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) | ||||||
| ||||||||
Tammie Lee, Esq. | ||||||||
(Name and address of agent for service) | ||||||||
| ||||||||
Copy to: | ||||||||
| ||||||||
Registrants telephone number, including area code: |
212-821-3000 |
| ||||||
| ||||||||
Date of fiscal year end: |
June 30 |
| ||||||
| ||||||||
Date of reporting period: |
September 30, 2014 |
| ||||||
Item 1. Schedule of Investments
UBS Core Plus Bond Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Banks |
|
4.17 |
% |
Beverages |
|
0.25 |
|
Biotechnology |
|
0.17 |
|
Building products |
|
0.08 |
|
Capital markets |
|
0.90 |
|
Chemicals |
|
0.61 |
|
Commercial services & supplies |
|
0.28 |
|
Communications equipment |
|
0.44 |
|
Consumer finance |
|
0.67 |
|
Diversified financial services |
|
0.55 |
|
Diversified telecommunication services |
|
0.91 |
|
Electric utilities |
|
0.68 |
|
Electronic equipment, instruments & components |
|
0.26 |
|
Energy equipment & services |
|
0.30 |
|
Food & staples retailing |
|
0.17 |
|
Food products |
|
0.47 |
|
Health care providers & services |
|
0.19 |
|
Hotels, restaurants & leisure |
|
0.37 |
|
Independent power and renewable electricity producers |
|
0.03 |
|
Insurance |
|
2.01 |
|
Internet & catalog retail |
|
0.19 |
|
IT services |
|
0.29 |
|
Machinery |
|
0.20 |
|
Media |
|
1.39 |
|
Metals & mining |
|
1.69 |
|
Multi-utilities |
|
0.32 |
|
Oil, gas & consumable fuels |
|
5.00 |
|
Pharmaceuticals |
|
0.58 |
|
Real estate investment trust (REIT) |
|
0.76 |
|
Road & rail |
|
0.77 |
|
Semiconductors & semiconductor equipment |
|
0.16 |
|
Tobacco |
|
0.53 |
|
Trading companies & distributors |
|
0.33 |
|
Wireless telecommunication services |
|
0.57 |
|
Total corporate bonds |
|
26.29 |
% |
Asset-backed securities |
|
2.10 |
|
Commercial mortgage-backed securities |
|
7.95 |
|
Mortgage & agency debt securities |
|
26.67 |
|
Municipal bonds |
|
1.74 |
|
US government obligations |
|
15.30 |
|
Non-US government obligations |
|
2.33 |
|
Total bonds |
|
82.38 |
% |
Investment company |
|
|
|
UBS High Yield Relationship Fund |
|
2.38 |
|
Short-term investments |
|
32.38 |
|
Options purchased |
|
0.05 |
|
Investment of cash collateral from securities loaned |
|
0.91 |
|
Total investments |
|
118.10 |
% |
Liabilities, in excess of cash and other assets |
|
(18.10 |
) |
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 underlying investment companies was included.
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds: 82.38% |
|
|
|
|
| ||
Corporate bonds: 26.29% |
|
|
|
|
| ||
Brazil: 1.74% |
|
|
|
|
| ||
Caixa Economica Federal, |
|
|
|
|
| ||
2.375%, due 11/06/171 |
|
$ |
150,000 |
|
$ |
145,125 |
|
Petrobras Global Finance BV, |
|
|
|
|
| ||
3.250%, due 03/17/17 |
|
150,000 |
|
151,795 |
| ||
Petrobras International Finance Co., |
|
|
|
|
| ||
5.375%, due 01/27/21 |
|
120,000 |
|
121,225 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.375%, due 01/11/22 |
|
85,000 |
|
85,405 |
| ||
6.875%, due 11/21/362 |
|
30,000 |
|
33,825 |
| ||
Total Brazil corporate bonds |
|
|
|
537,375 |
| ||
|
|
|
|
|
| ||
Canada: 1.04% |
|
|
|
|
| ||
Barrick Gold Corp., |
|
|
|
|
| ||
3.850%, due 04/01/222 |
|
90,000 |
|
86,577 |
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
3.800%, due 09/15/23 |
|
100,000 |
|
102,149 |
| ||
Goldcorp, Inc., |
|
|
|
|
| ||
3.700%, due 03/15/23 |
|
40,000 |
|
39,209 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
5.000%, due 03/15/44 |
|
50,000 |
|
50,977 |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
6.250%, due 07/15/41 |
|
40,000 |
|
40,654 |
| ||
Total Canada corporate bonds |
|
|
|
319,566 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.08% |
|
|
|
|
| ||
XLIT Ltd., |
|
|
|
|
| ||
6.375%, due 11/15/24 |
|
21,000 |
|
25,004 |
| ||
|
|
|
|
|
| ||
China: 0.64% |
|
|
|
|
| ||
Sinopec Group Overseas Development 2013 Ltd., |
|
|
|
|
| ||
2.500%, due 10/17/181 |
|
200,000 |
|
198,521 |
| ||
|
|
|
|
|
| ||
Israel: 0.48% |
|
|
|
|
| ||
Teva Pharmaceutical Finance Co. BV, |
|
|
|
|
| ||
2.400%, due 11/10/16 |
|
70,000 |
|
71,728 |
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
75,000 |
|
76,230 |
| ||
Total Israel corporate bonds |
|
|
|
147,958 |
| ||
|
|
|
|
|
| ||
Mexico: 0.66% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
115,000 |
|
125,846 |
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
4.875%, due 01/24/22 |
|
75,000 |
|
79,088 |
| ||
Total Mexico corporate bonds |
|
|
|
204,934 |
| ||
|
|
|
|
|
| ||
Netherlands: 0.13% |
|
|
|
|
| ||
LYB International Finance BV, |
|
|
|
|
| ||
4.875%, due 03/15/44 |
|
40,000 |
|
40,825 |
| ||
|
|
|
|
|
| ||
Norway: 0.33% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
3.000%, due 11/17/14 |
|
100,000 |
|
100,198 |
| ||
|
|
|
|
|
| ||
Spain: 0.83% |
|
|
|
|
| ||
Santander US Debt SA Unipersonal, |
|
|
|
|
| ||
3.724%, due 01/20/151 |
|
100,000 |
|
100,855 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
3.192%, due 04/27/18 |
|
150,000 |
|
154,705 |
| ||
Total Spain corporate bonds |
|
|
|
255,560 |
| ||
|
|
|
|
|
| ||
United Kingdom: 1.48% |
|
|
|
|
| ||
Barclays Bank PLC, |
|
|
|
|
| ||
5.140%, due 10/14/20 |
|
100,000 |
|
107,870 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
HSBC Holdings PLC, |
|
|
|
|
| ||
6.500%, due 09/15/37 |
|
$ |
100,000 |
|
$ |
123,022 |
|
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
3.500%, due 02/11/231 |
|
110,000 |
|
107,516 |
| ||
Lloyds Bank PLC, |
|
|
|
|
| ||
6.500%, due 09/14/201 |
|
100,000 |
|
116,267 |
| ||
Total United Kingdom corporate bonds |
|
|
|
454,675 |
| ||
|
|
|
|
|
| ||
United States: 18.88% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
35,000 |
|
42,500 |
| ||
ADT Corp., |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
100,000 |
|
86,500 |
| ||
Ally Financial, Inc., |
|
|
|
|
| ||
8.000%, due 03/15/20 |
|
10,000 |
|
11,650 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
5.375%, due 01/31/44 |
|
25,000 |
|
26,636 |
| ||
9.950%, due 11/10/38 |
|
18,000 |
|
29,762 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
4.500%, due 07/16/44 |
|
70,000 |
|
69,156 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.950%, due 09/15/16 |
|
95,000 |
|
103,627 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
8.200%, due 01/15/39 |
|
50,000 |
|
75,820 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
4.200%, due 08/26/24 |
|
70,000 |
|
69,395 |
| ||
5.625%, due 07/01/20 |
|
75,000 |
|
84,689 |
| ||
6.110%, due 01/29/37 |
|
100,000 |
|
114,464 |
| ||
Boston Properties LP, REIT, |
|
|
|
|
| ||
3.800%, due 02/01/24 |
|
60,000 |
|
60,193 |
| ||
Case New Holland Industrial, Inc., |
|
|
|
|
| ||
7.875%, due 12/01/17 |
|
55,000 |
|
61,119 |
| ||
Celgene Corp., |
|
|
|
|
| ||
4.000%, due 08/15/23 |
|
50,000 |
|
52,015 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/232 |
|
150,000 |
|
147,043 |
| ||
CIT Group, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/191 |
|
10,000 |
|
10,462 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
5.500%, due 09/13/25 |
|
200,000 |
|
217,802 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.300%, due 11/15/17 |
|
45,000 |
|
51,391 |
| ||
6.950%, due 08/15/37 |
|
25,000 |
|
33,497 |
| ||
Continental Resources, Inc., |
|
|
|
|
| ||
4.900%, due 06/01/442 |
|
50,000 |
|
48,743 |
| ||
DIRECTV Holdings LLC, |
|
|
|
|
| ||
6.000%, due 08/15/40 |
|
40,000 |
|
44,925 |
| ||
DISH DBS Corp., |
|
|
|
|
| ||
7.875%, due 09/01/19 |
|
10,000 |
|
11,300 |
| ||
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 |
|
86,073 |
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
9.000%, due 04/15/19 |
|
130,000 |
|
162,899 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
2.800%, due 11/01/181 |
|
80,000 |
|
81,857 |
| ||
ERP Operating LP, REIT, |
|
|
|
|
| ||
4.750%, due 07/15/20 |
|
35,000 |
|
38,664 |
| ||
FirstEnergy Transmission LLC, |
|
|
|
|
| ||
5.450%, due 07/15/441 |
|
40,000 |
|
40,499 |
| ||
Flextronics International Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/23 |
|
80,000 |
|
79,580 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(continued) |
|
|
|
|
| ||
Corporate bonds(concluded) |
|
|
|
|
| ||
United States(concluded) |
|
|
|
|
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
8.125%, due 01/15/20 |
|
$ |
125,000 |
|
$ |
156,230 |
|
Frontier Communications Corp., |
|
|
|
|
| ||
8.500%, due 04/15/20 |
|
10,000 |
|
11,100 |
| ||
General Electric Capital Corp., |
|
|
|
|
| ||
Series A, 6.750%, due 03/15/32 |
|
25,000 |
|
32,961 |
| ||
Glencore Funding LLC, |
|
|
|
|
| ||
2.500%, due 01/15/191 |
|
120,000 |
|
117,470 |
| ||
Goldman Sachs Group, Inc., |
|
|
|
|
| ||
5.750%, due 01/24/22 |
|
80,000 |
|
90,974 |
| ||
6.150%, due 04/01/18 |
|
100,000 |
|
112,756 |
| ||
Hartford Financial Services Group, Inc., |
|
|
|
|
| ||
5.950%, due 10/15/36 |
|
80,000 |
|
96,687 |
| ||
Host Hotels & Resorts LP, |
|
|
|
|
| ||
Series D, 3.750%, due 10/15/23 |
|
60,000 |
|
59,330 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
7.125%, due 09/01/181 |
|
90,000 |
|
101,250 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
3.875%, due 09/10/24 |
|
70,000 |
|
68,624 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
3.950%, due 09/01/22 |
|
145,000 |
|
143,947 |
| ||
6.500%, due 09/01/39 |
|
45,000 |
|
50,180 |
| ||
Kroger Co., |
|
|
|
|
| ||
3.850%, due 08/01/23 |
|
50,000 |
|
50,960 |
| ||
Markel Corp., |
|
|
|
|
| ||
3.625%, due 03/30/23 |
|
40,000 |
|
39,761 |
| ||
Marsh & McLennan Cos., Inc., |
|
|
|
|
| ||
9.250%, due 04/15/19 |
|
65,000 |
|
84,108 |
| ||
Maxim Integrated Products, Inc., |
|
|
|
|
| ||
3.375%, due 03/15/23 |
|
50,000 |
|
48,168 |
| ||
Mondelez International, Inc., |
|
|
|
|
| ||
4.000%, due 02/01/24 |
|
100,000 |
|
102,467 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
4.875%, due 11/01/22 |
|
45,000 |
|
47,542 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/23 |
|
140,000 |
|
135,352 |
| ||
Mylan, Inc., |
|
|
|
|
| ||
2.550%, due 03/28/19 |
|
30,000 |
|
29,834 |
| ||
Northern Trust Corp., |
|
|
|
|
| ||
3.950%, due 10/30/25 |
|
25,000 |
|
25,879 |
| ||
NRG Energy, Inc., |
|
|
|
|
| ||
8.250%, due 09/01/20 |
|
10,000 |
|
10,712 |
| ||
Owens Corning, |
|
|
|
|
| ||
6.500%, due 12/01/16 |
|
21,000 |
|
23,135 |
| ||
Plains Exploration & Production Co., |
|
|
|
|
| ||
6.500%, due 11/15/20 |
|
39,000 |
|
42,710 |
| ||
6.875%, due 02/15/23 |
|
39,000 |
|
44,265 |
| ||
PNC Preferred Funding Trust I, |
|
|
|
|
| ||
1.884%, due 03/15/171,3,4 |
|
100,000 |
|
97,250 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
| ||
3.950%, due 03/15/24 |
|
30,000 |
|
30,840 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
90,000 |
|
114,260 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
5.200%, due 03/15/443 |
|
95,000 |
|
95,653 |
| ||
6.625%, due 12/01/37 |
|
75,000 |
|
94,075 |
| ||
QVC, Inc., |
|
|
|
|
| ||
4.450%, due 02/15/251 |
|
60,000 |
|
59,224 |
| ||
Regions Financial Corp., |
|
|
|
|
| ||
2.000%, due 05/15/18 |
|
70,000 |
|
69,174 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Ryder System, Inc., |
|
|
|
|
| ||
2.350%, due 02/26/19 |
|
$ |
75,000 |
|
$ |
74,838 |
|
2.550%, due 06/01/19 |
|
80,000 |
|
80,110 |
| ||
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
75,000 |
|
97,736 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
3.500%, due 11/08/22 |
|
50,000 |
|
48,177 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
3.550%, due 02/15/22 |
|
50,000 |
|
51,212 |
| ||
Starwood Hotels & Resorts Worldwide, Inc., |
|
|
|
|
| ||
4.500%, due 10/01/34 |
|
50,000 |
|
48,621 |
| ||
Synchrony Financial, |
|
|
|
|
| ||
4.250%, due 08/15/24 |
|
40,000 |
|
40,005 |
| ||
TCI Communications, Inc., |
|
|
|
|
| ||
7.875%, due 02/15/26 |
|
50,000 |
|
68,842 |
| ||
Tenet Healthcare Corp., |
|
|
|
|
| ||
6.000%, due 10/01/20 |
|
10,000 |
|
10,575 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
6.550%, due 05/01/37 |
|
35,000 |
|
44,153 |
| ||
Time Warner Entertainment Co. LP, |
|
|
|
|
| ||
8.375%, due 03/15/23 |
|
120,000 |
|
159,690 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
6.100%, due 07/15/40 |
|
35,000 |
|
40,574 |
| ||
Transocean, Inc., |
|
|
|
|
| ||
3.800%, due 10/15/222 |
|
65,000 |
|
59,656 |
| ||
6.800%, due 03/15/38 |
|
35,000 |
|
34,083 |
| ||
Tyson Foods, Inc., |
|
|
|
|
| ||
4.875%, due 08/15/34 |
|
40,000 |
|
41,168 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
60,000 |
|
71,632 |
| ||
Ventas Realty LP, |
|
|
|
|
| ||
3.750%, due 05/01/24 |
|
50,000 |
|
49,177 |
| ||
Ventas Realty LP/Ventas Capital Corp., |
|
|
|
|
| ||
2.700%, due 04/01/20 |
|
80,000 |
|
78,705 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
1.984%, due 09/14/183 |
|
50,000 |
|
52,671 |
| ||
6.400%, due 09/15/33 |
|
50,000 |
|
60,911 |
| ||
Williams Cos., Inc., |
|
|
|
|
| ||
3.700%, due 01/15/23 |
|
90,000 |
|
85,016 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
50,000 |
|
50,998 |
| ||
Wyndham Worldwide Corp., |
|
|
|
|
| ||
5.625%, due 03/01/21 |
|
60,000 |
|
66,617 |
| ||
Xerox Corp., |
|
|
|
|
| ||
3.800%, due 05/15/24 |
|
90,000 |
|
88,728 |
| ||
Total United States corporate bonds |
|
|
|
5,820,796 |
| ||
Total corporate bonds (cost $7,970,886) |
|
|
|
8,105,412 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 2.10% |
|
|
|
|
| ||
United States: 2.10% |
|
|
|
|
| ||
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2014-1, Class D, |
|
|
|
|
| ||
2.540%, due 06/08/20 |
|
125,000 |
|
123,010 |
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2013-3, Class B, |
|
|
|
|
| ||
2.320%, due 07/20/18 |
|
150,000 |
|
152,341 |
| ||
Ford Credit Auto Owner Trust, |
|
|
|
|
| ||
Series 2014-A, Class C, |
|
|
|
|
| ||
1.900%, due 09/15/19 |
|
175,000 |
|
173,500 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/375 |
|
39,485 |
|
24,208 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(continued) |
|
|
|
|
| ||
Asset-backed securities(concluded) |
|
|
|
|
| ||
United States(concluded) |
|
|
|
|
| ||
Santander Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2014-2, Class D, |
|
|
|
|
| ||
2.760%, due 02/18/20 |
|
$ |
175,000 |
|
$ |
174,388 |
|
Total asset-backed securities (cost $663,626) |
|
|
|
647,447 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 7.95% |
|
|
|
|
| ||
United States: 7.95% |
|
|
|
|
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.204%, due 08/15/261,3 |
|
150,000 |
|
150,119 |
| ||
CG-CCRE Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2014-FL1, Class C, |
|
|
|
|
| ||
1.904%, due 06/15/311,3 |
|
225,000 |
|
223,645 |
| ||
Commercial Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2013-LC13, Class C, |
|
|
|
|
| ||
5.217%, due 08/10/461,3 |
|
200,000 |
|
212,724 |
| ||
Series 2008-LS1, Class A4B, |
|
|
|
|
| ||
6.241%, due 12/10/493 |
|
234,040 |
|
253,377 |
| ||
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| ||
Series 2013-GAM, Class B, |
|
|
|
|
| ||
3.531%, due 02/10/281,3 |
|
200,000 |
|
194,856 |
| ||
FDIC Structured Sale Guaranteed Notes, |
|
|
|
|
| ||
Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
116,759 |
|
120,325 |
| ||
Greenwich Capital Commercial Funding Corp., |
|
|
|
|
| ||
Series 2007-GG11, Class A4, |
|
|
|
|
| ||
5.736%, due 12/10/49 |
|
88,000 |
|
96,383 |
| ||
GS Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-GSFL, Class D, |
|
|
|
|
| ||
4.054%, due 07/15/311,3 |
|
175,000 |
|
174,969 |
| ||
Hilton USA Trust, |
|
|
|
|
| ||
Series 2013-HLT, Class DFX, |
|
|
|
|
| ||
4.407%, due 11/05/301 |
|
100,000 |
|
101,952 |
| ||
JP Morgan Chase Commercial Mortgage Securities Corp., |
|
|
|
|
| ||
Series 2007-LD11, Class A4, |
|
|
|
|
| ||
5.981%, due 06/15/493 |
|
275,000 |
|
297,909 |
| ||
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2013-JWRZ, Class D, |
|
|
|
|
| ||
3.144%, due 04/15/301,3 |
|
100,000 |
|
100,266 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2013-C7, Class B, |
|
|
|
|
| ||
3.769%, due 02/15/46 |
|
50,000 |
|
49,630 |
| ||
Series 2013-C10, Class C, |
|
|
|
|
| ||
4.218%, due 07/15/463 |
|
100,000 |
|
98,742 |
| ||
Series 2013-C13, Class C, |
|
|
|
|
| ||
5.059%, due 11/15/463 |
|
50,000 |
|
51,820 |
| ||
Morgan Stanley Re-REMIC Trust, |
|
|
|
|
| ||
Series 2009-GG10, Class A4B, |
|
|
|
|
| ||
5.991%, due 08/12/451,3 |
|
175,000 |
|
189,878 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Wachovia Bank Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2007-C34, Class AM, |
|
|
|
|
| ||
5.818%, due 05/15/463 |
|
$ |
125,000 |
|
$ |
136,938 |
|
Total commercial mortgage-backed securities (cost $2,486,416) |
|
|
|
2,453,533 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 26.67% |
|
|
|
|
| ||
United States: 26.67% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. Gold Pools,6 |
|
|
|
|
| ||
3.000%, TBA |
|
275,000 |
|
270,703 |
| ||
3.500%, TBA |
|
125,000 |
|
127,236 |
| ||
#A96140, 4.000%, due 01/01/41, |
|
100,375 |
|
105,819 |
| ||
#FG A96792, 4.500%, due 02/01/41, |
|
50,036 |
|
54,242 |
| ||
#G08451, 4.500%, due 06/01/41, |
|
131,244 |
|
141,668 |
| ||
#C63008, 6.000%, due 01/01/32, |
|
42,516 |
|
47,896 |
| ||
#G01717, 6.500%, due 11/01/29, |
|
49,687 |
|
58,108 |
| ||
Federal National Mortgage Association Pools,6 |
|
|
|
|
| ||
2.500%, TBA |
|
275,000 |
|
275,892 |
| ||
3.000%, TBA |
|
125,000 |
|
128,462 |
| ||
3.000%, TBA |
|
75,000 |
|
73,726 |
| ||
3.500%, TBA |
|
925,000 |
|
942,705 |
| ||
4.500%, TBA |
|
75,000 |
|
80,918 |
| ||
4.500%, TBA |
|
225,000 |
|
242,130 |
| ||
#AP1589, 3.000%, due 08/01/27, |
|
81,408 |
|
84,137 |
| ||
#AT2725, 3.000%, due 05/01/43, |
|
426,240 |
|
420,925 |
| ||
#AP6056, 3.000%, due 07/01/43, |
|
70,721 |
|
69,824 |
| ||
#AS0302, 3.000%, due 08/01/43, |
|
25,203 |
|
24,880 |
| ||
#AU3735, 3.000%, due 08/01/43, |
|
96,573 |
|
95,335 |
| ||
#AV1735, 3.000%, due 11/01/43, |
|
74,279 |
|
73,327 |
| ||
#AP3098, 3.500%, due 10/01/42, |
|
97,821 |
|
100,327 |
| ||
#AQ0600, 3.500%, due 10/01/42, |
|
106,290 |
|
109,077 |
| ||
#AH4568, 4.000%, due 03/01/41, |
|
104,538 |
|
110,317 |
| ||
#AE9202, 4.000%, due 09/01/41, |
|
393,288 |
|
415,028 |
| ||
#AE0106, 4.500%, due 06/01/40, |
|
1,212 |
|
1,312 |
| ||
#AI6578, 4.500%, due 07/01/41, |
|
279,510 |
|
302,271 |
| ||
#890209, 5.000%, due 05/01/40, |
|
180,822 |
|
199,892 |
| ||
#AD9114, 5.000%, due 07/01/40, |
|
225,201 |
|
250,017 |
| ||
#AJ1422, 5.000%, due 09/01/41, |
|
167,900 |
|
185,569 |
| ||
#688066, 5.500%, due 03/01/33, |
|
98,246 |
|
111,149 |
| ||
#688314, 5.500%, due 03/01/33, |
|
111,759 |
|
126,546 |
| ||
#802481, 5.500%, due 11/01/34, |
|
200,977 |
|
225,704 |
| ||
#408267, 6.000%, due 03/01/28, |
|
13,289 |
|
15,294 |
| ||
#323715, 6.000%, due 05/01/29, |
|
8,483 |
|
9,698 |
| ||
#676733, 6.000%, due 01/01/33, |
|
76,585 |
|
87,666 |
| ||
#831730, 6.500%, due 09/01/36, |
|
80,505 |
|
91,127 |
| ||
First Horizon Asset Securities, Inc., |
|
|
|
|
| ||
Series 2004-FL1, Class 1A1, |
|
|
|
|
| ||
0.425%, due 02/25/353 |
|
41,297 |
|
37,341 |
| ||
Government National Mortgage Association Pools, |
|
|
|
|
| ||
3.000%, TBA |
|
250,000 |
|
250,942 |
| ||
3.500%, TBA |
|
500,000 |
|
515,391 |
| ||
4.000%, TBA |
|
500,000 |
|
528,633 |
| ||
4.000%, TBA |
|
275,000 |
|
291,049 |
| ||
4.500%, TBA |
|
575,000 |
|
622,527 |
| ||
#G2 AB2784, 3.500%, due 08/20/42, |
|
86,737 |
|
90,253 |
| ||
#G2 779425, 4.000%, due 06/20/42, |
|
98,899 |
|
105,671 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| |||
Bonds(concluded) |
|
|
|
|
| |||
Mortgage & agency debt securities(concluded) |
|
|
|
|
| |||
United States(concluded) |
|
|
|
|
| |||
#G2 2687, 6.000%, due 12/20/28, |
|
$ |
16,751 |
|
$ |
18,950 |
| |
#G2 2794, 6.000%, due 08/20/29, |
|
52,422 |
|
59,265 |
| |||
#G2 4245, 6.000%, due 09/20/38, |
|
45,824 |
|
51,690 |
| |||
Total mortgage & agency debt securities (cost $8,111,028) |
|
|
|
8,230,639 |
| |||
|
|
|
|
|
| |||
Municipal bonds: 1.74% |
|
|
|
|
| |||
Chicago Transit Authority, |
|
|
|
|
| |||
Series 2008-A, |
|
|
|
|
| |||
6.899%, due 12/01/40 |
|
50,000 |
|
60,969 |
| |||
Los Angeles Unified School District, |
|
|
|
|
| |||
6.758%, due 07/01/34 |
|
110,000 |
|
146,723 |
| |||
State of California, GO Bonds, |
|
|
|
|
| |||
7.300%, due 10/01/39 |
|
90,000 |
|
125,566 |
| |||
State of Illinois, GO Bonds, |
|
|
|
|
| |||
5.877%, due 03/01/19 |
|
180,000 |
|
199,949 |
| |||
Total municipal bonds (cost $457,773) |
|
|
|
533,207 |
| |||
|
|
|
|
|
| |||
US government obligations: 15.30% |
|
|
|
|
| |||
Tennessee Valley Authority, |
|
|
|
|
| |||
2.875%, due 09/15/24 |
|
70,000 |
|
69,474 |
| |||
US Treasury Bonds, |
|
|
|
|
| |||
3.125%, due 08/15/442 |
|
900,000 |
|
885,656 |
| |||
3.375%, due 05/15/44 |
|
975,000 |
|
1,006,688 |
| |||
US Treasury Inflation Indexed Notes (TIPS), |
|
|
|
|
| |||
0.125%, due 04/15/197 |
|
900,000 |
|
917,309 |
| |||
US Treasury Notes, |
|
|
|
|
| |||
0.500%, due 08/31/162 |
|
450,000 |
|
449,543 |
| |||
2.000%, due 08/31/21 |
|
150,000 |
|
147,973 |
| |||
2.125%, due 09/30/21 |
|
75,000 |
|
74,531 |
| |||
2.375%, due 08/15/24 |
|
450,000 |
|
444,797 |
| |||
2.500%, due 05/15/24 |
|
725,000 |
|
725,453 |
| |||
Total US government obligations (cost $4,687,951) |
|
|
|
4,721,424 |
| |||
|
|
|
|
|
| |||
Non-US government obligations: 2.33% |
|
|
|
|
| |||
Brazil: 0.65% |
|
|
|
|
| |||
Banco Nacional de Desenvolvimento Economico e Social, |
|
|
|
|
| |||
3.375%, due 09/26/161 |
|
200,000 |
|
204,700 |
| |||
|
|
|
|
|
| |||
Greece: 0.40% |
|
|
|
|
| |||
Hellenic Republic, |
|
|
|
|
| |||
2.000%, due 02/24/315,8 |
|
EUR |
150,000 |
|
122,014 |
| ||
|
|
|
|
|
| |||
Mexico: 0.30% |
|
|
|
|
| |||
United Mexican States, |
|
|
|
|
| |||
4.000%, due 10/02/23 |
|
$ |
70,000 |
|
72,310 |
| ||
6.750%, due 09/27/34 |
|
15,000 |
|
18,975 |
| |||
|
|
|
|
91,285 |
| |||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Peru: 0.42% |
|
|
|
|
| ||
Peruvian Government International Bond, |
|
|
|
|
| ||
7.350%, due 07/21/25 |
|
$ |
100,000 |
|
$ |
130,500 |
|
|
|
|
|
|
| ||
Philippines: 0.20% |
|
|
|
|
| ||
Republic of the Philippines, |
|
|
|
|
| ||
10.625%, due 03/16/25 |
|
40,000 |
|
62,600 |
| ||
|
|
|
|
|
| ||
Turkey: 0.36% |
|
|
|
|
| ||
Republic of Turkey, |
|
|
|
|
| ||
6.750%, due 04/03/18 |
|
100,000 |
|
110,750 |
| ||
Total Non-US government obligations (cost $744,907) |
|
|
|
721,849 |
| ||
Total bonds (cost $25,122,587) |
|
|
|
25,413,511 |
| ||
|
|
Shares |
|
|
|
Investment company: 2.38% |
|
|
|
|
|
UBS High Yield Relationship Fund*9 (cost $707,025) |
|
21,397 |
|
734,518 |
|
|
|
|
|
|
|
Short-term investments: 32.38% |
|
|
|
|
|
Investment company: 19.01% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund9 (cost $5,862,441) |
|
5,862,441 |
|
5,862,441 |
|
|
|
|
|
|
|
US government obligation: 13.37% |
|
|
|
|
|
US Treasury Bill, |
|
|
|
|
|
0.040%, due 05/28/1510 (cost $4,123,446) |
|
4,125,000 |
|
4,123,973 |
|
Total short-term investments (cost $9,985,887) |
|
|
|
9,986,414 |
|
|
|
Number of |
|
|
|
Options purchased: 0.05% |
|
|
|
|
|
Put Options: 0.04% |
|
|
|
|
|
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
26 |
|
13,487 |
|
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
49 |
|
306 |
|
|
|
|
|
13,793 |
|
|
|
|
|
|
|
Options purchased on credit default swaps on credit indices: 0.01%11 |
|
|
|
|
|
Expiring 10/15/14. 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.HY Series 22 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: JPMCB |
|
550,000 |
|
4,236 |
|
Total options purchased (cost $80,601) |
|
|
|
18,029 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment of cash collateral from securities loaned: 0.91% |
|
|
|
|
| |
UBS Private Money Market Fund LLC9 (cost $279,633) |
|
279,633 |
|
279,633 |
| |
Total investments: 118.10% (cost $36,175,733) |
|
|
|
36,432,105 |
| |
Liabilities, in excess of cash and other assets: (18.10%) |
|
|
|
(5,587,069 |
) | |
Net assets: 100.00% |
|
|
|
$ |
30,845,036 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 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 |
|
$ |
504,541 |
|
Gross unrealized depreciation |
|
(248,169 |
) | |
Net unrealized appreciation of investments |
|
$ |
256,372 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
EUR |
550,000 |
|
USD |
723,205 |
|
12/11/14 |
|
$ |
28,178 |
|
JPMCB |
|
JPY |
123,100,000 |
|
USD |
1,174,382 |
|
12/11/14 |
|
51,277 |
| |
JPMCB |
|
NZD |
515,000 |
|
USD |
424,935 |
|
12/11/14 |
|
25,759 |
| |
MSCI |
|
NZD |
205,000 |
|
USD |
165,687 |
|
12/11/14 |
|
6,792 |
| |
MSCI |
|
USD |
576,075 |
|
JPY |
61,700,000 |
|
12/11/14 |
|
(13,154 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
98,852 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 2 contracts (USD) |
|
December 2014 |
|
$ |
271,941 |
|
$ |
275,813 |
|
$ |
3,872 |
|
US Ultra Bond, 7 contracts (USD) |
|
December 2014 |
|
1,078,631 |
|
1,067,500 |
|
(11,131 |
) | |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 19 contracts (USD) |
|
December 2014 |
|
(2,251,174 |
) |
(2,246,898 |
) |
4,276 |
| |||
10 Year US Treasury Notes, 6 contracts (USD) |
|
December 2014 |
|
(748,695 |
) |
(747,844 |
) |
851 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 10 contracts (EUR) |
|
March 2015 |
|
3,134,272 |
|
3,155,414 |
|
21,142 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
19,010 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
MLI |
|
USD |
965,000 |
|
08/15/39 |
|
3.219 |
% |
3 month USD LIBOR |
|
$ |
|
|
$ |
(17,318 |
) |
$ |
(17,318 |
) |
Credit default swaps on corporate issues buy protection13
Counterparty |
|
Referenced obligation14 |
|
Notional |
|
Termination |
|
Payments made by |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
MSC |
|
Deutsche Bank AG bond, 5.125%, due 08/31/17 |
|
EUR |
140,000 |
|
06/20/17 |
|
1.000 |
% |
$ |
(3,876 |
) |
$ |
(2,616 |
) |
$ |
(6,492 |
) |
Credit default swaps on credit indices sell protection15
Counterparty |
|
Referenced Index14 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit spread16 |
| ||||
CSI |
|
CMBX.NA.BBB. Series 6 Index |
|
USD |
350,000 |
|
05/11/63 |
|
3.000 |
% |
$ |
14,151 |
|
$ |
(1,929 |
) |
$ |
12,222 |
|
2.803 |
% |
MLI |
|
CMBX.NA.BB. Series 6 Index |
|
USD |
300,000 |
|
05/11/63 |
|
5.000 |
|
(9,368 |
) |
(745 |
) |
(10,113 |
) |
3.231 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
4,783 |
|
$ |
(2,674 |
) |
$ |
2,109 |
|
|
|
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Value |
|
Unrealized |
| |||
NZD |
400,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.775 |
% |
$ |
5,795 |
|
$ |
5,795 |
|
NZD |
450,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.713 |
|
4,746 |
|
4,746 |
| ||
NZD |
450,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.712 |
|
4,731 |
|
4,731 |
| ||
|
|
|
|
|
|
|
|
|
$ |
15,272 |
|
$ |
15,272 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call option |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 98.75 |
|
June 2016 |
|
$ |
21,034 |
|
$ |
(13,813 |
) |
Put options |
|
|
|
|
|
|
| ||
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 96.75 |
|
June 2016 |
|
21,034 |
|
(4,063 |
) | ||
90 Day Euro-Dollar Time Deposit, 49 contracts, strike @ USD 98.25 |
|
March 2015 |
|
12,691 |
|
(306 |
) | ||
Options written on credit default swaps on credit indices11 |
|
|
|
|
|
|
| ||
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 22 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: CITI, Notional Amount USD 1,000,000 |
|
December 2014 |
|
4,851 |
|
(4,106 |
) | ||
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 22 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: DB, Notional Amount USD 1,000,000 |
|
December 2014 |
|
4,752 |
|
(4,106 |
) | ||
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 22 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: DB, Notional Amount USD 330,000 |
|
December 2014 |
|
4,574 |
|
(6,679 |
) | ||
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 22 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: MLI, Notional Amount USD 1,000,000 |
|
October 2014 |
|
2,475 |
|
(577 |
) | ||
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 22 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: MLI, Notional Amount USD 550,000 |
|
December 2014 |
|
4,302 |
|
(3,239 |
) | ||
Total options written |
|
|
|
$ |
75,713 |
|
$ |
(36,889 |
) |
Written options activity for the period ended September 30, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2014 |
|
233 |
|
$ |
141,691 |
|
Options written |
|
|
|
|
| |
Options terminated in closing purchase transactions |
|
(132 |
) |
(86,932 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2014 |
|
101 |
|
54,759 |
| |
Written swaptions activity for the period ended September 30, 2014 was as follows:
|
|
Premiums |
| |
Swaptions outstanding at June 30, 2014 |
|
$ |
12,177 |
|
Swaptions written |
|
23,428 |
| |
Swaptions terminated in closing purchase transactions |
|
(14,651 |
) | |
Swaptions expired prior to exercise |
|
|
| |
Swaptions outstanding at Septmeber 30, 2014 |
|
$ |
20,954 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
8,105,412 |
|
$ |
|
|
$ |
8,105,412 |
|
Asset-backed securities |
|
|
|
647,447 |
|
|
|
647,447 |
| ||||
Commercial mortgage-backed securities |
|
|
|
2,453,533 |
|
|
|
2,453,533 |
| ||||
Mortgage & agency debt securities |
|
|
|
8,230,639 |
|
|
|
8,230,639 |
| ||||
Municipal bonds |
|
|
|
533,207 |
|
|
|
533,207 |
| ||||
US government obligations |
|
|
|
4,721,424 |
|
|
|
4,721,424 |
| ||||
Non-US government obligations |
|
|
|
721,849 |
|
|
|
721,849 |
| ||||
Investment company |
|
|
|
734,518 |
|
|
|
734,518 |
| ||||
Short-term investments |
|
|
|
9,986,414 |
|
|
|
9,986,414 |
| ||||
Options purchased |
|
13,793 |
|
4,236 |
|
|
|
18,029 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
279,633 |
|
|
|
279,633 |
| ||||
Forward foreign currency contracts |
|
|
|
112,006 |
|
|
|
112,006 |
| ||||
Futures contracts |
|
30,141 |
|
|
|
|
|
30,141 |
| ||||
Swap agreements |
|
|
|
15,272 |
|
|
|
15,272 |
| ||||
Total |
|
$ |
43,934 |
|
$ |
36,545,590 |
|
$ |
|
|
$ |
36,589,524 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(13,154 |
) |
$ |
|
|
$ |
(13,154 |
) |
Futures contracts |
|
(11,131 |
) |
|
|
|
|
(11,131 |
) | ||||
Swap agreements |
|
|
|
(22,608 |
) |
|
|
(22,608 |
) | ||||
Options written |
|
(18,182 |
) |
(18,707 |
) |
|
|
(36,889 |
) | ||||
Total |
|
$ |
(29,313 |
) |
$ |
(54,469 |
) |
$ |
|
|
$ |
(83,782 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
* Non-income producing security.
1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the value of these securities amounted to $2,849,730 or 9.24% of net assets.
2 Security, or portion thereof, was on loan at September 30, 2014.
3 Variable or floating rate security The interest rate shown is the current rate as of September 30, 2014 and changes periodically.
4 Perpetual investment. Date shown reflects the next call date.
5 Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2014. Maturity date disclosed is the ultimate maturity date.
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 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.
8 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of this security amounted to $122,014 or 0.40% of net assets.
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 Core Plus Bond Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
|
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 |
|
three months ended |
|
three months ended |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
7,725,321 |
|
$ |
3,760,583 |
|
$ |
5,623,463 |
|
$ |
|
|
$ |
|
|
$ |
5,862,441 |
|
$ |
1,113 |
|
UBS Private Money Market Fund LLCa |
|
236,033 |
|
2,667,243 |
|
2,623,643 |
|
|
|
|
|
279,633 |
|
9 |
| |||||||
UBS High Yield Relationship Fund |
|
1,690,858 |
|
|
|
920,000 |
|
76,396 |
|
(112,736 |
) |
734,518 |
|
|
| |||||||
|
|
$ |
9,652,212 |
|
$ |
6,427,826 |
|
$ |
9,167,106 |
|
$ |
76,396 |
|
$ |
(112,736 |
) |
$ |
6,876,592 |
|
$ |
1,122 |
|
a The Advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
10 Rate shown is the discount rate at date of purchase.
11 Illiquid investment as of September 30, 2014.
12 Payments made or received are based on the notional amount.
13 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation.
14 Payments to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation
15 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the underlying securities comprising the referenced index.
16 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 Emerging Markets Debt Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Banks |
|
8.61 |
% |
Construction & engineering |
|
0.12 |
|
Diversified financial services |
|
7.00 |
|
Electric utilities |
|
0.91 |
|
Metals & mining |
|
0.90 |
|
Oil, gas & consumable fuels |
|
6.44 |
|
Road & rail |
|
0.98 |
|
Total corporate bonds |
|
24.96 |
% |
Non-US government obligations |
|
71.32 |
|
Structured notes |
|
1.97 |
|
Total bonds |
|
98.25 |
% |
Short-term investment |
|
1.25 |
|
Total investments |
|
99.50 |
% |
Cash and other assets, less liabilities |
|
0.50 |
|
Net assets |
|
100.00 |
% |
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds: 98.25% |
|
|
|
|
| ||||
Corporate bonds: 24.96% |
|
|
|
|
| ||||
Brazil: 3.09% |
|
|
|
|
| ||||
Banco do Brasil SA, |
|
|
|
|
| ||||
5.875%, due 01/26/221 |
|
$ |
200,000 |
|
$ |
200,800 |
| ||
Centrais Eletricas Brasileiras SA, |
|
|
|
|
| ||||
5.750%, due 10/27/211 |
|
200,000 |
|
201,600 |
| ||||
Petrobras Global Finance BV, |
|
|
|
|
| ||||
2.374%, due 01/15/192 |
|
30,000 |
|
29,859 |
| ||||
3.115%, due 03/17/202 |
|
50,000 |
|
50,915 |
| ||||
State of Minas Gerais, |
|
|
|
|
| ||||
5.333%, due 02/15/283 |
|
200,000 |
|
198,000 |
| ||||
Total Brazil corporate bonds |
|
|
|
681,174 |
| ||||
|
|
|
|
|
| ||||
Costa Rica: 0.91% |
|
|
|
|
| ||||
Banco Nacional de Costa Rica, |
|
|
|
|
| ||||
4.875%, due 11/01/181 |
|
200,000 |
|
201,500 |
| ||||
|
|
|
|
|
| ||||
India: 0.95% |
|
|
|
|
| ||||
ICICI Bank Ltd., |
|
|
|
|
| ||||
6.375%, due 04/30/221,2 |
|
200,000 |
|
208,500 |
| ||||
|
|
|
|
|
| ||||
Indonesia: 1.41% |
|
|
|
|
| ||||
Pertamina Persero PT, |
|
|
|
|
| ||||
5.250%, due 05/23/211 |
|
300,000 |
|
309,450 |
| ||||
|
|
|
|
|
| ||||
Kazakhstan: 0.98% |
|
|
|
|
| ||||
Kazakhstan Temir Zholy Finance BV, |
|
|
|
|
| ||||
6.950%, due 07/10/423 |
|
200,000 |
|
215,600 |
| ||||
|
|
|
|
|
| ||||
Malaysia: 0.92% |
|
|
|
|
| ||||
Malayan Banking Bhd, |
|
|
|
|
| ||||
3.250%, due 09/20/221,2 |
|
200,000 |
|
201,764 |
| ||||
|
|
|
|
|
| ||||
Mexico: 2.37% |
|
|
|
|
| ||||
Empresas ICA SAB de CV, |
|
|
|
|
| ||||
8.900%, due 02/04/211 |
|
25,000 |
|
26,250 |
| ||||
Petroleos Mexicanos, |
|
|
|
|
| ||||
4.875%, due 01/24/22 |
|
100,000 |
|
105,450 |
| ||||
5.500%, due 06/27/44 |
|
100,000 |
|
101,400 |
| ||||
6.500%, due 06/02/41 |
|
200,000 |
|
228,900 |
| ||||
7.190%, due 09/12/24 |
|
MXN |
800,000 |
|
59,799 |
| |||
Total Mexico corporate bonds |
|
|
|
521,799 |
| ||||
|
|
|
|
|
| ||||
Nigeria: 0.92% |
|
|
|
|
| ||||
FBN Finance Co. BV, |
|
|
|
|
| ||||
8.000%, due 07/23/212,3 |
|
$ |
200,000 |
|
202,500 |
| |||
|
|
|
|
|
| ||||
Peru: 0.94% |
|
|
|
|
| ||||
Corp Financiera Desarrollo, |
|
|
|
|
| ||||
4.750%, due 02/08/221 |
|
200,000 |
|
208,000 |
| ||||
|
|
|
|
|
| ||||
Russia: 7.84% |
|
|
|
|
| ||||
RSHB Capital SA for OJSC Russian Agricultural Bank, |
|
|
|
|
| ||||
7.750%, due 05/29/181 |
|
250,000 |
|
264,375 |
| ||||
8.625%, due 02/17/171 |
|
RUB |
21,000,000 |
|
488,373 |
| |||
8.700%, due 03/17/16 |
|
6,000,000 |
|
144,521 |
| ||||
Sberbank of Russia, |
|
|
|
|
| ||||
5.717%, due 06/16/211 |
|
$ |
400,000 |
|
393,512 |
| |||
VEB Finance Ltd., |
|
|
|
|
| ||||
6.025%, due 07/05/221 |
|
200,000 |
|
189,500 |
| ||||
6.800%, due 11/22/251 |
|
150,000 |
|
145,533 |
| ||||
6.902%, due 07/09/201 |
|
100,000 |
|
100,625 |
| ||||
Total Russia corporate bonds |
|
|
|
1,726,439 |
| ||||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Turkey: 2.21% |
|
|
|
|
| ||||
Turkiye Halk Bankasi AS, |
|
|
|
|
| ||||
3.875%, due 02/05/201 |
|
$ |
300,000 |
|
$ |
282,000 |
| ||
4.875%, due 07/19/173 |
|
200,000 |
|
204,750 |
| ||||
Total Turkey corporate bonds |
|
|
|
486,750 |
| ||||
|
|
|
|
|
| ||||
Venezuela: 2.42% |
|
|
|
|
| ||||
Petroleos de Venezuela SA, |
|
|
|
|
| ||||
6.000%, due 05/16/241 |
|
200,000 |
|
102,250 |
| ||||
6.000%, due 11/15/261 |
|
185,000 |
|
93,194 |
| ||||
8.500%, due 11/02/171 |
|
50,000 |
|
39,370 |
| ||||
9.000%, due 11/17/211 |
|
300,000 |
|
200,250 |
| ||||
9.750%, due 05/17/351 |
|
150,000 |
|
96,825 |
| ||||
Total Venezuela corporate bonds |
|
|
|
531,889 |
| ||||
Total corporate bonds (cost $5,842,384) |
|
|
|
5,495,365 |
| ||||
|
|
|
|
|
| ||||
Non-US government obligations: 71.32% |
|
|
|
|
| ||||
Argentina: 0.61% |
|
|
|
|
| ||||
Republic of Argentina, |
|
|
|
|
| ||||
0.000%, due 12/15/354 |
|
50,000 |
|
3,650 |
| ||||
0.000%, due 12/15/354 |
|
320,000 |
|
24,320 |
| ||||
7.000%, due 10/03/15 |
|
20,000 |
|
18,596 |
| ||||
Series 1, 8.750%, due 06/02/17 |
|
100,000 |
|
88,500 |
| ||||
|
|
|
|
135,066 |
| ||||
Belarus: 1.88% |
|
|
|
|
| ||||
Republic of Belarus, |
|
|
|
|
| ||||
8.750%, due 08/03/151 |
|
250,000 |
|
255,000 |
| ||||
8.950%, due 01/26/181 |
|
150,000 |
|
159,375 |
| ||||
|
|
|
|
414,375 |
| ||||
Brazil: 5.92% |
|
|
|
|
| ||||
Federative Republic of Brazil, |
|
|
|
|
| ||||
6.000%, due 08/15/505 |
|
BRL |
720,000 |
|
699,013 |
| |||
Notas do Tesouro Nacional, |
|
|
|
|
| ||||
6.000%, due 08/15/225 |
|
200,000 |
|
201,350 |
| ||||
10.000%, due 01/01/21 |
|
1,100,000 |
|
403,264 |
| ||||
|
|
|
|
1,303,627 |
| ||||
China: 1.09% |
|
|
|
|
| ||||
China Government Bond, |
|
|
|
|
| ||||
1.400%, due 08/18/161 |
|
CNY |
500,000 |
|
78,997 |
| |||
2.560%, due 06/29/171 |
|
1,000,000 |
|
161,218 |
| ||||
|
|
|
|
240,215 |
| ||||
Colombia: 3.55% |
|
|
|
|
| ||||
Republic of Colombia, |
|
|
|
|
| ||||
6.125%, due 01/18/41 |
|
$ |
110,000 |
|
128,700 |
| |||
7.750%, due 04/14/21 |
|
COP |
110,000,000 |
|
58,702 |
| |||
9.850%, due 06/28/27 |
|
812,000,000 |
|
504,753 |
| ||||
12.000%, due 10/22/15 |
|
170,000,000 |
|
89,698 |
| ||||
|
|
|
|
781,853 |
| ||||
Cote dIvoire: 0.43% |
|
|
|
|
| ||||
Republic of Cote dIvoire, |
|
|
|
|
| ||||
5.750%, due 12/31/321,6 |
|
100,000 |
|
95,250 |
| ||||
|
|
|
|
|
| ||||
Ecuador: 0.47% |
|
|
|
|
| ||||
Republic of Ecuador, |
|
|
|
|
| ||||
9.375%, due 12/15/151 |
|
100,000 |
|
104,500 |
| ||||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(continued) |
|
|
|
|
| ||||
Non-US government obligations(continued) |
|
|
|
|
| ||||
El Salvador: 0.49% |
|
|
|
|
| ||||
Republic of El Salvador, |
|
|
|
|
| ||||
7.650%, due 06/15/351 |
|
$ |
100,000 |
|
$ |
107,000 |
| ||
|
|
|
|
|
| ||||
Ghana: 1.64% |
|
|
|
|
| ||||
Republic of Ghana, |
|
|
|
|
| ||||
8.125%, due 01/18/263 |
|
200,000 |
|
200,500 |
| ||||
8.500%, due 10/04/171 |
|
150,000 |
|
160,875 |
| ||||
|
|
|
|
361,375 |
| ||||
Hungary: 2.67% |
|
|
|
|
| ||||
Government of Hungary, |
|
|
|
|
| ||||
5.375%, due 02/21/23 |
|
100,000 |
|
105,830 |
| ||||
5.750%, due 11/22/23 |
|
150,000 |
|
162,454 |
| ||||
6.750%, due 02/24/17 |
|
HUF |
60,000,000 |
|
267,897 |
| |||
7.625%, due 03/29/41 |
|
$ |
40,000 |
|
51,058 |
| |||
|
|
|
|
587,239 |
| ||||
Indonesia: 6.97% |
|
|
|
|
| ||||
Republic of Indonesia, |
|
|
|
|
| ||||
6.625%, due 02/17/371 |
|
200,000 |
|
226,000 |
| ||||
7.000%, due 05/15/22 |
|
IDR |
6,000,000,000 |
|
450,554 |
| |||
8.375%, due 03/15/34 |
|
170,000,000 |
|
13,122 |
| ||||
8.500%, due 10/12/351 |
|
$ |
275,000 |
|
371,250 |
| |||
9.000%, due 03/15/29 |
|
IDR |
5,750,000,000 |
|
473,071 |
| |||
|
|
|
|
1,533,997 |
| ||||
Kenya: 0.93% |
|
|
|
|
| ||||
Republic of Kenya, |
|
|
|
|
| ||||
5.875%, due 06/24/193 |
|
$ |
200,000 |
|
205,500 |
| |||
|
|
|
|
|
| ||||
Lithuania: 0.50% |
|
|
|
|
| ||||
Republic of Lithuania, |
|
|
|
|
| ||||
5.125%, due 09/14/171 |
|
100,000 |
|
109,274 |
| ||||
|
|
|
|
|
| ||||
Malaysia: 4.36% |
|
|
|
|
| ||||
Government of Malaysia, |
|
|
|
|
| ||||
3.580%, due 09/28/18 |
|
MYR |
2,200,000 |
|
669,922 |
| |||
3.741%, due 02/27/15 |
|
900,000 |
|
274,650 |
| ||||
3.835%, due 08/12/15 |
|
50,000 |
|
15,294 |
| ||||
|
|
|
|
959,866 |
| ||||
Mexico: 5.43% |
|
|
|
|
| ||||
Mexican Udibonos, |
|
|
|
|
| ||||
Series M, 6.500%, due 06/10/21 |
|
MXN |
900,000 |
|
69,986 |
| |||
Series M, 8.000%, due 12/17/15 |
|
8,250,000 |
|
648,986 |
| ||||
Series S, 4.000%, due 11/15/405 |
|
3,626,606 |
|
292,993 |
| ||||
10.000%, due 12/05/24 |
|
450,000 |
|
43,432 |
| ||||
United Mexican States, |
|
|
|
|
| ||||
6.050%, due 01/11/40 |
|
$ |
120,000 |
|
141,300 |
| |||
|
|
|
|
1,196,697 |
| ||||
Mongolia: 1.68% |
|
|
|
|
| ||||
Development Bank of Mongolia LLC, |
|
|
|
|
| ||||
5.750%, due 03/21/171 |
|
200,000 |
|
194,000 |
| ||||
Mongolia Government International Bond, |
|
|
|
|
| ||||
5.125%, due 12/05/223 |
|
200,000 |
|
175,250 |
| ||||
|
|
|
|
369,250 |
| ||||
Montenegro: 0.90% |
|
|
|
|
| ||||
Republic of Montenegro, |
|
|
|
|
| ||||
7.250%, due 04/08/161 |
|
EUR |
150,000 |
|
198,930 |
| |||
|
|
|
|
|
| ||||
Nigeria: 2.36% |
|
|
|
|
| ||||
Nigeria Government Bond, |
|
|
|
|
| ||||
15.100%, due 04/27/17 |
|
NGN |
27,000,000 |
|
175,595 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Nigeria Government International Bond, |
|
|
|
|
| |||
5.125%, due 07/12/181 |
|
$ |
200,000 |
|
$ |
205,500 |
| |
Nigeria Treasury Bills, |
|
|
|
|
| |||
11.643%, due 04/09/157 |
|
NGN |
12,500,000 |
|
72,156 |
| ||
11.293%, due 04/23/157 |
|
11,500,000 |
|
66,049 |
| |||
|
|
|
|
519,300 |
| |||
Peru: 2.11% |
|
|
|
|
| |||
Peruvian Government International Bond, |
|
|
|
|
| |||
5.625%, due 11/18/50 |
|
$ |
20,000 |
|
22,550 |
| ||
7.840%, due 08/12/201 |
|
PEN |
1,125,000 |
|
442,397 |
| ||
|
|
|
|
464,947 |
| |||
Philippines: 2.43% |
|
|
|
|
| |||
Republic of Philippines, |
|
|
|
|
| |||
4.200%, due 01/21/24 |
|
$ |
220,000 |
|
232,100 |
| ||
Republic of the Philippines, |
|
|
|
|
| |||
4.950%, due 01/15/21 |
|
PHP |
13,000,000 |
|
301,989 |
| ||
|
|
|
|
534,089 |
| |||
Poland: 4.90% |
|
|
|
|
| |||
Republic of Poland, |
|
|
|
|
| |||
4.750%, due 04/25/17 |
|
PLN |
2,400,000 |
|
772,512 |
| ||
5.000%, due 04/25/16 |
|
800,000 |
|
252,442 |
| |||
5.000%, due 03/23/22 |
|
$ |
50,000 |
|
54,962 |
| ||
|
|
|
|
1,079,916 |
| |||
Romania: 1.07% |
|
|
|
|
| |||
Government of Romania, |
|
|
|
|
| |||
5.750%, due 01/27/16 |
|
RON |
300,000 |
|
89,363 |
| ||
5.900%, due 07/26/17 |
|
250,000 |
|
77,014 |
| |||
6.125%, due 01/22/443 |
|
$ |
50,000 |
|
57,062 |
| ||
6.750%, due 02/07/221 |
|
10,000 |
|
11,825 |
| |||
|
|
|
|
235,264 |
| |||
Russia: 1.97% |
|
|
|
|
| |||
Russian Federation, |
|
|
|
|
| |||
7.000%, due 01/25/23 |
|
RUB |
2,300,000 |
|
50,296 |
| ||
7.050%, due 01/19/28 |
|
5,000,000 |
|
105,264 |
| |||
7.600%, due 04/14/21 |
|
7,500,000 |
|
174,057 |
| |||
8.150%, due 02/03/27 |
|
4,500,000 |
|
105,060 |
| |||
|
|
|
|
434,677 |
| |||
South Africa: 4.58% |
|
|
|
|
| |||
Republic of South Africa, |
|
|
|
|
| |||
5.875%, due 09/16/25 |
|
$ |
200,000 |
|
220,000 |
| ||
6.250%, due 03/31/36 |
|
ZAR |
1,100,000 |
|
73,200 |
| ||
6.750%, due 03/31/21 |
|
1,800,000 |
|
150,362 |
| |||
7.000%, due 02/28/31 |
|
3,250,000 |
|
244,688 |
| |||
7.000%, due 02/28/31 |
|
250,000 |
|
18,822 |
| |||
7.750%, due 02/28/23 |
|
1,850,000 |
|
160,128 |
| |||
10.500%, due 12/21/26 |
|
1,000,000 |
|
103,177 |
| |||
13.500%, due 09/15/15 |
|
200,000 |
|
18,818 |
| |||
13.500%, due 09/15/16 |
|
200,000 |
|
19,794 |
| |||
|
|
|
|
1,008,989 |
| |||
Sri Lanka: 1.19% |
|
|
|
|
| |||
Republic of Sri Lanka, |
|
|
|
|
| |||
6.250%, due 10/04/201 |
|
$ |
100,000 |
|
105,125 |
| ||
6.250%, due 07/27/211 |
|
150,000 |
|
156,937 |
| |||
|
|
|
|
262,062 |
| |||
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(concluded) |
|
|
|
|
| ||||
Non-US government obligations(concluded) |
|
|
|
|
| ||||
Thailand: 3.05% |
|
|
|
|
| ||||
Government of Thailand, |
|
|
|
|
| ||||
1.200%, due 07/14/211,5 |
|
THB |
14,955,983 |
|
$ |
447,993 |
| ||
3.775%, due 06/25/32 |
|
1,000,000 |
|
30,287 |
| ||||
3.875%, due 03/07/18 |
|
200,000 |
|
6,384 |
| ||||
3.875%, due 06/13/19 |
|
5,500,000 |
|
176,483 |
| ||||
5.125%, due 03/13/18 |
|
300,000 |
|
9,952 |
| ||||
|
|
|
|
671,099 |
| ||||
Turkey: 5.06% |
|
|
|
|
| ||||
Export Credit Bank of Turkey, |
|
|
|
|
| ||||
5.875%, due 04/24/191 |
|
$ |
200,000 |
|
210,810 |
| |||
Republic of Turkey, |
|
|
|
|
| ||||
3.000%, due 02/23/225 |
|
TRY |
483,755 |
|
225,165 |
| |||
7.100%, due 03/08/23 |
|
250,000 |
|
93,206 |
| ||||
7.500%, due 11/07/19 |
|
$ |
250,000 |
|
288,125 |
| |||
8.500%, due 09/14/22 |
|
TRY |
300,000 |
|
123,048 |
| |||
9.500%, due 01/12/22 |
|
400,000 |
|
174,079 |
| ||||
|
|
|
|
1,114,433 |
| ||||
Ukraine: 0.80% |
|
|
|
|
| ||||
Government of Ukraine, |
|
|
|
|
| ||||
9.250%, due 07/24/173 |
|
$ |
200,000 |
|
175,500 |
| |||
|
|
|
|
|
| ||||
Venezuela: 2.28% |
|
|
|
|
| ||||
Republic of Venezuela, |
|
|
|
|
| ||||
7.750%, due 10/13/191 |
|
140,000 |
|
99,750 |
| ||||
8.250%, due 10/13/241 |
|
190,000 |
|
125,400 |
| ||||
9.250%, due 09/15/27 |
|
100,000 |
|
71,750 |
| ||||
9.250%, due 05/07/281 |
|
200,000 |
|
137,000 |
| ||||
9.375%, due 01/13/34 |
|
100,000 |
|
69,000 |
| ||||
|
|
|
|
502,900 |
| ||||
Total Non-US government obligations (cost $17,322,755) |
|
|
|
15,707,190 |
| ||||
|
|
|
|
|
| ||||
Structured notes: 1.97% |
|
|
|
|
| ||||
Bangladesh: 1.26% |
|
|
|
|
| ||||
Standard Chartered Bank,11.700%, due 06/14/183 (linked to Peoples Republic of Bangladesh, 11.700%, due 06/05/18) |
|
$ |
264,780 |
|
277,755 |
| |||
|
|
|
|
|
| ||||
Ghana: 0.71% |
|
|
|
|
| ||||
Citigroup Funding, Inc., 23.000%, due 08/23/173 (linked to Republic of Ghana, 23.000%, due 08/21/17) |
|
GHS |
500,000 |
|
155,623 |
| |||
Total structured notes (cost $523,915) |
|
|
|
433,378 |
| ||||
Total bonds (cost $23,689,054) |
|
|
|
21,635,933 |
| ||||
|
|
Shares |
|
|
| |
Short-term investment: 1.25% |
|
|
|
|
| |
Investment company: 1.25% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund8 (cost $276,321) |
|
276,321 |
|
276,321 |
| |
Total investments: 99.50% (cost $23,965,375) |
|
|
|
$ |
21,912,254 |
|
Cash and other assets, less liabilities0.50% |
|
|
|
111,216 |
| |
Net assets100.00% |
|
|
|
$ |
22,023,470 |
|
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 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 |
|
$ |
279,131 |
|
Gross unrealized depreciation |
|
(2,332,252 |
) | |
Net unrealized depreciation of investments |
|
$ |
(2,053,121 |
) |
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 |
|
BRL |
1,150,000 |
|
USD |
459,908 |
|
12/17/14 |
|
$ |
(181 |
) | |
BB |
|
CLP |
35,600,000 |
|
USD |
59,161 |
|
12/17/14 |
|
36 |
| ||
BB |
|
HUF |
14,950,000 |
|
USD |
61,130 |
|
12/17/14 |
|
454 |
| ||
BB |
|
MXN |
412,000 |
|
USD |
30,994 |
|
12/17/14 |
|
478 |
| ||
BB |
|
MYR |
150,000 |
|
USD |
45,865 |
|
12/17/14 |
|
374 |
| ||
BB |
|
USD |
130,619 |
|
COP |
260,650,000 |
|
12/17/14 |
|
(2,887 |
) | ||
BB |
|
USD |
330,062 |
|
HUF |
80,720,000 |
|
12/17/14 |
|
(2,451 |
) | ||
BB |
|
USD |
387,925 |
|
TRY |
870,000 |
|
12/17/14 |
|
(13,166 |
) | ||
CIBC |
|
EUR |
345,000 |
|
USD |
469,379 |
|
10/22/14 |
|
33,568 |
| ||
CSI |
|
CNY |
1,650,000 |
|
USD |
267,215 |
|
12/17/14 |
|
147 |
| ||
CSI |
|
PEN |
796,000 |
|
USD |
275,576 |
|
12/17/14 |
|
3,504 |
| ||
CSI |
|
USD |
177,024 |
|
BRL |
417,005 |
|
12/17/14 |
|
(10,190 |
) | ||
CSI |
|
USD |
113,736 |
|
EUR |
85,000 |
|
10/22/14 |
|
(6,362 |
) | ||
CSI |
|
USD |
103,057 |
|
PEN |
300,000 |
|
12/17/14 |
|
(518 |
) | ||
DB |
|
RUB |
10,570,000 |
|
USD |
275,691 |
|
12/17/14 |
|
13,325 |
| ||
DB |
|
THB |
880,000 |
|
USD |
27,181 |
|
12/17/14 |
|
138 |
| ||
DB |
|
USD |
13,074 |
|
CLP |
7,782,425 |
|
12/17/14 |
|
(149 |
) | ||
DB |
|
USD |
251,058 |
|
MYR |
807,100 |
|
12/17/14 |
|
(6,286 |
) | ||
DB |
|
USD |
32,924 |
|
PHP |
1,450,200 |
|
12/17/14 |
|
(676 |
) | ||
GSI |
|
BRL |
160,000 |
|
USD |
68,100 |
|
12/17/14 |
|
4,087 |
| ||
GSI |
|
IDR |
1,600,630,000 |
|
USD |
132,744 |
|
12/17/14 |
|
3,156 |
| ||
GSI |
|
TRY |
100,000 |
|
USD |
44,287 |
|
12/17/14 |
|
1,211 |
| ||
GSI |
|
USD |
82,707 |
|
PLN |
270,000 |
|
12/17/14 |
|
(1,457 |
) | ||
GSI |
|
USD |
14,517 |
|
RON |
50,000 |
|
12/17/14 |
|
(277 |
) | ||
GSI |
|
USD |
212,194 |
|
ZAR |
2,360,000 |
|
12/17/14 |
|
(5,775 |
) | ||
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
10,103 |
| |
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 2 contracts (USD) |
|
December 2014 |
|
$ |
307,253 |
|
$ |
305,000 |
|
$ |
(2,253 |
) |
10 Year US Treasury Notes, 20 contracts (USD) |
|
December 2014 |
|
2,507,231 |
|
2,492,812 |
|
(14,419 |
) | |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 1 contracts (USD) |
|
December 2014 |
|
(139,092 |
) |
(137,906 |
) |
1,186 |
| |||
5 Year US Treasury Notes, 18 contracts (USD) |
|
December 2014 |
|
(2,133,852 |
) |
(2,128,640 |
) |
5,212 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(10,274 |
) | ||
Currency swap agreements9
Counterparty |
|
Pay contracts |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
Upfront payments |
|
Value |
|
Unrealized |
| |||||
BB |
|
PHP |
8,238,200 |
|
USD |
200,614 |
|
12/18/15 |
|
1.300 |
% |
6 month USD LIBOR |
|
$ |
|
|
$ |
17,393 |
|
$ |
17,393 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
BRL |
617,573 |
|
01/02/17 |
|
1 Day CDI |
|
12.280 |
% |
$ |
|
|
$ |
1,952 |
|
$ |
1,952 |
|
CITI |
|
BRL |
256,657 |
|
01/04/21 |
|
12.570 |
% |
1 Day CDI |
|
|
|
(3,415 |
) |
(3,415 |
) | |||
CITI |
|
MXN |
2,550,000 |
|
03/21/19 |
|
5.510 |
|
1 month MXIBTIIE |
|
|
|
(2,159 |
) |
(2,159 |
) | |||
CITI |
|
MXN |
1,500,000 |
|
03/14/24 |
|
1 month MXIBTIIE |
|
6.570 |
|
|
|
2,181 |
|
2,181 |
| |||
GSI |
|
KRW |
892,000,000 |
|
01/21/19 |
|
3.380 |
|
3 month CD KSDA |
|
|
|
(20,957 |
) |
(20,957 |
) | |||
MLI |
|
MXN |
3,300,000 |
|
03/05/19 |
|
5.530 |
|
1 month MXIBTIIE |
|
|
|
(2,974 |
) |
(2,974 |
) | |||
MLI |
|
ZAR |
2,000,000 |
|
06/04/18 |
|
3 month JIBAR |
|
6.400 |
|
|
|
(5,794 |
) |
(5,794 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(31,166 |
) |
$ |
(31,166 |
) | |
Credit default swaps on credit indices buy protection11
Counterparty |
|
Referenced index12 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
CDX.EM.Series 21 Index |
|
USD |
300,000 |
|
06/20/19 |
|
5.000 |
% |
$ |
(30,262 |
) |
$ |
(27,129 |
) |
$ |
3,133 |
|
BB |
|
CDX.EM.Series 21 Index |
|
USD |
250,000 |
|
06/20/19 |
|
5.000 |
|
(25,099 |
) |
(22,608 |
) |
2,491 |
| |||
DB |
|
CDX.EM.Series 21 Index |
|
USD |
500,000 |
|
06/20/19 |
|
5.000 |
|
(50,199 |
) |
(45,216 |
) |
4,983 |
| |||
GSI |
|
CDX.EM.Series 21 Index |
|
USD |
700,000 |
|
06/20/19 |
|
5.000 |
|
(70,470 |
) |
(63,302 |
) |
7,168 |
| |||
MLI |
|
CDX.EM.Series 20 Index |
|
USD |
300,000 |
|
12/20/18 |
|
5.000 |
|
(18,368 |
) |
(25,766 |
) |
(7,398 |
) | |||
|
|
|
|
|
|
|
|
|
|
(194,398 |
) |
(184,021 |
) |
10,377 |
| ||||
Credit default swaps on sovereign issues buy protection11
Counterparty |
|
Referenced obligation12 |
|
Notional |
|
Termination |
|
Payments made by |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
DB |
|
Federation of Russia bond, 2.250%, due 03/31/30 |
|
USD |
90,000 |
|
03/21/16 |
|
1.000 |
% |
$ |
1,107 |
|
$ |
1,496 |
|
$ |
389 |
|
Credit default swaps on sovereign issues sell protection13
Counterparty |
|
Referenced obligation12 |
|
Notional |
|
Termination |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
BB |
|
Federation of Russia bond, 2.250%, due 03/31/30 |
|
USD |
300,000 |
|
12/20/22 |
|
1.000 |
% |
$ |
(23,274 |
) |
$ |
(34,560 |
) |
$ |
(11,286 |
) |
2.710 |
% |
GSI |
|
United Mexican States bond, 5.950%, due 03/19/19 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
(15,632 |
) |
(3,582 |
) |
12,050 |
|
1.200 |
| |||
GSI |
|
Federative Republic of Brazil bond, 12.250%, due 03/06/30 |
|
USD |
250,000 |
|
09/20/22 |
|
1.000 |
|
(19,720 |
) |
(20,019 |
) |
(299 |
) |
2.170 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
(58,626 |
) |
$ |
(58,161 |
) |
$ |
465 |
|
|
|
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
5,495,365 |
|
$ |
|
|
$ |
5,495,365 |
|
Non-US government obligations |
|
|
|
15,707,190 |
|
|
|
15,707,190 |
| ||||
Structured notes |
|
|
|
433,378 |
|
|
|
433,378 |
| ||||
Short-term investment |
|
|
|
276,321 |
|
|
|
276,321 |
| ||||
Forward foreign currency contracts |
|
|
|
60,478 |
|
|
|
60,478 |
| ||||
Futures contracts |
|
6,398 |
|
|
|
|
|
6,398 |
| ||||
Swap agreements |
|
|
|
23,022 |
|
|
|
23,022 |
| ||||
Total |
|
$ |
6,398 |
|
$ |
21,995,754 |
|
$ |
|
|
$ |
22,002,152 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
(50,375 |
) |
$ |
|
|
$ |
(50,375 |
) | |
Futures contracts |
|
(16,672 |
) |
|
|
|
|
(16,672 |
) | ||||
Swap agreements |
|
|
|
(277,481 |
) |
|
|
(277,481 |
) | ||||
Total |
|
$ |
(16,672 |
) |
$ |
(327,856 |
) |
$ |
|
|
$ |
(344,528 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
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 September 30, 2014, the value of these securities amounted to $8,118,077 or 36.86% of net assets. |
2 |
Variable or floating rate security The interest rate shown is the current rate as of September 30, 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 September 30, 2014, the value of these securities amounted to $2,068,040 or 9.39% 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 government security of the same maturity. |
6 |
Step bond Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2014. Maturity date disclosed is the ultimate maturity date. |
7 |
Rate shown is the discount rate at date of purchase. |
8 |
The table below details the Funds investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.
|
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,216,930 |
|
$ |
1,584,907 |
|
$ |
2,525,516 |
|
$ |
276,321 |
|
$ |
196 |
|
UBS Emerging Markets Debt Fund
Portfolio of investments September 30, 2014 (unaudited)
9 |
Illiquid investment as of September 30, 2014. |
10 |
Payments made or received are based on the notional amount. |
11 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
12 |
Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation. |
13 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation. |
14 |
Credit spreads, where available, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
UBS Fixed Income Opportunities Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Banks |
|
16.95 |
% |
Capital markets |
|
0.30 |
|
Chemicals |
|
0.71 |
|
Commercial services & supplies |
|
0.87 |
|
Construction materials |
|
2.61 |
|
Consumer finance |
|
2.04 |
|
Diversified financial services |
|
3.19 |
|
Diversified telecommunication services |
|
2.09 |
|
Electronic equipment, instruments & components |
|
1.87 |
|
Energy equipment & services |
|
0.71 |
|
Food & staples retailing |
|
0.72 |
|
Gas utilities |
|
0.33 |
|
Hotels, restaurants & leisure |
|
1.09 |
|
Insurance |
|
3.21 |
|
Machinery |
|
1.55 |
|
Media |
|
2.33 |
|
Metals & mining |
|
3.36 |
|
Oil, gas & consumable fuels |
|
7.47 |
|
Pharmaceuticals |
|
0.45 |
|
Real estate management & development |
|
0.96 |
|
Tobacco |
|
0.36 |
|
Trading companies & distributors |
|
1.61 |
|
Transportation infrastructure |
|
0.70 |
|
Total corporate bonds |
|
55.48 |
% |
Collateralized debt obligations |
|
8.41 |
|
Commercial mortgage-backed securities |
|
1.44 |
|
Mortgage & agency debt securities |
|
1.32 |
|
Municipal bonds |
|
2.49 |
|
US government obligations |
|
9.21 |
|
Non-US government obligations |
|
2.32 |
|
Total bonds |
|
80.67 |
% |
Investment company |
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund |
|
17.02 |
|
Short-term investment |
|
0.48 |
|
Options purchased |
|
3.06 |
|
Total investments |
|
101.23 |
% |
Liabilities, in excess of cash and other assets |
|
(1.23 |
) |
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 underlying investment companies was included.
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| |||
Bonds: 80.67% |
|
|
|
|
| |||
Corporate bonds: 55.48% |
|
|
|
|
| |||
Australia: 1.58% |
|
|
|
|
| |||
Crown Group Finance Ltd., |
|
|
|
|
| |||
5.750%, due 07/18/17 |
|
AUD |
620,000 |
|
$ |
566,144 |
| |
Sydney Airport Finance Co., Pty Ltd., |
|
|
|
|
| |||
8.000%, due 07/06/15 |
|
500,000 |
|
452,344 |
| |||
Total Australia corporate bonds |
|
|
|
1,018,488 |
| |||
|
|
|
|
|
| |||
Brazil: 3.61% |
|
|
|
|
| |||
Banco do Brasil SA, |
|
|
|
|
| |||
9.000%, due 06/18/241,2,3 |
|
$ |
285,000 |
|
276,479 |
| ||
Caixa Economica Federal, |
|
|
|
|
| |||
2.375%, due 11/06/171 |
|
870,000 |
|
841,725 |
| |||
Petrobras International Finance Co., |
|
|
|
|
| |||
5.375%, due 01/27/21 |
|
900,000 |
|
909,189 |
| |||
Vale Overseas Ltd., |
|
|
|
|
| |||
4.375%, due 01/11/22 |
|
300,000 |
|
301,428 |
| |||
Total Brazil corporate bonds |
|
|
|
2,328,821 |
| |||
|
|
|
|
|
| |||
Canada: 0.86% |
|
|
|
|
| |||
Barrick Gold Corp., |
|
|
|
|
| |||
3.850%, due 04/01/22 |
|
200,000 |
|
192,394 |
| |||
NOVA Chemicals Corp., |
|
|
|
|
| |||
5.250%, due 08/01/231 |
|
120,000 |
|
124,800 |
| |||
Yamana Gold, Inc., |
|
|
|
|
| |||
4.950%, due 07/15/241 |
|
240,000 |
|
238,912 |
| |||
Total Canada corporate bonds |
|
|
|
556,106 |
| |||
|
|
|
|
|
| |||
China: 1.29% |
|
|
|
|
| |||
China Oil & Gas Group Ltd., |
|
|
|
|
| |||
5.250%, due 04/25/181 |
|
210,000 |
|
214,725 |
| |||
Gemdale International Investment Ltd., |
|
|
|
|
| |||
7.125%, due 11/16/174 |
|
200,000 |
|
202,500 |
| |||
Kaisa Group Holdings Ltd., |
|
|
|
|
| |||
10.250%, due 01/08/204 |
|
400,000 |
|
414,000 |
| |||
Total China corporate bonds |
|
|
|
831,225 |
| |||
|
|
|
|
|
| |||
Colombia: 0.24% |
|
|
|
|
| |||
Ecopetrol SA, |
|
|
|
|
| |||
4.125%, due 01/16/25 |
|
160,000 |
|
154,800 |
| |||
|
|
|
|
|
| |||
Croatia: 0.39% |
|
|
|
|
| |||
Agrokor DD, |
|
|
|
|
| |||
8.875%, due 02/01/201 |
|
230,000 |
|
252,531 |
| |||
|
|
|
|
|
| |||
France: 0.55% |
|
|
|
|
| |||
Credit Agricole SA, |
|
|
|
|
| |||
7.875%, due 01/23/241,2,3 |
|
350,000 |
|
353,500 |
| |||
|
|
|
|
|
| |||
Germany: 2.91% |
|
|
|
|
| |||
HeidelbergCement Finance BV, |
|
|
|
|
| |||
8.500%, due 10/31/194 |
|
EUR |
450,000 |
|
737,190 |
| ||
Trionista Holdco GmbH, |
|
|
|
|
| |||
5.000%, due 04/30/201 |
|
360,000 |
|
469,476 |
| |||
Unitymedia GmbH, |
|
|
|
|
| |||
9.625%, due 12/01/194 |
|
500,000 |
|
667,048 |
| |||
Total Germany corporate bonds |
|
|
|
1,873,714 |
| |||
|
|
|
|
|
| |||
Luxembourg: 3.30% |
|
|
|
|
| |||
ArcelorMittal, |
|
|
|
|
| |||
6.000%, due 03/01/21 |
|
$ |
600,000 |
|
630,750 |
| ||
Intelsat Jackson Holdings SA, |
|
|
|
|
| |||
7.500%, due 04/01/21 |
|
975,000 |
|
1,040,813 |
| |||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| |||
Pacific Drilling SA, |
|
|
|
|
| |||
5.375%, due 06/01/201 |
|
$ |
500,000 |
|
$ |
457,500 |
| |
Total Luxembourg corporate bonds |
|
|
|
2,129,063 |
| |||
|
|
|
|
|
| |||
Malaysia: 0.32% |
|
|
|
|
| |||
SSG Resources Ltd., |
|
|
|
|
| |||
4.250%, due 10/04/224 |
|
200,000 |
|
202,712 |
| |||
|
|
|
|
|
| |||
Mexico: 0.92% |
|
|
|
|
| |||
Cemex SAB de CV, |
|
|
|
|
| |||
5.700%, due 01/11/251 |
|
200,000 |
|
193,200 |
| |||
5.875%, due 03/25/191 |
|
400,000 |
|
402,000 |
| |||
Total Mexico corporate bonds |
|
|
|
595,200 |
| |||
|
|
|
|
|
| |||
Netherlands: 3.40% |
|
|
|
|
| |||
Basell Finance Co. BV, |
|
|
|
|
| |||
8.100%, due 03/15/271 |
|
250,000 |
|
332,571 |
| |||
EDP Finance BV, |
|
|
|
|
| |||
4.750%, due 09/26/164 |
|
EUR |
750,000 |
|
1,006,802 |
| ||
4.900%, due 10/01/191 |
|
$ |
500,000 |
|
516,325 |
| ||
Generali Finance BV, |
|
|
|
|
| |||
6.214%, due 06/16/162,3 |
|
GBP |
200,000 |
|
328,607 |
| ||
Total Netherlands corporate bonds |
|
|
|
2,184,305 |
| |||
|
|
|
|
|
| |||
Norway: 1.69% |
|
|
|
|
| |||
Eksportfinans ASA, |
|
|
|
|
| |||
5.500%, due 05/25/16 |
|
$ |
780,000 |
|
822,198 |
| ||
5.500%, due 06/26/17 |
|
250,000 |
|
269,375 |
| |||
Total Norway corporate bonds |
|
|
|
1,091,573 |
| |||
|
|
|
|
|
| |||
Singapore: 0.33% |
|
|
|
|
| |||
Olam International Ltd., |
|
|
|
|
| |||
5.750%, due 09/20/17 |
|
200,000 |
|
210,500 |
| |||
|
|
|
|
|
| |||
Spain: 1.75% |
|
|
|
|
| |||
BBVA US Senior SAU, |
|
|
|
|
| |||
4.664%, due 10/09/15 |
|
500,000 |
|
518,894 |
| |||
Santander US Debt SA Unipersonal, |
|
|
|
|
| |||
3.724%, due 01/20/151 |
|
600,000 |
|
605,129 |
| |||
Total Spain corporate bonds |
|
|
|
1,124,023 |
| |||
|
|
|
|
|
| |||
Switzerland: 0.30% |
|
|
|
|
| |||
Credit Suisse Group AG, |
|
|
|
|
| |||
6.250%, due 12/18/241,2,3 |
|
200,000 |
|
193,500 |
| |||
|
|
|
|
|
| |||
United Kingdom: 5.48% |
|
|
|
|
| |||
Barclays Bank PLC, |
|
|
|
|
| |||
5.140%, due 10/14/20 |
|
100,000 |
|
107,870 |
| |||
Barclays PLC, |
|
|
|
|
| |||
4.375%, due 09/11/24 |
|
250,000 |
|
242,290 |
| |||
HBOS PLC, |
|
|
|
|
| |||
6.750%, due 05/21/181 |
|
500,000 |
|
565,577 |
| |||
Lloyds Bank PLC, |
|
|
|
|
| |||
6.500%, due 03/24/204 |
|
EUR |
1,000,000 |
|
1,550,255 |
| ||
Royal Bank of Scotland Group PLC, |
|
|
|
|
| |||
6.100%, due 06/10/23 |
|
$ |
1,010,000 |
|
1,066,453 |
| ||
Total United Kingdom corporate bonds |
|
|
|
3,532,445 |
| |||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
United States: 26.56% |
|
|
|
|
| |||
ADT Corp., |
|
|
|
|
| |||
3.500%, due 07/15/22 |
|
$ |
650,000 |
|
$ |
562,250 |
| |
Allstate Corp., |
|
|
|
|
| |||
5.750%, due 08/15/532 |
|
400,000 |
|
426,000 |
| |||
Bank of America Corp., |
|
|
|
|
| |||
4.625%, due 09/14/18 |
|
EUR |
590,000 |
|
840,420 |
| ||
Barrick North America Finance LLC, |
|
|
|
|
| |||
5.750%, due 05/01/43 |
|
$ |
425,000 |
|
420,614 |
| ||
Case New Holland Industrial, Inc., |
|
|
|
|
| |||
7.875%, due 12/01/17 |
|
900,000 |
|
1,000,125 |
| |||
Cemex Finance LLC, |
|
|
|
|
| |||
6.000%, due 04/01/241 |
|
350,000 |
|
349,020 |
| |||
CIT Group, Inc., |
|
|
|
|
| |||
5.000%, due 05/15/17 |
|
500,000 |
|
512,500 |
| |||
5.000%, due 08/15/22 |
|
275,000 |
|
275,687 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.747%, due 05/31/172 |
|
EUR |
1,150,000 |
|
1,436,312 |
| ||
Series M, 6.300%, due 05/15/242,3 |
|
$ |
150,000 |
|
148,140 |
| ||
DISH DBS Corp., |
|
|
|
|
| |||
7.875%, due 09/01/19 |
|
740,000 |
|
836,200 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
380,000 |
|
413,853 |
| |||
Fidelity National Financial, Inc., |
|
|
|
|
| |||
5.500%, due 09/01/22 |
|
110,000 |
|
119,477 |
| |||
Flextronics International Ltd., |
|
|
|
|
| |||
5.000%, due 02/15/23 |
|
270,000 |
|
268,582 |
| |||
Frontier Communications Corp., |
|
|
|
|
| |||
7.125%, due 01/15/23 |
|
300,000 |
|
306,000 |
| |||
General Motors Financial Co., Inc., |
|
|
|
|
| |||
3.000%, due 09/25/17 |
|
310,000 |
|
313,100 |
| |||
4.750%, due 08/15/17 |
|
500,000 |
|
523,750 |
| |||
Glencore Funding LLC, |
|
|
|
|
| |||
4.625%, due 04/29/241 |
|
375,000 |
|
377,962 |
| |||
International Lease Finance Corp., |
|
|
|
|
| |||
8.625%, due 09/15/15 |
|
700,000 |
|
740,320 |
| |||
Kinder Morgan Finance Co. LLC, |
|
|
|
|
| |||
5.700%, due 01/05/16 |
|
830,000 |
|
855,937 |
| |||
Kinder Morgan, Inc., |
|
|
|
|
| |||
7.250%, due 06/01/18 |
|
900,000 |
|
1,022,625 |
| |||
MetLife, Inc., |
|
|
|
|
| |||
6.400%, due 12/15/36 |
|
570,000 |
|
635,550 |
| |||
Midstates Petroleum Co., Inc., |
|
|
|
|
| |||
10.750%, due 10/01/20 |
|
500,000 |
|
518,750 |
| |||
Navient LLC, |
|
|
|
|
| |||
3.875%, due 09/10/15 |
|
470,000 |
|
475,875 |
| |||
Plains Exploration & Production Co., |
|
|
|
|
| |||
6.500%, due 11/15/20 |
|
500,000 |
|
547,560 |
| |||
6.875%, due 02/15/23 |
|
110,000 |
|
124,850 |
| |||
PNC Preferred Funding Trust I, |
|
|
|
|
| |||
1.884%, due 03/15/171,2,3 |
|
500,000 |
|
486,250 |
| |||
Prudential Financial, Inc., |
|
|
|
|
| |||
5.200%, due 03/15/442 |
|
385,000 |
|
387,647 |
| |||
5.875%, due 09/15/422 |
|
200,000 |
|
212,000 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
6.150%, due 09/15/43 |
|
200,000 |
|
228,787 |
| |||
Sabine Pass Liquefaction LLC, |
|
|
|
|
| |||
6.250%, due 03/15/221 |
|
250,000 |
|
263,125 |
| |||
Sanmina-SCI Corp., |
|
|
|
|
| |||
7.000%, due 05/15/191 |
|
447,000 |
|
468,233 |
| |||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Starwood Hotels & Resorts Worldwide, Inc., |
|
|
|
|
| ||
3.750%, due 03/15/25 |
|
$ |
60,000 |
|
$ |
59,117 |
|
4.500%, due 10/01/34 |
|
80,000 |
|
77,794 |
| ||
Valeant Pharmaceuticals International, |
|
|
|
|
| ||
7.000%, due 10/01/201 |
|
280,000 |
|
292,600 |
| ||
WESCO Distribution, Inc., |
|
|
|
|
| ||
5.375%, due 12/15/21 |
|
300,000 |
|
297,750 |
| ||
XL Group PLC, |
|
|
|
|
| ||
Series E, 6.500%, due 4/15/172,3 |
|
300,000 |
|
290,250 |
| ||
Total United States corporate bonds |
|
|
|
17,115,012 |
| ||
Total corporate bonds (cost $35,234,961) |
|
|
|
35,747,518 |
| ||
|
|
|
|
|
| ||
Collateralized debt obligations: 8.41% |
|
|
|
|
| ||
Cayman Islands: 2.09% |
|
|
|
|
| ||
Babson CLO Ltd., |
|
|
|
|
| ||
Series 2013-IIA, Class B1, |
|
|
|
|
| ||
2.884%, due 01/18/251,2 |
|
650,000 |
|
625,957 |
| ||
CIFC Funding Ltd., |
|
|
|
|
| ||
Series 2013-3A, Class B, |
|
|
|
|
| ||
2.906%, due 10/24/251,2 |
|
400,000 |
|
383,116 |
| ||
Race Point VIII CLO Ltd., |
|
|
|
|
| ||
Series 2013-8A, Class C, |
|
|
|
|
| ||
3.032%, due 02/20/251,2 |
|
350,000 |
|
339,242 |
| ||
Total Cayman Islands collateralized debt obligations |
|
|
|
1,348,315 |
| ||
|
|
|
|
|
| ||
United States: 6.32% |
|
|
|
|
| ||
Apidos XIV CLO, |
|
|
|
|
| ||
Series 2013-14A, Class C1, |
|
|
|
|
| ||
3.084%, due 04/15/251,2 |
|
300,000 |
|
291,750 |
| ||
Ares XXVII CLO Ltd., |
|
|
|
|
| ||
Series 2013-2A, Class C, |
|
|
|
|
| ||
2.985%, due 07/28/251,2 |
|
500,000 |
|
485,000 |
| ||
BlueMountain CLO Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.884%, due 05/15/251,2 |
|
500,000 |
|
481,995 |
| ||
Series 2013-4A, Class C, |
|
|
|
|
| ||
2.884%, due 04/15/251,2 |
|
300,000 |
|
291,180 |
| ||
Denali Capital CLO X Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class A3L, |
|
|
|
|
| ||
3.135%, due 04/28/251,2 |
|
550,000 |
|
536,250 |
| ||
Galaxy CLO XV Ltd., |
|
|
|
|
| ||
Series 2013-15A, Class C, |
|
|
|
|
| ||
2.834%, due 04/15/251,2 |
|
500,000 |
|
481,250 |
| ||
Galaxy CLO XVI Ltd., |
|
|
|
|
| ||
Series 2013-16A, Class C, |
|
|
|
|
| ||
2.831%, due 11/16/251,2 |
|
500,000 |
|
478,750 |
| ||
KKR Financial CLO Trust, |
|
|
|
|
| ||
Series 2013-1A, Class B, |
|
|
|
|
| ||
2.834%, due 07/15/251,2 |
|
300,000 |
|
286,641 |
| ||
Marathon CLO V Ltd., |
|
|
|
|
| ||
Series 2013-5A, Class A2A, |
|
|
|
|
| ||
2.584%, due 02/21/251,2 |
|
400,000 |
|
399,722 |
| ||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(concluded) |
|
|
|
|
| ||
Collateralized debt obligations(concluded) |
|
|
|
|
| ||
United States(concluded) |
|
|
|
|
| ||
Octagon Investment Partners XVII Ltd., |
|
|
|
|
| ||
Series 2013-1A, Class C, |
|
|
|
|
| ||
3.034%, due 10/25/251,2 |
|
$ |
350,000 |
|
$ |
338,275 |
|
Total United States collateralized debt obligations |
|
|
|
4,070,813 |
| ||
Total collateralized debt obligations (cost $5,477,968) |
|
|
|
5,419,128 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 1.44% |
|
|
|
|
| ||
United States: 1.44% |
|
|
|
|
| ||
Americold 2010 LLC Trust, |
|
|
|
|
| ||
Series 2010-ARTA, Class D, |
|
|
|
|
| ||
7.443%, due 01/14/291 |
|
290,000 |
|
329,474 |
| ||
BAMLL Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2013-DSNY, Class E, |
|
|
|
|
| ||
2.754%, due 09/15/261,2 |
|
200,000 |
|
200,847 |
| ||
Boca Hotel Portfolio Trust, |
|
|
|
|
| ||
Series 2013-BOCA, Class D, |
|
|
|
|
| ||
3.204%, due 08/15/261,2 |
|
400,000 |
|
400,317 |
| ||
Total commercial mortgage-backed securities (cost $925,917) |
|
|
|
930,638 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 1.32% |
|
|
|
|
| ||
United States: 1.32% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. REMIC, IO,5 |
|
|
|
|
| ||
3.000%, due 05/15/27 |
|
1,115,315 |
|
116,617 |
| ||
3.500%, due 10/15/42 |
|
1,607,545 |
|
359,692 |
| ||
Federal National Mortgage Association REMIC, IO,5 |
|
|
|
|
| ||
Series 2013-87, Class IW, |
|
|
|
|
| ||
2.500%, due 06/25/28 |
|
3,557,224 |
|
377,129 |
| ||
Total mortgage & agency debt securities (cost $802,887) |
|
|
|
853,438 |
| ||
|
|
|
|
|
| ||
Municipal bonds: 2.49% |
|
|
|
|
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
500,000 |
|
697,590 |
| ||
7.550%, due 04/01/39 |
|
200,000 |
|
291,936 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.665%, due 03/01/18 |
|
555,000 |
|
614,352 |
| ||
Total municipal bonds (cost $1,355,605) |
|
|
|
1,603,878 |
| ||
|
|
|
|
|
| ||
US government obligations: 9.21% |
|
|
|
|
| ||
US Treasury Bonds, PO, |
|
|
|
|
| ||
3.122%, due 08/15/426,7 |
|
1,750,000 |
|
693,721 |
| ||
4.734%, due 05/15/406,7 |
|
2,500,000 |
|
1,092,115 |
| ||
US Treasury Notes, |
|
|
|
|
| ||
2.000%, due 02/15/22 |
|
4,221,000 |
|
4,145,816 |
| ||
Total US government obligations (cost $5,802,730) |
|
|
|
5,931,652 |
| ||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face amount |
|
Value |
| |||
Non-US government obligations: 2.32% |
|
|
|
|
| |||
Croatia: 0.82% |
|
|
|
|
| |||
Republic of Croatia, |
|
|
|
|
| |||
6.250%, due 04/27/174 |
|
$ |
500,000 |
|
$ |
531,250 |
| |
|
|
|
|
|
| |||
Greece: 1.50% |
|
|
|
|
| |||
Hellenic Republic, |
|
|
|
|
| |||
2.000%, due 02/24/244,8 |
|
EUR |
400,000 |
|
389,252 |
| ||
2.000%, due 02/24/264,8 |
|
220,000 |
|
198,564 |
| |||
2.000%, due 02/24/314,8 |
|
460,000 |
|
374,177 |
| |||
|
|
|
|
961,993 |
| |||
Total Non-US government obligations (cost $1,427,703) |
|
|
|
1,493,243 |
| |||
Total bonds (cost $51,027,771) |
|
|
|
51,979,495 |
| |||
|
|
Shares |
|
|
|
Investment company: 17.02% |
|
|
|
|
|
UBS Opportunistic Emerging Markets Debt Relationship Fund*9 (cost $10,485,568) |
|
571,757 |
|
10,961,098 |
|
|
|
|
|
|
|
Short-term investment: 0.48% |
|
|
|
|
|
Investment company: 0.48% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund9 (cost $310,493) |
|
310,493 |
|
310,493 |
|
|
|
Number of |
|
|
|
Options purchased: 3.06% |
|
|
|
|
|
Call options: 0.62% |
|
|
|
|
|
2 Year Euro-Dollar Midcurve, strike @ USD 98.00, expires December 2014 |
|
284 |
|
51,475 |
|
5 Year US Treasury Notes, strike @ USD 118.50, expires October 2014 |
|
175 |
|
41,016 |
|
10 Year US Treasury Notes, strike @ USD 125.00, expires November 2014 |
|
131 |
|
94,156 |
|
30 Year US Treasury Bonds, strike @ USD 139.00, expires October 2014 |
|
132 |
|
88,688 |
|
|
|
Face amount |
|
|
| |
Foreign Exchange Option, Buy USD/JPY, strike @ JPY 104.00, expires February 2015, counterparty: MLI |
|
$ |
1,300,000 |
|
73,164 |
|
Foreign Exchange Option, Buy USD/EUR, strike @ EUR 0.77, expires May 2015, counterparty: MSCI |
|
650,000 |
|
25,359 |
| |
Foreign Exchange Option, Buy USD/EUR, strike @ EUR 0.77, expires May 2015, counterparty: MLI |
|
650,000 |
|
25,359 |
| |
|
|
|
|
399,217 |
| |
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Number of |
|
Value |
| ||
Options purchased(continued) |
|
|
|
|
| ||
Put options: 0.72% |
|
|
|
|
| ||
2 Year Euro-Dollar Midcurve, strike @ USD 98.00, expires December 2014 |
|
284 |
|
$ |
197,025 |
| |
2 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires December 2014 |
|
199 |
|
68,406 |
| ||
2 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires October 2014 |
|
177 |
|
21,019 |
| ||
3 Year Euro-Dollar Midcurve, strike @ USD 97.75, expires June 2016 |
|
105 |
|
54,469 |
| ||
30 Year US Treasury Bonds, strike @ USD 135.00, expires October 2014 |
|
132 |
|
30,937 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires June 2015 |
|
326 |
|
46,862 |
| ||
90 Day Euro-Dollar Time Deposit, strike @ USD 99.25, expires March 2015 |
|
234 |
|
1,463 |
| ||
5 Year US Treasury Notes, strike @ USD 118.00, expires October 2014 |
|
88 |
|
21,312 |
| ||
10 Year US Treasury Notes, strike @ USD 122.00, expires November 2014 |
|
131 |
|
20,469 |
| ||
|
|
|
|
461,962 |
| ||
|
|
|
|
|
| ||
|
|
Notional |
|
|
| ||
Options purchased on interest rate swaps10: 1.57% |
|
|
|
|
| ||
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 |
|
$ |
3,222,000 |
|
126,154 |
| |
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 |
317,000,000 |
|
1,424 |
| |
Expiring 06/17/15. If option exercised the Fund pays semi-annually 2.190% and receives semi-annually floating 6 month GBP LIBOR. Underlying interest rate swap terminating 06/17/17. European style. Counterparty: JPMCB |
|
GBP |
9,120,000 |
|
26,086 |
| |
Expiring 06/17/15. If option exercised the Fund receives semi-annually 2.190% and pays semi-annually floating 6 month GBP LIBOR. Underlying interest rate swap terminating 06/17/17. European style. Counterparty: JPMCB |
|
9,120,000 |
|
149,589 |
| ||
|
|
|
|
|
| ||
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 |
|
508 |
| ||
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 |
|
280,920 |
| ||
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 |
|
113,759 |
| ||
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 |
|
11,971 |
| ||
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 |
|
4,852 |
| ||
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 |
|
282,501 |
| ||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Notional |
|
Value |
| ||
Options purchased(concluded) |
|
|
|
|
| ||
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 |
|
$ |
12,290 |
|
Options purchased on credit default swaps on credit indices10: 0.15% |
|
|
|
|
| ||
Expiring 10/15/14. 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.HY Series 22 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: MLI |
|
6,300,000 |
|
48,520 |
| ||
Expiring 10/15/14. 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.HY Series 22 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/19. European style. Counterparty: JPMCB |
|
6,800,000 |
|
52,371 |
| ||
|
|
|
|
1,110,945 |
| ||
Total options purchased (cost $2,981,946) |
|
|
|
1,972,124 |
| ||
Total investments: 101.23% (cost $64,805,778) |
|
|
|
65,223,210 |
| ||
Liabilities, in excess of cash and other assets: (1.23%) |
|
|
|
(789,430 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
64,433,780 |
| |
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 |
|
$ |
2,416,854 |
|
Gross unrealized depreciation |
|
(1,999,422 |
) | |
Net unrealized appreciation of investments |
|
$ |
417,432 |
|
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 Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
AUD |
2,055,000 |
|
USD |
1,908,807 |
|
12/04/14 |
|
$ |
117,728 |
|
JPMCB |
|
CHF |
1,255,000 |
|
USD |
1,372,597 |
|
12/04/14 |
|
57,308 |
| |
JPMCB |
|
GBP |
165,000 |
|
USD |
273,368 |
|
12/04/14 |
|
6,028 |
| |
JPMCB |
|
JPY |
265,000,000 |
|
USD |
2,554,786 |
|
12/04/14 |
|
137,407 |
| |
JPMCB |
|
NZD |
1,585,000 |
|
USD |
1,314,911 |
|
12/04/14 |
|
85,429 |
| |
JPMCB |
|
USD |
399,515 |
|
CAD |
435,000 |
|
12/04/14 |
|
(11,691 |
) | |
MSCI |
|
EUR |
7,120,000 |
|
USD |
9,376,658 |
|
12/04/14 |
|
379,720 |
| |
MSCI |
|
USD |
899,681 |
|
EUR |
695,000 |
|
12/04/14 |
|
(21,469 |
) | |
MSCI |
|
USD |
906,548 |
|
JPY |
97,100,000 |
|
12/04/14 |
|
(20,784 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
$ |
729,676 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 56 contracts (USD) |
|
December 2014 |
|
$ |
8,629,049 |
|
$ |
8,540,000 |
|
$ |
(89,049 |
) |
2 Year US Treasury Notes, 15 contracts (USD) |
|
December 2014 |
|
3,283,615 |
|
3,282,656 |
|
(959 |
) | |||
10 Year US Treasury Notes, 41 contracts (USD) |
|
December 2014 |
|
5,071,388 |
|
5,110,266 |
|
38,878 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 34 contracts (USD) |
|
December 2014 |
|
(4,693,124 |
) |
(4,688,812 |
) |
4,312 |
| |||
5 Year US Treasury Notes, 48 contracts (USD) |
|
December 2014 |
|
(5,671,053 |
) |
(5,676,375 |
) |
(5,322 |
) | |||
10 Year US Treasury Notes, 46 contracts (USD) |
|
December 2014 |
|
(5,735,558 |
) |
(5,733,469 |
) |
2,089 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
December 2014 |
|
10,066,936 |
|
10,096,317 |
|
29,381 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
March 2015 |
|
10,058,385 |
|
10,097,327 |
|
38,942 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
June 2015 |
|
10,047,676 |
|
10,097,832 |
|
50,156 |
| |||
3 Month EURIBOR, 32 contracts (EUR) |
|
September 2015 |
|
10,035,179 |
|
10,097,326 |
|
62,147 |
| |||
90 Day Euro-Dollar Time Deposit, 89 contracts (USD) |
|
December 2016 |
|
21,774,007 |
|
21,759,387 |
|
(14,620 |
) | |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
December 2014 |
|
(3,985,744 |
) |
(3,990,200 |
) |
(4,456 |
) | |||
90 Day Euro-Dollar Time Deposit, 16 contracts (USD) |
|
March 2015 |
|
(3,982,144 |
) |
(3,986,600 |
) |
(4,456 |
) | |||
Euro-Bund, 2 contracts (EUR) |
|
December 2014 |
|
(376,719 |
) |
(378,157 |
) |
(1,438 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
105,605 |
| ||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Currency swap agreements10
|
|
Notional Amount |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
| |||||||
Counterparty |
|
Pay |
|
Receive |
|
Termination |
|
Pay |
|
Receive |
|
Upfront |
|
Value |
|
appreciation/ |
| |||||
BB |
|
USD |
7,292,383 |
|
AUD |
8,158,397 |
|
12/24/22 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
$ |
|
|
$ |
(136,807 |
) |
$ |
(136,807 |
) |
CITI |
|
AUD |
8,158,397 |
|
USD |
7,292,383 |
|
12/24/14 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
|
|
150,340 |
|
150,340 |
| |||
CITI |
|
AUD |
1,884,491 |
|
USD |
1,757,665 |
|
09/05/15 |
|
3 month BBSW |
|
3 month USD LIBOR |
|
|
|
106,769 |
|
106,769 |
| |||
CITI |
|
JPY |
762,000,000 |
|
USD |
7,012,700 |
|
03/20/19 |
|
3 month JPY LIBOR |
|
3 month USD LIBOR |
|
|
|
61,204 |
|
61,204 |
| |||
CITI |
|
USD |
7,012,700 |
|
JPY |
762,000,000 |
|
03/20/15 |
|
3 month USD LIBOR |
|
3 month JPY LIBOR |
|
|
|
(61,146 |
) |
(61,146 |
) | |||
JPMCB |
|
USD |
1,748,148 |
|
AUD |
1,884,491 |
|
09/05/23 |
|
3 month USD LIBOR |
|
3 month BBSW |
|
|
|
(94,009 |
) |
(94,009 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
26,351 |
|
$ |
26,351 |
|
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
USD |
900,000 |
|
02/15/36 |
|
4.668 |
% |
3 month USD LIBOR |
|
$ |
238,108 |
|
$ |
(231,111 |
) |
$ |
6,997 |
|
CSFB |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3 month BA |
|
3.500 |
% |
(28,129 |
) |
238,764 |
|
210,635 |
| |||
CSFB |
|
CAD |
1,550,000 |
|
02/11/22 |
|
4.145 |
|
3 month BA |
|
|
|
(177,018 |
) |
(177,018 |
) | |||
DB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
2.130 |
|
6 month EURIBOR |
|
333,785 |
|
(770,346 |
) |
(436,561 |
) | |||
DB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
6 month EURIBOR |
|
2.460 |
|
|
|
433,352 |
|
433,352 |
| |||
DB |
|
USD |
4,550,000 |
|
02/15/38 |
|
4.474 |
|
3 month USD LIBOR |
|
1,689,642 |
|
(1,066,630 |
) |
623,012 |
| |||
DB |
|
USD |
695,000 |
|
05/15/40 |
|
4.560 |
|
3 month USD LIBOR |
|
|
|
(414,672 |
) |
(414,672 |
) | |||
DB |
|
USD |
875,000 |
|
05/15/40 |
|
3.470 |
|
3 month USD LIBOR |
|
(157,000 |
) |
(163,755 |
) |
(320,755 |
) | |||
JPMCB |
|
CAD |
5,490,000 |
|
02/11/17 |
|
3.500 |
|
3 month BA |
|
|
|
(238,764 |
) |
(238,764 |
) | |||
JPMCB |
|
CAD |
1,550,000 |
|
02/11/22 |
|
3 month BA |
|
4.145 |
|
|
|
177,018 |
|
177,018 |
| |||
JPMCB |
|
EUR |
5,850,000 |
|
05/04/22 |
|
6 month EURIBOR |
|
2.130 |
|
|
|
770,346 |
|
770,346 |
| |||
JPMCB |
|
EUR |
2,600,000 |
|
05/04/42 |
|
2.460 |
|
6 month EURIBOR |
|
|
|
(433,352 |
) |
(433,352 |
) | |||
JPMCB |
|
USD |
4,500,000 |
|
02/18/16 |
|
2.532 |
|
3 month USD LIBOR |
|
|
|
(136,303 |
) |
(136,303 |
) | |||
JPMCB |
|
USD |
70,000,000 |
|
07/03/42 |
|
1 month USD LIBOR |
|
3 month USD LIBOR |
|
|
|
423,024 |
|
423,024 |
| |||
MLI |
|
CAD |
9,280,000 |
|
04/09/17 |
|
3 month BA |
|
1.978 |
|
|
|
111,547 |
|
111,547 |
| |||
MLI |
|
USD |
3,670,000 |
|
06/27/42 |
|
4.449 |
|
3 month USD LIBOR |
|
1,492,980 |
|
(933,354 |
) |
559,626 |
| |||
MSCI |
|
CAD |
8,870,000 |
|
04/08/17 |
|
3.600 |
|
3 month BA |
|
|
|
(486,351 |
) |
(486,351 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
3,569,386 |
|
$ |
(2,897,605 |
) |
$ |
671,781 |
|
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Credit default swaps on credit indices buy protection12
Counterparty |
|
Referenced index13 |
|
Notional |
|
Termination |
|
Payments made by the |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
CITI |
|
iTraxx Europe Sub Financials Series 21 Index |
|
EUR |
4,000,000 |
|
06/20/19 |
|
1.000 |
% |
(65,635 |
) |
(19,875 |
) |
(85,510 |
) | |||
CITI |
|
CDX.EM.Series 20 Index |
|
USD |
4,650,000 |
|
12/20/18 |
|
5.000 |
|
$ |
419,918 |
|
$ |
(399,367 |
) |
$ |
20,551 |
|
JPMCB |
|
CDX.EM.Series 21 Index |
|
USD |
1,000,000 |
|
06/20/19 |
|
5.000 |
|
96,328 |
|
(90,431 |
) |
5,897 |
| |||
MLI |
|
CDX.EM.Series 21 Index |
|
USD |
3,500,000 |
|
06/20/19 |
|
5.000 |
|
329,644 |
|
(316,509 |
) |
13,135 |
| |||
MLI |
|
iTraxx Europe Series 19 Index |
|
EUR |
4,000,000 |
|
06/20/18 |
|
1.000 |
|
(34,510 |
) |
(96,556 |
) |
(131,066 |
) | |||
MSCI |
|
CDX.EM.Series 21 Index |
|
USD |
6,700,000 |
|
06/20/19 |
|
5.000 |
|
658,047 |
|
(605,889 |
) |
52,158 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
1,403,792 |
|
$ |
(1,528,627 |
) |
$ |
(124,835 |
) |
Credit default swaps on corporate and sovereign issues buy protection12
Counterparty |
|
Referenced obligation13 |
|
Notional |
|
Termination |
|
Payments made by the |
|
Upfront payments |
|
Value |
|
Unrealized |
| ||||
BB |
|
Cox Communications, Inc. bond, 6.800%, due 08/01/28 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
% |
$ |
10,259 |
|
$ |
(17,065 |
) |
$ |
(6,806 |
) |
JPMCB |
|
Government of France bond, 4.250%, due 04/25/19 |
|
USD |
3,025,000 |
|
09/20/16 |
|
0.250 |
|
(97,127 |
) |
(6,899 |
) |
(104,026 |
) | |||
JPMCB |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
(4,069 |
) |
(17,433 |
) |
(21,502 |
) | |||
MLI |
|
XL Group PLC bond, 6.250%, due 05/15/27 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
1,909 |
|
(3,266 |
) |
(1,357 |
) | |||
MLI |
|
American International Group Inc. bond, 6.250%, due 05/01/36 |
|
USD |
840,000 |
|
06/20/19 |
|
1.000 |
|
16,739 |
|
(15,227 |
) |
1,512 |
| |||
MLI |
|
CNA Financial Corp. bond, 5.850%, due 12/15/14 |
|
USD |
500,000 |
|
09/20/19 |
|
1.000 |
|
11,196 |
|
(11,579 |
) |
(383 |
) | |||
MSCI |
|
V.F. Corp. bond, 5.950%, due 11/01/17 |
|
USD |
2,750,000 |
|
12/20/16 |
|
1.000 |
|
15,799 |
|
(55,693 |
) |
(39,894 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
(45,294 |
) |
$ |
(127,162 |
) |
$ |
(172,456 |
) |
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Credit default swaps on credit indices sell protection14
Counterparty |
|
Referenced Index13 |
|
Notional |
|
Termination |
|
Payments received by the |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit spread15 |
| ||||
CSFB |
|
CMBX.NA.BBB Series 6 Index |
|
USD |
2,550,000 |
|
05/11/63 |
|
3.000 |
% |
$ |
103,103 |
|
$ |
(14,051 |
) |
$ |
89,052 |
|
2.803 |
% |
MLI |
|
CDX.NA.HY.Series 15 Index |
|
USD |
1,150,000 |
|
12/20/15 |
|
5.000 |
|
30,002 |
|
68,531 |
|
98,533 |
|
0.490 |
| |||
MLI |
|
CMBX.NA.BB Series 6 Index |
|
USD |
700,000 |
|
05/11/63 |
|
5.000 |
|
(21,859 |
) |
(1,739 |
) |
(23,598 |
) |
3.231 |
| |||
MSCI |
|
CMBX.NA.BB Series 6 Index |
|
USD |
1,000,000 |
|
05/11/63 |
|
5.000 |
|
(31,887 |
) |
(2,484 |
) |
(34,371 |
) |
3.231 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
79,359 |
|
$ |
50,257 |
|
$ |
129,616 |
|
|
|
Credit default swaps on corporate and sovereign issues sell protection14
Counterparty |
|
Referenced obligation13 |
|
Notional |
|
Termination |
|
Payments received by the |
|
Upfront payments |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CITI |
|
State of Illinois bond, 5.000%, due 06/01/29 |
|
USD |
600,000 |
|
12/20/23 |
|
1.000 |
% |
$ |
(42,727 |
) |
$ |
(42,528 |
) |
$ |
199 |
|
2.000 |
|
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
875,000 |
|
03/20/17 |
|
1.000 |
|
3,665 |
|
13,949 |
|
17,614 |
|
0.360 |
| |||
MLI |
|
JPMorgan Chase & Co. bond, 4.750%, due 03/01/15 |
|
USD |
125,000 |
|
09/20/18 |
|
1.000 |
|
(898 |
) |
2,418 |
|
1,520 |
|
0.510 |
| |||
MLI |
|
General Electric Capital Corp. bond, 5.625%, due 09/15/17 |
|
USD |
840,000 |
|
06/20/19 |
|
1.000 |
|
(18,681 |
) |
17,110 |
|
(1,571 |
) |
0.560 |
| |||
MLI |
|
The Hartford Financial Services Group, Inc. bond, 6.000%, due 01/15/19 |
|
USD |
500,000 |
|
09/20/19 |
|
1.000 |
|
(7,815 |
) |
6,582 |
|
(1,233 |
) |
0.730 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
(66,456 |
) |
$ |
(2,469 |
) |
$ |
16,529 |
|
|
|
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Value |
|
Unrealized |
| |||
EUR |
4,500,000 |
|
09/24/19 |
|
1.810 |
% |
6 month EURIBOR |
|
$ |
(385,312 |
) |
$ |
(385,312 |
) |
GBP |
3,595,000 |
|
04/16/20 |
|
6 month GBP LIBOR |
|
2.477 |
% |
71,277 |
|
71,277 |
| ||
GBP |
4,000,000 |
|
04/16/25 |
|
3.050 |
|
6 month GBP LIBOR |
|
(245,702 |
) |
(245,702 |
) | ||
GBP |
930,000 |
|
04/16/45 |
|
6 month GBP LIBOR |
|
3.384 |
|
142,834 |
|
142,834 |
| ||
NZD |
3,550,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.712 |
|
37,326 |
|
37,326 |
| ||
NZD |
3,550,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.713 |
|
37,437 |
|
37,437 |
| ||
NZD |
3,100,000 |
|
07/24/24 |
|
3 month BBSW |
|
4.775 |
|
44,910 |
|
44,910 |
| ||
USD |
8,470,000 |
|
08/22/18 |
|
3 month USD LIBOR |
|
1.472 |
|
(44,780 |
) |
(44,780 |
) | ||
USD |
1,750,000 |
|
08/31/18 |
|
2.033 |
|
3 month USD LIBOR |
|
1,470 |
|
1,470 |
| ||
USD |
6,700,000 |
|
11/21/18 |
|
1.582 |
|
3 month USD LIBOR |
|
2,155 |
|
2,155 |
| ||
USD |
4,800,000 |
|
01/17/19 |
|
2.171 |
|
3 month USD LIBOR |
|
(53,424 |
) |
(53,424 |
) | ||
USD |
5,250,000 |
|
09/24/19 |
|
2.347 |
|
3 month USD LIBOR |
|
(104,040 |
) |
(104,040 |
) | ||
USD |
5,000,000 |
|
08/22/21 |
|
2.176 |
|
3 month USD LIBOR |
|
29,972 |
|
29,972 |
| ||
USD |
8,250,000 |
|
12/12/23 |
|
3.200 |
|
3 month USD LIBOR |
|
(382,897 |
) |
(382,897 |
) | ||
|
|
|
|
|
|
|
|
|
$ |
(848,774 |
) |
$ |
(848,774 |
) |
Centrally cleared credit default swaps on credit indices buy protection12
Referenced index13 |
|
Notional |
|
Termination |
|
Payments made by the |
|
Value |
|
Unrealized |
| |||
iTraxx Europe Crossover Series 20 Index |
|
EUR |
2,150,000 |
|
12/20/18 |
|
5.000 |
% |
$ |
(306,958 |
) |
$ |
(95,966 |
) |
CDX.NA.HY. Series 22 Index |
|
USD |
8,128,000 |
|
06/20/19 |
|
5.000 |
|
(490,713 |
) |
190,239 |
| ||
iTraxx Europe Series 21 Index |
|
EUR |
6,500,000 |
|
06/20/19 |
|
1.000 |
|
(140,922 |
) |
19,709 |
| ||
CDX.NA.IG. Series 22 Index |
|
USD |
18,850,000 |
|
06/20/19 |
|
1.000 |
|
(307,180 |
) |
63,950 |
| ||
|
|
|
|
|
|
|
|
$ |
(1,245,773 |
) |
$ |
177,932 |
|
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call options |
|
|
|
|
|
|
| ||
2 Year Euro-Dollar Midcurve, 199 contracts, strike @ USD 98.25 |
|
December 2014 |
|
$ |
66,466 |
|
$ |
(11,194 |
) |
3 Year Euro-Dollar Midcurve, 105 contracts, strike @ USD 98.75 |
|
June 2016 |
|
90,970 |
|
(55,781 |
) | ||
3 Year Euro-Dollar Midcurve, 142 contracts, strike @ USD 98.00 |
|
December 2016 |
|
181,864 |
|
(154,425 |
) | ||
Put options |
|
|
|
|
|
|
| ||
2 Year Euro-Dollar Midcurve, 199 contracts, strike @ USD 97.25 |
|
December 2014 |
|
68,954 |
|
(9,950 |
) | ||
3 Year Euro-Dollar Midcurve, 105 contracts, strike @ USD 96.75 |
|
June 2016 |
|
67,858 |
|
(16,406 |
) | ||
3 Year Euro-Dollar Midcurve, 142 contracts, strike @ USD 98.00 |
|
December 2016 |
|
218,074 |
|
(226,313 |
) | ||
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Options written on interest rate swaps10 |
|
|
|
|
|
|
| ||
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 |
|
$ |
(707,705 |
) |
If option exercised the Fund receives semi-annually 3.145% and pays semi-annually floating 6 month GBP LIBOR. Underlying interest rate swap terminating 06/17/25. European style. Counterparty: MLI, Notional Amount GBP 2,400,000 |
|
June 2015 |
|
100,341 |
|
(26,536 |
) | ||
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 27,900,000 |
|
January 2018 |
|
303,861 |
|
(122,299 |
) | ||
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 |
|
(120,167 |
) | ||
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 |
|
(48,688 |
) | ||
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 |
|
(121,994 |
) | ||
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 |
|
(68 |
) | ||
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 |
|
(8 |
) | ||
If option exercised the Fund receives semi-annually floating 6 month GBP LIBOR and pays semi-annually 3.145%. Underlying interest rate swap terminating 06/17/25. European style. Counterparty: MLI, Notional Amount GBP 2,400,000 |
|
June 2015 |
|
100,341 |
|
(185,051 |
) | ||
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 317,000,000 |
|
May 2015 |
|
97,620 |
|
(154,812 |
) | ||
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 22 Index and Fund receives quarterly fixed rate of 5.000%. Underlying credit default swap terminating 06/20/19. European style. Counterparty: CITI, Notional Amount USD 6,800,000 |
|
December 2014 |
|
45,104 |
|
(31,911 |
) | ||
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 22 Index and Fund receives quarterly fixed rate of 5.000%. Underlying credit default swap terminating 06/20/19. European style. Counterparty: MLI, Notional Amount USD 6,300,000 |
|
December 2014 |
|
23,701 |
|
(29,565 |
) | ||
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 22 Index and Fund receives quarterly fixed rate of 5.000%. Underlying credit default swap terminating 06/20/19. European style. Counterparty: MLI, Notional Amount USD 3,100,000 |
|
October 2014 |
|
7,673 |
|
(1,790 |
) | ||
Total options written |
|
|
|
$ |
2,214,478 |
|
$ |
(2,024,663 |
) |
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 2014 (unaudited)
Written options activity for the period ended September 30, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2014 |
|
1,408 |
|
$ |
600,522 |
|
Options written |
|
284 |
|
399,938 |
| |
Options terminated in closing purchase transactions |
|
(800 |
) |
(306,274 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2014 |
|
892 |
|
$ |
694,186 |
|
Written swaptions activity for the period ended September 30, 2014 was as follows:
Swaptions outstanding at June 30, 2014 |
|
|
|
$ |
1,600,991 |
|
Swaptions written |
|
|
|
76,478 |
| |
Swaptions terminated in closing purchase transactions |
|
|
|
(157,177 |
) | |
Swaptions expired prior to exercise |
|
|
|
|
| |
Swaptions outstanding at September 30, 2014 |
|
|
|
$ |
1,520,292 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
35,747,518 |
|
$ |
|
|
$ |
35,747,518 |
|
Collateralized debt obligations |
|
|
|
4,354,203 |
|
1,064,925 |
|
5,419,128 |
| ||||
Commercial mortgage-backed securities |
|
|
|
930,638 |
|
|
|
930,638 |
| ||||
Mortgage & agency debt securities |
|
|
|
853,438 |
|
|
|
853,438 |
| ||||
Municipal bonds |
|
|
|
1,603,878 |
|
|
|
1,603,878 |
| ||||
US government obligations |
|
|
|
5,931,652 |
|
|
|
5,931,652 |
| ||||
Non-US government obligations |
|
|
|
1,493,243 |
|
|
|
1,493,243 |
| ||||
Investment company |
|
|
|
10,961,098 |
|
|
|
10,961,098 |
| ||||
Short-term investment |
|
|
|
310,493 |
|
|
|
310,493 |
| ||||
Options purchased |
|
737,297 |
|
1,234,827 |
|
|
|
1,972,124 |
| ||||
Forward foreign currency contracts |
|
|
|
783,620 |
|
|
|
783,620 |
| ||||
Futures contracts |
|
225,905 |
|
|
|
|
|
225,905 |
| ||||
Swap agreements |
|
|
|
2,948,335 |
|
|
|
2,948,335 |
| ||||
Total |
|
$ |
963,202 |
|
$ |
67,152,943 |
|
$ |
1,064,925 |
|
$ |
69,181,070 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(53,944 |
) |
$ |
|
|
$ |
(53,944 |
) |
Futures contracts |
|
(120,300 |
) |
|
|
|
|
(120,300 |
) | ||||
Swap agreements |
|
|
|
(9,522,137 |
) |
|
|
(9,522,137 |
) | ||||
Options written |
|
(474,069 |
) |
(1,550,594 |
) |
|
|
(2,024,663 |
) | ||||
Total |
|
$ |
(594,369 |
) |
$ |
(11,126,675 |
) |
$ |
|
|
$ |
(11,721,044 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
|
|
Collateralized debt |
|
Total |
| ||
Assets |
|
|
|
|
| ||
Beginning balance |
|
$ |
1,075,535 |
|
$ |
1,075,535 |
|
Purchases |
|
|
|
|
| ||
Issuances |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Accrued discounts (premiums) |
|
141 |
|
141 |
| ||
Total realized gain |
|
|
|
|
| ||
Change in net unrealized appreciation/depreciation |
|
(10,751 |
) |
(10,751 |
) | ||
Transfers into Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Ending balance |
|
$ |
1,064,925 |
|
$ |
1,064,925 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2014 was $(10,751).
UBS Fixed Income Opportunities Fund Portfolio of investments
September 30, 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 September 30, 2014, the value of these securities amounted to $14,624,906 or 22.70% of net assets. |
2 |
Variable or floating rate security The interest rate shown is the current rate as of September 30, 2014 and changes periodically. |
3 |
Perpetual bond security. The maturity date reflects the next call date. |
4 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of these securities amounted to $6,273,750 or 9.74% of net assets. |
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 |
Rate shown reflects annualized yield September 30, 2014 on zero coupon bond. |
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 September 30, 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. |
|
|
|
|
|
|
|
|
|
|
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 |
|
three months ended |
|
three months ended |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,161,062 |
|
$ |
8,034,423 |
|
$ |
8,884,992 |
|
$ |
|
|
$ |
|
|
$ |
310,493 |
|
$ |
165 |
|
UBS Opportunistic Emerging Markets Cebt Relationship Fund |
|
12,199,300 |
|
|
|
1,000,000 |
|
136,543 |
|
(374,745 |
) |
10,961,098 |
|
|
| |||||||
|
|
$ |
13,360,362 |
|
$ |
8,034,423 |
|
$ |
9,884,992 |
|
$ |
136,543 |
|
$ |
(374,745 |
) |
$ |
11,271,591 |
|
$ |
165 |
|
10 |
Illiquid investment as of September 30, 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 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 restructuring event with respect to the referenced index/obligation. |
14 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
15 |
Credit spreads, where available, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
0.75 |
% |
Air freight & logistics |
|
0.70 |
|
Airlines |
|
0.63 |
|
Auto components |
|
0.96 |
|
Automobiles |
|
1.34 |
|
Banks |
|
6.69 |
|
Beverages |
|
0.79 |
|
Biotechnology |
|
4.18 |
|
Building products |
|
0.13 |
|
Capital markets |
|
2.24 |
|
Chemicals |
|
1.40 |
|
Commercial services & supplies |
|
0.67 |
|
Communications equipment |
|
0.32 |
|
Construction & engineering |
|
0.36 |
|
Construction materials |
|
0.15 |
|
Consumer finance |
|
0.97 |
|
Containers & packaging |
|
0.32 |
|
Diversified financial services |
|
0.21 |
|
Diversified telecommunication services |
|
1.03 |
|
Electric utilities |
|
0.90 |
|
Electrical equipment |
|
0.25 |
|
Electronic equipment, instruments & components |
|
1.50 |
|
Energy equipment & services |
|
0.90 |
|
Food & staples retailing |
|
1.32 |
|
Food products |
|
1.20 |
|
Gas utilities |
|
0.45 |
|
Health care equipment & supplies |
|
0.57 |
|
Health care providers & services |
|
3.54 |
|
Hotels, restaurants & leisure |
|
1.42 |
|
Household durables |
|
0.32 |
|
Household products |
|
0.44 |
|
Industrial conglomerates |
|
0.58 |
|
Insurance |
|
5.68 |
|
Internet & catalog retail |
|
1.37 |
|
Internet software & services |
|
1.45 |
|
IT services |
|
2.04 |
|
Life sciences tools & services |
|
1.17 |
|
Machinery |
|
1.13 |
|
Marine |
|
0.36 |
|
Media |
|
2.91 |
|
Metals & mining |
|
0.32 |
|
Multiline retail |
|
0.64 |
|
Oil, gas & consumable fuels |
|
6.64 |
|
Personal products |
|
0.20 |
|
Pharmaceuticals |
|
9.26 |
|
Real estate investment trust (REIT) |
|
0.85 |
|
Real estate management & development |
|
1.25 |
|
Road & rail |
|
0.89 |
|
Semiconductors & semiconductor equipment |
|
4.65 |
|
Software |
|
2.25 |
|
Specialty retail |
|
0.36 |
|
Technology hardware, storage & peripherals |
|
3.05 |
|
Textiles, apparel & luxury goods |
|
0.42 |
|
Tobacco |
|
1.19 |
|
Transportation infrastructure |
|
0.60 |
|
Wireless telecommunication services |
|
0.77 |
|
Total common stocks |
|
86.68 |
% |
Short-term investments |
|
25.50 |
|
Total investments before investments sold short |
|
112.18 |
% |
UBS Equity Long-Short Multi-Strategy Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Investments sold short |
|
|
|
Common stocks |
|
|
|
Aerospace & defense |
|
(0.13 |
)% |
Airlines |
|
(0.20 |
) |
Automobiles |
|
(0.29 |
) |
Banks |
|
(2.87 |
) |
Beverages |
|
(1.31 |
) |
Biotechnology |
|
(1.47 |
) |
Capital markets |
|
(1.70 |
) |
Chemicals |
|
(2.17 |
) |
Commercial services & supplies |
|
(1.50 |
) |
Communications equipment |
|
(0.11 |
) |
Construction & engineering |
|
(1.40 |
) |
Construction materials |
|
(0.32 |
) |
Consumer finance |
|
(0.25 |
) |
Distributors |
|
(0.26 |
) |
Diversified financial services |
|
(0.54 |
) |
Diversified telecommunication services |
|
(1.26 |
) |
Electric utilities |
|
(0.46 |
) |
Electrical equipment |
|
(1.18 |
) |
Electronic equipment, instruments & components |
|
(0.33 |
) |
Energy equipment & services |
|
(3.69 |
) |
Food & staples retailing |
|
(1.06 |
) |
Food products |
|
(1.09 |
) |
Gas utilities |
|
(0.13 |
) |
Health care equipment & supplies |
|
(2.68 |
) |
Health care providers & services |
|
(0.32 |
) |
Hotels, restaurants & leisure |
|
(1.77 |
) |
Household durables |
|
(0.29 |
) |
Household products |
|
(0.26 |
) |
Independent power and renewable electricity producers |
|
(0.34 |
) |
Industrial conglomerates |
|
(0.10 |
) |
Insurance |
|
(2.89 |
) |
Internet & catalog retail |
|
(0.52 |
) |
Internet software & services |
|
(0.68 |
) |
IT services |
|
(0.50 |
) |
Life sciences tools & services |
|
(1.49 |
) |
Machinery |
|
(2.32 |
) |
Marine |
|
(0.12 |
) |
Media |
|
(1.21 |
) |
Metals & mining |
|
(0.92 |
) |
Multiline retail |
|
(0.54 |
) |
Multi-utilities |
|
(0.60 |
) |
Oil, gas & consumable fuels |
|
(6.92 |
) |
Personal products |
|
(0.47 |
) |
Pharmaceuticals |
|
(1.36 |
) |
Real estate investment trust (REIT) |
|
(0.57 |
) |
Real estate management & development |
|
(0.33 |
) |
Road & rail |
|
(0.13 |
) |
Semiconductors & semiconductor equipment |
|
(2.11 |
) |
Software |
|
(1.19 |
) |
Specialty retail |
|
(0.55 |
) |
Technology hardware, storage & peripherals |
|
(1.58 |
) |
Textiles, apparel & luxury goods |
|
(1.05 |
) |
Thrifts & mortgage finance |
|
(0.56 |
) |
Trading companies & distributors |
|
(0.68 |
) |
Transportation infrastructure |
|
(0.38 |
) |
Wireless telecommunication services |
|
(1.68 |
) |
Total common stocks |
|
(60.83 |
) |
Right |
|
(0.01 |
) |
Total investments sold short |
|
(60.84 |
)% |
Total investments, net of investments sold short |
|
51.34 |
% |
Cash and other assets, less liabilities |
|
48.66 |
|
Net assets |
|
100.00 |
% |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 86.68% |
|
|
|
|
| |
Australia: 0.21% |
|
|
|
|
| |
Starpharma Holdings Ltd.* |
|
59,600 |
|
$ |
33,823 |
|
|
|
|
|
|
| |
Belgium: 1.34% |
|
|
|
|
| |
Belgacom SA |
|
2,315 |
|
80,600 |
| |
bpost SA |
|
2,741 |
|
65,322 |
| |
UCB SA |
|
819 |
|
74,212 |
| |
Total Belgium common stocks |
|
|
|
220,134 |
| |
|
|
|
|
|
| |
Brazil: 0.14% |
|
|
|
|
| |
Cielo SA |
|
1,390 |
|
22,715 |
| |
|
|
|
|
|
| |
Canada: 3.89% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
3,510 |
|
64,750 |
| |
Connacher Oil and Gas Ltd.* |
|
90,000 |
|
10,045 |
| |
Gran Tierra Energy, Inc.* |
|
9,230 |
|
51,015 |
| |
Lightstream Resources Ltd. |
|
15,005 |
|
70,339 |
| |
Magna International, Inc. |
|
600 |
|
56,949 |
| |
Paramount Resources Ltd., Class A* |
|
2,135 |
|
122,291 |
| |
Perpetual Energy, Inc.* |
|
57,400 |
|
89,692 |
| |
ShaMaran Petroleum Corp.* |
|
65,000 |
|
18,862 |
| |
Suncor Energy, Inc. |
|
975 |
|
35,284 |
| |
Toronto-Dominion Bank |
|
1,100 |
|
54,286 |
| |
TransGlobe Energy Corp.1 |
|
3,485 |
|
21,189 |
| |
Trilogy Energy Corp. |
|
1,945 |
|
44,042 |
| |
Total Canada common stocks |
|
|
|
638,744 |
| |
|
|
|
|
|
| |
Chile: 0.14% |
|
|
|
|
| |
Geopark Ltd.* |
|
2,300 |
|
22,287 |
| |
|
|
|
|
|
| |
China: 2.17% |
|
|
|
|
| |
AIA Group Ltd. |
|
10,000 |
|
51,607 |
| |
Hollysys Automation Technologies Ltd.* |
|
2,690 |
|
60,498 |
| |
Lenovo Group Ltd. |
|
31,800 |
|
47,366 |
| |
Tencent Holdings Ltd. |
|
8,000 |
|
119,052 |
| |
Tianhe Chemicals Group Ltd.*2,3,4 |
|
200,000 |
|
29,749 |
| |
Vipshop Holdings Ltd. ADR* |
|
252 |
|
47,631 |
| |
Total China common stocks |
|
|
|
355,903 |
| |
|
|
|
|
|
| |
Denmark: 1.43% |
|
|
|
|
| |
A.P. Moeller - Maersk A/S, Class B |
|
25 |
|
59,221 |
| |
Danske Bank A/S |
|
2,419 |
|
65,574 |
| |
Novo Nordisk A/S, Class B |
|
1,597 |
|
76,036 |
| |
TDC A/S |
|
4,484 |
|
33,969 |
| |
Total Denmark common stocks |
|
|
|
234,800 |
| |
|
|
|
|
|
| |
Finland: 0.82% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
2,793 |
|
135,045 |
| |
|
|
|
|
|
| |
France: 2.83% |
|
|
|
|
| |
Aeroports de Paris |
|
324 |
|
38,796 |
| |
AXA SA |
|
1,924 |
|
47,393 |
| |
BNP Paribas SA |
|
662 |
|
43,936 |
| |
Cap Gemini SA |
|
1,166 |
|
83,618 |
| |
Credit Agricole SA |
|
3,239 |
|
48,823 |
| |
Safran SA |
|
1,322 |
|
85,710 |
| |
Sanofi |
|
668 |
|
75,532 |
| |
Schneider Electric SE |
|
529 |
|
40,586 |
| |
Total France common stocks |
|
|
|
464,394 |
| |
|
|
|
|
|
| |
Germany: 4.09% |
|
|
|
|
| |
Bayer AG |
|
1,026 |
|
142,756 |
| |
Continental AG |
|
242 |
|
45,841 |
| |
Deutsche Post AG |
|
1,546 |
|
49,279 |
| |
Deutsche Wohnen AG |
|
3,266 |
|
69,560 |
| |
Freenet AG |
|
2,507 |
|
65,004 |
| |
Fresenius Medical Care AG & Co. KGaA |
|
1,056 |
|
73,556 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Fresenius SE & Co KGaA |
|
2,047 |
|
$ |
101,058 |
|
Krones AG |
|
836 |
|
72,504 |
| |
ThyssenKrupp AG* |
|
2,040 |
|
53,260 |
| |
Total Germany common stocks |
|
|
|
672,818 |
| |
|
|
|
|
|
| |
Greece: 0.12% |
|
|
|
|
| |
Piraeus Bank SA* |
|
11,500 |
|
19,465 |
| |
|
|
|
|
|
| |
Ireland: 1.37% |
|
|
|
|
| |
Accenture PLC, Class A1 |
|
440 |
|
35,781 |
| |
Mallinckrodt PLC*1 |
|
635 |
|
57,245 |
| |
Perrigo Co. PLC |
|
200 |
|
30,038 |
| |
Ryanair Holdings PLC ADR* |
|
765 |
|
43,169 |
| |
Seagate Technology PLC |
|
1,030 |
|
58,988 |
| |
Total Ireland common stocks |
|
|
|
225,221 |
| |
|
|
|
|
|
| |
Israel: 2.42% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
3,315 |
|
229,531 |
| |
Mellanox Technologies Ltd.*1 |
|
2,100 |
|
94,227 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
1,380 |
|
74,175 |
| |
Total Israel common stocks |
|
|
|
397,933 |
| |
|
|
|
|
|
| |
Italy: 1.25% |
|
|
|
|
| |
Atlantia SpA |
|
2,414 |
|
59,302 |
| |
Azimut Holding SpA |
|
1,806 |
|
45,463 |
| |
ENI SpA |
|
2,504 |
|
59,410 |
| |
IMMSI SpA* |
|
23,766 |
|
16,472 |
| |
Mediolanum SpA |
|
3,600 |
|
25,431 |
| |
Total Italy common stocks |
|
|
|
206,078 |
| |
|
|
|
|
|
| |
Japan: 4.71% |
|
|
|
|
| |
Astellas Pharma, Inc. |
|
4,100 |
|
61,064 |
| |
Fuji Heavy Industries Ltd. |
|
1,500 |
|
49,690 |
| |
Hino Motors Ltd. |
|
3,800 |
|
53,174 |
| |
Hitachi Ltd. |
|
8,000 |
|
61,120 |
| |
Inpex Corp. |
|
2,200 |
|
31,104 |
| |
Japan Airlines Co., Ltd. |
|
2,200 |
|
60,198 |
| |
Japan Petroleum Exploration Co. |
|
1,200 |
|
46,067 |
| |
KDDI Corp. |
|
1,020 |
|
61,359 |
| |
Mitsui Fudosan Co., Ltd. |
|
2,000 |
|
61,377 |
| |
ORIX Corp. |
|
2,500 |
|
34,514 |
| |
Panasonic Corp. |
|
2,500 |
|
29,796 |
| |
Shiseido Co., Ltd. |
|
2,000 |
|
32,991 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
1,000 |
|
35,628 |
| |
Sundrug Co. Ltd. |
|
1,600 |
|
71,110 |
| |
THK Co., Ltd. |
|
2,400 |
|
59,805 |
| |
Tokio Marine Holdings, Inc. |
|
800 |
|
24,822 |
| |
Total Japan common stocks |
|
|
|
773,819 |
| |
|
|
|
|
|
| |
Luxembourg: 0.23% |
|
|
|
|
| |
Grand City Properties SA* |
|
2,800 |
|
38,118 |
| |
|
|
|
|
|
| |
Netherlands: 2.09% |
|
|
|
|
| |
Delta Lloyd NV |
|
2,051 |
|
49,419 |
| |
ING Groep NV CVA* |
|
8,341 |
|
118,561 |
| |
NN Group NV* |
|
1,603 |
|
46,539 |
| |
NXP Semiconductor NV*1 |
|
1,890 |
|
129,333 |
| |
Total Netherlands common stocks |
|
|
|
343,852 |
| |
|
|
|
|
|
| |
Norway: 1.50% |
|
|
|
|
| |
Det Norske Oljeselskap ASA* |
|
3,348 |
|
29,569 |
| |
Gjensidige Forsikring ASA |
|
2,520 |
|
53,282 |
| |
Statoil ASA |
|
2,146 |
|
58,427 |
| |
Telenor ASA |
|
2,505 |
|
54,978 |
| |
Yara International ASA |
|
993 |
|
49,872 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(continued) |
|
|
|
|
| |
Norway(concluded) |
|
|
|
|
| |
Total Norway common stocks |
|
|
|
$ |
246,128 |
|
|
|
|
|
|
| |
South Korea: 0.53% |
|
|
|
|
| |
Samsung Electronics Co. Ltd. GDR |
|
58 |
|
32,538 |
| |
Wonik IPS Co. Ltd.* |
|
4,665 |
|
55,370 |
| |
Total South Korea common stocks |
|
|
|
87,908 |
| |
|
|
|
|
|
| |
Spain: 2.15% |
|
|
|
|
| |
Acciona SA* |
|
1,038 |
|
77,483 |
| |
ACS Actividades de Construccion y Servicios SA |
|
1,539 |
|
58,989 |
| |
Atresmedia Corp. de Medios de Comunicacion SA |
|
1,600 |
|
24,278 |
| |
Bankia SA* |
|
16,000 |
|
29,766 |
| |
Gas Natural SDG SA |
|
1,559 |
|
45,861 |
| |
Mediaset Espana Comunicacion SA* |
|
2,200 |
|
27,303 |
| |
Melia Hotels International SA |
|
2,000 |
|
20,632 |
| |
Red Electrica Corp. SA |
|
807 |
|
69,852 |
| |
Total Spain common stocks |
|
|
|
354,164 |
| |
|
|
|
|
|
| |
Sweden: 1.30% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
1,270 |
|
21,468 |
| |
Nordea Bank AB |
|
5,055 |
|
65,530 |
| |
Svenska Cellulosa AB SCA, Class B |
|
2,005 |
|
47,641 |
| |
Swedish Match AB |
|
2,460 |
|
79,585 |
| |
Total Sweden common stocks |
|
|
|
214,224 |
| |
|
|
|
|
|
| |
Switzerland: 2.33% |
|
|
|
|
| |
Lonza Group AG* |
|
551 |
|
66,393 |
| |
Nestle SA |
|
460 |
|
33,806 |
| |
Novartis AG |
|
1,356 |
|
127,692 |
| |
Roche Holding AG (Non-voting) |
|
213 |
|
62,900 |
| |
Zurich Insurance Group AG* |
|
307 |
|
91,364 |
| |
Total Switzerland common stocks |
|
|
|
382,155 |
| |
|
|
|
|
|
| |
Taiwan: 0.38% |
|
|
|
|
| |
Catcher Technology Co. Ltd. GDR5 |
|
1,340 |
|
62,111 |
| |
|
|
|
|
|
| |
United Kingdom: 0.84% |
|
|
|
|
| |
Aon PLC1 |
|
610 |
|
53,479 |
| |
AstraZeneca PLC |
|
76 |
|
5,446 |
| |
Noble Corp. PLC1 |
|
2,720 |
|
60,438 |
| |
Poundland Group PLC* |
|
3,789 |
|
19,369 |
| |
Total United Kingdom common stocks |
|
|
|
138,732 |
| |
|
|
|
|
|
| |
United States: 48.40% |
|
|
|
|
| |
AbbVie, Inc. 1 |
|
1,875 |
|
108,300 |
| |
Acorda Therapeutics, Inc.*1 |
|
3,550 |
|
120,274 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
442 |
|
73,292 |
| |
Allergan, Inc.1 |
|
520 |
|
92,659 |
| |
Alliance Data Systems Corp.*1 |
|
311 |
|
77,212 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
1,340 |
|
104,654 |
| |
Amazon.com, Inc.*1 |
|
390 |
|
125,752 |
| |
American Campus Communities, Inc.1 |
|
730 |
|
26,608 |
| |
American Express Co. |
|
600 |
|
52,524 |
| |
American International Group, Inc.1 |
|
2,350 |
|
126,947 |
| |
Ameriprise Financial, Inc. |
|
270 |
|
33,313 |
| |
Apple, Inc.1 |
|
1,850 |
|
186,387 |
| |
Applied Materials, Inc.1 |
|
5,690 |
|
122,961 |
| |
Baker Hughes, Inc.1 |
|
630 |
|
40,988 |
| |
BankUnited, Inc.1 |
|
1,020 |
|
31,100 |
| |
Baxter International, Inc.1 |
|
895 |
|
64,234 |
| |
BB&T Corp.1 |
|
800 |
|
29,768 |
| |
Best Buy Co., Inc.1 |
|
1,750 |
|
58,782 |
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
760 |
|
86,184 |
| |
Bluebird Bio, Inc.*1 |
|
500 |
|
17,940 |
| |
Boeing Co.1 |
|
295 |
|
37,577 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Broadcom Corp., Class A1 |
|
2,680 |
|
$ |
108,326 |
|
Capital One Financial Corp.1 |
|
1,310 |
|
106,922 |
| |
Celgene Corp.*1 |
|
1,354 |
|
128,332 |
| |
Chevron Corp.1 |
|
360 |
|
42,955 |
| |
Chimerix, Inc.* |
|
2,840 |
|
78,441 |
| |
Citigroup, Inc.1 |
|
3,170 |
|
164,269 |
| |
Colgate-Palmolive Co.1 |
|
390 |
|
25,436 |
| |
Comcast Corp., Class A1 |
|
3,340 |
|
179,625 |
| |
Control4 Corp.*1 |
|
1,500 |
|
19,395 |
| |
CVS Health Corp. |
|
700 |
|
55,713 |
| |
Danaher Corp.1 |
|
1,260 |
|
95,735 |
| |
Digital Realty Trust, Inc.1 |
|
1,810 |
|
112,908 |
| |
DIRECTV*1 |
|
900 |
|
77,868 |
| |
Eli Lilly & Co.1 |
|
2,270 |
|
147,209 |
| |
EOG Resources, Inc.1 |
|
390 |
|
38,618 |
| |
F5 Networks, Inc.*1 |
|
440 |
|
52,246 |
| |
Fifth Third Bancorp1 |
|
2,260 |
|
45,245 |
| |
Fiserv, Inc.*1 |
|
1,100 |
|
71,099 |
| |
Ford Motor Co.1 |
|
5,080 |
|
75,133 |
| |
Freescale Semiconductor Ltd.*1 |
|
2,970 |
|
58,004 |
| |
General Motors Co.1 |
|
2,470 |
|
78,892 |
| |
Gilead Sciences, Inc.*1 |
|
890 |
|
94,740 |
| |
Google, Inc., Class A*1 |
|
85 |
|
50,015 |
| |
Google, Inc., Class C*1 |
|
85 |
|
49,076 |
| |
Halcon Resources Corp.*1 |
|
3,335 |
|
13,207 |
| |
HCA Holdings, Inc.*1 |
|
2,270 |
|
160,080 |
| |
HeartWare International, Inc.* |
|
200 |
|
15,526 |
| |
Herman Miller, Inc.1 |
|
1,395 |
|
41,641 |
| |
Hertz Global Holdings, Inc.*1 |
|
4,240 |
|
107,654 |
| |
Hess Corp.1 |
|
975 |
|
91,962 |
| |
Hormel Foods Corp.1 |
|
835 |
|
42,911 |
| |
Hospira, Inc.*1 |
|
1,715 |
|
89,231 |
| |
Impax Laboratories, Inc.*1 |
|
3,750 |
|
88,912 |
| |
Incyte Corp.*1 |
|
665 |
|
32,618 |
| |
International Game Technology |
|
3,220 |
|
54,321 |
| |
Invesco Ltd.1 |
|
2,090 |
|
82,513 |
| |
Jabil Circuit, Inc.1 |
|
5,190 |
|
104,682 |
| |
JC Penney Co., Inc.*1 |
|
3,530 |
|
35,441 |
| |
Johnson & Johnson1 |
|
1,000 |
|
106,590 |
| |
JPMorgan Chase & Co.1 |
|
2,290 |
|
137,950 |
| |
KaloBios Pharmaceuticals, Inc.*1 |
|
3,740 |
|
5,797 |
| |
Laboratory Corp. of America Holdings*1 |
|
750 |
|
76,312 |
| |
Lennar Corp., Class A |
|
590 |
|
22,910 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
16,160 |
|
22,786 |
| |
Lincoln National Corp.1 |
|
2,030 |
|
108,767 |
| |
LyondellBasell Industries NV, Class A1 |
|
575 |
|
62,480 |
| |
MacroGenics, Inc.*1 |
|
400 |
|
8,360 |
| |
Macys, Inc.1 |
|
855 |
|
49,744 |
| |
Martin Marietta Materials, Inc.1 |
|
190 |
|
24,499 |
| |
McDermott International, Inc.*1 |
|
8,020 |
|
45,874 |
| |
Merck & Co., Inc.1 |
|
670 |
|
39,718 |
| |
MetLife, Inc.1 |
|
2,220 |
|
119,258 |
| |
Micron Technology, Inc.*1 |
|
4,495 |
|
153,999 |
| |
Microsoft Corp.1 |
|
1,550 |
|
71,858 |
| |
Mondelez International, Inc., Class A1 |
|
3,540 |
|
121,298 |
| |
Monsanto Co.1 |
|
490 |
|
55,130 |
| |
Morgan Stanley1 |
|
5,985 |
|
206,901 |
| |
NetApp, Inc.1 |
|
2,650 |
|
113,844 |
| |
Norfolk Southern Corp.1 |
|
350 |
|
39,060 |
| |
Owens Corning1 |
|
660 |
|
20,955 |
| |
PDC Energy, Inc.*1 |
|
1,250 |
|
62,862 |
| |
PepsiCo, Inc.1 |
|
1,400 |
|
130,326 |
| |
Philip Morris International, Inc.1 |
|
1,390 |
|
115,926 |
| |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
PNC Financial Services Group, Inc.1 |
|
725 |
|
$ |
62,045 |
|
Praxair, Inc.1 |
|
260 |
|
33,540 |
| |
Priceline.com, Inc.*1 |
|
44 |
|
50,978 |
| |
Ralph Lauren Corp.1 |
|
420 |
|
69,187 |
| |
Rite Aid Corp.*1 |
|
7,810 |
|
37,800 |
| |
Rocket Fuel, Inc.*1 |
|
1,240 |
|
19,592 |
| |
Rock-Tenn Co., Class A1 |
|
1,110 |
|
52,814 |
| |
Royal Caribbean Cruises Ltd. |
|
460 |
|
30,953 |
| |
ServiceSource International, Inc.*1 |
|
14,090 |
|
45,511 |
| |
Symantec Corp.1 |
|
2,930 |
|
68,884 |
| |
Thermo Fisher Scientific, Inc.1 |
|
325 |
|
39,553 |
| |
Thoratec Corp.* |
|
500 |
|
13,365 |
| |
Time Warner, Inc.1 |
|
400 |
|
30,084 |
| |
Time, Inc.*1 |
|
50 |
|
1,172 |
| |
TRW Automotive Holdings Corp.* |
|
550 |
|
55,688 |
| |
UGI Corp. |
|
825 |
|
28,124 |
| |
Ultra Petroleum Corp.*1 |
|
1,970 |
|
45,822 |
| |
UnitedHealth Group, Inc.1 |
|
1,140 |
|
98,325 |
| |
US Bancorp1 |
|
3,250 |
|
135,948 |
| |
Veeco Instruments, Inc.*1 |
|
1,220 |
|
42,639 |
| |
Viacom, Inc., Class B1 |
|
320 |
|
24,621 |
| |
Walgreen Co.1 |
|
890 |
|
52,750 |
| |
Walt Disney Co.1 |
|
1,280 |
|
113,958 |
| |
Waste Management, Inc.1 |
|
1,450 |
|
68,919 |
| |
WellPoint, Inc.1 |
|
600 |
|
71,772 |
| |
Wells Fargo & Co.1 |
|
890 |
|
46,164 |
| |
Yum! Brands, Inc.1 |
|
1,760 |
|
126,685 |
| |
Zoetis, Inc. |
|
780 |
|
28,821 |
| |
Total United States common stocks |
|
|
|
7,953,275 |
| |
Total common stocks (cost $12,779,086) |
|
|
|
14,243,846 |
| |
|
|
|
|
|
| |
Short-term investments: 25.50% |
|
|
|
|
| |
Investment company: 17.89% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund6 (cost $2,940,345) |
|
2,940,345 |
|
2,940,345 |
| |
|
|
Face |
|
|
| |
US government obligations: 7.61% |
|
|
|
|
| |
US Treasury Bill |
|
|
|
|
| |
0.016%, due 11/20/147 (cost $1,249,972) |
|
$ |
1,250,000 |
|
1,249,992 |
|
Total short-term investments (cost $4,190,317) |
|
|
|
4,190,337 |
| |
Total investments before investments sold short : 112.18% (cost $16,969,403) |
|
|
|
18,434,183 |
| |
|
|
Shares |
|
|
|
Investments sold short: (60.84)% |
|
|
|
|
|
Common stocks: (60.83)% |
|
|
|
|
|
Australia: (0.50)% |
|
|
|
|
|
Buru Energy Ltd. |
|
(9,385 |
) |
(6,112 |
) |
Energy World Corp. Ltd. |
|
(81,633 |
) |
(25,382 |
) |
InterOil Corp. |
|
(630 |
) |
(34,184 |
) |
Karoon Gas Australia Ltd. |
|
(5,420 |
) |
(16,511 |
) |
Total Australia common stocks |
|
|
|
(82,189 |
) |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Austria: (0.70)% |
|
|
|
|
| |
Andritz AG |
|
(798 |
) |
$ |
(42,490 |
) |
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
(1,598 |
) |
(71,984 |
) | |
Total Austria common stocks |
|
|
|
(114,474 |
) | |
|
|
|
|
|
| |
Belgium: (0.83)% |
|
|
|
|
| |
Mobistar SA |
|
(1,728 |
) |
(32,210 |
) | |
Umicore SA |
|
(2,377 |
) |
(103,632 |
) | |
Total Belgium common stocks |
|
|
|
(135,842 |
) | |
|
|
|
|
|
| |
Bermuda: (0.79)% |
|
|
|
|
| |
Golar LNG Ltd. |
|
(620 |
) |
(41,168 |
) | |
Seadrill Ltd. |
|
(2,700 |
) |
(72,202 |
) | |
Teekay Tankers Ltd. |
|
(4,320 |
) |
(16,113 |
) | |
Total Bermuda common stocks |
|
|
|
(129,483 |
) | |
|
|
|
|
|
| |
Brazil: (0.29)% |
|
|
|
|
| |
Gafisa SA ADR |
|
(20,100 |
) |
(48,039 |
) | |
|
|
|
|
|
| |
Canada: (4.19)% |
|
|
|
|
| |
Alderon Iron Ore Corp. |
|
(7,190 |
) |
(5,264 |
) | |
Alterra Power Corp. |
|
(39,000 |
) |
(10,621 |
) | |
Altius Minerals Corp. |
|
(900 |
) |
(9,732 |
) | |
Americas Petrogas, Inc. |
|
(26,260 |
) |
(14,772 |
) | |
Anderson Energy Ltd. |
|
(37,000 |
) |
(9,581 |
) | |
Athabasca Oil Corp. |
|
(9,665 |
) |
(49,449 |
) | |
Ballard Power Systems, Inc. |
|
(14,305 |
) |
(45,982 |
) | |
Bankers Petroleum Ltd. |
|
(8,100 |
) |
(38,983 |
) | |
Birchcliff Energy Ltd. |
|
(1,300 |
) |
(12,316 |
) | |
Bombardier, Inc., Class B |
|
(6,360 |
) |
(21,409 |
) | |
Canacol Energy Ltd. |
|
(12,150 |
) |
(57,173 |
) | |
Copper Mountain Mining Corp. |
|
(7,165 |
) |
(15,482 |
) | |
Crescent Point Energy Corp. |
|
(905 |
) |
(32,662 |
) | |
Donnycreek Energy, Inc. |
|
(4,500 |
) |
(9,041 |
) | |
Fortune Minerals Ltd. |
|
(34,500 |
) |
(6,777 |
) | |
Hydrogenics Corp. |
|
(800 |
) |
(13,464 |
) | |
Just Energy Group, Inc. |
|
(5,210 |
) |
(24,190 |
) | |
Mart Resources, Inc. |
|
(19,585 |
) |
(22,384 |
) | |
Mega Uranium Ltd. |
|
(143,500 |
) |
(26,267 |
) | |
MFC Industrial Ltd. |
|
(1,705 |
) |
(12,123 |
) | |
Northland Power, Inc. |
|
(785 |
) |
(12,126 |
) | |
Petroamerica Oil Corp. |
|
(53,500 |
) |
(14,092 |
) | |
Petromanas Energy, Inc. |
|
(193,500 |
) |
(38,011 |
) | |
Petrowest Corp. |
|
(13,005 |
) |
(13,238 |
) | |
Polaris Minerals Corp. |
|
(8,000 |
) |
(14,643 |
) | |
Questerre Energy Corp. |
|
(20,400 |
) |
(18,944 |
) | |
Rogers Communications, Inc., Class B |
|
(1,700 |
) |
(63,631 |
) | |
Rubicon Minerals Corp. |
|
(9,900 |
) |
(13,436 |
) | |
SNC-Lavalin Group, Inc. |
|
(410 |
) |
(18,879 |
) | |
Sunshine Oilsands Ltd. |
|
(95,000 |
) |
(12,588 |
) | |
Trevali Mining Corp. |
|
(10,520 |
) |
(10,802 |
) | |
Whitecap Resources, Inc. |
|
(1,450 |
) |
(20,754 |
) | |
Total Canada common stocks |
|
|
|
(688,816 |
) | |
|
|
|
|
|
| |
China: (0.42)% |
|
|
|
|
| |
Lonking Holdings Ltd. |
|
(130,000 |
) |
(23,376 |
) | |
MIE Holdings Corp. |
|
(86,000 |
) |
(11,301 |
) | |
Newocean Energy Holdings Ltd. |
|
(37,000 |
) |
(18,436 |
) | |
Sino Gas & Energy Holdings Ltd. |
|
(84,475 |
) |
(15,469 |
) | |
Total China common stocks |
|
|
|
(68,582 |
) | |
|
|
|
|
|
| |
Colombia: (0.72)% |
|
|
|
|
| |
Pacific Rubiales Energy Corp. |
|
(7,055 |
) |
(118,303 |
) | |
|
|
|
|
|
| |
Cyprus: (0.07)% |
|
|
|
|
| |
Songa Offshore |
|
(34,000 |
) |
(12,329 |
) | |
|
|
|
|
|
| |
Denmark: (0.83)% |
|
|
|
|
| |
Danske Bank A/S |
|
(1,350 |
) |
(36,595 |
) | |
FLSmidth & Co. A/S |
|
(1,500 |
) |
(71,535 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(continued) |
|
|
|
|
| |
Denmark(concluded) |
|
|
|
|
| |
William Demant Holding A/S |
|
(365 |
) |
$ |
(27,977 |
) |
Total Denmark common stocks |
|
|
|
(136,107 |
) | |
|
|
|
|
|
| |
Finland: (1.54)% |
|
|
|
|
| |
Kone OYJ, Class B |
|
(490 |
) |
(19,617 |
) | |
Konecranes Oyj |
|
(2,176 |
) |
(58,357 |
) | |
Metso Oyj |
|
(1,940 |
) |
(68,729 |
) | |
Outotec Oyj |
|
(5,833 |
) |
(44,133 |
) | |
Stockmann Oyj Abp, Class B |
|
(2,470 |
) |
(26,878 |
) | |
YIT Oyj |
|
(4,708 |
) |
(36,162 |
) | |
Total Finland common stocks |
|
|
|
(253,876 |
) | |
|
|
|
|
|
| |
France: (2.50)% |
|
|
|
|
| |
Air France-KLM |
|
(1,425 |
) |
(13,344 |
) | |
Areva SA |
|
(1,700 |
) |
(25,835 |
) | |
Arkema SA |
|
(457 |
) |
(30,623 |
) | |
AXA SA |
|
(2,221 |
) |
(54,709 |
) | |
Bouygues SA |
|
(1,821 |
) |
(58,881 |
) | |
Carrefour SA |
|
(1,432 |
) |
(44,227 |
) | |
Dassault Systemes |
|
(960 |
) |
(61,669 |
) | |
Electricite de France SA |
|
(1,444 |
) |
(47,373 |
) | |
Suez Environnement Co. |
|
(1,020 |
) |
(17,253 |
) | |
Technip SA |
|
(234 |
) |
(19,629 |
) | |
Veolia Environnement SA |
|
(2,120 |
) |
(37,382 |
) | |
Total France common stocks |
|
|
|
(410,925 |
) | |
|
|
|
|
|
| |
Germany: (2.58)% |
|
|
|
|
| |
Aurubis AG |
|
(873 |
) |
(43,005 |
) | |
Brenntag AG |
|
(1,052 |
) |
(51,489 |
) | |
Deutsche Boerse AG |
|
(675 |
) |
(45,327 |
) | |
H&R AG |
|
(2,853 |
) |
(24,720 |
) | |
Hamburger Hafen und Logistik AG |
|
(2,613 |
) |
(62,090 |
) | |
Hannover Rueck SE |
|
(430 |
) |
(34,705 |
) | |
K+S AG |
|
(1,445 |
) |
(40,763 |
) | |
LANXESS AG |
|
(469 |
) |
(25,843 |
) | |
RWE AG |
|
(495 |
) |
(19,266 |
) | |
Salzgitter AG |
|
(1,153 |
) |
(39,558 |
) | |
SGL Carbon SE |
|
(1,842 |
) |
(37,987 |
) | |
Total Germany common stocks |
|
|
|
(424,753 |
) | |
|
|
|
|
|
| |
Guernsey: (0.04)% |
|
|
|
|
| |
Tethys Petroleum Ltd. |
|
(21,500 |
) |
(5,951 |
) | |
|
|
|
|
|
| |
Ireland: (0.46)% |
|
|
|
|
| |
Aer Lingus Group PLC |
|
(10,325 |
) |
(18,906 |
) | |
Endo International PLC |
|
(630 |
) |
(43,054 |
) | |
King Digital Entertainment PLC |
|
(1,100 |
) |
(13,970 |
) | |
Total Ireland common stocks |
|
|
|
(75,930 |
) | |
|
|
|
|
|
| |
Italy: (1.54)% |
|
|
|
|
| |
Luxottica Group SpA |
|
(939 |
) |
(48,807 |
) | |
Mediaset SpA |
|
(15,214 |
) |
(57,994 |
) | |
Piaggio & C SpA |
|
(10,272 |
) |
(27,612 |
) | |
Saipem SpA |
|
(4,568 |
) |
(96,871 |
) | |
Saras SpA |
|
(21,978 |
) |
(22,165 |
) | |
Total Italy common stocks |
|
|
|
(253,449 |
) | |
|
|
|
|
|
| |
Japan: (0.22)% |
|
|
|
|
| |
Mitsui Chemicals, Inc. |
|
(8,000 |
) |
(22,266 |
) | |
Tokyo Electric Power Co., Inc. |
|
(3,800 |
) |
(13,305 |
) | |
Total Japan common stocks |
|
|
|
(35,571 |
) | |
|
|
|
|
|
| |
Luxembourg: (0.33)% |
|
|
|
|
| |
Oriflame Cosmetics SA SDR |
|
(1,985 |
) |
(34,174 |
) | |
Pacific Drilling SA |
|
(2,410 |
) |
(19,931 |
) | |
Total Luxembourg common stocks |
|
|
|
(54,105 |
) | |
|
|
|
|
|
| |
Mexico: (0.78)% |
|
|
|
|
| |
Alfa SAB de CV, Class A |
|
(5,000 |
) |
(17,114 |
) | |
America Movil SAB de CV ADR |
|
(3,300 |
) |
(83,160 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Coca-Cola Femsa SAB de CV ADR |
|
(280 |
) |
$ |
(28,202 |
) |
Total Mexico common stocks |
|
|
|
(128,476 |
) | |
|
|
|
|
|
| |
Netherlands: (1.32)% |
|
|
|
|
| |
Aegon NV |
|
(4,374 |
) |
(36,016 |
) | |
Akzo Nobel NV |
|
(215 |
) |
(14,711 |
) | |
CNH Industrial NV |
|
(1,710 |
) |
(13,545 |
) | |
Fugro NV CVA |
|
(890 |
) |
(26,872 |
) | |
Koninklijke Vopak NV |
|
(1,524 |
) |
(82,120 |
) | |
QIAGEN NV |
|
(1,900 |
) |
(43,044 |
) | |
Total Netherlands common stocks |
|
|
|
(216,308 |
) | |
|
|
|
|
|
| |
Norway: (1.34)% |
|
|
|
|
| |
Fred Olsen Energy ASA |
|
(1,003 |
) |
(18,422 |
) | |
Nordic American Tankers Ltd. |
|
(2,495 |
) |
(19,835 |
) | |
North Atlantic Drilling Ltd. |
|
(2,500 |
) |
(16,650 |
) | |
Norwegian Property ASA |
|
(36,042 |
) |
(53,864 |
) | |
Panoro Energy ASA |
|
(15,845 |
) |
(7,301 |
) | |
Storebrand ASA |
|
(14,284 |
) |
(79,512 |
) | |
TGS-Nopec Geophysical Co. ASA |
|
(1,000 |
) |
(25,466 |
) | |
Total Norway common stocks |
|
|
|
(221,050 |
) | |
|
|
|
|
|
| |
Portugal: (0.28)% |
|
|
|
|
| |
Jeronimo Martins, SGPS SA |
|
(4,253 |
) |
(46,801 |
) | |
|
|
|
|
|
| |
Singapore: (0.06)% |
|
|
|
|
| |
RH PetroGas Ltd. |
|
(17,000 |
) |
(9,777 |
) | |
|
|
|
|
|
| |
South Africa: (0.20)% |
|
|
|
|
| |
Vodacom Group Ltd. |
|
(2,855 |
) |
(32,858 |
) | |
|
|
|
|
|
| |
Spain: (1.02)% |
|
|
|
|
| |
Enagas SA |
|
(640 |
) |
(20,582 |
) | |
Tecnicas Reunidas SA |
|
(1,898 |
) |
(100,399 |
) | |
Zardoya Otis SA |
|
(3,714 |
) |
(46,032 |
) | |
Total Spain common stocks |
|
|
|
(167,013 |
) | |
|
|
|
|
|
| |
Sweden: (1.64)% |
|
|
|
|
| |
Elekta AB, Class B |
|
(2,600 |
) |
(25,556 |
) | |
Modern Times Group AB, Class B |
|
(1,626 |
) |
(51,318 |
) | |
Ratos AB, Class B |
|
(2,706 |
) |
(19,535 |
) | |
Sandvik AB |
|
(4,093 |
) |
(45,970 |
) | |
SKF AB, Class B |
|
(894 |
) |
(18,612 |
) | |
Svenska Handelsbanken AB, Class A |
|
(760 |
) |
(35,592 |
) | |
TeliaSonera AB |
|
(10,555 |
) |
(72,789 |
) | |
Total Sweden common stocks |
|
|
|
(269,372 |
) | |
|
|
|
|
|
| |
Switzerland: (1.57)% |
|
|
|
|
| |
Aryzta AG |
|
(330 |
) |
(28,435 |
) | |
Coca-Cola HBC AG CDI |
|
(2,975 |
) |
(64,204 |
) | |
Holcim Ltd. |
|
(260 |
) |
(18,915 |
) | |
Kuehne + Nagel International AG |
|
(152 |
) |
(19,153 |
) | |
STMicroelectronics NV |
|
(2,280 |
) |
(17,603 |
) | |
Syngenta AG |
|
(170 |
) |
(53,830 |
) | |
Tyco International Ltd. |
|
(1,240 |
) |
(55,267 |
) | |
Total Switzerland common stocks |
|
|
|
(257,407 |
) | |
|
|
|
|
|
| |
Turkey: (0.18)% |
|
|
|
|
| |
Coca-Cola Icecek AS |
|
(1,410 |
) |
(30,339 |
) | |
|
|
|
|
|
| |
United Kingdom: (0.77)% |
|
|
|
|
| |
Awilco Drilling PLC |
|
(2,820 |
) |
(49,861 |
) | |
Debenhams PLC |
|
(39,440 |
) |
(37,188 |
) | |
Ensco PLC, Class A |
|
(530 |
) |
(21,894 |
) | |
Subsea 7 SA |
|
(1,180 |
) |
(16,863 |
) | |
Total United Kingdom common stocks |
|
|
|
(125,806 |
) | |
|
|
|
|
|
| |
United States: (33.12)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(790 |
) |
(40,061 |
) | |
AbbVie, Inc. |
|
(1,340 |
) |
(77,398 |
) | |
Acorda Therapeutics, Inc. |
|
(800 |
) |
(27,104 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(continued) |
|
|
|
|
| |
United States(continued) |
|
|
|
|
| |
Advanced Micro Devices, Inc. |
|
(9,220 |
) |
$ |
(31,440 |
) |
AGCO Corp. |
|
(350 |
) |
(15,911 |
) | |
American Eagle Energy Corp. |
|
(1,951 |
) |
(7,941 |
) | |
American International Group, Inc. |
|
(1,690 |
) |
(91,294 |
) | |
Associated Banc-Corp. |
|
(2,980 |
) |
(51,912 |
) | |
Astoria Financial Corp. |
|
(2,366 |
) |
(29,315 |
) | |
AT&T, Inc. |
|
(2,835 |
) |
(99,905 |
) | |
Bank of America Corp. |
|
(4,660 |
) |
(79,453 |
) | |
Bank of New York Mellon Corp. |
|
(1,240 |
) |
(48,025 |
) | |
Baxter International, Inc. |
|
(330 |
) |
(23,684 |
) | |
Bio-Reference Laboratories, Inc. |
|
(930 |
) |
(26,096 |
) | |
BNK Petroleum, Inc. |
|
(14,500 |
) |
(12,041 |
) | |
BPZ Resources, Inc. |
|
(3,225 |
) |
(6,160 |
) | |
Bristol-Myers Squibb Co. |
|
(920 |
) |
(47,086 |
) | |
Brown-Forman Corp., Class B |
|
(500 |
) |
(45,110 |
) | |
Buffalo Wild Wings, Inc. |
|
(325 |
) |
(43,638 |
) | |
C.R. Bard, Inc. |
|
(155 |
) |
(22,120 |
) | |
Caesars Entertainment Corp. |
|
(2,000 |
) |
(25,160 |
) | |
Cavium, Inc. |
|
(660 |
) |
(32,822 |
) | |
Celgene Corp. |
|
(870 |
) |
(82,459 |
) | |
Charles River Laboratories International, Inc. |
|
(875 |
) |
(52,273 |
) | |
Charles Schwab Corp. |
|
(3,470 |
) |
(101,983 |
) | |
Cheniere Energy, Inc. |
|
(220 |
) |
(17,607 |
) | |
Choice Hotels International, Inc. |
|
(780 |
) |
(40,560 |
) | |
City National Corp. |
|
(320 |
) |
(24,214 |
) | |
Clorox Co. |
|
(450 |
) |
(43,218 |
) | |
Cognizant Technology Solutions Corp., Class A |
|
(1,170 |
) |
(52,381 |
) | |
Constellation Brands, Inc., Class A |
|
(545 |
) |
(47,502 |
) | |
Continental Resources, Inc. |
|
(684 |
) |
(45,472 |
) | |
Costco Wholesale Corp. |
|
(115 |
) |
(14,412 |
) | |
Darden Restaurants, Inc. |
|
(1,000 |
) |
(51,460 |
) | |
DENTSPLY International, Inc. |
|
(600 |
) |
(27,360 |
) | |
Diamond Offshore Drilling, Inc. |
|
(450 |
) |
(15,422 |
) | |
Diebold, Inc. |
|
(1,310 |
) |
(46,269 |
) | |
Douglas Emmett, Inc. |
|
(620 |
) |
(15,915 |
) | |
Electronic Arts, Inc. |
|
(1,630 |
) |
(58,044 |
) | |
Emerald Oil, Inc. |
|
(3,035 |
) |
(18,665 |
) | |
Enanta Pharmaceuticals, Inc. |
|
(440 |
) |
(17,411 |
) | |
Equity Residential |
|
(370 |
) |
(22,785 |
) | |
Expedia, Inc. |
|
(300 |
) |
(26,286 |
) | |
Fastenal Co. |
|
(1,090 |
) |
(48,941 |
) | |
Federal Realty Investment Trust |
|
(150 |
) |
(17,769 |
) | |
First Niagara Financial Group, Inc. |
|
(2,510 |
) |
(20,908 |
) | |
First Solar, Inc. |
|
(930 |
) |
(61,203 |
) | |
Flextronics International Ltd. |
|
(5,190 |
) |
(53,561 |
) | |
FMC Technologies, Inc. |
|
(580 |
) |
(31,500 |
) | |
Ford Motor Co. |
|
(1,320 |
) |
(19,523 |
) | |
FreightCar America, Inc. |
|
(855 |
) |
(28,472 |
) | |
FuelCell Energy, Inc. |
|
(22,200 |
) |
(46,398 |
) | |
GameStop Corp., Class A |
|
(730 |
) |
(30,076 |
) | |
Gannett Co., Inc. |
|
(1,750 |
) |
(51,922 |
) | |
General Moly, Inc. |
|
(5,730 |
) |
(4,269 |
) | |
Genie Energy Ltd. |
|
(2,180 |
) |
(15,325 |
) | |
Genuine Parts Co. |
|
(480 |
) |
(42,101 |
) | |
Hartford Financial Services Group, Inc. |
|
(2,090 |
) |
(77,852 |
) | |
Healthcare Services Group, Inc. |
|
(2,410 |
) |
(68,950 |
) | |
Helmerich & Payne, Inc. |
|
(300 |
) |
(29,361 |
) | |
Herbalife Ltd. |
|
(990 |
) |
(43,312 |
) | |
Hess Corp. |
|
(370 |
) |
(34,898 |
) | |
Hewlett-Packard Co. |
|
(2,490 |
) |
(88,320 |
) | |
Houston American Energy Corp. |
|
(28,500 |
) |
(8,693 |
) | |
Hyatt Hotels Corp., Class A |
|
(810 |
) |
(49,021 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Hyperdynamics Corp. |
|
(4,405 |
) |
$ |
(7,929 |
) |
Iberiabank Corp. |
|
(340 |
) |
(21,253 |
) | |
IDEXX Laboratories, Inc. |
|
(460 |
) |
(54,202 |
) | |
Intel Corp. |
|
(2,550 |
) |
(88,791 |
) | |
International Business Machines Corp. |
|
(155 |
) |
(29,424 |
) | |
Intrexon Corp. |
|
(860 |
) |
(15,979 |
) | |
Intuitive Surgical, Inc. |
|
(102 |
) |
(47,106 |
) | |
Juniper Networks, Inc. |
|
(785 |
) |
(17,388 |
) | |
Kraft Foods Group, Inc. |
|
(945 |
) |
(53,298 |
) | |
Lamar Advertising Co., Class A |
|
(780 |
) |
(38,415 |
) | |
Leucadia National Corp. |
|
(900 |
) |
(21,456 |
) | |
Lexmark International, Inc., Class A |
|
(2,560 |
) |
(108,800 |
) | |
Lilis Energy, Inc. |
|
(9,900 |
) |
(22,275 |
) | |
LinnCo LLC |
|
(500 |
) |
(14,475 |
) | |
LyondellBasell Industries NV, Class A |
|
(370 |
) |
(40,204 |
) | |
McCormick & Co. Inc. (Non-voting) |
|
(775 |
) |
(51,847 |
) | |
Mead Johnson Nutrition Co. |
|
(290 |
) |
(27,904 |
) | |
Meridian Bioscience, Inc. |
|
(1,390 |
) |
(24,589 |
) | |
Mettler-Toledo International, Inc. |
|
(245 |
) |
(62,752 |
) | |
Michael Kors Holdings Ltd. |
|
(350 |
) |
(24,986 |
) | |
Microchip Technology, Inc. |
|
(670 |
) |
(31,644 |
) | |
Miller Energy Resources, Inc. |
|
(3,255 |
) |
(14,322 |
) | |
Molycorp, Inc. |
|
(2,240 |
) |
(2,666 |
) | |
Mylan, Inc. |
|
(380 |
) |
(17,286 |
) | |
NetApp, Inc. |
|
(365 |
) |
(15,680 |
) | |
Netflix, Inc. |
|
(130 |
) |
(58,653 |
) | |
New York Community Bancorp, Inc. |
|
(2,640 |
) |
(41,897 |
) | |
Northern Oil and Gas, Inc. |
|
(1,705 |
) |
(24,245 |
) | |
Northern Trust Corp. |
|
(480 |
) |
(32,654 |
) | |
PAREXEL International Corp. |
|
(330 |
) |
(20,820 |
) | |
Patterson Cos., Inc. |
|
(650 |
) |
(26,929 |
) | |
Peoples United Financial, Inc. |
|
(1,480 |
) |
(21,416 |
) | |
PerkinElmer, Inc. |
|
(710 |
) |
(30,956 |
) | |
Pioneer Natural Resources Co. |
|
(160 |
) |
(31,515 |
) | |
Pitney Bowes, Inc. |
|
(3,290 |
) |
(82,217 |
) | |
Plug Power, Inc. |
|
(5,400 |
) |
(24,786 |
) | |
Post Holdings, Inc. |
|
(550 |
) |
(18,249 |
) | |
Public Storage |
|
(130 |
) |
(21,559 |
) | |
PVH Corp. |
|
(290 |
) |
(35,134 |
) | |
Red Hat, Inc. |
|
(1,115 |
) |
(62,607 |
) | |
Repligen Corp. |
|
(1,190 |
) |
(23,693 |
) | |
ResMed, Inc. |
|
(340 |
) |
(16,752 |
) | |
RF Micro Devices, Inc. |
|
(3,470 |
) |
(40,044 |
) | |
Sagent Pharmaceuticals, Inc. |
|
(1,220 |
) |
(37,942 |
) | |
SandRidge Energy, Inc. |
|
(9,415 |
) |
(40,390 |
) | |
Santander Consumer USA Holdings, Inc. |
|
(2,300 |
) |
(40,963 |
) | |
SBA Communications Corp., Class A |
|
(580 |
) |
(64,322 |
) | |
Sears Holdings Corp. |
|
(1,000 |
) |
(25,230 |
) | |
Signature Bank |
|
(390 |
) |
(43,703 |
) | |
Skyworks Solutions, Inc. |
|
(740 |
) |
(42,957 |
) | |
Staples, Inc. |
|
(2,800 |
) |
(33,880 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(510 |
) |
(42,437 |
) | |
Stericycle, Inc. |
|
(340 |
) |
(39,630 |
) | |
STERIS Corp. |
|
(600 |
) |
(32,376 |
) | |
Stifel Financial Corp. |
|
(640 |
) |
(30,010 |
) | |
SVB Financial Group |
|
(420 |
) |
(47,078 |
) | |
Syntroleum Corp.3,4 |
|
(1,235 |
) |
(5,311 |
) | |
Taubman Centers, Inc. |
|
(220 |
) |
(16,060 |
) | |
TCF Financial Corp. |
|
(3,100 |
) |
(48,143 |
) | |
TD Ameritrade Holding Corp. |
|
(1,430 |
) |
(47,719 |
) | |
Textura Corp. |
|
(695 |
) |
(18,348 |
) | |
Thermo Fisher Scientific, Inc. |
|
(290 |
) |
(35,293 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
Tidewater, Inc. |
|
(500 |
) |
$ |
(19,515 |
) |
Travelers Cos., Inc. |
|
(300 |
) |
(28,182 |
) | |
Triangle Petroleum Corp. |
|
(2,135 |
) |
(23,506 |
) | |
Twitter, Inc. |
|
(440 |
) |
(22,695 |
) | |
Under Armour, Inc., Class A |
|
(910 |
) |
(62,881 |
) | |
United Therapeutics Corp. |
|
(440 |
) |
(56,606 |
) | |
US Geothermal, Inc. |
|
(17,000 |
) |
(9,520 |
) | |
Verizon Communications, Inc. |
|
(680 |
) |
(33,993 |
) | |
Vertex Pharmaceuticals, Inc. |
|
(160 |
) |
(17,970 |
) | |
Voya Financial, Inc. |
|
(560 |
) |
(21,896 |
) | |
Vulcan Materials Co. |
|
(320 |
) |
(19,274 |
) | |
Wal-Mart Stores, Inc. |
|
(900 |
) |
(68,823 |
) | |
WebMD Health Corp. |
|
(760 |
) |
(31,776 |
) | |
Wendys Corp. |
|
(4,710 |
) |
(38,905 |
) | |
Werner Enterprises, Inc. |
|
(835 |
) |
(21,042 |
) | |
Westamerica Bancorporation |
|
(550 |
) |
(25,586 |
) | |
Williams-Sonoma, Inc. |
|
(400 |
) |
(26,628 |
) | |
Wright Medical Group, Inc. |
|
(1,320 |
) |
(39,996 |
) | |
Zeltiq Aesthetics, Inc. |
|
(1,050 |
) |
(23,761 |
) | |
Zillow, Inc., Class A |
|
(330 |
) |
(38,277 |
) | |
Zimmer Holdings, Inc. |
|
(340 |
) |
(34,187 |
) | |
Zions Bancorporation |
|
(1,300 |
) |
(37,778 |
) | |
Total United States common stocks |
|
|
|
(5,441,135 |
) | |
Total common stocks (proceeds $9,986,819) |
|
|
|
(9,995,066 |
) | |
|
|
Number of |
|
|
| |
Right: (0.01)% |
|
|
|
|
| |
Germany: 0.01% |
|
|
|
|
| |
SGL Carbon SE, expires 10/13/14 (proceeds $0) |
|
(1,842 |
) |
(1,931 |
) | |
Total investments sold short (proceeds $9,986,819) |
|
|
|
(9,996,997 |
) | |
Total investments, net of investments sold short: 51.34% |
|
|
|
8,437,186 |
| |
Cash and other assets, less liabilities 48.66% |
|
|
|
7,995,638 |
| |
Net assets100.00% |
|
|
|
$ |
16,432,824 |
|
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 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 |
|
$ |
2,007,752 |
|
Gross unrealized depreciation |
|
(542,972 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,464,780 |
|
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 |
|
270,000 |
|
USD |
|
251,100 |
|
10/22/14 |
|
$ |
15,055 |
|
JPMCB |
|
GBP |
|
145,000 |
|
USD |
|
241,647 |
|
10/22/14 |
|
6,623 |
| |
JPMCB |
|
JPY |
|
15,800,000 |
|
USD |
|
155,644 |
|
10/22/14 |
|
11,562 |
| |
JPMCB |
|
TRY |
|
1,112,000 |
|
USD |
|
509,850 |
|
10/22/14 |
|
24,094 |
| |
JPMCB |
|
USD |
|
150,289 |
|
EUR |
|
110,500 |
|
10/22/14 |
|
(10,703 |
) | |
JPMCB |
|
USD |
|
235,399 |
|
GBP |
|
145,000 |
|
10/22/14 |
|
(375 |
) | |
JPMCB |
|
USD |
|
149,612 |
|
TRY |
|
340,000 |
|
10/22/14 |
|
(1,089 |
) | |
JPMCB |
|
ZAR |
|
1,780,000 |
|
USD |
|
163,369 |
|
10/22/14 |
|
6,149 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
51,316 |
|
Portfolio Swap Outstanding3
Counterparty |
|
Description |
|
Termination Date8 |
|
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 11/05/1412/04/15 |
|
$ |
(632 |
) |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
Additional Information for Portfolio Swap
Portfolio swap positions |
|
Notional Values9 |
|
Current Values10 |
|
Value11 |
| ||
|
|
|
|
|
|
|
| ||
Long Positions |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Chile |
|
|
|
|
|
|
| ||
GeoPark Ltd. |
|
$ |
41,243 |
|
$ |
42,006 |
|
763 |
|
|
|
|
|
|
|
|
| ||
France |
|
|
|
|
|
|
| ||
Carrefour SA |
|
24,956 |
|
23,627 |
|
(1,329 |
) | ||
Peugeot SA |
|
30,511 |
|
27,472 |
|
(3,039 |
) | ||
Peugeot SA |
|
5,512 |
|
4,549 |
|
(963 |
) | ||
Schneider Electric SE |
|
51,116 |
|
49,102 |
|
(2,014 |
) | ||
Total France |
|
112,095 |
|
104,750 |
|
(7,345 |
) | ||
|
|
|
|
|
|
|
| ||
Ireland |
|
|
|
|
|
|
| ||
Shire PLC |
|
70,598 |
|
76,791 |
|
6,193 |
| ||
|
|
|
|
|
|
|
| ||
Netherlands |
|
|
|
|
|
|
| ||
Royal Dutch Shell PLC |
|
112,364 |
|
108,890 |
|
(3,474 |
) | ||
|
|
|
|
|
|
|
| ||
Switzerland |
|
|
|
|
|
|
| ||
Glencore PLC |
|
48,046 |
|
45,608 |
|
(2,438 |
) | ||
|
|
|
|
|
|
|
| ||
United Kingdom |
|
|
|
|
|
|
| ||
Anglo American PLC |
|
97,481 |
|
88,650 |
|
(8,831 |
) | ||
Ashtead Group PLC |
|
53,716 |
|
62,581 |
|
8,865 |
| ||
Associated British Foods PLC |
|
33,286 |
|
32,078 |
|
(1,208 |
) | ||
AstraZeneca PLC |
|
64,359 |
|
65,500 |
|
1,141 |
| ||
Aviva PLC |
|
117,456 |
|
119,067 |
|
1,611 |
| ||
Berkeley Group Holdings PLC |
|
73,008 |
|
68,499 |
|
(4,509 |
) | ||
BG Group PLC |
|
82,739 |
|
78,422 |
|
(4,317 |
) | ||
Big Yellow Group PLC |
|
29,412 |
|
30,467 |
|
1,055 |
| ||
BP PLC |
|
30,043 |
|
27,981 |
|
(2,062 |
) | ||
Burberry Group PLC |
|
25,418 |
|
27,075 |
|
1,657 |
| ||
Capita PLC |
|
77,567 |
|
73,400 |
|
(4,167 |
) | ||
Dignity PLC |
|
76,768 |
|
78,269 |
|
1,501 |
| ||
Direct Line Insurance Group PLC |
|
56,977 |
|
55,970 |
|
(1,007 |
) | ||
Genel Energy PLC |
|
99,725 |
|
88,467 |
|
(11,258 |
) | ||
Halma PLC |
|
45,788 |
|
45,155 |
|
(633 |
) | ||
Imperial Tobacco Group PLC |
|
39,587 |
|
40,903 |
|
1,316 |
| ||
Lloyds Banking Group PLC |
|
92,279 |
|
92,873 |
|
594 |
| ||
London Stock Exchange Group PLC |
|
107,236 |
|
105,379 |
|
(1,857 |
) | ||
Michael Page International PLC |
|
28,410 |
|
26,266 |
|
(2,144 |
) | ||
Next PLC |
|
70,730 |
|
65,827 |
|
(4,903 |
) | ||
Nichols PLC |
|
58,321 |
|
57,707 |
|
(614 |
) | ||
Playtech PLC |
|
49,422 |
|
49,181 |
|
(241 |
) | ||
Premier Oil PLC |
|
40,679 |
|
42,155 |
|
1,476 |
| ||
Prudential PLC |
|
46,086 |
|
43,596 |
|
(2,490 |
) | ||
Qinetiq Group PLC |
|
81,718 |
|
84,284 |
|
2,566 |
| ||
Reckitt Benckiser Group PLC |
|
75,998 |
|
76,774 |
|
776 |
| ||
Rightmove PLC |
|
50,030 |
|
42,570 |
|
(7,460 |
) | ||
Rio Tinto PLC |
|
53,396 |
|
47,530 |
|
(5,866 |
) | ||
Rockhopper Exploration PLC |
|
36,345 |
|
34,291 |
|
(2,054 |
) | ||
SABMiller PLC |
|
27,547 |
|
29,094 |
|
1,547 |
| ||
Standard Life PLC |
|
58,256 |
|
56,976 |
|
(1,280 |
) | ||
Taylor Wimpey PLC |
|
46,097 |
|
45,149 |
|
(948 |
) | ||
Unilever PLC |
|
76,905 |
|
74,675 |
|
(2,230 |
) | ||
Vectura Group PLC |
|
26,595 |
|
26,320 |
|
(275 |
) | ||
William Hill PLC |
|
45,924 |
|
48,406 |
|
2,482 |
| ||
Total United Kingdom |
|
2,075,304 |
|
2,031,537 |
|
(43,767 |
) | ||
|
|
|
|
|
|
|
| ||
Total Long Positions of Portfolio Swap |
|
2,459,650 |
|
2,409,582 |
|
(50,068 |
) | ||
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
Portfolio swap positions (continued) |
|
Notional Values9 |
|
Current Values10 |
|
Value11 |
| ||
|
|
|
|
|
|
|
| ||
Short Positions |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Bermuda |
|
|
|
|
|
|
| ||
Gulf Keystone Petroleum Ltd. |
|
(9,816 |
) |
$ |
(7,574 |
) |
2,242 |
| |
|
|
|
|
|
|
|
| ||
China |
|
|
|
|
|
|
| ||
Aluminum Corporation of China Ltd. |
|
(49,679 |
) |
(46,380 |
) |
3,299 |
| ||
China Railway Construction Corp Ltd. |
|
(70,240 |
) |
(66,700 |
) |
3,540 |
| ||
Green Dragon Gas Ltd. |
|
(12,588 |
) |
(11,726 |
) |
863 |
| ||
Total China |
|
(132,507 |
) |
(124,805 |
) |
7,702 |
| ||
|
|
|
|
|
|
|
| ||
Hong Kong |
|
|
|
|
|
|
| ||
China Coal Energy |
|
(62,940 |
) |
(60,595 |
) |
2,345 |
| ||
|
|
|
|
|
|
|
| ||
Indonesia |
|
|
|
|
|
|
| ||
Bank Mandiri Persero Tbk PT |
|
(37,318 |
) |
(37,215 |
) |
103 |
| ||
|
|
|
|
|
|
|
| ||
Ireland |
|
|
|
|
|
|
| ||
San Leon Energy PLC |
|
(9,651 |
) |
(8,426 |
) |
1,225 |
| ||
|
|
|
|
|
|
|
| ||
Isle of Man |
|
|
|
|
|
|
| ||
Bahamas Petroleum Company PLC |
|
(21,021 |
) |
(31,979 |
) |
(10,958 |
) | ||
|
|
|
|
|
|
|
| ||
Malaysia |
|
|
|
|
|
|
| ||
Maxis Bhd |
|
(31,981 |
) |
(29,833 |
) |
2,148 |
| ||
|
|
|
|
|
|
|
| ||
Taiwan |
|
|
|
|
|
|
| ||
Acer, Inc. |
|
(17,580 |
) |
(15,452 |
) |
2,128 |
| ||
Compal Electronics, Inc. |
|
(20,363 |
) |
(16,458 |
) |
3,905 |
| ||
HTC Corp. |
|
(8,823 |
) |
(8,668 |
) |
155 |
| ||
Taiwan Glass Industry Corp. |
|
(47,350 |
) |
(45,520 |
) |
1,830 |
| ||
Total Taiwan |
|
(94,116 |
) |
(86,098 |
) |
8,018 |
| ||
|
|
|
|
|
|
|
| ||
United Kingdom |
|
|
|
|
|
|
| ||
Admiral Group PLC |
|
(33,646 |
) |
(29,449 |
) |
4,197 |
| ||
Aggreko PLC |
|
(23,739 |
) |
(21,299 |
) |
2,440 |
| ||
B&M Retail Ltd. |
|
(24,635 |
) |
(24,918 |
) |
(283 |
) | ||
Cable & Wireless Communications PLC |
|
(23,717 |
) |
(23,611 |
) |
106 |
| ||
Chemring Group PLC |
|
(16,365 |
) |
(18,183 |
) |
(1,818 |
) | ||
Croda International PLC |
|
(43,022 |
) |
(40,323 |
) |
2,699 |
| ||
De La Rue PLC |
|
(19,744 |
) |
(13,209 |
) |
6,535 |
| ||
GlaxoSmithKline PLC |
|
(47,017 |
) |
(46,145 |
) |
872 |
| ||
Iofina PLC |
|
(25,330 |
) |
(21,932 |
) |
3,398 |
| ||
Legal & General Group PLC |
|
(37,192 |
) |
(36,263 |
) |
929 |
| ||
Marks & Spencer Group PLC |
|
(64,138 |
) |
(60,174 |
) |
3,964 |
| ||
Ocado Group PLC |
|
(73,480 |
) |
(65,445 |
) |
8,035 |
| ||
RSA Insurance Group PLC |
|
(45,472 |
) |
(48,014 |
) |
(2,542 |
) | ||
SSE PLC |
|
(68,165 |
) |
(72,091 |
) |
(3,926 |
) | ||
Tesco PLC |
|
(41,204 |
) |
(32,958 |
) |
8,246 |
| ||
Tullow Oil PLC |
|
(20,089 |
) |
(17,724 |
) |
2,365 |
| ||
WM Morrison Supermarkets PLC |
|
(56,707 |
) |
(56,515 |
) |
192 |
| ||
Xcite Energy Ltd. |
|
(19,057 |
) |
(16,535 |
) |
2,522 |
| ||
Total United Kingdom |
|
(682,719 |
) |
(644,788 |
) |
37,931 |
| ||
|
|
|
|
|
|
|
| ||
United States |
|
|
|
|
|
|
| ||
FuelCell Energy, Inc. |
|
(22,072 |
) |
(18,601 |
) |
3,471 |
| ||
|
|
|
|
|
|
|
| ||
Total Short Positions of Portfolio Swap |
|
(1,104,141 |
) |
(1,049,914 |
) |
54,227 |
| ||
|
|
|
|
|
|
|
| ||
Net Long and Short Positions of Portfolio Swap |
|
1,355,509 |
|
1,359,668 |
|
4,159 |
| ||
|
|
|
|
|
|
|
| ||
Financing Costs and Other Receivables |
|
|
|
|
|
(4,791 |
) | ||
|
|
|
|
|
|
|
| ||
Net Swap Agreement, at value |
|
|
|
|
|
$ |
(632 |
) | |
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
9,611,554 |
|
$ |
4,632,292 |
|
$ |
|
|
$ |
14,243,846 |
|
Short-term investments |
|
|
|
4,190,337 |
|
|
|
4,190,337 |
| ||||
Forward foreign currency contracts |
|
|
|
63,483 |
|
|
|
63,483 |
| ||||
Total |
|
$ |
9,611,554 |
|
$ |
8,886,112 |
|
$ |
|
|
$ |
18,497,666 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Common stocks sold short |
|
$ |
(6,740,071 |
) |
$ |
(3,254,995 |
) |
$ |
|
|
$ |
(9,995,066 |
) |
Right |
|
|
|
(1,931 |
) |
|
|
(1,931 |
) | ||||
Forward foreign currency contracts |
|
|
|
(12,167 |
) |
|
|
(12,167 |
) | ||||
Swap agreements |
|
|
|
(632 |
) |
|
|
(632 |
) | ||||
Total |
|
$ |
(6,740,071 |
) |
$ |
(3,269,725 |
) |
$ |
|
|
$ |
(10,009,796 |
) |
At September 30, 2014, there were no significant transfers between Level 1 and Level 2.
UBS Equity Long-Short Multi-Strategy Fund
Portfolio of investments September 30, 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 Rule 144A under the Securities Act of 1933. This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the value of this security amounted to $29,749 or 0.18% of net assets. |
3 |
Illiquid investment as of September 30, 2014. |
4 |
Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At September 30, 2014, the value of this security amounted to $35,060 or 0.21% of net assets. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
3,208,627 |
|
$ |
3,388,562 |
|
$ |
3,656,844 |
|
$ |
2,940,345 |
|
$ |
591 |
|
5 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of these securities amounted to $62,111 or 0.38% of net assets. |
6 |
The table below details the Funds investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
7 |
Rate shown is the discount rate at the date of purchase. |
8 |
The twelve month maturity dates are measured from the commencement of investment in each underlying portfolio swap market. |
9 |
Notional value represents the market value (including any fees or commissions) of the long and short positions at the time they are established. |
10 |
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. |
11 |
Value represents the unrealized gain (loss) of the positions at September 30, 2014. |
UBS Global Sustainable Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Airlines |
|
0.59 |
% |
Automobiles |
|
1.99 |
|
Banks |
|
11.56 |
|
Biotechnology |
|
5.10 |
|
Capital markets |
|
0.91 |
|
Chemicals |
|
4.04 |
|
Commercial services & supplies |
|
1.49 |
|
Construction materials |
|
1.63 |
|
Containers & packaging |
|
0.61 |
|
Diversified telecommunication services |
|
1.86 |
|
Electrical equipment |
|
1.60 |
|
Electronic equipment, instruments & components |
|
1.16 |
|
Food & staples retailing |
|
1.49 |
|
Food products |
|
0.46 |
|
Health care equipment & supplies |
|
0.71 |
|
Health care providers & services |
|
1.79 |
|
Hotels, restaurants & leisure |
|
1.87 |
|
Household durables |
|
1.97 |
|
Household products |
|
1.00 |
|
Insurance |
|
6.17 |
|
Internet & catalog retail |
|
1.11 |
|
IT services |
|
0.25 |
|
Life sciences tools & services |
|
0.87 |
|
Machinery |
|
3.17 |
|
Marine |
|
2.17 |
|
Media |
|
2.43 |
|
Metals & mining |
|
0.90 |
|
Multiline retail |
|
2.23 |
|
Oil, gas & consumable fuels |
|
5.40 |
|
Personal products |
|
3.65 |
|
Pharmaceuticals |
|
5.60 |
|
Real estate investment trust (REIT) |
|
1.91 |
|
Road & rail |
|
1.29 |
|
Semiconductors & semiconductor equipment |
|
9.52 |
|
Software |
|
4.21 |
|
Technology hardware, storage & peripherals |
|
1.85 |
|
Wireless telecommunication services |
|
2.08 |
|
Total common stocks |
|
96.64 |
% |
Right |
|
0.01 |
|
Preferred stock |
|
1.08 |
|
Short-term investment |
|
2.00 |
|
Investment of cash collateral from securities loaned |
|
2.12 |
|
Total investments |
|
101.85 |
% |
Liabilities, in excess of cash and other assets |
|
(1.85 |
) |
Net assets |
|
100.00 |
% |
UBS Global Sustainable Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 96.64% |
|
|
|
|
| |
Australia: 2.27% |
|
|
|
|
| |
Brambles Ltd. |
|
39,288 |
|
$ |
326,826 |
|
Scentre Group* |
|
22,435 |
|
64,550 |
| |
Westfield Corp. |
|
15,598 |
|
101,638 |
| |
Total Australia common stock |
|
|
|
493,014 |
| |
|
|
|
|
|
| |
Austria: 1.06% |
|
|
|
|
| |
OMV AG |
|
6,822 |
|
229,402 |
| |
|
|
|
|
|
| |
Canada: 1.99% |
|
|
|
|
| |
Royal Bank of Canada |
|
4,100 |
|
293,053 |
| |
Teck Resources Ltd., Class B |
|
7,400 |
|
140,144 |
| |
Total Canada common stock |
|
|
|
433,197 |
| |
|
|
|
|
|
| |
China: 1.67% |
|
|
|
|
| |
AIA Group Ltd. |
|
45,238 |
|
233,462 |
| |
Cathay Pacific Airways Ltd. |
|
70,000 |
|
128,608 |
| |
Total China common stock |
|
|
|
362,070 |
| |
|
|
|
|
|
| |
Denmark: 2.17% |
|
|
|
|
| |
A.P. Moeller - Maersk A/S, Class B |
|
199 |
|
471,400 |
| |
|
|
|
|
|
| |
France: 4.22% |
|
|
|
|
| |
Carrefour SA |
|
10,570 |
|
326,449 |
| |
Publicis Groupe SA |
|
3,545 |
|
242,933 |
| |
Schneider Electric SE* |
|
4,522 |
|
346,939 |
| |
Total France common stock |
|
|
|
916,321 |
| |
|
|
|
|
|
| |
Germany: 2.50% |
|
|
|
|
| |
HeidelbergCement AG |
|
5,384 |
|
354,379 |
| |
SAP SE |
|
2,611 |
|
188,435 |
| |
Total Germany common stocks |
|
|
|
542,814 |
| |
|
|
|
|
|
| |
Ireland: 1.53% |
|
|
|
|
| |
Mallinckrodt PLC* |
|
3,700 |
|
333,555 |
| |
|
|
|
|
|
| |
Israel: 3.63% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
7,500 |
|
519,300 |
| |
Mellanox Technologies Ltd.* |
|
6,000 |
|
269,220 |
| |
Total Israel common stocks |
|
|
|
788,520 |
| |
|
|
|
|
|
| |
Italy: 1.14% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
82,190 |
|
248,109 |
| |
|
|
|
|
|
| |
Japan: 14.40% |
|
|
|
|
| |
Hino Motors Ltd. |
|
17,000 |
|
237,885 |
| |
Kao Corp. |
|
11,000 |
|
429,249 |
| |
KDDI Corp. |
|
7,500 |
|
451,172 |
| |
Panasonic Corp. |
|
20,000 |
|
238,367 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
2,900 |
|
190,006 |
| |
Shiseido Co., Ltd.1 |
|
22,100 |
|
364,550 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
6,900 |
|
281,137 |
| |
THK Co., Ltd. |
|
14,400 |
|
358,833 |
| |
Tokio Marine Holdings, Inc. |
|
8,800 |
|
273,043 |
| |
Toyota Motor Corp. |
|
5,200 |
|
305,964 |
| |
Total Japan common stocks |
|
|
|
3,130,206 |
| |
|
|
|
|
|
| |
Netherlands: 5.12% |
|
|
|
|
| |
Koninklijke DSM NV |
|
7,293 |
|
449,676 |
| |
NXP Semiconductor NV* |
|
9,700 |
|
663,771 |
| |
Total Netherlands common stocks |
|
|
|
1,113,447 |
| |
|
|
|
|
|
| |
Norway: 3.58% |
|
|
|
|
| |
Statoil ASA |
|
13,759 |
|
374,600 |
| |
Telenor ASA |
|
18,396 |
|
403,746 |
| |
Total Norway common stocks |
|
|
|
778,346 |
| |
UBS Global Sustainable Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Spain: 4.09% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
24,764 |
|
$ |
298,047 |
|
Banco Santander SA |
|
31,845 |
|
304,872 |
| |
Mediaset Espana Comunicacion SA* |
|
22,965 |
|
285,008 |
| |
Total Spain common stocks |
|
|
|
887,927 |
| |
|
|
|
|
|
| |
Sweden: 2.35% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
16,491 |
|
278,770 |
| |
Nordea Bank AB |
|
17,884 |
|
231,838 |
| |
Total Sweden common stocks |
|
|
|
510,608 |
| |
|
|
|
|
|
| |
Switzerland: 3.47% |
|
|
|
|
| |
Novartis AG |
|
4,587 |
|
431,950 |
| |
Zurich Insurance Group AG* |
|
1,086 |
|
323,197 |
| |
Total Switzerland common stocks |
|
|
|
755,147 |
| |
|
|
|
|
|
| |
Taiwan: 2.12% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
22,800 |
|
460,104 |
| |
|
|
|
|
|
| |
United Kingdom: 5.87% |
|
|
|
|
| |
Aberdeen Asset Management PLC |
|
30,500 |
|
196,771 |
| |
Aviva PLC |
|
45,301 |
|
383,250 |
| |
Compass Group PLC |
|
25,208 |
|
406,585 |
| |
Premier Oil PLC |
|
53,754 |
|
289,952 |
| |
Total United Kingdom common stocks |
|
|
|
1,276,558 |
| |
|
|
|
|
|
| |
United States: 33.46% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
11,100 |
|
376,068 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
3,900 |
|
304,590 |
| |
Amazon.com, Inc.* |
|
750 |
|
241,830 |
| |
Apple, Inc. |
|
4,000 |
|
403,000 |
| |
Applied Materials, Inc. |
|
12,400 |
|
267,964 |
| |
Baxter International, Inc. |
|
2,150 |
|
154,305 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
1,670 |
|
189,378 |
| |
Broadcom Corp., Class A |
|
10,100 |
|
408,242 |
| |
Chimerix, Inc.* |
|
4,700 |
|
129,814 |
| |
Citigroup, Inc. |
|
3,400 |
|
176,188 |
| |
Digital Realty Trust, Inc.1 |
|
4,000 |
|
249,520 |
| |
Eli Lilly & Co. |
|
6,950 |
|
450,707 |
| |
Ford Motor Co. |
|
8,500 |
|
125,715 |
| |
Gilead Sciences, Inc.* |
|
1,800 |
|
191,610 |
| |
Jabil Circuit, Inc. |
|
12,500 |
|
252,125 |
| |
JC Penney Co., Inc.*1 |
|
13,400 |
|
134,536 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
74,900 |
|
105,609 |
| |
Macys, Inc. |
|
6,000 |
|
349,080 |
| |
MetLife, Inc. |
|
2,400 |
|
128,928 |
| |
Mondelez International, Inc., Class A |
|
2,900 |
|
99,368 |
| |
Norfolk Southern Corp. |
|
2,520 |
|
281,232 |
| |
PNC Financial Services Group, Inc. |
|
3,400 |
|
290,972 |
| |
Praxair, Inc. |
|
1,840 |
|
237,360 |
| |
Procter & Gamble Co. |
|
2,600 |
|
217,724 |
| |
Rock-Tenn Co., Class A |
|
2,800 |
|
133,224 |
| |
ServiceSource International, Inc.*1 |
|
16,500 |
|
53,295 |
| |
Symantec Corp. |
|
8,800 |
|
206,888 |
| |
Timken Co. |
|
2,150 |
|
91,139 |
| |
TimkenSteel Corp. |
|
1,175 |
|
54,626 |
| |
UnitedHealth Group, Inc. |
|
4,510 |
|
388,988 |
| |
US Bancorp |
|
9,300 |
|
389,019 |
| |
Whirlpool Corp. |
|
1,300 |
|
189,345 |
| |
Total United States common stocks |
|
|
|
7,272,389 |
| |
Total common stocks (cost $19,421,854) |
|
|
|
21,003,134 |
| |
|
|
|
|
|
| |
Preferred stock: 1.07% |
|
|
|
|
| |
Germany: 1.07% |
|
|
|
|
| |
Volkswagen AG, Preference shares (cost $261,106) |
|
1,134 |
|
234,180 |
| |
UBS Global Sustainable Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Number |
|
Value |
| |
Right: 0.01% |
|
|
|
|
| |
Spain: 0.01% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA, expires 10/13/2014* (cost $0) |
|
24,764 |
|
$ |
2,471 |
|
|
|
Shares |
|
|
| |
Short-term investment: 2.00% |
|
|
|
|
| |
Investment company: 2.00% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $434,048) |
|
434,048 |
|
434,048 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 2.12% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $459,720) |
|
459,720 |
|
459,720 |
| |
Total investments: 101.85% (cost $20,576,728) |
|
|
|
22,133,553 |
| |
Liabilities, in excess of cash and other assets(1.85)% |
|
|
|
(400,863 |
) | |
Net assets100.00% |
|
|
|
$ |
21,732,690 |
|
UBS Global Sustainable Equity Fund
Portfolio of investments September 30, 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 |
|
$ |
2,218,916 |
|
Gross unrealized depreciation |
|
(662,091 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,556,825 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
9,951,536 |
|
$ |
11,051,598 |
|
$ |
|
|
$ |
21,003,134 |
|
Preferred stock |
|
|
|
234,180 |
|
|
|
234,180 |
| ||||
Right |
|
|
|
2,471 |
|
|
|
2,471 |
| ||||
Short-term investment |
|
|
|
434,048 |
|
|
|
434,048 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
459,720 |
|
|
|
459,720 |
| ||||
Total |
|
$ |
9,951,536 |
|
$ |
12,182,017 |
|
$ |
|
|
$ |
22,133,553 |
|
1 At September 30, 2014, securities valued at $10,165,634 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at September 30, 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 |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
328,482 |
|
$ |
1,196,984 |
|
$ |
1,091,418 |
|
$ |
434,048 |
|
$ |
60 |
|
UBS Private Money Market Fund LLCa |
|
103,482 |
|
1,546,934 |
|
1,190,696 |
|
459,720 |
|
4 |
| |||||
|
|
$ |
431,964 |
|
$ |
2,743,918 |
|
$ |
2,282,114 |
|
$ |
893,768 |
|
$ |
64 |
|
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 September 30, 2014
Common stocks |
|
|
|
Automobiles |
|
3.21 |
% |
Banks |
|
9.65 |
|
Beverages |
|
2.75 |
|
Biotechnology |
|
6.76 |
|
Capital markets |
|
3.79 |
|
Chemicals |
|
2.88 |
|
Commercial services & supplies |
|
1.74 |
|
Construction materials |
|
1.16 |
|
Consumer finance |
|
1.84 |
|
Diversified telecommunication services |
|
0.95 |
|
Electronic equipment, instruments & components |
|
1.45 |
|
Energy equipment & services |
|
4.25 |
|
Food & staples retailing |
|
1.68 |
|
Food products |
|
3.02 |
|
Health care equipment & supplies |
|
1.15 |
|
Health care providers & services |
|
4.87 |
|
Hotels, restaurants & leisure |
|
2.87 |
|
Household durables |
|
0.65 |
|
Industrial conglomerates |
|
4.68 |
|
Insurance |
|
5.19 |
|
Internet & catalog retail |
|
2.59 |
|
IT services |
|
0.54 |
|
Life sciences tools & services |
|
0.91 |
|
Machinery |
|
3.06 |
|
Media |
|
6.01 |
|
Multiline retail |
|
1.85 |
|
Oil, gas & consumable fuels |
|
5.25 |
|
Pharmaceuticals |
|
11.99 |
|
Real estate investment trust (REIT) |
|
3.48 |
|
Road & rail |
|
1.67 |
|
Semiconductors & semiconductor equipment |
|
11.10 |
|
Software |
|
4.07 |
|
Specialty retail |
|
1.24 |
|
Technology hardware, storage & peripherals |
|
6.00 |
|
Textiles, apparel & luxury goods |
|
1.48 |
|
Tobacco |
|
3.00 |
|
Total common stocks |
|
128.78 |
% |
Short-term investment |
|
1.99 |
|
Options purchased |
|
1.13 |
|
Total investments before investments sold short |
|
131.90 |
% |
UBS U.S. Defensive Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Investments sold short |
|
|
|
Common stocks |
|
|
|
Banks |
|
(2.55 |
)% |
Beverages |
|
(0.74 |
) |
Biotechnology |
|
(1.35 |
) |
Capital markets |
|
(1.81 |
) |
Chemicals |
|
(0.49 |
) |
Commercial services & supplies |
|
(2.18 |
) |
Electronic equipment, instruments & components |
|
(0.38 |
) |
Energy equipment & services |
|
(0.51 |
) |
Food products |
|
(0.71 |
) |
Health care equipment & supplies |
|
(3.11 |
) |
Health care providers & services |
|
(1.35 |
) |
Hotels, restaurants & leisure |
|
(2.71 |
) |
Household products |
|
(0.31 |
) |
Insurance |
|
(0.87 |
) |
Internet & catalog retail |
|
(0.89 |
) |
Internet software & services |
|
(0.78 |
) |
IT services |
|
(0.40 |
) |
Life sciences tools & services |
|
(1.28 |
) |
Media |
|
(1.26 |
) |
Oil, gas & consumable fuels |
|
(0.30 |
) |
Pharmaceuticals |
|
(1.68 |
) |
Real estate investment trust (REIT) |
|
(0.20 |
) |
Semiconductors & semiconductor equipment |
|
(2.71 |
) |
Software |
|
(0.77 |
) |
Technology hardware, storage & peripherals |
|
(1.18 |
) |
Textiles, apparel & luxury goods |
|
(0.53 |
) |
Thrifts & mortgage finance |
|
(0.26 |
) |
Wireless telecommunication services |
|
(0.43 |
) |
Total investments sold short |
|
(31.74 |
)% |
Total investments, net of investments sold short |
|
100.16 |
% |
Liabilities, in excess of cash and other assets |
|
(0.16 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 128.78% |
|
|
|
|
| |
Automobiles: 3.21% |
|
|
|
|
| |
Ford Motor Co.1 |
|
18,400 |
|
$ |
272,136 |
|
General Motors Co.1 |
|
7,100 |
|
226,774 |
| |
|
|
|
|
498,910 |
| |
Banks: 9.65% |
|
|
|
|
| |
Citigroup, Inc.1 |
|
9,369 |
|
485,502 |
| |
JPMorgan Chase & Co.1 |
|
7,150 |
|
430,716 |
| |
US Bancorp |
|
7,150 |
|
299,084 |
| |
Wells Fargo & Co. |
|
5,500 |
|
285,285 |
| |
|
|
|
|
1,500,587 |
| |
Beverages: 2.75% |
|
|
|
|
| |
PepsiCo, Inc.1 |
|
4,600 |
|
428,214 |
| |
|
|
|
|
|
| |
Biotechnology: 6.76% |
|
|
|
|
| |
Acorda Therapeutics, Inc.*1 |
|
7,750 |
|
262,570 |
| |
Alexion Pharmaceuticals, Inc.*1 |
|
900 |
|
149,238 |
| |
Alnylam Pharmaceuticals, Inc.*1 |
|
1,700 |
|
132,770 |
| |
Bluebird Bio, Inc.*1 |
|
700 |
|
25,116 |
| |
Chimerix, Inc.*1 |
|
4,900 |
|
135,338 |
| |
Gilead Sciences, Inc.*1 |
|
2,350 |
|
250,157 |
| |
KaloBios Pharmaceuticals, Inc.*1 |
|
4,700 |
|
7,285 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
54,450 |
|
76,775 |
| |
MacroGenics, Inc.*1 |
|
600 |
|
12,540 |
| |
|
|
|
|
1,051,789 |
| |
Capital markets: 3.79% |
|
|
|
|
| |
Invesco Ltd.1 |
|
5,300 |
|
209,244 |
| |
Morgan Stanley1 |
|
11,000 |
|
380,270 |
| |
|
|
|
|
589,514 |
| |
Chemicals: 2.88% |
|
|
|
|
| |
Monsanto Co.1 |
|
1,800 |
|
202,518 |
| |
Praxair, Inc.1 |
|
1,900 |
|
245,100 |
| |
|
|
|
|
447,618 |
| |
Commercial services & supplies: 1.74% |
|
|
|
|
| |
Waste Management, Inc. |
|
5,700 |
|
270,921 |
| |
|
|
|
|
|
| |
Construction materials: 1.16% |
|
|
|
|
| |
Martin Marietta Materials, Inc.1 |
|
1,400 |
|
180,516 |
| |
|
|
|
|
|
| |
Consumer finance: 1.84% |
|
|
|
|
| |
Capital One Financial Corp.1 |
|
3,500 |
|
285,670 |
| |
|
|
|
|
|
| |
Diversified telecommunication services: 0.95% |
|
|
|
|
| |
Pacific DataVision, Inc.*1,2 |
|
5,900 |
|
147,500 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 1.45% |
|
|
|
|
| |
Jabil Circuit, Inc.1 |
|
11,200 |
|
225,904 |
| |
|
|
|
|
|
| |
Energy equipment & services: 4.25% |
|
|
|
|
| |
Baker Hughes, Inc.1 |
|
3,100 |
|
201,686 |
| |
Halliburton Co.1 |
|
2,450 |
|
158,049 |
| |
McDermott International, Inc.*1 |
|
20,350 |
|
116,402 |
| |
Noble Corp. PLC1 |
|
8,350 |
|
185,537 |
| |
|
|
|
|
661,674 |
| |
Food & staples retailing: 1.68% |
|
|
|
|
| |
Rite Aid Corp.* |
|
14,800 |
|
71,632 |
| |
Walgreen Co. |
|
3,200 |
|
189,664 |
| |
|
|
|
|
261,296 |
| |
Food products: 3.02% |
|
|
|
|
| |
Mondelez International, Inc., Class A1 |
|
13,700 |
|
469,431 |
| |
|
|
|
|
|
| |
Health care equipment & supplies: 1.15% |
|
|
|
|
| |
Baxter International, Inc.1 |
|
2,500 |
|
179,425 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Health care providers & services: 4.87% |
|
|
|
|
| |
Envision Healthcare Holdings, Inc.*1 |
|
2,900 |
|
$ |
100,572 |
|
Laboratory Corp. of America Holdings*1 |
|
3,400 |
|
345,950 |
| |
UnitedHealth Group, Inc. |
|
3,600 |
|
310,500 |
| |
|
|
|
|
757,022 |
| |
Hotels, restaurants & leisure: 2.87% |
|
|
|
|
| |
Yum! Brands, Inc. |
|
6,200 |
|
446,276 |
| |
|
|
|
|
|
| |
Household durables: 0.65% |
|
|
|
|
| |
Lennar Corp., Class A1 |
|
2,600 |
|
100,958 |
| |
|
|
|
|
|
| |
Industrial conglomerates: 4.68% |
|
|
|
|
| |
Danaher Corp.1 |
|
4,400 |
|
334,312 |
| |
General Electric Co.1 |
|
15,400 |
|
394,548 |
| |
|
|
|
|
728,860 |
| |
Insurance: 5.19% |
|
|
|
|
| |
Aon PLC1 |
|
2,300 |
|
201,641 |
| |
Lincoln National Corp.1 |
|
5,150 |
|
275,937 |
| |
MetLife, Inc.1 |
|
6,150 |
|
330,378 |
| |
|
|
|
|
807,956 |
| |
Internet & catalog retail: 2.59% |
|
|
|
|
| |
Amazon.com, Inc.*1 |
|
1,250 |
|
403,050 |
| |
|
|
|
|
|
| |
IT services: 0.54% |
|
|
|
|
| |
ServiceSource International, Inc.* |
|
25,850 |
|
83,496 |
| |
|
|
|
|
|
| |
Life sciences tools & services: 0.91% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A*1 |
|
1,250 |
|
141,750 |
| |
|
|
|
|
|
| |
Machinery: 3.06% |
|
|
|
|
| |
Illinois Tool Works, Inc.1 |
|
2,800 |
|
236,376 |
| |
Parker-Hannifin Corp.1 |
|
2,100 |
|
239,715 |
| |
|
|
|
|
476,091 |
| |
Media: 6.01% |
|
|
|
|
| |
Comcast Corp., Class A1 |
|
8,300 |
|
446,374 |
| |
Time Warner, Inc. |
|
1,650 |
|
124,097 |
| |
Walt Disney Co. |
|
4,100 |
|
365,023 |
| |
|
|
|
|
935,494 |
| |
Multiline retail: 1.85% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
10,400 |
|
104,416 |
| |
Macys, Inc.1 |
|
3,150 |
|
183,267 |
| |
|
|
|
|
287,683 |
| |
Oil, gas & consumable fuels: 5.25% |
|
|
|
|
| |
Chevron Corp.1 |
|
1,200 |
|
143,184 |
| |
EOG Resources, Inc.1 |
|
3,150 |
|
311,913 |
| |
Exxon Mobil Corp.1 |
|
2,100 |
|
197,505 |
| |
PDC Energy, Inc.*1 |
|
3,250 |
|
163,442 |
| |
|
|
|
|
816,044 |
| |
Pharmaceuticals: 11.99% |
|
|
|
|
| |
Allergan, Inc.1 |
|
1,300 |
|
231,647 |
| |
Eli Lilly & Co.1 |
|
5,800 |
|
376,130 |
| |
Hospira, Inc.*1 |
|
5,000 |
|
260,150 |
| |
Impax Laboratories, Inc.*1 |
|
8,600 |
|
203,906 |
| |
Johnson & Johnson1 |
|
700 |
|
74,613 |
| |
Mallinckrodt PLC*1 |
|
2,000 |
|
180,300 |
| |
Merck & Co., Inc.1 |
|
5,550 |
|
329,004 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
3,900 |
|
209,625 |
| |
|
|
|
|
1,865,375 |
| |
Real estate investment trust (REIT): 3.48% |
|
|
|
|
| |
American Campus Communities, Inc.1 |
|
1,800 |
|
65,610 |
| |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Digital Realty Trust, Inc.1 |
|
4,200 |
|
$ |
261,996 |
|
Simon Property Group, Inc. |
|
1,300 |
|
213,746 |
| |
|
|
|
|
541,352 |
| |
Road & rail: 1.67% |
|
|
|
|
| |
Hertz Global Holdings, Inc.*1 |
|
10,250 |
|
260,248 |
| |
|
|
|
|
|
| |
Semiconductors & semiconductor equipment: 11.10% |
|
|
|
|
| |
Applied Materials, Inc.1 |
|
15,700 |
|
339,277 |
| |
Broadcom Corp., Class A1 |
|
7,850 |
|
317,297 |
| |
Freescale Semiconductor Ltd.*1 |
|
6,800 |
|
132,804 |
| |
Mellanox Technologies Ltd.*1 |
|
5,800 |
|
260,246 |
| |
Micron Technology, Inc.*1 |
|
9,600 |
|
328,896 |
| |
NXP Semiconductor NV*1 |
|
5,100 |
|
348,993 |
| |
|
|
|
|
1,727,513 |
| |
Software: 4.07% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
3,700 |
|
256,188 |
| |
Symantec Corp. |
|
16,050 |
|
377,335 |
| |
|
|
|
|
633,523 |
| |
Specialty retail: 1.24% |
|
|
|
|
| |
Best Buy Co., Inc.1 |
|
5,750 |
|
193,142 |
| |
|
|
|
|
|
| |
Technology hardware, storage & peripherals: 6.00% |
|
|
|
|
| |
Apple, Inc.1 |
|
6,580 |
|
662,935 |
| |
NetApp, Inc.1 |
|
6,300 |
|
270,648 |
| |
|
|
|
|
933,583 |
| |
Textiles, apparel & luxury goods: 1.48% |
|
|
|
|
| |
Ralph Lauren Corp. |
|
1,400 |
|
230,622 |
| |
|
|
|
|
|
| |
Tobacco: 3.00% |
|
|
|
|
| |
Philip Morris International, Inc.1 |
|
5,600 |
|
467,040 |
| |
Total common stocks (cost $15,360,494) |
|
|
|
20,036,047 |
| |
|
|
|
|
|
| |
Short-term investment: 1.99% |
|
|
|
|
| |
Investment company: 1.99% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $308,839) |
|
308,839 |
|
308,839 |
| |
|
|
Number of |
|
|
|
Options purchased: 1.13% |
|
|
|
|
|
Put option: 1.13% |
|
|
|
|
|
S&P 500 Index, strike @ USD 1,900, expires November 2014 (cost $148,879) |
|
77 |
|
176,330 |
|
Total investments before investments sold short: 131.90% (cost $15,818,212) |
|
|
|
20,521,216 |
|
|
|
Shares |
|
|
|
Investments sold short: (31.74)% |
|
|
|
|
|
Common stocks: (31.74)% |
|
|
|
|
|
Banks: (2.55)% |
|
|
|
|
|
Associated Banc-Corp. |
|
(2,450 |
) |
(42,679 |
) |
Bank of America Corp. |
|
(3,850 |
) |
(65,642 |
) |
First Niagara Financial Group, Inc. |
|
(4,950 |
) |
(41,233 |
) |
Iberiabank Corp. |
|
(900 |
) |
(56,259 |
) |
Signature Bank |
|
(500 |
) |
(56,030 |
) |
SVB Financial Group |
|
(500 |
) |
(56,045 |
) |
TCF Financial Corp. |
|
(2,550 |
) |
(39,602 |
) |
Westamerica Bancorporation |
|
(850 |
) |
(39,542 |
) |
|
|
|
|
(397,032 |
) |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Beverages: (0.74)% |
|
|
|
|
| |
Brown-Forman Corp., Class B |
|
(600 |
) |
$ |
(54,132 |
) |
Constellation Brands, Inc., Class A |
|
(700 |
) |
(61,012 |
) | |
|
|
|
|
(115,144 |
) | |
Biotechnology: (1.35)% |
|
|
|
|
| |
Celgene Corp. |
|
(900 |
) |
(85,302 |
) | |
Repligen Corp. |
|
(2,350 |
) |
(46,789 |
) | |
United Therapeutics Corp. |
|
(600 |
) |
(77,190 |
) | |
|
|
|
|
(209,281 |
) | |
Capital markets: (1.81)% |
|
|
|
|
| |
Charles Schwab Corp. |
|
(4,500 |
) |
(132,255 |
) | |
Northern Trust Corp. |
|
(700 |
) |
(47,621 |
) | |
Stifel Financial Corp. |
|
(950 |
) |
(44,546 |
) | |
TD Ameritrade Holding Corp. |
|
(1,700 |
) |
(56,729 |
) | |
|
|
|
|
(281,151 |
) | |
Chemicals: (0.49)% |
|
|
|
|
| |
LyondellBasell Industries NV, Class A |
|
(700 |
) |
(76,062 |
) | |
|
|
|
|
|
| |
Commercial services & supplies: (2.18)% |
|
|
|
|
| |
Healthcare Services Group, Inc. |
|
(4,800 |
) |
(137,328 |
) | |
Pitney Bowes, Inc. |
|
(4,800 |
) |
(119,952 |
) | |
Stericycle, Inc. |
|
(700 |
) |
(81,592 |
) | |
|
|
|
|
(338,872 |
) | |
Electronic equipment, instruments & components: (0.38)% |
|
|
|
|
| |
Flextronics International Ltd. |
|
(5,700 |
) |
(58,824 |
) | |
|
|
|
|
|
| |
Energy equipment & services: (0.51)% |
|
|
|
|
| |
FMC Technologies, Inc. |
|
(750 |
) |
(40,733 |
) | |
Helmerich & Payne, Inc. |
|
(400 |
) |
(39,148 |
) | |
|
|
|
|
(79,881 |
) | |
Food products: (0.71)% |
|
|
|
|
| |
Kraft Foods Group, Inc. |
|
(1,000 |
) |
(56,400 |
) | |
McCormick & Co. Inc. (Non-voting) |
|
(800 |
) |
(53,520 |
) | |
|
|
|
|
(109,920 |
) | |
Health care equipment & supplies: (3.11)% |
|
|
|
|
| |
Abaxis, Inc. |
|
(1,500 |
) |
(76,065 |
) | |
Boston Scientific Corp. |
|
(4,000 |
) |
(47,240 |
) | |
DENTSPLY International, Inc. |
|
(1,200 |
) |
(54,720 |
) | |
IDEXX Laboratories, Inc. |
|
(400 |
) |
(47,132 |
) | |
Meridian Bioscience, Inc. |
|
(1,600 |
) |
(28,304 |
) | |
PhotoMedex, Inc. |
|
(5,000 |
) |
(31,000 |
) | |
STERIS Corp. |
|
(800 |
) |
(43,168 |
) | |
Wright Medical Group, Inc. |
|
(1,500 |
) |
(45,450 |
) | |
Zeltiq Aesthetics, Inc. |
|
(2,700 |
) |
(61,101 |
) | |
Zimmer Holdings, Inc. |
|
(500 |
) |
(50,275 |
) | |
|
|
|
|
(484,455 |
) | |
Health care providers & services: (1.35)% |
|
|
|
|
| |
Bio-Reference Laboratories, Inc. |
|
(2,600 |
) |
(72,956 |
) | |
Centene Corp. |
|
(1,000 |
) |
(82,710 |
) | |
Patterson Cos., Inc. |
|
(1,300 |
) |
(53,859 |
) | |
|
|
|
|
(209,525 |
) | |
Hotels, restaurants & leisure: (2.71)% |
|
|
|
|
| |
Buffalo Wild Wings, Inc. |
|
(500 |
) |
(67,135 |
) | |
Choice Hotels International, Inc. |
|
(2,800 |
) |
(145,600 |
) | |
Hyatt Hotels Corp., Class A |
|
(1,600 |
) |
(96,832 |
) | |
Starwood Hotels & Resorts Worldwide, Inc. |
|
(750 |
) |
(62,407 |
) | |
Wendys Corp. |
|
(6,000 |
) |
(49,560 |
) | |
|
|
|
|
(421,534 |
) | |
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Household products: (0.31)% |
|
|
|
|
| |
Clorox Co. |
|
(500 |
) |
$ |
(48,020 |
) |
|
|
|
|
|
| |
Insurance: (0.87)% |
|
|
|
|
| |
American International Group, Inc. |
|
(2,500 |
) |
(135,050 |
) | |
|
|
|
|
|
| |
Internet & catalog retail: (0.89)% |
|
|
|
|
| |
Netflix, Inc. |
|
(180 |
) |
(81,212 |
) | |
Priceline.com, Inc. |
|
(50 |
) |
(57,929 |
) | |
|
|
|
|
(139,141 |
) | |
Internet software & services: (0.78)% |
|
|
|
|
| |
WebMD Health Corp. |
|
(1,500 |
) |
(62,715 |
) | |
Zillow, Inc., Class A |
|
(500 |
) |
(57,995 |
) | |
|
|
|
|
(120,710 |
) | |
IT services: (0.40)% |
|
|
|
|
| |
Cognizant Technology Solutions Corp., Class A |
|
(1,400 |
) |
(62,678 |
) | |
|
|
|
|
|
| |
Life sciences tools & services: (1.28)% |
|
|
|
|
| |
Mettler-Toledo International, Inc. |
|
(350 |
) |
(89,646 |
) | |
PerkinElmer, Inc. |
|
(1,400 |
) |
(61,040 |
) | |
Thermo Fisher Scientific, Inc. |
|
(400 |
) |
(48,680 |
) | |
|
|
|
|
(199,366 |
) | |
Media: (1.26)% |
|
|
|
|
| |
Gannett Co., Inc. |
|
(4,600 |
) |
(136,482 |
) | |
Lamar Advertising Co., Class A |
|
(1,200 |
) |
(59,100 |
) | |
|
|
|
|
(195,582 |
) | |
Oil, gas & consumable fuels: (0.30)% |
|
|
|
|
| |
Hess Corp. |
|
(500 |
) |
(47,160 |
) | |
|
|
|
|
|
| |
Pharmaceuticals: (1.68)% |
|
|
|
|
| |
AbbVie, Inc. |
|
(1,700 |
) |
(98,192 |
) | |
Endo International PLC |
|
(1,300 |
) |
(88,842 |
) | |
Sagent Pharmaceuticals, Inc. |
|
(2,400 |
) |
(74,640 |
) | |
|
|
|
|
(261,674 |
) | |
Real estate investment trust (REIT): (0.20)% |
|
|
|
|
| |
Equity Residential |
|
(500 |
) |
(30,790 |
) | |
|
|
|
|
|
| |
Semiconductors & semiconductor equipment: (2.71)% |
|
|
|
|
| |
Advanced Micro Devices, Inc. |
|
(14,300 |
) |
(48,763 |
) | |
Cavium, Inc. |
|
(1,100 |
) |
(54,703 |
) | |
First Solar, Inc. |
|
(1,600 |
) |
(105,296 |
) | |
Microchip Technology, Inc. |
|
(1,250 |
) |
(59,037 |
) | |
RF Micro Devices, Inc. |
|
(6,350 |
) |
(73,279 |
) | |
Skyworks Solutions, Inc. |
|
(1,400 |
) |
(81,270 |
) | |
|
|
|
|
(422,348 |
) | |
Software: (0.77)% |
|
|
|
|
| |
Electronic Arts, Inc. |
|
(1,800 |
) |
(64,098 |
) | |
Red Hat, Inc. |
|
(1,000 |
) |
(56,150 |
) | |
|
|
|
|
(120,248 |
) | |
Technology hardware, storage & peripherals: (1.18)% |
|
|
|
|
| |
Diebold, Inc. |
|
(1,500 |
) |
(52,980 |
) | |
Hewlett-Packard Co. |
|
(2,000 |
) |
(70,940 |
) | |
Lexmark International, Inc., Class A |
|
(1,400 |
) |
(59,500 |
) | |
|
|
|
|
(183,420 |
) | |
Textiles, apparel & luxury goods: (0.53)% |
|
|
|
|
| |
Under Armour, Inc., Class A |
|
(1,200 |
) |
(82,920 |
) | |
|
|
|
|
|
| |
Thrifts & mortgage finance: (0.26)% |
|
|
|
|
| |
Astoria Financial Corp. |
|
(3,300 |
) |
(40,887 |
) | |
|
|
|
|
|
| |
Wireless telecommunication services: (0.43)% |
|
|
|
|
| |
SBA Communications Corp., Class A |
|
(600 |
) |
(66,540 |
) | |
|
|
|
|
|
| |
Total investments sold short (proceeds $3,713,485) |
|
|
|
(4,938,215 |
) | |
Total investments, net of investments sold short100.16% |
|
|
|
15,583,001 |
| |
Liabilities, in excess of cash and other assets(0.16)% |
|
|
|
(25,339 |
) | |
Net assets100.00% |
|
|
|
$ |
15,557,662 |
|
UBS U.S. Defensive Equity Fund
Portfolio of investments September 30, 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 |
|
$ |
5,217,871 |
|
Gross unrealized depreciation |
|
(514,867 |
) | |
Net unrealized appreciation of investments |
|
$ |
4,703,004 |
|
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, 77 contracts, strike @ USD 1,700.00 |
|
November 2014 |
|
30,531 |
|
(33,880 |
) |
Written options activity for the period ended September 30, 2014 was as follows:
|
|
Number |
|
Premiums |
| |
Options outstanding at June 30, 2014 |
|
80 |
|
$ |
39,800 |
|
Options written |
|
77 |
|
30,531 |
| |
Options terminated in closing purchase transactions |
|
(80 |
) |
(39,800 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2014 |
|
77 |
|
$ |
30,531 |
|
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
19,888,547 |
|
$ |
147,500 |
|
$ |
|
|
$ |
20,036,047 |
|
Short-term investment |
|
|
|
308,839 |
|
|
|
308,839 |
| ||||
Options purchased |
|
176,330 |
|
|
|
|
|
176,330 |
| ||||
Total |
|
$ |
20,064,877 |
|
$ |
456,339 |
|
$ |
|
|
$ |
20,521,216 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Common stocks sold short |
|
$ |
(4,938,215 |
) |
$ |
|
|
$ |
|
|
$ |
(4,938,215 |
) |
Options written |
|
(33,880 |
) |
|
|
|
|
(33,880 |
) | ||||
Total |
|
$ |
(4,972,095 |
) |
$ |
|
|
$ |
|
|
$ |
(4,972,095 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
1 All or a portion of these securities have been delivered to cover open short positions.
2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the value of this security amounted to $147,500 or 0.95% of net assets.
3 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 |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
232,835 |
|
$ |
988,655 |
|
$ |
912,651 |
|
$ |
308,839 |
|
$ |
34 |
|
UBS U.S. Equity Opportunity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Automobiles |
|
2.82 |
% |
Banks |
|
7.72 |
|
Beverages |
|
3.36 |
|
Biotechnology |
|
6.52 |
|
Capital markets |
|
3.63 |
|
Chemicals |
|
2.72 |
|
Diversified telecommunication services |
|
0.99 |
|
Electronic equipment, instruments & components |
|
1.71 |
|
Energy equipment & services |
|
3.64 |
|
Food & staples retailing |
|
2.84 |
|
Food products |
|
3.56 |
|
Insurance |
|
5.15 |
|
Internet & catalog retail |
|
3.81 |
|
Internet software & services |
|
4.71 |
|
Life sciences tools & services |
|
1.65 |
|
Media |
|
3.38 |
|
Oil, gas & consumable fuels |
|
3.51 |
|
Pharmaceuticals |
|
4.44 |
|
Real estate investment trust (REIT) |
|
2.86 |
|
Semiconductors & semiconductor equipment |
|
10.33 |
|
Software |
|
2.66 |
|
Technology hardware, storage & peripherals |
|
7.80 |
|
Tobacco |
|
3.18 |
|
Total common stocks |
|
92.99 |
% |
Short-term investment |
|
7.36 |
|
Investment of cash collateral from securities loaned |
|
5.66 |
|
Total investments |
|
106 .01 |
% |
Liabilities, in excess of cash and other assets |
|
(6.01 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Equity Opportunity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 92.99% |
|
|
|
|
| |
Automobiles: 2.82% |
|
|
|
|
| |
Ford Motor Co. |
|
83,900 |
|
$ |
1,240,881 |
|
|
|
|
|
|
| |
Banks: 7.72% |
|
|
|
|
| |
Citigroup, Inc. |
|
41,654 |
|
2,158,510 |
| |
US Bancorp |
|
29,700 |
|
1,242,351 |
| |
|
|
|
|
3,400,861 |
| |
Beverages: 3.36% |
|
|
|
|
| |
PepsiCo, Inc. |
|
15,900 |
|
1,480,131 |
| |
|
|
|
|
|
| |
Biotechnology: 6.52% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
30,700 |
|
1,040,116 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
11,600 |
|
905,960 |
| |
Bluebird Bio, Inc.*1 |
|
5,300 |
|
190,164 |
| |
Chimerix, Inc.* |
|
12,700 |
|
350,774 |
| |
KaloBios Pharmaceuticals, Inc.* |
|
36,600 |
|
56,730 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
148,000 |
|
208,680 |
| |
MacroGenics, Inc.* |
|
5,600 |
|
117,040 |
| |
|
|
|
|
2,869,464 |
| |
Capital markets: 3.63% |
|
|
|
|
| |
Morgan Stanley |
|
46,300 |
|
1,600,591 |
| |
|
|
|
|
|
| |
Chemicals: 2.72% |
|
|
|
|
| |
Praxair, Inc. |
|
9,300 |
|
1,199,700 |
| |
|
|
|
|
|
| |
Diversified telecommunication services: 0.99% |
|
|
|
|
| |
Pacific DataVision, Inc.*2 |
|
17,400 |
|
435,000 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 1.71% |
|
|
|
|
| |
Jabil Circuit, Inc. |
|
37,400 |
|
754,358 |
| |
|
|
|
|
|
| |
Energy equipment & services: 3.64% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
16,100 |
|
1,047,466 |
| |
Noble Corp. PLC |
|
25,100 |
|
557,722 |
| |
|
|
|
|
1,605,188 |
| |
Food & staples retailing: 2.84% |
|
|
|
|
| |
Rite Aid Corp.* |
|
75,600 |
|
365,904 |
| |
Walgreen Co. |
|
14,900 |
|
883,123 |
| |
|
|
|
|
1,249,027 |
| |
Food products: 3.56% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
45,800 |
|
1,569,337 |
| |
|
|
|
|
|
| |
Insurance: 5.15% |
|
|
|
|
| |
Lincoln National Corp. |
|
19,800 |
|
1,060,884 |
| |
MetLife, Inc. |
|
22,500 |
|
1,208,700 |
| |
|
|
|
|
2,269,584 |
| |
Internet & catalog retail: 3.81% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
5,200 |
|
1,676,688 |
| |
|
|
|
|
|
| |
Internet software & services: 4.71% |
|
|
|
|
| |
Google, Inc., Class A* |
|
1,780 |
|
1,047,370 |
| |
Google, Inc., Class C* |
|
1,780 |
|
1,027,701 |
| |
|
|
|
|
2,075,071 |
| |
Life sciences tools & services: 1.65% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
6,400 |
|
725,760 |
| |
|
|
|
|
|
| |
Media: 3.38% |
|
|
|
|
| |
Walt Disney Co. |
|
16,700 |
|
1,486,801 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels: 3.51% |
|
|
|
|
| |
EOG Resources, Inc. |
|
15,600 |
|
1,544,712 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 4.44% |
|
|
|
|
| |
Hospira, Inc.* |
|
23,200 |
|
1,207,096 |
| |
Mallinckrodt PLC*1 |
|
8,300 |
|
748,245 |
| |
|
|
|
|
1,955,341 |
| |
UBS U.S. Equity Opportunity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Real estate investment trust (REIT): 2.86% |
|
|
|
|
| |
Digital Realty Trust, Inc. |
|
20,200 |
|
$ |
1,260,076 |
|
|
|
|
|
|
| |
Semiconductors & semiconductor equipment: 10.33% |
|
|
|
|
| |
Applied Materials, Inc. |
|
59,200 |
|
1,279,312 |
| |
Broadcom Corp., Class A |
|
17,500 |
|
707,350 |
| |
Freescale Semiconductor Ltd.*1 |
|
27,600 |
|
539,028 |
| |
Mellanox Technologies Ltd.* |
|
16,700 |
|
749,329 |
| |
Micron Technology, Inc.* |
|
37,200 |
|
1,274,472 |
| |
|
|
|
|
4,549,491 |
| |
Software: 2.66% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
16,900 |
|
1,170,156 |
| |
|
|
|
|
|
| |
Technology hardware, storage & peripherals: 7.80% |
|
|
|
|
| |
Apple, Inc. |
|
24,375 |
|
2,455,781 |
| |
NetApp, Inc. |
|
22,800 |
|
979,488 |
| |
|
|
|
|
3,435,269 |
| |
Tobacco: 3.18% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
16,800 |
|
1,401,120 |
| |
Total common stocks (cost $33,364,389) |
|
|
|
40,954,607 |
| |
|
|
|
|
|
| |
Short-term investment: 7.36% |
|
|
|
|
| |
Investment company: 7.36% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $3,240,972) |
|
3,240,972 |
|
3,240,972 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 5.66% |
|
|
|
|
| |
UBS Private Money Market Fund LLC3 (cost $2,491,719) |
|
2,491,719 |
|
2,491,719 |
| |
Total investments106.01% (cost $39,097,080) |
|
|
|
46,687,298 |
| |
Liabilities, in excess of cash and other assets(6.01)% |
|
|
|
(2,648,534 |
) | |
Net assets100.00% |
|
|
|
$ |
44,038,764 |
|
UBS U.S. Equity Opportunity Fund
Portfolio of investments September 30, 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 |
|
$ |
8,416,692 |
|
Gross unrealized depreciation |
|
(826,474 |
) | |
Net unrealized appreciation of investments |
|
$ |
7,590,218 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
40,519,607 |
|
$ |
435,000 |
|
$ |
|
|
$ |
40,954,607 |
|
Short-term investment |
|
|
|
3,240,972 |
|
|
|
3,240,972 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
2,491,719 |
|
|
|
2,491,719 |
| ||||
Total |
|
$ |
40,519,607 |
|
$ |
6,167,691 |
|
$ |
|
|
$ |
46,687,298 |
|
At September 30, 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 September 30, 2014.
2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the value of this security amounted to $435,000 or 0.99% of net assets.
3 The table below details the Funds investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,765,405 |
|
$ |
3,636,950 |
|
$ |
2,161,383 |
|
$ |
3,240,972 |
|
$ |
373 |
|
UBS Private Money Market Fund LLCa |
|
2,555,583 |
|
9,522,297 |
|
9,586,161 |
|
2,491,719 |
|
51 |
| |||||
|
|
$ |
4,320,988 |
|
$ |
13,159,247 |
|
$ |
11,747,544 |
|
$ |
5,732,691 |
|
$ |
424 |
|
a The Advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS U.S. Large Cap Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Automobiles |
|
2.34 |
% |
Banks |
|
8.41 |
|
Beverages |
|
2.86 |
|
Biotechnology |
|
4.89 |
|
Capital markets |
|
2.04 |
|
Chemicals |
|
2.38 |
|
Commercial services & supplies |
|
1.45 |
|
Construction materials |
|
0.94 |
|
Consumer finance |
|
1.44 |
|
Electronic equipment, instruments & components |
|
1.28 |
|
Energy equipment & services |
|
3.34 |
|
Food & staples retailing |
|
1.44 |
|
Food products |
|
2.57 |
|
Health care equipment & supplies |
|
0.86 |
|
Health care providers & services |
|
3.39 |
|
Hotels, restaurants & leisure |
|
2.29 |
|
Household durables |
|
0.67 |
|
Industrial conglomerates |
|
3.20 |
|
Insurance |
|
3.97 |
|
Internet & catalog retail |
|
2.02 |
|
IT services |
|
0.42 |
|
Life sciences tools & services |
|
0.73 |
|
Machinery |
|
2.31 |
|
Media |
|
4.39 |
|
Multiline retail |
|
1.79 |
|
Oil, gas & consumable fuels |
|
4.74 |
|
Pharmaceuticals |
|
7.31 |
|
Real estate investment trust (REIT) |
|
3.55 |
|
Road & rail |
|
1.14 |
|
Semiconductors & semiconductor equipment |
|
7.22 |
|
Software |
|
2.99 |
|
Specialty retail |
|
0.79 |
|
Technology hardware, storage & peripherals |
|
5.40 |
|
Textiles, apparel & luxury goods |
|
1.31 |
|
Tobacco |
|
2.69 |
|
Total common stocks |
|
98.56 |
% |
Short-term investment |
|
1.33 |
|
Investment of cash collateral from securities loaned |
|
3.54 |
|
Total investments |
|
103.43 |
% |
Liabilities, in excess of cash and other assets |
|
(3.43 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 98.56% |
|
|
|
|
| |
Automobiles: 2.34% |
|
|
|
|
| |
Ford Motor Co. |
|
117,900 |
|
$ |
1,743,741 |
|
General Motors Co. |
|
48,700 |
|
1,555,478 |
| |
|
|
|
|
3,299,219 |
| |
Banks: 8.41% |
|
|
|
|
| |
Citigroup, Inc. |
|
73,930 |
|
3,831,053 |
| |
JPMorgan Chase & Co. |
|
61,700 |
|
3,716,808 |
| |
US Bancorp |
|
57,100 |
|
2,388,493 |
| |
Wells Fargo & Co. |
|
36,550 |
|
1,895,848 |
| |
|
|
|
|
11,832,202 |
| |
Beverages: 2.86% |
|
|
|
|
| |
PepsiCo, Inc. |
|
43,200 |
|
4,021,488 |
| |
|
|
|
|
|
| |
Biotechnology: 4.89% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
53,600 |
|
1,815,968 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
15,700 |
|
1,226,170 |
| |
Bluebird Bio, Inc.*1 |
|
6,600 |
|
236,808 |
| |
Chimerix, Inc.* |
|
37,900 |
|
1,046,798 |
| |
Gilead Sciences, Inc.* |
|
18,200 |
|
1,937,390 |
| |
Lexicon Pharmaceuticals, Inc.*1 |
|
358,300 |
|
505,203 |
| |
MacroGenics, Inc.* |
|
5,000 |
|
104,500 |
| |
|
|
|
|
6,872,837 |
| |
Capital markets: 2.04% |
|
|
|
|
| |
Invesco Ltd. |
|
33,100 |
|
1,306,788 |
| |
Morgan Stanley |
|
45,300 |
|
1,566,021 |
| |
|
|
|
|
2,872,809 |
| |
Chemicals: 2.38% |
|
|
|
|
| |
Monsanto Co. |
|
14,700 |
|
1,653,897 |
| |
Praxair, Inc. |
|
13,100 |
|
1,689,900 |
| |
|
|
|
|
3,343,797 |
| |
Commercial services & supplies: 1.45% |
|
|
|
|
| |
Waste Management, Inc. |
|
42,900 |
|
2,039,037 |
| |
|
|
|
|
|
| |
Construction materials: 0.94% |
|
|
|
|
| |
Martin Marietta Materials, Inc. |
|
10,300 |
|
1,328,082 |
| |
|
|
|
|
|
| |
Consumer finance: 1.44% |
|
|
|
|
| |
Capital One Financial Corp. |
|
24,800 |
|
2,024,176 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 1.28% |
|
|
|
|
| |
Jabil Circuit, Inc. |
|
89,300 |
|
1,801,181 |
| |
|
|
|
|
|
| |
Energy equipment & services: 3.34% |
|
|
|
|
| |
Baker Hughes, Inc. |
|
16,800 |
|
1,093,008 |
| |
Halliburton Co. |
|
20,100 |
|
1,296,651 |
| |
McDermott International, Inc.*1 |
|
176,800 |
|
1,011,296 |
| |
Noble Corp. PLC |
|
58,500 |
|
1,299,870 |
| |
|
|
|
|
4,700,825 |
| |
Food & staples retailing: 1.44% |
|
|
|
|
| |
Rite Aid Corp.* |
|
116,100 |
|
561,924 |
| |
Walgreen Co. |
|
24,600 |
|
1,458,042 |
| |
|
|
|
|
2,019,966 |
| |
Food products: 2.57% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
105,500 |
|
3,614,958 |
| |
|
|
|
|
|
| |
Health care equipment & supplies: 0.86% |
|
|
|
|
| |
Baxter International, Inc. |
|
16,800 |
|
1,205,736 |
| |
|
|
|
|
|
| |
Health care providers & services: 3.39% |
|
|
|
|
| |
Envision Healthcare Holdings, Inc.* |
|
29,700 |
|
1,029,996 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Laboratory Corp. of America Holdings* |
|
15,700 |
|
$ |
1,597,475 |
|
UnitedHealth Group, Inc. |
|
24,800 |
|
2,139,000 |
| |
|
|
|
|
4,766,471 |
| |
Hotels, restaurants & leisure: 2.29% |
|
|
|
|
| |
Yum! Brands, Inc. |
|
44,700 |
|
3,217,506 |
| |
|
|
|
|
|
| |
Household durables: 0.67% |
|
|
|
|
| |
Lennar Corp., Class A |
|
24,300 |
|
943,569 |
| |
|
|
|
|
|
| |
Industrial conglomerates: 3.20% |
|
|
|
|
| |
Danaher Corp. |
|
22,300 |
|
1,694,354 |
| |
General Electric Co. |
|
109,400 |
|
2,802,828 |
| |
|
|
|
|
4,497,182 |
| |
Insurance: 3.97% |
|
|
|
|
| |
Aon PLC |
|
16,300 |
|
1,429,021 |
| |
Lincoln National Corp. |
|
33,300 |
|
1,784,214 |
| |
MetLife, Inc. |
|
44,100 |
|
2,369,052 |
| |
|
|
|
|
5,582,287 |
| |
Internet & catalog retail: 2.02% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
8,800 |
|
2,837,472 |
| |
|
|
|
|
|
| |
IT services: 0.42% |
|
|
|
|
| |
ServiceSource International, Inc.*1 |
|
185,200 |
|
598,196 |
| |
|
|
|
|
|
| |
Life sciences tools & services: 0.73% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
9,000 |
|
1,020,600 |
| |
|
|
|
|
|
| |
Machinery: 2.31% |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
16,800 |
|
1,418,256 |
| |
Parker-Hannifin Corp. |
|
16,000 |
|
1,826,400 |
| |
|
|
|
|
3,244,656 |
| |
Media: 4.39% |
|
|
|
|
| |
Comcast Corp., Class A |
|
54,000 |
|
2,904,120 |
| |
Walt Disney Co. |
|
36,700 |
|
3,267,401 |
| |
|
|
|
|
6,171,521 |
| |
Multiline retail: 1.79% |
|
|
|
|
| |
JC Penney Co., Inc.*1 |
|
102,300 |
|
1,027,092 |
| |
Macys, Inc. |
|
25,700 |
|
1,495,226 |
| |
|
|
|
|
2,522,318 |
| |
Oil, gas & consumable fuels: 4.74% |
|
|
|
|
| |
Chevron Corp. |
|
11,600 |
|
1,384,112 |
| |
EOG Resources, Inc. |
|
28,700 |
|
2,841,874 |
| |
Exxon Mobil Corp. |
|
14,600 |
|
1,373,130 |
| |
PDC Energy, Inc.* |
|
21,200 |
|
1,066,148 |
| |
|
|
|
|
6,665,264 |
| |
Pharmaceuticals: 7.31% |
|
|
|
|
| |
Allergan, Inc. |
|
9,200 |
|
1,639,348 |
| |
Eli Lilly & Co. |
|
53,000 |
|
3,437,050 |
| |
Hospira, Inc.* |
|
32,900 |
|
1,711,787 |
| |
Impax Laboratories, Inc.* |
|
42,700 |
|
1,012,417 |
| |
Mallinckrodt PLC* |
|
16,600 |
|
1,496,490 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
18,400 |
|
989,000 |
| |
|
|
|
|
10,286,092 |
| |
Real estate investment trust (REIT): 3.55% |
|
|
|
|
| |
Digital Realty Trust, Inc.1 |
|
43,800 |
|
2,732,244 |
| |
Simon Property Group, Inc. |
|
13,800 |
|
2,268,996 |
| |
|
|
|
|
5,001,240 |
| |
Road & rail: 1.14% |
|
|
|
|
| |
Hertz Global Holdings, Inc.* |
|
63,100 |
|
1,602,109 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Semiconductors & semiconductor equipment: 7.22% |
|
|
|
|
| |
Applied Materials, Inc. |
|
87,900 |
|
$ |
1,899,519 |
|
Broadcom Corp., Class A |
|
45,100 |
|
1,822,942 |
| |
Freescale Semiconductor Ltd.*1 |
|
69,200 |
|
1,351,476 |
| |
Mellanox Technologies Ltd.* |
|
32,000 |
|
1,435,840 |
| |
Micron Technology, Inc.* |
|
51,300 |
|
1,757,538 |
| |
NXP Semiconductor NV* |
|
27,600 |
|
1,888,668 |
| |
|
|
|
|
10,155,983 |
| |
Software: 2.99% |
|
|
|
|
| |
Check Point Software Technologies Ltd.*1 |
|
30,100 |
|
2,084,124 |
| |
Symantec Corp. |
|
90,400 |
|
2,125,304 |
| |
|
|
|
|
4,209,428 |
| |
Specialty retail: 0.79% |
|
|
|
|
| |
Best Buy Co., Inc. |
|
33,100 |
|
1,111,829 |
| |
|
|
|
|
|
| |
Technology hardware, storage & peripherals: 5.40% |
|
|
|
|
| |
Apple, Inc. |
|
56,600 |
|
5,702,450 |
| |
NetApp, Inc. |
|
44,100 |
|
1,894,536 |
| |
|
|
|
|
7,596,986 |
| |
Textiles, apparel & luxury goods: 1.31% |
|
|
|
|
| |
Ralph Lauren Corp. |
|
11,200 |
|
1,844,976 |
| |
|
|
|
|
|
| |
Tobacco: 2.69% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
45,350 |
|
3,782,190 |
| |
Total common stocks (cost $114,831,109) |
|
|
|
138,634,188 |
| |
|
|
|
|
|
| |
Short-term investment: 1.33% |
|
|
|
|
| |
Investment company: 1.33% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $1,870,459) |
|
1,870,459 |
|
1,870,459 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 3.54% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $4,978,975) |
|
4,978,975 |
|
4,978,975 |
| |
Total investments103.43% (cost $121,680,543) |
|
|
|
145,483,622 |
| |
Liabilities, in excess of cash and other assets(3.43)% |
|
|
|
(4,822,944 |
) | |
Net assets100.00% |
|
|
|
$ |
140,660,678 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 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 |
|
$ |
27,418,686 |
|
Gross unrealized depreciation |
|
(3,615,607 |
) | |
Net unrealized appreciation of investments |
|
$ |
23,803,079 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description: |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
138,634,188 |
|
$ |
|
|
$ |
|
|
$ |
138,634,188 |
|
Short-term investment |
|
|
|
1,870,459 |
|
|
|
1,870,459 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
4,978,975 |
|
|
|
4,978,975 |
| ||||
Total |
|
$ |
138,634,188 |
|
$ |
6,849,434 |
|
$ |
|
|
$ |
145,483,622 |
|
At September 30, 2014, there were no transfers between Level 1 and Level 2.
* Non-income producing security.
1 Security, or portion thereof, was on loan at September 30, 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 |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/2014 |
|
09/30/2014 |
|
09/30/2014 |
|
09/30/2014 |
|
09/30/2014 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,970,647 |
|
$ |
9,184,051 |
|
$ |
9,284,239 |
|
$ |
1,870,459 |
|
$ |
308 |
|
UBS Private Money Market Fund LLCa |
|
7,380,954 |
|
23,554,123 |
|
25,956,102 |
|
4,978,975 |
|
147 |
| |||||
|
|
$ |
9,351,601 |
|
$ |
32,738,174 |
|
$ |
35,240,341 |
|
$ |
6,849,434 |
|
$ |
455 |
|
a The Advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS U.S. Small Cap Growth Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Aerospace & defense |
|
0.85 |
% |
Airlines |
|
2.80 |
|
Auto components |
|
1.73 |
|
Banks |
|
2.52 |
|
Biotechnology |
|
8.10 |
|
Building products |
|
1.34 |
|
Capital markets |
|
0.95 |
|
Communications equipment |
|
0.83 |
|
Construction & engineering |
|
1.13 |
|
Diversified consumer services |
|
1.64 |
|
Diversified telecommunication services |
|
1.25 |
|
Electrical equipment |
|
1.44 |
|
Electronic equipment, instruments & components |
|
4.45 |
|
Energy equipment & services |
|
2.47 |
|
Food & staples retailing |
|
1.20 |
|
Health care equipment & supplies |
|
4.62 |
|
Health care providers & services |
|
4.88 |
|
Hotels, restaurants & leisure |
|
2.94 |
|
Household durables |
|
1.06 |
|
Independent power and renewable electricity producers |
|
0.54 |
|
Internet & catalog retail |
|
2.64 |
|
Internet software & services |
|
1.20 |
|
Life sciences tools & services |
|
1.39 |
|
Machinery |
|
3.29 |
|
Media |
|
1.34 |
|
Metals & mining |
|
2.28 |
|
Oil, gas & consumable fuels |
|
6.13 |
|
Paper & forest products |
|
1.40 |
|
Pharmaceuticals |
|
1.31 |
|
Real estate investment trust (REIT) |
|
2.48 |
|
Road & rail |
|
2.98 |
|
Semiconductors & semiconductor equipment |
|
4.88 |
|
Software |
|
10.91 |
|
Specialty retail |
|
5.45 |
|
Thrifts & mortgage finance |
|
1.71 |
|
Total common stocks |
|
96.13 |
% |
Investment company |
|
|
|
iShares Russell 2000 Growth ETF |
|
2.01 |
|
Short-term investment |
|
1.42 |
|
Investment of cash collateral from securities loaned |
|
12.41 |
|
Total investments |
|
111.97 |
% |
Liabilities, in excess of cash and other assets |
|
(11.97 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Small Cap Growth Fund. Figures might be different if a breakdown of the underlying investment company was included.
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 96.13% |
|
|
|
|
| |
Aerospace & defense: 0.85% |
|
|
|
|
| |
KEYW Holding Corp.*1 |
|
190,200 |
|
$ |
2,105,514 |
|
|
|
|
|
|
| |
Airlines: 2.80% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
100,300 |
|
6,934,742 |
| |
|
|
|
|
|
| |
Auto components: 1.73% |
|
|
|
|
| |
Tenneco, Inc.* |
|
46,600 |
|
2,437,646 |
| |
Tower International, Inc.* |
|
73,900 |
|
1,861,541 |
| |
|
|
|
|
4,299,187 |
| |
Banks: 2.52% |
|
|
|
|
| |
Columbia Banking System, Inc. |
|
69,800 |
|
1,731,738 |
| |
National Bank Holdings Corp., Class A |
|
93,500 |
|
1,787,720 |
| |
Webster Financial Corp. |
|
93,500 |
|
2,724,590 |
| |
|
|
|
|
6,244,048 |
| |
Biotechnology: 8.10% |
|
|
|
|
| |
Acceleron Pharma, Inc.*1 |
|
48,500 |
|
1,466,640 |
| |
Avalanche Biotechnologies, Inc.*1 |
|
16,200 |
|
553,878 |
| |
Celldex Therapeutics, Inc.* |
|
54,800 |
|
710,208 |
| |
Cepheid, Inc.*1 |
|
72,300 |
|
3,183,369 |
| |
Dyax Corp.* |
|
155,700 |
|
1,575,684 |
| |
Exact Sciences Corp.*1 |
|
191,600 |
|
3,713,208 |
| |
Kite Pharma, Inc.*1 |
|
32,000 |
|
912,000 |
| |
Medivation, Inc.* |
|
25,200 |
|
2,491,524 |
| |
Receptos, Inc.* |
|
37,700 |
|
2,341,547 |
| |
Sage Therapeutics, Inc.*1 |
|
20,800 |
|
655,200 |
| |
Seattle Genetics, Inc.*1 |
|
34,500 |
|
1,282,710 |
| |
Synageva BioPharma Corp.*1 |
|
17,500 |
|
1,203,650 |
| |
|
|
|
|
20,089,618 |
| |
Building products: 1.34% |
|
|
|
|
| |
NCI Building Systems, Inc.* |
|
171,800 |
|
3,332,920 |
| |
|
|
|
|
|
| |
Capital markets: 0.95% |
|
|
|
|
| |
FXCM, Inc., Class A |
|
147,900 |
|
2,344,215 |
| |
|
|
|
|
|
| |
Communications equipment: 0.83% |
|
|
|
|
| |
Ciena Corp.* |
|
123,000 |
|
2,056,560 |
| |
|
|
|
|
|
| |
Construction & engineering: 1.13% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
70,100 |
|
2,801,196 |
| |
|
|
|
|
|
| |
Diversified consumer services: 1.64% |
|
|
|
|
| |
Grand Canyon Education, Inc.* |
|
99,500 |
|
4,056,615 |
| |
|
|
|
|
|
| |
Diversified telecommunication services: 1.25% |
|
|
|
|
| |
Cogent Communications Holdings, Inc. |
|
92,400 |
|
3,105,564 |
| |
|
|
|
|
|
| |
Electrical equipment: 1.44% |
|
|
|
|
| |
EnerSys |
|
60,900 |
|
3,571,176 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 4.45% |
|
|
|
|
| |
InvenSense, Inc.*1 |
|
219,200 |
|
4,324,816 |
| |
OSI Systems, Inc.* |
|
49,500 |
|
3,142,260 |
| |
Universal Display Corp.*1 |
|
109,600 |
|
3,577,344 |
| |
|
|
|
|
11,044,420 |
| |
Energy equipment & services: 2.47% |
|
|
|
|
| |
Bristow Group, Inc. |
|
45,800 |
|
3,077,760 |
| |
Hornbeck Offshore Services, Inc.* |
|
58,400 |
|
1,911,432 |
| |
Pioneer Energy Services Corp.* |
|
81,952 |
|
1,148,967 |
| |
|
|
|
|
6,138,159 |
| |
Food & staples retailing: 1.20% |
|
|
|
|
| |
United Natural Foods, Inc.* |
|
48,300 |
|
2,968,518 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Health care equipment & supplies: 4.62% |
|
|
|
|
| |
DexCom, Inc.* |
|
85,200 |
|
$ |
3,407,148 |
|
Insulet Corp.* |
|
87,900 |
|
3,239,115 |
| |
K2M Group Holdings, Inc.* |
|
102,800 |
|
1,483,404 |
| |
LDR Holding Corp.* |
|
106,600 |
|
3,318,458 |
| |
|
|
|
|
11,448,125 |
| |
Health care providers & services: 4.88% |
|
|
|
|
| |
Acadia Healthcare Co., Inc.* |
|
68,300 |
|
3,312,550 |
| |
Air Methods Corp.* |
|
59,000 |
|
3,277,450 |
| |
IPC The Hospitalist Co., Inc.* |
|
41,400 |
|
1,854,306 |
| |
Mednax, Inc.* |
|
29,500 |
|
1,617,190 |
| |
Team Health Holdings, Inc.* |
|
35,300 |
|
2,047,047 |
| |
|
|
|
|
12,108,543 |
| |
Hotels, restaurants & leisure: 2.94% |
|
|
|
|
| |
Buffalo Wild Wings, Inc.* |
|
12,500 |
|
1,678,375 |
| |
Del Friscos Restaurant Group, Inc.* |
|
117,100 |
|
2,241,294 |
| |
Popeyes Louisiana Kitchen, Inc.* |
|
83,500 |
|
3,381,750 |
| |
|
|
|
|
7,301,419 |
| |
Household durables: 1.06% |
|
|
|
|
| |
Ryland Group, Inc. |
|
79,000 |
|
2,625,960 |
| |
|
|
|
|
|
| |
Independent power and renewable electricity producers: 0.54% |
|
|
|
|
| |
Abengoa Yield PLC*1 |
|
12,800 |
|
455,424 |
| |
TerraForm Power, Inc., Class A*1 |
|
31,000 |
|
894,660 |
| |
|
|
|
|
1,350,084 |
| |
Internet & catalog retail: 2.64% |
|
|
|
|
| |
HomeAway, Inc.* |
|
99,400 |
|
3,528,700 |
| |
Shutterfly, Inc.* |
|
62,000 |
|
3,021,880 |
| |
|
|
|
|
6,550,580 |
| |
Internet software & services: 1.20% |
|
|
|
|
| |
Constant Contact, Inc.* |
|
109,600 |
|
2,974,544 |
| |
|
|
|
|
|
| |
Life sciences tools & services: 1.39% |
|
|
|
|
| |
Charles River Laboratories International, Inc.* |
|
57,900 |
|
3,458,946 |
| |
|
|
|
|
|
| |
Machinery: 3.29% |
|
|
|
|
| |
Chart Industries, Inc.*1 |
|
44,700 |
|
2,732,511 |
| |
Wabash National Corp.* |
|
231,849 |
|
3,088,229 |
| |
Woodward, Inc. |
|
49,300 |
|
2,347,666 |
| |
|
|
|
|
8,168,406 |
| |
Media: 1.34% |
|
|
|
|
| |
Imax Corp.*1 |
|
121,300 |
|
3,330,898 |
| |
|
|
|
|
|
| |
Metals & mining: 2.28% |
|
|
|
|
| |
Constellium NV, Class A* |
|
113,900 |
|
2,803,079 |
| |
Globe Specialty Metals, Inc. |
|
157,100 |
|
2,857,649 |
| |
|
|
|
|
5,660,728 |
| |
Oil, gas & consumable fuels: 6.13% |
|
|
|
|
| |
Bonanza Creek Energy, Inc.* |
|
59,800 |
|
3,402,620 |
| |
Callon Petroleum Co.* |
|
370,400 |
|
3,263,224 |
| |
Kodiak Oil & Gas Corp.* |
|
231,900 |
|
3,146,883 |
| |
SemGroup Corp., Class A |
|
47,000 |
|
3,913,690 |
| |
Solazyme, Inc.*1 |
|
197,200 |
|
1,471,112 |
| |
|
|
|
|
15,197,529 |
| |
Paper & forest products: 1.40% |
|
|
|
|
| |
Boise Cascade Co.* |
|
115,300 |
|
3,475,142 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 1.31% |
|
|
|
|
| |
Nektar Therapeutics* |
|
73,900 |
|
891,973 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
Pacira Pharmaceuticals, Inc.* |
|
24,200 |
|
$ |
2,345,464 |
|
|
|
|
|
3,237,437 |
| |
Real estate investment trust (REIT): 2.48% |
|
|
|
|
| |
Cousins Properties, Inc. |
|
261,900 |
|
3,129,705 |
| |
Sovran Self Storage, Inc. |
|
40,600 |
|
3,019,016 |
| |
|
|
|
|
6,148,721 |
| |
Road & rail: 2.98% |
|
|
|
|
| |
Con-way, Inc. |
|
67,200 |
|
3,192,000 |
| |
Saia, Inc.* |
|
84,800 |
|
4,202,688 |
| |
|
|
|
|
7,394,688 |
| |
Semiconductors & semiconductor equipment: 4.88% |
|
|
|
|
| |
Cavium, Inc.* |
|
77,800 |
|
3,868,994 |
| |
Integrated Device Technology, Inc.* |
|
207,600 |
|
3,311,220 |
| |
Magnachip Semiconductor Corp.* |
|
138,500 |
|
1,620,450 |
| |
RF Micro Devices, Inc.* |
|
285,300 |
|
3,292,362 |
| |
|
|
|
|
12,093,026 |
| |
Software: 10.91% |
|
|
|
|
| |
FleetMatics Group PLC*1 |
|
93,100 |
|
2,839,550 |
| |
Imperva, Inc.*1 |
|
118,500 |
|
3,404,505 |
| |
Infoblox, Inc.* |
|
153,000 |
|
2,256,750 |
| |
Proofpoint, Inc.*1 |
|
167,200 |
|
6,209,808 |
| |
Qlik Technologies, Inc.* |
|
103,500 |
|
2,798,640 |
| |
Silver Spring Networks, Inc.*1 |
|
104,500 |
|
1,008,425 |
| |
Synchronoss Technologies, Inc.* |
|
80,000 |
|
3,662,400 |
| |
Ultimate Software Group, Inc.* |
|
34,504 |
|
4,882,661 |
| |
|
|
|
|
27,062,739 |
| |
Specialty retail: 5.45% |
|
|
|
|
| |
Abercrombie & Fitch Co., Class A |
|
77,900 |
|
2,830,886 |
| |
ANN, Inc.* |
|
65,500 |
|
2,694,015 |
| |
Asbury Automotive Group, Inc.* |
|
70,000 |
|
4,509,400 |
| |
Restoration Hardware Holdings, Inc.* |
|
43,700 |
|
3,476,335 |
| |
|
|
|
|
13,510,636 |
| |
Thrifts & mortgage finance: 1.71% |
|
|
|
|
| |
Essent Group Ltd.* |
|
100,200 |
|
2,145,282 |
| |
EverBank Financial Corp. |
|
119,400 |
|
2,108,604 |
| |
|
|
|
|
4,253,886 |
| |
Total common stocks (cost $193,210,866) |
|
|
|
238,444,489 |
| |
|
|
|
|
|
| |
Investment company: 2.01% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF (cost $4,981,248) |
|
38,400 |
|
4,980,096 |
| |
|
|
|
|
|
| |
Short-term investment: 1.42% |
|
|
|
|
| |
Investment company: 1.42% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund2 (cost $3,511,162) |
|
3,511,162 |
|
3,511,162 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 12.41% |
|
|
|
|
| |
UBS Private Money Market Fund LLC2 (cost $30,775,914) |
|
30,775,914 |
|
30,775,914 |
| |
Total investments111.97% (cost $232,479,190) |
|
|
|
277,711,661 |
| |
Liabilities, in excess of cash and other assets(11.97)% |
|
|
|
(29,679,144 |
) | |
Net assets100.00% |
|
|
|
$ |
248,032,517 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 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 |
|
$ |
56,697,097 |
|
Gross unrealized depreciation |
|
(11,464,626 |
) | |
Net unrealized appreciation of investments |
|
$ |
45,232,471 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
238,444,489 |
|
$ |
|
|
$ |
|
|
$ |
238,444,489 |
|
Investment company |
|
4,980,096 |
|
|
|
|
|
4,980,096 |
| ||||
Short-term investment |
|
|
|
3,511,162 |
|
|
|
3,511,162 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
30,775,914 |
|
|
|
30,775,914 |
| ||||
Total |
|
$ |
243,424,585 |
|
$ |
34,287,076 |
|
$ |
|
|
$ |
277,711,661 |
|
At September 30, 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 September 30, 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 Funds.
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
5,807,848 |
|
$ |
18,305,560 |
|
$ |
20,602,246 |
|
$ |
3,511,162 |
|
$ |
834 |
|
UBS Private Money Market Fund LLCa |
|
30,452,021 |
|
56,362,423 |
|
56,038,530 |
|
30,775,914 |
|
547 |
| |||||
|
|
$ |
36,259,869 |
|
$ |
74,667,983 |
|
$ |
76,640,776 |
|
$ |
34,287,076 |
|
$ |
1,381 |
|
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
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Investment companies |
|
|
|
iShares Emerging Markets Local Currency Bond ETF |
|
1.68 |
% |
iShares iBoxx $ High Yield Corporate Bond ETF |
|
17.20 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
15.71 |
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
1.73 |
|
iShares MSCI Switzerland Capped ETF |
|
1.72 |
|
iShares TIPS Bond ETF |
|
3.44 |
|
SPDR Barclays Convertible Securities ETF |
|
3.45 |
|
Total investment companies |
|
44.93 |
% |
Short-term investments |
|
49.20 |
|
Investment of cash collateral from securities loaned |
|
22.53 |
|
Total investments |
|
116.66 |
% |
Liabilities, in excess of cash and other assets |
|
(16.66 |
) |
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
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies: 44.93% |
|
|
|
|
| |
iShares Emerging Markets Local Currency Bond ETF1 |
|
9,865 |
|
$ |
478,946 |
|
iShares iBoxx $ High Yield Corporate Bond ETF1 |
|
53,390 |
|
4,909,210 |
| |
iShares iBoxx $ Investment Grade Corporate Bond ETF1 |
|
37,907 |
|
4,481,366 |
| |
iShares JP Morgan USD Emerging Markets Bond ETF1 |
|
4,381 |
|
494,396 |
| |
iShares MSCI Switzerland Capped ETF1 |
|
15,061 |
|
489,633 |
| |
iShares TIPS Bond ETF |
|
8,764 |
|
982,181 |
| |
SPDR Barclays Convertible Securities ETF1 |
|
19,842 |
|
985,155 |
| |
Total investment companies (cost $12,688,850) |
|
|
|
12,820,887 |
| |
|
|
Face |
|
|
| |
Short-term investments: 49.20% |
|
|
|
|
| |
US government obligations: 14.02% |
|
|
|
|
| |
US Treasury Bills |
|
|
|
|
| |
0.016%, due 10/30/141,2 |
|
$ |
2,000,000 |
|
1,999,965 |
|
0.020%, due 11/06/142 |
|
2,000,000 |
|
1,999,955 |
| |
Total US government obligations (cost $3,999,934) |
|
|
|
3,999,920 |
| |
|
|
Shares |
|
|
| |
Investment companies: 35.18% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund3 (cost $10,039,487) |
|
10,039,487 |
|
10,039,487 |
| |
Total short-term investments (cost $14,039,421) |
|
|
|
14,039,407 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 22.53% |
|
|
|
|
| |
UBS Private Money Market Fund LLC3 (cost $6,427,588) |
|
6,427,588 |
|
6,427,588 |
| |
Total investments: 116.66% (cost $33,155,859) |
|
|
|
33,287,882 |
| |
Liabilities, in excess of cash and other assets(16.66)% |
|
|
|
(4,753,386 |
) | |
Net assets100.00% |
|
|
|
$ |
28,534,496 |
|
UBS Asset Growth Fund
Portfolio of investments September 30, 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 |
|
$ |
214,838 |
|
Gross unrealized depreciation |
|
(82,815 |
) | |
Net unrealized appreciation of investments |
|
$ |
132,023 |
|
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.
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 21 contracts (USD) |
|
December 2014 |
|
$ |
2,489,400 |
|
$ |
2,483,414 |
|
$ |
(5,986 |
) |
|
|
|
|
|
|
|
|
|
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini S&P 500 Index, 81 contracts (USD) |
|
December 2014 |
|
8,003,995 |
|
7,960,275 |
|
(43,720 |
) | |||
EURO STOXX 50 Index, 194 contracts (EUR) |
|
December 2014 |
|
7,896,226 |
|
7,874,035 |
|
(22,191 |
) | |||
FTSE 100 Index, 49 contracts (GBP) |
|
December 2014 |
|
5,388,343 |
|
5,233,216 |
|
(155,127 |
) | |||
Mini MSCI Emerging Markets Index, 112 contracts (USD) |
|
December 2014 |
|
5,888,232 |
|
5,615,120 |
|
(273,112 |
) | |||
SPI 200 Index, 19 contracts (AUD) |
|
December 2014 |
|
2,272,317 |
|
2,192,991 |
|
(79,326 |
) | |||
TOPIX Index, 32 contracts (JPY) |
|
December 2014 |
|
3,748,470 |
|
3,869,209 |
|
120,739 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Currency futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Dollar, 9 contracts (USD) |
|
December 2014 |
|
822,001 |
|
782,729 |
|
(39,272 |
) | |||
Euro, 16 contracts (USD) |
|
December 2014 |
|
2,585,856 |
|
2,527,000 |
|
(58,856 |
) | |||
Great Britain Pound, 17 contracts (USD) |
|
December 2014 |
|
1,708,347 |
|
1,720,294 |
|
11,947 |
| |||
Japanese Yen, 12 contracts (USD) |
|
December 2014 |
|
1,412,142 |
|
1,368,000 |
|
(44,142 |
) | |||
|
|
|
|
|
|
|
|
|
| |||
Currency futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Swiss Franc, 3 contracts (USD) |
|
December 2014 |
|
(401,877 |
) |
(392,963 |
) |
8,914 |
| |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(580,132 |
) | ||
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Investment companies |
|
$ |
12,820,887 |
|
$ |
|
|
$ |
|
|
$ |
12,820,887 |
|
Short-term investments |
|
|
|
14,039,407 |
|
|
|
14,039,407 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
6,427,588 |
|
|
|
6,427,588 |
| ||||
Futures contracts |
|
20,861 |
|
120,739 |
|
|
|
141,600 |
| ||||
Total |
|
$ |
12,841,748 |
|
$ |
20,587,734 |
|
$ |
|
|
$ |
33,429,482 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liability |
|
|
|
|
|
|
|
|
| ||||
Futures contracts |
|
$ |
(465,088 |
) |
$ |
(256,644 |
) |
$ |
|
|
$ |
(721,732 |
) |
Total |
|
$ |
(465,088 |
) |
$ |
(256,644 |
) |
$ |
|
|
$ |
(721,732 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
UBS Asset Growth Fund
Portfolio of investments September 30, 2014 (unaudited)
Portfolio footnotes
1 Security, or portion thereof, was on loan at September 30, 2014.
2 Rate shown is the discount rate at the date of purchase.
3 The table below details the Funds investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
7,680,934 |
|
$ |
13,308,148 |
|
$ |
10,949,595 |
|
$ |
10,039,487 |
|
$ |
1,621 |
|
UBS Private Money Market Fund LLCa |
|
7,801,795 |
|
12,643,181 |
|
14,017,388 |
|
6,427,588 |
|
152 |
| |||||
|
|
$ |
15,482,729 |
|
$ |
25,951,329 |
|
$ |
24,966,983 |
|
$ |
16,467,075 |
|
$ |
1,773 |
|
a The Advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements for further information.
UBS Dynamic Alpha Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2014
Bonds |
|
|
|
Corporate bonds |
|
|
|
Airlines |
|
0.15 |
% |
Auto components |
|
0.09 |
|
Banks |
|
9.32 |
|
Beverages |
|
1.04 |
|
Biotechnology |
|
0.17 |
|
Capital markets |
|
1.80 |
|
Chemicals |
|
0.50 |
|
Commercial services & supplies |
|
0.34 |
|
Communications equipment |
|
0.23 |
|
Construction & engineering |
|
0.41 |
|
Consumer finance |
|
1.01 |
|
Diversified financial services |
|
1.94 |
|
Diversified telecommunication services |
|
2.42 |
|
Electric utilities |
|
2.23 |
|
Electrical equipment |
|
0.12 |
|
Energy equipment & services |
|
0.08 |
|
Food & staples retailing |
|
0.13 |
|
Food products |
|
0.73 |
|
Gas utilities |
|
0.71 |
|
Health care equipment & supplies |
|
0.25 |
|
Health care providers & services |
|
0.33 |
|
Hotels, restaurants & leisure |
|
0.12 |
|
Independent power and renewable electricity producers |
|
0.20 |
|
Industrial conglomerates |
|
0.19 |
|
Insurance |
|
3.56 |
|
Internet & catalog retail |
|
0.13 |
|
Internet software & services |
|
0.14 |
|
IT services |
|
0.13 |
|
Life sciences tools & services |
|
0.05 |
|
Machinery |
|
0.18 |
|
Marine |
|
0.15 |
|
Media |
|
1.66 |
|
Metals & mining |
|
0.81 |
|
Multi-utilities |
|
0.73 |
|
Oil, gas & consumable fuels |
|
4.69 |
|
Pharmaceuticals |
|
0.63 |
|
Real estate investment trust (REIT) |
|
0.11 |
|
Road & rail |
|
0.49 |
|
Software |
|
0.21 |
|
Specialty retail |
|
0.21 |
|
Technology hardware, storage & peripherals |
|
0.33 |
|
Thrifts & mortgage finance |
|
0.30 |
|
Tobacco |
|
1.08 |
|
Transportation infrastructure |
|
0.64 |
|
Water utilities |
|
0.22 |
|
Wireless telecommunication services |
|
0.90 |
|
Total corporate bonds |
|
41.86 |
% |
Collateralized debt obligation |
|
0.00 |
1 |
Mortgage & agency debt security |
|
0.01 |
|
Non-US government obligations |
|
11.84 |
|
Supranational bonds |
|
0.47 |
|
Total bonds |
|
54.18 |
% |
Short-term investments |
|
32.88 |
|
Options purchased |
|
0.69 |
|
Investment of cash collateral from securities loaned |
|
0.41 |
|
Total investments |
|
88.16 |
% |
Cash and other assets, less liabilities |
|
11.84 |
|
Net assets |
|
100.00 |
% |
1 Amount represents less than 0.005%.
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds: 54.18% |
|
|
|
|
| |||
Corporate bonds: 41.86% |
|
|
|
|
| |||
Australia: 1.52% |
|
|
|
|
| |||
Adani Abbot Point Terminal Pty Ltd., |
|
|
|
|
| |||
5.750%, due 11/01/18 |
|
AUD |
765,000 |
|
$ |
670,165 |
| |
BHP Billiton Finance USA Ltd., |
|
|
|
|
| |||
5.000%, due 09/30/43 |
|
$ |
205,000 |
|
224,890 |
| ||
Commonwealth Bank of Australia, |
|
|
|
|
| |||
1.125%, due 03/13/17 |
|
370,000 |
|
368,425 |
| |||
2.250%, due 03/16/171 |
|
630,000 |
|
645,751 |
| |||
National Australia Bank, |
|
|
|
|
| |||
2.750%, due 03/09/17 |
|
400,000 |
|
414,395 |
| |||
Origin Energy Finance Ltd., |
|
|
|
|
| |||
2.500%, due 10/23/202 |
|
EUR |
575,000 |
|
768,496 |
| ||
3.500%, due 10/09/181 |
|
$ |
400,000 |
|
410,014 |
| ||
QBE Insurance Group Ltd., |
|
|
|
|
| |||
2.400%, due 05/01/182 |
|
205,000 |
|
205,085 |
| |||
Santos Finance Ltd., |
|
|
|
|
| |||
8.250%, due 09/22/703 |
|
EUR |
195,000 |
|
278,005 |
| ||
Suncorp-Metway Ltd., |
|
|
|
|
| |||
1.700%, due 03/28/172 |
|
$ |
420,000 |
|
420,627 |
| ||
Telstra Corp. Ltd., |
|
|
|
|
| |||
4.800%, due 10/12/211 |
|
200,000 |
|
224,382 |
| |||
Transurban Finance Co. Pty Ltd., |
|
|
|
|
| |||
2.500%, due 10/08/20 |
|
EUR |
210,000 |
|
284,889 |
| ||
Total Australia corporate bonds |
|
|
|
4,915,124 |
| |||
|
|
|
|
|
| |||
Belgium: 0.09% |
|
|
|
|
| |||
Elia System Operator SA, |
|
|
|
|
| |||
3.250%, due 04/04/282 |
|
200,000 |
|
284,217 |
| |||
|
|
|
|
|
| |||
Bermuda: 0.14% |
|
|
|
|
| |||
Bacardi Ltd., |
|
|
|
|
| |||
2.750%, due 07/03/232 |
|
340,000 |
|
465,207 |
| |||
|
|
|
|
|
| |||
Brazil: 0.30% |
|
|
|
|
| |||
Petrobras Global Finance BV, |
|
|
|
|
| |||
3.250%, due 04/01/192 |
|
250,000 |
|
331,945 |
| |||
4.375%, due 05/20/23 |
|
$ |
60,000 |
|
55,919 |
| ||
5.625%, due 05/20/43 |
|
90,000 |
|
78,863 |
| |||
Vale SA, |
|
|
|
|
| |||
5.625%, due 09/11/42 |
|
530,000 |
|
510,697 |
| |||
Total Brazil corporate bonds |
|
|
|
977,424 |
| |||
|
|
|
|
|
| |||
Canada: 1.54% |
|
|
|
|
| |||
Bank of Montreal, |
|
|
|
|
| |||
6.020%, due 05/02/18 |
|
CAD |
365,000 |
|
369,328 |
| ||
Bank of Nova Scotia, |
|
|
|
|
| |||
4.100%, due 06/08/17 |
|
515,000 |
|
486,007 |
| |||
Canadian Imperial Bank of Commerce, |
|
|
|
|
| |||
1.350%, due 07/18/16 |
|
$ |
420,000 |
|
424,216 |
| ||
3.400%, due 01/14/16 |
|
CAD |
405,000 |
|
370,234 |
| ||
Greater Toronto Airports Authority, |
|
|
|
|
| |||
6.980%, due 10/15/32 |
|
240,000 |
|
300,478 |
| |||
Hydro One, Inc., |
|
|
|
|
| |||
5.360%, due 05/20/36 |
|
245,000 |
|
262,516 |
| |||
Nexen, Inc., |
|
|
|
|
| |||
6.400%, due 05/15/37 |
|
$ |
340,000 |
|
412,544 |
| ||
Royal Bank of Canada, |
|
|
|
|
| |||
2.980%, due 05/07/19 |
|
CAD |
365,000 |
|
334,489 |
| ||
Suncor Energy, Inc., |
|
|
|
|
| |||
6.500%, due 06/15/38 |
|
$ |
420,000 |
|
534,820 |
| ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
TELUS Corp., |
|
|
|
|
| |||
3.750%, due 01/17/25 |
|
CAD |
110,000 |
|
$ |
97,865 |
| |
Thomson Reuters Corp., |
|
|
|
|
| |||
1.300%, due 02/23/17 |
|
$ |
445,000 |
|
444,229 |
| ||
Toronto-Dominion Bank, |
|
|
|
|
| |||
3.367%, due 11/02/203 |
|
CAD |
475,000 |
|
431,883 |
| ||
Total Capital Canada Ltd., |
|
|
|
|
| |||
1.875%, due 07/09/202 |
|
EUR |
100,000 |
|
134,099 |
| ||
Yamana Gold, Inc., |
|
|
|
|
| |||
4.950%, due 07/15/241 |
|
$ |
360,000 |
|
358,368 |
| ||
Total Canada corporate bonds |
|
|
|
4,961,076 |
| |||
|
|
|
|
|
| |||
Cayman Islands: 0.76% |
|
|
|
|
| |||
Hutchison Whampoa International Ltd., |
|
|
|
|
| |||
7.625%, due 04/09/191 |
|
300,000 |
|
363,030 |
| |||
New York Life Funding, |
|
|
|
|
| |||
5.125%, due 02/03/15 |
|
GBP |
175,000 |
|
287,806 |
| ||
Principal Financial Global Funding II LLC, |
|
|
|
|
| |||
4.500%, due 01/26/17 |
|
EUR |
450,000 |
|
613,916 |
| ||
Tencent Holdings Ltd., |
|
|
|
|
| |||
3.375%, due 05/02/191 |
|
$ |
450,000 |
|
454,865 |
| ||
Thames Water Utilities Cayman Finance Ltd., |
|
|
|
|
| |||
5.375%, due 07/21/253 |
|
GBP |
190,000 |
|
328,637 |
| ||
XLIT Ltd., |
|
|
|
|
| |||
5.250%, due 12/15/43 |
|
$ |
150,000 |
|
164,947 |
| ||
Yorkshire Water Services Bradford Finance Ltd., |
|
|
|
|
| |||
6.000%, due 04/24/253 |
|
GBP |
130,000 |
|
227,715 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
2,440,916 |
| |||
|
|
|
|
|
| |||
China: 0.25% |
|
|
|
|
| |||
AIA Group Ltd., |
|
|
|
|
| |||
1.750%, due 03/13/182 |
|
$ |
560,000 |
|
551,544 |
| ||
2.250%, due 03/11/191 |
|
275,000 |
|
272,532 |
| |||
Total China corporate bonds |
|
|
|
824,076 |
| |||
|
|
|
|
|
| |||
Denmark: 0.15% |
|
|
|
|
| |||
A.P. Moeller - Maersk A/S, |
|
|
|
|
| |||
3.375%, due 08/28/192 |
|
EUR |
350,000 |
|
494,169 |
| ||
|
|
|
|
|
| |||
Finland: 0.51% |
|
|
|
|
| |||
Elenia Finance Oyj, |
|
|
|
|
| |||
2.875%, due 12/17/20 |
|
450,000 |
|
609,136 |
| |||
Pohjola Bank PLC, |
|
|
|
|
| |||
1.750%, due 08/29/18 |
|
300,000 |
|
395,762 |
| |||
Teollisuuden Voima Oyj, |
|
|
|
|
| |||
2.500%, due 03/17/21 |
|
125,000 |
|
166,238 |
| |||
4.625%, due 02/04/192 |
|
335,000 |
|
483,136 |
| |||
Total Finland corporate bonds |
|
|
|
1,654,272 |
| |||
|
|
|
|
|
| |||
France: 1.86% |
|
|
|
|
| |||
Alstom SA, |
|
|
|
|
| |||
4.500%, due 03/18/20 |
|
250,000 |
|
370,149 |
| |||
Banque Federative du Credit Mutuel SA, |
|
|
|
|
| |||
2.000%, due 09/19/19 |
|
300,000 |
|
401,008 |
| |||
BNP Paribas SA, |
|
|
|
|
| |||
2.700%, due 08/20/184 |
|
$ |
365,000 |
|
371,777 |
| ||
2.875%, due 03/20/263 |
|
EUR |
250,000 |
|
325,568 |
| ||
5.186%, due 06/29/152,3,5 |
|
$ |
185,000 |
|
186,850 |
| ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
France(concluded) |
|
|
|
|
| |||
Credit Agricole SA, |
|
|
|
|
| |||
2.375%, due 05/20/24 |
|
EUR |
100,000 |
|
$ |
133,500 |
| |
Credit Logement SA, |
|
|
|
|
| |||
1.232%, due 12/16/142,3,5 |
|
200,000 |
|
219,771 |
| |||
Electricite de France SA, |
|
|
|
|
| |||
5.250%, due 01/29/232,3,5 |
|
$ |
230,000 |
|
233,738 |
| ||
5.625%, due 01/22/241,3,4,5 |
|
280,000 |
|
291,452 |
| |||
6.950%, due 01/26/391 |
|
150,000 |
|
199,406 |
| |||
Essilor International SA, |
|
|
|
|
| |||
1.750%, due 04/09/21 |
|
EUR |
100,000 |
|
132,078 |
| ||
Eutelsat SA, |
|
|
|
|
| |||
2.625%, due 01/13/20 |
|
200,000 |
|
270,476 |
| |||
GDF Suez, |
|
|
|
|
| |||
4.750%, due 07/10/213,5 |
|
500,000 |
|
694,365 |
| |||
Orange SA, |
|
|
|
|
| |||
5.875%, due 02/07/223,5 |
|
GBP |
200,000 |
|
327,472 |
| ||
Societe Des Autoroutes Paris-Rhin-Rhone, |
|
|
|
|
| |||
2.250%, due 01/16/20 |
|
EUR |
500,000 |
|
670,716 |
| ||
Total Capital International SA, |
|
|
|
|
| |||
1.550%, due 06/28/17 |
|
$ |
880,000 |
|
886,273 |
| ||
Veolia Environnement SA, |
|
|
|
|
| |||
6.750%, due 04/24/19 |
|
EUR |
175,000 |
|
279,188 |
| ||
Total France corporate bonds |
|
|
|
5,993,787 |
| |||
|
|
|
|
|
| |||
Guernsey: 0.10% |
|
|
|
|
| |||
Credit Suisse Group Guernsey I Ltd., |
|
|
|
|
| |||
7.875%, due 02/24/412,3 |
|
$ |
310,000 |
|
328,600 |
| ||
|
|
|
|
|
| |||
Indonesia: 0.19% |
|
|
|
|
| |||
Pertamina Persero PT, |
|
|
|
|
| |||
6.450%, due 05/30/441 |
|
600,000 |
|
608,130 |
| |||
|
|
|
|
|
| |||
Ireland: 0.37% |
|
|
|
|
| |||
FGA Capital Ireland PLC, |
|
|
|
|
| |||
2.625%, due 04/17/19 |
|
EUR |
335,000 |
|
433,417 |
| ||
GE Capital European Funding, |
|
|
|
|
| |||
6.025%, due 03/01/38 |
|
285,000 |
|
562,156 |
| |||
Perrigo Co. PLC, |
|
|
|
|
| |||
4.000%, due 11/15/231 |
|
$ |
200,000 |
|
203,473 |
| ||
Total Ireland corporate bonds |
|
|
|
1,199,046 |
| |||
|
|
|
|
|
| |||
Israel: 0.42% |
|
|
|
|
| |||
Delek & Avner Tamar Bond Ltd., |
|
|
|
|
| |||
3.839%, due 12/30/181 |
|
1,020,000 |
|
1,020,000 |
| |||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| |||
3.650%, due 11/10/21 |
|
315,000 |
|
320,168 |
| |||
Total Israel corporate bonds |
|
|
|
1,340,168 |
| |||
|
|
|
|
|
| |||
Italy: 1.20% |
|
|
|
|
| |||
Assicurazioni Generali SpA, |
|
|
|
|
| |||
2.875%, due 01/14/20 |
|
EUR |
120,000 |
|
164,036 |
| ||
4.875%, due 11/11/142 |
|
195,000 |
|
247,493 |
| |||
Ei Towers SpA, |
|
|
|
|
| |||
3.875%, due 04/26/18 |
|
285,000 |
|
384,418 |
| |||
Intesa Sanpaolo SpA, |
|
|
|
|
| |||
3.625%, due 08/12/151 |
|
$ |
235,000 |
|
240,093 |
| ||
3.875%, due 01/16/18 |
|
320,000 |
|
333,678 |
| |||
4.375%, due 10/15/192 |
|
EUR |
200,000 |
|
291,743 |
| ||
Snam SpA, |
|
|
|
|
| |||
3.875%, due 03/19/182 |
|
460,000 |
|
642,819 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Telecom Italia SpA, |
|
|
|
|
| |||
6.125%, due 12/14/18 |
|
EUR |
300,000 |
|
$ |
433,403 |
| |
Terna Rete Elettrica Nazionale SpA, |
|
|
|
|
| |||
4.125%, due 02/17/17 |
|
265,000 |
|
362,662 |
| |||
UniCredit SpA, |
|
|
|
|
| |||
3.250%, due 01/14/21 |
|
295,000 |
|
406,975 |
| |||
6.375%, due 05/02/232,3 |
|
$ |
340,000 |
|
358,700 |
| ||
Total Italy corporate bonds |
|
|
|
3,866,020 |
| |||
|
|
|
|
|
| |||
Japan: 0.25% |
|
|
|
|
| |||
Bank of Tokyo-Mitsubishi UFJ Ltd., |
|
|
|
|
| |||
2.350%, due 09/08/191 |
|
380,000 |
|
376,811 |
| |||
Japan Tobacco, Inc., |
|
|
|
|
| |||
2.100%, due 07/23/181 |
|
250,000 |
|
251,901 |
| |||
Nippon Telegraph & Telephone Corp., |
|
|
|
|
| |||
1.400%, due 07/18/17 |
|
170,000 |
|
169,750 |
| |||
Total Japan corporate bonds |
|
|
|
798,462 |
| |||
|
|
|
|
|
| |||
Jersey, Channel Islands: 0.60% |
|
|
|
|
| |||
AA Bond Co., Ltd., |
|
|
|
|
| |||
4.720%, due 07/31/182 |
|
GBP |
175,000 |
|
300,187 |
| ||
Gatwick Funding Ltd., |
|
|
|
|
| |||
5.250%, due 01/23/242 |
|
150,000 |
|
273,882 |
| |||
Heathrow Funding Ltd., |
|
|
|
|
| |||
4.600%, due 02/15/182 |
|
EUR |
465,000 |
|
662,406 |
| ||
HSBC Capital Funding LP, |
|
|
|
|
| |||
5.130%, due 03/29/163,5 |
|
170,000 |
|
224,381 |
| |||
QBE Capital Funding III Ltd., |
|
|
|
|
| |||
7.250%, due 05/24/412,3 |
|
$ |
430,000 |
|
468,700 |
| ||
Total Jersey, Channel Islands corporate bonds |
|
|
|
1,929,556 |
| |||
|
|
|
|
|
| |||
Luxembourg: 0.34% |
|
|
|
|
| |||
Actavis Funding SCS, |
|
|
|
|
| |||
1.300%, due 06/15/171 |
|
90,000 |
|
88,319 |
| |||
ArcelorMittal, |
|
|
|
|
| |||
9.500%, due 02/15/15 |
|
305,000 |
|
313,388 |
| |||
Belfius Financing Co., |
|
|
|
|
| |||
1.261%, due 02/09/173 |
|
GBP |
210,000 |
|
326,824 |
| ||
Prologis International Funding II SA, |
|
|
|
|
| |||
2.875%, due 04/04/22 |
|
EUR |
170,000 |
|
229,184 |
| ||
SES, |
|
|
|
|
| |||
3.600%, due 04/04/231 |
|
$ |
125,000 |
|
125,985 |
| ||
Total Luxembourg corporate bonds |
|
|
|
1,083,700 |
| |||
|
|
|
|
|
| |||
Mexico: 0.33% |
|
|
|
|
| |||
America Movil SAB de CV, |
|
|
|
|
| |||
5.000%, due 03/30/20 |
|
695,000 |
|
760,545 |
| |||
Coca-Cola Femsa SAB de CV, |
|
|
|
|
| |||
2.375%, due 11/26/18 |
|
300,000 |
|
301,470 |
| |||
Total Mexico corporate bonds |
|
|
|
1,062,015 |
| |||
|
|
|
|
|
| |||
Netherlands: 3.60% |
|
|
|
|
| |||
ABN Amro Bank NV, |
|
|
|
|
| |||
4.875%, due 01/16/192 |
|
GBP |
250,000 |
|
446,427 |
| ||
Achmea BV, |
|
|
|
|
| |||
2.500%, due 11/19/20 |
|
EUR |
700,000 |
|
948,063 |
| ||
Allianz Finance II BV, |
|
|
|
|
| |||
4.375%, due 02/17/173,5 |
|
345,000 |
|
453,706 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
Netherlands(concluded) |
|
|
|
|
| |||
Bharti Airtel International Netherlands BV, |
|
|
|
|
| |||
3.375%, due 05/20/211 |
|
EUR |
100,000 |
|
$ |
134,310 |
| |
4.000%, due 12/10/18 |
|
395,000 |
|
544,225 |
| |||
British American Tobacco Holdings The Netherlands BV, |
|
|
|
|
| |||
2.375%, due 01/19/232 |
|
450,000 |
|
608,220 |
| |||
Coca-Cola HBC Finance BV, |
|
|
|
|
| |||
2.375%, due 06/18/202 |
|
440,000 |
|
585,474 |
| |||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, |
|
|
|
|
| |||
1.700%, due 03/19/18 |
|
$ |
580,000 |
|
579,457 |
| ||
2.500%, due 05/26/263 |
|
EUR |
540,000 |
|
686,600 |
| ||
Deutsche Telekom International Finance BV, |
|
|
|
|
| |||
4.000%, due 01/19/15 |
|
580,000 |
|
740,706 |
| |||
6.500%, due 04/08/22 |
|
GBP |
120,000 |
|
236,343 |
| ||
E.ON International Finance BV, |
|
|
|
|
| |||
5.875%, due 10/30/37 |
|
50,000 |
|
99,119 |
| |||
EDP Finance BV, |
|
|
|
|
| |||
3.250%, due 03/16/152 |
|
EUR |
300,000 |
|
382,410 |
| ||
Heineken NV, |
|
|
|
|
| |||
2.125%, due 08/04/202 |
|
445,000 |
|
597,502 |
| |||
Iberdrola International BV, |
|
|
|
|
| |||
4.500%, due 09/21/17 |
|
200,000 |
|
281,405 |
| |||
Koninklijke KPN NV, |
|
|
|
|
| |||
6.500%, due 01/15/16 |
|
500,000 |
|
680,958 |
| |||
LYB International Finance BV, |
|
|
|
|
| |||
5.250%, due 07/15/43 |
|
$ |
215,000 |
|
231,608 |
| ||
Nomura Europe Finance NV, |
|
|
|
|
| |||
1.875%, due 05/29/182 |
|
EUR |
350,000 |
|
455,875 |
| ||
Redexis Gas Finance BV, |
|
|
|
|
| |||
2.750%, due 04/08/21 |
|
250,000 |
|
334,312 |
| |||
REN Finance BV, |
|
|
|
|
| |||
4.750%, due 10/16/20 |
|
245,000 |
|
357,257 |
| |||
Repsol International Finance BV, |
|
|
|
|
| |||
4.250%, due 02/12/162 |
|
200,000 |
|
265,443 |
| |||
4.375%, due 02/20/182 |
|
100,000 |
|
141,111 |
| |||
Royal Bank of Scotland NV, |
|
|
|
|
| |||
0.932%, due 03/09/153 |
|
$ |
325,000 |
|
323,781 |
| ||
Siemens Financieringsmaatschappij NV, |
|
|
|
|
| |||
5.125%, due 02/20/17 |
|
EUR |
270,000 |
|
379,564 |
| ||
6.125%, due 09/14/663 |
|
GBP |
160,000 |
|
275,595 |
| ||
SPP Infrastructure Financing BV, |
|
|
|
|
| |||
3.750%, due 07/18/202 |
|
EUR |
205,000 |
|
277,304 |
| ||
TenneT Holding BV, |
|
|
|
|
| |||
6.655%, due 06/01/173,5 |
|
150,000 |
|
210,772 |
| |||
Volkswagen International Finance NV, |
|
|
|
|
| |||
2.125%, due 01/19/152 |
|
270,000 |
|
342,936 |
| |||
Total Netherlands corporate bonds |
|
|
|
11,600,483 |
| |||
|
|
|
|
|
| |||
Norway: 0.66% |
|
|
|
|
| |||
Avinor AS, |
|
|
|
|
| |||
1.750%, due 03/20/21 |
|
120,000 |
|
158,017 |
| |||
DNB Bank ASA, |
|
|
|
|
| |||
3.200%, due 04/03/171 |
|
$ |
450,000 |
|
469,789 |
| ||
SpareBank 1 SMN, |
|
|
|
|
| |||
1.500%, due 05/20/19 |
|
EUR |
200,000 |
|
259,961 |
| ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
SpareBank 1 SR Bank ASA, |
|
|
|
|
| |||
2.125%, due 04/14/21 |
|
EUR |
450,000 |
|
$ |
594,862 |
| |
Statoil ASA, |
|
|
|
|
| |||
3.125%, due 08/17/17 |
|
$ |
335,000 |
|
351,663 |
| ||
4.800%, due 11/08/43 |
|
265,000 |
|
287,138 |
| |||
Total Norway corporate bonds |
|
|
|
2,121,430 |
| |||
|
|
|
|
|
| |||
Portugal: 0.09% |
|
|
|
|
| |||
Caixa Geral de Depositos SA, |
|
|
|
|
| |||
3.750%, due 01/18/18 |
|
EUR |
200,000 |
|
276,444 |
| ||
|
|
|
|
|
| |||
Qatar: 0.06% |
|
|
|
|
| |||
Qtel International Finance Ltd., |
|
|
|
|
| |||
3.875%, due 01/31/281 |
|
$ |
200,000 |
|
188,300 |
| ||
|
|
|
|
|
| |||
Singapore: 0.08% |
|
|
|
|
| |||
United Overseas Bank Ltd., |
|
|
|
|
| |||
3.750%, due 09/19/243 |
|
250,000 |
|
251,295 |
| |||
|
|
|
|
|
| |||
South Korea: 0.10% |
|
|
|
|
| |||
GS Caltex Corp., |
|
|
|
|
| |||
5.500%, due 04/24/172 |
|
300,000 |
|
324,986 |
| |||
|
|
|
|
|
| |||
Spain: 0.75% |
|
|
|
|
| |||
Banco de Sabadell SA, |
|
|
|
|
| |||
3.375%, due 01/23/18 |
|
EUR |
100,000 |
|
137,757 |
| ||
BBVA Senior Finance SAU, |
|
|
|
|
| |||
3.250%, due 03/21/16 |
|
100,000 |
|
131,569 |
| |||
BBVA US Senior SAU, |
|
|
|
|
| |||
4.664%, due 10/09/15 |
|
$ |
460,000 |
|
477,382 |
| ||
Santander International Debt SAU, |
|
|
|
|
| |||
1.375%, due 03/25/17 |
|
EUR |
600,000 |
|
772,994 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| |||
4.710%, due 01/20/202 |
|
600,000 |
|
892,126 |
| |||
Total Spain corporate bonds |
|
|
|
2,411,828 |
| |||
|
|
|
|
|
| |||
Sweden: 0.36% |
|
|
|
|
| |||
Svenska Handelsbanken AB, |
|
|
|
|
| |||
5.125%, due 03/30/201 |
|
$ |
475,000 |
|
538,075 |
| ||
Swedbank Hypotek AB, |
|
|
|
|
| |||
2.375%, due 04/05/171 |
|
440,000 |
|
452,439 |
| |||
Vattenfall AB, |
|
|
|
|
| |||
6.750%, due 01/31/19 |
|
EUR |
100,000 |
|
158,963 |
| ||
Total Sweden corporate bonds |
|
|
|
1,149,477 |
| |||
|
|
|
|
|
| |||
Switzerland: 0.08% |
|
|
|
|
| |||
Credit Suisse, |
|
|
|
|
| |||
3.625%, due 09/09/24 |
|
$ |
250,000 |
|
246,652 |
| ||
|
|
|
|
|
| |||
United Kingdom: 5.79% |
|
|
|
|
| |||
Abbey National Treasury Services PLC, |
|
|
|
|
| |||
1.750%, due 01/15/182 |
|
EUR |
440,000 |
|
575,002 |
| ||
4.000%, due 03/13/24 |
|
$ |
370,000 |
|
375,003 |
| ||
Anglian Water Services Financing PLC, |
|
|
|
|
| |||
4.500%, due 02/22/262 |
|
GBP |
100,000 |
|
167,087 |
| ||
Aon PLC, |
|
|
|
|
| |||
2.875%, due 05/14/26 |
|
EUR |
155,000 |
|
207,361 |
| ||
Arqiva Financing PLC, |
|
|
|
|
| |||
4.040%, due 06/30/202 |
|
GBP |
325,000 |
|
539,097 |
| ||
4.882%, due 12/31/322 |
|
250,000 |
|
428,007 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(continued) |
|
|
|
|
| ||
Corporate bonds(continued) |
|
|
|
|
| ||
United Kingdom(concluded) |
|
|
|
|
| ||
Aviva PLC, |
|
|
|
|
| ||
4.729%, due 11/28/143,5 |
|
EUR |
395,000 |
|
$ |
497,696 |
|
Barclays Bank PLC, |
|
|
|
|
| ||
2.250%, due 05/10/171 |
|
$ |
360,000 |
|
368,834 |
| |
5.750%, due 08/17/212 |
|
GBP |
205,000 |
|
385,633 |
| |
6.625%, due 03/30/222 |
|
EUR |
200,000 |
|
316,489 |
| |
Barclays PLC, |
|
|
|
|
| ||
4.375%, due 09/11/24 |
|
$ |
760,000 |
|
736,562 |
| |
BP Capital Markets PLC, |
|
|
|
|
| ||
1.375%, due 05/10/18 |
|
360,000 |
|
353,543 |
| ||
2.750%, due 05/10/234 |
|
160,000 |
|
151,117 |
| ||
British Sky Broadcasting Group PLC, |
|
|
|
|
| ||
3.750%, due 09/16/241 |
|
200,000 |
|
199,540 |
| ||
British Telecommunications PLC, |
|
|
|
|
| ||
8.500%, due 12/07/162 |
|
GBP |
300,000 |
|
554,862 |
| |
BUPA Finance PLC, |
|
|
|
|
| ||
6.125%, due 09/16/203,5 |
|
250,000 |
|
429,909 |
| ||
Centrica PLC, |
|
|
|
|
| ||
5.375%, due 10/16/431 |
|
$ |
200,000 |
|
216,454 |
| |
Diageo Capital PLC, |
|
|
|
|
| ||
3.875%, due 04/29/43 |
|
235,000 |
|
218,869 |
| ||
EE Finance PLC, |
|
|
|
|
| ||
4.375%, due 03/28/192 |
|
GBP |
345,000 |
|
588,429 |
| |
GlaxoSmithKline Capital PLC, |
|
|
|
|
| ||
1.500%, due 05/08/17 |
|
$ |
330,000 |
|
332,237 |
| |
1.500%, due 05/08/174 |
|
120,000 |
|
120,814 |
| ||
HSBC Holdings PLC, |
|
|
|
|
| ||
5.100%, due 04/05/21 |
|
785,000 |
|
883,361 |
| ||
6.375%, due 09/17/243,5 |
|
800,000 |
|
799,000 |
| ||
Imperial Tobacco Finance PLC, |
|
|
|
|
| ||
2.050%, due 02/11/181 |
|
420,000 |
|
418,300 |
| ||
9.000%, due 02/17/222 |
|
GBP |
90,000 |
|
195,712 |
| |
Liverpool Victoria Friendly Society Ltd., |
|
|
|
|
| ||
6.500%, due 05/22/432,3 |
|
410,000 |
|
678,163 |
| ||
Lloyds Bank PLC, |
|
|
|
|
| ||
7.500%, due 04/15/24 |
|
215,000 |
|
458,037 |
| ||
11.875%, due 12/16/212,3 |
|
EUR |
195,000 |
|
300,664 |
| |
National Express Group PLC, |
|
|
|
|
| ||
6.250%, due 01/13/17 |
|
GBP |
200,000 |
|
352,156 |
| |
National Grid Electricity Transmission PLC, |
|
|
|
|
| ||
4.000%, due 06/08/272 |
|
230,000 |
|
382,186 |
| ||
Northern Gas Networks Finance PLC, |
|
|
|
|
| ||
5.875%, due 07/08/19 |
|
175,000 |
|
322,004 |
| ||
Royal Bank of Scotland PLC, |
|
|
|
|
| ||
6.934%, due 04/09/18 |
|
EUR |
690,000 |
|
1,000,051 |
| |
Scottish & Southern Energy PLC, |
|
|
|
|
| ||
5.453%, due 10/01/153,5 |
|
GBP |
172,000 |
|
285,237 |
| |
Scottish Widows PLC, |
|
|
|
|
| ||
5.500%, due 06/16/23 |
|
200,000 |
|
337,219 |
| ||
Sinopec Capital 2013 Ltd., |
|
|
|
|
| ||
3.125%, due 04/24/231 |
|
$ |
680,000 |
|
642,573 |
| |
Sinopec Group Overseas Development 2013 Ltd., |
|
|
|
|
| ||
2.625%, due 10/17/202 |
|
EUR |
100,000 |
|
133,975 |
| |
SSE PLC, |
|
|
|
|
| ||
2.000%, due 06/17/20 |
|
150,000 |
|
199,175 |
| ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Standard Chartered PLC, |
|
|
|
|
| ||||
4.000%, due 07/12/222,3 |
|
$ |
550,000 |
|
$ |
564,625 |
| ||
Tesco Property Finance 4 PLC, |
|
|
|
|
| ||||
5.801%, due 10/13/402 |
|
GBP |
247,638 |
|
421,738 |
| |||
Thames Water Utilities Finance Ltd., |
|
|
|
|
| ||||
5.125%, due 09/28/37 |
|
325,000 |
|
589,137 |
| ||||
Wales & West Utilities Finance PLC, |
|
|
|
|
| ||||
5.125%, due 12/02/162 |
|
550,000 |
|
955,211 |
| ||||
6.750%, due 12/17/363 |
|
50,000 |
|
92,484 |
| ||||
Western Power Distribution West Midlands PLC, |
|
|
|
|
| ||||
5.750%, due 04/16/322 |
|
100,000 |
|
194,384 |
| ||||
WPP Finance 2010, |
|
|
|
|
| ||||
3.750%, due 09/19/244 |
|
$ |
260,000 |
|
256,427 |
| |||
WPP PLC, |
|
|
|
|
| ||||
6.625%, due 05/12/162 |
|
EUR |
305,000 |
|
423,128 |
| |||
Total United Kingdom corporate bonds |
|
|
|
18,647,492 |
| ||||
|
|
|
|
|
| ||||
United States: 19.30% |
|
|
|
|
| ||||
21st Century Fox America, Inc., |
|
|
|
|
| ||||
6.200%, due 12/15/34 |
|
$ |
535,000 |
|
649,644 |
| |||
ABB Finance USA, Inc., |
|
|
|
|
| ||||
2.875%, due 05/08/22 |
|
365,000 |
|
360,746 |
| ||||
AbbVie, Inc., |
|
|
|
|
| ||||
2.900%, due 11/06/22 |
|
400,000 |
|
382,449 |
| ||||
4.400%, due 11/06/42 |
|
245,000 |
|
230,170 |
| ||||
Aetna, Inc., |
|
|
|
|
| ||||
2.200%, due 03/15/19 |
|
75,000 |
|
74,283 |
| ||||
4.750%, due 03/15/44 |
|
85,000 |
|
86,422 |
| ||||
Alltel Corp., |
|
|
|
|
| ||||
7.875%, due 07/01/32 |
|
435,000 |
|
617,495 |
| ||||
Altria Group, Inc., |
|
|
|
|
| ||||
4.250%, due 08/09/42 |
|
925,000 |
|
838,787 |
| ||||
American Airlines Pass Through Trust, |
|
|
|
|
| ||||
Series 2014-1, Class B, |
|
|
|
|
| ||||
4.375%, due 10/01/22 |
|
65,000 |
|
65,813 |
| ||||
American Express Credit Corp., |
|
|
|
|
| ||||
1.300%, due 07/29/16 |
|
275,000 |
|
276,834 |
| ||||
American International Group, Inc., |
|
|
|
|
| ||||
3.375%, due 08/15/20 |
|
495,000 |
|
509,805 |
| ||||
4.500%, due 07/16/44 |
|
190,000 |
|
187,709 |
| ||||
American Tower Corp., |
|
|
|
|
| ||||
3.400%, due 02/15/19 |
|
110,000 |
|
112,384 |
| ||||
Anadarko Petroleum Corp., |
|
|
|
|
| ||||
6.375%, due 09/15/17 |
|
775,000 |
|
878,476 |
| ||||
Apache Corp., |
|
|
|
|
| ||||
4.750%, due 04/15/43 |
|
585,000 |
|
584,612 |
| ||||
AT&T, Inc., |
|
|
|
|
| ||||
2.500%, due 03/15/23 |
|
EUR |
310,000 |
|
414,965 |
| |||
5.550%, due 08/15/41 |
|
$ |
415,000 |
|
450,831 |
| |||
Bank of America Corp., |
|
|
|
|
| ||||
1.875%, due 01/10/19 |
|
EUR |
1,175,000 |
|
1,546,383 |
| |||
4.200%, due 08/26/24 |
|
$ |
250,000 |
|
247,838 |
| |||
5.875%, due 02/07/42 |
|
235,000 |
|
281,579 |
| ||||
Bank of New York Mellon Corp., |
|
|
|
|
| ||||
1.350%, due 03/06/18 |
|
730,000 |
|
719,662 |
| ||||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||||
1.300%, due 05/15/18 |
|
245,000 |
|
241,472 |
| ||||
Boston Scientific Corp., |
|
|
|
|
| ||||
6.000%, due 01/15/20 |
|
460,000 |
|
524,456 |
| ||||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
United States(continued) |
|
|
|
|
| |||
Branch Banking & Trust Co., |
|
|
|
|
| |||
1.350%, due 10/01/17 |
|
$ |
265,000 |
|
$ |
263,191 |
| |
Burlington Northern Santa Fe LLC, |
|
|
|
|
| |||
3.450%, due 09/15/21 |
|
565,000 |
|
582,689 |
| |||
5.400%, due 06/01/41 |
|
240,000 |
|
269,939 |
| |||
Capital One Financial Corp., |
|
|
|
|
| |||
1.000%, due 11/06/15 |
|
645,000 |
|
646,800 |
| |||
Caterpillar, Inc., |
|
|
|
|
| |||
4.750%, due 05/15/64 |
|
290,000 |
|
301,090 |
| |||
CF Industries, Inc., |
|
|
|
|
| |||
5.150%, due 03/15/34 |
|
335,000 |
|
353,011 |
| |||
Chevron Corp., |
|
|
|
|
| |||
2.355%, due 12/05/22 |
|
225,000 |
|
214,267 |
| |||
2.427%, due 06/24/20 |
|
165,000 |
|
166,785 |
| |||
Cisco Systems, Inc., |
|
|
|
|
| |||
2.900%, due 03/04/21 |
|
85,000 |
|
85,810 |
| |||
Citigroup, Inc., |
|
|
|
|
| |||
0.747%, due 05/31/173 |
|
EUR |
465,000 |
|
580,770 |
| ||
6.000%, due 08/15/17 |
|
$ |
965,000 |
|
1,080,777 |
| ||
Coca-Cola Co., |
|
|
|
|
| |||
1.800%, due 09/01/16 |
|
390,000 |
|
397,697 |
| |||
1.875%, due 09/22/26 |
|
EUR |
205,000 |
|
260,971 |
| ||
Comcast Corp., |
|
|
|
|
| |||
4.750%, due 03/01/44 |
|
$ |
105,000 |
|
110,773 |
| ||
ConocoPhillips, |
|
|
|
|
| |||
4.600%, due 01/15/15 |
|
525,000 |
|
531,077 |
| |||
Delta Air Lines Pass Through Trust, |
|
|
|
|
| |||
Series 2007-1, Class A, |
|
|
|
|
| |||
6.821%, due 08/10/22 |
|
37,742 |
|
43,970 |
| |||
DIRECTV Holdings LLC, |
|
|
|
|
| |||
5.000%, due 03/01/21 |
|
690,000 |
|
764,078 |
| |||
Dow Chemical Co., |
|
|
|
|
| |||
3.500%, due 10/01/24 |
|
490,000 |
|
477,945 |
| |||
Duke Energy Corp., |
|
|
|
|
| |||
3.050%, due 08/15/22 |
|
460,000 |
|
456,877 |
| |||
Enable Midstream Partners LP, |
|
|
|
|
| |||
2.400%, due 05/15/191 |
|
155,000 |
|
153,378 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
440,000 |
|
479,198 |
| |||
Enterprise Products Operating LLC, |
|
|
|
|
| |||
4.850%, due 03/15/44 |
|
360,000 |
|
365,670 |
| |||
5.200%, due 09/01/20 |
|
235,000 |
|
263,878 |
| |||
ERAC USA Finance LLC, |
|
|
|
|
| |||
5.625%, due 03/15/421 |
|
250,000 |
|
282,345 |
| |||
Express Scripts Holding Co., |
|
|
|
|
| |||
2.250%, due 06/15/19 |
|
380,000 |
|
374,676 |
| |||
Exxon Mobil Corp., |
|
|
|
|
| |||
0.921%, due 03/15/17 |
|
70,000 |
|
69,866 |
| |||
1.819%, due 03/15/19 |
|
320,000 |
|
319,893 |
| |||
Fifth Third Bank, |
|
|
|
|
| |||
2.875%, due 10/01/21 |
|
345,000 |
|
339,613 |
| |||
Five Corners Funding Trust, |
|
|
|
|
| |||
4.419%, due 11/15/231 |
|
390,000 |
|
408,202 |
| |||
Ford Motor Credit Co. LLC, |
|
|
|
|
| |||
3.000%, due 06/12/17 |
|
970,000 |
|
1,001,114 |
| |||
Freeport-McMoRan, Inc., |
|
|
|
|
| |||
3.100%, due 03/15/204 |
|
310,000 |
|
307,570 |
| |||
3.875%, due 03/15/23 |
|
335,000 |
|
330,415 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
General Electric Capital Corp., |
|
|
|
|
| |||
1.000%, due 12/11/15 |
|
$ |
765,000 |
|
$ |
769,184 |
| |
4.375%, due 09/16/204 |
|
560,000 |
|
612,187 |
| |||
Series A, 6.750%, due 03/15/32 |
|
1,010,000 |
|
1,331,621 |
| |||
General Electric Co., |
|
|
|
|
| |||
4.125%, due 10/09/42 |
|
245,000 |
|
243,420 |
| |||
Georgia Power Co., |
|
|
|
|
| |||
0.750%, due 08/10/15 |
|
375,000 |
|
375,629 |
| |||
5.400%, due 06/01/40 |
|
305,000 |
|
352,945 |
| |||
Gilead Sciences, Inc., |
|
|
|
|
| |||
2.050%, due 04/01/19 |
|
250,000 |
|
248,108 |
| |||
4.800%, due 04/01/44 |
|
270,000 |
|
283,760 |
| |||
Glencore Funding LLC, |
|
|
|
|
| |||
2.500%, due 01/15/191,4 |
|
325,000 |
|
318,149 |
| |||
3.125%, due 04/29/191 |
|
230,000 |
|
230,138 |
| |||
Goldman Sachs Group, Inc., |
|
|
|
|
| |||
3.250%, due 02/01/232 |
|
EUR |
640,000 |
|
897,664 |
| ||
4.375%, due 03/16/172 |
|
800,000 |
|
1,104,613 |
| |||
Hartford Financial Services Group, Inc., |
|
|
|
|
| |||
4.300%, due 04/15/43 |
|
$ |
265,000 |
|
253,483 |
| ||
Hewlett-Packard Co., |
|
|
|
|
| |||
2.625%, due 12/09/14 |
|
1,045,000 |
|
1,049,390 |
| |||
Illinois Tool Works, Inc., |
|
|
|
|
| |||
3.000%, due 05/19/34 |
|
EUR |
215,000 |
|
290,228 |
| ||
International Business Machines Corp., |
|
|
|
|
| |||
3.375%, due 08/01/23 |
|
$ |
425,000 |
|
429,108 |
| ||
Jefferies Group LLC, |
|
|
|
|
| |||
2.375%, due 05/20/20 |
|
EUR |
175,000 |
|
226,029 |
| ||
Johnson Controls, Inc., |
|
|
|
|
| |||
3.625%, due 07/02/24 |
|
$ |
160,000 |
|
158,657 |
| ||
4.950%, due 07/02/64 |
|
130,000 |
|
126,837 |
| |||
JPMorgan Chase & Co., |
|
|
|
|
| |||
1.800%, due 01/25/18 |
|
410,000 |
|
409,120 |
| |||
3.200%, due 01/25/23 |
|
2,035,000 |
|
1,986,526 |
| |||
3.875%, due 09/10/24 |
|
185,000 |
|
181,363 |
| |||
Juniper Networks, Inc., |
|
|
|
|
| |||
4.500%, due 03/15/244 |
|
275,000 |
|
283,372 |
| |||
Kellogg Co., |
|
|
|
|
| |||
1.875%, due 11/17/16 |
|
335,000 |
|
340,085 |
| |||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| |||
3.500%, due 03/01/21 |
|
70,000 |
|
70,238 |
| |||
5.000%, due 03/01/43 |
|
565,000 |
|
522,381 |
| |||
Kinder Morgan, Inc., |
|
|
|
|
| |||
5.000%, due 02/15/211 |
|
340,000 |
|
354,450 |
| |||
Kraft Foods Group, Inc., |
|
|
|
|
| |||
5.000%, due 06/04/42 |
|
340,000 |
|
355,454 |
| |||
Laboratory Corp. of America Holdings, |
|
|
|
|
| |||
2.500%, due 11/01/18 |
|
225,000 |
|
226,060 |
| |||
Liberty Mutual Group, Inc., |
|
|
|
|
| |||
4.250%, due 06/15/231 |
|
430,000 |
|
439,469 |
| |||
Lincoln National Corp., |
|
|
|
|
| |||
4.200%, due 03/15/22 |
|
575,000 |
|
606,289 |
| |||
Lorillard Tobacco Co., |
|
|
|
|
| |||
6.875%, due 05/01/20 |
|
110,000 |
|
128,977 |
| |||
Lowes Cos., Inc., |
|
|
|
|
| |||
4.250%, due 09/15/44 |
|
380,000 |
|
370,294 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(continued) |
|
|
|
|
| |||
Corporate bonds(continued) |
|
|
|
|
| |||
United States(concluded) |
|
|
|
|
| |||
Marathon Petroleum Corp., |
|
|
|
|
| |||
3.625%, due 09/15/24 |
|
$ |
380,000 |
|
$ |
371,966 |
| |
McKesson Corp., |
|
|
|
|
| |||
4.883%, due 03/15/44 |
|
135,000 |
|
139,010 |
| |||
Medtronic, Inc., |
|
|
|
|
| |||
4.625%, due 03/15/44 |
|
130,000 |
|
133,805 |
| |||
Merck & Co., Inc., |
|
|
|
|
| |||
6.550%, due 09/15/37 |
|
255,000 |
|
337,976 |
| |||
MetLife, Inc., |
|
|
|
|
| |||
4.875%, due 11/13/43 |
|
480,000 |
|
510,715 |
| |||
Metropolitan Life Global Funding I, |
|
|
|
|
| |||
2.375%, due 09/30/192 |
|
EUR |
530,000 |
|
719,962 |
| ||
Microsoft Corp., |
|
|
|
|
| |||
2.625%, due 05/02/33 |
|
300,000 |
|
401,400 |
| |||
3.500%, due 11/15/42 |
|
$ |
320,000 |
|
286,929 |
| ||
Mondelez International, Inc., |
|
|
|
|
| |||
2.375%, due 01/26/21 |
|
EUR |
630,000 |
|
848,063 |
| ||
5.375%, due 02/10/20 |
|
$ |
359,000 |
|
407,018 |
| ||
Monongahela Power Co., |
|
|
|
|
| |||
5.400%, due 12/15/431 |
|
250,000 |
|
286,162 |
| |||
Monsanto Co., |
|
|
|
|
| |||
4.200%, due 07/15/34 |
|
325,000 |
|
327,371 |
| |||
Morgan Stanley, |
|
|
|
|
| |||
2.375%, due 07/23/19 |
|
1,305,000 |
|
1,284,365 |
| |||
2.375%, due 03/31/21 |
|
EUR |
230,000 |
|
307,788 |
| ||
4.350%, due 09/08/26 |
|
$ |
340,000 |
|
334,158 |
| ||
6.375%, due 07/24/42 |
|
170,000 |
|
212,251 |
| |||
Mosaic Co., |
|
|
|
|
| |||
5.450%, due 11/15/33 |
|
200,000 |
|
221,071 |
| |||
Navient LLC, |
|
|
|
|
| |||
6.250%, due 01/25/16 |
|
325,000 |
|
337,350 |
| |||
NBCUniversal Media LLC, |
|
|
|
|
| |||
4.375%, due 04/01/21 |
|
825,000 |
|
898,714 |
| |||
5.150%, due 04/30/20 |
|
420,000 |
|
476,858 |
| |||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| |||
7.000%, due 05/01/32 |
|
146,000 |
|
199,688 |
| |||
PacifiCorp, |
|
|
|
|
| |||
6.000%, due 01/15/39 |
|
405,000 |
|
513,533 |
| |||
Pemex Project Funding Master Trust, |
|
|
|
|
| |||
5.500%, due 02/24/252 |
|
EUR |
245,000 |
|
386,992 |
| ||
Philip Morris International, Inc., |
|
|
|
|
| |||
1.750%, due 03/19/20 |
|
350,000 |
|
461,527 |
| |||
PNC Funding Corp., |
|
|
|
|
| |||
2.700%, due 09/19/164 |
|
$ |
300,000 |
|
309,562 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
| |||
4.700%, due 06/01/43 |
|
255,000 |
|
261,318 |
| |||
Priceline Group, Inc., |
|
|
|
|
| |||
2.375%, due 09/23/24 |
|
EUR |
220,000 |
|
280,127 |
| ||
QVC, Inc., |
|
|
|
|
| |||
4.375%, due 03/15/23 |
|
$ |
150,000 |
|
149,653 |
| ||
Republic Services, Inc., |
|
|
|
|
| |||
5.250%, due 11/15/21 |
|
675,000 |
|
764,820 |
| |||
Reynolds American, Inc., |
|
|
|
|
| |||
6.750%, due 06/15/17 |
|
520,000 |
|
586,877 |
| |||
SABMiller Holdings, Inc., |
|
|
|
|
| |||
1.875%, due 01/20/202 |
|
EUR |
400,000 |
|
529,882 |
| ||
Sempra Energy, |
|
|
|
|
| |||
6.000%, due 10/15/39 |
|
$ |
340,000 |
|
422,391 |
| ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Southwestern Electric Power Co., |
|
|
|
|
| |||
6.200%, due 03/15/40 |
|
$ |
455,000 |
|
$ |
579,294 |
| |
SunTrust Banks, Inc., |
|
|
|
|
| |||
1.350%, due 02/15/17 |
|
590,000 |
|
589,667 |
| |||
2.350%, due 11/01/18 |
|
320,000 |
|
320,767 |
| |||
Swiss Re Treasury US Corp., |
|
|
|
|
| |||
4.250%, due 12/06/421 |
|
210,000 |
|
204,131 |
| |||
Teachers Insurance & Annuity Association of America, |
|
|
|
|
| |||
4.900%, due 09/15/441 |
|
220,000 |
|
224,207 |
| |||
Thermo Fisher Scientific, Inc., |
|
|
|
|
| |||
4.150%, due 02/01/244 |
|
80,000 |
|
82,829 |
| |||
5.300%, due 02/01/44 |
|
80,000 |
|
87,807 |
| |||
Time Warner Cable, Inc., |
|
|
|
|
| |||
5.000%, due 02/01/20 |
|
815,000 |
|
905,665 |
| |||
Transocean, Inc., |
|
|
|
|
| |||
6.800%, due 03/15/38 |
|
275,000 |
|
267,794 |
| |||
Travelers Cos., Inc., |
|
|
|
|
| |||
4.600%, due 08/01/43 |
|
100,000 |
|
104,854 |
| |||
Tyson Foods, Inc., |
|
|
|
|
| |||
3.950%, due 08/15/24 |
|
140,000 |
|
140,245 |
| |||
5.150%, due 08/15/44 |
|
170,000 |
|
175,915 |
| |||
Union Pacific Corp., |
|
|
|
|
| |||
4.750%, due 12/15/43 |
|
95,000 |
|
102,100 |
| |||
United Airlines Pass Through Trust, |
|
|
|
|
| |||
Series 2014-2, Class A, |
|
|
|
|
| |||
3.750%, due 09/03/26 |
|
145,000 |
|
146,813 |
| |||
Series 2014-1, Class A, |
|
|
|
|
| |||
4.000%, due 04/11/26 |
|
210,000 |
|
211,050 |
| |||
US Bancorp, |
|
|
|
|
| |||
1.650%, due 05/15/17 |
|
365,000 |
|
368,321 |
| |||
Valero Energy Corp., |
|
|
|
|
| |||
6.625%, due 06/15/37 |
|
390,000 |
|
465,609 |
| |||
Verizon Communications, Inc., |
|
|
|
|
| |||
2.625%, due 02/21/201 |
|
722,000 |
|
712,943 |
| |||
3.250%, due 02/17/26 |
|
EUR |
130,000 |
|
184,007 |
| ||
4.500%, due 09/15/20 |
|
$ |
410,000 |
|
443,560 |
| ||
6.550%, due 09/15/43 |
|
830,000 |
|
1,036,995 |
| |||
Viacom, Inc., |
|
|
|
|
| |||
2.500%, due 09/01/18 |
|
95,000 |
|
96,194 |
| |||
Virginia Electric and Power Co., |
|
|
|
|
| |||
Series A, 6.000%, due 05/15/37 |
|
215,000 |
|
272,087 |
| |||
Wachovia Corp., |
|
|
|
|
| |||
5.750%, due 02/01/18 |
|
1,020,000 |
|
1,149,762 |
| |||
Waste Management, Inc., |
|
|
|
|
| |||
6.125%, due 11/30/39 |
|
270,000 |
|
334,048 |
| |||
WellPoint, Inc., |
|
|
|
|
| |||
5.100%, due 01/15/44 |
|
160,000 |
|
170,002 |
| |||
Williams Partners LP, |
|
|
|
|
| |||
4.300%, due 03/04/24 |
|
155,000 |
|
158,093 |
| |||
WM Wrigley Jr Co., |
|
|
|
|
| |||
2.000%, due 10/20/171 |
|
80,000 |
|
80,748 |
| |||
Xcel Energy, Inc., |
|
|
|
|
| |||
4.700%, due 05/15/20 |
|
140,000 |
|
155,207 |
| |||
4.800%, due 09/15/414 |
|
155,000 |
|
170,204 |
| |||
Yum! Brands, Inc., |
|
|
|
|
| |||
5.350%, due 11/01/43 |
|
360,000 |
|
391,538 |
| |||
Total United States corporate bonds |
|
|
|
62,184,136 |
| |||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(concluded) |
|
|
|
|
| ||||
Corporate bonds(concluded) |
|
|
|
|
| ||||
Virgin Islands, British: 0.07% |
|
|
|
|
| ||||
CNPC General Capital Ltd., |
|
|
|
|
| ||||
3.400%, due 04/16/231 |
|
$ |
250,000 |
|
$ |
238,755 |
| ||
Total corporate bonds (cost $133,340,495) |
|
|
|
134,867,243 |
| ||||
|
|
|
|
|
| ||||
Collateralized debt obligation: 0.00%6 |
|
|
|
|
| ||||
Cayman Islands: 0.00%6 |
|
|
|
|
| ||||
LNR CDO Ltd., |
|
|
|
|
| ||||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||||
7.592%, due 05/28/437 (cost $8,108,226) |
|
8,000,000 |
|
0 |
| ||||
|
|
|
|
|
| ||||
Mortgage & agency debt security: 0.01% |
|
|
|
|
| ||||
United States: 0.01% |
|
|
|
|
| ||||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||||
Series 2005-7, Class B11, |
|
|
|
|
| ||||
2.754%, due 04/25/353 (cost $84,923) |
|
693,396 |
|
51,356 |
| ||||
|
|
|
|
|
| ||||
Non-US government obligations: 11.84% |
|
|
|
|
| ||||
Australia: 5.50% |
|
|
|
|
| ||||
Government of Australia, |
|
|
|
|
| ||||
4.250%, due 07/21/17 |
|
AUD |
6,482,000 |
|
5,909,819 |
| |||
4.500%, due 04/15/20 |
|
6,376,000 |
|
5,991,146 |
| ||||
4.750%, due 06/15/16 |
|
6,440,000 |
|
5,840,458 |
| ||||
|
|
|
|
17,741,423 |
| ||||
Italy: 6.34% |
|
|
|
|
| ||||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||||
4.750%, due 09/01/441,2 |
|
EUR |
6,230,000 |
|
9,452,398 |
| |||
5.000%, due 09/01/402 |
|
7,000,000 |
|
10,969,993 |
| ||||
|
|
|
|
20,422,391 |
| ||||
Total Non-US government obligations (cost $39,319,103) |
|
|
|
38,163,814 |
| ||||
|
|
|
|
|
| ||||
Supranational bonds: 0.47% |
|
|
|
|
| ||||
Asian Development Bank, |
|
|
|
|
| ||||
1.000%, due 12/15/15 |
|
250,000 |
|
406,382 |
| ||||
European Investment Bank, |
|
|
|
|
| ||||
3.000%, due 12/07/15 |
|
225,000 |
|
374,101 |
| ||||
Inter-American Development Bank, |
|
|
|
|
| ||||
0.625%, due 12/15/15 |
|
225,000 |
|
364,029 |
| ||||
International Finance Corp., |
|
|
|
|
| ||||
0.625%, due 12/15/15 |
|
225,000 |
|
364,022 |
| ||||
Total supranational bonds (cost $1,455,647) |
|
|
|
1,508,534 |
| ||||
Total bonds (cost $182,308,394) |
|
|
|
174,590,947 |
| ||||
|
|
Shares |
|
|
|
Short-term investments: 32.88% |
|
|
|
|
|
Investment company: 7.58% |
|
|
|
|
|
UBS Cash Management Prime Relationship Fund8 (cost $24,409,791) |
|
24,409,791 |
|
24,409,791 |
|
|
|
Face |
|
|
|
US government obligations: 25.30% |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
0.031%, due 03/12/159 |
|
14,100,000 |
|
14,098,252 |
|
0.038%, due 01/08/159 |
|
33,800,000 |
|
33,798,377 |
|
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |
0.040%, due 11/13/149 |
|
33,626,000 |
|
$ |
33,625,611 |
|
Total US government obligations (cost $81,518,973) |
|
|
|
81,522,240 |
| |
Total short-term investments (cost $105,928,764) |
|
|
|
105,932,031 |
| |
|
|
Number of |
|
|
|
Options purchased: 0.69% |
|
|
|
|
|
Call options: 0.04% |
|
|
|
|
|
EURO STOXX 50 Index, strike @ EUR 3,500, expires December 2014 |
|
737 |
|
74,469 |
|
FTSE 100 Index, strike @ GBP 7,000, expires December 2014 |
|
286 |
|
62,593 |
|
|
|
|
|
137,062 |
|
Put options: 0.65% |
|
|
|
|
|
EURO STOXX 50 Index, strike @ EUR 2,700, expires December 2014 |
|
594 |
|
75,775 |
|
EURO STOXX 50 Index, strike @ EUR 2,500, expires December 2015 |
|
782 |
|
664,726 |
|
NIKKEI 225 Index, strike @ JPY 10,000, expires December 2014 |
|
235 |
|
10,714 |
|
S&P 500 Index, strike @ USD 1,900, expires December 2014 |
|
164 |
|
514,960 |
|
S&P 500 Index, strike @ USD 1,600, expires December 2015 |
|
163 |
|
815,000 |
|
|
|
|
|
2,081,175 |
|
Total options purchased (cost $3,783,686) |
|
|
|
2,218,237 |
|
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned: 0.41% |
|
|
|
|
| |
UBS Private Money Market Fund LLC8 (cost $1,336,740) |
|
1,336,740 |
|
1,336,740 |
| |
Total investments: 88.16% (cost $293,357,584) |
|
|
|
284,077,955 |
| |
Cash and other assets, less liabilities 11.84% |
|
|
|
38,138,230 |
| |
Net assets100.00% |
|
|
|
$ |
322,216,185 |
|
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 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 |
|
$ |
3,434,269 |
|
Gross unrealized depreciation |
|
(12,713,898 |
) | |
Net unrealized depreciation of investments |
|
$ |
(9,279,629 |
) |
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 |
6,387,171 |
|
AUD |
7,310,000 |
|
12/11/14 |
|
$ |
(19,284 |
) |
CIBC |
|
AUD |
36,880,000 |
|
USD |
34,250,087 |
|
12/11/14 |
|
2,123,183 |
| |
CIBC |
|
CAD |
11,220,000 |
|
USD |
10,280,656 |
|
12/11/14 |
|
279,214 |
| |
CIBC |
|
CHF |
18,095,000 |
|
USD |
19,726,478 |
|
12/11/14 |
|
759,999 |
| |
CIBC |
|
NZD |
37,970,000 |
|
USD |
31,323,731 |
|
12/11/14 |
|
1,893,188 |
| |
CIBC |
|
USD |
6,376,893 |
|
HUF |
1,522,450,000 |
|
12/11/14 |
|
(197,276 |
) | |
CIBC |
|
USD |
7,801,144 |
|
JPY |
817,400,000 |
|
12/11/14 |
|
(343,581 |
) | |
DB |
|
GBP |
12,250,000 |
|
USD |
20,143,557 |
|
12/11/14 |
|
296,822 |
| |
HSBC |
|
NZD |
2,340,000 |
|
USD |
1,889,152 |
|
12/11/14 |
|
75,418 |
| |
JPMCB |
|
EUR |
885,000 |
|
USD |
1,137,662 |
|
12/11/14 |
|
19,301 |
| |
JPMCB |
|
PHP |
290,186,125 |
|
USD |
6,445,000 |
|
12/11/14 |
|
(9,080 |
) | |
JPMCB |
|
USD |
13,718,213 |
|
PHP |
598,800,000 |
|
12/11/14 |
|
(400,199 |
) | |
MSCI |
|
USD |
6,323,128 |
|
NZD |
8,000,000 |
|
12/11/14 |
|
(122,329 |
) | |
SSB |
|
EUR |
44,690,000 |
|
USD |
58,772,266 |
|
12/11/14 |
|
2,298,184 |
| |
SSB |
|
USD |
6,386,954 |
|
MXN |
84,000,000 |
|
12/11/14 |
|
(162,920 |
) | |
SSB |
|
USD |
6,288,536 |
|
SEK |
44,020,000 |
|
12/11/14 |
|
(189,510 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
6,301,130 |
|
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 3 contracts (USD) |
|
December 2014 |
|
$ |
(451,121 |
) |
$ |
(457,501 |
) |
$ |
(6,380 |
) |
2 Year US Treasury Notes, 143 contracts (USD) |
|
December 2014 |
|
(31,290,079 |
) |
(31,294,657 |
) |
(4,578 |
) | |||
5 Year US Treasury Notes, 261 contracts (USD) |
|
December 2014 |
|
(30,938,462 |
) |
(30,865,289 |
) |
73,173 |
| |||
10 Year US Treasury Notes, 90 contracts (USD) |
|
December 2014 |
|
(11,285,337 |
) |
(11,217,656 |
) |
67,681 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini Industrial, 308 contracts (USD) |
|
December 2014 |
|
16,503,718 |
|
16,330,160 |
|
(173,558 |
) | |||
EURO STOXX 50 Index, 617 contracts (EUR) |
|
December 2014 |
|
25,295,673 |
|
25,042,678 |
|
(252,995 |
) | |||
FTSE 100 Index, 174 contracts (GBP) |
|
December 2014 |
|
19,270,990 |
|
18,583,255 |
|
(687,735 |
) | |||
FTSE China A50 Index, 2,221 contracts (USD) |
|
October 2014 |
|
15,850,966 |
|
16,032,344 |
|
181,378 |
| |||
FTSE MIB Index, 22 contracts (EUR) |
|
December 2014 |
|
2,887,314 |
|
2,886,238 |
|
(1,076 |
) | |||
Mini MSCI Emerging Markets Index, 185 contracts (USD) |
|
December 2014 |
|
9,796,561 |
|
9,274,975 |
|
(521,586 |
) | |||
MSCI Taiwan Index, 188 contracts (USD) |
|
October 2014 |
|
6,253,782 |
|
6,096,613 |
|
(157,169 |
) | |||
NIKKEI 225 Index, 141 contracts (JPY) |
|
December 2014 |
|
20,206,036 |
|
20,805,039 |
|
599,003 |
| |||
S&P 500 Index, 75 contracts (USD) |
|
December 2014 |
|
37,414,239 |
|
36,853,125 |
|
(561,114 |
) | |||
S&P Toronto Stock Exchange 60 Index, 65 contracts (CAD) |
|
December 2014 |
|
10,326,033 |
|
9,996,518 |
|
(329,515 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini Consumer Staples, 378 contracts (USD) |
|
December 2014 |
|
(16,993,557 |
) |
(17,040,240 |
) |
(46,683 |
) | |||
Hong Kong Hang Seng Index, 227 contracts (HKD) |
|
October 2014 |
|
(15,425,348 |
) |
(15,113,845 |
) |
311,503 |
| |||
SPI 200 Index, 74 contracts (AUD) |
|
December 2014 |
|
(8,982,230 |
) |
(8,541,121 |
) |
441,109 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 3 Year Bond, 627 contracts (AUD) |
|
December 2014 |
|
59,830,371 |
|
60,017,593 |
|
187,222 |
| |||
Canadian Government 10 Year Bond, 13 contracts (CAD) |
|
December 2014 |
|
1,587,741 |
|
1,572,606 |
|
(15,135 |
) | |||
Euro-Bobl, 16 contracts (EUR) |
|
December 2014 |
|
2,578,922 |
|
2,585,110 |
|
6,188 |
| |||
Euro-Bund, 17 contracts (EUR) |
|
December 2014 |
|
3,195,076 |
|
3,214,336 |
|
19,260 |
| |||
Long Gilt, 13 contracts (GBP) |
|
December 2014 |
|
2,374,983 |
|
2,384,420 |
|
9,437 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Buxl 30 Year Bond, 4 contracts (EUR) |
|
December 2014 |
|
(700,828 |
) |
(719,433 |
) |
(18,605 |
) | |||
Euro-BTP, 122 contracts (EUR) |
|
December 2014 |
|
(20,055,731 |
) |
(20,105,937 |
) |
(50,206 |
) | |||
Euro-Bund, 56 contracts (EUR) |
|
December 2014 |
|
(10,524,688 |
) |
(10,588,400 |
) |
(63,712 |
) | |||
Japanese Government 10 Year Bond, 18 contracts (JPY) |
|
December 2014 |
|
(23,916,120 |
) |
(23,935,445 |
) |
(19,325 |
) | |||
Long Gilt, 9 contracts (GBP) |
|
December 2014 |
|
(1,634,973 |
) |
(1,650,753 |
) |
(15,780 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(1,029,198 |
) | ||
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 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 |
|
$ |
|
|
$ |
(6,532,252 |
) |
$ |
(6,532,252 |
) |
GSI |
|
EUR |
|
31,200,000 |
|
06/21/21 |
|
6 month EURIBOR |
|
3.325 |
% |
|
|
7,178,888 |
|
7,178,888 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
646,636 |
|
$ |
646,636 |
|
Credit default swaps on corporate issues buy protection11
Counterparty |
|
Referenced obligation12 |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| |||||
BB |
|
Next PLC bond, 5.375%, due 10/26/21 |
|
EUR |
|
300,000 |
|
03/20/18 |
|
1.000 |
% |
$ |
(2,230 |
) |
$ |
(8,606 |
) |
$ |
(10,836 |
) |
CSFB |
|
Pfizer, Inc. bond, 4.650%, due 03/01/18 |
|
USD |
|
1,460,000 |
|
03/20/19 |
|
1.000 |
|
51,723 |
|
(49,974 |
) |
1,749 |
| |||
GSI |
|
Gas Natural Capital Markets SA bond, 4.500%, due 01/27/20 |
|
EUR |
|
605,000 |
|
09/20/18 |
|
1.000 |
|
(30,929 |
) |
(13,651 |
) |
(44,580 |
) | |||
GSI |
|
Iberdrola Finanzas SAU bond, 3.500%, due 06/22/15 |
|
EUR |
|
605,000 |
|
09/20/18 |
|
1.000 |
|
(30,929 |
) |
(12,152 |
) |
(43,081 |
) | |||
GSI |
|
Solvay SA bond, 4.625%, due 06/27/18 |
|
EUR |
|
590,000 |
|
09/20/18 |
|
1.000 |
|
(6,231 |
) |
(16,605 |
) |
(22,836 |
) | |||
JPMCB |
|
Bayer AG bond, 5.625%, due 05/23/18 |
|
EUR |
|
585,000 |
|
03/20/18 |
|
1.000 |
|
8,444 |
|
(19,906 |
) |
(11,462 |
) | |||
JPMCB |
|
Holcim Ltd. bond, 4.375%, due 12/09/14 |
|
EUR |
|
610,000 |
|
06/20/18 |
|
1.000 |
|
(11,331 |
) |
(10,434 |
) |
(21,765 |
) | |||
JPMCB |
|
HSBC Bank PLC bond, 4.000%, due 01/15/21 |
|
EUR |
|
300,000 |
|
09/20/18 |
|
1.000 |
|
300 |
|
(8,767 |
) |
(8,467 |
) | |||
JPMCB |
|
Enel SpA bond, 5.250%, 06/20/17 |
|
EUR |
|
620,000 |
|
03/20/19 |
|
1.000 |
|
(8,125 |
) |
(9,273 |
) |
(17,398 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(29,308 |
) |
$ |
(149,368 |
) |
$ |
(178,676 |
) |
Credit default swaps on corporate issues sell protection13
Counterparty |
|
Referenced obligation12 |
|
Notional |
|
Termination |
|
Payments received |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit spread14 |
| |||||
CITI |
|
Glencore International AG bond, 6.500%, 02/27/19 |
|
EUR |
|
355,000 |
|
06/20/19 |
|
1.000 |
% |
$ |
21,158 |
|
$ |
(6,256 |
) |
$ |
14,902 |
|
1.310 |
% |
JPMCB |
|
Standard Chartered Bank PLC bond, 0.000%, due 10/15/14 |
|
EUR |
|
300,000 |
|
09/20/18 |
|
1.000 |
|
7,043 |
|
3,794 |
|
10,837 |
|
0.750 |
| |||
JPMCB |
|
Lanxess AG bond, 4.125%, due 05/23/18 |
|
EUR |
|
595,000 |
|
06/20/19 |
|
1.000 |
|
8,233 |
|
3,097 |
|
11,330 |
|
0.920 |
| |||
JPMCB |
|
Portugal Telecom International Finance B.V. bond, 4.375%, due 3/24/17 |
|
EUR |
|
445,000 |
|
09/20/19 |
|
5.000 |
|
(83,100 |
) |
52,753 |
|
(30,347 |
) |
2.980 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(46,666 |
) |
$ |
53,388 |
|
$ |
6,722 |
|
|
|
Centrally cleared credit default swaps on credit indices buy protection11
Referenced index12 |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
| ||||
CDX.NA.IG.Series 22 Index |
|
USD |
|
65,700,000 |
|
06/20/19 |
|
1.000 |
% |
$ |
(1,071,864 |
) |
$ |
(45,435 |
) |
iTraxx Europe Series 21 |
|
EUR |
|
5,860,000 |
|
06/20/19 |
|
1.000 |
|
(127,047 |
) |
(29,727 |
) | ||
|
|
|
|
|
|
|
|
|
|
$ |
(1,198,911 |
) |
$ |
(75,162 |
) |
Centrally cleared credit default swap on credit indices sell protection13
Referenced index12 |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
|
Credit spread14 |
| ||||
CDX.EM.Series 21 Index |
|
USD |
|
23,960,000 |
|
06/20/19 |
|
5.000 |
% |
$ |
2,144,899 |
|
$ |
(354,874 |
) |
0.2799 |
% |
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Call option |
|
|
|
|
|
|
| ||
NIKKEI 225 Index, 98 contracts, strike @ JPY 17,000 |
|
December 2014 |
|
$ |
159,588 |
|
$ |
(165,307 |
) |
Written options activity for the period ended September 30, 2014 was as follows:
|
|
Number of |
|
Premiums |
| |
Options outstanding at June 30, 2014 |
|
235 |
|
$ |
1,122,533 |
|
Options written |
|
788 |
|
1,066,491 |
| |
Options terminated in closing purchase transactions |
|
(925 |
) |
(2,029,436 |
) | |
Options expired prior to exercise |
|
|
|
|
| |
Options outstanding at September 30, 2014 |
|
98 |
|
$ |
159,588 |
|
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
134,867,243 |
|
$ |
|
|
$ |
134,867,243 |
|
Collateralized debt obligation |
|
|
|
|
|
0 |
|
0 |
| ||||
Mortgage & agency debt security |
|
|
|
51,356 |
|
|
|
51,356 |
| ||||
Non-US government obligations |
|
|
|
38,163,814 |
|
|
|
38,163,814 |
| ||||
Supranational bonds |
|
|
|
1,508,534 |
|
|
|
1,508,534 |
| ||||
Short-term investments |
|
|
|
105,932,031 |
|
|
|
105,932,031 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
1,336,740 |
|
|
|
1,336,740 |
| ||||
Options purchased |
|
2,218,237 |
|
|
|
|
|
2,218,237 |
| ||||
Forward foreign currency contracts |
|
|
|
7,745,309 |
|
|
|
7,745,309 |
| ||||
Futures contracts |
|
362,961 |
|
1,532,993 |
|
|
|
1,895,954 |
| ||||
Swap agreements |
|
|
|
9,383,431 |
|
|
|
9,383,431 |
| ||||
Total |
|
$ |
2,581,198 |
|
$ |
300,521,451 |
|
$ |
0 |
|
$ |
303,102,649 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
|
|
(1,444,179 |
) |
|
|
(1,444,179 |
) | ||||
Futures contracts |
|
(1,826,177 |
) |
(1,098,975 |
) |
|
|
(2,925,152 |
) | ||||
Swap agreements |
|
|
|
(7,886,787 |
) |
|
|
(7,886,787 |
) | ||||
Options written |
|
(165,307 |
) |
|
|
|
|
(165,307 |
) | ||||
Total |
|
$ |
(1,991,484 |
) |
$ |
(10,429,941 |
) |
$ |
|
|
$ |
(12,421,425 |
) |
At September 30, 2014, there were no transfers between Level 1 and Level 2.
Assets |
|
Collateralized |
|
Total |
| |||
Beginning balance |
|
$ |
8,000 |
|
$ |
8,000 |
| |
Purchases |
|
|
|
|
| |||
Issuances |
|
|
|
|
| |||
Sales |
|
|
|
|
| |||
Accrued discounts (premiums) |
|
(951 |
) |
(951 |
) | |||
Total realized gain |
|
|
|
|
| |||
Change in net unrealized appreciation/depreciation |
|
(7,049 |
) |
(7,049 |
) | |||
Transfers into Level 3 |
|
|
|
|
| |||
Transfers out of Level 3 |
|
|
|
|
| |||
Ending balance |
|
$ |
0 |
|
$ |
0 |
| |
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2014 was $(7,049).
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 September 30, 2014, the value of these securities amounted to $23,148,601 or 7.18% of net assets.
2 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of these securities amounted to $45,539,124 or 14.13% of net assets.
3 Variable or floating rate security The interest rate shown is the current rate as of September 30, 2014 and changes periodically.
4 Security, or portion thereof, was on loan at September 30, 2014.
5 Perpetual bond security. The maturity date reflects the next call date.
6 Amount represents less than 0.005%.
7 Illiquid investment as of September 30, 2014.
8 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.
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
Value |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
15,567,483 |
|
$ |
60,126,180 |
|
$ |
51,283,872 |
|
$ |
24,409,791 |
|
$ |
3,661 |
|
UBS Private Money Market Fund LLCa |
|
816,590 |
|
6,612,990 |
|
6,092,840 |
|
1,336,740 |
|
20 |
| |||||
|
|
$ |
16,384,073 |
|
$ |
66,739,170 |
|
$ |
57,376,712 |
|
$ |
25,746,531 |
|
$ |
3,681 |
|
a The Adviser does earn a management fee from this affiliated fund. Please see the Notes to financial statements for further information.
9 Rate shown is the discount rate at the date of purchase.
10 Payments made or received are based on the notional amount.
11 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
12 Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index/obligation.
13 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or 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.
UBS Dynamic Alpha Fund Portfolio of investments
September 30, 2014 (unaudited)
14 Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity.
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
|
|
Aerospace & defense |
|
|
|
0.19 |
% |
Airlines |
|
|
|
0.58 |
|
Auto components |
|
|
|
0.14 |
|
Automobiles |
|
|
|
1.85 |
|
Banks |
|
|
|
4.34 |
|
Beverages |
|
|
|
0.84 |
|
Biotechnology |
|
|
|
1.10 |
|
Building products |
|
|
|
0.08 |
|
Capital markets |
|
|
|
0.48 |
|
Chemicals |
|
|
|
1.21 |
|
Commercial services & supplies |
|
|
|
0.05 |
|
Communications equipment |
|
|
|
0.04 |
|
Construction & engineering |
|
|
|
0.13 |
|
Construction materials |
|
|
|
0.40 |
|
Consumer finance |
|
|
|
0.21 |
|
Diversified financial services |
|
|
|
0.73 |
|
Diversified telecommunication services |
|
|
|
0.55 |
|
Electric utilities |
|
|
|
0.32 |
|
Electrical equipment |
|
|
|
0.39 |
|
Electronic equipment, instruments & components |
|
|
|
0.56 |
|
Energy equipment & services |
|
|
|
0.99 |
|
Food & staples retailing |
|
|
|
0.50 |
|
Food products |
|
|
|
1.40 |
|
Health care equipment & supplies |
|
|
|
0.17 |
|
Health care providers & services |
|
|
|
0.34 |
|
Hotels, restaurants & leisure |
|
|
|
0.45 |
|
Household durables |
|
|
|
0.39 |
|
Industrial conglomerates |
|
|
|
1.07 |
|
Insurance |
|
|
|
3.05 |
|
Internet & catalog retail |
|
|
|
0.57 |
|
Internet software & services |
|
|
|
0.83 |
|
IT services |
|
|
|
0.44 |
|
Life sciences tools & services |
|
|
|
0.14 |
|
Machinery |
|
|
|
1.11 |
|
Marine |
|
|
|
0.32 |
|
Media |
|
|
|
1.23 |
|
Metals & mining |
|
|
|
1.48 |
|
Multiline retail |
|
|
|
0.22 |
|
Multi-utilities |
|
|
|
0.23 |
|
Oil, gas & consumable fuels |
|
|
|
2.09 |
|
Paper & forest products |
|
|
|
0.12 |
|
Personal products |
|
|
|
0.43 |
|
Pharmaceuticals |
|
|
|
3.71 |
|
Real estate investment trust (REIT) |
|
|
|
0.68 |
|
Real estate management & development |
|
|
|
0.30 |
|
Road & rail |
|
|
|
0.31 |
|
Semiconductors & semiconductor equipment |
|
|
|
1.35 |
|
Software |
|
|
|
1.48 |
|
Specialty retail |
|
|
|
0.43 |
|
Technology hardware, storage & peripherals |
|
|
|
1.07 |
|
Textiles, apparel & luxury goods |
|
|
|
0.65 |
|
Tobacco |
|
|
|
0.83 |
|
Trading companies & distributors |
|
|
|
0.62 |
|
Wireless telecommunication services |
|
|
|
0.84 |
|
Total common stocks |
|
|
|
44.03 |
% |
Bonds |
|
|
|
|
|
Mortgage & agency debt securities |
|
|
|
0.13 |
|
US government obligations |
|
|
|
3.71 |
|
Non-US government obligations |
|
|
|
6.50 |
|
Total bonds |
|
|
|
10.34 |
% |
UBS Global Allocation Fund
Investment companies |
|
|
|
|
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
|
|
4.73 |
% |
UBS Emerging Markets Equity Relationship Fund |
|
|
|
6.39 |
|
UBS Global Corporate Bond Relationship Fund |
|
|
|
2.54 |
|
Total investment companies |
|
|
|
13.66 |
% |
Warrants |
|
|
|
0.03 |
|
Short-term investment |
|
|
|
28.97 |
|
Investment of cash collateral from securities loaned |
|
|
|
6.03 |
|
Total investments |
|
|
|
103.06 |
% |
Liabilities, in excess of cash and other assets |
|
|
|
(3.06 |
) |
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
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 44.03% |
|
|
|
|
| |
Australia: 0.24% |
|
|
|
|
| |
Scentre Group* |
|
171,548 |
|
$ |
493,579 |
|
Westfield Corp. |
|
137,679 |
|
897,125 |
| |
Total Australia common stocks |
|
|
|
1,390,704 |
| |
|
|
|
|
|
| |
Brazil: 0.21% |
|
|
|
|
| |
BRF SA |
|
11,300 |
|
268,864 |
| |
Cia Brasileira de Distribuicao ADR |
|
4,000 |
|
174,440 |
| |
Cielo SA |
|
25,000 |
|
408,539 |
| |
Cosan Ltd., Class A |
|
11,200 |
|
120,512 |
| |
Fibria Celulose SA ADR*1 |
|
9,500 |
|
104,500 |
| |
Itau Unibanco Holding SA ADR |
|
11,100 |
|
154,068 |
| |
Total Brazil common stocks |
|
|
|
1,230,923 |
| |
|
|
|
|
|
| |
Canada: 1.70% |
|
|
|
|
| |
Canadian Oil Sands Ltd. |
|
107,300 |
|
1,979,390 |
| |
Canadian Pacific Railway Ltd. |
|
2,405 |
|
498,966 |
| |
Lightstream Resources Ltd.1 |
|
147,375 |
|
690,851 |
| |
Suncor Energy, Inc. |
|
71,400 |
|
2,583,903 |
| |
Teck Resources Ltd., Class B |
|
40,600 |
|
768,897 |
| |
Toronto-Dominion Bank |
|
67,500 |
|
3,331,153 |
| |
Total Canada common stocks |
|
|
|
9,853,160 |
| |
|
|
|
|
|
| |
China: 1.57% |
|
|
|
|
| |
AIA Group Ltd. |
|
547,117 |
|
2,823,531 |
| |
Alibaba Group Holding Ltd. ADR* |
|
5,200 |
|
462,020 |
| |
Baidu, Inc. ADR* |
|
820 |
|
178,949 |
| |
Belle International Holdings Ltd. |
|
168,000 |
|
188,911 |
| |
Brilliance China Automotive Holdings Ltd. |
|
52,000 |
|
90,874 |
| |
China Cinda Asset Management Co., Ltd., H Shares* |
|
644,000 |
|
283,110 |
| |
China Modern Dairy Holdings Ltd.*1 |
|
407,000 |
|
187,989 |
| |
China Railway Group Ltd., H Shares |
|
754,000 |
|
399,289 |
| |
China Southern Airlines Co., Ltd., H Shares |
|
212,000 |
|
69,417 |
| |
Cosmo Lady China Holdings Co., Ltd.*2 |
|
192,909 |
|
111,998 |
| |
Ctrip.com International Ltd. ADR* |
|
1,540 |
|
87,410 |
| |
Geely Automobile Holdings Ltd. |
|
250,000 |
|
104,554 |
| |
Great Wall Motor Co., Ltd., H Shares |
|
46,500 |
|
180,208 |
| |
Industrial & Commercial Bank of China Ltd., H Shares |
|
465,000 |
|
290,628 |
| |
Jardine Matheson Holdings Ltd. |
|
32,400 |
|
1,930,676 |
| |
Jumei International Holding Ltd. ADR*1 |
|
2,800 |
|
65,744 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
36,000 |
|
270,105 |
| |
Qihoo 360 Technology Co., Ltd. ADR*1 |
|
5,830 |
|
393,350 |
| |
Shimao Property Holdings Ltd. |
|
74,000 |
|
149,482 |
| |
SouFun Holdings Ltd. ADR1 |
|
15,300 |
|
152,235 |
| |
Tencent Holdings Ltd. |
|
33,500 |
|
498,529 |
| |
ZTE Corp., H Shares |
|
98,600 |
|
218,690 |
| |
Total China common stocks |
|
|
|
9,137,699 |
| |
|
|
|
|
|
| |
Denmark: 0.32% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
781 |
|
1,850,068 |
| |
|
|
|
|
|
| |
Finland: 0.44% |
|
|
|
|
| |
Sampo Oyj, Class A |
|
53,525 |
|
2,588,010 |
| |
|
|
|
|
|
| |
France: 0.88% |
|
|
|
|
| |
Carrefour SA |
|
51,952 |
|
1,604,510 |
| |
Peugeot SA* |
|
126,924 |
|
1,624,081 |
| |
Schneider Electric SE |
|
24,303 |
|
1,864,586 |
| |
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Total France common stocks |
|
|
|
$ |
5,093,177 |
|
|
|
|
|
|
| |
Germany: 1.84% |
|
|
|
|
| |
Aixtron SE* |
|
72,727 |
|
1,101,638 |
| |
Bayer AG |
|
24,130 |
|
3,357,406 |
| |
Daimler AG |
|
22,977 |
|
1,754,682 |
| |
E.ON SE |
|
74,343 |
|
1,357,628 |
| |
HeidelbergCement AG |
|
19,006 |
|
1,250,989 |
| |
ThyssenKrupp AG* |
|
70,497 |
|
1,840,506 |
| |
Total Germany common stocks |
|
|
|
10,662,849 |
| |
|
|
|
|
|
| |
India: 0.30% |
|
|
|
|
| |
Dr Reddys Laboratories Ltd. ADR |
|
13,700 |
|
719,935 |
| |
HDFC Bank Ltd. ADR |
|
4,000 |
|
186,320 |
| |
ICICI Bank Ltd. ADR |
|
5,800 |
|
284,780 |
| |
Infosys Ltd. ADR |
|
4,540 |
|
274,625 |
| |
Tata Motors Ltd. ADR |
|
6,900 |
|
301,599 |
| |
Total India common stocks |
|
|
|
1,767,259 |
| |
|
|
|
|
|
| |
Indonesia: 0.13% |
|
|
|
|
| |
Alam Sutera Realty Tbk PT |
|
1,450,000 |
|
54,009 |
| |
Ciputra Development Tbk PT |
|
712,100 |
|
59,292 |
| |
Lippo Karawaci Tbk PT |
|
1,211,700 |
|
93,516 |
| |
Media Nusantara Citra Tbk PT |
|
434,700 |
|
113,939 |
| |
Summarecon Agung Tbk PT |
|
313,900 |
|
31,369 |
| |
Surya Citra Media Tbk PT |
|
304,100 |
|
95,671 |
| |
Surya Semesta Internusa Tbk PT |
|
525,800 |
|
31,859 |
| |
Telekomunikasi Indonesia Persero Tbk PT |
|
808,200 |
|
193,606 |
| |
Wijaya Karya Persero Tbk PT |
|
394,400 |
|
84,120 |
| |
Total Indonesia common stocks |
|
|
|
757,381 |
| |
|
|
|
|
|
| |
Ireland: 0.95% |
|
|
|
|
| |
Mallinckrodt PLC* |
|
5,800 |
|
522,870 |
| |
Ryanair Holdings PLC ADR* |
|
24,200 |
|
1,365,606 |
| |
Shire PLC |
|
42,001 |
|
3,623,915 |
| |
Total Ireland common stocks |
|
|
|
5,512,391 |
| |
|
|
|
|
|
| |
Israel: 0.77% |
|
|
|
|
| |
Check Point Software Technologies Ltd.* |
|
47,100 |
|
3,261,204 |
| |
Mellanox Technologies Ltd.* |
|
16,400 |
|
735,868 |
| |
Teva Pharmaceutical Industries Ltd. ADR |
|
8,416 |
|
452,360 |
| |
Total Israel common stocks |
|
|
|
4,449,432 |
| |
|
|
|
|
|
| |
Italy: 0.38% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
328,624 |
|
992,026 |
| |
Mediolanum SpA |
|
173,892 |
|
1,228,410 |
| |
Total Italy common stocks |
|
|
|
2,220,436 |
| |
|
|
|
|
|
| |
Japan: 5.70% |
|
|
|
|
| |
Astellas Pharma, Inc.1 |
|
167,800 |
|
2,499,142 |
| |
Fuji Heavy Industries Ltd. |
|
80,500 |
|
2,666,698 |
| |
Hino Motors Ltd. |
|
128,200 |
|
1,793,936 |
| |
Hitachi Ltd. |
|
268,000 |
|
2,047,529 |
| |
ITOCHU Corp. |
|
124,600 |
|
1,521,740 |
| |
Japan Airlines Co., Ltd. |
|
70,200 |
|
1,920,860 |
| |
KDDI Corp. |
|
46,800 |
|
2,815,312 |
| |
Mitsubishi UFJ Financial Group, Inc. |
|
375,900 |
|
2,118,465 |
| |
ORIX Corp. |
|
164,700 |
|
2,273,759 |
| |
Panasonic Corp. |
|
191,500 |
|
2,282,369 |
| |
Shin-Etsu Chemical Co., Ltd. |
|
31,600 |
|
2,070,406 |
| |
Shiseido Co., Ltd.1 |
|
105,100 |
|
1,733,673 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
38,000 |
|
1,353,847 |
| |
THK Co., Ltd. |
|
81,900 |
|
2,040,863 |
| |
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(continued) |
|
|
|
|
| |
Japan(concluded) |
|
|
|
|
| |
Tokio Marine Holdings, Inc. |
|
49,000 |
|
$ |
1,520,352 |
|
Toyota Motor Corp. |
|
41,300 |
|
2,430,058 |
| |
Total Japan common stocks |
|
|
|
33,089,009 |
| |
|
|
|
|
|
| |
Luxembourg: 0.01% |
|
|
|
|
| |
Ternium SA ADR1 |
|
2,172 |
|
52,237 |
| |
|
|
|
|
|
| |
Malaysia: 0.08% |
|
|
|
|
| |
Axiata Group Bhd |
|
91,300 |
|
194,932 |
| |
Malayan Banking Bhd |
|
27,800 |
|
84,396 |
| |
SapuraKencana Petroleum Bhd |
|
149,800 |
|
188,091 |
| |
Total Malaysia common stocks |
|
|
|
467,419 |
| |
|
|
|
|
|
| |
Mexico: 0.32% |
|
|
|
|
| |
Alfa SAB de CV, Class A |
|
132,000 |
|
451,810 |
| |
Alsea SAB de CV* |
|
64,000 |
|
202,476 |
| |
Cemex SAB de CV ADR*1 |
|
36,598 |
|
477,238 |
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
52,000 |
|
332,122 |
| |
Grupo Televisa SAB ADR |
|
11,100 |
|
376,068 |
| |
Total Mexico common stocks |
|
|
|
1,839,714 |
| |
|
|
|
|
|
| |
Netherlands: 0.98% |
|
|
|
|
| |
Heineken NV |
|
20,607 |
|
1,539,014 |
| |
ING Groep NV CVA* |
|
137,814 |
|
1,958,917 |
| |
Koninklijke DSM NV |
|
23,215 |
|
1,431,403 |
| |
NXP Semiconductor NV* |
|
11,200 |
|
766,416 |
| |
Total Netherlands common stocks |
|
|
|
5,695,750 |
| |
|
|
|
|
|
| |
Norway: 0.38% |
|
|
|
|
| |
Telenor ASA |
|
100,434 |
|
2,204,274 |
| |
|
|
|
|
|
| |
Peru: 0.03% |
|
|
|
|
| |
Credicorp Ltd. |
|
1,160 |
|
177,932 |
| |
|
|
|
|
|
| |
Philippines: 0.11% |
|
|
|
|
| |
Alliance Global Group, Inc. |
|
296,000 |
|
171,118 |
| |
Metropolitan Bank & Trust Co. |
|
92,005 |
|
177,802 |
| |
Philippine Long Distance Telephone Co. |
|
1,230 |
|
84,872 |
| |
SM Investments Corp. |
|
10,481 |
|
187,426 |
| |
Total Philippines common stocks |
|
|
|
621,218 |
| |
|
|
|
|
|
| |
Russia: 0.01% |
|
|
|
|
| |
Magnit OJSC GDR3 |
|
1,298 |
|
74,661 |
| |
|
|
|
|
|
| |
South Africa: 0.17% |
|
|
|
|
| |
Aspen Pharmacare Holdings Ltd. |
|
13,571 |
|
404,071 |
| |
Life Healthcare Group Holdings Ltd. |
|
23,182 |
|
91,388 |
| |
Naspers Ltd., Class N |
|
3,188 |
|
349,161 |
| |
Nedbank Group Ltd.1 |
|
8,154 |
|
157,793 |
| |
Total South Africa common stocks |
|
|
|
1,002,413 |
| |
|
|
|
|
|
| |
South Korea: 0.50% |
|
|
|
|
| |
Amorepacific Corp. |
|
128 |
|
289,715 |
| |
CJ Korea Express Co., Ltd.* |
|
1,307 |
|
207,285 |
| |
CJ O Shopping Co., Ltd. |
|
208 |
|
63,393 |
| |
Hankook Tire Co., Ltd. |
|
4,146 |
|
202,017 |
| |
Hyundai Development Co.-Engineering & Construction |
|
5,471 |
|
220,729 |
| |
Hyundai Motor Co. |
|
1,571 |
|
283,052 |
| |
Hyundai Wia Corp. |
|
1,106 |
|
225,049 |
| |
LG Chem Ltd. |
|
934 |
|
226,085 |
| |
NAVER Corp. |
|
274 |
|
209,302 |
| |
Samsung Card Co., Ltd. |
|
336 |
|
16,610 |
| |
Shinhan Financial Group Co., Ltd. |
|
5,837 |
|
268,716 |
| |
SK Hynix, Inc.* |
|
15,510 |
|
686,489 |
| |
Total South Korea common stocks |
|
|
|
2,898,442 |
| |
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Spain: 1.34% |
|
|
|
|
| |
Acciona SA* |
|
9,970 |
|
$ |
744,223 |
|
Banco Santander SA |
|
340,962 |
|
3,264,244 |
| |
Bankia SA* |
|
1,083,384 |
|
2,015,508 |
| |
Mediaset Espana Comunicacion SA* |
|
140,536 |
|
1,744,127 |
| |
Total Spain common stocks |
|
|
|
7,768,102 |
| |
|
|
|
|
|
| |
Sweden: 0.13% |
|
|
|
|
| |
Lundin Petroleum AB* |
|
44,451 |
|
751,417 |
| |
|
|
|
|
|
| |
Switzerland: 2.29% |
|
|
|
|
| |
ACE Ltd. |
|
6,700 |
|
702,629 |
| |
Glencore PLC* |
|
339,735 |
|
1,881,568 |
| |
Nestle SA |
|
57,457 |
|
4,222,574 |
| |
Novartis AG |
|
51,371 |
|
4,837,524 |
| |
Zurich Insurance Group AG* |
|
5,675 |
|
1,688,897 |
| |
Total Switzerland common stocks |
|
|
|
13,333,192 |
| |
|
|
|
|
|
| |
Taiwan: 0.33% |
|
|
|
|
| |
Acer, Inc.* |
|
104,000 |
|
73,044 |
| |
Catcher Technology Co., Ltd. |
|
9,000 |
|
83,356 |
| |
Cathay Financial Holding Co., Ltd. |
|
50,000 |
|
81,269 |
| |
Hiwin Technologies Corp. |
|
22,660 |
|
202,079 |
| |
Largan Precision Co., Ltd. |
|
7,000 |
|
500,801 |
| |
MediaTek, Inc. |
|
24,000 |
|
355,433 |
| |
President Chain Store Corp. |
|
21,000 |
|
150,569 |
| |
Radiant Opto-Electronics Corp. |
|
22,000 |
|
87,024 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR1 |
|
19,300 |
|
389,474 |
| |
Total Taiwan common stocks |
|
|
|
1,923,049 |
| |
|
|
|
|
|
| |
Turkey: 0.06% |
|
|
|
|
| |
Turkiye Halk Bankasi AS |
|
57,420 |
|
345,441 |
| |
|
|
|
|
|
| |
United Kingdom: 5.87% |
|
|
|
|
| |
Anglo American PLC |
|
79,396 |
|
1,770,673 |
| |
Aon PLC |
|
8,300 |
|
727,661 |
| |
Ashtead Group PLC |
|
123,966 |
|
2,085,464 |
| |
Associated British Foods PLC |
|
36,886 |
|
1,598,971 |
| |
AstraZeneca PLC |
|
28,779 |
|
2,062,385 |
| |
Aviva PLC |
|
251,188 |
|
2,125,070 |
| |
Barclays PLC |
|
488,888 |
|
1,798,220 |
| |
BP PLC |
|
339,126 |
|
2,480,821 |
| |
Burberry Group PLC |
|
50,643 |
|
1,235,292 |
| |
Imperial Tobacco Group PLC |
|
76,780 |
|
3,305,836 |
| |
Lloyds Banking Group PLC* |
|
1,570,100 |
|
1,953,313 |
| |
London Stock Exchange Group PLC |
|
49,847 |
|
1,504,250 |
| |
Noble Corp. PLC |
|
21,900 |
|
486,618 |
| |
Premier Oil PLC |
|
218,290 |
|
1,177,469 |
| |
Prudential PLC |
|
80,298 |
|
1,785,133 |
| |
Rio Tinto PLC |
|
46,985 |
|
2,302,260 |
| |
SABMiller PLC |
|
34,525 |
|
1,913,302 |
| |
Sage Group PLC |
|
335,350 |
|
1,980,817 |
| |
Vodafone Group PLC |
|
542,200 |
|
1,786,671 |
| |
Total United Kingdom common stocks |
|
|
|
34,080,226 |
| |
|
|
|
|
|
| |
United States: 15.99% |
|
|
|
|
| |
Acorda Therapeutics, Inc.* |
|
23,100 |
|
782,628 |
| |
Adobe Systems, Inc.* |
|
4,700 |
|
325,193 |
| |
Allergan, Inc. |
|
4,420 |
|
787,600 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
11,300 |
|
882,530 |
| |
Altera Corp. |
|
13,700 |
|
490,186 |
| |
Amazon.com, Inc.* |
|
7,635 |
|
2,461,830 |
| |
American Express Co. |
|
5,700 |
|
498,978 |
| |
AMETEK, Inc. |
|
8,500 |
|
426,785 |
| |
Apple, Inc. |
|
52,035 |
|
5,242,526 |
| |
Applied Materials, Inc. |
|
37,400 |
|
808,214 |
| |
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
Baker Hughes, Inc. |
|
24,200 |
|
$ |
1,574,452 |
|
Baxter International, Inc. |
|
5,100 |
|
366,027 |
| |
Best Buy Co., Inc. |
|
23,700 |
|
796,083 |
| |
Biogen Idec, Inc.* |
|
2,125 |
|
702,971 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
2,700 |
|
306,180 |
| |
Bluebird Bio, Inc.*1 |
|
3,500 |
|
125,580 |
| |
BorgWarner, Inc. |
|
6,850 |
|
360,379 |
| |
Broadcom Corp., Class A |
|
20,300 |
|
820,526 |
| |
Capital One Financial Corp. |
|
8,600 |
|
701,932 |
| |
Catamaran Corp.* |
|
9,600 |
|
404,640 |
| |
Chimerix, Inc.* |
|
28,300 |
|
781,646 |
| |
Citigroup, Inc. |
|
35,920 |
|
1,861,374 |
| |
Comcast Corp., Class A |
|
22,500 |
|
1,210,050 |
| |
Concho Resources, Inc.* |
|
2,200 |
|
275,858 |
| |
Cooper Cos., Inc. |
|
1,700 |
|
264,775 |
| |
Crown Castle International Corp. REIT |
|
6,000 |
|
483,180 |
| |
Cummins, Inc. |
|
2,100 |
|
277,158 |
| |
Danaher Corp. |
|
27,600 |
|
2,097,048 |
| |
Digital Realty Trust, Inc. REIT |
|
20,900 |
|
1,303,742 |
| |
Eli Lilly & Co. |
|
13,500 |
|
875,475 |
| |
Envision Healthcare Holdings, Inc.* |
|
12,100 |
|
419,628 |
| |
EOG Resources, Inc. |
|
8,300 |
|
821,866 |
| |
Estee Lauder Cos., Inc., Class A |
|
6,650 |
|
496,888 |
| |
Exxon Mobil Corp. |
|
5,800 |
|
545,490 |
| |
Facebook, Inc., Class A* |
|
12,100 |
|
956,384 |
| |
Ford Motor Co. |
|
40,000 |
|
591,600 |
| |
Freescale Semiconductor Ltd.*1 |
|
35,000 |
|
683,550 |
| |
General Electric Co. |
|
53,500 |
|
1,370,670 |
| |
General Motors Co. |
|
23,100 |
|
737,814 |
| |
Gilead Sciences, Inc.* |
|
18,100 |
|
1,926,745 |
| |
Google, Inc., Class A* |
|
1,555 |
|
914,978 |
| |
Google, Inc., Class C* |
|
1,115 |
|
643,756 |
| |
Hain Celestial Group, Inc.* |
|
4,050 |
|
414,518 |
| |
Halliburton Co. |
|
37,650 |
|
2,428,802 |
| |
Hertz Global Holdings, Inc.* |
|
44,100 |
|
1,119,699 |
| |
Home Depot, Inc. |
|
11,250 |
|
1,032,075 |
| |
Hospira, Inc.* |
|
19,400 |
|
1,009,382 |
| |
Illinois Tool Works, Inc. |
|
11,070 |
|
934,529 |
| |
Impax Laboratories, Inc.* |
|
15,700 |
|
372,247 |
| |
Intercontinental Exchange, Inc. |
|
2,400 |
|
468,120 |
| |
International Paper Co. |
|
12,800 |
|
611,072 |
| |
Intuitive Surgical, Inc.* |
|
770 |
|
355,601 |
| |
Invesco Ltd. |
|
17,600 |
|
694,848 |
| |
Jabil Circuit, Inc. |
|
34,700 |
|
699,899 |
| |
JC Penney Co., Inc.*1 |
|
39,000 |
|
391,560 |
| |
JPMorgan Chase & Co. |
|
30,500 |
|
1,837,320 |
| |
Laboratory Corp. of America Holdings* |
|
4,100 |
|
417,175 |
| |
Las Vegas Sands Corp. |
|
10,600 |
|
659,426 |
| |
Lexicon Pharmaceuticals, Inc.* |
|
297,200 |
|
419,052 |
| |
Lincoln National Corp. |
|
22,200 |
|
1,189,476 |
| |
LinkedIn Corp., Class A* |
|
1,900 |
|
394,801 |
| |
LyondellBasell Industries NV, Class A |
|
3,800 |
|
412,908 |
| |
MacroGenics, Inc.* |
|
2,800 |
|
58,520 |
| |
Macys, Inc. |
|
15,300 |
|
890,154 |
| |
Martin Marietta Materials, Inc. |
|
4,430 |
|
571,204 |
| |
MasterCard, Inc., Class A |
|
5,070 |
|
374,774 |
| |
McDermott International, Inc.*1 |
|
83,700 |
|
478,764 |
| |
MetLife, Inc. |
|
18,400 |
|
988,448 |
| |
Michael Kors Holdings Ltd.* |
|
5,500 |
|
392,645 |
| |
Micron Technology, Inc.* |
|
26,400 |
|
904,464 |
| |
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Shares |
|
Value |
| |
Mondelez International, Inc., Class A |
|
42,200 |
|
$ |
1,445,983 |
|
Monsanto Co. |
|
9,800 |
|
1,102,598 |
| |
Morgan Stanley |
|
52,800 |
|
1,825,296 |
| |
NetApp, Inc. |
|
19,000 |
|
816,240 |
| |
NextEra Energy, Inc. |
|
11,800 |
|
1,107,784 |
| |
NIKE, Inc., Class B |
|
8,900 |
|
793,880 |
| |
Owens Corning |
|
15,500 |
|
492,125 |
| |
Pacific DataVision, Inc.*2 |
|
31,300 |
|
782,500 |
| |
Paragon Offshore PLC*1 |
|
7,733 |
|
47,558 |
| |
Parker-Hannifin Corp. |
|
10,550 |
|
1,204,283 |
| |
PDC Energy, Inc.* |
|
14,500 |
|
729,205 |
| |
PepsiCo, Inc. |
|
15,400 |
|
1,433,586 |
| |
Philip Morris International, Inc. |
|
18,200 |
|
1,517,880 |
| |
Praxair, Inc. |
|
10,700 |
|
1,380,300 |
| |
Precision Castparts Corp. |
|
2,950 |
|
698,796 |
| |
Priceline.com, Inc.* |
|
555 |
|
643,012 |
| |
Ralph Lauren Corp. |
|
7,600 |
|
1,251,948 |
| |
Regeneron Pharmaceuticals, Inc.* |
|
1,900 |
|
684,988 |
| |
Rite Aid Corp.* |
|
47,000 |
|
227,480 |
| |
salesforce.com, Inc.* |
|
14,280 |
|
821,528 |
| |
Schlumberger Ltd. |
|
5,300 |
|
538,957 |
| |
ServiceNow, Inc.* |
|
8,250 |
|
484,935 |
| |
ServiceSource International, Inc.*1 |
|
85,500 |
|
276,165 |
| |
Sherwin-Williams Co. |
|
1,800 |
|
394,182 |
| |
Simon Property Group, Inc. REIT |
|
4,400 |
|
723,448 |
| |
Starbucks Corp. |
|
9,950 |
|
750,827 |
| |
Symantec Corp. |
|
54,400 |
|
1,278,944 |
| |
Thermo Fisher Scientific, Inc. |
|
4,400 |
|
535,480 |
| |
Time Warner Cable, Inc. |
|
1,700 |
|
243,933 |
| |
Time Warner, Inc. |
|
11,300 |
|
849,873 |
| |
TJX Cos., Inc. |
|
8,100 |
|
479,277 |
| |
United Technologies Corp. |
|
4,060 |
|
428,736 |
| |
UnitedHealth Group, Inc. |
|
7,300 |
|
629,625 |
| |
US Bancorp |
|
24,600 |
|
1,029,018 |
| |
Viacom, Inc., Class B |
|
12,000 |
|
923,280 |
| |
Visa, Inc., Class A |
|
5,690 |
|
1,214,075 |
| |
VMware, Inc., Class A* |
|
4,800 |
|
450,432 |
| |
Walgreen Co. |
|
10,880 |
|
644,858 |
| |
Walt Disney Co. |
|
13,700 |
|
1,219,711 |
| |
Washington Prime Group, Inc. REIT |
|
2,250 |
|
39,330 |
| |
Waste Management, Inc. |
|
5,600 |
|
266,168 |
| |
Wells Fargo & Co. |
|
10,900 |
|
565,383 |
| |
Yum! Brands, Inc. |
|
13,900 |
|
1,000,522 |
| |
Total United States common stocks |
|
|
|
92,900,527 |
| |
Total common stocks (cost $222,306,196) |
|
|
|
255,738,512 |
| |
|
|
Face |
|
|
| |
Bonds: 10.34% |
|
|
|
|
| |
Mortgage & agency debt securities: 0.13% |
|
|
|
|
| |
United States: 0.13% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp. Gold Pools,4 |
|
|
|
|
| |
# G00194, 7.500%, due 02/01/24 |
|
$ |
24,767 |
|
27,534 |
|
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(concluded) |
|
|
|
|
| ||||
Mortgage & agency debt securities(concluded) |
|
|
|
|
| ||||
United States(concluded) |
|
|
|
|
| ||||
Government National Mortgage Association, |
|
|
|
|
| ||||
Series 2001-35, Class AZ, |
|
|
|
|
| ||||
6.500%, due 08/20/31 |
|
$ |
638,226 |
|
$ |
717,538 |
| ||
Total mortgage & agency debt securities (cost $690,145) |
|
|
|
745,072 |
| ||||
|
|
|
|
|
| ||||
US government obligations: 3.71% |
|
|
|
|
| ||||
US Treasury Bonds, |
|
|
|
|
| ||||
2.750%, due 08/15/421 |
|
555,000 |
|
508,519 |
| ||||
2.750%, due 11/15/42 |
|
1,305,000 |
|
1,193,871 |
| ||||
3.625%, due 08/15/43 |
|
250,000 |
|
270,235 |
| ||||
3.750%, due 11/15/43 |
|
575,000 |
|
635,554 |
| ||||
5.375%, due 02/15/311 |
|
650,000 |
|
860,336 |
| ||||
6.250%, due 08/15/23 |
|
800,000 |
|
1,047,000 |
| ||||
8.000%, due 11/15/21 |
|
3,010,000 |
|
4,165,087 |
| ||||
US Treasury Notes, |
|
|
|
|
| ||||
0.750%, due 12/31/17 |
|
5,420,000 |
|
5,333,616 |
| ||||
1.625%, due 11/15/22 |
|
1,435,000 |
|
1,356,187 |
| ||||
2.500%, due 04/30/151 |
|
3,675,000 |
|
3,727,112 |
| ||||
3.125%, due 04/30/17 |
|
2,300,000 |
|
2,429,913 |
| ||||
Total US government obligations (cost $21,222,821) |
|
|
|
21,527,430 |
| ||||
|
|
|
|
|
| ||||
Non-US government obligations: 6.50% |
|
|
|
|
| ||||
Australia: 0.70% |
|
|
|
|
| ||||
Government of Australia, |
|
|
|
|
| ||||
4.500%, due 04/21/33 |
|
AUD |
2,060,000 |
|
1,922,673 |
| |||
6.250%, due 04/15/15 |
|
2,410,000 |
|
2,151,918 |
| ||||
|
|
|
|
4,074,591 |
| ||||
Belgium: 0.33% |
|
|
|
|
| ||||
Kingdom of Belgium, |
|
|
|
|
| ||||
1.250%, due 06/22/183 |
|
EUR |
1,470,000 |
|
1,935,778 |
| |||
|
|
|
|
|
| ||||
Finland: 0.36% |
|
|
|
|
| ||||
Government of Finland, |
|
|
|
|
| ||||
4.375%, due 07/04/192,3 |
|
1,382,000 |
|
2,086,382 |
| ||||
|
|
|
|
|
| ||||
France: 0.36% |
|
|
|
|
| ||||
Government of France, |
|
|
|
|
| ||||
3.150%, due 07/25/325 |
|
209,357 |
|
395,154 |
| ||||
3.750%, due 04/25/21 |
|
1,120,000 |
|
1,701,500 |
| ||||
|
|
|
|
2,096,654 |
| ||||
Germany: 1.32% |
|
|
|
|
| ||||
Bundesobligation, |
|
|
|
|
| ||||
1.250%, due 10/14/16 |
|
700,000 |
|
907,706 |
| ||||
Bundesrepublik Deutschland, |
|
|
|
|
| ||||
3.000%, due 07/04/20 |
|
2,310,000 |
|
3,378,050 |
| ||||
3.250%, due 07/04/21 |
|
1,765,000 |
|
2,654,564 |
| ||||
4.000%, due 01/04/37 |
|
390,000 |
|
695,083 |
| ||||
|
|
|
|
7,635,403 |
| ||||
Ireland: 0.40% |
|
|
|
|
| ||||
Republic of Ireland, |
|
|
|
|
| ||||
5.400%, due 03/13/25 |
|
1,380,000 |
|
2,321,862 |
| ||||
|
|
|
|
|
| ||||
Italy: 0.67% |
|
|
|
|
| ||||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||||
2.100%, due 09/15/213,5 |
|
1,624,136 |
|
2,249,116 |
| ||||
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (Unaudited)
|
|
Face |
|
Value |
| ||
2.550%, due 09/15/415 |
|
EUR |
692,621 |
|
$ |
951,634 |
|
4.250%, due 02/01/193 |
|
470,000 |
|
677,870 |
| ||
|
|
|
|
3,878,620 |
| ||
Netherlands: 0.33% |
|
|
|
|
| ||
Kingdom of the Netherlands, |
|
|
|
|
| ||
1.250%, due 01/15/182,3 |
|
1,465,000 |
|
1,924,638 |
| ||
|
|
|
|
|
| ||
New Zealand: 0.32% |
|
|
|
|
| ||
New Zealand Government Bond, |
|
|
|
|
| ||
5.500%, due 04/15/23 |
|
NZD |
2,170,000 |
|
1,856,398 |
| |
|
|
|
|
|
| ||
Spain: 0.68% |
|
|
|
|
| ||
Kingdom of Spain, |
|
|
|
|
| ||
3.300%, due 07/30/16 |
|
EUR |
570,000 |
|
759,031 |
| |
3.750%, due 10/31/18 |
|
920,000 |
|
1,301,912 |
| ||
4.200%, due 01/31/37 |
|
650,000 |
|
943,621 |
| ||
4.800%, due 01/31/24 |
|
590,000 |
|
921,588 |
| ||
|
|
|
|
3,926,152 |
| ||
Sweden: 0.65% |
|
|
|
|
| ||
Kingdom of Sweden, |
|
|
|
|
| ||
5.000%, due 12/01/20 |
|
SEK |
21,980,000 |
|
3,787,773 |
| |
|
|
|
|
|
| ||
United Kingdom: 0.38% |
|
|
|
|
| ||
UK Gilts, |
|
|
|
|
| ||
2.000%, due 01/22/16 |
|
GBP |
1,350,000 |
|
2,226,174 |
| |
Total Non-US government obligations (cost $38,202,184) |
|
|
|
37,750,425 |
| ||
Total bonds (cost $60,115,150) |
|
|
|
60,022,927 |
| ||
|
|
Shares |
|
|
|
Investment companies: 13.66% |
|
|
|
|
|
iShares JP Morgan USD Emerging Markets Bond ETF1 |
|
243,100 |
|
27,433,835 |
|
UBS Emerging Markets Equity Relationship Fund*6 |
|
1,027,066 |
|
37,144,147 |
|
UBS Global Corporate Bond Relationship Fund*6 |
|
1,123,387 |
|
14,791,525 |
|
Total investment companies (cost $75,849,290) |
|
|
|
79,369,507 |
|
|
|
Number of |
|
|
| |
Warrants: 0.03% |
|
|
|
|
| |
France: 0.03% |
|
|
|
|
| |
Peugeot SA,strike @ EUR 6.43000, expires 04/29/17* (cost $0) |
|
98,485 |
|
184,348 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment: 28.97% |
|
|
|
|
| |
Investment companies: 28.97% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund6 (cost $168,279,247) |
|
168,279,247 |
|
168,279,247 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 6.03% |
|
|
|
|
| |
UBS Private Money Market Fund LLC6 (cost $35,006,145) |
|
35,006,145 |
|
35,006,145 |
| |
Total investments: 103.06% (cost $561,556,028) |
|
|
|
598,600,686 |
| |
Liabilities, in excess of cash and other assets(3.06)% |
|
|
|
(17,796,628 |
) | |
Net assets100.00% |
|
|
|
$ |
580,804,058 |
|
UBS Global Allocation Fund Portfolio of investments
September 30, 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 |
|
$ |
45,725,641 |
|
Gross unrealized depreciation |
|
(8,680,983 |
) | |
Net unrealized appreciation of investments |
|
$ |
37,044,658 |
|
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 |
11,570,831 |
|
AUD |
13,235,000 |
|
12/03/14 |
|
$ |
(34,729 |
) |
CIBC |
|
CAD |
11,310,000 |
|
USD |
10,388,966 |
|
12/03/14 |
|
305,298 |
| |
CIBC |
|
EUR |
10,230,000 |
|
USD |
13,474,905 |
|
12/03/14 |
|
548,226 |
| |
CSI |
|
NZD |
71,650,000 |
|
USD |
59,492,285 |
|
12/03/14 |
|
3,907,368 |
| |
DB |
|
USD |
11,557,651 |
|
HUF |
2,781,900,000 |
|
12/03/14 |
|
(264,506 |
) | |
DB |
|
USD |
10,397,385 |
|
MXN |
137,110,000 |
|
12/03/14 |
|
(232,726 |
) | |
DB |
|
USD |
11,543,196 |
|
NZD |
14,690,000 |
|
12/03/14 |
|
(146,931 |
) | |
HSBC |
|
CHF |
33,160,000 |
|
USD |
36,270,603 |
|
12/03/14 |
|
1,518,189 |
| |
HSBC |
|
GBP |
16,170,000 |
|
USD |
26,790,521 |
|
12/03/14 |
|
590,912 |
| |
HSBC |
|
USD |
16,631,694 |
|
JPY |
1,724,700,000 |
|
12/03/14 |
|
(898,993 |
) | |
JPMCB |
|
CNY |
20,930,000 |
|
USD |
3,386,896 |
|
12/03/14 |
|
(4,281 |
) | |
JPMCB |
|
IDR |
51,519,500,000 |
|
USD |
4,330,098 |
|
12/03/14 |
|
147,435 |
| |
JPMCB |
|
ILS |
13,560,000 |
|
USD |
3,803,860 |
|
12/03/14 |
|
119,899 |
| |
JPMCB |
|
INR |
213,760,000 |
|
USD |
3,482,568 |
|
12/03/14 |
|
69,343 |
| |
JPMCB |
|
NOK |
10,910,000 |
|
USD |
1,756,872 |
|
12/03/14 |
|
62,511 |
| |
JPMCB |
|
NZD |
3,550,000 |
|
USD |
2,879,614 |
|
12/03/14 |
|
125,582 |
| |
JPMCB |
|
PHP |
525,091,650 |
|
USD |
11,670,000 |
|
12/03/14 |
|
(11,597 |
) | |
JPMCB |
|
RUB |
99,409,826 |
|
USD |
2,664,428 |
|
12/03/14 |
|
186,766 |
| |
JPMCB |
|
TWD |
94,800,000 |
|
USD |
3,186,019 |
|
12/03/14 |
|
67,824 |
| |
JPMCB |
|
USD |
23,531,229 |
|
PHP |
1,028,550,000 |
|
12/03/14 |
|
(649,306 |
) | |
JPMCB |
|
USD |
1,344,915 |
|
PLN |
4,335,000 |
|
12/03/14 |
|
(39,650 |
) | |
JPMCB |
|
USD |
3,894,898 |
|
SGD |
4,865,000 |
|
12/03/14 |
|
(81,410 |
) | |
MSCI |
|
USD |
10,659,299 |
|
SEK |
74,450,000 |
|
12/03/14 |
|
(343,997 |
) | |
SSB |
|
AUD |
19,325,000 |
|
USD |
17,948,674 |
|
12/03/14 |
|
1,104,308 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
$ |
6,045,535 |
|
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 125 contracts (USD) |
|
December 2014 |
|
$ |
19,234,558 |
|
$ |
19,062,501 |
|
$ |
(172,057 |
) |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
2 Year US Treasury Notes, 276 contracts (USD) |
|
December 2014 |
|
(60,392,040 |
) |
(60,400,875 |
) |
(8,835 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini S&P 500 Index, 562 contracts (USD) |
|
December 2014 |
|
55,806,984 |
|
55,230,550 |
|
(576,434 |
) | |||
EURO STOXX 50 Index, 423 contracts (EUR) |
|
December 2014 |
|
17,452,094 |
|
17,168,643 |
|
(283,451 |
) | |||
FTSE 100 Index, 213 contracts (GBP) |
|
December 2014 |
|
23,349,112 |
|
22,748,466 |
|
(600,646 |
) | |||
Hong Kong Hang Seng Index, 190 contracts (HKD) |
|
October 2014 |
|
13,122,029 |
|
12,650,354 |
|
(471,675 |
) | |||
S&P Toronto Stock Exchange 60 Index, 146 contracts (CAD) |
|
December 2014 |
|
23,234,136 |
|
22,453,716 |
|
(780,420 |
) | |||
TOPIX Index, 122 contracts (JPY) |
|
December 2014 |
|
14,404,756 |
|
14,751,358 |
|
346,602 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini NASDAQ 100 Index, 110 contracts (USD) |
|
December 2014 |
|
(8,855,946 |
) |
(8,898,450 |
) |
(42,504 |
) | |||
Mini MSCI Emerging Markets Index, 267 contracts (USD) |
|
December 2014 |
|
(14,032,586 |
) |
(13,386,045 |
) |
646,541 |
| |||
SPI 200 Index, 201 contracts (AUD) |
|
December 2014 |
|
(24,121,275 |
) |
(23,199,533 |
) |
921,742 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 3 Year Bond, 760 contracts (AUD) |
|
December 2014 |
|
72,521,662 |
|
72,748,598 |
|
226,936 |
| |||
Euro-BTP, 75 contracts (EUR) |
|
December 2014 |
|
12,328,810 |
|
12,360,207 |
|
31,397 |
| |||
Euro-OAT, 101 contracts (EUR) |
|
December 2014 |
|
18,288,711 |
|
18,337,907 |
|
49,196 |
| |||
Long Gilt, 103 contracts (GBP) |
|
December 2014 |
|
18,817,172 |
|
18,891,941 |
|
74,769 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Japanese Government 10 Year Bond, 22 contracts (JPY) |
|
December 2014 |
|
(29,230,814 |
) |
(29,254,434 |
) |
(23,620 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(662,459 |
) | ||
UBS Global Allocation Fund Portfolio of investments
September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
117,789,666 |
|
$ |
137,948,846 |
|
$ |
|
|
$ |
255,738,512 |
|
Mortgage & agency debt securities |
|
|
|
745,072 |
|
|
|
745,072 |
| ||||
US government obligations |
|
|
|
21,527,430 |
|
|
|
21,527,430 |
| ||||
Non-US government obligations |
|
|
|
37,750,425 |
|
|
|
37,750,425 |
| ||||
Investment companies |
|
27,433,835 |
|
51,935,672 |
|
|
|
79,369,507 |
| ||||
Warrants |
|
|
|
184,348 |
|
|
|
184,348 |
| ||||
Short-term investment |
|
|
|
168,279,247 |
|
|
|
168,279,247 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
35,006,145 |
|
|
|
35,006,145 |
| ||||
Forward foreign currency contracts |
|
|
|
8,753,661 |
|
|
|
8,753,661 |
| ||||
Futures contracts |
|
1,028,839 |
|
1,268,344 |
|
|
|
2,297,183 |
| ||||
Total |
|
$ |
146,252,340 |
|
$ |
463,399,190 |
|
$ |
|
|
$ |
609,651,530 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(2,708,126 |
) |
$ |
|
|
$ |
(2,708,126 |
) |
Futures contracts |
|
(1,603,870 |
) |
(1,355,772 |
) |
|
|
(2,959,642 |
) | ||||
Total |
|
$ |
(1,603,870 |
) |
$ |
(4,063,898 |
) |
$ |
|
|
$ |
(5,667,768 |
) |
1 At September 30, 2014, securities valued at $140,934,945 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at September 30, 2014.
2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2014, the value of these securities amounted to $4,905,518 or 0.84% of net assets.
3 Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of these securities amounted to $8,948,445 or 1.54% 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 The table below details the Funds investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
appreciation/ |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
(depreciation) |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
Value |
|
three months ended |
|
three months ended |
|
three months ended |
|
three months ended |
|
Value |
|
three months ended |
| |||||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||||
UBS Cash Management Prime Relationship Fund |
|
$ |
155,168,975 |
|
$ |
50,524,342 |
|
$ |
37,414,070 |
|
$ |
|
|
$ |
|
|
$ |
168,279,247 |
|
$ |
30,620 |
|
UBS Private Money Market Fund LLCa |
|
22,940,033 |
|
86,863,987 |
|
74,797,875 |
|
|
|
|
|
35,006,145 |
|
645 |
| |||||||
UBS Emerging Markets Equity Relationship Fund |
|
38,619,219 |
|
|
|
|
|
|
|
(1,475,072 |
) |
37,144,147 |
|
|
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
14,705,474 |
|
|
|
|
|
|
|
86,051 |
|
14,791,525 |
|
|
| |||||||
UBS High Yield Relationship Fund |
|
18,510,237 |
|
|
|
18,224,818 |
|
1,640,802 |
|
(1,926,221 |
) |
|
|
|
| |||||||
|
|
$ |
249,943,938 |
|
$ |
137,388,329 |
|
$ |
130,436,763 |
|
$ |
1,640,802 |
|
$ |
(3,315,242 |
) |
$ |
255,221,064 |
|
$ |
31,265 |
|
a The Advisor does earn a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.
UBS Multi-Asset Income Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2014
Common stocks |
|
|
|
Capital markets |
|
1.65 |
% |
Real estate investment trust (REIT) |
|
5.15 |
|
Real estate management & development |
|
1.43 |
|
Total common stocks |
|
8.23 |
% |
Bonds |
|
|
|
Commercial mortgage-backed securities |
|
0.92 |
|
Mortgage & agency debt securities |
|
8.87 |
|
US government obligations |
|
9.77 |
|
Non-US government obligations |
|
5.16 |
|
Total bonds |
|
24.72 |
% |
Investment companies |
|
|
|
HICL Infrastructure Co., Ltd. |
|
2.55 |
|
iShares Core S&P 500 ETF |
|
5.55 |
|
iShares iBoxx $ High Yield Corporate Bond ETF |
|
13.98 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
11.65 |
|
iShares JP Morgan USD Emerging Markets Bond ETF |
|
6.19 |
|
iShares MSCI EAFE ETF |
|
8.22 |
|
iShares Select Dividend Fund |
|
6.11 |
|
iShares U.S. Industrials ETF |
|
2.04 |
|
SPDR Barclays Short Term High Yield Bond ETF |
|
4.24 |
|
WisdomTree Emerging Markets Equity Income Fund |
|
5.32 |
|
Total investment companies |
|
65.85 |
% |
Rights |
|
0.00 |
2 |
Short-term investment |
|
1.60 |
|
Total investments |
|
100.40 |
% |
Liabilities, in excess of cash and other assets |
|
(0.40 |
) |
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 September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 8.23% |
|
|
|
|
| |
Australia: 0.43% |
|
|
|
|
| |
BWP Trust |
|
976 |
|
$ |
2,040 |
|
CFS Retail Property Trust Group |
|
2,907 |
|
5,075 |
| |
Dexus Property Group |
|
8,370 |
|
8,127 |
| |
Federation Centres |
|
2,263 |
|
5,106 |
| |
Goodman Group |
|
2,192 |
|
9,906 |
| |
GPT Group |
|
2,124 |
|
7,193 |
| |
Investa Office Fund |
|
948 |
|
2,779 |
| |
Mirvac Group |
|
4,871 |
|
7,327 |
| |
Scentre Group* |
|
6,839 |
|
19,677 |
| |
Stockland |
|
3,017 |
|
10,423 |
| |
Westfield Corp. |
|
2,412 |
|
15,717 |
| |
Total Australia common stocks |
|
|
|
93,370 |
| |
|
|
|
|
|
| |
Austria: 0.01% |
|
|
|
|
| |
CA Immobilien Anlagen AG* |
|
113 |
|
2,250 |
| |
|
|
|
|
|
| |
Belgium: 0.02% |
|
|
|
|
| |
Aedifica SA |
|
28 |
|
1,840 |
| |
Cofinimmo SA |
|
26 |
|
2,945 |
| |
Total Belgium common stocks |
|
|
|
4,785 |
| |
|
|
|
|
|
| |
Canada: 0.22% |
|
|
|
|
| |
Allied Properties REIT |
|
102 |
|
3,113 |
| |
Artis REIT |
|
186 |
|
2,543 |
| |
Boardwalk REIT |
|
60 |
|
3,691 |
| |
Calloway REIT |
|
134 |
|
3,077 |
| |
Canadian Apartment Properties REIT |
|
153 |
|
3,223 |
| |
Canadian REIT |
|
105 |
|
4,548 |
| |
Chartwell Retirement Residences |
|
258 |
|
2,525 |
| |
Cominar REIT |
|
174 |
|
2,936 |
| |
Dream Office Real Estate Investment Trust |
|
137 |
|
3,420 |
| |
Granite Real Estate, Inc. |
|
81 |
|
2,786 |
| |
H&R REIT |
|
347 |
|
6,773 |
| |
Killam Properties, Inc. |
|
156 |
|
1,442 |
| |
RioCan REIT |
|
391 |
|
8,962 |
| |
Total Canada common stocks |
|
|
|
49,039 |
| |
|
|
|
|
|
| |
China: 0.41% |
|
|
|
|
| |
Champion REIT |
|
5,000 |
|
2,085 |
| |
Hang Lung Properties Ltd. |
|
3,000 |
|
8,527 |
| |
Henderson Land Development Co., Ltd. |
|
1,966 |
|
12,728 |
| |
Hongkong Land Holdings Ltd. |
|
1,000 |
|
6,797 |
| |
Hysan Development Co., Ltd. |
|
1,030 |
|
4,752 |
| |
Kerry Properties Ltd. |
|
1,000 |
|
3,353 |
| |
Link REIT |
|
3,100 |
|
17,889 |
| |
New World Development Co., Ltd. |
|
6,586 |
|
7,672 |
| |
Sino Land Co., Ltd. |
|
4,317 |
|
6,655 |
| |
Swire Properties Ltd. |
|
1,600 |
|
4,985 |
| |
Wharf Holdings Ltd. |
|
2,000 |
|
14,205 |
| |
Total China common stocks |
|
|
|
89,648 |
| |
|
|
|
|
|
| |
Finland: 0.02% |
|
|
|
|
| |
Citycon Oyj |
|
729 |
|
2,431 |
| |
Sponda Oyj |
|
421 |
|
1,898 |
| |
Total Finland common stocks |
|
|
|
4,329 |
| |
|
|
|
|
|
| |
France: 0.22% |
|
|
|
|
| |
Fonciere Des Regions |
|
46 |
|
4,143 |
| |
Gecina SA |
|
26 |
|
3,409 |
| |
ICADE |
|
42 |
|
3,547 |
| |
Klepierre |
|
127 |
|
5,555 |
| |
Unibail-Rodamco SE |
|
124 |
|
31,888 |
| |
Total France common stocks |
|
|
|
48,542 |
| |
|
|
|
|
|
| |
Germany: 0.09% |
|
|
|
|
| |
Deutsche Annington Immobilien SE |
|
88 |
|
2,552 |
| |
Deutsche Euroshop AG |
|
62 |
|
2,679 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Deutsche Wohnen AG |
|
377 |
|
$ |
8,029 |
|
LEG Immobilien AG* |
|
69 |
|
4,770 |
| |
TAG Immobilien AG |
|
176 |
|
1,990 |
| |
Total Germany common stocks |
|
|
|
20,020 |
| |
|
|
|
|
|
| |
Hong Kong: 0.13% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
2,000 |
|
28,378 |
| |
|
|
|
|
|
| |
Israel: 0.01% |
|
|
|
|
| |
Azrieli Group |
|
48 |
|
1,648 |
| |
|
|
|
|
|
| |
Italy: 0.01% |
|
|
|
|
| |
Beni Stabili SpA |
|
1,612 |
|
1,132 |
| |
|
|
|
|
|
| |
Japan: 0.82% |
|
|
|
|
| |
Advance Residence Investment Corp. |
|
2 |
|
4,651 |
| |
Aeon Mall Co., Ltd. |
|
160 |
|
3,057 |
| |
Frontier Real Estate Investment Corp. |
|
1 |
|
4,797 |
| |
GLP J-REIT |
|
3 |
|
3,467 |
| |
Hulic Co., Ltd. |
|
400 |
|
4,237 |
| |
Japan Excellent, Inc. |
|
2 |
|
2,569 |
| |
Japan Hotel REIT Investment Corp. |
|
3 |
|
1,828 |
| |
Japan Prime Realty Investment Corp. |
|
1 |
|
3,602 |
| |
Japan Real Estate Investment Corp. |
|
2 |
|
10,287 |
| |
Japan Retail Fund Investment Corp. |
|
3 |
|
6,047 |
| |
Kenedix Office Investment Corp. |
|
1 |
|
5,369 |
| |
Mitsubishi Estate Co., Ltd. |
|
1,000 |
|
22,537 |
| |
Mitsui Fudosan Co., Ltd. |
|
1,000 |
|
30,688 |
| |
Mori Hills REIT Investment Corp. |
|
2 |
|
2,781 |
| |
Mori Trust Sogo Reit, Inc. |
|
1 |
|
1,850 |
| |
Nippon Accommodations Fund, Inc. |
|
1 |
|
3,612 |
| |
Nippon Building Fund, Inc. |
|
2 |
|
10,531 |
| |
Nippon Prologis REIT, Inc. |
|
2 |
|
4,650 |
| |
Nomura Real Estate Holdings, Inc. |
|
100 |
|
1,720 |
| |
Nomura Real Estate Master Fund, Inc. |
|
3 |
|
3,766 |
| |
NTT Urban Development Corp. |
|
100 |
|
1,051 |
| |
Orix JREIT, Inc. |
|
3 |
|
3,771 |
| |
Sumitomo Realty & Development Co., Ltd. |
|
1,000 |
|
35,628 |
| |
Tokyu REIT, Inc. |
|
1 |
|
1,319 |
| |
United Urban Investment Corp. |
|
3 |
|
4,605 |
| |
Total Japan common stocks |
|
|
|
178,420 |
| |
|
|
|
|
|
| |
Luxembourg: 0.02% |
|
|
|
|
| |
GAGFAH SA* |
|
255 |
|
4,740 |
| |
|
|
|
|
|
| |
Netherlands: 0.05% |
|
|
|
|
| |
Corio NV |
|
95 |
|
4,656 |
| |
Eurocommercial Properties NV CVA |
|
64 |
|
2,819 |
| |
Nieuwe Steen Investments NV |
|
119 |
|
625 |
| |
Wereldhave NV |
|
30 |
|
2,470 |
| |
Total Netherlands common stocks |
|
|
|
10,570 |
| |
|
|
|
|
|
| |
New Zealand: 0.01% |
|
|
|
|
| |
Kiwi Income Property Trust |
|
2,220 |
|
2,018 |
| |
|
|
|
|
|
| |
Norway: 0.01% |
|
|
|
|
| |
Norwegian Property ASA* |
|
1,146 |
|
1,713 |
| |
|
|
|
|
|
| |
Singapore: 0.25% |
|
|
|
|
| |
Ascendas REIT |
|
3,000 |
|
5,292 |
| |
CapitaCommercial Trust |
|
3,000 |
|
3,749 |
| |
CapitaLand Ltd. |
|
3,000 |
|
7,516 |
| |
CapitaMall Trust |
|
3,000 |
|
4,490 |
| |
City Developments Ltd. |
|
1,000 |
|
7,533 |
| |
Global Logistic Properties Ltd. |
|
4,000 |
|
8,490 |
| |
Keppel Land Ltd. |
|
1,000 |
|
2,742 |
| |
Keppel REIT |
|
3,000 |
|
2,799 |
| |
Mapletree Commercial Trust |
|
2,000 |
|
2,209 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(continued) |
|
|
|
|
| |
Singapore(concluded) |
|
|
|
|
| |
Mapletree Industrial Trust |
|
2,112 |
|
$ |
2,350 |
|
Mapletree Logistics Trust |
|
3,096 |
|
2,803 |
| |
Suntec REIT |
|
3,000 |
|
4,136 |
| |
Total Singapore common stocks |
|
|
|
54,109 |
| |
|
|
|
|
|
| |
Spain: 0.01% |
|
|
|
|
| |
Inmobiliaria Colonial SA* |
|
2,044 |
|
1,442 |
| |
|
|
|
|
|
| |
Sweden: 0.06% |
|
|
|
|
| |
Castellum AB |
|
206 |
|
3,128 |
| |
Fabege AB |
|
174 |
|
2,210 |
| |
Fastighets AB Balder, Class B* |
|
161 |
|
2,042 |
| |
Kungsleden AB |
|
254 |
|
1,505 |
| |
Wallenstam AB, Class B |
|
150 |
|
2,268 |
| |
Wihlborgs Fastigheter AB |
|
131 |
|
2,247 |
| |
Total Sweden common stocks |
|
|
|
13,400 |
| |
|
|
|
|
|
| |
Switzerland: 0.06% |
|
|
|
|
| |
Allreal Holding AG* |
|
18 |
|
2,328 |
| |
Mobimo Holding AG* |
|
7 |
|
1,355 |
| |
PSP Swiss Property AG* |
|
55 |
|
4,611 |
| |
Swiss Prime Site AG* |
|
78 |
|
5,787 |
| |
Total Switzerland common stocks |
|
|
|
14,081 |
| |
|
|
|
|
|
| |
United Kingdom: 2.05% |
|
|
|
|
| |
Big Yellow Group PLC |
|
193 |
|
1,622 |
| |
British Land Co., PLC |
|
1,272 |
|
14,454 |
| |
Capital & Counties Properties PLC |
|
755 |
|
4,012 |
| |
Daejan Holdings PLC |
|
16 |
|
1,263 |
| |
Derwent London PLC |
|
108 |
|
4,765 |
| |
Development Securities PLC |
|
443 |
|
1,410 |
| |
F&C Commercial Property Trust Ltd. |
|
1,205 |
|
2,451 |
| |
Grainger PLC |
|
535 |
|
1,604 |
| |
Great Portland Estates PLC |
|
415 |
|
4,290 |
| |
Hammerson PLC |
|
865 |
|
8,030 |
| |
Helical Bar PLC |
|
236 |
|
1,337 |
| |
Intu Properties PLC |
|
694 |
|
3,616 |
| |
John Laing Infrastructure Fund Ltd. |
|
183,528 |
|
357,339 |
| |
Land Securities Group PLC |
|
993 |
|
16,673 |
| |
Londonmetric Property PLC |
|
815 |
|
1,833 |
| |
MedicX Fund Ltd. |
|
1,435 |
|
1,941 |
| |
Picton Property Income Ltd. |
|
1,958 |
|
2,032 |
| |
Primary Health Properties PLC |
|
442 |
|
2,380 |
| |
Quintain Estates & Development PLC* |
|
989 |
|
1,429 |
| |
Schroder REIT |
|
896 |
|
829 |
| |
Segro PLC |
|
859 |
|
5,042 |
| |
Shaftesbury PLC |
|
307 |
|
3,383 |
| |
ST Modwen Properties PLC |
|
256 |
|
1,522 |
| |
Unite Group PLC |
|
265 |
|
1,818 |
| |
Workspace Group PLC |
|
167 |
|
1,710 |
| |
Total United Kingdom common stocks |
|
|
|
446,785 |
| |
|
|
|
|
|
| |
United States: 3.31% |
|
|
|
|
| |
Acadia Realty Trust |
|
102 |
|
2,813 |
| |
Agree Realty Corp. |
|
49 |
|
1,342 |
| |
Alexanders, Inc. |
|
8 |
|
2,991 |
| |
Alexandria Real Estate Equities, Inc. |
|
96 |
|
7,080 |
| |
American Assets Trust, Inc. |
|
72 |
|
2,374 |
| |
American Campus Communities, Inc. |
|
138 |
|
5,030 |
| |
American Homes 4 Rent, Class A |
|
166 |
|
2,804 |
| |
American Realty Capital Properties, Inc. |
|
1,167 |
|
14,074 |
| |
Apartment Investment & Management Co., Class A |
|
185 |
|
5,887 |
| |
Ashford Hospitality Trust, Inc. |
|
100 |
|
1,022 |
| |
AvalonBay Communities, Inc. |
|
166 |
|
23,401 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
BioMed Realty Trust, Inc. |
|
263 |
|
$ |
5,313 |
|
Boston Properties, Inc. |
|
194 |
|
22,457 |
| |
Brandywine Realty Trust |
|
222 |
|
3,124 |
| |
Brixmor Property Group, Inc. |
|
94 |
|
2,092 |
| |
Camden Property Trust |
|
111 |
|
7,607 |
| |
CBL & Associates Properties, Inc. |
|
216 |
|
3,866 |
| |
Chambers Street Properties |
|
333 |
|
2,508 |
| |
Chesapeake Lodging Trust |
|
79 |
|
2,303 |
| |
Corporate Office Properties Trust |
|
111 |
|
2,855 |
| |
Cousins Properties, Inc. |
|
246 |
|
2,940 |
| |
CubeSmart |
|
181 |
|
3,254 |
| |
DCT Industrial Trust, Inc. |
|
462 |
|
3,470 |
| |
DDR Corp. |
|
394 |
|
6,592 |
| |
DiamondRock Hospitality Co. |
|
263 |
|
3,335 |
| |
Digital Realty Trust, Inc. |
|
165 |
|
10,293 |
| |
Douglas Emmett, Inc. |
|
179 |
|
4,595 |
| |
Duke Realty Corp. |
|
419 |
|
7,198 |
| |
DuPont Fabros Technology, Inc. |
|
94 |
|
2,542 |
| |
EastGroup Properties, Inc. |
|
51 |
|
3,090 |
| |
Education Realty Trust, Inc. |
|
184 |
|
1,892 |
| |
Empire State Realty Trust, Inc., Class A |
|
100 |
|
1,502 |
| |
EPR Properties |
|
81 |
|
4,105 |
| |
Equity Commonwealth |
|
155 |
|
3,985 |
| |
Equity Lifestyle Properties, Inc. |
|
102 |
|
4,321 |
| |
Equity Residential |
|
456 |
|
28,080 |
| |
Essex Property Trust, Inc. |
|
80 |
|
14,300 |
| |
Extra Space Storage, Inc. |
|
140 |
|
7,220 |
| |
Federal Realty Investment Trust |
|
88 |
|
10,424 |
| |
FelCor Lodging Trust, Inc. |
|
171 |
|
1,601 |
| |
First Industrial Realty Trust, Inc. |
|
145 |
|
2,452 |
| |
First Potomac Realty Trust |
|
100 |
|
1,175 |
| |
Forest City Enterprises, Inc., Class A* |
|
208 |
|
4,068 |
| |
General Growth Properties, Inc. |
|
639 |
|
15,048 |
| |
Glimcher Realty Trust |
|
210 |
|
2,843 |
| |
Government Properties Income Trust |
|
76 |
|
1,665 |
| |
HCP, Inc. |
|
579 |
|
22,992 |
| |
Health Care REIT, Inc. |
|
372 |
|
23,202 |
| |
Healthcare Realty Trust, Inc. |
|
139 |
|
3,292 |
| |
Hersha Hospitality Trust |
|
200 |
|
1,274 |
| |
Highwoods Properties, Inc. |
|
126 |
|
4,901 |
| |
Home Properties, Inc. |
|
78 |
|
4,543 |
| |
Hospitality Properties Trust |
|
195 |
|
5,236 |
| |
Host Hotels & Resorts, Inc. |
|
943 |
|
20,114 |
| |
Hudson Pacific Properties, Inc. |
|
70 |
|
1,726 |
| |
Kilroy Realty Corp. |
|
107 |
|
6,360 |
| |
Kimco Realty Corp. |
|
520 |
|
11,393 |
| |
Kite Realty Group Trust |
|
59 |
|
1,430 |
| |
LaSalle Hotel Properties |
|
133 |
|
4,554 |
| |
Lexington Realty Trust |
|
329 |
|
3,221 |
| |
Liberty Property Trust |
|
196 |
|
6,519 |
| |
LTC Properties, Inc. |
|
58 |
|
2,140 |
| |
Macerich Co. |
|
181 |
|
11,553 |
| |
Mack-Cali Realty Corp. |
|
124 |
|
2,370 |
| |
Mid-America Apartment Communities, Inc. |
|
99 |
|
6,499 |
| |
National Health Investors, Inc. |
|
44 |
|
2,514 |
| |
National Retail Properties, Inc. |
|
155 |
|
5,358 |
| |
New York REIT, Inc. |
|
200 |
|
2,056 |
| |
Omega Healthcare Investors, Inc. |
|
161 |
|
5,505 |
| |
Parkway Properties, Inc. |
|
94 |
|
1,765 |
| |
Pebblebrook Hotel Trust |
|
88 |
|
3,286 |
| |
Pennsylvania REIT |
|
99 |
|
1,974 |
| |
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| ||
Common stocks(concluded) |
|
|
|
|
| ||
United States(concluded) |
|
|
|
|
| ||
Piedmont Office Realty Trust, Inc., Class A |
|
227 |
|
$ |
4,004 |
| |
Post Properties, Inc. |
|
73 |
|
3,748 |
| ||
Prologis, Inc. |
|
637 |
|
24,015 |
| ||
PS Business Parks, Inc. |
|
40 |
|
3,046 |
| ||
Public Storage |
|
183 |
|
30,349 |
| ||
Ramco-Gershenson Properties Trust |
|
113 |
|
1,836 |
| ||
Realty Income Corp. |
|
265 |
|
10,809 |
| ||
Regency Centers Corp. |
|
122 |
|
6,567 |
| ||
Retail Properties of America, Inc., Class A |
|
300 |
|
4,389 |
| ||
RLJ Lodging Trust |
|
170 |
|
4,840 |
| ||
Sabra Health Care REIT, Inc. |
|
62 |
|
1,508 |
| ||
Saul Centers, Inc. |
|
64 |
|
2,991 |
| ||
Senior Housing Properties Trust |
|
246 |
|
5,146 |
| ||
Simon Property Group, Inc. |
|
400 |
|
65,768 |
| ||
SL Green Realty Corp. |
|
123 |
|
12,462 |
| ||
Sovran Self Storage, Inc. |
|
44 |
|
3,272 |
| ||
Spirit Realty Capital, Inc. |
|
481 |
|
5,277 |
| ||
STAG Industrial, Inc. |
|
75 |
|
1,553 |
| ||
Strategic Hotels & Resorts, Inc.* |
|
216 |
|
2,516 |
| ||
Sun Communities, Inc. |
|
55 |
|
2,778 |
| ||
Sunstone Hotel Investors, Inc. |
|
237 |
|
3,275 |
| ||
Tanger Factory Outlet Centers Inc. |
|
124 |
|
4,057 |
| ||
Taubman Centers, Inc. |
|
82 |
|
5,986 |
| ||
UDR, Inc. |
|
322 |
|
8,775 |
| ||
Universal Health Realty Income Trust |
|
56 |
|
2,334 |
| ||
Ventas, Inc. |
|
376 |
|
23,293 |
| ||
Vornado Realty Trust |
|
214 |
|
21,391 |
| ||
Washington Prime Group, Inc. |
|
200 |
|
3,496 |
| ||
Washington REIT |
|
112 |
|
2,843 |
| ||
Weingarten Realty Investors |
|
143 |
|
4,505 |
| ||
WP Carey, Inc. |
|
108 |
|
6,887 |
| ||
Total United States common stocks |
|
|
|
722,426 |
| ||
|
|
|
|
|
| ||
Venezuela: 0.01% |
|
|
|
|
| ||
Warehouses De Pauw SCA |
|
26 |
|
1,876 |
| ||
Total common stocks (cost $1,680,157) |
|
|
|
1,794,721 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
Bonds: 24.72% |
|
|
|
|
| ||
Commercial mortgage-backed securities: 0.92% |
|
|
|
|
| ||
United States: 0.92% |
|
|
|
|
| ||
GS Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-GSFL, Class D, |
|
|
|
|
| ||
4.054%, due 07/15/311,2 |
|
$ |
100,000 |
|
99,982 |
| |
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-FL5, Class D, |
|
|
|
|
| ||
3.652%, due 07/15/311,2 |
|
100,000 |
|
99,868 |
| ||
Total commercial mortgage-backed securities (cost $200,151) |
|
|
|
199,850 |
| ||
|
|
|
|
|
| ||
Mortgage & agency debt securities: 8.87% |
|
|
|
|
| ||
United States: 8.87% |
|
|
|
|
| ||
Federal Home Loan Mortgage Corp. Gold Pools,3 |
|
|
|
|
| ||
# Q20860, 3.500%, due 08/01/43 |
|
47,429 |
|
48,469 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Face |
|
Value |
| |||
Federal Home Loan Mortgage Corp. REMIC, IO,3 |
|
|
|
|
| |||
3.000%, due 05/15/27 |
|
$ |
128,128 |
|
$ |
13,397 |
| |
3.500%, due 10/15/42 |
|
1,027,043 |
|
229,803 |
| |||
Federal National Mortgage Association Pools,3 |
|
|
|
|
| |||
3.000%, TBA |
|
275,000 |
|
271,090 |
| |||
# AP0495, 3.500%, due 08/01/42 |
|
47,928 |
|
49,095 |
| |||
# AP3839, 3.500%, due 09/01/42 |
|
68,176 |
|
69,965 |
| |||
# FN AW3613, 3.500%, due 06/01/44 |
|
123,332 |
|
126,231 |
| |||
# AQ4080, 4.000%, due 06/01/43 |
|
164,051 |
|
173,572 |
| |||
# AS0415, 4.000%, due 09/01/43 |
|
67,247 |
|
71,097 |
| |||
Federal National Mortgage Association REMIC, IO,3 |
|
|
|
|
| |||
Series 2013-87, Class IW, |
|
|
|
|
| |||
2.500%, due 06/25/28 |
|
1,767,833 |
|
187,422 |
| |||
Series 2013-64, Class LI, |
|
|
|
|
| |||
3.000%, due 06/25/33 |
|
1,437,019 |
|
227,868 |
| |||
Government National Mortgage Association Pools, |
|
|
|
|
| |||
# G2 779424, 4.000%, due 06/20/42 |
|
59,441 |
|
63,511 |
| |||
Government National Mortgage Association, IO, |
|
|
|
|
| |||
Series 2013-22, Class IO, |
|
|
|
|
| |||
3.000%, due 02/20/43 |
|
934,263 |
|
192,760 |
| |||
Series 2012-26, Class GI, |
|
|
|
|
| |||
3.500%, due 02/20/27 |
|
745,297 |
|
94,044 |
| |||
Series 2012-16, Class AI, |
|
|
|
|
| |||
3.500%, due 10/20/38 |
|
994,371 |
|
114,865 |
| |||
Total mortgage & agency debt securities (cost $1,927,450) |
|
|
|
1,933,189 |
| |||
|
|
|
|
|
| |||
US government obligations: 9.77% |
|
|
|
|
| |||
US Treasury Inflation Indexed Bonds (TIPS), |
|
|
|
|
| |||
3.875%, due 04/15/294 |
|
715,000 |
|
1,461,729 |
| |||
US Treasury Inflation Indexed Notes (TIPS), |
|
|
|
|
| |||
2.000%, due 01/15/164 |
|
260,000 |
|
323,074 |
| |||
2.625%, due 07/15/174 |
|
275,000 |
|
344,648 |
| |||
Total US government obligations (cost $2,149,543) |
|
|
|
2,129,451 |
| |||
|
|
|
|
|
| |||
Non-US government obligation: 5.16% |
|
|
|
|
| |||
Italy: 5.16% |
|
|
|
|
| |||
Buoni Poliennali Del Tesoro, |
|
|
|
|
| |||
4.750%, due 09/01/441,5 |
|
EUR |
370,000 |
|
561,379 |
| ||
5.000%, due 09/01/405 |
|
360,000 |
|
564,171 |
| |||
Total Non-US government obligations (cost $1,155,484) |
|
|
|
1,125,550 |
| |||
Total bonds (cost $5,432,628) |
|
|
|
5,388,040 |
| |||
|
|
|
|
|
| |||
|
|
Shares |
|
|
| |||
Investment companies: 65.85% |
|
|
|
|
| |||
HICL Infrastructure Co., Ltd. |
|
238,143 |
|
556,183 |
| |||
iShares Core S&P 500 ETF |
|
6,100 |
|
1,209,386 |
| |||
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
|
|
Shares |
|
Value |
| |
Investment companies(continued) |
|
|
|
|
| |
iShares iBoxx $ High Yield Corporate Bond ETF |
|
33,146 |
|
$ |
3,047,775 |
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
21,483 |
|
2,539,720 |
| |
iShares JP Morgan USD Emerging Markets Bond ETF |
|
11,952 |
|
1,348,783 |
| |
iShares MSCI EAFE ETF |
|
27,945 |
|
1,791,833 |
| |
iShares Select Dividend Fund |
|
18,050 |
|
1,333,173 |
| |
iShares U.S. Industrials ETF |
|
4,400 |
|
444,928 |
| |
SPDR Barclays Short Term High Yield Bond ETF |
|
30,856 |
|
923,520 |
| |
WisdomTree Emerging Markets Equity Income Fund |
|
24,260 |
|
1,159,143 |
| |
Total investment companies (cost $14,472,770) |
|
|
|
14,354,444 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Rights: 0.00%6 |
|
|
|
|
| |
Italy: 0.00%6 |
|
|
|
|
| |
Beni Stabili SpA, expires 10/17/14* |
|
1,612 |
|
34 |
| |
|
|
|
|
|
| |
Sweden: 0.00%6 |
|
|
|
|
| |
Kungsleden AB, expires 10/08/14* |
|
254 |
|
91 |
| |
Total rights (cost $0) |
|
|
|
125 |
| |
|
|
|
|
|
| |
|
|
Shares |
|
|
| |
Short-term investment: 1.60% |
|
|
|
|
| |
Investment companies: 1.60% |
|
|
|
|
| |
UBS Cash Management Prime Relationship Fund7 (cost $349,320) |
|
349,320 |
|
349,320 |
| |
Total investments: 100.40% (cost $21,934,875) |
|
|
|
21,886,650 |
| |
Liabilities, in excess of cash and other assets (0.40)% |
|
|
|
(87,579 |
) | |
Net assets100.00% |
|
|
|
$ |
21,799,071 |
|
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 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 |
|
|
|
$ |
353,060 |
|
Gross unrealized depreciation |
|
|
|
(401,285 |
) | |
Net unrealized depreciation of investments |
|
|
|
$ |
(48,225 |
) |
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 |
265,300 |
|
USD |
236,786 |
|
10/27/14 |
|
$ |
4,939 |
|
JPMCB |
|
CHF |
142,900 |
|
USD |
152,497 |
|
10/27/14 |
|
2,784 |
| |
JPMCB |
|
EUR |
1,347,700 |
|
USD |
1,735,750 |
|
10/27/14 |
|
33,247 |
| |
JPMCB |
|
GBP |
1,264,000 |
|
USD |
2,068,809 |
|
10/27/14 |
|
20,143 |
| |
JPMCB |
|
HKD |
1,322,700 |
|
USD |
170,639 |
|
10/27/14 |
|
305 |
| |
JPMCB |
|
JPY |
54,254,400 |
|
USD |
498,374 |
|
10/27/14 |
|
3,600 |
| |
JPMCB |
|
USD |
36,829 |
|
EUR |
29,000 |
|
10/27/14 |
|
(194 |
) | |
JPMCB |
|
USD |
660,232 |
|
GBP |
403,900 |
|
10/27/14 |
|
(5,598 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
$ |
59,226 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Mini MSCI Emerging Markets Index, 13 contracts (USD) |
|
December 2014 |
|
$ |
(686,751 |
) |
$ |
(651,755 |
) |
$ |
34,996 |
|
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-BTP, 11 contracts (EUR) |
|
December 2014 |
|
(1,808,304 |
) |
(1,812,831 |
) |
(4,527 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
30,469 |
| ||
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 2014 (unaudited)
The following is a summary of the fair valuations according to the inputs used as of September 30, 2014 in valuing the Funds investments:
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
771,465 |
|
$ |
1,023,256 |
|
$ |
|
|
$ |
1,794,721 |
|
Commercial mortgage-backed securities |
|
|
|
199,850 |
|
|
|
199,850 |
| ||||
Mortgage & agency debt securities |
|
|
|
1,724,280 |
|
208,909 |
|
1,933,189 |
| ||||
US government obligations |
|
|
|
2,129,451 |
|
|
|
2,129,451 |
| ||||
Non-US government obligations |
|
|
|
1,125,550 |
|
|
|
1,125,550 |
| ||||
Investment companies |
|
13,798,261 |
|
556,183 |
|
|
|
14,354,444 |
| ||||
Rights |
|
|
|
125 |
|
|
|
125 |
| ||||
Short-term investment |
|
|
|
349,320 |
|
|
|
349,320 |
| ||||
Forward foreign currency contracts |
|
|
|
65,018 |
|
|
|
65,018 |
| ||||
Futures contracts |
|
34,996 |
|
|
|
|
|
34,996 |
| ||||
Total |
|
$ |
14,604,722 |
|
$ |
7,173,033 |
|
$ |
208,909 |
|
$ |
21,986,664 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(5,792 |
) |
$ |
|
|
$ |
(5,792 |
) |
Futures contracts |
|
(4,527 |
) |
|
|
|
|
(4,527 |
) | ||||
Total |
|
$ |
(4,527 |
) |
$ |
(5,792 |
) |
$ |
|
|
$ |
(10,319 |
) |
1 At September 30, 2014, securities valued at $1,697,469 were transferred between Level 1 and Level 2 pursuant to the Funds fair valuation policy.
|
|
Mortgage & |
|
Total |
| |
Assets |
|
|
|
|
| |
Beginning balance |
|
$ |
233,714 |
|
233,714 |
|
Purchases |
|
|
|
|
| |
Issuances |
|
|
|
|
| |
Sales |
|
|
|
|
| |
Accrued discounts (premiums) |
|
(15,194 |
) |
(15,194 |
) | |
Total realized gain |
|
|
|
|
| |
Change in net unrealized appreciation/depreciation |
|
(9,611 |
) |
(9,611 |
) | |
Transfers into Level 38 |
|
|
|
|
| |
Transfers out of Level 3 |
|
|
|
|
| |
Ending balance |
|
$ |
208,909 |
|
208,909 |
|
The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at September 30, 2014 was $(9,611).
UBS Multi-Asset Income Fund
Portfolio of investments September 30, 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 September 30, 2014, the value of these securities amounted to $761,229 or 3.49% of net assets. |
2 |
Variable or floating rate security The interest rate shown is the current rate as of September 30, 2014 and changes periodically. |
3 |
On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations. |
4 |
Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country. Only if inflation occurs will securities offer a higher real yield than a conventional government security of the same maturity. |
5 |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At September 30, 2014, the value of these securities amounted to $1,125,550 or 5.16% of net assets. |
6 |
Amount represents less than 0.005%. |
7 |
The table below details the Funds investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund. |
|
|
|
|
|
|
|
|
|
|
Net income |
| |||||
|
|
|
|
Purchases |
|
Sales |
|
|
|
earned from |
| |||||
|
|
|
|
during the |
|
during the |
|
|
|
affiliate for the |
| |||||
|
|
|
|
three months |
|
three months |
|
|
|
three months |
| |||||
|
|
Value |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||
Security description |
|
06/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
|
09/30/14 |
| |||||
UBS Cash Management Prime Relationship Fund |
|
$ |
1,554,008 |
|
$ |
1,267,458 |
|
$ |
2,472,146 |
|
$ |
349,320 |
|
$ |
145 |
|
8 |
Transfers into Level 3 represent the value at the end of the period. At September 30, 2014, securities were transferred from Level 2 to Level 3 as the valuations are based primarily on unobservable input. |
Portfolio acronyms | |
ADR |
American Depositary Receipt |
BBSW |
Bank Bill Swap Reference Rate (Australian Financial Market) |
CD KSDA |
Korean Securities Dealer Association 91 day Certificate of Deposit Rate |
CDO |
Collateralized Debt Obligations |
CDI |
Certificate of Interbank Deposits |
CVA |
Dutch CertificationDepositary Certificate |
ETF |
Exchange Traded Fund |
EURIBOR |
Euro Interbank Offered Rate |
GE |
General Electric |
GDR |
Global Depositary Receipt |
GO |
General Obligation |
GS |
Goldman Sachs |
IO |
Interest onlyThis security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal paydown. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase. |
JIBAR |
Johannesburg Interbank Agreed Rate |
LIBOR |
London Interbank Offered Rate |
MXIBTIIE |
Mexico Interbank TIIE |
OJSC |
Open Joint Stock Company |
Preference shares |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT |
Real Estate Investment Trust |
REMIC |
Real Estate Mortgage Investment Conduit |
Re-REMIC |
Combined Real Estate Mortgage Investment Conduit |
SDR |
Special Depositary Receipt |
SPDR |
Standard & Poors Depository Receipts |
TBA |
(To be announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual 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 |
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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. |
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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 Capital Services Inc. |
MSCI |
Morgan Stanley & Co. International PLC |
SSB |
State Street Bank |
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Currency abbreviations | |
AUD |
Australian Dollar |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
CLP |
Chilean Peso |
CNY |
Chinese Yuan |
COP |
Colombian Peso |
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 |
Peru 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 |
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 (US GAAP) requires disclosure regarding the various inputs that are used in determining the value of the Funds investments. These inputs are summarized into the three broad levels listed below:
Level 1Unadjusted quoted prices in active markets for identical investments.
Level 2Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.
Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the fair value of investments.
A fair value hierarchy has been included near the end of each Funds Portfolio of investments.
For more information regarding the Funds other significant accounting policies, please refer to the Funds annual report to shareholders dated June 30, 2014.
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 |
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By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
November 28, 2014 |
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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 |
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By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
November 28, 2014 |
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By: |
/s/ Thomas Disbrow |
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Thomas Disbrow |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
November 28, 2014 |
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Exhibit EX-99.CERT
Certifications
I, Mark E. Carver, President of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
November 28, 2014 |
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I, Thomas Disbrow, Vice President, Treasurer and Principal Accounting Officer of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Thomas Disbrow |
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Thomas Disbrow |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
November 28, 2014 |
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