) | |||
MLI |
|
Allstate Corp. bond, 6.750%, due 05/15/18 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
14,778 |
|
(23,026 |
) |
(8,248 |
) | |||
MLI |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
2,390 |
|
(2,351 |
) |
39 |
| |||
MSCI |
|
V.F. Corp. bond, 5.950%, due 11/01/17 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
22,908 |
|
(70,793 |
) |
(47,885 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
13,986 |
|
$ |
(390,613 |
) |
$ |
(376,627 |
) |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Credit default swap on credit indicessell protection14
Counterparty |
|
Referenced index13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit spread15 |
| ||||
MLI |
|
CDX.NA.HY.Series 15 Index |
|
USD |
1,150,000 |
|
12/20/15 |
|
5.000 |
% |
$ |
54,609 |
|
$ |
91,418 |
|
$ |
146,027 |
|
1.489 |
% |
Credit default swaps on corporate and sovereign issuessell protection14
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit spread15 |
| ||||
BB |
|
Lloyds TSB Bank PLC bond, 3.375%, due 04/20/15 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
22,866 |
|
$ |
(6,020 |
) |
$ |
16,846 |
|
1.156 |
% |
JPMCB |
|
Peoples Republic of China bond, 4.250%, due 10/28/14 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
(8,086 |
) |
34,854 |
|
26,768 |
|
0.671 |
| |||
MLI |
|
Aegon NV bond, 4.125%, due 12/08/14 |
|
EUR |
900,000 |
|
03/20/16 |
|
1.000 |
|
36,430 |
|
2,072 |
|
38,502 |
|
0.943 |
| |||
MLI |
|
Georgia-Pacific LLC bond, 7.750%, due 11/15/29 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
8,543 |
|
16,067 |
|
24,610 |
|
0.476 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
5,149 |
|
11,540 |
|
16,689 |
|
0.624 |
| |||
MLI |
|
Barrick Gold Corp. bond, 5.800%, due 11/15/34 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
15,021 |
|
(46,201 |
) |
(31,180 |
) |
2.262 |
| |||
MLI |
|
The Hartford Financial Services Group, Inc. bond, 6.000%, due 01/15/19 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
8,490 |
|
4,582 |
|
13,072 |
|
0.887 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
(1,125 |
) |
699 |
|
(426 |
) |
0.890 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
87,288 |
|
$ |
17,593 |
|
$ |
104,881 |
|
|
|
Total return swap agreements5
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
GBP |
1,120,000 |
|
12/25/13 |
|
3 month USD LIBOR |
|
|
16 |
$ |
|
|
$ |
(55,852 |
) |
$ |
(55,852 |
) |
JPMCB |
|
GBP |
350,000 |
|
12/25/13 |
|
3 month USD LIBOR |
|
|
16 |
|
|
13,711 |
|
13,711 |
| |||
JPMCB |
|
GBP |
312,501 |
|
12/25/13 |
|
3 month USD LIBOR |
|
|
16 |
|
|
6,010 |
|
6,010 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
(36,131 |
) |
$ |
(36,131 |
) |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
EUR |
15,800,000 |
|
10/01/16 |
|
6 month EURIBOR |
|
0.918 |
% |
$ |
|
|
$ |
(3,988 |
) |
$ |
(3,988 |
) |
EUR |
4,500,000 |
|
09/24/19 |
|
1.810 |
% |
6 month EURIBOR |
|
|
|
(48,158 |
) |
(48,158 |
) | |||
USD |
16,000,000 |
|
06/30/15 |
|
0.503 |
|
3 month USD LIBOR |
|
|
|
(27,832 |
) |
(27,832 |
) | |||
USD |
1,750,000 |
|
06/11/16 |
|
1.403 |
|
3 month USD LIBOR |
|
|
|
(5,061 |
) |
(5,061 |
) | |||
USD |
26,350,000 |
|
10/01/16 |
|
1.025 |
|
3 month USD LIBOR |
|
|
|
(15,337 |
) |
(15,337 |
) | |||
USD |
22,750,000 |
|
02/28/18 |
|
1.700 |
|
3 month USD LIBOR |
|
|
|
(295,831 |
) |
(295,831 |
) | |||
USD |
5,250,000 |
|
09/24/19 |
|
2.347 |
|
3 month USD LIBOR |
|
|
|
(38,804 |
) |
(38,804 |
) | |||
USD |
14,840,000 |
|
08/31/20 |
|
3 month USD LIBOR |
|
2.610 |
|
|
|
376,935 |
|
376,935 |
| |||
USD |
5,500,000 |
|
08/22/23 |
|
3.024 |
|
3 month USD LIBOR |
|
|
|
(152,400 |
) |
(152,400 |
) | |||
USD |
950,000 |
|
08/15/39 |
|
3.680 |
|
3 month USD LIBOR |
|
|
|
(7,236 |
) |
(7,236 |
) | |||
USD |
30,000,000 |
|
06/06/43 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
(16,893 |
) |
(16,893 |
) | |||
|
|
|
|
|
|
|
|
$ |
|
|
$ |
(234,605 |
) |
$ |
(234,605 |
) |
Centrally cleared credit default swap on credit indicesbuy protection12
Referenced index13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
CDX.NA.HY. Series 20 Index |
|
USD |
8,550,000 |
|
06/20/18 |
|
5.000 |
% |
$ |
267,483 |
|
$ |
(506,021 |
) |
(238,538 |
) | |
CDX.NA.IG. Series 20 Index |
|
USD |
23,000,000 |
|
06/20/18 |
|
1.000 |
|
73,683 |
|
(285,719 |
) |
(212,036 |
) | |||
|
|
|
|
|
|
|
|
$ |
341,166 |
|
$ |
(791,740 |
) |
$ |
(450,574 |
) | |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, USD 84 face amount covered by contracts, strike @ USD 98.75 |
|
June 2016 |
|
$ |
51,156 |
|
$ |
(72,975 |
) |
Put options |
|
|
|
|
|
|
| ||
2 Year US Treasury Notes, 389 contracts, strike @ USD 109.00 |
|
November 2013 |
|
47,948 |
|
(6,078 |
) | ||
3 Year Euro-Dollar Midcurve, 84 contracts, strike @ USD 96.75 |
|
June 2016 |
|
98,406 |
|
(53,025 |
) | ||
90 Day Euro-Dollar Time Deposit, 234 contracts, strike @ USD 98.25 |
|
March 2015 |
|
60,606 |
|
(42,413 |
) | ||
90 Day Euro-Dollar Time Deposit, 433 contracts, strike @ USD 97.75 |
|
June 2015 |
|
169,760 |
|
(97,425 |
) | ||
Options written on interest rate swaps5 |
|
|
|
|
|
|
| ||
If option exercised the Fund receives annually 1.200% and pays floating 6 month EURIBOR. Underlying interest rate swap terminating 10/02/16. European style. Counterparty: MLI, Notional Amount EUR 15,800,000 |
|
September 2014 |
|
68,400 |
|
(68,400 |
) | ||
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 |
|
(5,808 |
) | ||
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 |
|
180,157 |
|
(538,554 |
) | ||
If option exercised the Fund receives quarterly floating 3 month USD LIBOR and pays semi-annually 2.115%. Underlying interest rate swap terminating 11/20/22. European style. Counterparty: MLI, Notional Amount USD 15,000,000 |
|
November 2013 |
|
42,000 |
|
(72,826 |
) | ||
If option exercised the Fund receives semi-annually 1.800% and pays quarterly floating 3 month USD LIBOR . Underlying interest rate swap terminating 10/2/16. European style. Counterparty: MLI, Notional Amount USD 26,350,000 |
|
September 2014 |
|
47,430 |
|
(47,430 |
) | ||
If option exercised the Fund receives semi-annually 2.615% and pays quarterly floating 3 month USD LIBOR . Underlying interest rate swap terminating 11/22/20. European style. Counterparty: MLI, Notional Amount USD 15,000,000 |
|
November 2013 |
|
61,500 |
|
(30,012 |
) | ||
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 |
|
194,625 |
|
(341,867 |
) | ||
If option exercised the Fund receives semi-annually 5.000% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/21/22. European style. Counterparty: BB, Notional Amount USD 17,300,000 |
|
December 2017 |
|
216,250 |
|
(345,828 |
) | ||
If option exercised the Fund receives semi-annually 5.000% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 12/21/22. European style. Counterparty: JPMCB, Notional Amount USD 7,000,000 |
|
December 2017 |
|
140,000 |
|
(139,930 |
) | ||
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 |
|
(6,765 |
) | ||
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 |
|
(2,215 |
) | ||
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Expiration |
|
Premiums |
|
Value |
| ||
If option exercised the Fund receives semi-annually floating 6 month JPY LIBOR and pays semi-annually 1.750%. Underlying interest rate swap terminating 05/27/35. European style. Counterparty: BB, Notional Amount JPY 475,000,000 |
|
May 2015 |
|
$ |
146,276 |
|
$ |
(161,981 |
) |
Options written on credit default swaps on credit indices5 |
|
|
|
|
|
|
| ||
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 20 Index and Fund pays quarterly fixed rate of 5.000%. Underlying credit default swap terminating 12/18/13.European style. Counterparty: JPMCB, Notional Amount USD 10,000,000 |
|
December 2013 |
|
125,000 |
|
(37,803 |
) | ||
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 20 Index and Fund pays quarterly fixed rate of 5.000%. Underlying credit default swap terminating 12/18/13.European style. Counterparty: MLI, Notional Amount USD 8,750,000 |
|
December 2013 |
|
80,500 |
|
(102,699 |
) | ||
Total options written |
|
|
|
$ |
1,987,376 |
|
$ |
(2,174,034 |
) |
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
628 |
|
$ |
369,502 |
|
Options written |
|
1,137 |
|
511,857 |
| |
Options terminated in closing purchase transactions |
|
(541 |
) |
(453,483 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
1,224 |
|
$ |
427,876 |
|
Written swaptions activity for the period ended September 30, 2013 was as follows:
|
|
Premiums |
| |
Swaptions outstanding at June 30, 2013 |
|
$ |
1,375,942 |
|
Swaptions written |
|
424,831 |
| |
Swaptions terminated in closing purchase transactions |
|
(241,273 |
) | |
Swaptions expired prior to exercise |
|
|
| |
Swaptions outstanding at September 30, 2013 |
|
$ |
1,559,500 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
60,738,833 |
|
$ |
|
|
$ |
60,738,833 |
|
Asset-backed securities |
|
|
|
1,166,270 |
|
|
|
1,166,270 |
| ||||
Collateralized debt obligations |
|
|
|
2,107,432 |
|
2,245,430 |
|
4,352,862 |
| ||||
Commercial mortgage-backed securities |
|
|
|
6,110,809 |
|
|
|
6,110,809 |
| ||||
Mortgage & agency debt securities |
|
|
|
2,781,586 |
|
|
|
2,781,586 |
| ||||
Municipal bonds |
|
|
|
3,713,534 |
|
|
|
3,713,534 |
| ||||
US government obligations |
|
|
|
10,739,301 |
|
|
|
10,739,301 |
| ||||
Non-US government obligations |
|
|
|
1,343,612 |
|
|
|
1,343,612 |
| ||||
Investment company |
|
|
|
17,730,878 |
|
|
|
17,730,878 |
| ||||
Short-term investments |
|
|
|
2,926,554 |
|
|
|
2,926,554 |
| ||||
Options purchased |
|
1,032,887 |
|
2,462,010 |
|
|
|
3,494,897 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(533,526 |
) |
|
|
(533,526 |
) | ||||
Futures contracts, net |
|
(14,500 |
) |
|
|
|
|
(14,500 |
) | ||||
Swap agreements, net17 |
|
|
|
(6,793,055 |
) |
|
|
(6,793,055 |
) | ||||
Options written |
|
(271,916 |
) |
(1,902,118 |
) |
|
|
(2,174,034 |
) | ||||
Total |
|
$ |
746,471 |
|
$ |
102,592,120 |
|
$ |
2,245,430 |
|
$ |
105,584,021 |
|
At September 30, 2013, there were no transfers between Level 1 and Level 2 for the Fund.
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
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 |
|
$ |
1,554,247 |
|
$ |
1,554,247 |
|
Purchases |
|
477,480 |
|
477,480 |
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
160 |
|
160 |
| ||
Total realized gain (loss) |
|
|
|
|
| ||
Change in net unrealized appreciation (depreciation) |
|
(22,151 |
) |
(22,151 |
) | ||
Transfers into Level 3 |
|
522,500 |
|
522,500 |
| ||
Transfers out of Level 3 |
|
(286,806 |
) |
(286,806 |
) | ||
Ending balance |
|
$ |
2,245,430 |
|
$ |
2,245,430 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2013 was $(49,600).
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 September 30, 2013, the value of these securities amounted to $21,147,820 or 20.05% 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 September 30, 2013, the value of these securities amounted to $6,533,202 or 6.20% of net assets. |
3 |
Variable or floating rate security the interest rate shown is the current rate as of September 30, 2013 and changes periodically. |
4 |
Rate shown is the discount rate at date of purchase. |
5 |
Illiquid investment. At September 30, 2013, the value of these investments amounted to $5,644,746 or 5.35% of net assets. |
6 |
Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At September 30, 2013, the value of this security amounted to $477,480 or 0.45% of net assets. |
7 |
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. |
8 |
All or a portion of these securities have been designated as collateral for open swap agreements. |
9 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2013. Maturity date disclosed is the ultimate maturity date. |
10 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds. |
UBS Fixed Income Opportunities Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
|
|
|
|
|
|
Change in |
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|
|
|
| ||||||
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
Net income |
| ||||||
|
|
|
|
Purchases |
|
Sales |
|
apppreciation |
|
|
|
earned from |
| ||||||
|
|
|
|
during the |
|
during the |
|
during the |
|
|
|
affiliate for the |
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Value |
|
three months ended |
|
three months ended |
|
three months ended |
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Value |
|
three months ended |
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Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| ||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
9,654,845 |
|
$ |
16,480,560 |
|
$ |
23,208,851 |
|
$ |
|
|
$ |
2,926,554 |
|
$ |
1,569 |
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
16,719,829 |
|
1,000,000 |
|
|
|
11,049 |
|
17,730,878 |
|
|
| ||||||
|
|
$ |
26,374,674 |
|
$ |
17,480,560 |
|
$ |
23,208,851 |
|
$ |
11,049 |
|
$ |
20,657,432 |
|
$ |
1,569 |
|
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 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. |
13 |
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. |
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 spreads are unaudited. |
16 |
Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index. |
17 |
Swap agreements are included in the table at value, with the exception of centrally cleared swap agreements which are included in the table at unrealized appreciation/(depreciation). |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
1.45 |
% |
Air freight & logistics |
|
0.90 |
|
Airlines |
|
0.45 |
|
Auto components |
|
0.64 |
|
Automobiles |
|
0.44 |
|
Biotechnology |
|
5.30 |
|
Capital markets |
|
1.89 |
|
Chemicals |
|
1.70 |
|
Commercial banks |
|
4.53 |
|
Commercial services & supplies |
|
0.31 |
|
Communications equipment |
|
0.67 |
|
Computers & peripherals |
|
2.82 |
|
Consumer finance |
|
0.61 |
|
Diversified financial services |
|
3.08 |
|
Diversified telecommunication services |
|
0.85 |
|
Electric utilities |
|
0.30 |
|
Electronic equipment, instruments & components |
|
0.45 |
|
Energy equipment & services |
|
0.92 |
|
Health care equipment & supplies |
|
1.62 |
|
Health care providers & services |
|
2.48 |
|
Hotels, restaurants & leisure |
|
1.51 |
|
Household products |
|
1.12 |
|
Industrial conglomerates |
|
1.59 |
|
Insurance |
|
6.20 |
|
Internet & catalog retail |
|
1.97 |
|
Internet software & services |
|
0.55 |
|
IT services |
|
2.42 |
|
Life sciences tools & services |
|
0.89 |
|
Machinery |
|
1.52 |
|
Marine |
|
0.58 |
|
Media |
|
2.31 |
|
Metals & mining |
|
0.85 |
|
Multiline retail |
|
0.59 |
|
Multi-utilities |
|
0.71 |
|
Oil, gas & consumable fuels |
|
1.99 |
|
Pharmaceuticals |
|
8.49 |
|
Real estate investment trust (REIT) |
|
1.43 |
|
Road & rail |
|
3.14 |
|
Semiconductors & semiconductor equipment |
|
6.09 |
|
Software |
|
2.33 |
|
Textiles, apparel & luxury goods |
|
1.30 |
|
Tobacco |
|
0.66 |
|
Wireless telecommunication services |
|
1.24 |
|
Total common stocks |
|
80.89 |
% |
Preferred stocks |
|
1.71 |
|
Short-term investment |
|
39.05 |
|
Total investments before investments sold short |
|
121.65 |
% |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(0.34 |
)% |
Automobiles |
|
(0.75 |
) |
Biotechnology |
|
(1.49 |
) |
Building products |
|
(0.55 |
) |
Capital markets |
|
(2.31 |
) |
Chemicals |
|
(3.70 |
) |
Commercial banks |
|
(3.34 |
) |
Commercial services & supplies |
|
(2.84 |
) |
Communications equipment |
|
(0.62 |
) |
Computers & peripherals |
|
(2.00 |
) |
Construction & engineering |
|
(0.13 |
) |
Construction materials |
|
(0.41 |
) |
Consumer finance |
|
(0.29 |
) |
Distributors |
|
(0.41 |
) |
Diversified financial services |
|
(0.58 |
) |
Diversified telecommunication services |
|
(1.77 |
) |
Electrical equipment |
|
(1.16 |
) |
Energy equipment & services |
|
(1.62 |
) |
Food products |
|
(0.56 |
) |
Gas utilities |
|
(0.54 |
) |
Health care equipment & supplies |
|
(2.88 |
) |
Health care providers & services |
|
(1.09 |
) |
Hotels, restaurants & leisure |
|
(1.50 |
) |
Household durables |
|
(0.39 |
) |
Insurance |
|
(1.58 |
) |
IT services |
|
(1.71 |
) |
Life sciences tools & services |
|
(0.93 |
) |
Machinery |
|
(2.47 |
) |
Media |
|
(3.39 |
) |
Metals & mining |
|
(2.24 |
) |
Multiline retail |
|
(0.21 |
) |
Multi-utilities |
|
(0.95 |
) |
Office electronics |
|
(0.83 |
) |
Oil, gas & consumable fuels |
|
(0.51 |
) |
Pharmaceuticals |
|
(1.37 |
) |
Real estate investment trust (REIT) |
|
(0.83 |
) |
Road & rail |
|
(1.12 |
) |
Semiconductors & semiconductor equipment |
|
(2.21 |
) |
Software |
|
(1.48 |
) |
Specialty retail |
|
(0.95 |
) |
Textiles, apparel & luxury goods |
|
(0.25 |
) |
Thrifts & mortgage finance |
|
(0.79 |
) |
Trading companies & distributors |
|
(1.46 |
) |
Transportation infrastructure |
|
(1.48 |
) |
Wireless telecommunication services |
|
(2.56 |
) |
Total common stocks |
|
(60.59 |
)% |
Total investments sold short |
|
(60.59 |
)% |
Total investments, net of investments sold short |
|
61.06 |
|
Cash and other assets, less liabilities |
|
38.94 |
|
Net assets |
|
100.00 |
% |
1 |
Figures represent the direct investments of UBS Equity Long-Short Multi-Strategy Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment company and derivatives exposure was included. |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks80.89% |
|
|
|
|
| |
Austria0.35% |
|
|
|
|
| |
Voestalpine AG |
|
1,155 |
|
$ |
55,228 |
|
|
|
|
|
|
| |
Belgium0.49% |
|
|
|
|
| |
Ageas |
|
1,923 |
|
77,890 |
| |
|
|
|
|
|
| |
Canada0.65% |
|
|
|
|
| |
Detour Gold Corp.* |
|
3,500 |
|
29,664 |
| |
Valeant Pharmaceuticals International, Inc.*1 |
|
700 |
|
73,031 |
| |
Total Canada common stocks |
|
|
|
102,695 |
| |
|
|
|
|
|
| |
Denmark2.24% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
10 |
|
91,691 |
| |
Pandora A/S |
|
2,179 |
|
89,996 |
| |
Topdanmark A/S* |
|
3,278 |
|
84,431 |
| |
Tryg A/S |
|
958 |
|
88,187 |
| |
Total Denmark common stocks |
|
|
|
354,305 |
| |
|
|
|
|
|
| |
Finland0.62% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
2,295 |
|
98,608 |
| |
|
|
|
|
|
| |
France2.72% |
|
|
|
|
| |
AXA SA |
|
2,706 |
|
62,691 |
| |
GDF Suez |
|
2,344 |
|
58,887 |
| |
Ingenico |
|
992 |
|
71,517 |
| |
Safran SA |
|
1,890 |
|
116,428 |
| |
Total SA |
|
2,089 |
|
121,226 |
| |
Total France common stocks |
|
|
|
430,749 |
| |
|
|
|
|
|
| |
Germany5.05% |
|
|
|
|
| |
Allianz SE |
|
547 |
|
85,989 |
| |
Bayer AG |
|
1,243 |
|
146,568 |
| |
Continental AG |
|
596 |
|
101,029 |
| |
Deutsche Post AG |
|
4,280 |
|
142,033 |
| |
Deutsche Telekom AG |
|
9,239 |
|
133,927 |
| |
Freenet AG* |
|
3,170 |
|
76,700 |
| |
Fresenius SE & Co KGaA |
|
919 |
|
114,157 |
| |
Total Germany common stocks |
|
|
|
800,403 |
| |
|
|
|
|
|
| |
Ireland0.95% |
|
|
|
|
| |
Accenture PLC, Class A1 |
|
800 |
|
58,912 |
| |
Paddy Power PLC |
|
1,143 |
|
91,619 |
| |
Total Ireland common stocks |
|
|
|
150,531 |
| |
|
|
|
|
|
| |
Israel1.36% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
2,800 |
|
158,368 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
1,500 |
|
56,670 |
| |
Total Israel common stocks |
|
|
|
215,038 |
| |
|
|
|
|
|
| |
Japan0.81% |
|
|
|
|
| |
Sumitomo Mitsui Financial Group, Inc. |
|
1,200 |
|
57,928 |
| |
Toyota Motor Corp. |
|
1,100 |
|
70,166 |
| |
Total Japan common stocks |
|
|
|
128,094 |
| |
|
|
|
|
|
| |
Netherlands2.32% |
|
|
|
|
| |
Koninklijke DSM NV |
|
1,329 |
|
100,289 |
| |
Koninklijke Philips NV |
|
2,751 |
|
88,688 |
| |
NXP Semiconductor NV*1 |
|
4,800 |
|
178,608 |
| |
Total Netherlands common stocks |
|
|
|
367,585 |
| |
|
|
|
|
|
| |
Norway1.72% |
|
|
|
|
| |
Algeta ASA* |
|
2,569 |
|
99,116 |
| |
Gjensidige Forsikring ASA |
|
5,661 |
|
85,481 |
| |
SpareBank 1 SMN |
|
11,525 |
|
87,588 |
| |
Total Norway common stocks |
|
|
|
272,185 |
| |
|
|
|
|
|
| |
Singapore0.60% |
|
|
|
|
| |
Avago Technologies Ltd.1 |
|
2,200 |
|
94,864 |
| |
|
|
|
|
|
| |
Spain1.05% |
|
|
|
|
| |
Grifols SA |
|
1,819 |
|
74,686 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Repsol SA |
|
3,666 |
|
$ |
90,884 |
|
Total Spain common stocks |
|
|
|
165,570 |
| |
|
|
|
|
|
| |
Sweden2.24% |
|
|
|
|
| |
Investment AB Kinnevik, Class B |
|
3,589 |
|
124,255 |
| |
Nordea Bank AB |
|
8,866 |
|
106,916 |
| |
Svenska Cellulosa AB, Class B |
|
4,917 |
|
123,945 |
| |
Total Sweden common stocks |
|
|
|
355,116 |
| |
|
|
|
|
|
| |
Switzerland2.40% |
|
|
|
|
| |
Novartis AG |
|
2,667 |
|
204,961 |
| |
Roche Holding AG (Non-voting) |
|
651 |
|
175,572 |
| |
Total Switzerland common stocks |
|
|
|
380,533 |
| |
|
|
|
|
|
| |
United States55.32% |
|
|
|
|
| |
3M Co.1 |
|
500 |
|
59,705 |
| |
Acorda Therapeutics, Inc.*1 |
|
5,600 |
|
191,968 |
| |
Adobe Systems, Inc.*1 |
|
3,200 |
|
166,208 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
400 |
|
46,464 |
| |
Allergan, Inc.1 |
|
630 |
|
56,984 |
| |
Alliance Data Systems Corp.*1 |
|
400 |
|
84,588 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
1,900 |
|
121,619 |
| |
Amazon.com, Inc.*1 |
|
1,000 |
|
312,640 |
| |
American Campus Communities, Inc.1 |
|
900 |
|
30,735 |
| |
American Capital Agency Corp.1 |
|
4,200 |
|
94,794 |
| |
Apple, Inc.1 |
|
560 |
|
266,980 |
| |
Atmel Corp.*1 |
|
13,500 |
|
100,440 |
| |
Baker Hughes, Inc.1 |
|
900 |
|
44,190 |
| |
Baxter International, Inc.1 |
|
3,900 |
|
256,191 |
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,200 |
|
141,072 |
| |
Broadcom Corp., Class A1 |
|
5,200 |
|
135,252 |
| |
Capital One Financial Corp.1 |
|
1,400 |
|
96,236 |
| |
Cardinal Health, Inc.1 |
|
1,500 |
|
78,225 |
| |
Citigroup, Inc.1 |
|
5,140 |
|
249,341 |
| |
Comcast Corp., Class A1 |
|
3,700 |
|
167,055 |
| |
Commercial Metals Co.1 |
|
2,900 |
|
49,155 |
| |
Danaher Corp.1 |
|
1,500 |
|
103,980 |
| |
Digital Realty Trust, Inc.1 |
|
1,900 |
|
100,890 |
| |
Dow Chemical Co.1 |
|
4,400 |
|
168,960 |
| |
Eli Lilly & Co.1 |
|
1,200 |
|
60,396 |
| |
EOG Resources, Inc.1 |
|
330 |
|
55,862 |
| |
Epizyme, Inc.*1 |
|
900 |
|
36,117 |
| |
Fifth Third Bancorp1 |
|
3,600 |
|
64,944 |
| |
General Dynamics Corp.1 |
|
1,300 |
|
113,776 |
| |
Gilead Sciences, Inc.*1 |
|
2,400 |
|
150,816 |
| |
Google, Inc., Class A*1 |
|
100 |
|
87,591 |
| |
Hertz Global Holdings, Inc.*1 |
|
7,800 |
|
172,848 |
| |
Hess Corp.1 |
|
600 |
|
46,404 |
| |
Hospira, Inc.*1 |
|
4,600 |
|
180,412 |
| |
Illinois Tool Works, Inc.1 |
|
1,800 |
|
137,286 |
| |
Impax Laboratories, Inc.*1 |
|
4,100 |
|
84,091 |
| |
Invesco Ltd.1 |
|
1,800 |
|
57,420 |
| |
JC Penney Co., Inc.*1 |
|
2,200 |
|
19,404 |
| |
Johnson & Johnson1 |
|
1,600 |
|
138,704 |
| |
JPMorgan Chase & Co.1 |
|
2,200 |
|
113,718 |
| |
Lam Research Corp.*1 |
|
900 |
|
46,071 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
24,600 |
|
58,302 |
| |
Ligand Pharmaceuticals, Inc., Class B*1 |
|
1,400 |
|
60,592 |
| |
Lincoln National Corp.1 |
|
3,500 |
|
146,965 |
| |
Macys, Inc.1 |
|
1,700 |
|
73,559 |
| |
McDermott International, Inc.*1 |
|
7,100 |
|
52,753 |
| |
MetLife, Inc.1 |
|
3,100 |
|
145,545 |
| |
Micron Technology, Inc.*1 |
|
12,900 |
|
225,363 |
| |
Morgan Stanley1 |
|
9,000 |
|
242,550 |
| |
Motorola Solutions, Inc.1 |
|
1,800 |
|
106,884 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States |
|
|
|
|
| |
NetApp, Inc.1 |
|
4,200 |
|
$ |
179,004 |
|
NextEra Energy, Inc. |
|
600 |
|
48,096 |
| |
NII Holdings, Inc.*1 |
|
19,800 |
|
120,186 |
| |
Noble Corp.1 |
|
1,300 |
|
49,101 |
| |
Norfolk Southern Corp.1 |
|
4,200 |
|
324,870 |
| |
Parker Hannifin Corp.1 |
|
950 |
|
103,284 |
| |
Perrigo Co.1 |
|
700 |
|
86,366 |
| |
PG&E Corp.1 |
|
1,300 |
|
53,196 |
| |
Philip Morris International, Inc.1 |
|
1,200 |
|
103,908 |
| |
PNC Financial Services Group, Inc.1 |
|
600 |
|
43,470 |
| |
Principal Financial Group, Inc.1 |
|
1,400 |
|
59,948 |
| |
Procter & Gamble Co.1 |
|
700 |
|
52,913 |
| |
Prudential Financial, Inc.1 |
|
600 |
|
46,788 |
| |
Ralph Lauren Corp.1 |
|
700 |
|
115,311 |
| |
Salix Pharmaceuticals Ltd.*1 |
|
1,200 |
|
80,256 |
| |
ServiceSource International, Inc.*1 |
|
19,800 |
|
239,184 |
| |
Skyworks Solutions, Inc.*1 |
|
7,400 |
|
183,816 |
| |
Spirit Airlines, Inc.* |
|
2,100 |
|
71,967 |
| |
Starbucks Corp.1 |
|
900 |
|
69,273 |
| |
SunTrust Banks, Inc.1 |
|
1,300 |
|
42,146 |
| |
Symantec Corp.1 |
|
1,800 |
|
44,550 |
| |
Time Warner, Inc.1 |
|
2,000 |
|
131,620 |
| |
Twenty-First Century Fox, Inc.1 |
|
2,000 |
|
67,000 |
| |
UnitedHealth Group, Inc.1 |
|
2,800 |
|
200,508 |
| |
US Bancorp1 |
|
6,100 |
|
223,138 |
| |
Waste Management, Inc.1 |
|
1,200 |
|
49,488 |
| |
Wells Fargo & Co.1 |
|
2,200 |
|
90,904 |
| |
Yum! Brands, Inc.1 |
|
1,100 |
|
78,529 |
| |
Total United States common stocks |
|
|
|
8,760,865 |
| |
Total common stocks (cost $10,828,700) |
|
|
|
12,810,259 |
| |
|
|
|
|
|
| |
Preferred stocks1.71% |
|
|
|
|
| |
Germany0.63% |
|
|
|
|
| |
Henkel AG & Co KGaA, Preference shares |
|
965 |
|
99,440 |
| |
|
|
|
|
|
| |
Italy1.08% |
|
|
|
|
| |
Telecom Italia SpA, Preference shares |
|
257,162 |
|
170,784 |
| |
Total preferred stocks (cost $248,834) |
|
|
|
270,224 |
| |
|
|
|
|
|
| |
Short-term investment39.05% |
|
|
|
|
| |
Investment company39.05% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $6,183,917) |
|
6,183,917 |
|
6,183,917 |
| |
Total investments before investments sold short: 121.65% (cost $17,261,451) |
|
|
|
19,264,400 |
| |
|
|
|
|
|
| |
Investments sold short(60.59)% |
|
|
|
|
| |
Common stocks(60.59)% |
|
|
|
|
| |
Austria(1.65)% |
|
|
|
|
| |
Erste Group Bank AG |
|
(188 |
) |
(5,941 |
) | |
Raiffeisen Bank International AG |
|
(2,201 |
) |
(72,029 |
) | |
Strabag SE |
|
(822 |
) |
(20,506 |
) | |
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
(1,491 |
) |
(76,549 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Wienerberger AG |
|
(4,947 |
) |
$ |
(86,869 |
) |
Total Austria common stocks |
|
|
|
(261,894 |
) | |
|
|
|
|
|
| |
Belgium(0.39)% |
|
|
|
|
| |
Belgacom SA |
|
(2,296 |
) |
(61,036 |
) | |
|
|
|
|
|
| |
Bermuda(0.70)% |
|
|
|
|
| |
Frontline Ltd. |
|
(19,930 |
) |
(51,372 |
) | |
Marvell Technology Group Ltd. |
|
(5,200 |
) |
(59,800 |
) | |
Total Bermuda common stocks |
|
|
|
(111,172 |
) | |
|
|
|
|
|
| |
Finland(0.81)% |
|
|
|
|
| |
Konecranes Oyj |
|
(2,818 |
) |
(94,889 |
) | |
Stockmann OYJ Abp, Class B |
|
(1,953 |
) |
(33,317 |
) | |
Total Finland common stocks |
|
|
|
(128,206 |
) | |
|
|
|
|
|
| |
France(2.40)% |
|
|
|
|
| |
Areva SA |
|
(2,033 |
) |
(36,965 |
) | |
Arkema S.A. |
|
(1,116 |
) |
(124,330 |
) | |
Bourbon SA |
|
(2,542 |
) |
(66,406 |
) | |
CGG |
|
(1,960 |
) |
(45,170 |
) | |
Groupe Eurotunnel SA |
|
(11,796 |
) |
(107,510 |
) | |
Total France common stocks |
|
|
|
(380,381 |
) | |
|
|
|
|
|
| |
Germany(3.49)% |
|
|
|
|
| |
E.ON SE |
|
(4,376 |
) |
(77,849 |
) | |
H&R AG |
|
(3,526 |
) |
(43,776 |
) | |
Hamburger Hafen und Logistik AG |
|
(3,026 |
) |
(74,424 |
) | |
K+S AG NPV |
|
(1,902 |
) |
(49,301 |
) | |
LANXESS AG |
|
(804 |
) |
(52,187 |
) | |
MTU Aero Engines AG |
|
(578 |
) |
(54,001 |
) | |
RWE AG |
|
(2,157 |
) |
(73,361 |
) | |
Salzgitter AG |
|
(863 |
) |
(35,860 |
) | |
SGL Carbon SE |
|
(2,434 |
) |
(92,595 |
) | |
Total Germany common stocks |
|
|
|
(553,354 |
) | |
|
|
|
|
|
| |
Italy(3.45)% |
|
|
|
|
| |
Banca Monte dei Paschi di Siena SpA |
|
(200,283 |
) |
(55,545 |
) | |
Fiat SpA |
|
(14,961 |
) |
(119,213 |
) | |
Italcementi SpA |
|
(8,560 |
) |
(65,256 |
) | |
Mediaset SpA |
|
(6,228 |
) |
(25,277 |
) | |
Saras SpA |
|
(23,360 |
) |
(29,232 |
) | |
Snam SpA |
|
(16,987 |
) |
(86,040 |
) | |
Telecom Italia SpA |
|
(200,927 |
) |
(165,813 |
) | |
Total Italy common stocks |
|
|
|
(546,376 |
) | |
|
|
|
|
|
| |
Luxembourg(1.07)% |
|
|
|
|
| |
APERAM SA NPV |
|
(5,497 |
) |
(84,703 |
) | |
Millicom International Cellular SA SDR |
|
(951 |
) |
(83,977 |
) | |
Total Luxembourg common stocks |
|
|
|
(168,680 |
) | |
|
|
|
|
|
| |
Mexico(0.53)% |
|
|
|
|
| |
America Movil SAB de CV ADR |
|
(4,200 |
) |
(83,202 |
) | |
|
|
|
|
|
| |
Netherlands(1.12)% |
|
|
|
|
| |
Fugro NV CVA |
|
(966 |
) |
(58,926 |
) | |
Koninklijke Vopak NV |
|
(919 |
) |
(52,659 |
) | |
LyondellBasell Industries NV, Class A |
|
(900 |
) |
(65,907 |
) | |
Total Netherlands common stocks |
|
|
|
(177,492 |
) | |
|
|
|
|
|
| |
Norway(1.35)% |
|
|
|
|
| |
Norsk Hydro ASA |
|
(17,926 |
) |
(74,318 |
) | |
Tomra Systems ASA |
|
(6,253 |
) |
(58,753 |
) | |
Yara International ASA |
|
(1,936 |
) |
(79,942 |
) | |
Total Norway common stocks |
|
|
|
(213,013 |
) | |
|
|
|
|
|
| |
Singapore(0.56)% |
|
|
|
|
| |
Wilmar International Ltd. |
|
(35,000 |
) |
(88,438 |
) | |
|
|
|
|
|
| |
Spain(1.68)% |
|
|
|
|
| |
Atresmedia Corp. de Medios de Comunicaion SA |
|
(6,174 |
) |
(79,432 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Spain |
|
|
|
|
| |
Tecnicas Reunidas SA |
|
(1,866 |
) |
$ |
(85,452 |
) |
Zardoya Otis SA |
|
(6,251 |
) |
(101,480 |
) | |
Total Spain common stocks |
|
|
|
(266,364 |
) | |
|
|
|
|
|
| |
Sweden(2.92)% |
|
|
|
|
| |
Electrolux AB, Series B |
|
(2,388 |
) |
(62,016 |
) | |
Modern Times Group AB, Class B |
|
(2,189 |
) |
(114,172 |
) | |
Ratos AB, Class B |
|
(9,731 |
) |
(90,622 |
) | |
Sandvik AB |
|
(8,022 |
) |
(110,843 |
) | |
SSAB AB, Class A |
|
(13,061 |
) |
(85,255 |
) | |
Total Sweden common stocks |
|
|
|
(462,908 |
) | |
|
|
|
|
|
| |
Switzerland(0.42)% |
|
|
|
|
| |
Tyco International Ltd. |
|
(1,900 |
) |
(66,462 |
) | |
|
|
|
|
|
| |
United States(38.05)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(1,000 |
) |
(42,100 |
) | |
Abbott Laboratories |
|
(1,100 |
) |
(36,509 |
) | |
AbbVie, Inc. |
|
(1,100 |
) |
(49,203 |
) | |
ADT Corp. |
|
(2,272 |
) |
(92,380 |
) | |
Advanced Micro Devices, Inc. |
|
(12,600 |
) |
(47,880 |
) | |
AGCO Corp. |
|
(1,400 |
) |
(84,588 |
) | |
Alcoa, Inc. |
|
(9,100 |
) |
(73,892 |
) | |
Align Technology, Inc. |
|
(900 |
) |
(43,308 |
) | |
American Express Co. |
|
(600 |
) |
(45,312 |
) | |
American International Group, Inc. |
|
(2,500 |
) |
(121,575 |
) | |
Amgen, Inc. |
|
(400 |
) |
(44,776 |
) | |
Analog Devices, Inc. |
|
(700 |
) |
(32,935 |
) | |
Associated Banc-Corp. |
|
(4,100 |
) |
(63,509 |
) | |
AT&T, Inc. |
|
(1,600 |
) |
(54,112 |
) | |
Bank of America Corp. |
|
(6,600 |
) |
(91,080 |
) | |
Bank of New York Mellon Corp. |
|
(1,500 |
) |
(45,285 |
) | |
Bristol-Myers Squibb Co. |
|
(1,500 |
) |
(69,420 |
) | |
Celgene Corp. |
|
(600 |
) |
(92,358 |
) | |
Centene Corp. |
|
(700 |
) |
(44,772 |
) | |
Cepheid, Inc. |
|
(900 |
) |
(35,136 |
) | |
Charles Schwab Corp. |
|
(5,200 |
) |
(109,928 |
) | |
Choice Hotels International, Inc. |
|
(700 |
) |
(30,233 |
) | |
Cisco Systems, Inc. |
|
(4,200 |
) |
(98,364 |
) | |
Citrix Systems, Inc. |
|
(800 |
) |
(56,488 |
) | |
City National Corp. |
|
(500 |
) |
(33,330 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(1,400 |
) |
(114,968 |
) | |
CSX Corp. |
|
(3,900 |
) |
(100,386 |
) | |
Cullen/Frost Bankers, Inc. |
|
(500 |
) |
(35,275 |
) | |
DexCom, Inc. |
|
(2,100 |
) |
(59,283 |
) | |
Diebold, Inc. |
|
(1,700 |
) |
(49,912 |
) | |
Discovery Communications, Inc., Class A |
|
(300 |
) |
(25,326 |
) | |
Douglas Emmett, Inc. |
|
(1,000 |
) |
(23,470 |
) | |
Ecolab, Inc. |
|
(700 |
) |
(69,132 |
) | |
Electronic Arts, Inc. |
|
(2,800 |
) |
(71,540 |
) | |
Endo Health Solutions, Inc. |
|
(800 |
) |
(36,352 |
) | |
Equity Residential |
|
(500 |
) |
(26,785 |
) | |
Fastenal Co. |
|
(2,400 |
) |
(120,600 |
) | |
Federal Realty Investment Trust |
|
(200 |
) |
(20,290 |
) | |
First Solar, Inc. |
|
(1,200 |
) |
(48,252 |
) | |
Fiserv, Inc. |
|
(900 |
) |
(90,945 |
) | |
Gannett Co., Inc. |
|
(3,900 |
) |
(104,481 |
) | |
Gap, Inc. |
|
(2,100 |
) |
(84,588 |
) | |
Genuine Parts Co. |
|
(800 |
) |
(64,712 |
) | |
Hartford Financial Services Group, Inc. |
|
(1,700 |
) |
(52,904 |
) | |
Healthcare Services Group, Inc. |
|
(2,400 |
) |
(61,824 |
) | |
Henry Schein, Inc. |
|
(500 |
) |
(51,850 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Hewlett-Packard Co. |
|
(5,300 |
) |
$ |
(111,194 |
) |
Hyatt Hotels Corp., Class A |
|
(2,200 |
) |
(94,512 |
) | |
IDEXX Laboratories, Inc. |
|
(750 |
) |
(74,737 |
) | |
Intel Corp. |
|
(5,700 |
) |
(130,644 |
) | |
International Business Machines Corp. |
|
(350 |
) |
(64,813 |
) | |
Kansas City Southern |
|
(700 |
) |
(76,552 |
) | |
Lamar Advertising Co., Class A |
|
(2,900 |
) |
(136,387 |
) | |
Lexmark International, Inc., Class A |
|
(1,800 |
) |
(59,400 |
) | |
Meridian Bioscience, Inc. |
|
(2,000 |
) |
(47,300 |
) | |
Mettler-Toledo International, Inc. |
|
(460 |
) |
(110,441 |
) | |
New York Community Bancorp, Inc. |
|
(4,200 |
) |
(63,462 |
) | |
Northern Trust Corp. |
|
(600 |
) |
(32,634 |
) | |
Owens & Minor, Inc. |
|
(2,200 |
) |
(76,098 |
) | |
Peoples United Financial, Inc. |
|
(4,300 |
) |
(61,834 |
) | |
Perrigo Co. |
|
(500 |
) |
(61,690 |
) | |
Pitney Bowes, Inc. |
|
(6,800 |
) |
(123,692 |
) | |
Praxair, Inc. |
|
(500 |
) |
(60,105 |
) | |
Public Storage |
|
(250 |
) |
(40,138 |
) | |
QLogic Corp. |
|
(8,800 |
) |
(96,272 |
) | |
RadioShack Corp. |
|
(9,500 |
) |
(32,395 |
) | |
Red Hat, Inc. |
|
(2,300 |
) |
(106,122 |
) | |
Rockwell Automation, Inc. |
|
(500 |
) |
(53,470 |
) | |
SBA Communications Corp., Class A |
|
(900 |
) |
(72,414 |
) | |
Sigma-Aldrich Corp. |
|
(500 |
) |
(42,650 |
) | |
Signature Bank |
|
(700 |
) |
(64,064 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(1,700 |
) |
(112,965 |
) | |
Stericycle, Inc. |
|
(400 |
) |
(46,160 |
) | |
STERIS Corp. |
|
(850 |
) |
(36,516 |
) | |
Stifel Financial Corp. |
|
(900 |
) |
(37,098 |
) | |
SVB Financial Group |
|
(800 |
) |
(69,096 |
) | |
T. Rowe Price Group, Inc. |
|
(700 |
) |
(50,351 |
) | |
Taubman Centers, Inc. |
|
(300 |
) |
(20,193 |
) | |
TCF Financial Corp. |
|
(4,300 |
) |
(61,404 |
) | |
TearLab Corp. |
|
(2,100 |
) |
(23,226 |
) | |
Telephone & Data Systems, Inc. |
|
(3,000 |
) |
(88,650 |
) | |
Teradyne, Inc. |
|
(1,800 |
) |
(29,736 |
) | |
Thermo Fisher Scientific, Inc. |
|
(400 |
) |
(36,860 |
) | |
Under Armour, Inc., Class A |
|
(500 |
) |
(39,725 |
) | |
United States Cellular Corp. |
|
(1,700 |
) |
(77,401 |
) | |
United Therapeutics Corp. |
|
(800 |
) |
(63,080 |
) | |
Walt Disney Co. |
|
(800 |
) |
(51,592 |
) | |
Williams-Sonoma, Inc. |
|
(600 |
) |
(33,720 |
) | |
Wright Medical Group, Inc. |
|
(2,300 |
) |
(59,984 |
) | |
WW Grainger, Inc. |
|
(420 |
) |
(109,918 |
) | |
Xerox Corp. |
|
(12,800 |
) |
(131,712 |
) | |
Zimmer Holdings, Inc. |
|
(400 |
) |
(32,856 |
) | |
Zions Bancorporation |
|
(2,500 |
) |
(68,550 |
) | |
Total United States common stocks |
|
|
|
(6,025,161 |
) | |
Total common stocks (proceeds $8,406,132) |
|
|
|
(9,594,139 |
) | |
Total investments sold short (proceeds $8,406,132) |
|
|
|
(9,594,139 |
) | |
Total investments, net of investments sold short61.06% |
|
|
|
9,670,261 |
| |
Cash and other assets, less liabilities: 38.94% |
|
|
|
6,165,903 |
| |
Net assets: 100.00% |
|
|
|
$ |
15,836,164 |
|
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 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 |
|
$ |
2,328,054 |
|
Gross unrealized depreciation |
|
(325,105 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,002,949 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||||
JPMCB |
|
EUR |
|
65,000 |
|
USD |
|
86,896 |
|
10/22/13 |
|
$ |
(1,044 |
) |
JPMCB |
|
GBP |
|
425,000 |
|
USD |
|
641,518 |
|
10/22/13 |
|
(46,397 |
) | |
JPMCB |
|
JPY |
|
70,100,000 |
|
USD |
|
702,238 |
|
10/22/13 |
|
(11,011 |
) | |
JPMCB |
|
TRY |
|
1,263,173 |
|
USD |
|
610,000 |
|
10/22/13 |
|
(13,070 |
) | |
JPMCB |
|
USD |
|
646,139 |
|
EUR |
|
495,000 |
|
10/22/13 |
|
23,555 |
| |
JPMCB |
|
USD |
|
102,740 |
|
GBP |
|
65,000 |
|
10/22/13 |
|
2,471 |
| |
JPMCB |
|
USD |
|
40,898 |
|
JPY |
|
4,000,000 |
|
10/22/13 |
|
(200 |
) | |
JPMCB |
|
USD |
|
29,315 |
|
JPY |
|
2,900,000 |
|
10/22/13 |
|
192 |
| |
JPMCB |
|
USD |
|
626,497 |
|
TRY |
|
1,263,173 |
|
10/22/13 |
|
(3,427 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(48,931 |
) |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
September 30, 2013
Portfolio Swap Outstanding3
Counterparty |
|
Description |
|
Termination Date4 |
|
Value |
| |
CSI |
|
The Fund receives or pays the total return on a portfolio of long and short positions and pays or receives a specified LIBOR floating rate. |
|
Twelve month maturities of 02/04/14 06/06/14 |
|
$ |
18,435 |
|
Additional Information for Portfolio Swap
Portfolio swap positions |
|
Notional Values5 |
|
Current Values6 |
|
Value7 |
| |||
|
|
|
|
|
|
|
| |||
Long Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
Berkeley Group Holdings PLC |
|
$ |
52,235 |
|
$ |
51,053 |
|
$ |
(1,182 |
) |
BT Group PLC |
|
75,203 |
|
78,978 |
|
3,775 |
| |||
Centrica PLC |
|
93,057 |
|
89,112 |
|
(3,945 |
) | |||
Filtrona PLC |
|
140,227 |
|
135,679 |
|
(4,548 |
) | |||
GlaxoSmithKline PLC |
|
162,328 |
|
158,724 |
|
(3,604 |
) | |||
Halma PLC |
|
54,877 |
|
56,815 |
|
1,938 |
| |||
Informa PLC |
|
60,177 |
|
62,010 |
|
1,833 |
| |||
Legal & General Group PLC |
|
155,159 |
|
161,803 |
|
6,644 |
| |||
Meggitt PLC |
|
103,023 |
|
107,249 |
|
4,226 |
| |||
Mondi PLC |
|
84,260 |
|
79,090 |
|
(5,170 |
) | |||
Next PLC |
|
107,322 |
|
112,940 |
|
5,618 |
| |||
Nichols PLC |
|
131,875 |
|
134,825 |
|
2,950 |
| |||
Pearson PLC |
|
96,001 |
|
94,931 |
|
(1,070 |
) | |||
Prudential PLC |
|
55,197 |
|
52,901 |
|
(2,296 |
) | |||
Qinetiq Group PLC |
|
103,485 |
|
105,369 |
|
1,884 |
| |||
Reckitt Benckiser Group PLC |
|
156,878 |
|
161,569 |
|
4,691 |
| |||
Rightmove PLC |
|
63,301 |
|
64,431 |
|
1,130 |
| |||
William Hill PLC |
|
77,468 |
|
75,171 |
|
(2,297 |
) | |||
WPP PLC |
|
105,706 |
|
112,052 |
|
6,346 |
| |||
Total United Kingdom |
|
1,877,779 |
|
1,894,702 |
|
16,923 |
| |||
|
|
|
|
|
|
|
| |||
Total Long Positions of Portfolio Swap |
|
1,877,779 |
|
1,894,702 |
|
16,923 |
| |||
|
|
|
|
|
|
|
| |||
Short Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Hong Kong |
|
|
|
|
|
|
| |||
China Coal Energy |
|
(52,910 |
) |
(53,720 |
) |
(810 |
) | |||
|
|
|
|
|
|
|
| |||
South Korea |
|
|
|
|
|
|
| |||
Hyundai Steel Co., Ltd |
|
(96,337 |
) |
(112,121 |
) |
(15,784 |
) | |||
|
|
|
|
|
|
|
| |||
Taiwan |
|
|
|
|
|
|
| |||
Taiwan Glass Industry Corp. |
|
(98,021 |
) |
(108,748 |
) |
(10,727 |
) | |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
Anglo American PLC |
|
(51,560 |
) |
(52,467 |
) |
(907 |
) | |||
AstraZeneca PLC |
|
(55,312 |
) |
(56,793 |
) |
(1,481 |
) | |||
BHP Billiton Ltd. |
|
(92,432 |
) |
(89,541 |
) |
2,891 |
| |||
Croda International PLC |
|
(95,423 |
) |
(97,397 |
) |
(1,974 |
) | |||
Rio Tinto PLC |
|
(53,865 |
) |
(55,742 |
) |
(1,877 |
) | |||
Stobart Group Ltd. |
|
(55,492 |
) |
(60,219 |
) |
(4,727 |
) | |||
Total United Kingdom |
|
(404,084 |
) |
(412,159 |
) |
(8,075 |
) | |||
|
|
|
|
|
|
|
| |||
Total Short Positions of Portfolio Swap |
|
(651,352 |
) |
(686,748 |
) |
(35,396 |
) | |||
|
|
|
|
|
|
|
| |||
Total Long and Short Positions of Portfolio Swap |
|
1,226,427 |
|
1,207,954 |
|
(18,473 |
) | |||
|
|
|
|
|
|
|
| |||
Financing Costs and Other Receivables |
|
|
|
|
|
38 |
| |||
|
|
|
|
|
|
|
| |||
Net Swap Agreement, at value |
|
|
|
|
|
$ |
(18,435 |
) | ||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
12,810,259 |
|
$ |
|
|
$ |
|
|
$ |
12,810,259 |
|
Preferred stocks |
|
270,224 |
|
|
|
|
|
270,224 |
| ||||
Short-term investment |
|
|
|
6,183,917 |
|
|
|
6,183,917 |
| ||||
Common stocks sold short |
|
(9,594,139 |
) |
|
|
|
|
(9,594,139 |
) | ||||
Forward foreign currency contracts, net |
|
|
|
(48,931 |
) |
|
|
(48,931 |
) | ||||
Swap agreements, net |
|
|
|
(18,435 |
) |
|
|
(18,435 |
) | ||||
Total |
|
$ |
3,486,344 |
|
$ |
6,116,551 |
|
$ |
|
|
$ |
9,602,895 |
|
At September 30, 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. |
2 |
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 |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
4,066,550 |
|
$ |
3,976,260 |
|
$ |
1,858,893 |
|
$ |
6,183,917 |
|
$ |
1,265 |
|
3 |
Illiquid investment. At September 30, 2013, the value of these investments amounted to $18,435 or 0.12% of net assets. |
4 |
The twelve month maturity dates are measured from the commencement of investment in each underlying portfolio swap market. |
5 |
Notional value represents the market value (including any fees or commissions) of the long and short positions at the time they are established. |
6 |
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. |
7 |
Value represents the unrealized gain (loss) of the positions at September 30, 2013. |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
0.50 |
% |
Air freight & logistics |
|
0.39 |
|
Airlines |
|
1.40 |
|
Auto components |
|
1.22 |
|
Automobiles |
|
3.55 |
|
Beverages |
|
2.01 |
|
Biotechnology |
|
0.44 |
|
Building products |
|
0.87 |
|
Capital markets |
|
2.95 |
|
Chemicals |
|
1.89 |
|
Commercial banks |
|
12.38 |
|
Computers & peripherals |
|
0.68 |
|
Construction materials |
|
1.31 |
|
Consumer finance |
|
0.37 |
|
Containers & packaging |
|
0.36 |
|
Distributors |
|
0.41 |
|
Diversified financial services |
|
1.93 |
|
Diversified telecommunication services |
|
0.98 |
|
Electric utilities |
|
0.59 |
|
Electrical equipment |
|
0.74 |
|
Electronic equipment, instruments & components |
|
1.11 |
|
Energy equipment & services |
|
0.68 |
|
Food & staples retailing |
|
1.73 |
|
Food products |
|
3.16 |
|
Hotels, restaurants & leisure |
|
2.55 |
|
Household durables |
|
1.54 |
|
Household products |
|
0.37 |
|
Insurance |
|
5.89 |
|
Internet & catalog retail |
|
0.35 |
|
Internet software & services |
|
0.46 |
|
IT services |
|
1.38 |
|
Leisure equipment & products |
|
0.84 |
|
Life sciences tools & services |
|
0.29 |
|
Machinery |
|
5.31 |
|
Marine |
|
0.53 |
|
Media |
|
1.17 |
|
Metals & mining |
|
3.36 |
|
Multiline retail |
|
0.53 |
|
Multi-utilities |
|
0.51 |
|
Oil, gas & consumable fuels |
|
5.32 |
|
Personal products |
|
0.88 |
|
Pharmaceuticals |
|
7.66 |
|
Real estate investment trust (REIT) |
|
0.96 |
|
Real estate management & development |
|
1.52 |
|
Semiconductors & semiconductor equipment |
|
4.21 |
|
Software |
|
2.01 |
|
Specialty retail |
|
1.56 |
|
Textiles, apparel & luxury goods |
|
2.74 |
|
Tobacco |
|
1.11 |
|
Trading companies & distributors |
|
1.51 |
|
Wireless telecommunication services |
|
2.33 |
|
Total common stocks |
|
98.54 |
% |
Preferred stock |
|
0.60 |
|
Right |
|
0.06 |
|
Short-term investment |
|
0.43 |
|
Investment of cash collateral from securities loaned |
|
4.80 |
|
Total investments |
|
104.43 |
% |
Liabilities, in excess of cash and other assets |
|
(4.43 |
) |
Net assets |
|
100.00 |
% |
1 |
Figures represent the direct investments of UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund) (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment company and derivatives exposure was included. |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks98.54% |
|
|
|
|
| |
Australia: 2.19% |
|
|
|
|
| |
Commonwealth Bank of Australia |
|
2,471 |
|
$ |
164,153 |
|
Flight Centre Ltd. |
|
1,732 |
|
78,042 |
| |
JB Hi-Fi Ltd. |
|
4,113 |
|
80,386 |
| |
Westfield Group |
|
9,304 |
|
95,563 |
| |
Total Australia common stocks |
|
|
|
418,144 |
| |
|
|
|
|
|
| |
Belgium: 0.40% |
|
|
|
|
| |
Anheuser-Busch InBev NV |
|
775 |
|
77,146 |
| |
|
|
|
|
|
| |
Brazil: 1.48% |
|
|
|
|
| |
BB Seguridade Participacoes SA |
|
12,432 |
|
122,340 |
| |
Cielo SA |
|
3,000 |
|
81,135 |
| |
Vale SA ADR1 |
|
5,100 |
|
79,611 |
| |
Total Brazil common stocks |
|
|
|
283,086 |
| |
|
|
|
|
|
| |
Canada: 2.98% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
4,200 |
|
81,386 |
| |
Lightstream Resources Ltd.1 |
|
7,134 |
|
51,390 |
| |
Petrominerales Ltd.1 |
|
6,100 |
|
69,288 |
| |
Royal Bank of Canada |
|
2,800 |
|
179,409 |
| |
Suncor Energy, Inc. |
|
5,200 |
|
185,929 |
| |
Total Canada common stocks |
|
|
|
567,402 |
| |
|
|
|
|
|
| |
China: 3.90% |
|
|
|
|
| |
AIA Group Ltd. |
|
43,238 |
|
203,203 |
| |
Brilliance China Automotive Holdings Ltd.* |
|
70,000 |
|
105,055 |
| |
China Construction Bank Corp., H Shares |
|
315,280 |
|
242,683 |
| |
China Merchants Bank Co., Ltd., H Shares |
|
38,259 |
|
69,554 |
| |
China Mobile Ltd. |
|
11,000 |
|
122,894 |
| |
Total China common stocks |
|
|
|
743,389 |
| |
|
|
|
|
|
| |
Denmark: 1.06% |
|
|
|
|
| |
AP Moeller - Maersk A/S |
|
11 |
|
100,860 |
| |
Novo Nordisk A/S, Class B |
|
595 |
|
101,017 |
| |
Total Denmark common stocks |
|
|
|
201,877 |
| |
|
|
|
|
|
| |
Finland: 1.11% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
4,933 |
|
211,954 |
| |
|
|
|
|
|
| |
France: 5.32% |
|
|
|
|
| |
BNP Paribas SA |
|
1,640 |
|
110,934 |
| |
Carrefour SA |
|
6,527 |
|
224,062 |
| |
Ingenico |
|
1,045 |
|
75,337 |
| |
Lafarge SA |
|
813 |
|
56,632 |
| |
Peugeot SA* |
|
7,023 |
|
115,438 |
| |
Safran SA |
|
1,561 |
|
96,161 |
| |
Schneider Electric SA |
|
1,675 |
|
141,649 |
| |
Societe Generale SA |
|
1,892 |
|
94,270 |
| |
Technip SA |
|
357 |
|
41,917 |
| |
Valeo SA |
|
673 |
|
57,469 |
| |
Total France common stocks |
|
|
|
1,013,869 |
| |
|
|
|
|
|
| |
Germany: 9.14% |
|
|
|
|
| |
Allianz SE |
|
694 |
|
109,098 |
| |
Bayer AG |
|
2,993 |
|
352,918 |
| |
Bayerische Motoren Werke AG |
|
805 |
|
86,546 |
| |
Deutsche Bank AG |
|
2,425 |
|
111,346 |
| |
Deutsche Post AG |
|
2,217 |
|
73,572 |
| |
E.ON SE |
|
5,449 |
|
96,937 |
| |
GEA Group AG |
|
2,766 |
|
113,588 |
| |
Gerresheimer AG |
|
907 |
|
54,333 |
| |
HeidelbergCement AG |
|
2,509 |
|
193,509 |
| |
Hugo Boss AG |
|
368 |
|
47,604 |
| |
Infineon Technologies AG |
|
9,156 |
|
91,600 |
| |
Linde AG |
|
470 |
|
93,087 |
| |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
SAP AG |
|
1,960 |
|
$ |
144,962 |
|
ThyssenKrupp AG* |
|
3,746 |
|
89,598 |
| |
Wirecard AG |
|
2,406 |
|
82,302 |
| |
Total Germany common stocks |
|
|
|
1,741,000 |
| |
|
|
|
|
|
| |
Hong Kong: 0.39% |
|
|
|
|
| |
Techtronic Industries Co. |
|
28,500 |
|
74,227 |
| |
|
|
|
|
|
| |
Indonesia: 0.74% |
|
|
|
|
| |
Astra International Tbk PT |
|
137,000 |
|
76,308 |
| |
Bank Rakyat Indonesia Persero Tbk PT |
|
105,000 |
|
65,739 |
| |
Total Indonesia common stocks |
|
|
|
142,047 |
| |
|
|
|
|
|
| |
Ireland: 2.43% |
|
|
|
|
| |
Kingspan Group PLC |
|
4,744 |
|
79,101 |
| |
Ryanair Holdings PLC ADR |
|
2,700 |
|
134,298 |
| |
Shire PLC |
|
4,500 |
|
180,524 |
| |
Smurfit Kappa Group PLC |
|
3,041 |
|
68,704 |
| |
Total Ireland common stocks |
|
|
|
462,627 |
| |
|
|
|
|
|
| |
Israel: 1.13% |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
2,000 |
|
113,120 |
| |
Teva Pharmaceutical Industries Ltd. |
|
2,719 |
|
102,385 |
| |
Total Israel common stocks |
|
|
|
215,505 |
| |
|
|
|
|
|
| |
Italy: 0.33% |
|
|
|
|
| |
Azimut Holding SpA |
|
2,778 |
|
63,476 |
| |
|
|
|
|
|
| |
Japan: 22.17% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
14,000 |
|
86,739 |
| |
Bridgestone Corp. |
|
2,600 |
|
94,562 |
| |
Calsonic Kansei Corp. |
|
15,000 |
|
80,116 |
| |
Cosmos Pharmaceutical Corp. |
|
800 |
|
105,071 |
| |
Credit Saison Co., Ltd. |
|
2,600 |
|
70,333 |
| |
Don Quijote Co., Ltd. |
|
1,600 |
|
100,107 |
| |
FANUC Corp. |
|
500 |
|
82,456 |
| |
ITOCHU Corp.1 |
|
17,400 |
|
212,776 |
| |
Japan Airlines Co., Ltd. |
|
2,200 |
|
132,947 |
| |
Japan Petroleum Exploration Co. |
|
2,100 |
|
90,157 |
| |
Kakaku.com, Inc. |
|
3,800 |
|
88,491 |
| |
KDDI Corp. |
|
3,400 |
|
174,332 |
| |
Keyence Corp. |
|
200 |
|
75,792 |
| |
Komatsu Ltd.1 |
|
3,600 |
|
89,327 |
| |
Makino Milling Machine Co., Ltd. |
|
15,000 |
|
105,906 |
| |
Mitsubishi Estate Co., Ltd. |
|
4,000 |
|
117,849 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
67,400 |
|
429,928 |
| |
Murata Manufacturing Co., Ltd.1 |
|
800 |
|
60,959 |
| |
Nippon Steel & Sumitomo Metal Corp.1 |
|
39,000 |
|
132,123 |
| |
NTT Urban Development Corp. |
|
4,700 |
|
61,538 |
| |
ORIX Corp. |
|
16,500 |
|
267,740 |
| |
Panasonic Corp. |
|
14,800 |
|
142,738 |
| |
Sankyo Co., Ltd. |
|
3,300 |
|
160,980 |
| |
Shin-Etsu Chemical Co., Ltd.1 |
|
2,600 |
|
158,706 |
| |
Shiseido Co., Ltd.1 |
|
9,300 |
|
166,898 |
| |
Sumitomo Mitsui Financial Group, Inc.1 |
|
2,600 |
|
125,510 |
| |
Tadano Ltd. |
|
7,000 |
|
89,516 |
| |
THK Co., Ltd. |
|
10,000 |
|
221,171 |
| |
Tokio Marine Holdings, Inc. |
|
3,000 |
|
97,818 |
| |
Tokyo Tatemono Co., Ltd. |
|
12,000 |
|
109,629 |
| |
Toyota Motor Corp. |
|
4,600 |
|
293,423 |
| |
Total Japan common stocks |
|
|
|
4,225,638 |
| |
|
|
|
|
|
| |
Macau: 1.35% |
|
|
|
|
| |
Sands China Ltd. |
|
41,600 |
|
257,187 |
| |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Netherlands: 4.05% |
|
|
|
|
| |
ASML Holding NV |
|
1,110 |
|
$ |
109,621 |
|
CNH Industrial NV* |
|
13,897 |
|
178,229 |
| |
Gemalto NV |
|
346 |
|
37,152 |
| |
Heineken NV |
|
2,308 |
|
163,581 |
| |
ING Groep NV CVA* |
|
8,828 |
|
99,736 |
| |
Koninklijke DSM NV |
|
1,439 |
|
108,590 |
| |
Unilever NV CVA |
|
1,916 |
|
74,535 |
| |
Total Netherlands common stocks |
|
|
|
771,444 |
| |
|
|
|
|
|
| |
Norway: 1.36% |
|
|
|
|
| |
DNB ASA |
|
4,706 |
|
71,452 |
| |
Telenor ASA |
|
8,189 |
|
187,115 |
| |
Total Norway common stocks |
|
|
|
258,567 |
| |
|
|
|
|
|
| |
Russia: 1.39% |
|
|
|
|
| |
Mobile Telesystems OJSC ADR |
|
6,650 |
|
148,029 |
| |
Sberbank of Russia Federation |
|
38,794 |
|
116,975 |
| |
Total Russia common stocks |
|
|
|
265,004 |
| |
|
|
|
|
|
| |
Singapore: 0.27% |
|
|
|
|
| |
Ezion Holdings Ltd. |
|
29,000 |
|
50,855 |
| |
|
|
|
|
|
| |
South Africa: 1.17% |
|
|
|
|
| |
Naspers Ltd., Class N |
|
2,404 |
|
222,302 |
| |
|
|
|
|
|
| |
South Korea: 2.00% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. |
|
215 |
|
273,482 |
| |
Shinhan Financial Group Co., Ltd. |
|
2,640 |
|
107,229 |
| |
Total South Korea common stocks |
|
|
|
380,711 |
| |
|
|
|
|
|
| |
Spain: 2.03% |
|
|
|
|
| |
Amadeus IT Holding SA, Class A |
|
2,806 |
|
99,458 |
| |
Grifols SA |
|
2,019 |
|
82,898 |
| |
Inditex SA |
|
806 |
|
124,196 |
| |
Viscofan SA |
|
1,393 |
|
79,659 |
| |
Total Spain common stocks |
|
|
|
386,211 |
| |
|
|
|
|
|
| |
Sweden: 2.02% |
|
|
|
|
| |
JM AB |
|
2,662 |
|
77,457 |
| |
Lundin Petroleum AB* |
|
4,082 |
|
88,033 |
| |
Skandinaviska Enskilda Banken AB, Class A |
|
8,400 |
|
89,010 |
| |
Trelleborg AB, Class B |
|
2,308 |
|
43,742 |
| |
Volvo AB, Class B |
|
5,810 |
|
87,014 |
| |
Total Sweden common stocks |
|
|
|
385,256 |
| |
|
|
|
|
|
| |
Switzerland: 9.83% |
|
|
|
|
| |
Cie Financiere Richemont SA |
|
1,434 |
|
143,662 |
| |
Credit Suisse Group AG* |
|
9,942 |
|
303,641 |
| |
GAM Holding AG* |
|
4,650 |
|
84,069 |
| |
Glencore Xstrata PLC* |
|
28,971 |
|
157,916 |
| |
Nestle SA |
|
5,240 |
|
366,484 |
| |
Novartis AG |
|
7,335 |
|
563,700 |
| |
Roche Holding AG (Non-voting) |
|
587 |
|
158,312 |
| |
Swatch Group AG |
|
846 |
|
95,419 |
| |
Total Switzerland common stocks |
|
|
|
1,873,203 |
| |
|
|
|
|
|
| |
Taiwan: 1.23% |
|
|
|
|
| |
Catcher Technology Co., Ltd. GDR2 |
|
3,500 |
|
92,629 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
42,000 |
|
142,760 |
| |
Total Taiwan common stocks |
|
|
|
235,389 |
| |
|
|
|
|
|
| |
Thailand: 0.56% |
|
|
|
|
| |
Kasikornbank PCL |
|
18,800 |
|
106,081 |
| |
|
|
|
|
|
| |
United Kingdom: 16.51% |
|
|
|
|
| |
ARM Holdings PLC |
|
11,577 |
|
184,796 |
| |
ASOS PLC* |
|
806 |
|
67,081 |
| |
Associated British Foods PLC |
|
2,660 |
|
80,786 |
| |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Aviva PLC |
|
25,064 |
|
$ |
161,006 |
|
Barclays PLC |
|
33,815 |
|
145,343 |
| |
BG Group PLC |
|
5,659 |
|
108,150 |
| |
BP PLC |
|
33,931 |
|
237,906 |
| |
Burberry Group PLC |
|
8,885 |
|
235,033 |
| |
Carnival PLC |
|
2,296 |
|
77,834 |
| |
Derwent London PLC |
|
1,099 |
|
42,149 |
| |
Diageo PLC |
|
772 |
|
24,558 |
| |
Great Portland Estates PLC |
|
5,265 |
|
45,942 |
| |
HSBC Holdings PLC |
|
22,187 |
|
240,439 |
| |
Imperial Tobacco Group PLC |
|
5,709 |
|
211,371 |
| |
Inchcape PLC |
|
7,924 |
|
78,316 |
| |
InterContinental Hotels Group PLC |
|
2,522 |
|
73,573 |
| |
Jardine Lloyd Thompson Group PLC |
|
2,798 |
|
42,805 |
| |
John Wood Group PLC |
|
2,766 |
|
35,913 |
| |
Kingfisher PLC |
|
14,857 |
|
92,817 |
| |
Premier Oil PLC |
|
15,768 |
|
83,090 |
| |
Prudential PLC |
|
9,461 |
|
176,292 |
| |
Reckitt Benckiser Group PLC |
|
959 |
|
70,174 |
| |
Rio Tinto PLC |
|
3,716 |
|
181,859 |
| |
Royal Dutch Shell PLC, Class A |
|
587 |
|
19,386 |
| |
SABMiller PLC |
|
2,307 |
|
117,403 |
| |
Sage Group PLC |
|
23,453 |
|
125,219 |
| |
SSE PLC |
|
4,699 |
|
112,130 |
| |
Wolseley PLC |
|
1,433 |
|
74,167 |
| |
Total United Kingdom common stocks |
|
|
|
3,145,538 |
| |
Total common stocks (cost $15,946,736) |
|
|
|
18,779,135 |
| |
|
|
|
|
|
| |
Preferred stock: 0.60% |
|
|
|
|
| |
Germany: 0.60% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $102,388) |
|
483 |
|
113,860 |
| |
|
|
|
|
|
| |
|
|
Number |
|
|
| |
Rights: 0.06% |
|
|
|
|
| |
United Kingdom: 0.06% |
|
|
|
|
| |
Barclays PLC, expires 10/2/2013* (cost $0) |
|
8,453 |
|
11,050 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment: 0.43% |
|
|
|
|
| |
Investment company: 0.43% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 3 (cost $82,158) |
|
82,158 |
|
82,158 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 4.80% |
|
|
|
|
| |
UBS Private Money Market Fund LLC 3 (cost $914,684) |
|
914,684 |
|
914,684 |
| |
Total investments: 104.43% (cost $17,045,966) |
|
|
|
19,900,887 |
| |
Liabilities, in excess of cash and other assets: (4.43)% |
|
|
|
(844,202 |
) | |
Net assets: 100.00% |
|
|
|
$ |
19,056,685 |
|
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 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 |
|
$ |
3,432,299 |
|
Gross unrealized depreciation |
|
(577,378 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,854,921 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
BB |
|
GBP |
72,600 |
|
SEK |
748,478 |
|
10/31/13 |
|
$ |
(1,126 |
) |
JPMCB |
|
AUD |
57,200 |
|
USD |
53,007 |
|
10/31/13 |
|
(243 |
) | |
JPMCB |
|
BRL |
551,800 |
|
USD |
230,801 |
|
10/31/13 |
|
(16,298 |
) | |
JPMCB |
|
CHF |
174,800 |
|
USD |
185,212 |
|
10/31/13 |
|
(8,124 |
) | |
JPMCB |
|
CNY |
1,669,700 |
|
USD |
270,502 |
|
10/31/13 |
|
(1,895 |
) | |
JPMCB |
|
EUR |
322,500 |
|
USD |
430,292 |
|
10/31/13 |
|
(6,035 |
) | |
JPMCB |
|
GBP |
508,100 |
|
USD |
790,871 |
|
10/31/13 |
|
(31,489 |
) | |
JPMCB |
|
HKD |
1,491,200 |
|
USD |
192,312 |
|
10/31/13 |
|
34 |
| |
JPMCB |
|
ILS |
377,500 |
|
USD |
103,601 |
|
10/31/13 |
|
(3,462 |
) | |
JPMCB |
|
JPY |
9,474,400 |
|
USD |
96,795 |
|
10/31/13 |
|
390 |
| |
JPMCB |
|
JPY |
16,659,900 |
|
USD |
167,433 |
|
10/31/13 |
|
(2,087 |
) | |
JPMCB |
|
KRW |
368,870,800 |
|
USD |
331,066 |
|
10/31/13 |
|
(11,464 |
) | |
JPMCB |
|
MYR |
458,000 |
|
USD |
137,558 |
|
10/31/13 |
|
(2,657 |
) | |
JPMCB |
|
SEK |
572,800 |
|
USD |
89,943 |
|
10/31/13 |
|
881 |
| |
JPMCB |
|
THB |
5,310,000 |
|
USD |
163,231 |
|
10/31/13 |
|
(6,199 |
) | |
JPMCB |
|
TWD |
5,405,500 |
|
USD |
180,828 |
|
10/31/13 |
|
(2,081 |
) | |
JPMCB |
|
TWD |
3,937,800 |
|
USD |
133,390 |
|
10/31/13 |
|
144 |
| |
JPMCB |
|
USD |
424,615 |
|
AUD |
472,300 |
|
10/31/13 |
|
15,073 |
| |
JPMCB |
|
USD |
196,108 |
|
CAD |
206,300 |
|
10/31/13 |
|
4,028 |
| |
JPMCB |
|
USD |
187,435 |
|
CHF |
174,800 |
|
10/31/13 |
|
5,902 |
| |
JPMCB |
|
USD |
82,244 |
|
DKK |
462,200 |
|
10/31/13 |
|
1,618 |
| |
JPMCB |
|
USD |
1,183,609 |
|
EUR |
892,600 |
|
10/31/13 |
|
24,036 |
| |
JPMCB |
|
USD |
246,068 |
|
GBP |
153,800 |
|
10/31/13 |
|
2,857 |
| |
JPMCB |
|
USD |
85,682 |
|
IDR |
1,002,055,500 |
|
10/31/13 |
|
366 |
| |
JPMCB |
|
USD |
150,889 |
|
JPY |
14,995,100 |
|
10/31/13 |
|
1,691 |
| |
JPMCB |
|
USD |
169,826 |
|
JPY |
16,659,900 |
|
10/31/13 |
|
(306 |
) | |
JPMCB |
|
USD |
112,430 |
|
MXN |
1,500,300 |
|
10/31/13 |
|
1,882 |
| |
JPMCB |
|
USD |
139,617 |
|
MYR |
458,000 |
|
10/31/13 |
|
598 |
| |
JPMCB |
|
USD |
177,873 |
|
NOK |
1,087,300 |
|
10/31/13 |
|
2,731 |
| |
JPMCB |
|
USD |
158,834 |
|
PLN |
515,000 |
|
10/31/13 |
|
5,766 |
| |
JPMCB |
|
USD |
31,131 |
|
SEK |
204,300 |
|
10/31/13 |
|
634 |
| |
JPMCB |
|
USD |
112,741 |
|
SGD |
144,100 |
|
10/31/13 |
|
2,126 |
| |
JPMCB |
|
USD |
91,081 |
|
THB |
2,950,000 |
|
10/31/13 |
|
3,047 |
| |
JPMCB |
|
USD |
73,751 |
|
TWD |
2,200,000 |
|
10/31/13 |
|
691 |
| |
JPMCB |
|
ZAR |
1,745,200 |
|
USD |
167,686 |
|
10/31/13 |
|
(5,345 |
) | |
MSCI |
|
AUD |
145,600 |
|
USD |
137,116 |
|
10/31/13 |
|
1,570 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
$ |
(22,746 |
) |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments September 30, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
18,662,160 |
|
$ |
116,975 |
|
$ |
|
|
$ |
18,779,135 |
|
Preferred stock |
|
113,860 |
|
|
|
|
|
113,860 |
| ||||
Rights |
|
11,050 |
|
|
|
|
|
11,050 |
| ||||
Short-term investment |
|
|
|
82,158 |
|
|
|
82,158 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
914,684 |
|
|
|
914,684 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(22,746 |
) |
|
|
(22,746 |
) | ||||
Total |
|
$ |
18,787,070 |
|
$ |
1,091,071 |
|
$ |
|
|
$ |
19,878,141 |
|
|
At September 30, 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 September 30, 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 September 30, 2013, the value of this security amounted to $92,629 or 0.49% 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 |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
6/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
385,436 |
|
$ |
1,156,399 |
|
$ |
1,459,677 |
|
$ |
82,158 |
|
$ |
81 |
|
UBS Private Money Market Fund LLCa |
|
567,869 |
|
3,767,303 |
|
3,420,488 |
|
914,684 |
|
11 |
| |||||
|
|
$ |
953,305 |
|
$ |
4,923,702 |
|
$ |
4,880,165 |
|
$ |
996,842 |
|
$ |
92 |
|
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
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
2.53 |
% |
Biotechnology |
|
6.27 |
|
Capital markets |
|
4.21 |
|
Chemicals |
|
2.34 |
|
Commercial banks |
|
3.89 |
|
Commercial services & supplies |
|
1.87 |
|
Computers & peripherals |
|
6.05 |
|
Consumer finance |
|
1.66 |
|
Diversified financial services |
|
5.68 |
|
Electric utilities |
|
1.46 |
|
Energy equipment & services |
|
6.24 |
|
Food products |
|
3.42 |
|
Health care equipment & supplies |
|
2.08 |
|
Health care providers & services |
|
4.20 |
|
Hotels, restaurants & leisure |
|
2.46 |
|
Industrial conglomerates |
|
2.39 |
|
Insurance |
|
4.06 |
|
Internet & catalog retail |
|
4.52 |
|
IT services |
|
2.47 |
|
Life sciences tools & services |
|
1.13 |
|
Machinery |
|
4.35 |
|
Media |
|
7.09 |
|
Metals & mining |
|
0.59 |
|
Multiline retail |
|
2.13 |
|
Multi-utilities |
|
1.56 |
|
Oil, gas & consumable fuels |
|
3.59 |
|
Pharmaceuticals |
|
10.33 |
|
Real estate investment trust (REIT) |
|
2.67 |
|
Road & rail |
|
6.15 |
|
Semiconductors & semiconductor equipment |
|
9.02 |
|
Software |
|
5.96 |
|
Textiles, apparel & luxury goods |
|
1.36 |
|
Tobacco |
|
3.04 |
|
Wireless telecommunication services |
|
1.38 |
|
Total common stocks |
|
128.15 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
0.70 |
|
Options purchased |
|
0.30 |
|
Short-term investment |
|
0.77 |
|
Total investments, net of investments sold short |
|
129.92 |
% |
UBS U.S. Defensive Equity Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Investments sold short |
|
|
|
Common stocks |
|
|
|
Biotechnology |
|
(1.39 |
) |
Capital markets |
|
(1.76 |
) |
Chemicals |
|
(1.05 |
) |
Commercial banks |
|
(1.70 |
) |
Commercial services & supplies |
|
(1.48 |
) |
Computers & peripherals |
|
(1.37 |
) |
Consumer finance |
|
(0.36 |
) |
Diversified financial services |
|
(0.43 |
) |
Health care equipment & supplies |
|
(3.28 |
) |
Health care providers & services |
|
(1.15 |
) |
Hotels, restaurants & leisure |
|
(2.32 |
) |
Insurance |
|
(1.00 |
) |
IT services |
|
(0.45 |
) |
Life sciences tools & services |
|
(1.04 |
) |
Machinery |
|
(0.58 |
) |
Media |
|
(2.86 |
) |
Office electronics |
|
(0.62 |
) |
Pharmaceuticals |
|
(1.58 |
) |
Real estate investment trust (REIT) |
|
(0.48 |
) |
Road & rail |
|
(0.89 |
) |
Semiconductors & semiconductor equipment |
|
(1.74 |
) |
Software |
|
(0.92 |
) |
Textiles, apparel & luxury goods |
|
(0.38 |
) |
Trading companies & distributors |
|
(0.42 |
) |
Wireless telecommunication services |
|
(0.39 |
) |
Total investments sold short |
|
(29.64 |
)% |
Total investments, net of investments sold short |
|
100.28 |
|
Liabilities, in excess of cash and other assets |
|
(0.28 |
) |
Net assets |
|
100.00 |
% |
1 |
Figures represent the industry breakdown of direct investments of UBS U.S. Defensive Equity Fund (excluding derivatives exposure). Figures might be different if a breakdown of the underlying investment company and derivatives exposure was included. |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks : 128.15% |
|
|
|
|
| |
Aerospace & defense : 2.53% |
|
|
|
|
| |
General Dynamics Corp.1 |
|
4,200 |
|
$ |
367,584 |
|
|
|
|
|
|
| |
Biotechnology: 6.27% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
5,850 |
|
200,538 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
1,500 |
|
174,240 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
2,100 |
|
134,421 |
| |
Bluebird Bio, Inc.*1 |
|
900 |
|
24,264 |
| |
Epizyme, Inc.*1 |
|
800 |
|
32,104 |
| |
Gilead Sciences, Inc.*1 |
|
3,150 |
|
197,946 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
28,250 |
|
66,952 |
| |
Ligand Pharmaceuticals, Inc., Class B*1 |
|
1,850 |
|
80,068 |
| |
|
|
|
|
910,533 |
| |
Capital markets: 4.21% |
|
|
|
|
| |
Invesco Ltd.1 |
|
5,250 |
|
167,475 |
| |
Morgan Stanley1 |
|
16,500 |
|
444,675 |
| |
|
|
|
|
612,150 |
| |
Chemicals: 2.34% |
|
|
|
|
| |
Dow Chemical Co.1 |
|
8,850 |
|
339,840 |
| |
|
|
|
|
|
| |
Commercial banks: 3.89% |
|
|
|
|
| |
US Bancorp1 |
|
7,200 |
|
263,376 |
| |
Wells Fargo & Co.1 |
|
7,300 |
|
301,636 |
| |
|
|
|
|
565,012 |
| |
Commercial services & supplies: 1.87% |
|
|
|
|
| |
Waste Management, Inc.1 |
|
6,600 |
|
272,184 |
| |
|
|
|
|
|
| |
Computers & peripherals: 6.05% |
|
|
|
|
| |
Apple, Inc.1 |
|
1,200 |
|
572,100 |
| |
NetApp, Inc.1 |
|
7,200 |
|
306,864 |
| |
|
|
|
|
878,964 |
| |
Consumer finance: 1.66% |
|
|
|
|
| |
Capital One Financial Corp.1 |
|
3,500 |
|
240,590 |
| |
|
|
|
|
|
| |
Diversified financial services: 5.68% |
|
|
|
|
| |
Citigroup, Inc.1 |
|
8,919 |
|
432,661 |
| |
JPMorgan Chase & Co.1 |
|
7,600 |
|
392,844 |
| |
|
|
|
|
825,505 |
| |
Electric utilities: 1.46% |
|
|
|
|
| |
Edison International1 |
|
4,600 |
|
211,876 |
| |
|
|
|
|
|
| |
Energy equipment & services: 6.24% |
|
|
|
|
| |
Baker Hughes, Inc.1 |
|
5,400 |
|
265,140 |
| |
Halliburton Co.1 |
|
4,250 |
|
204,637 |
| |
McDermott International, Inc.*1 |
|
16,000 |
|
118,880 |
| |
Noble Corp.1 |
|
8,400 |
|
317,268 |
| |
|
|
|
|
905,925 |
| |
Food products: 3.42% |
|
|
|
|
| |
Mondelez International, Inc., Class A1 |
|
15,800 |
|
496,436 |
| |
|
|
|
|
|
| |
Health care equipment & supplies: 2.08% |
|
|
|
|
| |
Baxter International, Inc.1 |
|
4,600 |
|
302,174 |
| |
|
|
|
|
|
| |
Health care providers & services: 4.20% |
|
|
|
|
| |
Cardinal Health, Inc.1 |
|
3,350 |
|
174,703 |
| |
Envision Healthcare Holdings, Inc.*1 |
|
5,200 |
|
135,356 |
| |
UnitedHealth Group, Inc.1 |
|
4,200 |
|
300,762 |
| |
|
|
|
|
610,821 |
| |
Hotels, restaurants & leisure: 2.46% |
|
|
|
|
| |
Yum! Brands, Inc.1 |
|
5,000 |
|
356,950 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Industrial conglomerates: 2.39% |
|
|
|
|
| |
Danaher Corp.1 |
|
5,000 |
|
$ |
346,600 |
|
|
|
|
|
|
| |
Insurance: 4.06% |
|
|
|
|
| |
Lincoln National Corp.1 |
|
6,150 |
|
258,238 |
| |
MetLife, Inc.1 |
|
7,050 |
|
330,998 |
| |
|
|
|
|
589,236 |
| |
Internet & catalog retail: 4.52% |
|
|
|
|
| |
Amazon.com, Inc.*1 |
|
2,100 |
|
656,544 |
| |
|
|
|
|
|
| |
IT services: 2.47% |
|
|
|
|
| |
ServiceSource International, Inc.*1 |
|
29,650 |
|
358,172 |
| |
|
|
|
|
|
| |
Life sciences tools & services: 1.13% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,400 |
|
164,584 |
| |
|
|
|
|
|
| |
Machinery: 4.35% |
|
|
|
|
| |
Illinois Tool Works, Inc.1 |
|
4,000 |
|
305,080 |
| |
Parker Hannifin Corp.1 |
|
3,000 |
|
326,160 |
| |
|
|
|
|
631,240 |
| |
Media: 7.09% |
|
|
|
|
| |
Comcast Corp., Class A1 |
|
9,500 |
|
428,925 |
| |
Time Warner, Inc.1 |
|
5,950 |
|
391,570 |
| |
Viacom, Inc., Class B1 |
|
2,500 |
|
208,950 |
| |
|
|
|
|
1,029,445 |
| |
Metals & mining: 0.59% |
|
|
|
|
| |
Commercial Metals Co.1 |
|
5,100 |
|
86,445 |
| |
|
|
|
|
|
| |
Multiline retail: 2.13% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
12,300 |
|
108,486 |
| |
Macys, Inc.1 |
|
4,650 |
|
201,206 |
| |
|
|
|
|
309,692 |
| |
Multi-utilities: 1.56% |
|
|
|
|
| |
PG&E Corp.1 |
|
5,550 |
|
227,106 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels: 3.59% |
|
|
|
|
| |
EOG Resources, Inc.1 |
|
1,400 |
|
236,992 |
| |
Exxon Mobil Corp.1 |
|
3,300 |
|
283,932 |
| |
|
|
|
|
520,924 |
| |
Pharmaceuticals: 10.33% |
|
|
|
|
| |
Allergan, Inc.1 |
|
1,500 |
|
135,675 |
| |
Eli Lilly & Co.1 |
|
4,200 |
|
211,386 |
| |
Hospira, Inc.*1 |
|
6,000 |
|
235,320 |
| |
Impax Laboratories, Inc.*1 |
|
10,200 |
|
209,202 |
| |
Johnson & Johnson1 |
|
700 |
|
60,683 |
| |
Merck & Co., Inc.1 |
|
6,350 |
|
302,323 |
| |
Salix Pharmaceuticals Ltd.*1 |
|
3,650 |
|
244,112 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
2,700 |
|
102,006 |
| |
|
|
|
|
1,500,707 |
| |
Real estate investment trust (REIT): 2.67% |
|
|
|
|
| |
American Campus Communities, Inc.1 |
|
2,200 |
|
75,130 |
| |
American Capital Agency Corp.1 |
|
5,600 |
|
126,392 |
| |
Digital Realty Trust, Inc.1 |
|
3,500 |
|
185,850 |
| |
|
|
|
|
387,372 |
| |
Road & rail: 6.15% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
18,350 |
|
406,636 |
| |
Norfolk Southern Corp.1 |
|
6,300 |
|
487,305 |
| |
|
|
|
|
893,941 |
| |
Semiconductors & semiconductor equipment: 9.02% |
|
|
|
|
| |
Atmel Corp.*1 |
|
22,350 |
|
166,284 |
| |
Broadcom Corp., Class A1 |
|
11,600 |
|
301,716 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks (concluded) |
|
|
|
|
| |
Semiconductors & semiconductor equipment: (concluded) |
|
|
|
|
| |
Freescale Semiconductor Ltd.*1 |
|
3,550 |
|
$ |
59,107 |
|
Micron Technology, Inc.*1 |
|
15,800 |
|
276,026 |
| |
NXP Semiconductor NV*1 |
|
6,000 |
|
223,260 |
| |
Skyworks Solutions, Inc.*1 |
|
11,450 |
|
284,418 |
| |
|
|
|
|
1,310,811 |
| |
Software: 5.96% |
|
|
|
|
| |
Adobe Systems, Inc.*1 |
|
7,400 |
|
384,356 |
| |
Check Point Software Technologies Ltd.*1 |
|
4,400 |
|
248,864 |
| |
Symantec Corp.1 |
|
9,400 |
|
232,650 |
| |
|
|
|
|
865,870 |
| |
Textiles, apparel & luxury goods: 1.36% |
|
|
|
|
| |
Ralph Lauren Corp.1 |
|
1,200 |
|
197,676 |
| |
|
|
|
|
|
| |
Tobacco: 3.04% |
|
|
|
|
| |
Philip Morris International, Inc.1 |
|
5,100 |
|
441,609 |
| |
|
|
|
|
|
| |
Wireless telecommunication services: 1.38% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
33,150 |
|
201,221 |
| |
Total common stocks (cost $14,717,221) |
|
|
|
18,615,739 |
| |
|
|
|
|
|
| |
Investment company: 0.70% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $101,147) |
|
600 |
|
100,860 |
| |
|
|
|
|
|
| |
Options purchased: 0.30% |
|
|
|
|
| |
Put option purchased: 0.30% |
|
|
|
|
| |
S&P 500 Index, Strike @ USD 1600.00, expires October 2013 (cost $162,225) |
|
90 |
|
44,100 |
| |
|
|
|
|
|
| |
Short-term investment: 0.77% |
|
|
|
|
| |
Investment company: 0.77% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 2 (cost $112,147) |
|
112,147 |
|
112,147 |
| |
Total investments before investments sold short: 129.92% (cost $15,092,740) |
|
|
|
18,872,846 |
| |
|
|
|
|
|
| |
Investments sold short: (29.64)% |
|
|
|
|
| |
Common stocks: (29.64)% |
|
|
|
|
| |
Biotechnology: (1.39)% |
|
|
|
|
| |
Celgene Corp. |
|
(600 |
) |
(92,358 |
) | |
Cepheid, Inc. |
|
(1,400 |
) |
(54,656 |
) | |
United Therapeutics Corp. |
|
(700 |
) |
(55,195 |
) | |
|
|
|
|
(202,209 |
) | |
Capital markets: (1.76)% |
|
|
|
|
| |
Charles Schwab Corp. |
|
(7,700 |
) |
(162,778 |
) | |
Northern Trust Corp. |
|
(900 |
) |
(48,951 |
) | |
T. Rowe Price Group, Inc. |
|
(600 |
) |
(43,158 |
) | |
|
|
|
|
(254,887 |
) | |
Chemicals: (1.05)% |
|
|
|
|
| |
Ecolab, Inc. |
|
(600 |
) |
(59,256 |
) | |
LyondellBasell Industries NV, Class A |
|
(800 |
) |
(58,584 |
) | |
Sigma-Aldrich Corp. |
|
(400 |
) |
(34,120 |
) | |
|
|
|
|
(151,960 |
) | |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Commercial banks: (1.70)% |
|
|
|
|
| |
Associated Banc-Corp. |
|
(2,950 |
) |
$ |
(45,695 |
) |
Signature Bank |
|
(600 |
) |
(54,912 |
) | |
SVB Financial Group |
|
(600 |
) |
(51,822 |
) | |
TCF Financial Corp. |
|
(2,950 |
) |
(42,126 |
) | |
Zions Bancorporation |
|
(1,900 |
) |
(52,098 |
) | |
|
|
|
|
(246,653 |
) | |
Commercial services & supplies: (1.48)% |
|
|
|
|
| |
Healthcare Services Group, Inc. |
|
(2,500 |
) |
(64,400 |
) | |
Pitney Bowes, Inc. |
|
(5,700 |
) |
(103,683 |
) | |
Stericycle, Inc. |
|
(400 |
) |
(46,160 |
) | |
|
|
|
|
(214,243 |
) | |
Computers & peripherals: (1.37)% |
|
|
|
|
| |
Diebold, Inc. |
|
(2,000 |
) |
(58,720 |
) | |
Hewlett-Packard Co. |
|
(4,000 |
) |
(83,920 |
) | |
Lexmark International, Inc., Class A |
|
(1,700 |
) |
(56,100 |
) | |
|
|
|
|
(198,740 |
) | |
Consumer finance: (0.36)% |
|
|
|
|
| |
American Express Co. |
|
(700 |
) |
(52,864 |
) | |
|
|
|
|
|
| |
Diversified financial services: (0.43)% |
|
|
|
|
| |
Bank of America Corp. |
|
(4,550 |
) |
(62,790 |
) | |
|
|
|
|
|
| |
Health care equipment & supplies: (3.28)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(900 |
) |
(37,890 |
) | |
Align Technology, Inc. |
|
(1,500 |
) |
(72,180 |
) | |
DexCom, Inc. |
|
(2,650 |
) |
(74,809 |
) | |
IDEXX Laboratories, Inc. |
|
(500 |
) |
(49,825 |
) | |
Meridian Bioscience, Inc. |
|
(1,900 |
) |
(44,935 |
) | |
PhotoMedex, Inc. |
|
(3,600 |
) |
(57,240 |
) | |
STERIS Corp. |
|
(1,000 |
) |
(42,960 |
) | |
Wright Medical Group, Inc. |
|
(1,800 |
) |
(46,944 |
) | |
Zimmer Holdings, Inc. |
|
(600 |
) |
(49,284 |
) | |
|
|
|
|
(476,067 |
) | |
Health care providers & services: (1.15)% |
|
|
|
|
| |
Centene Corp. |
|
(1,100 |
) |
(70,356 |
) | |
Henry Schein, Inc. |
|
(500 |
) |
(51,850 |
) | |
Owens & Minor, Inc. |
|
(1,300 |
) |
(44,967 |
) | |
|
|
|
|
(167,173 |
) | |
Hotels, restaurants & leisure: (2.32)% |
|
|
|
|
| |
Choice Hotels International, Inc. |
|
(4,600 |
) |
(198,674 |
) | |
Hyatt Hotels Corp., Class A |
|
(1,900 |
) |
(81,624 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(850 |
) |
(56,483 |
) | |
|
|
|
|
(336,781 |
) | |
Insurance: (1.00)% |
|
|
|
|
| |
American International Group, Inc. |
|
(3,000 |
) |
(145,890 |
) | |
|
|
|
|
|
| |
IT services: (0.45)% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Class A |
|
(800 |
) |
(65,696 |
) | |
|
|
|
|
|
| |
Life sciences tools & services: (1.04)% |
|
|
|
|
| |
Mettler-Toledo International, Inc. |
|
(400 |
) |
(96,036 |
) | |
Thermo Fisher Scientific, Inc. |
|
(600 |
) |
(55,290 |
) | |
|
|
|
|
(151,326 |
) | |
Machinery: (0.58)% |
|
|
|
|
| |
AGCO Corp. |
|
(1,400 |
) |
(84,588 |
) | |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks (concluded) |
|
|
|
|
| |
Media: (2.86)% |
|
|
|
|
| |
Discovery Communications, Inc., Class A |
|
(1,400 |
) |
$ |
(118,188 |
) |
Gannett Co., Inc. |
|
(7,400 |
) |
(198,246 |
) | |
Lamar Advertising Co., Class A |
|
(2,100 |
) |
(98,763 |
) | |
|
|
|
|
(415,197 |
) | |
Office electronics: (0.62)% |
|
|
|
|
| |
Xerox Corp. |
|
(8,750 |
) |
(90,038 |
) | |
|
|
|
|
|
| |
Pharmaceuticals: (1.58)% |
|
|
|
|
| |
Bristol-Myers Squibb Co. |
|
(1,100 |
) |
(50,908 |
) | |
Endo Health Solutions, Inc. |
|
(1,500 |
) |
(68,160 |
) | |
Perrigo Co. |
|
(900 |
) |
(111,042 |
) | |
|
|
|
|
(230,110 |
) | |
Real estate investment trust (REIT): (0.48)% |
|
|
|
|
| |
AvalonBay Communities, Inc. |
|
(300 |
) |
(38,127 |
) | |
Equity Residential |
|
(600 |
) |
(32,142 |
) | |
|
|
|
|
(70,269 |
) | |
Road & rail: (0.89)% |
|
|
|
|
| |
CSX Corp. |
|
(2,450 |
) |
(63,063 |
) | |
Kansas City Southern |
|
(600 |
) |
(65,616 |
) | |
|
|
|
|
(128,679 |
) | |
Semiconductors & semiconductor equipment: (1.74)% |
|
|
|
|
| |
Advanced Micro Devices, Inc. |
|
(16,900 |
) |
(64,220 |
) | |
First Solar, Inc. |
|
(1,900 |
) |
(76,399 |
) | |
Intel Corp. |
|
(2,000 |
) |
(45,840 |
) | |
Marvell Technology Group Ltd. |
|
(5,800 |
) |
(66,700 |
) | |
|
|
|
|
(253,159 |
) | |
Software: (0.92)% |
|
|
|
|
| |
Citrix Systems, Inc. |
|
(700 |
) |
(49,427 |
) | |
Electronic Arts, Inc. |
|
(2,200 |
) |
(56,210 |
) | |
Red Hat, Inc. |
|
(600 |
) |
(27,684 |
) | |
|
|
|
|
(133,321 |
) | |
Textiles, apparel & luxury goods: (0.38)% |
|
|
|
|
| |
Under Armour, Inc., Class A |
|
(700 |
) |
(55,615 |
) | |
|
|
|
|
|
| |
Trading companies & distributors: (0.42)% |
|
|
|
|
| |
Fastenal Co. |
|
(1,200 |
) |
(60,300 |
) | |
|
|
|
|
|
| |
Wireless telecommunication services: (0.39)% |
|
|
|
|
| |
SBA Communications Corp., Class A |
|
(700 |
) |
(56,322 |
) | |
Total investments sold short (proceeds $3,170,543) |
|
|
|
(4,304,877 |
) | |
Total investments, net of investments sold short: 100.28% |
|
|
|
14,567,969 |
| |
Liabilities, in excess of cash and other assets: (0.28)% |
|
|
|
(41,234 |
) | |
Net assets: 100.00% |
|
|
|
$ |
14,526,735 |
|
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 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 |
|
$ |
4,348,941 |
|
Gross unrealized depreciation |
|
(568,835 |
) | |
Net unrealized appreciation of investments |
|
$ |
3,780,106 |
|
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, 90 contracts, strike @ USD 1,425.00 |
|
October 2013 |
|
$ |
30,375 |
|
$ |
(5,850 |
) |
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
92 |
|
$ |
64,170 |
|
Options written |
|
90 |
|
30,375 |
| |
Options terminated in closing purchase transactions |
|
(92 |
) |
(64,170 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
90 |
|
$ |
30,375 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
18,615,739 |
|
$ |
|
|
$ |
|
|
$ |
18,615,739 |
|
Investment company |
|
100,860 |
|
|
|
|
|
100,860 |
| ||||
Options purchased |
|
44,100 |
|
|
|
|
|
44,100 |
| ||||
Short-term investment |
|
|
|
112,147 |
|
|
|
112,147 |
| ||||
Common stocks sold short |
|
(4,304,877 |
) |
|
|
|
|
(4,304,877 |
) | ||||
Options written |
|
(5,850 |
) |
|
|
|
|
(5,850 |
) | ||||
Total |
|
$ |
14,449,972 |
|
$ |
112,147 |
|
$ |
|
|
$ |
14,562,119 |
|
At September 30, 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. |
2 |
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 |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
288 |
|
$ |
1,476,027 |
|
$ |
1,364,168 |
|
$ |
112,147 |
|
$ |
17 |
|
UBS U.S. Equity Opportunity Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Airlines |
|
2.19 |
% |
Biotechnology |
|
8.89 |
|
Capital markets |
|
3.10 |
|
Commercial banks |
|
2.96 |
|
Computers & peripherals |
|
6.57 |
|
Diversified consumer services |
|
1.75 |
|
Diversified financial services |
|
4.27 |
|
Energy equipment & services |
|
3.69 |
|
Food products |
|
3.12 |
|
Health care equipment & supplies |
|
2.71 |
|
Health care providers & services |
|
2.31 |
|
Insurance |
|
5.75 |
|
Internet & catalog retail |
|
5.25 |
|
Internet software & services |
|
3.43 |
|
IT services |
|
3.66 |
|
Life sciences tools & services |
|
1.60 |
|
Multi-utilities |
|
1.50 |
|
Oil, gas & consumable fuels |
|
2.66 |
|
Pharmaceuticals |
|
2.65 |
|
Real estate investment trust (REIT) |
|
2.64 |
|
Road & rail |
|
5.94 |
|
Semiconductors & semiconductor equipment |
|
8.91 |
|
Software |
|
4.20 |
|
Textiles, apparel & luxury goods |
|
2.52 |
|
Tobacco |
|
3.15 |
|
Wireless telecommunication services |
|
1.72 |
|
Total common stocks |
|
97.14 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
1.16 |
|
Short-term investment |
|
1.72 |
|
Investment of cash collateral from securities loaned |
|
6.38 |
|
Total investments |
|
106.40 |
% |
Liabilities, in excess of cash and other assets |
|
(6.40 |
) |
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 September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks97.14% |
|
|
|
|
| |
Airlines2.19% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
27,800 |
|
$ |
952,706 |
|
|
|
|
|
|
| |
Biotechnology8.89% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
28,200 |
|
966,696 |
| |
Alexion Pharmaceuticals, Inc.* |
|
5,700 |
|
662,112 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
10,600 |
|
678,506 |
| |
Bluebird Bio, Inc.*1 |
|
4,800 |
|
129,408 |
| |
Epizyme, Inc.*1 |
|
4,300 |
|
172,559 |
| |
Gilead Sciences, Inc.* |
|
15,300 |
|
961,452 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
98,400 |
|
233,208 |
| |
Ligand Pharmaceuticals, Inc., Class B* |
|
1,400 |
|
60,592 |
| |
|
|
|
|
3,864,533 |
| |
Capital markets3.10% |
|
|
|
|
| |
Morgan Stanley |
|
50,000 |
|
1,347,500 |
| |
|
|
|
|
|
| |
Commercial banks2.96% |
|
|
|
|
| |
US Bancorp |
|
35,200 |
|
1,287,616 |
| |
|
|
|
|
|
| |
Computers & peripherals6.57% |
|
|
|
|
| |
Apple, Inc. |
|
4,125 |
|
1,966,594 |
| |
NetApp, Inc. |
|
20,900 |
|
890,758 |
| |
|
|
|
|
2,857,352 |
| |
Diversified consumer services1.75% |
|
|
|
|
| |
Regis Corp. |
|
51,800 |
|
760,424 |
| |
|
|
|
|
|
| |
Diversified financial services4.27% |
|
|
|
|
| |
Citigroup, Inc. |
|
38,254 |
|
1,855,701 |
| |
|
|
|
|
|
| |
Energy equipment & services3.69% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
20,500 |
|
1,006,550 |
| |
Noble Corp. |
|
15,800 |
|
596,766 |
| |
|
|
|
|
1,603,316 |
| |
Food products3.12% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
43,100 |
|
1,354,202 |
| |
|
|
|
|
|
| |
Health care equipment & supplies2.71% |
|
|
|
|
| |
Baxter International, Inc. |
|
17,900 |
|
1,175,851 |
| |
|
|
|
|
|
| |
Health care providers & services2.31% |
|
|
|
|
| |
UnitedHealth Group, Inc. |
|
14,000 |
|
1,002,540 |
| |
|
|
|
|
|
| |
Insurance5.75% |
|
|
|
|
| |
Lincoln National Corp. |
|
29,500 |
|
1,238,705 |
| |
MetLife, Inc. |
|
26,800 |
|
1,258,260 |
| |
|
|
|
|
2,496,965 |
| |
Internet & catalog retail5.25% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
7,300 |
|
2,282,272 |
| |
|
|
|
|
|
| |
Internet software & services3.43% |
|
|
|
|
| |
Google, Inc., Class A* |
|
1,700 |
|
1,489,047 |
| |
|
|
|
|
|
| |
IT services3.66% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
131,700 |
|
1,590,936 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.60% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
5,900 |
|
693,604 |
| |
|
|
|
|
|
| |
Multi-utilities1.50% |
|
|
|
|
| |
PG&E Corp. |
|
15,900 |
|
650,628 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels2.66% |
|
|
|
|
| |
BP PLC ADR1 |
|
27,499 |
|
1,155,783 |
| |
|
|
|
|
|
| |
Pharmaceuticals2.65% |
|
|
|
|
| |
Hospira, Inc.* |
|
21,300 |
|
835,386 |
| |
Impax Laboratories, Inc.* |
|
15,400 |
|
315,854 |
| |
|
|
|
|
1,151,240 |
| |
UBS U.S. Equity Opportunity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Real estate investment trust (REIT)2.64% |
|
|
|
|
| |
American Capital Agency Corp. |
|
24,900 |
|
$ |
561,993 |
|
Digital Realty Trust, Inc.1 |
|
11,000 |
|
584,100 |
| |
|
|
|
|
1,146,093 |
| |
Road & rail5.94% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
45,700 |
|
1,012,712 |
| |
Norfolk Southern Corp. |
|
20,300 |
|
1,570,205 |
| |
|
|
|
|
2,582,917 |
| |
Semiconductors & semiconductor equipment8.91% |
|
|
|
|
| |
Atmel Corp.* |
|
133,700 |
|
994,728 |
| |
Broadcom Corp., Class A |
|
25,700 |
|
668,457 |
| |
Micron Technology, Inc.* |
|
74,600 |
|
1,303,262 |
| |
NXP Semiconductor NV* |
|
24,400 |
|
907,924 |
| |
|
|
|
|
3,874,371 |
| |
Software4.20% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
18,300 |
|
950,502 |
| |
Check Point Software Technologies Ltd.* |
|
15,500 |
|
876,680 |
| |
|
|
|
|
1,827,182 |
| |
Textiles, apparel & luxury goods2.52% |
|
|
|
|
| |
Lululemon Athletica, Inc.* |
|
14,981 |
|
1,094,961 |
| |
|
|
|
|
|
| |
Tobacco3.15% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
15,800 |
|
1,368,122 |
| |
|
|
|
|
|
| |
Wireless telecommunication services1.72% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
123,200 |
|
747,824 |
| |
Total common stocks (cost $36,381,301) |
|
|
|
42,213,686 |
| |
|
|
|
|
|
| |
Investment company1.16% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $507,420) |
|
3,000 |
|
504,300 |
| |
|
|
|
|
|
| |
Short-term investment1.72% |
|
|
|
|
| |
Investment company1.72% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 2 (cost $749,579) |
|
749,579 |
|
749,579 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned6.38% |
|
|
|
|
| |
UBS Private Money Market Fund LLC 2 (cost $2,774,524) |
|
2,774,524 |
|
2,774,524 |
| |
Total investments106.40% (cost $40,412,824) |
|
|
|
46,242,089 |
| |
Liabilities, in excess of cash and other assets(6.40)% |
|
|
|
(2,782,350 |
) | |
Net assets100.00% |
|
|
|
$ |
43,459,739 |
|
UBS U.S. Equity Opportunity Fund
Portfolio of investments September 30, 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 |
|
$ |
6,941,541 |
|
Gross unrealized depreciation |
|
(1,112,276 |
) | |
Net unrealized appreciation of investments |
|
$ |
5,829,265 |
|
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 page end of this report.
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
42,213,686 |
|
$ |
|
|
$ |
|
|
$ |
42,213,686 |
|
Investment company |
|
504,300 |
|
|
|
|
|
504,300 |
| ||||
Short-term investment |
|
|
|
749,579 |
|
|
|
749,579 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
2,774,524 |
|
|
|
2,774,524 |
| ||||
Total |
|
$ |
42,717,986 |
|
$ |
3,524,103 |
|
$ |
|
|
$ |
46,242,089 |
|
At September 30, 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 September 30, 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 |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,419,399 |
|
$ |
2,051,485 |
|
$ |
2,721,305 |
|
$ |
749,579 |
|
$ |
156 |
|
UBS Private Money Market Fund LLCa |
|
4,275,608 |
|
11,216,100 |
|
12,717,184 |
|
2,774,524 |
|
56 |
| |||||
|
|
$ |
5,695,007 |
|
$ |
13,267,585 |
|
$ |
15,438,489 |
|
$ |
3,524,103 |
|
$ |
212 |
|
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 September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
2.05 |
% |
Biotechnology |
|
4.36 |
|
Capital markets |
|
3.03 |
|
Chemicals |
|
1.63 |
|
Commercial banks |
|
3.55 |
|
Commercial services & supplies |
|
1.47 |
|
Computers & peripherals |
|
5.83 |
|
Consumer finance |
|
1.42 |
|
Diversified financial services |
|
4.93 |
|
Electric utilities |
|
0.84 |
|
Energy equipment & services |
|
5.78 |
|
Food products |
|
2.08 |
|
Health care equipment & supplies |
|
1.81 |
|
Health care providers & services |
|
2.98 |
|
Hotels, restaurants & leisure |
|
1.94 |
|
Insurance |
|
3.15 |
|
Internet & catalog retail |
|
3.16 |
|
IT services |
|
1.86 |
|
Life sciences tools & services |
|
0.88 |
|
Machinery |
|
3.42 |
|
Media |
|
3.54 |
|
Metals & mining |
|
0.82 |
|
Multiline retail |
|
1.98 |
|
Multi-utilities |
|
1.75 |
|
Oil, gas & consumable fuels |
|
4.10 |
|
Pharmaceuticals |
|
6.17 |
|
Real estate investment trust (REIT) |
|
2.42 |
|
Road & rail |
|
4.09 |
|
Semiconductors & semiconductor equipment |
|
7.97 |
|
Software |
|
4.68 |
|
Textiles, apparel & luxury goods |
|
1.04 |
|
Tobacco |
|
2.46 |
|
Wireless telecommunication services |
|
1.54 |
|
Total common stocks |
|
98.73 |
% |
Short-term investment |
|
1.21 |
|
Investment of cash collateral from securities loaned |
|
3.90 |
|
Total investments |
|
103.84 |
% |
Liabilities, in excess of cash and other assets |
|
(3.84 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks98.73% |
|
|
|
|
| |
Aerospace & defense2.05% |
|
|
|
|
| |
General Dynamics Corp. |
|
39,000 |
|
$ |
3,413,280 |
|
|
|
|
|
|
| |
Biotechnology4.36% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
35,900 |
|
1,230,652 |
| |
Alexion Pharmaceuticals, Inc.* |
|
13,000 |
|
1,510,080 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
18,800 |
|
1,203,388 |
| |
Bluebird Bio, Inc.*1 |
|
9,300 |
|
250,728 |
| |
Epizyme, Inc.*1 |
|
8,400 |
|
337,092 |
| |
Gilead Sciences, Inc.* |
|
28,600 |
|
1,797,224 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
390,300 |
|
925,011 |
| |
|
|
|
|
7,254,175 |
| |
Capital markets3.03% |
|
|
|
|
| |
Invesco Ltd. |
|
45,700 |
|
1,457,830 |
| |
Morgan Stanley |
|
132,700 |
|
3,576,265 |
| |
|
|
|
|
5,034,095 |
| |
Chemicals1.63% |
|
|
|
|
| |
Dow Chemical Co. |
|
70,700 |
|
2,714,880 |
| |
|
|
|
|
|
| |
Commercial banks3.55% |
|
|
|
|
| |
US Bancorp |
|
78,900 |
|
2,886,162 |
| |
Wells Fargo & Co. |
|
73,050 |
|
3,018,426 |
| |
|
|
|
|
5,904,588 |
| |
Commercial services & supplies1.47% |
|
|
|
|
| |
Waste Management, Inc. |
|
59,300 |
|
2,445,532 |
| |
|
|
|
|
|
| |
Computers & peripherals5.83% |
|
|
|
|
| |
Apple, Inc. |
|
14,900 |
|
7,103,575 |
| |
NetApp, Inc. |
|
61,000 |
|
2,599,820 |
| |
|
|
|
|
9,703,395 |
| |
Consumer finance1.42% |
|
|
|
|
| |
Capital One Financial Corp. |
|
34,300 |
|
2,357,782 |
| |
|
|
|
|
|
| |
Diversified financial services4.93% |
|
|
|
|
| |
Citigroup, Inc. |
|
86,430 |
|
4,192,719 |
| |
JPMorgan Chase & Co. |
|
77,700 |
|
4,016,313 |
| |
|
|
|
|
8,209,032 |
| |
Electric utilities0.84% |
|
|
|
|
| |
Edison International |
|
30,400 |
|
1,400,224 |
| |
|
|
|
|
|
| |
Energy equipment & services5.78% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
54,500 |
|
2,675,950 |
| |
Halliburton Co. |
|
69,900 |
|
3,365,685 |
| |
McDermott International, Inc.* |
|
183,200 |
|
1,361,176 |
| |
Noble Corp. |
|
58,500 |
|
2,209,545 |
| |
|
|
|
|
9,612,356 |
| |
Food products2.08% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
110,400 |
|
3,468,768 |
| |
|
|
|
|
|
| |
Health care equipment & supplies1.81% |
|
|
|
|
| |
Baxter International, Inc. |
|
45,800 |
|
3,008,602 |
| |
|
|
|
|
|
| |
Health care providers & services2.98% |
|
|
|
|
| |
Cardinal Health, Inc. |
|
26,800 |
|
1,397,620 |
| |
Envision Healthcare Holdings, Inc.* |
|
46,200 |
|
1,202,586 |
| |
UnitedHealth Group, Inc. |
|
33,000 |
|
2,363,130 |
| |
|
|
|
|
4,963,336 |
| |
Hotels, restaurants & leisure1.94% |
|
|
|
|
| |
Yum! Brands, Inc. |
|
45,200 |
|
3,226,828 |
| |
|
|
|
|
|
| |
Insurance3.15% |
|
|
|
|
| |
Lincoln National Corp. |
|
56,500 |
|
2,372,435 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Insurance(concluded) |
|
|
|
|
| |
MetLife, Inc. |
|
61,000 |
|
$ |
2,863,950 |
|
|
|
|
|
5,236,385 |
| |
Internet & catalog retail3.16% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
16,800 |
|
5,252,352 |
| |
|
|
|
|
|
| |
IT services1.86% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
255,900 |
|
3,091,272 |
| |
|
|
|
|
|
| |
Life sciences tools & services0.88% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
12,400 |
|
1,457,744 |
| |
|
|
|
|
|
| |
Machinery3.42% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
40,200 |
|
3,066,054 |
| |
Parker Hannifin Corp. |
|
24,100 |
|
2,620,152 |
| |
|
|
|
|
5,686,206 |
| |
Media3.54% |
|
|
|
|
| |
Comcast Corp., Class A |
|
74,700 |
|
3,372,705 |
| |
Time Warner, Inc. |
|
38,300 |
|
2,520,523 |
| |
|
|
|
|
5,893,228 |
| |
Metals & mining0.82% |
|
|
|
|
| |
Commercial Metals Co. |
|
80,100 |
|
1,357,695 |
| |
|
|
|
|
|
| |
Multiline retail1.98% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
104,200 |
|
919,044 |
| |
Macys, Inc. |
|
54,800 |
|
2,371,196 |
| |
|
|
|
|
3,290,240 |
| |
Multi-utilities1.75% |
|
|
|
|
| |
PG&E Corp. |
|
71,100 |
|
2,909,412 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels4.10% |
|
|
|
|
| |
EOG Resources, Inc. |
|
18,200 |
|
3,080,896 |
| |
Exxon Mobil Corp. |
|
43,400 |
|
3,734,136 |
| |
|
|
|
|
6,815,032 |
| |
Pharmaceuticals6.17% |
|
|
|
|
| |
Allergan, Inc. |
|
12,800 |
|
1,157,760 |
| |
Eli Lilly & Co. |
|
74,600 |
|
3,754,618 |
| |
Hospira, Inc.* |
|
62,300 |
|
2,443,406 |
| |
Impax Laboratories, Inc.* |
|
42,500 |
|
871,675 |
| |
Salix Pharmaceuticals Ltd.* |
|
16,000 |
|
1,070,080 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
25,400 |
|
959,612 |
| |
|
|
|
|
10,257,151 |
| |
Real estate investment trust (REIT)2.42% |
|
|
|
|
| |
American Capital Agency Corp. |
|
89,500 |
|
2,020,015 |
| |
Digital Realty Trust, Inc.1 |
|
37,800 |
|
2,007,180 |
| |
|
|
|
|
4,027,195 |
| |
Road & rail4.09% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
85,200 |
|
1,888,032 |
| |
Norfolk Southern Corp. |
|
63,500 |
|
4,911,725 |
| |
|
|
|
|
6,799,757 |
| |
Semiconductors & semiconductor equipment7.97% |
|
|
|
|
| |
Atmel Corp.* |
|
204,900 |
|
1,524,456 |
| |
Broadcom Corp., Class A |
|
127,500 |
|
3,316,275 |
| |
Freescale Semiconductor Ltd.* |
|
34,300 |
|
571,095 |
| |
Micron Technology, Inc.* |
|
117,300 |
|
2,049,231 |
| |
NXP Semiconductor NV* |
|
84,000 |
|
3,125,640 |
| |
Skyworks Solutions, Inc.* |
|
107,500 |
|
2,670,300 |
| |
|
|
|
|
13,256,997 |
| |
Software4.68% |
|
|
|
|
| |
Adobe Systems, Inc.* |
|
65,100 |
|
3,381,294 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Software(concluded) |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
41,600 |
|
$ |
2,352,896 |
|
Symantec Corp. |
|
83,000 |
|
2,054,250 |
| |
|
|
|
|
7,788,440 |
| |
Textiles, apparel & luxury goods1.04% |
|
|
|
|
| |
Ralph Lauren Corp. |
|
10,500 |
|
1,729,665 |
| |
|
|
|
|
|
| |
Tobacco2.46% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
47,350 |
|
4,100,037 |
| |
|
|
|
|
|
| |
Wireless telecommunication services1.54% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
421,000 |
|
2,555,470 |
| |
Total common stocks (cost $136,763,711) |
|
|
|
164,221,151 |
| |
|
|
|
|
|
| |
Short-term investment1.21% |
|
|
|
|
| |
Investment company1.21% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund 2 (cost $2,017,285) |
|
2,017,285 |
|
2,017,285 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned3.90% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $6,493,121) |
|
6,493,121 |
|
6,493,121 |
| |
Total investments103.84% (cost $145,274,117) |
|
|
|
172,731,557 |
| |
Liabilities, in excess of cash and other assets(3.84)% |
|
|
|
(6,380,086 |
) | |
Net assets100.00% |
|
|
|
$ |
166,351,471 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 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 |
|
$ |
31,634,175 |
|
Gross unrealized depreciation |
|
(4,176,735 |
) | |
Net unrealized appreciation of investments |
|
$ |
27,457,440 |
|
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 September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
164,221,151 |
|
$ |
|
|
$ |
|
|
$ |
164,221,151 |
|
Short-term investment |
|
|
|
2,017,285 |
|
|
|
2,017,285 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
6,493,121 |
|
|
|
6,493,121 |
| ||||
Total |
|
$ |
164,221,151 |
|
$ |
8,510,406 |
|
$ |
|
|
$ |
172,731,557 |
|
At September 30, 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 September 30, 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 |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
6/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
3,425,892 |
|
$ |
8,915,384 |
|
$ |
10,323,991 |
|
$ |
2,017,285 |
|
$ |
407 |
|
UBS Private Money Market Fund LLCa |
|
5,190,420 |
|
17,627,124 |
|
16,324,423 |
|
6,493,121 |
|
140 |
| |||||
|
|
$ |
8,616,312 |
|
$ |
26,542,508 |
|
$ |
26,648,414 |
|
$ |
8,510,406 |
|
$ |
547 |
|
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. Small Cap Growth Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
0.78 |
% |
Airlines |
|
1.62 |
|
Auto components |
|
2.93 |
|
Biotechnology |
|
7.04 |
|
Building products |
|
0.70 |
|
Capital markets |
|
1.22 |
|
Commercial banks |
|
1.79 |
|
Commercial services & supplies |
|
0.59 |
|
Communications equipment |
|
2.90 |
|
Computers & peripherals |
|
1.46 |
|
Construction & engineering |
|
1.13 |
|
Containers & packaging |
|
1.63 |
|
Distributors |
|
1.76 |
|
Diversified consumer services |
|
1.41 |
|
Electrical equipment |
|
1.51 |
|
Electronic equipment, instruments & components |
|
4.34 |
|
Energy equipment & services |
|
2.01 |
|
Food & staples retailing |
|
2.62 |
|
Health care equipment & supplies |
|
2.21 |
|
Health care providers & services |
|
2.64 |
|
Health care technology |
|
0.67 |
|
Hotels, restaurants & leisure |
|
2.79 |
|
Household durables |
|
2.31 |
|
Internet & catalog retail |
|
3.61 |
|
Internet software & services |
|
1.84 |
|
Machinery |
|
3.94 |
|
Media |
|
1.51 |
|
Oil, gas & consumable fuels |
|
4.81 |
|
Paper & forest products |
|
0.54 |
|
Pharmaceuticals |
|
3.51 |
|
Real estate investment trust (REIT) |
|
0.91 |
|
Road & rail |
|
2.29 |
|
Semiconductors & semiconductor equipment |
|
3.29 |
|
Software |
|
16.00 |
|
Specialty retail |
|
4.29 |
|
Thrifts & mortgage finance |
|
0.73 |
|
Total common stocks |
|
95.33 |
% |
Investment company |
|
|
|
iShares Russell 2000 Growth Index Fund |
|
2.00 |
|
Short-term investment |
|
2.31 |
|
Investment of cash collateral from securities loaned |
|
12.37 |
|
Total investments |
|
112.01 |
% |
Liabilities, in excess of cash and other assets |
|
(12.01 |
) |
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 September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks95.33% |
|
|
|
|
| |
Aerospace & defense0.78% |
|
|
|
|
| |
KEYW Holding Corp.*1 |
|
143,600 |
|
$ |
1,931,420 |
|
|
|
|
|
|
| |
Airlines1.62% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
116,700 |
|
3,999,309 |
| |
|
|
|
|
|
| |
Auto components2.93% |
|
|
|
|
| |
Drew Industries, Inc. |
|
47,600 |
|
2,167,704 |
| |
Tenneco, Inc.* |
|
47,600 |
|
2,403,800 |
| |
Tower International, Inc.* |
|
133,100 |
|
2,660,669 |
| |
|
|
|
|
7,232,173 |
| |
Biotechnology7.04% |
|
|
|
|
| |
Acceleron Pharma, Inc.* |
|
36,300 |
|
806,949 |
| |
Agios Pharmaceuticals, Inc.*1 |
|
36,000 |
|
1,006,560 |
| |
Ariad Pharmaceuticals, Inc.* |
|
56,900 |
|
1,046,960 |
| |
Celldex Therapeutics, Inc.*1 |
|
6,900 |
|
244,467 |
| |
Cepheid, Inc.*1 |
|
73,200 |
|
2,857,728 |
| |
Exact Sciences Corp.* |
|
118,300 |
|
1,397,123 |
| |
Foundation Medicine, Inc.*1 |
|
23,400 |
|
927,576 |
| |
Incyte Corp. Ltd.* |
|
53,000 |
|
2,021,950 |
| |
Intrexon Corp.*1 |
|
26,500 |
|
627,785 |
| |
Medivation, Inc.* |
|
39,300 |
|
2,355,642 |
| |
OncoMed Pharmaceuticals, Inc.*1 |
|
17,400 |
|
266,394 |
| |
Seattle Genetics, Inc.* |
|
61,300 |
|
2,686,779 |
| |
Synageva BioPharma Corp.* |
|
17,800 |
|
1,126,918 |
| |
|
|
|
|
17,372,831 |
| |
Building products0.70% |
|
|
|
|
| |
NCI Building Systems, Inc.* |
|
136,200 |
|
1,735,188 |
| |
|
|
|
|
|
| |
Capital markets1.22% |
|
|
|
|
| |
FXCM, Inc., Class A1 |
|
152,600 |
|
3,013,850 |
| |
|
|
|
|
|
| |
Commercial banks1.79% |
|
|
|
|
| |
Columbia Banking System, Inc. |
|
41,000 |
|
1,012,700 |
| |
National Bank Holdings Corp., Class A |
|
94,700 |
|
1,945,138 |
| |
Webster Financial Corp. |
|
56,900 |
|
1,452,657 |
| |
|
|
|
|
4,410,495 |
| |
Commercial services & supplies0.59% |
|
|
|
|
| |
Clean Harbors, Inc.* |
|
24,900 |
|
1,460,634 |
| |
|
|
|
|
|
| |
Communications equipment2.90% |
|
|
|
|
| |
Ciena Corp.*1 |
|
126,000 |
|
3,147,480 |
| |
Finisar Corp.* |
|
104,621 |
|
2,367,573 |
| |
Procera Networks, Inc.* |
|
105,600 |
|
1,635,744 |
| |
|
|
|
|
7,150,797 |
| |
Computers & peripherals1.46% |
|
|
|
|
| |
Stratasys Ltd.*1 |
|
35,500 |
|
3,594,730 |
| |
|
|
|
|
|
| |
Construction & engineering1.13% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
71,000 |
|
2,778,230 |
| |
|
|
|
|
|
| |
Containers & packaging1.63% |
|
|
|
|
| |
Rock Tenn Co., Class A |
|
39,756 |
|
4,026,090 |
| |
|
|
|
|
|
| |
Distributors1.76% |
|
|
|
|
| |
LKQ Corp.* |
|
136,400 |
|
4,345,704 |
| |
|
|
|
|
|
| |
Diversified consumer services1.41% |
|
|
|
|
| |
Grand Canyon Education, Inc.* |
|
86,200 |
|
3,472,136 |
| |
|
|
|
|
|
| |
Electrical equipment1.51% |
|
|
|
|
| |
EnerSys |
|
61,600 |
|
3,734,808 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components4.34% |
|
|
|
|
| |
InvenSense, Inc.*1 |
|
178,600 |
|
3,146,932 |
| |
OSI Systems, Inc.* |
|
69,100 |
|
5,145,877 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Electronic equipment, instruments & components(concluded) |
|
|
|
|
| |
Universal Display Corp.* |
|
75,300 |
|
$ |
2,411,859 |
|
|
|
|
|
10,704,668 |
| |
Energy equipment & services2.01% |
|
|
|
|
| |
Hornbeck Offshore Services, Inc.* |
|
59,200 |
|
3,400,448 |
| |
Pioneer Energy Services Corp.* |
|
207,000 |
|
1,554,570 |
| |
|
|
|
|
4,955,018 |
| |
Food & staples retailing2.62% |
|
|
|
|
| |
Susser Holdings Corp.* |
|
59,800 |
|
3,178,370 |
| |
United Natural Foods, Inc.* |
|
48,900 |
|
3,287,058 |
| |
|
|
|
|
6,465,428 |
| |
Health care equipment & supplies2.21% |
|
|
|
|
| |
Antares Pharma, Inc.*1 |
|
254,900 |
|
1,034,894 |
| |
Insulet Corp.* |
|
80,700 |
|
2,924,568 |
| |
Thoratec Corp.* |
|
40,000 |
|
1,491,600 |
| |
|
|
|
|
5,451,062 |
| |
Health care providers & services2.64% |
|
|
|
|
| |
Air Methods Corp. |
|
67,500 |
|
2,875,500 |
| |
IPC The Hospitalist Co., Inc.* |
|
42,000 |
|
2,142,420 |
| |
Mednax, Inc.* |
|
15,000 |
|
1,506,000 |
| |
|
|
|
|
6,523,920 |
| |
Health care technology0.67% |
|
|
|
|
| |
HMS Holdings Corp.* |
|
76,535 |
|
1,646,268 |
| |
|
|
|
|
|
| |
Hotels, restaurants & leisure2.79% |
|
|
|
|
| |
AFC Enterprises, Inc.* |
|
72,700 |
|
3,168,993 |
| |
Buffalo Wild Wings, Inc.* |
|
22,100 |
|
2,457,962 |
| |
Noodles & Co.*1 |
|
29,200 |
|
1,245,964 |
| |
|
|
|
|
6,872,919 |
| |
Household durables2.31% |
|
|
|
|
| |
Meritage Homes Corp.* |
|
49,300 |
|
2,117,435 |
| |
Ryland Group, Inc. |
|
68,500 |
|
2,776,990 |
| |
TRI Pointe Homes, Inc.* |
|
55,600 |
|
816,208 |
| |
|
|
|
|
5,710,633 |
| |
Internet & catalog retail3.61% |
|
|
|
|
| |
HomeAway, Inc.*1 |
|
100,700 |
|
2,819,600 |
| |
RetailMeNot, Inc.* |
|
72,500 |
|
2,578,825 |
| |
Shutterfly, Inc.* |
|
62,800 |
|
3,509,264 |
| |
|
|
|
|
8,907,689 |
| |
Internet software & services1.84% |
|
|
|
|
| |
Benefitfocus, Inc.* |
|
39,000 |
|
1,917,240 |
| |
Cvent, Inc.* |
|
46,116 |
|
1,621,900 |
| |
Marin Software, Inc.*1 |
|
12,135 |
|
152,294 |
| |
Rocket Fuel, Inc.*1 |
|
15,600 |
|
838,344 |
| |
|
|
|
|
4,529,778 |
| |
Machinery3.94% |
|
|
|
|
| |
Chart Industries, Inc.* |
|
45,200 |
|
5,561,408 |
| |
Wabash National Corp.* |
|
180,649 |
|
2,106,367 |
| |
Woodward, Inc. |
|
50,000 |
|
2,041,500 |
| |
|
|
|
|
9,709,275 |
| |
Media1.51% |
|
|
|
|
| |
Imax Corp.*1 |
|
122,900 |
|
3,716,496 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels4.81% |
|
|
|
|
| |
Bonanza Creek Energy, Inc.* |
|
67,300 |
|
3,247,898 |
| |
Gulfport Energy Corp.* |
|
80,100 |
|
5,153,634 |
| |
Kodiak Oil & Gas Corp.* |
|
72,700 |
|
876,762 |
| |
Midstates Petroleum Co., Inc.*1 |
|
74,200 |
|
380,646 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Oil, gas & consumable fuels(concluded) |
|
|
|
|
| |
Solazyme, Inc.*1 |
|
204,100 |
|
$ |
2,198,157 |
|
|
|
|
|
11,857,097 |
| |
Paper & forest products0.54% |
|
|
|
|
| |
Boise Cascade Co.* |
|
49,100 |
|
1,323,245 |
| |
|
|
|
|
|
| |
Pharmaceuticals3.51% |
|
|
|
|
| |
Nektar Therapeutics* |
|
75,000 |
|
783,750 |
| |
Pacira Pharmaceuticals, Inc.* |
|
47,800 |
|
2,298,702 |
| |
Questcor Pharmaceuticals, Inc. |
|
52,100 |
|
3,021,800 |
| |
ViroPharma, Inc.* |
|
65,000 |
|
2,554,500 |
| |
|
|
|
|
8,658,752 |
| |
Real estate investment trust (REIT)0.91% |
|
|
|
|
| |
Aviv REIT Inc. |
|
54,900 |
|
1,251,720 |
| |
BioMed Realty Trust, Inc. |
|
36,200 |
|
672,958 |
| |
Franklin Street Properties Corp. |
|
25,200 |
|
321,048 |
| |
|
|
|
|
2,245,726 |
| |
Road & rail2.29% |
|
|
|
|
| |
Con-way, Inc. |
|
68,400 |
|
2,947,356 |
| |
Saia, Inc.* |
|
86,300 |
|
2,690,834 |
| |
|
|
|
|
5,638,190 |
| |
Semiconductors & semiconductor equipment3.29% |
|
|
|
|
| |
Cavium, Inc.* |
|
78,800 |
|
3,246,560 |
| |
Magnachip Semiconductor Corp.* |
|
139,500 |
|
3,003,435 |
| |
Mellanox Technologies Ltd.*1 |
|
14,492 |
|
550,116 |
| |
Skyworks Solutions, Inc.* |
|
53,300 |
|
1,323,972 |
| |
|
|
|
|
8,124,083 |
| |
Software16.00% |
|
|
|
|
| |
Cyan, Inc.*1 |
|
161,600 |
|
1,624,080 |
| |
FactSet Research Systems, Inc.1 |
|
22,200 |
|
2,422,020 |
| |
FireEye, Inc.* |
|
44,100 |
|
1,831,473 |
| |
FleetMatics Group PLC* |
|
80,000 |
|
3,004,000 |
| |
Infoblox, Inc.* |
|
134,600 |
|
5,628,972 |
| |
NICE Systems Ltd. ADR |
|
37,700 |
|
1,559,649 |
| |
Proofpoint, Inc.* |
|
139,700 |
|
4,487,164 |
| |
Qlik Technologies, Inc.* |
|
106,900 |
|
3,660,256 |
| |
Rally Software Development Corp.* |
|
43,400 |
|
1,300,264 |
| |
Silver Spring Networks, Inc.*1 |
|
77,200 |
|
1,337,876 |
| |
Splunk, Inc.* |
|
44,800 |
|
2,689,792 |
| |
Synchronoss Technologies, Inc.* |
|
81,000 |
|
3,082,860 |
| |
Tableau Software, Inc., Class A* |
|
23,700 |
|
1,688,388 |
| |
Ultimate Software Group, Inc.* |
|
34,904 |
|
5,144,850 |
| |
|
|
|
|
39,461,644 |
| |
Specialty retail4.29% |
|
|
|
|
| |
ANN, Inc.* |
|
66,400 |
|
2,405,008 |
| |
Asbury Automotive Group, Inc.* |
|
70,800 |
|
3,766,560 |
| |
Francescas Holdings Corp.* |
|
52,417 |
|
977,053 |
| |
Restoration Hardware Holdings, Inc.* |
|
54,400 |
|
3,446,240 |
| |
|
|
|
|
10,594,861 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Thrifts & mortgage finance0.73% |
|
|
|
|
| |
EverBank Financial Corp. |
|
121,000 |
|
$ |
1,812,580 |
|
Total common stocks (cost $154,881,934) |
|
|
|
235,167,727 |
| |
|
|
|
|
|
| |
Investment company2.00% |
|
|
|
|
| |
iShares Russell 2000 Growth Index Fund1 (cost $4,344,161) |
|
39,280 |
|
4,942,995 |
| |
|
|
|
|
|
| |
Short-term investment2.31% |
|
|
|
|
| |
Investment company2.31% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $5,694,664) |
|
5,694,664 |
|
5,694,664 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned12.37% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $30,510,243) |
|
30,510,243 |
|
30,510,243 |
| |
|
|
|
|
|
| |
Total investments112.01% (cost $195,431,002) |
|
|
|
276,315,629 |
| |
Liabilities, in excess of cash and other assets(12.01)% |
|
|
|
(29,634,215 |
) | |
Net assets100.00% |
|
|
|
$ |
246,681,414 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 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 |
|
$ |
84,622,601 |
|
Gross unrealized depreciation |
|
(3,737,974 |
) | |
Net unrealized appreciation of investments |
|
$ |
80,884,627 |
|
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 September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
235,167,727 |
|
$ |
|
|
$ |
|
|
$ |
235,167,727 |
|
Investment company |
|
4,942,995 |
|
|
|
|
|
4,942,995 |
| ||||
Short-term investment |
|
|
|
5,694,664 |
|
|
|
5,694,664 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
30,510,243 |
|
|
|
30,510,243 |
| ||||
Total |
|
$ |
240,110,722 |
|
$ |
36,204,907 |
|
$ |
|
|
$ |
276,315,629 |
|
At September 30, 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 September 30, 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 |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
3,491,150 |
|
$ |
11,740,263 |
|
$ |
9,536,749 |
|
$ |
5,694,664 |
|
$ |
1,221 |
|
UBS Private Money Market Fund LLCa |
|
27,876,921 |
|
62,172,348 |
|
59,539,026 |
|
30,510,243 |
|
647 |
| |||||
|
|
$ |
31,368,071 |
|
$ |
73,912,611 |
|
$ |
69,075,775 |
|
$ |
36,204,907 |
|
$ |
1,868 |
|
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 September 30, 2013
Bonds |
|
|
|
Corporate bonds |
|
|
|
Banking |
|
0.27 |
% |
Beverages |
|
1.79 |
|
Biotechnology |
|
0.09 |
|
Building materials |
|
0.14 |
|
Capital markets |
|
2.83 |
|
Chemicals |
|
0.20 |
|
Commercial banks |
|
8.91 |
|
Commercial services & supplies |
|
0.65 |
|
Communications equipment |
|
0.38 |
|
Computers & peripherals |
|
0.43 |
|
Construction & engineering |
|
0.14 |
|
Consumer finance |
|
0.74 |
|
Diversified financial services |
|
6.00 |
|
Diversified operations |
|
0.22 |
|
Diversified telecommunication services |
|
2.89 |
|
Electric utilities |
|
3.40 |
|
Energy equipment & services |
|
0.36 |
|
Engineering & construction |
|
0.30 |
|
Food & staples retailing |
|
0.44 |
|
Food products |
|
0.54 |
|
Gas utilities |
|
0.78 |
|
Health care equipment & supplies |
|
0.45 |
|
Health care providers & services |
|
0.06 |
|
Independent power producers & energy traders |
|
0.07 |
|
Industrial conglomerates |
|
0.08 |
|
Insurance |
|
3.71 |
|
Internet & catalog retail |
|
0.08 |
|
IT services |
|
0.17 |
|
Marine |
|
0.21 |
|
Media |
|
2.09 |
|
Metals & mining |
|
1.52 |
|
Miscellaneous manufacturing |
|
0.15 |
|
Multi-utilities |
|
0.40 |
|
Oil, gas & consumable fuels |
|
5.01 |
|
Pharmaceuticals |
|
0.78 |
|
Real estate investment trust (REIT) |
|
0.07 |
|
Real estate management & development |
|
0.12 |
|
Road & rail |
|
0.36 |
|
Semiconductors & semiconductor equipment |
|
0.13 |
|
Software |
|
0.39 |
|
Specialty retail |
|
0.15 |
|
Thrifts & mortgage finance |
|
0.30 |
|
Tobacco |
|
1.61 |
|
Transportation |
|
0.12 |
|
Water utilities |
|
0.33 |
|
Wireless telecommunication services |
|
0.48 |
|
Total corporate bonds |
|
50.34 |
% |
Collateralized debt obligation |
|
0.00 |
2 |
Mortgage & agency debt security |
|
0.02 |
|
Non-US government obligations |
|
13.05 |
|
Supranational bonds |
|
0.56 |
|
Total bonds |
|
63.97 |
% |
Short-term investments |
|
22.90 |
|
Options purchased |
|
2.28 |
|
Investment of cash collateral from securities loaned |
|
0.58 |
|
Total investments |
|
89.73 |
% |
Cash and other assets, less liabilities |
|
10.27 |
|
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 September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds63.97% |
|
|
|
|
| |||
Corporate bonds50.34% |
|
|
|
|
| |||
Australia1.50% |
|
|
|
|
| |||
BHP Billiton Finance USA Ltd., |
|
|
|
|
| |||
5.000%, due 09/30/43 |
|
$ |
285,000 |
|
$ |
290,269 |
| |
Commonwealth Bank of Australia, |
|
|
|
|
| |||
2.250%, due 03/16/171 |
|
1,130,000 |
|
1,163,272 |
| |||
National Australia Bank, |
|
|
|
|
| |||
2.750%, due 03/09/17 |
|
1,050,000 |
|
1,089,834 |
| |||
Origin Energy Finance Ltd., |
|
|
|
|
| |||
2.500%, due 10/23/20 |
|
EUR |
500,000 |
|
643,551 |
| ||
Santos Finance Ltd., |
|
|
|
|
| |||
8.250%, due 09/22/702 |
|
245,000 |
|
361,709 |
| |||
Telstra Corp. Ltd., |
|
|
|
|
| |||
4.800%, due 10/12/211 |
|
$ |
300,000 |
|
325,173 |
| ||
Westpac Banking Corp., |
|
|
|
|
| |||
5.000%, due 10/21/193 |
|
GBP |
400,000 |
|
728,298 |
| ||
Total Australia corporate bonds |
|
|
|
4,602,106 |
| |||
|
|
|
|
|
| |||
Belgium0.13% |
|
|
|
|
| |||
Elia System Operator SA, |
|
|
|
|
| |||
3.250%, due 04/04/283 |
|
EUR |
300,000 |
|
406,349 |
| ||
|
|
|
|
|
| |||
Bermuda0.19% |
|
|
|
|
| |||
Bacardi Ltd., |
|
|
|
|
| |||
2.750%, due 07/03/23 |
|
440,000 |
|
588,317 |
| |||
|
|
|
|
|
| |||
Brazil0.37% |
|
|
|
|
| |||
BRF SA, |
|
|
|
|
| |||
3.950%, due 05/22/231 |
|
$ |
420,000 |
|
361,200 |
| ||
Petrobras Global Finance BV, |
|
|
|
|
| |||
4.375%, due 05/20/23 |
|
185,000 |
|
168,979 |
| |||
Vale SA, |
|
|
|
|
| |||
5.625%, due 09/11/42 |
|
690,000 |
|
601,855 |
| |||
Total Brazil corporate bonds |
|
|
|
1,132,034 |
| |||
|
|
|
|
|
| |||
Canada2.28% |
|
|
|
|
| |||
Bank of Montreal, |
|
|
|
|
| |||
1.300%, due 07/15/16 |
|
555,000 |
|
557,518 |
| |||
6.020%, due 05/02/18 |
|
CAD |
430,000 |
|
475,611 |
| ||
Bank of Nova Scotia, |
|
|
|
|
| |||
4.100%, due 06/08/17 |
|
620,000 |
|
636,853 |
| |||
Barrick Gold Corp., |
|
|
|
|
| |||
2.500%, due 05/01/18 |
|
$ |
350,000 |
|
333,742 |
| ||
4.100%, due 05/01/23 |
|
285,000 |
|
250,970 |
| |||
Canadian Imperial Bank of Commerce, |
|
|
|
|
| |||
3.400%, due 01/14/16 |
|
CAD |
475,000 |
|
475,521 |
| ||
Canadian Imperial Bank of Commerce/Canada, |
|
|
|
|
| |||
1.350%, due 07/18/164 |
|
$ |
440,000 |
|
443,574 |
| ||
Greater Toronto Airports Authority, |
|
|
|
|
| |||
6.980%, due 10/15/32 |
|
CAD |
290,000 |
|
366,767 |
| ||
Hydro One, Inc., |
|
|
|
|
| |||
5.360%, due 05/20/36 |
|
310,000 |
|
333,818 |
| |||
Nexen, Inc., |
|
|
|
|
| |||
6.400%, due 05/15/37 |
|
$ |
435,000 |
|
477,103 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| |||
3.000%, due 03/15/23 |
|
165,000 |
|
152,276 |
| |||
Royal Bank of Canada, |
|
|
|
|
| |||
2.980%, due 05/07/19 |
|
CAD |
445,000 |
|
430,061 |
| ||
Suncor Energy, Inc., |
|
|
|
|
| |||
6.500%, due 06/15/38 |
|
$ |
610,000 |
|
710,865 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
5.400%, due 02/01/43 |
|
$ |
275,000 |
|
$ |
240,347 |
|
Toronto-Dominion Bank, |
|
|
|
|
| ||
3.367%, due 11/02/202 |
|
CAD |
605,000 |
|
601,899 |
| |
Total Capital Canada Ltd., |
|
|
|
|
| ||
1.875%, due 07/09/20 |
|
EUR |
200,000 |
|
270,085 |
| |
Xstrata Finance Canada Ltd., |
|
|
|
|
| ||
2.700%, due 10/25/171 |
|
$ |
240,000 |
|
238,691 |
| |
Total Canada corporate bonds |
|
|
|
6,995,701 |
| ||
|
|
|
|
|
| ||
Cayman Islands0.94% |
|
|
|
|
| ||
Hutchison Whampoa Europe Finance 13 Ltd., |
|
|
|
|
| ||
3.750%, due 12/31/492,5 |
|
EUR |
320,000 |
|
409,643 |
| |
Hutchison Whampoa International Ltd., |
|
|
|
|
| ||
7.625%, due 04/09/191 |
|
$ |
550,000 |
|
663,237 |
| |
New York Life Funding, |
|
|
|
|
| ||
5.125%, due 02/03/15 |
|
GBP |
300,000 |
|
511,498 |
| |
Principal Financial Global Funding II LLC, |
|
|
|
|
| ||
4.500%, due 01/26/17 |
|
EUR |
550,000 |
|
813,556 |
| |
Transocean, Inc., |
|
|
|
|
| ||
6.800%, due 03/15/38 |
|
$ |
460,000 |
|
488,360 |
| |
Total Cayman Islands corporate bonds |
|
|
|
2,886,294 |
| ||
|
|
|
|
|
| ||
China0.18% |
|
|
|
|
| ||
AIA Group Ltd., |
|
|
|
|
| ||
1.750%, due 03/13/183 |
|
560,000 |
|
546,325 |
| ||
|
|
|
|
|
| ||
Curacao0.13% |
|
|
|
|
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
390,000 |
|
387,091 |
| ||
|
|
|
|
|
| ||
Denmark0.35% |
|
|
|
|
| ||
AP Moeller - Maersk A/S, |
|
|
|
|
| ||
3.375%, due 08/28/193 |
|
EUR |
450,000 |
|
646,996 |
| |
DONG Energy A/S, |
|
|
|
|
| ||
4.875%, due 01/12/323 |
|
GBP |
250,000 |
|
413,349 |
| |
Total Denmark corporate bonds |
|
|
|
1,060,345 |
| ||
|
|
|
|
|
| ||
Finland0.23% |
|
|
|
|
| ||
Teollisuuden Voima Oyj, |
|
|
|
|
| ||
4.625%, due 02/04/193 |
|
EUR |
460,000 |
|
694,917 |
| |
|
|
|
|
|
| ||
France2.07% |
|
|
|
|
| ||
Autoroutes du Sud de la France SA, |
|
|
|
|
| ||
5.625%, due 07/04/22 |
|
350,000 |
|
584,834 |
| ||
AXA SA, |
|
|
|
|
| ||
5.250%, due 04/16/402,3 |
|
300,000 |
|
427,123 |
| ||
BNP Paribas SA, |
|
|
|
|
| ||
2.700%, due 08/20/18 |
|
$ |
445,000 |
|
450,089 |
| |
5.186%, due 12/31/492,3,5 |
|
235,000 |
|
237,374 |
| ||
Credit Logement SA, |
|
|
|
|
| ||
1.374%, due 12/16/132,3,5 |
|
EUR |
200,000 |
|
208,339 |
| |
Dexia Credit Local SA, |
|
|
|
|
| ||
5.375%, due 07/21/14 |
|
595,000 |
|
825,915 |
| ||
EDF SA, |
|
|
|
|
| ||
6.950%, due 01/26/391 |
|
$ |
250,000 |
|
303,468 |
| |
Electricite De France, |
|
|
|
|
| ||
5.250%, due 01/29/231,2,5 |
|
810,000 |
|
766,179 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
France(concluded) |
|
|
|
|
| ||
Rhodia SA, |
|
|
|
|
| ||
6.875%, due 09/15/201 |
|
$ |
340,000 |
|
$ |
379,562 |
|
Total Capital International SA, |
|
|
|
|
| ||
1.550%, due 06/28/17 |
|
1,110,000 |
|
1,115,644 |
| ||
Veolia Environnement SA, |
|
|
|
|
| ||
6.750%, due 04/24/19 |
|
EUR |
210,000 |
|
353,809 |
| |
Vivendi SA, |
|
|
|
|
| ||
3.450%, due 01/12/181 |
|
$ |
685,000 |
|
692,864 |
| |
Total France corporate bonds |
|
|
|
6,345,200 |
| ||
|
|
|
|
|
| ||
Germany0.58% |
|
|
|
|
| ||
Muenchener Rueckversicherungs AG, |
|
|
|
|
| ||
6.000%, due 05/26/412,3 |
|
EUR |
900,000 |
|
1,390,167 |
| |
RWE AG, |
|
|
|
|
| ||
4.625%, due 09/28/152,3,5 |
|
275,000 |
|
376,498 |
| ||
Total Germany corporate bonds |
|
|
|
1,766,665 |
| ||
|
|
|
|
|
| ||
Ireland0.37% |
|
|
|
|
| ||
CRH Finance Ltd., |
|
|
|
|
| ||
7.375%, due 05/28/14 |
|
300,000 |
|
422,970 |
| ||
GE Capital European Funding, |
|
|
|
|
| ||
6.025%, due 03/01/38 |
|
400,000 |
|
716,978 |
| ||
Total Ireland corporate bonds |
|
|
|
1,139,948 |
| ||
|
|
|
|
|
| ||
Italy1.55% |
|
|
|
|
| ||
Assicurazioni Generali SpA, |
|
|
|
|
| ||
4.875%, due 11/11/14 |
|
195,000 |
|
275,093 |
| ||
Ei Towers SpA, |
|
|
|
|
| ||
3.875%, due 04/26/18 |
|
180,000 |
|
248,187 |
| ||
Intesa Sanpaolo SpA, |
|
|
|
|
| ||
3.875%, due 01/16/18 |
|
$ |
320,000 |
|
314,594 |
| |
4.375%, due 10/15/193 |
|
EUR |
500,000 |
|
696,494 |
| |
Snam SpA, |
|
|
|
|
| ||
3.875%, due 03/19/18 |
|
560,000 |
|
803,893 |
| ||
Telecom Italia SpA, |
|
|
|
|
| ||
6.125%, due 12/14/18 |
|
650,000 |
|
928,966 |
| ||
UniCredit SpA, |
|
|
|
|
| ||
6.375%, due 10/16/182 |
|
GBP |
495,000 |
|
801,756 |
| |
6.375%, due 05/02/232,3 |
|
$ |
690,000 |
|
689,655 |
| |
Total Italy corporate bonds |
|
|
|
4,758,638 |
| ||
|
|
|
|
|
| ||
Japan0.13% |
|
|
|
|
| ||
Japan Tobacco, Inc., |
|
|
|
|
| ||
2.100%, due 07/23/181 |
|
250,000 |
|
250,150 |
| ||
Nippon Telegraph & Telephone Corp., |
|
|
|
|
| ||
1.400%, due 07/18/17 |
|
160,000 |
|
158,887 |
| ||
Total Japan corporate bonds |
|
|
|
409,037 |
| ||
|
|
|
|
|
| ||
Jersey, Channel Islands0.68% |
|
|
|
|
| ||
AA Bond Co., Ltd., |
|
|
|
|
| ||
4.720%, due 07/31/18 |
|
GBP |
275,000 |
|
458,465 |
| |
Gatwick Funding Ltd., |
|
|
|
|
| ||
5.250%, due 01/23/243 |
|
250,000 |
|
441,983 |
| ||
Heathrow Funding Ltd., |
|
|
|
|
| ||
6.750%, due 12/03/26 |
|
450,000 |
|
923,342 |
| ||
HSBC Capital Funding LP, |
|
|
|
|
| ||
5.130%, due 03/29/162,5 |
|
EUR |
185,000 |
|
258,818 |
| |
Total Jersey, Channel Islands corporate bonds |
|
|
|
2,082,608 |
| ||
|
|
|
|
|
| ||
Luxembourg0.67% |
|
|
|
|
| ||
ArcelorMittal, |
|
|
|
|
| ||
9.500%, due 02/15/15 |
|
$ |
655,000 |
|
718,044 |
| |
Enel Finance International SA, |
|
|
|
|
| ||
6.000%, due 10/07/391 |
|
450,000 |
|
409,774 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
GAZ Capital SA for Gazprom, |
|
|
|
|
| ||
6.580%, due 10/31/13 |
|
GBP |
500,000 |
|
$ |
811,507 |
|
SES, |
|
|
|
|
| ||
3.600%, due 04/04/231 |
|
$ |
125,000 |
|
117,580 |
| |
Total Luxembourg corporate bonds |
|
|
|
2,056,905 |
| ||
|
|
|
|
|
| ||
Mexico0.24% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
695,000 |
|
747,245 |
| ||
|
|
|
|
|
| ||
Netherlands4.46% |
|
|
|
|
| ||
ABN Amro Bank NV, |
|
|
|
|
| ||
4.875%, due 01/16/193 |
|
GBP |
350,000 |
|
621,119 |
| |
Allianz Finance II BV, |
|
|
|
|
| ||
4.375%, due 02/17/172,5 |
|
EUR |
410,000 |
|
572,002 |
| |
British American Tobacco Holdings The Netherlands BV, |
|
|
|
|
| ||
2.375%, due 01/19/23 |
|
550,000 |
|
728,823 |
| ||
Coca-Cola HBC Finance BV, |
|
|
|
|
| ||
2.375%, due 06/18/20 |
|
540,000 |
|
729,589 |
| ||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, |
|
|
|
|
| ||
3.875%, due 02/08/22 |
|
$ |
1,230,000 |
|
1,231,499 |
| |
Deutsche Telekom International Finance BV, |
|
|
|
|
| ||
4.500%, due 10/25/13 |
|
EUR |
1,055,000 |
|
1,431,123 |
| |
6.500%, due 04/08/22 |
|
GBP |
170,000 |
|
332,258 |
| |
EDP Finance BV, |
|
|
|
|
| ||
3.250%, due 03/16/153 |
|
EUR |
300,000 |
|
408,412 |
| |
Enbw International Finance BV, |
|
|
|
|
| ||
6.000%, due 11/20/13 |
|
700,000 |
|
953,880 |
| ||
Generali Finance BV, |
|
|
|
|
| ||
4.750%, due 05/12/14 |
|
100,000 |
|
138,391 |
| ||
Heineken NV, |
|
|
|
|
| ||
2.125%, due 08/04/20 |
|
545,000 |
|
731,773 |
| ||
Koninklijke KPN NV, |
|
|
|
|
| ||
6.500%, due 01/15/16 |
|
550,000 |
|
832,691 |
| ||
LYB International Finance BV, |
|
|
|
|
| ||
5.250%, due 07/15/43 |
|
$ |
255,000 |
|
250,757 |
| |
Nomura Europe Finance NV, |
|
|
|
|
| ||
1.875%, due 05/29/18 |
|
EUR |
500,000 |
|
656,809 |
| |
Petrobras Global Finance BV, |
|
|
|
|
| ||
3.250%, due 04/01/193,4 |
|
250,000 |
|
340,242 |
| ||
5.625%, due 05/20/43 |
|
$ |
90,000 |
|
75,374 |
| |
Repsol International Finance BV, |
|
|
|
|
| ||
4.250%, due 02/12/163 |
|
EUR |
400,000 |
|
574,550 |
| |
4.750%, due 02/16/17 |
|
350,000 |
|
513,737 |
| ||
Royal Bank of Scotland NV, |
|
|
|
|
| ||
0.958%, due 03/09/152 |
|
$ |
400,000 |
|
388,480 |
| |
Siemens Financieringsmaatschappij NV, |
|
|
|
|
| ||
6.125%, due 09/14/662 |
|
GBP |
260,000 |
|
455,612 |
| |
TenneT Holding BV, |
|
|
|
|
| ||
6.655%, due 06/01/172,5 |
|
EUR |
250,000 |
|
366,758 |
| |
Volkswagen International Finance NV, |
|
|
|
|
| ||
2.125%, due 01/19/153 |
|
470,000 |
|
647,781 |
| ||
Ziggo BV, |
|
|
|
|
| ||
3.625%, due 03/27/201 |
|
290,000 |
|
387,827 |
| ||
3.625%, due 03/27/201 |
|
240,000 |
|
321,031 |
| ||
Total Netherlands corporate bonds |
|
|
|
13,690,518 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Norway0.28% |
|
|
|
|
| ||
DNB Bank ASA, |
|
|
|
|
| ||
3.200%, due 04/03/171 |
|
$ |
450,000 |
|
$ |
471,596 |
|
Statoil ASA, |
|
|
|
|
| ||
3.125%, due 08/17/17 |
|
375,000 |
|
398,571 |
| ||
Total Norway corporate bonds |
|
|
|
870,167 |
| ||
|
|
|
|
|
| ||
Portugal0.13% |
|
|
|
|
| ||
Caixa Geral de Depositos SA, |
|
|
|
|
| ||
3.750%, due 01/18/18 |
|
EUR |
300,000 |
|
403,500 |
| |
|
|
|
|
|
| ||
Qatar0.11% |
|
|
|
|
| ||
Qtel International Finance Ltd., |
|
|
|
|
| ||
3.875%, due 01/31/281 |
|
$ |
400,000 |
|
349,000 |
| |
|
|
|
|
|
| ||
South Korea0.25% |
|
|
|
|
| ||
GS Caltex Corp., |
|
|
|
|
| ||
5.500%, due 10/15/153 |
|
700,000 |
|
752,140 |
| ||
|
|
|
|
|
| ||
Spain1.21% |
|
|
|
|
| ||
Banco de Sabadell SA, |
|
|
|
|
| ||
3.375%, due 01/23/18 |
|
EUR |
200,000 |
|
274,695 |
| |
BBVA Senior Finance SAU, |
|
|
|
|
| ||
3.250%, due 03/21/16 |
|
100,000 |
|
138,689 |
| ||
BBVA US Senior SAU, |
|
|
|
|
| ||
4.664%, due 10/09/15 |
|
$ |
460,000 |
|
478,953 |
| |
Santander International Debt SAU, |
|
|
|
|
| ||
4.625%, due 03/21/163 |
|
EUR |
1,000,000 |
|
1,431,353 |
| |
Santander US Debt SAU, |
|
|
|
|
| ||
2.991%, due 10/07/131 |
|
$ |
200,000 |
|
200,068 |
| |
2.991%, due 10/07/133 |
|
200,000 |
|
200,068 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
4.710%, due 01/20/203 |
|
EUR |
700,000 |
|
1,002,110 |
| |
Total Spain corporate bonds |
|
|
|
3,725,936 |
| ||
|
|
|
|
|
| ||
Sweden0.81% |
|
|
|
|
| ||
Svenska Handelsbanken AB, |
|
|
|
|
| ||
5.125%, due 03/30/201 |
|
$ |
700,000 |
|
788,591 |
| |
Swedbank Hypotek AB, |
|
|
|
|
| ||
2.375%, due 04/05/171 |
|
890,000 |
|
921,328 |
| ||
Telefonaktiebolaget LM Ericsson, |
|
|
|
|
| ||
4.125%, due 05/15/22 |
|
450,000 |
|
440,100 |
| ||
Vattenfall AB, |
|
|
|
|
| ||
6.750%, due 01/31/19 |
|
EUR |
200,000 |
|
337,476 |
| |
Total Sweden corporate bonds |
|
|
|
2,487,495 |
| ||
|
|
|
|
|
| ||
Switzerland0.19% |
|
|
|
|
| ||
Credit Suisse AG, |
|
|
|
|
| ||
1.625%, due 03/06/151 |
|
$ |
570,000 |
|
578,436 |
| |
|
|
|
|
|
| ||
Turkey0.06% |
|
|
|
|
| ||
Coca-Cola Icecek AS, |
|
|
|
|
| ||
4.750%, due 10/01/181 |
|
200,000 |
|
199,022 |
| ||
|
|
|
|
|
| ||
United Kingdom7.67% |
|
|
|
|
| ||
Abbey National Treasury Services PLC, |
|
|
|
|
| ||
1.750%, due 01/15/183 |
|
EUR |
540,000 |
|
729,773 |
| |
Anglian Water Services Financing PLC, |
|
|
|
|
| ||
4.500%, due 02/22/263 |
|
GBP |
200,000 |
|
318,776 |
| |
Arqiva Financing PLC, |
|
|
|
|
| ||
4.040%, due 06/30/203 |
|
525,000 |
|
857,582 |
| ||
4.882%, due 12/31/323 |
|
250,000 |
|
406,894 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Aviva PLC, |
|
|
|
|
| ||
4.729%, due 11/28/142,5 |
|
EUR |
500,000 |
|
$ |
674,734 |
|
Barclays Bank PLC, |
|
|
|
|
| ||
2.250%, due 05/10/171,4 |
|
$ |
660,000 |
|
681,054 |
| |
5.750%, due 08/17/21 |
|
GBP |
255,000 |
|
475,863 |
| |
6.625%, due 03/30/223 |
|
EUR |
250,000 |
|
387,367 |
| |
BG Energy Capital PLC, |
|
|
|
|
| ||
5.125%, due 12/07/173 |
|
GBP |
220,000 |
|
401,369 |
| |
BP Capital Markets PLC, |
|
|
|
|
| ||
1.375%, due 05/10/18 |
|
$ |
410,000 |
|
397,731 |
| |
2.750%, due 05/10/23 |
|
220,000 |
|
200,934 |
| ||
British Telecommunications PLC, |
|
|
|
|
| ||
8.500%, due 12/07/16 |
|
GBP |
365,000 |
|
708,020 |
| |
BUPA Finance PLC, |
|
|
|
|
| ||
6.125%, due 09/16/202,5 |
|
250,000 |
|
410,796 |
| ||
Diageo Capital PLC, |
|
|
|
|
| ||
3.875%, due 04/29/43 |
|
$ |
325,000 |
|
279,972 |
| |
EE Finance PLC, |
|
|
|
|
| ||
4.375%, due 03/28/193 |
|
GBP |
345,000 |
|
579,273 |
| |
GlaxoSmithKline Capital PLC, |
|
|
|
|
| ||
1.500%, due 05/08/17 |
|
$ |
330,000 |
|
331,852 |
| |
1.500%, due 05/08/17 |
|
145,000 |
|
145,813 |
| ||
HSBC Holdings PLC, |
|
|
|
|
| ||
5.100%, due 04/05/21 |
|
860,000 |
|
947,318 |
| ||
6.500%, due 09/15/37 |
|
1,125,000 |
|
1,275,043 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
2.050%, due 02/11/181 |
|
620,000 |
|
604,568 |
| ||
4.500%, due 07/05/18 |
|
EUR |
800,000 |
|
1,210,457 |
| |
9.000%, due 02/17/22 |
|
GBP |
170,000 |
|
372,492 |
| |
Liverpool Victoria Friendly Society Ltd., |
|
|
|
|
| ||
6.500%, due 05/22/432 |
|
535,000 |
|
818,380 |
| ||
Lloyds Bank PLC, |
|
|
|
|
| ||
1.017%, due 07/11/162 |
|
EUR |
265,000 |
|
352,231 |
| |
6.500%, due 03/24/20 |
|
260,000 |
|
399,240 |
| ||
7.500%, due 04/15/24 |
|
GBP |
340,000 |
|
709,886 |
| |
Lloyds Banking Group PLC, |
|
|
|
|
| ||
5.875%, due 07/08/14 |
|
EUR |
230,000 |
|
321,045 |
| |
National Express Group PLC, |
|
|
|
|
| ||
6.250%, due 01/13/17 |
|
GBP |
200,000 |
|
357,204 |
| |
National Grid Electricity Transmission PLC, |
|
|
|
|
| ||
4.000%, due 06/08/273 |
|
330,000 |
|
527,198 |
| ||
Northern Gas Networks Finance PLC, |
|
|
|
|
| ||
5.875%, due 07/08/19 |
|
225,000 |
|
421,776 |
| ||
Royal Bank of Scotland PLC, |
|
|
|
|
| ||
4.875%, due 03/16/15 |
|
$ |
200,000 |
|
210,480 |
| |
5.375%, due 09/30/193 |
|
EUR |
215,000 |
|
337,407 |
| |
6.934%, due 04/09/18 |
|
260,000 |
|
385,531 |
| ||
Scottish & Southern Energy PLC, |
|
|
|
|
| ||
5.453%, due 10/01/152,5 |
|
GBP |
172,000 |
|
287,083 |
| |
Sinopec Capital 2013 Ltd., |
|
|
|
|
| ||
3.125%, due 04/24/231,4 |
|
$ |
930,000 |
|
844,579 |
| |
Standard Chartered PLC, |
|
|
|
|
| ||
4.000%, due 07/12/222 |
|
950,000 |
|
962,823 |
| ||
Tesco PLC, |
|
|
|
|
| ||
6.125%, due 02/24/22 |
|
GBP |
480,000 |
|
905,106 |
| |
Tesco Property Finance 4 PLC, |
|
|
|
|
| ||
5.801%, due 10/13/403 |
|
248,252 |
|
436,366 |
| ||
Thames Water Utilities Finance Ltd., |
|
|
|
|
| ||
5.125%, due 09/28/37 |
|
400,000 |
|
703,121 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United Kingdom(concluded) |
|
|
|
|
| ||
Wales & West Utilities Finance PLC, |
|
|
|
|
| ||
5.125%, due 12/02/163 |
|
GBP |
650,000 |
|
$ |
1,159,440 |
|
Western Power Distribution West Midlands PLC, |
|
|
|
|
| ||
5.750%, due 04/16/323 |
|
200,000 |
|
373,965 |
| ||
WPP PLC, |
|
|
|
|
| ||
6.625%, due 05/12/16 |
|
EUR |
405,000 |
|
626,602 |
| |
Total United Kingdom corporate bonds |
|
|
|
23,537,144 |
| ||
|
|
|
|
|
| ||
United States22.50% |
|
|
|
|
| ||
ABB Finance USA, Inc., |
|
|
|
|
| ||
2.875%, due 05/08/22 |
|
$ |
455,000 |
|
439,385 |
| |
AbbVie, Inc., |
|
|
|
|
| ||
2.900%, due 11/06/22 |
|
510,000 |
|
476,957 |
| ||
4.400%, due 11/06/42 |
|
310,000 |
|
280,666 |
| ||
Alcoa, Inc., |
|
|
|
|
| ||
6.150%, due 08/15/20 |
|
530,000 |
|
552,907 |
| ||
Allstate Corp., |
|
|
|
|
| ||
5.750%, due 08/15/532 |
|
270,000 |
|
263,250 |
| ||
Alltel Corp., |
|
|
|
|
| ||
7.875%, due 07/01/32 |
|
455,000 |
|
592,955 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
4.250%, due 08/09/42 |
|
1,290,000 |
|
1,073,944 |
| ||
American Express Credit Corp., |
|
|
|
|
| ||
1.300%, due 07/29/16 |
|
285,000 |
|
286,707 |
| ||
American Honda Finance Corp., |
|
|
|
|
| ||
3.875%, due 09/16/143 |
|
EUR |
300,000 |
|
419,156 |
| |
American International Group, Inc., |
|
|
|
|
| ||
3.375%, due 08/15/20 |
|
$ |
565,000 |
|
565,344 |
| |
American Tower Corp., |
|
|
|
|
| ||
3.400%, due 02/15/19 |
|
210,000 |
|
207,562 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
6.375%, due 09/15/17 |
|
1,000,000 |
|
1,162,477 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
2.500%, due 07/15/22 |
|
1,520,000 |
|
1,406,176 |
| ||
Apache Corp., |
|
|
|
|
| ||
4.750%, due 04/15/43 |
|
705,000 |
|
667,340 |
| ||
Apple, Inc., |
|
|
|
|
| ||
3.850%, due 05/04/43 |
|
170,000 |
|
142,452 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
2.500%, due 03/15/23 |
|
EUR |
310,000 |
|
404,251 |
| |
5.550%, due 08/15/41 |
|
$ |
515,000 |
|
511,212 |
| |
Bank of America Corp., |
|
|
|
|
| ||
1.500%, due 10/09/15 |
|
2,285,000 |
|
2,297,494 |
| ||
5.875%, due 02/07/42 |
|
290,000 |
|
321,982 |
| ||
Bank of New York Mellon Corp., |
|
|
|
|
| ||
1.350%, due 03/06/18 |
|
1,065,000 |
|
1,039,378 |
| ||
Baxter International, Inc., |
|
|
|
|
| ||
3.200%, due 06/15/23 |
|
655,000 |
|
639,078 |
| ||
BB&T Corp., |
|
|
|
|
| ||
1.600%, due 08/15/17 |
|
285,000 |
|
282,988 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
1.300%, due 05/15/18 |
|
245,000 |
|
239,173 |
| ||
Boston Scientific Corp., |
|
|
|
|
| ||
2.650%, due 10/01/18 |
|
145,000 |
|
145,063 |
| ||
6.000%, due 01/15/20 |
|
525,000 |
|
600,422 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
3.450%, due 09/15/21 |
|
745,000 |
|
748,660 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
1.000%, due 11/06/15 |
|
795,000 |
|
790,996 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Celgene Corp., |
|
|
|
|
| ||
4.000%, due 08/15/23 |
|
$ |
270,000 |
|
$ |
268,957 |
|
Chevron Corp., |
|
|
|
|
| ||
2.355%, due 12/05/22 |
|
225,000 |
|
207,151 |
| ||
2.427%, due 06/24/20 |
|
225,000 |
|
222,410 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
0.869%, due 05/31/172 |
|
EUR |
565,000 |
|
730,729 |
| |
4.050%, due 07/30/22 |
|
$ |
415,000 |
|
403,054 |
| |
5.500%, due 02/15/17 |
|
435,000 |
|
476,288 |
| ||
6.000%, due 08/15/17 |
|
1,255,000 |
|
1,434,338 |
| ||
Coca-Cola Co., |
|
|
|
|
| ||
1.800%, due 09/01/16 |
|
550,000 |
|
565,410 |
| ||
Comcast Corp., |
|
|
|
|
| ||
5.700%, due 07/01/19 |
|
1,020,000 |
|
1,184,739 |
| ||
ConocoPhillips, |
|
|
|
|
| ||
4.600%, due 01/15/15 |
|
580,000 |
|
609,421 |
| ||
DIRECTV Holdings LLC, |
|
|
|
|
| ||
5.000%, due 03/01/21 |
|
915,000 |
|
936,733 |
| ||
Duke Energy Corp., |
|
|
|
|
| ||
3.050%, due 08/15/22 |
|
535,000 |
|
506,288 |
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
6.050%, due 06/01/41 |
|
550,000 |
|
552,014 |
| ||
Enterprise Products Operating LLC, |
|
|
|
|
| ||
4.850%, due 03/15/44 |
|
430,000 |
|
400,785 |
| ||
5.200%, due 09/01/20 |
|
285,000 |
|
317,145 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
5.625%, due 03/15/421 |
|
400,000 |
|
405,868 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
3.000%, due 06/12/17 |
|
775,000 |
|
796,586 |
| ||
Freeport-McMoRan Copper & Gold, Inc., |
|
|
|
|
| ||
3.100%, due 03/15/201 |
|
350,000 |
|
329,111 |
| ||
3.875%, due 03/15/231 |
|
715,000 |
|
659,197 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
1.000%, due 12/11/15 |
|
790,000 |
|
790,943 |
| ||
4.375%, due 09/16/20 |
|
920,000 |
|
978,794 |
| ||
6.750%, due 03/15/32 |
|
1,250,000 |
|
1,491,000 |
| ||
General Electric Co., |
|
|
|
|
| ||
4.125%, due 10/09/42 |
|
260,000 |
|
238,690 |
| ||
Georgia Power Co., |
|
|
|
|
| ||
0.750%, due 08/10/15 |
|
375,000 |
|
375,243 |
| ||
5.400%, due 06/01/40 |
|
380,000 |
|
404,441 |
| ||
Glencore Funding LLC, |
|
|
|
|
| ||
2.500%, due 01/15/191 |
|
480,000 |
|
449,940 |
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
3.250%, due 02/01/233 |
|
EUR |
640,000 |
|
873,608 |
| |
4.375%, due 03/16/17 |
|
900,000 |
|
1,325,770 |
| ||
Halliburton Co., |
|
|
|
|
| ||
4.750%, due 08/01/43 |
|
$ |
625,000 |
|
617,894 |
| |
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
4.300%, due 04/15/43 |
|
265,000 |
|
233,852 |
| ||
5.500%, due 03/30/20 |
|
335,000 |
|
378,016 |
| ||
Hewlett-Packard Co., |
|
|
|
|
| ||
2.625%, due 12/09/14 |
|
1,155,000 |
|
1,177,364 |
| ||
International Business Machines Corp., |
|
|
|
|
| ||
3.375%, due 08/01/23 |
|
525,000 |
|
517,964 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
1.800%, due 01/25/18 |
|
490,000 |
|
483,177 |
| ||
3.200%, due 01/25/23 |
|
2,485,000 |
|
2,324,762 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Kellogg Co., |
|
|
|
|
| ||
1.875%, due 11/17/16 |
|
$ |
390,000 |
|
$ |
397,152 |
|
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
2.650%, due 02/01/19 |
|
145,000 |
|
144,002 |
| ||
5.000%, due 03/01/43 |
|
525,000 |
|
474,784 |
| ||
Kraft Foods Group, Inc., |
|
|
|
|
| ||
5.000%, due 06/04/42 |
|
415,000 |
|
411,105 |
| ||
Lincoln National Corp., |
|
|
|
|
| ||
4.200%, due 03/15/22 |
|
680,000 |
|
696,167 |
| ||
Lorillard Tobacco Co., |
|
|
|
|
| ||
6.875%, due 05/01/20 |
|
110,000 |
|
126,500 |
| ||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||
3.375%, due 03/15/23 |
|
430,000 |
|
400,412 |
| ||
Merck & Co., Inc., |
|
|
|
|
| ||
6.550%, due 09/15/37 |
|
345,000 |
|
437,205 |
| ||
Metropolitan Life Global Funding I, |
|
|
|
|
| ||
2.375%, due 09/30/193 |
|
EUR |
1,053,000 |
|
1,457,002 |
| |
Microsoft Corp., |
|
|
|
|
| ||
2.625%, due 05/02/33 |
|
400,000 |
|
493,824 |
| ||
3.500%, due 11/15/42 |
|
$ |
525,000 |
|
424,744 |
| |
Mondelez International, Inc., |
|
|
|
|
| ||
5.375%, due 02/10/20 |
|
424,000 |
|
478,769 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
2.125%, due 04/25/18 |
|
440,000 |
|
428,845 |
| ||
4.750%, due 03/22/17 |
|
1,040,000 |
|
1,122,910 |
| ||
6.375%, due 07/24/42 |
|
245,000 |
|
277,260 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
6.000%, due 11/15/17 |
|
425,000 |
|
484,806 |
| ||
Mylan, Inc., |
|
|
|
|
| ||
2.600%, due 06/24/181 |
|
130,000 |
|
129,770 |
| ||
NBCUniversal Media LLC, |
|
|
|
|
| ||
5.150%, due 04/30/20 |
|
630,000 |
|
714,397 |
| ||
News America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
680,000 |
|
736,228 |
| ||
NuStar Logistics LP, |
|
|
|
|
| ||
4.800%, due 09/01/20 |
|
505,000 |
|
472,806 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
7.000%, due 05/01/32 |
|
246,000 |
|
304,323 |
| ||
Oracle Corp., |
|
|
|
|
| ||
2.250%, due 01/10/21 |
|
EUR |
205,000 |
|
278,610 |
| |
PacifiCorp, |
|
|
|
|
| ||
6.000%, due 01/15/39 |
|
$ |
490,000 |
|
581,831 |
| |
Pemex Project Funding Master Trust, |
|
|
|
|
| ||
5.500%, due 02/24/253 |
|
EUR |
305,000 |
|
467,159 |
| |
PepsiCo, Inc., |
|
|
|
|
| ||
1.250%, due 08/13/17 |
|
$ |
320,000 |
|
315,352 |
| |
Perrigo Co., |
|
|
|
|
| ||
2.950%, due 05/15/23 |
|
200,000 |
|
193,349 |
| ||
Philip Morris International, Inc., |
|
|
|
|
| ||
1.750%, due 03/19/20 |
|
EUR |
450,000 |
|
599,651 |
| |
PNC Funding Corp., |
|
|
|
|
| ||
2.700%, due 09/19/16 |
|
$ |
380,000 |
|
394,938 |
| |
PPL Capital Funding, Inc., |
|
|
|
|
| ||
4.700%, due 06/01/43 |
|
255,000 |
|
227,974 |
| ||
PPL Energy Supply LLC, |
|
|
|
|
| ||
4.600%, due 12/15/21 |
|
230,000 |
|
226,939 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
4.500%, due 11/15/20 |
|
985,000 |
|
1,058,281 |
| ||
QVC, Inc., |
|
|
|
|
| ||
4.375%, due 03/15/23 |
|
250,000 |
|
232,497 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Republic Services, Inc., |
|
|
|
|
| ||
5.250%, due 11/15/21 |
|
$ |
925,000 |
|
$ |
1,014,686 |
|
Reynolds American, Inc., |
|
|
|
|
| ||
6.150%, due 09/15/43 |
|
440,000 |
|
460,336 |
| ||
6.750%, due 06/15/17 |
|
640,000 |
|
739,459 |
| ||
SABMiller Holdings, Inc., |
|
|
|
|
| ||
1.875%, due 01/20/203 |
|
EUR |
500,000 |
|
671,081 |
| |
Sempra Energy, |
|
|
|
|
| ||
6.000%, due 10/15/39 |
|
$ |
440,000 |
|
485,076 |
| |
SLM Corp., |
|
|
|
|
| ||
6.250%, due 01/25/16 |
|
715,000 |
|
761,475 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
6.200%, due 03/15/40 |
|
555,000 |
|
616,954 |
| ||
Swiss Re Treasury US Corp., |
|
|
|
|
| ||
4.250%, due 12/06/421 |
|
360,000 |
|
314,675 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
5.000%, due 02/01/20 |
|
1,125,000 |
|
1,139,086 |
| ||
Travelers Cos., Inc., |
|
|
|
|
| ||
4.600%, due 08/01/43 |
|
110,000 |
|
108,727 |
| ||
US Bancorp, |
|
|
|
|
| ||
1.650%, due 05/15/17 |
|
565,000 |
|
568,301 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
730,000 |
|
792,885 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
2.500%, due 09/15/16 |
|
795,000 |
|
819,395 |
| ||
4.500%, due 09/15/20 |
|
420,000 |
|
446,656 |
| ||
6.550%, due 09/15/43 |
|
980,000 |
|
1,106,358 |
| ||
Viacom, Inc., |
|
|
|
|
| ||
2.500%, due 09/01/18 |
|
95,000 |
|
94,825 |
| ||
4.250%, due 09/01/23 |
|
165,000 |
|
164,104 |
| ||
Virginia Electric and Power Co., |
|
|
|
|
| ||
6.000%, due 05/15/37 |
|
265,000 |
|
311,627 |
| ||
Wachovia Corp., |
|
|
|
|
| ||
5.750%, due 02/01/18 |
|
1,330,000 |
|
1,536,366 |
| ||
Waste Management, Inc., |
|
|
|
|
| ||
6.125%, due 11/30/394 |
|
335,000 |
|
383,104 |
| ||
WEA Finance LLC, |
|
|
|
|
| ||
5.750%, due 09/02/151 |
|
350,000 |
|
380,703 |
| ||
WellPoint, Inc., |
|
|
|
|
| ||
5.100%, due 01/15/44 |
|
200,000 |
|
194,819 |
| ||
Xcel Energy, Inc., |
|
|
|
|
| ||
4.700%, due 05/15/20 |
|
240,000 |
|
264,053 |
| ||
4.800%, due 09/15/41 |
|
275,000 |
|
269,931 |
| ||
Total United States corporate bonds |
|
|
|
69,059,931 |
| ||
|
|
|
|
|
| ||
Virgin Islands, British0.08% |
|
|
|
|
| ||
CNPC General Capital Ltd., |
|
|
|
|
| ||
3.400%, due 04/16/231 |
|
250,000 |
|
229,829 |
| ||
|
|
|
|
|
| ||
Total corporate bonds (cost $152,829,770) |
|
|
|
154,488,843 |
| ||
|
|
|
|
|
| ||
Collateralized debt obligation0.00%6 |
|
|
|
|
| ||
Cayman Islands0.00%6 |
|
|
|
|
| ||
LNR CDO Ltd., |
|
|
|
|
| ||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||
7.592%, due 05/28/431,7,8 (cost $8,112,000) |
|
8,000,000 |
|
8,000 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Mortgage & agency debt security0.02% |
|
|
|
|
| ||
United States0.02% |
|
|
|
|
| ||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2005-7, Class B11, |
|
|
|
|
| ||
2.802%, due 04/25/352 (cost $105,329) |
|
$ |
860,207 |
|
$ |
51,009 |
|
|
|
|
|
|
| ||
Non-US government obligations13.05% |
|
|
|
|
| ||
Australia6.17% |
|
|
|
|
| ||
Government of Australia, |
|
|
|
|
| ||
4.250%, due 07/21/17 |
|
AUD |
6,482,000 |
|
6,329,274 |
| |
4.500%, due 04/15/20 |
|
6,376,000 |
|
6,300,956 |
| ||
4.750%, due 06/15/16 |
|
6,440,000 |
|
6,324,911 |
| ||
|
|
|
|
18,955,141 |
| ||
Italy6.88% |
|
|
|
|
| ||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
3.500%, due 11/01/17 |
|
EUR |
4,728,000 |
|
6,495,507 |
| |
3.750%, due 12/15/13 |
|
1,235,000 |
|
1,680,961 |
| ||
3.750%, due 08/01/16 |
|
4,630,000 |
|
6,493,034 |
| ||
4.750%, due 08/01/231 |
|
4,604,000 |
|
6,440,802 |
| ||
|
|
|
|
21,110,304 |
| ||
Total Non-US government obligations (cost $38,874,165) |
|
|
|
40,065,445 |
| ||
|
|
|
|
|
| ||
Supranational bonds0.56% |
|
|
|
|
| ||
Asian Development Bank, |
|
|
|
|
| ||
1.000%, due 12/15/15 |
|
250,000 |
|
407,558 |
| ||
European Investment Bank, |
|
|
|
|
| ||
3.000%, due 12/07/15 |
|
280,000 |
|
474,162 |
| ||
Inter-American Development Bank, |
|
|
|
|
| ||
0.625%, due 12/15/15 |
|
275,000 |
|
444,490 |
| ||
International Finance Corp., |
|
|
|
|
| ||
0.625%, due 12/15/15 |
|
240,000 |
|
387,708 |
| ||
Total supranational bonds (cost $1,657,192) |
|
|
|
1,713,918 |
| ||
Total bonds (cost $201,578,455) |
|
|
|
196,327,215 |
| ||
|
|
Shares |
|
|
|
Short-term investments22.90% |
|
|
|
|
|
Investment company2.57% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund9 |
|
7,874,947 |
|
7,874,947 |
|
US government obligation20.33% |
|
|
|
|
|
US Treasury Bills10 |
|
|
|
|
|
0.098%, due 05/01/14 |
|
31,300,000 |
|
31,290,610 |
|
0.105%, due 05/29/14 |
|
31,126,000 |
|
31,118,219 |
|
|
|
|
|
62,408,829 |
|
Total short-term investments (cost $70,261,074) |
|
|
|
70,283,776 |
|
|
|
Number of |
|
|
|
Options purchased*: 2.28% |
|
|
|
|
|
Call options: 2.28% |
|
|
|
|
|
DAX Index, strike @ EUR 8,750.00, expires March 2014 |
|
529 |
|
1,129,666 |
|
E-mini S&P 500 Index, strike @ USD 1,750.00, expires March 2014 |
|
283 |
|
863,150 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Number of |
|
Value |
| |
EURO STOXX 50 Index, strike @ EUR 3,000.00, expires March 2014 |
|
1,177 |
|
$ |
1,366,197 |
|
FTSE 100 Index, strike @ GBP 6,800.00, expires December 2013 |
|
313 |
|
162,149 |
| |
FTSE 100 Index, strike @ GBP 7,000.00, expires March 2014 |
|
155 |
|
117,937 |
| |
Hong Kong Hang Seng Index, strike @ HKD 23,600.00, expires March 2014 |
|
219 |
|
1,024,987 |
| |
NIKKEI 225 Index, strike @ JPY 14,500.00, expires March 2014 |
|
228 |
|
2,041,203 |
| |
S&P/ASX 200 Index, strike @ AUD 5,400.00, expires March 2014 |
|
314 |
|
285,314 |
| |
Total options purchased (cost $6,931,663) |
|
|
|
6,990,603 |
| |
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned0.58% |
|
|
|
|
| |
UBS Private Money Market Fund LLC9 (cost $1,789,913) |
|
1,789,913 |
|
1,789,913 |
| |
Total investments89.73% (cost $280,561,105) |
|
|
|
275,391,507 |
| |
Cash and other assets, less liabilities: 10.27% |
|
|
|
31,510,847 |
| |
Net assets: 100.00% |
|
|
|
$ |
306,902,354 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 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 depreciation consisted of:
Gross unrealized appreciation |
|
$ |
6,414,418 |
|
Gross unrealized depreciation |
|
(11,584,016 |
) | |
Net unrealized depreciation of investments |
|
$ |
(5,169,598 |
) |
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||||
BB |
|
CHF |
|
15,300,000 |
|
USD |
|
16,337,078 |
|
12/11/13 |
|
$ |
(591,228 |
) |
BB |
|
GBP |
|
3,880,000 |
|
SEK |
|
40,026,507 |
|
12/11/13 |
|
(60,101 |
) | |
BB |
|
USD |
|
12,372,150 |
|
NOK |
|
75,330,000 |
|
12/11/13 |
|
122,042 |
| |
HSBC |
|
AUD |
|
35,885,000 |
|
USD |
|
32,666,295 |
|
12/11/13 |
|
(656,215 |
) | |
HSBC |
|
NZD |
|
30,920,000 |
|
USD |
|
24,170,164 |
|
12/11/13 |
|
(1,385,162 |
) | |
JPMCB |
|
EUR |
|
940,000 |
|
USD |
|
1,246,964 |
|
12/11/13 |
|
(24,950 |
) | |
JPMCB |
|
USD |
|
910,633 |
|
CAD |
|
940,000 |
|
12/11/13 |
|
318 |
| |
JPMCB |
|
USD |
|
5,012,996 |
|
MXN |
|
67,540,000 |
|
12/11/13 |
|
117,007 |
| |
JPMCB |
|
USD |
|
5,024,214 |
|
PHP |
|
223,050,000 |
|
12/11/13 |
|
98,563 |
| |
JPMCB |
|
USD |
|
5,723,834 |
|
PLN |
|
18,635,000 |
|
12/11/13 |
|
218,384 |
| |
MSCI |
|
AUD |
|
6,620,000 |
|
USD |
|
6,217,590 |
|
12/11/13 |
|
70,313 |
| |
RBS |
|
GBP |
|
16,265,000 |
|
USD |
|
25,360,274 |
|
12/11/13 |
|
(957,390 |
) | |
SSB |
|
CAD |
|
23,795,000 |
|
USD |
|
22,609,043 |
|
12/11/13 |
|
(450,626 |
) | |
SSB |
|
EUR |
|
52,030,000 |
|
USD |
|
68,585,686 |
|
12/11/13 |
|
(1,816,107 |
) | |
SSB |
|
SEK |
|
83,430,000 |
|
USD |
|
12,590,262 |
|
12/11/13 |
|
(370,243 |
) | |
SSB |
|
USD |
|
7,497,061 |
|
JPY |
|
746,100,000 |
|
12/11/13 |
|
96,808 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(5,588,587 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 53 contracts (USD) |
|
December 2013 |
|
$ |
6,333,831 |
|
$ |
6,415,484 |
|
$ |
81,653 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 10 contracts (USD) |
|
December 2013 |
|
(1,396,174 |
) |
(1,420,937 |
) |
(24,763 |
) | |||
5 Year US Treasury Notes, 260 contracts (USD) |
|
December 2013 |
|
(31,104,460 |
) |
(31,472,187 |
) |
(367,727 |
) | |||
10 Year US Treasury Notes, 471 contracts (USD) |
|
December 2013 |
|
(58,494,859 |
) |
(59,529,984 |
) |
(1,035,125 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
FTSE MIB Index, 86 contracts (EUR) |
|
December 2013 |
|
10,230,796 |
|
10,132,495 |
|
(98,301 |
) | |||
Mini MSCI Emerging Markets Index, 250 contracts (USD) |
|
December 2013 |
|
12,456,808 |
|
12,283,750 |
|
(173,058 |
) | |||
MSCI Taiwan Index, 165 contracts (USD) |
|
October 2013 |
|
4,823,742 |
|
4,737,150 |
|
(86,592 |
) | |||
TOPIX Index, 40 contracts (JPY) |
|
December 2013 |
|
4,811,962 |
|
4,869,017 |
|
57,055 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
CAC 40 Euro Index, 187 contracts (EUR) |
|
October 2013 |
|
(10,478,413 |
) |
(10,488,673 |
) |
(10,260 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 181 contracts (AUD) |
|
December 2013 |
|
19,345,317 |
|
19,859,834 |
|
514,517 |
| |||
Euro-Bobl, 14 contracts (EUR) |
|
December 2013 |
|
2,329,693 |
|
2,356,881 |
|
27,188 |
| |||
Long Gilt, 84 contracts (GBP) |
|
December 2013 |
|
14,864,016 |
|
15,002,152 |
|
138,136 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 75 contracts (EUR) |
|
December 2013 |
|
(13,989,501 |
) |
(14,255,657 |
) |
(266,156 |
) | |||
Long Gilt, 11 contracts (GBP) |
|
December 2013 |
|
(1,910,972 |
) |
(1,964,568 |
) |
(53,595 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,297,028 |
) | ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
DB |
|
EUR |
|
32,600,000 |
|
11/01/21 |
|
2.698 |
% |
6 month EURIBOR |
|
$ |
|
|
$ |
(4,003,977 |
) |
$ |
(4,003,977 |
) |
GSI |
|
EUR |
|
31,200,000 |
|
6/21/2021 |
|
6 month EURIBOR |
|
3.325 |
% |
|
|
5,188,155 |
|
5,188,155 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
1,184,178 |
|
$ |
1,184,178 |
|
Credit default swaps on corporate issuesbuy protection12
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination date |
|
Payments made |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
Next PLC bond, |
|
EUR |
|
300,000 |
|
03/20/18 |
|
1.000 |
% |
$ |
(2,920 |
) |
$ |
(6,402 |
) |
$ |
(9,322 |
) |
CITI |
|
Imperial Tobacco Group PLC bond, |
|
EUR |
|
1,020,000 |
|
03/20/18 |
|
1.000 |
|
(2,267 |
) |
(17,925 |
) |
(20,192 |
) | |||
GSI |
|
Gas Natural Capital Markets SA bond, |
|
EUR |
|
635,000 |
|
09/20/18 |
|
1.000 |
|
(41,039 |
) |
26,591 |
|
(14,448 |
) | |||
GSI |
|
Iberdrola Finanzas SAU bond, |
|
EUR |
|
635,000 |
|
09/20/18 |
|
1.000 |
|
(41,039 |
) |
25,453 |
|
(15,586 |
) | |||
GSI |
|
Solvay SA bond, |
|
EUR |
|
590,000 |
|
09/20/18 |
|
1.000 |
|
(7,881 |
) |
29 |
|
(7,852 |
) | |||
JPMCB |
|
Bayer AG bond, |
|
EUR |
|
585,000 |
|
03/20/18 |
|
1.000 |
|
11,045 |
|
(19,669 |
) |
(8,624 |
) | |||
JPMCB |
|
Deutsche Bank AG bond, |
|
EUR |
|
325000 |
|
03/20/20 |
|
1.000 |
|
764 |
|
8,103 |
|
8,867 |
| |||
JPMCB |
|
Holcim Ltd. bond, |
|
EUR |
|
630,000 |
|
06/20/18 |
|
1.000 |
|
(15,099 |
) |
12,310 |
|
(2,789 |
) | |||
JPMCB |
|
HSBC Bank PLC bond, |
|
EUR |
|
305,000 |
|
09/20/18 |
|
1.000 |
|
383 |
|
(1,678 |
) |
(1,295 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(98,053 |
) |
$ |
26,812 |
|
$ |
(71,241 |
) |
Credit default swaps on corporate issuessell protection14
Counterparty |
|
Referenced obligation13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit spread15 |
| |||||
BB |
|
RWE AG bond, |
|
EUR |
|
595,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
1,974 |
|
$ |
8,377 |
|
$ |
10,351 |
|
0.724 |
% |
JPMCB |
|
Linde Finance BV bond, |
|
EUR |
|
585,000 |
|
03/20/18 |
|
1.000 |
|
(12,366 |
) |
20,381 |
|
8,015 |
|
0.422 |
| |||
JPMCB |
|
Alstom SA bond, |
|
EUR |
|
630,000 |
|
09/20/18 |
|
1.000 |
|
4,395 |
|
(33,039 |
) |
(28,644 |
) |
1.833 |
| |||
JPMCB |
|
Standard Chartered |
|
EUR |
|
305,000 |
|
09/20/18 |
|
1.000 |
|
9,003 |
|
(7,151 |
) |
1,852 |
|
1.372 |
| |||
JPMCB |
|
Barclays Bank PLC bond, |
|
EUR |
|
325,000 |
|
03/20/20 |
|
1.000 |
|
6,260 |
|
(13,744 |
) |
(7,484 |
) |
1.528 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,266 |
|
$ |
(25,176 |
) |
$ |
(15,910 |
) |
|
|
Centrally cleared credit default swap on credit indicesbuy protection12
Referenced Index13 |
|
Notional amount |
|
Termination date |
|
Payments made |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
CDX.NA.IG.Series 20 Index |
|
USD |
|
63,200,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
219,975 |
|
$ |
(785,112 |
) |
$ |
(565,137 |
) |
Centrally cleared credit default swap on credit indicessell protection14
Referenced Index13 |
|
Notional amount |
|
Termination date |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
CDX.NA.HY.Series 20 Index |
|
USD |
|
61,700,000 |
|
06/20/18 |
|
5.000 |
% |
$ |
(4,116,798 |
) |
$ |
3,730,708 |
|
$ |
(386,090 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2013 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
Hong Kong Hang Seng Index, 219 contracts, strike @ HKD 26,000.00 |
|
March 2014 |
|
$ |
231,567 |
|
$ |
(183,538 |
) |
NIKKEI 225 Index, JPY 228 contracts, strike @ JPY 16,000.00 |
|
March 2014 |
|
524,949 |
|
(800,244 |
) | ||
Total options written |
|
|
|
$ |
756,516 |
|
$ |
(983,782 |
) |
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
|
|
$ |
|
|
Options written |
|
447 |
|
756,516 |
| |
Options terminated in closing purchase transactions |
|
|
|
|
| |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
447 |
|
$ |
756,516 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Corporate bonds |
|
$ |
|
|
$ |
154,488,843 |
|
$ |
|
|
$ |
154,488,843 |
|
Collateralized debt obligation |
|
|
|
|
|
8,000 |
|
8,000 |
| ||||
Mortgage & agency debt security |
|
|
|
51,009 |
|
|
|
51,009 |
| ||||
Non-US government obligations |
|
|
|
40,065,445 |
|
|
|
40,065,445 |
| ||||
Supranational bonds |
|
|
|
1,713,918 |
|
|
|
1,713,918 |
| ||||
Short-term investments |
|
|
|
70,283,776 |
|
|
|
70,283,776 |
| ||||
Options purchased |
|
6,990,603 |
|
|
|
|
|
6,990,603 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
1,789,913 |
|
|
|
1,789,913 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(5,588,587 |
) |
|
|
(5,588,587 |
) | ||||
Futures contracts, net |
|
(1,297,028 |
) |
|
|
|
|
(1,297,028 |
) | ||||
Swap agreements, net16 |
|
|
|
234,587 |
|
|
|
234,587 |
| ||||
Options written |
|
(983,782 |
) |
|
|
|
|
(983,782 |
) | ||||
Total |
|
$ |
4,709,793 |
|
$ |
263,038,904 |
|
$ |
8,000 |
|
$ |
267,756,697 |
|
At September 30, 2013, there were no transfers between Level 1 and Level 2 for the Fund.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
|
|
Collateralized |
| |
Assets |
|
|
| |
Beginning balance |
|
$ |
8,000 |
|
Purchases |
|
|
| |
Issuances |
|
|
| |
Sales |
|
|
| |
Accrued discounts (premiums) |
|
(951 |
) | |
Total realized gain |
|
|
| |
Change in net unrealized appreciation/depreciation |
|
951 |
| |
Transfers into Level 3 |
|
|
| |
Transfers out of Level 3 |
|
|
| |
Ending balance |
|
$ |
8,000 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2013 was $951.
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 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 September 30, 2013, the value of these securities amounted to $21,366,145 or 6.97% of net assets. |
2 |
Variable or floating rate security the interest rate shown is the current rate as of September 30, 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 September 30, 2013, the value of these securities amounted to $24,285,058 or 7.91% of net assets. |
4 |
Security, or portion thereof, was on loan at September 30, 2013. |
5 |
Perpetual bond security. The maturity date reflects the next call date. |
6 |
Amount represents less than 0.005%. |
7 |
Illiquid investment. At September 30, 2013, the value of this security amounted to $8,000 or 0.00% of net assets. |
8 |
This security, which represents 0.00% of net assets as of September 30, 2013, is considered restricted. (See restricted security table below for more information.) |
Restricted security |
|
Acquisition |
|
Acquisition |
|
Acquisition |
|
Value 09/30/13 |
|
Value as a |
| ||
LNR CDO Ltd., |
|
11/03/06 |
|
$ |
8,138,056 |
|
2.65 |
% |
$ |
8,000 |
|
0.00 |
% |
9 |
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 |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
6/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
124,331,234 |
|
$ |
55,768,985 |
|
$ |
172,225,272 |
|
$ |
7,874,947 |
|
$ |
5,406 |
|
UBS Private Money Market Fund LLCa |
|
851,700 |
|
4,381,491 |
|
3,443,278 |
|
1,789,913 |
|
14 |
| |||||
|
|
$ |
125,182,934 |
|
$ |
60,150,476 |
|
$ |
175,668,550 |
|
$ |
9,664,860 |
|
$ |
5,420 |
|
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. |
|
|
10 |
Rate shown is the discount rate at the date of purchase. |
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 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. |
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 (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. |
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 spreads are unaudited. |
16 |
Swap agreements are included in the table at value, with the exception of centrally cleared swap agreements which are included in the table at unrealized appreciation/(depreciation). |
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
0.53 |
% |
Airlines |
|
0.59 |
|
Auto components |
|
0.25 |
|
Automobiles |
|
1.17 |
|
Beverages |
|
0.70 |
|
Biotechnology |
|
0.70 |
|
Building products |
|
0.22 |
|
Capital markets |
|
0.99 |
|
Chemicals |
|
1.19 |
|
Commercial banks |
|
2.42 |
|
Commercial services & supplies |
|
0.09 |
|
Communications equipment |
|
0.15 |
|
Computers & peripherals |
|
0.81 |
|
Construction & engineering |
|
0.04 |
|
Construction materials |
|
0.42 |
|
Consumer finance |
|
0.18 |
|
Diversified financial services |
|
1.04 |
|
Diversified telecommunication services |
|
0.58 |
|
Electric utilities |
|
0.48 |
|
Electrical equipment |
|
0.40 |
|
Electronic equipment, instruments & components |
|
0.05 |
|
Energy equipment & services |
|
0.86 |
|
Food & staples retailing |
|
0.55 |
|
Food products |
|
1.49 |
|
Gas utilities |
|
0.15 |
|
Health care equipment & supplies |
|
0.23 |
|
Health care providers & services |
|
0.49 |
|
Hotels, restaurants & leisure |
|
0.75 |
|
Household durables |
|
0.32 |
|
Industrial conglomerates |
|
0.95 |
|
Insurance |
|
2.36 |
|
Internet & catalog retail |
|
0.45 |
|
Internet software & services |
|
0.57 |
|
IT services |
|
0.50 |
|
Leisure equipment & products |
|
0.27 |
|
Life sciences tools & services |
|
0.06 |
|
Machinery |
|
1.39 |
|
Marine |
|
0.22 |
|
Media |
|
1.00 |
|
Metals & mining |
|
1.16 |
|
Multiline retail |
|
0.27 |
|
Multi-utilities |
|
0.39 |
|
Oil, gas & consumable fuels |
|
2.25 |
|
Paper & forest products |
|
0.11 |
|
Personal products |
|
0.43 |
|
Pharmaceuticals |
|
2.65 |
|
Professional services |
|
0.31 |
|
Real estate investment trust (REIT) |
|
0.44 |
|
Real estate management & development |
|
0.08 |
|
Road & rail |
|
0.56 |
|
Semiconductors & semiconductor equipment |
|
1.34 |
|
Software |
|
1.45 |
|
Specialty retail |
|
0.18 |
|
Textiles, apparel & luxury goods |
|
0.90 |
|
Tobacco |
|
0.73 |
|
Trading companies & distributors |
|
0.66 |
|
Wireless telecommunication services |
|
1.23 |
|
Total common stocks |
|
40.75 |
% |
Bonds |
|
|
|
Mortgage & agency debt securities |
|
0.14 |
|
US government obligations |
|
3.50 |
|
Non-US government obligations |
|
7.44 |
|
Total bonds |
|
11.08 |
% |
UBS Global Allocation Fund
Investment companies |
|
|
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
2.08 |
|
UBS Emerging Markets Equity Relationship Fund |
|
6.78 |
|
UBS Global Corporate Bond Relationship Fund |
|
2.03 |
|
UBS High Yield Relationship Fund |
|
7.05 |
|
Total investment companies |
|
17.94 |
% |
Right |
|
0.02 |
|
Warrant |
|
0.04 |
|
Short-term investment |
|
27.24 |
|
Options purchased |
|
0.23 |
|
Investment of cash collateral from securities loaned |
|
3.81 |
|
Total investments |
|
101.11 |
% |
Liabilities, in excess of cash and other assets |
|
(1.11 |
) |
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. |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks40.75% |
|
|
|
|
| |
Australia0.38% |
|
|
|
|
| |
Orica Ltd. |
|
54,899 |
|
$ |
1,027,378 |
|
Westfield Group |
|
155,680 |
|
1,599,025 |
| |
Total Australia common stocks |
|
|
|
2,626,403 |
| |
|
|
|
|
|
| |
Brazil0.13% |
|
|
|
|
| |
BRF SA |
|
7,700 |
|
187,610 |
| |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR1 |
|
4,500 |
|
207,090 |
| |
Cia de Bebidas das Americas ADR |
|
2,000 |
|
76,700 |
| |
Cielo SA |
|
6,800 |
|
183,907 |
| |
Cosan Ltd., Class A |
|
4,000 |
|
61,480 |
| |
Embraer SA ADR |
|
3,200 |
|
103,904 |
| |
Iochpe-Maxion SA |
|
3,200 |
|
39,561 |
| |
Minerva SA* |
|
4,900 |
|
22,330 |
| |
Total Brazil common stocks |
|
|
|
882,582 |
| |
|
|
|
|
|
| |
Canada1.61% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
79,600 |
|
1,542,465 |
| |
Lightstream Resources Ltd.1 |
|
111,135 |
|
800,565 |
| |
Lululemon Athletica, Inc.* |
|
7,700 |
|
562,793 |
| |
Petrobank Energy & Resources Ltd.* |
|
101,000 |
|
40,692 |
| |
Petrominerales Ltd.1 |
|
66,558 |
|
756,011 |
| |
Royal Bank of Canada |
|
51,400 |
|
3,293,432 |
| |
Suncor Energy, Inc. |
|
75,000 |
|
2,681,666 |
| |
Teck Resources Ltd., Class B |
|
48,400 |
|
1,300,628 |
| |
Total Canada common stocks |
|
|
|
10,978,252 |
| |
|
|
|
|
|
| |
China1.19% |
|
|
|
|
| |
AIA Group Ltd. |
|
652,317 |
|
3,065,660 |
| |
Airtac International Group |
|
10,000 |
|
70,349 |
| |
Brilliance China Automotive Holdings Ltd.* |
|
324,000 |
|
486,257 |
| |
China Mobile Ltd. |
|
15,500 |
|
173,168 |
| |
China Overseas Land & Investment Ltd. |
|
18,000 |
|
53,031 |
| |
China Railway Group Ltd., H Shares |
|
487,000 |
|
266,233 |
| |
China Unicom Hong Kong Ltd. |
|
108,000 |
|
168,491 |
| |
CIMC Enric Holdings Ltd. |
|
76,000 |
|
101,910 |
| |
Jardine Matheson Holdings Ltd. |
|
38,800 |
|
2,130,120 |
| |
Kingboard Chemical Holdings Ltd. |
|
52,500 |
|
134,975 |
| |
Minth Group Ltd. |
|
44,000 |
|
87,706 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
30,000 |
|
222,992 |
| |
Shimao Property Holdings Ltd. |
|
28,000 |
|
64,405 |
| |
Sohu.com, Inc.*1 |
|
4,200 |
|
331,086 |
| |
Tencent Holdings Ltd. |
|
6,200 |
|
325,192 |
| |
Tiangong International Co., Ltd. |
|
56,000 |
|
14,802 |
| |
Want Want China Holdings Ltd. |
|
109,000 |
|
165,554 |
| |
Xinyi Glass Holdings Ltd. |
|
90,000 |
|
82,853 |
| |
ZTE Corp., H Shares* |
|
81,600 |
|
168,757 |
| |
Total China common stocks |
|
|
|
8,113,541 |
| |
|
|
|
|
|
| |
Denmark0.22% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
161 |
|
1,476,220 |
| |
|
|
|
|
|
| |
Finland0.43% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
68,266 |
|
2,933,152 |
| |
|
|
|
|
|
| |
France1.05% |
|
|
|
|
| |
Carrefour SA |
|
90,089 |
|
3,092,626 |
| |
Peugeot SA* |
|
114,460 |
|
1,881,394 |
| |
Schneider Electric SA |
|
26,087 |
|
2,206,090 |
| |
Total France common stocks |
|
|
|
7,180,110 |
| |
|
|
|
|
|
| |
Germany1.91% |
|
|
|
|
| |
Bayer AG |
|
29,180 |
|
3,440,742 |
| |
Deutsche Bank AG |
|
46,729 |
|
2,145,596 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
E.ON SE |
|
88,436 |
|
$ |
1,573,275 |
|
HeidelbergCement AG |
|
31,024 |
|
2,392,756 |
| |
Infineon Technologies AG |
|
224,981 |
|
2,250,783 |
| |
ThyssenKrupp AG* |
|
51,454 |
|
1,230,697 |
| |
Total Germany common stocks |
|
|
|
13,033,849 |
| |
|
|
|
|
|
| |
India0.09% |
|
|
|
|
| |
Dr Reddys Laboratories Ltd. ADR |
|
9,300 |
|
351,447 |
| |
HDFC Bank Ltd. ADR |
|
7,700 |
|
237,006 |
| |
ICICI Bank Ltd. ADR |
|
1,300 |
|
39,624 |
| |
Total India common stocks |
|
|
|
628,077 |
| |
|
|
|
|
|
| |
Indonesia0.05% |
|
|
|
|
| |
Adaro Energy Tbk PT |
|
438,500 |
|
34,080 |
| |
Bank Rakyat Indonesia Persero Tbk PT |
|
173,000 |
|
108,312 |
| |
Harum Energy Tbk PT |
|
125,000 |
|
29,145 |
| |
Media Nusantara Citra Tbk PT |
|
532,000 |
|
124,041 |
| |
Tambang Batubara Bukit Asam Persero Tbk PT |
|
31,500 |
|
34,683 |
| |
Total Indonesia common stocks |
|
|
|
330,261 |
| |
|
|
|
|
|
| |
Ireland0.64% |
|
|
|
|
| |
Ryanair Holdings PLC ADR |
|
38,300 |
|
1,905,042 |
| |
Shire PLC |
|
61,447 |
|
2,465,029 |
| |
Total Ireland common stocks |
|
|
|
4,370,071 |
| |
|
|
|
|
|
| |
Israel0.77% |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
58,800 |
|
3,325,728 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
51,016 |
|
1,927,385 |
| |
Total Israel common stocks |
|
|
|
5,253,113 |
| |
|
|
|
|
|
| |
Japan5.45% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
226,000 |
|
1,400,214 |
| |
Bridgestone Corp. |
|
37,800 |
|
1,374,790 |
| |
ITOCHU Corp.1 |
|
252,800 |
|
3,091,364 |
| |
Japan Airlines Co., Ltd. |
|
30,100 |
|
1,818,953 |
| |
KDDI Corp.1 |
|
55,800 |
|
2,861,102 |
| |
Mitsubishi Corp. |
|
68,400 |
|
1,381,987 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
472,400 |
|
3,013,325 |
| |
ORIX Corp. |
|
205,400 |
|
3,332,957 |
| |
Panasonic Corp. |
|
189,200 |
|
1,824,727 |
| |
Sankyo Co., Ltd. |
|
37,800 |
|
1,843,949 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
37,700 |
|
2,301,236 |
| |
Shiseido Co., Ltd.1 |
|
125,900 |
|
2,259,399 |
| |
THK Co., Ltd. |
|
97,700 |
|
2,160,840 |
| |
Tokio Marine Holdings, Inc. |
|
83,400 |
|
2,719,335 |
| |
Tokyo Gas Co., Ltd. |
|
185,000 |
|
1,012,564 |
| |
Toyota Motor Corp. |
|
74,800 |
|
4,771,311 |
| |
Total Japan common stocks |
|
|
|
37,168,053 |
| |
|
|
|
|
|
| |
Macau0.16% |
|
|
|
|
| |
Melco Crown Entertainment Ltd. ADR* |
|
16,900 |
|
537,927 |
| |
Sands China Ltd. |
|
91,200 |
|
563,834 |
| |
Total Macau common stocks |
|
|
|
1,101,761 |
| |
|
|
|
|
|
| |
Malaysia0.06% |
|
|
|
|
| |
Axiata Group Bhd |
|
79,100 |
|
166,961 |
| |
Malayan Banking Bhd |
|
13,700 |
|
41,358 |
| |
Sapurakencana Petroleum Bhd* |
|
149,800 |
|
169,585 |
| |
Total Malaysia common stocks |
|
|
|
377,904 |
| |
|
|
|
|
|
| |
Mexico0.25% |
|
|
|
|
| |
Alfa SAB de CV, Class A |
|
118,000 |
|
318,044 |
| |
Alsea SAB de CV1 |
|
96,000 |
|
268,869 |
| |
Cemex SAB de CV ADR* |
|
43,352 |
|
484,675 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Mexico(concluded) |
|
|
|
|
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
68,000 |
|
$ |
424,588 |
|
Grupo Televisa SAB ADR |
|
6,300 |
|
176,085 |
| |
Total Mexico common stocks |
|
|
|
1,672,261 |
| |
|
|
|
|
|
| |
Netherlands1.49% |
|
|
|
|
| |
CNH Industrial NV* |
|
210,488 |
|
2,699,512 |
| |
Heineken NV |
|
31,027 |
|
2,199,064 |
| |
Koninklijke DSM NV |
|
34,739 |
|
2,621,473 |
| |
NXP Semiconductor NV* |
|
18,100 |
|
673,501 |
| |
Wolters Kluwer NV |
|
76,410 |
|
1,969,740 |
| |
Total Netherlands common stocks |
|
|
|
10,163,290 |
| |
|
|
|
|
|
| |
Norway0.51% |
|
|
|
|
| |
Telenor ASA |
|
152,979 |
|
3,495,500 |
| |
|
|
|
|
|
| |
Panama0.02% |
|
|
|
|
| |
Copa Holdings SA, Class A |
|
1,200 |
|
166,404 |
| |
|
|
|
|
|
| |
Philippines0.10% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
565,000 |
|
304,950 |
| |
Metropolitan Bank & Trust |
|
119,905 |
|
228,574 |
| |
SM Investments Corp. |
|
9,796 |
|
175,491 |
| |
Total Philippines common stocks |
|
|
|
709,015 |
| |
|
|
|
|
|
| |
Russia0.07% |
|
|
|
|
| |
Magnit OJSC GDR2 |
|
4,517 |
|
278,925 |
| |
MegaFon OAO GDR2 |
|
5,000 |
|
176,250 |
| |
Total Russia common stocks |
|
|
|
455,175 |
| |
|
|
|
|
|
| |
Singapore0.10% |
|
|
|
|
| |
Avago Technologies Ltd. |
|
15,300 |
|
659,736 |
| |
|
|
|
|
|
| |
South Africa0.16% |
|
|
|
|
| |
Aspen Pharmacare Holdings Ltd.* |
|
15,916 |
|
416,516 |
| |
Life Healthcare Group Holdings Ltd. |
|
40,970 |
|
145,840 |
| |
Naspers Ltd., Class N |
|
4,219 |
|
390,139 |
| |
Standard Bank Group Ltd. |
|
14,571 |
|
173,977 |
| |
Total South Africa common stocks |
|
|
|
1,126,472 |
| |
|
|
|
|
|
| |
South Korea0.44% |
|
|
|
|
| |
Doosan Infracore Co., Ltd.* |
|
14,050 |
|
205,257 |
| |
Hankook Tire Co., Ltd. |
|
3,178 |
|
181,570 |
| |
Hyundai Motor Co. |
|
1,785 |
|
416,903 |
| |
Kia Motors Corp. |
|
4,379 |
|
266,079 |
| |
LG Chem Ltd. |
|
925 |
|
264,673 |
| |
Samsung Electronics Co., Ltd. |
|
526 |
|
669,079 |
| |
Seoul Semiconductor Co., Ltd. |
|
9,298 |
|
350,835 |
| |
SK Hynix, Inc.* |
|
13,470 |
|
379,154 |
| |
SK Telecom Co., Ltd. |
|
908 |
|
184,612 |
| |
Sung Kwang Bend Co., Ltd. |
|
2,946 |
|
83,610 |
| |
Total South Korea common stocks |
|
|
|
3,001,772 |
| |
|
|
|
|
|
| |
Spain0.13% |
|
|
|
|
| |
Acciona SA1 |
|
15,591 |
|
887,036 |
| |
|
|
|
|
|
| |
Sweden0.18% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
55,962 |
|
1,206,892 |
| |
|
|
|
|
|
| |
Switzerland2.49% |
|
|
|
|
| |
Credit Suisse Group AG* |
|
78,214 |
|
2,388,755 |
| |
Glencore Xstrata PLC* |
|
405,071 |
|
2,207,976 |
| |
Nestle SA |
|
68,505 |
|
4,791,221 |
| |
Novartis AG |
|
71,077 |
|
5,462,323 |
| |
SGS SA |
|
891 |
|
2,127,129 |
| |
Total Switzerland common stocks |
|
|
|
16,977,404 |
| |
|
|
|
|
|
| |
Taiwan0.26% |
|
|
|
|
| |
Ginko International Co., Ltd. |
|
9,000 |
|
166,503 |
| |
Himax Technologies, Inc. ADR |
|
9,700 |
|
97,000 |
| |
Hiwin Technologies Corp. |
|
10,000 |
|
66,967 |
| |
Largan Precision Co., Ltd. |
|
7,000 |
|
235,567 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
MediaTek, Inc. |
|
7,000 |
|
$ |
86,532 |
|
President Chain Store Corp. |
|
27,000 |
|
194,964 |
| |
Siliconware Precision Industries Co. |
|
19,000 |
|
22,202 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
29,900 |
|
507,104 |
| |
Uni-President Enterprises Corp. |
|
201,664 |
|
375,814 |
| |
Total Taiwan common stocks |
|
|
|
1,752,653 |
| |
|
|
|
|
|
| |
Thailand0.08% |
|
|
|
|
| |
Banpu PCL |
|
44,000 |
|
38,683 |
| |
Jasmine International PCL |
|
1,438,600 |
|
379,426 |
| |
Minor International PCL |
|
147,100 |
|
113,805 |
| |
Supalai PCL |
|
71,800 |
|
36,267 |
| |
Total Thailand common stocks |
|
|
|
568,181 |
| |
|
|
|
|
|
| |
Turkey0.04% |
|
|
|
|
| |
Ford Otomotiv Sanayi AS |
|
9,169 |
|
126,184 |
| |
Turk Hava Yollari |
|
41,938 |
|
159,859 |
| |
Total Turkey common stocks |
|
|
|
286,043 |
| |
|
|
|
|
|
| |
United Kingdom5.53% |
|
|
|
|
| |
Associated British Foods PLC |
|
36,479 |
|
1,107,888 |
| |
Aviva PLC |
|
344,861 |
|
2,215,316 |
| |
Barclays PLC |
|
466,360 |
|
2,004,499 |
| |
BP PLC |
|
550,244 |
|
3,858,012 |
| |
Burberry Group PLC |
|
81,058 |
|
2,144,213 |
| |
Carnival PLC |
|
31,620 |
|
1,071,911 |
| |
HSBC Holdings PLC |
|
455,646 |
|
4,937,798 |
| |
Imperial Tobacco Group PLC |
|
91,538 |
|
3,389,125 |
| |
Kingfisher PLC |
|
200,729 |
|
1,254,021 |
| |
Liberty Global PLC, Series A* |
|
4,100 |
|
325,335 |
| |
Premier Oil PLC |
|
231,038 |
|
1,217,459 |
| |
Prudential PLC |
|
146,013 |
|
2,720,739 |
| |
Rio Tinto PLC |
|
56,019 |
|
2,741,533 |
| |
SABMiller PLC |
|
41,163 |
|
2,094,790 |
| |
Sage Group PLC |
|
399,815 |
|
2,134,665 |
| |
SSE PLC |
|
57,555 |
|
1,373,411 |
| |
Vodafone Group PLC |
|
887,493 |
|
3,103,407 |
| |
Total United Kingdom common stocks |
|
|
|
37,694,122 |
| |
|
|
|
|
|
| |
United States14.76% |
|
|
|
|
| |
3M Co. |
|
9,200 |
|
1,098,572 |
| |
Acorda Therapeutics, Inc.* |
|
16,200 |
|
555,336 |
| |
Adobe Systems, Inc.* |
|
29,300 |
|
1,521,842 |
| |
Alexion Pharmaceuticals, Inc.* |
|
4,900 |
|
569,184 |
| |
Allergan, Inc. |
|
9,500 |
|
859,275 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
7,000 |
|
448,070 |
| |
Amazon.com, Inc.* |
|
6,500 |
|
2,032,160 |
| |
American Capital Agency Corp. |
|
22,300 |
|
503,311 |
| |
AMETEK, Inc. |
|
11,100 |
|
510,822 |
| |
Apple, Inc. |
|
9,450 |
|
4,505,287 |
| |
Atmel Corp.* |
|
82,700 |
|
615,288 |
| |
Baker Hughes, Inc. |
|
29,400 |
|
1,443,540 |
| |
Baxter International, Inc. |
|
15,200 |
|
998,488 |
| |
Biogen Idec, Inc.* |
|
2,600 |
|
625,976 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
3,200 |
|
376,192 |
| |
Bluebird Bio, Inc.*1 |
|
4,300 |
|
115,928 |
| |
Boeing Co. |
|
4,900 |
|
575,750 |
| |
Broadcom Corp., Class A |
|
41,400 |
|
1,076,814 |
| |
Capital One Financial Corp. |
|
7,900 |
|
543,046 |
| |
Cardinal Health, Inc. |
|
17,200 |
|
896,980 |
| |
Catamaran Corp.* |
|
10,200 |
|
468,690 |
| |
Citigroup, Inc. |
|
40,620 |
|
1,970,476 |
| |
Coach, Inc. |
|
9,400 |
|
512,582 |
| |
Comcast Corp., Class A |
|
35,500 |
|
1,602,825 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Commercial Metals Co. |
|
24,000 |
|
$ |
406,800 |
|
Concho Resources, Inc.* |
|
5,100 |
|
554,931 |
| |
Crown Castle International Corp.* |
|
8,100 |
|
591,543 |
| |
Cummins, Inc. |
|
3,500 |
|
465,045 |
| |
Danaher Corp. |
|
35,000 |
|
2,426,200 |
| |
Digital Realty Trust, Inc.1 |
|
16,900 |
|
897,390 |
| |
Discover Financial Services |
|
9,400 |
|
475,076 |
| |
Dollar General Corp.* |
|
10,600 |
|
598,476 |
| |
Dow Chemical Co. |
|
35,600 |
|
1,367,040 |
| |
eBay, Inc.* |
|
17,300 |
|
965,167 |
| |
Edison International |
|
10,900 |
|
502,054 |
| |
Eli Lilly & Co. |
|
15,700 |
|
790,181 |
| |
Envision Healthcare Holdings, Inc.* |
|
18,600 |
|
484,158 |
| |
EOG Resources, Inc. |
|
6,600 |
|
1,117,248 |
| |
Epizyme, Inc.*1 |
|
3,800 |
|
152,494 |
| |
Estee Lauder Cos., Inc., Class A |
|
9,300 |
|
650,070 |
| |
Facebook, Inc., Class A* |
|
18,700 |
|
939,488 |
| |
First Cash Financial Services, Inc.* |
|
4,000 |
|
231,800 |
| |
FMC Technologies, Inc.* |
|
4,700 |
|
260,474 |
| |
Freescale Semiconductor Ltd.* |
|
18,400 |
|
306,360 |
| |
General Dynamics Corp. |
|
15,900 |
|
1,391,568 |
| |
Gilead Sciences, Inc.* |
|
28,100 |
|
1,765,804 |
| |
Google, Inc., Class A* |
|
1,550 |
|
1,357,661 |
| |
Hain Celestial Group, Inc.* |
|
4,000 |
|
308,480 |
| |
Halliburton Co. |
|
36,300 |
|
1,747,845 |
| |
Hertz Global Holdings, Inc.* |
|
78,000 |
|
1,728,480 |
| |
Hess Corp. |
|
17,600 |
|
1,361,184 |
| |
Hospira, Inc.* |
|
25,100 |
|
984,422 |
| |
Illinois Tool Works, Inc. |
|
24,000 |
|
1,830,480 |
| |
Impax Laboratories, Inc.* |
|
23,700 |
|
486,087 |
| |
International Paper Co. |
|
16,900 |
|
757,120 |
| |
Intuitive Surgical, Inc.* |
|
840 |
|
316,067 |
| |
Invesco Ltd. |
|
15,800 |
|
504,020 |
| |
JC Penney Co., Inc.*1 |
|
47,600 |
|
419,832 |
| |
JPMorgan Chase & Co. |
|
34,100 |
|
1,762,629 |
| |
Kellogg Co. |
|
11,400 |
|
669,522 |
| |
Las Vegas Sands Corp. |
|
10,100 |
|
670,842 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
148,000 |
|
350,760 |
| |
Lincoln National Corp. |
|
26,900 |
|
1,129,531 |
| |
Macys, Inc. |
|
18,500 |
|
800,495 |
| |
MasterCard, Inc., Class A |
|
955 |
|
642,505 |
| |
McDermott International, Inc.* |
|
102,000 |
|
757,860 |
| |
MetLife, Inc. |
|
18,400 |
|
863,880 |
| |
Michael Kors Holdings Ltd.* |
|
10,200 |
|
760,104 |
| |
Micron Technology, Inc.* |
|
49,700 |
|
868,259 |
| |
Mohawk Industries, Inc.* |
|
3,000 |
|
390,750 |
| |
Mondelez International, Inc., Class A |
|
81,200 |
|
2,551,304 |
| |
Monster Beverage Corp.* |
|
7,900 |
|
412,775 |
| |
Morgan Stanley |
|
64,400 |
|
1,735,580 |
| |
NetApp, Inc. |
|
23,600 |
|
1,005,832 |
| |
NextEra Energy, Inc. |
|
6,200 |
|
496,992 |
| |
NII Holdings, Inc.*1 |
|
183,200 |
|
1,112,024 |
| |
NIKE, Inc., Class B |
|
10,700 |
|
777,248 |
| |
Noble Corp. |
|
26,500 |
|
1,000,905 |
| |
Norfolk Southern Corp. |
|
21,000 |
|
1,624,350 |
| |
Parker Hannifin Corp. |
|
16,700 |
|
1,815,624 |
| |
PG&E Corp. |
|
26,600 |
|
1,088,472 |
| |
Philip Morris International, Inc. |
|
18,100 |
|
1,567,279 |
| |
Precision Castparts Corp. |
|
3,650 |
|
829,426 |
| |
Priceline.com, Inc.* |
|
1,000 |
|
1,010,950 |
| |
Progressive Corp. |
|
7,700 |
|
209,671 |
| |
QUALCOMM, Inc. |
|
12,400 |
|
835,264 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Quintiles Transnational Holdings, Inc.* |
|
4,700 |
|
$ |
210,936 |
|
Ralph Lauren Corp. |
|
8,500 |
|
1,400,205 |
| |
Realogy Holdings Corp.* |
|
9,000 |
|
387,180 |
| |
Salesforce.com, Inc.* |
|
15,700 |
|
814,987 |
| |
Salix Pharmaceuticals Ltd.* |
|
8,600 |
|
575,168 |
| |
Schlumberger Ltd. |
|
5,700 |
|
503,652 |
| |
ServiceNow, Inc.* |
|
6,200 |
|
322,090 |
| |
ServiceSource International, Inc.* |
|
103,400 |
|
1,249,072 |
| |
Sherwin-Williams Co. |
|
3,100 |
|
564,758 |
| |
Skyworks Solutions, Inc.* |
|
25,000 |
|
621,000 |
| |
Starbucks Corp. |
|
9,600 |
|
738,912 |
| |
Symantec Corp. |
|
46,000 |
|
1,138,500 |
| |
Teradata Corp.* |
|
10,400 |
|
576,576 |
| |
Time Warner, Inc. |
|
18,700 |
|
1,230,647 |
| |
Union Pacific Corp. |
|
3,100 |
|
481,554 |
| |
United Technologies Corp. |
|
6,400 |
|
690,048 |
| |
UnitedHealth Group, Inc. |
|
19,300 |
|
1,382,073 |
| |
US Bancorp |
|
30,000 |
|
1,097,400 |
| |
Viacom, Inc., Class B |
|
12,100 |
|
1,011,318 |
| |
Visa, Inc., Class A |
|
3,900 |
|
745,290 |
| |
VMware, Inc., Class A* |
|
7,400 |
|
598,660 |
| |
Waste Management, Inc. |
|
15,200 |
|
626,848 |
| |
Wells Fargo & Co. |
|
22,300 |
|
921,436 |
| |
Yum! Brands, Inc. |
|
15,900 |
|
1,135,101 |
| |
Zoetis, Inc. |
|
10,300 |
|
320,536 |
| |
Total United States common stocks |
|
|
|
100,652,259 |
| |
Total common stocks (cost $239,315,920) |
|
|
|
277,927,564 |
| |
|
|
|
|
|
| |
|
|
Face |
|
|
| |
Bonds11.08% |
|
|
|
|
| |
Mortgage & agency debt securities0.14% |
|
|
|
|
| |
United States0.14% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp. Gold Pools,3 |
|
|
|
|
| |
#G00194, 7.500%, due 02/01/24 |
|
32,974 |
|
37,372 |
| |
Government National Mortgage Association, |
|
|
|
|
| |
Series 2001-35, Class AZ, |
|
|
|
|
| |
6.500%, due 08/20/31 |
|
759,109 |
|
865,282 |
| |
Total mortgage & agency debt securities (cost $825,603) |
|
|
|
902,654 |
| |
US government obligations3.50% |
|
|
|
|
| |
US Treasury Bonds, |
|
|
|
|
| |
2.750%, due 08/15/42 |
|
555,000 |
|
460,043 |
| |
2.750%, due 11/15/42 |
|
1,305,000 |
|
1,080,091 |
| |
5.375%, due 02/15/31 |
|
1,500,000 |
|
1,912,968 |
| |
6.250%, due 08/15/231 |
|
1,500,000 |
|
1,985,157 |
| |
8.000%, due 11/15/21 |
|
960,000 |
|
1,373,925 |
| |
US Treasury Notes, |
|
|
|
|
| |
0.125%, due 12/31/141 |
|
5,205,000 |
|
5,202,356 |
| |
0.250%, due 11/30/141 |
|
2,950,000 |
|
2,953,342 |
| |
0.625%, due 04/30/18 |
|
1,675,000 |
|
1,628,152 |
| |
0.750%, due 12/31/17 |
|
4,145,000 |
|
4,074,730 |
| |
1.625%, due 11/15/221 |
|
605,000 |
|
560,145 |
| |
2.500%, due 04/30/15 |
|
975,000 |
|
1,009,696 |
| |
3.125%, due 04/30/17 |
|
1,500,000 |
|
1,618,593 |
| |
Total US government obligations (cost $23,640,090) |
|
|
|
23,859,198 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
|
|
|
|
| |
|
|
Face |
|
Value |
| ||
Non-US government obligations7.44% |
|
|
|
|
| ||
Australia1.15% |
|
|
|
|
| ||
Government of Australia, |
|
|
|
|
| ||
5.750%, due 05/15/21 |
|
AUD |
7,350,000 |
|
$ |
7,818,140 |
|
|
|
|
|
|
| ||
Belgium0.38% |
|
|
|
|
| ||
Kingdom of Belgium, |
|
|
|
|
| ||
1.250%, due 06/22/18 |
|
EUR |
1,900,000 |
|
2,564,246 |
| |
|
|
|
|
|
| ||
Finland0.73% |
|
|
|
|
| ||
Government of Finland, |
|
|
|
|
| ||
4.375%, due 07/04/194 |
|
3,152,000 |
|
5,010,629 |
| ||
|
|
|
|
|
| ||
France0.94% |
|
|
|
|
| ||
Government of France, |
|
|
|
|
| ||
0.250%, due 07/25/185 |
|
1,858,374 |
|
2,574,968 |
| ||
3.750%, due 04/25/21 |
|
1,660,000 |
|
2,551,597 |
| ||
4.500%, due 04/25/41 |
|
810,000 |
|
1,313,589 |
| ||
|
|
|
|
6,440,154 |
| ||
Germany0.94% |
|
|
|
|
| ||
Bundesobligation, |
|
|
|
|
| ||
1.250%, due 10/14/16 |
|
1,100,000 |
|
1,530,562 |
| ||
Bundesrepublik Deutschland, |
|
|
|
|
| ||
3.250%, due 07/04/21 |
|
2,505,000 |
|
3,875,873 |
| ||
4.000%, due 01/04/37 |
|
580,000 |
|
976,579 |
| ||
|
|
|
|
6,383,014 |
| ||
Italy1.46% |
|
|
|
|
| ||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
2.100%, due 09/15/165 |
|
1,126,547 |
|
1,549,836 |
| ||
2.100%, due 09/15/215 |
|
2,855,612 |
|
3,658,472 |
| ||
3.000%, due 04/15/15 |
|
1,545,000 |
|
2,131,287 |
| ||
4.250%, due 02/01/19 |
|
1,860,000 |
|
2,610,114 |
| ||
|
|
|
|
9,949,709 |
| ||
Netherlands0.38% |
|
|
|
|
| ||
Kingdom of the Netherlands, |
|
|
|
|
| ||
1.250%, due 01/15/184 |
|
1,900,000 |
|
2,605,013 |
| ||
|
|
|
|
|
| ||
Sweden0.36% |
|
|
|
|
| ||
Kingdom of Sweden, |
|
|
|
|
| ||
5.000%, due 12/01/20 |
|
SEK |
13,330,000 |
|
2,467,814 |
| |
|
|
|
|
|
| ||
United Kingdom1.10% |
|
|
|
|
| ||
United Kingdom Gilts, |
|
|
|
|
| ||
3.750%, due 09/07/21 |
|
GBP |
3,450,000 |
|
6,182,822 |
| |
4.750%, due 12/07/38 |
|
655,000 |
|
1,300,152 |
| ||
|
|
|
|
7,482,974 |
| ||
Total Non-US government obligations (cost $49,476,921) |
|
|
|
50,721,693 |
| ||
Total bonds (cost $73,942,614) |
|
|
|
75,483,545 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment companies17.94% |
|
|
|
|
| ||
iShares JPMorgan USD Emerging Markets Bond Fund1 |
|
130,100 |
|
14,180,900 |
| ||
UBS Emerging Markets Equity Relationship Fund*6 |
|
1,300,386 |
|
46,215,839 |
| ||
UBS Global Corporate Bond Relationship Fund*6 |
|
1,123,387 |
|
13,828,333 |
| ||
UBS High Yield Relationship Fund*6 |
|
1,497,331 |
|
48,124,830 |
| ||
Total investment companies (cost $109,735,375) |
|
|
|
122,349,902 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
|
|
|
|
|
|
|
Number of |
|
Value |
| |
Rights0.02% |
|
|
|
|
| |
United Kingdom0.02% |
|
|
|
|
| |
Barclays PLC, expires 10/02/13* (cost $0) |
|
116,590 |
|
$ |
152,414 |
|
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Warrant0.04% |
|
|
|
|
| |
Russia0.04% |
|
|
|
|
| |
Sberbank of Russia,strike @ $0.00001, expires 10/14/15* (cost $257,771) |
|
84,680 |
|
255,335 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment27.24% |
|
|
|
|
| |
Investment company27.24% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund6 (cost $185,799,575) |
|
185,799,575 |
|
185,799,575 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Options purchased*: 0.23% |
|
|
|
|
| |
Call options: 0.23% |
|
|
|
|
| |
FTSE 100 Index, strike @ GBP 6,700.00, expires December 2013 |
|
749 |
|
654,780 |
| |
S&P 500 Index, strike @ USD 1,700.00, expires December 2013 |
|
280 |
|
912,800 |
| |
Total options purchased (cost $3,455,278) |
|
|
|
1,567,580 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned3.81% |
|
|
|
|
| |
UBS Private Money Market Fund LLC 6 (cost $26,005,855) |
|
26,005,855 |
|
26,005,855 |
| |
Total investments101.11% (cost $638,512,388) |
|
|
|
689,541,770 |
| |
Liabilities, in excess of cash and other assets: (1.11)% |
|
|
|
(7,548,660 |
) | |
Net assets: 100.00% |
|
|
|
$ |
681,993,110 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 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 |
|
$ |
62,140,612 |
|
Gross unrealized depreciation |
|
(11,111,230 |
) | |
Net unrealized appreciation of investments |
|
$ |
51,029,382 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
BB |
|
GBP |
8,625,000 |
|
SEK |
88,967,565 |
|
12/04/13 |
|
$ |
(133,392 |
) |
BB |
|
USD |
25,212,841 |
|
NOK |
153,700,000 |
|
12/04/13 |
|
286,703 |
| |
CIBC |
|
USD |
57,768,514 |
|
JPY |
5,667,900,000 |
|
12/04/13 |
|
(84,743 |
) | |
CSI |
|
CHF |
25,300,000 |
|
USD |
27,301,176 |
|
12/04/13 |
|
(689,250 |
) | |
GSI |
|
AUD |
26,125,000 |
|
USD |
23,248,638 |
|
12/04/13 |
|
(1,021,943 |
) | |
GSI |
|
SEK |
188,380,000 |
|
USD |
28,645,287 |
|
12/04/13 |
|
(623,538 |
) | |
HSBC |
|
CAD |
34,175,000 |
|
USD |
32,473,086 |
|
12/04/13 |
|
(651,727 |
) | |
HSBC |
|
EUR |
2,035,000 |
|
USD |
2,751,753 |
|
12/04/13 |
|
(1,755 |
) | |
JPMCB |
|
AUD |
2,814,982 |
|
SEK |
16,500,000 |
|
12/04/13 |
|
(51,543 |
) | |
JPMCB |
|
GBP |
1,630,000 |
|
USD |
2,528,546 |
|
12/04/13 |
|
(109,009 |
) | |
JPMCB |
|
HKD |
29,100,000 |
|
USD |
3,753,167 |
|
12/04/13 |
|
654 |
| |
JPMCB |
|
IDR |
51,519,500,000 |
|
USD |
4,320,294 |
|
12/04/13 |
|
(78,081 |
) | |
JPMCB |
|
ILS |
13,560,000 |
|
USD |
3,718,124 |
|
12/04/13 |
|
(125,250 |
) | |
JPMCB |
|
INR |
213,760,000 |
|
USD |
3,065,934 |
|
12/04/13 |
|
(289,149 |
) | |
JPMCB |
|
THB |
118,700,000 |
|
USD |
3,633,080 |
|
12/04/13 |
|
(147,007 |
) | |
JPMCB |
|
USD |
2,771,091 |
|
JPY |
274,100,000 |
|
12/04/13 |
|
18,499 |
| |
JPMCB |
|
USD |
12,746,503 |
|
PHP |
569,450,000 |
|
12/04/13 |
|
333,252 |
| |
JPMCB |
|
USD |
3,806,869 |
|
SGD |
4,865,000 |
|
12/04/13 |
|
71,348 |
| |
JPMCB |
|
ZAR |
4,580,000 |
|
USD |
459,663 |
|
10/01/13 |
|
3,499 |
| |
MSCI |
|
AUD |
14,710,000 |
|
USD |
13,822,104 |
|
12/04/13 |
|
156,258 |
| |
MSCI |
|
USD |
12,873,865 |
|
MXN |
172,840,000 |
|
12/04/13 |
|
261,283 |
| |
RBS |
|
GBP |
1,760,000 |
|
USD |
2,720,159 |
|
12/04/13 |
|
(127,753 |
) | |
RBS |
|
NZD |
69,900,000 |
|
USD |
54,201,858 |
|
12/04/13 |
|
(3,600,299 |
) | |
SSB |
|
USD |
23,812,118 |
|
EUR |
17,945,000 |
|
12/04/13 |
|
468,822 |
| |
SSB |
|
USD |
14,943,786 |
|
PLN |
48,515,000 |
|
12/04/13 |
|
532,900 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(5,601,221 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 125 contracts (USD) |
|
December 2013 |
|
$ |
15,478,670 |
|
$ |
15,798,828 |
|
$ |
320,158 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
2 Year US Treasury Notes, 33 contracts (USD) |
|
December 2013 |
|
(7,250,679 |
) |
(7,268,765 |
) |
(18,086 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Amsterdam Exchange Index, 81 contracts (EUR) |
|
October 2013 |
|
8,309,307 |
|
8,220,755 |
|
(88,552 |
) | |||
DAX Index, 52 contracts (EUR) |
|
December 2013 |
|
15,117,794 |
|
15,105,517 |
|
(12,277 |
) | |||
E-mini S&P 500 Index, 417 contracts (USD) |
|
December 2013 |
|
35,261,416 |
|
34,909,155 |
|
(352,261 |
) | |||
EURO STOXX 50 Index, 589 contracts (EUR) |
|
December 2013 |
|
22,923,132 |
|
22,940,697 |
|
17,565 |
| |||
TOPIX Index, 182 contracts (JPY) |
|
December 2013 |
|
21,894,426 |
|
22,154,026 |
|
259,600 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini NASDAQ 100 Index, 186 contracts (USD) |
|
December 2013 |
|
(11,757,916 |
) |
(11,937,480 |
) |
(179,564 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 179 contracts (AUD) |
|
December 2013 |
|
19,131,557 |
|
19,640,389 |
|
508,832 |
| |||
Euro-BTP, 98 contracts (EUR) |
|
December 2013 |
|
14,614,483 |
|
14,634,103 |
|
19,620 |
| |||
Long Gilt, 123 contracts (GBP) |
|
December 2013 |
|
21,763,893 |
|
21,967,437 |
|
203,544 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
678,579 |
| ||
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
133 |
|
$ |
1,119,052 |
|
Options written |
|
|
|
|
| |
Options terminated in closing purchase transactions |
|
(133 |
) |
(1,119,052 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
|
|
$ |
|
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
277,927,564 |
|
$ |
|
|
$ |
|
|
$ |
277,927,564 |
|
Mortgage & agency debt securities |
|
|
|
902,654 |
|
|
|
902,654 |
| ||||
US government obligations |
|
|
|
23,859,198 |
|
|
|
23,859,198 |
| ||||
Non-US government obligations |
|
|
|
50,721,693 |
|
|
|
50,721,693 |
| ||||
Investment companies |
|
14,180,900 |
|
108,169,002 |
|
|
|
122,349,902 |
| ||||
Rights |
|
152,414 |
|
|
|
|
|
152,414 |
| ||||
Warrant |
|
255,335 |
|
|
|
|
|
255,335 |
| ||||
Short-term investment |
|
|
|
185,799,575 |
|
|
|
185,799,575 |
| ||||
Options purchased |
|
1,567,580 |
|
|
|
|
|
1,567,580 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
26,005,855 |
|
|
|
26,005,855 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(5,601,221 |
) |
|
|
(5,601,221 |
) | ||||
Futures contracts, net |
|
678,579 |
|
|
|
|
|
678,579 |
| ||||
Total |
|
$ |
294,762,372 |
|
$ |
389,856,756 |
|
$ |
|
|
$ |
684,619,128 |
|
At September 30, 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 September 30, 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 September 30, 2013, the value of these securities amounted to $455,175 or 0.07% 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 |
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 September 30, 2013, the value of these securities amounted to $7,615,642 or 1.12% of net assets. |
5 |
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. |
6 |
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 income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
three months |
|
three months |
|
three months |
|
three months |
|
|
|
three months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
177,549,105 |
|
$ |
70,803,627 |
|
$ |
62,553,157 |
|
$ |
|
|
$ |
|
|
$ |
185,799,575 |
|
$ |
47,944 |
|
UBS Private Money Market Fund LLCa |
|
22,183,419 |
|
47,180,234 |
|
43,357,798 |
|
|
|
|
|
26,005,855 |
|
527 |
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
51,518,582 |
|
|
|
6,500,000 |
|
3,235,227 |
|
(2,037,970 |
) |
46,215,839 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
|
|
13,625,000 |
|
|
|
|
|
203,333 |
|
13,828,333 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
36,525,431 |
|
10,726,001 |
|
|
|
|
|
873,398 |
|
48,124,830 |
|
|
| |||||||
|
|
$ |
287,776,537 |
|
$ |
142,334,862 |
|
$ |
112,410,955 |
|
$ |
3,235,227 |
|
$ |
(961,239 |
) |
$ |
319,974,432 |
|
$ |
48,471 |
|
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 Asset Growth Fund (formerly, UBS Global Frontier Fund)
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
Aerospace & defense |
|
0.45 |
% |
Beverages |
|
0.05 |
|
Biotechnology |
|
0.63 |
|
Capital markets |
|
0.28 |
|
Chemicals |
|
0.24 |
|
Commercial banks |
|
0.25 |
|
Commercial services & supplies |
|
0.08 |
|
Communications equipment |
|
0.11 |
|
Computers & peripherals |
|
0.69 |
|
Consumer finance |
|
0.13 |
|
Diversified financial services |
|
0.46 |
|
Electric utilities |
|
0.13 |
|
Electrical equipment |
|
0.07 |
|
Energy equipment & services |
|
0.72 |
|
Food products |
|
0.45 |
|
Health care equipment & supplies |
|
0.16 |
|
Health care providers & services |
|
0.41 |
|
Hotels, restaurants & leisure |
|
0.32 |
|
Household durables |
|
0.05 |
|
Industrial conglomerates |
|
0.44 |
|
Insurance |
|
0.27 |
|
Internet & catalog retail |
|
0.39 |
|
Internet software & services |
|
0.43 |
|
IT services |
|
0.41 |
|
Life sciences tools & services |
|
0.05 |
|
Machinery |
|
0.52 |
|
Media |
|
0.52 |
|
Metals & mining |
|
0.05 |
|
Multiline retail |
|
0.23 |
|
Multi-utilities |
|
0.13 |
|
Oil, gas & consumable fuels |
|
0.38 |
|
Paper & forest products |
|
0.09 |
|
Personal products |
|
0.09 |
|
Pharmaceuticals |
|
0.56 |
|
Real estate investment trust (REIT) |
|
0.17 |
|
Real estate management & development |
|
0.05 |
|
Road & rail |
|
0.48 |
|
Semiconductors & semiconductor equipment |
|
0.59 |
|
Software |
|
0.78 |
|
Textiles, apparel & luxury goods |
|
0.51 |
|
Tobacco |
|
0.19 |
|
Wireless telecommunication services |
|
0.22 |
|
Total common stocks |
|
13.23 |
% |
Bonds |
|
|
|
US government obligations |
|
5.51 |
|
Non-US government obligations |
|
9.81 |
|
Total bonds |
|
15.32 |
% |
Investment companies |
|
|
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
2.51 |
|
UBS Emerging Markets Equity Relationship Fund |
|
10.91 |
|
UBS Global Corporate Bond Relationship Fund |
|
2.56 |
|
UBS High Yield Relationship Fund |
|
8.92 |
|
UBS International Equity Relationship Fund |
|
17.41 |
|
Total investment companies |
|
42.31 |
% |
Short-term investment |
|
21.61 |
|
Options purchased |
|
0.30 |
|
Investment of cash collateral from securities loaned |
|
0.88 |
|
Total investments |
|
93.65 |
% |
Cash and other assets, less liabilities |
|
6.35 |
|
Net assets |
|
100.00 |
% |
1 |
Figures represent the direct investments of UBS Asset Growth Fund (formerly, 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 Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks13.23% |
|
|
|
|
| |
Canada0.08% |
|
|
|
|
| |
Lululemon Athletica, Inc.* |
|
332 |
|
$ |
24,266 |
|
|
|
|
|
|
| |
Israel0.27% |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
1,280 |
|
72,397 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
430 |
|
16,245 |
| |
Total Israel common stocks |
|
|
|
88,642 |
| |
|
|
|
|
|
| |
Netherlands0.08% |
|
|
|
|
| |
NXP Semiconductor NV* |
|
730 |
|
27,163 |
| |
|
|
|
|
|
| |
Singapore0.08% |
|
|
|
|
| |
Avago Technologies Ltd. |
|
630 |
|
27,166 |
| |
|
|
|
|
|
| |
United Kingdom0.04% |
|
|
|
|
| |
Liberty Global PLC, Class A* |
|
178 |
|
14,125 |
| |
|
|
|
|
|
| |
United States12.68% |
|
|
|
|
| |
3M Co. |
|
380 |
|
45,376 |
| |
Acorda Therapeutics, Inc.* |
|
660 |
|
22,625 |
| |
Adobe Systems, Inc.* |
|
1,220 |
|
63,367 |
| |
Alexion Pharmaceuticals, Inc.* |
|
200 |
|
23,232 |
| |
Allergan, Inc. |
|
409 |
|
36,994 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
280 |
|
17,923 |
| |
Amazon.com, Inc.* |
|
274 |
|
85,663 |
| |
American Capital Agency Corp. |
|
900 |
|
20,313 |
| |
AMETEK, Inc. |
|
479 |
|
22,044 |
| |
Apple, Inc. |
|
391 |
|
186,409 |
| |
Atmel Corp.* |
|
3,380 |
|
25,147 |
| |
Baker Hughes, Inc. |
|
1,220 |
|
59,902 |
| |
Baxter International, Inc. |
|
580 |
|
38,100 |
| |
Biogen Idec, Inc.* |
|
110 |
|
26,484 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
130 |
|
15,283 |
| |
Bluebird Bio, Inc.*1 |
|
200 |
|
5,392 |
| |
Boeing Co. |
|
200 |
|
23,500 |
| |
Broadcom Corp., Class A |
|
1,670 |
|
43,437 |
| |
Capital One Financial Corp. |
|
320 |
|
21,997 |
| |
Cardinal Health, Inc. |
|
720 |
|
37,548 |
| |
Catamaran Corp.* |
|
440 |
|
20,218 |
| |
Citigroup, Inc. |
|
1,660 |
|
80,527 |
| |
Coach, Inc. |
|
370 |
|
20,176 |
| |
Comcast Corp., Class A |
|
1,460 |
|
65,919 |
| |
Commercial Metals Co. |
|
970 |
|
16,441 |
| |
Concho Resources, Inc.* |
|
219 |
|
23,829 |
| |
Crown Castle International Corp.* |
|
351 |
|
25,633 |
| |
Cummins, Inc. |
|
152 |
|
20,196 |
| |
Danaher Corp. |
|
1,456 |
|
100,930 |
| |
Digital Realty Trust, Inc. |
|
690 |
|
36,639 |
| |
Discover Financial Services |
|
406 |
|
20,519 |
| |
Dollar General Corp.* |
|
457 |
|
25,802 |
| |
Dow Chemical Co. |
|
1,470 |
|
56,448 |
| |
eBay, Inc.* |
|
756 |
|
42,177 |
| |
Edison International |
|
450 |
|
20,727 |
| |
Eli Lilly & Co. |
|
650 |
|
32,714 |
| |
Envision Healthcare Holdings, Inc.* |
|
750 |
|
19,522 |
| |
EOG Resources, Inc. |
|
277 |
|
46,891 |
| |
Epizyme, Inc.* |
|
200 |
|
8,026 |
| |
Estee Lauder Cos., Inc., Class A |
|
405 |
|
28,309 |
| |
Facebook, Inc., Class A* |
|
830 |
|
41,699 |
| |
FMC Technologies, Inc.* |
|
204 |
|
11,306 |
| |
Freescale Semiconductor Ltd.* |
|
650 |
|
10,822 |
| |
General Dynamics Corp. |
|
690 |
|
60,389 |
| |
Gilead Sciences, Inc.* |
|
1,203 |
|
75,596 |
| |
Google, Inc., Class A* |
|
68 |
|
59,562 |
| |
Hain Celestial Group, Inc.* |
|
174 |
|
13,419 |
| |
Halliburton Co. |
|
1,490 |
|
71,743 |
| |
Hertz Global Holdings, Inc.* |
|
3,260 |
|
72,242 |
| |
Hess Corp. |
|
720 |
|
55,685 |
| |
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Hospira, Inc.* |
|
985 |
|
$ |
38,632 |
|
Illinois Tool Works, Inc. |
|
990 |
|
75,507 |
| |
Impax Laboratories, Inc.* |
|
950 |
|
19,484 |
| |
International Paper Co. |
|
690 |
|
30,912 |
| |
Intuitive Surgical, Inc.* |
|
36 |
|
13,546 |
| |
Invesco Ltd. |
|
640 |
|
20,416 |
| |
JC Penney Co., Inc.*1 |
|
2,000 |
|
17,640 |
| |
JPMorgan Chase & Co. |
|
1,400 |
|
72,366 |
| |
Kellogg Co. |
|
491 |
|
28,836 |
| |
Las Vegas Sands Corp. |
|
435 |
|
28,893 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
6,050 |
|
14,338 |
| |
Lincoln National Corp. |
|
1,100 |
|
46,189 |
| |
Macys, Inc. |
|
760 |
|
32,885 |
| |
MasterCard, Inc., Class A |
|
41 |
|
27,584 |
| |
McDermott International, Inc.* |
|
4,230 |
|
31,429 |
| |
MetLife, Inc. |
|
750 |
|
35,212 |
| |
Michael Kors Holdings Ltd.* |
|
440 |
|
32,789 |
| |
Micron Technology, Inc.* |
|
2,010 |
|
35,115 |
| |
Mohawk Industries, Inc.* |
|
130 |
|
16,932 |
| |
Mondelez International, Inc., Class A |
|
3,350 |
|
105,257 |
| |
Monster Beverage Corp.* |
|
340 |
|
17,765 |
| |
Morgan Stanley |
|
2,620 |
|
70,609 |
| |
NetApp, Inc. |
|
980 |
|
41,768 |
| |
NextEra Energy, Inc. |
|
260 |
|
20,842 |
| |
NII Holdings, Inc.*1 |
|
7,510 |
|
45,586 |
| |
NIKE, Inc., Class B |
|
462 |
|
33,560 |
| |
Noble Corp. |
|
1,080 |
|
40,792 |
| |
Norfolk Southern Corp. |
|
860 |
|
66,521 |
| |
Parker Hannifin Corp. |
|
690 |
|
75,017 |
| |
PG&E Corp. |
|
1,080 |
|
44,194 |
| |
Philip Morris International, Inc. |
|
740 |
|
64,077 |
| |
Precision Castparts Corp. |
|
160 |
|
36,358 |
| |
Priceline.com, Inc.* |
|
43 |
|
43,471 |
| |
Progressive Corp. |
|
330 |
|
8,986 |
| |
QUALCOMM, Inc. |
|
538 |
|
36,240 |
| |
Quintiles Transnational Holdings, Inc.* |
|
300 |
|
13,464 |
| |
Ralph Lauren Corp. |
|
354 |
|
58,314 |
| |
Realogy Holdings Corp.* |
|
389 |
|
16,735 |
| |
Salesforce.com, Inc.* |
|
684 |
|
35,506 |
| |
Salix Pharmaceuticals Ltd.* |
|
360 |
|
24,077 |
| |
Schlumberger Ltd. |
|
258 |
|
22,797 |
| |
ServiceNow, Inc.* |
|
267 |
|
13,871 |
| |
ServiceSource International, Inc.* |
|
4,240 |
|
51,219 |
| |
Sherwin-Williams Co. |
|
134 |
|
24,412 |
| |
Skyworks Solutions, Inc.* |
|
1,020 |
|
25,337 |
| |
Starbucks Corp. |
|
390 |
|
30,018 |
| |
Symantec Corp. |
|
1,880 |
|
46,530 |
| |
Teradata Corp.* |
|
448 |
|
24,837 |
| |
Time Warner, Inc. |
|
760 |
|
50,016 |
| |
Union Pacific Corp. |
|
134 |
|
20,816 |
| |
United Technologies Corp. |
|
278 |
|
29,974 |
| |
UnitedHealth Group, Inc. |
|
805 |
|
57,646 |
| |
US Bancorp |
|
1,220 |
|
44,628 |
| |
Viacom, Inc., Class B |
|
510 |
|
42,626 |
| |
Visa, Inc., Class A |
|
169 |
|
32,296 |
| |
VMware, Inc., Class A* |
|
322 |
|
26,050 |
| |
Waste Management, Inc. |
|
630 |
|
25,981 |
| |
Wells Fargo & Co. |
|
910 |
|
37,601 |
| |
Yum! Brands, Inc. |
|
650 |
|
46,403 |
| |
Zoetis, Inc. |
|
600 |
|
18,672 |
| |
Total United States common stocks |
|
|
|
4,194,416 |
| |
Total common stocks (cost $3,631,578) |
|
|
|
4,375,778 |
| |
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds15.32% |
|
|
|
|
| |||
US government obligations5.51% |
|
|
|
|
| |||
US Treasury Bonds, |
|
|
|
|
| |||
2.750%, due 08/15/42 |
|
$ |
95,000 |
|
$ |
78,746 |
| |
2.750%, due 11/15/42 |
|
150,000 |
|
124,149 |
| |||
6.625%, due 02/15/27 |
|
105,000 |
|
147,115 |
| |||
US Treasury Notes, |
|
|
|
|
| |||
0.125%, due 12/31/141 |
|
555,000 |
|
554,718 |
| |||
0.250%, due 11/30/141 |
|
405,000 |
|
405,459 |
| |||
0.625%, due 04/30/18 |
|
25,000 |
|
24,301 |
| |||
0.750%, due 12/31/171 |
|
75,000 |
|
73,728 |
| |||
0.875%, due 12/31/161 |
|
360,000 |
|
361,238 |
| |||
2.500%, due 08/15/23 |
|
55,000 |
|
54,441 |
| |||
Total US government obligations (cost $1,836,277) |
|
|
|
1,823,895 |
| |||
|
|
|
|
|
| |||
Non-US government obligations9.81% |
|
|
|
|
| |||
Australia1.51% |
|
|
|
|
| |||
Government of Australia, |
|
|
|
|
| |||
5.750%, due 05/15/21 |
|
AUD |
469,000 |
|
498,872 |
| ||
|
|
|
|
|
| |||
Belgium0.49% |
|
|
|
|
| |||
Kingdom of Belgium, |
|
|
|
|
| |||
1.250%, due 06/22/18 |
|
EUR |
120,000 |
|
161,952 |
| ||
|
|
|
|
|
| |||
Finland0.96% |
|
|
|
|
| |||
Government of Finland, |
|
|
|
|
| |||
4.375%, due 07/04/192 |
|
200,000 |
|
317,933 |
| |||
|
|
|
|
|
| |||
France1.23% |
|
|
|
|
| |||
Government of France, |
|
|
|
|
| |||
0.250%, due 07/25/183 |
|
118,729 |
|
164,512 |
| |||
3.750%, due 04/25/21 |
|
105,000 |
|
161,396 |
| |||
4.500%, due 04/25/41 |
|
50,000 |
|
81,086 |
| |||
|
|
|
|
406,994 |
| |||
Germany1.27% |
|
|
|
|
| |||
Bundesobligation, |
|
|
|
|
| |||
1.250%, due 10/14/16 |
|
70,000 |
|
97,399 |
| |||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
3.250%, due 07/04/21 |
|
170,000 |
|
263,033 |
| |||
4.000%, due 01/04/37 |
|
35,000 |
|
58,932 |
| |||
|
|
|
|
419,364 |
| |||
Italy1.94% |
|
|
|
|
| |||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| |||
2.100%, due 09/15/163 |
|
74,395 |
|
102,348 |
| |||
2.100%, due 09/15/213 |
|
182,845 |
|
234,253 |
| |||
3.000%, due 04/15/15 |
|
100,000 |
|
137,947 |
| |||
4.250%, due 02/01/19 |
|
120,000 |
|
168,394 |
| |||
|
|
|
|
642,942 |
| |||
Netherlands0.50% |
|
|
|
|
| |||
Kingdom of the Netherlands, |
|
|
|
|
| |||
1.250%, due 01/15/182 |
|
120,000 |
|
164,527 |
| |||
|
|
|
|
|
| |||
Sweden0.48% |
|
|
|
|
| |||
Kingdom of Sweden, |
|
|
|
|
| |||
5.000%, due 12/01/20 |
|
SEK |
850,000 |
|
157,363 |
| ||
|
|
|
|
|
| |||
United Kingdom1.43% |
|
|
|
|
| |||
United Kingdom Gilts, |
|
|
|
|
| |||
3.750%, due 09/07/21 |
|
GBP |
220,000 |
|
394,267 |
| ||
4.750%, due 12/07/38 |
|
40,000 |
|
79,399 |
| |||
|
|
|
|
473,666 |
| |||
Total Non-US government obligations (cost $3,167,704) |
|
|
|
3,243,613 |
| |||
Total bonds (cost $5,003,981) |
|
|
|
5,067,508 |
| |||
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies42.31% |
|
|
|
|
| |
iShares JPMorgan USD Emerging Markets Bond Fund1 |
|
7,630 |
|
$ |
831,670 |
|
UBS Emerging Markets Equity Relationship Fund*4 |
|
101,500 |
|
3,607,303 |
| |
UBS Global Corporate Bond Relationship Fund*4 |
|
68,846 |
|
847,461 |
| |
UBS High Yield Relationship Fund*4 |
|
91,785 |
|
2,950,014 |
| |
UBS International Equity Relationship Fund*4 |
|
271,292 |
|
5,758,398 |
| |
Total investment companies (cost $11,916,172) |
|
|
|
13,994,846 |
| |
|
|
|
|
|
| |
Short-term investment21.61% |
|
|
|
|
| |
Investment company21.61% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund4 (cost $7,147,117) |
|
7,147,117 |
|
7,147,117 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Options purchased*0.30% |
|
|
|
|
| |
Call options0.30% |
|
|
|
|
| |
FTSE 100 Index, strike @ GBP 6,700.00, expires December 2013 |
|
49 |
|
42,836 |
| |
S&P 500 Index, strike @ USD 1,700.00, expires December 2013 |
|
17 |
|
55,420 |
| |
Total options purchased (cost $219,454) |
|
|
|
98,256 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned0.88% |
|
|
|
|
| |
UBS Private Money Market Fund LLC4 (cost $291,798) |
|
291,798 |
|
291,798 |
| |
Total investments93.65% (cost $28,210,100) |
|
|
|
30,975,303 |
| |
Cash and other assets, less liabilities6.35% |
|
|
|
2,099,083 |
| |
Net assets100.00% |
|
|
|
$ |
33,074,386 |
|
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 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 |
|
$ |
3,101,658 |
|
Gross unrealized depreciation |
|
(336,455 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,765,203 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||||
BB |
|
GBP |
|
545,000 |
|
SEK |
|
5,621,719 |
|
12/04/13 |
|
$ |
(8,429 |
) |
JPMCB |
|
AUD |
|
2,090,000 |
|
USD |
|
1,858,162 |
|
12/04/13 |
|
(83,484 |
) | |
JPMCB |
|
BRL |
|
460,000 |
|
USD |
|
190,871 |
|
12/04/13 |
|
(13,685 |
) | |
JPMCB |
|
CAD |
|
1,995,000 |
|
USD |
|
1,894,783 |
|
12/04/13 |
|
(38,911 |
) | |
JPMCB |
|
CHF |
|
1,165,000 |
|
USD |
|
1,257,034 |
|
12/04/13 |
|
(31,854 |
) | |
JPMCB |
|
CNY |
|
1,090,000 |
|
USD |
|
176,472 |
|
12/04/13 |
|
(1,146 |
) | |
JPMCB |
|
EUR |
|
195,000 |
|
USD |
|
263,774 |
|
12/04/13 |
|
(76 |
) | |
JPMCB |
|
IDR |
|
3,862,000,000 |
|
USD |
|
323,857 |
|
12/04/13 |
|
(5,853 |
) | |
JPMCB |
|
INR |
|
20,570,000 |
|
USD |
|
295,033 |
|
12/04/13 |
|
(27,825 |
) | |
JPMCB |
|
JPY |
|
19,700,000 |
|
USD |
|
201,300 |
|
12/04/13 |
|
807 |
| |
JPMCB |
|
KRW |
|
196,000,000 |
|
USD |
|
175,602 |
|
12/04/13 |
|
(6,043 |
) | |
JPMCB |
|
NZD |
|
4,270,000 |
|
USD |
|
3,305,714 |
|
12/04/13 |
|
(225,261 |
) | |
JPMCB |
|
SEK |
|
12,350,000 |
|
USD |
|
1,880,365 |
|
12/04/13 |
|
(38,469 |
) | |
JPMCB |
|
THB |
|
10,350,000 |
|
USD |
|
316,785 |
|
12/04/13 |
|
(12,818 |
) | |
JPMCB |
|
USD |
|
471,072 |
|
EUR |
|
355,000 |
|
12/04/13 |
|
9,270 |
| |
JPMCB |
|
USD |
|
511,914 |
|
GBP |
|
330,000 |
|
12/04/13 |
|
22,069 |
| |
JPMCB |
|
USD |
|
3,341,493 |
|
JPY |
|
327,600,000 |
|
12/04/13 |
|
(7,418 |
) | |
JPMCB |
|
USD |
|
819,012 |
|
MXN |
|
10,960,000 |
|
12/04/13 |
|
13,904 |
| |
JPMCB |
|
USD |
|
1,585,842 |
|
NOK |
|
9,650,000 |
|
12/04/13 |
|
15,138 |
| |
JPMCB |
|
USD |
|
173,795 |
|
NZD |
|
210,000 |
|
12/04/13 |
|
(140 |
) | |
JPMCB |
|
USD |
|
857,303 |
|
PHP |
|
38,300,000 |
|
12/04/13 |
|
22,414 |
| |
JPMCB |
|
USD |
|
891,172 |
|
PLN |
|
2,895,000 |
|
12/04/13 |
|
32,357 |
| |
JPMCB |
|
USD |
|
168,027 |
|
SEK |
|
1,110,000 |
|
12/04/13 |
|
4,435 |
| |
JPMCB |
|
ZAR |
|
2,280,000 |
|
USD |
|
217,873 |
|
12/04/13 |
|
(7,116 |
) | |
MSCI |
|
AUD |
|
875,000 |
|
USD |
|
822,185 |
|
12/04/13 |
|
9,295 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(378,839 |
) |
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 2 contracts (USD) |
|
December 2013 |
|
$ |
280,227 |
|
$ |
284,188 |
|
$ |
3,961 |
|
10 Year US Treasury Notes, 11 contracts (USD) |
|
December 2013 |
|
1,362,123 |
|
1,390,297 |
|
28,174 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Amsterdam Exchange Index, 5 contracts (EUR) |
|
October 2013 |
|
512,920 |
|
507,454 |
|
(5,466 |
) | |||
DAX Index, 3 contracts (EUR) |
|
December 2013 |
|
872,180 |
|
871,472 |
|
(708 |
) | |||
E-mini S&P 500 Index, 46 contracts (USD) |
|
December 2013 |
|
3,889,749 |
|
3,850,890 |
|
(38,859 |
) | |||
EURO STOXX 50 Index, 58 contracts (EUR) |
|
December 2013 |
|
2,257,286 |
|
2,259,016 |
|
1,730 |
| |||
FTSE 100 Index, 8 contracts (GBP) |
|
December 2013 |
|
851,304 |
|
832,697 |
|
(18,607 |
) | |||
Hang Seng Index, 1 contracts (HKD) |
|
October 2013 |
|
149,533 |
|
147,520 |
|
(2,013 |
) | |||
OMX Stockholm 30 Index, 15 contracts (SEK) |
|
October 2013 |
|
297,837 |
|
294,144 |
|
(3,693 |
) | |||
S&P Toronto Stock Exchange 60 Index, 2 contracts (CAD) |
|
December 2013 |
|
282,576 |
|
283,676 |
|
1,100 |
| |||
SPI 200 Index, 3 contracts (AUD) |
|
December 2013 |
|
368,620 |
|
365,440 |
|
(3,180 |
) | |||
TOPIX Index, 20 contracts (JPY) |
|
December 2013 |
|
2,405,980 |
|
2,434,508 |
|
28,528 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini NASDAQ 100 Index, 9 contracts (USD) |
|
December 2013 |
|
(568,931 |
) |
(577,620 |
) |
(8,689 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 11 contracts (AUD) |
|
December 2013 |
|
1,175,682 |
|
1,206,951 |
|
31,269 |
| |||
Euro-BTP, 6 contracts (EUR) |
|
December 2013 |
|
894,765 |
|
895,966 |
|
1,201 |
| |||
Long Gilt, 8 contracts (GBP) |
|
December 2013 |
|
1,415,537 |
|
1,428,776 |
|
13,239 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
27,987 |
| ||
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
8 |
|
$ |
67,311 |
|
Options written |
|
|
|
|
| |
Options terminated in closing purchase transactions |
|
(8 |
) |
(67,311 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
|
|
$ |
|
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
4,375,778 |
|
$ |
|
|
$ |
|
|
$ |
4,375,778 |
|
US government obligations |
|
|
|
1,823,895 |
|
|
|
1,823,895 |
| ||||
Non-US government obligations |
|
|
|
3,243,613 |
|
|
|
3,243,613 |
| ||||
Investment companies |
|
831,670 |
|
13,163,176 |
|
|
|
13,994,846 |
| ||||
Short-term investment |
|
|
|
7,147,117 |
|
|
|
7,147,117 |
| ||||
Options purchased |
|
98,256 |
|
|
|
|
|
98,256 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
291,798 |
|
|
|
291,798 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(378,839 |
) |
|
|
(378,839 |
) | ||||
Futures contracts, net |
|
27,987 |
|
|
|
|
|
27,987 |
| ||||
Total |
|
$ |
5,333,691 |
|
$ |
25,290,760 |
|
$ |
|
|
$ |
30,624,451 |
|
At September 30, 2013, there were no transfers between Level 1 and Level 2.
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments September 30, 2013 (unaudited)
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at September 30, 2013. |
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 September 30, 2013, the value of these securities amounted to $482,460 or 1.46% of net assets. |
3 |
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. |
4 |
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 |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
three months ended |
|
three months ended |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||||
Security description |
|
06/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
|
09/30/13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
8,739,483 |
|
$ |
5,168,855 |
|
$ |
6,761,221 |
|
$ |
|
|
$ |
|
|
$ |
7,147,117 |
|
$ |
1,974 |
|
UBS Private Money Market Fund LLCa |
|
274,676 |
|
676,598 |
|
659,476 |
|
|
|
|
|
291,798 |
|
6 |
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
4,625,410 |
|
|
|
1,150,000 |
|
63,981 |
|
67,912 |
|
3,607,303 |
|
|
| |||||||
UBS Global Corporate Relationship Fund |
|
|
|
835,000 |
|
|
|
|
|
12,461 |
|
847,461 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
2,457,795 |
|
435,000 |
|
|
|
|
|
57,219 |
|
2,950,014 |
|
|
| |||||||
UBS International Equity Relationship Fund |
|
5,251,216 |
|
|
|
|
|
|
|
507,182 |
|
5,758,398 |
|
|
| |||||||
|
|
$ |
21,348,580 |
|
$ |
7,115,453 |
|
$ |
8,570,697 |
|
$ |
63,981 |
|
$ |
644,774 |
|
$ |
20,602,091 |
|
$ |
1,980 |
|
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 Multi-Asset Income Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2013
Common stocks |
|
|
|
|
2.95 |
% | |
Health care providers & services |
|
0.00 |
2 |
Real estate investment trust (REIT) |
|
4.48 |
|
Real estate management & development |
|
1.53 |
|
Total common stocks |
|
8.96 |
% |
Bonds |
|
|
|
Commercial mortgage-backed securities |
|
0.90 |
|
Mortgage & agency debt securities |
|
7.44 |
|
US government obligations |
|
4.76 |
|
Non-US government obligation |
|
4.55 |
|
Total bonds |
|
17.65 |
% |
Investment companies |
|
|
|
HICL Infrastructure Co., Ltd. |
|
2.92 |
|
iShares Select Dividend Fund |
|
9.95 |
|
iShares Emerging Markets Local Currency Bond Fund |
|
2.10 |
|
iShares iBoxx $ High Yield Corporate Bond Fund |
|
22.23 |
|
iShares iBoxx Investment Grade Corporate Bond Fund |
|
14.52 |
|
iShares JPMorgan USD Emerging Markets Bond Fund |
|
2.09 |
|
iShares MSCI EAFE Index Fund |
|
6.78 |
|
SPDR Barclays Short Term High Yield Bond ETF |
|
4.09 |
|
WisdomTree Emerging Markets Equity Income Fund |
|
4.96 |
|
Total investment companies |
|
69.64 |
% |
Rights |
|
0.00 |
2 |
Short-term investment |
|
9.95 |
|
Total investments |
|
106.20 |
% |
Liabilities, in excess of cash and other assets |
|
(6.20 |
) |
Net assets |
|
100.00 |
% |
1 |
Figures represent the direct investments 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. |
2 |
Amount represents less than 0.005%. |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks8.96% |
|
|
|
|
| |
Australia0.42% |
|
|
|
|
| |
BWP Trust |
|
2,029 |
|
$ |
4,316 |
|
CFS Retail Property Trust Group |
|
6,382 |
|
11,907 |
| |
Charter Hall Retail REIT |
|
955 |
|
3,350 |
| |
Commonwealth Property Office Fund |
|
8,829 |
|
9,390 |
| |
Dexus Property Group |
|
15,852 |
|
14,862 |
| |
Federation Centres Ltd. |
|
4,449 |
|
9,463 |
| |
Goodman Group |
|
5,380 |
|
24,493 |
| |
GPT Group |
|
4,990 |
|
16,200 |
| |
Investa Office Fund |
|
2,007 |
|
5,523 |
| |
Mirvac Group |
|
11,900 |
|
19,317 |
| |
Stockland |
|
7,402 |
|
26,723 |
| |
Westfield Group |
|
6,510 |
|
66,866 |
| |
Westfield Retail Trust |
|
9,376 |
|
25,978 |
| |
Total Australia common stocks |
|
|
|
238,388 |
| |
|
|
|
|
|
| |
Austria0.01% |
|
|
|
|
| |
CA Immobilien Anlagen AG* |
|
226 |
|
3,280 |
| |
Conwert Immobilien Invest SE* |
|
114 |
|
1,342 |
| |
Total Austria common stocks |
|
|
|
4,622 |
| |
|
|
|
|
|
| |
Belgium0.02% |
|
|
|
|
| |
Aedifica |
|
40 |
|
2,760 |
| |
Befimmo |
|
47 |
|
3,257 |
| |
Cofinimmo |
|
44 |
|
5,154 |
| |
Total Belgium common stocks |
|
|
|
11,171 |
| |
|
|
|
|
|
| |
Canada0.23% |
|
|
|
|
| |
Allied Properties REIT |
|
229 |
|
7,217 |
| |
Artis REIT |
|
368 |
|
5,077 |
| |
Boardwalk REIT |
|
131 |
|
7,327 |
| |
Calloway REIT |
|
315 |
|
7,447 |
| |
Canadian Apartment Properties REIT |
|
324 |
|
6,439 |
| |
Canadian REIT |
|
246 |
|
9,691 |
| |
Chartwell Retirement Residencies |
|
522 |
|
5,118 |
| |
Cominar REIT |
|
372 |
|
6,952 |
| |
Crombie REIT |
|
186 |
|
2,317 |
| |
Dundee International REIT |
|
200 |
|
1,827 |
| |
Dundee REIT, Class A |
|
330 |
|
9,304 |
| |
Extendicare, Inc. |
|
270 |
|
1,727 |
| |
First Capital Realty, Inc. |
|
183 |
|
3,008 |
| |
Granite Real Estate, Inc. |
|
200 |
|
7,174 |
| |
H&R REIT |
|
805 |
|
16,560 |
| |
InnVest REIT |
|
434 |
|
1,749 |
| |
Killam Properties, Inc. |
|
156 |
|
1,652 |
| |
Morguard REIT |
|
129 |
|
2,049 |
| |
Northern Property REIT |
|
132 |
|
3,547 |
| |
NorthWest Healthcare Properties REIT |
|
125 |
|
1,354 |
| |
RioCan REIT |
|
936 |
|
22,081 |
| |
Total Canada common stocks |
|
|
|
129,617 |
| |
|
|
|
|
|
| |
China0.44% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
4,000 |
|
4,404 |
| |
Champion REIT |
|
8,000 |
|
3,651 |
| |
Country Garden Holdings Co., Ltd. |
|
11,540 |
|
7,380 |
| |
Hang Lung Properties Ltd. |
|
7,000 |
|
23,827 |
| |
Henderson Land Development Co., Ltd. |
|
3,789 |
|
23,398 |
| |
Hongkong Land Holdings Ltd. |
|
4,000 |
|
26,400 |
| |
Hysan Development Co., Ltd. |
|
2,030 |
|
9,043 |
| |
Kerry Properties Ltd. |
|
2,000 |
|
8,523 |
| |
Link REIT |
|
7,100 |
|
34,832 |
| |
New World China Land Ltd. |
|
8,000 |
|
4,023 |
| |
New World Development Co., Ltd. |
|
12,088 |
|
18,173 |
| |
Shimao Property Holdings Ltd. |
|
4,500 |
|
10,351 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Shui On Land Ltd. |
|
11,666 |
|
$ |
3,745 |
|
Sino Land Co., Ltd. |
|
10,202 |
|
15,022 |
| |
Soho China Ltd. |
|
4,500 |
|
3,870 |
| |
Swire Properties Ltd. |
|
4,000 |
|
11,217 |
| |
Wharf Holdings Ltd. |
|
5,000 |
|
43,322 |
| |
Total China common stocks |
|
|
|
251,181 |
| |
|
|
|
|
|
| |
Finland0.02% |
|
|
|
|
| |
Citycon Oyj |
|
1,163 |
|
3,918 |
| |
Sponda Oyj |
|
1,054 |
|
5,447 |
| |
Technopolis Oyj |
|
270 |
|
1,782 |
| |
Total Finland common stocks |
|
|
|
11,147 |
| |
|
|
|
|
|
| |
France0.21% |
|
|
|
|
| |
ANF Immobilier |
|
48 |
|
1,406 |
| |
Fonciere Des Regions |
|
101 |
|
8,377 |
| |
Gecina SA |
|
58 |
|
7,417 |
| |
ICADE |
|
94 |
|
8,585 |
| |
Klepierre |
|
309 |
|
13,398 |
| |
Mercialys SA |
|
105 |
|
2,104 |
| |
Societe de la Tour Eiffel |
|
23 |
|
1,519 |
| |
Unibail-Rodamco SE |
|
305 |
|
75,674 |
| |
Total France common stocks |
|
|
|
118,480 |
| |
|
|
|
|
|
| |
Germany0.07% |
|
|
|
|
| |
Alstria Office REIT-AG* |
|
199 |
|
2,474 |
| |
Deutsche Annington Immobilien SE* |
|
160 |
|
4,113 |
| |
Deutsche Euroshop AG |
|
163 |
|
7,064 |
| |
Deutsche Wohnen AG |
|
508 |
|
9,089 |
| |
DIC Asset AG |
|
69 |
|
761 |
| |
GSW Immobilien AG |
|
161 |
|
7,073 |
| |
Hamborner REIT AG |
|
269 |
|
2,627 |
| |
LEG Immobilien AG* |
|
98 |
|
5,644 |
| |
TAG Immobilien AG |
|
306 |
|
3,797 |
| |
Total Germany common stocks |
|
|
|
42,642 |
| |
|
|
|
|
|
| |
Hong Kong0.12% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
5,000 |
|
68,013 |
| |
|
|
|
|
|
| |
Israel0.00%1 |
|
|
|
|
| |
Azrieli Group |
|
100 |
|
3,175 |
| |
|
|
|
|
|
| |
Italy0.00%1 |
|
|
|
|
| |
Beni Stabili SpA |
|
2,803 |
|
1,742 |
| |
|
|
|
|
|
| |
Japan0.90% |
|
|
|
|
| |
Activia Properties, Inc. |
|
1 |
|
8,658 |
| |
Advance Residence Investment Corp. |
|
4 |
|
9,335 |
| |
Aeon Mall Co., Ltd. |
|
360 |
|
10,672 |
| |
Daiwahouse Residential Investment Corp. |
|
1 |
|
4,344 |
| |
Frontier Real Estate Investment Corp. |
|
1 |
|
10,306 |
| |
GLP J-REIT |
|
5 |
|
5,580 |
| |
Hulic Co., Ltd. |
|
1,000 |
|
14,935 |
| |
Japan Excellent, Inc. |
|
1 |
|
6,501 |
| |
Japan Prime Realty Investment Corp. |
|
3 |
|
10,529 |
| |
Japan Real Estate Investment Corp. |
|
2 |
|
23,358 |
| |
Japan Retail Fund Investment Corp. |
|
7 |
|
14,399 |
| |
Kenedix Realty Investment Corp. |
|
1 |
|
4,914 |
| |
Mitsubishi Estate Co., Ltd. |
|
4,000 |
|
117,849 |
| |
Mitsui Fudosan Co., Ltd. |
|
3,000 |
|
100,565 |
| |
Mori Hills REIT Investment Corp. |
|
1 |
|
6,908 |
| |
Mori Trust Sogo Reit, Inc. |
|
1 |
|
9,553 |
| |
Nippon Accommodations Fund, Inc. |
|
1 |
|
7,315 |
| |
Nippon Building Fund, Inc. |
|
2 |
|
24,823 |
| |
Nippon Prologis REIT, Inc. |
|
1 |
|
9,980 |
| |
Nomura Real Estate Holdings, Inc. |
|
400 |
|
9,828 |
| |
Nomura Real Estate Master Fund, Inc. |
|
5 |
|
5,087 |
| |
Nomura Real Estate Office Fund, Inc. |
|
1 |
|
5,138 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Japan(concluded) |
|
|
|
|
| |
NTT Urban Development Corp. |
|
300 |
|
$ |
3,928 |
|
Orix JREIT, Inc. |
|
5 |
|
6,353 |
| |
Premier Investment Corp. |
|
1 |
|
4,558 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
1,000 |
|
47,357 |
| |
Tokyo Tatemono Co., Ltd. |
|
1,000 |
|
9,136 |
| |
Tokyu REIT, Inc. |
|
1 |
|
6,348 |
| |
Top REIT, Inc. |
|
1 |
|
5,031 |
| |
United Urban Investment Corp. |
|
7 |
|
10,682 |
| |
Total Japan common stocks |
|
|
|
513,970 |
| |
|
|
|
|
|
| |
Luxembourg0.01% |
|
|
|
|
| |
GAGFAH SA* |
|
456 |
|
5,946 |
| |
|
|
|
|
|
| |
Netherlands0.04% |
|
|
|
|
| |
Corio NV |
|
198 |
|
8,530 |
| |
Eurocommercial Properties NV |
|
99 |
|
4,009 |
| |
Nieuwe Steen Investments NV |
|
119 |
|
841 |
| |
Vastned Retail NV |
|
70 |
|
2,979 |
| |
Wereldhave NV |
|
61 |
|
4,425 |
| |
Total Netherlands common stocks |
|
|
|
20,784 |
| |
|
|
|
|
|
| |
New Zealand0.01% |
|
|
|
|
| |
Kiwi Income Property Trust |
|
4,879 |
|
4,397 |
| |
|
|
|
|
|
| |
Norway0.01% |
|
|
|
|
| |
Norwegian Property ASA |
|
2,619 |
|
3,463 |
| |
|
|
|
|
|
| |
Singapore0.26% |
|
|
|
|
| |
Ascendas REIT |
|
7,000 |
|
12,722 |
| |
CapitaCommercial Trust |
|
7,000 |
|
8,091 |
| |
CapitaLand Ltd. |
|
8,000 |
|
19,704 |
| |
CapitaMall Trust |
|
10,000 |
|
15,623 |
| |
CapitaMalls Asia Ltd. |
|
4,000 |
|
6,233 |
| |
CDL Hospitality Trusts |
|
2,000 |
|
2,599 |
| |
City Developments Ltd. |
|
2,000 |
|
16,341 |
| |
Global Logistic Properties Ltd. |
|
10,000 |
|
23,036 |
| |
Keppel Land Ltd. |
|
2,000 |
|
5,643 |
| |
Keppel REIT |
|
4,000 |
|
3,922 |
| |
Mapletree Commercial Trust |
|
5,000 |
|
4,842 |
| |
Mapletree Industrial Trust |
|
4,112 |
|
4,425 |
| |
Mapletree Logistics Trust |
|
6,000 |
|
5,117 |
| |
Suntec REIT |
|
7,000 |
|
9,123 |
| |
UOL Group Ltd. |
|
2,000 |
|
9,804 |
| |
Wing Tai Holdings Ltd. |
|
1,550 |
|
2,533 |
| |
Yanlord Land Group Ltd. |
|
2,000 |
|
1,953 |
| |
Total Singapore common stocks |
|
|
|
151,711 |
| |
|
|
|
|
|
| |
Sweden0.06% |
|
|
|
|
| |
Castellum AB |
|
569 |
|
8,114 |
| |
Fabege AB |
|
365 |
|
4,032 |
| |
Fastighets AB Balder* |
|
366 |
|
2,990 |
| |
Hufvudstaden AB, Class A |
|
306 |
|
3,895 |
| |
Klovern AB |
|
633 |
|
2,758 |
| |
Kungsleden AB |
|
503 |
|
3,358 |
| |
Wallenstam AB, Class B |
|
316 |
|
4,327 |
| |
Wihlborgs Fastigheter AB |
|
238 |
|
3,824 |
| |
Total Sweden common stocks |
|
|
|
33,298 |
| |
|
|
|
|
|
| |
Switzerland0.05% |
|
|
|
|
| |
Allreal Holding AG* |
|
25 |
|
3,475 |
| |
Mobimo Holding AG* |
|
15 |
|
3,136 |
| |
PSP Swiss Property AG* |
|
125 |
|
10,850 |
| |
Swiss Prime Site AG* |
|
177 |
|
13,691 |
| |
Total Switzerland common stocks |
|
|
|
31,152 |
| |
|
|
|
|
|
| |
United Kingdom3.28% |
|
|
|
|
| |
Big Yellow Group PLC |
|
397 |
|
2,828 |
| |
British Land Co., PLC |
|
3,156 |
|
29,506 |
| |
Capital & Counties Properties PLC |
|
1,852 |
|
10,044 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
Daejan Holdings PLC |
|
16 |
|
$ |
1,014 |
|
Derwent London PLC |
|
260 |
|
9,971 |
| |
Development Securities PLC |
|
729 |
|
2,331 |
| |
F&C Commercial Property Trust Ltd. |
|
1,939 |
|
3,610 |
| |
Grainger PLC |
|
1,328 |
|
3,758 |
| |
Great Portland Estates PLC |
|
1,049 |
|
9,153 |
| |
Hammerson PLC |
|
2,258 |
|
18,314 |
| |
Hansteen Holdings PLC |
|
2,361 |
|
3,784 |
| |
Helical Bar PLC |
|
506 |
|
2,433 |
| |
Intu Properties PLC |
|
1,974 |
|
10,261 |
| |
John Laing Infrastructure Fund Ltd. |
|
929,000 |
|
1,684,433 |
| |
Land Securities Group PLC |
|
2,417 |
|
35,959 |
| |
Londonmetric Property PLC |
|
1,954 |
|
3,796 |
| |
Medicx Fund Ltd. |
|
1,230 |
|
1,593 |
| |
Mucklow A & J Group PLC |
|
263 |
|
1,929 |
| |
Picton Property Income Ltd. |
|
1,958 |
|
1,625 |
| |
Primary Health Properties PLC |
|
442 |
|
2,347 |
| |
Quintain Estates & Development PLC* |
|
2,071 |
|
2,833 |
| |
Safestore Holdings PLC |
|
620 |
|
1,345 |
| |
Schroder REIT |
|
896 |
|
675 |
| |
Segro PLC |
|
2,186 |
|
10,971 |
| |
Shaftesbury PLC |
|
726 |
|
6,934 |
| |
ST Modwen Properties PLC |
|
530 |
|
2,608 |
| |
UK Commercial Property Trust Ltd. |
|
1,288 |
|
1,564 |
| |
Unite Group PLC |
|
500 |
|
3,197 |
| |
Workspace Group PLC |
|
288 |
|
2,117 |
| |
Total United Kingdom common stocks |
|
|
|
1,870,933 |
| |
|
|
|
|
|
| |
United States2.80% |
|
|
|
|
| |
Acadia Realty Trust |
|
156 |
|
3,850 |
| |
Agree Realty Corp. |
|
77 |
|
2,324 |
| |
Alexandria Real Estate Equities, Inc. |
|
234 |
|
14,941 |
| |
American Assets Trust, Inc. |
|
124 |
|
3,783 |
| |
American Campus Communities, Inc. |
|
329 |
|
11,235 |
| |
American Realty Capital Properties, Inc. |
|
500 |
|
6,100 |
| |
Apartment Investment & Management Co., Class A |
|
452 |
|
12,629 |
| |
Ashford Hospitality Trust, Inc. |
|
177 |
|
2,184 |
| |
Associated Estates Realty Corp. |
|
146 |
|
2,177 |
| |
AvalonBay Communities, Inc. |
|
419 |
|
53,251 |
| |
BioMed Realty Trust, Inc. |
|
605 |
|
11,247 |
| |
Boston Properties, Inc. |
|
492 |
|
52,595 |
| |
Brandywine Realty Trust |
|
465 |
|
6,129 |
| |
BRE Properties, Inc. |
|
248 |
|
12,589 |
| |
Brookfield Office Properties, Inc. |
|
768 |
|
14,718 |
| |
Camden Property Trust |
|
278 |
|
17,080 |
| |
Campus Crest Communities, Inc. |
|
235 |
|
2,538 |
| |
CapLease, Inc. |
|
262 |
|
2,224 |
| |
CBL & Associates Properties, Inc. |
|
520 |
|
9,932 |
| |
Cedar Realty Trust, Inc. |
|
258 |
|
1,336 |
| |
Chambers Street Properties |
|
800 |
|
7,024 |
| |
Chesapeake Lodging Trust |
|
165 |
|
3,884 |
| |
Cole Real Estate Investment, Inc. |
|
1,450 |
|
17,777 |
| |
Colonial Properties Trust |
|
249 |
|
5,600 |
| |
CommonWealth REIT |
|
378 |
|
8,282 |
| |
Corporate Office Properties Trust |
|
254 |
|
5,867 |
| |
Cousins Properties, Inc. |
|
601 |
|
6,184 |
| |
CubeSmart |
|
412 |
|
7,350 |
| |
DCT Industrial Trust, Inc. |
|
975 |
|
7,010 |
| |
DDR Corp. |
|
787 |
|
12,364 |
| |
DiamondRock Hospitality Co. |
|
629 |
|
6,711 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Digital Realty Trust, Inc. |
|
415 |
|
$ |
22,037 |
|
Douglas Emmett, Inc. |
|
422 |
|
9,904 |
| |
Duke Realty Corp. |
|
1,036 |
|
15,996 |
| |
DuPont Fabros Technology, Inc. |
|
200 |
|
5,154 |
| |
EastGroup Properties, Inc. |
|
106 |
|
6,276 |
| |
Education Realty Trust, Inc. |
|
356 |
|
3,240 |
| |
EPR Properties |
|
152 |
|
7,409 |
| |
Equity Lifestyle Properties, Inc. |
|
248 |
|
8,474 |
| |
Equity One, Inc. |
|
204 |
|
4,459 |
| |
Equity Residential |
|
1,150 |
|
61,606 |
| |
Essex Property Trust, Inc. |
|
128 |
|
18,906 |
| |
Excel Trust, Inc. |
|
200 |
|
2,400 |
| |
Extra Space Storage, Inc. |
|
326 |
|
14,915 |
| |
Federal Realty Investment Trust |
|
215 |
|
21,812 |
| |
FelCor Lodging Trust, Inc.* |
|
394 |
|
2,427 |
| |
First Industrial Realty Trust, Inc. |
|
312 |
|
5,076 |
| |
First Potomac Realty Trust |
|
200 |
|
2,514 |
| |
Forest City Enterprises, Inc., Class A* |
|
407 |
|
7,709 |
| |
Franklin Street Properties Corp. |
|
276 |
|
3,516 |
| |
General Growth Properties, Inc. |
|
1,770 |
|
34,143 |
| |
Getty Realty Corp. |
|
134 |
|
2,604 |
| |
Glimcher Realty Trust |
|
416 |
|
4,056 |
| |
Government Properties Income Trust |
|
185 |
|
4,427 |
| |
HCP, Inc. |
|
1,466 |
|
60,033 |
| |
Health Care REIT, Inc. |
|
919 |
|
57,327 |
| |
Healthcare Realty Trust, Inc. |
|
276 |
|
6,378 |
| |
Hersha Hospitality Trust |
|
487 |
|
2,722 |
| |
Highwoods Properties, Inc. |
|
254 |
|
8,969 |
| |
Home Properties, Inc. |
|
168 |
|
9,702 |
| |
Hospitality Properties Trust |
|
447 |
|
12,650 |
| |
Host Hotels & Resorts, Inc. |
|
2,408 |
|
42,549 |
| |
Hudson Pacific Properties, Inc. |
|
220 |
|
4,279 |
| |
Inland Real Estate Corp. |
|
256 |
|
2,619 |
| |
Investors Real Estate Trust |
|
325 |
|
2,681 |
| |
Kilroy Realty Corp. |
|
249 |
|
12,438 |
| |
Kimco Realty Corp. |
|
1,305 |
|
26,335 |
| |
Kite Realty Group Trust |
|
236 |
|
1,400 |
| |
LaSalle Hotel Properties |
|
298 |
|
8,499 |
| |
Lexington Realty Trust |
|
691 |
|
7,760 |
| |
Liberty Property Trust |
|
478 |
|
17,017 |
| |
LTC Properties, Inc. |
|
121 |
|
4,596 |
| |
Macerich Co. |
|
442 |
|
24,947 |
| |
Mack-Cali Realty Corp. |
|
276 |
|
6,055 |
| |
Medical Properties Trust, Inc. |
|
461 |
|
5,610 |
| |
Mid-America Apartment Communities, Inc. |
|
134 |
|
8,375 |
| |
National Health Investors, Inc. |
|
90 |
|
5,120 |
| |
National Retail Properties, Inc. |
|
362 |
|
11,519 |
| |
Omega Healthcare Investors, Inc. |
|
363 |
|
10,843 |
| |
Parkway Properties, Inc. |
|
140 |
|
2,488 |
| |
Pebblebrook Hotel Trust |
|
205 |
|
5,886 |
| |
Pennsylvania REIT |
|
162 |
|
3,029 |
| |
Piedmont Office Realty Trust, Inc., Class A |
|
524 |
|
9,097 |
| |
Post Properties, Inc. |
|
171 |
|
7,698 |
| |
Prologis, Inc. |
|
1,613 |
|
60,681 |
| |
PS Business Parks, Inc. |
|
66 |
|
4,925 |
| |
Public Storage |
|
464 |
|
74,495 |
| |
Ramco-Gershenson Properties Trust |
|
165 |
|
2,543 |
| |
Realty Income Corp. |
|
630 |
|
25,043 |
| |
Regency Centers Corp. |
|
295 |
|
14,263 |
| |
Retail Opportunity Investments Corp. |
|
177 |
|
2,446 |
| |
RLJ Lodging Trust |
|
378 |
|
8,879 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Shares |
|
Value |
| ||
Rouse Properties, Inc. |
|
111 |
|
$ |
2,284 |
| |
Sabra Health Care REIT, Inc. |
|
134 |
|
3,083 |
| ||
Saul Centers, Inc. |
|
64 |
|
2,960 |
| ||
Senior Housing Properties Trust |
|
577 |
|
13,467 |
| ||
Silver Bay Realty Trust Corp. |
|
100 |
|
1,566 |
| ||
Simon Property Group, Inc. |
|
993 |
|
147,192 |
| ||
SL Green Realty Corp. |
|
299 |
|
26,563 |
| ||
Sovran Self Storage, Inc. |
|
111 |
|
8,400 |
| ||
Spirit Realty Capital, Inc. |
|
1,161 |
|
10,658 |
| ||
STAG Industrial, Inc. |
|
150 |
|
3,018 |
| ||
Strategic Hotels & Resorts, Inc.* |
|
519 |
|
4,505 |
| ||
Sun Communities, Inc. |
|
123 |
|
5,242 |
| ||
Sunstone Hotel Investors, Inc. |
|
504 |
|
6,421 |
| ||
Tanger Factory Outlet Centers |
|
298 |
|
9,730 |
| ||
Taubman Centers, Inc. |
|
203 |
|
13,664 |
| ||
UDR, Inc. |
|
804 |
|
19,055 |
| ||
Universal Health Realty Income Trust |
|
56 |
|
2,345 |
| ||
Urstadt Biddle Properties, Inc., Class A |
|
151 |
|
3,002 |
| ||
Ventas, Inc. |
|
948 |
|
58,302 |
| ||
Vornado Realty Trust |
|
541 |
|
45,476 |
| ||
Washington REIT |
|
212 |
|
5,357 |
| ||
Weingarten Realty Investors |
|
338 |
|
9,914 |
| ||
Winthrop Realty Trust |
|
116 |
|
1,293 |
| ||
WP Carey, Inc. |
|
161 |
|
10,417 |
| ||
Total United States common stocks |
|
|
|
1,595,785 |
| ||
|
|
|
|
|
| ||
Venezuela0.00%1 |
|
|
|
|
| ||
Warehouses De Pauw SCA |
|
36 |
|
2,523 |
| ||
Total common stocks (cost $4,951,276) |
|
|
|
5,114,140 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
Bonds17.65% |
|
|
|
|
| ||
Commercial mortgage-backed securities0.90% |
|
|
|
|
| ||
United States0.90% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-4, Class AM, |
|
|
|
|
| ||
6.001%, due 02/10/512 |
|
$ |
100,000 |
|
109,509 |
| |
Boca Hotel Portfolio Trust 2013-BOCA, |
|
|
|
|
| ||
Series 2013-BOCA, Class C, |
|
|
|
|
| ||
2.332%, due 08/15/262,3 |
|
100,000 |
|
100,002 |
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
6.002%, due 06/15/492 |
|
100,000 |
|
112,475 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.993%, due 08/12/452,3 |
|
175,000 |
|
191,976 |
| ||
Total commercial mortgage-backed securities (cost $500,855) |
|
|
|
513,962 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities7.44% |
|
|
|
|
| ||
United States7.44% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. Gold Pools,4 |
|
|
|
|
| ||
#G05132, 5.000%, due 12/01/38 |
|
24,652 |
|
26,524 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMICS, IO,4 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
$ |
148,273 |
|
$ |
18,479 |
|
3.500%, due 10/15/42 |
|
1,095,125 |
|
249,418 |
| ||
Federal National Mortgage Association Pools,4 |
|
|
|
|
| ||
2.500%, due 10/25/28 |
|
175,000 |
|
175,984 |
| ||
3.500%, due 11/25/28 |
|
275,000 |
|
289,223 |
| ||
5.000%, due 10/25/43 |
|
125,000 |
|
135,547 |
| ||
5.000%, due 11/25/43 |
|
150,000 |
|
162,234 |
| ||
#AP1589, 3.000%, due 08/01/27 |
|
225,859 |
|
234,119 |
| ||
#AB6198, 3.000%, due 09/01/27 |
|
85,978 |
|
89,122 |
| ||
Federal National Mortgage Association REMICS, IO,4 |
|
|
|
|
| ||
Series 2013-15, Class IO, |
|
|
|
|
| ||
2.500%, due 03/25/28 |
|
2,331,977 |
|
263,912 |
| ||
Series 2013-87, Class IW, |
|
|
|
|
| ||
2.500%, due 06/25/28 |
|
2,009,768 |
|
227,077 |
| ||
Series 2013-64, Class LI, |
|
|
|
|
| ||
3.000%, due 06/25/33 |
|
1,547,723 |
|
251,647 |
| ||
Series 2012-146, Class IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
621,145 |
|
147,835 |
| ||
Series 2012-146, Class LI, |
|
|
|
|
| ||
4.500%, due 10/25/41 |
|
652,992 |
|
132,851 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
#G2 779424, 4.000%, due 06/20/42 |
|
338,429 |
|
358,881 |
| ||
#732230, 4.500%, due 03/15/40 |
|
301,499 |
|
325,042 |
| ||
#747264, 4.500%, due 09/15/40 |
|
254,933 |
|
274,729 |
| ||
Government National Mortgage Association, IO, |
|
|
|
|
| ||
Series 2013-22, Class IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
998,471 |
|
200,829 |
| ||
Series 2012-26, Class GI, |
|
|
|
|
| ||
3.500%, due 02/20/27 |
|
933,599 |
|
120,341 |
| ||
Series 2012-16, Class AI, |
|
|
|
|
| ||
3.500%, due 10/20/38 |
|
1,200,426 |
|
151,014 |
| ||
Series 2012-143, Class IB, |
|
|
|
|
| ||
3.500%, due 12/20/39 |
|
818,607 |
|
123,535 |
| ||
Series 2013-53, Class OI, |
|
|
|
|
| ||
3.500%, due 04/20/43 |
|
1,357,338 |
|
286,993 |
| ||
Total mortgage & agency debt securities (cost $4,256,086) |
|
|
|
4,245,336 |
| ||
|
|
|
|
|
| ||
US government obligations4.76% |
|
|
|
|
| ||
US Treasury Inflation Indexed Bonds (TIPS), |
|
|
|
|
| ||
3.875%, due 04/15/295 |
|
425,000 |
|
865,665 |
| ||
US Treasury Inflation Indexed Notes (TIPS), |
|
|
|
|
| ||
2.000%, due 01/15/165 |
|
810,000 |
|
1,019,532 |
| ||
2.625%, due 07/15/175 |
|
650,000 |
|
831,282 |
| ||
Total US government obligations (cost $2,785,516) |
|
|
|
2,716,479 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
|
|
Face |
|
Value |
| ||
Non-US government obligation4.55% |
|
|
|
|
| ||
Italy4.55% |
|
|
|
|
| ||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
2.100%, due 09/15/173,5 (cost $2,488,779) |
|
EUR |
1,908,385 |
|
$ |
2,598,850 |
|
Total bonds (cost $10,031,236) |
|
|
|
10,074,627 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment companies69.64% |
|
|
|
|
| ||
HICL Infrastructure Co., Ltd. |
|
792,943 |
|
1,667,520 |
| ||
iShares Select Dividend Fund |
|
85,628 |
|
5,680,562 |
| ||
iShares Emerging Markets Local Currency Bond Fund |
|
23,965 |
|
1,196,129 |
| ||
iShares iBoxx $ High Yield Corporate Bond Fund |
|
138,571 |
|
12,687,561 |
| ||
iShares iBoxx Investment Grade Corporate Bond Fund |
|
72,968 |
|
8,283,327 |
| ||
iShares JPMorgan USD Emerging Markets Bond Fund |
|
10,953 |
|
1,193,877 |
| ||
iShares MSCI EAFE Index Fund |
|
60,640 |
|
3,868,226 |
| ||
SPDR Barclays Short Term High Yield Bond ETF |
|
76,331 |
|
2,331,149 |
| ||
WisdomTree Emerging Markets Equity Income Fund |
|
54,760 |
|
2,830,544 |
| ||
Total investment companies (cost $39,939,937) |
|
|
|
39,738,895 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Rights0.00%1 |
|
|
|
|
| ||
China0.00%1 |
|
|
|
|
| ||
New World Development Co., Ltd.*, expires 12/31/49 |
|
388 |
|
0 |
| ||
|
|
|
|
|
| ||
United Kingdom0.00%1 |
|
|
|
|
| ||
Medicx Fund Ltd.*, expires 10/18/13 |
|
205 |
|
17 |
| ||
Total rights (cost $0) |
|
|
|
17 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Short-term investment9.95% |
|
|
|
|
| ||
Investment company9.95% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund6 (cost $5,675,385) |
|
5,675,385 |
|
5,675,385 |
| ||
Total investments106.20% (cost $60,597,834) |
|
|
|
60,603,064 |
| ||
Liabilities, in excess of cash and other assets: (6.20)% |
|
|
|
(3,536,889 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
57,066,175 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 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 |
|
$ |
1,067,142 |
|
Gross unrealized depreciation |
|
(1,061,912 |
) | |
Net unrealized appreciation of investments |
|
$ |
5,230 |
|
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 |
|
In |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
AUD |
550,800 |
|
USD |
490,824 |
|
10/08/13 |
|
$ |
(22,811 |
) |
JPMCB |
|
CAD |
131,900 |
|
USD |
125,458 |
|
10/08/13 |
|
(2,575 |
) | |
JPMCB |
|
CHF |
283,900 |
|
USD |
305,974 |
|
10/08/13 |
|
(7,966 |
) | |
JPMCB |
|
EUR |
2,828,500 |
|
USD |
3,751,623 |
|
10/08/13 |
|
(74,961 |
) | |
JPMCB |
|
GBP |
2,838,700 |
|
USD |
4,404,218 |
|
10/08/13 |
|
(191,123 |
) | |
JPMCB |
|
HKD |
2,642,700 |
|
USD |
340,778 |
|
10/08/13 |
|
41 |
| |
JPMCB |
|
JPY |
121,052,600 |
|
USD |
1,232,742 |
|
10/08/13 |
|
1,176 |
| |
JPMCB |
|
SGD |
262,700 |
|
USD |
205,903 |
|
10/08/13 |
|
(3,496 |
) | |
JPMCB |
|
USD |
58,975 |
|
GBP |
36,800 |
|
10/08/13 |
|
598 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
$ |
(301,117 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
10 Year US Treasury Notes, 34 contracts (USD) |
|
December 2013 |
|
$ |
4,221,887 |
|
$ |
4,297,281 |
|
$ |
75,394 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond Futures, 10 contracts (USD) |
|
December 2013 |
|
(1,421,550 |
) |
(1,420,937 |
) |
613 |
| |||
5 Year US Treasury Notes, 48 contracts (USD) |
|
December 2013 |
|
(5,742,362 |
) |
(5,810,250 |
) |
(67,888 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
8,119 |
| ||
Options written
Call Options* |
|
Expiration |
|
Premiums |
|
Value |
| ||
MSCI EAFE PR Index, USD 3,743,359 contracts, strike @ USD 1,880.10 |
|
October 2013 |
|
$ |
9,358 |
|
$ |
(13,194 |
) |
Written options activity for the period ended September 30, 2013 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
3,640,473 |
|
$ |
21,013 |
|
Options written |
|
7,383,233 |
|
18,807 |
| |
Options terminated in closing purchase transactions |
|
(7,280,347 |
) |
(30,462 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2013 |
|
3,743,359 |
|
$ |
9,358 |
|
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2013 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2013 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Common stocks |
|
$ |
5,114,140 |
|
$ |
|
|
$ |
|
|
$ |
5,114,140 |
|
Commercial mortgage-backed securities |
|
|
|
513,962 |
|
|
|
513,962 |
| ||||
Mortgage & agency debt securities |
|
|
|
3,973,981 |
|
271,355 |
|
4,245,336 |
| ||||
US government obligations |
|
|
|
2,716,479 |
|
|
|
2,716,479 |
| ||||
Non-US government obligation |
|
|
|
2,598,850 |
|
|
|
2,598,850 |
| ||||
Investment companies |
|
39,738,895 |
|
|
|
|
|
39,738,895 |
| ||||
Rights |
|
|
|
17 |
|
|
|
17 |
| ||||
Short-term investment |
|
|
|
5,675,385 |
|
|
|
5,675,385 |
| ||||
Forward foreign currency contracts, net |
|
|
|
(301,117 |
) |
|
|
(301,117 |
) | ||||
Futures contracts, net |
|
8,119 |
|
|
|
|
|
8,119 |
| ||||
Options written |
|
|
|
(13,194 |
) |
|
|
(13,194 |
) | ||||
Total |
|
$ |
44,861,154 |
|
$ |
15,164,363 |
|
$ |
271,355 |
|
$ |
60,296,872 |
|
At September 30, 2013, there were no transfers between Level 1 and Level 2.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period:
|
|
Mortgage & |
| |
Assets |
|
|
| |
Beginning balance |
|
$ |
290,343 |
|
Purchases |
|
|
| |
Issuances |
|
|
| |
Sales |
|
|
| |
Accrued discounts (premiums) |
|
(18,499 |
) | |
Total realized gain |
|
|
| |
Change in net unrealized appreciation/depreciation |
|
(489 |
) | |
Transfers into Level 3 |
|
|
| |
Transfers out of Level 3 |
|
|
| |
Ending balance |
|
$ |
271,355 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2013 was $(489).
Portfolio footnotes
* |
Non-income producing security. |
1 |
Amount represents less than 0.005%. |
2 |
Variable or floating rate security The interest rate shown is the current rate as of September 30, 2013 and changes periodically. |
3 |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2013, the value of these securities amounted to $2,890,828 or 5.07% of net assets. |
4 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
5 |
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. |
6 |
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 |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
6/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
|
9/30/2013 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
6,120,598 |
|
$ |
6,828,636 |
|
$ |
7,273,849 |
|
$ |
5,675,385 |
|
$ |
1,586 |
|
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 |
ETF |
|
Exchange Traded Fund |
EURIBOR |
|
Euro Interbank Offered Rate |
FDIC |
|
Federal Deposit Insurance Co. |
GDP |
|
Gross Domestic Product |
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. |
JIBAR |
|
Johannesburg Interbank Agreed Rate |
LIBOR |
|
London Interbank Offered Rate |
OJSC |
|
Open joint stock company |
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. |
Preference shares |
|
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT |
|
Real estate investment trust |
REMIC |
|
Real Estate Mortgage Investment Conduit |
Re-REMIC |
|
Combined Real Estate Mortgage Investment Conduit |
SDR |
|
Special Depositary Receipt |
SPDR |
|
Standard & Poors Depository Receipts |
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. |
Counterparty abbreviations | ||
BB |
|
Barclays Bank PLC |
CIBC |
|
Canadian Imperial Bank of Commerce |
CITI |
|
Citibank NA |
CSI |
|
Credit Suisse International |
DB |
|
Deutsche Bank AG |
GSI |
|
Goldman Sachs International |
HSBC |
|
HSBC Bank NA |
JPMCB |
|
JPMorgan Chase Bank |
MLI |
|
Merrill Lynch International |
MSC |
|
Morgan Stanley & Co., Inc. |
MSCI |
|
Morgan Stanley & Co. International PLC |
RBS |
|
Royal Bank of Scotland PLC |
SSB |
|
State Street Bank |
|
|
|
Currency abbreviations | ||
AUD |
|
Australian Dollar |
BRL |
|
Brazilian Real |
CAD |
|
Canadian Dollar |
CHF |
|
Swiss Franc |
CLP |
|
Chilean Peso |
CNY |
|
Chinese Yuan |
COP |
|
Colombian Peso |
DKK |
|
Danish Krone |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
GHS |
|
Ghanaian Cedi |
HKD |
|
Hong Kong Dollar |
HUF |
|
Hungarian Forint |
IDR |
|
Indonesian Rupiah |
ILS |
|
Israel New Shekel |
INR |
|
Indian Rupee |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
LKR |
|
Sri Lankan Rupee |
MXN |
|
Mexican Peso |
MYR |
|
Malaysian Ringgit |
NGN |
|
Nigerian Naira |
NOK |
|
Norwegian Krone |
NZD |
|
New Zealand Dollar |
PEN |
|
Peruvian Nuevo Sol |
PHP |
|
Philippines Peso |
PLN |
|
Polish Zloty |
RON |
|
Romanian Leu |
RUB |
|
Russian Ruble |
SEK |
|
Swedish Krona |
SGD |
|
Singapore Dollar |
THB |
|
Thai Baht |
TRY |
|
Turkish Lira |
TWD |
|
Taiwan Dollar |
USD |
|
United States Dollar |
VND |
|
Vietnamese Dong |
ZAR |
|
South African Rand |
Valuation of investments: Each Fund calculates its net asset value on days that the New York Stock Exchange (NYSE) is open. A Fund calculates net asset value seperately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Funds net asset value per share will be calculated as of the time trading was halted.
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 investments from independent pricing sources and broker dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized evaluation systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (OTC) market and listed on The NASDAQ Stock Market, Inc. (NASDAQ) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS 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 investment, that investment 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 an investments fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange (NYSE).
Certain investments 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 investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.
Certain Funds may use a systematic fair valuation model provided by an independent third party to value investments 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 an investment is valued at fair value, that value is likely to be different from the last quoted market price for the investment. 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. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Funds Portfolio of investments.
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 are 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 AM 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 investments 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 and periodic internal audit reviews.
The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, as discussed below, investments of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Funds portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the limit up or limit down price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investments fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.
US 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 June 30, 2013.
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 |
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Mark E. Carver | |
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President | |
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Date: |
November 27, 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 |
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Mark E. Carver | |
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President | |
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Date: |
November 27, 2013 | |
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By: |
/s/ Thomas Disbrow |
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Thomas Disbrow | |
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Vice President, Treasurer and Principal Accounting Officer | |
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Date: |
November 27, 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 |
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Mark E. Carver | |
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President | |
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Date: |
November 27, 2013 |
I, Thomas Disbrow, Vice President, 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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Vice President, Treasurer and Principal Accounting Officer | |
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Date: |
November 27, 2013 |