UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-06637 | |||||||
| ||||||||
The UBS Funds | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
| ||||||||
One North Wacker Drive, Chicago, IL |
|
60606-2807 | ||||||
(Address of principal executive offices) |
|
(Zip code) | ||||||
| ||||||||
Joseph J. Allessie, Esq. UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019 | ||||||||
(Name and address of agent for service) | ||||||||
| ||||||||
Copy to: | ||||||||
Bruce Leto, Esq. Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 | ||||||||
| ||||||||
Registrants telephone number, including area code: |
212-821-3000 |
| ||||||
| ||||||||
Date of fiscal year end: |
June 30 |
| ||||||
| ||||||||
Date of reporting period: |
March 31, 2014 |
| ||||||
Item 1. Schedule of Investments
UBS Core Plus Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Beverages |
|
0.25 |
% |
Biotechnology |
|
0.17 |
|
Building products |
|
0.08 |
|
Capital markets |
|
1.73 |
|
Chemicals |
|
0.62 |
|
Commercial banks |
|
2.92 |
|
Commercial services & supplies |
|
0.29 |
|
Communications equipment |
|
0.45 |
|
Consumer finance |
|
1.32 |
|
Diversified financial services |
|
2.79 |
|
Diversified telecommunication services |
|
0.94 |
|
Electric utilities |
|
0.56 |
|
Electronic equipment, instruments & components |
|
0.27 |
|
Energy equipment & services |
|
0.52 |
|
Food & staples retailing |
|
0.17 |
|
Food products |
|
0.34 |
|
Health care providers & services |
|
0.04 |
|
Hotels, restaurants & leisure |
|
0.22 |
|
Independent power producers & energy traders |
|
0.04 |
|
Insurance |
|
2.64 |
|
Media |
|
1.41 |
|
Metals & mining |
|
1.72 |
|
Multi-utilities |
|
0.33 |
|
Oil, gas & consumable fuels |
|
6.48 |
|
Pharmaceuticals |
|
0.59 |
|
Real estate investment trust (REIT) |
|
0.79 |
|
Road & rail |
|
0.79 |
|
Semiconductors & semiconductor equipment |
|
0.16 |
|
Tobacco |
|
1.09 |
|
Trading companies & distributors |
|
0.35 |
|
Wireless telecommunication services |
|
0.60 |
|
Total corporate bonds |
|
30.67 |
% |
Asset-backed securities |
|
2.77 |
|
Commercial mortgage-backed securities |
|
8.29 |
|
Mortgage & agency debt securities |
|
32.08 |
|
Municipal bonds |
|
2.13 |
|
US government obligations |
|
12.64 |
|
Non-US government obligations |
|
1.19 |
|
Total bonds |
|
89.77 |
% |
Investment company |
|
|
|
UBS High Yield Relationship Fund |
|
5.56 |
|
Short-term investments |
|
21.89 |
|
Options purchased |
|
0.40 |
|
Investment of cash collateral from securities loaned |
|
0.04 |
|
Total investments |
|
117.66 |
% |
Liabilities, in excess of cash and other assets |
|
(17.66 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Core Plus Bond Fund. Figures might be different if a breakdown of the affiliated underlying investment companies was included.
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds89.77% |
|
|
|
|
| ||
Corporate bonds: 30.67% |
|
|
|
|
| ||
Brazil: 1.79% |
|
|
|
|
| ||
Caixa Economica Federal, |
|
|
|
|
| ||
2.375%, due 11/06/171 |
|
$ |
150,000 |
|
$ |
144,750 |
|
Petrobras Global Finance BV, |
|
|
|
|
| ||
3.250%, due 03/17/17 |
|
150,000 |
|
150,080 |
| ||
Petrobras International Finance Co., |
|
|
|
|
| ||
5.375%, due 01/27/21 |
|
120,000 |
|
120,440 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.375%, due 01/11/222 |
|
85,000 |
|
84,641 |
| ||
6.875%, due 11/21/36 |
|
30,000 |
|
31,964 |
| ||
Total Brazil corporate bonds |
|
|
|
531,875 |
| ||
|
|
|
|
|
| ||
Canada: 1.06% |
|
|
|
|
| ||
Barrick Gold Corp., |
|
|
|
|
| ||
3.850%, due 04/01/22 |
|
90,000 |
|
85,966 |
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
3.800%, due 09/15/23 |
|
100,000 |
|
99,649 |
| ||
Goldcorp, Inc., |
|
|
|
|
| ||
3.700%, due 03/15/23 |
|
40,000 |
|
37,707 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
5.000%, due 03/15/44 |
|
50,000 |
|
50,339 |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
6.250%, due 07/15/41 |
|
40,000 |
|
41,297 |
| ||
Total Canada corporate bonds |
|
|
|
314,958 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.08% |
|
|
|
|
| ||
XLIT Ltd., |
|
|
|
|
| ||
6.375%, due 11/15/24 |
|
21,000 |
|
24,929 |
| ||
|
|
|
|
|
| ||
China: 0.67% |
|
|
|
|
| ||
Sinopec Group Overseas Development 2013 Ltd., |
|
|
|
|
| ||
2.500%, due 10/17/181 |
|
200,000 |
|
198,574 |
| ||
|
|
|
|
|
| ||
France: 0.34% |
|
|
|
|
| ||
BNP Paribas SA, |
|
|
|
|
| ||
2.700%, due 08/20/18 |
|
100,000 |
|
101,986 |
| ||
|
|
|
|
|
| ||
Israel: 0.49% |
|
|
|
|
| ||
Teva Pharmaceutical Finance Co. BV, |
|
|
|
|
| ||
2.400%, due 11/10/16 |
|
70,000 |
|
71,858 |
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
75,000 |
|
75,124 |
| ||
Total Israel corporate bonds |
|
|
|
146,982 |
| ||
|
|
|
|
|
| ||
Mexico: 0.69% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
115,000 |
|
126,178 |
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
4.875%, due 01/24/22 |
|
75,000 |
|
78,375 |
| ||
Total Mexico corporate bonds |
|
|
|
204,553 |
| ||
|
|
|
|
|
| ||
Netherlands: 0.13% |
|
|
|
|
| ||
LYB International Finance BV, |
|
|
|
|
| ||
4.875%, due 03/15/44 |
|
40,000 |
|
39,928 |
| ||
|
|
|
|
|
| ||
Norway: 0.34% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
3.000%, due 11/17/14 |
|
100,000 |
|
100,450 |
| ||
|
|
|
|
|
| ||
Spain: 0.86% |
|
|
|
|
| ||
Santander US Debt SA Unipersonal, |
|
|
|
|
| ||
3.724%, due 01/20/151 |
|
100,000 |
|
101,907 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
3.192%, due 04/27/18 |
|
150,000 |
|
153,629 |
| ||
Total Spain corporate bonds |
|
|
|
255,536 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
United Kingdom: 1.49% |
|
|
|
|
| ||
Barclays Bank PLC, |
|
|
|
|
| ||
5.140%, due 10/14/20 |
|
$ |
100,000 |
|
$ |
106,013 |
|
HSBC Holdings PLC, |
|
|
|
|
| ||
6.500%, due 09/15/37 |
|
100,000 |
|
118,314 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
3.500%, due 02/11/231 |
|
110,000 |
|
105,497 |
| ||
Lloyds TSB Bank PLC, |
|
|
|
|
| ||
6.500%, due 09/14/201 |
|
100,000 |
|
114,255 |
| ||
Total United Kingdom corporate bonds |
|
|
|
444,079 |
| ||
|
|
|
|
|
| ||
United States: 22.73% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
35,000 |
|
40,793 |
| ||
ADT Corp., |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
100,000 |
|
87,902 |
| ||
Ally Financial, Inc., |
|
|
|
|
| ||
8.000%, due 03/15/20 |
|
10,000 |
|
12,050 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
5.375%, due 01/31/44 |
|
50,000 |
|
52,270 |
| ||
9.950%, due 11/10/38 |
|
18,000 |
|
28,880 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
3.000%, due 03/20/15 |
|
115,000 |
|
117,748 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.950%, due 09/15/16 |
|
95,000 |
|
105,398 |
| ||
6.450%, due 09/15/36 |
|
50,000 |
|
59,140 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
8.200%, due 01/15/39 |
|
50,000 |
|
75,889 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
5.625%, due 07/01/20 |
|
75,000 |
|
85,346 |
| ||
6.110%, due 01/29/37 |
|
100,000 |
|
111,838 |
| ||
6.875%, due 04/25/18 |
|
60,000 |
|
70,758 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
3.000%, due 05/15/22 |
|
35,000 |
|
34,888 |
| ||
Boston Properties LP, REIT, |
|
|
|
|
| ||
3.800%, due 02/01/24 |
|
60,000 |
|
59,490 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
2.150%, due 03/23/15 |
|
65,000 |
|
65,978 |
| ||
Celgene Corp., |
|
|
|
|
| ||
4.000%, due 08/15/23 |
|
50,000 |
|
50,763 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/23 |
|
150,000 |
|
144,563 |
| ||
CIT Group, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/191 |
|
10,000 |
|
10,775 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
5.375%, due 08/09/20 |
|
40,000 |
|
45,007 |
| ||
5.500%, due 02/15/17 |
|
180,000 |
|
198,688 |
| ||
5.500%, due 09/13/25 |
|
100,000 |
|
106,520 |
| ||
6.125%, due 05/15/18 |
|
55,000 |
|
63,213 |
| ||
8.500%, due 05/22/19 |
|
65,000 |
|
82,815 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.300%, due 11/15/17 |
|
45,000 |
|
52,301 |
| ||
6.950%, due 08/15/37 |
|
25,000 |
|
32,474 |
| ||
DIRECTV Holdings LLC, |
|
|
|
|
| ||
6.000%, due 08/15/40 |
|
40,000 |
|
41,702 |
| ||
DISH DBS Corp., |
|
|
|
|
| ||
7.875%, due 09/01/19 |
|
10,000 |
|
11,825 |
| ||
DPL, Inc., |
|
|
|
|
| ||
7.250%, due 10/15/21 |
|
85,000 |
|
87,762 |
| ||
El Paso Pipeline Partners Operating Co., LLC, |
|
|
|
|
| ||
5.000%, due 10/01/21 |
|
80,000 |
|
84,711 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
United States(continued) |
|
|
|
|
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
5.200%, due 02/01/22 |
|
$ |
105,000 |
|
$ |
113,348 |
|
9.000%, due 04/15/19 |
|
130,000 |
|
163,132 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
2.800%, due 11/01/181 |
|
80,000 |
|
81,443 |
| ||
ERP Operating LP, REIT, |
|
|
|
|
| ||
4.750%, due 07/15/20 |
|
35,000 |
|
38,333 |
| ||
Flextronics International Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/23 |
|
80,000 |
|
80,800 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
8.125%, due 01/15/20 |
|
250,000 |
|
315,249 |
| ||
Frontier Communications Corp., |
|
|
|
|
| ||
8.500%, due 04/15/202 |
|
10,000 |
|
11,625 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
Series A, 6.750%, due 03/15/32 |
|
50,000 |
|
64,287 |
| ||
Glencore Funding LLC, |
|
|
|
|
| ||
2.500%, due 01/15/191 |
|
120,000 |
|
115,876 |
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
5.750%, due 01/24/22 |
|
80,000 |
|
90,714 |
| ||
6.150%, due 04/01/18 |
|
100,000 |
|
114,319 |
| ||
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
5.950%, due 10/15/36 |
|
80,000 |
|
92,268 |
| ||
Host Hotels & Resorts LP, |
|
|
|
|
| ||
Series D, 3.750%, due 10/15/23 |
|
60,000 |
|
58,105 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
90,000 |
|
104,625 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
3.950%, due 09/01/22 |
|
145,000 |
|
144,233 |
| ||
6.500%, due 09/01/39 |
|
45,000 |
|
51,077 |
| ||
Kroger Co., |
|
|
|
|
| ||
3.850%, due 08/01/23 |
|
50,000 |
|
49,787 |
| ||
Marathon Oil Corp., |
|
|
|
|
| ||
6.600%, due 10/01/37 |
|
30,000 |
|
37,578 |
| ||
Markel Corp., |
|
|
|
|
| ||
3.625%, due 03/30/23 |
|
40,000 |
|
38,893 |
| ||
Marsh & McLennan Cos., Inc., |
|
|
|
|
| ||
9.250%, due 04/15/19 |
|
65,000 |
|
84,371 |
| ||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||
3.375%, due 03/15/23 |
|
50,000 |
|
47,398 |
| ||
Mondelez International, Inc., |
|
|
|
|
| ||
4.000%, due 02/01/24 |
|
100,000 |
|
101,474 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
4.875%, due 11/01/22 |
|
45,000 |
|
47,285 |
| ||
7.300%, due 05/13/19 |
|
200,000 |
|
242,559 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/23 |
|
140,000 |
|
133,835 |
| ||
Mylan, Inc., |
|
|
|
|
| ||
2.550%, due 03/28/19 |
|
30,000 |
|
29,679 |
| ||
Northern Trust Corp., |
|
|
|
|
| ||
3.950%, due 10/30/25 |
|
25,000 |
|
25,151 |
| ||
NRG Energy, Inc., |
|
|
|
|
| ||
8.250%, due 09/01/20 |
|
10,000 |
|
10,975 |
| ||
Owens Corning, |
|
|
|
|
| ||
6.500%, due 12/01/16 |
|
21,000 |
|
23,189 |
| ||
Petrohawk Energy Corp., |
|
|
|
|
| ||
7.250%, due 08/15/18 |
|
185,000 |
|
196,285 |
| ||
Plains Exploration & Production Co., |
|
|
|
|
| ||
6.500%, due 11/15/20 |
|
60,000 |
|
66,075 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
| ||
3.950%, due 03/15/24 |
|
30,000 |
|
29,964 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
90,000 |
|
115,043 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
5.200%, due 03/15/443 |
|
95,000 |
|
94,288 |
| ||
6.625%, due 12/01/37 |
|
145,000 |
|
181,548 |
| ||
Regions Financial Corp., |
|
|
|
|
| ||
2.000%, due 05/15/18 |
|
70,000 |
|
68,607 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
6.150%, due 09/15/43 |
|
$ |
50,000 |
|
$ |
56,412 |
|
7.750%, due 06/01/18 |
|
70,000 |
|
83,817 |
| ||
Ryder System, Inc., |
|
|
|
|
| ||
2.350%, due 02/26/19 |
|
75,000 |
|
74,137 |
| ||
2.550%, due 06/01/19 |
|
80,000 |
|
79,497 |
| ||
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
75,000 |
|
99,323 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
3.500%, due 11/08/22 |
|
50,000 |
|
47,514 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
3.550%, due 02/15/22 |
|
50,000 |
|
50,257 |
| ||
TCI Communications, Inc., |
|
|
|
|
| ||
7.875%, due 02/15/26 |
|
50,000 |
|
66,230 |
| ||
Tenet Healthcare Corp., |
|
|
|
|
| ||
6.000%, due 10/01/201 |
|
10,000 |
|
10,700 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
6.550%, due 05/01/37 |
|
35,000 |
|
40,650 |
| ||
Time Warner Entertainment Co. LP, |
|
|
|
|
| ||
8.375%, due 03/15/23 |
|
120,000 |
|
156,901 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
6.100%, due 07/15/40 |
|
35,000 |
|
40,334 |
| ||
Transocean, Inc., |
|
|
|
|
| ||
3.800%, due 10/15/22 |
|
65,000 |
|
62,141 |
| ||
6.800%, due 03/15/38 |
|
85,000 |
|
91,694 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
110,000 |
|
132,383 |
| ||
Ventas Realty LP/Ventas Capital Corp., |
|
|
|
|
| ||
2.700%, due 04/01/20 |
|
80,000 |
|
77,870 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
1.984%, due 09/14/183 |
|
50,000 |
|
52,510 |
| ||
6.400%, due 09/15/33 |
|
50,000 |
|
59,362 |
| ||
Williams Cos., Inc., |
|
|
|
|
| ||
3.700%, due 01/15/23 |
|
90,000 |
|
81,673 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
50,000 |
|
50,222 |
| ||
Wyndham Worldwide Corp., |
|
|
|
|
| ||
5.625%, due 03/01/21 |
|
60,000 |
|
65,553 |
| ||
Total United States corporate bonds |
|
|
|
6,764,085 |
| ||
Total corporate bonds (cost $9,010,693) |
|
|
|
9,127,935 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 2.77% |
|
|
|
|
| ||
United States: 2.77% |
|
|
|
|
| ||
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2014-1, Class D, |
|
|
|
|
| ||
2.540%, due 06/08/20 |
|
125,000 |
|
124,415 |
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2013-3, Class B, |
|
|
|
|
| ||
2.320%, due 07/20/18 |
|
150,000 |
|
151,763 |
| ||
Ford Credit Auto Owner Trust, |
|
|
|
|
| ||
Series 2014-A, Class C, |
|
|
|
|
| ||
1.900%, due 09/15/19 |
|
175,000 |
|
175,082 |
| ||
MBNA Credit Card Master Note Trust, |
|
|
|
|
| ||
Series 2004-C2, Class C2, |
|
|
|
|
| ||
1.055%, due 11/15/163 |
|
350,000 |
|
350,381 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/374 |
|
39,705 |
|
22,562 |
| ||
Total asset-backed securities (cost $827,261) |
|
|
|
824,203 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 8.29% |
|
|
|
|
| ||
United States: 8.29% |
|
|
|
|
| ||
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| ||
Series 2007-4, Class AM, |
|
|
|
|
| ||
5.892%, due 02/10/513 |
|
300,000 |
|
332,996 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.205%, due 08/15/261,3 |
|
$ |
150,000 |
|
$ |
150,202 |
|
COMM Mortgage Trust, |
|
|
|
|
| ||
Series 2013-GAM, Class B, |
|
|
|
|
| ||
3.418%, due 02/10/281,3 |
|
200,000 |
|
191,776 |
| ||
Commercial Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2008-LS1, Class A4B, |
|
|
|
|
| ||
6.213%, due 12/10/493 |
|
250,000 |
|
276,949 |
| ||
FDIC Structured Sale Guaranteed Notes, Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
136,313 |
|
141,662 |
| ||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||
Series 2007-GG11, Class A4, |
|
|
|
|
| ||
5.736%, due 12/10/49 |
|
88,000 |
|
98,015 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2007-GG10, Class A4, |
|
|
|
|
| ||
5.819%, due 08/10/453 |
|
68,340 |
|
75,784 |
| ||
Hilton USA Trust, |
|
|
|
|
| ||
Series 2013-HLT, Class DFX, |
|
|
|
|
| ||
4.407%, due 11/05/301 |
|
100,000 |
|
101,727 |
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
5.815%, due 06/15/493 |
|
275,000 |
|
304,039 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
50,000 |
|
48,834 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.819%, due 08/12/451,3 |
|
175,000 |
|
192,581 |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C32, Class A3, |
|
|
|
|
| ||
5.724%, due 06/15/493 |
|
175,000 |
|
192,902 |
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/463 |
|
125,000 |
|
138,331 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/483 |
|
225,000 |
|
221,812 |
| ||
Total commercial mortgage-backed securities (cost $2,472,911) |
|
|
|
2,467,610 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 32.08% |
|
|
|
|
| ||
United States: 32.08% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. Gold Pools,5 |
|
|
|
|
| ||
3.500%, TBA |
|
1,075,000 |
|
1,080,207 |
| ||
4.000%, TBA |
|
125,000 |
|
129,673 |
| ||
#A96140, 4.000%, due 01/01/41, |
|
107,682 |
|
111,770 |
| ||
#FG A96792, 4.500%, due 02/01/41, |
|
54,652 |
|
58,257 |
| ||
#G08451, 4.500%, due 06/01/41, |
|
143,874 |
|
153,454 |
| ||
#C63008, 6.000%, due 01/01/32, |
|
77,719 |
|
87,388 |
| ||
#G01717, 6.500%, due 11/01/29, |
|
54,912 |
|
61,957 |
| ||
Federal National Mortgage Association Pools,5 |
|
|
|
|
| ||
2.500%, TBA |
|
225,000 |
|
224,824 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
3.000%, TBA |
|
$ |
350,000 |
|
$ |
359,516 |
|
3.000%, TBA |
|
525,000 |
|
506,707 |
| ||
3.500%, TBA |
|
25,000 |
|
26,211 |
| ||
3.500%, TBA |
|
625,000 |
|
628,711 |
| ||
4.000%, TBA |
|
200,000 |
|
211,461 |
| ||
4.000%, TBA |
|
75,000 |
|
77,683 |
| ||
4.500%, TBA |
|
75,000 |
|
80,004 |
| ||
5.000%, TBA |
|
325,000 |
|
354,326 |
| ||
#AP1589, 3.000%, due 08/01/27, |
|
86,773 |
|
89,237 |
| ||
#AT2725, 3.000%, due 05/01/43, |
|
442,371 |
|
427,525 |
| ||
#AP6056, 3.000%, due 07/01/43, |
|
72,637 |
|
70,199 |
| ||
#AS0302, 3.000%, due 08/01/43, |
|
25,898 |
|
25,029 |
| ||
#AU3735, 3.000%, due 08/01/43, |
|
99,087 |
|
95,761 |
| ||
#AV1735, 3.000%, due 11/01/43, |
|
75,000 |
|
72,483 |
| ||
#AP3098, 3.500%, due 10/01/42, |
|
107,266 |
|
108,051 |
| ||
#AQ0600, 3.500%, due 10/01/42, |
|
117,497 |
|
118,393 |
| ||
#AH4568, 4.000%, due 03/01/41, |
|
110,753 |
|
115,134 |
| ||
#AE9202, 4.000%, due 09/01/41, |
|
422,205 |
|
438,968 |
| ||
#AE0106, 4.500%, due 06/01/40, |
|
1,323 |
|
1,412 |
| ||
#AI6578, 4.500%, due 07/01/41, |
|
313,363 |
|
334,349 |
| ||
#890209, 5.000%, due 05/01/40, |
|
201,049 |
|
219,063 |
| ||
#AD9114, 5.000%, due 07/01/40, |
|
251,683 |
|
275,012 |
| ||
#AJ1422, 5.000%, due 09/01/41, |
|
202,586 |
|
222,055 |
| ||
#688066, 5.500%, due 03/01/33, |
|
114,313 |
|
127,529 |
| ||
#688314, 5.500%, due 03/01/33, |
|
118,746 |
|
132,423 |
| ||
#802481, 5.500%, due 11/01/34, |
|
214,336 |
|
237,947 |
| ||
#408267, 6.000%, due 03/01/28, |
|
15,020 |
|
16,999 |
| ||
#323715, 6.000%, due 05/01/29, |
|
9,616 |
|
10,848 |
| ||
#676733, 6.000%, due 01/01/33, |
|
83,914 |
|
94,053 |
| ||
#831730, 6.500%, due 09/01/36, |
|
99,128 |
|
111,856 |
| ||
First Horizon Asset Securities, Inc., |
|
|
|
|
| ||
Series 2004-FL1, Class 1A1, |
|
|
|
|
| ||
0.424%, due 02/25/353 |
|
45,414 |
|
40,872 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
3.000%, TBA |
|
125,000 |
|
122,910 |
| ||
3.000%, TBA |
|
25,000 |
|
24,520 |
| ||
3.500%, TBA |
|
250,000 |
|
255,117 |
| ||
4.000%, TBA |
|
400,000 |
|
420,312 |
| ||
4.000%, TBA |
|
175,000 |
|
183,805 |
| ||
4.500%, TBA |
|
475,000 |
|
512,035 |
| ||
#738970, 3.500%, due 11/15/26, |
|
129,677 |
|
136,591 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
United States(concluded) |
|
|
|
|
| ||
#G2 AB2784, 3.500%, due 08/20/42, |
|
$ |
91,262 |
|
$ |
93,338 |
|
#G2 779425, 4.000%, due 06/20/42, |
|
105,057 |
|
110,635 |
| ||
#G2 2687, 6.000%, due 12/20/28, |
|
18,476 |
|
20,714 |
| ||
#G2 2794, 6.000%, due 08/20/29, |
|
59,500 |
|
66,680 |
| ||
#G2 4245, 6.000%, due 09/20/38, |
|
55,310 |
|
62,656 |
| ||
Total United States mortgage & agency debt securities |
|
|
|
9,546,660 |
| ||
Total mortgage & agency debt securities (cost $9,474,066) |
|
|
|
9,546,660 |
| ||
|
|
|
|
|
| ||
Municipal bonds: 2.13% |
|
|
|
|
| ||
Chicago Transit Authority, |
|
|
|
|
| ||
Series 2008-A, |
|
|
|
|
| ||
6.899%, due 12/01/40 |
|
50,000 |
|
59,606 |
| ||
Los Angeles Unified School District, |
|
|
|
|
| ||
6.758%, due 07/01/34 |
|
110,000 |
|
143,549 |
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
90,000 |
|
120,930 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.100%, due 06/01/33 |
|
110,000 |
|
108,609 |
| ||
5.877%, due 03/01/19 |
|
180,000 |
|
201,879 |
| ||
Total municipal bonds (cost $554,309) |
|
|
|
634,573 |
| ||
|
|
|
|
|
| ||
US government obligations: 12.64% |
|
|
|
|
| ||
US Treasury Bond, |
|
|
|
|
| ||
3.750%, due 11/15/432 |
|
591,000 |
|
611,869 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
0.125%, due 04/30/152 |
|
800,000 |
|
799,844 |
| ||
0.250%, due 05/31/15 |
|
1,105,000 |
|
1,106,166 |
| ||
0.375%, due 06/30/15 |
|
300,000 |
|
300,785 |
| ||
1.375%, due 09/30/18 |
|
625,000 |
|
619,385 |
| ||
1.500%, due 01/31/19 |
|
325,000 |
|
322,156 |
| ||
Total US government obligations (cost $3,755,092) |
|
|
|
3,760,205 |
| ||
|
|
|
|
|
| ||
Non-US government obligations: 1.19% |
|
|
|
|
| ||
Brazil: 0.69% |
|
|
|
|
| ||
Banco Nacional de Desenvolvimento Economico e Social, |
|
|
|
|
| ||
3.375%, due 09/26/161 |
|
200,000 |
|
203,750 |
| ||
|
|
|
|
|
| ||
Jordan: 0.13% |
|
|
|
|
| ||
Hashemite Kingdom of Jordan, |
|
|
|
|
| ||
2.503%, due 10/30/20 |
|
40,000 |
|
39,939 |
| ||
|
|
|
|
|
| ||
Turkey: 0.37% |
|
|
|
|
| ||
Republic of Turkey, |
|
|
|
|
| ||
6.750%, due 04/03/18 |
|
100,000 |
|
110,500 |
| ||
Total Non-US government obligations (cost $351,489) |
|
|
|
354,189 |
| ||
Total bonds (cost $26,445,821) |
|
|
|
26,715,375 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment company: 5.56% |
|
|
|
|
| ||
UBS High Yield Relationship Fund*6 (cost $1,550,629) |
|
48,228 |
|
1,654,229 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| ||
Short-term investments: 21.89% |
|
|
|
|
| ||
Investment company: 18.54% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund6 (cost $5,516,271) |
|
5,516,271 |
|
$ |
5,516,271 |
| |
|
|
|
|
|
| ||
|
|
Face amount |
|
|
| ||
US government obligation: 3.35% |
|
|
|
|
| ||
US Treasury Bill, |
|
|
|
|
| ||
0.085%, due 06/26/147 (cost $999,797) |
|
$ |
1,000,000 |
|
999,916 |
| |
Total short-term investments (cost $6,516,068) |
|
|
|
6,516,187 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased: 0.40% |
|
|
|
|
| ||
Call options: 0.16% |
|
|
|
|
| ||
2 Year Euro-Dollar Midcurve, strike @ USD 97.88, expires September 2014 |
|
59 |
|
48,306 |
| ||
|
|
|
|
|
| ||
Put options: 0.24% |
|
|
|
|
| ||
2 Year Euro-Dollar Midcurve, strike @ USD 97.88, expires September 2014 |
|
59 |
|
37,244 |
| ||
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
26 |
|
24,700 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
49 |
|
6,431 |
| ||
30 Year US Treasury Bonds, strike @ USD 130.00, expires May 2014 |
|
5 |
|
2,344 |
| ||
3 Year Euro-Dollar Midcurve, strike @ USD 99.63, expires April 2014 |
|
132 |
|
825 |
| ||
|
|
|
|
71,544 |
| ||
Total options purchased (cost $167,487) |
|
|
|
119,850 |
| ||
|
|
|
|
|
| ||
Investment of cash collateral from securities loaned: 0.04% |
|
|
|
|
| ||
UBS Private Money Market Fund LLC6 (cost $12,225) |
|
12,225 |
|
12,225 |
| ||
Total investments: 117.66% (cost $34,692,230) |
|
|
|
35,017,866 |
| ||
Liabilities, in excess of cash and other assets: (17.66%) |
|
|
|
(5,256,514 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
29,761,352 |
| |
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
588,519 |
|
Gross unrealized depreciation |
|
(262,883 |
) | |
Net unrealized appreciation of investments |
|
$ |
325,636 |
|
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 |
|
JPY |
|
45,954,360 |
|
USD |
|
450,000 |
|
06/11/14 |
|
$ |
4,604 |
|
JPMCB |
|
EUR |
|
695,000 |
|
USD |
|
955,990 |
|
06/11/14 |
|
(1,370 |
) | |
MSCI |
|
JPY |
|
42,244,268 |
|
USD |
|
410,000 |
|
06/11/14 |
|
562 |
| |
MSCI |
|
USD |
|
542,904 |
|
EUR |
|
390,000 |
|
06/11/14 |
|
(5,681 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,885 |
) |
Futures contracts
|
|
Expiration |
|
Cost |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 18 contracts (USD) |
|
June 2014 |
|
$ |
2,577,341 |
|
$ |
2,600,437 |
|
$ |
23,096 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 27 contracts (USD) |
|
June 2014 |
|
(3,238,807 |
) |
(3,211,734 |
) |
27,073 |
| |||
10 Year US Treasury Notes, 30 contracts (USD) |
|
June 2014 |
|
(3,722,727 |
) |
(3,705,000 |
) |
17,727 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 10 contracts (EUR) |
|
March 2015 |
|
3,420,357 |
|
3,433,104 |
|
12,747 |
| |||
Australian Government 10 Year Bond, 5 contracts (AUD) |
|
June 2014 |
|
535,751 |
|
535,796 |
|
45 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
80,688 |
| ||
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||||
MLI |
|
|
|
USD |
965,000 |
|
08/15/39 |
|
3.219 |
% |
3 month USD LIBOR |
|
$ |
|
|
$ |
41,950 |
|
$ |
41,950 |
|
Credit default swaps on corporate issues buy protection9
Counterparty |
|
Referenced obligation10 |
|
Notional |
|
Termination |
|
Payments made by |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
CITI |
|
Allstate Corp. bond, 6.750%, due 05/15/18 |
|
USD |
|
350,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
7,759 |
|
$ |
(10,584 |
) |
$ |
(2,825 |
) |
JPMCB |
|
Nucor Corp. bond, 5.750%, due 12/01/17 |
|
USD |
|
350,000 |
|
06/20/18 |
|
1.000 |
|
3,837 |
|
(8,229 |
) |
(4,392 |
) | |||
MSC |
|
Deutsche Bank AG bond, 5.125%, due 08/31/17 |
|
EUR |
|
140,000 |
|
06/20/17 |
|
1.000 |
|
(4,674 |
) |
(3,558 |
) |
(8,232 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,922 |
|
$ |
(22,371 |
) |
$ |
(15,449 |
) |
Credit default swaps on corporate issues sell protection11
Counterparty |
|
Referenced obligation10 |
|
Notional |
|
Termination |
|
Payments received |
|
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 |
% |
$ |
421 |
|
$ |
7,195 |
|
$ |
7,616 |
|
0.510 |
% |
MSC |
|
Barrick Gold Corp. bond, 5.800%, due 11/15/34 |
|
USD |
|
350,000 |
|
06/20/18 |
|
1.000 |
|
12,576 |
|
(3,430 |
) |
9,146 |
|
1.250 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,997 |
|
$ |
3,765 |
|
$ |
16,762 |
|
|
|
Credit default swaps on credit indices sell protection11
Counterparty |
|
Referenced Index10 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit spread12 |
| |||||
CSI |
|
CMBX.NA.BBB. Series 6 Index |
|
USD |
|
350,000 |
|
05/11/63 |
|
3.00 |
% |
14,151 |
|
(5,076 |
) |
9,075 |
|
3.210 |
% | |||
MLI |
|
CMBX.NA.A. Series 6 Index |
|
USD |
|
300,000 |
|
05/11/63 |
|
2.000 |
|
(827 |
) |
937 |
|
110 |
|
1.950 |
| |||
MSC |
|
CMBX.NA.A. Series 6 Index |
|
USD |
|
350,000 |
|
05/11/63 |
|
2.000 |
|
$ |
4,480 |
|
$ |
1,093 |
|
$ |
5,573 |
|
1.950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,804 |
|
$ |
(3,046 |
) |
$ |
14,758 |
|
|
|
Total return swap agreements13
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
JPMCB |
|
GBP |
|
235,000 |
|
06/20/14 |
|
3 month GBP LIBOR |
|
|
14 |
$ |
|
|
$ |
8,570 |
|
$ |
8,570 |
|
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Value |
|
Unrealized |
| ||||
AUD |
|
570,000 |
|
10/18/23 |
|
6 month BBSW |
|
4.535 |
% |
$ |
11,816 |
|
$ |
11,816 |
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 98.75 |
|
June 2016 |
|
$ |
21,034 |
|
$ |
(19,175 |
) |
4 Year Euro-Dollar Midcurve, 59 contracts, strike @ USD 96.38 |
|
September 2014 |
|
41,094 |
|
(42,406 |
) | ||
30 Year US Treasury Bonds, 5 contracts, strike @ USD 133.00 |
|
May 2014 |
|
4,444 |
|
(8,281 |
) | ||
Put options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 132 contracts, strike @ USD 99.50 |
|
April 2014 |
|
1,188 |
|
(825 |
) | ||
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 96.75 |
|
June 2016 |
|
21,034 |
|
(11,213 |
) | ||
4 Year Euro-Dollar Midcurve, 59 contracts, strike @ USD 96.38 |
|
September 2014 |
|
37,331 |
|
(36,506 |
) | ||
90 Day Euro-Dollar Time Deposit, 49 contracts, strike @ USD 99.25 |
|
March 2015 |
|
12,691 |
|
(919 |
) | ||
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Options written on credit default swaps on credit indices13 |
|
|
|
|
|
|
| ||
If option exercised payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 21 Index and Fund receives quarterly fixed rate of 5.000%. Underlying credit default swap terminating 12/20/18.European style. Counterparty: MLI, Notional Amount USD 1,000,000 |
|
June 2014 |
|
$ |
4,400 |
|
$ |
(5,735 |
) |
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 21 Index and Fund pays quarterly fixed rate of 5.000%. Underlying credit default swap terminating 12/20/18.European style. Counterparty: MLI, Notional Amount USD 1,000,000 |
|
June 2014 |
|
12,500 |
|
(7,533 |
) | ||
Total options written |
|
|
|
$ |
155,716 |
|
$ |
(132,593 |
) |
Written options activity for the period ended March 31, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
61 |
|
$ |
22,607 |
|
Options written |
|
312 |
|
131,429 |
| |
Options terminated in closing purchase transactions |
|
(17 |
) |
(15,220 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2014 |
|
356 |
|
$ |
138,816 |
|
Written swaptions activity for the period ended March 31, 2014 was as follows:
|
|
Premiums |
| |
Swaptions outstanding at June 30, 2013 |
|
$ |
|
|
Swaptions written |
|
49,200 |
| |
Swaptions terminated in closing purchase transactions |
|
(32,300 |
) | |
Swaptions expired prior to exercise |
|
|
| |
Swaptions outstanding at March 31, 2014 |
|
$ |
16,900 |
|
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
|
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
9,127,935 |
|
$ |
|
|
$ |
9,127,935 |
|
Asset-backed securities |
|
|
|
824,203 |
|
|
|
824,203 |
| ||||
Commercial mortgage-backed securities |
|
|
|
2,467,610 |
|
|
|
2,467,610 |
| ||||
Mortgage & agency debt securities |
|
|
|
9,546,660 |
|
|
|
9,546,660 |
| ||||
Municipal bonds |
|
|
|
634,573 |
|
|
|
634,573 |
| ||||
US government obligations |
|
|
|
3,760,205 |
|
|
|
3,760,205 |
| ||||
Non-US government obligations |
|
|
|
354,189 |
|
|
|
354,189 |
| ||||
Investment company |
|
|
|
1,654,229 |
|
|
|
1,654,229 |
| ||||
Short-term investments |
|
|
|
6,516,187 |
|
|
|
6,516,187 |
| ||||
Options purchased |
|
119,850 |
|
|
|
|
|
119,850 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
12,225 |
|
|
|
12,225 |
| ||||
Forward foreign currency contracts |
|
|
|
5,166 |
|
|
|
5,166 |
| ||||
Futures contracts |
|
80,688 |
|
|
|
|
|
80,688 |
| ||||
Swap agreements |
|
|
|
71,561 |
|
|
|
71,561 |
| ||||
Total |
|
$ |
200,538 |
|
$ |
34,974,743 |
|
$ |
|
|
$ |
35,175,281 |
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
|
|
(7,051 |
) |
|
|
(7,051 |
) | ||||
Swap agreements |
|
|
|
(30,877 |
) |
|
|
(30,877 |
) | ||||
Options written |
|
(119,325 |
) |
(13,268 |
) |
|
|
(132,593 |
) | ||||
Total |
|
$ |
(119,325 |
) |
$ |
(51,196 |
) |
$ |
|
|
$ |
(170,521 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
UBS Core Plus Bond Fund
Portfolio of investments March 31, 2014 (unaudited)
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of these securities amounted to $1,970,100 or 6.62% of net assets. |
2 |
Security, or portion thereof, was on loan at March 31, 2014. |
3 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2014 and changes periodically. |
4 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2014. Maturity date disclosed is the ultimate maturity date. |
5 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
6 |
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. |
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain (loss) during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
4,494,940 |
|
$ |
18,516,178 |
|
$ |
17,494,847 |
|
$ |
|
|
$ |
|
|
$ |
5,516,271 |
|
$ |
2,917 |
|
UBS Private Money Market Fund LLCa |
|
800,921 |
|
3,310,901 |
|
4,099,597 |
|
|
|
|
|
12,225 |
|
18 |
| |||||||
UBS High Yield Relationship Fund |
|
1,851,702 |
|
450,000 |
|
800,000 |
|
50,629 |
|
101,898 |
|
1,654,229 |
|
|
| |||||||
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
342,988 |
|
|
|
346,464 |
|
(22,006 |
) |
25,482 |
|
|
|
|
| |||||||
|
|
$ |
7,490,551 |
|
$ |
22,277,079 |
|
$ |
22,740,908 |
|
$ |
28,623 |
|
$ |
127,380 |
|
$ |
7,182,725 |
|
$ |
2,935 |
|
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 |
Interest rate shown is discount rate at date of purchase. |
8 |
Payments made or received are based on the notional amount. |
9 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
10 |
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
11 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation. |
12 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
13 |
Illiquid investment as of March 31, 2014. |
14 |
Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index. |
UBS Emerging Markets Debt Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Commercial banks |
|
5.75 |
% |
Diversified financial services |
|
8.07 |
|
Electric utilities |
|
0.88 |
|
Metals & mining |
|
0.86 |
|
Oil, gas & consumable fuels |
|
5.42 |
|
Road & rail |
|
0.92 |
|
Total corporate bonds |
|
21.90 |
% |
Non-US government obligations |
|
64.51 |
|
Structured notes |
|
2.86 |
|
Total bonds |
|
89.27 |
% |
Short-term investment |
|
9.09 |
|
Options purchased |
|
0.01 |
|
Total investments |
|
98.37 |
% |
Cash and other assets, less liabilities |
|
1.63 |
|
Net assets |
|
100.00 |
% |
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds89.27% |
|
|
|
|
| |||
Corporate bonds21.90% |
|
|
|
|
| |||
Brazil3.03% |
|
|
|
|
| |||
Banco do Brasil SA, |
|
|
|
|
| |||
5.875%, due 01/26/221 |
|
$ |
200,000 |
|
$ |
205,500 |
| |
Centrais Eletricas Brasileiras SA, |
|
|
|
|
| |||
5.750%, due 10/27/211 |
|
200,000 |
|
196,500 |
| |||
Petrobras Global Finance BV, |
|
|
|
|
| |||
2.379%, due 01/15/192 |
|
30,000 |
|
29,343 |
| |||
3.113%, due 03/17/202 |
|
50,000 |
|
50,139 |
| |||
State of Minas Gerais, |
|
|
|
|
| |||
5.333%, due 02/15/283 |
|
200,000 |
|
192,500 |
| |||
Total Brazil corporate bonds |
|
|
|
673,982 |
| |||
|
|
|
|
|
| |||
India0.90% |
|
|
|
|
| |||
ICICI Bank Ltd., |
|
|
|
|
| |||
6.375%, due 04/30/221,2 |
|
200,000 |
|
200,500 |
| |||
|
|
|
|
|
| |||
Indonesia1.35% |
|
|
|
|
| |||
Pertamina Persero PT, |
|
|
|
|
| |||
5.250%, due 05/23/211 |
|
300,000 |
|
300,750 |
| |||
|
|
|
|
|
| |||
Kazakhstan0.91% |
|
|
|
|
| |||
Kazakhstan Temir Zholy Finance BV, |
|
|
|
|
| |||
6.950%, due 07/10/423 |
|
200,000 |
|
204,000 |
| |||
|
|
|
|
|
| |||
Malaysia0.89% |
|
|
|
|
| |||
Malayan Banking Bhd, |
|
|
|
|
| |||
3.250%, due 09/20/221,2 |
|
200,000 |
|
198,847 |
| |||
|
|
|
|
|
| |||
Mexico1.88% |
|
|
|
|
| |||
Petroleos Mexicanos, |
|
|
|
|
| |||
4.875%, due 01/24/22 |
|
100,000 |
|
104,500 |
| |||
5.500%, due 06/27/44 |
|
100,000 |
|
96,375 |
| |||
6.500%, due 06/02/41 |
|
200,000 |
|
218,800 |
| |||
Total Mexico corporate bonds |
|
|
|
419,675 |
| |||
|
|
|
|
|
| |||
Peru0.90% |
|
|
|
|
| |||
Corp Financiera Desarrollo, |
|
|
|
|
| |||
4.750%, due 02/08/221 |
|
200,000 |
|
201,000 |
| |||
|
|
|
|
|
| |||
Russia8.08% |
|
|
|
|
| |||
RSHB Capital SA for OJSC Russian Agricultural Bank, |
|
|
|
|
| |||
7.750%, due 05/29/181 |
|
250,000 |
|
269,375 |
| |||
8.625%, due 02/17/171 |
|
RUB |
21,000,000 |
|
559,291 |
| ||
8.700%, due 03/17/16 |
|
6,000,000 |
|
163,196 |
| |||
Sberbank of Russia, |
|
|
|
|
| |||
5.717%, due 06/16/211 |
|
$ |
200,000 |
|
203,250 |
| ||
VEB Finance Ltd., |
|
|
|
|
| |||
6.025%, due 07/05/221 |
|
200,000 |
|
195,500 |
| |||
6.800%, due 11/22/251 |
|
150,000 |
|
150,750 |
| |||
6.902%, due 07/09/201 |
|
250,000 |
|
262,188 |
| |||
Total Russia corporate bonds |
|
|
|
1,803,550 |
| |||
|
|
|
|
|
| |||
Turkey2.13% |
|
|
|
|
| |||
Turkiye Halk Bankasi AS, |
|
|
|
|
| |||
3.875%, due 02/05/201 |
|
300,000 |
|
274,500 |
| |||
4.875%, due 07/19/173 |
|
200,000 |
|
201,000 |
| |||
Total Turkey corporate bonds |
|
|
|
475,500 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Venezuela1.83% |
|
|
|
|
| |||
Petroleos de Venezuela SA, |
|
|
|
|
| |||
8.500%, due 11/02/171 |
|
$ |
50,000 |
|
$ |
42,250 |
| |
9.000%, due 11/17/211 |
|
300,000 |
|
225,000 |
| |||
9.750%, due 05/17/351 |
|
200,000 |
|
141,600 |
| |||
Total Venezuela corporate bonds |
|
|
|
408,850 |
| |||
Total corporate bonds (cost $5,198,211) |
|
|
|
4,886,654 |
| |||
|
|
|
|
|
| |||
Non-US government obligations64.51% |
|
|
|
|
| |||
Argentina0.76% |
|
|
|
|
| |||
Republic of Argentina, |
|
|
|
|
| |||
0.000%, due 12/15/354 |
|
530,000 |
|
34,450 |
| |||
6.266%, due 12/15/352,4 |
|
350,000 |
|
23,100 |
| |||
7.000%, due 10/03/15 |
|
20,000 |
|
18,760 |
| |||
Series 1, 8.750%, due 06/02/17 |
|
100,000 |
|
93,500 |
| |||
|
|
|
|
169,810 |
| |||
|
|
|
|
|
| |||
Belarus1.82% |
|
|
|
|
| |||
Republic of Belarus, |
|
|
|
|
| |||
8.750%, due 08/03/151 |
|
250,000 |
|
253,125 |
| |||
8.950%, due 01/26/181 |
|
150,000 |
|
153,000 |
| |||
|
|
|
|
406,125 |
| |||
|
|
|
|
|
| |||
Brazil4.01% |
|
|
|
|
| |||
Federative Republic of Brazil, |
|
|
|
|
| |||
6.000%, due 08/15/505 |
|
BRL |
720,000 |
|
688,076 |
| ||
Notas do Tesouro Nacional, |
|
|
|
|
| |||
6.000%, due 08/15/225 |
|
200,000 |
|
206,926 |
| |||
|
|
|
|
895,002 |
| |||
|
|
|
|
|
| |||
China1.06% |
|
|
|
|
| |||
China Government Bond, |
|
|
|
|
| |||
1.400%, due 08/18/161 |
|
CNY |
500,000 |
|
78,598 |
| ||
2.560%, due 06/29/171 |
|
1,000,000 |
|
157,934 |
| |||
|
|
|
|
236,532 |
| |||
|
|
|
|
|
| |||
Colombia2.64% |
|
|
|
|
| |||
Republic of Colombia, |
|
|
|
|
| |||
6.125%, due 01/18/41 |
|
$ |
110,000 |
|
123,200 |
| ||
9.850%, due 06/28/27 |
|
COP |
562,000,000 |
|
370,887 |
| ||
12.000%, due 10/22/15 |
|
170,000,000 |
|
95,894 |
| |||
|
|
|
|
589,981 |
| |||
El Salvador0.45% |
|
|
|
|
| |||
Republic of El Salvador, |
|
|
|
|
| |||
7.650%, due 06/15/351 |
|
$ |
100,000 |
|
100,000 |
| ||
|
|
|
|
|
| |||
Ghana0.68% |
|
|
|
|
| |||
Republic of Ghana, |
|
|
|
|
| |||
8.500%, due 10/04/171 |
|
150,000 |
|
152,812 |
| |||
|
|
|
|
|
| |||
Hungary3.22% |
|
|
|
|
| |||
Government of Hungary, |
|
|
|
|
| |||
5.375%, due 02/21/23 |
|
100,000 |
|
101,489 |
| |||
5.750%, due 11/22/23 |
|
150,000 |
|
155,340 |
| |||
6.750%, due 02/24/17 |
|
HUF |
60,000,000 |
|
288,366 |
| ||
7.625%, due 03/29/41 |
|
$ |
150,000 |
|
173,879 |
| ||
|
|
|
|
719,074 |
| |||
|
|
|
|
|
| |||
Indonesia4.76% |
|
|
|
|
| |||
Republic of Indonesia, |
|
|
|
|
| |||
6.625%, due 02/17/371 |
|
200,000 |
|
213,000 |
| |||
7.000%, due 05/15/22 |
|
IDR |
6,000,000,000 |
|
498,855 |
| ||
8.500%, due 10/12/351 |
|
$ |
275,000 |
|
349,937 |
| ||
|
|
|
|
1,061,792 |
| |||
|
|
|
|
|
| |||
Lithuania0.49% |
|
|
|
|
| |||
Republic of Lithuania, |
|
|
|
|
| |||
5.125%, due 09/14/171 |
|
100,000 |
|
109,185 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Non-US government obligations(Concluded) |
|
|
|
|
| |||
Malaysia4.38% |
|
|
|
|
| |||
Government of Malaysia, |
|
|
|
|
| |||
3.434%, due 08/15/14 |
|
MYR |
1,000,000 |
|
$ |
306,608 |
| |
3.580%, due 09/28/18 |
|
2,200,000 |
|
669,533 |
| |||
|
|
|
|
976,141 |
| |||
|
|
|
|
|
| |||
Mexico5.25% |
|
|
|
|
| |||
Mexican Udibonos, |
|
|
|
|
| |||
Series M, |
|
|
|
|
| |||
6.500%, due 06/10/21 |
|
MXN |
900,000 |
|
71,932 |
| ||
8.000%, due 12/17/15 |
|
8,250,000 |
|
674,761 |
| |||
Series S, |
|
|
|
|
| |||
4.000%, due 11/15/405 |
|
3,602,336 |
|
288,420 |
| |||
United Mexican States, |
|
|
|
|
| |||
6.050%, due 01/11/40 |
|
$ |
120,000 |
|
136,200 |
| ||
|
|
|
|
1,171,313 |
| |||
|
|
|
|
|
| |||
Mongolia1.56% |
|
|
|
|
| |||
Development Bank of Mongolia LLC, |
|
|
|
|
| |||
5.750%, due 03/21/171 |
|
200,000 |
|
186,500 |
| |||
Mongolia Government International Bond, |
|
|
|
|
| |||
5.125%, due 12/05/223 |
|
200,000 |
|
160,750 |
| |||
|
|
|
|
347,250 |
| |||
|
|
|
|
|
| |||
Montenegro0.97% |
|
|
|
|
| |||
Republic of Montenegro, |
|
|
|
|
| |||
7.250%, due 04/08/161 |
|
EUR |
150,000 |
|
216,980 |
| ||
Nigeria1.71% |
|
|
|
|
| |||
Nigeria Government Bond, |
|
|
|
|
| |||
15.100%, due 04/27/17 |
|
NGN |
27,000,000 |
|
168,068 |
| ||
Nigeria Government International Bond, |
|
|
|
|
| |||
5.125%, due 07/12/181 |
|
$ |
200,000 |
|
203,500 |
| ||
Nigeria Treasury Bill, |
|
|
|
|
| |||
10.810%, due 04/10/146 |
|
NGN |
1,500,000 |
|
9,065 |
| ||
|
|
|
|
380,633 |
| |||
|
|
|
|
|
| |||
Peru2.80% |
|
|
|
|
| |||
Peruvian Government International Bond, |
|
|
|
|
| |||
5.625%, due 11/18/50 |
|
$ |
50,000 |
|
53,125 |
| ||
7.840%, due 08/12/201 |
|
PEN |
1,450,000 |
|
571,435 |
| ||
|
|
|
|
624,560 |
| |||
|
|
|
|
|
| |||
Philippines1.02% |
|
|
|
|
| |||
Republic of Philippines, |
|
|
|
|
| |||
4.200%, due 01/21/24 |
|
$ |
220,000 |
|
226,875 |
| ||
Poland5.19% |
|
|
|
|
| |||
Republic of Poland, |
|
|
|
|
| |||
4.750%, due 04/25/17 |
|
PLN |
2,400,000 |
|
827,436 |
| ||
5.000%, due 04/25/16 |
|
800,000 |
|
274,859 |
| |||
5.000%, due 03/23/22 |
|
$ |
50,000 |
|
54,666 |
| ||
|
|
|
|
1,156,961 |
| |||
|
|
|
|
|
| |||
Romania0.72% |
|
|
|
|
| |||
Government of Romania, |
|
|
|
|
| |||
5.750%, due 01/27/16 |
|
RON |
300,000 |
|
96,015 |
| ||
6.125%, due 01/22/443 |
|
$ |
50,000 |
|
52,812 |
| ||
6.750%, due 02/07/221 |
|
10,000 |
|
11,663 |
| |||
|
|
|
|
160,490 |
| |||
|
|
|
|
|
| |||
Russia2.27% |
|
|
|
|
| |||
Russian Federation, |
|
|
|
|
| |||
7.000%, due 01/25/23 |
|
RUB |
2,300,000 |
|
59,176 |
| ||
7.050%, due 01/19/28 |
|
5,000,000 |
|
122,916 |
| |||
7.600%, due 04/14/21 |
|
7,500,000 |
|
203,011 |
| |||
8.150%, due 02/03/27 |
|
4,500,000 |
|
122,479 |
| |||
|
|
|
|
507,582 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
South Africa4.46% |
|
|
|
|
| |||
Republic of South Africa, |
|
|
|
|
| |||
5.875%, due 09/16/25 |
|
$ |
200,000 |
|
$ |
214,750 |
| |
6.750%, due 03/31/21 |
|
ZAR |
1,800,000 |
|
158,016 |
| ||
7.000%, due 02/28/31 |
|
3,500,000 |
|
281,273 |
| |||
7.750%, due 02/28/23 |
|
1,850,000 |
|
169,637 |
| |||
10.500%, due 12/21/26 |
|
1,000,000 |
|
110,334 |
| |||
13.500%, due 09/15/15 |
|
600,000 |
|
62,157 |
| |||
|
|
|
|
996,167 |
| |||
|
|
|
|
|
| |||
Sri Lanka1.17% |
|
|
|
|
| |||
Republic of Sri Lanka, |
|
|
|
|
| |||
6.250%, due 10/04/201 |
|
$ |
100,000 |
|
104,875 |
| ||
6.250%, due 07/27/211 |
|
150,000 |
|
156,375 |
| |||
|
|
|
|
261,250 |
| |||
|
|
|
|
|
| |||
Thailand2.93% |
|
|
|
|
| |||
Government of Thailand, |
|
|
|
|
| |||
1.200%, due 07/14/211,5 |
|
THB |
14,785,430 |
|
433,895 |
| ||
3.775%, due 06/25/32 |
|
1,000,000 |
|
28,907 |
| |||
3.875%, due 03/07/18 |
|
200,000 |
|
6,333 |
| |||
3.875%, due 06/13/19 |
|
5,500,000 |
|
175,150 |
| |||
5.125%, due 03/13/18 |
|
300,000 |
|
9,944 |
| |||
|
|
|
|
654,229 |
| |||
|
|
|
|
|
| |||
Turkey6.28% |
|
|
|
|
| |||
Export Credit Bank of Turkey, |
|
|
|
|
| |||
5.875%, due 04/24/191 |
|
200,000 |
|
207,750 |
| |||
Republic of Turkey, |
|
|
|
|
| |||
3.000%, due 02/23/225 |
|
464,597 |
|
210,615 |
| |||
7.100%, due 03/08/23 |
|
250,000 |
|
97,739 |
| |||
7.500%, due 11/07/19 |
|
$ |
500,000 |
|
574,375 |
| ||
8.500%, due 09/14/22 |
|
TRY |
300,000 |
|
129,172 |
| ||
9.500%, due 01/12/22 |
|
400,000 |
|
182,454 |
| |||
|
|
|
|
1,402,105 |
| |||
|
|
|
|
|
| |||
Ukraine0.88% |
|
|
|
|
| |||
Government of Ukraine, |
|
|
|
|
| |||
9.250%, due 07/24/173 |
|
$ |
200,000 |
|
195,750 |
| ||
|
|
|
|
|
| |||
Venezuela3.03% |
|
|
|
|
| |||
Republic of Venezuela, |
|
|
|
|
| |||
7.750%, due 10/13/191 |
|
140,000 |
|
106,400 |
| |||
8.250%, due 10/13/241 |
|
190,000 |
|
132,050 |
| |||
9.250%, due 09/15/27 |
|
100,000 |
|
75,250 |
| |||
9.250%, due 05/07/281 |
|
300,000 |
|
216,750 |
| |||
9.375%, due 01/13/34 |
|
200,000 |
|
145,000 |
| |||
|
|
|
|
675,450 |
| |||
Total Non-US government obligations (cost $15,659,275) |
|
|
|
14,394,049 |
| |||
|
|
|
|
|
| |||
Structured notes2.86% |
|
|
|
|
| |||
Bangladesh1.21% |
|
|
|
|
| |||
Standard Chartered Bank, 11.700%, due 06/14/183 (linked to Peoples Republic of Bangladesh, 11.700%, due 06/05/18) |
|
264,780 |
|
268,928 |
| |||
|
|
|
|
|
| |||
Ghana0.77% |
|
|
|
|
| |||
Citigroup Funding, Inc., 23.000%, due 08/23/173 (linked to Republic of Ghana, 23.000%, due 08/21/17) |
|
GHS |
500,000 |
|
170,624 |
| ||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Structured notes(Concluded) |
|
|
|
|
| ||
Vietnam0.88% |
|
|
|
|
| ||
Citigroup Funding, Inc., 7.600%, due 05/05/163 (linked to Socialist Republic of Vietnam, 7.600%, due 04/30/16) |
|
VND |
4,000,000,000 |
|
$ |
196,719 |
|
Total structured notes (cost $715,829) |
|
|
|
636,271 |
| ||
Total bonds (cost $21,573,315) |
|
|
|
19,916,974 |
| ||
|
|
Shares |
|
|
|
Short-term investment9.09% |
|
|
|
|
|
Investment company9.09% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund7 (cost $2,028,765) |
|
2,028,765 |
|
2,028,765 |
|
|
|
Face amount |
|
|
| |||
Options purchased0.01% |
|
|
|
|
| |||
Put options0.01% |
|
|
|
|
| |||
Foreign Exchange Option, Buy EUR/BRL, strike @ BRL 2.80, expires June 2014, counterparty: BB |
|
EUR |
460,000 |
|
62 |
| ||
Foreign Exchange Option, Buy USD/BRL, strike @ BRL 1.90, expires April 2014, counterparty: GSI |
|
$ |
870,000 |
|
0 |
| ||
Foreign Exchange Option, Buy USD/CLP, strike @ USD 548.00, expires April 2014, counterparty: MLI |
|
400,000 |
|
2,538 |
| |||
Foreign Exchange Option, Buy USD/TRY, strike @ TRY 1.92, expires June 2014, counterparty: BB |
|
660,000 |
|
14 |
| |||
Total options purchased (cost $32,134) |
|
|
|
2,614 |
| |||
Total investments98.37% (cost $23,634,214) |
|
|
|
21,948,353 |
| |||
Cash and other assets, less liabilities1.63% |
|
|
|
363,977 |
| |||
Net assets100.00% |
|
|
|
$ |
22,312,330 |
| ||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
262,015 |
|
Gross unrealized depreciation |
|
(1,947,876 |
) | |
Net unrealized depreciation of investments |
|
$ |
(1,685,861 |
) |
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 |
85,000 |
|
USD |
117,686 |
|
04/22/14 |
|
$ |
590 |
| ||||
BB |
|
USD |
19,421 |
|
BRL |
47,000 |
|
06/10/14 |
|
916 |
| |||||
BB |
|
USD |
404,906 |
|
BRL |
924,000 |
|
06/10/14 |
|
(5,087 |
) | |||||
BB |
|
USD |
189,200 |
|
EUR |
140,000 |
|
04/22/14 |
|
3,663 |
| |||||
BB |
|
USD |
405,035 |
|
TRY |
930,000 |
|
06/18/14 |
|
19,764 |
| |||||
CSI |
|
BRL |
294,000 |
|
USD |
126,452 |
|
04/04/14 |
|
(3,037 |
) | |||||
CSI |
|
BRL |
7,000 |
|
USD |
3,017 |
|
06/18/14 |
|
(5 |
) | |||||
CSI |
|
CLP |
22,481,000 |
|
USD |
39,316 |
|
04/04/14 |
|
(1,671 |
) | |||||
CSI |
|
COP |
120,000,000 |
|
USD |
60,362 |
|
06/18/14 |
|
(124 |
) | |||||
CSI |
|
CZK |
2,352,000 |
|
USD |
119,209 |
|
04/04/14 |
|
1,174 |
| |||||
CSI |
|
RUB |
1,050,000 |
|
USD |
28,811 |
|
04/04/14 |
|
(1,103 |
) | |||||
CSI |
|
RUB |
3,070,000 |
|
USD |
82,438 |
|
06/18/14 |
|
(3,581 |
) | |||||
CSI |
|
USD |
62,052 |
|
BRL |
147,000 |
|
04/04/14 |
|
2,693 |
| |||||
CSI |
|
USD |
277,058 |
|
BRL |
663,000 |
|
06/18/14 |
|
9,211 |
| |||||
CSI |
|
USD |
103,377 |
|
CLP |
58,196,000 |
|
04/04/14 |
|
2,725 |
| |||||
CSI |
|
USD |
17,772 |
|
CLP |
10,267,000 |
|
06/18/14 |
|
803 |
| |||||
CSI |
|
USD |
119,993 |
|
CZK |
2,352,000 |
|
04/04/14 |
|
(1,958 |
) | |||||
CSI |
|
USD |
339,773 |
|
IDR |
3,959,370,000 |
|
06/18/14 |
|
3,917 |
| |||||
CSI |
|
USD |
66,050 |
|
IDR |
750,000,000 |
|
06/18/14 |
|
(947 |
) | |||||
CSI |
|
USD |
20,708 |
|
MXN |
275,000 |
|
04/04/14 |
|
353 |
| |||||
CSI |
|
USD |
196,734 |
|
MXN |
2,622,000 |
|
06/18/14 |
|
2,896 |
| |||||
CSI |
|
USD |
28,673 |
|
RUB |
1,050,000 |
|
04/04/14 |
|
1,240 |
| |||||
CSI |
|
USD |
413,496 |
|
ZAR |
4,510,000 |
|
06/18/14 |
|
9,720 |
| |||||
DB |
|
BRL |
191,000 |
|
USD |
80,506 |
|
04/04/14 |
|
(3,618 |
) | |||||
DB |
|
CLP |
59,218,000 |
|
USD |
103,376 |
|
04/04/14 |
|
(4,589 |
) | |||||
DB |
|
MXN |
1,633,000 |
|
USD |
122,835 |
|
04/04/14 |
|
(2,227 |
) | |||||
DB |
|
PEN |
996,000 |
|
USD |
349,106 |
|
06/18/14 |
|
(1,626 |
) | |||||
DB |
|
USD |
266,275 |
|
BRL |
631,000 |
|
04/04/14 |
|
11,641 |
| |||||
DB |
|
USD |
41,351 |
|
CLP |
23,503,000 |
|
04/04/14 |
|
1,499 |
| |||||
DB |
|
USD |
73,137 |
|
COP |
150,150,000 |
|
06/18/14 |
|
2,547 |
| |||||
DB |
|
USD |
430,457 |
|
HUF |
97,830,000 |
|
06/18/14 |
|
6,199 |
| |||||
DB |
|
USD |
222,678 |
|
INR |
13,817,200 |
|
06/18/14 |
|
4,388 |
| |||||
DB |
|
USD |
248,089 |
|
MXN |
3,274,000 |
|
04/04/14 |
|
2,647 |
| |||||
DB |
|
USD |
153,564 |
|
MYR |
507,100 |
|
06/18/14 |
|
899 |
| |||||
DB |
|
USD |
239,646 |
|
PHP |
10,700,200 |
|
06/18/14 |
|
(1,493 |
) | |||||
DB |
|
USD |
282,763 |
|
THB |
9,170,000 |
|
06/18/14 |
|
(1,058 |
) | |||||
GSI |
|
BRL |
971,000 |
|
USD |
402,654 |
|
06/10/14 |
|
(17,502 |
) | |||||
GSI |
|
COP |
122,000,000 |
|
USD |
60,970 |
|
06/18/14 |
|
(525 |
) | |||||
GSI |
|
TWD |
242,600 |
|
USD |
8,011 |
|
06/18/14 |
|
26 |
| |||||
GSI |
|
USD |
63,621 |
|
KRW |
68,341,600 |
|
06/18/14 |
|
333 |
| |||||
GSI |
|
USD |
145,950 |
|
MXN |
1,916,000 |
|
06/18/14 |
|
(72 |
) | |||||
GSI |
|
USD |
6,531 |
|
PLN |
20,000 |
|
06/18/14 |
|
50 |
| |||||
GSI |
|
USD |
15,328 |
|
RON |
50,000 |
|
06/18/14 |
|
42 |
| |||||
HSBC |
|
EUR |
310,000 |
|
USD |
423,862 |
|
04/22/14 |
|
(3,192 |
) | |||||
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
$ |
36,521 |
| ||||||
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 2 contracts (USD) |
|
June 2014 |
|
$ |
264,890 |
|
$ |
266,438 |
|
$ |
1,548 |
|
US Ultra Bond, 1 contracts (USD) |
|
June 2014 |
|
142,189 |
|
144,469 |
|
2,280 |
| |||
10 Year US Treasury Notes, 14 contracts (USD) |
|
June 2014 |
|
1,741,049 |
|
1,729,000 |
|
(12,049 |
) | |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 9 contracts (USD) |
|
June 2014 |
|
(1,077,439 |
) |
(1,070,579 |
) |
6,860 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,361 |
) | ||
Currency swap agreements8
Counterparty |
|
Pay contracts |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
PHP |
8,238,200 |
|
USD |
200,614 |
|
12/18/15 |
|
1.300 |
% |
6 month USD LIBOR |
|
$ |
|
|
$ |
17,076 |
|
$ |
17,076 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
BRL |
617,573 |
|
01/02/17 |
|
1 Day CDI |
|
12.280% |
|
$ |
|
|
$ |
|
|
$ |
|
|
CITI |
|
BRL |
256,675 |
|
01/04/21 |
|
12.570% |
|
1 Day CDI |
|
|
|
|
|
|
| |||
CITI |
|
MXN |
2,550,000 |
|
03/21/19 |
|
5.510 |
|
1 month MXIBTIIE |
|
|
|
(255 |
) |
(255 |
) | |||
CITI |
|
MXN |
1,500,000 |
|
03/14/24 |
|
1 month MXIBTIIE |
|
6.570 |
|
|
|
(256 |
) |
(256 |
) | |||
DB |
|
BRL |
865,272 |
|
01/02/17 |
|
1 Day CDI |
|
8.645 |
|
|
|
(36,467 |
) |
(36,467 |
) | |||
GSI |
|
KRW |
892,000,000 |
|
01/21/19 |
|
3.380 |
|
3 month CD KSDA |
|
|
|
(3,600 |
) |
(3,600 |
) | |||
MLI |
|
MXN |
3,300,000 |
|
03/05/19 |
|
5.530 |
|
1 month MXIBTIIE |
|
|
|
(942 |
) |
(942 |
) | |||
MLI |
|
ZAR |
2,000,000 |
|
06/04/18 |
|
3 month JIBAR |
|
6.400 |
|
|
|
(8,256 |
) |
(8,256 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
(49,776 |
) |
$ |
(49,776 |
) |
Credit default swaps on credit indices buy protection10
Counterparty |
|
Referenced index11 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
MLI |
|
CDX.EM.Series 20 Index |
|
USD |
300,000 |
|
12/20/18 |
|
5.000 |
% |
$ |
20,549 |
|
$ |
(26,806 |
) |
$ |
(6,257 |
) |
Credit default swaps on corporate and sovereign issues buy protection10
Counterparty |
|
Referenced obligation11 |
|
Notional |
|
Termination |
|
Payments made by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
DB |
|
Federation Russia bond, 2.250%, due 03/31/30 |
|
USD |
90,000 |
|
03/20/16 |
|
1.000 |
% |
$ |
(1,484 |
) |
$ |
868 |
|
$ |
(616 |
) |
Credit default swaps on sovereign issuessell protection12
Counterparty |
|
Referenced obligation11 |
|
Notional |
|
Termination |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
BB |
|
Federation Russia bond, 2.250%, due 03/31/30 |
|
USD |
300,000 |
|
12/20/22 |
|
1.000 |
% |
$ |
24,693 |
|
$ |
(32,032 |
) |
$ |
(7,339 |
) |
2.490 |
% |
GSI |
|
United Mexican States bond, 5.950%, due 03/19/19 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
15,632 |
|
(5,084 |
) |
10,548 |
|
1.270 |
| |||
GSI |
|
Federative Republic of Brazil bond, 12.250%, due 03/06/30 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
19,720 |
|
(20,303 |
) |
(583 |
) |
2.130 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
60,045 |
|
$ |
(57,419 |
) |
$ |
2,626 |
|
|
|
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Put options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell EUR/BRL, EUR 460,000 face amount covered by contracts, strike @ BRL 2.60, counterparty: BB |
|
June 2014 |
|
$ |
3,914 |
|
$ |
0 |
|
Foreign Exchange Option, Sell USD/BRL, USD 870,000 face amount covered by contracts, strike @ BRL 1.80, counterparty: GSI |
|
April 2014 |
|
2,309 |
|
|
| ||
Foreign Exchange Option, Sell USD/CLP, USD 200,000 face amount covered by contracts, strike @ CLP 555.00, counterparty: MLI |
|
April 2014 |
|
2,295 |
|
(2,612 |
) | ||
Foreign Exchange Option, Sell USD/TRY, USD 330,000 face amount covered by contracts, strike @ TRY 1.98, counterparty: BB |
|
June 2014 |
|
10,428 |
|
(63 |
) | ||
Total options written |
|
|
|
$ |
18,946 |
|
$ |
(2,675 |
) |
Foreign exchange written options activity for the period ended March 31, 2014 was as follows:
|
|
Premiums |
| |
Foreign exchange options outstanding at June 30, 2013 |
|
$ |
42,727 |
|
Foreign exchange options written |
|
24,690 |
| |
Foreign exchange options terminated in closing purchase transactions |
|
(46,868 |
) | |
Foreign exchange options expired prior to exercise |
|
(1,603 |
) | |
Foreign exchange options outstanding at March 31, 2014 |
|
$ |
18,946 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
4,886,654 |
|
$ |
|
|
$ |
4,886,654 |
|
Non-US government obligations |
|
|
|
14,394,049 |
|
|
|
14,394,049 |
| ||||
Structured notes |
|
|
|
636,271 |
|
|
|
636,271 |
| ||||
Short-term investment |
|
|
|
2,028,765 |
|
|
|
2,028,765 |
| ||||
Options purchased |
|
|
|
2,614 |
|
|
|
2,614 |
| ||||
Forward foreign currency contracts |
|
|
|
89,936 |
|
|
|
89,936 |
| ||||
Futures contracts |
|
10,688 |
|
|
|
|
|
10,688 |
| ||||
Swap agreements |
|
|
|
17,944 |
|
|
|
17,944 |
| ||||
Total |
|
$ |
10,688 |
|
$ |
22,056,233 |
|
$ |
|
|
$ |
22,066,921 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(53,415 |
) |
$ |
|
|
$ |
(53,415 |
) |
Futures contracts |
|
(12,049 |
) |
|
|
|
|
(12,049 |
) | ||||
Swap agreements |
|
|
|
(134,001 |
) |
|
|
(134,001 |
) | ||||
Options written |
|
|
|
(2,675 |
) |
|
|
(2,675 |
) | ||||
Total |
|
$ |
(12,049 |
) |
$ |
(190,091 |
) |
$ |
|
|
$ |
(202,140 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
UBS Emerging Markets Debt Fund
Portfolio of investments March 31, 2014 (unaudited)
Portfolio Footnotes:
1 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of these securities amounted to $7,742,565 or 34.70% of net assets. |
2 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2014 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 March 31, 2014, the value of these securities amounted to $1,643,083 or 7.36% of net assets. |
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 discount rate at date of purchase. |
7 |
The table below details the Funds investment in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
671,558 |
|
$ |
6,906,174 |
|
$ |
5,548,967 |
|
$ |
2,028,765 |
|
$ |
1,284 |
|
8 |
Illiquid investment as of March 31, 2014. |
9 |
Payments made or received are based on the notional amount. |
10 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
11 |
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or or restructuring event with respect to the referenced index/obligation. |
12 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
13 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
UBS Fixed Income Opportunities Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Automobiles |
|
0.49 |
% |
Banks |
|
12.25 |
|
Chemicals |
|
0.84 |
|
Commercial services & supplies |
|
0.62 |
|
Construction materials |
|
3.06 |
|
Consumer finance |
|
3.46 |
|
Containers & packaging |
|
1.10 |
|
Diversified financial services |
|
7.35 |
|
Diversified telecommunication services |
|
1.49 |
|
Electronic equipment, instruments & components |
|
2.12 |
|
Energy equipment & services |
|
0.32 |
|
Food & staples retailing |
|
0.27 |
|
Gas utilities |
|
0.23 |
|
Health care providers & services |
|
0.75 |
|
Hotels, restaurants & leisure |
|
2.44 |
|
Insurance |
|
1.64 |
|
Leisure products |
|
0.47 |
|
Machinery |
|
1.89 |
|
Media |
|
2.07 |
|
Metals & mining |
|
2.26 |
|
Oil, gas & consumable fuels |
|
7.37 |
|
Real estate management & development |
|
0.63 |
|
Tobacco |
|
0.24 |
|
Trading companies & distributors |
|
1.52 |
|
Transportation infrastructure |
|
0.77 |
|
Total corporate bonds |
|
55.65 |
% |
Asset-backed securities |
|
1.52 |
|
Collateralized debt obligations |
|
5.54 |
|
Commercial mortgage-backed securities |
|
5.29 |
|
Mortgage & agency debt securities |
|
2.76 |
|
Municipal bonds |
|
2.93 |
|
US government obligations |
|
6.53 |
|
Non-US government obligations |
|
2.01 |
|
Total bonds |
|
82.23 |
% |
Investment company |
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
16.83 |
|
Short-term investment |
|
3.31 |
|
Options purchased |
|
2.87 |
|
Total investments |
|
105.24 |
% |
Liabilities, in excess of cash and other assets |
|
(5.24 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Fixed Income Opportunities Fund. Figures might be different if a breakdown of the affiliated underlying investment company was included.
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||||
Bonds: 82.23% |
|
|
|
|
| |||||
Corporate bonds: 55.65% |
|
|
|
|
| |||||
Australia: 1.41% |
|
|
|
|
| |||||
Crown Group Finance Ltd., |
|
|
|
|
| |||||
5.750%, due 07/18/17 |
|
AUD |
620,000 |
|
$ |
593,825 |
| |||
Sydney Airport Finance Co., Pty Ltd., |
|
|
|
|
| |||||
3.900%, due 03/22/231 |
|
$ |
230,000 |
|
224,979 |
| ||||
8.000%, due 07/06/15 |
|
AUD |
500,000 |
|
486,486 |
| ||||
Total Australia corporate bonds |
|
|
|
1,305,290 |
| |||||
|
|
|
|
|
| |||||
Brazil: 2.15% |
|
|
|
|
| |||||
Caixa Economica Federal, |
|
|
|
|
| |||||
2.375%, due 11/06/171 |
|
$ |
870,000 |
|
839,550 |
| ||||
Petrobras International Finance Co., |
|
|
|
|
| |||||
5.375%, due 01/27/21 |
|
1,150,000 |
|
1,154,220 |
| |||||
Total Brazil corporate bonds |
|
|
|
1,993,770 |
| |||||
|
|
|
|
|
| |||||
Cayman Islands: 0.74% |
|
|
|
|
| |||||
Kaisa Group Holdings Ltd., |
|
|
|
|
| |||||
10.250%, due 01/08/202 |
|
400,000 |
|
384,000 |
| |||||
Vale Overseas Ltd., |
|
|
|
|
| |||||
4.375%, due 01/11/22 |
|
300,000 |
|
298,731 |
| |||||
Total Cayman Islands corporate bonds |
|
|
|
682,731 |
| |||||
|
|
|
|
|
| |||||
China: 0.44% |
|
|
|
|
| |||||
China Oil & Gas Group Ltd., |
|
|
|
|
| |||||
5.250%, due 04/25/181 |
|
210,000 |
|
211,050 |
| |||||
Gemdale International Investment Ltd., |
|
|
|
|
| |||||
7.125%, due 11/16/172 |
|
200,000 |
|
199,500 |
| |||||
Total China corporate bonds |
|
|
|
410,550 |
| |||||
|
|
|
|
|
| |||||
Croatia: 0.27% |
|
|
|
|
| |||||
Agrokor DD, |
|
|
|
|
| |||||
8.875%, due 02/01/201 |
|
230,000 |
|
251,850 |
| |||||
|
|
|
|
|
| |||||
France: 0.40% |
|
|
|
|
| |||||
Credit Agricole SA, |
|
|
|
|
| |||||
7.875%, due 01/23/241,3,4 |
|
350,000 |
|
369,688 |
| |||||
|
|
|
|
|
| |||||
Germany: 2.75% |
|
|
|
|
| |||||
HeidelbergCement Finance BV, |
|
|
|
|
| |||||
8.500%, due 10/31/192 |
|
EUR |
800,000 |
|
1,421,735 |
| ||||
Trionista Holdco GmbH, |
|
|
|
|
| |||||
5.000%, due 04/30/201 |
|
260,000 |
|
374,523 |
| |||||
Unitymedia GmbH, |
|
|
|
|
| |||||
9.625%, due 12/01/192 |
|
500,000 |
|
753,416 |
| |||||
Total Germany corporate bonds |
|
|
|
2,549,674 |
| |||||
|
|
|
|
|
| |||||
Ireland: 1.10% |
|
|
|
|
| |||||
Ardagh Packaging Finance PLC, |
|
|
|
|
| |||||
7.375%, due 10/15/172 |
|
700,000 |
|
1,024,627 |
| |||||
|
|
|
|
|
| |||||
Luxembourg: 2.96% |
|
|
|
|
| |||||
ArcelorMittal, |
|
|
|
|
| |||||
5.000%, due 02/25/17 |
|
$ |
400,000 |
|
424,500 |
| ||||
6.000%, due 03/01/21 |
|
900,000 |
|
959,625 |
| |||||
Intelsat Jackson Holdings SA, |
|
|
|
|
| |||||
7.500%, due 04/01/21 |
|
975,000 |
|
1,070,062 |
| |||||
Pacific Drilling SA, |
|
|
|
|
| |||||
5.375%, due 06/01/201 |
|
300,000 |
|
297,750 |
| |||||
Total Luxembourg corporate bonds |
|
|
|
2,751,937 |
| |||||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Mexico: 1.53% |
|
|
|
|
| ||||
Cemex SAB de CV, |
|
|
|
|
| ||||
5.875%, due 03/25/191 |
|
$ |
400,000 |
|
$ |
414,500 |
| ||
9.000%, due 01/11/181 |
|
600,000 |
|
654,000 |
| ||||
Petroleos Mexicanos, |
|
|
|
|
| ||||
3.500%, due 07/18/18 |
|
340,000 |
|
351,832 |
| ||||
Total Mexico corporate bonds |
|
|
|
1,420,332 |
| ||||
|
|
|
|
|
| ||||
Netherlands: 3.07% |
|
|
|
|
| ||||
Basell Finance Co. BV, |
|
|
|
|
| ||||
8.100%, due 03/15/271 |
|
600,000 |
|
782,854 |
| ||||
EDP Finance BV, |
|
|
|
|
| ||||
4.750%, due 09/26/162 |
|
EUR |
1,050,000 |
|
1,547,790 |
| |||
4.900%, due 10/01/191 |
|
$ |
500,000 |
|
522,500 |
| |||
Total Netherlands corporate bonds |
|
|
|
2,853,144 |
| ||||
|
|
|
|
|
| ||||
Norway: 1.17% |
|
|
|
|
| ||||
Eksportfinans ASA, |
|
|
|
|
| ||||
5.500%, due 05/25/16 |
|
780,000 |
|
822,900 |
| ||||
5.500%, due 06/26/17 |
|
250,000 |
|
265,313 |
| ||||
Total Norway corporate bonds |
|
|
|
1,088,213 |
| ||||
|
|
|
|
|
| ||||
Singapore: 0.51% |
|
|
|
|
| ||||
Flextronics International Ltd., |
|
|
|
|
| ||||
5.000%, due 02/15/23 |
|
470,000 |
|
474,700 |
| ||||
|
|
|
|
|
| ||||
Spain: 3.09% |
|
|
|
|
| ||||
BBVA US Senior SAU, |
|
|
|
|
| ||||
4.664%, due 10/09/15 |
|
960,000 |
|
1,008,193 |
| ||||
Cirsa Funding Luxembourg SA, |
|
|
|
|
| ||||
8.750%, due 05/15/182 |
|
EUR |
300,000 |
|
431,893 |
| |||
Santander US Debt SA Unipersonal, |
|
|
|
|
| ||||
3.724%, due 01/20/151 |
|
$ |
1,400,000 |
|
1,426,698 |
| |||
Total Spain corporate bonds |
|
|
|
2,866,784 |
| ||||
|
|
|
|
|
| ||||
United Kingdom: 5.32% |
|
|
|
|
| ||||
Barclays Bank PLC, |
|
|
|
|
| ||||
5.140%, due 10/14/20 |
|
100,000 |
|
106,013 |
| ||||
6.050%, due 12/04/171 |
|
990,000 |
|
1,109,539 |
| ||||
HBOS PLC, |
|
|
|
|
| ||||
6.750%, due 05/21/181 |
|
700,000 |
|
793,059 |
| ||||
Lloyds Bank PLC, |
|
|
|
|
| ||||
6.500%, due 03/24/202 |
|
EUR |
1,000,000 |
|
1,652,108 |
| |||
6.500%, due 09/14/201 |
|
$ |
200,000 |
|
228,511 |
| |||
Royal Bank of Scotland Group PLC, |
|
|
|
|
| ||||
6.100%, due 06/10/23 |
|
1,010,000 |
|
1,048,399 |
| ||||
Total United Kingdom corporate bonds |
|
|
|
4,937,629 |
| ||||
|
|
|
|
|
| ||||
United States: 28.74% |
|
|
|
|
| ||||
ADT Corp., |
|
|
|
|
| ||||
3.500%, due 07/15/22 |
|
650,000 |
|
571,363 |
| ||||
Allstate Corp., |
|
|
|
|
| ||||
5.750%, due 08/15/533 |
|
400,000 |
|
420,000 |
| ||||
Ally Financial, Inc., |
|
|
|
|
| ||||
3.469%, due 06/15/155 |
|
1,340,000 |
|
1,298,125 |
| ||||
Bank of America Corp., |
|
|
|
|
| ||||
4.625%, due 09/14/18 |
|
EUR |
1,190,000 |
|
1,809,492 |
| |||
Barrick North America Finance LLC, |
|
|
|
|
| ||||
5.750%, due 05/01/43 |
|
$ |
425,000 |
|
414,087 |
| |||
Caesars Entertainment Operating Co., Inc., |
|
|
|
|
| ||||
11.250%, due 06/01/17 |
|
1,150,000 |
|
1,106,875 |
| ||||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
United States(concluded) |
|
|
|
|
| |||
Case New Holland Industrial, Inc., |
|
|
|
|
| |||
7.875%, due 12/01/17 |
|
$ |
1,500,000 |
|
$ |
1,758,750 |
| |
Cemex Finance LLC, |
|
|
|
|
| |||
6.000%, due 04/01/241 |
|
350,000 |
|
350,875 |
| |||
CIT Group, Inc., |
|
|
|
|
| |||
5.000%, due 05/15/17 |
|
500,000 |
|
534,375 |
| |||
5.000%, due 08/15/22 |
|
275,000 |
|
285,312 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.977%, due 05/31/173 |
|
EUR |
1,750,000 |
|
2,357,366 |
| ||
5.500%, due 09/13/25 |
|
$ |
550,000 |
|
585,859 |
| ||
DISH DBS Corp., |
|
|
|
|
| |||
7.875%, due 09/01/19 |
|
990,000 |
|
1,170,675 |
| |||
El Paso Corp., |
|
|
|
|
| |||
7.250%, due 06/01/18 |
|
900,000 |
|
1,023,828 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
380,000 |
|
411,746 |
| |||
9.000%, due 04/15/19 |
|
570,000 |
|
715,270 |
| |||
Fidelity National Financial, Inc., |
|
|
|
|
| |||
5.500%, due 09/01/22 |
|
110,000 |
|
117,117 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
8.125%, due 01/15/20 |
|
450,000 |
|
567,448 |
| |||
Frontier Communications Corp., |
|
|
|
|
| |||
7.125%, due 01/15/23 |
|
300,000 |
|
311,250 |
| |||
General Motors Co., |
|
|
|
|
| |||
3.500%, due 10/02/181 |
|
450,000 |
|
458,437 |
| |||
General Motors Financial Co., Inc., |
|
|
|
|
| |||
4.750%, due 08/15/17 |
|
810,000 |
|
865,687 |
| |||
HCA, Inc., |
|
|
|
|
| |||
7.875%, due 02/15/20 |
|
650,000 |
|
691,925 |
| |||
International Lease Finance Corp., |
|
|
|
|
| |||
8.625%, due 09/15/15 |
|
1,000,000 |
|
1,101,250 |
| |||
Kinder Morgan Finance Co. LLC, |
|
|
|
|
| |||
5.700%, due 01/05/16 |
|
1,230,000 |
|
1,309,950 |
| |||
MetLife, Inc., |
|
|
|
|
| |||
6.400%, due 12/15/36 |
|
570,000 |
|
601,350 |
| |||
Midstates Petroleum Co., Inc., |
|
|
|
|
| |||
10.750%, due 10/01/20 |
|
300,000 |
|
331,500 |
| |||
Plains Exploration & Production Co., |
|
|
|
|
| |||
6.500%, due 11/15/20 |
|
770,000 |
|
847,962 |
| |||
6.875%, due 02/15/23 |
|
170,000 |
|
189,125 |
| |||
Prudential Financial, Inc., |
|
|
|
|
| |||
5.200%, due 03/15/443 |
|
385,000 |
|
382,113 |
| |||
Regions Bank, |
|
|
|
|
| |||
7.500%, due 05/15/18 |
|
750,000 |
|
885,143 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
6.150%, due 09/15/43 |
|
200,000 |
|
225,649 |
| |||
Sabine Pass Liquefaction LLC, |
|
|
|
|
| |||
6.250%, due 03/15/221 |
|
250,000 |
|
260,625 |
| |||
Sanmina Corp., |
|
|
|
|
| |||
7.000%, due 05/15/191 |
|
1,060,000 |
|
1,122,275 |
| |||
SLM Corp., |
|
|
|
|
| |||
3.875%, due 09/10/15 |
|
470,000 |
|
484,100 |
| |||
Tesoro Corp., |
|
|
|
|
| |||
9.750%, due 06/01/19 |
|
230,000 |
|
244,812 |
| |||
WESCO Distribution, Inc., |
|
|
|
|
| |||
5.375%, due 12/15/211 |
|
300,000 |
|
306,750 |
| |||
Wyndham Worldwide Corp., |
|
|
|
|
| |||
3.900%, due 03/01/23 |
|
575,000 |
|
563,342 |
| |||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Total United States corporate bonds |
|
|
|
$ |
26,681,808 |
| |
|
|
|
|
|
| ||
Total corporate bonds (cost $49,623,852) |
|
|
|
51,662,727 |
| ||
Asset-backed securities: 1.52% |
|
|
|
|
| ||
United States: 1.52% |
|
|
|
|
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2014-1, Class D, |
|
|
|
|
| ||
3.390%, due 07/22/19 |
|
$ |
250,000 |
|
250,191 |
| |
Octagon Investment Partners XVII Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class C, |
|
|
|
|
| ||
3.039%, due 10/25/251,3 |
|
350,000 |
|
346,500 |
| ||
Saxon Asset Securities Trust, |
|
|
|
|
| ||
Series 2006-2, Class A3C, |
|
|
|
|
| ||
0.304%, due 09/25/363 |
|
912,802 |
|
813,315 |
| ||
|
|
|
|
|
| ||
Total asset-backed securities (cost $1,299,244) |
|
|
|
1,410,006 |
| ||
Collateralized debt obligations: 5.54% |
|
|
|
|
| ||
Cayman Islands: 1.48% |
|
|
|
|
| ||
Babson CLO Ltd., |
|
|
|
|
| ||
Series 2013-IIA, Class B1, |
|
|
|
|
| ||
2.929%, due 01/18/251,3 |
|
650,000 |
|
640,123 |
| ||
CIFC Funding Ltd., |
|
|
|
|
| ||
Series 2013-3A, Class B, |
|
|
|
|
| ||
2.906%, due 10/24/251,3 |
|
400,000 |
|
393,600 |
| ||
Race Point VIII CLO Ltd., |
|
|
|
|
| ||
Series 2013-8A, Class C, |
|
|
|
|
| ||
3.035%, due 02/20/251,3 |
|
350,000 |
|
341,818 |
| ||
Total Cayman Islands collateralized debt obligations |
|
|
|
1,375,541 |
| ||
|
|
|
|
|
| ||
United States: 4.06% |
|
|
|
|
| ||
Apidos XIV CLO, |
|
|
|
|
| ||
Series 2013-14A, Class C1, |
|
|
|
|
| ||
3.089%, due 04/15/251,3 |
|
300,000 |
|
294,750 |
| ||
Ares XXVII CLO Ltd., |
|
|
|
|
| ||
Series 2013-2A, Class C, |
|
|
|
|
| ||
2.985%, due 07/28/251,3 |
|
500,000 |
|
491,250 |
| ||
BlueMountain CLO Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.886%, due 05/15/251,3 |
|
500,000 |
|
492,400 |
| ||
Series 2013-4A, Class C, |
|
|
|
|
| ||
2.889%, due 04/15/251,3 |
|
300,000 |
|
291,180 |
| ||
Denali Capital CLO X Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class A3L, |
|
|
|
|
| ||
3.139%, due 04/28/251,3 |
|
550,000 |
|
539,000 |
| ||
Galaxy CLO Ltd., |
|
|
|
|
| ||
Series 2013-16A, Class C, |
|
|
|
|
| ||
2.838%, due 11/16/251,3 |
|
500,000 |
|
487,500 |
| ||
Galaxy CLO XV Ltd., |
|
|
|
|
| ||
Series 2013-15A, Class C, |
|
|
|
|
| ||
2.839%, due 04/15/251,3 |
|
500,000 |
|
488,750 |
| ||
KKR Financial CLO Trust, |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.839%, due 07/15/251,3 |
|
300,000 |
|
284,970 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(concluded) |
|
|
|
|
| ||
Collateralized debt obligations(concluded) |
|
|
|
|
| ||
United States(concluded) |
|
|
|
|
| ||
Marathon CLO V Ltd., |
|
|
|
|
| ||
Series 2013-5A, Class A2A, |
|
|
|
|
| ||
2.584%, due 02/21/251,3 |
|
$ |
400,000 |
|
$ |
396,983 |
|
Total United States collateralized debt obligations |
|
|
|
3,766,783 |
| ||
Total collateralized debt obligations (cost $5,133,994) |
|
|
|
5,142,324 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 5.29% |
|
|
|
|
| ||
United States: 5.29% |
|
|
|
|
| ||
Americold 2010 LLC Trust, |
|
|
|
|
| ||
Series 2010-ARTA, Class D, |
|
|
|
|
| ||
7.443%, due 01/14/291 |
|
290,000 |
|
325,430 |
| ||
BAMLL Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2013-DSNY, Class E, |
|
|
|
|
| ||
2.755%, due 09/15/261,3 |
|
200,000 |
|
201,005 |
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.205%, due 08/15/261,3 |
|
400,000 |
|
400,539 |
| ||
Citigroup Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C6, Class AM, |
|
|
|
|
| ||
5.694%, due 12/10/493 |
|
425,000 |
|
468,221 |
| ||
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| ||
Series 2013-THL, Class D, |
|
|
|
|
| ||
2.805%, due 06/08/301,3 |
|
450,000 |
|
451,501 |
| ||
Series 2013-FL3, Class MMHP, |
|
|
|
|
| ||
3.755%, due 10/13/281,3 |
|
300,000 |
|
304,482 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2013-KYO, Class D, |
|
|
|
|
| ||
2.757%, due 11/08/291,3 |
|
250,000 |
|
253,482 |
| ||
Irvine Core Office Trust, |
|
|
|
|
| ||
Series 2013-IRV, Class C, |
|
|
|
|
| ||
3.174%, due 05/15/481,3 |
|
250,000 |
|
228,997 |
| ||
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2012-HSBC, Class E, |
|
|
|
|
| ||
4.524%, due 07/05/321,3 |
|
200,000 |
|
200,389 |
| ||
Madison Avenue Trust, |
|
|
|
|
| ||
Series 2013-650M, Class D, |
|
|
|
|
| ||
4.034%, due 10/12/321,3 |
|
500,000 |
|
492,096 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
150,000 |
|
146,502 |
| ||
Wells Fargo Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-120B, Class C, |
|
|
|
|
| ||
2.710%, due 03/18/281,3 |
|
500,000 |
|
461,894 |
| ||
WF-RBS Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2013-C11, Class B, |
|
|
|
|
| ||
3.714%, due 03/15/453 |
|
500,000 |
|
485,963 |
| ||
Series 2013-C12, Class B, |
|
|
|
|
| ||
3.863%, due 03/15/483 |
|
500,000 |
|
492,916 |
| ||
Total commercial mortgage-backed securities (cost $4,937,440) |
|
|
|
4,913,417 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Mortgage & agency debt securities: 2.76% |
|
|
|
|
| ||
United States: 2.76% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMIC, IO,6 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
$ |
1,209,576 |
|
$ |
138,213 |
|
3.500%, due 10/15/42 |
|
1,663,767 |
|
385,019 |
| ||
Federal National Mortgage Association REMIC, IO,6 |
|
|
|
|
| ||
Series 2013-15, Class IO, |
|
|
|
|
| ||
2.500%, due 03/25/28 |
|
2,158,879 |
|
208,405 |
| ||
Series 2013-87, Class IW, |
|
|
|
|
| ||
2.500%, due 06/25/28 |
|
3,805,725 |
|
416,046 |
| ||
Series 2013-64, Class LI, |
|
|
|
|
| ||
3.000%, due 06/25/33 |
|
2,359,782 |
|
369,202 |
| ||
Series 2012-146, Class IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
1,688,749 |
|
390,852 |
| ||
Government National Mortgage Association, IO, |
|
|
|
|
| ||
Series 2013-22, Class IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
1,658,575 |
|
338,628 |
| ||
Series 2013-53, Class OI, |
|
|
|
|
| ||
3.500%, due 04/20/43 |
|
1,613,754 |
|
314,077 |
| ||
|
|
|
|
|
| ||
Total mortgage & agency debt securities (cost $2,466,979) |
|
|
|
2,560,442 |
| ||
Municipal bonds: 2.93% |
|
|
|
|
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
800,000 |
|
1,074,936 |
| ||
7.550%, due 04/01/39 |
|
200,000 |
|
278,840 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.665%, due 03/01/18 |
|
1,055,000 |
|
1,141,035 |
| ||
5.877%, due 03/01/19 |
|
200,000 |
|
224,310 |
| ||
|
|
|
|
|
| ||
Total municipal bonds (cost $2,379,639) |
|
|
|
2,719,121 |
| ||
US government obligations: 6.53% |
|
|
|
|
| ||
US Treasury Bonds, PO, |
|
|
|
|
| ||
3.174%, due 08/15/425,7 |
|
1,750,000 |
|
605,150 |
| ||
4.812%, due 05/15/405,7 |
|
2,500,000 |
|
963,045 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
2.000%, due 02/15/225,7 |
|
4,650,000 |
|
4,495,969 |
| ||
|
|
|
|
|
| ||
Total US government obligations (cost $6,218,837) |
|
|
|
6,064,164 |
| ||
Non-US government obligations: 2.01% |
|
|
|
|
| ||
Brazil: 0.38% |
|
|
|
|
| ||
Banco Nacional de Desenvolvimento Economico e Social, |
|
|
|
|
| ||
3.375%, due 09/26/161 |
|
350,000 |
|
356,563 |
| ||
|
|
|
|
|
| ||
Croatia: 0.58% |
|
|
|
|
| ||
Republic of Croatia, |
|
|
|
|
| ||
6.250%, due 04/27/172 |
|
500,000 |
|
536,250 |
| ||
|
|
|
|
|
| ||
Greece: 1.05% |
|
|
|
|
| ||
Hellenic Republic, |
|
|
|
|
| ||
2.000%, due 02/24/242,8 |
|
EUR |
400,000 |
|
420,891 |
| |
2.000%, due 02/24/262,8 |
|
220,000 |
|
222,537 |
| ||
2.000%, due 02/24/312,8 |
|
350,000 |
|
329,906 |
| ||
|
|
|
|
973,334 |
| ||
Total Non-US government obligations (cost $1,657,765) |
|
|
|
1,866,147 |
| ||
Total bonds (cost $73,717,750) |
|
|
|
76,338,348 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment company: 16.83% |
|
|
|
|
| |
UBS Opportunistic Emerging Markets Debt Relationship Fund*9 (cost $14,680,616) |
|
825,062 |
|
$ |
15,627,011 |
|
|
|
|
|
|
| |
Short-term investment: 3.31% |
|
|
|
|
| |
Investment company: 3.31% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund9 (cost $3,073,685) |
|
3,073,685 |
|
3,073,685 |
| |
|
|
Number of |
|
|
|
Options purchased: 2.87% |
|
|
|
|
|
Call options: 0.26% |
|
|
|
|
|
2 Year Euro-Dollar Midcurve, strike @ USD 97.88, expires September 2014 |
|
188 |
|
153,925 |
|
10 Year US Treasury Notes, strike @ USD 125.00, expires April 2014 |
|
257 |
|
36,140 |
|
30 Year US Treasury Bonds, strike @ USD 133.00, expires April 2014 |
|
37 |
|
44,516 |
|
|
|
|
|
234,581 |
|
Put options: 0.74% |
|
|
|
|
|
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
151 |
|
143,450 |
|
10 Year US Treasury Notes, strike @ USD 123.00, expires April 2014 |
|
257 |
|
112,437 |
|
30 Year US Treasury Bonds, strike @ USD 132.00, expires April 2014 |
|
193 |
|
114,594 |
|
2 Year Euro-Dollar Midcurve, strike @ USD 97.88, expires September 2014 |
|
188 |
|
118,675 |
|
2 Year US Treasury Notes, strike @ USD 109.50, expires May 2014 |
|
331 |
|
36,203 |
|
30 Year US Treasury Bonds, strike @ USD 129.00, expires April 2014 |
|
226 |
|
21,188 |
|
2 Year US Treasury Notes, strike @ USD 109.75, expires May 2014 |
|
67 |
|
16,750 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
234 |
|
30,712 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 98.75, expires June 2015 |
|
433 |
|
83,894 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.38, expires September 2014 |
|
203 |
|
5,075 |
|
3 Year Euro-Dollar Midcurve, strike @ USD 99.63, expires April 2014 |
|
436 |
|
2,725 |
|
|
|
|
|
685,703 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Notional |
|
Value |
| ||||
Options purchased on interest rate swaps10: 1.87% |
|
|
|
|
| ||||
Expiring 01/17/18. If option exercised the Fund pays semi-annually 4.380% and receives quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 01/19/48. European style. Counterparty: JPMCB |
|
$ |
5,450,000 |
|
$ |
367,828 |
| ||
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 |
|
38,260 |
| |||
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 |
|
1,114 |
| |||
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 |
|
40,443 |
| |||
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 |
|
5,344 |
| ||||
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 |
|
426,292 |
| ||||
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 |
|
3,500,000 |
|
172,659 |
| ||||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Notional |
|
Value |
| ||
Options purchased on interest rate swaps10: (concluded) |
|
|
|
|
| ||
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 |
|
$ |
3,500,000 |
|
$ |
11,986 |
|
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 |
|
29,559 |
| ||
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 |
|
428,781 |
| ||
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 |
|
173,495 |
| ||
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 |
|
30,024 |
| ||
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 |
|
12,149 |
| ||
|
|
|
|
1,737,934 |
| ||
Total options purchased (cost $3,770,905) |
|
|
|
2,658,218 |
| ||
Total investments: 105.24% (cost $95,242,956) |
|
|
|
97,697,262 |
| ||
Liabilities, in excess of cash and other assets: (5.24%) |
|
|
|
(4,862,258 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
92,835,004 |
| |
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
4,717,052 |
|
Gross unrealized depreciation |
|
(2,262,746 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,454,306 |
|
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 |
|
USD |
1,772,734 |
|
AUD |
1,930,000 |
|
06/04/14 |
|
$ |
9,344 |
|
JPMCB |
|
AUD |
3,435,000 |
|
USD |
3,077,880 |
|
06/04/14 |
|
(93,849 |
) | |
JPMCB |
|
EUR |
11,990,000 |
|
USD |
16,448,913 |
|
06/04/14 |
|
(67,342 |
) | |
JPMCB |
|
EUR |
445,000 |
|
USD |
613,355 |
|
06/04/14 |
|
366 |
| |
JPMCB |
|
JPY |
309,600,000 |
|
USD |
3,032,413 |
|
06/04/14 |
|
31,831 |
| |
JPMCB |
|
USD |
391,272 |
|
CAD |
435,000 |
|
06/04/14 |
|
1,617 |
| |
JPMCB |
|
USD |
654,797 |
|
EUR |
470,000 |
|
06/04/14 |
|
(7,371 |
) | |
JPMCB |
|
USD |
1,352,535 |
|
JPY |
138,300,000 |
|
06/04/14 |
|
(12,159 |
) | |
MSCI |
|
JPY |
194,746,923 |
|
USD |
1,890,000 |
|
06/04/14 |
|
2,551 |
| |
MSCI |
|
USD |
2,498,762 |
|
EUR |
1,795,000 |
|
06/04/14 |
|
(26,145 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
$ |
(161,157 |
) |
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 44 contracts (USD) |
|
June 2014 |
|
$ |
5,860,565 |
|
$ |
5,861,625 |
|
$ |
1,060 |
|
US Ultra Bond, 75 contracts (USD) |
|
June 2014 |
|
10,741,237 |
|
10,835,156 |
|
93,919 |
| |||
2 Year US Treasury Notes, 16 contracts (USD) |
|
June 2014 |
|
3,510,020 |
|
3,513,000 |
|
2,980 |
| |||
10 Year US Treasury Notes, 74 contracts (USD) |
|
June 2014 |
|
9,126,593 |
|
9,139,000 |
|
12,407 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 3 contracts (USD) |
|
June 2014 |
|
(396,286 |
) |
(399,656 |
) |
(3,370 |
) | |||
5 Year US Treasury Notes, 3 contracts (USD) |
|
June 2014 |
|
(356,387 |
) |
(356,860 |
) |
(473 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
December 2014 |
|
10,982,325 |
|
10,988,688 |
|
6,363 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
March 2015 |
|
10,973,855 |
|
10,985,932 |
|
12,077 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
June 2015 |
|
10,963,128 |
|
10,981,524 |
|
18,396 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
September 2015 |
|
10,950,497 |
|
10,975,462 |
|
24,965 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
June 2014 |
|
(3,988,944 |
) |
(3,990,200 |
) |
(1,256 |
) | |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
September 2014 |
|
(3,987,744 |
) |
(3,989,200 |
) |
(1,456 |
) | |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
December 2014 |
|
(3,985,744 |
) |
(3,987,200 |
) |
(1,456 |
) | |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
March 2015 |
|
(3,982,144 |
) |
(3,982,400 |
) |
(256 |
) | |||
90 Day Euro-Dollar Time Deposit, 361 contracts (USD) |
|
December 2016 |
|
(88,466,299 |
) |
(88,151,688 |
) |
314,611 |
| |||
Euro-Bund, 2 contracts (EUR) |
|
June 2014 |
|
(395,631 |
) |
(395,055 |
) |
576 |
| |||
Long Gilt, 17 contracts (GBP) |
|
June 2014 |
|
(3,112,388 |
) |
(3,104,250 |
) |
8,138 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
487,225 |
| ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Currency swap agreements10
Counterparty |
|
Pay contracts |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
USD |
7,368,256 |
|
AUD |
8,158,397 |
|
12/24/22 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
$ |
|
|
$ |
230,898 |
|
$ |
230,898 |
|
CITI |
|
AUD |
8,158,397 |
|
USD |
7,368,256 |
|
12/24/14 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
|
|
(198,451 |
) |
(198,451 |
) | |||
CITI |
|
JPY |
922,000,000 |
|
USD |
9,048,086 |
|
03/20/19 |
|
3 month JPY LIBOR |
|
3 month USD LIBOR |
|
|
|
97,472 |
|
97,472 |
| |||
CITI |
|
USD |
9,048,086 |
|
JPY |
922,000,000 |
|
03/20/15 |
|
3 month USD LIBOR |
|
3 month JPY LIBOR |
|
|
|
(96,652 |
) |
(96,652 |
) | |||
JPMCB |
|
AUD |
1,884,491 |
|
USD |
1,678,328 |
|
09/05/14 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
|
|
(71,831 |
) |
(71,831 |
) | |||
JPMCB |
|
USD |
1,678,328 |
|
AUD |
1,884,491 |
|
09/05/23 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
|
|
78,634 |
|
78,634 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
40,070 |
|
$ |
40,070 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
USD |
1,860,000 |
|
02/15/36 |
|
4.668% |
|
3 month USD LIBOR |
|
$ |
503,624 |
|
$ |
(368,807 |
) |
$ |
134,817 |
|
CSI |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3 month BA |
|
3.500% |
|
(33,161 |
) |
284,404 |
|
251,243 |
| |||
CSI |
|
CAD |
1,550,000 |
|
02/11/22 |
|
4.145 |
|
3 month BA |
|
|
|
(164,863 |
) |
(164,863 |
) | |||
CSI |
|
USD |
2,650,000 |
|
08/12/16 |
|
3 month USD LIBOR |
|
1.194 |
|
|
|
33,941 |
|
33,941 |
| |||
DB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
2.130 |
|
6 month EURIBOR |
|
333,786 |
|
(520,174 |
) |
(186,388 |
) | |||
DB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
6 month EURIBOR |
|
2.460 |
|
|
|
75,752 |
|
75,752 |
| |||
DB |
|
USD |
3,000,000 |
|
12/15/15 |
|
1.521 |
|
3 month USD LIBOR |
|
(41,000 |
) |
(68,333 |
) |
(109,333 |
) | |||
DB |
|
USD |
1,250,000 |
|
09/23/20 |
|
2.690 |
|
3 month USD LIBOR |
|
(23,000 |
) |
(36,641 |
) |
(59,641 |
) | |||
DB |
|
USD |
1,450,000 |
|
02/15/38 |
|
3.669 |
|
3 month USD LIBOR |
|
347,313 |
|
(52,802 |
) |
294,511 |
| |||
DB |
|
USD |
4,550,000 |
|
02/15/38 |
|
4.474 |
|
3 month USD LIBOR |
|
1,725,857 |
|
(781,726 |
) |
944,131 |
| |||
DB |
|
USD |
695,000 |
|
05/15/40 |
|
4.560 |
|
3 month USD LIBOR |
|
|
|
(286,643 |
) |
(286,643 |
) | |||
DB |
|
USD |
875,000 |
|
05/15/40 |
|
3.470 |
|
3 month USD LIBOR |
|
(157,000 |
) |
(43,726 |
) |
(200,726 |
) | |||
JPMCB |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3.500 |
|
3 month BA |
|
|
|
(284,404 |
) |
(284,404 |
) | |||
JPMCB |
|
CAD |
1,550,000 |
|
02/11/22 |
|
3 month BA |
|
4.145 |
|
|
|
164,863 |
|
164,863 |
| |||
JPMCB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
6 month EURIBOR |
|
2.130 |
|
|
|
520,174 |
|
520,174 |
| |||
JPMCB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
2.460 |
|
6 month EURIBOR |
|
|
|
(75,752 |
) |
(75,752 |
) | |||
JPMCB |
|
USD |
4,500,000 |
|
02/18/16 |
|
2.532 |
|
3 month USD LIBOR |
|
|
|
(183,393 |
) |
(183,393 |
) | |||
JPMCB |
|
USD |
70,000,000 |
|
07/03/42 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
258,370 |
|
258,370 |
| |||
MLI |
|
CAD |
9,280,000 |
|
04/09/17 |
|
3 month BA |
|
1.978 |
|
|
|
121,386 |
|
121,386 |
| |||
MLI |
|
USD |
3,670,000 |
|
06/27/42 |
|
4.449 |
|
3 month USD LIBOR |
|
1,519,948 |
|
(673,700 |
) |
846,248 |
| |||
MSCI |
|
CAD |
8,870,000 |
|
04/08/17 |
|
3.600 |
|
3 month BA |
|
|
|
(562,853 |
) |
(562,853 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
4,176,367 |
|
$ |
(2,644,927 |
) |
$ |
1,531,440 |
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Credit default swaps on credit indices buy protection12
Counterparty |
|
Referenced index13 |
|
Notional |
|
Termination |
|
Payments made by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
CDX.EM.Series 20 Index |
|
USD |
5,950,000 |
|
12/20/18 |
|
5.000 |
% |
$ |
601,122 |
|
$ |
(531,654 |
) |
$ |
69,468 |
|
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
9,000,000 |
|
06/20/18 |
|
1.000 |
|
(88,771 |
) |
(214,980 |
) |
(303,751 |
) | |||
MLI |
|
iTraxx Europe Crossover Series 19 Index |
|
EUR |
1,400,000 |
|
06/20/18 |
|
5.000 |
|
12,869 |
|
(233,494 |
) |
(220,625 |
) | |||
MSCI |
|
iTraxx Europe Senior Financials Series 19 Index |
|
EUR |
3,750,000 |
|
06/20/18 |
|
1.000 |
|
(125,438 |
) |
(60,560 |
) |
(185,998 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
399,782 |
|
$ |
(1,040,688 |
) |
$ |
(640,906 |
) |
Credit default swaps on corporate and sovereign issues buy protection12
Counterparty |
|
Referenced obligation13 |
|
Notional |
|
Termination |
|
Payments made by |
|
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 |
% |
$ |
(16,529 |
) |
$ |
(30,007 |
) |
$ |
(46,536 |
) |
BB |
|
Cox Communications, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
12,343 |
|
(16,330 |
) |
(3,987 |
) | |||
CITI |
|
Commerzbank AG bond, 4.000%, due 09/16/20 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
|
(18,704 |
) |
(5,811 |
) |
(24,515 |
) | |||
DB |
|
ING Bank NV bond, 5.250%, due 06/07/19 |
|
EUR |
2,500,000 |
|
06/20/16 |
|
1.000 |
|
(9,883 |
) |
(60,404 |
) |
(70,287 |
) | |||
JPMCB |
|
Government of France bond, 4.250%, due 04/25/19 |
|
USD |
3,025,000 |
|
09/20/16 |
|
0.250 |
|
(97,127 |
) |
(4,363 |
) |
(101,490 |
) | |||
JPMCB |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(4,894 |
) |
(18,117 |
) |
(23,011 |
) | |||
JPMCB |
|
Government of Japan bond, 2.000%, due 03/21/22 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
12,581 |
|
(61,878 |
) |
(49,297 |
) | |||
MLI |
|
Deutsche Bank AG bond, 5.125%, due 08/31/17 |
|
EUR |
1,250,000 |
|
06/20/17 |
|
1.000 |
|
(36,294 |
) |
(31,769 |
) |
(68,063 |
) | |||
MLI |
|
Prudential Financial, Inc., bond, 6.100%, due 06/15/17 |
|
USD |
1,000,000 |
|
03/20/19 |
|
1.000 |
|
14,261 |
|
(20,071 |
) |
(5,810 |
) | |||
MLI |
|
Allstate Corp. bond, 6.750%, due 05/15/18 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
13,129 |
|
(25,547 |
) |
(12,418 |
) | |||
MLI |
|
Nucor Corp. bond, 5.750%, due 12/01/17 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
9,043 |
|
(20,562 |
) |
(11,519 |
) | |||
MLI |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
2,150 |
|
(2,931 |
) |
(781 |
) | |||
MSCI |
|
V.F. Corp. bond, 5.950%, due 11/01/17 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
19,365 |
|
(67,693 |
) |
(48,328 |
) | |||
|
|
|
|
|
|
|
|
|
|
$ |
(100,559 |
) |
$ |
(365,483 |
) |
$ |
(466,042 |
) |
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Credit default swaps on credit indices sell protection14
Counterparty |
|
Referenced Index13 |
|
Notional |
|
Termination |
|
Payments received by the Fund11 |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit spread15 |
| ||||
CSI |
|
CMBX.NA.BBB. Series 6 Index |
|
USD |
2,550,000 |
|
05/11/63 |
|
3.000 |
% |
$ |
103,103 |
|
$ |
(36,981 |
) |
$ |
66,122 |
|
3.210 |
% |
MLI |
|
CDX.NA.HY.Series 15 Index |
|
USD |
1,150,000 |
|
12/20/15 |
|
5.000 |
|
42,340 |
|
92,235 |
|
134,575 |
|
0.400 |
| |||
MSCI |
|
CMBX.NA.A. Series 6 Index |
|
USD |
2,550,000 |
|
05/11/63 |
|
2.000 |
|
32,640 |
|
7,965 |
|
40,605 |
|
1.950 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
178,083 |
|
$ |
63,219 |
|
$ |
241,302 |
|
|
|
Credit default swaps on corporate and sovereign issues sell protection14
Counterparty |
|
Referenced obligation13 |
|
Notional |
|
Termination |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
BB |
|
Lloyds TSB Bank PLC bond, 3.375%, due 04/20/15 |
|
EUR |
655,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
20,301 |
|
$ |
15,772 |
|
$ |
36,073 |
|
0.588 |
% |
CITI |
|
State of Illinois bond, 5.000%, due 06/01/29 |
|
USD |
800,000 |
|
12/20/23 |
|
1.000 |
|
57,376 |
|
(43,523 |
) |
13,853 |
|
1.726 |
| |||
JPMCB |
|
Peoples Republic of China bond, 4.250%, due 10/28/14 |
|
USD |
2,500,000 |
|
12/20/17 |
|
1.000 |
|
(7,131 |
) |
35,865 |
|
28,734 |
|
0.618 |
| |||
MLI |
|
Aegon NV bond, 4.125%, due 12/08/14 |
|
EUR |
900,000 |
|
03/20/16 |
|
1.000 |
|
36,430 |
|
15,265 |
|
51,695 |
|
0.395 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
4,409 |
|
17,204 |
|
21,613 |
|
0.347 |
| |||
MLI |
|
Barrick Gold Corp. bond, 5.800%, due 11/15/34 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
13,345 |
|
(4,881 |
) |
8,464 |
|
1.153 |
| |||
MLI |
|
The Hartford Financial Services Group, Inc. bond, 6.000%, due 01/15/19 |
|
USD |
875,000 |
|
03/20/18 |
|
1.000 |
|
7,543 |
|
18,057 |
|
25,600 |
|
0.480 |
| |||
MLI |
|
MetLife, Inc. bond, 4.750%, due 02/08/21 |
|
USD |
1,000,000 |
|
03/20/19 |
|
1.000 |
|
(8,038 |
) |
18,640 |
|
10,602 |
|
0.619 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
(1,012 |
) |
2,893 |
|
1,881 |
|
0.478 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
123,223 |
|
$ |
75,292 |
|
$ |
198,515 |
|
|
|
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Total return swap agreements10
Counterparty |
|
Notional amount |
|
Termination |
|
Payments |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
JPMCB |
|
GBP |
1,785,000 |
|
06/25/14 |
|
3 month GBP LIBOR |
|
|
16 |
$ |
|
|
$ |
65,093 |
|
$ |
65,093 |
|
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Value |
|
Unrealized |
| |||
AUD |
11,775,000 |
|
10/18/23 |
|
6 month BBSW |
|
4.535% |
|
$ |
244,095 |
|
$ |
244,095 |
|
EUR |
15,800,000 |
|
10/01/16 |
|
6 month EURIBOR |
|
0.918 |
|
151,661 |
|
151,661 |
| ||
EUR |
12,350,000 |
|
12/27/16 |
|
6 month EURIBOR |
|
0.726 |
|
86,852 |
|
86,852 |
| ||
EUR |
4,500,000 |
|
09/24/19 |
|
1.810% |
|
6 month EURIBOR |
|
(206,428 |
) |
(206,428 |
) | ||
USD |
4,800,000 |
|
01/17/19 |
|
2.171 |
|
3 month USD LIBOR |
|
(22,743 |
) |
(22,743 |
) | ||
USD |
26,350,000 |
|
10/01/16 |
|
1.025 |
|
3 month USD LIBOR |
|
(60,348 |
) |
(60,348 |
) | ||
USD |
11,000,000 |
|
11/21/18 |
|
1.582 |
|
3 month USD LIBOR |
|
74,210 |
|
74,210 |
| ||
USD |
5,250,000 |
|
09/24/19 |
|
2.347 |
|
3 month USD LIBOR |
|
(52,610 |
) |
(52,610 |
) | ||
USD |
8,250,000 |
|
12/12/23 |
|
3.200 |
|
3 month USD LIBOR |
|
(116,876 |
) |
(116,876 |
) | ||
USD |
5,600,000 |
|
05/21/24 |
|
3.047 |
|
3 month USD LIBOR |
|
(73,225 |
) |
(73,225 |
) | ||
USD |
950,000 |
|
08/15/39 |
|
3.680 |
|
3 month USD LIBOR |
|
(31,757 |
) |
(31,757 |
) | ||
USD |
30,000,000 |
|
06/06/43 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
46,471 |
|
46,471 |
| ||
|
|
|
|
|
|
|
|
$ |
39,302 |
|
$ |
39,302 |
|
Centrally cleared credit default swaps on credit indices buy protection12
Referenced index13 |
|
Notional |
|
Termination |
|
Payments made by |
|
Value |
|
Unrealized |
| |||
CDX.NA.HY. Series 20 Index |
|
USD |
8,550,000 |
|
06/20/18 |
|
5.000 |
% |
$ |
(764,299 |
) |
$ |
(525,069 |
) |
CDX.NA.HY. Series 20 Index |
|
USD |
4,875,000 |
|
06/20/18 |
|
5.000 |
|
(435,784 |
) |
(143,694 |
) | ||
iTraxx Europe Crossover Series 19 Index |
|
EUR |
2,150,000 |
|
12/20/18 |
|
5.000 |
|
(352,500 |
) |
(116,844 |
) | ||
CDX.NA.IG. Series 21 Index |
|
USD |
16,350,000 |
|
12/20/18 |
|
1.000 |
|
(298,115 |
) |
(83,177 |
) | ||
CDX.NA.IG. Series 20 Index |
|
USD |
20,000,000 |
|
06/20/18 |
|
1.000 |
|
(399,647 |
) |
(342,341 |
) | ||
|
|
|
|
|
|
|
|
$ |
(2,250,345 |
) |
$ |
(1,211,125 |
) |
Centrally cleared credit default swaps on credit indices sell protection14
Referenced index13 |
|
Notional |
|
Termination |
|
Payments made by |
|
Value |
|
Unrealized |
|
Credit spread15 |
| |||
CDX.NA.HY. Series 21 Index |
|
USD |
1,372,000 |
|
12/20/18 |
|
5.000 |
% |
$ |
111,018 |
|
$ |
5,423 |
|
3.110 |
% |
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 151 contracts, strike @ USD 98.75 |
|
June 2016 |
|
$ |
118,109 |
|
$ |
(111,363 |
) |
4 Year Euro-Dollar Midcurve, 188 contracts, strike @ USD 96.38 |
|
September 2014 |
|
130,942 |
|
(135,125 |
) | ||
Put options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 436 contracts, strike @ USD 99.50 |
|
April 2014 |
|
3,924 |
|
(2,725 |
) | ||
3 Year Euro-Dollar Midcurve, 151 contracts, strike @ USD 96.75 |
|
June 2016 |
|
128,921 |
|
(65,119 |
) | ||
4 Year Euro-Dollar Midcurve, 188 contracts, strike @ USD 96.38 |
|
September 2014 |
|
118,992 |
|
(116,325 |
) | ||
Options written on interest rate swaps10 |
|
|
|
|
|
|
| ||
If option exercised the Fund receives annually 1.200% and pays semi-annually 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 |
|
(4,616 |
) | ||
If option exercised the Fund receives quarterly floating 3 month EURIBOR and pays annually 1.825%. Underlying interest rate swap terminating 12/10/15. European style. Counterparty: BB, Notional Amount EUR 32,000,000 |
|
December 2014 |
|
180,156 |
|
(648,008 |
) | ||
If option exercised the Fund receives semi-annually 1.800% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 10/02/16. European style. Counterparty: MLI, Notional Amount USD 26,350,000 |
|
September 2014 |
|
47,430 |
|
(17,124 |
) | ||
If option exercised the Fund receives semi-annually 4.320% and pays quarterly floating 3 month USD LIBOR. Underlying interest rate swap terminating 01/19/20. European style. Counterparty: JPMCB, Notional Amount USD 47,180,000 |
|
January 2018 |
|
513,842 |
|
(404,479 |
) | ||
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 |
|
(237,146 |
) | ||
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 7,000,000 |
|
December 2017 |
|
148,750 |
|
(96,115 |
) | ||
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 |
|
(239,872 |
) | ||
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 |
|
(97,058 |
) | ||
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 |
|
(1,477 |
) | ||
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 |
|
(392 |
) | ||
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 |
|
(152,586 |
) | ||
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Options written on credit default swaps on credit indices10 |
|
|
|
|
|
|
| ||
If option exercised payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 21 Index and Fund receives quarterly fixed rate of 5.000%. Underlying credit default swap terminating. European style. Counterparty: Notional Amount USD 4,900,000 |
|
June 2014 |
|
$ |
24,500 |
|
$ |
(28,100 |
) |
Total options written |
|
|
|
$ |
2,282,987 |
|
$ |
(2,357,630 |
) |
Written options activity for the period ended March 31, 2014 was as follows:
|
|
Number |
|
Premiums |
| ||
Options outstanding at June 30, 2013 |
|
$ |
628 |
|
$ |
369,502 |
|
Options written |
|
3,079 |
|
1,007,733 |
| ||
Options terminated in closing purchase transactions |
|
(2,593 |
) |
(876,347 |
) | ||
Options expired prior to exercise |
|
|
|
|
| ||
Options outstanding at March 31, 2014 |
|
$ |
1,114 |
|
$ |
500,888 |
|
Written swaptions activity for the period ended March 31, 2014 was as follows:
Swaptions outstanding at June 30, 2013 |
|
|
|
$ |
1,375,942 |
|
Swaptions written |
|
|
|
1,111,922 |
| |
Swaptions terminated in closing purchase transactions |
|
|
|
(705,765 |
) | |
Swaptions expired prior to exercise |
|
|
|
|
| |
Swaptions outstanding at March 31, 2014 |
|
|
|
$ |
1,782,099 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
51,662,727 |
|
$ |
|
|
$ |
51,662,727 |
|
Asset-backed securities |
|
|
|
1,410,006 |
|
|
|
1,410,006 |
| ||||
Commercial mortgage-backed securities |
|
|
|
4,407,930 |
|
505,487 |
|
4,913,417 |
| ||||
Mortgage & agency debt securities |
|
|
|
2,560,442 |
|
|
|
2,560,442 |
| ||||
Municipal bonds |
|
|
|
2,719,121 |
|
|
|
2,719,121 |
| ||||
US government obligations |
|
|
|
6,064,164 |
|
|
|
6,064,164 |
| ||||
Non-US government obligations |
|
|
|
1,866,147 |
|
|
|
1,866,147 |
| ||||
Collateralized debt obligations |
|
|
|
2,063,704 |
|
3,078,620 |
|
5,142,324 |
| ||||
Investment company |
|
|
|
15,627,011 |
|
|
|
15,627,011 |
| ||||
Short-term investment |
|
|
|
3,073,685 |
|
|
|
3,073,685 |
| ||||
Options purchased |
|
920,284 |
|
1,737,934 |
|
|
|
2,658,218 |
| ||||
Forward foreign currency contracts |
|
|
|
45,709 |
|
|
|
45,709 |
| ||||
Futures contracts |
|
495,492 |
|
|
|
|
|
495,492 |
| ||||
Swaps agreements |
|
|
|
2,869,190 |
|
|
|
2,869,190 |
| ||||
Total |
|
$ |
1,415,776 |
|
$ |
96,107,770 |
|
$ |
3,584,107 |
|
$ |
101,107,653 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(206,866 |
) |
$ |
|
|
$ |
(206,866 |
) |
Futures contracts |
|
(8,267 |
) |
|
|
|
|
(8,267 |
) | ||||
Swaps agreements |
|
|
|
(8,776,639 |
) |
|
|
(8,776,639 |
) | ||||
Options written |
|
(430,657 |
) |
(1,926,973 |
) |
|
|
(2,357,630 |
) | ||||
Total |
|
$ |
(438,924 |
) |
$ |
(10,910,478 |
) |
$ |
|
|
$ |
(11,349,402 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
Assets |
|
Collateralized |
|
Commercial |
|
Total |
| |||
Beginning balance |
|
$ |
1,554,247 |
|
$ |
|
|
$ |
1,554,247 |
|
Purchases |
|
477,480 |
|
500,000 |
|
977,480 |
| |||
Issuances |
|
|
|
|
|
|
| |||
Sales |
|
|
|
|
|
|
| |||
Accrued discounts (premiums) |
|
1,174 |
|
|
|
1,174 |
| |||
Total realized gain |
|
|
|
|
|
|
| |||
Change in net unrealized appreciation/depreciation |
|
15,469 |
|
5,487 |
|
20,956 |
| |||
Transfers into Level 317 |
|
1,030,250 |
|
|
|
1,030,250 |
| |||
Transfers out of Level 3 |
|
|
|
|
|
|
| |||
Ending balance |
|
$ |
3,078,620 |
|
$ |
505,487 |
|
$ |
3,584,107 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2014 was $20,956.
Portfolio footnotes
* Non-income producing security.
1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of these securities amounted to $20,165,215 or 21.72% of net assets.
2 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of these securities amounted to $8,924,653 or 9.61% of net assets.
3 Variable or floating rate security The interest rate shown is the current rate as of March 31, 2014 and changes periodically.
4 Perpetual bond security. The maturity date reflects the next call date.
5 Rate shown is the discount rate at date of purchase.
6 On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.
7 All or a portion of these securities have been designated as collateral for open swap agreements.
8 Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2014. Maturity date disclosed is the ultimate maturity date.
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 Funds.
UBS Fixed Income Opportunities Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
|
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 |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
9,654,845 |
|
$ |
37,220,550 |
|
$ |
43,801,710 |
|
$ |
|
|
$ |
|
|
$ |
3,073,685 |
|
$ |
1,970 |
|
UBS Opportunistic Emerging Markets Debt |
|
16,719,829 |
|
1,000,000 |
|
2,000,000 |
|
224,988 |
|
(317,806 |
) |
15,627,011 |
|
|
| |||||||
|
|
$ |
26,374,674 |
|
$ |
38,220,550 |
|
$ |
45,801,710 |
|
$ |
224,988 |
|
$ |
(317,806 |
) |
$ |
18,700,696 |
|
$ |
1,970 |
|
10 Illiquid investment as of March 31, 2014.
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 agreement 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 agreement 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 agreement 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 agreement 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.
16 Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index.
17 Transfers into Level 3 represent the value at the end of the period. At March 31, 2014 securities were transferred from Level 2 to Level 3 as the valuations are based primarily on unobservable inputs.
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
1.55 |
% |
Air freight & logistics |
|
1.56 |
|
Airlines |
|
0.62 |
|
Auto components |
|
1.13 |
|
Automobiles |
|
0.93 |
|
Beverages |
|
0.26 |
|
Biotechnology |
|
4.30 |
|
Building products |
|
0.30 |
|
Capital markets |
|
2.07 |
|
Chemicals |
|
0.90 |
|
Commercial banks |
|
6.36 |
|
Commercial services & supplies |
|
0.46 |
|
Communications equipment |
|
0.40 |
|
Computers & peripherals |
|
1.98 |
|
Construction & engineering |
|
0.41 |
|
Construction materials |
|
0.24 |
|
Consumer finance |
|
0.69 |
|
Containers & packaging |
|
0.37 |
|
Diversified consumer services |
|
0.34 |
|
Diversified financial services |
|
2.98 |
|
Diversified telecommunication services |
|
1.63 |
|
Electric utilities |
|
0.49 |
|
Electronic equipment, instruments & components |
|
1.59 |
|
Energy equipment & services |
|
0.62 |
|
Food & staples retailing |
|
0.62 |
|
Food products |
|
1.77 |
|
Health care equipment & supplies |
|
1.27 |
|
Health care providers & services |
|
2.72 |
|
Hotels, restaurants & leisure |
|
0.92 |
|
Household durables |
|
0.34 |
|
Household products |
|
0.74 |
|
Industrial conglomerates |
|
0.31 |
|
Insurance |
|
3.84 |
|
Internet & catalog retail |
|
1.52 |
|
Internet software & services |
|
1.96 |
|
IT services |
|
2.14 |
|
Life sciences tools & services |
|
1.09 |
|
Machinery |
|
0.56 |
|
Marine |
|
0.37 |
|
Media |
|
2.22 |
|
Metals & mining |
|
0.34 |
|
Multiline retail |
|
0.71 |
|
Oil, gas & consumable fuels |
|
6.08 |
|
Personal products |
|
0.22 |
|
Pharmaceuticals |
|
8.05 |
|
Real estate investment trust (REIT) |
|
0.66 |
|
Real estate management & development |
|
1.82 |
|
Road & rail |
|
0.99 |
|
Semiconductors & semiconductor equipment |
|
4.92 |
|
Software |
|
2.24 |
|
Textiles, apparel & luxury goods |
|
0.83 |
|
Tobacco |
|
0.61 |
|
Wireless telecommunication services |
|
1.36 |
|
Total common stocks |
|
83.40 |
% |
Preferred stock |
|
0.66 |
|
Short-term investments |
|
43.72 |
|
Total investments before investments sold short |
|
127.78 |
% |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(0.70 |
)% |
Airlines |
|
(0.28 |
) |
Auto components |
|
(0.15 |
) |
Automobiles |
|
(0.80 |
) |
Beverages |
|
(1.08 |
) |
Biotechnology |
|
(1.24 |
) |
Capital markets |
|
(2.35 |
) |
Chemicals |
|
(3.37 |
) |
Commercial banks |
|
(3.79 |
) |
Commercial services & supplies |
|
(1.53 |
) |
Communications equipment |
|
(0.37 |
) |
Computers & peripherals |
|
(1.75 |
) |
Construction & engineering |
|
(1.01 |
) |
Construction materials |
|
(0.26 |
) |
Distributors |
|
(0.26 |
) |
Diversified financial services |
|
(0.87 |
) |
Diversified telecommunication services |
|
(1.67 |
) |
Electric utilities |
|
(0.43 |
) |
Electrical equipment |
|
(0.97 |
) |
Electronic equipment, instruments & components |
|
(0.25 |
) |
Energy equipment & services |
|
(3.10 |
) |
Food & staples retailing |
|
(2.04 |
) |
Food products |
|
(0.62 |
) |
Gas utilities |
|
(0.12 |
) |
Health care equipment & supplies |
|
(2.70 |
) |
Health care providers & services |
|
(0.70 |
) |
Hotels, restaurants & leisure |
|
(1.47 |
) |
Household durables |
|
(0.48 |
) |
Household products |
|
(0.19 |
) |
Independent power producers & energy traders |
|
(0.33 |
) |
Insurance |
|
(1.56 |
) |
Internet & catalog retail |
|
(0.29 |
) |
Internet software & services |
|
(0.31 |
) |
IT services |
|
(1.03 |
) |
Life sciences tools & services |
|
(0.82 |
) |
Machinery |
|
(2.39 |
) |
Marine |
|
(0.11 |
) |
Media |
|
(1.37 |
) |
Metals & mining |
|
(1.24 |
) |
Multiline retail |
|
(0.66 |
) |
Multi-utilities |
|
(1.20 |
) |
Oil, gas & consumable fuels |
|
(7.02 |
) |
Personal products |
|
(0.08 |
) |
Pharmaceuticals |
|
(1.25 |
) |
Real estate investment trust (REIT) |
|
(0.84 |
) |
Real estate management & development |
|
(0.61 |
) |
Road & rail |
|
(0.13 |
) |
Semiconductors & semiconductor equipment |
|
(1.65 |
) |
Software |
|
(1.42 |
) |
Specialty retail |
|
(0.68 |
) |
Textiles, apparel & luxury goods |
|
(1.24 |
) |
Thrifts & mortgage finance |
|
(0.46 |
) |
Trading companies & distributors |
|
(0.41 |
) |
Transportation infrastructure |
|
(1.13 |
) |
Wireless telecommunication services |
|
(1.81 |
) |
Total common stocks |
|
(64.59 |
)% |
Investment company |
|
|
|
Industrial Select Sector SPDR Fund |
|
(1.23 |
) |
Total investments sold short |
|
(65.82 |
)% |
Total investments, net of investments sold short |
|
61.96 |
|
Cash and other assets, less liabilities |
|
38.04 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Equity Long-Short Multi-Strategy Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks83.40% |
|
|
|
|
| |
Belgium0.49% |
|
|
|
|
| |
bpost SA |
|
3,516 |
|
$ |
78,712 |
|
|
|
|
|
|
| |
Brazil0.31% |
|
|
|
|
| |
Cielo SA |
|
1,570 |
|
50,034 |
| |
|
|
|
|
|
| |
Canada5.22% |
|
|
|
|
| |
Canadian Natural Resources Ltd.1 |
|
1,245 |
|
47,717 |
| |
Canadian Oil Sands Ltd.1 |
|
3,290 |
|
69,014 |
| |
Gran Tierra Energy, Inc.*1 |
|
9,230 |
|
69,298 |
| |
Lightstream Resources Ltd.1 |
|
13,705 |
|
69,672 |
| |
Magna International, Inc. |
|
1,000 |
|
96,137 |
| |
MEG Energy Corp.*1 |
|
1,605 |
|
54,240 |
| |
Nordion, Inc.*1 |
|
2,580 |
|
29,722 |
| |
Paramount Resources Ltd., Class A*1 |
|
2,135 |
|
92,101 |
| |
Perpetual Energy, Inc.*1 |
|
71,100 |
|
90,684 |
| |
Petrobank Energy & Resources Ltd.*1 |
|
70,000 |
|
24,062 |
| |
ShaMaran Petroleum Corp.*1 |
|
65,000 |
|
26,459 |
| |
Suncor Energy, Inc.1 |
|
975 |
|
34,052 |
| |
TransGlobe Energy Corp.*1 |
|
3,485 |
|
26,416 |
| |
Trilogy Energy Corp.1 |
|
1,145 |
|
28,079 |
| |
Valeant Pharmaceuticals International, Inc.*1 |
|
600 |
|
79,098 |
| |
Total Canada common stocks |
|
|
|
836,751 |
| |
|
|
|
|
|
| |
China1.92% |
|
|
|
|
| |
AIA Group Ltd. |
|
10,000 |
|
47,444 |
| |
Hollysys Automation Technologies Ltd.*1 |
|
3,470 |
|
74,744 |
| |
Tencent Holdings Ltd. |
|
1,800 |
|
125,198 |
| |
Vipshop Holdings Ltd. ADR* |
|
400 |
|
59,720 |
| |
Total China common stocks |
|
|
|
307,106 |
| |
|
|
|
|
|
| |
Denmark2.20% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
5 |
|
59,970 |
| |
Danske Bank A/S |
|
1,919 |
|
53,469 |
| |
Novo Nordisk A/S, Class B |
|
1,892 |
|
86,163 |
| |
Pandora A/S |
|
1,368 |
|
90,496 |
| |
TDC A/S |
|
6,691 |
|
61,856 |
| |
Total Denmark common stocks |
|
|
|
351,954 |
| |
|
|
|
|
|
| |
Finland0.31% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
953 |
|
49,431 |
| |
|
|
|
|
|
| |
France4.54% |
|
|
|
|
| |
AXA SA |
|
2,086 |
|
54,214 |
| |
Credit Agricole SA*1 |
|
7,854 |
|
123,836 |
| |
Electricite de France1 |
|
2,005 |
|
79,316 |
| |
Iliad SA |
|
246 |
|
70,932 |
| |
Publicis Groupe SA1 |
|
965 |
|
87,184 |
| |
Safran SA1 |
|
1,314 |
|
91,037 |
| |
Thales SA |
|
1,139 |
|
75,523 |
| |
Total SA1 |
|
1,111 |
|
72,855 |
| |
Vivendi SA1 |
|
2,611 |
|
72,732 |
| |
Total France common stocks |
|
|
|
727,629 |
| |
|
|
|
|
|
| |
Germany3.29% |
|
|
|
|
| |
Bayer AG |
|
848 |
|
114,698 |
| |
Continental AG1 |
|
352 |
|
84,330 |
| |
Deutsche Post AG1 |
|
2,237 |
|
83,116 |
| |
Freenet AG*1 |
|
3,170 |
|
110,860 |
| |
Fresenius SE & Co KGaA1 |
|
510 |
|
79,816 |
| |
ThyssenKrupp AG* |
|
2,040 |
|
54,705 |
| |
Total Germany common stocks |
|
|
|
527,525 |
| |
|
|
|
|
|
| |
Greece0.20% |
|
|
|
|
| |
Piraeus Bank SA* |
|
11,500 |
|
31,686 |
| |
|
|
|
|
|
| |
Ireland1.11% |
|
|
|
|
| |
Accenture PLC, Class A1 |
|
440 |
|
35,077 |
| |
Bank of Ireland* |
|
72,000 |
|
30,551 |
| |
Mallinckrodt PLC*1 |
|
1,070 |
|
67,849 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Ryanair Holdings PLC ADR* |
|
765 |
|
$ |
44,989 |
|
Total Ireland common stocks |
|
|
|
178,466 |
| |
|
|
|
|
|
| |
Israel2.14% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
3,465 |
|
234,338 |
| |
Mellanox Technologies Ltd.*1 |
|
1,620 |
|
63,390 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
870 |
|
45,971 |
| |
Total Israel common stocks |
|
|
|
343,699 |
| |
|
|
|
|
|
| |
Italy0.97% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
30,032 |
|
101,779 |
| |
Newron Pharmaceuticals SpA* |
|
3,041 |
|
54,350 |
| |
Total Italy common stocks |
|
|
|
156,129 |
| |
|
|
|
|
|
| |
Japan5.87% |
|
|
|
|
| |
Ashikaga Holdings Co. Ltd. |
|
11,600 |
|
51,586 |
| |
Astellas Pharma, Inc. |
|
4,100 |
|
48,621 |
| |
Bank of Yokohama Ltd. |
|
8,000 |
|
39,917 |
| |
Daiwa House Industry Co. Ltd. |
|
3,000 |
|
50,894 |
| |
Daiwa Securities Group, Inc. |
|
7,000 |
|
60,902 |
| |
Fuji Heavy Industries Ltd. |
|
1,000 |
|
27,050 |
| |
Hitachi Ltd. |
|
8,000 |
|
59,061 |
| |
Inpex Corp. |
|
2,200 |
|
28,540 |
| |
Japan Airlines Co., Ltd. |
|
1,100 |
|
54,139 |
| |
Japan Petroleum Exploration Co. |
|
900 |
|
29,952 |
| |
KDDI Corp. |
|
1,200 |
|
69,478 |
| |
Mitsui Fudosan Co., Ltd. |
|
3,000 |
|
91,527 |
| |
ORIX Corp. |
|
2,500 |
|
35,194 |
| |
Panasonic Corp. |
|
2,500 |
|
28,412 |
| |
Shiseido Co., Ltd. |
|
2,000 |
|
35,189 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
1,400 |
|
59,803 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
3,000 |
|
117,483 |
| |
THK Co., Ltd. |
|
2,400 |
|
53,876 |
| |
Total Japan common stocks |
|
|
|
941,624 |
| |
|
|
|
|
|
| |
Luxembourg0.20% |
|
|
|
|
| |
Grand City Properties SA* |
|
2,800 |
|
32,402 |
| |
|
|
|
|
|
| |
Netherlands2.50% |
|
|
|
|
| |
Koninklijke Ahold NV1 |
|
3,829 |
|
76,908 |
| |
Koninklijke DSM NV |
|
720 |
|
49,412 |
| |
LyondellBasell Industries NV, Class A1 |
|
715 |
|
63,592 |
| |
NXP Semiconductor NV*1 |
|
2,080 |
|
122,325 |
| |
TNT Express NV1 |
|
8,979 |
|
88,185 |
| |
Total Netherlands common stocks |
|
|
|
400,422 |
| |
|
|
|
|
|
| |
Norway1.35% |
|
|
|
|
| |
Aker ASA, Class A |
|
2,295 |
|
74,165 |
| |
Gjensidige Forsikring ASA |
|
4,272 |
|
86,898 |
| |
Telenor ASA |
|
2,505 |
|
55,515 |
| |
Total Norway common stocks |
|
|
|
216,578 |
| |
|
|
|
|
|
| |
Russia0.14% |
|
|
|
|
| |
Mobile Telesystems OJSC ADR |
|
1,310 |
|
22,912 |
| |
|
|
|
|
|
| |
South Korea0.64% |
|
|
|
|
| |
Samsung Electronics Co. Ltd. GDR2 |
|
100 |
|
63,084 |
| |
Wonik IPS Co. Ltd.* |
|
4,665 |
|
39,092 |
| |
Total South Korea common stocks |
|
|
|
102,176 |
| |
|
|
|
|
|
| |
Spain0.94% |
|
|
|
|
| |
Bankia SA* |
|
16,000 |
|
33,769 |
| |
Mediaset Espana Comunicacion SA* |
|
2,200 |
|
25,626 |
| |
Melia Hotels International SA |
|
2,000 |
|
25,734 |
| |
Obrascon Huarte Lain SA |
|
780 |
|
33,903 |
| |
Sacyr SA* |
|
4,700 |
|
31,209 |
| |
Total Spain common stocks |
|
|
|
150,241 |
| |
|
|
|
|
|
| |
Sweden1.69% |
|
|
|
|
| |
Investment AB Kinnevik, Class B |
|
2,301 |
|
84,968 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Sweden(Concluded) |
|
|
|
|
| |
Lundin Petroleum AB* |
|
1,270 |
|
$ |
26,117 |
|
Nordea Bank AB |
|
6,990 |
|
99,143 |
| |
Svenska Cellulosa AB SCA, Class B |
|
2,065 |
|
60,779 |
| |
Total Sweden common stocks |
|
|
|
271,007 |
| |
|
|
|
|
|
| |
Switzerland2.45% |
|
|
|
|
| |
Aryzta AG* |
|
1,058 |
|
93,467 |
| |
Credit Suisse Group AG* |
|
1,080 |
|
34,927 |
| |
Nestle SA |
|
500 |
|
37,639 |
| |
Novartis AG |
|
2,142 |
|
181,721 |
| |
Zurich Insurance Group AG* |
|
144 |
|
44,207 |
| |
Total Switzerland common stocks |
|
|
|
391,961 |
| |
|
|
|
|
|
| |
Taiwan0.33% |
|
|
|
|
| |
Catcher Technology Co. Ltd. GDR2 |
|
1,455 |
|
52,649 |
| |
|
|
|
|
|
| |
United Kingdom0.58% |
|
|
|
|
| |
Aon PLC1 |
|
340 |
|
28,655 |
| |
AstraZeneca PLC |
|
211 |
|
13,636 |
| |
Noble Corp. PLC1 |
|
540 |
|
17,680 |
| |
Poundland Group PLC* |
|
5,239 |
|
33,190 |
| |
Total United Kingdom common stocks |
|
|
|
93,161 |
| |
|
|
|
|
|
| |
United States44.01% |
|
|
|
|
| |
AbbVie, Inc.1 |
|
570 |
|
29,298 |
| |
Accuray, Inc.*1 |
|
3,345 |
|
32,112 |
| |
AcelRx Pharmaceuticals, Inc.*1 |
|
2,775 |
|
33,328 |
| |
Acorda Therapeutics, Inc.*1 |
|
3,600 |
|
136,476 |
| |
Adobe Systems, Inc.*1 |
|
450 |
|
29,583 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
535 |
|
81,390 |
| |
Allergan, Inc.1 |
|
1,240 |
|
153,884 |
| |
Alliance Data Systems Corp.*1 |
|
300 |
|
81,735 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
1,170 |
|
78,554 |
| |
Amazon.com, Inc.*1 |
|
370 |
|
124,512 |
| |
American Campus Communities, Inc.1 |
|
520 |
|
19,422 |
| |
American Express Co.1 |
|
500 |
|
45,015 |
| |
AmerisourceBergen Corp.1 |
|
1,000 |
|
65,590 |
| |
Apollo Education Group, Inc.*1 |
|
1,600 |
|
54,784 |
| |
Apple, Inc.1 |
|
320 |
|
171,757 |
| |
Applied Materials, Inc.1 |
|
6,540 |
|
133,547 |
| |
Baker Hughes, Inc.1 |
|
720 |
|
46,814 |
| |
Bank of America Corp.1 |
|
3,400 |
|
58,480 |
| |
BankUnited, Inc.1 |
|
1,020 |
|
35,465 |
| |
Baxter International, Inc.1 |
|
1,560 |
|
114,785 |
| |
BB&T Corp.1 |
|
800 |
|
32,136 |
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
720 |
|
92,246 |
| |
Bluebird Bio, Inc.*1 |
|
500 |
|
11,370 |
| |
Boeing Co.1 |
|
380 |
|
47,686 |
| |
Broadcom Corp., Class A1 |
|
4,660 |
|
146,697 |
| |
Cabot Oil & Gas Corp.1 |
|
900 |
|
30,492 |
| |
Capital One Financial Corp.1 |
|
840 |
|
64,814 |
| |
Cardinal Health, Inc.1 |
|
480 |
|
33,590 |
| |
Celgene Corp.*1 |
|
802 |
|
111,959 |
| |
Celldex Therapeutics, Inc.*1 |
|
760 |
|
13,429 |
| |
Chubb Corp.1 |
|
460 |
|
41,078 |
| |
Citigroup, Inc.1 |
|
3,020 |
|
143,752 |
| |
Colgate-Palmolive Co.1 |
|
390 |
|
25,299 |
| |
Comcast Corp., Class A1 |
|
2,460 |
|
123,049 |
| |
Control4 Corp.*1 |
|
1,500 |
|
31,815 |
| |
Danaher Corp.1 |
|
660 |
|
49,500 |
| |
Digital Realty Trust, Inc.1 |
|
1,640 |
|
87,051 |
| |
Eli Lilly & Co.1 |
|
1,490 |
|
87,701 |
| |
EOG Resources, Inc. |
|
200 |
|
39,234 |
| |
Epizyme, Inc.*1 |
|
620 |
|
14,117 |
| |
F5 Networks, Inc.*1 |
|
600 |
|
63,978 |
| |
Fifth Third Bancorp1 |
|
2,260 |
|
51,867 |
| |
Fiserv, Inc.*1 |
|
1,100 |
|
62,359 |
| |
Ford Motor Co. |
|
2,700 |
|
42,120 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Freescale Semiconductor Ltd.*1 |
|
1,300 |
|
$ |
31,733 |
|
General Dynamics Corp.1 |
|
310 |
|
33,765 |
| |
General Motors Co.1 |
|
2,340 |
|
80,543 |
| |
Gilead Sciences, Inc.*1 |
|
1,640 |
|
116,210 |
| |
Google, Inc., Class A*1 |
|
140 |
|
156,031 |
| |
Halcon Resources Corp.*1 |
|
5,385 |
|
23,317 |
| |
HCA Holdings, Inc.*1 |
|
1,070 |
|
56,175 |
| |
Herman Miller, Inc.1 |
|
1,395 |
|
44,821 |
| |
Hertz Global Holdings, Inc.*1 |
|
4,700 |
|
125,208 |
| |
Hess Corp.1 |
|
475 |
|
39,368 |
| |
Hormel Foods Corp.1 |
|
835 |
|
41,141 |
| |
Hospira, Inc.*1 |
|
2,400 |
|
103,800 |
| |
Illinois Tool Works, Inc.1 |
|
460 |
|
37,412 |
| |
Impax Laboratories, Inc.*1 |
|
3,130 |
|
82,695 |
| |
Incyte Corp. Ltd.*1 |
|
455 |
|
24,352 |
| |
Invesco Ltd.1 |
|
1,400 |
|
51,800 |
| |
Jabil Circuit, Inc.1 |
|
4,960 |
|
89,280 |
| |
JC Penney Co., Inc.*1 |
|
2,340 |
|
20,171 |
| |
Johnson & Johnson1 |
|
1,100 |
|
108,053 |
| |
JPMorgan Chase & Co.1 |
|
1,340 |
|
81,351 |
| |
KaloBios Pharmaceuticals, Inc.*1 |
|
3,740 |
|
10,135 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
16,160 |
|
27,957 |
| |
Ligand Pharmaceuticals, Inc., Class B*1 |
|
400 |
|
26,904 |
| |
Lincoln National Corp.1 |
|
2,180 |
|
110,461 |
| |
MacroGenics, Inc.*1 |
|
1,300 |
|
36,179 |
| |
Macys, Inc.1 |
|
1,020 |
|
60,476 |
| |
Martin Marietta Materials, Inc.1 |
|
300 |
|
38,505 |
| |
McDermott International, Inc.*1 |
|
4,520 |
|
35,346 |
| |
MetLife, Inc.1 |
|
2,120 |
|
111,936 |
| |
Micron Technology, Inc.*1 |
|
5,795 |
|
137,110 |
| |
Mondelez International, Inc., Class A1 |
|
3,240 |
|
111,942 |
| |
Monsanto Co.1 |
|
280 |
|
31,856 |
| |
Morgan Stanley1 |
|
5,935 |
|
184,994 |
| |
NetApp, Inc.1 |
|
2,520 |
|
92,988 |
| |
NII Holdings, Inc.*1 |
|
12,720 |
|
15,137 |
| |
Norfolk Southern Corp.1 |
|
350 |
|
34,010 |
| |
Oracle Corp.1 |
|
1,800 |
|
73,638 |
| |
Owens Corning1 |
|
1,125 |
|
48,566 |
| |
PepsiCo, Inc. |
|
500 |
|
41,750 |
| |
Philip Morris International, Inc.1 |
|
1,200 |
|
98,244 |
| |
PNC Financial Services Group, Inc.1 |
|
795 |
|
69,165 |
| |
Priceline.com, Inc.*1 |
|
50 |
|
59,595 |
| |
Procter & Gamble Co.1 |
|
390 |
|
31,434 |
| |
Prudential Financial, Inc.1 |
|
460 |
|
38,939 |
| |
Ralph Lauren Corp.1 |
|
260 |
|
41,842 |
| |
Rite Aid Corp.*1 |
|
3,600 |
|
22,572 |
| |
Rocket Fuel, Inc.*1 |
|
800 |
|
34,304 |
| |
Rock-Tenn Co., Class A1 |
|
555 |
|
58,591 |
| |
ServiceSource International, Inc.*1 |
|
13,440 |
|
113,434 |
| |
St. Jude Medical, Inc.1 |
|
865 |
|
56,562 |
| |
Symantec Corp.1 |
|
1,100 |
|
21,967 |
| |
Thermo Fisher Scientific, Inc.1 |
|
425 |
|
51,102 |
| |
Time Warner, Inc.1 |
|
400 |
|
26,132 |
| |
Ultra Petroleum Corp.*1 |
|
1,970 |
|
52,973 |
| |
UnitedHealth Group, Inc.1 |
|
1,460 |
|
119,705 |
| |
US Bancorp1 |
|
3,520 |
|
150,867 |
| |
Veeco Instruments, Inc.*1 |
|
1,220 |
|
51,155 |
| |
Viacom, Inc., Class B1 |
|
320 |
|
27,197 |
| |
Walt Disney Co.1 |
|
840 |
|
67,259 |
| |
Waste Management, Inc.1 |
|
700 |
|
29,449 |
| |
WellPoint, Inc.1 |
|
800 |
|
79,640 |
| |
Wells Fargo & Co.1 |
|
1,090 |
|
54,217 |
| |
Whirlpool Corp.1 |
|
175 |
|
26,156 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| ||
Common stocks(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Yum! Brands, Inc.1 |
|
1,620 |
|
$ |
122,132 |
| |
Total United States common stocks |
|
|
|
7,055,619 |
| ||
Total common stocks (cost $11,645,946) |
|
|
|
13,369,874 |
| ||
|
|
|
|
|
| ||
Preferred stock0.66% |
|
|
|
|
| ||
Germany0.66% |
|
|
|
|
| ||
Porsche Automobil Holding SE, Preference shares (cost $109,504) |
|
1,035 |
|
106,270 |
| ||
|
|
|
|
|
| ||
Short-term investments43.72% |
|
|
|
|
| ||
Investment company33.43% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund3 (cost $5,359,053) |
|
5,359,053 |
|
5,359,053 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
US government obligation10.29% |
|
|
|
|
| ||
US Treasury Bill |
|
|
|
|
| ||
0.040%, due 05/29/141,4 (cost $1,649,892) |
|
$ |
1,650,000 |
|
1,649,922 |
| |
Total short - term investments (cost $7,008,945) |
|
|
|
7,008,975 |
| ||
Total investments before investments sold short: 127.78% (cost $18,764,395) |
|
|
|
20,485,119 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investments sold short(65.82)% |
|
|
|
|
| ||
Common stocks(64.59)% |
|
|
|
|
| ||
Australia(0.94)% |
|
|
|
|
| ||
ASX Ltd. |
|
(625 |
) |
(20,907 |
) | ||
Buru Energy Ltd. |
|
(6,085 |
) |
(7,195 |
) | ||
Commonwealth Bank of Australia |
|
(430 |
) |
(30,882 |
) | ||
Energy World Corp. Ltd. |
|
(54,633 |
) |
(16,467 |
) | ||
InterOil Corp. |
|
(910 |
) |
(58,931 |
) | ||
Karoon Gas Australia Ltd. |
|
(5,420 |
) |
(12,868 |
) | ||
Red Fork Energy Ltd. |
|
(34,170 |
) |
(3,327 |
) | ||
Total Australia common stocks |
|
|
|
(150,577 |
) | ||
|
|
|
|
|
| ||
Austria(0.62)% |
|
|
|
|
| ||
Andritz AG |
|
(785 |
) |
(48,509 |
) | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
(1,031 |
) |
(50,834 |
) | ||
|
|
|
|
(99,343 |
) | ||
Belgium(1.11)% |
|
|
|
|
| ||
Mobistar SA |
|
(3,855 |
) |
(72,652 |
) | ||
Umicore SA |
|
(2,053 |
) |
(104,620 |
) | ||
Total Belgium common stocks |
|
|
|
(177,272 |
) | ||
|
|
|
|
|
| ||
Bermuda(1.54)% |
|
|
|
|
| ||
Frontline Ltd. |
|
(19,930 |
) |
(77,885 |
) | ||
Golar LNG Ltd. |
|
(620 |
) |
(25,848 |
) | ||
Marvell Technology Group Ltd. |
|
(3,220 |
) |
(50,715 |
) | ||
Seadrill Ltd. |
|
(2,211 |
) |
(77,990 |
) | ||
Teekay Tankers Ltd. |
|
(4,320 |
) |
(15,293 |
) | ||
Total Bermuda common stocks |
|
|
|
(247,731 |
) | ||
|
|
|
|
|
| ||
Canada(4.74)% |
|
|
|
|
| ||
Africa Oil Corp. |
|
(1,430 |
) |
(9,585 |
) | ||
Alderon Iron Ore Corp. |
|
(7,190 |
) |
(10,536 |
) | ||
Alterra Power Corp. |
|
(39,000 |
) |
(10,583 |
) | ||
Altius Minerals Corp. |
|
(900 |
) |
(11,984 |
) | ||
Americas Petrogas, Inc. |
|
(18,360 |
) |
(21,424 |
) | ||
Anderson Energy Ltd. |
|
(37,000 |
) |
(8,033 |
) | ||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Athabasca Oil Corp. |
|
(2,065 |
) |
$ |
(14,869 |
) |
Ballard Power Systems, Inc. |
|
(16,705 |
) |
(73,318 |
) | |
Bankers Petroleum Ltd. |
|
(7,300 |
) |
(35,526 |
) | |
Birchcliff Energy Ltd. |
|
(2,035 |
) |
(20,249 |
) | |
Bombardier, Inc., Class B |
|
(6,360 |
) |
(23,645 |
) | |
Canacol Energy Ltd. |
|
(9,250 |
) |
(58,403 |
) | |
Canadian Energy Services & Technology Corp. |
|
(785 |
) |
(20,358 |
) | |
Cathedral Energy Services Ltd. |
|
(2,910 |
) |
(11,108 |
) | |
Copper Mountain Mining Corp. |
|
(7,165 |
) |
(13,935 |
) | |
Crescent Point Energy Corp. |
|
(905 |
) |
(33,032 |
) | |
Donnycreek Energy, Inc. |
|
(4,500 |
) |
(7,490 |
) | |
Fairfax Financial Holdings Ltd. |
|
(40 |
) |
(17,368 |
) | |
Fortune Minerals Ltd. |
|
(34,500 |
) |
(11,703 |
) | |
Ivanhoe Energy, Inc. |
|
(7,500 |
) |
(4,003 |
) | |
Just Energy Group, Inc. |
|
(2,080 |
) |
(16,727 |
) | |
Legacy Oil + Gas, Inc. |
|
(1,550 |
) |
(10,193 |
) | |
Mart Resources, Inc. |
|
(18,585 |
) |
(24,377 |
) | |
Mega Uranium Ltd. |
|
(143,500 |
) |
(30,504 |
) | |
MFC Industrial Ltd. |
|
(1,705 |
) |
(13,538 |
) | |
Northland Power, Inc. |
|
(785 |
) |
(12,355 |
) | |
Petroamerica Oil Corp. |
|
(53,500 |
) |
(14,518 |
) | |
Petromanas Energy, Inc. |
|
(223,000 |
) |
(41,352 |
) | |
Petrowest Corp. |
|
(13,005 |
) |
(11,176 |
) | |
Polaris Minerals Corp. |
|
(8,000 |
) |
(20,624 |
) | |
Questerre Energy Corp. |
|
(20,400 |
) |
(23,436 |
) | |
Rogers Communications, Inc., Class B |
|
(1,600 |
) |
(66,301 |
) | |
Rubicon Minerals Corp. |
|
(9,900 |
) |
(10,478 |
) | |
SNC-Lavalin Group, Inc. |
|
(410 |
) |
(17,928 |
) | |
Sunshine Oilsands Ltd. |
|
(20,000 |
) |
(3,326 |
) | |
Trevali Mining Corp. |
|
(10,520 |
) |
(9,040 |
) | |
Whitecap Resources, Inc. |
|
(1,450 |
) |
(16,185 |
) | |
Total Canada common stocks |
|
|
|
(759,210 |
) | |
|
|
|
|
|
| |
China(0.74)% |
|
|
|
|
| |
Bank of East Asia Ltd. |
|
(5,400 |
) |
(21,094 |
) | |
Champion REIT |
|
(74,000 |
) |
(33,773 |
) | |
MIE Holdings Corp. |
|
(86,000 |
) |
(16,188 |
) | |
Newocean Energy Holdings Ltd. |
|
(26,000 |
) |
(20,112 |
) | |
PetroChina Co., Ltd., H Shares |
|
(14,000 |
) |
(15,252 |
) | |
Sino Gas & Energy Holdings Ltd. |
|
(84,475 |
) |
(12,535 |
) | |
Total China common stocks |
|
|
|
(118,954 |
) | |
|
|
|
|
|
| |
Colombia(0.36)% |
|
|
|
|
| |
Ecopetrol SA ADR |
|
(505 |
) |
(20,599 |
) | |
Pacific Rubiales Energy Corp. |
|
(2,085 |
) |
(37,551 |
) | |
Total Colombia common stocks |
|
|
|
(58,150 |
) | |
|
|
|
|
|
| |
Denmark(0.60)% |
|
|
|
|
| |
FLSmidth & Co. A/S |
|
(395 |
) |
(19,928 |
) | |
Novo Nordisk A/S, Class B |
|
(720 |
) |
(32,789 |
) | |
William Demant Holding A/S |
|
(510 |
) |
(43,628 |
) | |
Total Denmark common stocks |
|
|
|
(96,345 |
) | |
|
|
|
|
|
| |
Finland(2.64)% |
|
|
|
|
| |
Fortum Oyj |
|
(3,047 |
) |
(69,262 |
) | |
Konecranes Oyj |
|
(2,391 |
) |
(76,189 |
) | |
Metso Oyj |
|
(2,012 |
) |
(65,776 |
) | |
Outotec Oyj |
|
(5,432 |
) |
(60,166 |
) | |
Stockmann Oyj Abp, Class B |
|
(3,219 |
) |
(47,495 |
) | |
Valmet Corp. |
|
(3,823 |
) |
(41,002 |
) | |
YIT Oyj |
|
(5,945 |
) |
(63,310 |
) | |
Total Finland common stocks |
|
|
|
(423,200 |
) | |
|
|
|
|
|
| |
France(2.26)% |
|
|
|
|
| |
Air France-KLM |
|
(1,425 |
) |
(21,418 |
) | |
Alstom SA |
|
(600 |
) |
(16,383 |
) | |
Areva SA |
|
(1,300 |
) |
(33,133 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
France(Concluded) |
|
|
|
|
| |
Arkema SA |
|
(343 |
) |
$ |
(38,842 |
) |
Bourbon SA |
|
(1,486 |
) |
(48,825 |
) | |
Carrefour SA |
|
(2,196 |
) |
(84,996 |
) | |
Dassault Systemes |
|
(480 |
) |
(56,235 |
) | |
Suez Environnement Co. |
|
(700 |
) |
(14,219 |
) | |
Technip SA |
|
(154 |
) |
(15,893 |
) | |
Veolia Environnement SA |
|
(1,620 |
) |
(32,049 |
) | |
Total France common stocks |
|
|
|
(361,993 |
) | |
|
|
|
|
|
| |
Germany(4.51)% |
|
|
|
|
| |
Adidas AG |
|
(587 |
) |
(63,514 |
) | |
E.ON SE |
|
(3,248 |
) |
(63,494 |
) | |
H&R AG |
|
(4,779 |
) |
(51,617 |
) | |
Hamburger Hafen und Logistik AG |
|
(3,834 |
) |
(92,143 |
) | |
K+S AG |
|
(2,512 |
) |
(82,519 |
) | |
LANXESS AG |
|
(757 |
) |
(57,098 |
) | |
MTU Aero Engines AG |
|
(946 |
) |
(87,918 |
) | |
RWE AG |
|
(1,616 |
) |
(65,586 |
) | |
Salzgitter AG |
|
(1,286 |
) |
(50,829 |
) | |
Volkswagen AG |
|
(425 |
) |
(107,732 |
) | |
Total Germany common stocks |
|
|
|
(722,450 |
) | |
|
|
|
|
|
| |
Guernsey(0.07)% |
|
|
|
|
| |
Tethys Petroleum Ltd. |
|
(21,500 |
) |
(10,502 |
) | |
|
|
|
|
|
| |
Hong Kong(0.37)% |
|
|
|
|
| |
Hong Kong Exchanges & Clearing Ltd. |
|
(1,800 |
) |
(27,290 |
) | |
Michael Kors Holdings Ltd. |
|
(340 |
) |
(31,712 |
) | |
Total Hong Kong common stocks |
|
|
|
(59,002 |
) | |
|
|
|
|
|
| |
India(0.38)% |
|
|
|
|
| |
HDFC Bank Ltd. ADR |
|
(675 |
) |
(27,695 |
) | |
ICICI Bank Ltd. ADR |
|
(775 |
) |
(33,945 |
) | |
Total India common stocks |
|
|
|
(61,640 |
) | |
|
|
|
|
|
| |
Ireland(0.35)% |
|
|
|
|
| |
Aer Lingus Group plc |
|
(10,325 |
) |
(23,257 |
) | |
Endo International PLC |
|
(480 |
) |
(32,952 |
) | |
Total Ireland common stocks |
|
|
|
(56,209 |
) | |
|
|
|
|
|
| |
Italy(0.70)% |
|
|
|
|
| |
Saipem SpA |
|
(579 |
) |
(14,134 |
) | |
Saras SpA |
|
(14,143 |
) |
(24,706 |
) | |
UniCredit SpA |
|
(8,047 |
) |
(73,500 |
) | |
Total Italy common stocks |
|
|
|
(112,340 |
) | |
|
|
|
|
|
| |
Japan(0.70)% |
|
|
|
|
| |
Japan Drilling Co. Ltd. |
|
(400 |
) |
(17,110 |
) | |
Mitsui Chemicals, Inc. |
|
(8,000 |
) |
(19,609 |
) | |
Nintendo Co., Ltd. |
|
(500 |
) |
(59,391 |
) | |
Sony Financial Holdings, Inc. |
|
(1,000 |
) |
(16,374 |
) | |
Total Japan common stocks |
|
|
|
(112,484 |
) | |
|
|
|
|
|
| |
Luxembourg(0.09)% |
|
|
|
|
| |
Pacific Drilling SA |
|
(1,350 |
) |
(14,688 |
) | |
|
|
|
|
|
| |
Mexico(0.88)% |
|
|
|
|
| |
America Movil SAB de CV ADR |
|
(3,400 |
) |
(67,592 |
) | |
Wal-Mart de Mexico SAB de CV ADR |
|
(3,100 |
) |
(73,346 |
) | |
Total Mexico common stocks |
|
|
|
(140,938 |
) | |
|
|
|
|
|
| |
Netherlands(1.58)% |
|
|
|
|
| |
CNH Industrial NV |
|
(1,710 |
) |
(19,659 |
) | |
Fugro NV CVA |
|
(1,721 |
) |
(105,827 |
) | |
Koninklijke Vopak NV |
|
(1,586 |
) |
(88,556 |
) | |
LyondellBasell Industries NV, Class A |
|
(450 |
) |
(40,023 |
) | |
Total Netherlands common stocks |
|
|
|
(254,065 |
) | |
|
|
|
|
|
| |
Norway(1.53)% |
|
|
|
|
| |
BW Offshore Ltd. |
|
(9,700 |
) |
(12,555 |
) | |
Nordic American Tankers Ltd. |
|
(2,495 |
) |
(24,551 |
) | |
Norwegian Property ASA |
|
(62,765 |
) |
(75,996 |
) | |
Panoro Energy ASA |
|
(15,845 |
) |
(8,891 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Tomra Systems ASA |
|
(4,267 |
) |
$ |
(40,975 |
) |
Yara International ASA |
|
(1,851 |
) |
(81,795 |
) | |
Total Norway common stocks |
|
|
|
(244,763 |
) | |
|
|
|
|
|
| |
Portugal(0.76)% |
|
|
|
|
| |
Jeronimo Martins, SGPS SA |
|
(4,395 |
) |
(73,747 |
) | |
Portugal Telecom SGPS SA |
|
(11,396 |
) |
(48,465 |
) | |
Total Portugal common stocks |
|
|
|
(122,212 |
) | |
|
|
|
|
|
| |
Singapore(0.52)% |
|
|
|
|
| |
Flextronics International Ltd. |
|
(4,300 |
) |
(39,732 |
) | |
Global Logistic Properties Ltd. |
|
(10,000 |
) |
(21,067 |
) | |
Singapore Exchange Ltd. |
|
(4,000 |
) |
(22,068 |
) | |
Total Singapore common stocks |
|
|
|
(82,867 |
) | |
|
|
|
|
|
| |
South Africa(0.22)% |
|
|
|
|
| |
Vodacom Group Ltd. |
|
(2,855 |
) |
(35,251 |
) | |
|
|
|
|
|
| |
Spain(2.29)% |
|
|
|
|
| |
Atresmedia Corp. de Medios de Comunicaion SA |
|
(2,927 |
) |
(45,042 |
) | |
Distribuidora Internacional de Alimentacion SA |
|
(3,200 |
) |
(29,237 |
) | |
Enagas SA |
|
(640 |
) |
(19,463 |
) | |
Repsol SA |
|
(655 |
) |
(16,716 |
) | |
Tecnicas Reunidas SA |
|
(2,146 |
) |
(121,229 |
) | |
Telefonica SA |
|
(5,481 |
) |
(86,722 |
) | |
Zardoya Otis SA |
|
(2,829 |
) |
(48,172 |
) | |
Total Spain common stocks |
|
|
|
(366,581 |
) | |
|
|
|
|
|
| |
Sweden(2.61)% |
|
|
|
|
| |
Electrolux AB, Series B |
|
(3,504 |
) |
(76,443 |
) | |
Lundin Petroleum AB |
|
(3,572 |
) |
(73,457 |
) | |
Modern Times Group AB, Class B |
|
(1,238 |
) |
(57,804 |
) | |
Ratos AB, Class B |
|
(12,161 |
) |
(112,736 |
) | |
Sandvik AB |
|
(3,174 |
) |
(44,847 |
) | |
SSAB AB, Class A |
|
(6,839 |
) |
(52,790 |
) | |
Total Sweden common stocks |
|
|
|
(418,077 |
) | |
|
|
|
|
|
| |
Switzerland(1.33)% |
|
|
|
|
| |
Coca-Cola HBC AG |
|
(2,967 |
) |
(73,900 |
) | |
Holcim Ltd. |
|
(260 |
) |
(21,528 |
) | |
Kuehne + Nagel International AG |
|
(125 |
) |
(17,491 |
) | |
STMicroelectronics NV |
|
(2,280 |
) |
(21,120 |
) | |
Swiss Life Holding AG |
|
(120 |
) |
(29,455 |
) | |
Tyco International Ltd. |
|
(1,160 |
) |
(49,184 |
) | |
Total Switzerland common stocks |
|
|
|
(212,678 |
) | |
|
|
|
|
|
| |
Turkey(0.21)% |
|
|
|
|
| |
Coca-Cola Icecek AS |
|
(1,410 |
) |
(33,937 |
) | |
|
|
|
|
|
| |
United Kingdom(0.49)% |
|
|
|
|
| |
Debenhams PLC |
|
(43,563 |
) |
(58,065 |
) | |
Ithaca Energy, Inc. |
|
(2,700 |
) |
(6,716 |
) | |
Subsea 7 SA |
|
(751 |
) |
(13,959 |
) | |
Total United Kingdom common stocks |
|
|
|
(78,740 |
) | |
|
|
|
|
|
| |
United States(29.45)% |
|
|
|
|
| |
3D Systems Corp. |
|
(580 |
) |
(34,307 |
) | |
Abaxis, Inc. |
|
(640 |
) |
(24,883 |
) | |
AbbVie, Inc. |
|
(860 |
) |
(44,204 |
) | |
Acorda Therapeutics, Inc. |
|
(800 |
) |
(30,328 |
) | |
Advanced Micro Devices, Inc. |
|
(7,660 |
) |
(30,717 |
) | |
AGCO Corp. |
|
(350 |
) |
(19,306 |
) | |
American Eagle Energy Corp. |
|
(1,451 |
) |
(10,375 |
) | |
American International Group, Inc. |
|
(1,560 |
) |
(78,016 |
) | |
Amgen, Inc. |
|
(260 |
) |
(32,068 |
) | |
Associated Banc-Corp. |
|
(2,580 |
) |
(46,595 |
) | |
Astoria Financial Corp. |
|
(2,366 |
) |
(32,698 |
) | |
AT&T, Inc. |
|
(2,835 |
) |
(99,423 |
) | |
BancorpSouth, Inc. |
|
(1,100 |
) |
(27,456 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
United States(Continued) |
|
|
|
|
| |
Bank of America Corp. |
|
(4,040 |
) |
$ |
(69,488 |
) |
Bank of New York Mellon Corp. |
|
(1,240 |
) |
(43,760 |
) | |
Baxter International, Inc. |
|
(330 |
) |
(24,281 |
) | |
Bio-Reference Labs, Inc. |
|
(640 |
) |
(17,715 |
) | |
BNK Petroleum, Inc. |
|
(14,500 |
) |
(26,757 |
) | |
Boston Scientific Corp. |
|
(1,840 |
) |
(24,877 |
) | |
BPZ Resources, Inc. |
|
(3,225 |
) |
(10,256 |
) | |
Brocade Communications Systems, Inc. |
|
(3,700 |
) |
(39,257 |
) | |
Brown-Forman Corp., Class B |
|
(350 |
) |
(31,391 |
) | |
Buffalo Wild Wings, Inc. |
|
(185 |
) |
(27,546 |
) | |
Bunge Ltd. |
|
(160 |
) |
(12,722 |
) | |
C.R. Bard, Inc. |
|
(155 |
) |
(22,937 |
) | |
Celgene Corp. |
|
(360 |
) |
(50,256 |
) | |
Centene Corp. |
|
(420 |
) |
(26,145 |
) | |
Cepheid, Inc. |
|
(520 |
) |
(26,822 |
) | |
Charles River Laboratories International, Inc. |
|
(875 |
) |
(52,798 |
) | |
Charles Schwab Corp. |
|
(2,800 |
) |
(76,524 |
) | |
Cheniere Energy, Inc. |
|
(450 |
) |
(24,908 |
) | |
Choice Hotels International, Inc. |
|
(440 |
) |
(20,240 |
) | |
Cinemark Holdings, Inc. |
|
(405 |
) |
(11,749 |
) | |
City National Corp. |
|
(320 |
) |
(25,190 |
) | |
Clorox Co. |
|
(340 |
) |
(29,923 |
) | |
Coach, Inc. |
|
(660 |
) |
(32,776 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(1,360 |
) |
(68,830 |
) | |
Constellation Brands, Inc., Class A |
|
(395 |
) |
(33,563 |
) | |
Continental Resources, Inc. |
|
(160 |
) |
(19,883 |
) | |
Costco Wholesale Corp. |
|
(115 |
) |
(12,843 |
) | |
Darden Restaurants, Inc. |
|
(1,300 |
) |
(65,988 |
) | |
DENTSPLY International, Inc. |
|
(480 |
) |
(22,099 |
) | |
DexCom, Inc. |
|
(700 |
) |
(28,952 |
) | |
Discovery Communications, Inc., Class A |
|
(200 |
) |
(16,540 |
) | |
Douglas Emmett, Inc. |
|
(540 |
) |
(14,656 |
) | |
Ecolab, Inc. |
|
(320 |
) |
(34,557 |
) | |
Edwards Lifesciences Corp. |
|
(450 |
) |
(33,377 |
) | |
Electronic Arts, Inc. |
|
(1,720 |
) |
(49,897 |
) | |
Emerald Oil, Inc. |
|
(3,035 |
) |
(20,395 |
) | |
Equity Residential |
|
(260 |
) |
(15,077 |
) | |
Fastenal Co. |
|
(1,080 |
) |
(53,266 |
) | |
Federal Realty Investment Trust |
|
(120 |
) |
(13,766 |
) | |
First Horizon National Corp. |
|
(1,980 |
) |
(24,433 |
) | |
First Solar, Inc. |
|
(780 |
) |
(54,436 |
) | |
Ford Motor Co. |
|
(1,320 |
) |
(20,592 |
) | |
FreightCar America, Inc. |
|
(855 |
) |
(19,870 |
) | |
GameStop Corp., Class A |
|
(730 |
) |
(30,003 |
) | |
Gannett Co., Inc. |
|
(2,000 |
) |
(55,200 |
) | |
General Moly, Inc. |
|
(5,730 |
) |
(5,673 |
) | |
Genie Energy Ltd. |
|
(1,430 |
) |
(14,257 |
) | |
Genuine Parts Co. |
|
(480 |
) |
(41,688 |
) | |
Hartford Financial Services Group, Inc. |
|
(1,040 |
) |
(36,681 |
) | |
Healthcare Services Group, Inc. |
|
(1,480 |
) |
(43,009 |
) | |
Herbalife Ltd. |
|
(210 |
) |
(12,027 |
) | |
Hewlett-Packard Co. |
|
(2,560 |
) |
(82,842 |
) | |
Houston American Energy Corp. |
|
(21,000 |
) |
(11,552 |
) | |
Hyatt Hotels Corp., Class A |
|
(1,200 |
) |
(64,572 |
) | |
Hyperdynamics Corp. |
|
(4,405 |
) |
(7,665 |
) | |
IDEXX Laboratories, Inc. |
|
(450 |
) |
(54,630 |
) | |
Infinity Energy Resources, Inc. |
|
(3,750 |
) |
(5,288 |
) | |
Intel Corp. |
|
(4,140 |
) |
(106,853 |
) | |
International Business Machines Corp. |
|
(155 |
) |
(29,836 |
) | |
Johnson Controls, Inc. |
|
(520 |
) |
(24,606 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Juniper Networks, Inc. |
|
(785 |
) |
$ |
(20,222 |
) |
Kraft Foods Group, Inc. |
|
(525 |
) |
(29,452 |
) | |
Lamar Advertising Co., Class A |
|
(660 |
) |
(33,653 |
) | |
Lexmark International, Inc., Class A |
|
(2,330 |
) |
(107,856 |
) | |
LinnCo LLC |
|
(500 |
) |
(13,525 |
) | |
McCormick & Co. Inc. (Non-voting) |
|
(375 |
) |
(26,902 |
) | |
McDermott International, Inc. |
|
(1,600 |
) |
(12,512 |
) | |
Meridian Bioscience, Inc. |
|
(1,240 |
) |
(27,020 |
) | |
Mettler-Toledo International, Inc. |
|
(225 |
) |
(53,028 |
) | |
Miller Energy Resources, Inc. |
|
(3,255 |
) |
(19,139 |
) | |
Molycorp, Inc. |
|
(2,240 |
) |
(10,506 |
) | |
Mylan, Inc. |
|
(380 |
) |
(18,555 |
) | |
NCR Corp. |
|
(1,160 |
) |
(42,398 |
) | |
NetApp, Inc. |
|
(365 |
) |
(13,469 |
) | |
Netflix, Inc. |
|
(70 |
) |
(24,642 |
) | |
New York Community Bancorp, Inc. |
|
(2,640 |
) |
(42,425 |
) | |
Northern Oil and Gas, Inc. |
|
(715 |
) |
(10,453 |
) | |
Northern Trust Corp. |
|
(400 |
) |
(26,224 |
) | |
Owens & Minor, Inc. |
|
(1,340 |
) |
(46,940 |
) | |
Patterson Cos., Inc. |
|
(500 |
) |
(20,880 |
) | |
PerkinElmer, Inc. |
|
(560 |
) |
(25,234 |
) | |
Perrigo Co. PLC |
|
(320 |
) |
(49,491 |
) | |
Pitney Bowes, Inc. |
|
(3,160 |
) |
(82,128 |
) | |
Post Holdings, Inc. |
|
(550 |
) |
(30,316 |
) | |
Priceline.com, Inc. |
|
(18 |
) |
(21,454 |
) | |
Progressive Corp. |
|
(855 |
) |
(20,708 |
) | |
Public Storage |
|
(130 |
) |
(21,904 |
) | |
PVH Corp. |
|
(290 |
) |
(36,183 |
) | |
RadioShack Corp. |
|
(15,700 |
) |
(33,284 |
) | |
Red Hat, Inc. |
|
(1,175 |
) |
(62,251 |
) | |
ResMed, Inc. |
|
(340 |
) |
(15,195 |
) | |
Rockwell Automation, Inc. |
|
(260 |
) |
(32,383 |
) | |
Sagent Pharmaceuticals, Inc. |
|
(960 |
) |
(22,435 |
) | |
SandRidge Energy, Inc. |
|
(9,215 |
) |
(56,580 |
) | |
SBA Communications Corp., Class A |
|
(540 |
) |
(49,118 |
) | |
Sigma-Aldrich Corp. |
|
(320 |
) |
(29,882 |
) | |
Signature Bank |
|
(350 |
) |
(43,956 |
) | |
SL Green Realty Corp. |
|
(230 |
) |
(23,143 |
) | |
Staples, Inc. |
|
(1,965 |
) |
(22,283 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(440 |
) |
(35,024 |
) | |
Stericycle, Inc. |
|
(260 |
) |
(29,541 |
) | |
STERIS Corp. |
|
(530 |
) |
(25,308 |
) | |
Stifel Financial Corp. |
|
(540 |
) |
(26,870 |
) | |
SVB Financial Group |
|
(360 |
) |
(46,361 |
) | |
Syntroleum Corp. |
|
(1,235 |
) |
(4,854 |
) | |
T. Rowe Price Group, Inc. |
|
(580 |
) |
(47,763 |
) | |
Tandem Diabetes Care, Inc. |
|
(1,100 |
) |
(24,299 |
) | |
Taubman Centers, Inc. |
|
(180 |
) |
(12,742 |
) | |
TCF Financial Corp. |
|
(2,660 |
) |
(44,316 |
) | |
TD Ameritrade Holding Corp. |
|
(1,260 |
) |
(42,777 |
) | |
Textura Corp. |
|
(545 |
) |
(13,739 |
) | |
Triangle Petroleum Corp. |
|
(2,135 |
) |
(17,592 |
) | |
Twitter, Inc. |
|
(255 |
) |
(11,901 |
) | |
Under Armour, Inc., Class A |
|
(300 |
) |
(34,392 |
) | |
United Therapeutics Corp. |
|
(380 |
) |
(35,731 |
) | |
US Silica Holdings, Inc. |
|
(300 |
) |
(11,451 |
) | |
Valley National Bancorp |
|
(8,400 |
) |
(87,444 |
) | |
Verizon Communications, Inc. |
|
(680 |
) |
(32,348 |
) | |
Vertex Pharmaceuticals, Inc. |
|
(340 |
) |
(24,045 |
) | |
WebMD Health Corp. |
|
(600 |
) |
(24,840 |
) | |
Wendys Corp. |
|
(2,440 |
) |
(22,253 |
) | |
Werner Enterprises, Inc. |
|
(835 |
) |
(21,301 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
United States(Concluded) |
|
|
|
|
| |
Whole Foods Market, Inc. |
|
(1,040 |
) |
$ |
(52,738 |
) |
Williams-Sonoma, Inc. |
|
(360 |
) |
(23,990 |
) | |
Wright Medical Group, Inc. |
|
(1,180 |
) |
(36,663 |
) | |
Xerox Corp. |
|
(5,920 |
) |
(66,896 |
) | |
Zimmer Holdings, Inc. |
|
(260 |
) |
(24,591 |
) | |
Zions Bancorporation |
|
(2,395 |
) |
(74,197 |
) | |
Total United States common stocks |
|
|
|
(4,721,792 |
) | |
Total common stocks sold short (proceeds $9,567,573) |
|
|
|
(10,353,991 |
) | |
|
|
|
|
|
| |
Investment company(1.23)% |
|
|
|
|
| |
Industrial Select Sector SPDR Fund (proceeds $196,732) |
|
(3,770 |
) |
(197,284 |
) | |
Total investments sold short (proceeds $9,764,305) |
|
|
|
(10,551,275 |
) | |
Total investments, net of investments sold short61.96% |
|
|
|
9,933,844 |
| |
Cash and other assets, less liabilities38.04% |
|
|
|
6,097,987 |
| |
Net assets100.00% |
|
|
|
$ |
16,031,831 |
|
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
2,039,774 |
|
Gross unrealized depreciation |
|
(319,050 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,720,724 |
|
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 |
305,000 |
|
USD |
267,001 |
|
04/22/14 |
|
$ |
(15,467 |
) |
JPMCB |
|
EUR |
85,000 |
|
USD |
115,593 |
|
04/22/14 |
|
(1,503 |
) | |
JPMCB |
|
GBP |
385,000 |
|
USD |
629,143 |
|
04/22/14 |
|
(12,613 |
) | |
JPMCB |
|
JPY |
72,900,000 |
|
USD |
697,799 |
|
04/22/14 |
|
(8,571 |
) | |
JPMCB |
|
TRY |
975,395 |
|
USD |
432,782 |
|
04/22/14 |
|
(20,232 |
) | |
JPMCB |
|
USD |
924,312 |
|
EUR |
680,000 |
|
04/22/14 |
|
12,451 |
| |
JPMCB |
|
USD |
97,995 |
|
GBP |
60,000 |
|
04/22/14 |
|
2,019 |
| |
JPMCB |
|
USD |
105,574 |
|
JPY |
11,000,000 |
|
04/22/14 |
|
1,011 |
| |
JPMCB |
|
USD |
340,755 |
|
JPY |
34,900,000 |
|
04/22/14 |
|
(2,588 |
) | |
JPMCB |
|
USD |
37,660 |
|
TRY |
85,000 |
|
04/22/14 |
|
1,817 |
| |
JPMCB |
|
ZAR |
1,780,000 |
|
USD |
156,848 |
|
04/22/14 |
|
(11,708 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
$ |
(55,384 |
) |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
Portfolio Swap Outstanding5
Counterparty |
|
Description |
|
Termination Date6 |
|
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 06/06/1404/01/15 |
|
$ |
(11,868 |
) |
Additional Information for Portfolio Swap
Portfolio swap positions |
|
Notional Values7 |
|
Current Values8 |
|
Value9 |
| |||
|
|
|
|
|
|
|
| |||
Long Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Chile |
|
|
|
|
|
|
| |||
GeoPark Ltd. |
|
$ |
30,533 |
|
$ |
21,811 |
|
$ |
(8,722 |
) |
|
|
|
|
|
|
|
| |||
France |
|
|
|
|
|
|
| |||
Carrefour SA |
|
29,755 |
|
29,609 |
|
(146 |
) | |||
Etablissements Maurel et Prom |
|
80,083 |
|
73,479 |
|
(6,604 |
) | |||
Peugeot SA |
|
50,628 |
|
60,940 |
|
10,312 |
| |||
Schneider Electric SA |
|
56,491 |
|
56,737 |
|
246 |
| |||
Total France |
|
216,957 |
|
220,765 |
|
3,808 |
| |||
|
|
|
|
|
|
|
| |||
Ireland |
|
|
|
|
|
|
| |||
Shire PLC |
|
51,403 |
|
50,570 |
|
(833 |
) | |||
|
|
|
|
|
|
|
| |||
Netherlands |
|
|
|
|
|
|
| |||
Royal Dutch Shell PLC |
|
62,461 |
|
63,594 |
|
1,133 |
| |||
|
|
|
|
|
|
|
| |||
Switzerland |
|
|
|
|
|
|
| |||
Glencore Xstrata PLC |
|
43,872 |
|
42,395 |
|
(1,477 |
) | |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
Ashtead Group PLC |
|
29,459 |
|
29,759 |
|
300 |
| |||
Associated British Foods PLC |
|
35,630 |
|
36,627 |
|
997 |
| |||
AstraZeneca PLC |
|
36,062 |
|
35,480 |
|
(582 |
) | |||
Aviva PLC |
|
37,776 |
|
37,893 |
|
117 |
| |||
Barclays PLC |
|
49,020 |
|
38,658 |
|
(10,362 |
) | |||
Berkeley Group Holdings PLC |
|
79,023 |
|
75,958 |
|
(3,065 |
) | |||
BG Group PLC |
|
48,534 |
|
49,818 |
|
1,284 |
| |||
Big Yellow Group PLC |
|
40,666 |
|
44,416 |
|
3,750 |
| |||
BP PLC |
|
37,644 |
|
36,611 |
|
(1,033 |
) | |||
BT Group PLC |
|
112,750 |
|
104,450 |
|
(8,300 |
) | |||
Burberry Group PLC |
|
28,465 |
|
25,815 |
|
(2,650 |
) | |||
Capita PLC |
|
77,537 |
|
74,550 |
|
(2,987 |
) | |||
Dignity PLC |
|
74,897 |
|
73,127 |
|
(1,770 |
) | |||
Direct Line Insurance Group PLC |
|
98,944 |
|
90,375 |
|
(8,569 |
) | |||
Essentra PLC |
|
84,077 |
|
82,446 |
|
(1,631 |
) | |||
Genel Energy PLC |
|
38,519 |
|
36,263 |
|
(2,256 |
) | |||
Halma PLC |
|
55,169 |
|
52,095 |
|
(3,074 |
) | |||
Heritage Oil PLC |
|
37,710 |
|
53,374 |
|
15,664 |
| |||
Imperial Tobacco Group PLC |
|
45,231 |
|
50,090 |
|
4,859 |
| |||
Kingfisher PLC |
|
27,348 |
|
29,471 |
|
2,123 |
| |||
London Stock Exchange Group PLC |
|
31,898 |
|
31,858 |
|
(40 |
) | |||
Meggitt PLC |
|
75,863 |
|
72,214 |
|
(3,649 |
) | |||
Nichols PLC |
|
69,510 |
|
60,034 |
|
(9,476 |
) | |||
Old Mutual PLC |
|
103,890 |
|
105,970 |
|
2,080 |
| |||
Premier Oil PLC |
|
40,112 |
|
38,422 |
|
(1,690 |
) | |||
Prudential PLC |
|
44,195 |
|
41,386 |
|
(2,809 |
) | |||
Qinetiq Group PLC |
|
93,945 |
|
92,555 |
|
(1,390 |
) | |||
Quindell PLC |
|
55,196 |
|
59,668 |
|
4,472 |
| |||
Reckitt Benckiser Group PLC |
|
69,237 |
|
68,845 |
|
(392 |
) | |||
Rightmove PLC |
|
95,649 |
|
91,609 |
|
(4,040 |
) | |||
Rio Tinto PLC |
|
52,502 |
|
53,972 |
|
1,470 |
| |||
Rockhopper Exploration PLC |
|
42,347 |
|
29,749 |
|
(12,598 |
) | |||
SABMiller PLC |
|
26,440 |
|
26,214 |
|
(226 |
) | |||
Taylor Wimpey PLC |
|
80,616 |
|
76,948 |
|
(3,668 |
) | |||
Vectura Group PLC |
|
75,459 |
|
71,376 |
|
(4,083 |
) | |||
William Hill PLC |
|
90,092 |
|
77,316 |
|
(12,776 |
) | |||
Total United Kingdom |
|
2,121,412 |
|
2,055,412 |
|
(66,000 |
) | |||
Total Long Positions of Portfolio Swap |
|
2,526,638 |
|
2,454,547 |
|
(72,091 |
) | |||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
Portfolio swap positions |
|
Notional Values7 |
|
Current Values8 |
|
Value9 |
| |||
|
|
|
|
|
|
|
| |||
Short Positions |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Bermuda |
|
|
|
|
|
|
| |||
Gulf Keystone Petroleum Ltd. |
|
$ |
(12,734 |
) |
$ |
(10,784 |
) |
$ |
1,950 |
|
|
|
|
|
|
|
|
| |||
Hong Kong |
|
|
|
|
|
|
| |||
China Coal Energy |
|
(76,674 |
) |
(84,394 |
) |
(7,720 |
) | |||
|
|
|
|
|
|
|
| |||
Ireland |
|
|
|
|
|
|
| |||
San Leon Energy PLC |
|
(12,355 |
) |
(11,572 |
) |
783 |
| |||
|
|
|
|
|
|
|
| |||
Isle of Man |
|
|
|
|
|
|
| |||
Bahamas Petroleum Company PLC |
|
(23,901 |
) |
(14,696 |
) |
9,205 |
| |||
|
|
|
|
|
|
|
| |||
South Korea |
|
|
|
|
|
|
| |||
Korean Air Lines Co., Ltd. |
|
(27,637 |
) |
(30,928 |
) |
(3,291 |
) | |||
|
|
|
|
|
|
|
| |||
Malaysia |
|
|
|
|
|
|
| |||
Maxis Bhd |
|
(32,344 |
) |
(32,184 |
) |
160 |
| |||
|
|
|
|
|
|
|
| |||
Netherlands |
|
|
|
|
|
|
| |||
Royal Dutch Shell PLC |
|
(13,401 |
) |
(13,515 |
) |
(114 |
) | |||
|
|
|
|
|
|
|
| |||
Taiwan |
|
|
|
|
|
|
| |||
Acer Inc |
|
(13,970 |
) |
(12,968 |
) |
1,002 |
| |||
Cathay Financial Holding Co., Ltd. |
|
(26,396 |
) |
(24,786 |
) |
1,610 |
| |||
Chang Hwa Bank |
|
(32,107 |
) |
(31,414 |
) |
693 |
| |||
Compal Electronics Inc |
|
(17,230 |
) |
(15,605 |
) |
1,625 |
| |||
HTC Corp |
|
(8,777 |
) |
(10,048 |
) |
(1,271 |
) | |||
Taiwan Glass Industry Corp. |
|
(58,338 |
) |
(56,864 |
) |
1,474 |
| |||
Total Taiwan |
|
(156,818 |
) |
(151,685 |
) |
5,133 |
| |||
|
|
|
|
|
|
|
| |||
United Kingdom |
|
|
|
|
|
|
| |||
African Minerals Ltd. |
|
(10,252 |
) |
(8,075 |
) |
2,177 |
| |||
Aggreko PLC |
|
(21,872 |
) |
(19,143 |
) |
2,729 |
| |||
Cable & Wireless Communications PLC |
|
(28,860 |
) |
(27,338 |
) |
1,522 |
| |||
Croda International PLC |
|
(53,018 |
) |
(53,100 |
) |
(82 |
) | |||
De La Rue PLC |
|
(81,639 |
) |
(81,297 |
) |
342 |
| |||
GlaxoSmithKline PLC |
|
(27,555 |
) |
(27,063 |
) |
492 |
| |||
Iofina PLC |
|
(27,972 |
) |
(17,768 |
) |
10,204 |
| |||
J Sainsbury PLC |
|
(51,100 |
) |
(46,201 |
) |
4,899 |
| |||
Marks & Spencer Group PLC |
|
(40,926 |
) |
(36,710 |
) |
4,216 |
| |||
Ocado Group PLC |
|
(28,169 |
) |
(25,264 |
) |
2,905 |
| |||
Royal and Sun Alliance PLC |
|
(18,543 |
) |
(16,527 |
) |
2,016 |
| |||
RSA Insurance Group PLC |
|
(11 |
) |
(2,318 |
) |
(2,307 |
) | |||
Tesco PLC |
|
(57,702 |
) |
(51,794 |
) |
5,908 |
| |||
Tullow Oil PLC |
|
(58,244 |
) |
(54,868 |
) |
3,376 |
| |||
Xcite Energy Ltd. |
|
(24,364 |
) |
(15,152 |
) |
9,212 |
| |||
Total United Kingdom |
|
(530,227 |
) |
(482,618 |
) |
47,609 |
| |||
|
|
|
|
|
|
|
| |||
United States |
|
|
|
|
|
|
| |||
FuelCell Energy, Inc. |
|
(18,360 |
) |
(16,368 |
) |
1,992 |
| |||
|
|
|
|
|
|
|
| |||
Total Short Positions of Portfolio Swap |
|
(904,451 |
) |
(848,744 |
) |
55,707 |
| |||
|
|
|
|
|
|
|
| |||
Net Long and Short Positions of Portfolio Swap |
|
1,622,187 |
|
1,605,803 |
|
(16,384 |
) | |||
|
|
|
|
|
|
|
| |||
Financing Costs and Other Receivables |
|
|
|
|
|
4,516 |
| |||
|
|
|
|
|
|
|
| |||
Net Swap Agreement, at value |
|
|
|
|
|
$ |
(11,868 |
) | ||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
13,369,874 |
|
$ |
|
|
$ |
|
|
$ |
13,369,874 |
|
Preferred stock |
|
106,270 |
|
|
|
|
|
106,270 |
| ||||
Short-term investment |
|
|
|
7,008,975 |
|
|
|
7,008,975 |
| ||||
Forward foreign currency contracts |
|
|
|
17,298 |
|
|
|
17,298 |
| ||||
Total |
|
$ |
13,476,144 |
|
$ |
7,026,273 |
|
$ |
|
|
$ |
20,502,417 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks sold short |
|
$ |
(10,353,991 |
) |
$ |
|
|
$ |
|
|
$ |
(10,353,991 |
) |
Investment company |
|
(197,284 |
) |
|
|
|
|
(197,284 |
) | ||||
Forward foreign currency contracts |
|
|
|
(72,682 |
) |
|
|
(72,682 |
) | ||||
Swap agreement |
|
|
|
(11,868 |
) |
|
|
(11,868 |
) | ||||
Total |
|
$ |
(10,551,275 |
) |
$ |
(84,550 |
) |
$ |
|
|
$ |
(10,635,825 |
) |
At March 31, 2014, there were no transfers between level 1 and level 2.
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments March 31, 2014 (unaudited)
Portfolio footnotes
* |
Non-income producing security. |
1 |
All or a portion of these securities have been delivered to cover open short positions. |
2 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of these securities amounted to $115,733 or 0.72% of net assets. |
3 |
The table below details the Funds investments in a fund that is advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
4,066,550 |
|
$ |
14,346,046 |
|
$ |
13,053,543 |
|
$ |
5,359,053 |
|
$ |
3,576 |
|
4 |
Interest rate is the discount rate at the date of purchase. |
5 |
Illiquid investment as of March 31, 2014. |
6 |
The twelve month maturity dates are measured from the commencement of investment in each underlying portfolio swap market. |
7 |
Notional value represents the market value (including any fees or commissions) of the long and short positions at the time they are established. |
8 |
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. |
9 |
Value represents the unrealized gain (loss) of the positions at March 31, 2014. |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Airlines |
|
0.60 |
% |
Automobiles |
|
2.04 |
|
Biotechnology |
|
6.11 |
|
Building products |
|
1.08 |
|
Capital markets |
|
0.92 |
|
Chemicals |
|
3.04 |
|
Commercial banks |
|
11.86 |
|
Commercial services & supplies |
|
1.59 |
|
Computers & peripherals |
|
1.84 |
|
Construction materials |
|
1.96 |
|
Containers & packaging |
|
0.73 |
|
Diversified telecommunication services |
|
1.88 |
|
Electrical equipment |
|
1.83 |
|
Electronic equipment, instruments & components |
|
1.67 |
|
Energy equipment & services |
|
1.75 |
|
Food & staples retailing |
|
1.94 |
|
Food products |
|
0.49 |
|
Health care equipment & supplies |
|
0.79 |
|
Health care providers & services |
|
1.27 |
|
Hotels, restaurants & leisure |
|
1.95 |
|
Household durables |
|
1.66 |
|
Household products |
|
1.07 |
|
Insurance |
|
7.36 |
|
Internet & catalog retail |
|
1.73 |
|
IT services |
|
0.68 |
|
Life sciences tools & services |
|
1.62 |
|
Machinery |
|
1.94 |
|
Marine |
|
2.06 |
|
Media |
|
0.97 |
|
Metals & mining |
|
0.73 |
|
Multiline retail |
|
2.22 |
|
Oil, gas & consumable fuels |
|
5.51 |
|
Personal products |
|
3.68 |
|
Pharmaceuticals |
|
1.81 |
|
Real estate investment trust (REIT) |
|
1.72 |
|
Road & rail |
|
1.15 |
|
Semiconductors & semiconductor equipment |
|
8.49 |
|
Software |
|
4.74 |
|
Wireless telecommunication services |
|
2.05 |
|
Total common stocks |
|
96.53 |
% |
Preferred stocks |
|
1.60 |
|
Right |
|
0.02 |
|
Short-term investment |
|
1.80 |
|
Investment of cash collateral from securities loaned |
|
0.59 |
|
Total investments |
|
100.54 |
% |
Liabilities, in excess of cash and other assets |
|
(0.54 |
) |
Net assets |
|
100.00 |
% |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 96.53% |
|
|
|
|
| |
Australia: 2.32% |
|
|
|
|
| |
Brambles Ltd. |
|
37,764 |
|
$ |
324,307 |
|
Westfield Group |
|
15,598 |
|
148,272 |
| |
Total Australia common stocks |
|
|
|
472,579 |
| |
|
|
|
|
|
| |
Canada: 1.96% |
|
|
|
|
| |
Royal Bank of Canada |
|
3,800 |
|
250,549 |
| |
Teck Resources Ltd., Class B |
|
6,900 |
|
148,923 |
| |
Total Canada common stocks |
|
|
|
399,472 |
| |
|
|
|
|
|
| |
China: 2.81% |
|
|
|
|
| |
AIA Group Ltd. |
|
95,238 |
|
451,848 |
| |
Cathay Pacific Airways Ltd. |
|
65,000 |
|
121,176 |
| |
Total China common stocks |
|
|
|
573,024 |
| |
|
|
|
|
|
| |
Denmark: 2.06% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
35 |
|
419,792 |
| |
|
|
|
|
|
| |
France: 5.53% |
|
|
|
|
| |
Carrefour SA |
|
10,229 |
|
395,914 |
| |
Schneider Electric SA |
|
4,212 |
|
373,402 |
| |
Technip SA |
|
3,454 |
|
356,452 |
| |
Total France common stocks |
|
|
|
1,125,768 |
| |
|
|
|
|
|
| |
Germany: 2.93% |
|
|
|
|
| |
HeidelbergCement AG |
|
4,661 |
|
399,465 |
| |
SAP AG |
|
2,451 |
|
198,410 |
| |
Total Germany common stocks |
|
|
|
597,875 |
| |
|
|
|
|
|
| |
Israel: 3.70% |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
7,200 |
|
486,936 |
| |
Mellanox Technologies Ltd.*1 |
|
6,800 |
|
266,084 |
| |
Total Israel common stocks |
|
|
|
753,020 |
| |
|
|
|
|
|
| |
Italy: 1.28% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
76,690 |
|
259,904 |
| |
|
|
|
|
|
| |
Japan: 13.68% |
|
|
|
|
| |
Hitachi Ltd. |
|
24,000 |
|
177,184 |
| |
Kao Corp. |
|
10,500 |
|
372,024 |
| |
KDDI Corp. |
|
7,200 |
|
416,870 |
| |
Panasonic Corp. |
|
18,000 |
|
204,563 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
2,600 |
|
148,571 |
| |
Shiseido Co., Ltd. |
|
21,500 |
|
378,278 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
6,700 |
|
286,202 |
| |
THK Co., Ltd. |
|
12,000 |
|
269,380 |
| |
Tokio Marine Holdings, Inc. |
|
8,400 |
|
252,126 |
| |
Toyota Motor Corp. |
|
5,000 |
|
282,226 |
| |
Total Japan common stocks |
|
|
|
2,787,424 |
| |
|
|
|
|
|
| |
Netherlands: 5.00% |
|
|
|
|
| |
Koninklijke DSM NV |
|
6,865 |
|
471,129 |
| |
NXP Semiconductor NV* |
|
9,300 |
|
546,933 |
| |
Total Netherlands common stocks |
|
|
|
1,018,062 |
| |
|
|
|
|
|
| |
Norway: 3.28% |
|
|
|
|
| |
Statoil ASA |
|
10,128 |
|
285,853 |
| |
Telenor ASA |
|
17,302 |
|
383,442 |
| |
Total Norway common stocks |
|
|
|
669,295 |
| |
|
|
|
|
|
| |
Spain: 2.44% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
17,329 |
|
208,127 |
| |
Banco Santander SA |
|
30,203 |
|
287,977 |
| |
Total Spain common stocks |
|
|
|
496,104 |
| |
|
|
|
|
|
| |
Sweden: 3.36% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
12,254 |
|
251,998 |
| |
Nordea Bank AB |
|
30,513 |
|
432,782 |
| |
Total Sweden common stocks |
|
|
|
684,780 |
| |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: (Concluded) |
|
|
|
|
| |
Switzerland: 3.38% |
|
|
|
|
| |
Novartis AG |
|
4,344 |
|
$ |
368,531 |
|
Zurich Insurance Group AG* |
|
1,044 |
|
320,504 |
| |
Total Switzerland common stocks |
|
|
|
689,035 |
| |
|
|
|
|
|
| |
Taiwan: 1.43% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
14,600 |
|
292,292 |
| |
|
|
|
|
|
| |
United Kingdom: 7.45% |
|
|
|
|
| |
Aberdeen Asset Management PLC |
|
28,800 |
|
187,398 |
| |
Aviva PLC |
|
43,873 |
|
348,892 |
| |
BG Group PLC |
|
22,331 |
|
416,035 |
| |
Compass Group PLC |
|
26,084 |
|
397,896 |
| |
Premier Oil PLC |
|
34,153 |
|
167,911 |
| |
Total United Kingdom common stocks |
|
|
|
1,518,132 |
| |
|
|
|
|
|
| |
United States: 33.92% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
10,700 |
|
405,637 |
| |
Adobe Systems, Inc.* |
|
1,600 |
|
105,184 |
| |
Agilent Technologies, Inc. |
|
2,300 |
|
128,616 |
| |
Alexion Pharmaceuticals, Inc.* |
|
1,820 |
|
276,877 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
5,400 |
|
362,556 |
| |
Amazon.com, Inc.* |
|
1,050 |
|
353,346 |
| |
Apple, Inc. |
|
700 |
|
375,718 |
| |
Applied Materials, Inc. |
|
11,900 |
|
242,998 |
| |
Baxter International, Inc. |
|
2,200 |
|
161,876 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
1,570 |
|
201,148 |
| |
Broadcom Corp., Class A |
|
12,100 |
|
380,908 |
| |
Cinemark Holdings, Inc. |
|
6,800 |
|
197,268 |
| |
Digital Realty Trust, Inc.1 |
|
3,800 |
|
201,704 |
| |
Ford Motor Co. |
|
8,500 |
|
132,600 |
| |
Gilead Sciences, Inc.* |
|
1,700 |
|
120,462 |
| |
Jabil Circuit, Inc. |
|
9,100 |
|
163,800 |
| |
JC Penney Co., Inc.*1 |
|
13,200 |
|
113,784 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
45,900 |
|
79,407 |
| |
Macys, Inc. |
|
5,700 |
|
337,953 |
| |
MetLife, Inc. |
|
2,400 |
|
126,720 |
| |
Mondelez International, Inc., Class A |
|
2,900 |
|
100,195 |
| |
Norfolk Southern Corp. |
|
2,400 |
|
233,208 |
| |
Owens Corning |
|
5,100 |
|
220,167 |
| |
PNC Financial Services Group, Inc. |
|
3,400 |
|
295,800 |
| |
Procter & Gamble Co. |
|
2,700 |
|
217,620 |
| |
Rock-Tenn Co., Class A |
|
1,400 |
|
147,798 |
| |
ServiceSource International, Inc.* |
|
16,500 |
|
139,260 |
| |
Symantec Corp. |
|
8,800 |
|
175,736 |
| |
Timken Co. |
|
2,150 |
|
126,377 |
| |
UnitedHealth Group, Inc. |
|
3,150 |
|
258,268 |
| |
US Bancorp |
|
9,200 |
|
394,312 |
| |
Whirlpool Corp. |
|
900 |
|
134,514 |
| |
Total United States common stocks |
|
|
|
6,911,817 |
| |
Total common stocks (cost $18,262,528) |
|
|
|
19,668,375 |
| |
|
|
|
|
|
| |
Preferred stocks: 1.60% |
|
|
|
|
| |
Brazil: 0.76% |
|
|
|
|
| |
Banco Bradesco SA, Preference Shares |
|
11,200 |
|
153,957 |
| |
Germany: 0.84% |
|
|
|
|
| |
Volkswagen AG, Preference shares |
|
662 |
|
171,548 |
| |
|
|
|
|
|
| |
Total preferred stocks (cost $325,347) |
|
|
|
325,505 |
| |
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments March 31, 2014 (unaudited)
|
|
Number |
|
Value |
| |
Rights: 0.02% |
|
|
|
|
| |
Spain: 0.02% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA, expires 4/14/2014* (cost $0) |
|
17,329 |
|
$ |
4,058 |
|
|
|
Shares |
|
|
| |
Short-term investment: 1.80% |
|
|
|
|
| |
Investment company: 1.80% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $366,413) |
|
366,413 |
|
366,413 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 0.59% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $121,021) |
|
121,021 |
|
121,021 |
| |
|
|
|
|
|
| |
Total investments: 100.54% (cost $19,075,309) |
|
|
|
20,485,372 |
| |
Liabilities, in excess of cash and other assets(0.54)% |
|
|
|
(109,698 |
) | |
Net assets100.00% |
|
|
|
$ |
20,375,674 |
|
UBS Global Sustainable Equity Fund (formerly, UBS International Equity Fund)
Portfolio of investments March 31, 2014 (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 |
|
$ |
1,869,192 |
|
Gross unrealized depreciation |
|
(459,129 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,410,063 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Description:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
19,668,375 |
|
$ |
|
|
$ |
|
|
$ |
19,668,375 |
|
Preferred stocks |
|
325,505 |
|
|
|
|
|
325,505 |
| ||||
Right |
|
4,058 |
|
|
|
|
|
4,058 |
| ||||
Short-term investment |
|
|
|
366,413 |
|
|
|
366,413 |
| ||||
Investment of cash collateral from securities loaned |
|
$ |
|
|
$ |
121,021 |
|
$ |
|
|
$ |
121,021 |
|
Total |
|
$ |
19,997,938 |
|
$ |
487,434 |
|
$ |
|
|
$ |
20,485,372 |
|
At March 31, 2014, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at March 31, 2014.
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 |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||
Security description |
|
06/30/13 |
|
3/31/2014 |
|
3/31/2014 |
|
3/31/2014 |
|
3/31/2014 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
385,436 |
|
$ |
4,947,675 |
|
$ |
4,966,698 |
|
$ |
366,413 |
|
$ |
171 |
|
UBS Private Money Market Fund LLCa |
|
567,869 |
|
5,293,382 |
|
5,740,230 |
|
121,021 |
|
21 |
| |||||
|
|
$ |
953,305 |
|
$ |
10,241,057 |
|
$ |
10,706,928 |
|
$ |
487,434 |
|
$ |
192 |
|
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)
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
1.42 |
% |
Automobiles |
|
3.62 |
|
Beverages |
|
2.67 |
|
Biotechnology |
|
5.58 |
|
Building products |
|
1.04 |
|
Capital markets |
|
3.48 |
|
Chemicals |
|
3.37 |
|
Commercial banks |
|
3.74 |
|
Commercial services & supplies |
|
1.65 |
|
Computers & peripherals |
|
5.56 |
|
Construction materials |
|
1.51 |
|
Consumer finance |
|
1.61 |
|
Diversified financial services |
|
5.63 |
|
Electronic equipment, instruments & components |
|
1.39 |
|
Energy equipment & services |
|
5.91 |
|
Food & staples retailing |
|
2.10 |
|
Food products |
|
3.33 |
|
Health care equipment & supplies |
|
1.30 |
|
Health care providers & services |
|
4.09 |
|
Hotels, restaurants & leisure |
|
3.24 |
|
Industrial conglomerates |
|
2.25 |
|
Insurance |
|
5.34 |
|
Internet & catalog retail |
|
2.48 |
|
IT services |
|
1.50 |
|
Life sciences tools & services |
|
1.09 |
|
Machinery |
|
1.54 |
|
Media |
|
6.34 |
|
Multiline retail |
|
2.53 |
|
Oil, gas & consumable fuels |
|
4.52 |
|
Pharmaceuticals |
|
11.81 |
|
Real estate investment trust (REIT) |
|
3.48 |
|
Road & rail |
|
4.38 |
|
Semiconductors & semiconductor equipment |
|
10.16 |
|
Software |
|
5.21 |
|
Textiles, apparel & luxury goods |
|
1.36 |
|
Tobacco |
|
3.15 |
|
Wireless telecommunication services |
|
0.23 |
|
Total common stocks |
|
129.61 |
% |
Short-term investment |
|
2.64 |
|
Options purchased |
|
0.53 |
|
Total investments before investments sold short |
|
132.78 |
% |
UBS U.S. Defensive Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2014
Investments sold short |
|
|
|
Common stocks |
|
|
|
Beverages |
|
(0.44 |
)% |
Biotechnology |
|
(1.23 |
) |
Capital markets |
|
(1.84 |
) |
Chemicals |
|
(1.00 |
) |
Commercial banks |
|
(1.86 |
) |
Commercial services & supplies |
|
(2.01 |
) |
Computers & peripherals |
|
(1.89 |
) |
Diversified financial services |
|
(0.45 |
) |
Electronic equipment, instruments & components |
|
(0.36 |
) |
Food & staples retailing |
|
(0.20 |
) |
Health care equipment & supplies |
|
(4.20 |
) |
Health care providers & services |
|
(1.50 |
) |
Hotels, restaurants & leisure |
|
(2.69 |
) |
Household products |
|
(0.29 |
) |
Insurance |
|
(0.88 |
) |
Internet & catalog retail |
|
(0.73 |
) |
Internet software & services |
|
(0.43 |
) |
IT services |
|
(1.03 |
) |
Life sciences tools & services |
|
(1.03 |
) |
Media |
|
(1.96 |
) |
Pharmaceuticals |
|
(2.34 |
) |
Real estate investment trust (REIT) |
|
(0.19 |
) |
Semiconductors & semiconductor equipment |
|
(2.01 |
) |
Software |
|
(0.95 |
) |
Textiles, apparel & luxury goods |
|
(0.81 |
) |
Trading companies & distributors |
|
(0.32 |
) |
Wireless telecommunication services |
|
(1.21 |
) |
Total investments sold short |
|
(33.85 |
) |
Total investments, net of investments sold short |
|
98.93 |
% |
Cash and other assets, less liabilities |
|
1.07 |
|
Net assets |
|
100.00 |
% |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks129.61% |
|
|
|
|
| |
Aerospace & defense1.42% |
|
|
|
|
| |
General Dynamics Corp.1 |
|
2,000 |
|
$ |
217,840 |
|
|
|
|
|
|
| |
Automobiles3.62% |
|
|
|
|
| |
Ford Motor Co.1 |
|
19,300 |
|
301,080 |
| |
General Motors Co.1 |
|
7,400 |
|
254,708 |
| |
|
|
|
|
555,788 |
| |
Beverages2.67% |
|
|
|
|
| |
PepsiCo, Inc.1 |
|
4,900 |
|
409,150 |
| |
|
|
|
|
|
| |
Biotechnology5.58% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
7,250 |
|
274,847 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
900 |
|
136,917 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
1,800 |
|
120,852 |
| |
Bluebird Bio, Inc.*1 |
|
800 |
|
18,192 |
| |
Epizyme, Inc.*1 |
|
700 |
|
15,939 |
| |
Gilead Sciences, Inc.*1 |
|
2,450 |
|
173,607 |
| |
KaloBios Pharmaceuticals, Inc.*1 |
|
5,100 |
|
13,821 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
47,350 |
|
81,916 |
| |
MacroGenics, Inc.*1 |
|
700 |
|
19,481 |
| |
|
|
|
|
855,572 |
| |
Building products1.04% |
|
|
|
|
| |
Owens Corning1 |
|
3,700 |
|
159,729 |
| |
|
|
|
|
|
| |
Capital markets3.48% |
|
|
|
|
| |
Invesco Ltd.1 |
|
4,650 |
|
172,050 |
| |
Morgan Stanley1 |
|
11,600 |
|
361,572 |
| |
|
|
|
|
533,622 |
| |
Chemicals3.37% |
|
|
|
|
| |
Air Products & Chemicals, Inc.1 |
|
1,200 |
|
142,848 |
| |
Monsanto Co.1 |
|
1,900 |
|
216,163 |
| |
Praxair, Inc.1 |
|
1,200 |
|
157,164 |
| |
|
|
|
|
516,175 |
| |
Commercial banks3.74% |
|
|
|
|
| |
US Bancorp1 |
|
6,400 |
|
274,304 |
| |
Wells Fargo & Co.1 |
|
6,000 |
|
298,440 |
| |
|
|
|
|
572,744 |
| |
Commercial services & supplies1.65% |
|
|
|
|
| |
Waste Management, Inc.1 |
|
6,000 |
|
252,420 |
| |
|
|
|
|
|
| |
Computers & peripherals5.56% |
|
|
|
|
| |
Apple, Inc.1 |
|
1,135 |
|
609,200 |
| |
NetApp, Inc.1 |
|
6,600 |
|
243,540 |
| |
|
|
|
|
852,740 |
| |
Construction materials1.51% |
|
|
|
|
| |
Martin Marietta Materials, Inc.1 |
|
1,800 |
|
231,030 |
| |
|
|
|
|
|
| |
Consumer finance1.61% |
|
|
|
|
| |
Capital One Financial Corp.1 |
|
3,200 |
|
246,912 |
| |
|
|
|
|
|
| |
Diversified financial services5.63% |
|
|
|
|
| |
Citigroup, Inc.1 |
|
9,219 |
|
438,824 |
| |
JPMorgan Chase & Co.1 |
|
7,000 |
|
424,970 |
| |
|
|
|
|
863,794 |
| |
Electronic equipment, instruments & components1.39% |
|
|
|
|
| |
Jabil Circuit, Inc.1 |
|
11,800 |
|
212,400 |
| |
|
|
|
|
|
| |
Energy equipment & services5.91% |
|
|
|
|
| |
Baker Hughes, Inc.1 |
|
4,800 |
|
312,096 |
| |
Halliburton Co.1 |
|
3,750 |
|
220,837 |
| |
McDermott International, Inc.*1 |
|
15,100 |
|
118,082 |
| |
Noble Corp. PLC1 |
|
7,800 |
|
255,372 |
| |
|
|
|
|
906,387 |
| |
Food & staples retailing2.10% |
|
|
|
|
| |
Rite Aid Corp.*1 |
|
15,600 |
|
97,812 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Food & staples retailing(concluded) |
|
|
|
|
| |
Walgreen Co.1 |
|
3,400 |
|
$ |
224,502 |
|
|
|
|
|
322,314 |
| |
Food products3.33% |
|
|
|
|
| |
Mondelez International, Inc., Class A1 |
|
14,800 |
|
511,340 |
| |
|
|
|
|
|
| |
Health care equipment & supplies1.30% |
|
|
|
|
| |
Baxter International, Inc.1 |
|
2,700 |
|
198,666 |
| |
|
|
|
|
|
| |
Health care providers & services4.09% |
|
|
|
|
| |
Cardinal Health, Inc.1 |
|
3,050 |
|
213,439 |
| |
Envision Healthcare Holdings, Inc.*1 |
|
3,000 |
|
101,490 |
| |
UnitedHealth Group, Inc.1 |
|
3,800 |
|
311,562 |
| |
|
|
|
|
626,491 |
| |
Hotels, restaurants & leisure3.24% |
|
|
|
|
| |
Yum! Brands, Inc.1 |
|
6,600 |
|
497,574 |
| |
|
|
|
|
|
| |
Industrial conglomerates2.25% |
|
|
|
|
| |
Danaher Corp.1 |
|
4,600 |
|
345,000 |
| |
|
|
|
|
|
| |
Insurance5.34% |
|
|
|
|
| |
Aon PLC1 |
|
2,400 |
|
202,272 |
| |
Lincoln National Corp.1 |
|
5,450 |
|
276,151 |
| |
MetLife, Inc.1 |
|
6,450 |
|
340,560 |
| |
|
|
|
|
818,983 |
| |
Internet & catalog retail2.48% |
|
|
|
|
| |
Amazon.com, Inc.*1 |
|
1,130 |
|
380,268 |
| |
|
|
|
|
|
| |
IT services1.50% |
|
|
|
|
| |
ServiceSource International, Inc.*1 |
|
27,250 |
|
229,990 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.09% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,300 |
|
166,556 |
| |
|
|
|
|
|
| |
Machinery1.54% |
|
|
|
|
| |
Illinois Tool Works, Inc.1 |
|
2,900 |
|
235,857 |
| |
|
|
|
|
|
| |
Media6.34% |
|
|
|
|
| |
Comcast Corp., Class A1 |
|
8,700 |
|
435,174 |
| |
Time Warner, Inc.1 |
|
2,950 |
|
192,724 |
| |
Walt Disney Co.1 |
|
4,300 |
|
344,301 |
| |
|
|
|
|
972,199 |
| |
Multiline retail2.53% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
11,000 |
|
94,820 |
| |
Macys, Inc.1 |
|
4,950 |
|
293,486 |
| |
|
|
|
|
388,306 |
| |
Oil, gas & consumable fuels4.52% |
|
|
|
|
| |
Chevron Corp.1 |
|
1,300 |
|
154,583 |
| |
EOG Resources, Inc.1 |
|
1,600 |
|
313,872 |
| |
Exxon Mobil Corp.1 |
|
2,300 |
|
224,664 |
| |
|
|
|
|
693,119 |
| |
Pharmaceuticals11.81% |
|
|
|
|
| |
Allergan, Inc.1 |
|
1,400 |
|
173,740 |
| |
Eli Lilly & Co.1 |
|
6,100 |
|
359,046 |
| |
Hospira, Inc.*1 |
|
5,900 |
|
255,175 |
| |
Impax Laboratories, Inc.*1 |
|
9,100 |
|
240,422 |
| |
Johnson & Johnson1 |
|
700 |
|
68,761 |
| |
Mallinckrodt PLC*1 |
|
2,600 |
|
164,866 |
| |
Merck & Co., Inc.1 |
|
5,850 |
|
332,104 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
4,100 |
|
216,644 |
| |
|
|
|
|
1,810,758 |
| |
Real estate investment trust (REIT)3.48% |
|
|
|
|
| |
American Campus Communities, Inc.1 |
|
1,900 |
|
70,965 |
| |
Digital Realty Trust, Inc.1 |
|
4,400 |
|
233,552 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Real estate investment trust (REIT)(concluded) |
|
|
|
|
| |
Simon Property Group, Inc.1 |
|
1,400 |
|
$ |
229,600 |
|
|
|
|
|
534,117 |
| |
Road & rail4.38% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
16,850 |
|
448,884 |
| |
Norfolk Southern Corp.1 |
|
2,300 |
|
223,491 |
| |
|
|
|
|
672,375 |
| |
Semiconductors & semiconductor equipment10.16% |
|
|
|
|
| |
Applied Materials, Inc.1 |
|
16,600 |
|
338,972 |
| |
Broadcom Corp., Class A1 |
|
11,300 |
|
355,724 |
| |
Freescale Semiconductor Ltd.*1 |
|
4,650 |
|
113,506 |
| |
Mellanox Technologies Ltd.*1 |
|
5,000 |
|
195,650 |
| |
Micron Technology, Inc.*1 |
|
10,000 |
|
236,600 |
| |
NXP Semiconductor NV*1 |
|
5,400 |
|
317,574 |
| |
|
|
|
|
1,558,026 |
| |
Software5.21% |
|
|
|
|
| |
Adobe Systems, Inc.*1 |
|
5,600 |
|
368,144 |
| |
Check Point Software Technologies Ltd.*1 |
|
3,900 |
|
263,757 |
| |
Symantec Corp.1 |
|
8,400 |
|
167,748 |
| |
|
|
|
|
799,649 |
| |
Textiles, apparel & luxury goods1.36% |
|
|
|
|
| |
Ralph Lauren Corp.1 |
|
1,300 |
|
209,209 |
| |
|
|
|
|
|
| |
Tobacco3.15% |
|
|
|
|
| |
Philip Morris International, Inc.1 |
|
5,900 |
|
483,033 |
| |
|
|
|
|
|
| |
Wireless telecommunication services0.23% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
29,450 |
|
35,046 |
| |
Total common stocks (cost $15,196,327) |
|
|
|
19,875,179 |
| |
|
|
|
|
|
| |
Short-term investment2.64% |
|
|
|
|
| |
Investment company2.64% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $404,073) |
|
404,073 |
|
404,073 |
| |
|
|
Number of |
|
|
|
Options purchased0.53% |
|
|
|
|
|
Put option0.53% |
|
|
|
|
|
S&P 500 Index, strike @ USD 1,775, expires May 2014 (cost $143,400) |
|
80 |
|
81,280 |
|
Total investments before investments sold short132.78% (cost $15,743,800) |
|
|
|
20,360,532 |
|
|
|
Shares |
|
|
|
Investments sold short(33.85)% |
|
|
|
|
|
Common stocks(33.85)% |
|
|
|
|
|
Beverages(0.44)% |
|
|
|
|
|
Constellation Brands, Inc., Class A |
|
(800 |
) |
(67,976 |
) |
|
|
|
|
|
|
Biotechnology(1.23)% |
|
|
|
|
|
Celgene Corp. |
|
(500 |
) |
(69,800 |
) |
Cepheid, Inc. |
|
(1,200 |
) |
(61,896 |
) |
United Therapeutics Corp. |
|
(600 |
) |
(56,418 |
) |
|
|
|
|
(188,114 |
) |
Capital markets(1.84)% |
|
|
|
|
|
Charles Schwab Corp. |
|
(4,800 |
) |
(131,184 |
) |
Northern Trust Corp. |
|
(800 |
) |
(52,448 |
) |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Capital markets(concluded) |
|
|
|
|
| |
T. Rowe Price Group, Inc. |
|
(500 |
) |
$ |
(41,175 |
) |
TD Ameritrade Holding Corp. |
|
(1,700 |
) |
(57,715 |
) | |
|
|
|
|
(282,522 |
) | |
Chemicals(1.00)% |
|
|
|
|
| |
Ecolab, Inc. |
|
(500 |
) |
(53,995 |
) | |
LyondellBasell Industries NV, Class A |
|
(700 |
) |
(62,258 |
) | |
Sigma-Aldrich Corp. |
|
(400 |
) |
(37,352 |
) | |
|
|
|
|
(153,605 |
) | |
Commercial banks(1.86)% |
|
|
|
|
| |
Associated Banc-Corp. |
|
(2,650 |
) |
(47,859 |
) | |
Signature Bank |
|
(500 |
) |
(62,795 |
) | |
SVB Financial Group |
|
(600 |
) |
(77,268 |
) | |
TCF Financial Corp. |
|
(2,650 |
) |
(44,149 |
) | |
Zions Bancorporation |
|
(1,700 |
) |
(52,666 |
) | |
|
|
|
|
(284,737 |
) | |
Commercial services & supplies(2.01)% |
|
|
|
|
| |
Healthcare Services Group, Inc. |
|
(3,300 |
) |
(95,898 |
) | |
Pitney Bowes, Inc. |
|
(5,100 |
) |
(132,549 |
) | |
Stericycle, Inc. |
|
(700 |
) |
(79,534 |
) | |
|
|
|
|
(307,981 |
) | |
Computers & peripherals(1.89)% |
|
|
|
|
| |
3D Systems Corp. |
|
(1,700 |
) |
(100,555 |
) | |
Hewlett-Packard Co. |
|
(2,100 |
) |
(67,956 |
) | |
Lexmark International, Inc., Class A |
|
(1,500 |
) |
(69,435 |
) | |
NCR Corp. |
|
(1,400 |
) |
(51,170 |
) | |
|
|
|
|
(289,116 |
) | |
Diversified financial services(0.45)% |
|
|
|
|
| |
Bank of America Corp. |
|
(4,050 |
) |
(69,660 |
) | |
|
|
|
|
|
| |
Electronic equipment, instruments & components(0.36)% |
|
|
|
|
| |
Flextronics International Ltd. |
|
(6,000 |
) |
(55,440 |
) | |
|
|
|
|
|
| |
Food & staples retailing(0.20)% |
|
|
|
|
| |
Whole Foods Market, Inc. |
|
(600 |
) |
(30,426 |
) | |
|
|
|
|
|
| |
Health care equipment & supplies(4.20)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(1,500 |
) |
(58,320 |
) | |
Boston Scientific Corp. |
|
(4,200 |
) |
(56,784 |
) | |
DENTSPLY International, Inc. |
|
(1,200 |
) |
(55,248 |
) | |
DexCom, Inc. |
|
(2,350 |
) |
(97,196 |
) | |
IDEXX Laboratories, Inc. |
|
(500 |
) |
(60,700 |
) | |
Meridian Bioscience, Inc. |
|
(1,700 |
) |
(37,043 |
) | |
PhotoMedex, Inc. |
|
(5,200 |
) |
(82,316 |
) | |
STERIS Corp. |
|
(800 |
) |
(38,200 |
) | |
Tandem Diabetes Care, Inc. |
|
(2,800 |
) |
(61,852 |
) | |
Wright Medical Group, Inc. |
|
(1,600 |
) |
(49,712 |
) | |
Zimmer Holdings, Inc. |
|
(500 |
) |
(47,290 |
) | |
|
|
|
|
(644,661 |
) | |
Health care providers & services(1.50)% |
|
|
|
|
| |
Bio-Reference Labs, Inc. |
|
(2,700 |
) |
(74,736 |
) | |
Centene Corp. |
|
(1,000 |
) |
(62,250 |
) | |
Owens & Minor, Inc. |
|
(1,100 |
) |
(38,533 |
) | |
Patterson Cos., Inc. |
|
(1,300 |
) |
(54,288 |
) | |
|
|
|
|
(229,807 |
) | |
Hotels, restaurants & leisure(2.69)% |
|
|
|
|
| |
Buffalo Wild Wings, Inc. |
|
(500 |
) |
(74,450 |
) | |
Choice Hotels International, Inc. |
|
(2,900 |
) |
(133,400 |
) | |
Hyatt Hotels Corp., Class A |
|
(1,600 |
) |
(86,096 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(750 |
) |
(59,700 |
) | |
Wendys Corp. |
|
(6,400 |
) |
(58,368 |
) | |
|
|
|
|
(412,014 |
) | |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| ||
Common stocks(concluded) |
|
|
|
|
| ||
Household products(0.29)% |
|
|
|
|
| ||
Clorox Co. |
|
(500 |
) |
$ |
(44,005 |
) | |
|
|
|
|
|
| ||
Insurance(0.88)% |
|
|
|
|
| ||
American International Group, Inc. |
|
(2,700 |
) |
(135,027 |
) | ||
|
|
|
|
|
| ||
Internet & catalog retail(0.73)% |
|
|
|
|
| ||
Netflix, Inc. |
|
(150 |
) |
(52,804 |
) | ||
Priceline.com, Inc. |
|
(50 |
) |
(59,595 |
) | ||
|
|
|
|
(112,399 |
) | ||
Internet software & services(0.43)% |
|
|
|
|
| ||
WebMD Health Corp. |
|
(1,600 |
) |
(66,240 |
) | ||
|
|
|
|
|
| ||
IT services(1.03)% |
|
|
|
|
| ||
Cognizant Technology Solutions Corp., Class A |
|
(1,400 |
) |
(70,854 |
) | ||
Xerox Corp. |
|
(7,750 |
) |
(87,575 |
) | ||
|
|
|
|
(158,429 |
) | ||
Life sciences tools & services(1.03)% |
|
|
|
|
| ||
Mettler-Toledo International, Inc. |
|
(400 |
) |
(94,272 |
) | ||
PerkinElmer, Inc. |
|
(1,400 |
) |
(63,084 |
) | ||
|
|
|
|
(157,356 |
) | ||
Media(1.96)% |
|
|
|
|
| ||
Discovery Communications, Inc., Class A |
|
(1,300 |
) |
(107,510 |
) | ||
Gannett Co., Inc. |
|
(4,800 |
) |
(132,480 |
) | ||
Lamar Advertising Co., Class A |
|
(1,200 |
) |
(61,188 |
) | ||
|
|
|
|
(301,178 |
) | ||
Pharmaceuticals(2.34)% |
|
|
|
|
| ||
AbbVie, Inc. |
|
(1,700 |
) |
(87,380 |
) | ||
Endo International PLC |
|
(1,300 |
) |
(89,245 |
) | ||
Perrigo Co. PLC |
|
(800 |
) |
(123,728 |
) | ||
Sagent Pharmaceuticals, Inc. |
|
(2,500 |
) |
(58,425 |
) | ||
|
|
|
|
(358,778 |
) | ||
Real estate investment trust (REIT)(0.19)% |
|
|
|
|
| ||
Equity Residential |
|
(500 |
) |
(28,995 |
) | ||
|
|
|
|
|
| ||
Semiconductors & semiconductor equipment(2.01)% |
|
|
|
|
| ||
Advanced Micro Devices, Inc. |
|
(15,100 |
) |
(60,551 |
) | ||
First Solar, Inc. |
|
(1,700 |
) |
(118,643 |
) | ||
Intel Corp. |
|
(1,800 |
) |
(46,458 |
) | ||
Marvell Technology Group Ltd. |
|
(5,200 |
) |
(81,900 |
) | ||
|
|
|
|
(307,552 |
) | ||
Software(0.95)% |
|
|
|
|
| ||
Citrix Systems, Inc. |
|
(600 |
) |
(34,458 |
) | ||
Electronic Arts, Inc. |
|
(2,000 |
) |
(58,020 |
) | ||
Red Hat, Inc. |
|
(1,000 |
) |
(52,980 |
) | ||
|
|
|
|
(145,458 |
) | ||
Textiles, apparel & luxury goods(0.81)% |
|
|
|
|
| ||
Michael Kors Holdings Ltd. |
|
(600 |
) |
(55,962 |
) | ||
Under Armour, Inc., Class A |
|
(600 |
) |
(68,784 |
) | ||
|
|
|
|
(124,746 |
) | ||
Trading companies & distributors(0.32)% |
|
|
|
|
| ||
Fastenal Co. |
|
(1,000 |
) |
(49,320 |
) | ||
|
|
|
|
|
| ||
Wireless telecommunication services(1.21)% |
|
|
|
|
| ||
SBA Communications Corp., Class A |
|
(600 |
) |
(54,576 |
) | ||
Sprint Corp. |
|
(14,200 |
) |
(130,498 |
) | ||
|
|
|
|
(185,074 |
) | ||
Total investments sold short (proceeds $3,801,325) |
|
|
|
$ |
(5,190,616 |
) | |
Total investments, net of investments sold short98.93% |
|
|
|
15,169,916 |
| ||
Cash and other assets, less liabilities1.07% |
|
|
|
163,892 |
| ||
Net assets100.00% |
|
|
|
$ |
15,333,808 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
5,170,245 |
|
Gross unrealized depreciation |
|
(553,513 |
) | |
Net unrealized appreciation of investments |
|
$ |
4,616,732 |
|
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.
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Put option |
|
|
|
|
|
|
| ||
S&P 500 Index, 80 contracts, strike @ USD 1,590.00 |
|
May 2014 |
|
$ |
31,800 |
|
$ |
(14,000 |
) |
Written options activity for the period ended March 31, 2014 was as follows:
|
|
Number |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
92 |
|
$ |
64,170 |
|
Options written |
|
417 |
|
153,368 |
| |
Options terminated in closing purchase transactions |
|
(429 |
) |
(185,738 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2014 |
|
80 |
|
$ |
31,800 |
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
19,875,179 |
|
$ |
|
|
$ |
|
|
$ |
19,875,179 |
|
Options purchased |
|
81,280 |
|
|
|
|
|
81,280 |
| ||||
Short-term investment |
|
|
|
404,073 |
|
|
|
404,073 |
| ||||
Total |
|
$ |
19,956,459 |
|
$ |
404,073 |
|
$ |
|
|
$ |
20,360,532 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks sold short |
|
$ |
(5,190,616 |
) |
$ |
|
|
$ |
|
|
$ |
(5,190,616 |
) |
Options written |
|
(14,000 |
) |
|
|
|
|
(14,000 |
) | ||||
Total |
|
$ |
(5,204,616 |
) |
$ |
|
|
$ |
|
|
$ |
(5,204,616 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
* |
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 Funds. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
288 |
|
$ |
4,654,791 |
|
$ |
4,251,006 |
|
$ |
404,073 |
|
$ |
82 |
|
UBS U.S. Equity Opportunity Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Automobiles |
|
2.92 |
% |
Beverages |
|
2.97 |
|
Biotechnology |
|
5.98 |
|
Capital markets |
|
3.22 |
|
Chemicals |
|
5.14 |
|
Commercial banks |
|
3.67 |
|
Computers & peripherals |
|
7.79 |
|
Diversified financial services |
|
4.43 |
|
Electronic equipment, instruments & components |
|
1.50 |
|
Energy equipment & services |
|
4.47 |
|
Food products |
|
3.54 |
|
Health care providers & services |
|
2.73 |
|
Hotels, restaurants & leisure |
|
3.49 |
|
Insurance |
|
5.69 |
|
Internet & catalog retail |
|
3.91 |
|
Internet software & services |
|
4.53 |
|
IT services |
|
2.71 |
|
Life sciences tools & services |
|
1.84 |
|
Media |
|
2.98 |
|
Oil, gas & consumable fuels |
|
3.48 |
|
Pharmaceuticals |
|
3.41 |
|
Real estate investment trust (REIT) |
|
1.43 |
|
Semiconductors & semiconductor equipment |
|
10.88 |
|
Software |
|
2.55 |
|
Tobacco |
|
3.06 |
|
Total common stocks |
|
98.32 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
0.42 |
|
Short-term investment |
|
1.43 |
|
Investment of cash collateral from securities loaned |
|
6.07 |
|
Total investments |
|
106.24 |
% |
Liabilities, in excess of cash and other assets |
|
(6.24 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Equity Opportunity Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks98.32% |
|
|
|
|
| |
Automobiles2.92% |
|
|
|
|
| |
Ford Motor Co. |
|
82,100 |
|
$ |
1,280,760 |
|
|
|
|
|
|
| |
Beverages2.97% |
|
|
|
|
| |
PepsiCo, Inc. |
|
15,600 |
|
1,302,600 |
| |
|
|
|
|
|
| |
Biotechnology5.98% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
30,100 |
|
1,141,091 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
11,300 |
|
758,682 |
| |
Bluebird Bio, Inc.*1 |
|
5,100 |
|
115,974 |
| |
Epizyme, Inc.*1 |
|
4,700 |
|
107,019 |
| |
KaloBios Pharmaceuticals, Inc.* |
|
35,500 |
|
96,205 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
144,600 |
|
250,158 |
| |
MacroGenics, Inc.*1 |
|
5,400 |
|
150,282 |
| |
|
|
|
|
2,619,411 |
| |
Capital markets3.22% |
|
|
|
|
| |
Morgan Stanley |
|
45,300 |
|
1,412,001 |
| |
|
|
|
|
|
| |
Chemicals5.14% |
|
|
|
|
| |
Air Products & Chemicals, Inc. |
|
8,700 |
|
1,035,648 |
| |
Monsanto Co. |
|
10,700 |
|
1,217,339 |
| |
|
|
|
|
2,252,987 |
| |
Commercial banks3.67% |
|
|
|
|
| |
US Bancorp |
|
37,500 |
|
1,607,250 |
| |
|
|
|
|
|
| |
Computers & peripherals7.79% |
|
|
|
|
| |
Apple, Inc. |
|
4,825 |
|
2,589,771 |
| |
NetApp, Inc. |
|
22,300 |
|
822,870 |
| |
|
|
|
|
3,412,641 |
| |
Diversified financial services4.43% |
|
|
|
|
| |
Citigroup, Inc. |
|
40,754 |
|
1,939,890 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components1.50% |
|
|
|
|
| |
Jabil Circuit, Inc. |
|
36,600 |
|
658,800 |
| |
|
|
|
|
|
| |
Energy equipment & services4.47% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
21,900 |
|
1,423,938 |
| |
Noble Corp. PLC |
|
16,300 |
|
533,662 |
| |
|
|
|
|
1,957,600 |
| |
Food products3.54% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
44,900 |
|
1,551,295 |
| |
|
|
|
|
|
| |
Health care providers & services2.73% |
|
|
|
|
| |
UnitedHealth Group, Inc. |
|
14,600 |
|
1,197,054 |
| |
|
|
|
|
|
| |
Hotels, restaurants & leisure3.49% |
|
|
|
|
| |
Yum! Brands, Inc. |
|
20,300 |
|
1,530,417 |
| |
|
|
|
|
|
| |
Insurance5.69% |
|
|
|
|
| |
Lincoln National Corp. |
|
19,400 |
|
982,998 |
| |
MetLife, Inc. |
|
28,600 |
|
1,510,080 |
| |
|
|
|
|
2,493,078 |
| |
Internet & catalog retail3.91% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
5,100 |
|
1,716,252 |
| |
|
|
|
|
|
| |
Internet software & services4.53% |
|
|
|
|
| |
Google, Inc., Class A* |
|
1,780 |
|
1,983,828 |
| |
|
|
|
|
|
| |
IT services2.71% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
140,600 |
|
1,186,664 |
| |
|
|
|
|
|
| |
Life sciences tools & services1.84% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
6,300 |
|
807,156 |
| |
|
|
|
|
|
| |
Media2.98% |
|
|
|
|
| |
Walt Disney Co. |
|
16,300 |
|
1,305,141 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels3.48% |
|
|
|
|
| |
BP PLC ADR |
|
321 |
|
15,440 |
| |
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Oil, gas & consumable fuels(concluded) |
|
|
|
|
| |
EOG Resources, Inc. |
|
7,700 |
|
$ |
1,510,509 |
|
|
|
|
|
1,525,949 |
| |
Pharmaceuticals3.41% |
|
|
|
|
| |
Hospira, Inc.* |
|
22,700 |
|
981,775 |
| |
Mallinckrodt PLC* |
|
8,100 |
|
513,621 |
| |
|
|
|
|
1,495,396 |
| |
Real estate investment trust (REIT)1.43% |
|
|
|
|
| |
Digital Realty Trust, Inc.1 |
|
11,800 |
|
626,344 |
| |
|
|
|
|
|
| |
Semiconductors & semiconductor equipment10.88% |
|
|
|
|
| |
Applied Materials, Inc. |
|
57,900 |
|
1,182,318 |
| |
Broadcom Corp., Class A |
|
45,000 |
|
1,416,600 |
| |
Mellanox Technologies Ltd.*1 |
|
24,100 |
|
943,033 |
| |
Micron Technology, Inc.* |
|
51,800 |
|
1,225,588 |
| |
|
|
|
|
4,767,539 |
| |
Software2.55% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
16,500 |
|
1,115,895 |
| |
|
|
|
|
|
| |
Tobacco3.06% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
16,400 |
|
1,342,668 |
| |
Total common stocks (cost $36,797,489) |
|
|
|
43,088,616 |
| |
|
|
|
|
|
| |
Investment company0.42% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $169,140) |
|
1,000 |
|
187,040 |
| |
|
|
|
|
|
| |
Short-term investment1.43% |
|
|
|
|
| |
Investment company1.43% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $626,750) |
|
626,750 |
|
626,750 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned6.07% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $2,658,311) |
|
2,658,311 |
|
2,658,311 |
| |
Total investments106.24% (cost $40,251,690) |
|
|
|
46,560,717 |
| |
Liabilities, in excess of cash and other assets(6.24)% |
|
|
|
(2,736,349 |
) | |
Net assets100.00% |
|
|
|
$ |
43,824,368 |
|
UBS U.S. Equity Opportunity Fund
Portfolio of investments March 31, 2014 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
7,010,409 |
|
Gross unrealized depreciation |
|
(701,382 |
) | |
Net unrealized appreciation of investments |
|
$ |
6,309,027 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
43,088,616 |
|
$ |
|
|
$ |
|
|
$ |
43,088,616 |
|
Investment company |
|
187,040 |
|
|
|
|
|
187,040 |
| ||||
Short-term investment |
|
|
|
626,750 |
|
|
|
626,750 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
2,658,311 |
|
|
|
2,658,311 |
| ||||
Total |
|
$ |
43,275,656 |
|
$ |
3,285,061 |
|
$ |
|
|
$ |
46,560,717 |
|
At March 31, 2014, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2014. |
2 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,419,399 |
|
$ |
10,248,454 |
|
$ |
11,041,103 |
|
$ |
626,750 |
|
$ |
798 |
|
UBS Private Money Market Fund LLCa |
|
4,275,608 |
|
22,140,388 |
|
23,757,685 |
|
2,658,311 |
|
124 |
| |||||
|
|
$ |
5,695,007 |
|
$ |
32,388,842 |
|
$ |
34,798,788 |
|
$ |
3,285,061 |
|
$ |
922 |
|
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)1
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
0.56 |
% |
Automobiles |
|
2.63 |
|
Beverages |
|
2.70 |
|
Biotechnology |
|
3.60 |
|
Building products |
|
0.81 |
|
Capital markets |
|
2.84 |
|
Chemicals |
|
3.18 |
|
Commercial banks |
|
3.14 |
|
Commercial services & supplies |
|
1.32 |
|
Computers & peripherals |
|
5.54 |
|
Construction materials |
|
1.25 |
|
Consumer finance |
|
1.40 |
|
Diversified financial services |
|
5.37 |
|
Electronic equipment, instruments & components |
|
1.20 |
|
Energy equipment & services |
|
5.11 |
|
Food & staples retailing |
|
1.36 |
|
Food products |
|
2.67 |
|
Health care equipment & supplies |
|
0.92 |
|
Health care providers & services |
|
1.99 |
|
Hotels, restaurants & leisure |
|
2.46 |
|
Industrial conglomerates |
|
1.25 |
|
Insurance |
|
3.94 |
|
Internet & catalog retail |
|
1.74 |
|
IT services |
|
1.14 |
|
Life sciences tools & services |
|
0.84 |
|
Machinery |
|
1.09 |
|
Media |
|
4.13 |
|
Multiline retail |
|
2.36 |
|
Oil, gas & consumable fuels |
|
4.35 |
|
Pharmaceuticals |
|
6.35 |
|
Real estate investment trust (REIT) |
|
3.36 |
|
Road & rail |
|
2.62 |
|
Semiconductors & semiconductor equipment |
|
7.24 |
|
Software |
|
2.36 |
|
Textiles, apparel & luxury goods |
|
0.89 |
|
Tobacco |
|
2.77 |
|
Wireless telecommunication services |
|
0.27 |
|
Total common stocks |
|
96.75 |
% |
Investment company |
|
|
|
SPDR S&P 500 ETF Trust |
|
0.66 |
|
Short-term investment |
|
1.66 |
|
Investment of cash collateral from securities loaned |
|
6.15 |
|
Total investments |
|
105.22 |
% |
Liabilities, in excess of cash and other assets |
|
(5.22 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Large Cap Equity Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks96.75% |
|
|
|
|
| |
Aerospace & defense0.56% |
|
|
|
|
| |
General Dynamics Corp. |
|
6,900 |
|
$ |
751,548 |
|
|
|
|
|
|
| |
Automobiles2.63% |
|
|
|
|
| |
Ford Motor Co. |
|
117,200 |
|
1,828,320 |
| |
General Motors Co. |
|
48,700 |
|
1,676,254 |
| |
|
|
|
|
3,504,574 |
| |
Beverages2.70% |
|
|
|
|
| |
PepsiCo, Inc. |
|
43,100 |
|
3,598,850 |
| |
|
|
|
|
|
| |
Biotechnology3.60% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
45,600 |
|
1,728,696 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
13,300 |
|
892,962 |
| |
Bluebird Bio, Inc.*1 |
|
6,600 |
|
150,084 |
| |
Epizyme, Inc.*1 |
|
6,000 |
|
136,620 |
| |
Gilead Sciences, Inc.* |
|
18,100 |
|
1,282,566 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
271,500 |
|
469,695 |
| |
MacroGenics, Inc.*1 |
|
5,000 |
|
139,150 |
| |
|
|
|
|
4,799,773 |
| |
Building products0.81% |
|
|
|
|
| |
Owens Corning |
|
25,100 |
|
1,083,567 |
| |
|
|
|
|
|
| |
Capital markets2.84% |
|
|
|
|
| |
Invesco Ltd. |
|
32,300 |
|
1,195,100 |
| |
Morgan Stanley |
|
83,400 |
|
2,599,578 |
| |
|
|
|
|
3,794,678 |
| |
Chemicals3.18% |
|
|
|
|
| |
Air Products & Chemicals, Inc. |
|
10,300 |
|
1,226,112 |
| |
Monsanto Co. |
|
14,700 |
|
1,672,419 |
| |
Praxair, Inc. |
|
10,300 |
|
1,348,991 |
| |
|
|
|
|
4,247,522 |
| |
Commercial banks3.14% |
|
|
|
|
| |
US Bancorp |
|
55,700 |
|
2,387,302 |
| |
Wells Fargo & Co. |
|
36,350 |
|
1,808,049 |
| |
|
|
|
|
4,195,351 |
| |
Commercial services & supplies1.32% |
|
|
|
|
| |
Waste Management, Inc. |
|
41,900 |
|
1,762,733 |
| |
|
|
|
|
|
| |
Computers & peripherals5.54% |
|
|
|
|
| |
Apple, Inc. |
|
10,800 |
|
5,796,792 |
| |
NetApp, Inc. |
|
43,100 |
|
1,590,390 |
| |
|
|
|
|
7,387,182 |
| |
Construction materials1.25% |
|
|
|
|
| |
Martin Marietta Materials, Inc.1 |
|
13,000 |
|
1,668,550 |
| |
|
|
|
|
|
| |
Consumer finance1.40% |
|
|
|
|
| |
Capital One Financial Corp. |
|
24,200 |
|
1,867,272 |
| |
|
|
|
|
|
| |
Diversified financial services5.37% |
|
|
|
|
| |
Citigroup, Inc. |
|
73,630 |
|
3,504,788 |
| |
JPMorgan Chase & Co. |
|
60,300 |
|
3,660,813 |
| |
|
|
|
|
7,165,601 |
| |
Electronic equipment, instruments & components1.20% |
|
|
|
|
| |
Jabil Circuit, Inc. |
|
89,200 |
|
1,605,600 |
| |
|
|
|
|
|
| |
Energy equipment & services5.11% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
31,100 |
|
2,022,122 |
| |
Halliburton Co. |
|
36,200 |
|
2,131,818 |
| |
McDermott International, Inc.* |
|
129,300 |
|
1,011,126 |
| |
Noble Corp. PLC |
|
50,500 |
|
1,653,370 |
| |
|
|
|
|
6,818,436 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Food & staples retailing1.36% |
|
|
|
|
| |
Walgreen Co. |
|
27,400 |
|
$ |
1,809,222 |
|
|
|
|
|
|
| |
Food products2.67% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
103,100 |
|
3,562,105 |
| |
|
|
|
|
|
| |
Health care equipment & supplies0.92% |
|
|
|
|
| |
Baxter International, Inc. |
|
16,700 |
|
1,228,786 |
| |
|
|
|
|
|
| |
Health care providers & services1.99% |
|
|
|
|
| |
Envision Healthcare Holdings, Inc.* |
|
19,800 |
|
669,834 |
| |
UnitedHealth Group, Inc. |
|
24,300 |
|
1,992,357 |
| |
|
|
|
|
2,662,191 |
| |
Hotels, restaurants & leisure2.46% |
|
|
|
|
| |
Yum! Brands, Inc. |
|
43,600 |
|
3,287,004 |
| |
|
|
|
|
|
| |
Industrial conglomerates1.25% |
|
|
|
|
| |
Danaher Corp. |
|
22,200 |
|
1,665,000 |
| |
|
|
|
|
|
| |
Insurance3.94% |
|
|
|
|
| |
Aon PLC |
|
15,900 |
|
1,340,052 |
| |
Lincoln National Corp. |
|
32,600 |
|
1,651,842 |
| |
MetLife, Inc. |
|
43,000 |
|
2,270,400 |
| |
|
|
|
|
5,262,294 |
| |
Internet & catalog retail1.74% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
6,900 |
|
2,321,988 |
| |
|
|
|
|
|
| |
IT services1.14% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
180,700 |
|
1,525,108 |
| |
|
|
|
|
|
| |
Life sciences tools & services0.84% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
8,700 |
|
1,114,644 |
| |
|
|
|
|
|
| |
Machinery1.09% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
17,900 |
|
1,455,807 |
| |
|
|
|
|
|
| |
Media4.13% |
|
|
|
|
| |
Comcast Corp., Class A |
|
52,700 |
|
2,636,054 |
| |
Walt Disney Co. |
|
35,900 |
|
2,874,513 |
| |
|
|
|
|
5,510,567 |
| |
Multiline retail2.36% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
99,900 |
|
861,138 |
| |
Macys, Inc. |
|
38,700 |
|
2,294,523 |
| |
|
|
|
|
3,155,661 |
| |
Oil, gas & consumable fuels4.35% |
|
|
|
|
| |
Chevron Corp. |
|
11,500 |
|
1,367,465 |
| |
EOG Resources, Inc. |
|
14,300 |
|
2,805,231 |
| |
Exxon Mobil Corp. |
|
16,700 |
|
1,631,256 |
| |
|
|
|
|
5,803,952 |
| |
Pharmaceuticals6.35% |
|
|
|
|
| |
Allergan, Inc. |
|
9,000 |
|
1,116,900 |
| |
Eli Lilly & Co. |
|
51,800 |
|
3,048,948 |
| |
Hospira, Inc.* |
|
35,800 |
|
1,548,350 |
| |
Impax Laboratories, Inc.* |
|
30,000 |
|
792,600 |
| |
Mallinckrodt PLC* |
|
16,200 |
|
1,027,242 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
17,900 |
|
945,836 |
| |
|
|
|
|
8,479,876 |
| |
Real estate investment trust (REIT)3.36% |
|
|
|
|
| |
Digital Realty Trust, Inc.1 |
|
42,800 |
|
2,271,824 |
| |
Simon Property Group, Inc. |
|
13,500 |
|
2,214,000 |
| |
|
|
|
|
4,485,824 |
| |
Road & rail2.62% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
74,500 |
|
1,984,680 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Road & rail(concluded) |
|
|
|
|
| |
Norfolk Southern Corp. |
|
15,500 |
|
$ |
1,506,135 |
|
|
|
|
|
3,490,815 |
| |
Semiconductors & semiconductor equipment7.24% |
|
|
|
|
| |
Applied Materials, Inc. |
|
128,300 |
|
2,619,886 |
| |
Broadcom Corp., Class A |
|
77,600 |
|
2,442,848 |
| |
Freescale Semiconductor Ltd.* |
|
36,800 |
|
898,288 |
| |
Mellanox Technologies Ltd.*1 |
|
29,100 |
|
1,138,683 |
| |
Micron Technology, Inc.* |
|
50,800 |
|
1,201,928 |
| |
NXP Semiconductor NV* |
|
23,100 |
|
1,358,511 |
| |
|
|
|
|
9,660,144 |
| |
Software2.36% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
29,300 |
|
1,981,559 |
| |
Symantec Corp. |
|
58,600 |
|
1,170,242 |
| |
|
|
|
|
3,151,801 |
| |
Textiles, apparel & luxury goods0.89% |
|
|
|
|
| |
Ralph Lauren Corp. |
|
7,400 |
|
1,190,882 |
| |
|
|
|
|
|
| |
Tobacco2.77% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
45,150 |
|
3,696,430 |
| |
|
|
|
|
|
| |
Wireless telecommunication services0.27% |
|
|
|
|
| |
NII Holdings, Inc.*1 |
|
297,200 |
|
353,668 |
| |
Total common stocks (cost $107,588,883) |
|
|
|
129,125,006 |
| |
|
|
|
|
|
| |
Investment company0.66% |
|
|
|
|
| |
SPDR S&P 500 ETF Trust (cost $843,622) |
|
4,700 |
|
879,088 |
| |
|
|
|
|
|
| |
Short-term investment1.66% |
|
|
|
|
| |
Investment company1.66% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $2,216,182) |
|
2,216,182 |
|
2,216,182 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned6.15% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $8,213,120) |
|
8,213,120 |
|
8,213,120 |
| |
Total investments105.22% (cost $118,861,807) |
|
|
|
140,433,396 |
| |
Liabilities, in excess of cash and other assets(5.22)% |
|
|
|
(6,968,639 |
) | |
Net assets100.00% |
|
|
|
$ |
133,464,757 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
24,764,623 |
|
Gross unrealized depreciation |
|
(3,193,034 |
) | |
Net unrealized appreciation of investments |
|
$ |
21,571,589 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
129,125,006 |
|
$ |
|
|
$ |
|
|
$ |
129,125,006 |
|
Investment company |
|
879,088 |
|
|
|
|
|
879,088 |
| ||||
Short-term investments |
|
|
|
2,216,182 |
|
|
|
2,216,182 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
8,213,120 |
|
|
|
8,213,120 |
| ||||
Total |
|
$ |
130,004,094 |
|
$ |
10,429,302 |
|
$ |
|
|
$ |
140,433,396 |
|
At March 31, 2014, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2014. |
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 |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||
Security description |
|
6/30/2013 |
|
3/31/2014 |
|
3/31/2014 |
|
3/31/2014 |
|
3/31/2014 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
3,425,892 |
|
$ |
30,343,400 |
|
$ |
31,553,110 |
|
$ |
2,216,182 |
|
$ |
1,351 |
|
UBS Private Money Market Fund LLCa |
|
5,190,420 |
|
41,722,058 |
|
38,699,358 |
|
8,213,120 |
|
416 |
| |||||
|
|
$ |
8,616,312 |
|
$ |
72,065,458 |
|
$ |
70,252,468 |
|
$ |
10,429,302 |
|
$ |
1,767 |
|
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 March 31, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
0.99 |
% |
Airlines |
|
2.56 |
|
Auto components |
|
3.28 |
|
Biotechnology |
|
6.14 |
|
Building products |
|
1.13 |
|
Capital markets |
|
0.82 |
|
Commercial banks |
|
2.10 |
|
Commercial services & supplies |
|
0.50 |
|
Communications equipment |
|
2.48 |
|
Computers & peripherals |
|
2.43 |
|
Construction & engineering |
|
1.23 |
|
Containers & packaging |
|
0.84 |
|
Distributors |
|
0.96 |
|
Diversified consumer services |
|
1.74 |
|
Diversified telecommunication services |
|
1.25 |
|
Electrical equipment |
|
1.58 |
|
Electronic equipment, instruments & components |
|
3.54 |
|
Energy equipment & services |
|
3.58 |
|
Food & staples retailing |
|
2.63 |
|
Health care equipment & supplies |
|
3.81 |
|
Health care providers & services |
|
2.78 |
|
Health care technology |
|
0.98 |
|
Hotels, restaurants & leisure |
|
2.28 |
|
Household durables |
|
2.65 |
|
Internet & catalog retail |
|
4.55 |
|
Internet software & services |
|
0.86 |
|
IT services |
|
1.11 |
|
Machinery |
|
3.01 |
|
Media |
|
1.24 |
|
Oil, gas & consumable fuels |
|
4.13 |
|
Paper & forest products |
|
1.23 |
|
Pharmaceuticals |
|
1.51 |
|
Professional services |
|
0.35 |
|
Road & rail |
|
2.24 |
|
Semiconductors & semiconductor equipment |
|
2.73 |
|
Software |
|
12.63 |
|
Specialty retail |
|
4.93 |
|
Thrifts & mortgage finance |
|
1.72 |
|
Total common stocks |
|
94.52 |
% |
Investment company |
|
|
|
iShares Russell 2000 Growth ETF |
|
3.52 |
|
Short-term investment |
|
2.11 |
|
Investment of cash collateral from securities loaned |
|
16.74 |
|
Total investments |
|
116.89 |
% |
Liabilities, in excess of cash and other assets |
|
(16.89 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Small Cap Growth Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks94.52% |
|
|
|
|
| |
Aerospace & defense0.99% |
|
|
|
|
| |
KEYW Holding Corp.*1 |
|
149,400 |
|
$ |
2,795,274 |
|
|
|
|
|
|
| |
Airlines2.56% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
121,300 |
|
7,205,220 |
| |
|
|
|
|
|
| |
Auto components3.28% |
|
|
|
|
| |
Drew Industries, Inc. |
|
49,500 |
|
2,682,900 |
| |
Tenneco, Inc.* |
|
49,100 |
|
2,851,237 |
| |
Tower International, Inc.* |
|
136,300 |
|
3,710,086 |
| |
|
|
|
|
9,244,223 |
| |
Biotechnology6.14% |
|
|
|
|
| |
Acceleron Pharma, Inc.*1 |
|
36,300 |
|
1,252,350 |
| |
Celldex Therapeutics, Inc.* |
|
59,000 |
|
1,042,530 |
| |
Cepheid, Inc.* |
|
76,200 |
|
3,930,396 |
| |
Dyax Corp.* |
|
165,200 |
|
1,483,496 |
| |
Exact Sciences Corp.*1 |
|
122,100 |
|
1,730,157 |
| |
Karyopharm Therapeutics, Inc.*1 |
|
26,400 |
|
815,496 |
| |
Medivation, Inc.* |
|
27,200 |
|
1,750,864 |
| |
Receptos, Inc.* |
|
40,700 |
|
1,706,958 |
| |
Seattle Genetics, Inc.* |
|
37,300 |
|
1,699,388 |
| |
Synageva BioPharma Corp.* |
|
18,500 |
|
1,534,945 |
| |
uniQure B.V. |
|
22,700 |
|
352,985 |
| |
|
|
|
|
17,299,565 |
| |
Building products1.13% |
|
|
|
|
| |
NCI Building Systems, Inc.* |
|
182,100 |
|
3,179,466 |
| |
|
|
|
|
|
| |
Capital markets0.82% |
|
|
|
|
| |
FXCM, Inc., Class A1 |
|
155,800 |
|
2,301,166 |
| |
|
|
|
|
|
| |
Commercial banks2.10% |
|
|
|
|
| |
Columbia Banking System, Inc. |
|
74,100 |
|
2,113,332 |
| |
National Bank Holdings Corp., Class A |
|
98,500 |
|
1,976,895 |
| |
Webster Financial Corp. |
|
59,200 |
|
1,838,752 |
| |
|
|
|
|
5,928,979 |
| |
Commercial services & supplies0.50% |
|
|
|
|
| |
Clean Harbors, Inc.* |
|
25,900 |
|
1,419,061 |
| |
|
|
|
|
|
| |
Communications equipment2.48% |
|
|
|
|
| |
Ciena Corp.*1 |
|
129,600 |
|
2,947,104 |
| |
Finisar Corp.* |
|
108,821 |
|
2,884,845 |
| |
Procera Networks, Inc.*1 |
|
110,500 |
|
1,148,095 |
| |
|
|
|
|
6,980,044 |
| |
Computers & peripherals2.43% |
|
|
|
|
| |
Nimble Storage, Inc.*1 |
|
77,400 |
|
2,932,686 |
| |
Stratasys Ltd.* |
|
37,000 |
|
3,925,330 |
| |
|
|
|
|
6,858,016 |
| |
Construction & engineering1.23% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
73,800 |
|
3,453,102 |
| |
|
|
|
|
|
| |
Containers & packaging0.84% |
|
|
|
|
| |
Rock-Tenn Co., Class A |
|
22,356 |
|
2,360,123 |
| |
|
|
|
|
|
| |
Distributors0.96% |
|
|
|
|
| |
LKQ Corp.* |
|
102,200 |
|
2,692,970 |
| |
|
|
|
|
|
| |
Diversified consumer services1.74% |
|
|
|
|
| |
Grand Canyon Education, Inc.* |
|
104,800 |
|
4,894,160 |
| |
|
|
|
|
|
| |
Diversified telecommunication services1.25% |
|
|
|
|
| |
Cogent Communications Group, Inc. |
|
99,200 |
|
3,524,576 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Electrical equipment1.58% |
|
|
|
|
| |
EnerSys |
|
64,100 |
|
$ |
4,441,489 |
|
|
|
|
|
|
| |
Electronic equipment, instruments & components3.54% |
|
|
|
|
| |
InvenSense, Inc.*1 |
|
185,700 |
|
4,395,519 |
| |
OSI Systems, Inc.* |
|
52,100 |
|
3,118,706 |
| |
Universal Display Corp.* |
|
76,700 |
|
2,447,497 |
| |
|
|
|
|
9,961,722 |
| |
Energy equipment & services3.58% |
|
|
|
|
| |
Bristow Group, Inc. |
|
49,200 |
|
3,715,584 |
| |
Hornbeck Offshore Services, Inc.* |
|
61,500 |
|
2,571,315 |
| |
Pioneer Energy Services Corp.* |
|
292,800 |
|
3,791,760 |
| |
|
|
|
|
10,078,659 |
| |
Food & staples retailing2.63% |
|
|
|
|
| |
Susser Holdings Corp.*1 |
|
60,800 |
|
3,798,176 |
| |
United Natural Foods, Inc.* |
|
50,800 |
|
3,602,736 |
| |
|
|
|
|
7,400,912 |
| |
Health care equipment & supplies3.81% |
|
|
|
|
| |
Antares Pharma, Inc.*1 |
|
400,000 |
|
1,400,000 |
| |
Insulet Corp.* |
|
94,400 |
|
4,476,448 |
| |
LDR Holding Corp.* |
|
46,200 |
|
1,586,046 |
| |
Tandem Diabetes Care, Inc.* |
|
80,300 |
|
1,773,827 |
| |
Thoratec Corp.* |
|
41,600 |
|
1,489,696 |
| |
|
|
|
|
10,726,017 |
| |
Health care providers & services2.78% |
|
|
|
|
| |
Air Methods Corp.* |
|
70,200 |
|
3,750,786 |
| |
IPC The Hospitalist Co., Inc.* |
|
43,700 |
|
2,144,796 |
| |
Mednax, Inc.* |
|
31,200 |
|
1,933,776 |
| |
|
|
|
|
7,829,358 |
| |
Health care technology0.98% |
|
|
|
|
| |
Castlight Health, Inc., Class B*1 |
|
58,200 |
|
1,235,004 |
| |
HMS Holdings Corp.* |
|
79,635 |
|
1,517,047 |
| |
|
|
|
|
2,752,051 |
| |
Hotels, restaurants & leisure2.28% |
|
|
|
|
| |
Buffalo Wild Wings, Inc.* |
|
22,500 |
|
3,350,250 |
| |
Popeyes Louisiana Kitchen, Inc.* |
|
75,600 |
|
3,072,384 |
| |
|
|
|
|
6,422,634 |
| |
Household durables2.65% |
|
|
|
|
| |
Meritage Homes Corp.* |
|
76,000 |
|
3,182,880 |
| |
Ryland Group, Inc. |
|
83,400 |
|
3,330,162 |
| |
TRI Pointe Homes, Inc.*1 |
|
57,800 |
|
938,094 |
| |
|
|
|
|
7,451,136 |
| |
Internet & catalog retail4.55% |
|
|
|
|
| |
Coupons.com, Inc.* |
|
110,400 |
|
2,721,360 |
| |
HomeAway, Inc.* |
|
104,700 |
|
3,944,049 |
| |
Shutterfly, Inc.* |
|
65,300 |
|
2,787,004 |
| |
zulily, Inc., Class A*1 |
|
66,800 |
|
3,352,692 |
| |
|
|
|
|
12,805,105 |
| |
Internet software & services0.86% |
|
|
|
|
| |
Benefitfocus, Inc.*1 |
|
32,500 |
|
1,526,525 |
| |
Care.com, Inc.*1 |
|
54,000 |
|
893,700 |
| |
|
|
|
|
2,420,225 |
| |
IT services1.11% |
|
|
|
|
| |
EPAM Systems, Inc.* |
|
95,100 |
|
3,128,790 |
| |
|
|
|
|
|
| |
Machinery3.01% |
|
|
|
|
| |
Chart Industries, Inc.* |
|
47,000 |
|
3,738,850 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Machinery(concluded) |
|
|
|
|
| |
Wabash National Corp.* |
|
187,949 |
|
$ |
2,586,178 |
|
Woodward, Inc. |
|
52,000 |
|
2,159,560 |
| |
|
|
|
|
8,484,588 |
| |
Media1.24% |
|
|
|
|
| |
Imax Corp.*1 |
|
127,800 |
|
3,492,774 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels4.13% |
|
|
|
|
| |
Bonanza Creek Energy, Inc.* |
|
69,400 |
|
3,081,360 |
| |
Gulfport Energy Corp.* |
|
34,800 |
|
2,477,064 |
| |
Kodiak Oil & Gas Corp.* |
|
300,900 |
|
3,652,926 |
| |
Solazyme, Inc.*1 |
|
208,000 |
|
2,414,880 |
| |
|
|
|
|
11,626,230 |
| |
Paper & forest products1.23% |
|
|
|
|
| |
Boise Cascade Co.* |
|
120,800 |
|
3,459,712 |
| |
|
|
|
|
|
| |
Pharmaceuticals1.51% |
|
|
|
|
| |
Nektar Therapeutics* |
|
78,100 |
|
946,572 |
| |
Pacira Pharmaceuticals, Inc.* |
|
25,500 |
|
1,784,745 |
| |
Questcor Pharmaceuticals, Inc.1 |
|
23,300 |
|
1,512,869 |
| |
|
|
|
|
4,244,186 |
| |
Professional services0.35% |
|
|
|
|
| |
Paylocity Holding Corp.* |
|
41,400 |
|
995,670 |
| |
|
|
|
|
|
| |
Road & rail2.24% |
|
|
|
|
| |
Con-way, Inc. |
|
70,800 |
|
2,908,464 |
| |
Saia, Inc.* |
|
89,300 |
|
3,412,153 |
| |
|
|
|
|
6,320,617 |
| |
Semiconductors & semiconductor equipment2.73% |
|
|
|
|
| |
Cavium, Inc.* |
|
81,900 |
|
3,581,487 |
| |
Magnachip Semiconductor Corp.* |
|
145,900 |
|
2,033,846 |
| |
Skyworks Solutions, Inc.* |
|
55,500 |
|
2,082,360 |
| |
|
|
|
|
7,697,693 |
| |
Software12.63% |
|
|
|
|
| |
A10 Networks, Inc.*1 |
|
278,300 |
|
4,185,632 |
| |
FleetMatics Group PLC*1 |
|
100,000 |
|
3,345,000 |
| |
Infoblox, Inc.* |
|
164,400 |
|
3,297,864 |
| |
NICE Systems Ltd. ADR |
|
38,700 |
|
1,728,342 |
| |
Proofpoint, Inc.* |
|
176,000 |
|
6,526,080 |
| |
Qlik Technologies, Inc.* |
|
109,100 |
|
2,900,969 |
| |
Silver Spring Networks, Inc.* |
|
110,300 |
|
1,917,014 |
| |
Synchronoss Technologies, Inc.* |
|
84,300 |
|
2,890,647 |
| |
Tableau Software, Inc., Class A* |
|
24,100 |
|
1,833,528 |
| |
Ultimate Software Group, Inc.* |
|
36,304 |
|
4,973,648 |
| |
Varonis Systems, Inc.* |
|
55,100 |
|
1,970,376 |
| |
|
|
|
|
35,569,100 |
| |
Specialty retail4.93% |
|
|
|
|
| |
ANN, Inc.* |
|
69,000 |
|
2,862,120 |
| |
Asbury Automotive Group, Inc.* |
|
73,700 |
|
4,076,347 |
| |
Container Store Group, Inc.*1 |
|
52,800 |
|
1,792,560 |
| |
Francescas Holdings Corp.*1 |
|
54,517 |
|
988,938 |
| |
Restoration Hardware Holdings, Inc.* |
|
56,600 |
|
4,165,194 |
| |
|
|
|
|
13,885,159 |
| |
Thrifts & mortgage finance1.72% |
|
|
|
|
| |
Essent Group Ltd.* |
|
105,500 |
|
2,369,530 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Thrifts & mortgage finance(concluded) |
|
|
|
|
| |
EverBank Financial Corp. |
|
125,900 |
|
$ |
2,484,007 |
|
|
|
|
|
4,853,537 |
| |
Total common stocks (cost $188,841,158) |
|
|
|
266,183,309 |
| |
|
|
|
|
|
| |
Investment company3.52% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF (cost $9,820,623)1 |
|
73,000 |
|
9,932,380 |
| |
|
|
|
|
|
| |
Short-term investment2.11% |
|
|
|
|
| |
Investment company2.11% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $5,949,613) |
|
5,949,613 |
|
5,949,613 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned16.74% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $47,137,632) |
|
47,137,632 |
|
47,137,632 |
| |
Total investments116.89% (cost $251,749,026) |
|
|
|
329,202,934 |
| |
Liabilities, in excess of cash and other assets(16.89)% |
|
|
|
(47,579,228 |
) | |
Net assets100.00% |
|
|
|
$ |
281,623,706 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
82,515,350 |
|
Gross unrealized depreciation |
|
(5,061,442 |
) | |
Net unrealized appreciation of investments |
|
$ |
77,453,908 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
266,183,309 |
|
$ |
|
|
$ |
|
|
$ |
266,183,309 |
|
Investment company |
|
9,932,380 |
|
|
|
|
|
9,932,380 |
| ||||
Short-term investment |
|
|
|
5,949,613 |
|
|
|
5,949,613 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
47,137,632 |
|
|
|
47,137,632 |
| ||||
Total |
|
$ |
276,115,689 |
|
$ |
53,087,245 |
|
$ |
|
|
$ |
329,202,934 |
|
At March 31, 2014 there were no transfers between Levels 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2014. |
2 |
The table below details the Funds investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
3,491,150 |
|
$ |
46,638,371 |
|
$ |
44,179,908 |
|
$ |
5,949,613 |
|
$ |
4,140 |
|
UBS Private Money Market Fund LLCa |
|
27,876,921 |
|
230,252,070 |
|
210,991,359 |
|
47,137,632 |
|
2,268 |
| |||||
|
|
$ |
31,368,071 |
|
$ |
276,890,441 |
|
$ |
255,171,267 |
|
$ |
53,087,245 |
|
$ |
6,408 |
|
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 March 31, 2014
Investment companies |
|
|
|
iShares Emerging Markets Local Currency Bond ETF |
|
1.78 |
% |
iShares iBoxx $ High Yield Corporate Bond ETF |
|
17.28 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
15.57 |
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
1.77 |
|
iShares MSCI Switzerland Capped ETF |
|
1.76 |
|
iShares TIPS Bond ETF |
|
3.44 |
|
SPDR Barclays Convertible Securities ETF |
|
3.42 |
|
Total investment companies |
|
45.02 |
% |
Short-term investments |
|
48.40 |
|
Investment of cash collateral from securities loaned |
|
14.04 |
|
Total investments |
|
107.46 |
% |
Liabilities, in excess of cash and other assets |
|
(7.46 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Asset Growth Fund. Figures might be different if a breakdown of the underlying investment companies was included.
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies45.02% |
|
|
|
|
| |
iShares Emerging Markets Local Currency Bond ETF1 |
|
11,447 |
|
$ |
569,488 |
|
iShares iBoxx $ High Yield Corporate Bond ETF1 |
|
58,503 |
|
5,522,098 |
| |
iShares iBoxx $ Investment Grade Corporate Bond ETF1 |
|
42,516 |
|
4,973,097 |
| |
iShares JP Morgan USD Emerging Markets Bond ETF1 |
|
5,069 |
|
564,788 |
| |
iShares MSCI Switzerland Capped ETF |
|
16,345 |
|
561,287 |
| |
iShares TIPS Bond ETF |
|
9,820 |
|
1,100,822 |
| |
SPDR Barclays Convertible Securities ETF1 |
|
22,561 |
|
1,091,727 |
| |
Total investment companies (cost $14,133,071) |
|
|
|
14,383,307 |
| |
|
|
Face |
|
|
|
Short-term investments48.40% |
|
|
|
|
|
US government obligation21.91% |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
0.101%, due 05/29/143 |
|
2,000,000 |
|
1,999,906 |
|
0.089%, due 04/24/143 |
|
2,000,000 |
|
1,999,945 |
|
0.060%, due 08/07/141,3 |
|
2,000,000 |
|
1,999,644 |
|
0.093%, due 05/01/143 |
|
1,000,000 |
|
999,969 |
|
(cost $6,999,058) |
|
|
|
6,999,464 |
|
|
|
Shares |
|
|
| |
Investment company26.49% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $8,462,266) |
|
8,462,266 |
|
8,462,266 |
| |
Total short - term investments (cost $15,461,324) |
|
|
|
15,461,730 |
| |
Investment of cash collateral from securities loaned14.04% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $4,484,567) |
|
4,484,567 |
|
4,484,567 |
| |
Total investments107.46% (cost $34,078,962) |
|
|
|
34,329,604 |
| |
Liabilities, in excess of cash and other assets(7.46)% |
|
|
|
(2,382,954 |
) | |
Net assets100.00% |
|
|
|
$ |
31,946,650 |
|
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments March 31, 2014 (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 |
|
$ |
269,226 |
|
Gross unrealized depreciation |
|
(18,584 |
) | |
Net unrealized appreciation of investments |
|
$ |
250,642 |
|
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.
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments March 31, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 23 contracts (USD) |
|
June 2014 |
|
$ |
2,753,389 |
|
$ |
2,735,922 |
|
$ |
(17,467 |
) |
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini S&P 500 Index, 92 contracts (USD) |
|
June 2014 |
|
8,513,427 |
|
8,577,160 |
|
63,733 |
| |||
EURO STOXX 50 Index, 202 contracts (EUR) |
|
June 2014 |
|
8,365,861 |
|
8,626,844 |
|
260,983 |
| |||
FTSE 100 Index, 53 contracts (GBP) |
|
June 2014 |
|
5,782,691 |
|
5,781,768 |
|
(923 |
) | |||
Mini MSCI Emerging Markets Index, 135 contracts (USD) |
|
June 2014 |
|
6,383,273 |
|
6,656,176 |
|
272,903 |
| |||
SPI 200 Index, 22 contracts (AUD) |
|
June 2014 |
|
2,736,675 |
|
2,750,808 |
|
14,133 |
| |||
TOPIX Index, 36 contracts (JPY) |
|
June 2014 |
|
4,267,940 |
|
4,195,901 |
|
(72,039 |
) | |||
Currency futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Dollar, 9 contracts (USD) |
|
June 2014 |
|
806,702 |
|
830,250 |
|
23,548 |
| |||
Euro, 15 contracts (USD) |
|
June 2014 |
|
2,598,615 |
|
2,582,625 |
|
(15,990 |
) | |||
Great Britain Pound, 18 contracts (USD) |
|
June 2014 |
|
1,868,126 |
|
1,874,475 |
|
6,349 |
| |||
Japanese Yen, 11 contracts (USD) |
|
June 2014 |
|
1,353,451 |
|
1,332,650 |
|
(20,801 |
) | |||
Currency futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Swiss Franc, 2 contracts (USD) |
|
June 2014 |
|
(285,793 |
) |
(282,950 |
) |
2,843 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
517,272 |
| ||
Written options activity for the period ended March 31, 2014 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 March 31, 2014 |
|
|
|
$ |
|
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Investment companies |
|
$ |
14,383,307 |
|
$ |
|
|
$ |
|
|
$ |
14,383,307 |
|
Short-term investments |
|
|
|
15,461,730 |
|
|
|
15,461,730 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
4,484,567 |
|
|
|
4,484,567 |
| ||||
Futures contracts |
|
644,492 |
|
|
|
|
|
644,492 |
| ||||
Total |
|
$ |
15,027,799 |
|
$ |
19,946,297 |
|
$ |
|
|
$ |
34,974,096 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Futures contracts |
|
(127,220 |
) |
|
|
|
|
(127,220 |
) | ||||
Total |
|
$ |
(127,220 |
) |
$ |
|
|
$ |
|
|
$ |
(127,220 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
UBS Asset Growth Fund (formerly, UBS Global Frontier Fund)
Portfolio of investments March 31, 2014 (unaudited)
Portfolio footnotes
1 Security, or portion thereof, was on loan at March 31, 2014.
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.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
8,739,483 |
|
$ |
25,784,029 |
|
$ |
26,061,246 |
|
$ |
|
|
$ |
|
|
$ |
8,462,266 |
|
$ |
5,306 |
|
UBS Private Money Market Fund LLCa |
|
274,676 |
|
25,049,877 |
|
20,839,986 |
|
|
|
|
|
4,484,567 |
|
82 |
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
4,625,410 |
|
|
|
4,763,744 |
|
65,878 |
|
72,456 |
|
|
|
|
| |||||||
UBS Global Corporate Relationship Fund |
|
|
|
835,000 |
|
855,550 |
|
20,550 |
|
|
|
|
|
|
| |||||||
UBS High Yield Relationship Fund |
|
2,457,795 |
|
435,000 |
|
3,020,532 |
|
475,616 |
|
(347,879 |
) |
|
|
|
| |||||||
UBS International Equity Relationship Fund |
|
5,251,216 |
|
|
|
5,901,640 |
|
1,860,481 |
|
(1,210,057 |
) |
|
|
|
| |||||||
|
|
$ |
21,348,580 |
|
$ |
52,103,906 |
|
$ |
61,442,698 |
|
$ |
2,422,525 |
|
$ |
(1,485,480 |
) |
$ |
12,946,833 |
|
$ |
5,388 |
|
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.
3 Interest rate is the discount rate at the date of purchase.
UBS Dynamic Alpha Fund
Industry diversification (unaudited)
As a percentage of net assets as of March 31, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Airlines |
|
0.09 |
% |
Beverages |
|
1.33 |
|
Biotechnology |
|
0.19 |
|
Building materials |
|
0.13 |
|
Capital markets |
|
1.90 |
|
Chemicals |
|
0.40 |
|
Commercial banks |
|
8.46 |
|
Commercial services & supplies |
|
0.41 |
|
Communications equipment |
|
0.37 |
|
Computers & peripherals |
|
0.32 |
|
Construction & engineering |
|
0.26 |
|
Consumer finance |
|
1.17 |
|
Containers & packaging |
|
0.25 |
|
Diversified financial services |
|
4.87 |
|
Diversified telecommunication services |
|
2.92 |
|
Electric utilities |
|
3.00 |
|
Energy equipment & services |
|
0.12 |
|
Food & staples retailing |
|
0.13 |
|
Food products |
|
0.84 |
|
Gas utilities |
|
0.83 |
|
Health care equipment & supplies |
|
0.41 |
|
Health care providers & services |
|
0.23 |
|
Hotels, restaurants & leisure |
|
0.15 |
|
Industrial conglomerates |
|
0.27 |
|
Insurance |
|
4.01 |
|
Internet & catalog retail |
|
0.08 |
|
IT services |
|
0.16 |
|
Life sciences tools & services |
|
0.05 |
|
Marine |
|
0.20 |
|
Media |
|
1.87 |
|
Metals & mining |
|
1.07 |
|
Multi-utilities |
|
0.59 |
|
Oil, gas & consumable fuels |
|
4.67 |
|
Pharmaceuticals |
|
0.72 |
|
Real estate investment trust (REIT) |
|
0.05 |
|
Real estate management & development |
|
0.11 |
|
Road & rail |
|
0.49 |
|
Software |
|
0.26 |
|
Specialty retail |
|
0.15 |
|
Thrifts & mortgage finance |
|
0.37 |
|
Tobacco |
|
1.30 |
|
Transportation infrastructure |
|
0.71 |
|
Water utilities |
|
0.10 |
|
Wireless telecommunication services |
|
0.88 |
|
Total corporate bonds |
|
46.89 |
% |
Collateralized debt obligation |
|
0.00 |
1 |
Mortgage & agency debt security |
|
0.01 |
|
Non-US government obligations |
|
6.13 |
|
Supranational bonds |
|
0.52 |
|
Total bonds |
|
53.55 |
% |
Short-term investments |
|
32.34 |
|
Options purchased |
|
0.89 |
|
Total investments |
|
86.78 |
% |
Cash and other assets, less liabilities |
|
13.22 |
|
Net assets |
|
100.00 |
% |
1 Amount represents less than 0.005%.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds53.55% |
|
|
|
|
| |||
Corporate bonds46.89% |
|
|
|
|
| |||
Australia1.72% |
|
|
|
|
| |||
BHP Billiton Finance USA Ltd., |
|
|
|
|
| |||
5.000%, due 09/30/43 |
|
$ |
285,000 |
|
$ |
301,582 |
| |
Commonwealth Bank of Australia, |
|
|
|
|
| |||
1.125%, due 03/13/17 |
|
620,000 |
|
617,609 |
| |||
2.250%, due 03/16/171 |
|
1,130,000 |
|
1,161,040 |
| |||
National Australia Bank, |
|
|
|
|
| |||
2.750%, due 03/09/17 |
|
1,050,000 |
|
1,094,945 |
| |||
Origin Energy Finance Ltd., |
|
|
|
|
| |||
2.500%, due 10/23/202 |
|
EUR |
500,000 |
|
689,215 |
| ||
3.500%, due 10/09/181 |
|
$ |
400,000 |
|
407,175 |
| ||
QBE Insurance Group Ltd., |
|
|
|
|
| |||
2.400%, due 05/01/182 |
|
405,000 |
|
396,015 |
| |||
Santos Finance Ltd., |
|
|
|
|
| |||
8.250%, due 09/22/703 |
|
EUR |
245,000 |
|
381,740 |
| ||
Telstra Corp. Ltd., |
|
|
|
|
| |||
4.800%, due 10/12/211 |
|
$ |
300,000 |
|
332,122 |
| ||
Transurban Finance Co. Pty Ltd., |
|
|
|
|
| |||
2.500%, due 10/08/20 |
|
EUR |
210,000 |
|
296,178 |
| ||
Total Australia corporate bonds |
|
|
|
5,677,621 |
| |||
|
|
|
|
|
| |||
Belgium0.13% |
|
|
|
|
| |||
Elia System Operator SA, |
|
|
|
|
| |||
3.250%, due 04/04/282 |
|
300,000 |
|
429,752 |
| |||
|
|
|
|
|
| |||
Bermuda0.18% |
|
|
|
|
| |||
Bacardi Ltd., |
|
|
|
|
| |||
2.750%, due 07/03/232 |
|
440,000 |
|
613,167 |
| |||
|
|
|
|
|
| |||
Brazil0.29% |
|
|
|
|
| |||
BRF SA, |
|
|
|
|
| |||
3.950%, due 05/22/231 |
|
$ |
420,000 |
|
374,850 |
| ||
Vale SA, |
|
|
|
|
| |||
5.625%, due 09/11/42 |
|
630,000 |
|
588,225 |
| |||
Total Brazil corporate bonds |
|
|
|
963,075 |
| |||
|
|
|
|
|
| |||
Canada1.76% |
|
|
|
|
| |||
Bank of Montreal, |
|
|
|
|
| |||
6.020%, due 05/02/18 |
|
CAD |
415,000 |
|
431,071 |
| ||
Bank of Nova Scotia, |
|
|
|
|
| |||
4.100%, due 06/08/17 |
|
615,000 |
|
593,120 |
| |||
Barrick Gold Corp., |
|
|
|
|
| |||
4.100%, due 05/01/23 |
|
$ |
285,000 |
|
270,361 |
| ||
Canadian Imperial Bank of Commerce, |
|
|
|
|
| |||
1.350%, due 07/18/16 |
|
420,000 |
|
423,988 |
| |||
3.400%, due 01/14/16 |
|
CAD |
455,000 |
|
424,498 |
| ||
Greater Toronto Airports Authority, |
|
|
|
|
| |||
6.980%, due 10/15/32 |
|
285,000 |
|
351,716 |
| |||
Hydro One, Inc., |
|
|
|
|
| |||
5.360%, due 05/20/36 |
|
285,000 |
|
298,803 |
| |||
Nexen, Inc., |
|
|
|
|
| |||
6.400%, due 05/15/37 |
|
$ |
420,000 |
|
481,267 |
| ||
Royal Bank of Canada, |
|
|
|
|
| |||
2.980%, due 05/07/19 |
|
CAD |
400,000 |
|
370,290 |
| ||
Suncor Energy, Inc., |
|
|
|
|
| |||
6.500%, due 06/15/38 |
|
$ |
520,000 |
|
642,579 |
| ||
Thomson Reuters Corp., |
|
|
|
|
| |||
1.300%, due 02/23/17 |
|
520,000 |
|
517,377 |
| |||
Toronto-Dominion Bank, |
|
|
|
|
| |||
3.367%, due 11/02/203 |
|
CAD |
550,000 |
|
510,184 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Total Capital Canada Ltd., |
|
|
|
|
| ||||
1.875%, due 07/09/202 |
|
EUR |
200,000 |
|
$ |
279,847 |
| ||
Xstrata Finance Canada Ltd., |
|
|
|
|
| ||||
2.700%, due 10/25/171 |
|
$ |
240,000 |
|
242,904 |
| |||
Total Canada corporate bonds |
|
|
|
5,838,005 |
| ||||
|
|
|
|
|
| ||||
Cayman Islands0.78% |
|
|
|
|
| ||||
Hutchison Whampoa Europe Finance 13 Ltd., |
|
|
|
|
| ||||
3.750%, due 05/10/182,3,4 |
|
EUR |
320,000 |
|
432,516 |
| |||
Hutchison Whampoa International Ltd., |
|
|
|
|
| ||||
7.625%, due 04/09/191 |
|
$ |
550,000 |
|
669,449 |
| |||
New York Life Funding, |
|
|
|
|
| ||||
5.125%, due 02/03/15 |
|
GBP |
300,000 |
|
517,515 |
| |||
Principal Financial Global Funding II LLC, |
|
|
|
|
| ||||
4.500%, due 01/26/17 |
|
EUR |
550,000 |
|
822,299 |
| |||
XLIT Ltd., |
|
|
|
|
| ||||
5.250%, due 12/15/43 |
|
$ |
140,000 |
|
148,382 |
| |||
Total Cayman Islands corporate bonds |
|
|
|
2,590,161 |
| ||||
|
|
|
|
|
| ||||
China0.33% |
|
|
|
|
| ||||
AIA Group Ltd., |
|
|
|
|
| ||||
1.750%, due 03/13/182 |
|
560,000 |
|
549,752 |
| ||||
2.250%, due 03/11/191 |
|
275,000 |
|
271,803 |
| ||||
Sinopec Group Overseas Development 2013 Ltd., |
|
|
|
|
| ||||
2.625%, due 10/17/202 |
|
EUR |
200,000 |
|
278,667 |
| |||
Total China corporate bonds |
|
|
|
1,100,222 |
| ||||
|
|
|
|
|
| ||||
Denmark0.33% |
|
|
|
|
| ||||
AP Moeller - Maersk A/S, |
|
|
|
|
| ||||
3.375%, due 08/28/192 |
|
|
450,000 |
|
671,274 |
| |||
DONG Energy A/S, |
|
|
|
|
| ||||
4.875%, due 01/12/322 |
|
GBP |
250,000 |
|
424,052 |
| |||
Total Denmark corporate bonds |
|
|
|
1,095,326 |
| ||||
|
|
|
|
|
| ||||
Finland0.58% |
|
|
|
|
| ||||
Elenia Finance Oyj, |
|
|
|
|
| ||||
2.875%, due 12/17/20 |
|
EUR |
550,000 |
|
774,650 |
| |||
Pohjola Bank PLC, |
|
|
|
|
| ||||
1.750%, due 08/29/18 |
|
300,000 |
|
419,557 |
| ||||
Teollisuuden Voima Oyj, |
|
|
|
|
| ||||
4.625%, due 02/04/192 |
|
460,000 |
|
711,936 |
| ||||
Total Finland corporate bonds |
|
|
|
1,906,143 |
| ||||
|
|
|
|
|
| ||||
France1.80% |
|
|
|
|
| ||||
BNP Paribas SA, |
|
|
|
|
| ||||
2.700%, due 08/20/18 |
|
$ |
415,000 |
|
423,240 |
| |||
5.186%, due 06/29/152,3,4 |
|
235,000 |
|
243,169 |
| ||||
Credit Logement SA, |
|
|
|
|
| ||||
1.454%, due 06/16/142,3,4 |
|
EUR |
200,000 |
|
237,094 |
| |||
Dexia Credit Local SA, |
|
|
|
|
| ||||
5.375%, due 07/21/142 |
|
595,000 |
|
830,420 |
| ||||
Electricite de France, |
|
|
|
|
| ||||
5.250%, due 01/29/231,3,4 |
|
$ |
305,000 |
|
305,458 |
| |||
5.625%, due 01/29/231,3,4 |
|
280,000 |
|
282,276 |
| ||||
6.950%, due 01/26/391 |
|
250,000 |
|
317,115 |
| ||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
France(concluded) |
|
|
|
|
| ||||
Eutelsat SA, |
|
|
|
|
| ||||
2.625%, due 01/13/20 |
|
EUR |
200,000 |
|
$ |
284,427 |
| ||
Rhodia SA, |
|
|
|
|
| ||||
6.875%, due 09/15/201 |
|
$ |
340,000 |
|
373,140 |
| |||
Societe Des Autoroutes Paris-Rhin-Rhone, |
|
|
|
|
| ||||
2.250%, due 01/16/20 |
|
EUR |
600,000 |
|
843,376 |
| |||
Societe Generale SA, |
|
|
|
|
| ||||
5.000%, due 01/17/241 |
|
$ |
405,000 |
|
403,594 |
| |||
Total Capital International SA, |
|
|
|
|
| ||||
1.550%, due 06/28/17 |
|
1,055,000 |
|
1,065,375 |
| ||||
Veolia Environnement SA, |
|
|
|
|
| ||||
6.750%, due 04/24/19 |
|
EUR |
195,000 |
|
335,190 |
| |||
Total France corporate bonds |
|
|
|
5,941,874 |
| ||||
|
|
|
|
|
| ||||
Germany0.76% |
|
|
|
|
| ||||
Mondi Consumer Packaging International AG, |
|
|
|
|
| ||||
9.750%, due 07/15/172 |
|
560,000 |
|
827,417 |
| ||||
Muenchener Rueckversicherungs AG, |
|
|
|
|
| ||||
6.000%, due 05/26/412,3 |
|
800,000 |
|
1,299,021 |
| ||||
RWE AG, |
|
|
|
|
| ||||
4.625%, due 09/28/152,3,4 |
|
275,000 |
|
387,927 |
| ||||
Total Germany corporate bonds |
|
|
|
2,514,365 |
| ||||
|
|
|
|
|
| ||||
Israel0.12% |
|
|
|
|
| ||||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||||
3.650%, due 11/10/21 |
|
$ |
390,000 |
|
390,648 |
| |||
|
|
|
|
|
| ||||
Ireland0.41% |
|
|
|
|
| ||||
CRH Finance Ltd., |
|
|
|
|
| ||||
7.375%, due 05/28/142 |
|
300,000 |
|
417,305 |
| ||||
GE Capital European Funding, |
|
|
|
|
| ||||
6.025%, due 03/01/38 |
|
390,000 |
|
747,073 |
| ||||
Perrigo Co. PLC, |
|
|
|
|
| ||||
4.000%, due 11/15/231 |
|
|
200,000 |
|
199,923 |
| |||
Total Ireland corporate bonds |
|
|
|
1,364,301 |
| ||||
|
|
|
|
|
| ||||
Italy1.52% |
|
|
|
|
| ||||
Assicurazioni Generali SpA, |
|
|
|
|
| ||||
4.875%, due 11/11/142 |
|
EUR |
195,000 |
|
275,504 |
| |||
Ei Towers SpA, |
|
|
|
|
| ||||
3.875%, due 04/26/18 |
|
285,000 |
|
414,282 |
| ||||
Intesa Sanpaolo SpA, |
|
|
|
|
| ||||
3.625%, due 08/12/151 |
|
$ |
235,000 |
|
241,108 |
| |||
3.875%, due 01/16/18 |
|
320,000 |
|
331,199 |
| ||||
4.375%, due 10/15/192 |
|
EUR |
500,000 |
|
768,606 |
| |||
Snam SpA, |
|
|
|
|
| ||||
3.875%, due 03/19/182 |
|
560,000 |
|
840,763 |
| ||||
Telecom Italia SpA, |
|
|
|
|
| ||||
6.125%, due 12/14/18 |
|
650,000 |
|
1,009,287 |
| ||||
Terna Rete Elettrica Nazionale SpA, |
|
|
|
|
| ||||
4.125%, due 02/17/17 |
|
265,000 |
|
395,697 |
| ||||
UniCredit SpA, |
|
|
|
|
| ||||
6.375%, due 05/02/232,3 |
|
$ |
690,000 |
|
740,543 |
| |||
Total Italy corporate bonds |
|
|
|
5,016,989 |
| ||||
|
|
|
|
|
| ||||
Japan0.12% |
|
|
|
|
| ||||
Japan Tobacco, Inc., |
|
|
|
|
| ||||
2.100%, due 07/23/181 |
|
250,000 |
|
249,879 |
| ||||
Nippon Telegraph & Telephone Corp., |
|
|
|
|
| ||||
1.400%, due 07/18/17 |
|
160,000 |
|
159,340 |
| ||||
Total Japan corporate bonds |
|
|
|
409,219 |
| ||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Jersey, Channel Islands0.76% |
|
|
|
|
| |||
AA Bond Co., Ltd., |
|
|
|
|
| |||
4.720%, due 07/31/182 |
|
GBP |
275,000 |
|
$ |
479,795 |
| |
Gatwick Funding Ltd., |
|
|
|
|
| |||
5.250%, due 01/23/242 |
|
250,000 |
|
$ |
453,173 |
| ||
Heathrow Funding Ltd., |
|
|
|
|
| |||
4.600%, due 02/15/182 |
|
EUR |
565,000 |
|
872,010 |
| ||
HSBC Capital Funding LP, |
|
|
|
|
| |||
5.130%, due 03/29/163,4 |
|
170,000 |
|
248,253 |
| |||
QBE Capital Funding III Ltd., |
|
|
|
|
| |||
7.250%, due 05/24/412,3 |
|
$ |
430,000 |
|
460,100 |
| ||
Total Jersey, Channel Islands corporate bonds |
|
|
|
2,513,331 |
| |||
|
|
|
|
|
| |||
Luxembourg0.39% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
9.500%, due 02/15/15 |
|
655,000 |
|
699,212 |
| |||
Enel Finance International SA, |
|
|
|
|
| |||
6.000%, due 10/07/391 |
|
450,000 |
|
470,138 |
| |||
SES, |
|
|
|
|
| |||
3.600%, due 04/04/231 |
|
125,000 |
|
121,151 |
| |||
Total Luxembourg corporate bonds |
|
|
|
1,290,501 |
| |||
|
|
|
|
|
| |||
Mexico0.32% |
|
|
|
|
| |||
America Movil SAB de CV, |
|
|
|
|
| |||
5.000%, due 03/30/20 |
|
695,000 |
|
762,554 |
| |||
Coca-Cola Femsa SAB de CV, |
|
|
|
|
| |||
2.375%, due 11/26/18 |
|
300,000 |
|
300,180 |
| |||
Total Mexico corporate bonds |
|
|
|
1,062,734 |
| |||
|
|
|
|
|
| |||
Netherlands4.15% |
|
|
|
|
| |||
ABN Amro Bank NV, |
|
|
|
|
| |||
4.875%, due 01/16/192 |
|
GBP |
350,000 |
|
641,980 |
| ||
Achmea BV, |
|
|
|
|
| |||
2.500%, due 11/19/20 |
|
EUR |
850,000 |
|
1,188,436 |
| ||
Allianz Finance II BV, |
|
|
|
|
| |||
4.375%, due 02/17/173,4 |
|
395,000 |
|
572,741 |
| |||
Bharti Airtel International Netherlands BV, |
|
|
|
|
| |||
4.000%, due 12/10/18 |
|
495,000 |
|
710,237 |
| |||
British American Tobacco Holdings The Netherlands BV, |
|
|
|
|
| |||
2.375%, due 01/19/232 |
|
550,000 |
|
755,495 |
| |||
Coca-Cola HBC Finance BV, |
|
|
|
|
| |||
2.375%, due 06/18/202 |
|
540,000 |
|
757,322 |
| |||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, |
|
|
|
|
| |||
1.700%, due 03/19/18 |
|
$ |
830,000 |
|
823,331 |
| ||
Deutsche Telekom International Finance BV, |
|
|
|
|
| |||
4.000%, due 01/19/15 |
|
EUR |
580,000 |
|
821,338 |
| ||
6.500%, due 04/08/22 |
|
GBP |
170,000 |
|
337,456 |
| ||
E.ON International Finance BV, |
|
|
|
|
| |||
6.650%, due 04/30/381 |
|
$ |
90,000 |
|
113,314 |
| ||
EDP Finance BV, |
|
|
|
|
| |||
3.250%, due 03/16/152 |
|
EUR |
300,000 |
|
420,731 |
| ||
Generali Finance BV, |
|
|
|
|
| |||
4.750%, due 05/12/14 |
|
100,000 |
|
138,381 |
| |||
Heineken NV, |
|
|
|
|
| |||
2.125%, due 08/04/202 |
|
545,000 |
|
761,918 |
| |||
Koninklijke KPN NV, |
|
|
|
|
| |||
6.500%, due 01/15/16 |
|
550,000 |
|
831,129 |
| |||
LYB International Finance BV, |
|
|
|
|
| |||
5.250%, due 07/15/43 |
|
$ |
255,000 |
|
268,533 |
| ||
Nomura Europe Finance NV, |
|
|
|
|
| |||
1.875%, due 05/29/182 |
|
EUR |
500,000 |
|
687,916 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Petrobras Global Finance BV, |
|
|
|
|
| |||
3.250%, due 04/01/192 |
|
EUR |
250,000 |
|
$ |
345,273 |
| |
4.375%, due 05/20/23 |
|
$ |
185,000 |
|
169,632 |
| ||
5.625%, due 05/20/43 |
|
90,000 |
|
76,180 |
| |||
Repsol International Finance BV, |
|
|
|
|
| |||
4.250%, due 02/12/162 |
|
EUR |
400,000 |
|
583,669 |
| ||
4.750%, due 02/16/17 |
|
350,000 |
|
530,289 |
| |||
Royal Bank of Scotland NV, |
|
|
|
|
| |||
0.935%, due 03/09/153 |
|
$ |
400,000 |
|
395,700 |
| ||
Siemens Financieringsmaatschappij NV, |
|
|
|
|
| |||
6.125%, due 09/14/663 |
|
GBP |
260,000 |
|
467,789 |
| ||
SPP Infrastructure Financing BV, |
|
|
|
|
| |||
3.750%, due 07/18/202 |
|
EUR |
205,000 |
|
292,952 |
| ||
TenneT Holding BV, |
|
|
|
|
| |||
6.655%, due 06/01/173,4 |
|
250,000 |
|
381,575 |
| |||
Volkswagen International Finance NV, |
|
|
|
|
| |||
2.125%, due 01/19/152 |
|
470,000 |
|
655,822 |
| |||
Total Netherlands corporate bonds |
|
|
|
13,729,139 |
| |||
|
|
|
|
|
| |||
Norway0.36% |
|
|
|
|
| |||
DNB Bank ASA, |
|
|
|
|
| |||
3.200%, due 04/03/171 |
|
$ |
450,000 |
|
472,646 |
| ||
Statoil ASA, |
|
|
|
|
| |||
3.125%, due 08/17/17 |
|
370,000 |
|
390,210 |
| |||
4.800%, due 11/08/43 |
|
295,000 |
|
315,120 |
| |||
Total Norway corporate bonds |
|
|
|
1,177,976 |
| |||
|
|
|
|
|
| |||
Portugal0.13% |
|
|
|
|
| |||
Caixa Geral de Depositos SA, |
|
|
|
|
| |||
3.750%, due 01/18/18 |
|
EUR |
300,000 |
|
441,126 |
| ||
|
|
|
|
|
| |||
Qatar0.11% |
|
|
|
|
| |||
Qtel International Finance Ltd., |
|
|
|
|
| |||
3.875%, due 01/31/281 |
|
$ |
400,000 |
|
363,000 |
| ||
|
|
|
|
|
| |||
South Korea0.10% |
|
|
|
|
| |||
GS Caltex Corp., |
|
|
|
|
| |||
5.500%, due 04/24/172 |
|
300,000 |
|
327,075 |
| |||
|
|
|
|
|
| |||
Spain1.05% |
|
|
|
|
| |||
Banco de Sabadell SA, |
|
|
|
|
| |||
3.375%, due 01/23/18 |
|
EUR |
200,000 |
|
293,640 |
| ||
BBVA Senior Finance SAU, |
|
|
|
|
| |||
3.250%, due 03/21/16 |
|
100,000 |
|
143,456 |
| |||
BBVA US Senior SAU, |
|
|
|
|
| |||
4.664%, due 10/09/15 |
|
$ |
460,000 |
|
483,092 |
| ||
Santander International Debt SAU, |
|
|
|
|
| |||
4.625%, due 03/21/162 |
|
EUR |
1,000,000 |
|
1,469,264 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| |||
4.710%, due 01/20/202 |
|
700,000 |
|
1,097,060 |
| |||
Total Spain corporate bonds |
|
|
|
3,486,512 |
| |||
|
|
|
|
|
| |||
Sweden0.62% |
|
|
|
|
| |||
Svenska Handelsbanken AB, |
|
|
|
|
| |||
5.125%, due 03/30/201 |
|
$ |
700,000 |
|
787,682 |
| ||
Swedbank Hypotek AB, |
|
|
|
|
| |||
2.375%, due 04/05/171 |
|
890,000 |
|
918,133 |
| |||
Vattenfall AB, |
|
|
|
|
| |||
6.750%, due 01/31/19 |
|
EUR |
200,000 |
|
341,974 |
| ||
Total Sweden corporate bonds |
|
|
|
2,047,789 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Turkey0.06% |
|
|
|
|
| |||
Coca-Cola Icecek AS, |
|
|
|
|
| |||
4.750%, due 10/01/181 |
|
$ |
200,000 |
|
$ |
206,500 |
| |
|
|
|
|
|
| |||
United Kingdom6.76% |
|
|
|
|
| |||
Abbey National Treasury Services PLC, |
|
|
|
|
| |||
1.750%, due 01/15/182 |
|
EUR |
540,000 |
|
753,473 |
| ||
4.000%, due 03/13/24 |
|
$ |
470,000 |
|
474,050 |
| ||
Anglian Water Services Financing PLC, |
|
|
|
|
| |||
4.500%, due 02/22/262 |
|
GBP |
200,000 |
|
322,354 |
| ||
Arqiva Financing PLC, |
|
|
|
|
| |||
4.040%, due 06/30/202 |
|
525,000 |
|
883,667 |
| |||
4.882%, due 12/31/322 |
|
250,000 |
|
422,624 |
| |||
Aviva PLC, |
|
|
|
|
| |||
4.729%, due 11/28/143,4 |
|
EUR |
445,000 |
|
616,963 |
| ||
Barclays Bank PLC, |
|
|
|
|
| |||
2.250%, due 05/10/171 |
|
$ |
660,000 |
|
678,658 |
| ||
5.750%, due 08/17/212 |
|
GBP |
255,000 |
|
488,448 |
| ||
6.625%, due 03/30/222 |
|
EUR |
250,000 |
|
418,517 |
| ||
BG Energy Capital PLC, |
|
|
|
|
| |||
5.125%, due 12/07/172 |
|
GBP |
220,000 |
|
405,350 |
| ||
BP Capital Markets PLC, |
|
|
|
|
| |||
1.375%, due 05/10/18 |
|
$ |
410,000 |
|
401,357 |
| ||
2.750%, due 05/10/23 |
|
210,000 |
|
196,957 |
| |||
British Telecommunications PLC, |
|
|
|
|
| |||
8.500%, due 12/07/162 |
|
GBP |
350,000 |
|
682,349 |
| ||
BUPA Finance PLC, |
|
|
|
|
| |||
6.125%, due 09/16/203,4 |
|
250,000 |
|
435,585 |
| |||
Centrica PLC, |
|
|
|
|
| |||
5.375%, due 10/16/431 |
|
$ |
200,000 |
|
205,750 |
| ||
Diageo Capital PLC, |
|
|
|
|
| |||
3.875%, due 04/29/43 |
|
285,000 |
|
260,318 |
| |||
EE Finance PLC, |
|
|
|
|
| |||
4.375%, due 03/28/192 |
|
GBP |
345,000 |
|
599,707 |
| ||
GlaxoSmithKline Capital PLC, |
|
|
|
|
| |||
1.500%, due 05/08/17 |
|
$ |
330,000 |
|
331,907 |
| ||
1.500%, due 05/08/17 |
|
140,000 |
|
140,809 |
| |||
HSBC Holdings PLC, |
|
|
|
|
| |||
5.100%, due 04/05/21 |
|
855,000 |
|
955,979 |
| |||
6.500%, due 09/15/37 |
|
1,125,000 |
|
1,331,037 |
| |||
Imperial Tobacco Finance PLC, |
|
|
|
|
| |||
2.050%, due 02/11/181 |
|
620,000 |
|
615,034 |
| |||
9.000%, due 02/17/222 |
|
GBP |
90,000 |
|
200,231 |
| ||
Liverpool Victoria Friendly Society Ltd., |
|
|
|
|
| |||
6.500%, due 05/22/432,3 |
|
535,000 |
|
853,296 |
| |||
Lloyds Bank PLC, |
|
|
|
|
| |||
1.080%, due 07/11/163 |
|
EUR |
260,000 |
|
354,607 |
| ||
7.500%, due 04/15/24 |
|
GBP |
340,000 |
|
727,584 |
| ||
11.875%, due 12/16/212,3 |
|
EUR |
245,000 |
|
423,593 |
| ||
Lloyds Banking Group PLC, |
|
|
|
|
| |||
5.875%, due 07/08/14 |
|
230,000 |
|
320,835 |
| |||
National Express Group PLC, |
|
|
|
|
| |||
6.250%, due 01/13/17 |
|
GBP |
200,000 |
|
366,796 |
| ||
National Grid Electricity Transmission PLC, |
|
|
|
|
| |||
4.000%, due 06/08/272 |
|
330,000 |
|
536,279 |
| |||
Northern Gas Networks Finance PLC, |
|
|
|
|
| |||
5.875%, due 07/08/19 |
|
225,000 |
|
426,976 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
United Kingdom(concluded) |
|
|
|
|
| |||
Royal Bank of Scotland PLC, |
|
|
|
|
| |||
5.375%, due 09/30/192 |
|
EUR |
215,000 |
|
$ |
345,174 |
| |
6.934%, due 04/09/18 |
|
260,000 |
|
408,545 |
| |||
Scottish & Southern Energy PLC, |
|
|
|
|
| |||
5.453%, due 10/01/153,4 |
|
GBP |
172,000 |
|
295,567 |
| ||
Sinopec Capital 2013 Ltd., |
|
|
|
|
| |||
3.125%, due 04/24/231 |
|
$ |
930,000 |
|
843,733 |
| ||
SSE PLC, |
|
|
|
|
| |||
2.000%, due 06/17/20 |
|
EUR |
250,000 |
|
348,278 |
| ||
Standard Chartered PLC, |
|
|
|
|
| |||
4.000%, due 07/12/222,3 |
|
$ |
950,000 |
|
968,297 |
| ||
Tesco Property Finance 4 PLC, |
|
|
|
|
| |||
5.801%, due 10/13/402 |
|
GBP |
247,950 |
|
441,821 |
| ||
Thames Water Utilities Finance Ltd., |
|
|
|
|
| |||
5.125%, due 09/28/37 |
|
400,000 |
|
699,393 |
| |||
Wales & West Utilities Finance PLC, |
|
|
|
|
| |||
5.125%, due 12/02/162 |
|
650,000 |
|
1,176,280 |
| |||
Western Power Distribution West Midlands PLC, |
|
|
|
|
| |||
5.750%, due 04/16/322 |
|
200,000 |
|
377,050 |
| |||
WPP PLC, |
|
|
|
|
| |||
6.625%, due 05/12/162 |
|
EUR |
405,000 |
|
623,769 |
| ||
Total United Kingdom corporate bonds |
|
|
|
22,358,997 |
| |||
|
|
|
|
|
| |||
United States21.18% |
|
|
|
|
| |||
21st Century Fox America, Inc., |
|
|
|
|
| |||
6.200%, due 12/15/34 |
|
$ |
685,000 |
|
798,376 |
| ||
ABB Finance USA, Inc., |
|
|
|
|
| |||
2.875%, due 05/08/22 |
|
415,000 |
|
403,576 |
| |||
AbbVie, Inc., |
|
|
|
|
| |||
2.900%, due 11/06/22 |
|
510,000 |
|
490,968 |
| |||
4.400%, due 11/06/42 |
|
305,000 |
|
298,378 |
| |||
Aetna, Inc., |
|
|
|
|
| |||
2.200%, due 03/15/19 |
|
125,000 |
|
123,945 |
| |||
4.750%, due 03/15/44 |
|
85,000 |
|
86,269 |
| |||
Alltel Corp., |
|
|
|
|
| |||
7.875%, due 07/01/32 |
|
415,000 |
|
559,317 |
| |||
Altria Group, Inc., |
|
|
|
|
| |||
4.250%, due 08/09/42 |
|
1,170,000 |
|
1,036,732 |
| |||
American Express Credit Corp., |
|
|
|
|
| |||
1.300%, due 07/29/16 |
|
275,000 |
|
277,141 |
| |||
American International Group, Inc., |
|
|
|
|
| |||
3.375%, due 08/15/20 |
|
545,000 |
|
556,386 |
| |||
American Tower Corp., |
|
|
|
|
| |||
3.400%, due 02/15/19 |
|
160,000 |
|
163,958 |
| |||
Anadarko Petroleum Corp., |
|
|
|
|
| |||
6.375%, due 09/15/17 |
|
975,000 |
|
1,116,195 |
| |||
Apache Corp., |
|
|
|
|
| |||
4.750%, due 04/15/43 |
|
705,000 |
|
708,721 |
| |||
AT&T, Inc., |
|
|
|
|
| |||
2.500%, due 03/15/23 |
|
EUR |
310,000 |
|
430,786 |
| ||
5.550%, due 08/15/41 |
|
$ |
540,000 |
|
566,898 |
| ||
Bank of America Corp., |
|
|
|
|
| |||
1.875%, due 01/10/19 |
|
EUR |
1,375,000 |
|
1,915,621 |
| ||
5.875%, due 02/07/42 |
|
$ |
285,000 |
|
329,540 |
| ||
Bank of New York Mellon Corp., |
|
|
|
|
| |||
1.350%, due 03/06/18 |
|
1,065,000 |
|
1,046,852 |
| |||
Baxter International, Inc., |
|
|
|
|
| |||
3.200%, due 06/15/23 |
|
655,000 |
|
638,910 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
BB&T Corp., |
|
|
|
|
| |||
1.600%, due 08/15/17 |
|
$ |
280,000 |
|
$ |
280,813 |
| |
Berkshire Hathaway Finance Corp., |
|
|
|
|
| |||
1.300%, due 05/15/18 |
|
245,000 |
|
240,877 |
| |||
Boston Scientific Corp., |
|
|
|
|
| |||
6.000%, due 01/15/20 |
|
510,000 |
|
585,357 |
| |||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| |||
3.450%, due 09/15/21 |
|
715,000 |
|
724,383 |
| |||
Capital One Financial Corp., |
|
|
|
|
| |||
1.000%, due 11/06/15 |
|
795,000 |
|
796,126 |
| |||
CF Industries, Inc., |
|
|
|
|
| |||
5.150%, due 03/15/34 |
|
385,000 |
|
395,858 |
| |||
Chevron Corp., |
|
|
|
|
| |||
2.355%, due 12/05/22 |
|
225,000 |
|
211,442 |
| |||
2.427%, due 06/24/20 |
|
215,000 |
|
213,464 |
| |||
Cisco Systems, Inc., |
|
|
|
|
| |||
2.900%, due 03/04/21 |
|
135,000 |
|
134,928 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.977%, due 05/31/173 |
|
EUR |
565,000 |
|
761,093 |
| ||
4.050%, due 07/30/22 |
|
$ |
410,000 |
|
411,583 |
| ||
5.500%, due 02/15/17 |
|
425,000 |
|
469,124 |
| |||
6.000%, due 08/15/17 |
|
1,230,000 |
|
1,394,158 |
| |||
Coca-Cola Co., |
|
|
|
|
| |||
1.800%, due 09/01/16 |
|
525,000 |
|
537,510 |
| |||
Comcast Corp., |
|
|
|
|
| |||
4.750%, due 03/01/44 |
|
135,000 |
|
137,029 |
| |||
ConocoPhillips, |
|
|
|
|
| |||
4.600%, due 01/15/15 |
|
525,000 |
|
541,972 |
| |||
DIRECTV Holdings LLC, |
|
|
|
|
| |||
5.000%, due 03/01/21 |
|
840,000 |
|
903,145 |
| |||
Duke Energy Corp., |
|
|
|
|
| |||
3.050%, due 08/15/22 |
|
510,000 |
|
496,198 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
540,000 |
|
585,113 |
| |||
Enterprise Products Operating LLC, |
|
|
|
|
| |||
4.850%, due 03/15/44 |
|
410,000 |
|
408,957 |
| |||
5.200%, due 09/01/20 |
|
285,000 |
|
318,118 |
| |||
ERAC USA Finance LLC, |
|
|
|
|
| |||
5.625%, due 03/15/421 |
|
400,000 |
|
437,026 |
| |||
Exxon Mobil Corp., |
|
|
|
|
| |||
0.921%, due 03/15/17 |
|
70,000 |
|
69,984 |
| |||
1.819%, due 03/15/19 |
|
400,000 |
|
397,136 |
| |||
Five Corners Funding Trust, |
|
|
|
|
| |||
4.419%, due 11/15/231 |
|
490,000 |
|
502,131 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
3.000%, due 06/12/17 |
|
1,170,000 |
|
1,215,231 |
| |||
Freeport-McMoRan Copper & Gold, Inc., |
|
|
|
|
| |||
3.100%, due 03/15/20 |
|
350,000 |
|
340,487 |
| |||
3.875%, due 03/15/23 |
|
715,000 |
|
683,664 |
| |||
General Electric Capital Corp., |
|
|
|
|
| |||
1.000%, due 12/11/15 |
|
765,000 |
|
770,390 |
| |||
4.375%, due 09/16/20 |
|
525,000 |
|
570,218 |
| |||
6.750%, due 03/15/32 |
|
1,200,000 |
|
1,542,879 |
| |||
General Electric Co., |
|
|
|
|
| |||
4.125%, due 10/09/42 |
|
245,000 |
|
235,419 |
| |||
Georgia Power Co., |
|
|
|
|
| |||
0.750%, due 08/10/15 |
|
375,000 |
|
375,705 |
| |||
5.400%, due 06/01/40 |
|
380,000 |
|
423,096 |
| |||
Gilead Sciences, Inc., |
|
|
|
|
| |||
2.050%, due 04/01/19 |
|
300,000 |
|
297,295 |
| |||
4.800%, due 04/01/44 |
|
320,000 |
|
329,409 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Glencore Funding LLC, |
|
|
|
|
| |||
2.500%, due 01/15/191 |
|
$ |
425,000 |
|
$ |
410,396 |
| |
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
3.250%, due 02/01/232 |
|
EUR |
640,000 |
|
919,697 |
| ||
4.375%, due 03/16/172 |
|
900,000 |
|
1,350,513 |
| |||
Hartford Financial Services Group, Inc., |
|
|
|
|
| |||
4.300%, due 04/15/43 |
|
$ |
265,000 |
|
247,261 |
| ||
Hewlett-Packard Co., |
|
|
|
|
| |||
2.625%, due 12/09/14 |
|
1,045,000 |
|
1,059,044 |
| |||
International Business Machines Corp., |
|
|
|
|
| |||
3.375%, due 08/01/23 |
|
525,000 |
|
525,009 |
| |||
JPMorgan Chase & Co., |
|
|
|
|
| |||
1.800%, due 01/25/18 |
|
475,000 |
|
473,901 |
| |||
3.200%, due 01/25/23 |
|
2,460,000 |
|
2,385,388 |
| |||
Juniper Networks, Inc., |
|
|
|
|
| |||
4.500%, due 03/15/24 |
|
330,000 |
|
334,097 |
| |||
Kellogg Co., |
|
|
|
|
| |||
1.875%, due 11/17/16 |
|
385,000 |
|
392,589 |
| |||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| |||
3.500%, due 03/01/21 |
|
95,000 |
|
94,625 |
| |||
5.000%, due 03/01/43 |
|
565,000 |
|
537,952 |
| |||
Kraft Foods Group, Inc., |
|
|
|
|
| |||
5.000%, due 06/04/42 |
|
415,000 |
|
434,569 |
| |||
Laboratory Corp. of America Holdings, |
|
|
|
|
| |||
2.500%, due 11/01/18 |
|
220,000 |
|
219,228 |
| |||
Liberty Mutual Group, Inc., |
|
|
|
|
| |||
4.250%, due 06/15/231 |
|
530,000 |
|
537,868 |
| |||
Lincoln National Corp., |
|
|
|
|
| |||
4.200%, due 03/15/22 |
|
680,000 |
|
712,563 |
| |||
Lorillard Tobacco Co., |
|
|
|
|
| |||
6.875%, due 05/01/20 |
|
110,000 |
|
128,644 |
| |||
McKesson Corp., |
|
|
|
|
| |||
4.883%, due 03/15/44 |
|
135,000 |
|
136,836 |
| |||
Medtronic, Inc., |
|
|
|
|
| |||
4.625%, due 03/15/44 |
|
130,000 |
|
133,574 |
| |||
Merck & Co., Inc., |
|
|
|
|
| |||
6.550%, due 09/15/37 |
|
305,000 |
|
395,734 |
| |||
MetLife, Inc., |
|
|
|
|
| |||
4.875%, due 11/13/43 |
|
580,000 |
|
602,171 |
| |||
Metropolitan Life Global Funding I, |
|
|
|
|
| |||
2.375%, due 09/30/192 |
|
EUR |
630,000 |
|
901,300 |
| ||
Microsoft Corp., |
|
|
|
|
| |||
2.625%, due 05/02/33 |
|
400,000 |
|
529,110 |
| |||
3.500%, due 11/15/42 |
|
$ |
395,000 |
|
341,724 |
| ||
Mondelez International, Inc., |
|
|
|
|
| |||
2.375%, due 01/26/21 |
|
EUR |
730,000 |
|
1,014,823 |
| ||
5.375%, due 02/10/20 |
|
$ |
414,000 |
|
468,028 |
| ||
Monongahela Power Co., |
|
|
|
|
| |||
5.400%, due 12/15/431 |
|
220,000 |
|
241,272 |
| |||
Morgan Stanley, |
|
|
|
|
| |||
2.125%, due 04/25/18 |
|
1,155,000 |
|
1,152,469 |
| |||
2.375%, due 03/31/21 |
|
EUR |
280,000 |
|
385,796 |
| ||
2.500%, due 01/24/19 |
|
$ |
475,000 |
|
473,677 |
| ||
6.375%, due 07/24/42 |
|
220,000 |
|
268,372 |
| |||
Mosaic Co., |
|
|
|
|
| |||
5.450%, due 11/15/33 |
|
250,000 |
|
270,287 |
| |||
Motorola Solutions, Inc., |
|
|
|
|
| |||
6.000%, due 11/15/17 |
|
310,000 |
|
354,344 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Mylan, Inc., |
|
|
|
|
| |||
2.600%, due 06/24/18 |
|
$ |
130,000 |
|
$ |
130,976 |
| |
NBCUniversal Media LLC, |
|
|
|
|
| |||
4.375%, due 04/01/21 |
|
825,000 |
|
895,312 |
| |||
5.150%, due 04/30/20 |
|
620,000 |
|
700,437 |
| |||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| |||
7.000%, due 05/01/32 |
|
246,000 |
|
317,713 |
| |||
PacifiCorp, |
|
|
|
|
| |||
6.000%, due 01/15/39 |
|
475,000 |
|
587,623 |
| |||
Pemex Project Funding Master Trust, |
|
|
|
|
| |||
5.500%, due 02/24/252 |
|
EUR |
295,000 |
|
473,464 |
| ||
PepsiCo, Inc., |
|
|
|
|
| |||
1.250%, due 08/13/17 |
|
$ |
280,000 |
|
279,275 |
| ||
Philip Morris International, Inc., |
|
|
|
|
| |||
1.750%, due 03/19/20 |
|
EUR |
450,000 |
|
619,992 |
| ||
PNC Funding Corp., |
|
|
|
|
| |||
2.700%, due 09/19/16 |
|
$ |
375,000 |
|
389,763 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
| |||
4.700%, due 06/01/43 |
|
255,000 |
|
246,497 |
| |||
QVC, Inc., |
|
|
|
|
| |||
4.375%, due 03/15/23 |
|
250,000 |
|
246,367 |
| |||
Republic Services, Inc., |
|
|
|
|
| |||
5.250%, due 11/15/21 |
|
875,000 |
|
978,157 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
6.750%, due 06/15/17 |
|
610,000 |
|
703,281 |
| |||
SABMiller Holdings, Inc., |
|
|
|
|
| |||
1.875%, due 01/20/202 |
|
EUR |
500,000 |
|
694,185 |
| ||
Sempra Energy, |
|
|
|
|
| |||
6.000%, due 10/15/39 |
|
$ |
415,000 |
|
494,999 |
| ||
SLM Corp., |
|
|
|
|
| |||
6.250%, due 01/25/16 |
|
650,000 |
|
698,750 |
| |||
Southwestern Electric Power Co., |
|
|
|
|
| |||
6.200%, due 03/15/40 |
|
555,000 |
|
669,954 |
| |||
SunTrust Bank/Atlanta GA, |
|
|
|
|
| |||
1.350%, due 02/15/17 |
|
815,000 |
|
815,248 |
| |||
SunTrust Banks, Inc., |
|
|
|
|
| |||
2.350%, due 11/01/18 |
|
320,000 |
|
320,114 |
| |||
Swiss Re Treasury US Corp., |
|
|
|
|
| |||
4.250%, due 12/06/421 |
|
360,000 |
|
335,894 |
| |||
Thermo Fisher Scientific, Inc., |
|
|
|
|
| |||
4.150%, due 02/01/24 |
|
80,000 |
|
82,307 |
| |||
5.300%, due 02/01/44 |
|
80,000 |
|
86,213 |
| |||
Time Warner Cable, Inc., |
|
|
|
|
| |||
5.000%, due 02/01/20 |
|
990,000 |
|
1,081,181 |
| |||
Time Warner, Inc., |
|
|
|
|
| |||
5.350%, due 12/15/43 |
|
290,000 |
|
309,054 |
| |||
Transocean, Inc., |
|
|
|
|
| |||
6.800%, due 03/15/38 |
|
375,000 |
|
404,534 |
| |||
Travelers Cos., Inc., |
|
|
|
|
| |||
4.600%, due 08/01/43 |
|
100,000 |
|
102,338 |
| |||
Union Pacific Corp., |
|
|
|
|
| |||
4.750%, due 12/15/43 |
|
95,000 |
|
97,636 |
| |||
United Airlines Pass Through Trust, |
|
|
|
|
| |||
4.000%, due 04/11/26 |
|
310,000 |
|
311,163 |
| |||
US Bancorp, |
|
|
|
|
| |||
1.650%, due 05/15/17 |
|
515,000 |
|
521,284 |
| |||
Valero Energy Corp., |
|
|
|
|
| |||
6.625%, due 06/15/37 |
|
515,000 |
|
619,795 |
| |||
Verizon Communications, Inc., |
|
|
|
|
| |||
2.500%, due 09/15/16 |
|
790,000 |
|
818,021 |
| |||
2.550%, due 06/17/19 |
|
215,000 |
|
216,242 |
| |||
3.250%, due 02/17/26 |
|
EUR |
130,000 |
|
184,986 |
| ||
4.500%, due 09/15/20 |
|
$ |
410,000 |
|
445,278 |
| ||
4.750%, due 02/17/34 |
|
GBP |
100,000 |
|
167,019 |
| ||
6.550%, due 09/15/43 |
|
$ |
980,000 |
|
1,192,596 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
United States(concluded) |
|
|
|
|
| ||||
Viacom, Inc., |
|
|
|
|
| ||||
2.500%, due 09/01/18 |
|
$ |
95,000 |
|
$ |
96,065 |
| ||
Virginia Electric and Power Co., |
|
|
|
|
| ||||
Series A, 6.000%, due 05/15/37 |
|
265,000 |
|
324,090 |
| ||||
Wachovia Corp., |
|
|
|
|
| ||||
5.750%, due 02/01/18 |
|
1,330,000 |
|
1,522,831 |
| ||||
Waste Management, Inc., |
|
|
|
|
| ||||
6.125%, due 11/30/39 |
|
320,000 |
|
387,210 |
| ||||
WEA Finance LLC, |
|
|
|
|
| ||||
5.750%, due 09/02/151 |
|
350,000 |
|
373,279 |
| ||||
WellPoint, Inc., |
|
|
|
|
| ||||
5.100%, due 01/15/44 |
|
200,000 |
|
207,625 |
| ||||
Williams Partners LP, |
|
|
|
|
| ||||
4.300%, due 03/04/24 |
|
155,000 |
|
155,687 |
| ||||
WM Wrigley Jr Co., |
|
|
|
|
| ||||
2.000%, due 10/20/171 |
|
80,000 |
|
80,194 |
| ||||
Xcel Energy, Inc., |
|
|
|
|
| ||||
4.700%, due 05/15/20 |
|
240,000 |
|
264,591 |
| ||||
4.800%, due 09/15/41 |
|
230,000 |
|
236,541 |
| ||||
Yum! Brands, Inc., |
|
|
|
|
| ||||
5.350%, due 11/01/43 |
|
460,000 |
|
480,462 |
| ||||
Total United States corporate bonds |
|
|
|
70,084,971 |
| ||||
|
|
|
|
|
| ||||
Virgin Islands, British0.07% |
|
|
|
|
| ||||
CNPC General Capital Ltd., |
|
|
|
|
| ||||
3.400%, due 04/16/231 |
|
250,000 |
|
232,862 |
| ||||
Total corporate bonds (cost $149,904,253) |
|
|
|
155,173,381 |
| ||||
|
|
|
|
|
| ||||
Collateralized debt obligation0.00%5 |
|
|
|
|
| ||||
Cayman Islands0.00%5 |
|
|
|
|
| ||||
LNR CDO Ltd., |
|
|
|
|
| ||||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||||
7.592%, due 05/28/436 (cost $8,110,118) |
|
8,000,000 |
|
8,000 |
| ||||
|
|
|
|
|
| ||||
Mortgage & agency debt security0.01% |
|
|
|
|
| ||||
United States0.01% |
|
|
|
|
| ||||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||||
Series 2005-7, Class B11, |
|
|
|
|
| ||||
2.784%, due 04/25/353 (cost $95,489) |
|
779,769 |
|
44,053 |
| ||||
|
|
|
|
|
| ||||
Non-US government obligations6.13% |
|
|
|
|
| ||||
Australia5.63% |
|
|
|
|
| ||||
Government of Australia, |
|
|
|
|
| ||||
4.250%, due 07/21/17 |
|
AUD |
6,482,000 |
|
6,222,708 |
| |||
4.500%, due 04/15/20 |
|
6,376,000 |
|
6,195,748 |
| ||||
4.750%, due 06/15/16 |
|
6,440,000 |
|
6,214,639 |
| ||||
|
|
|
|
18,633,095 |
| ||||
Italy0.50% |
|
|
|
|
| ||||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||||
3.000%, due 04/01/14 |
|
EUR |
1,195,000 |
|
1,646,398 |
| |||
Total Non-US government obligations (cost $20,102,778) |
|
|
|
20,279,493 |
| ||||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Supranational bonds0.52% |
|
|
|
|
| ||
Asian Development Bank, |
|
|
|
|
| ||
1.000%, due 12/15/15 |
|
GBP |
250,000 |
|
$ |
418,221 |
|
European Investment Bank, |
|
|
|
|
| ||
3.000%, due 12/07/15 |
|
275,000 |
|
474,990 |
| ||
Inter-American Development Bank, |
|
|
|
|
| ||
0.625%, due 12/15/15 |
|
275,000 |
|
457,031 |
| ||
International Finance Corp., |
|
|
|
|
| ||
0.625%, due 12/15/15 |
|
225,000 |
|
374,025 |
| ||
Total supranational bonds (cost $1,619,951) |
|
|
|
1,724,267 |
| ||
Total bonds (cost $179,832,589) |
|
|
|
177,229,194 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Short-term investments32.34% |
|
|
|
|
| ||
Investment company11.97% |
|
|
|
|
| ||
UBS Cash Management Prime Relationship Fund7 (cost $39,599,990) |
|
39,599,990 |
|
39,599,990 |
| ||
|
|
|
|
|
| ||
US government obligations20.37% |
|
|
|
|
| ||
US Treasury Bills |
|
|
|
|
| ||
0.091%, due 05/29/148 |
|
33,800,000 |
|
33,798,398 |
| ||
0.082%, due 05/01/148 |
|
33,626,000 |
|
33,624,957 |
| ||
(cost $67,418,711) |
|
|
|
67,423,355 |
| ||
Total short - term investments (cost $107,018,701) |
|
|
|
107,023,345 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased0.89% |
|
|
|
|
| ||
Call options0.89% |
|
|
|
|
| ||
EURO STOXX 50 Index, strike @ EUR 3,200, expires June 2014 |
|
925 |
|
638,437 |
| ||
FTSE 100 Index, strike @ GBP 6,600, expires June 2014 |
|
178 |
|
356,103 |
| ||
Hong Kong Hang Seng Index, strike @ HKD 23,600, expires June 2014 |
|
118 |
|
82,911 |
| ||
NIKKEI 225 Index, strike @ JPY 15,000, expires June 2014 |
|
111 |
|
586,107 |
| ||
NIKKEI 225 Index, strike @ JPY 15,500, expires June 2014 |
|
212 |
|
718,888 |
| ||
S&P 500 Index, strike @ USD 1,850, expires June 2014 |
|
103 |
|
556,200 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Notional |
|
Value |
| |
Options purchased on credit default swaps on credit indices: 0.00%5,6 |
|
|
|
|
| |
Expiring 06/18/14. If exercised the payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.IG Series 22 Index and the Fund pays quarterly fixed rate of 1.000%. Underlying credit default swap terminating 06/20/19. European style. Counterparty: DB |
|
2,100,000 |
|
$ |
2,805 |
|
|
|
|
|
|
| |
Total options purchased (cost $3,653,125) |
|
|
|
2,941,451 |
| |
|
|
|
|
|
| |
Total investments86.78% (cost $290,504,415) |
|
|
|
287,193,990 |
| |
Cash and other assets, less liabilities13.22% |
|
|
|
43,744,481 |
| |
Net assets100.00% |
|
|
|
$ |
330,938,471 |
|
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 |
|
$ |
6,963,326 |
|
Gross unrealized depreciation |
|
(10,273,751 |
) | |
Net unrealized depreciation of investments |
|
$ |
(3,310,425 |
) |
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 |
| |||
CIBC |
|
CAD |
11,220,000 |
|
USD |
10,098,374 |
|
06/11/14 |
|
$ |
(33,788 |
) |
CIBC |
|
GBP |
16,390,000 |
|
USD |
27,312,788 |
|
06/11/14 |
|
2,732 |
| |
CSI |
|
AUD |
7,390,000 |
|
JPY |
674,859,973 |
|
06/11/14 |
|
(279,512 |
) | |
HSBC |
|
USD |
6,078,380 |
|
PLN |
18,635,000 |
|
06/11/14 |
|
56,772 |
| |
JPMCB |
|
USD |
2,189,713 |
|
JPY |
222,800,000 |
|
06/11/14 |
|
(30,303 |
) | |
JPMCB |
|
USD |
13,358,617 |
|
PHP |
598,800,000 |
|
06/11/14 |
|
(28,744 |
) | |
SSB |
|
AUD |
30,605,000 |
|
USD |
27,199,582 |
|
06/11/14 |
|
(1,046,281 |
) | |
SSB |
|
CHF |
20,755,000 |
|
USD |
23,478,507 |
|
06/11/14 |
|
(11,958 |
) | |
SSB |
|
EUR |
38,885,000 |
|
USD |
53,487,095 |
|
06/11/14 |
|
(76,862 |
) | |
SSB |
|
NZD |
40,530,000 |
|
USD |
33,720,960 |
|
06/11/14 |
|
(1,251,023 |
) | |
SSB |
|
USD |
6,286,950 |
|
MXN |
84,000,000 |
|
06/11/14 |
|
111,993 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(2,586,974 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 118 contracts (USD) |
|
June 2014 |
|
$ |
16,720,878 |
|
$ |
17,047,312 |
|
$ |
326,434 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 4 contracts (USD) |
|
June 2014 |
|
(579,995 |
) |
(577,875 |
) |
2,120 |
| |||
2 Year US Treasury Notes, 143 contracts (USD) |
|
June 2014 |
|
(31,446,035 |
) |
(31,397,438 |
) |
48,597 |
| |||
5 Year US Treasury Notes, 261 contracts (USD) |
|
June 2014 |
|
(31,240,356 |
) |
(31,046,765 |
) |
193,591 |
| |||
10 Year US Treasury Notes, 376 contracts (USD) |
|
June 2014 |
|
(46,784,866 |
) |
(46,436,000 |
) |
348,866 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini Industrial, 308 contracts (USD) |
|
June 2014 |
|
15,620,682 |
|
16,071,440 |
|
450,758 |
| |||
E-mini S&P 500 Index, 11 contracts (USD) |
|
June 2014 |
|
5,082,864 |
|
5,127,651 |
|
44,787 |
| |||
FTSE MIB Index, 46 contracts (EUR) |
|
June 2014 |
|
6,468,159 |
|
6,780,793 |
|
312,634 |
| |||
MSCI Taiwan Index, 165 contracts (USD) |
|
April 2014 |
|
5,008,542 |
|
5,152,950 |
|
144,408 |
| |||
S&P Toronto Stock Exchange 60 Index, 65 contracts (CAD) |
|
June 2014 |
|
9,632,706 |
|
9,619,177 |
|
(13,529 |
) | |||
TOPIX Index, 40 contracts (JPY) |
|
June 2014 |
|
4,741,374 |
|
4,662,113 |
|
(79,261 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini Consumer Staples, 378 contracts (USD) |
|
June 2014 |
|
(15,610,077 |
) |
(16,238,880 |
) |
(628,803 |
) | |||
Mini MSCI Emerging Markets Index, 99 contracts (USD) |
|
June 2014 |
|
(4,590,778 |
) |
(4,881,194 |
) |
(290,416 |
) | |||
SPI 200 Index, 74 contracts (AUD) |
|
June 2014 |
|
(9,165,944 |
) |
(9,252,716 |
) |
(86,772 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 3 Year Bond, 397 contracts (AUD) |
|
June 2014 |
|
39,974,819 |
|
39,909,073 |
|
(65,746 |
) | |||
Canadian Government 10 Year Bond, 12 contracts (CAD) |
|
June 2014 |
|
1,406,038 |
|
1,410,366 |
|
4,328 |
| |||
Euro-Bobl, 16 contracts (EUR) |
|
June 2014 |
|
2,762,172 |
|
2,763,455 |
|
1,283 |
| |||
Euro-Bund, 23 contracts (EUR) |
|
June 2014 |
|
4,526,954 |
|
4,543,132 |
|
16,178 |
| |||
Euro-OAT Futures, 135 contracts (EUR) |
|
June 2014 |
|
25,127,107 |
|
25,343,869 |
|
216,762 |
| |||
Long Gilt, 13 contracts (GBP) |
|
June 2014 |
|
2,359,068 |
|
2,373,838 |
|
14,770 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 75 contracts (EUR) |
|
June 2014 |
|
(14,762,143 |
) |
(14,814,559 |
) |
(52,416 |
) | |||
Japanese Government 10 Year Bond, 18 contracts (JPY) |
|
June 2014 |
|
(25,246,791 |
) |
(25,220,753 |
) |
26,038 |
| |||
Long Gilt, 9 contracts (GBP) |
|
June 2014 |
|
(1,632,582 |
) |
(1,643,427 |
) |
(10,845 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
923,766 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination date |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
DB |
|
EUR |
32,600,000 |
|
11/01/21 |
|
2.698% |
|
6 month EURIBOR |
|
$ |
|
|
$ |
(4,524,997 |
) |
$ |
(4,524,997 |
) |
GSI |
|
EUR |
31,200,000 |
|
06/21/21 |
|
6 month EURIBOR |
|
3.325 |
% |
|
|
6,851,329 |
|
6,851,329 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
2,326,332 |
|
$ |
2,326,332 |
|
Credit default swaps on corporate issuesbuy protection10
Counterparty |
|
Referenced obligation11 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
Next PLC bond, |
|
EUR |
|
300,000 |
|
03/20/18 |
|
1.000 |
% |
$ |
(2,573 |
) |
$ |
(9,793 |
) |
$ |
(12,366 |
) |
CSFB |
|
Pfizer, Inc. bond, |
|
USD |
|
1,460,000 |
|
03/20/19 |
|
1.000 |
|
57,526 |
|
(54,134 |
) |
3,392 |
| |||
GSI |
|
Gas Natural Capital Markets SA bond, |
|
EUR |
|
605,000 |
|
09/20/18 |
|
1.000 |
|
(35,000 |
) |
(9,369 |
) |
(44,369 |
) | |||
GSI |
|
Iberdrola Finanzas SAU bond, |
|
EUR |
|
605,000 |
|
09/20/18 |
|
1.000 |
|
(35,000 |
) |
(8,093 |
) |
(43,093 |
) | |||
GSI |
|
Solvay SA bond, |
|
EUR |
|
590,000 |
|
09/20/18 |
|
1.000 |
|
(7,053 |
) |
(10,958 |
) |
(18,011 |
) | |||
JPMCB |
|
Bayer AG bond, |
|
EUR |
|
585,000 |
|
03/20/18 |
|
1.000 |
|
9,740 |
|
(22,203 |
) |
(12,463 |
) | |||
JPMCB |
|
Holcim Ltd bond, |
|
EUR |
|
610,000 |
|
06/20/18 |
|
1.000 |
|
(12,969 |
) |
(3,866 |
) |
(16,835 |
) | |||
JPMCB |
|
HSBC Bank PLC bond, |
|
EUR |
|
300,000 |
|
09/20/18 |
|
1.000 |
|
338 |
|
(7,565 |
) |
(7,227 |
) | |||
JPMCB |
|
Enel SpA bond, |
|
EUR |
|
620,000 |
|
03/20/19 |
|
1.000 |
|
(9,034 |
) |
(5,775 |
) |
(14,809) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(34,025 |
) |
$ |
(131,756 |
) |
$ |
(165,781 |
) |
Credit default swaps on corporate issuessell protection12
Counterparty |
|
Referenced obligation11 |
|
Notional |
|
Termination |
|
Payments received by the Fund9 |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit spread13 |
| ||||
CITI |
|
Glencore International AG bond, |
|
EUR |
355,000 |
|
06/20/19 |
|
1.000 |
% |
$ |
23,344 |
|
$ |
(19,229 |
) |
$ |
4,115 |
|
1.800 |
% |
JPMCB |
|
Standard Chartered Bank PLC bond, |
|
EUR |
300,000 |
|
09/20/18 |
|
1.000 |
|
7,946 |
|
(1,231 |
) |
6,715 |
|
1.080 |
| |||
JPMCB |
|
Barrick Gold Corp. bond, |
|
USD |
415,000 |
|
12/20/18 |
|
1.000 |
|
14,405 |
|
(10,449 |
) |
3,956 |
|
1.570 |
| |||
JPMCB |
|
Lanxess AG bond, |
|
EUR |
595,000 |
|
06/20/19 |
|
1.000 |
|
9,097 |
|
(11,987 |
) |
(2,890 |
) |
1.300 |
| |||
|
|
|
|
|
|
|
|
|
|
|
$ |
54,792 |
|
$ |
(42,896 |
) |
$ |
11,896 |
|
|
|
Centrally cleared credit default swap on credit indicesbuy protection10
Referenced index11 |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
| |||
CDX.NA.IG.Series 20 Index |
|
USD |
63,200,000 |
|
06/20/18 |
|
1.000 |
% |
$ |
(1,262,856 |
) |
$ |
(1,066,110 |
) |
iTraxx Europe Series 20 |
|
EUR |
5,860,000 |
|
12/20/18 |
|
1.000 |
|
(123,076 |
) |
(59,488 |
) | ||
|
|
|
|
|
|
|
|
|
$ |
(1,385,932 |
) |
$ |
(1,125,598 |
) |
Centrally cleared credit default swap on credit indicessell protection12
Referenced index11 |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
|
Credit spread13 |
| ||||
CDX.NA.HY.Series 20 Index |
|
USD |
|
61,700,000 |
|
06/20/18 |
|
5.000 |
% |
$ |
5,515,466 |
|
$ |
1,833,518 |
|
2.730 |
% |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
Written options activity for the period ended March 31, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
|
|
$ |
|
|
Options written |
|
1,065 |
|
1,496,905 |
| |
Options terminated in closing purchase transactions |
|
(1,065 |
) |
(1,496,905 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2014 |
|
|
|
$ |
|
|
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
155,173,381 |
|
$ |
|
|
$ |
155,173,381 |
|
Collateralized debt obligation |
|
|
|
|
|
8,000 |
|
8,000 |
| ||||
Mortgage & agency debt security |
|
|
|
44,053 |
|
|
|
44,053 |
| ||||
Non-US government obligations |
|
|
|
20,279,493 |
|
|
|
20,279,493 |
| ||||
Supranational bonds |
|
|
|
1,724,267 |
|
|
|
1,724,267 |
| ||||
Short-term investments |
|
|
|
107,023,345 |
|
|
|
107,023,345 |
| ||||
Options purchased |
|
2,938,646 |
|
2,805 |
|
|
|
2,941,451 |
| ||||
Forward foreign currency contracts |
|
|
|
171,497 |
|
|
|
171,497 |
| ||||
Futures contracts |
|
2,151,554 |
|
|
|
|
|
2,151,554 |
| ||||
Swap agreements |
|
|
|
12,366,795 |
|
|
|
12,366,795 |
| ||||
Total |
|
$ |
5,090,200 |
|
$ |
296,785,636 |
|
$ |
8,000 |
|
$ |
301,883,836 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(2,758,471 |
) |
$ |
|
|
$ |
(2,758,471 |
) |
Futures contracts |
|
(1,227,788 |
) |
|
|
|
|
(1,227,788 |
) | ||||
Swap agreements |
|
|
|
(6,085,581 |
) |
|
|
(6,085,581 |
) | ||||
Total |
|
$ |
(1,227,788 |
) |
$ |
(8,844,052 |
) |
$ |
|
|
$ |
(10,071,840 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
|
|
Collateralized |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
8,000 |
|
$ |
8,000 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
(2,833 |
) |
(2,833 |
) | ||
Total realized gain |
|
|
|
|
| ||
Change in net unrealized appreciation/depreciation |
|
2,833 |
|
2,833 |
| ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
8,000 |
|
$ |
8,000 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2014 was $2,833.
Portfolio footnotes
1 |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of these securities amounted to $14,648,302 or 4.43% of net assets. |
2 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of these securities amounted to $38,795,150 or 11.72% of net assets. |
3 |
Variable or floating rate security The interest rate shown is the current rate as of March 31, 2014 and changes periodically. |
4 |
Perpetual bond security. The maturity date reflects the next call date. |
5 |
Amount represents less than 0.005%. |
6 |
Illiquid investment as of March 31, 2014. |
7 |
The table below details the Funds investment in a fund advised by the same advisor as the Funds. The advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
nine months |
|
nine months |
|
|
|
nine months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
124,331,234 |
|
$ |
151,068,402 |
|
$ |
235,799,646 |
|
$ |
39,599,990 |
|
$ |
11,405 |
|
UBS Private Money Market Fund LLCa |
|
851,700 |
|
9,971,450 |
|
10,823,150 |
|
|
|
58 |
| |||||
|
|
$ |
125,182,934 |
|
$ |
161,039,852 |
|
$ |
246,622,796 |
|
$ |
39,599,990 |
|
$ |
11,463 |
|
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. |
|
|
8 |
Interest rate is the discount rate at the date of purchase. |
9 |
Payments made or received are based on the notional amount. |
10 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
11 |
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
12 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement 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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
13 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of March 31, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
0.38 |
% |
Air freight & logistics |
|
0.01 |
|
Airlines |
|
0.68 |
|
Auto components |
|
0.04 |
|
Automobiles |
|
1.44 |
|
Banks |
|
3.70 |
|
Beverages |
|
0.59 |
|
Biotechnology |
|
0.87 |
|
Building products |
|
0.33 |
|
Capital markets |
|
0.81 |
|
Chemicals |
|
1.31 |
|
Commercial services & supplies |
|
0.12 |
|
Communications equipment |
|
0.12 |
|
Construction & engineering |
|
0.06 |
|
Construction materials |
|
0.49 |
|
Consumer finance |
|
0.27 |
|
Diversified financial services |
|
1.01 |
|
Diversified telecommunication services |
|
0.39 |
|
Electric utilities |
|
0.28 |
|
Electrical equipment |
|
0.44 |
|
Electronic equipment, instruments & components |
|
0.47 |
|
Energy equipment & services |
|
1.05 |
|
Food & staples retailing |
|
0.73 |
|
Food products |
|
1.56 |
|
Health care equipment & supplies |
|
0.18 |
|
Health care providers & services |
|
0.36 |
|
Hotels, restaurants & leisure |
|
0.54 |
|
Household durables |
|
0.41 |
|
Industrial conglomerates |
|
0.88 |
|
Insurance |
|
2.91 |
|
Internet & catalog retail |
|
0.58 |
|
Internet software & services |
|
0.70 |
|
IT services |
|
0.43 |
|
Leisure products |
|
0.23 |
|
Life sciences tools & services |
|
0.07 |
|
Machinery |
|
0.68 |
|
Marine |
|
0.32 |
|
Media |
|
1.46 |
|
Metals & mining |
|
1.25 |
|
Multiline retail |
|
0.24 |
|
Multi-utilities |
|
0.25 |
|
Oil, gas & consumable fuels |
|
2.17 |
|
Paper & forest products |
|
0.14 |
|
Personal products |
|
0.48 |
|
Pharmaceuticals |
|
3.46 |
|
Real estate investment trust (REIT) |
|
0.65 |
|
Real estate management & development |
|
0.31 |
|
Road & rail |
|
0.51 |
|
Semiconductors & semiconductor equipment |
|
1.52 |
|
Software |
|
1.51 |
|
Specialty retail |
|
0.33 |
|
Technology hardware, storage & peripherals |
|
0.88 |
|
Textiles, apparel & luxury goods |
|
0.65 |
|
Tobacco |
|
0.76 |
|
Trading companies & distributors |
|
0.62 |
|
Wireless telecommunication services |
|
0.91 |
|
Total common stocks |
|
43.54 |
% |
Bonds |
|
|
|
Mortgage & agency debt securities |
|
0.13 |
% |
US government obligations |
|
3.31 |
|
Non-US government obligations |
|
7.16 |
|
Total bonds |
|
10.60 |
% |
Investment companies |
|
|
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
2.32 |
|
UBS Emerging Markets Equity Relationship Fund |
|
7.32 |
|
UBS Global Corporate Bond Relationship Fund |
|
2.30 |
|
UBS High Yield Relationship Fund |
|
7.23 |
|
Total investment companies |
|
19.17 |
% |
Warrant |
|
0.03 |
|
Short-term investment |
|
23.68 |
|
Investment of cash collateral from securities loaned |
|
4.02 |
|
Total investments |
|
101.04 |
% |
Liabilities, in excess of cash and other assets |
|
(1.04 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Global Allocation Fund. Figures might be different if a breakdown of the underlying investment companies was included.
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks43.54% |
|
|
|
|
| |
Australia0.21% |
|
|
|
|
| |
Westfield Group |
|
138,613 |
|
$ |
1,317,634 |
|
|
|
|
|
|
| |
Brazil0.14% |
|
|
|
|
| |
AMBEV SA ADR |
|
10,000 |
|
74,100 |
| |
BRF SA |
|
7,700 |
|
153,729 |
| |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR |
|
4,000 |
|
175,040 |
| |
Cielo SA |
|
12,700 |
|
404,732 |
| |
Cosan Ltd., Class A |
|
4,000 |
|
45,600 |
| |
Total Brazil common stocks |
|
|
|
853,201 |
| |
|
|
|
|
|
| |
Canada1.46% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
86,000 |
|
1,804,016 |
| |
Canadian Pacific Railway Ltd.1 |
|
3,300 |
|
496,419 |
| |
Lightstream Resources Ltd.1 |
|
103,675 |
|
527,050 |
| |
Petrobank Energy & Resources Ltd.* |
|
85,000 |
|
29,218 |
| |
Royal Bank of Canada |
|
45,700 |
|
3,013,182 |
| |
Suncor Energy, Inc. |
|
66,600 |
|
2,326,030 |
| |
Teck Resources Ltd., Class B |
|
43,000 |
|
928,069 |
| |
Total Canada common stocks |
|
|
|
9,123,984 |
| |
|
|
|
|
|
| |
China1.41% |
|
|
|
|
| |
AIA Group Ltd. |
|
579,517 |
|
2,749,465 |
| |
Airtac International Group |
|
4,000 |
|
41,442 |
| |
Angang Steel Co., Ltd., H Shares* |
|
80,000 |
|
49,301 |
| |
Baidu, Inc. ADR* |
|
3,620 |
|
551,616 |
| |
Brilliance China Automotive Holdings Ltd. |
|
324,000 |
|
495,409 |
| |
China Railway Group Ltd., H Shares |
|
303,000 |
|
141,021 |
| |
China Shenhua Energy Co., Ltd., H Shares |
|
35,000 |
|
101,076 |
| |
CIMC Enric Holdings Ltd. |
|
124,000 |
|
174,893 |
| |
Coolpad Group Ltd. |
|
44,000 |
|
21,613 |
| |
Ctrip.com International Ltd. ADR*1 |
|
4,840 |
|
244,033 |
| |
Industrial & Commercial Bank of China Ltd., H Shares |
|
116,000 |
|
71,336 |
| |
Jardine Matheson Holdings Ltd. |
|
34,400 |
|
2,169,952 |
| |
Kerry Logistics Network Ltd.* |
|
59,500 |
|
87,296 |
| |
Kingsoft Corp., Ltd. |
|
5,000 |
|
19,693 |
| |
Minth Group Ltd. |
|
44,000 |
|
89,628 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
30,500 |
|
252,840 |
| |
Shimao Property Holdings Ltd. |
|
71,500 |
|
156,707 |
| |
Sohu.com, Inc.*1 |
|
2,500 |
|
162,725 |
| |
Tencent Holdings Ltd. |
|
11,700 |
|
813,788 |
| |
Youku Tudou, Inc. ADR*1 |
|
4,700 |
|
131,788 |
| |
ZTE Corp., H Shares |
|
161,400 |
|
313,374 |
| |
Total China common stocks |
|
|
|
8,838,996 |
| |
|
|
|
|
|
| |
Cyprus0.02% |
|
|
|
|
| |
QIWI PLC ADR |
|
3,700 |
|
128,205 |
| |
|
|
|
|
|
| |
Denmark0.32% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
165 |
|
1,979,020 |
| |
|
|
|
|
|
| |
Finland0.43% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
51,584 |
|
2,675,586 |
| |
|
|
|
|
|
| |
France1.23% |
|
|
|
|
| |
Carrefour SA |
|
80,054 |
|
3,098,496 |
| |
Peugeot SA* |
|
121,726 |
|
2,296,594 |
| |
Schneider Electric SA |
|
25,746 |
|
2,282,429 |
| |
Total France common stocks |
|
|
|
7,677,519 |
| |
|
|
|
|
|
| |
Germany1.57% |
|
|
|
|
| |
Aixtron SE*1 |
|
77,027 |
|
1,259,600 |
| |
Bayer AG |
|
24,492 |
|
3,312,731 |
| |
E.ON SE |
|
78,734 |
|
1,539,159 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
HeidelbergCement AG |
|
20,131 |
|
$ |
1,725,299 |
|
ThyssenKrupp AG* |
|
74,669 |
|
2,002,321 |
| |
Total Germany common stocks |
|
|
|
9,839,110 |
| |
|
|
|
|
|
| |
India0.07% |
|
|
|
|
| |
Dr Reddys Laboratories Ltd. ADR |
|
10,000 |
|
439,000 |
| |
|
|
|
|
|
| |
Indonesia0.10% |
|
|
|
|
| |
Alam Sutera Realty Tbk PT |
|
1,937,100 |
|
101,459 |
| |
Ciputra Development Tbk PT |
|
991,700 |
|
101,265 |
| |
Lippo Karawaci Tbk PT |
|
1,095,700 |
|
104,651 |
| |
Media Nusantara Citra Tbk PT |
|
233,500 |
|
54,059 |
| |
Summarecon Agung Tbk PT |
|
401,200 |
|
37,612 |
| |
Surya Semesta Internusa Tbk PT |
|
972,000 |
|
81,713 |
| |
Wijaya Karya Persero Tbk PT |
|
598,800 |
|
125,980 |
| |
Total Indonesia common stocks |
|
|
|
606,739 |
| |
|
|
|
|
|
| |
Ireland1.17% |
|
|
|
|
| |
Bank of Ireland* |
|
4,526,829 |
|
1,921,343 |
| |
Mallinckrodt PLC* |
|
9,000 |
|
570,690 |
| |
Ryanair Holdings PLC ADR* |
|
36,800 |
|
2,164,208 |
| |
Shire PLC |
|
54,605 |
|
2,680,973 |
| |
Total Ireland common stocks |
|
|
|
7,337,214 |
| |
|
|
|
|
|
| |
Israel0.74% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
49,100 |
|
3,320,633 |
| |
Mellanox Technologies Ltd.*1 |
|
19,700 |
|
770,861 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
10,316 |
|
545,098 |
| |
Total Israel common stocks |
|
|
|
4,636,592 |
| |
|
|
|
|
|
| |
Italy0.49% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
905,295 |
|
3,068,062 |
| |
|
|
|
|
|
| |
Japan5.34% |
|
|
|
|
| |
Asahi Glass Co., Ltd. |
|
201,000 |
|
1,164,540 |
| |
Astellas Pharma, Inc. |
|
193,000 |
|
2,288,737 |
| |
Fuji Heavy Industries Ltd. |
|
51,300 |
|
1,387,682 |
| |
Hitachi Ltd. |
|
227,000 |
|
1,675,861 |
| |
ITOCHU Corp. |
|
224,600 |
|
2,624,305 |
| |
Japan Airlines Co., Ltd. |
|
37,200 |
|
1,830,897 |
| |
KDDI Corp. |
|
49,600 |
|
2,871,769 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
419,700 |
|
2,305,575 |
| |
ORIX Corp. |
|
162,900 |
|
2,293,210 |
| |
Panasonic Corp. |
|
195,300 |
|
2,219,512 |
| |
Sankyo Co., Ltd. |
|
33,600 |
|
1,414,445 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
33,500 |
|
1,914,286 |
| |
Shiseido Co., Ltd. |
|
128,100 |
|
2,253,835 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
30,000 |
|
1,174,829 |
| |
THK Co., Ltd. |
|
86,800 |
|
1,948,511 |
| |
Tokio Marine Holdings, Inc. |
|
51,900 |
|
1,557,779 |
| |
Toyota Motor Corp. |
|
43,700 |
|
2,466,659 |
| |
Total Japan common stocks |
|
|
|
33,392,432 |
| |
|
|
|
|
|
| |
Luxembourg0.03% |
|
|
|
|
| |
Ternium SA ADR |
|
6,200 |
|
183,396 |
| |
|
|
|
|
|
| |
Macau0.10% |
|
|
|
|
| |
Melco Crown Entertainment Ltd. ADR* |
|
4,300 |
|
166,195 |
| |
Sands China Ltd. |
|
57,600 |
|
430,338 |
| |
Total Macau common stocks |
|
|
|
596,533 |
| |
|
|
|
|
|
| |
Malaysia0.09% |
|
|
|
|
| |
Axiata Group Bhd |
|
100,600 |
|
205,482 |
| |
Malayan Banking Bhd |
|
58,400 |
|
173,117 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Malaysia(concluded) |
|
|
|
|
| |
Sapurakencana Petroleum Bhd* |
|
149,800 |
|
$ |
206,431 |
|
Total Malaysia common stocks |
|
|
|
585,030 |
| |
|
|
|
|
|
| |
Mexico0.24% |
|
|
|
|
| |
Alfa SAB de CV, Class A |
|
118,000 |
|
298,446 |
| |
Alsea SAB de CV |
|
96,000 |
|
349,278 |
| |
Cemex SAB de CV ADR*1 |
|
15,452 |
|
195,159 |
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
68,000 |
|
457,465 |
| |
Grupo Televisa SAB ADR |
|
6,300 |
|
209,727 |
| |
Total Mexico common stocks |
|
|
|
1,510,075 |
| |
|
|
|
|
|
| |
Netherlands0.78% |
|
|
|
|
| |
Koninklijke DSM NV |
|
30,861 |
|
2,117,918 |
| |
NXP Semiconductor NV* |
|
14,600 |
|
858,626 |
| |
Wolters Kluwer NV |
|
67,886 |
|
1,915,354 |
| |
Total Netherlands common stocks |
|
|
|
4,891,898 |
| |
|
|
|
|
|
| |
Norway0.38% |
|
|
|
|
| |
Telenor ASA |
|
106,396 |
|
2,357,919 |
| |
|
|
|
|
|
| |
Panama0.03% |
|
|
|
|
| |
Copa Holdings SA, Class A |
|
1,200 |
|
174,228 |
| |
|
|
|
|
|
| |
Philippines0.12% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
565,000 |
|
359,070 |
| |
Metropolitan Bank & Trust Co.* |
|
119,905 |
|
206,682 |
| |
SM Investments Corp. |
|
9,796 |
|
154,001 |
| |
Total Philippines common stocks |
|
|
|
719,753 |
| |
|
|
|
|
|
| |
Russia0.03% |
|
|
|
|
| |
Magnit OJSC GDR2 |
|
1,298 |
|
71,130 |
| |
MegaFon OAO GDR2 |
|
5,000 |
|
140,750 |
| |
Total Russia common stocks |
|
|
|
211,880 |
| |
|
|
|
|
|
| |
South Africa0.19% |
|
|
|
|
| |
Aspen Pharmacare Holdings Ltd. |
|
15,916 |
|
425,263 |
| |
Life Healthcare Group Holdings Ltd. |
|
23,182 |
|
84,797 |
| |
Naspers Ltd., Class N |
|
4,219 |
|
465,396 |
| |
Standard Bank Group Ltd.1 |
|
14,571 |
|
192,103 |
| |
Total South Africa common stocks |
|
|
|
1,167,559 |
| |
|
|
|
|
|
| |
South Korea0.46% |
|
|
|
|
| |
Amorepacific Corp. |
|
168 |
|
198,863 |
| |
CJ Korea Express Co., Ltd.* |
|
1,307 |
|
138,749 |
| |
CJ O Shopping Co., Ltd. |
|
208 |
|
71,186 |
| |
Hankook Tire Co., Ltd. |
|
3,178 |
|
180,329 |
| |
Hyundai Motor Co. |
|
1,595 |
|
376,105 |
| |
LG Chem Ltd. |
|
604 |
|
144,127 |
| |
NAVER Corp. |
|
107 |
|
77,804 |
| |
Samsung Electronics Co., Ltd. |
|
377 |
|
475,655 |
| |
Seoul Semiconductor Co., Ltd. |
|
8,144 |
|
346,586 |
| |
Shinhan Financial Group Co., Ltd. |
|
4,040 |
|
178,383 |
| |
SK Hynix, Inc.* |
|
20,940 |
|
708,197 |
| |
Total South Korea common stocks |
|
|
|
2,895,984 |
| |
|
|
|
|
|
| |
Spain1.20% |
|
|
|
|
| |
Acciona SA |
|
13,200 |
|
1,142,744 |
| |
Banco Santander SA |
|
346,622 |
|
3,304,942 |
| |
Bankia SA* |
|
854,184 |
|
1,802,807 |
| |
Mediaset Espana Comunicacion SA* |
|
108,029 |
|
1,258,325 |
| |
Total Spain common stocks |
|
|
|
7,508,818 |
| |
|
|
|
|
|
| |
Sweden0.16% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
47,296 |
|
972,621 |
| |
|
|
|
|
|
| |
Switzerland2.62% |
|
|
|
|
| |
ACE Ltd. |
|
8,200 |
|
812,292 |
| |
Credit Suisse Group AG* |
|
69,489 |
|
2,247,260 |
| |
Glencore Xstrata PLC* |
|
359,836 |
|
1,852,493 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Nestle SA |
|
61,180 |
|
$ |
4,605,542 |
|
Novartis AG |
|
59,100 |
|
5,013,857 |
| |
Zurich Insurance Group AG* |
|
6,011 |
|
1,845,354 |
| |
Total Switzerland common stocks |
|
|
|
16,376,798 |
| |
|
|
|
|
|
| |
Taiwan0.29% |
|
|
|
|
| |
Ginko International Co., Ltd. |
|
11,000 |
|
189,639 |
| |
Hiwin Technologies Corp. |
|
22,000 |
|
213,119 |
| |
Largan Precision Co., Ltd. |
|
10,000 |
|
472,867 |
| |
MediaTek, Inc. |
|
7,000 |
|
103,325 |
| |
President Chain Store Corp. |
|
38,000 |
|
268,287 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
19,700 |
|
394,394 |
| |
Uni-President Enterprises Corp. |
|
97,664 |
|
169,976 |
| |
Total Taiwan common stocks |
|
|
|
1,811,607 |
| |
|
|
|
|
|
| |
Thailand0.09% |
|
|
|
|
| |
Jasmine International PCL |
|
337,000 |
|
82,069 |
| |
Kasikornbank PCL NVDR |
|
31,500 |
|
172,842 |
| |
Land and Houses PCL NVDR |
|
276,000 |
|
81,677 |
| |
LPN Development PCL |
|
170,300 |
|
83,995 |
| |
Minor International PCL |
|
157,600 |
|
120,483 |
| |
Total Thailand common stocks |
|
|
|
541,066 |
| |
|
|
|
|
|
| |
Turkey0.06% |
|
|
|
|
| |
Ford Otomotiv Sanayi AS |
|
9,169 |
|
93,631 |
| |
Turk Hava Yollari |
|
26,778 |
|
82,473 |
| |
Turkiye Halk Bankasi AS |
|
32,034 |
|
198,369 |
| |
Total Turkey common stocks |
|
|
|
374,473 |
| |
|
|
|
|
|
| |
United Kingdom5.80% |
|
|
|
|
| |
Aon PLC |
|
10,200 |
|
859,656 |
| |
Ashtead Group PLC |
|
79,390 |
|
1,258,696 |
| |
Associated British Foods PLC |
|
32,687 |
|
1,515,482 |
| |
AstraZeneca PLC |
|
35,004 |
|
2,262,206 |
| |
Aviva PLC |
|
266,076 |
|
2,115,918 |
| |
Barclays PLC |
|
517,892 |
|
2,015,184 |
| |
BP PLC |
|
461,473 |
|
3,692,854 |
| |
Burberry Group PLC |
|
53,628 |
|
1,247,213 |
| |
Imperial Tobacco Group PLC |
|
81,343 |
|
3,285,854 |
| |
Kingfisher PLC |
|
272,606 |
|
1,915,158 |
| |
Liberty Global PLC, Series A* |
|
5,700 |
|
237,120 |
| |
London Stock Exchange Group PLC |
|
52,582 |
|
1,726,943 |
| |
Noble Corp. PLC |
|
26,500 |
|
867,610 |
| |
Premier Oil PLC |
|
231,108 |
|
1,136,225 |
| |
Prudential PLC |
|
129,749 |
|
2,743,906 |
| |
Rio Tinto PLC |
|
49,777 |
|
2,769,648 |
| |
SABMiller PLC |
|
36,566 |
|
1,825,782 |
| |
Sage Group PLC |
|
355,285 |
|
2,476,462 |
| |
Vodafone Group PLC |
|
621,087 |
|
2,281,086 |
| |
Total United Kingdom common stocks |
|
|
|
36,233,003 |
| |
|
|
|
|
|
| |
United States16.17% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
20,600 |
|
780,946 |
| |
Adobe Systems, Inc.* |
|
16,400 |
|
1,078,136 |
| |
Air Products & Chemicals, Inc. |
|
8,700 |
|
1,035,648 |
| |
Alexion Pharmaceuticals, Inc.* |
|
4,800 |
|
730,224 |
| |
Allergan, Inc. |
|
8,600 |
|
1,067,260 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
9,800 |
|
657,972 |
| |
Altera Corp. |
|
9,800 |
|
355,152 |
| |
Amazon.com, Inc.* |
|
8,145 |
|
2,740,955 |
| |
American Express Co. |
|
5,100 |
|
459,153 |
| |
AMETEK, Inc. |
|
8,500 |
|
437,665 |
| |
Apple, Inc. |
|
8,930 |
|
4,793,088 |
| |
Applied Materials, Inc. |
|
48,100 |
|
982,202 |
| |
Baker Hughes, Inc. |
|
29,400 |
|
1,911,588 |
| |
Baxter International, Inc. |
|
7,500 |
|
551,850 |
| |
Biogen Idec, Inc.* |
|
1,725 |
|
527,626 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
United States(concluded) |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
3,200 |
|
$ |
409,984 |
|
Bluebird Bio, Inc.* |
|
4,300 |
|
97,782 |
| |
Broadcom Corp., Class A |
|
52,100 |
|
1,640,108 |
| |
Capital One Financial Corp. |
|
10,500 |
|
810,180 |
| |
Catamaran Corp.* |
|
9,600 |
|
429,696 |
| |
Citigroup, Inc. |
|
43,920 |
|
2,090,592 |
| |
Coach, Inc. |
|
9,400 |
|
466,804 |
| |
Comcast Corp., Class A |
|
25,900 |
|
1,295,518 |
| |
Concho Resources, Inc.* |
|
3,900 |
|
477,750 |
| |
Crown Castle International Corp. |
|
7,000 |
|
516,460 |
| |
Cummins, Inc. |
|
2,100 |
|
312,879 |
| |
Danaher Corp. |
|
33,900 |
|
2,542,500 |
| |
Digital Realty Trust, Inc.1 |
|
25,500 |
|
1,353,540 |
| |
Discover Financial Services |
|
7,200 |
|
418,968 |
| |
Eli Lilly & Co. |
|
18,400 |
|
1,083,024 |
| |
Envision Healthcare Holdings, Inc.* |
|
19,600 |
|
663,068 |
| |
EOG Resources, Inc. |
|
5,000 |
|
980,850 |
| |
Epizyme, Inc.*1 |
|
3,800 |
|
86,526 |
| |
Estee Lauder Cos., Inc., Class A |
|
8,200 |
|
548,416 |
| |
Facebook, Inc., Class A* |
|
12,400 |
|
746,976 |
| |
Ford Motor Co. |
|
59,100 |
|
921,960 |
| |
Freescale Semiconductor Ltd.* |
|
34,100 |
|
832,381 |
| |
General Dynamics Corp. |
|
8,400 |
|
914,928 |
| |
General Motors Co. |
|
27,000 |
|
929,340 |
| |
Gilead Sciences, Inc.* |
|
21,500 |
|
1,523,490 |
| |
Google, Inc., Class A* |
|
1,315 |
|
1,465,581 |
| |
Hain Celestial Group, Inc.* |
|
4,050 |
|
370,453 |
| |
Halliburton Co. |
|
36,300 |
|
2,137,707 |
| |
Hertz Global Holdings, Inc.* |
|
62,700 |
|
1,670,328 |
| |
Hess Corp. |
|
17,600 |
|
1,458,688 |
| |
Home Depot, Inc. |
|
1,900 |
|
150,347 |
| |
Hospira, Inc.* |
|
28,400 |
|
1,228,300 |
| |
Illinois Tool Works, Inc. |
|
19,500 |
|
1,585,935 |
| |
Impax Laboratories, Inc.* |
|
27,200 |
|
718,624 |
| |
International Paper Co. |
|
19,600 |
|
899,248 |
| |
Intuitive Surgical, Inc.* |
|
890 |
|
389,811 |
| |
Invesco Ltd. |
|
21,600 |
|
799,200 |
| |
Jabil Circuit, Inc. |
|
42,500 |
|
765,000 |
| |
JC Penney Co., Inc.*1 |
|
47,600 |
|
410,312 |
| |
JPMorgan Chase & Co. |
|
37,300 |
|
2,264,483 |
| |
Kellogg Co. |
|
8,700 |
|
545,577 |
| |
Las Vegas Sands Corp. |
|
7,700 |
|
622,006 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
240,500 |
|
416,065 |
| |
Lincoln National Corp. |
|
26,900 |
|
1,363,023 |
| |
LinkedIn Corp., Class A* |
|
1,600 |
|
295,904 |
| |
LyondellBasell Industries NV, Class A |
|
3,000 |
|
266,820 |
| |
MacroGenics, Inc.*1 |
|
3,300 |
|
91,839 |
| |
Macys, Inc. |
|
18,500 |
|
1,096,865 |
| |
Martin Marietta Materials, Inc.1 |
|
8,800 |
|
1,129,480 |
| |
MasterCard, Inc., Class A |
|
8,050 |
|
601,335 |
| |
McDermott International, Inc.*1 |
|
102,000 |
|
797,640 |
| |
MetLife, Inc. |
|
22,500 |
|
1,188,000 |
| |
Michael Kors Holdings Ltd.* |
|
3,800 |
|
354,426 |
| |
Micron Technology, Inc.* |
|
33,800 |
|
799,708 |
| |
Mohawk Industries, Inc.* |
|
2,300 |
|
312,754 |
| |
Mondelez International, Inc., Class A |
|
69,500 |
|
2,401,225 |
| |
Monsanto Co. |
|
10,900 |
|
1,240,093 |
| |
Monster Beverage Corp.* |
|
7,500 |
|
520,875 |
| |
Morgan Stanley |
|
64,400 |
|
2,007,348 |
| |
NetApp, Inc. |
|
18,900 |
|
697,410 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
NextEra Energy, Inc. |
|
6,200 |
|
$ |
592,844 |
|
NII Holdings, Inc.*1 |
|
183,200 |
|
218,008 |
| |
NIKE, Inc., Class B |
|
8,900 |
|
657,354 |
| |
Norfolk Southern Corp. |
|
8,900 |
|
864,813 |
| |
Owens Corning |
|
21,100 |
|
910,887 |
| |
PepsiCo, Inc. |
|
15,300 |
|
1,277,550 |
| |
Philip Morris International, Inc. |
|
18,100 |
|
1,481,847 |
| |
Praxair, Inc. |
|
7,700 |
|
1,008,469 |
| |
Precision Castparts Corp. |
|
2,750 |
|
695,090 |
| |
Priceline.com, Inc.* |
|
465 |
|
554,229 |
| |
QUALCOMM, Inc. |
|
5,800 |
|
457,388 |
| |
Ralph Lauren Corp. |
|
8,150 |
|
1,311,580 |
| |
Realogy Holdings Corp.* |
|
2,900 |
|
126,005 |
| |
Regeneron Pharmaceuticals, Inc.* |
|
1,700 |
|
510,476 |
| |
Rite Aid Corp.* |
|
57,700 |
|
361,779 |
| |
Salesforce.com, Inc.* |
|
11,700 |
|
667,953 |
| |
Schlumberger Ltd. |
|
6,800 |
|
663,000 |
| |
ServiceNow, Inc.* |
|
4,900 |
|
293,608 |
| |
ServiceSource International, Inc.* |
|
103,400 |
|
872,696 |
| |
Sherwin-Williams Co. |
|
2,400 |
|
473,112 |
| |
Simon Property Group, Inc. |
|
5,300 |
|
869,200 |
| |
Starbucks Corp. |
|
6,500 |
|
476,970 |
| |
Symantec Corp. |
|
46,000 |
|
918,620 |
| |
Time Warner, Inc. |
|
12,600 |
|
823,158 |
| |
United Technologies Corp. |
|
6,800 |
|
794,512 |
| |
UnitedHealth Group, Inc. |
|
12,900 |
|
1,057,671 |
| |
US Bancorp |
|
30,000 |
|
1,285,800 |
| |
Viacom, Inc., Class B |
|
18,000 |
|
1,529,820 |
| |
Visa, Inc., Class A |
|
3,055 |
|
659,452 |
| |
VMware, Inc., Class A* |
|
6,400 |
|
691,328 |
| |
Walgreen Co. |
|
9,100 |
|
600,873 |
| |
Walt Disney Co. |
|
16,700 |
|
1,337,169 |
| |
Waste Management, Inc. |
|
18,100 |
|
761,467 |
| |
Wells Fargo & Co. |
|
13,400 |
|
666,516 |
| |
Yelp, Inc.* |
|
1,900 |
|
146,167 |
| |
Yum! Brands, Inc. |
|
15,900 |
|
1,198,701 |
| |
Total United States common stocks |
|
|
|
101,081,707 |
| |
Total common stocks (cost $229,828,665) |
|
|
|
272,107,642 |
| |
|
|
Face |
|
|
| |
Bonds10.60% |
|
|
|
|
| |
Mortgage & agency debt securities0.13% |
|
|
|
|
| |
United States0.13% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp. |
|
|
|
|
| |
Gold Pools,3 |
|
|
|
|
| |
#G00194, 7.500%, |
|
|
|
|
| |
due 02/01/24 |
|
$ |
26,350 |
|
29,271 |
|
Government National Mortgage Association, |
|
|
|
|
| |
Series 2001-35, Class AZ, |
|
|
|
|
| |
6.500%, due 08/20/31 |
|
691,778 |
|
779,630 |
| |
Total mortgage & agency debt securities (cost $748,064) |
|
|
|
808,901 |
| |
|
|
|
|
|
| |
US government obligations3.31% |
|
|
|
|
| |
US Treasury Bonds, |
|
|
|
|
| |
2.750%, due 08/15/42 |
|
555,000 |
|
473,831 |
| |
2.750%, due 11/15/42 |
|
1,305,000 |
|
1,111,901 |
| |
3.625%, due 08/15/431 |
|
250,000 |
|
253,047 |
| |
3.750%, due 11/15/43 |
|
500,000 |
|
517,656 |
| |
5.375%, due 02/15/31 |
|
650,000 |
|
831,492 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
|
| |||
US government obligations(concluded) |
|
|
|
|
| |||
6.250%, due 08/15/23 |
|
$ |
1,500,000 |
|
$ |
1,957,968 |
| |
8.000%, due 11/15/21 |
|
1,260,000 |
|
1,756,913 |
| |||
|
|
|
|
|
| |||
US Treasury Notes, |
|
|
|
|
| |||
0.125%, due 12/31/14 |
|
3,705,000 |
|
3,705,867 |
| |||
0.750%, due 12/31/17 |
|
4,145,000 |
|
4,064,367 |
| |||
1.625%, due 11/15/221 |
|
605,000 |
|
559,862 |
| |||
2.500%, due 04/30/151 |
|
3,775,000 |
|
3,870,111 |
| |||
3.125%, due 04/30/17 |
|
1,500,000 |
|
1,598,671 |
| |||
Total US government obligations (cost $20,538,999) |
|
|
|
20,701,686 |
| |||
|
|
|
|
|
| |||
Non-US government obligations7.16% |
|
|
|
|
| |||
Australia0.74% |
|
|
|
|
| |||
Government of Australia, |
|
|
|
|
| |||
5.750%, due 05/15/21 |
|
AUD |
4,450,000 |
|
4,633,263 |
| ||
|
|
|
|
|
| |||
Belgium0.36% |
|
|
|
|
| |||
Kingdom of Belgium, |
|
|
|
|
| |||
1.250%, due 06/22/182 |
|
EUR |
1,620,000 |
|
2,272,411 |
| ||
|
|
|
|
|
| |||
Finland0.72% |
|
|
|
|
| |||
Government of Finland, |
|
|
|
|
| |||
4.375%, due 07/04/192,4 |
|
2,752,000 |
|
4,469,418 |
| |||
|
|
|
|
|
| |||
France0.29% |
|
|
|
|
| |||
Government of France, |
|
|
|
|
| |||
3.750%, due 04/25/21 |
|
1,120,000 |
|
1,785,600 |
| |||
|
|
|
|
|
| |||
Germany2.15% |
|
|
|
|
| |||
Bundesobligation, |
|
|
|
|
| |||
1.250%, due 10/14/16 |
|
2,290,000 |
|
3,240,292 |
| |||
|
|
|
|
|
| |||
Bundesrepublik Deutschland, |
|
|
|
|
| |||
3.000%, due 07/04/20 |
|
2,310,000 |
|
3,597,184 |
| |||
3.250%, due 07/04/21 |
|
2,965,000 |
|
4,708,593 |
| |||
3.250%, due 07/04/42 |
|
850,000 |
|
1,370,139 |
| |||
4.000%, due 01/04/37 |
|
290,000 |
|
511,119 |
| |||
|
|
|
|
13,427,327 |
| |||
Italy0.91% |
|
|
|
|
| |||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| |||
2.100%, due 09/15/165 |
|
783,453 |
|
1,133,139 |
| |||
2.100%, due 09/15/212,5 |
|
1,612,517 |
|
2,296,126 |
| |||
3.000%, due 04/15/15 |
|
795,000 |
|
1,121,412 |
| |||
4.250%, due 02/01/192 |
|
750,000 |
|
1,147,326 |
| |||
|
|
|
|
5,698,003 |
| |||
Netherlands0.36% |
|
|
|
|
| |||
Kingdom of the Netherlands, |
|
|
|
|
| |||
1.250%, due 01/15/182,4 |
|
1,610,000 |
|
2,275,707 |
| |||
|
|
|
|
|
| |||
Spain0.37% |
|
|
|
|
| |||
Kingdom of Spain, |
|
|
|
|
| |||
3.750%, due 10/31/18 |
|
920,000 |
|
1,380,215 |
| |||
4.800%, due 01/31/24 |
|
590,000 |
|
921,906 |
| |||
|
|
|
|
2,302,121 |
| |||
Sweden0.72% |
|
|
|
|
| |||
Kingdom of Sweden, |
|
|
|
|
| |||
5.000%, due 12/01/20 |
|
SEK |
24,180,000 |
|
4,498,303 |
| ||
|
|
|
|
|
| |||
United Kingdom0.54% |
|
|
|
|
| |||
UK Gilts, |
|
|
|
|
| |||
3.750%, due 09/07/212 |
|
GBP |
1,220,000 |
|
2,222,569 |
| ||
4.750%, due 12/07/382 |
|
555,000 |
|
1,126,929 |
| |||
|
|
|
|
3,349,498 |
| |||
Total Non-US government obligations (cost $42,557,051) |
|
|
|
44,711,651 |
| |||
Total bonds (cost $63,844,114) |
|
|
|
66,222,238 |
| |||
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies19.17% |
|
|
|
|
| |
iShares JP Morgan USD Emerging Markets Bond ETF1 |
|
130,100 |
|
$ |
14,495,742 |
|
UBS Emerging Markets Equity Relationship Fund*6 |
|
1,300,386 |
|
45,746,010 |
| |
UBS Global Corporate Bond Relationship Fund*6 |
|
1,123,387 |
|
14,355,763 |
| |
UBS High Yield Relationship Fund*6 |
|
1,318,006 |
|
45,207,468 |
| |
Total investment companies (cost $105,187,356) |
|
|
|
119,804,983 |
| |
|
|
Number of |
|
|
|
Warrant0.03% |
|
|
|
|
|
Russia0.03% |
|
|
|
|
|
Sberbank of Russia,strike @ $0.00001, expires 10/14/15* (cost $257,771) |
|
84,680 |
|
202,358 |
|
|
|
Shares |
|
|
| |
Short-term investment23.68% |
|
|
|
|
| |
Investment company23.68% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund6 (cost $148,011,980) |
|
148,011,980 |
|
148,011,980 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned4.02% |
|
|
|
|
| |
UBS Private Money Market Fund LLC6 (cost $25,097,452) |
|
25,097,452 |
|
25,097,452 |
| |
Total investments101.04% (cost $572,227,338) |
|
|
|
631,446,653 |
| |
Liabilities, in excess of cash and other assets(1.04)% |
|
|
|
(6,527,549 |
) | |
Net assets100.00% |
|
|
|
$ |
624,919,104 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
66,128,911 |
|
Gross unrealized depreciation |
|
(6,909,596 |
) | |
Net unrealized appreciation of investments |
|
$ |
59,219,315 |
|
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 |
|
JPY |
282,700,000 |
|
USD |
2,737,283 |
|
06/04/14 |
|
$ |
(2,590 |
) |
CIBC |
|
USD |
1,253,862 |
|
EUR |
910,000 |
|
06/04/14 |
|
(334 |
) | |
CSI |
|
AUD |
14,080,000 |
|
JPY |
1,286,447,360 |
|
06/04/14 |
|
(532,864 |
) | |
CSI |
|
CHF |
35,860,000 |
|
USD |
40,403,585 |
|
06/04/14 |
|
(180,275 |
) | |
HSBC |
|
AUD |
10,235,000 |
|
USD |
9,157,920 |
|
06/04/14 |
|
(292,634 |
) | |
HSBC |
|
USD |
37,111,639 |
|
JPY |
3,797,300,000 |
|
06/04/14 |
|
(308,955 |
) | |
HSBC |
|
USD |
12,966,662 |
|
MXN |
172,840,000 |
|
06/04/14 |
|
207,035 |
| |
HSBC |
|
USD |
3,119,484 |
|
NZD |
3,660,000 |
|
06/04/14 |
|
40,461 |
| |
HSBC |
|
USD |
15,933,378 |
|
PLN |
48,515,000 |
|
06/04/14 |
|
45,956 |
| |
JPMCB |
|
CAD |
5,650,000 |
|
USD |
5,087,940 |
|
06/04/14 |
|
(15,101 |
) | |
JPMCB |
|
EUR |
2,770,000 |
|
USD |
3,839,383 |
|
06/04/14 |
|
23,701 |
| |
JPMCB |
|
GBP |
1,630,000 |
|
USD |
2,716,677 |
|
06/04/14 |
|
523 |
| |
JPMCB |
|
IDR |
51,519,500,000 |
|
USD |
4,348,738 |
|
06/04/14 |
|
(135,004 |
) | |
JPMCB |
|
ILS |
13,560,000 |
|
USD |
3,847,900 |
|
06/05/14 |
|
(38,167 |
) | |
JPMCB |
|
INR |
213,760,000 |
|
USD |
3,392,477 |
|
06/04/14 |
|
(131,630 |
) | |
JPMCB |
|
NOK |
10,110,000 |
|
USD |
1,665,590 |
|
06/04/14 |
|
(18,675 |
) | |
JPMCB |
|
SEK |
5,840,000 |
|
USD |
896,696 |
|
06/04/14 |
|
(4,699 |
) | |
JPMCB |
|
THB |
118,700,000 |
|
USD |
3,617,248 |
|
06/04/14 |
|
(31,445 |
) | |
JPMCB |
|
USD |
2,085,179 |
|
AUD |
2,325,000 |
|
06/04/14 |
|
61,625 |
| |
JPMCB |
|
USD |
3,054,696 |
|
CHF |
2,700,000 |
|
06/04/14 |
|
977 |
| |
JPMCB |
|
USD |
24,136,260 |
|
EUR |
17,570,000 |
|
06/04/14 |
|
66,458 |
| |
JPMCB |
|
USD |
1,786,269 |
|
GBP |
1,075,000 |
|
06/04/14 |
|
5,059 |
| |
JPMCB |
|
USD |
2,560,856 |
|
JPY |
263,700,000 |
|
06/04/14 |
|
(5,127 |
) | |
JPMCB |
|
USD |
26,146,161 |
|
PHP |
1,164,550,000 |
|
06/04/14 |
|
(217,429 |
) | |
JPMCB |
|
USD |
3,847,949 |
|
SGD |
4,865,000 |
|
06/04/14 |
|
19,725 |
| |
SSB |
|
NZD |
78,840,000 |
|
USD |
65,279,520 |
|
06/04/14 |
|
(2,788,801 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
(4,232,210 |
) |
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 88 contracts (USD) |
|
June 2014 |
|
$ |
12,531,073 |
|
$ |
12,713,250 |
|
$ |
182,177 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
2 Year US Treasury Notes, 276 contracts (USD) |
|
June 2014 |
|
(60,693,046 |
) |
(60,599,250 |
) |
93,796 |
| |||
10 Year US Treasury Notes, 75 contracts (USD) |
|
June 2014 |
|
(9,334,120 |
) |
(9,262,499 |
) |
71,621 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Amsterdam Exchange Index, 81 contracts (EUR) |
|
April 2014 |
|
8,591,661 |
|
9,005,285 |
|
413,624 |
| |||
DAX Index, 37 contracts (EUR) |
|
June 2014 |
|
11,668,194 |
|
12,216,329 |
|
548,135 |
| |||
E-mini S&P 500 Index, 288 contracts (USD) |
|
June 2014 |
|
26,650,008 |
|
26,850,240 |
|
200,232 |
| |||
FTSE 100 Index, 172 contracts (GBP) |
|
June 2014 |
|
18,823,100 |
|
18,763,473 |
|
(59,627 |
) | |||
FTSE MIB Index, 171 contracts (EUR) |
|
June 2014 |
|
24,181,669 |
|
25,206,862 |
|
1,025,193 |
| |||
S&P Toronto Stock Exchange 60 Index, 182 contracts (CAD) |
|
June 2014 |
|
26,781,624 |
|
26,933,695 |
|
152,071 |
| |||
TOPIX Index, 187 contracts (JPY) |
|
June 2014 |
|
22,169,579 |
|
21,795,378 |
|
(374,201 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
CAC 40 Euro Index, 451 contracts (EUR) |
|
April 2014 |
|
(26,715,773 |
) |
(27,282,168 |
) |
(566,395 |
) | |||
E-mini NASDAQ 100 Index, 110 contracts (USD) |
|
June 2014 |
|
(8,033,459 |
) |
(7,889,750 |
) |
143,709 |
| |||
Mini MSCI Emerging Markets Index, 267 contracts (USD) |
|
June 2014 |
|
(12,618,417 |
) |
(13,164,435 |
) |
(546,018 |
) | |||
SPI 200 Index, 201 contracts (AUD) |
|
June 2014 |
|
(24,896,685 |
) |
(25,132,377 |
) |
(235,692 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 3 Year Bond, 342 contracts (AUD) |
|
June 2014 |
|
34,436,746 |
|
34,380,108 |
|
(56,638 |
) | |||
Euro-BTP, 75 contracts (EUR) |
|
June 2014 |
|
12,432,867 |
|
12,575,534 |
|
142,667 |
| |||
Euro-OAT, 169 contracts (EUR) |
|
June 2014 |
|
31,387,890 |
|
31,726,770 |
|
338,880 |
| |||
Long Gilt, 103 contracts (GBP) |
|
June 2014 |
|
18,691,077 |
|
18,808,102 |
|
117,025 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Japanese Government 10 Year Bond, 22 contracts (JPY) |
|
June 2014 |
|
(30,907,006 |
) |
(30,825,365 |
) |
81,641 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
1,672,200 |
| ||
Written options activity for the period ended March 31, 2014 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 March 31, 2014 |
|
|
|
$ |
|
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
272,107,642 |
|
$ |
|
|
$ |
|
|
$ |
272,107,642 |
|
Mortgage & agency debt securities |
|
|
|
808,901 |
|
|
|
808,901 |
| ||||
US government obligations |
|
|
|
20,701,686 |
|
|
|
20,701,686 |
| ||||
Non-US government obligations |
|
|
|
44,711,651 |
|
|
|
44,711,651 |
| ||||
Investment companies |
|
14,495,742 |
|
105,309,241 |
|
|
|
119,804,983 |
| ||||
Warrant |
|
|
|
202,358 |
|
|
|
202,358 |
| ||||
Short-term investment |
|
|
|
148,011,980 |
|
|
|
148,011,980 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
25,097,452 |
|
|
|
25,097,452 |
| ||||
Forward foreign currency contracts |
|
|
|
471,520 |
|
|
|
471,520 |
| ||||
Futures contracts |
|
3,510,771 |
|
|
|
|
|
3,510,771 |
| ||||
Total |
|
$ |
290,114,155 |
|
$ |
345,314,789 |
|
$ |
|
|
$ |
635,428,944 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(4,703,730 |
) |
$ |
|
|
$ |
(4,703,730 |
) |
Futures contracts |
|
(1,838,571 |
) |
|
|
|
|
(1,838,571 |
) | ||||
Total |
|
$ |
(1,838,571 |
) |
$ |
(4,703,730 |
) |
$ |
|
|
$ |
(6,542,301 |
) |
At March 31, 2014, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* |
Non-income producing security. |
1 |
Security, or portion thereof, was on loan at March 31, 2014. |
2 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of these securities amounted to $16,022,366 or 2.56% 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 March 31, 2014, the value of these securities amounted to $6,745,125 or 1.08% 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 Fund's 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 |
| |||||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||||
Security description |
|
06/30/13 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
|
03/31/14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
177,549,105 |
|
$ |
129,080,292 |
|
$ |
158,617,417 |
|
$ |
|
|
$ |
|
|
$ |
148,011,980 |
|
$ |
113,977 |
|
UBS Private Money Market Fund LLCa |
|
22,183,419 |
|
119,486,897 |
|
116,572,864 |
|
|
|
|
|
25,097,452 |
|
1,464 |
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
51,518,582 |
|
|
|
6,500,000 |
|
3,235,227 |
|
(2,507,799 |
) |
45,746,010 |
|
|
| |||||||
UBS Global Corporate Relationship Fund |
|
|
|
13,625,000 |
|
|
|
|
|
730,763 |
|
14,355,763 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
36,525,431 |
|
10,726,000 |
|
6,000,000 |
|
1,451,981 |
|
2,504,056 |
|
45,207,468 |
|
|
| |||||||
|
|
$ |
287,776,537 |
|
$ |
272,918,189 |
|
$ |
287,690,281 |
|
$ |
4,687,208 |
|
$ |
727,020 |
|
$ |
278,418,673 |
|
$ |
115,441 |
|
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 March 31, 2014
Common stocks |
|
|
|
Capital markets |
|
1.96 |
% |
Health care providers & services |
|
0.00 |
2 |
Real estate investment trust (REIT) |
|
5.22 |
|
Real estate management & development |
|
1.56 |
|
Total common stocks |
|
8.74 |
% |
Bonds |
|
|
|
Commercial mortgage-backed securities |
|
1.00 |
|
Mortgage & agency debt securities |
|
6.89 |
|
US government obligations |
|
5.22 |
|
Non-US government obligation |
|
3.92 |
|
Total bonds |
|
17.03 |
% |
Investment companies |
|
|
|
HICL Infrastructure Co., Ltd. |
|
1.16 |
|
iShares Core S&P 500 ETF |
|
0.97 |
|
iShares iBoxx $ High Yield Corporate Bond ETF |
|
11.20 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
4.71 |
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
2.31 |
|
iShares MSCI EAFE ETF |
|
4.23 |
|
iShares Select Dividend Fund |
|
2.27 |
|
iShares U.S. Industrials ETF |
|
1.41 |
|
SPDR Barclays Short Term High Yield Bond ETF |
|
1.87 |
|
WisdomTree Emerging Markets Equity Income Fund |
|
2.27 |
|
Total investment companies |
|
32.40 |
% |
Rights |
|
0.01 |
|
Short-term investments |
|
3.29 |
|
Total investments |
|
61.47 |
% |
Cash and other assets, less liabilities |
|
38.53 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Multi-Asset Income Fund. Figures might be different if a breakdown of the underlying investment companies was included.
2 Amount represents less than 0.005%.
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks8.74% |
|
|
|
|
| |
Australia0.44% |
|
|
|
|
| |
BWP Trust |
|
2,029 |
|
$ |
4,384 |
|
CFS Retail Property Trust Group |
|
6,382 |
|
11,186 |
| |
Charter Hall Retail REIT |
|
955 |
|
3,171 |
| |
Dexus Property Group |
|
19,839 |
|
19,503 |
| |
Federation Centres Ltd. |
|
4,449 |
|
9,737 |
| |
Goodman Group |
|
5,380 |
|
23,600 |
| |
GPT Group |
|
4,990 |
|
16,938 |
| |
Investa Office Fund |
|
2,007 |
|
6,031 |
| |
Mirvac Group |
|
11,900 |
|
18,761 |
| |
Stockland |
|
7,402 |
|
25,742 |
| |
Westfield Group |
|
6,510 |
|
61,883 |
| |
Westfield Retail Trust |
|
9,376 |
|
25,912 |
| |
Total Australia common stocks |
|
|
|
226,848 |
| |
|
|
|
|
|
| |
Austria0.01% |
|
|
|
|
| |
CA Immobilien Anlagen AG* |
|
226 |
|
4,084 |
| |
Conwert Immobilien Invest SE* |
|
114 |
|
1,509 |
| |
Total Austria common stocks |
|
|
|
5,593 |
| |
|
|
|
|
|
| |
Belgium0.02% |
|
|
|
|
| |
Aedifica SA |
|
40 |
|
2,753 |
| |
Befimmo SA |
|
47 |
|
3,332 |
| |
Cofinimmo |
|
44 |
|
5,243 |
| |
Total Belgium common stocks |
|
|
|
11,328 |
| |
|
|
|
|
|
| |
Canada0.25% |
|
|
|
|
| |
Allied Properties REIT |
|
229 |
|
7,146 |
| |
Artis REIT |
|
368 |
|
5,236 |
| |
Boardwalk REIT |
|
131 |
|
7,186 |
| |
Calloway REIT |
|
315 |
|
7,340 |
| |
Canadian Apartment Properties REIT |
|
324 |
|
6,248 |
| |
Canadian REIT |
|
246 |
|
10,029 |
| |
Chartwell Retirement Residences |
|
522 |
|
4,915 |
| |
Cominar REIT |
|
372 |
|
6,225 |
| |
Crombie REIT |
|
186 |
|
2,243 |
| |
Dundee International REIT |
|
200 |
|
1,679 |
| |
Dundee REIT, Class A |
|
330 |
|
8,675 |
| |
Extendicare, Inc. |
|
270 |
|
1,688 |
| |
First Capital Realty, Inc. |
|
283 |
|
4,493 |
| |
Granite Real Estate, Inc. |
|
200 |
|
7,356 |
| |
H&R REIT |
|
805 |
|
16,646 |
| |
InnVest REIT |
|
434 |
|
2,077 |
| |
Killam Properties, Inc. |
|
156 |
|
1,439 |
| |
Morguard REIT |
|
129 |
|
1,984 |
| |
Northern Property REIT |
|
132 |
|
3,310 |
| |
NorthWest Healthcare Properties REIT |
|
125 |
|
1,080 |
| |
RioCan REIT |
|
960 |
|
23,125 |
| |
Total Canada common stocks |
|
|
|
130,120 |
| |
|
|
|
|
|
| |
China0.44% |
|
|
|
|
| |
Agile Property Holdings Ltd. |
|
4,000 |
|
3,280 |
| |
Champion REIT |
|
8,000 |
|
3,651 |
| |
Country Garden Holdings Co., Ltd. |
|
11,540 |
|
4,820 |
| |
Hang Lung Properties Ltd. |
|
7,000 |
|
20,125 |
| |
Henderson Land Development Co., Ltd. |
|
3,788 |
|
22,099 |
| |
Hongkong Land Holdings Ltd. |
|
4,000 |
|
25,880 |
| |
Hysan Development Co., Ltd. |
|
2,030 |
|
8,833 |
| |
Kerry Properties Ltd. |
|
2,000 |
|
6,653 |
| |
Link REIT |
|
7,100 |
|
34,921 |
| |
New World China Land Ltd. |
|
8,000 |
|
6,745 |
| |
New World Development Co., Ltd. |
|
12,440 |
|
12,510 |
| |
Shimao Property Holdings Ltd. |
|
4,500 |
|
9,863 |
| |
Shui On Land Ltd. |
|
11,666 |
|
3,249 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Sino Land Co., Ltd. |
|
10,202 |
|
$ |
14,994 |
|
Soho China Ltd. |
|
4,500 |
|
3,701 |
| |
Swire Properties Ltd. |
|
4,000 |
|
11,397 |
| |
Wharf Holdings Ltd. |
|
5,000 |
|
31,973 |
| |
Total China common stocks |
|
|
|
224,694 |
| |
|
|
|
|
|
| |
Finland0.02% |
|
|
|
|
| |
Citycon Oyj |
|
1,163 |
|
4,134 |
| |
Sponda Oyj |
|
1,054 |
|
4,995 |
| |
Technopolis Oyj |
|
378 |
|
2,192 |
| |
Total Finland common stocks |
|
|
|
11,321 |
| |
|
|
|
|
|
| |
France0.24% |
|
|
|
|
| |
ANF Immobilier |
|
48 |
|
1,580 |
| |
Fonciere Des Regions |
|
101 |
|
9,356 |
| |
Gecina SA |
|
58 |
|
7,711 |
| |
ICADE |
|
94 |
|
9,299 |
| |
Klepierre |
|
309 |
|
13,827 |
| |
Mercialys SA |
|
105 |
|
2,199 |
| |
Societe de la Tour Eiffel |
|
23 |
|
1,578 |
| |
Unibail-Rodamco SE |
|
305 |
|
79,204 |
| |
Total France common stocks |
|
|
|
124,754 |
| |
|
|
|
|
|
| |
Germany0.09% |
|
|
|
|
| |
Alstria Office REIT-AG* |
|
199 |
|
2,667 |
| |
Deutsche Annington Immobilien SE* |
|
160 |
|
4,565 |
| |
Deutsche Euroshop AG |
|
163 |
|
7,414 |
| |
Deutsche Wohnen AG* |
|
918 |
|
19,453 |
| |
DIC Asset AG |
|
93 |
|
860 |
| |
Hamborner REIT AG |
|
269 |
|
2,850 |
| |
LEG Immobilien AG* |
|
98 |
|
6,428 |
| |
TAG Immobilien AG |
|
306 |
|
3,794 |
| |
Total Germany common stocks |
|
|
|
48,031 |
| |
|
|
|
|
|
| |
Hong Kong0.12% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
5,000 |
|
61,239 |
| |
|
|
|
|
|
| |
Israel0.01% |
|
|
|
|
| |
Azrieli Group |
|
100 |
|
3,498 |
| |
|
|
|
|
|
| |
Italy0.00%1 |
|
|
|
|
| |
Beni Stabili SpA |
|
2,803 |
|
2,413 |
| |
|
|
|
|
|
| |
Japan0.88% |
|
|
|
|
| |
Activia Properties, Inc. |
|
1 |
|
8,032 |
| |
Advance Residence Investment Corp. |
|
4 |
|
8,518 |
| |
Aeon Mall Co., Ltd. |
|
360 |
|
9,194 |
| |
Daiwa House Residential Investment Corp. |
|
1 |
|
4,021 |
| |
Frontier Real Estate Investment Corp. |
|
2 |
|
10,638 |
| |
GLP J-REIT |
|
5 |
|
5,033 |
| |
Hulic Co., Ltd. |
|
1,000 |
|
13,700 |
| |
Japan Excellent, Inc. |
|
5 |
|
6,375 |
| |
Japan Prime Realty Investment Corp. |
|
3 |
|
9,708 |
| |
Japan Real Estate Investment Corp. |
|
4 |
|
20,075 |
| |
Japan Retail Fund Investment Corp. |
|
7 |
|
13,781 |
| |
Kenedix Office Investment Corp. |
|
1 |
|
4,961 |
| |
Mitsubishi Estate Co., Ltd. |
|
4,000 |
|
94,792 |
| |
Mitsui Fudosan Co., Ltd. |
|
3,000 |
|
91,527 |
| |
Mori Hills REIT Investment Corp. |
|
5 |
|
6,608 |
| |
Mori Trust Sogo Reit, Inc. |
|
5 |
|
7,533 |
| |
Nippon Accommodations Fund, Inc. |
|
2 |
|
6,695 |
| |
Nippon Building Fund, Inc. |
|
4 |
|
20,888 |
| |
Nippon Prologis REIT, Inc. |
|
5 |
|
10,086 |
| |
Nomura Real Estate Holdings, Inc. |
|
400 |
|
7,635 |
| |
Nomura Real Estate Master Fund, Inc. |
|
5 |
|
5,140 |
| |
Nomura Real Estate Office Fund, Inc. |
|
1 |
|
4,365 |
| |
NTT Urban Development Corp. |
|
300 |
|
2,825 |
| |
Orix JREIT, Inc. |
|
5 |
|
6,239 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Japan(Concluded) |
|
|
|
|
| |
Premier Investment Corp. |
|
1 |
|
$ |
3,880 |
|
Sumitomo Realty & Development Co., Ltd. |
|
1,000 |
|
39,161 |
| |
Tokyo Tatemono Co., Ltd. |
|
1,000 |
|
8,574 |
| |
Tokyu REIT, Inc. |
|
5 |
|
6,050 |
| |
Top REIT, Inc. |
|
1 |
|
4,539 |
| |
United Urban Investment Corp. |
|
7 |
|
10,281 |
| |
Total Japan common stocks |
|
|
|
450,854 |
| |
|
|
|
|
|
| |
Luxembourg0.01% |
|
|
|
|
| |
GAGFAH SA* |
|
456 |
|
6,923 |
| |
|
|
|
|
|
| |
Netherlands0.04% |
|
|
|
|
| |
Corio NV |
|
198 |
|
9,048 |
| |
Eurocommercial Properties NV CVA |
|
105 |
|
4,614 |
| |
Nieuwe Steen Investments NV |
|
119 |
|
722 |
| |
Vastned Retail NV |
|
70 |
|
3,447 |
| |
Wereldhave NV |
|
61 |
|
5,193 |
| |
Total Netherlands common stocks |
|
|
|
23,024 |
| |
|
|
|
|
|
| |
New Zealand0.01% |
|
|
|
|
| |
Kiwi Income Property Trust |
|
4,879 |
|
4,721 |
| |
|
|
|
|
|
| |
Norway0.01% |
|
|
|
|
| |
Norwegian Property ASA |
|
2,619 |
|
3,171 |
| |
|
|
|
|
|
| |
Singapore0.28% |
|
|
|
|
| |
Ascendas REIT |
|
7,000 |
|
12,577 |
| |
CapitaCommercial Trust |
|
7,000 |
|
8,264 |
| |
CapitaLand Ltd. |
|
8,000 |
|
18,380 |
| |
CapitaMall Trust |
|
10,000 |
|
15,025 |
| |
CapitaMalls Asia Ltd. |
|
4,000 |
|
5,692 |
| |
CDL Hospitality Trusts |
|
2,000 |
|
2,631 |
| |
City Developments Ltd. |
|
2,000 |
|
16,059 |
| |
Global Logistic Properties Ltd. |
|
10,000 |
|
21,067 |
| |
Keppel Land Ltd. |
|
2,000 |
|
5,342 |
| |
Keppel REIT |
|
4,000 |
|
3,625 |
| |
Mapletree Commercial Trust |
|
5,000 |
|
4,849 |
| |
Mapletree Industrial Trust |
|
4,112 |
|
4,462 |
| |
Mapletree Logistics Trust |
|
6,096 |
|
5,064 |
| |
Suntec REIT |
|
7,000 |
|
9,238 |
| |
UOL Group Ltd. |
|
2,000 |
|
9,953 |
| |
Wing Tai Holdings Ltd. |
|
1,550 |
|
2,255 |
| |
Yanlord Land Group Ltd. |
|
2,000 |
|
1,701 |
| |
Total Singapore common stocks |
|
|
|
146,184 |
| |
|
|
|
|
|
| |
Sweden0.08% |
|
|
|
|
| |
Castellum AB |
|
569 |
|
9,459 |
| |
Fabege AB |
|
365 |
|
4,760 |
| |
Fastighets AB Balder, Class B* |
|
366 |
|
4,439 |
| |
Hufvudstaden AB, Class A |
|
306 |
|
4,317 |
| |
Klovern AB |
|
633 |
|
3,384 |
| |
Kungsleden AB |
|
503 |
|
4,158 |
| |
Wallenstam AB, Class B |
|
316 |
|
5,180 |
| |
Wihlborgs Fastigheter AB |
|
238 |
|
4,633 |
| |
Total Sweden common stocks |
|
|
|
40,330 |
| |
|
|
|
|
|
| |
Switzerland0.07% |
|
|
|
|
| |
Allreal Holding AG* |
|
25 |
|
3,606 |
| |
Mobimo Holding AG* |
|
15 |
|
3,181 |
| |
PSP Swiss Property AG* |
|
125 |
|
11,750 |
| |
Swiss Prime Site AG* |
|
177 |
|
15,046 |
| |
Total Switzerland common stocks |
|
|
|
33,583 |
| |
|
|
|
|
|
| |
United Kingdom2.38% |
|
|
|
|
| |
Big Yellow Group PLC |
|
397 |
|
3,617 |
| |
British Land Co., PLC |
|
3,217 |
|
35,075 |
| |
Capital & Counties Properties PLC |
|
1,852 |
|
10,807 |
| |
Daejan Holdings PLC |
|
16 |
|
1,304 |
| |
Derwent London PLC |
|
260 |
|
11,747 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Development Securities PLC |
|
729 |
|
$ |
2,844 |
|
F&C Commercial Property Trust Ltd. |
|
1,939 |
|
3,889 |
| |
Grainger PLC |
|
1,328 |
|
5,336 |
| |
Great Portland Estates PLC |
|
1,049 |
|
11,035 |
| |
Hammerson PLC |
|
2,258 |
|
20,855 |
| |
Hansteen Holdings PLC |
|
2,361 |
|
4,298 |
| |
Helical Bar PLC |
|
506 |
|
3,153 |
| |
Intu Properties PLC |
|
2,005 |
|
9,426 |
| |
John Laing Infrastructure Fund Ltd. |
|
514,000 |
|
1,008,589 |
| |
Land Securities Group PLC |
|
2,472 |
|
42,077 |
| |
Londonmetric Property PLC |
|
1,954 |
|
4,616 |
| |
Medicx Fund Ltd. |
|
1,435 |
|
2,022 |
| |
Mucklow A & J Group PLC |
|
263 |
|
1,956 |
| |
Picton Property Income Ltd. |
|
1,958 |
|
1,853 |
| |
Primary Health Properties PLC |
|
442 |
|
2,542 |
| |
Quintain Estates & Development PLC* |
|
2,071 |
|
3,556 |
| |
Safestore Holdings PLC |
|
620 |
|
2,450 |
| |
Schroder REIT |
|
896 |
|
769 |
| |
Segro PLC |
|
2,186 |
|
12,099 |
| |
Shaftesbury PLC |
|
726 |
|
7,964 |
| |
ST Modwen Properties PLC |
|
530 |
|
3,534 |
| |
UK Commercial Property Trust Ltd. |
|
1,288 |
|
1,733 |
| |
Unite Group PLC |
|
547 |
|
3,958 |
| |
Workspace Group PLC |
|
288 |
|
2,845 |
| |
Total United Kingdom common stocks |
|
|
|
1,225,949 |
| |
|
|
|
|
|
| |
United States3.33% |
|
|
|
|
| |
Acadia Realty Trust |
|
156 |
|
4,115 |
| |
Agree Realty Corp. |
|
77 |
|
2,342 |
| |
Alexanders, Inc. |
|
8 |
|
2,888 |
| |
Alexandria Real Estate Equities, Inc. |
|
234 |
|
16,979 |
| |
American Assets Trust, Inc. |
|
124 |
|
4,184 |
| |
American Campus Communities, Inc. |
|
329 |
|
12,288 |
| |
American Homes 4 Rent, Class A |
|
166 |
|
2,774 |
| |
American Realty Capital Properties, Inc. |
|
2,084 |
|
29,218 |
| |
Apartment Investment & Management Co., Class A |
|
452 |
|
13,659 |
| |
Ashford Hospitality Trust, Inc. |
|
177 |
|
1,995 |
| |
Associated Estates Realty Corp. |
|
146 |
|
2,473 |
| |
AvalonBay Communities, Inc. |
|
419 |
|
55,023 |
| |
BioMed Realty Trust, Inc. |
|
605 |
|
12,396 |
| |
Boston Properties, Inc. |
|
492 |
|
56,349 |
| |
Brandywine Realty Trust |
|
465 |
|
6,724 |
| |
BRE Properties, Inc. |
|
248 |
|
15,569 |
| |
Brixmor Property Group, Inc. |
|
134 |
|
2,858 |
| |
Camden Property Trust |
|
278 |
|
18,721 |
| |
Campus Crest Communities, Inc. |
|
235 |
|
2,040 |
| |
CBL & Associates Properties, Inc. |
|
520 |
|
9,230 |
| |
Cedar Realty Trust, Inc. |
|
258 |
|
1,576 |
| |
Chambers Street Properties |
|
800 |
|
6,216 |
| |
Chesapeake Lodging Trust |
|
165 |
|
4,245 |
| |
CommonWealth REIT |
|
378 |
|
9,941 |
| |
Corporate Office Properties Trust |
|
254 |
|
6,767 |
| |
Cousins Properties, Inc. |
|
601 |
|
6,894 |
| |
CubeSmart |
|
412 |
|
7,070 |
| |
DCT Industrial Trust, Inc. |
|
975 |
|
7,683 |
| |
DDR Corp. |
|
987 |
|
16,266 |
| |
DiamondRock Hospitality Co. |
|
629 |
|
7,391 |
| |
Digital Realty Trust, Inc. |
|
415 |
|
22,028 |
| |
Douglas Emmett, Inc. |
|
422 |
|
11,453 |
| |
Duke Realty Corp. |
|
1,036 |
|
17,488 |
| |
DuPont Fabros Technology, Inc. |
|
200 |
|
4,814 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
United States(Concluded) |
|
|
|
|
| |
EastGroup Properties, Inc. |
|
106 |
|
$ |
6,668 |
|
Education Realty Trust, Inc. |
|
356 |
|
3,514 |
| |
Empire State Realty Trust, Inc., Class A |
|
225 |
|
3,400 |
| |
EPR Properties |
|
152 |
|
8,115 |
| |
Equity Lifestyle Properties, Inc. |
|
248 |
|
10,081 |
| |
Equity One, Inc. |
|
204 |
|
4,557 |
| |
Equity Residential |
|
1,150 |
|
66,689 |
| |
Essex Property Trust, Inc. |
|
128 |
|
21,766 |
| |
Excel Trust, Inc. |
|
200 |
|
2,536 |
| |
Extra Space Storage, Inc. |
|
366 |
|
17,755 |
| |
Federal Realty Investment Trust |
|
215 |
|
24,665 |
| |
FelCor Lodging Trust, Inc. |
|
394 |
|
3,562 |
| |
First Industrial Realty Trust, Inc. |
|
312 |
|
6,028 |
| |
First Potomac Realty Trust |
|
200 |
|
2,584 |
| |
Forest City Enterprises, Inc., Class A* |
|
407 |
|
7,774 |
| |
Franklin Street Properties Corp. |
|
276 |
|
3,478 |
| |
General Growth Properties, Inc. |
|
1,770 |
|
38,940 |
| |
Getty Realty Corp. |
|
134 |
|
2,531 |
| |
Glimcher Realty Trust |
|
416 |
|
4,173 |
| |
Government Properties Income Trust |
|
185 |
|
4,662 |
| |
HCP, Inc. |
|
1,466 |
|
56,866 |
| |
Health Care REIT, Inc. |
|
919 |
|
54,772 |
| |
Healthcare Realty Trust, Inc. |
|
276 |
|
6,665 |
| |
Hersha Hospitality Trust |
|
487 |
|
2,839 |
| |
Highwoods Properties, Inc. |
|
254 |
|
9,756 |
| |
Home Properties, Inc. |
|
168 |
|
10,100 |
| |
Hospitality Properties Trust |
|
447 |
|
12,838 |
| |
Host Hotels & Resorts, Inc. |
|
2,408 |
|
48,738 |
| |
Hudson Pacific Properties, Inc. |
|
220 |
|
5,075 |
| |
Inland Real Estate Corp. |
|
256 |
|
2,701 |
| |
Investors Real Estate Trust |
|
325 |
|
2,919 |
| |
Kilroy Realty Corp. |
|
249 |
|
14,586 |
| |
Kimco Realty Corp. |
|
1,305 |
|
28,553 |
| |
Kite Realty Group Trust |
|
236 |
|
1,416 |
| |
LaSalle Hotel Properties |
|
298 |
|
9,330 |
| |
Lexington Realty Trust |
|
691 |
|
7,539 |
| |
Liberty Property Trust |
|
478 |
|
17,667 |
| |
LTC Properties, Inc. |
|
121 |
|
4,553 |
| |
Macerich Co. |
|
442 |
|
27,550 |
| |
Mack-Cali Realty Corp. |
|
276 |
|
5,738 |
| |
Medical Properties Trust, Inc. |
|
461 |
|
5,896 |
| |
Mid-America Apartment Communities, Inc. |
|
223 |
|
15,224 |
| |
National Health Investors, Inc. |
|
90 |
|
5,441 |
| |
National Retail Properties, Inc. |
|
362 |
|
12,424 |
| |
Omega Healthcare Investors, Inc. |
|
363 |
|
12,168 |
| |
Parkway Properties, Inc. |
|
140 |
|
2,555 |
| |
Pebblebrook Hotel Trust |
|
205 |
|
6,923 |
| |
Pennsylvania REIT |
|
162 |
|
2,924 |
| |
Piedmont Office Realty Trust, Inc., Class A |
|
524 |
|
8,987 |
| |
Post Properties, Inc. |
|
171 |
|
8,396 |
| |
Prologis, Inc. |
|
1,613 |
|
65,859 |
| |
PS Business Parks, Inc. |
|
66 |
|
5,519 |
| |
Public Storage |
|
464 |
|
78,179 |
| |
Ramco-Gershenson Properties Trust |
|
165 |
|
2,690 |
| |
Realty Income Corp. |
|
630 |
|
25,742 |
| |
Regency Centers Corp. |
|
295 |
|
15,063 |
| |
Retail Opportunity Investments Corp. |
|
177 |
|
2,644 |
| |
RLJ Lodging Trust |
|
378 |
|
10,108 |
| |
Rouse Properties, Inc. |
|
111 |
|
1,914 |
| |
Sabra Health Care REIT, Inc. |
|
134 |
|
3,737 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Saul Centers, Inc. |
|
64 |
|
$ |
3,031 |
|
Select Income REIT |
|
99 |
|
2,997 |
| |
Senior Housing Properties Trust |
|
577 |
|
12,965 |
| |
Silver Bay Realty Trust Corp. |
|
100 |
|
1,552 |
| |
Simon Property Group, Inc. |
|
993 |
|
162,852 |
| |
SL Green Realty Corp. |
|
299 |
|
30,085 |
| |
Sovran Self Storage, Inc. |
|
111 |
|
8,153 |
| |
Spirit Realty Capital, Inc. |
|
1,161 |
|
12,748 |
| |
STAG Industrial, Inc. |
|
150 |
|
3,615 |
| |
Strategic Hotels & Resorts, Inc.* |
|
519 |
|
5,289 |
| |
Sun Communities, Inc. |
|
123 |
|
5,546 |
| |
Sunstone Hotel Investors, Inc. |
|
504 |
|
6,920 |
| |
Tanger Factory Outlet Centers Inc. |
|
298 |
|
10,430 |
| |
Taubman Centers, Inc. |
|
203 |
|
14,370 |
| |
UDR, Inc. |
|
804 |
|
20,767 |
| |
Universal Health Realty Income Trust |
|
56 |
|
2,365 |
| |
Urstadt Biddle Properties, Inc., Class A |
|
151 |
|
3,120 |
| |
Ventas, Inc. |
|
948 |
|
57,420 |
| |
Vornado Realty Trust |
|
541 |
|
53,321 |
| |
Washington REIT |
|
212 |
|
5,063 |
| |
Weingarten Realty Investors |
|
338 |
|
10,140 |
| |
Winthrop Realty Trust |
|
116 |
|
1,344 |
| |
WP Carey, Inc. |
|
188 |
|
11,293 |
| |
Total United States common stocks |
|
|
|
1,713,115 |
| |
|
|
|
|
|
| |
Venezuela0.01% |
|
|
|
|
| |
Warehouses De Pauw SCA |
|
36 |
|
2,704 |
| |
Total common stocks (cost $4,241,072) |
|
|
|
4,500,397 |
| |
|
|
Face |
|
|
| |
Bonds17.03% |
|
|
|
|
| |
Commercial mortgage-backed securities1.00% |
|
|
|
|
| |
United States1.00% |
|
|
|
|
| |
Banc of America Commercial Mortgage, Inc., |
|
|
|
|
| |
Series 2007-4, Class AM, |
|
|
|
|
| |
5.892%, due 02/10/512 |
|
$ |
100,000 |
|
110,999 |
|
Boca Hotel Portfolio Trust 2013-BOCA, |
|
|
|
|
| |
Series 2013-BOCA, Class C, |
|
|
|
|
| |
2.305%, due 08/15/262,3 |
|
100,000 |
|
100,265 |
| |
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| |
Series 2007-LD11, Class A4, |
|
|
|
|
| |
5.815%, due 06/15/492 |
|
100,000 |
|
110,559 |
| |
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| |
Series 2009-GG10, Class A4B, |
|
|
|
|
| |
5.819%, due 08/12/452,3 |
|
175,000 |
|
192,581 |
| |
Total commercial mortgage-backed securities (cost $500,694) |
|
|
|
514,404 |
| |
|
|
|
|
|
| |
Mortgage & agency debt securities6.89% |
|
|
|
|
| |
United States6.89% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp. Gold Pools,4 |
|
|
|
|
| |
#G05132, 5.000%, due 12/01/38 |
|
$ |
20,404 |
|
22,136 |
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Mortgage & agency debt securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMIC, IO,4 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
$ |
138,957 |
|
$ |
15,878 |
|
3.500%, due 10/15/42 |
|
1,062,962 |
|
245,984 |
| ||
Federal National Mortgage Association Pools,4 |
|
|
|
|
| ||
3.500%, TBA |
|
125,000 |
|
131,055 |
| ||
4.000%, TBA |
|
200,000 |
|
211,461 |
| ||
4.000%, TBA |
|
175,000 |
|
181,891 |
| ||
5.000%, TBA |
|
250,000 |
|
272,558 |
| ||
#AP1589, 3.000%, due 08/01/27 |
|
216,932 |
|
223,093 |
| ||
#AB6198, 3.000%, due 09/01/27 |
|
80,550 |
|
82,838 |
| ||
Federal National Mortgage Association REMIC, IO,4 |
|
|
|
|
| ||
Series 2013-87, Class IW, |
|
|
|
|
| ||
2.500%, due 06/25/28 |
|
1,891,330 |
|
206,762 |
| ||
Series 2013-64, Class LI, |
|
|
|
|
| ||
3.000%, due 06/25/33 |
|
1,501,679 |
|
234,947 |
| ||
Series 2012-146, Class IO, |
|
|
|
|
| ||
3.500%, due 01/25/43 |
|
601,472 |
|
139,208 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
#G2 779424, 4.000%, due 06/20/42 |
|
317,998 |
|
334,899 |
| ||
#732230, 4.500%, due 03/15/40 |
|
263,324 |
|
284,673 |
| ||
#747264, 4.500%, due 09/15/40 |
|
242,888 |
|
262,513 |
| ||
Government National Mortgage Association, IO, |
|
|
|
|
| ||
Series 2013-22, Class IO, |
|
|
|
|
| ||
3.000%, due 02/20/43 |
|
971,451 |
|
198,339 |
| ||
Series 2012-26, Class GI, |
|
|
|
|
| ||
3.500%, due 02/20/27 |
|
825,677 |
|
101,476 |
| ||
Series 2012-16, Class AI, |
|
|
|
|
| ||
3.500%, due 10/20/38 |
|
1,113,540 |
|
144,948 |
| ||
Series 2013-53, Class OI, |
|
|
|
|
| ||
3.500%, due 04/20/43 |
|
1,291,003 |
|
251,262 |
| ||
Total mortgage & agency debt securities (cost $3,556,918) |
|
|
|
3,545,921 |
| ||
|
|
|
|
|
| ||
US government obligations5.22% |
|
|
|
|
| ||
US Treasury Inflation Indexed Bonds (TIPS), |
|
|
|
|
| ||
3.875%, due 04/15/295 |
|
425,000 |
|
853,712 |
| ||
US Treasury Inflation Indexed Notes (TIPS), |
|
|
|
|
| ||
2.000%, due 01/15/165 |
|
810,000 |
|
1,013,022 |
| ||
2.625%, due 07/15/175 |
|
650,000 |
|
821,414 |
| ||
Total US government obligations (cost $2,749,450) |
|
|
|
2,688,148 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Non-US government obligation3.92% |
|
|
|
|
| ||
Italy3.92% |
|
|
|
|
| ||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
2.100%, due 09/15/175,6 (cost $1,809,965) |
|
EUR |
1,387,302 |
|
$ |
2,019,391 |
|
Total bonds (cost $8,617,027) |
|
|
|
8,767,864 |
| ||
|
|
Shares |
|
|
|
Investment companies32.40% |
|
|
|
|
|
HICL Infrastructure Co., Ltd. |
|
262,943 |
|
595,739 |
|
iShares Core S&P 500 ETF |
|
2,650 |
|
498,651 |
|
iShares iBoxx $ High Yield Corporate Bond ETF |
|
61,096 |
|
5,766,851 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
20,708 |
|
2,422,215 |
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
10,677 |
|
1,189,631 |
|
iShares MSCI EAFE ETF |
|
32,420 |
|
2,177,651 |
|
iShares Select Dividend Fund |
|
15,950 |
|
1,169,294 |
|
iShares U.S. Industrials ETF |
|
7,210 |
|
725,398 |
|
SPDR Barclays Short Term High Yield Bond ETF |
|
31,106 |
|
962,731 |
|
WisdomTree Emerging Markets Equity Income Fund |
|
23,860 |
|
1,170,810 |
|
Total investment companies (cost $16,398,085) |
|
|
|
16,678,971 |
|
|
|
Number of |
|
|
|
Rights0.01% |
|
|
|
|
|
China0.00%1 |
|
|
|
|
|
New World Development Co., Ltd., expires 04/24/20* |
|
4,146 |
|
855 |
|
|
|
|
|
|
|
United Kingdom0.01% |
|
|
|
|
|
Intu Properties PLC, expires 04/17/14* |
|
572 |
|
906 |
|
Total rights (cost $0) |
|
|
|
1,761 |
|
|
|
Shares |
|
|
| |
Short-term investment3.29% |
|
|
|
|
| |
Investment company3.29% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund7 (cost $1,695,897) |
|
1,695,897 |
|
1,695,897 |
| |
|
|
|
|
|
| |
Total investments61.47% (cost $30,952,081) |
|
|
|
31,644,890 |
| |
Cash and other assets, less liabilities38.53% |
|
|
|
19,837,063 |
| |
Net assets100.00% |
|
|
|
$ |
51,481,953 |
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (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 |
|
$ |
1,226,749 |
|
Gross unrealized depreciation |
|
(533,940 |
) | |
Net unrealized appreciation of investments |
|
$ |
692,809 |
|
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 |
|
501,492 |
|
04/28/14 |
|
$ |
(8,410 |
) |
JPMCB |
|
CAD |
|
131,900 |
|
USD |
|
119,277 |
|
04/28/14 |
|
35 |
| |
JPMCB |
|
CHF |
|
283,900 |
|
USD |
|
324,156 |
|
04/28/14 |
|
2,956 |
| |
JPMCB |
|
EUR |
|
2,674,000 |
|
USD |
|
3,714,884 |
|
04/28/14 |
|
31,245 |
| |
JPMCB |
|
GBP |
|
2,375,800 |
|
USD |
|
3,930,797 |
|
04/28/14 |
|
(29,245 |
) | |
JPMCB |
|
HKD |
|
2,642,700 |
|
USD |
|
340,291 |
|
04/28/14 |
|
(448 |
) | |
JPMCB |
|
JPY |
|
139,440,100 |
|
USD |
|
1,374,745 |
|
04/28/14 |
|
23,585 |
| |
JPMCB |
|
SGD |
|
262,700 |
|
USD |
|
207,808 |
|
04/28/14 |
|
(1,035 |
) | |
JPMCB |
|
USD |
|
1,191,515 |
|
GBP |
|
714,500 |
|
04/28/14 |
|
(569 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
$ |
18,114 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| ||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| ||
US Ultra Bond, 8 contracts (USD) |
|
June 2014 |
|
(1,142,240 |
) |
$ |
(1,155,750 |
) |
$ |
(13,510 |
) |
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| ||
Mini MSCI Emerging Markets Index, 23 contracts (USD) |
|
June 2014 |
|
(1,066,545 |
) |
(1,134,015 |
) |
(67,470 |
) | ||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(80,980 |
) | |
Written options activity for the period ended March 31, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2013 |
|
3,640,473 |
|
$ |
21,013 |
|
Options written |
|
7,383,830 |
|
18,807 |
| |
Options terminated in closing purchase transactions |
|
(11,024,303 |
) |
(39,820 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at March 31, 2014 |
|
|
|
$ |
|
|
UBS Multi-Asset Income Fund
Portfolio of investments March 31, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 in valuing the Funds investments:
Assets |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
4,500,397 |
|
$ |
|
|
$ |
|
|
$ |
4,500,397 |
|
Commercial mortgage-backed securities |
|
|
|
514,404 |
|
|
|
514,404 |
| ||||
Mortgage & agency debt securities |
|
|
|
3,299,497 |
|
246,424 |
|
3,545,921 |
| ||||
US government obligations |
|
|
|
2,688,148 |
|
|
|
2,688,148 |
| ||||
Non-US government obligation |
|
|
|
2,019,391 |
|
|
|
2,019,391 |
| ||||
Investment companies |
|
16,678,971 |
|
|
|
|
|
16,678,971 |
| ||||
Rights |
|
906 |
|
855 |
|
|
|
1,761 |
| ||||
Short-term investment |
|
|
|
1,695,897 |
|
|
|
1,695,897 |
| ||||
Forward foreign currency contracts |
|
|
|
57,821 |
|
|
|
57,821 |
| ||||
Total |
|
$ |
21,180,274 |
|
$ |
10,276,013 |
|
$ |
246,424 |
|
$ |
31,702,711 |
|
Liabilities |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Description: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(39,707 |
) |
$ |
|
|
$ |
(39,707 |
) |
Futures contracts |
|
(80,980 |
) |
|
|
|
|
(80,980 |
) | ||||
Total |
|
$ |
(80,980 |
) |
$ |
(39,707 |
) |
$ |
|
|
$ |
(120,687 |
) |
At March 31, 2014, 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:
Assets |
|
Rights |
|
Mortgage & |
|
Total |
| |||
Beginning balance |
|
$ |
0 |
|
$ |
290,343 |
|
$ |
290,343 |
|
Purchases |
|
|
|
|
|
|
| |||
Issuances |
|
|
|
|
|
|
| |||
Sales |
|
(0 |
) |
|
|
|
| |||
Accrued discounts (premiums) |
|
|
|
(52,887 |
) |
(52,887 |
) | |||
Total realized gain |
|
|
|
|
|
|
| |||
Change in net unrealized appreciation/depreciation |
|
|
|
8,968 |
|
8,968 |
| |||
Transfers into Level 3 |
|
|
|
|
|
|
| |||
Transfers out of Level 3 |
|
|
|
|
|
|
| |||
Ending balance |
|
$ |
|
|
$ |
246,424 |
|
$ |
246,424 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2014 was $5,122.
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 March 31, 2014 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 March 31, 2014, the value of these securities amounted to $292,846 or 0.57% 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 government security of the same maturity. |
6 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2014, the value of this security amounted to $2,019,391 or 3.92% of net assets. |
7 |
The table below details the Funds investment in a fund advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
Value |
|
nine months ended |
|
nine months ended |
|
Value |
|
nine months ended |
| |||||
Security description |
|
06/30/2013 |
|
03/31/2014 |
|
03/31/2014 |
|
03/31/2014 |
|
03/31/2014 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
6,120,598 |
|
$ |
10,965,872 |
|
$ |
15,390,573 |
|
$ |
1,695,897 |
|
$ |
2,327 |
|
Portfolio acronyms | |
ADR |
American Depositary Receipt |
BA |
Canadian Bankers Acceptance Rate |
BBSW |
Bank Bill Swap Reference Rate (Australian Financial Market) |
CD KSDA |
Korean Securities Dealer Association 91-day Certificate of Deposit Rate |
CDI |
Certificate of Interbank Deposits |
CDO |
Collateralized Debt Obligations |
CLO |
Collateralized Loan Obligations |
CVA |
Dutch CertificationDepositary 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 only This 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 paydowns. 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 |
MXIBTIIE |
Mexico Interbank TIIE |
NVDR |
Non-Voting Depository Receipt |
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 |
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 prinicpal 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 |
CSFB |
Credit Suisse First Boston |
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 |
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 |
CZK |
Czech Koruna |
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 |
MXN |
Mexican Peso |
MYR |
Malaysian Ringgit |
NGN |
Nigeria Naira |
NOK |
Norwegian Krone |
NZD |
New Zealand Dollar |
PEN |
Peruvian Nuevo Sol |
PHP |
Philippine Peso |
PLN |
Polish Zloty |
RON |
Romanian Lei |
RUB |
Russian Ruble |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
THB |
Thai Baht |
TRY |
Turkish Lira |
TWD |
Taiwan Dollar |
USD |
United States Dollar |
VND |
Vietnam 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 separately 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 portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (OTC) market and listed on The NASDAQ Stock Market, Inc. (NASDAQ) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. 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 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 Generally Accepted Accounting Principles (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.
For more information regarding the Funds other significant accounting policies, please refer to the Funds semiannual report to shareholders dated December 31, 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 |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
May 30, 2014 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
The UBS Funds
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
May 30, 2014 |
|
|
|
|
|
|
|
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow |
|
|
Vice President, Treasurer and Principal Accounting Officer |
|
|
|
|
Date: |
May 30, 2014 |
|
Exhibit EX-99.CERT
Certifications
I, Mark E. Carver, President of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
May 30, 2014 |
|
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: |
May 30, 2014 |
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