UBS Core Plus Bond Fund

Industry diversification (unaudited)1

As a percentage of net assets as of March 31, 2015

Bonds
Corporate bonds
Air freight & logistics	0.14	%
Automobiles	0.23
Banks	4.61
Beverages	0.23
Biotechnology	0.16
Building products	0.12
Capital markets	1.10
Chemicals	0.36
Commercial services & supplies	0.27
Communications equipment	0.42
Consumer finance	0.63
Diversified financial services	0.27
Diversified telecommunication services	1.00
Electric utilities	0.90
Electronic equipment, instruments & components	0.25
Energy equipment & services	0.14
Food & staples retailing	0.16
Food products	0.13
Health care equipment & supplies	0.19
Health care providers & services	0.19
Hotels, restaurants & leisure	0.53
Independent power and renewable electricity producers	0.03
Insurance	1.86
Internet & catalog retail	0.33
IT services	0.27
Machinery	0.29
Media	1.64
Metals & mining	1.46
Multiline retail	0.15
Multi-utilities	0.40
Oil, gas & consumable fuels	4.41
Pharmaceuticals	0.38
Real estate investment trust (REIT)	0.73
Road & rail	0.80
Semiconductors & semiconductor equipment	0.15
Specialty retail	0.17
Technology hardware, storage & peripherals	0.13
Tobacco	0.52
Trading companies & distributors	0.30
Wireless telecommunication services	0.08
Total corporate bonds	26.13	%
Asset-backed securities	3.58
Commercial mortgage-backed securities	9.33
Mortgage & agency debt securities	31.58
Municipal bonds	1.66
US government obligations	16.26
Non-US government obligations	2.54
Total bonds	91.08	%
Investment company
UBS High Yield Relationship Fund	1.44
Short-term investments	30.33
Options purchased	0.01
Investment of cash collateral from securities loaned	0.56
Total investments	123.42	%
Liabilities, in excess of cash and other assets	(23.42	)
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 – March 31, 2015 (unaudited)

	Face amount		Value
Bonds: 91.08%
Corporate bonds: 26.13%
Brazil: 1.41%
Caixa Economica Federal,
2.375%, due 11/06/171	$	150,000	$	141,630
Petrobras Global Finance BV,
3.250%, due 03/17/17	150,000		138,695
5.375%, due 01/27/21	120,000		107,672
Vale Overseas Ltd.,
4.375%, due 01/11/222	85,000		81,708
Total Brazil corporate bonds			469,705

Canada: 1.00%
Anadarko Finance Co.,
Series B, 7.500%, due 05/01/31	70,000		92,846
Barrick Gold Corp.,
3.850%, due 04/01/222	130,000		127,121
Rogers Communications, Inc.,
5.000%, due 03/15/44	25,000		27,557
Talisman Energy, Inc.,
3.750%, due 02/01/21	50,000		49,197
Teck Resources Ltd.,
6.250%, due 07/15/41	40,000		38,751
Total Canada corporate bonds			335,472

China: 0.60%
Sinopec Group Overseas Development 2013 Ltd.,
2.500%, due 10/17/181	200,000		201,481

France: 0.16%
Total Capital International SA,
3.750%, due 04/10/24	50,000		53,393

Ireland: 0.07%
XL Group PLC
6.375%, due 11/15/24	21,000		25,872

Israel: 0.32%
Teva Pharmaceutical Finance Co. BV,
2.400%, due 11/10/16	70,000		71,312
Teva Pharmaceutical Finance IV BV,
3.650%, due 11/10/21	34,000		35,809
Total Israel corporate bonds			107,121

Mexico: 0.24%
Petroleos Mexicanos,
4.875%, due 01/24/22	75,000		79,594

Netherlands: 0.13%
LYB International Finance BV,
4.875%, due 03/15/44	40,000		42,966

Norway: 0.36%
Eksportfinans ASA,
5.500%, due 06/26/17	80,000		85,200
Statoil ASA,
4.800%, due 11/08/43	30,000		35,038
Total Norway corporate bonds			120,238

Spain: 0.47%
Telefonica Emisiones SAU,
3.192%, due 04/27/18	150,000		156,441

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
United Kingdom: 1.40%
Barclays Bank PLC,
5.140%, due 10/14/20	$	100,000	$	111,102
HSBC Holdings PLC,
6.500%, due 09/15/37	100,000		127,597
Imperial Tobacco Finance PLC,
3.500%, due 02/11/231	110,000		111,695
Lloyds Bank PLC,
6.500%, due 09/14/201	100,000		117,487
Total United Kingdom corporate bonds			467,881

United States: 19.97%
21st Century Fox America, Inc.,
6.200%, due 12/15/34	35,000		44,706
Actavis Funding SCS,
3.800%, due 03/15/25	20,000		20,641
ADT Corp.,
3.500%, due 07/15/22	100,000		91,000
Ally Financial, Inc.,
8.000%, due 03/15/20	7,000		8,347
Altria Group, Inc.,
5.375%, due 01/31/44	25,000		29,238
9.950%, due 11/10/38	18,000		31,239
American International Group, Inc.,
4.500%, due 07/16/44	70,000		75,139
Anheuser-Busch InBev Worldwide, Inc.,
8.200%, due 01/15/39	50,000		78,154
Bank of America Corp.,
4.000%, due 01/22/25	50,000		50,405
4.200%, due 08/26/24	70,000		72,419
5.625%, due 07/01/20	75,000		86,466
6.110%, due 01/29/37	100,000		121,769
Berkshire Hathaway Energy Co.,
5.150%, due 11/15/43	30,000		35,740
Boston Properties LP, REIT,
3.800%, due 02/01/24	60,000		63,097
Burlington Northern Santa Fe LLC,
5.150%, due 09/01/43	90,000		104,982
Case New Holland Industrial, Inc.,
7.875%, due 12/01/17	55,000		60,929
Caterpillar, Inc.,
5.200%, due 05/27/41	30,000		36,031
Celgene Corp.,
4.000%, due 08/15/23	50,000		53,942
CF Industries, Inc.,
5.150%, due 03/15/34	70,000		76,713
CIT Group, Inc.,
5.500%, due 02/15/191	70,000		72,800
Citigroup, Inc.,
5.500%, due 09/13/25	220,000		249,346
Comcast Corp.,
6.300%, due 11/15/17	45,000		50,814
6.950%, due 08/15/37	25,000		35,510
Continental Resources, Inc.,
4.900%, due 06/01/44	50,000		44,095
DIRECTV Holdings LLC,
6.000%, due 08/15/40	80,000		90,691
DISH DBS Corp.,
7.875%, due 09/01/19	70,000		78,225
Dollar General Corp.,
3.250%, due 04/15/23	50,000		48,588
DPL, Inc.,
7.250%, due 10/15/21	85,000		90,312
DTE Electric Co.,
3.700%, due 03/15/45	25,000		25,509

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
Bonds—(continued)
Corporate bonds—(concluded)
United States—(concluded)
Energy Transfer Partners LP,
9.000%, due 04/15/19	$	130,000	$	160,635
ERAC USA Finance LLC,
2.800%, due 11/01/181	80,000		82,316
ERP Operating LP, REIT,
4.750%, due 07/15/20	35,000		39,098
FedEx Corp.,
3.875%, due 08/01/42	50,000		48,252
FirstEnergy Transmission LLC,
5.450%, due 07/15/441	40,000		45,029
Flextronics International Ltd.,
5.000%, due 02/15/23	80,000		83,674
Ford Motor Co.,
7.450%, due 07/16/31	55,000		75,932
Ford Motor Credit Co. LLC,
8.125%, due 01/15/20	125,000		156,188
Frontier Communications Corp.,
8.500%, due 04/15/20	10,000		11,225
General Electric Capital Corp.,
Series A, 6.750%, due 03/15/32	65,000		89,905
Glencore Funding LLC,
2.500%, due 01/15/191	120,000		120,058
Goldman Sachs Group, Inc.,
5.750%, due 01/24/22	80,000		93,389
6.150%, due 04/01/18	100,000		112,424
Hartford Financial Services Group, Inc.,
5.950%, due 10/15/36	80,000		101,451
Host Hotels & Resorts LP,
Series D, 3.750%, due 10/15/23	60,000		60,816
International Lease Finance Corp.,
7.125%, due 09/01/181	90,000		101,025
JPMorgan Chase & Co.,
3.875%, due 09/10/24	140,000		143,625
Kinder Morgan Energy Partners LP,
3.950%, due 09/01/22	75,000		76,173
5.000%, due 10/01/21	80,000		85,815
6.500%, due 09/01/39	45,000		51,211
Kinder Morgan, Inc.,
5.550%, due 06/01/45	50,000		52,718
Kroger Co.,
3.850%, due 08/01/23	50,000		53,287
Lincoln National Corp.,
7.000%, due 06/15/40	50,000		69,209
Lowe’s Cos., Inc.,
4.650%, due 04/15/42	50,000		57,306
Markel Corp.,
3.625%, due 03/30/23	40,000		41,248
Masco Corp.,
4.450%, due 04/01/25	40,000		41,300
Maxim Integrated Products, Inc.,
3.375%, due 03/15/23	50,000		50,019
Morgan Stanley,
4.350%, due 09/08/26	60,000		62,896
Series J, 5.550%, due 07/15/203,4	70,000		70,700
Motorola Solutions, Inc.,
3.500%, due 03/01/23	140,000		140,485
Northern Trust Corp.,
3.950%, due 10/30/25	25,000		26,857
NRG Energy, Inc.,
8.250%, due 09/01/20	10,000		10,587
PNC Preferred Funding Trust I,
1.921%, due 03/15/171,3,4	100,000		91,500

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
PPL Capital Funding, Inc.,
3.950%, due 03/15/24	$	80,000	$	86,349
Priceline Group, Inc.,
3.650%, due 03/15/25	50,000		50,884
Principal Financial Group, Inc.,
8.875%, due 05/15/19	90,000		113,260
Prudential Financial, Inc.,
5.200%, due 03/15/443	95,000		96,710
6.625%, due 12/01/37	75,000		99,574
QVC, Inc.,
4.450%, due 02/15/25	60,000		60,400
Regions Financial Corp.,
2.000%, due 05/15/18	70,000		69,935
Ryder System, Inc.,
2.550%, due 06/01/19	80,000		81,191
Seagate HDD Cayman,
5.750%, due 12/01/341	40,000		42,754
Sempra Energy,
9.800%, due 02/15/19	75,000		96,545
Southern Copper Corp.,
3.500%, due 11/08/22	50,000		50,031
Southwestern Electric Power Co.,
3.550%, due 02/15/22	50,000		52,774
Starwood Hotels & Resorts Worldwide, Inc.,
4.500%, due 10/01/34	50,000		52,027
Synchrony Financial,
4.250%, due 08/15/24	40,000		41,832
TCI Communications, Inc.,
7.875%, due 02/15/26	50,000		70,735
Tenet Healthcare Corp.,
6.000%, due 10/01/20	10,000		10,600
Time Warner Cable, Inc.,
6.550%, due 05/01/37	35,000		43,955
Time Warner Entertainment Co. LP,
8.375%, due 03/15/23	120,000		161,249
Time Warner, Inc.,
6.100%, due 07/15/40	35,000		44,217
Transocean, Inc.,
3.800%, due 10/15/222	65,000		47,430
Tyson Foods, Inc.,
4.875%, due 08/15/34	40,000		45,095
Valero Energy Corp.,
6.625%, due 06/15/37	90,000		111,088
Ventas Realty LP,
2.700%, due 04/01/20	80,000		80,870
3.750%, due 05/01/24	50,000		51,366
Verizon Communications, Inc.,
2.021%, due 09/14/183	50,000		52,151
4.522%, due 09/15/481	107,000		106,515
6.400%, due 09/15/33	7,000		8,737
Williams Cos., Inc.,
3.700%, due 01/15/23	90,000		83,196
Williams Partners LP,
4.300%, due 03/04/24	50,000		49,891
Wyndham Worldwide Corp.,
5.625%, due 03/01/21	110,000		124,209
Xerox Corp.,
3.800%, due 05/15/24	90,000		91,215
Zimmer Holdings, Inc.,
4.450%, due 08/15/45	60,000		62,141
Total United States corporate bonds			6,672,126
Total corporate bonds (cost $8,511,713)			8,732,290

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
Bonds—(continued)
Asset-backed securities: 3.58%
United States: 3.58%
AmeriCredit Automobile Receivables Trust,
Series 2014-1, Class D,
2.540%, due 06/08/20	$	125,000	$	124,383
Series 2013-5, Class D,
2.860%, due 12/09/19	125,000		126,791
Capital Auto Receivables Asset Trust,
Series 2013-3, Class B,
2.320%, due 07/20/18	150,000		152,298
Series 2014-1, Class C,
2.840%, due 04/22/19	155,000		157,291
Ford Credit Auto Owner Trust,
Series 2014-A, Class C,
1.900%, due 09/15/19	175,000		177,019
Renaissance Home Equity Loan Trust,
Series 2006-4, Class AF1,
5.545%, due 01/25/375	39,127		23,132
Santander Drive Auto Receivables Trust,
Series 2014-1, Class C,
2.360%, due 04/15/20	155,000		156,246
Series 2014-2, Class D,
2.760%, due 02/18/20	175,000		176,228
Series 2012-4, Class D,
3.500%, due 06/15/18	100,000		102,614
Total asset-backed securities (cost $1,206,817)			1,196,002

Commercial mortgage-backed securities: 9.33%
United States: 9.33%
Boca Hotel Portfolio Trust,
Series 2013-BOCA, Class D,
3.225%, due 08/15/261,3	150,000		149,823
CDGJ Commercial Mortgage Trust,
Series 2014-BXCH, Class DPA,
3.175%, due 12/15/271,3	100,000		100,138
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL1, Class C,
1.925%, due 06/15/311,3	125,000		124,318
Commercial Mortgage Loan Trust,
Series 2015-DC1, Class A5,
3.350%, due 02/10/48	100,000		104,275
Series 2014-CR19, Class C,
4.721%, due 08/10/473	200,000		213,074
Series 2014-LC15, Class C,
4.944%, due 04/10/473	150,000		164,108
Series 2013-LC13, Class C,
5.048%, due 08/10/461,3	200,000		223,848
Commercial Mortgage Pass Through Certificates,
Series 2013-GAM, Class B,
3.418%, due 02/10/281,3	200,000		205,613
CSAIL Commercial Mortgage Trust,
Series 2015-C1, Class A4,
3.505%, due 04/15/506	150,000		158,765
FDIC Structured Sale Guaranteed Notes,
Series 2010-C1, Class A,
2.980%, due 12/06/201	105,405		108,221
GAHR Commericial Mortgage Trust,
Series 2015-NRF, Class CFX,
3.382%, due 12/15/191,6	150,000		150,318

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
GS Mortgage Securities Trust,
Series 2014-GSFL, Class D,
4.075%, due 07/15/311,3	$	175,000	$	174,949
Series 2014-GC18, Class C,
4.949%, due 01/10/473	100,000		108,735
Hilton USA Trust,
Series 2013-HLT, Class DFX,
4.407%, due 11/05/301	100,000		102,923
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-CBM, Class D,
2.675%, due 10/15/291,3	125,000		125,048
Series 2013-JWRZ, Class D,
3.165%, due 04/15/301,3	100,000		100,004
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C7, Class B,
3.769%, due 02/15/46	50,000		52,072
Series 2013-C10, Class C,
4.083%, due 07/15/463	100,000		102,770
Series 2013-C13, Class C,
4.895%, due 11/15/463	50,000		54,375
Starwood Retail Property Trust, Inc.,
Series 2014-STAR, Class C,
2.672%, due 11/15/271,3	150,000		150,702
Wachovia Bank Commercial Mortgage Trust,
Series 2007-C34, Class AM,
5.818%, due 05/15/463	125,000		135,468
Wells Fargo Commercial Mortgage Trust,
Series 2015-C27, Class B,
4.139%, due 02/15/486	150,000		158,046
WFRBS Commercial Mortgage Trust,
Series 2014-C23, Class C,
3.850%, due 10/15/573	150,000		151,251
Total commercial mortgage-backed securities (cost $3,064,593)			3,118,844

Mortgage & agency debt securities: 31.58%
United States: 31.58%
Federal Home Loan Mortgage Corp. Gold Pools7
3.500%, TBA	300,000		318,516
3.500%, TBA	125,000		131,003
#A96140, 4.000%, due 01/01/41	92,949		99,633
#C63008, 6.000%, due 01/01/32	41,233		46,960
#G01717, 6.500%, due 11/01/29	42,764		48,990
Federal National Mortgage Association Pools,7
3.000%, TBA	625,000		638,965
3.500%, TBA	2,500,000		2,625,781
4.000%, TBA	1,200,000		1,283,063
4.500%, TBA	125,000		136,025
#AP1589, 3.000%, due 08/01/27	77,134		81,159
#AT2725, 3.000%, due 05/01/43	410,326		420,305
#AP6056, 3.000%, due 07/01/43	68,623		70,270
#AS0302, 3.000%, due 08/01/43	24,434		25,018
#AU3735, 3.000%, due 08/01/43	93,839		96,084
#AV1735, 3.000%, due 11/01/43	71,872		73,617
#AH4568, 4.000%, due 03/01/41	103,281		110,749
#AO2983, 4.000%, due 05/01/42	75,154		81,313

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
Bonds—(concluded)
Mortgage & agency debt securities—(concluded)
United States—(concluded)
#AL2441, 4.000%, due 09/01/42	$	26,316	$	28,475
#AL5760, 4.000%, due 09/01/43	116,252		125,739
#AE0106, 4.500%, due 06/01/40	1,091		1,193
#890209, 5.000%, due 05/01/40	163,850		182,238
#AD9114, 5.000%, due 07/01/40	207,169		231,419
#AJ1422, 5.000%, due 09/01/41	130,619		145,189
#688066, 5.500%, due 03/01/33	87,005		99,655
#688314, 5.500%, due 03/01/33	92,623		105,346
#802481, 5.500%, due 11/01/34	167,257		190,436
#408267, 6.000%, due 03/01/28	11,995		13,817
#323715, 6.000%, due 05/01/29	7,671		8,833
#676733, 6.000%, due 01/01/33	68,011		78,822
#831730, 6.500%, due 09/01/36	69,891		81,549
First Horizon Asset Securities, Inc.,
Series 2004-FL1, Class 1A1,
0.444%, due 02/25/353	24,161		21,740
Government National Mortgage Association Pools,
3.000%, TBA	325,000		334,642
3.500%, TBA	1,350,000		1,420,506
4.000%, TBA	500,000		532,715
4.500%, TBA	325,000		353,132
#G2 AB2784, 3.500%, due 08/20/42	82,106		87,674
#G2 779425, 4.000%, due 06/20/42	91,285		98,905
#G2 2687, 6.000%, due 12/20/28	15,583		17,810
#G2 2794, 6.000%, due 08/20/29	50,841		58,070
#G2 4245, 6.000%, due 09/20/38	39,460		44,768
Total mortgage & agency debt securities (cost $10,350,343)			10,550,124

Municipal bonds: 1.66%
Chicago Transit Authority,
Series 2008-A,
6.899%, due 12/01/40	50,000		64,416
Los Angeles Unified School District,
6.758%, due 07/01/34	110,000		153,272
State of California, GO Bonds,
7.300%, due 10/01/39	90,000		134,149
State of Illinois, GO Bonds,
5.877%, due 03/01/19	180,000		201,404
Total municipal bonds (cost $455,741)			553,241

US government obligations: 16.26%
Tennessee Valley Authority,
2.875%, due 09/15/24	70,000		73,281
US Treasury Bond,
3.000%, due 11/15/44	1,065,000		1,166,924
US Treasury Inflation Indexed Notes (TIPS),
0.125%, due 04/15/198	310,000		314,916
0.125%, due 07/15/248	145,000		142,660
US Treasury Notes,
0.625%, due 12/31/16	1,300,000		1,303,148
0.875%, due 01/15/18	350,000		350,356
1.500%, due 11/30/19	985,000		992,541
1.500%, due 01/31/22	900,000		888,398
2.000%, due 02/15/252	200,000		201,266
Total US government obligations (cost $5,383,992)			5,433,490

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
Non-US government obligations: 2.54%
Brazil: 0.60%
Banco Nacional de Desenvolvimento Economico e Social,
3.375%, due 09/26/161	$	200,000	$	200,750

Colombia: 0.30%
Republic of Colombia,
8.125%, due 05/21/24	75,000		99,750

Mexico: 0.71%
United Mexican States,
4.000%, due 10/02/23	150,000		158,700
5.550%, due 01/21/45	50,000		58,500
6.750%, due 09/27/34	15,000		20,006
			237,206

Peru: 0.41%
Peruvian Government International Bond,
7.350%, due 07/21/25	100,000		136,000

Philippines: 0.19%
Republic of the Philippines,
10.625%, due 03/16/25	40,000		65,100

Turkey: 0.33%
Republic of Turkey,
6.750%, due 04/03/18	100,000		110,750
Total Non-US government obligations (cost $840,106)			849,556
Total bonds (cost $29,813,305)			30,433,547

	Shares
Investment company: 1.44%
UBS High Yield Relationship Fund*9 (cost $463,574)	13,844		480,531

Short-term investments: 30.33%
Investment company: 23.68%
UBS Cash Management Prime Relationship Fund9 (cost $7,910,623)	7,910,623		7,910,623

	Face amount
US government obligation: 6.65%
US Treasury Bill,
0.050%, due 05/28/1510 (cost $2,224,824)	$	2,225,000	2,224,975
Total short-term investments (cost $10,135,447)			10,135,598

	Number of contracts
Options purchased: 0.01%
Put options: 0.01%
3 Year Euro-Dollar Midcurve, strike@ USD 97.75, expires June 2016 (cost $36,328)	26		1,950

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (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	$	759,002
Gross unrealized depreciation	(156,030		)
Net unrealized appreciation of investments	$	602,972

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
CIBC	EUR	320,000	USD	339,170	06/11/15	$	(5,241	)
CIBC	USD	655,701	EUR	600,000	06/11/15	(9,931		)
CIBC	USD	290,989	JPY	34,800,000	06/11/15	(548		)
JPMCB	EUR	275,000	USD	306,505	06/11/15	10,527
JPMCB	JPY	75,100,000	USD	628,919	06/11/15	2,134
MSCI	EUR	310,000	USD	336,856	06/11/15	3,209
MSCI	EUR	315,000	USD	338,565	06/11/15	(464		)
Net unrealized depreciation on forward foreign currency contracts						$	(314	)

Futures contracts

	Expiration date	Cost/ (proceeds)			Value			Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
US Ultra Bond, 6 contracts (USD)	June 2015	$	1,010,660		$	1,019,250		$	8,590
US Treasury futures sell contracts:
5 Year US Treasury Notes, 3 contracts (USD)	June 2015	(356,949		)	(360,633		)	(3,684		)
10 Year US Treasury Notes, 12 contracts (USD)	June 2015	(1,525,985		)	(1,546,875		)	(20,890		)
Net unrealized depreciation on futures contracts								$	(15,984	)

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

Credit default swaps on corporate issues — buy protection11

Counterparty	Referenced obligation12	Notional amount		Termination date	Payments made by the Fund13		Upfront payments (made)/received			Value			Unrealized depreciation
JPMCB	Boston Scientific Corp. bond, 2.650%, due 10/01/18	USD	150,000	12/20/19	1.000	%	$	1,683		$	(4,044	)	$	(2,361	)
MSC	Deutsche Bank AG bond, 5.125%, due 08/31/17	EUR	140,000	06/20/17	1.000		(3,175		)	(2,091		)	(5,266		)
							$	(1,492	)	$	(6,135	)	$	(7,627	)

Credit default swaps on credit indices — sell protection14

Counterparty	Referenced Index12	Notional amount		Termination date	Payments received by the Fund13		Upfront payments (made)/received			Value		Unrealized appreciation/ (depreciation)			Credit spread15
CSFB	CMBX.NA.BBB. Series 6 Index	USD	350,000	05/11/63	3.000	%	$	14,151		$	3,992	$	18,143		2.700	%
MLI	CMBX.NA.BB. Series 6 Index	USD	300,000	05/11/63	5.000		(9,368		)	4,801		(4,567		)	3.150
MLI	CMBX.NA.BB. Series 6 Index	USD	325,000	05/11/63	5.000		(858		)	5,201		4,343			3.150
							$	3,925		$	13,994	$	17,919

Centrally cleared interest rate swap agreements

Notional amount	Termination date	Payments made by the Fund13	Payments received by the Fund13	Value		Unrealized appreciation
NZD 400,000	07/24/24	3 month BBSW	4.775%	$	24,877	$	24,877
NZD 450,000	07/24/24	3 month BBSW	4.713	26,302		26,302
NZD 450,000	07/24/24	3 month BBSW	4.712	24,048		24,048
USD 825,000	02/15/41	2.351%	3 month USD LIBOR	10,620		10,620
				$	85,847	$	85,847

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

Options written

	Expiration date	Premiums received		Value
Call options
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 98.75	June 2016	$	21,034	$	(26,325	)
Put options
3 Year Euro-Dollar Midcurve, 26 contracts, strike @ USD 96.75	June 2016	21,034		(163		)
Options written on credit default swaps on credit indices16
If option exercised payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 23 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: BB, Notional Amount USD 330,000	May 2015	1,155		(355		)
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 23 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: BB, Notional Amount USD 330,000	May 2015	5,280		(1,463		)
If option exercised payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 23 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: JPMCB, Notional Amount USD 330,000	April 2015	825		(96		)
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 23 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: MLI, Notional Amount USD 640,000	June 2015	6,843		(5,063		)
If option exercised payment from the counterparty will be received upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of the referenced obligation specified in the CDX.NA.HY Series 23 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: MLI, Notional Amount USD 640,000	June 2015	1,394		(810		)
Total options written		$	57,565	$	(34,275	)

Written options activity for the period ended March 31, 2015 was as follows:

	Number of contracts		Premiums received
Options outstanding at June 30, 2014	233		$	141,691
Options written	—		—
Options terminated in closing purchase transactions	(181	)	(99,623		)
Options expired prior to exercise	—		—
Options outstanding at March 31, 2015	52		42,068

Written swaptions activity for the period ended March 31, 2015 was as follows:

	Premiums received
Swaptions outstanding at June 30, 2014	$	12,177
Swaptions written	61,170
Swaptions terminated in closing purchase transactions	(57,850		)
Swaptions expired prior to exercise	—
Swaptions outstanding at March 31, 2015	$	15,497

UBS Core Plus Bond Fund

Portfolio of investments – March 31, 2015 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Corporate bonds	$	—		$	8,732,290		$	—	$	8,732,290
Asset-backed securities	—			1,196,002			—		1,196,002
Commercial mortgage-backed securities	—			3,118,844			—		3,118,844
Mortgage & agency debt securities	—			10,550,124			—		10,550,124
Municipal bonds	—			553,241			—		553,241
US government obligations	—			5,433,490			—		5,433,490
Non-US government obligations	—			849,556			—		849,556
Investment company	—			480,531			—		480,531
Short-term investments	—			10,135,598			—		10,135,598
Options purchased	1,950			—			—		1,950
Investment of cash collateral from securities loaned	—			187,100			—		187,100
Forward foreign currency contracts	—			15,870			—		15,870
Futures contracts	8,590			—			—		8,590
Swap agreements	—			99,841			—		99,841
Total	$	10,540		$	41,352,487		$	—	$	41,363,027

Liabilities
Forward foreign currency contracts	$	—		$	(16,184	)	$	—	$	(16,184	)
Futures contracts	(24,574		)	—			—		(24,574		)
Swap agreements	—			(6,135		)	—		(6,135		)
Options written	(26,488		)	(7,787		)	—		(34,275		)
Total	$	(51,062	)	$	(30,106	)	$	—	$	(81,168	)

At March 31, 2015, 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 March 31, 2015, the value of these securities amounted to $3,150,945 or 9.43% of net assets.

2 Security, or portion thereof, was on loan at March 31, 2015.

3 Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2015 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 March 31, 2015. Maturity date disclosed is the ultimate maturity date.

6 Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2015, the value of this security amounted to $467,129 or 1.40% of net assets.

7 On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

8 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 issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.

9 The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.

									Change in
									net unrealized
									appreciation/					Net income
			Purchases		Sales		Net realized		(depreciation)					earned from
			during the		during the		gain (loss) during the		during the					affiliate for the
	Value		nine months ended		nine months ended		nine months ended		nine months ended			Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15		03/31/15			03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	7,725,321	$	20,292,754	$	20,107,452	$	—	$	—		$	7,910,623	$	3,937
UBS Private Money Market Fund LLCa	236,033		4,408,608		4,457,541		—		—			187,100		19
UBS High Yield Relationship Fund	1,690,858		—		1,180,000		92,944		(123,271		)	480,531		—
	$	9,652,212	$	24,701,362	$	25,744,993	$	92,944	$	(123,271	)	$	8,578,254	$	3,956

a The Advisor earns 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.

UBS Fixed Income Opportunities Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Bonds
Corporate bonds
Banks	17.93	%
Capital markets	0.80
Chemicals	1.69
Commercial services & supplies	1.14
Construction materials	3.08
Consumer finance	2.08
Diversified financial services	2.48
Diversified telecommunication services	2.65
Electronic equipment, instruments & components	1.92
Energy equipment & services	0.50
Food & staples retailing	1.29
Gas utilities	0.58
Hotels, restaurants & leisure	1.79
Insurance	5.56
Machinery	1.86
Media	2.63
Metals & mining	4.95
Oil, gas & consumable fuels	6.56
Pharmaceuticals	0.82
Technology hardware, storage & peripherals	0.36
Trading companies & distributors	1.43
Total corporate bonds	62.10	%
Collateralized debt obligations	5.31
Mortgage & agency debt securities	1.13
Municipal bonds	2.13
US government obligations	19.68
Non-US government obligation	1.48
Total bonds	91.83	%
Short-term investment	10.63
Options purchased	1.72
Total investments	104.18	%
Liabilities, in excess of cash and other assets	(4.18	)
Net assets	100.00	%

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Bonds: 91.83%
Corporate bonds: 62.10%
Australia: 1.39%
Crown Group Finance Ltd.,
5.750%, due 07/18/17	AUD	620,000	$	497,777

Brazil: 4.24%
Banco do Brasil SA,
9.000%, due 06/18/241,2,3	$	285,000	244,387
Caixa Economica Federal,
2.375%, due 11/06/171		520,000	490,984
Petrobras Global Finance BV,
5.375%, due 01/27/21		550,000	493,499
Vale Overseas Ltd.,
4.375%, due 01/11/22		300,000	288,381
Total Brazil corporate bonds			1,517,251

Canada: 1.93%
Barrick Gold Corp.,
3.850%, due 04/01/22		200,000	195,571
NOVA Chemicals Corp.,
5.250%, due 08/01/231		250,000	261,250
Yamana Gold, Inc.,
4.950%, due 07/15/24		240,000	235,971
Total Canada corporate bonds			692,792

China: 0.58%
China Oil & Gas Group Ltd.,
5.250%, due 04/25/181		210,000	208,950

Colombia: 0.43%
Ecopetrol SA,
4.125%, due 01/16/25		160,000	153,181

Croatia: 0.71%
Agrokor DD,
8.875%, due 02/01/201		230,000	252,425

France: 1.04%
Credit Agricole SA,
7.875%, due 01/23/241,2,3		350,000	370,666

Germany: 3.29%
HeidelbergCement Finance BV,
8.500%, due 10/31/194	EUR	250,000	352,680
Trionista Holdco GmbH,
5.000%, due 04/30/201		360,000	404,451
Unitymedia KabelBW GmbH,
6.125%, due 01/15/251	$	400,000	423,000
Total Germany corporate bonds			1,180,131

Ireland: 0.74%
XL Group PLC,
Series E,
6.500%, due 04/15/172,3		300,000	265,500

Italy: 0.43%
Generali Finance BV,
6.214%, due 06/16/162,3	GBP	100,000	152,197

Luxembourg: 3.14%
ArcelorMittal,
6.250%, due 03/01/21	$	600,000	637,500
Intelsat Jackson Holdings SA,
7.500%, due 04/01/21		475,000	488,656
Total Luxembourg corporate bonds			1,126,156

Malaysia: 0.57%
SSG Resources Ltd.,
4.250%, due 10/04/224		200,000	205,297

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Mexico: 1.12%
Cemex SAB de CV,
5.700%, due 01/11/251	$	200,000	$	196,000
5.875%, due 03/25/191		200,000	206,500
Total Mexico corporate bonds			402,500

Netherlands: 0.96%
Basell Finance Co. BV,
8.100%, due 03/15/271		250,000	344,267

Norway: 3.00%
Eksportfinans ASA,
5.500%, due 05/25/16		780,000	809,562
5.500%, due 06/26/17		250,000	266,250
Total Norway corporate bonds			1,075,812

Portugal: 1.48%
EDP Finance BV,
4.900%, due 10/01/191		500,000	531,530

Singapore: 0.59%
Olam International Ltd.,
5.750%, due 09/20/17		200,000	211,500

Switzerland: 0.55%
Credit Suisse Group AG,
6.250%, due 12/18/241,2,3		200,000	196,500

United Kingdom: 6.52%
Barclays Bank PLC,
4.375%, due 09/11/24		250,000	252,858
HBOS PLC,
6.750%, due 05/21/181		300,000	335,650
Lloyds Bank PLC,
6.500%, due 03/24/204	EUR	600,000	803,123
Pension Insurance Corp. PLC,
6.500%, due 07/03/244	GBP	100,000	153,804
Royal Bank of Scotland Group PLC,
6.100%, due 06/10/23	$	710,000	789,560
Total United Kingdom corporate bonds			2,334,995

United States: 29.39%
ADT Corp.,
3.500%, due 07/15/22		450,000	409,500
Allstate Corp.,
5.750%, due 08/15/532		400,000	435,500
Bank of America Corp.,
4.000%, due 01/22/25		200,000	201,619
Barrick North America Finance LLC,
5.750%, due 05/01/43		175,000	181,510
Case New Holland Industrial, Inc.,
7.875%, due 12/01/17		600,000	664,680
Cemex Finance LLC,
6.000%, due 04/01/241		350,000	349,125
CIT Group, Inc.,
5.000%, due 05/15/17		300,000	308,532
5.000%, due 08/15/22		275,000	282,219
Citigroup, Inc.,
0.728%, due 05/31/172	EUR	700,000	749,438
Series M,
6.300%, due 05/15/242,3	$	150,000	153,188
DISH DBS Corp.,
7.875%, due 09/01/19		465,000	519,637
Energy Transfer Partners LP,
6.050%, due 06/01/41		380,000	420,723
Flextronics International Ltd.,
5.000%, due 02/15/23		270,000	282,398
Frontier Communications Corp.,
7.125%, due 01/15/23		300,000	306,750
General Motors Financial Co., Inc.,
3.000%, due 09/25/17		310,000	315,812
4.750%, due 08/15/17		150,000	157,980

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Bonds—(concluded)
Corporate bonds—(concluded)
United States—(concluded)
Glencore Funding LLC,
4.625%, due 04/29/241	$	225,000	$	233,305
International Lease Finance Corp.,
8.625%, due 09/15/15		400,000	411,500
Kinder Morgan Finance Co. LLC,
5.700%, due 01/05/16		530,000	547,517
Kinder Morgan, Inc.,
7.250%, due 06/01/18		275,000	311,991
MetLife, Inc.,
6.400%, due 12/15/36		445,000	527,325
Midstates Petroleum Co., Inc.,
10.750%, due 10/01/20		300,000	162,000
Morgan Stanley,
Series J,
5.550%, due 07/15/202,3		90,000	90,900
Navient LLC,
3.875%, due 09/10/15		270,000	271,936
Pacific Drilling SA,
5.375%, due 06/01/201		225,000	180,000
PNC Preferred Funding Trust I,
1.921%, due 03/15/171,2,3		400,000	366,000
Prudential Financial, Inc.,
5.200%, due 03/15/442		385,000	391,930
5.875%, due 09/15/422		200,000	217,250
Sabine Pass Liquefaction LLC,
6.250%, due 03/15/22		250,000	258,438
Seagate HDD Cayman,
5.750%, due 12/01/341		120,000	128,262
Starwood Hotels & Resorts Worldwide, Inc.,
3.750%, due 03/15/25		60,000	61,576
4.500%, due 10/01/34		80,000	83,243
Valeant Pharmaceuticals International,
7.000%, due 10/01/201		280,000	292,250
Virgin Media Secured Finance PLC,
6.000%, due 04/15/211	GBP	99,000	153,964
WESCO Distribution, Inc.,
5.375%, due 12/15/21	$	100,000	101,750
Total United States corporate bonds			10,529,748
Total corporate bonds (cost $22,497,236)			22,249,175

Collateralized debt obligations: 5.31%
United States: 5.31%
Apidos XIV CLO,
Series 2013-14A, Class C1,
3.103%, due 04/15/251,2		300,000	294,000
Ares XXVII CLO Ltd.,
Series 2013-2A, Class C,
3.006%, due 07/28/251,2		500,000	491,250
BlueMountain CLO Ltd.,
Series 2013-4A, Class C,
2.903%, due 04/15/251,2		300,000	288,870
Galaxy XVI CLO Ltd.,
Series 2013-16A, Class C,
2.858%, due 11/16/251,2		500,000	487,500

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Octagon Investment Partners XVII Ltd.,
Series 2013-1A, Class C,
3.034%, due 10/25/251,2	$	350,000	$	339,906
Total collateralized debt obligations (cost $1,893,680)			1,901,526

Mortgage & agency debt securities: 1.13%
United States: 1.13%
Federal Home Loan Mortgage Corp. REMIC, IO,5
3.000%, due 05/15/27		1,025,221	97,529
Federal National Mortgage Association REMIC, IO,5
Series 2013-87, Class IW,
2.500%, due 06/25/28		3,328,277	309,184
Total mortgage & agency debt securities (cost $436,785)			406,713

Municipal bonds: 2.13%
State of California, GO Bonds,
7.300%, due 10/01/39		250,000	372,635
State of Illinois, GO Bonds,
5.665%, due 03/01/18		355,000	391,689
Total municipal bonds (cost $635,119)			764,324

US government obligations: 19.68%
US Treasury Bonds, PO,
3.139%, due 05/15/436,7		2,523,000	1,208,386
3.174%, due 08/15/426,7		1,250,000	609,829
US Treasury Inflation Indexed Notes (TIPS),
0.125%, due 07/15/246		1,250,000	1,229,831
US Treasury Notes,
2.000%, due 02/15/226		3,921,000	4,001,871
Total US government obligations (cost $6,830,801)			7,049,917

Non-US government obligation: 1.48%
Croatia: 1.48%
Republic of Croatia,
6.250%, due 04/27/174 (cost $526,306)		500,000	530,000
Total bonds (cost $32,819,927)			32,901,655

	Shares
Short-term investment: 10.63%
Investment company: 10.63%
UBS Cash Management Prime Relationship Fund8 (cost $3,809,927)		3,809,927	3,809,927

	Number of contracts
Options purchased: 1.72%
Call Options: 0.29%
10 Year US Treasury Notes, strike@ USD 128.50, expires April 2015		83	77,813
30 Year US Treasury Bonds, strike@ USD 166.00, expires April 2015		14	16,406

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Number of contracts		Value
Options purchased—(concluded)
Call Options—(concluded)
Foreign Exchange Option, Buy USD/JPY, strike@ USD 120.40, expires June 2015, counterparty: MLI		734,000	$	11,036
			105,255

Put Options: 0.18%
1 Year Euro-Dollar Midcurve, strike@ USD 98.50, expires June 2015		72	2,250
10 Year US Treasury Notes, strike@ USD 127.50, expires April 2015		85	18,594
3 Year Euro-Dollar Midcurve, strike@ USD 98.25, expires June 2016		89	16,131
30 Year US Treasury Bonds, strike@ USD 162.00, expires April 2015		14	16,844
90 Day Euro-Dollar Time Deposit, strike@ USD 99.25, expires June 2015		326	2,037
90 Day Euro-Bund, strike@ EUR 156.50, expires May 2015		25	7,796
			63,652

	Notional Amount
Options purchased on interest rate swaps: 1.25%9
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	$	2,675,000	46,466
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	195,000,000	13
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	5,320,000	0
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	GBP	5,320,000	$	192,276

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (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	$	1,202,811
Gross unrealized depreciation	(1,893,698		)
Net unrealized depreciation of investments	$	(690,887	)

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
BB	USD	369,452	CHF	370,000	06/04/15	$	12,273
BB	USD	398,150	EUR	375,000	06/04/15	5,414
DB	USD	374,291	CHF	365,000	06/04/15	2,276
DB	USD	377,381	EUR	350,000	06/04/15	(722		)
GSI	EUR	180,000	USD	190,853	06/04/15	(2,858		)
GSI	USD	621,112	AUD	815,000	06/04/15	(2,605		)
GSI	USD	106,413	NZD	145,000	06/04/15	1,314
JPMCB	AUD	1,550,000	USD	1,214,600	06/04/15	38,299
JPMCB	CHF	735,000	USD	778,140	06/04/15	19,848
JPMCB	EUR	355,000	SEK	3,242,262	06/04/15	(5,194		)
JPMCB	EUR	2,550,000	USD	2,895,568	06/04/15	151,337
JPMCB	EUR	110,000	USD	116,648	06/04/15	(1,731		)
JPMCB	GBP	295,000	USD	448,204	06/04/15	10,792
JPMCB	JPY	172,500,000	USD	1,451,110	06/04/15	11,591
JPMCB	NZD	460,000	USD	336,195	06/04/15	(5,560		)
JPMCB	NZD	620,000	USD	462,586	06/04/15	1,960
JPMCB	USD	349,101	CAD	435,000	06/04/15	(5,943		)
JPMCB	USD	250,163	EUR	230,000	06/04/15	(2,644		)
JPMCB	USD	770,000	JPY	91,683,053	06/04/15	(4,901		)
JPMCB	USD	129,869	JPY	15,700,000	06/04/15	1,148
JPMCB	USD	343,638	NZD	470,000	06/04/15	5,547
MSCI	CHF	350,000	USD	361,350	06/04/15	258
MSCI	EUR	160,000	USD	173,848	06/04/15	1,661
MSCI	EUR	340,000	USD	365,397	06/04/15	(501		)
Net unrealized appreciation on forward foreign currency contracts						$	231,059

Futures contracts

	Expiration date	Cost/ (proceeds)			Value			Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
US Long Bond, 18 contracts (USD)	June 2015	$	2,920,282		$	2,949,750		$	29,468
US Ultra Bond, 8 contracts (USD)	June 2015	1,347,547			1,359,000			11,453
2 Year US Treasury Notes, 11 contracts (USD)	June 2015	2,402,484			2,410,719			8,235
5 Year US Treasury Notes, 47 contracts (USD)	June 2015	5,604,819			5,649,914			45,095
US Treasury futures sell contracts:
US Long Bond, 5 contracts (USD)	June 2015	(816,774		)	(819,375		)	(2,601		)
5 Year US Treasury Notes, 18 contracts (USD)	June 2015	(2,154,716		)	(2,163,797		)	(9,081		)
10 Year US Treasury Notes, 48 contracts (USD)	June 2015	(6,179,405		)	(6,187,500		)	(8,095		)
Interest rate futures sell contracts:
Euro-Bobl, 10 contracts (EUR)	June 2015	(1,388,138		)	(1,391,696		)	(3,558		)
Net unrealized appreciation on futures contracts								$	70,916

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Currency swap agreements9

	Notional Amount												Unrealized
Counterparty	Pay contracts		Receive contracts		Termination date	Pay rate10	Receive rate10	Upfront payments		Value			appreciation/ (depreciation)
BB	USD	2,372,740	AUD	3,100,000	12/24/22	3 month USD LIBOR	3 month BBSW	$	—	$	11,501		$	11,501
CITI	AUD	1,884,491	USD	1,461,894	09/05/15	3 month BBSW	3 month USD LIBOR	—		19,146			19,146
JPMCB	USD	1,461,894	AUD	1,884,491	09/05/23	3 month USD LIBOR	3 month BBSW	—		(11,182		)	(11,182		)
MLI	AUD	3,100,000	USD	2,372,740	12/24/15	3 month BBSW	3 month USD LIBOR	—		2,224			2,224
								$	—	$	21,689		$	21,689

Interest rate swap agreements

Counterparty	Notional amount		Termination date	Payments made by the Fund10		Payments received by the Fund10		Upfront payments (made)/ received			Value			Unrealized appreciation/ (depreciation)
CSFB	CAD	5,490,000	02/11/17	3 month BA		3.500	%	$	(23,529	)	$	226,147		$	202,618
CSFB	CAD	1,550,000	02/11/22	4.145	%	3 month BA		—			(222,314		)	(222,314		)
DB	USD	3,250,000	02/15/38	4.474		3 month USD LIBOR		1,181,161			(1,270,819		)	(89,658		)
DB	USD	700,000	05/15/40	3.470		3 month USD LIBOR		(125,600		)	(349,286		)	(474,886		)
DB	USD	695,000	05/15/40	4.560		3 month USD LIBOR		—			(705,372		)	(705,372		)
JPMCB	CAD	5,490,000	02/11/17	3.500		3 month BA		—			(226,147		)	(226,147		)
JPMCB	CAD	1,550,000	02/11/22	3 month BA		4.145		—			222,314			222,314
JPMCB	USD	4,500,000	02/18/16	2.532		3 month USD LIBOR		—			(95,501		)	(95,501		)
JPMCB	USD	40,000,000	07/03/42	1 month USD LIBOR		3 month USD LIBOR		—			536,257			536,257
MLI	CAD	9,280,000	04/09/17	3 month BA		1.978		—			184,958			184,958
MSCI	CAD	8,870,000	04/08/17	3.600		3 month BA		—			(459,248		)	(459,248		)
								$	1,032,032		$	(2,159,011	)	$	(1,126,979	)

Credit default swaps on credit indices — buy protection11

Counterparty	Referenced index12	Notional amount		Termination date	Payments made by the Fund10		Upfront payments made			Value			Unrealized depreciation
CITI	iTraxx Europe Sub Financials Series 21 Index	EUR	2,000,000	06/20/19	1.000	%	$	(29,860	)	$	(23,367	)	$	(53,227	)

Credit default swaps on corporate and sovereign issues — buy protection11

Counterparty	Referenced obligation12	Notional amount		Termination date	Payments made by the Fund10		Upfront payments (made)/ received			Value			Unrealized appreciation/ (depreciation)
CITI	Prudential Financial Inc. bond, 6.100%, due 06/15/17	USD	380,000	03/20/20	1.000		$	7,632		$	(4,769	)	$	2,863
JPMCB	Boston Scientific Corp. bond, 2.650%, due 10/01/18	USD	740,000	12/20/19	1.000		8,979			(19,952		)	(10,973		)
JPMCB	Government of France bond, 4.250%, due 04/25/19	USD	3,025,000	09/20/16	0.250	%	(97,127		)	(7,484		)	(104,611		)
MSCI	V.F. Corp. bond, 5.950%, due 11/01/17	USD	2,750,000	12/20/16	1.000		12,254			(45,082		)	(32,828		)
							$	(68,262	)	$	(77,287	)	$	(145,549	)

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Credit default swaps on credit indices — sell protection13

Counterparty	Referenced Index12	Notional amount		Termination date	Payments received by the Fund10		Upfront payments (made)/ received			Value			Unrealized appreciation/ (depreciation)			Credit spread14
CSFB	CMBX.NA.BBB Series 6 Index	USD	2,550,000	05/11/63	3.000	%	$	103,103		$	29,087		$	132,191		2.700	%
MLI	CMBX.NA.BB Series 6 Index	USD	700,000	05/11/63	5.000		(21,859		)	11,202			(10,658		)	3.150
MSCI	CMBX.NA.BB Series 6 Index	USD	1,000,000	05/11/63	5.000		(31,887		)	16,003			(15,884		)	3.150
JPMCB	CDX.EM.Series 22 Index	USD	1,000,000	12/20/19	1.000		112,606			(120,340		)	(7,734		)	3.980
							$	161,963		$	(64,048	)	$	97,915

Credit default swaps on corporate and sovereign issues — sell protection13

Counterparty	Referenced obligation12	Notional amount		Termination date	Payments received by the Fund10		Upfront payments (made)/ received			Value			Unrealized appreciation/ (depreciation)			Credit spread14
CITI	State of Illinois bond, 5.000%, due 06/01/29	USD	370,000	12/20/23	1.000	%	$	24,943		$	(29,351	)	$	(4,408	)	2.270	%
CITI	MetLife Inc. bond, 4.750%, due 02/28/21	USD	380,000	03/20/20	1.000		(5,241		)	5,383			142			0.680
							$	19,702		$	(23,968	)	$	(4,266	)

Total return swap agreements9

Counterparty	Notional amount		Termination date	Payments made by the Fund10	Payments received by the Fund10	Upfront payments		Value			Unrealized depreciation
MLI	USD	1,815,000	06/25/15	—15	3 month USD LIBOR	$	—	$	(1,489	)	$	(1,489	)

Centrally cleared interest rate swap agreements

Notional amount		Termination date	Payments made by the Fund10	Payments received by the Fund10		Value			Unrealized appreciation/ (depreciation)
GBP	2,475,000	04/16/20	6 month GBP LIBOR	2.477	%	$	201,785		$	201,785
GBP	2,750,000	04/16/25	3.050	6 month GBP LIBOR		(525,629		)	(525,629		)
GBP	640,000	04/16/45	6 month GBP LIBOR	3.384		317,141			317,141
NZD	2,900,000	07/24/24	3 month BBSW	4.712		154,976			154,976
NZD	3,100,000	07/24/24	3 month BBSW	4.713		181,193			181,193
USD	3,150,000	09/24/19	2.347	3 month USD LIBOR		(125,849		)	(125,849		)
USD	8,250,000	12/12/23	3.200	3 month USD LIBOR		(924,489		)	(924,489		)
						$	(720,872	)	$	(720,872	)

Centrally cleared credit default swaps on credit indices — buy protection11

Referenced index12	Notional amount		Termination date	Payments made by the Fund10		Value			Unrealized depreciation
iTraxx Europe Crossover Series 20 Index	EUR	1,150,000	12/20/18	5.000	%	$	(161,835	)	$	(60,540	)
iTraxx Europe Series 22 Index	EUR	5,100,000	12/20/19	1.000		(128,871		)	(48,331		)
CDX.NA.HY.Series 23 Index	USD	4,388,000	12/20/19	5.000		(358,996		)	(145,290		)
CDX.NA.IG. Series 23 Index	USD	15,650,000	12/20/19	1.000		(265,695		)	(35,883		)
						$	(915,397	)	$	(290,044	)

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Options written

	Expiration date	Premiums received		Value
Call options
3 Year Euro-Dollar Midcurve, 89 contracts, strike @ USD 98.75	June 2016	$	81,226	$	(90,113	)
90 Day Euro-Bund, 25 contracts, strike@ EUR 153.00	May 2015	8,914		(1,076		)
Options written on interest rate swaps9
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 1,400,000	June 2015	58,532		(5		)
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 23,000,000	January 2018	250,495		(49,209		)
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		(66,431		)
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		(26,925		)
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		(2		)
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		0
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 1,400,000	June 2015	58,533		(274,188		)
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 195,000,000	May 2015	60,050		(175,876		)
Options written on credit default swaps on credit indices9
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 23 Index and Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: JPMCB, Notional Amount USD 600,0001	April 2015	1,500		(174		)
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 23 Index and Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: MLI, Notional Amount USD 5,000,0001	June 2015	53,460		(39,558		)
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 23 Index and Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 12/20/19. European style. Counterparty: MLI, Notional Amount USD 5,000,0001	June 2015	10,890		(6,328		)
Total options written		$	1,028,845	$	(729,885	)

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Written options activity for the period ended March 31, 2015 was as follows:

	Number of contracts		Premiums received
Options outstanding at June 30, 2014	1,408		$	600,522
Options written	986		521,123
Options terminated in closing purchase transactions	(2,280	)	(1,031,505		)
Options expired prior to exercise	—		—
Options outstanding at March 31, 2015	114		$	90,140

Written swaptions activity for the period ended March 31, 2015 was as follows:

Swaptions outstanding at June 30, 2014	$	1,600,991
Swaptions written	332,598
Swaptions terminated in closing purchase transactions	(994,884		)
Swaptions expired prior to exercise	—
Swaptions outstanding at March 31, 2015	$	938,705

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Corporate bonds	$	—		$	22,249,175		$	—	$	22,249,175
Collateralized debt obligations	—			1,901,526			—		1,901,526
Mortgage & agency debt securities	—			406,713			—		406,713
Municipal bonds	—			764,324			—		764,324
US government obligations	—			7,049,917			—		7,049,917
Non-US government obligation	—			530,000			—		530,000
Short-term investment	—			3,809,927			—		3,809,927
Options purchased	157,871			458,670			—		616,541
Forward foreign currency contracts	—			263,718			—		263,718
Futures contracts	94,251			—			—		94,251
Swap agreements	—			2,119,317			—		2,119,317
Total	$	252,122		$	39,553,287		$	—	$	39,805,409

Liabilities
Forward foreign currency contracts	$	—		$	(32,659	)	$	—	$	(32,659	)
Futures contracts	(23,335		)	—			—		(23,335		)
Swap agreements	—			(6,083,067		)	—		(6,083,067		)
Options written	(91,189		)	(638,696		)	—		(729,885		)
Total	$	(114,524	)	$	(6,754,422	)	$	—	$	(6,868,946	)

At March 31, 2015, $458,670 of options purchased were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

	Collateralized debt obligations			Total
Assets
Beginning balance	$	1,075,535		$	1,075,535
Purchases	—			—
Issuances	—			—
Sales	(478,750		)	(478,750		)
Accrued discounts (premiums)	—			—
Total realized gain	(13,800		)	(13,800		)
Change in net unrealized appreciation/depreciation	5,795			5,795
Transfers into Level 3	—			—
Transfers out of Level 316	(588,780		)	(588,780		)
Ending balance	$	—		$	—

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2015 was $5,795.

UBS Fixed Income Opportunities Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Portfolio footnotes

1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of these securities amounted to $8,070,992 or 22.53% of net assets.
2	Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2015 and changes periodically.
3	Perpetual investment. Date shown 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 March 31, 2015, the value of these securities amounted to $2,044,904 or 5.71% 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	All or a portion of these securities have been designated as collateral for open swap agreements.
7	Rate shown reflects annualized yield at March 31, 2015 on zero coupon bond.
8	The table below details the Fund’s 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.

										Change in
										net unrealized
										appreciation/					Net income
			Purchases		Sales		Net realized			(depreciation)					earned from
			during the		during the		gain during the			during the					affiliate for the
	Value		nine months ended		nine months ended		nine months ended			nine months ended			Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15			03/31/15			03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	1,161,062	$	37,800,957	$	35,152,092	$	—		$	—		$	3,809,927	$	1,286
UBS Opportunistic Emerging Markets Debt Relationship Fund	12,199,300		—		11,005,294		(343,731		)	(850,275		)	—		—
	$	13,360,362	$	37,800,957	$	46,157,386	$	(343,731	)	$	(850,275	)	$	3,809,927	$	1,286

9	Illiquid investment as of March 31, 2015.
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 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.
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 entity’s 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.
15	Payment is based on the performance of the underlying iBoxx USD Liquid High Yield Index.
16	Transfers out of Level 3 represent the value at the end of the period. At March 31, 2015, securities were transferred from Level 3 to Level 2 as the valuations are based on observable inputs from an established pricing source.

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Long-term municipal bonds: 107.80%
Arizona—3.89%
City of Glendale, Water & Sewer Revenue Bonds,
5.000%, due 07/01/22	$	1,000,000	$	1,205,640
Mesa Arizona Utility System Revenue Bonds,
FGIC,
5.000%, due 07/01/271	1,000,000		1,058,720
			2,264,360
California—12.10%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Asset-Backed Revenue Bonds,
Series A,
5.000%, due 06/01/19	1,000,000		1,151,180
5.000%, due 06/01/32	1,000,000		1,157,940
State of California, Various Purpose, GO Bonds,
5.000%, due 03/01/27	1,000,000		1,218,380
5.000%, due 10/01/32	1,000,000		1,175,330
5.000%, due 10/01/33	2,000,000		2,342,960
			7,045,790
Florida—15.35%
Jea Water & Sewer System Revenue Bonds,
Series A-1,
0.010%, due 10/01/382	800,000		800,000
The School Board of Broward County, COP,
Series B,
5.000%, due 07/01/30	2,000,000		2,331,400
The School Board of Miami-Dade County, COP,
5.000%, due 11/01/31	1,000,000		1,145,750
Series A,
5.000%, due 05/01/31	1,000,000		1,143,860
The School Board of Orange County, COP,
Series D,
5.000%, due 08/01/22	1,000,000		1,205,810
The School Board of Palm Beach County, COP,
Series B,
5.000%, due 08/01/31	1,000,000		1,161,090
Volusia Country Florida School Board Certificates Refunding, Master Lease Program, COP,
Series B,
5.000%, due 08/01/31	1,000,000		1,152,920
			8,940,830
Hawaii—2.03%
State of Hawaii, GO Bonds,
Series EO,
5.000%, due 08/01/32	1,000,000		1,181,360

Illinois—1.00%
City of Chicago O’Hare International Airport, Senior Lien Revenue Bonds,
Series B,
5.250%, due 01/01/29	500,000		580,255

Maryland—4.19%
Baltimore County Public Improvement Special Tax,
5.000%, due 08/01/21	1,000,000		1,210,080
State of Maryland, State and Local Facilities, Loan of 2014, GO Bonds,
Series 2-C,
5.000%, due 08/01/22	1,000,000		1,228,480
			2,438,560

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Massachusetts—4.58%
Massachusetts State Health & Educational Facilities Authority Revenue Bonds,
Series O,
5.000%, due 07/01/16	$	1,500,000	$	1,588,275
Massachusetts Water Resources Authority Revenue Bonds,
Series E,
5.000%, due 12/01/16	1,000,000		1,075,800
			2,664,075
Michigan—4.39%
Michigan Finance Authority Revenue Bonds,
Q-SBLF,
5.000%, due 06/01/20	1,150,000		1,273,602
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds,
5.000%, due 10/01/17	1,160,000		1,283,088
			2,556,690
Missouri—0.52%
Missouri State Health and Educational Facilities Revenue Bonds,
Series B,
0.030%, due 03/01/402	300,000		300,000

New Jersey—4.02%
New Jersey Turnpike Authority Revenue Bonds,
Series A,
5.000%, due 01/01/27	1,000,000		1,188,010
State of New Jersey, GO Bonds,
5.000%, due 06/01/20	1,000,000		1,153,620
			2,341,630
New York—14.29%
City of New York, GO Bonds,
Series C,
5.000%, due 08/01/22	1,500,000		1,793,160
Series I,
5.000%, due 08/01/17	1,040,000		1,143,012
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Fiscal 2006 Revenue Bonds,
Series A,
0.020%, due 06/15/322	1,000,000		1,000,000
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Fiscal 2012 Revenue Bonds,
Series EE,
5.000%, due 06/15/36	2,050,000		2,368,652
Series FF,
5.000%, due 06/15/33	500,000		570,605
New York City Transitional Finance Authority Revenue Bonds,
Sub-Series I,
5.000%, due 05/01/34	1,250,000		1,442,787
			8,318,216
Ohio—1.96%
State of Ohio, Major New State Infrastructure Project Revenue Bonds,
Series 1,
5.500%, due 06/15/181	1,000,000		1,142,890

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Long-term municipal bonds: (concluded)
Pennsylvania—2.86%
City of Philadelphia, Water and Wastewater Revenue Bonds,
Series B,
5.000%, due 11/01/21	$	1,400,000	$	1,667,652

Rhode Island—3.59%
Tobacco Settlement Fing Corp., Asset-Backed Revenue Bonds,
Series A,
4.000%, due 06/01/17	850,000		907,732
5.000%, due 06/01/21	1,000,000		1,183,100
			2,090,832
South Carolina—6.03%
South Carolina State Public Service Authority Revenue Bonds,
Series C,
5.000%, due 12/01/22	3,000,000		3,512,880

Texas—16.04%
Cypress-Fairbanks Independent School District, GO Bonds,
Series C, PSF-GTD,
5.000%, due 02/15/31	1,000,000		1,179,490
Fort Worth Independent School District, GO Bonds,
5.000%, due 02/15/19	1,000,000		1,140,900
Harris County Cultural Education Facility, Financial Corp., Methodist Hospital Revenue Bonds,
Series C-2,
0.040%, due 12/01/272	1,000,000		1,000,000
Houston Independent School District, GO Bonds,
Series B, PSF-GTD,
5.000%, due 02/15/17	1,000,000		1,082,280
North Texas Tollway Authority System Revenue Bonds,
Series A,
5.000%, due 01/01/25	1,000,000		1,192,750
Northside Independent School District, GO Bonds,
Series A, PSF-GTD,
5.000%, due 02/15/21	1,000,000		1,189,680
Texas Public Finance Authority, GO Bonds,
Series A,
5.000%, due 10/01/23	1,100,000		1,365,760
Texas Transportation Commission Highway Improvement, GO Bonds,
5.000%, due 04/01/30	1,000,000		1,188,840
			9,339,700
Utah—1.72%
Murray City Utah Hospital, IHC Health Services, Inc., Revenue Bonds,
Series C,
0.030%, due 05/15/372	1,000,000		1,000,000

Virginia—2.00%
Virginia Public School Authority Refunding School Financing Revenue Bonds,
Series B,
5.250%, due 08/01/16	1,095,000		1,166,449

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Washington—7.24%
State of Washington, Motor Vehicle Fuel Tax, GO Bonds,
Series R-2015D,
4.000%, due 07/01/17	$	1,775,000	$	1,908,835
State of Washington, Various Purpose, GO Bonds,
Series C,
5.000%, due 01/01/181	1,000,000		1,110,820
Series R,
5.000%, due 07/01/21	1,000,000		1,197,190
			4,216,845
Total long-term municipal bonds (cost $62,711,016)			62,769,014

	Shares
Short-term investment: 2.32%
Investment company: 2.32%
UBS Cash Management Prime Relationship Fund3 (cost $1,353,100)	1,353,100		1,353,100
Total investments: 110.12% (cost $64,064,116)			64,122,114
Liabilities, in excess of cash and other assets: (10.12%)			(5,894,505		)
Net assets: 100.00%			$	58,227,609

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2015 (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	$	256,425
Gross unrealized depreciation	(198,427		)
Net unrealized appreciation of investments	$	57,998

Futures contracts

	Expiration date	Cost/ (proceeds)			Value			Unrealized depreciation
US Treasury futures sell contracts:
US Long Bond, 20 contracts (USD)	June 2015	$	(3,236,895	)	$	(3,277,500	)	$	(40,605	)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Long-term municipal bonds	$	—		$	62,769,014	$	—	$	62,769,014
Short-term investment	—			1,353,100		—		1,353,100
Total	$	—		$	64,122,114	$	—	$	64,122,114

Liabilities
Futures contracts	$	(40,605	)	$	—	$	—	$	(40,605	)
Total	$	(40,605	)	$	—	$	—	$	(40,605	)

At March 31, 2015, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

1	Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier reset date or the date of the prerefunded call.
2	Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2015 and changes periodically.
3	The table below details the Fund’s 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

affiliate for the

Value

period ended

Value

period ended

Security description

11/10/14*

03/31/15

UBS Cash Management Prime Relationship Fund

—

51,969,060

50,615,960

1,353,100

914

* Commencement of operations.

UBS Equity Long-Short Multi-Strategy Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Common stocks
Aerospace & defense	0.96	%
Air freight & logistics	0.38
Airlines	0.70
Auto components	0.68
Automobiles	1.12
Banks	5.56
Beverages	1.13
Biotechnology	3.97
Building products	0.30
Capital markets	1.57
Chemicals	1.34
Commercial services & supplies	0.23
Communications equipment	0.61
Construction & engineering	0.37
Consumer finance	1.29
Containers & packaging	0.37
Diversified financial services	0.38
Diversified telecommunication services	0.62
Electric utilities	0.63
Electronic equipment, instruments & components	1.28
Energy equipment & services	0.88
Food & staples retailing	1.42
Food products	1.20
Gas utilities	0.16
Health care equipment & supplies	0.98
Health care providers & services	4.74
Hotels, restaurants & leisure	1.49
Household durables	0.79
Household products	0.16
Industrial conglomerates	0.73
Insurance	5.61
Internet & catalog retail	0.93
Internet software & services	1.10
IT services	1.57
Life sciences tools & services	0.60
Machinery	2.02
Marine	0.31
Media	2.94
Metals & mining	0.61
Multiline retail	0.63
Multi-utilities	0.42
Oil, gas & consumable fuels	7.14
Paper & forest products	0.45
Pharmaceuticals	7.81
Real estate investment trust (REIT)	1.16
Real estate management & development	1.14
Road & rail	0.54
Semiconductors & semiconductor equipment	5.49
Software	2.44
Specialty retail	0.35
Technology hardware, storage & peripherals	2.80
Textiles, apparel & luxury goods	0.29
Tobacco	1.30
Transportation infrastructure	0.32
Wireless telecommunication services	0.92
Total common stocks	84.93	%
Preferred stocks	0.51
Short-term investment	24.81
Total investments before investments sold short	110.25	%

UBS Equity Long-Short Multi-Strategy Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Investments sold short
Common stocks
Aerospace & defense	(0.55	)%
Airlines	(0.19	)
Automobiles	(0.61	)
Banks	(2.74	)
Beverages	(1.25	)
Biotechnology	(1.79	)
Capital markets	(2.02	)
Chemicals	(0.39	)
Commercial services & supplies	(1.05	)
Communications equipment	(1.23	)
Construction & engineering	(0.97	)
Construction materials	(0.36	)
Consumer finance	(0.28	)
Distributors	(0.26	)
Diversified consumer services	(0.12	)
Diversified financial services	(0.26	)
Diversified telecommunication services	(1.41	)
Electric utilities	(0.47	)
Electrical equipment	(0.91	)
Electronic equipment, instruments & components	(0.69	)
Energy equipment & services	(4.23	)
Food & staples retailing	(2.22	)
Food products	(1.63	)
Gas utilities	(0.11	)
Health care equipment & supplies	(2.84	)
Health care providers & services	(1.27	)
Hotels, restaurants & leisure	(1.64	)
Household durables	(0.98	)
Household products	(0.29	)
Independent power and renewable electricity producers	(0.35	)
Industrial conglomerates	(0.06	)
Insurance	(2.65	)
Internet software & services	(0.55	)
IT services	(0.89	)
Life sciences tools & services	(1.19	)
Machinery	(2.69	)
Marine	(0.29	)
Media	(0.95	)
Metals & mining	(1.38	)
Multiline retail	(0.35	)
Multi-utilities	(0.65	)
Oil, gas & consumable fuels	(4.09	)
Personal products	(0.10	)
Pharmaceuticals	(1.31	)
Real estate investment trust (REIT)	(0.56	)
Road & rail	(0.15	)
Semiconductors & semiconductor equipment	(2.43	)
Software	(1.63	)
Specialty retail	(0.62	)
Technology hardware, storage & peripherals	(0.80	)
Textiles, apparel & luxury goods	(0.98	)
Thrifts & mortgage finance	(0.70	)
Trading companies & distributors	(0.20	)
Transportation infrastructure	(0.67	)
Wireless telecommunication services	(0.73	)
Total common stocks	(59.73	)
Rights	(0.01	)
Total investments sold short	(59.74	)%
Total investments, net of investments sold short	50.51	%
Cash and other assets, less liabilities	49.49
Net assets	100.00	%

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 84.93%
Belgium: 0.70%
bpost SA	2,328	$	65,337
KBC Groep NV*	884	54,633
Total Belgium common stocks		119,970

Brazil: 0.27%
Cielo SA	1,390	19,899
QGEP Participacoes SA	12,800	26,390
Total Brazil common stocks		46,289

Canada: 4.83%
Canadian Oil Sands Ltd.	13,410	104,290
Enerplus Corp.	2,350	23,824
Gran Tierra Energy, Inc.*	31,130	85,042
Kelt Exploration Ltd.*	3,500	20,919
MEG Energy Corp.*	4,900	79,155
Paramount Resources Ltd., Class A*	4,815	118,612
Perpetual Energy, Inc.*	135,400	115,457
ShaMaran Petroleum Corp.*	65,000	4,619
Suncor Energy, Inc.	975	28,491
Teck Resources Ltd., Class B	3,700	50,772
Toronto-Dominion Bank	1,100	47,081
TransGlobe Energy Corp.1	35,385	125,263
Trilogy Energy Corp.	3,545	20,796
Total Canada common stocks		824,321

Chile: 0.16%
Geopark Ltd.*	6,900	26,427

China: 1.88%
AIA Group Ltd.	17,200	107,990
Alibaba Group Holding Ltd. ADR*1	682	56,770
Hollysys Automation Technologies Ltd.	1,890	37,554
Lenovo Group Ltd.	31,800	46,339
Tianhe Chemicals Group Ltd.*2,6	200,000	30,183
Vipshop Holdings Ltd. ADR*	1,410	41,511
Total China common stocks		320,347

Denmark: 1.23%
A.P. Moeller-Maersk A/S, Class B	25	52,256
Novo Nordisk A/S, Class B	1,418	75,698
Topdanmark A/S*	1,674	50,088
Tryg A/S	266	31,284
Total Denmark common stocks		209,326

Finland: 1.39%
Sampo Oyj, Class A	2,357	118,883
UPM-Kymmene Oyj	3,976	77,242
Wartsila Oyj Abp	933	41,267
Total Finland common stocks		237,392

France: 3.82%
Cap Gemini SA	727	59,644
Groupe Eurotunnel SA	3,783	54,233
Ipsen SA	1,035	48,974
Pernod Ricard SA	656	77,567
Publicis Groupe SA	678	52,312
Safran SA	1,146	80,073
TOTAL SA	1,339	66,558
UBISOFT Entertainment*	2,996	55,320
Unibail-Rodamco SE	228	61,568
Valeo SA	307	45,791
Veolia Environnement SA	2,588	48,948
Total France common stocks		650,988

Germany: 4.21%
adidas AG	635	50,142
Bayer AG	914	136,749
Daimler AG	518	49,746
Deutsche Annington Immobilien SE	1,429	48,154

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Deutsche Wohnen AG	2,290	$	58,571
Freenet AG	1,241	37,294
Fresenius Medical Care AG & Co. KGaA	802	66,663
Fresenius SE & Co KGaA	855	50,972
HOCHTIEF AG	824	62,350
Krones AG	384	39,865
Merck KGaA	345	38,612
Rocket Internet SE*3	525	25,979
ThyssenKrupp AG	2,040	53,407
Total Germany common stocks		718,504

Greece: 0.07%
Piraeus Bank SA*	32,629	12,593

Ireland: 0.49%
Perrigo Co. PLC	200	33,110
Ryanair Holdings PLC ADR	765	51,079
Total Ireland common stocks		84,189

Israel: 2.86%
Check Point Software Technologies Ltd.*1	2,835	232,385
Mellanox Technologies Ltd.*1	2,100	95,214
Teva Pharmaceutical Industries Ltd. ADR	2,580	160,734
Total Israel common stocks		488,333

Italy: 1.19%
Intesa Sanpaolo SpA	8,886	30,159
Mediobanca SpA	5,344	51,129
Mediolanum SpA	15,150	122,171
Total Italy common stocks		203,459

Japan: 4.45%
Astellas Pharma, Inc.	4,100	67,178
Bridgestone Corp.	900	36,036
Fuji Heavy Industries Ltd.	700	23,237
Hino Motors Ltd.	3,800	54,069
Hitachi Ltd.	6,000	40,979
Inpex Corp.	3,900	42,973
Japan Airlines Co., Ltd.	2,200	68,436
Japan Petroleum Exploration Co.	1,200	40,658
KDDI Corp.	2,760	62,356
Lawson, Inc.	500	34,660
ORIX Corp.	4,600	64,635
Panasonic Corp.	2,500	32,830
Sony Corp.*	2,200	58,836
Sumitomo Realty & Development Co., Ltd.	1,000	36,001
THK Co., Ltd.	2,400	60,986
Toyota Industries Corp.	600	34,318
Total Japan common stocks		758,188

Luxembourg: 0.31%
Grand City Properties SA*	2,800	51,949

Netherlands: 1.55%
ING Groep NV CVA*	3,172	46,463
Koninklijke KPN NV	15,843	53,702
NN Group NV*3	1,750	49,612
NXP Semiconductors NV ,	1,140	114,411
Total Netherlands common stocks		264,188

Norway: 1.49%
Det Norske Oljeselskap ASA*	3,348	18,410
DNB ASA	3,249	52,145
Gjensidige Forsikring ASA	3,408	58,803

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks—(continued)
Norway—(concluded)
Telenor ASA	2,505	$	50,552
Yara International ASA	1,451	73,671
Total Norway common stocks		253,581

South Africa: 0.46%
Naspers Ltd., Class N	515	78,996

South Korea: 0.60%
Samsung Electronics Co. Ltd. GDR4	58	37,666
Samsung Electronics Co., Ltd.	14	18,155
Wonik IPS Co., Ltd.*	4,665	46,546
Total South Korea common stocks		102,367

Spain: 1.54%
Acciona SA*	674	51,909
Amadeus IT Holding SA, Class A	1,320	56,571
Atresmedia Corp. de Medios de Comunicacion SA	1,600	24,204
Bankia SA*	16,000	22,298
Mediaset Espana Comunicacion SA*	2,200	27,541
Melia Hotels International SA	2,000	24,654
Red Electrica Corp. SA	690	56,106
Total Spain common stocks		263,283

Sweden: 1.95%
Assa Abloy AB, Class B	849	50,571
Betsson AB*	1,422	53,406
Lundin Petroleum AB*	4,003	54,772
Nordea Bank AB	4,336	52,814
Swedish Match AB	2,383	70,067
Telefonaktiebolaget LM Ericsson, Class B	4,096	51,425
Total Sweden common stocks		333,055

Switzerland: 1.53%
Molecular Partners AG*	1,211	31,804
Novartis AG	1,678	165,620
Zurich Insurance Group AG*	187	63,206
Total Switzerland common stocks		260,630

Taiwan: 0.33%
Catcher Technology Co., Ltd. GDR4	1,080	56,606

United Kingdom: 0.89%
Aon PLC1	610	58,633
Noble Corp. PLC1	2,990	42,697
Poundland Group PLC	3,789	20,475
Unilever NV CVA	723	30,213
Total United Kingdom common stocks		152,018

United States: 46.73%
AbbVie, Inc.1	1,515	88,688
Acorda Therapeutics, Inc.*1	2,590	86,195
Actavis PLC*1	705	209,822
Aetna, Inc.1	1,085	115,585
Alexion Pharmaceuticals, Inc.*1	147	25,475
Alliance Data Systems Corp.*1	112	33,180
Allstate Corp.1	840	59,783
Alnylam Pharmaceuticals, Inc.*1	1,065	111,207
Altera Corp.1	2,890	124,010
Amazon.com, Inc.*1	315	117,211
American Campus Communities, Inc.1	730	31,295
American Express Co.1	1,280	99,994
American International Group, Inc.1	800	43,832
Ameriprise Financial, Inc.1	270	35,327
Anthem, Inc.1	610	94,190
Apple, Inc.1	1,810	225,218
Applied Materials, Inc.1	5,320	120,019

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Baker Hughes, Inc.1	630	$	40,055
Bank of America Corp.1	3,620	55,712
Baxter International, Inc.1	845	57,882
Best Buy Co., Inc.1	1,570	59,330
Bio-Rad Laboratories, Inc., Class A*1	760	102,737
Bluebird Bio, Inc.*1	500	60,385
Boeing Co.1	555	83,294
Broadcom Corp., Class A1	1,960	84,858
Capital One Financial Corp.1	1,520	119,806
Catalent, Inc.*1	1,620	50,463
CBS Corp. (Non-Voting), Class B1	500	30,315
Celgene Corp.*1	1,289	148,596
Chevron Corp.1	150	15,747
Chimerix, Inc.*1	3,740	140,961
Citigroup, Inc.1	2,770	142,710
Colfax Corp.*1	1,360	64,913
Colgate-Palmolive Co.1	390	27,043
Control4 Corp.*1	1,500	17,970
CVS Health Corp.1	635	65,538
Danaher Corp.1	920	78,108
Digital Realty Trust, Inc.1	1,600	105,536
Eli Lilly & Co.1	1,520	110,428
Envision Healthcare Holdings, Inc.*1	1,660	63,661
EOG Resources, Inc.1	390	35,759
F5 Networks, Inc.*1	480	55,171
Fifth Third Bancorp1	5,890	111,027
Fiserv, Inc.*1	690	54,786
Ford Motor Co.1	1,620	26,147
Freescale Semiconductor Ltd.*1	2,780	113,313
General Electric Co.1	1,880	46,643
General Motors Co.1	2,470	92,625
Google, Inc., Class A*1	85	47,150
Google, Inc., Class C*1	85	46,580
HCA Holdings, Inc.*1	2,020	151,965
HeartWare International, Inc.*1	600	52,662
Herman Miller, Inc.1	1,395	38,725
Hertz Global Holdings, Inc.*1	4,240	91,923
Hess Corp.1	475	32,238
Hormel Foods Corp.1	835	47,470
Impax Laboratories, Inc.*1	3,140	147,172
Incyte Corp.*1	215	19,707
Invesco Ltd.1	2,090	82,952
Jabil Circuit, Inc.1	5,190	121,342
Joy Global, Inc.1	1,510	59,162
JPMorgan Chase & Co.1	2,430	147,209
Laboratory Corp. of America Holdings*1	750	94,568
Lennar Corp., Class A1	830	43,002
Lexicon Pharmaceuticals, Inc.*1	24,560	23,192
Lincoln National Corp.1	1,620	93,085
LyondellBasell Industries NV, Class A1	575	50,485
MacroGenics, Inc.*1	400	12,548
Macy’s, Inc.1	1,335	86,655
McDermott International, Inc.*1	8,620	33,101
MDU Resources Group, Inc.	1,050	22,407
MetLife, Inc.1	1,970	99,584
Micron Technology, Inc.*1	3,370	91,428
Microsoft Corp.	730	29,678
Mondelez International, Inc., Class A1	3,540	127,759
Monsanto Co.1	220	24,759
Morgan Stanley1	2,735	97,612
NetApp, Inc.1	2,650	93,969
Oasis Petroleum, Inc.*1	2,100	29,862

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Common stocks—(concluded)
United States—(concluded)
Parker-Hannifin Corp.1	200		$	23,756
PDC Energy, Inc.*1	1,310		70,792
PepsiCo, Inc.1	1,210		115,700
Philip Morris International, Inc.1	2,020		152,167
Praxair, Inc.1	410		49,503
Regulus Therapeutics, Inc.*1	1,030		17,448
Rite Aid Corp.*1	7,810		67,869
Rocket Fuel, Inc.*1	1,240		11,408
Rock-Tenn Co., Class A1	980		63,210
Royal Caribbean Cruises Ltd.1	460		37,651
ServiceSource International, Inc.*1	14,090		43,679
Silicon Laboratories, Inc.*1	2,150		109,156
Symantec Corp.1	4,200		98,133
Thoratec Corp.*1	1,350		56,552
Time Warner Cable, Inc.1	690		103,417
Time Warner, Inc.1	400		33,776
Time, Inc.1	32		718
T-Mobile US, Inc.*	1,800		57,042
UGI Corp.1	825		26,887
Ultra Petroleum Corp.*1	1,970		30,791
UnitedHealth Group, Inc.1	1,450		171,521
US Bancorp1	3,460		151,098
US Silica Holdings, Inc.1	970		34,542
Veeco Instruments, Inc.*1	1,220		37,271
Viacom, Inc., Class B1	520		35,516
Walgreens Boots Alliance, Inc.1	880		74,518
Walt Disney Co.1	1,090		114,330
Wells Fargo & Co.1	420		22,848
Yum! Brands, Inc.1	1,760		138,547
Total United States common stocks			7,972,347
Total common stocks (cost $12,990,462)			14,489,346

Preferred stocks: 0.51%
Brazil: 0.24%
Itau Unibanco Holding SA, Preference shares	3,750		41,489

Italy: 0.27%
Telecom Italia SpA, Preference shares	48,736		45,827
Total preferred stocks (cost $89,498)			87,316

Short-term investment: 24.81%
Investment company: 24.81%
UBS Cash Management Prime Relationship Fund5 (cost $4,232,580)	4,232,580		4,232,580
Total investments before investments sold short: 110.25% (cost $17,312,540)			18,809,242

Investments sold short: (59.74)%
Common stocks: (59.73)%
Australia: (1.40)%
Carnegie Wave Energy Ltd.	(62,500	)	(2,992		)
Energy World Corp. Ltd.	(81,633	)	(23,903		)
FAR Ltd.	(210,000	)	(15,119		)
Fortescue Metals Group Ltd.	(10,064	)	(14,898		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
InterOil Corp.	(730	)	$	(33,682	)
Sirius Resources NL	(6,200	)	(12,772		)
Syrah Resources Ltd.	(10,000	)	(28,102		)
Wesfarmers Ltd.	(2,543	)	(84,921		)
Woolworths Ltd.	(994	)	(22,260		)
Total Australia common stocks			(238,649		)

Austria: (0.79)%
Andritz AG	(503	)	(30,033		)
OMV AG	(949	)	(26,033		)
Vienna Insurance Group AG Wiener Versicherung Gruppe	(1,788	)	(79,166		)
Total Austria common stocks			(135,232		)

Belgium: (0.12)%
Umicore SA	(475	)	(19,839		)

Bermuda: (0.28)%
Golar LNG Ltd.	(620	)	(20,634		)
Nabors Industries Ltd.	(1,200	)	(16,380		)
Seadrill Ltd.	(1,150	)	(10,752		)
Total Bermuda common stocks			(47,766		)

Brazil: (0.25)%
Gafisa SA ADR	(20,846	)	(27,517		)
Petroleo Brasileiro SA ADR	(2,500	)	(15,025		)
Total Brazil common stocks			(42,542		)

Canada: (2.04)%
Alterra Power Corp.	(39,000	)	(10,777		)
Altius Minerals Corp.	(900	)	(8,996		)
Athabasca Oil Corp.	(20,565	)	(34,098		)
Ballard Power Systems, Inc.	(14,305	)	(29,817		)
Bombardier, Inc., Class B	(6,360	)	(12,554		)
Canacol Energy Ltd.	(5,250	)	(11,814		)
Copper Mountain Mining Corp.	(39,165	)	(35,870		)
Fission Uranium Corp.	(11,500	)	(11,985		)
Hydrogenics Corp.	(1,020	)	(11,557		)
Just Energy Group, Inc.	(5,210	)	(24,352		)
Mega Uranium Ltd.	(143,500	)	(9,630		)
MFC Industrial Ltd.	(1,705	)	(6,922		)
Northern Blizzard Resources, Inc.	(2,400	)	(14,496		)
Northland Power, Inc.	(1,025	)	(14,009		)
Petromanas Energy, Inc.	(193,500	)	(7,639		)
Petrowest Corp.	(13,005	)	(3,696		)
Polaris Materials Corp.	(8,000	)	(14,970		)
Rubicon Minerals Corp.	(9,900	)	(8,989		)
Seven Generations Energy Ltd., Class A	(2,750	)	(35,066		)
SNC-Lavalin Group, Inc.	(410	)	(12,732		)
Sunshine Oilsands Ltd.	(135,000	)	(5,489		)
Talisman Energy, Inc.	(1,800	)	(13,800		)
Trevali Mining Corp.	(10,520	)	(8,721		)
Total Canada common stocks			(347,979		)

China: (0.58)%
Hanergy Thin Film Power Group Ltd.	(24,000	)	(21,611		)
Lonking Holdings Ltd.	(130,000	)	(26,527		)
MIE Holdings Corp.	(116,000	)	(11,814		)
Newocean Energy Holdings Ltd.	(53,000	)	(26,209		)
Sino Gas & Energy Holdings Ltd.	(84,475	)	(12,176		)
Total China common stocks			(98,337		)

Colombia: (0.38)%
Pacific Rubiales Energy Corp.	(27,005	)	(64,392		)

Cyprus: (0.07)%
Deep Sea Supply PLC	(14,602	)	(6,532		)
Songa Offshore	(34,000	)	(6,074		)
Total Cyprus common stocks			(12,606		)

Denmark: (0.48)%
FLSmidth & Co. A/S	(1,124	)	(50,506		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Investments sold short—(continued)
Common stocks—(continued)
Denmark—(concluded)
William Demant Holding A/S	(365	)	$	(30,994	)
Total Denmark common stocks			(81,500		)

Finland: (2.30)%
Fiskars Oyj Abp	(2,349	)	(44,893		)
Kone OYJ, Class B	(490	)	(21,727		)
Konecranes Oyj	(2,029	)	(63,936		)
Metso Oyj	(2,376	)	(69,419		)
Outokumpu Oyj	(7,214	)	(57,333		)
Outotec Oyj	(11,184	)	(68,456		)
Stockmann Oyj Abp, Class B	(4,157	)	(32,864		)
YIT Oyj	(6,083	)	(33,342		)
Total Finland common stocks			(391,970		)

France: (1.69)%
Air France-KLM	(1,425	)	(12,530		)
Areva SA	(2,036	)	(18,146		)
AXA SA	(2,221	)	(55,901		)
Bourbon SA	(860	)	(14,752		)
CGG SA	(2,050	)	(11,631		)
Dassault Systemes	(489	)	(33,093		)
Electricite de France SA	(1,831	)	(43,904		)
Suez Environnement Co.	(1,020	)	(17,561		)
Technip SA	(683	)	(41,313		)
Veolia Environnement SA	(2,120	)	(40,097		)
Total France common stocks			(288,928		)

Germany: (2.78)%
Brenntag AG	(442	)	(26,407		)
Deutsche Lufthansa AG	(1,400	)	(19,604		)
Fraport AG Frankfurt Airport Services Worldwide	(1,024	)	(61,165		)
H&R AG	(1,774	)	(11,325		)
Hamburger Hafen und Logistik AG	(2,531	)	(53,114		)
Hannover Rueck SE	(430	)	(44,434		)
K+S AG	(575	)	(18,735		)
METRO AG	(2,566	)	(86,961		)
Rhoen-Klinikum AG	(2,342	)	(58,145		)
RWE AG	(1,165	)	(29,661		)
Salzgitter AG	(526	)	(15,251		)
SGL Carbon SE	(3,031	)	(49,221		)
Total Germany common stocks			(474,023		)

Hong Kong: (0.10)%
Brightoil Petroleum Holdings Ltd.	(51,000	)	(17,294		)

Ireland: (1.26)%
Bank of Ireland	(106,372	)	(40,586		)
Endo International PLC	(630	)	(56,511		)
King Digital Entertainment PLC	(1,600	)	(25,664		)
Seagate Technology PLC	(740	)	(38,502		)
Tyco International PLC	(1,240	)	(53,395		)
Total Ireland common stocks			(214,658		)

Italy: (1.62)%
Amplifon SpA	(5,152	)	(35,001		)
Piaggio & C SpA	(12,170	)	(37,086		)
Saipem SpA	(8,805	)	(89,564		)
Saras SpA	(4,042	)	(7,023		)
Telecom Italia SpA	(44,093	)	(51,628		)
UniCredit SpA	(8,304	)	(56,312		)
Total Italy common stocks			(276,614		)

Japan: (0.48)%
JX Holdings, Inc.	(9,100	)	(35,014		)
Mitsui OSK Lines Ltd.	(8,000	)	(27,133		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Tokyo Electric Power Co., Inc.	(5,100	)	$	(19,303	)
Total Japan common stocks			(81,450		)

Luxembourg: (0.09)%
Oriflame Cosmetics SA SDR	(1,225	)	(16,375		)

Mexico: (0.42)%
Alfa SAB de CV, Class A	(5,000	)	(10,096		)
America Movil SAB de CV, Class L ADR	(1,900	)	(38,874		)
Coca-Cola Femsa SAB de CV ADR	(280	)	(22,361		)
Total Mexico common stocks			(71,331		)

Netherlands: (1.48)%
Aegon NV	(4,374	)	(34,536		)
Akzo Nobel NV	(215	)	(16,256		)
CNH Industrial NV	(2,760	)	(22,619		)
Fugro NV CVA	(3,099	)	(83,151		)
Koninklijke Vopak NV	(553	)	(30,518		)
QIAGEN NV	(1,900	)	(47,679		)
SBM Offshore NV	(1,472	)	(18,296		)
Total Netherlands common stocks			(253,055		)

Norway: (0.95)%
DOF ASA	(5,948	)	(6,117		)
Farstad Shipping ASA	(2,582	)	(10,897		)
Fred Olsen Energy ASA	(1,003	)	(7,173		)
Kongsberg Gruppen ASA	(875	)	(17,414		)
North Atlantic Drilling Ltd.	(8,200	)	(9,512		)
Petroleum Geo-Services ASA	(3,300	)	(16,930		)
Solstad Offshore ASA	(1,481	)	(8,817		)
Storebrand ASA	(6,400	)	(23,255		)
TGS-Nopec Geophysical Co. ASA	(2,808	)	(62,151		)
Total Norway common stocks			(162,266		)

Portugal: (0.43)%
Jeronimo Martins, SGPS SA	(5,816	)	(73,187		)

Russia: (0.19)%
Magnit PJSC GDR4	(633	)	(32,214		)

Singapore: (0.57)%
Dyna-Mac Holdings Ltd.	(60,500	)	(13,879		)
Sembcorp Marine Ltd.	(13,400	)	(28,442		)
Wilmar International Ltd.	(22,900	)	(54,364		)
Total Singapore common stocks			(96,685		)

South Africa: (0.18)%
Vodacom Group Ltd.	(2,855	)	(31,185		)

Spain: (2.17)%
Banco Bilbao Vizcaya Argentaria SA	(3,778	)	(38,156		)
Banco Popular Espanol SA	(10,753	)	(52,594		)
Distribuidora Internacional de Alimentacion SA	(10,189	)	(79,515		)
Ebro Foods SA	(2,595	)	(48,394		)
Enagas SA	(640	)	(18,301		)
Repsol SA	(1,728	)	(32,167		)
Tecnicas Reunidas SA	(1,683	)	(70,642		)
Zardoya Otis SA	(2,347	)	(30,291		)
Total Spain common stocks			(370,060		)

Sweden: (1.06)%
Alfa Laval AB	(1,277	)	(25,081		)
Electrolux AB, Series B	(1,901	)	(54,308		)
Modern Times Group AB, Class B	(2,208	)	(67,617		)
Svenska Handelsbanken AB, Class A	(760	)	(34,228		)
Total Sweden common stocks			(181,234		)

Switzerland: (1.47)%
Aryzta AG	(330	)	(20,230		)
Emmi AG	(83	)	(28,687		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Investments sold short—(continued)
Common stocks—(continued)
Switzerland—(concluded)
Garmin Ltd.	(860	)	$	(40,867	)
Holcim Ltd.	(260	)	(19,371		)
Kuehne + Nagel International AG	(152	)	(22,568		)
STMicroelectronics NV	(2,280	)	(21,247		)
Sulzer AG	(391	)	(42,919		)
Swatch Group AG	(79	)	(33,410		)
Transocean Ltd.	(600	)	(8,802		)
Ypsomed Holding AG	(137	)	(12,843		)
Total Switzerland common stocks			(250,944		)

Turkey: (0.21)%
Anadolu Efes Biracilik Ve Malt Sanayii AS	(1,500	)	(12,511		)
Coca-Cola Icecek AS	(1,410	)	(23,811		)
Total Turkey common stocks			(36,322		)

United Kingdom: (0.33)%
Awilco Drilling PLC	(2,820	)	(21,620		)
Subsea 7 SA	(4,125	)	(35,422		)
Total United Kingdom common stocks			(57,042		)

United States: (33.56)%
Abaxis, Inc.	(790	)	(50,647		)
Abbott Laboratories	(870	)	(40,307		)
AbbVie, Inc.	(1,340	)	(78,444		)
Acorda Therapeutics, Inc.	(800	)	(26,624		)
Akamai Technologies, Inc.	(750	)	(53,284		)
American International Group, Inc.	(1,690	)	(92,595		)
Associated Banc-Corp.	(2,980	)	(55,428		)
Astoria Financial Corp.	(3,486	)	(45,144		)
AT&T, Inc.	(3,145	)	(102,684		)
Bank of America Corp.	(3,160	)	(48,632		)
Bank of New York Mellon Corp.	(1,240	)	(49,898		)
Baxter International, Inc.	(330	)	(22,605		)
Bio-Reference Laboratories, Inc.	(930	)	(32,773		)
Bristol-Myers Squibb Co.	(920	)	(59,340		)
Brocade Communications Systems, Inc.	(3,700	)	(43,900		)
Brown-Forman Corp., Class B	(500	)	(45,175		)
Buffalo Wild Wings, Inc.	(325	)	(58,903		)
C.R. Bard, Inc.	(155	)	(25,939		)
Cablevision Systems Corp., Class A	(2,150	)	(39,345		)
Caesars Entertainment Corp.	(1,550	)	(16,322		)
Cavium, Inc.	(870	)	(61,613		)
Celgene Corp.	(870	)	(100,294		)
Charles Schwab Corp.	(3,070	)	(93,451		)
Choice Hotels International, Inc.	(980	)	(62,789		)
Chubb Corp.	(130	)	(13,143		)
Ciena Corp.	(3,000	)	(57,930		)
Clorox Co.	(450	)	(49,675		)
Cognizant Technology Solutions Corp., Class A	(1,170	)	(72,996		)
Colfax Corp.	(1,000	)	(47,730		)
Constellation Brands, Inc., Class A	(545	)	(63,334		)
Deere & Co.	(270	)	(23,676		)
DENTSPLY International, Inc.	(600	)	(30,534		)
Diamond Offshore Drilling, Inc.	(450	)	(12,056		)
Diebold, Inc.	(1,310	)	(46,453		)
Douglas Emmett, Inc.	(620	)	(18,482		)
Dr. Pepper Snapple Group, Inc.	(580	)	(45,518		)
Electronic Arts, Inc.	(1,400	)	(82,341		)
Emerald Oil, Inc.	(12,435	)	(9,202		)
Enanta Pharmaceuticals, Inc.	(440	)	(13,473		)
Equity Residential	(370	)	(28,808		)
F5 Networks, Inc.	(370	)	(42,528		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Federal Realty Investment Trust	(150	)	$	(22,081	)
First Niagara Financial Group, Inc.	(2,510	)	(22,188		)
Flextronics International Ltd.	(5,190	)	(65,783		)
FMC Technologies, Inc.	(580	)	(21,466		)
Ford Motor Co.	(1,320	)	(21,305		)
Freeport-McMoRan, Inc.	(2,350	)	(44,533		)
FreightCar America, Inc.	(855	)	(26,873		)
Frontier Communications Corp.	(6,200	)	(43,710		)
FuelCell Energy, Inc.	(26,600	)	(33,250		)
GameStop Corp., Class A	(730	)	(27,711		)
Gannett Co., Inc.	(1,500	)	(55,620		)
Genie Energy Ltd., Class B	(2,180	)	(17,331		)
Genuine Parts Co.	(480	)	(44,731		)
Gulfmark Offshore, Inc., Class A	(600	)	(7,824		)
Hartford Financial Services Group, Inc.	(1,820	)	(76,112		)
Healthcare Services Group, Inc.	(2,410	)	(77,433		)
Helmerich & Payne, Inc.	(300	)	(20,421		)
Hercules Offshore, Inc.	(15,000	)	(6,288		)
Hess Corp.	(370	)	(25,112		)
Houston American Energy Corp.	(28,500	)	(5,700		)
Hyatt Hotels Corp., Class A	(810	)	(47,968		)
IDEXX Laboratories, Inc.	(460	)	(71,061		)
Intel Corp.	(1,820	)	(56,911		)
International Business Machines Corp.	(210	)	(33,705		)
Intrexon Corp.	(1,170	)	(53,083		)
Intuitive Surgical, Inc.	(102	)	(51,513		)
ITT Educational Services, Inc.	(2,900	)	(19,691		)
Janus Capital Group, Inc.	(3,500	)	(60,165		)
Juniper Networks, Inc.	(785	)	(17,725		)
KLA-Tencor Corp.	(580	)	(33,808		)
Leucadia National Corp.	(900	)	(20,061		)
Lexmark International, Inc., Class A	(931	)	(39,419		)
Lilis Energy, Inc.	(9,900	)	(9,702		)
Linear Technology Corp.	(900	)	(42,120		)
LinnCo LLC	(3,250	)	(31,103		)
Lockheed Martin Corp.	(160	)	(32,474		)
Magnum Hunter Resources Corp.	(24,400	)	(65,148		)
McCormick & Co. Inc. (Non-voting)	(775	)	(59,760		)
Mead Johnson Nutrition Co.	(410	)	(41,217		)
MEDNAX, Inc.	(670	)	(48,582		)
Mettler-Toledo International, Inc.	(245	)	(80,519		)
Michael Kors Holdings Ltd.	(450	)	(29,588		)
Microchip Technology, Inc.	(900	)	(44,010		)
Miller Energy Resources, Inc.	(3,255	)	(2,035		)
Motorola Solutions, Inc.	(720	)	(48,002		)
NetApp, Inc.	(365	)	(12,943		)
New York Community Bancorp, Inc.	(2,640	)	(44,167		)
Northern Trust Corp.	(480	)	(33,432		)
Northrop Grumman Corp.	(190	)	(30,582		)
Pacific Drilling SA	(2,410	)	(9,375		)
Paragon Offshore PLC	(5,000	)	(6,500		)
Patterson Cos., Inc.	(880	)	(42,935		)
People’s United Financial, Inc.	(1,990	)	(30,248		)
PerkinElmer, Inc.	(710	)	(36,309		)
Pioneer Natural Resources Co.	(160	)	(26,162		)
Plug Power, Inc.	(5,400	)	(13,986		)
Post Holdings, Inc.	(550	)	(25,762		)
Public Storage	(130	)	(25,628		)
PVH Corp.	(290	)	(30,902		)
Red Hat, Inc.	(1,115	)	(84,461		)
Repligen Corp.	(1,190	)	(36,128		)
ResMed, Inc.	(340	)	(24,405		)
Sagent Pharmaceuticals, Inc.	(1,220	)	(28,365		)
SandRidge Energy, Inc.	(3,615	)	(6,435		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Investments sold short—(concluded)
Common stocks—(concluded)
United States—(concluded)
Santander Consumer USA Holdings, Inc.	(2,030	)	$	(46,974	)
SBA Communications Corp., Class A	(460	)	(53,866		)
Schlumberger Ltd.	(645	)	(53,819		)
Sears Holdings Corp.	(650	)	(26,897		)
Staples, Inc.	(2,800	)	(45,598		)
Starwood Hotels & Resorts Worldwide, Inc.	(510	)	(42,585		)
Stericycle, Inc.	(340	)	(47,746		)
STERIS Corp.	(600	)	(42,162		)
Stifel Financial Corp.	(990	)	(55,192		)
Synopsys, Inc.	(1,130	)	(52,342		)
Syntroleum Corp.2,6	(1,235	)	(5,311		)
TD Ameritrade Holding Corp.	(1,430	)	(53,282		)
Teradyne, Inc.	(2,500	)	(47,125		)
Tesla Motors, Inc.	(240	)	(45,305		)
Texas Instruments, Inc.	(1,510	)	(86,349		)
Textura Corp.	(695	)	(18,890		)
Thermo Fisher Scientific, Inc.	(290	)	(38,959		)
Tidewater, Inc.	(500	)	(9,570		)
Travelers Cos., Inc.	(300	)	(32,439		)
Triangle Petroleum Corp.	(4,285	)	(21,554		)
Twitter, Inc.	(440	)	(22,035		)
Under Armour, Inc., Class A	(910	)	(73,483		)
United Therapeutics Corp.	(440	)	(75,871		)
US Geothermal, Inc.	(17,000	)	(8,121		)
Verizon Communications, Inc.	(890	)	(43,281		)
Voya Financial, Inc.	(560	)	(24,142		)
Vulcan Materials Co.	(320	)	(26,976		)
Wendy’s Co.	(4,710	)	(51,339		)
Werner Enterprises, Inc.	(835	)	(26,227		)
Westamerica Bancorporation	(920	)	(39,753		)
Williams-Sonoma, Inc.	(400	)	(31,884		)
Xerox Corp.	(3,490	)	(44,847		)
Zebra Technologies Corp., Class A	(570	)	(51,708		)
Zeltiq Aesthetics, Inc.	(1,370	)	(42,237		)
Zimmer Holdings, Inc.	(340	)	(39,957		)
Zions Bancorporation	(2,950	)	(79,650		)
Total United States common stocks			(5,725,058		)
Total common stocks (proceeds $10,408,417)			(10,190,737		)

	Number of rights
Rights: (0.01)%
Spain: (0.01)%
Banco Bilbao Vizcaya Argentaria SA, expires 04/14/15* (proceeds $0)	(3,778	)	(544		)
Total investments sold short (proceeds $10,408,417)			(10,191,281		)
Total investments, net of investments sold short: 50.51%			8,617,961
Cash and other assets, less liabilities: 49.49%			8,443,139
Net assets: 100.00%			$	17,061,100

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (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	$	2,293,606
Gross unrealized depreciation	(796,904		)
Net unrealized appreciation of investments	$	1,496,702

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
JPMCB	AUD	195,000	USD	151,070	04/22/15	$	2,730
JPMCB	JPY	15,800,000	USD	135,224	04/22/15	3,444
JPMCB	JPY	2,100,000	USD	17,500	04/22/15	(15		)
JPMCB	TRY	640,000	USD	261,771	04/22/15	16,935
JPMCB	USD	156,139	EUR	135,000	04/22/15	(10,940		)
JPMCB	USD	34,590	ZAR	410,000	04/22/15	(904		)
JPMCB	ZAR	1,780,000	USD	152,537	04/22/15	6,287
Net unrealized appreciation on forward foreign currency contracts						$	17,537

Futures contracts

	Expiration date	Proceeds			Value			Unrealized appreciation
Index futures sell contracts:
S&P 500 Index, 1 contract (USD)	June 2015	$	(517,097	)	$	(515,200	)	$	1,897

Portfolio Swap Outstanding6

Counterparty	Description	Termination Date7	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 08/04/15—02/06/17	$	2,229

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

Additional Information for Portfolio Swap

Portfolio swap positions	Notional Values8		Current Values9		Value10

Long Positions

Chile
GeoPark Ltd.	$	16,151	$	16,603	$	452

France
Danone SA	26,867		28,311		1,444
LVMH Moet Hennessy Louis Vuitton SE	39,791		39,596		(195		)
Schneider Electric SE	46,003		49,804		3,801
Total France	112,661		117,711		5,050

Ireland
Shire PLC	155,608		166,063		10,455

Netherlands
Royal Dutch Shell PLC	70,817		66,908		(3,909		)

United Kingdom
Anglo American PLC	31,336		28,376		(2,960		)
ARM Holdings PLC	49,214		47,977		(1,237		)
Ashtead Group PLC	59,928		59,661		(267		)
Associated British Foods PLC	34,076		30,883		(3,193		)
AstraZeneca PLC	68,102		70,540		2,438
Aviva PLC	114,367		115,258		891
Balfour Beatty PLC	31,332		29,949		(1,383		)
Berkeley Group Holdings PLC	40,823		41,108		285
Big Yellow Group PLC	27,553		29,206		1,653
BP PLC	24,068		24,794		726
Burberry Group PLC	28,428		28,505		77
Capita PLC	60,228		56,486		(3,742		)
Dignity PLC	48,477		45,633		(2,844		)
Direct Line Insurance Group PLC	80,382		78,161		(2,221		)
Essentra PLC	79,543		77,394		(2,149		)
Genel Energy PLC	60,133		45,301		(14,832		)
GlaxoSmithKline PLC	40,994		41,275		281
Glencore PLC	30,237		34,766		4,529
Halma PLC	19,821		19,363		(458		)
Hurricane Energy PLC	16,440		16,622		182
Imperial Tobacco Group PLC	43,966		41,673		(2,293		)
Indivior PLC	25,737		27,881		2,144
Legal & General Group PLC	62,819		62,405		(414		)
London Stock Exchange Group PLC	97,482		97,653		171
Michael Page International PLC	36,031		39,892		3,861
National Grid PLC	57,862		56,862		(1,000		)
Next PLC	37,801		35,359		(2,442		)
NextEnergy Solar Fund Ltd.	28,265		28,350		85
Nichols PLC	12,165		13,052		887
Old Mutual PLC	58,580		57,417		(1,163		)
Petra Diamonds Ltd.	20,039		23,896		3,857
Playtech PLC	63,548		64,172		624
Premier Oil PLC	16,803		15,200		(1,603		)
Reckitt Benckiser Group PLC	62,203		61,422		(781		)
Rio Tinto PLC	42,087		40,000		(2,087		)
Rockhopper Exploration PLC	18,637		22,426		3,789
SABMiller PLC	60,815		58,825		(1,990		)
Standard Life PLC	53,824		48,948		(4,876		)
Unilever PLC	95,350		93,753		(1,597		)
Vodafone Group PLC	47,672		46,843		(829		)
William Hill PLC	64,436		63,150		(1,286		)
Total United Kingdom	1,951,604		1,920,437		(31,167		)

Total Long Positions of Portfolio Swap	2,306,841		2,287,722		(19,119		)

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

Portfolio swap positions (continued)	Notional Values8			Current Values9			Value10

Short Positions

China
Green Dragon Gas Ltd.	$	(9,668	)	$	(8,571	)	$	1,097

Hong Kong
China Coal Energy	(78,220		)	(80,434		)	(2,214		)

Indonesia
Bank Mandiri Persero Tbk PT	(39,130		)	(42,915		)	(3,785		)

Ireland
San Leon Energy PLC	(4,795		)	(5,875		)	(1,080		)

Isle of Man
Bahamas Petroleum Company PLC	(13,885		)	(15,852		)	(1,967		)

Malaysia
Maxis Bhd	(29,559		)	(29,267		)	292
SapuraKencana Petroleum Bhd	(18,109		)	(15,644		)	2,465
Total Malaysia	(47,668		)	(44,911		)	2,757

Netherlands
Royal Dutch Shell PLC	(13,730		)	(13,620		)	110

South Korea
Daewoo Shipbuilding and Marine Engineering Co., Ltd.	(85,957		)	(78,208		)	7,749
Hyundai Heavy Industries Co., Ltd.	(86,163		)	(82,902		)	3,261
South Korea	(172,120		)	(161,110		)	11,010

Taiwan
Acer, Inc.	(15,638		)	(15,392		)	246
Compal Electronics, Inc.	(16,142		)	(18,277		)	(2,135		)
HTC Corp	(9,952		)	(8,902		)	1,050
Taiwan Glass Industry Corp.	(31,701		)	(30,958		)	743
Total Taiwan	(73,433		)	(73,529		)	(96		)

United Kingdom
Admiral Group PLC	(30,477		)	(32,153		)	(1,676		)
Aggreko PLC	(19,612		)	(19,250		)	362
Cable & Wireless Communications PLC	(23,002		)	(28,113		)	(5,111		)
Centrica PLC	(25,596		)	(26,410		)	(814		)
Chemring Group PLC	(16,038		)	(15,443		)	595
Croda International PLC	(26,406		)	(26,484		)	(78		)
GlaxoSmithKline PLC	(43,875		)	(46,500		)	(2,625		)
Home Retail Group PLC	(51,529		)	(41,803		)	9,726
Intertek Group PLC	(18,617		)	(20,335		)	(1,718		)
Iofina PLC	(13,741		)	(13,315		)	426
John Wood Group PLC	(17,586		)	(16,894		)	692
Legal & General Group PLC	(38,883		)	(40,360		)	(1,477		)
Lonmin PLC	(58,035		)	(42,992		)	15,043
Marks & Spencer Group PLC	(50,594		)	(53,456		)	(2,862		)
Ocado Group PLC	(62,885		)	(57,189		)	5,696
TalkTalk Telecom Group PLC	(61,902		)	(62,655		)	(753		)
Tesco PLC	(28,955		)	(31,105		)	(2,150		)
WM Morrison Supermarkets PLC	(53,415		)	(52,695		)	720
Xcite Energy Ltd.	(9,465		)	(9,418		)	47
Total United Kingdom	(650,613		)	(636,570		)	14,043

United States
FuelCell Energy, Inc.	(10,680		)	(11,125		)	(445		)

Total Short Positions of Portfolio Swap	(1,113,942		)	(1,094,512		)	19,430

Net Long and Short Positions of Portfolio Swap	1,192,899			1,193,210			311

Financing Costs and Other Receivables							1,918

Net Swap Agreement, at value							$	2,229

UBS Equity Long-Short Multi-Strategy Fund

Portfolio of investments – March 31, 2015 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	9,793,482		$	4,695,864		$	—	$	14,489,346
Preferred stocks	41,489			45,827			—		87,316
Short-term investment	—			4,232,580			—		4,232,580
Forward foreign currency contracts	—			29,396			—		29,396
Futures contracts	1,897			—			—		1,897
Swap agreements, net	—			2,229			—		2,229
Total	$	9,836,868		$	9,005,896		$	—	$	18,842,764

Liabilities
Common stocks sold short	$	(6,555,203	)	$	(3,635,534	)	$	—	$	(10,190,737	)
Rights	—			(544		)	—		(544		)
Forward foreign currency contracts	—			(11,859		)	—		(11,859		)
Total	$	(6,555,203	)	$	(3,647,937	)	$	—	$	(10,203,140	)

As of March 31, 2015, $1,106,157 of common stocks, common stocks sold short, and preferred stocks, net were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

Portfolio footnotes

*	Non-income producing security.
1	All or a portion of these securities have been delivered to cover open short positions.
2	Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2015, the value of this security amounted to $35,494 or 0.21% of net assets.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of these securities amounted to $75,591 or 0.44% of net assets.
4	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2015, the value of these securities amounted to $62,058 or 0.36% of net assets.
5	The table below details the Fund’s 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

affiliate for the

nine months

Value

ended

Value

ended

Security description

6/30/14

03/31/15

UBS Cash Management Prime Relationship Fund

3,208,627

8,743,846

7,719,893

4,232,580

2,193

6	Illiquid investment as of March 31, 2015.
7	The twelve month maturity dates are measured from the commencement of investment in each underlying portfolio swap market.
8	Notional value represents the market value (including any fees or commissions) of the long and short positions at the time they are established.
9	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.
10	Value represents the unrealized gain (loss) of the positions at March 31, 2015.

UBS Global Sustainable Equity Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Common stocks
Airlines	0.68	%
Automobiles	2.14
Banks	11.67
Biotechnology	5.09
Capital markets	1.15
Chemicals	5.65
Commercial services & supplies	1.00
Construction materials	2.27
Consumer finance	0.76
Containers & packaging	0.76
Diversified telecommunication services	1.60
Electrical equipment	1.87
Electronic equipment, instruments & components	0.96
Food products	1.68
Health care providers & services	1.88
Hotels, restaurants & leisure	1.93
Household durables	2.11
Household products	0.93
Insurance	7.30
Internet & catalog retail	1.17
IT services	0.22
Life sciences tools & services	0.95
Machinery	3.94
Marine	1.79
Media	2.70
Metals & mining	0.43
Multiline retail	2.38
Oil, gas & consumable fuels	4.56
Personal products	1.56
Pharmaceuticals	4.14
Real estate investment trust (REIT)	0.83
Road & rail	0.48
Semiconductors & semiconductor equipment	10.72
Software	4.29
Technology hardware, storage & peripherals	1.09
Trading companies & distributors	0.58
Wireless telecommunication services	2.57
Total common stocks	95.83	%

Preferred stock	2.07
Rights	0.03
Short-term investment	1.70
Investment of cash collateral from securities loaned	2.42
Total investments	102.05	%

Liabilities, in excess of cash and other assets	(2.05	)
Net assets	100.00	%

UBS Global Sustainable Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 95.83%
Australia: 1.00%
Brambles Ltd.	27,086	$	236,873

Austria: 0.84%
OMV AG	7,263	199,235

Canada: 0.43%
Teck Resources Ltd., Class B	7,400	101,545

China: 1.93%
AIA Group Ltd.	47,238	296,583
Cathay Pacific Airways Ltd.	70,000	161,980
Total China common stocks		458,563

Denmark: 1.79%
A.P. Moeller - Maersk A/S, Class B1	203	424,316

France: 4.99%
Danone SA	5,911	398,448
Publicis Groupe SA	4,427	341,572
Schneider Electric SE	5,717	444,890
Total France common stocks		1,184,910

Germany: 3.12%
HeidelbergCement AG	6,809	538,471
SAP SE	2,789	201,582
Total Germany common stocks		740,053

Israel: 4.02%
Check Point Software Technologies Ltd.*	7,500	614,775
Mellanox Technologies Ltd.*	7,500	340,050
Total Israel common stocks		954,825

Italy: 1.23%
Intesa Sanpaolo SpA	86,223	292,641

Japan: 14.80%
Hino Motors Ltd.	17,800	253,270
Kao Corp.	7,400	369,512
KDDI Corp.	27,000	609,998
Makita Corp.	4,100	212,463
Panasonic Corp.	20,400	267,894
Shin-Etsu Chemical Co., Ltd.	2,000	130,576
Sumitomo Mitsui Financial Group, Inc.	12,000	459,655
THK Co., Ltd.	13,300	337,964
Tokio Marine Holdings, Inc.	13,200	498,258
Toyota Motor Corp.	5,400	376,940
Total Japan common stocks		3,516,530

Netherlands: 5.47%
Koninklijke DSM NV	7,459	415,723
NXP Semiconductors NV*	8,800	883,168
Total Netherlands common stocks		1,298,891

Norway: 3.09%
Statoil ASA	20,069	354,848
Telenor ASA	18,802	379,432
Total Norway common stocks		734,280

Spain: 3.93%
Banco Bilbao Vizcaya Argentaria SA	37,568	379,419
Banco Santander SA	34,010	254,952
Mediaset Espana Comunicacion SA*	23,876	298,897
Total Spain common stocks		933,268

Sweden: 2.98%
Lundin Petroleum AB*	17,567	240,365
Nordea Bank AB	38,408	467,828
Total Sweden common stocks		708,193

UBS Global Sustainable Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Switzerland: 3.51%
Novartis AG	4,622	$	456,194
Zurich Insurance Group AG*	1,118	377,886
Total Switzerland common stocks		834,080

Taiwan: 2.30%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	23,300	547,084

United Kingdom: 6.69%
Aberdeen Asset Management PLC	40,282	274,051
Aviva PLC	55,071	440,727
Compass Group PLC	26,349	457,399
Next PLC	3,002	312,203
Premier Oil PLC	53,754	104,549
Total United Kingdom common stocks		1,588,929

United States: 33.71%
Acorda Therapeutics, Inc.*	6,400	212,992
Alnylam Pharmaceuticals, Inc.*	4,100	428,122
Amazon.com, Inc.*	750	279,075
American Express Co.	2,300	179,676
Apple, Inc.	2,080	258,814
Applied Materials, Inc.	12,300	277,488
Bio-Rad Laboratories, Inc., Class A*	1,670	225,751
Bluebird Bio, Inc.*	900	108,693
Broadcom Corp., Class A	8,800	380,996
Chimerix, Inc.*	7,450	280,790
Citigroup, Inc.	3,400	175,168
Colfax Corp.*	2,800	133,644
Digital Realty Trust, Inc.	3,000	197,880
Eli Lilly & Co.	7,250	526,713
Envision Healthcare Holdings, Inc.*	3,600	138,060
Ford Motor Co.	8,200	132,348
Jabil Circuit, Inc.	9,800	229,124
Lexicon Pharmaceuticals, Inc.*1	188,196	177,713
LyondellBasell Industries NV, Class A	5,900	518,020
Macy’s, Inc.	3,900	253,149
MetLife, Inc.	2,400	121,320
Micron Technology, Inc.*	4,400	119,372
Norfolk Southern Corp.	1,100	113,212
PDC Energy, Inc.*	3,400	183,736
PNC Financial Services Group, Inc.	3,500	326,340
Praxair, Inc.	2,300	277,702
Procter & Gamble Co.	2,700	221,238
Rock-Tenn Co., Class A	2,800	180,600
ServiceSource International, Inc.*	16,500	51,150
Symantec Corp.	8,700	203,276
United Rentals, Inc.*	1,500	136,740
UnitedHealth Group, Inc.	2,600	307,554
US Bancorp	9,600	419,232
Whirlpool Corp.	1,150	232,369
Total United States common stocks		8,008,057
Total common stocks (cost $20,600,116)		22,762,273

Preferred stock: 2.07%
Germany: 2.07%
Volkswagen AG, Preference shares (cost $405,843)	1,856	492,216

UBS Global Sustainable Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

Notes to portfolio of investments

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	3,428,507
Gross unrealized depreciation	(1,174,564		)
Net unrealized appreciation of investments	$	2,253,943

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	10,494,679	$	12,267,594	$	—	$	22,762,273
Preferred stock	—		492,216		—		492,216
Rights	—		5,413		—		5,413
Short-term investment	—		404,877		—		404,877
Investment of cash collateral from securities loaned	—		575,372		—		575,372
Total	$	10,494,679	$	13,745,472	$	—	$	24,240,151

At March 31, 2015, $12,765,223 of common stocks, preferred stocks, and rights were classified within Level 2 of the fair value hierarchy pursuant to the Fund's fair valuation procedures.

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at March 31, 2015.
2	The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.

									Net income
			Purchases		Sales				earned from
			during the		during the				affiliate for the
	Value		nine months ended		nine months ended		Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	328,482	$	5,427,816	$	5,351,421	$	404,877	$	158
UBS Private Money Market Fund LLCa	103,482		5,054,200		4,582,310		575,372		17
	$	431,964	$	10,482,016	$	9,933,731	$	980,249	$	175

a The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.

UBS U.S. Defensive Equity Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Common stocks
Automobiles	3.21	%
Banks	9.84
Beverages	2.57
Biotechnology	5.61
Capital markets	2.16
Chemicals	3.56
Consumer finance	3.82
Diversified telecommunication services	1.78
Electronic equipment, instruments & components	1.54
Energy equipment & services	1.98
Food & staples retailing	2.56
Food products	2.94
Health care equipment & supplies	2.45
Health care providers & services	6.27
Hotels, restaurants & leisure	2.92
Household durables	0.78
Industrial conglomerates	3.65
Insurance	4.84
Internet & catalog retail	2.71
IT services	0.47
Life sciences tools & services	0.95
Machinery	3.26
Media	6.41
Multiline retail	1.67
Oil, gas & consumable fuels	6.56
Pharmaceuticals	10.44
Real estate investment trust (REIT)	3.56
Road & rail	1.30
Semiconductors & semiconductor equipment	12.84
Software	3.99
Specialty retail	1.31
Technology hardware, storage & peripherals	6.18
Tobacco	2.68
Trading companies & distributors	1.75
Total common stocks	128.56	%
Investment company
Short-term investment	6.23
Options purchased	0.86
Total investments before investments sold short	135.65	%

UBS U.S. Defensive Equity Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Investments sold short
Common stocks
Banks	(2.00	)%
Beverages	(1.14	)
Biotechnology	(2.20	)
Capital markets	(2.43	)
Commercial services & supplies	(1.44	)
Communications equipment	(0.99	)
Diversified telecommunication services	(0.36	)
Electronic equipment, instruments & components	(0.88	)
Energy equipment & services	(0.17	)
Food products	(0.37	)
Health care equipment & supplies	(2.46	)
Health care providers & services	(1.31	)
Hotels, restaurants & leisure	(2.80	)
Household durables	(0.29	)
Household products	(0.33	)
Insurance	(0.81	)
Internet software & services	(0.37	)
IT services	(0.81	)
Life sciences tools & services	(1.41	)
Media	(0.82	)
Oil, gas & consumable fuels	(0.19	)
Pharmaceuticals	(1.54	)
Real estate investment trust (REIT)	(0.21	)
Semiconductors & semiconductor equipment	(2.38	)
Software	(1.45	)
Specialty retail	(0.43	)
Technology hardware, storage & peripherals	(0.62	)
Textiles, apparel & luxury goods	(0.57	)
Thrifts & mortgage finance	(0.73	)
Wireless telecommunication services	(0.38	)
Total investments sold short	(31.89	)%
Total investments, net of investments sold short	103.76
Liabilities, in excess of cash and other assets	(3.76	)
Net assets	100.00	%

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 128.56%
Automobiles: 3.21%
Ford Motor Co.1	13,230	$	213,532
General Motors Co.1	8,486	318,225
		531,757

Banks: 9.84%
Citigroup, Inc.1	8,104	417,518
Fifth Third Bancorp1	9,138	172,251
JPMorgan Chase & Co.1	8,110	491,304
US Bancorp1	8,388	366,304
Wells Fargo & Co.1	3,360	182,784
		1,630,161

Beverages: 2.57%
PepsiCo, Inc.1	4,451	425,605

Biotechnology: 5.61%
Acorda Therapeutics, Inc.*1	5,710	190,029
Alnylam Pharmaceuticals, Inc.*1	2,484	259,379
Bluebird Bio, Inc.*1	700	84,539
Chimerix, Inc.*1	7,268	273,931
Lexicon Pharmaceuticals, Inc.*1	77,750	73,419
MacroGenics, Inc.*1	600	18,822
Regulus Therapeutics, Inc.*1	1,700	28,798
		928,917

Capital markets: 2.16%
Invesco Ltd.1	5,180	205,594
Morgan Stanley1	4,270	152,396
		357,990

Chemicals: 3.56%
Monsanto Co.1	1,746	196,495
Praxair, Inc.1	3,252	392,646
		589,141

Consumer finance: 3.82%
American Express Co.1	3,783	295,528
Capital One Financial Corp.1	4,282	337,507
		633,035

Diversified telecommunication services: 1.78%
Pacific DataVision, Inc.*1,2	5,900	295,000

Electronic equipment, instruments & components: 1.54%
Jabil Circuit, Inc.1	10,877	254,304

Energy equipment & services: 1.98%
Halliburton Co.1	3,140	137,783
McDermott International, Inc.*1	19,670	75,533
Noble Corp. PLC1	8,030	114,668
		327,984

Food & staples retailing: 2.56%
Rite Aid Corp.*1	14,330	124,528
Walgreens Boots Alliance, Inc.1	3,540	299,767
		424,295

Food products: 2.94%
Mondelez International, Inc., Class A1	13,477	486,385

Health care equipment & supplies: 2.45%
Baxter International, Inc.1	1,860	127,410
HeartWare International, Inc.*1	1,470	129,022
Thoratec Corp.*1	3,550	148,709
		405,141

Health care providers & services: 6.27%
Envision Healthcare Holdings, Inc.*1	5,470	209,775

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Laboratory Corp. of America Holdings*1	3,274	$	412,819
UnitedHealth Group, Inc.1	3,512	415,434
		1,038,028

Hotels, restaurants & leisure: 2.92%
Yum! Brands, Inc.1	6,144	483,656

Household durables: 0.78%
Lennar Corp., Class A1	2,480	128,489

Industrial conglomerates: 3.65%
Danaher Corp.1	2,753	233,730
General Electric Co.1	14,958	371,108
		604,838

Insurance: 4.84%
Aon PLC1	2,208	212,233
Lincoln National Corp.1	5,038	289,483
MetLife, Inc.1	5,943	300,419
		802,135

Internet & catalog retail: 2.71%
Amazon.com, Inc.*1	1,205	448,381

IT services: 0.47%
ServiceSource International, Inc.*1	24,980	77,438

Life sciences tools & services: 0.95%
Bio-Rad Laboratories, Inc., Class A*1	1,160	156,809

Machinery: 3.26%
Colfax Corp.*1	3,460	165,146
Joy Global, Inc.1	4,872	190,885
Parker-Hannifin Corp.1	1,550	184,109
		540,140

Media: 6.41%
CBS Corp. (Non-Voting), Class B1	4,201	254,706
Time Warner Cable, Inc.1	2,611	391,337
Walt Disney Co.1	3,965	415,889
		1,061,932

Multiline retail: 1.67%
Macy’s, Inc.1	4,257	276,322

Oil, gas & consumable fuels: 6.56%
Approach Resources, Inc.*	8,800	57,992
Chevron Corp.1	1,650	173,217
Cobalt International Energy, Inc.*	14,300	134,563
EOG Resources, Inc.1	2,220	203,552
Gulfport Energy Corp.*	1,875	86,081
Laredo Petroleum, Inc.*	5,200	67,808
Oasis Petroleum, Inc.*	4,400	62,568
PDC Energy, Inc.*1	3,140	169,686
SM Energy Co.	2,525	130,492
		1,085,959

Pharmaceuticals: 10.44%
Actavis PLC*1	1,246	370,835
Catalent, Inc.*	4,600	143,290
Eli Lilly & Co.1	6,293	457,186
Impax Laboratories, Inc.*1	9,584	449,202
Johnson & Johnson1	670	67,402
Teva Pharmaceutical Industries Ltd. ADR	3,880	241,724
		1,729,639

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Common stocks—(concluded)
Real estate investment trust (REIT): 3.56%
American Campus Communities, Inc.1	1,730		$	74,165
Digital Realty Trust, Inc.1	4,051		267,204
Simon Property Group, Inc.1	1,270		248,463
			589,832

Road & rail: 1.30%
Hertz Global Holdings, Inc.*1	9,953		215,781

Semiconductors & semiconductor equipment: 12.84%
Altera Corp.1	6,688		286,982
Applied Materials, Inc.1	13,356		301,311
Broadcom Corp., Class A1	5,599		242,409
Freescale Semiconductor Ltd.*1	7,150		291,434
Mellanox Technologies Ltd.*1	5,659		256,579
Micron Technology, Inc.*1	9,492		257,518
NXP Semiconductors NV*1	2,624		263,345
Silicon Laboratories, Inc.*1	4,483		227,602
			2,127,180

Software: 3.99%
Check Point Software Technologies Ltd.*1	3,589		294,191
Symantec Corp.1	15,661		365,919
			660,110

Specialty retail: 1.31%
Best Buy Co., Inc.1	5,730		216,537

Technology hardware, storage & peripherals: 6.18%
Apple, Inc.1	6,456		803,320
NetApp, Inc.1	6,190		219,497
			1,022,817

Tobacco: 2.68%
Philip Morris International, Inc.1	5,904		444,748

Trading companies & distributors: 1.75%
Fastenal Co.	7,000		290,045
Total common stocks (cost $16,819,955)			21,290,531

Short-term investment: 6.23%
Investment company: 6.23%
UBS Cash Management Prime Relationship Fund3 (cost $1,032,297)	1,032,297		1,032,297

	Number of Contracts
Options purchased: 0.86%
Put options: 0.86%
S&P 500 Index, strike @ USD 1,975, expires May 2015 (cost $235,043)	77		141,680
Total investments before investments sold short: 135.65% (cost $18,087,295)			22,464,508

	Shares
Investments sold short: (31.89)%
Common stocks: (31.89)%
Banks: (2.00)%
Associated Banc-Corp.	(3,210	)	(59,706		)
BancorpSouth, Inc.	(2,740	)	(63,623		)
Bank of America Corp.	(3,690	)	(56,789		)

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
First Niagara Financial Group, Inc.	(4,950	)	$	(43,758	)
Westamerica Bancorporation	(1,250	)	(54,012		)
Zions Bancorporation	(1,980	)	(53,460		)
			(331,348		)

Beverages: (1.14)%
Brown-Forman Corp., Class B	(580	)	(52,403		)
Constellation Brands, Inc., Class A	(700	)	(81,347		)
Dr. Pepper Snapple Group, Inc.	(700	)	(54,936		)
			(188,686		)

Biotechnology: (2.20)%
Celgene Corp.	(900	)	(103,752		)
Intrexon Corp.	(1,950	)	(88,472		)
Repligen Corp.	(2,350	)	(71,346		)
United Therapeutics Corp.	(580	)	(100,012		)
			(363,582		)

Capital markets: (2.43)%
Charles Schwab Corp.	(4,380	)	(133,327		)
Janus Capital Group, Inc.	(5,020	)	(86,294		)
Northern Trust Corp.	(700	)	(48,755		)
Stifel Financial Corp.	(1,340	)	(74,705		)
TD Ameritrade Holding Corp.	(1,600	)	(59,616		)
			(402,697		)

Commercial services & supplies: (1.44)%
Healthcare Services Group, Inc.	(4,670	)	(150,047		)
Stericycle, Inc.	(630	)	(88,471		)
			(238,518		)

Communications equipment: (0.99)%
Brocade Communications Systems, Inc.	(5,100	)	(60,511		)
F5 Networks, Inc.	(420	)	(48,275		)
Motorola Solutions, Inc.	(830	)	(55,336		)
			(164,122		)

Diversified telecommunication services: (0.36)%
Frontier Communications Corp.	(8,400	)	(59,220		)

Electronic equipment, instruments & components: (0.88)%
Flextronics International Ltd.	(5,510	)	(69,839		)
Zebra Technologies Corp., Class A	(840	)	(76,201		)
			(146,040		)

Energy equipment & services: (0.17)%
FMC Technologies, Inc.	(750	)	(27,758		)

Food products: (0.37)%
McCormick & Co. Inc. (Non-voting)	(800	)	(61,688		)

Health care equipment & supplies: (2.46)%
Abaxis, Inc.	(1,410	)	(90,395		)
DENTSPLY International, Inc.	(1,120	)	(56,997		)
IDEXX Laboratories, Inc.	(438	)	(67,662		)
STERIS Corp.	(760	)	(53,405		)
Zeltiq Aesthetics, Inc.	(2,580	)	(79,542		)
Zimmer Holdings, Inc.	(500	)	(58,760		)
			(406,761		)

Health care providers & services: (1.31)%
Bio-Reference Laboratories, Inc.	(2,460	)	(86,690		)
MEDNAX, Inc.	(970	)	(70,335		)

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Investments sold short—(concluded)
Common stocks—(concluded)
Health care providers & services—(concluded)
Patterson Cos., Inc.	(1,220	)	$	(59,524	)
			(216,549		)

Hotels, restaurants & leisure: (2.80)%
Buffalo Wild Wings, Inc.	(443	)	(80,289		)
Choice Hotels International, Inc.	(2,715	)	(173,950		)
Hyatt Hotels Corp., Class A	(1,500	)	(88,830		)
Starwood Hotels & Resorts Worldwide, Inc.	(690	)	(57,615		)
Wendy’s Co.	(5,820	)	(63,438		)
			(464,122		)

Household durables: (0.29)%
Garmin Ltd.	(1,000	)	(47,520		)

Household products: (0.33)%
Clorox Co.	(500	)	(55,195		)

Insurance: (0.81)%
American International Group, Inc.	(2,440	)	(133,688		)

Internet software & services: (0.37)%
Akamai Technologies, Inc.	(860	)	(61,099		)

IT services: (0.81)%
Cognizant Technology Solutions Corp., Class A	(1,330	)	(82,979		)
Xerox Corp.	(4,010	)	(51,528		)
			(134,507		)

Life sciences tools & services: (1.41)%
Mettler-Toledo International, Inc.	(330	)	(108,454		)
PerkinElmer, Inc.	(1,320	)	(67,505		)
Thermo Fisher Scientific, Inc.	(435	)	(58,438		)
			(234,397		)

Media: (0.82)%
Cablevision Systems Corp., Class A	(3,000	)	(54,900		)
Gannett Co., Inc.	(2,200	)	(81,576		)
			(136,476		)

Oil, gas & consumable fuels: (0.19)%
Hess Corp.	(470	)	(31,899		)

Pharmaceuticals: (1.54)%
AbbVie, Inc.	(1,600	)	(93,664		)
Endo International PLC	(1,210	)	(108,537		)
Sagent Pharmaceuticals, Inc.	(2,290	)	(53,242		)
			(255,443		)

Real estate investment trust (REIT): (0.21)%
Equity Residential	(450	)	(35,037		)

Semiconductors & semiconductor equipment: (2.38)%
Cavium, Inc.	(1,125	)	(79,673		)
KLA-Tencor Corp.	(670	)	(39,054		)
Linear Technology Corp.	(1,200	)	(56,160		)
Microchip Technology, Inc.	(1,200	)	(58,680		)
Teradyne, Inc.	(3,080	)	(58,058		)
Texas Instruments, Inc.	(1,780	)	(101,789		)
			(393,414		)

Software: (1.45)%
Electronic Arts, Inc.	(1,800	)	(105,867		)
Red Hat, Inc.	(940	)	(71,205		)
Synopsys, Inc.	(1,360	)	(62,995		)
			(240,067		)

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Specialty retail: (0.43)%
Staples, Inc.	(4,360	)	$	(71,003	)

Technology hardware, storage & peripherals: (0.62)%
Diebold, Inc.	(1,500	)	(53,190		)
Seagate Technology PLC	(950	)	(49,428		)
			(102,618		)

Textiles, apparel & luxury goods: (0.57)%
Under Armour, Inc., Class A	(1,170	)	(94,478		)

Thrifts & mortgage finance: (0.73)%
Astoria Financial Corp.	(4,640	)	(60,088		)
People’s United Financial, Inc.	(3,980	)	(60,496		)
			(120,584		)

Wireless telecommunication services: (0.38)%
SBA Communications Corp., Class A	(540	)	(63,234		)
Total investments sold short (proceeds $3,985,361)			(5,281,750		)
Total investments, net of investments sold short: 103.76%			17,182,758
Liabilities, in excess of cash and other assets: (3.76)%			(621,945		)
Net assets: 100.00%			$	16,560,813

UBS U.S. Defensive Equity Fund

Portfolio of investments – March 31, 2015 (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	$	5,134,394
Gross unrealized depreciation	(757,181		)
Net unrealized appreciation of investments	$	4,377,213

Options written

	Expiration date	Premiums received		Value
Put options
S&P 500 Index, 77 contracts, strike @ USD 1,775	May 2015	$	76,808	$	(21,021	)

Written options activity for the period ended March 31, 2015 was as follows:

	Number of contracts		Premiums received
Options outstanding at June 30, 2014	80		$	39,800
Options written	306		274,006
Options terminated in closing purchase transactions	(309	)	(236,998		)
Options expired prior to exercise	—		—
Options outstanding at March 31, 2015	77		$	76,808

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	20,995,531		$	295,000	$	—	$	21,290,531
Short-term investment	—			1,032,297		—		1,032,297
Options purchased	141,680			—		—		141,680
Total	$	21,137,211		$	1,327,297	$	—	$	22,464,508

Liabilities
Common stocks sold short	$	(5,281,750	)	$	—	$	—	$	(5,281,750	)
Options written	(21,021		)	—		—		(21,021		)
Total	$	(5,302,771	)	$	—	$	—	$	(5,302,771	)

At March 31, 2015, 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 March 31, 2015, the value of this security amounted to $295,000 or 1.78% of net assets.
3	The table below details the Fund’s 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

affiliate for the

Value

nine months ended

Value

nine months ended

Security description

06/30/14

03/31/15

UBS Cash Management Prime Relationship Fund

232,835

3,833,065

3,033,603

1,032,297

309

UBS U.S. Equity Opportunity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 95.96%
Automobiles: 3.39%
Ford Motor Co.	95,000	$	1,533,300

Banks: 8.06%
Citigroup, Inc.	32,254	1,661,726
US Bancorp	45,600	1,991,352
		3,653,078
Biotechnology: 10.63%
Acorda Therapeutics, Inc.*	34,800	1,158,144
Alnylam Pharmaceuticals, Inc.*	13,100	1,367,902
Bluebird Bio, Inc.*	3,800	458,926
Chimerix, Inc.*	33,000	1,243,770
Lexicon Pharmaceuticals, Inc.*1	412,300	389,335
MacroGenics, Inc.*	6,300	197,631
		4,815,708
Chemicals: 3.17%
Praxair, Inc.	11,900	1,436,806

Consumer finance: 4.00%
American Express Co.	23,200	1,812,384

Diversified telecommunication services: 2.22%
Pacific DataVision, Inc.*1	2,000	100,000
Pacific DataVision, Inc.*2	18,100	905,000
		1,005,000
Energy equipment & services: 0.90%
Noble Corp. PLC	28,400	405,552

Food & staples retailing: 2.56%
Rite Aid Corp.*	133,300	1,158,377

Food products: 4.29%
Mondelez International, Inc., Class A	53,900	1,945,251

Insurance: 6.28%
Lincoln National Corp.	24,200	1,390,532
MetLife, Inc.	28,800	1,455,840
		2,846,372
Internet & catalog retail: 3.70%
Amazon.com, Inc.*	4,500	1,674,450

Internet software & services: 4.58%
Google, Inc., Class A*	2,080	1,153,776
Google, Inc., Class C*	1,680	920,640
		2,074,416
Life sciences tools & services: 2.15%
Bio-Rad Laboratories, Inc., Class A*	7,200	973,296

Machinery: 3.06%
Colfax Corp.*	29,000	1,384,170

Oil, gas & consumable fuels: 3.58%
EOG Resources, Inc.	17,700	1,622,913

Real estate investment trust (REIT): 3.92%
Digital Realty Trust, Inc.	26,900	1,774,324

Semiconductors & semiconductor equipment: 12.60%
Applied Materials, Inc.	59,600	1,344,576
Broadcom Corp., Class A	19,900	861,571
Freescale Semiconductor Ltd.*	24,900	1,014,924
Mellanox Technologies Ltd.*	29,600	1,342,064
Micron Technology, Inc.*	42,100	1,142,173
		5,705,308
Software: 3.00%
Check Point Software Technologies Ltd.*	16,600	1,360,702

UBS U.S. Equity Opportunity Fund

Portfolio of investments – March 31, 2015 (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	$	8,204,247
Gross unrealized depreciation	(1,396,357		)
Net unrealized appreciation of investments	$	6,807,890

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	42,558,625	$	905,000	$	—	$	43,463,625
Short-term investment	—		1,893,834		—		1,893,834
Investment of cash collateral from securities loaned	—		286,757		—		286,757
Total	$	42,558,625	$	3,085,591	$	—	$	45,644,216

At March 31, 2015, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at March 31, 2015.
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 March 31, 2015, the value of this security amounted to $905,000 or 2.00% of net assets.
3	The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.

									Net income
			Purchases		Sales				earned from
			during the		during the				affiliate for the
	Value		nine months ended		nine months ended		Value		nine months ended
Security description	6/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	1,765,405	$	11,108,129	$	10,979,700	$	1,893,834	$	1,271
UBS Private Money Market Fund LLCa	2,555,583		23,122,966		25,391,792		286,757		90
	$	4,320,988	$	34,231,095	$	36,371,492	$	2,180,591	$	1,361

a	The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.

UBS U.S. Large Cap Equity Fund

Industry diversification (unaudited)1

As a percentage of net assets as of March 31, 2015

Common stocks
Automobiles	2.50	%
Banks	7.35
Beverages	2.68
Biotechnology	5.26
Capital markets	1.44
Chemicals	3.01
Consumer finance	2.73
Electronic equipment, instruments & components	1.36
Energy equipment & services	1.78
Food & staples retailing	2.09
Food products	2.48
Health care providers & services	4.48
Hotels, restaurants & leisure	2.58
Household durables	0.82
Industrial conglomerates	1.76
Insurance	3.70
Internet & catalog retail	2.14
IT services	0.37
Life sciences tools & services	0.78
Machinery	2.91
Media	5.06
Multiline retail	1.58
Oil, gas & consumable fuels	5.95
Pharmaceuticals	6.53
Real estate investment trust (REIT)	3.18
Road & rail	2.46
Semiconductors & semiconductor equipment	7.70
Software	2.97
Specialty retail	0.81
Technology hardware, storage & peripherals	5.43
Tobacco	2.56
Trading companies & distributors	1.22
Total common stocks	97.67	%
Investment company
SPDR S&P 500 ETF Trust	1.83
Short-term investment	1.29
Investment of cash collateral from securities loaned	1.35
Total investments	102.14	%
Liabilities, in excess of cash and other assets	(2.14	)
Net assets	100.00	%

1 Figures represent the direct investments of UBS U.S. Large Cap Equity Fund. Figures might be different if a breakdown of the underlying investment companies was included.

UBS U.S. Large Cap Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 97.67%
Automobiles: 2.50%
Ford Motor Co.	24,500	$	395,430
General Motors Co.	16,100	603,750
		999,180
Banks: 7.35%
Citigroup, Inc.	19,230	990,730
JPMorgan Chase & Co.	16,000	969,280
US Bancorp	14,800	646,316
Wells Fargo & Co.	6,050	329,120
		2,935,446
Beverages: 2.68%
PepsiCo, Inc.	11,200	1,070,944

Biotechnology: 5.26%
Acorda Therapeutics, Inc.*	11,500	382,720
Alnylam Pharmaceuticals, Inc.*	6,160	643,227
Bluebird Bio, Inc.*	1,700	205,309
Chimerix, Inc.*	15,900	599,271
Lexicon Pharmaceuticals, Inc.*1	164,900	155,715
MacroGenics, Inc.*	1,300	40,781
Regulus Therapeutics, Inc.*1	4,400	74,536
		2,101,559
Capital markets: 1.44%
Invesco Ltd.	8,600	341,334
Morgan Stanley	6,500	231,985
		573,319
Chemicals: 3.01%
Monsanto Co.	3,800	427,652
Praxair, Inc.	6,400	772,736
		1,200,388
Consumer finance: 2.73%
American Express Co.	7,500	585,900
Capital One Financial Corp.	6,400	504,448
		1,090,348
Electronic equipment, instruments & components: 1.36%
Jabil Circuit, Inc.	23,200	542,416

Energy equipment & services: 1.78%
Halliburton Co.	7,225	317,033
McDermott International, Inc.*1	45,900	176,256
Noble Corp. PLC	15,200	217,056
		710,345
Food & staples retailing: 2.09%
Rite Aid Corp.*	46,300	402,347
Walgreens Boots Alliance, Inc.	5,100	431,868
		834,215
Food products: 2.48%
Mondelez International, Inc., Class A	27,400	988,866

Health care providers & services: 4.48%
Envision Healthcare Holdings, Inc.*	13,400	513,890
Laboratory Corp. of America Holdings*	4,100	516,969
UnitedHealth Group, Inc.	6,400	757,056
		1,787,915
Hotels, restaurants & leisure: 2.58%
Yum! Brands, Inc.	13,100	1,031,232

Household durables: 0.82%
Lennar Corp., Class A	6,300	326,403

Industrial conglomerates: 1.76%
General Electric Co.	28,400	704,604

UBS U.S. Large Cap Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Insurance: 3.70%
Aon PLC	4,200	$	403,704
Lincoln National Corp.	8,700	499,902
MetLife, Inc.	11,400	576,270
		1,479,876
Internet & catalog retail: 2.14%
Amazon.com, Inc.*	2,300	855,830

IT services: 0.37%
ServiceSource International, Inc.*	48,100	149,110

Life sciences tools & services: 0.78%
Bio-Rad Laboratories, Inc., Class A*	2,300	310,914

Machinery: 2.91%
Colfax Corp.*	7,600	362,748
Joy Global, Inc.	8,000	313,440
Parker-Hannifin Corp.	4,100	486,998
		1,163,186
Media: 5.06%
CBS Corp. (Non-Voting), Class B	5,800	351,654
Time Warner Cable, Inc.	4,500	674,460
Walt Disney Co.	9,500	996,455
		2,022,569
Multiline retail: 1.58%
Macy’s, Inc.	9,700	629,627

Oil, gas & consumable fuels: 5.95%
Approach Resources, Inc.*1	18,800	123,892
Chevron Corp.	5,770	605,735
Cobalt International Energy, Inc.*	30,400	286,064
EOG Resources, Inc.	4,605	422,232
Gulfport Energy Corp.*	4,600	211,186
Laredo Petroleum, Inc.*	11,100	144,744
Oasis Petroleum, Inc.*	9,100	129,402
PDC Energy, Inc.*	5,500	297,220
SM Energy Co.	3,000	155,040
		2,375,515
Pharmaceuticals: 6.53%
Actavis PLC*	2,150	639,883
Catalent, Inc.*	11,200	348,880
Eli Lilly & Co.	11,000	799,150
Impax Laboratories, Inc.*	11,100	520,257
Teva Pharmaceutical Industries Ltd. ADR	4,800	299,040
		2,607,210
Real estate investment trust (REIT): 3.18%
Digital Realty Trust, Inc.	8,600	567,256
Simon Property Group, Inc.	3,600	704,304
		1,271,560
Road & rail: 2.46%
Hertz Global Holdings, Inc.*	16,400	355,552
Norfolk Southern Corp.	6,100	627,812
		983,364
Semiconductors & semiconductor equipment: 7.70%
Altera Corp.	9,900	424,809
Applied Materials, Inc.	17,500	394,800
Broadcom Corp., Class A	8,100	350,690
Freescale Semiconductor Ltd.*	9,565	389,869
Mellanox Technologies Ltd.*	8,300	376,322
Micron Technology, Inc.*	18,000	488,340

UBS U.S. Large Cap Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks—(concluded)
Semiconductors & semiconductor equipment—(concluded)
NXP Semiconductors NV*	4,000	$	401,440
Silicon Laboratories, Inc.*	4,900	248,773
		3,075,043
Software: 2.97%
Check Point Software Technologies Ltd.*	7,800	639,366
Symantec Corp.	23,400	546,741
		1,186,107
Specialty retail: 0.81%
Best Buy Co., Inc.	8,600	324,994

Technology hardware, storage & peripherals: 5.43%
Apple, Inc.	14,700	1,829,121
NetApp, Inc.	9,600	340,416
		2,169,537
Tobacco: 2.56%
Philip Morris International, Inc.	13,550	1,020,721

Trading companies & distributors: 1.22%
Fastenal Co.	11,800	488,933
Total common stocks (cost $34,477,370)		39,011,276

Investment company: 1.83%
SPDR S&P 500 ETF Trust (cost $742,828)	3,550	732,827

Short-term investment: 1.29%
Investment company: 1.29%
UBS Cash Management Prime Relationship Fund2 (cost $515,729)	515,729	515,729

Investment of cash collateral from securities loaned: 1.35%
UBS Private Money Market Fund LLC2 (cost $539,935)	539,935	539,935
Total investments: 102.14% (cost $36,275,862)		40,799,767
Liabilities, in excess of cash and other assets: (2.14)%		(856,554		)
Net assets: 100.00%		$	39,943,213

UBS U.S. Large Cap Equity Fund

Portfolio of investments – March 31, 2015 (unaudited)

Notes to portfolio of investments

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	5,671,922
Gross unrealized depreciation	(1,148,017		)
Net unrealized appreciation of investments	$	4,523,905

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stock	$	39,011,276	$	—	$	—	$	39,011,276
Investment company	732,827		—		—		732,827
Short-term investment	—		515,729		—		515,729
Investment of cash collateral from securities loaned	—		539,935		—		539,935
Total	$	39,744,103	$	1,055,664	$	—	$	40,799,767

At March 31, 2015, there were no transfers between Level 1 and Level 2.

*	Non-income producing security.
1	Security, or portion thereof, was on loan at March 31, 2015.
2	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.

									Net income
			Purchases		Sales				earned from
			during the		during the				affiliate for the
	Value		nine months ended		nine months ended		Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	1,970,647	$	26,123,357	$	27,578,275	$	515,729	$	1,031
UBS Private Money Market Fund LLCa	7,380,954		48,235,278		55,076,297		539,935		249
	$	9,351,601	$	74,358,635	$	82,654,572	$	1,055,664	$	1,280

a	The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.

UBS U.S. Small Cap Growth Fund

Industry diversification (unaudited)1

As a percentage of net assets as of March 31, 2015

Common stocks
Aerospace & defense	0.55	%
Airlines	1.97
Auto components	0.93
Banks	2.53
Biotechnology	10.19
Building products	1.04
Communications equipment	1.09
Construction & engineering	1.13
Diversified consumer services	0.90
Diversified telecommunication services	2.10
Electrical equipment	1.36
Electronic equipment, instruments & components	4.23
Energy equipment & services	0.87
Food & staples retailing	1.30
Health care equipment & supplies	4.54
Health care providers & services	4.09
Hotels, restaurants & leisure	7.02
Household durables	1.64
Internet & catalog retail	2.02
Internet software & services	4.76
Life sciences tools & services	1.60
Machinery	2.57
Media	1.42
Metals & mining	1.84
Oil, gas & consumable fuels	5.35
Paper & forest products	1.50
Pharmaceuticals	0.93
Real estate investment trust (REIT)	2.30
Road & rail	0.89
Semiconductors & semiconductor equipment	3.90
Software	13.32
Specialty retail	5.27
Thrifts & mortgage finance	1.59
Total common stocks	96.74	%
Investment company
iShares Russell 2000 Growth ETF	1.20
Short-term investment	1.33
Investment of cash collateral from securities loaned	8.66
Total investments	107.93	%
Liabilities, in excess of cash and other assets	(7.93	)
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 companies was included.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 96.74%
Aerospace & defense: 0.55%
KEYW Holding Corp.*1	131,230	$	1,080,023

Airlines: 1.97%
Spirit Airlines, Inc.*	50,223	3,885,251

Auto components: 0.93%
Tenneco, Inc.*	32,092	1,842,723

Banks: 2.53%
Columbia Banking System, Inc.	48,188	1,396,006
National Bank Holdings Corp., Class A	64,502	1,213,283
Webster Financial Corp.	64,402	2,386,094
		4,995,383
Biotechnology: 10.19%
Acceleron Pharma, Inc.*	33,473	1,273,982
Bellicum Pharmaceuticals, Inc.*1	27,106	628,046
Bluebird Bio, Inc.*	12,433	1,501,533
Celldex Therapeutics, Inc.*	37,923	1,056,914
Cepheid, Inc.*	49,832	2,835,441
Exact Sciences Corp.*1	68,275	1,503,416
FibroGen, Inc.*1	42,484	1,333,148
Juno Therapeutics, Inc.*1	19,806	1,201,432
Karyopharm Therapeutics, Inc.*1	30,757	941,472
MacroGenics, Inc.*	36,587	1,147,734
Medivation, Inc.*	13,053	1,684,751
Receptos, Inc.*	11,264	1,857,321
Sage Therapeutics, Inc.*1	14,415	724,065
Sangamo BioSciences, Inc.*	81,163	1,272,636
Synageva BioPharma Corp.*1	12,127	1,182,746
		20,144,637
Building products: 1.04%
NCI Building Systems, Inc.*	118,422	2,046,332

Communications equipment: 1.09%
Ciena Corp.*	111,645	2,155,865

Construction & engineering: 1.13%
EMCOR Group, Inc.	48,233	2,241,388

Diversified consumer services: 0.90%
Grand Canyon Education, Inc.*	41,106	1,779,890

Diversified telecommunication services: 2.10%
Cogent Communications Holdings, Inc.	63,603	2,247,094
inContact, Inc.*	174,900	1,906,410
		4,153,504
Electrical equipment: 1.36%
EnerSys	41,893	2,691,206

Electronic equipment, instruments & components: 4.23%
InvenSense, Inc.*1	150,922	2,295,524
OSI Systems, Inc.*	34,127	2,534,271
Universal Display Corp.*1	75,511	3,530,139
		8,359,934
Energy equipment & services: 0.87%
Bristow Group, Inc.	31,583	1,719,694

Food & staples retailing: 1.30%
United Natural Foods, Inc.*	33,255	2,561,965

Health care equipment & supplies: 4.54%
DexCom, Inc.*	58,616	3,654,121
K2M Group Holdings, Inc.*	125,888	2,775,830
LDR Holding Corp.*	69,643	2,551,720
		8,981,671

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Health care providers & services: 4.09%
Acadia Healthcare Co., Inc.*	46,998	$	3,365,057
Air Methods Corp.*	22,885	1,066,212
MEDNAX, Inc.*	20,329	1,474,056
Team Health Holdings, Inc.*	37,297	2,182,247
		8,087,572
Hotels, restaurants & leisure: 7.02%
Bloomin’ Brands, Inc.	113,916	2,771,576
Del Frisco’s Restaurant Group, Inc.*	104,333	2,102,310
La Quinta Holdings, Inc.*	110,400	2,614,272
Popeyes Louisiana Kitchen, Inc.*	57,453	3,436,839
Shake Shack, Inc., Class A*1	15,200	760,760
The Cheesecake Factory, Inc.	44,582	2,199,230
		13,884,987
Household durables: 1.64%
Ryland Group, Inc.	66,482	3,240,333

Internet & catalog retail: 2.02%
HomeAway, Inc.*	68,417	2,064,141
Shutterfly, Inc.*	42,692	1,931,386
		3,995,527
Internet software & services: 4.76%
Box, Inc., Class A*1	106,500	2,103,375
Constant Contact, Inc.*	75,511	2,885,275
Hortonworks, Inc.*1	58,590	1,396,786
New Relic, Inc.*1	13,589	471,538
Wix.com Ltd.*1	133,655	2,560,830
		9,417,804
Life sciences tools & services: 1.60%
Charles River Laboratories International, Inc.*	39,886	3,162,561

Machinery: 2.57%
Chart Industries, Inc.*	30,811	1,080,696
Wabash National Corp.*	159,724	2,252,108
Woodward, Inc.	34,054	1,737,095
		5,069,899
Media: 1.42%
IMAX Corp.*1	83,496	2,814,650

Metals & mining: 1.84%
Constellium NV, Class A*	78,563	1,596,400
Globe Specialty Metals, Inc.	108,257	2,048,223
		3,644,623
Oil, gas & consumable fuels: 5.35%
Bonanza Creek Energy, Inc.*	41,194	1,015,844
Callon Petroleum Co.*	255,165	1,906,083
Carrizo Oil & Gas, Inc.*	41,600	2,065,440
Diamondback Energy, Inc.*	27,000	2,074,680
SemGroup Corp., Class A	32,383	2,634,033
Whiting Petroleum Corp.*	28,356	876,200
		10,572,280
Paper & forest products: 1.50%
Boise Cascade Co.*	79,381	2,973,612

Pharmaceuticals: 0.93%
Pacira Pharmaceuticals, Inc.*	20,574	1,828,000

Real estate investment trust (REIT): 2.30%
Cousins Properties, Inc.	180,426	1,912,516
Sovran Self Storage, Inc.	27,977	2,628,159
		4,540,675

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks—(concluded)
Road & rail: 0.89%
Saia, Inc.*	39,525	$	1,750,957

Semiconductors & semiconductor equipment: 3.90%
Cavium, Inc.*	30,484	2,158,877
Integrated Device Technology, Inc.*	143,011	2,863,080
Qorvo, Inc.*	33,805	2,694,259
		7,716,216
Software: 13.32%
Fleetmatics Group PLC*	64,184	2,878,652
Imperva, Inc.*	81,533	3,481,459
Infoblox, Inc.*	105,423	2,516,447
Proofpoint, Inc.*	85,868	5,085,103
Qlik Technologies, Inc.*	81,607	2,540,426
Synchronoss Technologies, Inc.*	55,082	2,614,192
Ultimate Software Group, Inc.*	23,720	4,031,332
Workiva, Inc.*1	153,422	2,209,277
Yodlee, Inc.*1	72,615	977,398
		26,334,286
Specialty retail: 5.27%
Abercrombie & Fitch Co., Class A	53,756	1,184,782
ANN, Inc.*	45,163	1,853,038
Asbury Automotive Group, Inc.*	35,480	2,948,388
Five Below, Inc.*	40,694	1,447,486
Restoration Hardware Holdings, Inc.*	30,057	2,981,354
		10,415,048
Thrifts & mortgage finance: 1.59%
Essent Group Ltd.*	69,026	1,650,412
EverBank Financial Corp.	82,387	1,485,437
		3,135,849
Total common stocks (cost $144,184,269)		191,224,345

Investment company: 1.20%
iShares Russell 2000 Growth ETF (cost $2,329,860)	15,600	2,364,180

Short-term investment: 1.33%
Investment company: 1.33%
UBS Cash Management Prime Relationship Fund2 (cost $2,631,127)	2,631,127	2,631,127

Investment of cash collateral from securities loaned: 8.66%
UBS Private Money Market Fund LLC2 (cost $17,124,066)	17,124,066	17,124,066
Total investments: 107.93% (cost $166,269,322)		$	213,343,718
Liabilities, in excess of cash and other assets: (7.93)%		(15,681,526		)
Net assets: 100.00%		$	197,662,192

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2015 (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	$	54,714,865
Gross unrealized depreciation	(7,640,469		)
Net unrealized appreciation of investments	$	47,074,396

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stock	$	191,224,345	$	—	$	—	$	191,224,345
Investment company	2,364,180		—		—		2,364,180
Short-term investment	—		2,631,127		—		2,631,127
Investment of cash collateral from securities loaned	—		17,124,066		—		17,124,066
Total	$	193,588,525	$	19,755,193	$	—	$	213,343,718

At March 31, 2015, there were no transfers between Levels 1 and Level 2.

Portfolio footnotes

* Non-income producing security.

1 Security, or portion thereof, was on loan at March 31, 2015.

2 The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.

									Net income
			Purchases		Sales				earned from
			during the		during the				affiliate for the
			nine months		nine months				nine months
	Value		ended		ended		Value		ended
Security description	6/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	5,807,848	$	49,095,554	$	52,272,275	$	2,631,127	$	2,584
UBS Private Money Market Fund LLCa	30,452,021		149,585,621		162,913,576		17,124,066		1,439
	$	36,259,869	$	198,681,175	$	215,185,851	$	19,755,193	$	4,023

a The Advisor earns 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

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Investment companies: 53.92%
iShares Emerging Markets Local Currency Bond ETF	9,937	$	437,327
iShares iBoxx $ High Yield Corporate Bond ETF	46,365	4,201,133
iShares iBoxx $ Investment Grade Corporate Bond ETF	31,128	3,788,589
iShares JP Morgan USD Emerging Markets Bond ETF1	4,046	453,638
iShares MSCI Switzerland Capped ETF	41,480	1,377,551
iShares TIPS Bond ETF	29,521	3,353,290
SPDR Barclays Convertible Securities ETF	18,920	903,619
Total investment companies (cost $14,426,178)		14,515,147

Short-term investment: 36.90%
Investment company: 36.90%
UBS Cash Management Prime Relationship Fund2 (cost $9,935,905)	9,935,905	9,935,905

Investment of cash collateral from securities loaned: 1.56%
UBS Private Money Market Fund LLC2 (cost $420,444)	420,444	420,444
Total investments: 92.38% (cost $24,782,527)		24,871,496
Cash and other assets, less liabilities: 7.62%		2,052,193
Net assets: 100.00%		$	26,923,689

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	$	188,719
Gross unrealized depreciation	(99,750		)
Net unrealized appreciation of investments	$	88,969

UBS Asset Growth Fund

Portfolio of investments – March 31, 2015 (unaudited)

Futures contracts

	Expiration date	Cost/ (proceeds)		Value			Unrealized appreciation/ (depreciation)
Index futures buy contracts:
EURO STOXX 50 Index, 150 contracts (EUR)	June 2015	5,862,294		$	5,841,372		$	(20,922	)
FTSE 100 Index, 47 contracts (GBP)	June 2015	4,696,944		4,687,629			(9,315		)
Mini MSCI Emerging Markets Index, 105 contracts (USD)	June 2015	4,861,815		5,105,100			243,285
S&P 500 Index, 65 contracts (USD)	June 2015	6,636,646		6,697,600			60,954
SPI 200 Index, 19 contracts (AUD)	June 2015	2,115,428		2,129,459			14,031
TOPIX Index, 26 contracts (JPY)	June 2015	3,319,329		3,338,499			19,170

Currency futures buy contracts:
Australian Dollar, 7 contracts (USD)	June 2015	537,310		530,670			(6,640		)
Euro, 9 contracts (USD)	June 2015	1,223,132		1,209,825			(13,307		)
Great Britain Pound, 16 contracts (USD)	June 2015	1,501,431		1,483,700			(17,731		)
Japanese Yen, 5 contracts (USD)	June 2015	518,518		521,626			3,108

Currency futures sell contracts:
Swiss Franc, 6 contracts (USD)	June 2015	(750,179	)	(773,625		)	(23,446		)
Net unrealized appreciation on futures contracts							$	249,187

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Investment companies	$	14,515,147		$	—		$	—	$	14,515,147
Short-term investment	—			9,935,905			—		9,935,905
Investment of cash collateral from securities loaned	—			420,444			—		420,444
Futures contracts	307,347			33,201			—		340,548
Total	$	14,822,494		$	10,389,550		$	—	$	25,212,044

Liabilities
Futures contracts	$	(61,124	)	$	(30,237	)	$	—	$	(91,361	)
Total	$	(61,124	)	$	(30,237	)	$	—	$	(91,361	)

At March 31, 2015, $(11,067) of futures contracts, net were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

Portfolio footnotes

1 Security, or portion thereof, was on loan at March 31, 2015.

2 The table below details the Fund’s 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
			nine months		nine months				nine months
	Value		ended		ended		Value		ended
Security description	6/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	7,680,934	$	42,228,190	$	39,973,219	$	9,935,905	$	5,540
UBS Private Money Market Fund LLCa	7,801,795		53,500,446		60,881,797		420,444		241
	$	15,482,729	$	95,728,636	$	100,855,016	$	10,356,349	$	5,781

a The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.

UBS Dynamic Alpha Fund

Industry diversification (unaudited)

As a percentage of net assets as of March 31, 2015

Bonds
Corporate bonds
Airlines	0.24	%
Auto components	0.12
Banks	11.79
Beverages	1.47
Biotechnology	0.22
Capital markets	2.21
Chemicals	0.85
Commercial services & supplies	0.56
Communications equipment	0.30
Construction & engineering	0.56
Consumer finance	1.40
Diversified financial services	2.18
Diversified telecommunication services	2.79
Electric utilities	3.21
Energy equipment & services	0.54
Food & staples retailing	0.26
Food products	0.86
Gas utilities	1.09
Health care equipment & supplies	0.52
Health care providers & services	0.63
Hotels, restaurants & leisure	0.14
Independent power and renewable electricity producers	0.28
Industrial conglomerates	0.25
Insurance	5.10
Internet & catalog retail	0.18
Internet software & services	0.15
IT services	0.18
Life sciences tools & services	0.14
Machinery	0.21
Marine	0.24
Media	2.13
Metals & mining	0.94
Multi-utilities	0.59
Oil, gas & consumable fuels	6.84
Pharmaceuticals	1.04
Real estate investment trust (REIT)	0.34
Real estate management & development	0.11
Road & rail	0.74
Semiconductors & semiconductor equipment	0.07
Software	0.40
Specialty retail	0.31
Textiles, apparel & luxury goods	0.07
Thrifts & mortgage finance	0.26
Tobacco	1.35
Transportation infrastructure	0.91
Water utilities	0.36
Wireless telecommunication services	0.96
Total corporate bonds	56.09	%
Collateralized debt obligation	0.00	1
Mortgage & agency debt security	0.01
Non-US government obligations	5.92
Supranational bonds	0.41
Total bonds	62.43	%
Short-term investments	26.40
Options purchased	0.87
Investment of cash collateral from securities loaned	0.51
Total investments	90.21	%
Cash and other assets, less liabilities	9.79
Net assets	100.00	%

1 Amount represents less than 0.005%.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds: 62.43%
Corporate bonds: 56.09%
Australia: 3.37%
Adani Abbot Point Terminal Pty Ltd.,
5.750%, due 11/01/18	AUD		1,025,000	$	814,203
APT Pipelines Ltd.,
4.200%, due 03/23/251	$	910,000		920,949
Aurizon Network Pty Ltd.,
2.000%, due 09/18/24	EUR		500,000	559,856
Australia & New Zealand Banking Group Ltd.,
4.500%, due 03/19/242	$	250,000		261,255
Australia Pacific Airports Melbourne Pty Ltd.,
1.750%, due 10/15/24	EUR		100,000	113,304
3.125%, due 09/26/23	300,000			375,992
BHP Billiton Finance USA Ltd.,
5.000%, due 09/30/43	$	290,000		332,109
Commonwealth Bank of Australia,
1.125%, due 03/13/17	370,000			370,940
2.250%, due 03/16/171	630,000			644,763
National Australia Bank Ltd.,
2.000%, due 11/12/243	EUR		550,000	597,733
2.750%, due 03/09/17	$	650,000		671,264
Origin Energy Finance Ltd.,
2.500%, due 10/23/202	EUR		775,000	882,420
5.450%, due 10/14/212	$	335,000		368,381
QBE Insurance Group Ltd.,
2.400%, due 05/01/182	205,000			207,008
6.750%, due 12/02/443	795,000			858,600
Santos Finance Ltd.,
8.250%, due 09/22/703	EUR		380,000	441,895
Scentre Group Trust 1,
1.500%, due 07/16/20	250,000			277,685
SGSP Australia Assets Pty Ltd.,
2.000%, due 06/30/22	350,000			397,900
Suncorp-Metway Ltd.,
1.700%, due 03/28/172	$	430,000		432,214
Telstra Corp. Ltd.,
4.800%, due 10/12/212	350,000			400,581
4.800%, due 10/12/211	200,000			228,903
Transurban Finance Co. Pty Ltd.,
1.875%, due 09/16/24	EUR		300,000	341,429
2.500%, due 10/08/20	210,000			244,495
Total Australia corporate bonds				10,743,879

Belgium: 0.08%
Elia System Operator SA,
3.250%, due 04/04/282	200,000			264,636

Bermuda: 0.18%
Bacardi Ltd.,
2.750%, due 07/03/232	470,000			567,382

Brazil: 0.49%
Petrobras Global Finance BV,
3.250%, due 04/01/192	610,000			581,294
3.875%, due 01/27/16	$	430,000		421,778
Vale SA,
5.625%, due 09/11/42	630,000			545,202
Total Brazil corporate bonds				1,548,274

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Canada: 1.98%
Bank of Montreal,
6.020%, due 05/02/18	CAD		460,000	$	414,321
Bank of Nova Scotia,
4.100%, due 06/08/17	680,000			569,084
Canadian Imperial Bank of Commerce,
1.350%, due 07/18/16	$	445,000		448,819
3.400%, due 01/14/16	CAD		505,000	406,037
Canadian Natural Resources Ltd.,
3.900%, due 02/01/25	$	315,000		318,028
Hydro One, Inc.,
5.360%, due 05/20/36	CAD		330,000	342,996
Nexen Energy ULC,
6.400%, due 05/15/37	$	490,000		616,787
Royal Bank of Canada,
2.980%, due 05/07/19	CAD		465,000	388,789
Suncor Energy, Inc.,
6.500%, due 06/15/38	$	500,000		642,297
Talisman Energy, Inc.,
3.750%, due 02/01/21	470,000			462,453
TELUS Corp.,
3.750%, due 01/17/25	CAD		160,000	134,511
Thomson Reuters Corp.,
1.300%, due 02/23/17	$	470,000		470,535
Toronto-Dominion Bank,
3.367%, due 11/02/203	CAD		645,000	514,992
Total Capital Canada Ltd.,
1.875%, due 07/09/202	EUR		100,000	115,009
Yamana Gold, Inc.,
4.950%, due 07/15/24	$	470,000		462,110
Total Canada corporate bonds				6,306,768

Cayman Islands: 0.80%
Hutchison Whampoa International 09 Ltd.,
7.625%, due 04/09/191	300,000			360,645
7.625%, due 04/09/192	125,000			150,741
Noble Holding International Ltd.,
5.950%, due 04/01/25	240,000			234,356
Principal Financial Global Funding II LLC,
4.500%, due 01/26/17	EUR		650,000	748,794
Tencent Holdings Ltd.,
3.375%, due 05/02/191	$	450,000		466,258
Thames Water Utilities Cayman Finance Ltd.,
5.375%, due 07/21/253	GBP		190,000	302,206
Yorkshire Water Services Bradford Finance Ltd.,
6.000%, due 04/24/253	GBP		180,000	289,265
Total Cayman Islands corporate bonds				2,552,265

China: 0.39%
AIA Group Ltd.,
1.750%, due 03/13/182	$	760,000		754,525
2.250%, due 03/11/191	275,000			276,834

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(continued)
China—(concluded)
Bank of China Ltd.,
5.000%, due 11/13/241	$	200,000		$	211,284
Total China corporate bonds				1,242,643

Czech Republic: 0.20%
NET4GAS sro,
2.500%, due 07/28/21	EUR		560,000	638,268

Denmark: 0.24%
A.P. Moeller - Maersk A/S,
3.375%, due 08/28/192	650,000			779,060

Finland: 0.64%
Elenia Finance Oyj,
2.875%, due 12/17/20	550,000			643,573
Pohjola Bank Oyj,
1.750%, due 08/29/18	300,000			337,688
Sampo Oyj,
1.500%, due 09/16/21	150,000			166,370
Teollisuuden Voima Oyj,
2.500%, due 03/17/21	425,000			481,441
4.625%, due 02/04/192	335,000			405,370
Total Finland corporate bonds				2,034,442

France: 2.12%
Arkema SA,
1.500%, due 01/20/25	200,000			217,966
BNP Paribas SA,
2.700%, due 08/20/184	$	490,000		505,112
2.875%, due 03/20/263	EUR		350,000	394,977
5.186%, due 06/29/152,3,5	$	170,000		170,896
5.186%, due 06/29/152,3,5	60,000			60,316
BPCE SA,
2.750%, due 07/08/263	EUR		300,000	336,495
Christian Dior SE,
1.375%, due 06/19/19	200,000			220,615
CNP Assurances,
4.250%, due 06/05/453	100,000			119,290
Credit Agricole SA,
2.375%, due 05/20/24	100,000			119,473
Credit Logement SA,
1.177%, due 06/16/152,3,5	200,000			184,169
Electricite de France SA,
5.250%, due 01/29/232,3,5	$	330,000		344,355
5.625%, due 01/22/241,3,5	280,000			298,200
6.950%, due 01/26/391	200,000			280,037
GDF Suez,
4.750%, due 07/10/213,5	EUR		600,000	732,245
Gecina SA,
1.500%, due 01/20/25	200,000			218,635
Infra Foch SAS,
1.250%, due 10/16/20	200,000			219,317
Orange SA,
5.875%, due 02/07/223,5	GBP		300,000	476,171
Societe Des Autoroutes Paris-Rhin-Rhone,
2.250%, due 01/16/20	EUR		600,000	692,455
Total Capital International SA,
1.550%, due 06/28/17	$	1,165,000		1,178,069
Total France corporate bonds				6,768,793

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Germany: 0.05%
Merck KGaA,
3.375%, due 12/12/743	EUR		125,000	$	144,601

Guernsey: 0.14%
Credit Suisse Group Guernsey I Ltd.,
7.875%, due 02/24/412,3	$	415,000		439,900

India: 0.16%
Reliance Industries Ltd.,
4.125%, due 01/28/251	525,000			525,887

Ireland: 0.42%
Cloverie PLC for Zurich Insurance Co., Ltd.,
1.750%, due 09/16/24	EUR		130,000	148,163
FGA Capital Ireland PLC,
2.625%, due 04/17/19	435,000			493,439
Perrigo Co. PLC,
4.000%, due 11/15/23	$	200,000		208,976
XL Group PLC,
4.450%, due 03/31/25	$	270,000		271,748
5.250%, due 12/15/43		180,000		209,063
Total Ireland corporate bonds				1,331,389

Israel: 0.38%
Delek & Avner Tamar Bond Ltd.,
3.839%, due 12/30/181	1,020,000			1,017,450
Teva Pharmaceutical Finance IV BV,
3.650%, due 11/10/21	195,000			205,373
Total Israel corporate bonds				1,222,823

Italy: 1.31%
2i Rete Gas SpA,
1.125%, due 01/02/20	EUR		200,000	217,067
Assicurazioni Generali SpA,
2.875%, due 01/14/20	120,000			141,914
Ei Towers SpA,
3.875%, due 04/26/18	400,000			463,338
Intesa Sanpaolo SpA,
3.625%, due 08/12/151	$	235,000		237,209
3.875%, due 01/16/18	320,000			335,739
4.375%, due 10/15/192	EUR		400,000	495,417
Snam SpA,
3.875%, due 03/19/182	660,000			778,362
Telecom Italia SpA,
6.125%, due 12/14/18	300,000			374,916
Terna Rete Elettrica Nazionale SpA,
4.125%, due 02/17/17	365,000			419,823
UniCredit SpA,
3.250%, due 01/14/21	295,000			354,958
6.375%, due 05/02/232,3	$	340,000		362,991
Total Italy corporate bonds				4,181,734

Japan: 0.32%
Bank of Tokyo-Mitsubishi UFJ Ltd.,
2.350%, due 09/08/191	380,000			383,588
2.350%, due 09/08/192	200,000			201,888
Japan Tobacco, Inc.,
2.100%, due 07/23/181	250,000			253,603

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(continued)
Japan—(concluded)
Nippon Telegraph & Telephone Corp.,
1.400%, due 07/18/17	$	185,000		$	185,671
Total Japan corporate bonds				1,024,750

Jersey, Channel Islands: 0.80%
AA Bond Co., Ltd.,
4.720%, due 07/31/182	GBP		275,000	439,835
Gatwick Funding Ltd.,
5.250%, due 01/23/242	250,000			439,973
Heathrow Funding Ltd.,
1.500%, due 02/11/30	EUR		425,000	452,893
4.600%, due 02/15/182	465,000			559,410
HSBC Capital Funding LP,
5.130%, due 03/29/163,5	170,000			188,702
QBE Capital Funding III Ltd.,
7.250%, due 05/24/412,3	$	430,000		478,375
Total Jersey, Channel Islands corporate bonds				2,559,188

Luxembourg: 0.26%
Belfius Financing Co.,
1.264%, due 02/09/173	GBP		325,000	474,874
Prologis International Funding II SA,
2.875%, due 04/04/22	EUR		170,000	200,472
SES SA,
3.600%, due 04/04/231	$	125,000		130,837
Total Luxembourg corporate bonds				806,183

Mexico: 0.47%
America Movil SAB de CV,
5.000%, due 03/30/20	735,000			832,916
5.125%, due 09/06/733	EUR		145,000	169,761
Coca-Cola Femsa SAB de CV,
2.375%, due 11/26/18	$	490,000		494,312
Total Mexico corporate bonds				1,496,989

Netherlands: 4.28%
ABN AMRO Bank NV,
4.875%, due 01/16/192	GBP		350,000	583,380
6.250%, due 09/13/223	$	370,000		402,800
Achmea BV,
2.500%, due 11/19/20	EUR		960,000	1,120,305
4.250%, due 02/04/253,5	350,000			400,300
Allianz Finance II BV,
4.375%, due 02/17/173,5	425,000			482,116
BAT Netherlands Finance BV,
2.375%, due 01/19/232	550,000			656,050
Bharti Airtel International Netherlands BV,
3.375%, due 05/20/211	100,000			116,059
4.000%, due 12/10/18	650,000			759,758
Coca-Cola HBC Finance BV,
2.375%, due 06/18/202	560,000			641,668
5.500%, due 09/17/15	$	355,000		362,879

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
1.700%, due 03/19/18	$	830,000		$	837,326
2.500%, due 05/26/263	EUR		745,000	829,941
5.500%, due 06/29/203,5	455,000			513,407
Deutsche Annington Finance BV,
4.000%, due 12/17/213,5	300,000			340,317
Deutsche Telekom International Finance BV,
6.500%, due 04/08/22	GBP		160,000	301,315
E.ON International Finance BV,
6.650%, due 04/30/381	$	145,000		192,268
EDP Finance BV,
4.625%, due 06/13/16	EUR		405,000	455,917
Heineken NV,
2.125%, due 08/04/202	645,000			747,181
Koninklijke KPN NV,
6.500%, due 01/15/16	257,000			289,937
LYB International Finance BV,
5.250%, due 07/15/43	$	280,000		312,022
Nomura Europe Finance NV,
1.875%, due 05/29/182	EUR		350,000	390,764
Redexis Gas Finance BV,
2.750%, due 04/08/21	450,000			528,695
REN Finance BV,
2.500%, due 02/12/25	300,000			342,826
4.750%, due 10/16/20	245,000			312,163
Repsol International Finance BV,
4.250%, due 02/12/162	200,000			222,367
4.375%, due 02/20/182	200,000			237,923
Siemens Financieringsmaatschappij NV,
5.125%, due 02/20/17	330,000			388,068
6.125%, due 09/14/663	GBP		220,000	343,816
SPP Infrastructure Financing BV,
3.750%, due 07/18/202	EUR		205,000	239,969
TenneT Holding BV,
6.655%, due 06/01/173,5	250,000			295,694
Total Netherlands corporate bonds				13,647,231

Norway: 0.68%
Avinor AS,
1.750%, due 03/20/21	120,000			137,183
DNB Bank ASA,
3.200%, due 04/03/171	$	450,000		466,251
SpareBank 1 SMN,
2.125%, due 04/14/21	EUR		650,000	747,687
Statoil ASA,
3.125%, due 08/17/17	$	400,000		418,855
4.800%, due 11/08/43	355,000			414,618
Total Norway corporate bonds				2,184,594

Portugal: 0.07%
Caixa Geral de Depositos SA,
3.750%, due 01/18/18	EUR		200,000	235,951

Qatar: 0.06%
Qtel International Finance Ltd.,
3.875%, due 01/31/281	$	200,000		197,000

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(continued)
Singapore: 0.08%
United Overseas Bank Ltd.,
3.750%, due 09/19/243	$	250,000		$	258,527

South Korea: 0.10%
GS Caltex Corp.,
5.500%, due 04/24/172	300,000			319,369

Spain: 1.22%
Aigues de Barcelona Finance SAU,
1.944%, due 09/15/21	EUR		200,000	223,967
Banco de Sabadell SA,
3.375%, due 01/23/18	100,000			117,304
BBVA Senior Finance SAU,
3.250%, due 03/21/16	200,000			221,218
BBVA US Senior SAU,
4.664%, due 10/09/15	$	460,000		468,841
Santander Consumer Finance SA,
0.900%, due 02/18/202	EUR		900,000	971,598
Santander International Debt SAU,
1.375%, due 03/25/17	800,000			877,082
Telefonica Emisiones SAU,
4.710%, due 01/20/202	800,000			1,017,932
Total Spain corporate bonds				3,897,942

Sweden: 0.51%
PGE Sweden AB,
1.625%, due 06/09/19	200,000			222,058
Skandinaviska Enskilda Banken AB,
5.750%, due 05/13/203,5	$	275,000		277,750
Svenska Handelsbanken AB,
5.125%, due 03/30/201	475,000			544,352
5.125%, due 03/30/202	115,000			131,790
Swedbank Hypotek AB,
2.375%, due 04/05/171	440,000			452,450
Total Sweden corporate bonds				1,628,400

Switzerland: 0.12%
Credit Suisse,
3.000%, due 10/29/21	380,000			387,315

United Kingdom: 7.62%
Abbey National Treasury Services PLC,
4.000%, due 03/13/24	475,000			508,550
Anglian Water Services Financing PLC,
4.500%, due 02/22/262	GBP		200,000	330,561
Aon PLC,
2.875%, due 05/14/26	EUR		155,000	191,008
Arqiva Financing PLC,
4.040%, due 06/30/202	GBP		525,000	830,855
4.882%, due 12/31/322	250,000			417,473
Barclays Bank PLC,
2.250%, due 05/10/171,4	$	360,000		368,696
4.375%, due 09/11/24	960,000			970,975
5.750%, due 08/17/212	GBP		255,000	459,315
6.625%, due 03/30/222	EUR		260,000	364,786
BP Capital Markets PLC,
1.375%, due 05/10/18	$	380,000		378,296
2.750%, due 05/10/23	215,000			209,733

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
British Telecommunications PLC,
8.500%, due 12/07/162	GBP		385,000	$	638,933
BUPA Finance PLC,
3.375%, due 06/17/21	100,000			157,346
6.125%, due 09/16/203,5	250,000			403,161
Centrica PLC,
5.375%, due 10/16/431	$	200,000		227,771
Close Brothers Finance PLC,
3.875%, due 06/27/21	GBP		475,000	759,951
Diageo Capital PLC,
3.875%, due 04/29/43	$	335,000		334,803
EE Finance PLC,
4.375%, due 03/28/192	GBP		345,000	557,493
GlaxoSmithKline Capital PLC,
1.500%, due 05/08/17	$	330,000		333,382
1.500%, due 05/08/17	230,000			232,357
Gwynt y Mor OFTO PLC,
2.778%, due 02/17/34	GBP		207,494	314,378
HSBC Holdings PLC,
5.100%, due 04/05/21	$	920,000		1,050,703
5.250%, due 09/16/223,5	EUR		750,000	836,679
Imperial Tobacco Finance PLC,
2.050%, due 02/11/181	$	420,000		422,397
9.000%, due 02/17/222	GBP		190,000	392,410
Liverpool Victoria Friendly Society Ltd.,
6.500%, due 05/22/432,3	610,000			948,625
Lloyds Bank PLC,
7.500%, due 04/15/24	315,000			653,155
11.875%, due 12/16/212,3	EUR		295,000	374,294
Manchester Airport Group Funding PLC,
4.750%, due 03/31/34	GBP		120,000	208,630
National Express Group PLC,
6.250%, due 01/13/17	200,000			320,228
National Grid Electricity Transmission PLC,
4.000%, due 06/08/272	230,000			389,452
Northern Gas Networks Finance PLC,
5.875%, due 07/08/19	225,000			388,081
Prudential PLC,
1.375%, due 01/19/18	470,000			699,477
Royal Bank of Scotland PLC,
6.934%, due 04/09/18	EUR		690,000	851,691
Scottish & Southern Energy PLC,
5.453%, due 10/01/153,5	GBP		302,000	454,147
Scottish Widows PLC,
5.500%, due 06/16/23	300,000			486,441
Sinopec Capital 2013 Ltd.,
3.125%, due 04/24/232	$	230,000		226,777
3.125%, due 04/24/231	680,000			670,471
Sinopec Group Overseas Development 2013 Ltd.,
2.625%, due 10/17/202	EUR		200,000	234,653
Sky PLC,
3.750%, due 09/16/241	$	200,000		206,769
Southern Gas Networks PLC,
2.500%, due 02/03/25	GBP		115,000	169,059

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(continued)
United Kingdom—(continued)
Standard Chartered PLC,
4.000%, due 07/12/222,3	$	950,000		$	974,917
State Grid Europe Development 2014 PLC, Series A,
1.500%, due 01/26/22	EUR		325,000	354,873
Tesco Property Finance 4 PLC,
5.801%, due 10/13/402	GBP		247,318	377,786
Thames Water Utilities Finance Ltd.,
5.125%, due 09/28/37	460,000			858,066
Wales & West Utilities Finance PLC,
5.125%, due 12/02/162	710,000			1,122,733
6.750%, due 12/17/363	50,000			85,571
Wellcome Trust Ltd.,
1.125%, due 01/21/27	EUR		150,000	164,405
Western Power Distribution West Midlands PLC,
5.750%, due 04/16/322	GBP		200,000	390,134
WPP Finance 2010,
3.750%, due 09/19/24	$	355,000		370,542
WPP PLC,
6.625%, due 05/12/162	EUR		405,000	466,151
Yorkshire Building Society,
4.125%, due 11/20/243	GBP		115,000	175,647
Total United Kingdom corporate bonds				24,314,787

United States: 26.47%
21st Century Fox America, Inc.,
6.200%, due 12/15/34	$	760,000		970,755
ABB Finance USA, Inc.,
2.875%, due 05/08/22	520,000			530,577
AbbVie, Inc.,
2.900%, due 11/06/22	565,000			560,456
4.400%, due 11/06/42	330,000			339,708
Actavis Funding SCS,
1.300%, due 06/15/17	220,000			218,118
3.450%, due 03/15/22	345,000			353,376
4.750%, due 03/15/45	285,000			302,914
Aetna, Inc.,
2.200%, due 03/15/19	145,000			146,526
3.500%, due 11/15/24	465,000			485,038
4.750%, due 03/15/44	95,000			111,187
Albemarle Corp.,
1.875%, due 12/08/21	EUR		150,000	165,462
4.150%, due 12/01/24	$	690,000		715,616
Alltel Corp.,
7.875%, due 07/01/32	435,000			621,673
Altria Group, Inc.,
4.250%, due 08/09/42	1,185,000			1,196,773
American Airlines Pass Through Trust, Series 2014-1, Class B,
4.375%, due 10/01/22	65,000			67,275
American Express Credit Corp.,
1.300%, due 07/29/16	275,000			276,580
American International Group, Inc.,
3.375%, due 08/15/20	645,000			680,574
3.875%, due 01/15/35	245,000			246,226
4.500%, due 07/16/44	255,000			273,721
American Tower Corp.,
3.400%, due 02/15/19	180,000			185,883
Anadarko Petroleum Corp.,
6.375%, due 09/15/17	1,020,000			1,134,884
Anthem, Inc.,
5.100%, due 01/15/44	210,000			240,866

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Apache Corp.,
4.750%, due 04/15/43	$	830,000		$	867,481
AT&T, Inc.,
3.000%, due 02/15/22	400,000			401,368
5.550%, due 08/15/41	620,000			697,275
Bank of America Corp.,
1.375%, due 09/10/21	EUR		300,000	330,179
1.875%, due 01/10/19	1,445,000			1,626,513
5.875%, due 02/07/42	$	345,000		438,889
Bank of New York Mellon Corp.,
1.350%, due 03/06/18	730,000			730,126
Berkshire Hathaway Finance Corp.,
1.300%, due 05/15/18	300,000			300,923
Branch Banking & Trust Co.,
1.350%, due 10/01/17	265,000			265,673
Burlington Northern Santa Fe LLC,
3.000%, due 03/15/23	580,000			591,645
5.400%, due 06/01/41	325,000			390,708
Cadence Design Systems, Inc.,
4.375%, due 10/15/24	280,000			290,956
Capital One Financial Corp.,
1.000%, due 11/06/15	840,000			841,012
Caterpillar, Inc.,
4.750%, due 05/15/64	345,000			378,920
CF Industries, Inc.,
5.150%, due 03/15/34	450,000			493,158
Chevron Corp.,
2.355%, due 12/05/22	400,000			395,166
2.427%, due 06/24/20	165,000			169,105
Cisco Systems, Inc.,
2.900%, due 03/04/21	105,000			110,532
Citigroup, Inc.,
0.728%, due 05/31/173	EUR		625,000	669,142
3.875%, due 10/25/23	$	485,000		511,951
Coca-Cola Co.,
1.800%, due 09/01/16	540,000			549,235
1.875%, due 09/22/26	EUR		305,000	358,124
Comcast Corp.,
4.750%, due 03/01/44	$	160,000		184,106
Delta Air Lines Pass Through Trust, Series 2007-1, Class A,
6.821%, due 08/10/22	36,307			42,618
DIRECTV Holdings LLC,
5.000%, due 03/01/21	860,000			957,223
Duke Energy Corp.,
3.050%, due 08/15/22	535,000			551,228
Enable Midstream Partners LP,
2.400%, due 05/15/191	180,000			176,386
3.900%, due 05/15/241	165,000			158,987
Energy Transfer Partners LP,
6.050%, due 06/01/41	580,000			642,156
Enterprise Products Operating LLC,
4.850%, due 03/15/44	405,000			436,581
5.200%, due 09/01/20	325,000			366,195
ERAC USA Finance LLC,
5.625%, due 03/15/421	335,000			390,682
Express Scripts Holding Co.,
2.250%, due 06/15/19	465,000			467,094

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(continued)
United States—(continued)
Exxon Mobil Corp.,
0.921%, due 03/15/17	$	70,000		$	70,233
1.819%, due 03/15/19	320,000			324,153
3.567%, due 03/06/45	185,000			191,823
Fifth Third Bank,
2.875%, due 10/01/21	545,000			552,390
Five Corners Funding Trust,
4.419%, due 11/15/231	590,000			632,966
Ford Motor Credit Co. LLC,
3.000%, due 06/12/17	1,380,000			1,422,202
Freeport-McMoRan, Inc.,
3.875%, due 03/15/23	365,000			338,138
4.000%, due 11/14/21	625,000			610,020
General Electric Capital Corp.,
1.000%, due 12/11/15	765,000			768,058
4.375%, due 09/16/20	740,000			821,478
Series A, 6.750%, due 03/15/32	1,250,000			1,728,936
General Electric Co.,
4.125%, due 10/09/42	275,000			290,249
Georgia Power Co.,
0.750%, due 08/10/15	375,000			375,466
5.400%, due 06/01/40	350,000			437,655
Gilead Sciences, Inc.,
2.050%, due 04/01/19	280,000			283,697
4.800%, due 04/01/44	365,000			420,623
Glencore Funding LLC,
2.500%, due 01/15/191	480,000			480,232
3.125%, due 04/29/191	230,000			235,221
Goldman Sachs Group, Inc.,
1.375%, due 07/26/22	EUR		1,345,000	1,466,724
Hartford Financial Services Group, Inc.,
4.300%, due 04/15/43	$	300,000		318,312
HSBC Finance Capital Trust IX,
5.911%, due 11/30/353	300,000			304,950
Illinois Tool Works, Inc.,
3.000%, due 05/19/34	EUR		215,000	290,621
International Business Machines Corp.,
3.375%, due 08/01/23	$	560,000		583,768
Jefferies Group LLC,
2.375%, due 05/20/20	EUR		175,000	191,389
Johnson Controls, Inc.,
3.625%, due 07/02/24	$	210,000		217,601
4.950%, due 07/02/64	165,000			176,908
JPMorgan Chase & Co.,
3.125%, due 01/23/25	315,000			315,924
3.200%, due 01/25/23	2,785,000			2,831,339
3.875%, due 09/10/24	255,000			261,602
Juniper Networks, Inc.,
4.500%, due 03/15/24	365,000			375,575
Kellogg Co.,
1.875%, due 11/17/16	380,000			385,738
Kinder Morgan Energy Partners LP,
3.500%, due 03/01/21	70,000			70,556
5.000%, due 03/01/43	575,000			561,583
Kinder Morgan, Inc.,
5.000%, due 02/15/211	530,000			566,466
Kraft Foods Group, Inc.,
5.000%, due 06/04/42	465,000			514,580

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Laboratory Corp. of America Holdings,
2.500%, due 11/01/18	$	235,000		$	239,967
Lam Research Corp.,
3.800%, due 03/15/25	210,000			211,201
Liberty Mutual Group, Inc.,
4.250%, due 06/15/231	580,000			617,777
Lincoln National Corp.,
3.350%, due 03/09/25	55,000			55,629
4.200%, due 03/15/22	810,000			875,481
Lorillard Tobacco Co.,
3.750%, due 05/20/23	150,000			152,724
Lowe’s Cos., Inc.,
4.250%, due 09/15/44	510,000			553,051
Marathon Petroleum Corp.,
3.625%, due 09/15/24	505,000			510,755
McKesson Corp.,
4.883%, due 03/15/44	135,000			154,927
Medtronic, Inc.,
3.150%, due 03/15/221	500,000			519,182
4.000%, due 04/01/43	330,000			341,864
Merck & Co., Inc.,
1.875%, due 10/15/26	EUR		225,000	263,596
3.700%, due 02/10/45	$	160,000		160,757
MetLife, Inc.,
4.875%, due 11/13/43	630,000			727,135
Metropolitan Life Global Funding I,
1.250%, due 09/17/21	EUR		560,000	616,876
2.375%, due 09/30/192	530,000			614,979
Microsoft Corp.,
2.625%, due 05/02/33	440,000			581,266
3.500%, due 11/15/42	$	410,000		394,620
Mondelez International, Inc.,
1.625%, due 03/08/27	EUR		200,000	216,446
2.375%, due 01/26/21	830,000			970,209
Monongahela Power Co.,
5.400%, due 12/15/431	$	255,000		312,666
Monsanto Co.,
4.200%, due 07/15/34	430,000			460,806
Morgan Stanley,
2.375%, due 07/23/19	1,550,000			1,561,565
2.650%, due 01/27/20	650,000			659,049
4.350%, due 09/08/26	450,000			471,719
6.375%, due 07/24/42	205,000			273,412
Mosaic Co.,
5.450%, due 11/15/33	290,000			335,312
Navient Corp.,
6.250%, due 01/25/16	270,000			278,100
NBCUniversal Media LLC,
4.375%, due 04/01/21	980,000			1,091,848
5.150%, due 04/30/20	640,000			734,525
Noble Energy, Inc.,
5.050%, due 11/15/44	200,000			209,856
Oncor Electric Delivery Co. LLC,
7.000%, due 05/01/32	196,000			277,360
PacifiCorp,
6.000%, due 01/15/39	495,000			667,439
Pemex Project Funding Master Trust,
5.500%, due 02/24/252	EUR		345,000	468,934

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(continued)
Corporate bonds—(concluded)
United States—(concluded)
Philip Morris International, Inc.,
4.250%, due 11/10/44	$	485,000		$	508,649
Phillips 66,
4.650%, due 11/15/34	220,000			233,109
Phillips 66 Partners LP,
4.680%, due 02/15/45	160,000			160,418
PNC Funding Corp.,
2.700%, due 09/19/16	385,000			394,151
PPL Capital Funding, Inc.,
4.700%, due 06/01/43	285,000			315,507
Priceline Group, Inc.,
2.375%, due 09/23/24	EUR		320,000	369,273
QVC, Inc.,
4.375%, due 03/15/23	$	195,000		198,676
Republic Services, Inc.,
5.250%, due 11/15/21	925,000			1,062,326
Reynolds American, Inc.,
6.750%, due 06/15/17	640,000			710,210
SABMiller Holdings, Inc.,
3.750%, due 01/15/221	590,000			620,656
Santander Holdings USA, Inc.,
3.000%, due 09/24/15	595,000			599,638
Sempra Energy,
6.000%, due 10/15/39	420,000			539,744
Southwestern Electric Power Co.,
6.200%, due 03/15/40	565,000			751,532
Southwestern Energy Co.,
4.050%, due 01/23/20	160,000			165,337
SunTrust Banks, Inc.,
1.350%, due 02/15/17	790,000			792,484
2.350%, due 11/01/18	550,000			558,547
Swiss Re Treasury US Corp.,
4.250%, due 12/06/421	250,000			267,436
Teachers Insurance & Annuity Association of America,
4.900%, due 09/15/441	285,000			321,742
Thermo Fisher Scientific, Inc.,
3.300%, due 02/15/22	155,000			158,932
4.150%, due 02/01/24	80,000			86,377
5.300%, due 02/01/44	175,000			209,025
Time Warner Cable, Inc.,
5.000%, due 02/01/20	1,090,000			1,216,394
Transocean, Inc.,
6.500%, due 11/15/204	1,505,000			1,262,319
6.800%, due 03/15/384	320,000			229,600
Tyson Foods, Inc.,
3.950%, due 08/15/24	535,000			565,219
Union Pacific Corp.,
4.750%, due 12/15/43	95,000			110,739
United Airlines Pass Through Trust, Series 2014-1, Class A,
4.000%, due 04/11/26	435,000			458,925
US Bancorp,
1.650%, due 05/15/17	365,000			370,008
Valero Energy Corp.,
6.625%, due 06/15/37	560,000			691,212
Ventas Realty LP,
3.500%, due 02/01/25	210,000			210,858

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Verizon Communications, Inc.,
2.625%, due 02/21/20	$	1,192,000		$	1,212,693
3.000%, due 11/01/21	235,000			239,688
4.500%, due 09/15/20	525,000			579,743
6.550%, due 09/15/43	1,180,000			1,536,548
Virginia Electric & Power Co., Series A,
6.000%, due 05/15/37	285,000			382,944
Wachovia Corp.,
5.750%, due 02/01/18	1,350,000			1,509,619
Walgreens Boots Alliance, Inc.,
3.800%, due 11/18/24	440,000			454,939
Waste Management, Inc.,
4.100%, due 03/01/45	500,000			510,906
Williams Partners LP,
4.300%, due 03/04/24	485,000			483,945
WM Wrigley Jr Co.,
2.000%, due 10/20/171	80,000			80,867
Xcel Energy, Inc.,
4.700%, due 05/15/20	165,000			184,725
4.800%, due 09/15/41	260,000			301,298
Yum! Brands, Inc.,
5.350%, due 11/01/43	405,000			448,608
Zimmer Holdings, Inc.,
3.150%, due 04/01/22	355,000			359,296
4.450%, due 08/15/45	420,000			434,986
Total United States corporate bonds				84,463,582

Virgin Islands, British: 0.08%
CNPC General Capital Ltd.,
3.400%, due 04/16/231	250,000			251,136
Total corporate bonds (cost $182,372,472)				178,965,688

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 $8,106,344)	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,
2.664%, due 04/25/353 (cost $72,232)	589,677			41,847

Non-US government obligations: 5.92%
Australia: 5.43%
Government of Australia,
4.250%, due 07/21/17	AUD		7,482,000	6,025,142
4.500%, due 04/15/20	7,276,000			6,243,463
4.750%, due 06/15/16	6,440,000			5,077,241
				17,345,846
Italy: 0.49%
Buoni Poliennali Del Tesoro,
4.500%, due 07/15/15	EUR		1,425,000	1,551,905
Total Non-US government obligations (cost $21,801,657)				18,897,751

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount			Value
Bonds—(concluded)
Supranational bonds: 0.41%
Asian Development Bank,
1.000%, due 12/15/15	GBP		175,000	$	260,313
European Investment Bank,
3.000%, due 12/07/15	245,000			369,367
Inter-American Development Bank,
0.625%, due 12/15/15	225,000			333,795
International Finance Corp.,
0.625%, due 12/15/15	225,000			333,825
Total supranational bonds (cost $1,364,905)				1,297,300
Total bonds (cost $213,717,610)				199,202,586

	Shares
Short-term investments: 26.40%
Investment company: 9.42%
UBS Cash Management Prime Relationship Fund8 (cost $30,059,948)	30,059,948			30,059,948

	Face Amount
US government obligations: 16.98%
US Treasury Bills
0.075%, due 06/25/159	$	38,000,000		37,998,670
0.156%, due 09/17/159	9,600,000			9,595,498
0.043%, due 04/30/154,9	6,600,000			6,599,866
Total US government obligations (cost $54,186,012)				54,194,034
Total short-term investments (cost $84,245,960)				84,253,982

	Number of contracts
Options purchased: 0.87%
Put options: 0.87%
EURO STOXX 50 Index, strike @ EUR 3,500.00, expires April 2015	805			118,584
S&P 500 Index, strike @ USD 1,975.00, expires June 2015	391			1,267,231
S&P 500 Index, strike @ USD 1700.00, expires December 2016	160			1,382,400
Total options purchased (cost $3,437,823)				2,768,215

Investment of cash collateral from securities loaned: 0.51%
UBS Private Money Market Fund LLC8 (cost $1,627,843)	1,627,843			1,627,843
Total investments: 90.21% (cost $303,029,236)				287,852,626
Cash and other assets, less liabilities: 9.79%				31,248,800
Net assets: 100.00%				$	319,101,426

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (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	$	3,956,042
Gross unrealized depreciation	(19,132,652		)
Net unrealized depreciation of investments	$	(15,176,610	)

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
BB	USD	2,741,147	AUD	3,625,813	06/11/15	$	9,473
GSI	CHF	17,940,000	USD	18,695,679	06/11/15	181,518
GSI	HUF	761,225,000	EUR	5,000,363	06/11/15	(58,327		)
GSI	NZD	34,975,000	USD	26,266,575	06/11/15	298,689
HSBC	AUD	35,640,000	USD	27,700,548	06/11/15	663,274
HSBC	GBP	11,710,000	USD	17,876,287	06/11/15	514,065
HSBC	USD	11,393,623	MXN	172,830,000	06/11/15	(117,718		)
JPMCB	CAD	4,165,000	USD	3,340,587	06/11/15	55,247
JPMCB	EUR	45,025,000	USD	49,940,064	06/11/15	1,480,408
JPMCB	EUR	2,265,000	USD	2,415,125	06/11/15	(22,657		)
JPMCB	GBP	650,000	USD	965,322	06/11/15	1,577
JPMCB	USD	5,490,822	HUF	1,522,450,000	06/11/15	(50,688		)
JPMCB	USD	1,849,615	JPY	221,100,000	06/11/15	(4,312		)
JPMCB	USD	2,130,186	SEK	17,780,000	06/11/15	(63,368		)
SSB	KRW	4,554,000,000	USD	13,177,600	06/11/15	89,071
SSB	MYR	43,127,000	USD	11,726,623	06/11/15	152,771
SSB	USD	12,854,987	INR	809,350,000	06/11/15	(119,328		)
SSB	USD	6,979,873	PHP	308,650,000	06/11/15	(103,535		)
Net unrealized appreciation on forward foreign currency contracts						$	2,906,160

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

Futures contracts

	Expiration date	Cost/ (proceeds)			Value			Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
US Ultra Bond, 95 contracts (USD)	June 2015	$	15,766,662		$	16,138,125		$	371,463
5 Year US Treasury Notes, 15 contracts (USD)	June 2015	1,789,006			1,803,164			14,158
10 Year US Treasury Notes, 29 contracts (USD)	June 2015	3,707,512			3,738,281			30,769

US Treasury futures sell contracts:
US Ultra Bond, 10 contracts (USD)	June 2015	(1,688,548		)	(1,698,750		)	(10,202		)

2 Year US Treasury Notes, 365 contracts (USD)	June 2015	(79,717,949		)	(79,992,031		)	(274,082		)

5 Year US Treasury Notes, 667 contracts (USD)	June 2015	(79,382,765		)	(80,180,695		)	(797,930		)

10 Year US Treasury Notes, 190 contracts (USD)	June 2015	(24,280,215		)	(24,492,187		)	(211,972		)

Index futures buy contracts:
DAX Index, 41 contracts (EUR)	June 2015	13,289,511			13,185,427			(104,084		)
EURO STOXX 50 Index, 903 contracts (EUR)	June 2015	35,087,616			35,165,059			77,443
FTSE 100 Index, 125 contracts (GBP)	June 2015	12,520,101			12,467,101			(53,000		)
Hong Kong Hang Seng Index, 204 contracts (HKD)	April 2015	15,840,004			16,303,304			463,300
KOSPI 200 Index, 82 contracts (KRW)	June 2015	9,458,641			9,497,855			39,214
MSCI Taiwan Index, 266 contracts (USD)	April 2015	9,590,577			9,389,800			(200,777		)
S&P 500 Index, 80 contracts (USD)	June 2015	41,277,244			41,216,000			(61,244		)
TOPIX Index, 249 contracts (JPY)	June 2015	31,856,995			31,972,548			115,553

Index futures sell contracts:
FTSE China A50 Index, 737 contracts (USD)	April 2015	(8,636,788		)	(8,766,615		)	(129,827		)
OMXS30 Index, 1,348 contracts (SEK)	April 2015	(25,743,030		)	(25,889,685		)	(146,655		)

Interest rate futures buy contracts:
Australian Government 3 Year Bond, 730 contracts (AUD)	June 2015	62,273,554			62,633,899			360,345
Canadian Government 10 Year Bond, 16 contracts (CAD)	June 2015	1,798,177			1,803,198			5,021
Euro-BTP, 101 contracts (EUR)	June 2015	15,105,158			15,267,022			161,864
Euro-Bund, 19 contracts (EUR)	June 2015	3,201,728			3,243,427			41,699
Long Gilt, 54 contracts (GBP)	June 2015	9,454,996			9,672,510			217,514

Interest rate futures sell contracts:
Euro-Bund, 56 contracts (EUR)	June 2015	(9,443,386		)	(9,559,574		)	(116,188		)
Euro-Buxl 30 Year Bond, 1 contract (EUR)	June 2015	(176,714		)	(189,416		)	(12,702		)
Japanese Government 10 Year Bond, 21 contracts (JPY)	June 2015	(25,766,304		)	(25,777,462		)	(11,158		)
Long Gilt, 6 contracts (GBP)	June 2015	(1,054,951		)	(1,074,723		)	(19,772		)
Net unrealized depreciation on futures contracts								$	(251,250	)

Interest rate swap agreements

Counterparty	Notional amount		Termination date	Payments made by the Fund10	Payments received by the Fund10	Upfront payments		Value			Unrealized appreciation/ (depreciation)
DB	EUR	32,600,000	11/01/21	2.698%	6 month EURIBOR	$	—	$	(5,710,721	)	$	(5,710,721	)
GSI	EUR	31,200,000	06/21/21	6 month EURIBOR	3.325%	—		7,034,190			7,034,190
						$	—	$	1,323,469		$	1,323,469

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

Credit default swaps on corporate issues — buy protection11

Counterparty	Referenced obligation12	Notional amount		Termination date	Payments made by the Fund10		Upfront payments received		Value			Unrealized appreciation/ (depreciation)
BB	METRO AG bond, 3.375%, due 03/01/19	EUR	455,000	06/20/20	1.000	%	$	2,995	$	(1,403	)	$	1,592
CITI	HSBC Bank PLC bond, 4.000%, due 01/15/21	EUR	325,000	03/20/20	1.000		10,287		(7,856		)	2,431
JPMCB	Bayer AG bond, 5.625%, due 05/23/18	EUR	585,000	03/20/18	1.000		7,309		(16,657		)	(9,348		)
JPMCB	Pfizer, Inc. bond, 4.650%, due 03/01/18	USD	1,345,000	06/20/20	1.000		55,048		(58,216		)	(3,168		)
							$	75,639	$	(84,132	)	$	(8,493	)

Credit default swaps on corporate issues — sell protection13

Counterparty	Referenced obligation12	Notional amount		Termination date	Payments received by the Fund10		Upfront payments (made)/ received			Value			Unrealized appreciation/ (depreciation)			Credit spread14
CITI	Glencore International AG bond, 6.500%, 02/27/19	EUR	355,000	06/20/19	1.000	%	$	19,244		$	(4,217	)	$	15,027		0.013	%
CITI	Standard Chartered Bank PLC bond, 0.000%, due 10/15/14	EUR	325,000	03/20/20	1.000		(1,186		)	5,891			4,705			0.007
GSI	Freeport-McMoRan, Inc. bond, 3.550%, due 03/01/22	USD	420,000	12/20/19	1.000		19,666			(26,279		)	(6,613		)	0.024
JPMCB	Lanxess AG bond, 4.125%, due 05/23/18	EUR	595,000	06/20/19	1.000		7,477			13,564			21,041			0.005
JPMCB	Portugal Telecom International Finance B.V. bond, 4.375%, due 3/24/17	EUR	445,000	09/20/19	5.000		(75,849		)	8,851			(66,998		)	0.046
JPMCB	Teck Resources Limited bond, 3.150%, due 01/15/17	USD	420,000	12/20/19	1.000		39,064			(23,338		)	15,726			0.023
JPMCB	Teck Resources Limited bond, 3.150%, due 01/15/17	USD	90,000	03/20/20	1.000		7,207			(5,774		)	1,433			0.024
							$	15,623		$	(31,302	)	$	(15,679	)

Options written

	Expiration date	Premiums received		Value
Call options
NIKKEI 225 Index, 221 contracts, strike @ JPY 21,000.00	June 2015	$	202,426	$	(267,186	)

Written options activity for the period ended March 31, 2015 was as follows:

	Number of contracts		Premiums received
Options outstanding at June 30, 2014	235		$	1,122,533
Options written	2,564		2,737,281
Options terminated in closing purchase transactions	(2,578	)	(3,657,388		)
Options expired prior to exercise	—		—
Options outstanding at March 31, 2015	221		$	202,426

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Corporate bonds	$	—		$	178,965,688		$	—	$	178,965,688
Collateralized debt obligation	—			—			0		0
Mortgage & agency debt security	—			41,847			—		41,847
Non-US government obligations	—			18,897,751			—		18,897,751
Supranational bonds	—			1,297,300			—		1,297,300
Short-term investments	—			84,253,982			—		84,253,982
Investment of cash collateral from securities loaned	—			1,627,843			—		1,627,843
Options purchased	2,768,215			—			—		2,768,215
Forward foreign currency contracts	—			3,446,093			—		3,446,093
Futures contracts	1,202,833			695,510			—		1,898,343
Swap agreements	—			7,062,496			—		7,062,496
Total	$	3,971,048		$	296,288,510		$	0	$	300,259,558

Liabilities
Forward foreign currency contracts	$	—		$	(539,933	)	$	—	$	(539,933	)
Futures contracts	(1,645,077		)	(504,516		)	—		(2,149,593		)
Swap agreements	—			(5,854,461		)	—		(5,854,461		)
Options written	(267,186		)	—			—		(267,186		)
Total	$	(1,912,263	)	$	(6,898,910	)	$	—	$	(8,811,173	)

At March 31, 2015, $190,994 of futures contracts, net were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

	Collateralized debt obligation			Total
Assets
Beginning balance	$	8,000		8,000
Purchases	—			—
Issuances	—			—
Sales	—			—
Accrued discounts (premiums)	(2,833		)	(2,833		)
Total realized gain	—			—
Change in net unrealized appreciation/depreciation	(5,167		)	(5,167		)
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 March 31, 2015 was $(5,167).

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2015 (unaudited)

Portfolio footnotes

1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of these securities amounted to $15,733,333 or 4.93% of net assets.
2	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. At March 31, 2015, the value of these securities amounted to $ 27,867,016 or 8.73% of net assets.
3	Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2015 and changes periodically.
4	Security, or portion thereof, was on loan at March 31, 2015.
5	Perpetual investment. Date shown reflects the next call date.
6	Amount represents less than 0.005%.
7	Illiquid investment as of March 31, 2015.
8	The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Fund.

									Net income
			Purchases		Sales				earned from
			during the		during the				affiliate for the
	Value		nine months ended		nine months ended		Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	15,567,483	$	243,897,162	$	229,404,697	$	30,059,948	$	15,669
UBS Private Money Market Fund LLCa	816,590		12,379,783		11,568,530		1,627,843		80
	$	16,384,073	$	256,276,945	$	240,973,227	$	31,687,791	$	15,749

a	The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report 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 (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.
12	Payments from/to the counterparty will be received/made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced 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, 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 entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity.

UBS Global Allocation Fund

Industry diversification (unaudited)1

As a percentage of net assets as of March 31, 2015

Common stocks
Airlines	0.86	%
Auto components	0.59
Automobiles	1.48
Banks	3.33
Beverages	0.67
Biotechnology	1.43
Building products	0.02
Capital markets	0.35
Chemicals	1.18
Communications equipment	0.05
Construction & engineering	0.24
Construction materials	0.32
Consumer finance	0.15
Diversified financial services	1.16
Diversified telecommunication services	0.46
Electric utilities	0.25
Electrical equipment	0.58
Electronic equipment, instruments & components	0.53
Energy equipment & services	0.26
Food & staples retailing	0.17
Food products	1.44
Health care equipment & supplies	0.44
Health care providers & services	0.58
Hotels, restaurants & leisure	1.10
Household durables	0.43
Industrial conglomerates	0.85
Insurance	2.57
Internet & catalog retail	0.90
Internet software & services	1.88
IT services	0.77
Leisure products	0.04
Life sciences tools & services	0.35
Machinery	0.89
Marine	0.26
Media	1.04
Metals & mining	1.18
Multiline retail	0.11
Multi-utilities	0.18
Oil, gas & consumable fuels	1.82
Paper & forest products	0.04
Personal products	0.42
Pharmaceuticals	3.05
Real estate investment trust (REIT)	0.57
Real estate management & development	0.35
Road & rail	0.40
Semiconductors & semiconductor equipment	1.17
Software	1.77
Specialty retail	0.87
Technology hardware, storage & peripherals	1.45
Textiles, apparel & luxury goods	1.51
Tobacco	0.48
Trading companies & distributors	0.93
Transportation infrastructure	0.08
Wireless telecommunication services	0.83
Total common stocks	44.83	%
Bonds
Mortgage & agency debt securities	0.14
US government obligations	4.33
Non-US government obligations	6.59
Total bonds	11.06	%

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares	Value
Common stocks: 44.83%
Australia: 0.38%
Westfield Corp.	273,291	$	1,980,571

Brazil: 0.15%
BB Seguridade Participacoes SA	14,000	143,880
BRF SA	10,800	214,203
Cielo SA	11,800	168,928
Fibria Celulose SA ADR*	13,000	183,690
Itau Unibanco Holding SA ADR	8,300	91,798
Total Brazil common stocks		802,499

Canada: 1.54%
Canadian Oil Sands Ltd.	104,300	811,144
Canadian Pacific Railway Ltd.	5,805	1,060,574
Husky Energy, Inc.	60,600	1,236,832
Suncor Energy, Inc.	56,800	1,659,759
Teck Resources Ltd., Class B1	61,400	842,550
Toronto-Dominion Bank1	56,100	2,401,154
Total Canada common stocks		8,012,013

China: 1.79%
AIA Group Ltd.	458,117	2,876,281
Alibaba Group Holding Ltd. ADR*	1,520	126,525
Baidu, Inc. ADR*	820	170,888
Beijing Capital International Airport Co., Ltd., H Shares	278,000	271,479
Brilliance China Automotive Holdings Ltd.	52,000	100,105
CAR, Inc.*	47,000	89,158
China Communications Construction Co., Ltd., H Shares	144,000	202,903
China Railway Group Ltd., H Shares	608,000	621,855
Cosmo Lady China Holdings Co., Ltd.*2	192,909	136,292
Hengan International Group Co., Ltd.	8,000	96,295
Industrial & Commercial Bank of China Ltd., H Shares	544,000	402,387
Jardine Matheson Holdings Ltd.	29,900	1,889,041
Ping An Insurance Group Co. of China Ltd., H Shares	53,000	635,821
Shimao Property Holdings Ltd.	91,500	191,994
Tencent Holdings Ltd.	49,300	936,203
West China Cement Ltd.	546,000	82,361
Zhuzhou CSR Times Electric Co. Ltd., H Shares	30,500	200,627
ZTE Corp., H Shares	115,600	265,201
Total China common stocks		9,295,416

Denmark: 0.49%
A.P. Moeller - Maersk A/S, Class B1	654	1,367,009
Danske Bank A/S	44,816	1,181,491
Total Denmark common stocks		2,548,500

Finland: 0.43%
Sampo Oyj, Class A	44,516	2,245,315

France: 1.04%
Danone SA	30,272	2,040,570
LVMH Moet Hennessy Louis Vuitton SE	9,262	1,629,955
Schneider Electric SE	22,643	1,762,051
Total France common stocks		5,432,576

Germany: 1.72%
AIXTRON SE*1	63,693	479,511
Bayer AG	19,396	2,901,950
Daimler AG1	19,102	1,834,455
E.ON SE	62,224	925,204

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares	Value
HeidelbergCement AG	15,911	$	1,258,279
ThyssenKrupp AG	59,017	1,545,077
Total Germany common stocks		8,944,476

Hong Kong: 0.13%
PAX Global Technology Ltd.*	199,000	208,127
Yue Yuen Industrial Holdings Ltd.	126,500	447,613
Total Hong Kong common stocks		655,740

India: 0.41%
Dr Reddy’s Laboratories Ltd. ADR	12,400	708,040
HDFC Bank Ltd. ADR	4,000	235,560
ICICI Bank Ltd. ADR	36,500	378,140
Infosys Ltd. ADR	12,280	430,782
Tata Motors Ltd. ADR	9,100	410,046
Total India common stocks		2,162,568

Indonesia: 0.20%
Astra International Tbk PT	217,500	142,456
Bank Central Asia Tbk PT	164,700	186,663
Kalbe Farma Tbk PT	620,800	88,575
Link Net Tbk PT*	227,000	103,717
Media Nusantara Citra Tbk PT	434,700	95,161
Pakuwon Jati Tbk PT	2,213,800	87,157
Surya Citra Media Tbk PT	304,100	78,903
Telekomunikasi Indonesia Persero Tbk PT	1,174,100	258,884
Total Indonesia common stocks		1,041,516

Ireland: 0.73%
Ryanair Holdings PLC ADR	20,300	1,355,431
Shire PLC	30,753	2,451,725
Total Ireland common stocks		3,807,156

Israel: 0.57%
Check Point Software Technologies Ltd.*	30,800	2,524,676
Mellanox Technologies Ltd.*	5,230	237,128
Teva Pharmaceutical Industries Ltd. ADR	3,316	206,587
Total Israel common stocks		2,968,391

Italy: 0.54%
Intesa Sanpaolo SpA	479,862	1,628,653
Mediolanum SpA	145,574	1,173,922
Total Italy common stocks		2,802,575

Japan: 5.63%
Astellas Pharma, Inc.	140,500	2,302,079
Bridgestone Corp.	30,100	1,205,202
Fuji Heavy Industries Ltd.	54,100	1,795,916
Hino Motors Ltd.	101,700	1,447,050
Hitachi Ltd.	228,000	1,557,207
Inpex Corp.	123,600	1,361,922
ITOCHU Corp.	104,800	1,134,133
Japan Airlines Co., Ltd.	58,800	1,829,107
KDDI Corp.	117,600	2,656,882
Mitsubishi UFJ Financial Group, Inc.	313,800	1,943,493
ORIX Corp.	134,700	1,892,687
Panasonic Corp.	135,800	1,783,332
Shin-Etsu Chemical Co., Ltd.	26,500	1,730,135
Sumitomo Realty & Development Co., Ltd.	38,000	1,368,052
THK Co., Ltd.	59,100	1,501,778
Toyota Industries Corp.	18,200	1,040,983
Toyota Motor Corp.	39,400	2,750,267
Total Japan common stocks		29,300,225

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares	Value
Common stocks—(continued)
Malaysia: 0.04%
Axiata Group Bhd	91,300	$	174,420
BerMaz Motor Sdn Bhd*	45,000	45,873
Total Malaysia common stocks		220,293

Mexico: 0.08%
Alsea SAB de CV*	36,000	105,238
Cemex SAB de CV ADR*	9,998	94,681
Grupo Televisa SAB ADR*	6,100	201,361
Total Mexico common stocks		401,280

Netherlands: 1.00%
Heineken NV	19,339	1,476,081
ING Groep NV CVA*	158,986	2,328,823
Koninklijke DSM NV	19,388	1,080,579
NXP Semiconductors NV*	3,060	307,102
Total Netherlands common stocks		5,192,585

Norway: 0.28%
Telenor ASA	72,420	1,461,464

Peru: 0.03%
Credicorp Ltd.	1,160	163,131

Philippines: 0.19%
Ayala Land, Inc.	222,800	191,512
Cebu Air, Inc.	44,900	85,432
GT Capital Holdings, Inc.	3,715	111,223
Metropolitan Bank & Trust Co.	106,598	232,227
SM Investments Corp.	10,481	210,780
Universal Robina Corp.	30,600	154,568
Total Philippines common stocks		985,742

Russia: 0.02%
Magnit PJSC GDR3	2,006	102,088

South Africa: 0.24%
Aspen Pharmacare Holdings Ltd.*	12,384	391,291
Life Healthcare Group Holdings Ltd.	11,221	39,082
Naspers Ltd., Class N	4,166	639,027
Nedbank Group Ltd.	8,154	159,700
Total South Africa common stocks		1,229,100

South Korea: 0.55%
Amorepacific Corp.	171	516,674
BGF retail Co. Ltd.	1,058	107,621
CJ Korea Express Co., Ltd.*	737	129,508
Cosmax, Inc.	1,959	240,656
Coway Co., Ltd.	1,064	87,572
Hana Tour Service, Inc.	1,030	103,881
Hansae Co., Ltd.	4,832	181,848
Hanssem Co., Ltd.	2,267	376,686
Hyundai Development Co.-Engineering & Construction	8,653	443,561
Korea Electric Power Corp.	4,143	170,732
LG Hausys Ltd.	535	83,081
Samsung Electronics Co., Ltd.	133	172,468
SK Hynix, Inc.	6,551	267,586
Total South Korea common stocks		2,881,874

Spain: 0.94%
Acciona SA*	8,344	642,627
Banco Santander SA	197,592	1,481,223
Bankia SA*	897,974	1,251,436
Mediaset Espana Comunicacion SA*	120,008	1,502,349
Total Spain common stocks		4,877,635

Sweden: 0.10%
Lundin Petroleum AB*	39,122	535,298

Switzerland: 1.50%
ACE Ltd.	2,600	289,874

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares	Value
Glencore PLC*	401,467	$	1,694,890
Novartis AG	42,908	4,235,040
Zurich Insurance Group AG*	4,751	1,605,849
Total Switzerland common stocks		7,825,653

Taiwan: 0.44%
Catcher Technology Co., Ltd.	26,000	271,914
Cathay Financial Holding Co., Ltd.	50,000	79,665
Inotera Memories, Inc.*	64,000	84,950
Johnson Health Tech Co. Ltd.	66,000	183,126
Largan Precision Co., Ltd.	8,000	687,744
Merida Industry Co. Ltd.	6,000	47,104
President Chain Store Corp.	29,000	217,968
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	29,600	695,008
Total Taiwan common stocks		2,267,479

Thailand: 0.06%
Airports of Thailand PCL	15,000	128,906
KCE Electronics PCL	23,297	37,928
Srisawad Power 1979 PCL*	140,000	167,698
Total Thailand common stocks		334,532

Turkey: 0.04%
Pegasus Hava Tasimaciligi AS*	12,101	112,678
Turkiye Halk Bankasi AS	14,759	72,680
Total Turkey common stocks		185,358

United Kingdom: 4.65%
Anglo American PLC	65,813	982,915
Aon PLC	3,200	307,584
ARM Holdings PLC	57,919	940,679
Ashtead Group PLC	113,228	1,815,926
Associated British Foods PLC	27,099	1,130,927
Aviva PLC	185,702	1,486,151
BP PLC	283,902	1,840,299
Burberry Group PLC	49,393	1,268,437
Imperial Tobacco Group PLC	44,340	1,945,030
Lloyds Banking Group PLC*	1,031,643	1,195,816
London Stock Exchange Group PLC	41,737	1,517,976
Noble Corp. PLC	12,400	177,072
Prudential PLC	67,232	1,668,392
Rio Tinto PLC	25,611	1,056,117
SABMiller PLC	25,820	1,352,498
Sage Group PLC	248,102	1,713,822
Unilever NV CVA	54,854	2,292,215
Vodafone Group PLC	453,963	1,485,515
Total United Kingdom common stocks		24,177,371

United States: 18.92%
Acorda Therapeutics, Inc.*	9,700	322,816
Actavis PLC*	3,925	1,168,158
Affiliated Managers Group, Inc.*	5,180	1,112,560
Alnylam Pharmaceuticals, Inc.*	5,610	585,796
Altera Corp.	40,300	1,729,273
Amazon.com, Inc.*	8,050	2,995,405
American Express Co.	3,700	289,044
AMETEK, Inc.	20,600	1,082,324
Apple, Inc.	55,345	6,886,578
Applied Materials, Inc.	11,800	266,208
Approach Resources, Inc.*1	13,700	90,283
Best Buy Co., Inc.	6,710	253,571
Bio-Rad Laboratories, Inc., Class A*	1,800	243,324
Bluebird Bio, Inc.*	1,400	169,078
BorgWarner, Inc.	13,250	801,360

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares	Value
Common stocks—(concluded)
United States—(concluded)
Broadcom Corp., Class A	6,100	$	264,099
Capital One Financial Corp.	3,800	299,516
Carnival PLC	25,644	1,254,005
Catalent, Inc.*	8,800	274,120
Catamaran Corp.*	10,720	638,269
CBS Corp. (Non-Voting), Class B	9,980	605,087
Celgene Corp.*	15,625	1,801,250
Chevron Corp.	3,700	388,426
Chimerix, Inc.*	17,000	640,730
Citigroup, Inc.	14,020	722,310
Cobalt International Energy, Inc.*	28,000	263,480
Colfax Corp.*	4,520	215,740
Cummins, Inc.	6,710	930,274
Danaher Corp.	19,650	1,668,285
Delta Air Lines, Inc.	24,400	1,097,024
Digital Realty Trust, Inc.	8,100	534,276
Ecolab, Inc.	10,270	1,174,683
Eli Lilly & Co.	5,200	377,780
Envision Healthcare Holdings, Inc.*	6,400	245,440
EOG Resources, Inc.	3,800	348,422
Estee Lauder Cos., Inc., Class A	15,950	1,326,402
Express Scripts Holding Co.*	16,760	1,454,265
Facebook, Inc., Class A*	35,380	2,908,767
Fastenal Co.	9,700	401,920
Freescale Semiconductor Ltd.*	7,000	285,320
General Electric Co.	25,550	633,896
General Motors Co.	18,350	688,125
Gilead Sciences, Inc.*	17,120	1,679,986
Google, Inc., Class A*	3,755	2,082,899
Google, Inc., Class C*	2,715	1,487,820
Gulfport Energy Corp.*	2,200	101,002
Hain Celestial Group, Inc.*	16,500	1,056,825
Halliburton Co.	5,500	241,340
Hertz Global Holdings, Inc.*	19,100	414,088
Home Depot, Inc.	21,230	2,411,940
Hospira, Inc.*	3,650	320,616
Impax Laboratories, Inc.*	9,200	431,204
Intercontinental Exchange, Inc.	5,800	1,352,966
Intuitive Surgical, Inc.*	2,280	1,151,468
Invesco Ltd.	6,900	273,861
Jabil Circuit, Inc.	11,600	271,208
Joy Global, Inc.	5,500	215,490
JPMorgan Chase & Co.	11,900	720,902
Laboratory Corp. of America Holdings*	2,200	277,398
Laredo Petroleum, Inc.*	12,400	161,696
Las Vegas Sands Corp.	28,900	1,590,656
Lexicon Pharmaceuticals, Inc.*1	175,100	165,347
Lincoln National Corp.	8,600	494,156
LinkedIn Corp., Class A*	4,500	1,124,370
MacroGenics, Inc.*	2,800	87,836
Macy’s, Inc.	8,850	574,454
Martin Marietta Materials, Inc.	1,680	234,864
MasterCard, Inc., Class A	15,300	1,321,767
McDermott International, Inc.*1	63,300	243,072
McGraw Hill Financial, Inc.	11,100	1,147,740
MetLife, Inc.	7,200	363,960
Michael Kors Holdings Ltd.*	16,200	1,065,150
Micron Technology, Inc.*	9,840	266,959
Mondelez International, Inc., Class A	17,100	617,139
Monsanto Co.	3,520	396,141

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Shares		Value
Morgan Stanley	12,400		$	442,556
NetApp, Inc.	6,600		234,036
NextEra Energy, Inc.	4,600		478,630
NIKE, Inc., Class B	23,700		2,377,821
Norfolk Southern Corp.	3,550		365,366
Oasis Petroleum, Inc.*	6,400		91,008
Pacific DataVision, Inc.*2	10,900		545,000
Parker-Hannifin Corp.	2,700		320,706
PDC Energy, Inc.*	6,100		329,644
PepsiCo, Inc.	6,660		636,829
Philip Morris International, Inc.	7,680		578,534
Praxair, Inc.	4,080		492,619
Priceline Group, Inc.*	1,455		1,693,838
Ralph Lauren Corp.	5,800		762,700
Regeneron Pharmaceuticals, Inc.*	2,490		1,124,185
Regulus Therapeutics, Inc.*1	4,400		74,536
Rite Aid Corp.*	31,500		273,735
salesforce.com, Inc.*	34,180		2,283,566
Schlumberger Ltd.	8,570		715,081
ServiceNow, Inc.*	15,950		1,256,541
ServiceSource International, Inc.*	33,200		102,920
Sherwin-Williams Co.	4,400		1,251,800
Silicon Laboratories, Inc.*	5,000		253,850
Simon Property Group, Inc.	2,200		430,408
SM Energy Co.	5,100		263,568
Starbucks Corp.	21,450		2,031,315
Symantec Corp.	21,100		493,002
Thermo Fisher Scientific, Inc.	11,800		1,585,212
Time Warner Cable, Inc.	3,800		569,544
TJX Cos., Inc.	26,100		1,828,305
United Rentals, Inc.*	16,510		1,505,052
UnitedHealth Group, Inc.	3,100		366,699
US Bancorp	9,600		419,232
Vertex Pharmaceuticals, Inc.*	6,920		816,352
Viacom, Inc., Class B	15,400		1,051,820
Visa, Inc., Class A	30,280		1,980,615
VMware, Inc., Class A*	11,500		943,115
Walgreens Boots Alliance, Inc.	2,200		186,296
Walt Disney Co.	6,160		646,122
Wells Fargo & Co.	2,600		141,440
Yelp, Inc.*1	20,500		970,675
Yum! Brands, Inc.	7,900		621,888
Zimmer Holdings, Inc.	9,900		1,163,448
Total United States common stocks			98,483,618
Total common stocks (cost $212,111,170)			233,324,038

	Face amount
Bonds: 11.06%
Mortgage & agency debt securities: 0.14%
United States: 0.14%
Federal Home Loan Mortgage Corp. Gold Pools,4
# G00194, 7.500%, due 02/01/24	$	22,349	24,982

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		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	$	590,230	$	702,537
Total mortgage & agency debt securities (cost $637,221)			727,519

US government obligations: 4.33%
US Treasury Bonds,
2.750%, due 11/15/42		1,055,000	1,096,458
3.000%, due 11/15/44		550,000	602,637
3.625%, due 08/15/43		250,000	305,508
3.750%, due 11/15/43		575,000	718,301
5.250%, due 02/15/29		350,000	478,762
5.375%, due 02/15/31		340,000	483,119
6.250%, due 08/15/23		800,000	1,078,938
8.000%, due 11/15/21		2,385,000	3,333,223
US Treasury Notes,
0.750%, due 12/31/17		5,125,000	5,115,391
1.625%, due 12/31/19		4,800,000	4,861,123
1.625%, due 11/15/22		1,635,000	1,619,289
2.500%, due 04/30/15		75,000	75,135
3.125%, due 04/30/171		2,600,000	2,735,892
Total US government obligations (cost $21,697,800)			22,503,776

Non-US government obligations: 6.59%
Australia: 0.73%
Commonwealth of Australia,
4.500%, due 04/21/33	AUD	2,060,000	1,969,941
6.250%, due 04/15/15		2,410,000	1,838,628
			3,808,569
Belgium: 0.32%
Kingdom of Belgium,
1.250%, due 06/22/183	EUR	1,470,000	1,649,690

Finland: 0.34%
Government of Finland,
4.375%, due 07/04/193		1,382,000	1,766,967

France: 0.36%
Government of France,
3.150%, due 07/25/32		206,428	376,537
3.750%, due 04/25/21		1,120,000	1,470,110
			1,846,647
Germany: 1.28%
Bundesobligation,
1.250%, due 10/14/16		700,000	769,889
Bundesrepublik Deutschland,
3.000%, due 07/04/20		2,310,000	2,891,175
3.250%, due 07/04/21		1,765,000	2,290,835
4.000%, due 01/04/37		390,000	717,906
			6,669,805
Ireland: 0.41%
Republic of Ireland,
5.400%, due 03/13/25		1,380,000	2,141,352

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Face amount		Value
Italy: 0.70%
Buoni Poliennali Del Tesoro,
2.100%, due 09/15/213	EUR	1,601,410	$	1,988,538
2.550%, due 09/15/41		682,931	1,087,307
4.250%, due 02/01/193		470,000	579,375
			3,655,220
Netherlands: 0.31%
Kingdom of the Netherlands,
1.250%, due 01/15/182,3		1,465,000	1,637,994

New Zealand: 0.36%
New Zealand Government Bond,
5.500%, due 04/15/23	NZD	2,170,000	1,879,993

Spain: 0.69%
Kingdom of Spain,
3.300%, due 07/30/16	EUR	570,000	639,462
3.750%, due 10/31/182		920,000	1,108,877
4.200%, due 01/31/37		650,000	987,773
4.800%, due 01/31/242		590,000	830,997
			3,567,109
United Kingdom: 1.09%
UK Gilts,
2.000%, due 01/22/16	GBP	1,350,000	2,028,918
3.750%, due 09/07/20		2,160,000	3,642,791
			5,671,709
Total Non-US government obligations (cost $37,751,549)			34,295,055
Total bonds (cost $60,086,570)			57,526,350

	Shares
Investment companies: 20.77%
iShares JP Morgan USD Emerging Markets Bond ETF1		223,100	25,013,972
UBS Emerging Markets Equity Relationship Fund*5		807,248	30,008,701
UBS Global Corporate Bond Relationship Fund*5		3,897,068	53,087,025
Total investment companies (cost $106,270,167)			108,109,698

	Number of rights
Rights: 0.02%
Philippines: 0.02%
GT Capital Holdings, Inc., expires 12/31/15* (cost $0)		3,715	111,215

	Shares
Short-term investment: 19.66%
Investment company: 19.66%
UBS Cash Management Prime Relationship Fund5 (cost $102,338,390)	102,338,390		102,338,390

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

	Number of contracts	Value
Options purchased: 1.43%
Call options: 0.76%
EURO STOXX 50 Index, strike @ EUR 3,550, expires June 2015	2,027	$	3,962,389

Put options: 0.67%
S&P 500 Index, strike @ USD 1,700, expires December 2016	404	3,490,560
Total options purchased (cost $5,257,333)		7,452,949

	Shares
Investment of cash collateral from securities loaned: 6.42%
UBS Private Money Market Fund LLC5 (cost $33,400,825)	33,400,825	33,400,825
Total investments: 104.19% (cost $519,464,455)		542,263,465
Liabilities, in excess of cash and other assets: (4.19)%		(21,822,051		)
Net assets: 100.00%		$	520,441,414

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	$	37,582,923
Gross unrealized depreciation	(14,783,913		)
Net unrealized appreciation of investments	$	22,799,010

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
BB	GBP	7,835,000	USD	11,607,600	06/18/15	$	(8,667	)
BB	USD	4,438,622	AUD	5,873,435	06/18/15	15,434
GSI	HUF	2,781,900,000	EUR	9,134,288	06/18/15	(107,002		)
GSI	USD	9,532,931	HUF	2,781,900,000	06/18/15	406,197
HSBC	CHF	25,685,000	USD	25,622,737	06/18/15	(892,378		)
HSBC	USD	18,822,512	MXN	293,970,000	06/18/15	348,600
JPMCB	CNY	22,645,000	USD	3,625,811	06/18/15	4,427
JPMCB	HKD	14,090,000	USD	1,814,030	06/18/15	(3,162		)
JPMCB	IDR	30,222,300,000	USD	2,236,204	06/18/15	(32,705		)
JPMCB	ILS	13,560,000	USD	3,379,734	06/18/15	(28,484		)
JPMCB	KRW	25,696,000,000	USD	22,842,919	06/18/15	(261,099		)
JPMCB	MYR	76,495,000	USD	20,608,044	06/18/15	91,854
JPMCB	NOK	10,910,000	USD	1,336,446	06/18/15	(15,020		)
JPMCB	RUB	99,409,826	USD	1,567,484	06/18/15	(86,854		)
JPMCB	TWD	94,800,000	USD	3,002,090	06/18/15	(28,412		)
JPMCB	USD	1,293,709	CAD	1,650,000	06/18/15	7,689
JPMCB	USD	17,330,445	INR	1,100,050,000	06/18/15	(44,532		)
JPMCB	USD	4,254,456	JPY	515,900,000	06/18/15	51,751
JPMCB	USD	11,355,435	PHP	503,500,000	06/18/15	(142,161		)
JPMCB	USD	1,101,521	PLN	4,335,000	06/18/15	39,475
JPMCB	USD	2,899,726	SEK	25,030,000	06/18/15	10,227
JPMCB	USD	3,493,641	SGD	4,865,000	06/18/15	44,480
SSB	AUD	10,910,000	USD	8,308,500	06/18/15	35,018
SSB	EUR	14,975,000	USD	15,895,933	06/18/15	(223,122		)
SSB	NZD	56,555,000	USD	41,107,285	06/18/15	(856,182		)
Net unrealized depreciation on forward foreign currency contracts						$	(1,674,628	)

Futures contracts

	Expiration date	Cost/ (proceeds)			Value			Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
US Ultra Bond, 322 contracts (USD)	June 2015	$	53,440,685		$	54,699,750		$	1,259,065
US Treasury futures sell contracts:
2 Year US Treasury Notes, 249 contracts (USD)	June 2015	(54,382,930		)	(54,569,907		)	(186,977		)
5 Year US Treasury Notes, 847 contracts (USD)	June 2015	(100,805,400		)	(101,818,664		)	(1,013,264		)
10 Year US Treasury Notes, 248 contracts (USD)	June 2015	(31,551,488		)	(31,968,750		)	(417,262		)
Index futures buy contracts:
Hong Kong Hang Seng Index, 203 contracts (HKD)	April 2015	15,925,935			16,223,386			297,451
KOSPI 200 Index, 93 contracts (KRW)	June 2015	10,742,024			10,771,959			29,935
S&P 500 Index, 510 contracts (USD)	June 2015	52,072,148			52,550,401			478,253
TOPIX Index, 130 contracts (JPY)	June 2015	16,531,426			16,692,495			161,069
Index futures sell contracts:
DAX Index, 17 contracts (EUR)	June 2015	(5,569,098		)	(5,467,128		)	101,970
EURO STOXX 50 Index, 336 contracts (EUR)	June 2015	(12,868,974		)	(13,084,674		)	(215,700		)
FTSE China A50 Index, 1,455 contracts (USD)	April 2015	(17,226,943		)	(17,307,225		)	(80,282		)
Mini MSCI Emerging Markets Index, 220 contracts (USD)	June 2015	(10,185,340		)	(10,696,400		)	(511,060		)
Interest rate futures buy contracts:
Australian Government 3 Year Bond, 720 contracts (AUD)	June 2015	61,423,356			61,775,901			352,545
Euro-BTP, 75 contracts (EUR)	June 2015	11,216,702			11,336,898			120,196
Euro-OAT, 79 contracts (EUR)	June 2015	13,063,681			13,255,628			191,947
Long Gilt, 85 contracts (GBP)	June 2015	14,946,624			15,225,246			278,622
Interest rate futures sell contracts:
Japanese Government 10 Year Bond, 22 contracts (JPY)	June 2015	(26,993,271		)	(27,004,961		)	(11,690		)
Net unrealized appreciation on futures contracts								$	834,818

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

Centrally cleared credit default swaps on credit indices—sell protection6

Referenced Index7	Notional amount		Termination date	Payments received by the Fund8		Value		Unrealized appreciation		Credit spread9
CDX.NA.HY. Series 23 Index	USD	26,500,000	12/20/19	5.000	%	$	2,167,877	$	507,391	0.031	%

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	114,718,389		$	118,605,649		$	—	$	233,324,038
Mortgage & agency debt securities	—			727,519			—		727,519
US government obligations	—			22,503,776			—		22,503,776
Non-US government obligations	—			34,295,055			—		34,295,055
Investment companies	25,013,972			83,095,726			—		108,109,698
Rights	—			111,215			—		111,215
Short-term investment	—			102,338,390			—		102,338,390
Investment of cash collateral from securities loaned	—			33,400,825			—		33,400,825
Options purchased	7,452,949			—			—		7,452,949
Forward foreign currency contracts	—			1,055,152			—		1,055,152
Futures contracts	2,680,628			590,425			—		3,271,053
Swap agreements	—			2,167,877			—		2,167,877
Total	$	149,865,938		$	398,891,609		$	—	$	548,757,547

Liabilities
Forward foreign currency contracts	$	—		$	(2,729,780	)	$	—	$	(2,729,780	)
Futures contracts	(2,220,535		)	(215,700		)	—		(2,436,235		)
Total	$	(2,220,535	)	$	(2,945,480	)	$	—	$	(5,166,015	)

At March 31, 2015, $118,980,374 of common stocks and futures contracts, net were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at March 31, 2015.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of these securities amounted to $4,259,160 or 0.82% 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 March 31, 2015, the value of these securities amounted to $7,724,652 or 1.48% 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.

UBS Global Allocation Fund

Portfolio of investments – March 31, 2015 (Unaudited)

5	The table below details the Fund’s investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.

									Change in
									net unrealized
									appreciation/					Net income
			Purchases		Sales		Net realized		(depreciation)					earned from
			during the		during the		gain during the		during the					affiliate for the
	Value		nine months ended		nine months ended		nine months ended		nine months ended			Value		nine months ended
Security description	06/30/14		03/31/15		03/31/15		03/31/15		03/31/15			03/31/15		03/31/15
UBS Cash Management Prime Relationship Fund	$	155,168,975	$	126,954,150	$	179,784,735	$	—	$	—		$	102,338,390	$	90,813
UBS Private Money Market Fund LLCa	22,940,033		261,672,944		251,212,152		—		—			33,400,825		1,753
UBS Emerging Markets Equity Relationship Fund	38,619,219		—		8,000,000		2,726,118		(3,336,636		)	30,008,701		—
UBS Global Corporate Bond Relationship Fund	14,705,474		42,500,000		5,000,000		509,958		371,593			53,087,025		—
UBS High Yield Relationship Fund	18,510,237		—		18,224,818		1,640,802		(1,926,221		)	—		—
	$	249,943,938	$	431,127,094	$	462,221,705	$	4,876,878	$	(4,891,264	)	$	218,834,941	$	92,566

a The Advisor earns a management fee from this affiliated fund. Please see the Notes to financial statements in the most recent shareholder report for further information.

6	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.
7	Payments to the counterparty will be made upon the occurrence of bankruptcy and/or restructuring event with respect to the referenced index.
8	Payments received are based on the notional amount.
9	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 entity’s 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 Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks: 7.82%
Australia: 0.35%
BWP Trust	450	$	1,027
Dexus Property Group	790	4,548
Federation Centres	1,678	3,873
Goodman Group	1,530	7,367
GPT Group	1,599	5,554
Investa Office Fund	764	2,264
Mirvac Group	3,436	5,246
Novion Property Group	2,298	4,378
Scentre Group	4,676	13,284
Stockland	2,181	7,452
Westfield Corp.	1,762	12,769
Total Australia common stocks		67,762

Austria: 0.01%
CA Immobilien Anlagen AG*	113	2,115

Belgium: 0.01%
Aedifica SA	11	740
Cofinimmo SA	17	1,993
Total Belgium common stocks		2,733

Canada: 0.19%
Allied Properties REIT	102	3,244
Artis REIT	188	2,224
Calloway REIT	134	3,079
Canadian Apartment Properties REIT	93	2,144
Canadian REIT	105	3,856
Chartwell Retirement Residences	258	2,518
Cominar REIT	175	2,651
Dream Office Real Estate Investment Trust	137	2,850
H&R REIT	247	4,550
Killam Properties, Inc.	156	1,361
RioCan REIT	313	7,159
Total Canada common stocks		35,636

China: 0.33%
Champion REIT	3,000	1,428
Hang Lung Properties Ltd.	2,000	5,619
Hongkong Land Holdings Ltd.	1,000	7,551
Hysan Development Co., Ltd.	1,030	4,515
Kerry Properties Ltd.	1,000	3,471
Link REIT	2,100	12,955
New World Development Co., Ltd.	4,778	5,539
Sino Land Co., Ltd.	2,317	3,778
Swire Properties Ltd.	1,400	4,547
Wharf Holdings Ltd.	2,000	13,962
Total China common stocks		63,365

Finland: 0.02%
Citycon Oyj*	387	1,256
Sponda Oyj	421	1,807
Total Finland common stocks		3,063

France: 0.22%
Fonciere Des Regions	34	3,367
Gecina SA	26	3,517
ICADE	42	3,794
Klepierre	162	7,955
Unibail-Rodamco SE	87	23,493
Total France common stocks		42,126

Germany: 0.13%
Deutsche Annington Immobilien SE	179	6,032
Deutsche Euroshop AG	62	3,079
Deutsche Wohnen AG	288	7,366
LEG Immobilien AG*	69	5,474
TAG Immobilien AG	176	2,427
Total Germany common stocks		24,378

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Hong Kong: 0.08%
Sun Hung Kai Properties Ltd.	1,000	$	15,420

Israel: 0.01%
Azrieli Group	48	1,975

Italy: 0.01%
Beni Stabili SpA	1,813	1,421

Japan: 0.68%
Advance Residence Investment Corp.	2	4,797
Aeon Mall Co., Ltd.	160	3,168
Frontier Real Estate Investment Corp.	1	4,755
GLP J-REIT	2	2,071
Hulic Co., Ltd.	400	4,494
Japan Excellent, Inc.	2	2,610
Japan Hotel REIT Investment Corp.	3	2,134
Japan Prime Realty Investment Corp.	1	3,444
Japan Real Estate Investment Corp.	1	4,704
Japan Retail Fund Investment Corp.	3	5,961
Kenedix Office Investment Corp.	1	5,487
Mitsubishi Estate Co., Ltd.	1,000	23,192
Mitsui Fudosan Co., Ltd.	1,000	29,368
Mori Hills REIT Investment Corp.	2	2,821
Mori Trust Sogo Reit, Inc.	1	2,070
Nippon Accommodations Fund, Inc.	1	3,797
Nippon Building Fund, Inc.	1	4,913
Nippon Prologis REIT, Inc.	2	4,403
Nomura Real Estate Holdings, Inc.	100	1,801
Nomura Real Estate Master Fund, Inc.	2	2,485
NTT Urban Development Corp.	100	999
Orix JREIT, Inc.	3	4,297
Tokyu REIT, Inc.	1	1,296
United Urban Investment Corp.	3	4,677
Total Japan common stocks		129,744

Netherlands: 0.03%
Eurocommercial Properties NV CVA	67	3,071
NSI NV	119	535
Wereldhave NV	30	2,016
Total Netherlands common stocks		5,622

New Zealand: 0.00%1
Kiwi Property Group Ltd.	1,026	993

Norway: 0.00%1
Norwegian Property ASA*	316	408

Singapore: 0.18%
Ascendas REIT	2,300	4,338
CapitaCommercial Trust	2,000	2,574
CapitaLand Ltd.	3,000	7,820
CapitaMall Trust	3,000	4,803
Global Logistic Properties Ltd.	3,200	6,176
Keppel Land Ltd.	450	1,457
Mapletree Commercial Trust	2,000	2,332
Mapletree Industrial Trust	1,112	1,279
Mapletree Logistics Trust	1,796	1,630
Suntec REIT	2,200	2,971
Total Singapore common stocks		35,380

Spain: 0.01%
Inmobiliaria Colonial SA*	2,044	1,380

Sweden: 0.06%
Castellum AB	206	3,113
Fabege AB	174	2,493

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
Common stocks—(continued)
Sweden—(concluded)
Fastighets AB Balder, Class B*	161	$	2,721
Kungsleden AB	191	1,477
Wallenstam AB, Class B	83	1,371
Wihlborgs Fastigheter AB	74	1,431
Total Sweden common stocks		12,606

Switzerland: 0.07%
Allreal Holding AG*	10	1,461
Mobimo Holding AG*	7	1,652
PSP Swiss Property AG*	55	5,183
Swiss Prime Site AG*	52	4,515
Total Switzerland common stocks		12,811

United Kingdom: 2.17%
Big Yellow Group PLC	193	1,854
British Land Co., PLC	878	10,821
Capital & Counties Properties PLC	755	4,481
Daejan Holdings PLC	16	1,399
Derwent London PLC	78	3,953
Development Securities PLC	121	415
F&C Commercial Property Trust Ltd.	244	495
Grainger PLC	535	1,634
Great Portland Estates PLC	316	3,797
Hammerson PLC	684	6,736
Helical Bar PLC	236	1,381
Intu Properties PLC	703	3,624
John Laing Infrastructure Fund Ltd.	183,528	343,288
Land Securities Group PLC	717	13,311
Londonmetric Property PLC	815	1,955
MedicX Fund Ltd.	518	652
Picton Property Income Ltd.	868	924
Primary Health Properties PLC	248	1,487
Quintain Estates & Development PLC*	989	1,388
Schroder REIT	896	827
Segro PLC	618	3,816
Shaftesbury PLC	212	2,608
ST Modwen Properties PLC	256	1,685
Unite Group PLC	265	2,299
Workspace Group PLC	167	2,112
Total United Kingdom common stocks		416,942

United States: 3.25%
Acadia Realty Trust	40	1,395
Agree Realty Corp.	49	1,616
Alexander’s, Inc.	5	2,283
Alexandria Real Estate Equities, Inc.	72	7,059
American Assets Trust, Inc.	44	1,904
American Campus Communities, Inc.	98	4,201
American Homes 4 Rent, Class A	166	2,747
American Realty Capital Properties, Inc.	822	8,097
Apartment Investment & Management Co., Class A	130	5,117
Ashford Hospitality Trust, Inc.	100	962
AvalonBay Communities, Inc.	119	20,736
BioMed Realty Trust, Inc.	172	3,898
Boston Properties, Inc.	137	19,246
Brandywine Realty Trust	149	2,381
Brixmor Property Group, Inc.	94	2,496
Camden Property Trust	85	6,641
CBL & Associates Properties, Inc.	158	3,128
Chambers Street Properties	333	2,624
Chesapeake Lodging Trust	79	2,673
Corporate Office Properties Trust	111	3,261
Cousins Properties, Inc.	246	2,608

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares	Value
CubeSmart	132	$	3,188
DCT Industrial Trust, Inc.	115	3,986
DDR Corp.	286	5,325
DiamondRock Hospitality Co.	181	2,558
Digital Realty Trust, Inc.	136	8,971
Douglas Emmett, Inc.	127	3,786
Duke Realty Corp.	316	6,879
DuPont Fabros Technology, Inc.	58	1,895
EastGroup Properties, Inc.	32	1,925
Empire State Realty Trust, Inc., Class A	100	1,881
EPR Properties	46	2,761
Equity Commonwealth	111	2,947
Equity LifeStyle Properties, Inc.	78	4,286
Equity Residential	319	24,837
Essex Property Trust, Inc.	58	13,334
Extra Space Storage, Inc.	106	7,162
Federal Realty Investment Trust	65	9,569
FelCor Lodging Trust, Inc.	171	1,965
First Industrial Realty Trust, Inc.	91	1,950
First Potomac Realty Trust	100	1,189
Forest City Enterprises, Inc., Class A*	208	5,308
General Growth Properties, Inc.	458	13,534
Government Properties Income Trust	76	1,737
HCP, Inc.	412	17,803
Health Care REIT, Inc.	297	22,976
Healthcare Realty Trust, Inc.	99	2,750
Hersha Hospitality Trust	200	1,294
Highwoods Properties, Inc.	79	3,617
Home Properties, Inc.	56	3,880
Hospitality Properties Trust	138	4,553
Host Hotels & Resorts, Inc.	687	13,864
Hudson Pacific Properties, Inc.	70	2,323
Kilroy Realty Corp.	78	5,941
Kimco Realty Corp.	365	9,800
Kite Realty Group Trust	59	1,662
LaSalle Hotel Properties	96	3,731
Lexington Realty Trust	221	2,172
Liberty Property Trust	140	4,998
LTC Properties, Inc.	58	2,668
Macerich Co.	149	12,565
Mack-Cali Realty Corp.	124	2,391
Mid-America Apartment Communities, Inc.	71	5,486
National Health Investors, Inc.	44	3,124
National Retail Properties, Inc.	123	5,039
New York REIT, Inc.	200	2,096
Omega Healthcare Investors, Inc.	109	4,422
Parkway Properties, Inc.	94	1,631
Pebblebrook Hotel Trust	64	2,980
Pennsylvania REIT	49	1,138
Piedmont Office Realty Trust, Inc., Class A	125	2,326
Post Properties, Inc.	53	3,017
Prologis, Inc.	442	19,254
PS Business Parks, Inc.	26	2,159
Public Storage	131	25,825
Ramco-Gershenson Properties Trust	113	2,102
Realty Income Corp.	199	10,268
Regency Centers Corp.	90	6,124
Retail Properties of America, Inc., Class A	227	3,639
RLJ Lodging Trust	124	3,882

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Shares		Value
Common stocks—(concluded)
United States—(concluded)
Sabra Health Care REIT, Inc.	62		$	2,055
Saul Centers, Inc.	34		1,945
Senior Housing Properties Trust	194		4,305
Simon Property Group, Inc.	281		54,975
SL Green Realty Corp.	87		11,169
Sovran Self Storage, Inc.	31		2,912
Spirit Realty Capital, Inc.	378		4,566
STAG Industrial, Inc.	75		1,764
Strategic Hotels & Resorts, Inc.*	216		2,685
Sun Communities, Inc.	55		3,670
Sunstone Hotel Investors, Inc.	239		3,984
Tanger Factory Outlet Centers Inc.	124		4,361
Taubman Centers, Inc.	56		4,319
UDR, Inc.	257		8,746
Universal Health Realty Income Trust	33		1,856
Ventas, Inc.	289		21,103
Vornado Realty Trust	152		17,024
Washington REIT	39		1,078
Weingarten Realty Investors	89		3,202
WP Carey, Inc.	78		5,304
WP GLIMCHER, Inc.	141		2,345
Total United States common stocks			622,914

Venezuela: 0.01%
Warehouses De Pauw SCA2	26		2,068
Total common stocks (cost $1,313,832)			1,500,862

	Face amount
Bonds: 17.01%
Commercial mortgage-backed securities: 2.09%
United States: 2.09%
GS Mortgage Securities Trust,
Series 2014-GSFL, Class D,
4.075%, due 07/15/313,4	$	100,000	99,971
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-CBM, Class D,
2.675%, due 10/15/293,4	100,000		100,038
Series 2014-FL5, Class D,
3.672%, due 07/15/313,4	100,000		100,529
Starwood Retail Property Trust,
Series 2014-STAR, Class C,
2.672%, due 11/15/273,4	100,000		100,468
Total commercial mortgage-backed securities (cost $400,143)			401,006

Mortgage & agency debt securities: 3.80%
United States: 3.80%
Federal Home Loan Mortgage Corp. Gold Pools,5
# Q20860, 3.500%, due 08/01/43	45,629		47,871
Federal Home Loan Mortgage Corp. REMIC, IO,5
3.000%, due 05/15/27	117,778		11,204
Federal National Mortgage Association Pools,5
3.000%, TBA	250,000		255,586
# AP0495, 3.500%, due 08/01/42	46,358		48,864
# AP3839, 3.500%, due 09/01/42	66,475		70,337

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

	Face amount		Value
Government National Mortgage Association Pools,
# G2 779424, 4.000%, due 06/20/42	$	54,777	$	59,337
Government National Mortgage Association, IO,
Series 2013-22, Class IO,
3.000%, due 02/20/43	894,163		162,269
Series 2012-26, Class GI,
3.500%, due 02/20/27	665,166		74,292
Total mortgage & agency debt securities (cost $742,688)			729,760

US government obligations: 11.12%
US Treasury Bond,
3.000%, due 11/15/44	585,000		640,986
US Treasury Inflation Indexed Bond (TIPS),
3.875%, due 04/15/29	715,000		1,492,855
			2,133,841
Total US government obligations (cost $2,067,463)			2,133,841
Total bonds (cost $3,210,294)			3,264,607

	Shares
Investment companies: 73.30%
HICL Infrastructure Co., Ltd.	195,143		453,119
iShares Core S&P 500 ETF	9,350		1,943,211
iShares iBoxx $ High Yield Corporate Bond ETF	35,466		3,213,574
iShares iBoxx $ Investment Grade Corporate Bond ETF	20,645		2,512,703
iShares JP Morgan USD Emerging Markets Bond ETF	10,332		1,158,424
iShares MSCI EAFE ETF	18,655		1,197,091
iShares Select Dividend Fund	24,725		1,927,066
SPDR Barclays Short Term High Yield Bond ETF	24,956		728,715
WisdomTree Emerging Markets Equity Income Fund	21,935		932,238
Total investment companies (cost $14,225,151)			14,066,141

Short-term investment: 2.58%
Investment company: 2.58%
UBS Cash Management Prime Relationship Fund6 (cost $495,240)	495,240		495,240
Total investments: 100.71% (cost $19,244,517)			19,326,850
Liabilities, in excess of cash and other assets: (0.71)%			(136,588		)
Net assets: 100.00%			$	19,190,262

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (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	$	554,678
Gross unrealized depreciation	(472,345		)
Net unrealized appreciation of investments	$	82,333

Forward foreign currency contracts

Counterparty	Contracts to deliver		In exchange for		Maturity date	Unrealized appreciation/ (depreciation)
JPMCB	AUD	195,400	USD	151,962	04/02/15	$	3,136
JPMCB	AUD	195,400	USD	153,454	05/07/15	4,940
JPMCB	CHF	106,800	USD	112,642	04/02/15	2,742
JPMCB	CHF	106,800	USD	112,183	05/07/15	2,122
JPMCB	EUR	297,600	USD	336,748	04/02/15	16,754
JPMCB	EUR	297,600	USD	327,416	05/07/15	7,268
JPMCB	GBP	806,800	USD	1,239,004	04/02/15	42,197
JPMCB	GBP	736,200	USD	1,099,515	05/07/15	7,704
JPMCB	HKD	1,069,200	USD	137,841	04/02/15	(73		)
JPMCB	HKD	834,300	USD	107,580	05/07/15	(25		)
JPMCB	JPY	44,628,200	USD	374,987	04/02/15	2,884
JPMCB	JPY	44,628,200	USD	376,267	05/07/15	3,964
JPMCB	USD	153,765	AUD	195,400	04/02/15	(4,938		)
JPMCB	USD	112,034	CHF	106,800	04/02/15	(2,135		)
JPMCB	USD	327,267	EUR	297,600	04/02/15	(7,273		)
JPMCB	USD	1,205,260	GBP	806,800	04/02/15	(8,453		)
JPMCB	USD	137,882	HKD	1,069,200	04/02/15	32
JPMCB	USD	376,103	JPY	44,628,200	04/02/15	(3,999		)
Net unrealized appreciation on forward foreign currency contracts						$	66,847

Futures contracts

	Expiration date	Proceeds		Value		Unrealized depreciation
Index futures sell contracts:
E-mini S&P 500 Index, 6 contracts (USD)	June 2015	(616,922	)	(618,241	)	$	(1,319	)
Mini MSCI Emerging Markets Index, 13 contracts (USD)	June 2015	(601,861	)	(632,060	)	(30,199		)
Net unrealized depreciation on futures contracts						$	(31,518	)

UBS Multi-Asset Income Fund

Portfolio of investments – March 31, 2015 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2015 in valuing the Fund’s investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	658,550		$	842,312		$	—	$	1,500,862
Commercial mortgage-backed securities	—			401,006			—		401,006
Mortgage & agency debt securities	—			729,760			—		729,760
US government obligations	—			2,133,841			—		2,133,841
Investment companies	13,613,022			453,119			—		14,066,141
Short-term investment	—			495,240			—		495,240
Forward foreign currency contracts	—			93,743			—		93,743
Total	$	14,271,572		$	5,149,021		$	—	$	19,420,593

Liabilities
Forward foreign currency contracts	$	—		$	(26,896	)	$	—	$	(26,896	)
Futures contracts	(31,518		)	—			—		(31,518		)
Total	$	(31,518	)	$	(26,896	)	$	—	$	(58,414	)

At March 31, 2015, $1,295,431 of common stocks and investment companies were classified within Level 2 of the fair value hierarchy pursuant to the Fund’s fair valuation procedures.

	Mortgage & agency debt securities			Total
Assets
Beginning balance	$	233,714		$	233,714
Purchases	—			—
Issuances	—			—
Sales	(97,525		)	(97,525		)
Accrued discounts (premiums)	(28,977		)	(28,977		)
Total realized gain	(34,220		)	(34,220		)
Change in net unrealized appreciation/depreciation	1,300			1,300
Transfers into Level 3	(74,292		)	(74,292		)
Transfers out of Level 37	—			—
Ending balance	$	—		$	—

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at March 31, 2015 was $1,300.

Portfolio footnotes

*	Non-income producing security.
1	Amount represents less than 0.005%.
2	Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2015, the value of this security amounted to $2,068 or 0.01% of net assets.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of these securities amounted to $401,006 or 2.09% of net assets.
4	Variable or floating rate security—The interest rate shown is the current rate as of March 31, 2015 and changes periodically.
5	On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.
6	The table below details the Fund’s 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

affiliate for the

nine months

Value

ended

Value

ended

Security description

06/30/14

03/31/2015

UBS Cash Management Prime Relationship Fund

1,554,008

5,755,842

6,814,610

495,240

368

7	Transfers out of Level 3 represent the value at the end of period. At March 31, 2015, securities were transferred from Level 3 to Level 2 based on unobservable inputs from an established pricing source.

Portfolio acronyms

ADR		American Depositary Receipt
BA		Canadian Bankers’ Acceptance Rate
BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
CDO		Collateralized Debt Obligations
CLO		Collateralized Loan Obligations
COP		Certificate of Participation
CVA		Dutch Certification—Depositary Certificate
ETF		Exchange Traded Fund
EURIBOR		Euro Interbank Offered Rate
FDIC		Federal Deposit Insurance Co.
FGIC		Financial Guaranty Insurance Company
GDR		Global Depositary Receipt
GE		General Electric
GO		General Obligation
GS		Goldman Sachs
IO		Interest only—This security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal 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.
LIBOR		London Interbank Offered Rate
PJSC		Private Joint Stock Company
PO		Principal only security—This security entitles the holder to receive principal paymentsfrom an underlying pool of assetsor on the security itself. In the case of asset-backed securities, high prepayments return principal faster than expected and cause the yield to increase. Low prepayments return principal slower than expected and cause the yield to decrease.
Preference shares		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
SDR		Special Depositary Receipt
SPDR		Standard & Poor’s Depository Receipts
TBA		(To be announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement, when the specific mortgage pools are assigned.
TIPS		Treasury inflation protected securities (“TIPS”) are debt securities issued by the US Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury security of the same maturity.

Counterparty abbreviations

BB		Barclays Bank PLC
CIBC		Canadian Imperial Bank of Commerce
CITI		Citibank NA
CSFB		Credit Suisse First Boston
CSI		Credit Suisse International
DB		Deutsche Bank AG
GSI		Goldman Sachs International
HSBC		HSBC Bank NA
JPMCB		JPMorgan Chase Bank
MLI		Merrill Lynch International
MSC		Morgan Stanley & Co., Inc.
MSCI		Morgan Stanley & Co. International PLC
SSB		State Street Bank

Currency abbreviations

AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan
EUR		Euro
GBP		Great Britain Pound
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
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

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. UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019
(Name and address of agent for service)

Copy to:
Bruce Leto, Esq. Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098

Registrant’s telephone number, including area code:				212-821-3000

Date of fiscal year end:	June 30

Date of reporting period:		March 31, 2015

	Shares	Value
Investment of cash collateral from securities loaned: 0.56%
UBS Private Money Market Fund LLC9 (cost $187,100)	187,100	$	187,100
Total investments: 123.42% (cost $40,635,754)		41,238,726
Liabilities, in excess of cash and other assets: (23.42%)		(7,825,333		)
Net assets: 100.00%		$	33,413,393

	Notional Amount		Value
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	$	11
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	135,453
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	54,892
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	5,342
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	13,181
			447,634
Total options purchased (cost $1,389,156)			616,541
Total investments: 104.18% (cost $38,019,010)			37,328,123
Liabilities, in excess of cash and other assets: (4.18%)			(1,499,326		)
Net assets: 100.00%			$	35,828,797

Long-term municipal bonds
Arizona	3.89	%
California	12.10
Florida	15.35
Hawaii	2.03
Illinois	1.00
Maryland	4.19
Massachusetts	4.58
Michigan	4.39
Missouri	0.52
New Jersey	4.02
New York	14.29
Ohio	1.96
Pennsylvania	2.86
Rhode Island	3.59
South Carolina	6.03
Texas	16.04
Utah	1.72
Virginia	2.00
Washington	7.24
Total long-term municipal bonds	107.80	%
Short-term investment	2.32
Total investments	110.12	%
Liabilities, in excess of other assets	(10.12	)
Net assets	100.00	%

	Number of rights	Value
Rights: 0.03%
Spain: 0.03%
Banco Bilbao Vizcaya Argentaria SA, expires 4/14/2015* (cost $0)	37,568	$	5,413

	Shares
Short-term investment: 1.70%
Investment company: 1.70%
UBS Cash Management Prime Relationship Fund2 (cost $404,877)	404,877	404,877

Investment of cash collateral from securities loaned: 2.42%
UBS Private Money Market Fund LLC2 (cost $575,372)	575,372	575,372
Total investments: 102.05% (cost $21,986,208)		24,240,151
Liabilities, in excess of cash and other assets: (2.05)%		(487,245		)
Net assets: 100.00%		$	23,752,906

Common stocks
Automobiles	3.39	%
Banks	8.06
Biotechnology	10.63
Chemicals	3.17
Consumer finance	4.00
Diversified telecommunication services	2.22
Energy equipment & services	0.90
Food & staples retailing	2.56
Food products	4.29
Insurance	6.28
Internet & catalog retail	3.70
Internet software & services	4.58
Life sciences tools & services	2.15
Machinery	3.06
Oil, gas & consumable fuels	3.58
Real estate investment trust (REIT)	3.92
Semiconductors & semiconductor equipment	12.60
Software	3.00
Technology hardware, storage & peripherals	9.61
Tobacco	4.26
Total common stocks	95.96	%
Short-term investment	4.18
Investment of cash collateral from securities loaned	0.63
Total investments	100.77	%
Liabilities, in excess of cash and other assets	(0.77	)
Net assets	100.00	%

Investment companies
iShares Emerging Markets Local Currency Bond ETF	1.62%
iShares iBoxx $ High Yield Corporate Bond ETF	15.60
iShares iBoxx $ Investment Grade Corporate Bond ETF	14.07
iShares JP Morgan USD Emerging Markets Bond ETF	1.69
iShares MSCI Switzerland Capped ETF	5.12
iShares TIPS Bond ETF	12.46
SPDR Barclays Convertible Securities ETF	3.36
Total investment companies	53.92	%
Short-term investment	36.90
Investment of cash collateral from securities loaned	1.56
Total investments	92.38	%
Cash and other assets, less liabilities	7.62
Net assets	100.00	%

Investment companies
iShares JP Morgan USD Emerging Markets Bond ETF	4.80	%
UBS Emerging Markets Equity Relationship Fund	5.77
UBS Global Corporate Bond Relationship Fund	10.20
Total investment companies	20.77	%
Rights	0.02
Short-term investment	19.66
Options purchased	1.43
Investment of cash collateral from securities loaned	6.42
Total investments	104.19	%
Liabilities, in excess of cash and other assets	(4.19	)
Net assets	100.00	%

By:	/s/ Mark E. Carver
	Mark E. Carver
	President

Date:	May 29, 2015

By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President, Treasurer and Principal Accounting Officer

Date:	May 29, 2015