UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-06637 | |||||||
| ||||||||
The UBS Funds | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
| ||||||||
One North Wacker Drive, Chicago, IL |
|
60606-2807 | ||||||
(Address of principal executive offices) |
|
(Zip code) | ||||||
| ||||||||
Tammie Lee, Esq. UBS Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019 | ||||||||
(Name and address of agent for service) | ||||||||
| ||||||||
Copy to: | ||||||||
Bruce Leto, Esq. Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 | ||||||||
| ||||||||
Registrants telephone number, including area code: |
212-713-2000 |
| ||||||
| ||||||||
Date of fiscal year end: |
June 30 |
| ||||||
| ||||||||
Date of reporting period: |
September 30, 2016 |
| ||||||
Item 1. Schedule of Investments
UBS Dynamic Alpha Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2016
Bonds |
|
|
|
Corporate bonds |
|
|
|
Aerospace & defense |
|
0.06 |
% |
Air freight & logistics |
|
0.11 |
|
Automobiles |
|
0.07 |
|
Banks |
|
8.05 |
|
Beverages |
|
1.32 |
|
Biotechnology |
|
0.42 |
|
Capital markets |
|
1.80 |
|
Chemicals |
|
0.35 |
|
Commercial services & supplies |
|
0.11 |
|
Communications equipment |
|
0.14 |
|
Computers & peripherals |
|
0.47 |
|
Construction & engineering |
|
0.46 |
|
Consumer finance |
|
0.70 |
|
Diversified financial services |
|
1.28 |
|
Diversified telecommunication services |
|
1.99 |
|
Electric utilities |
|
2.34 |
|
Energy equipment & services |
|
0.20 |
|
Equity real estate investment trusts (REITs) |
|
0.67 |
|
Food & staples retailing |
|
0.27 |
|
Food products |
|
0.48 |
|
Gas utilities |
|
0.75 |
|
Health care equipment & supplies |
|
0.31 |
|
Health care providers & services |
|
0.39 |
|
Hotels, restaurants & leisure |
|
0.06 |
|
Independent power and renewable electricity producers |
|
0.18 |
|
Industrial conglomerates |
|
0.35 |
|
Insurance |
|
3.67 |
|
Internet software & services |
|
0.33 |
|
IT services |
|
0.13 |
|
Life sciences tools & services |
|
0.08 |
|
Machinery |
|
0.18 |
|
Marine |
|
0.13 |
|
Media |
|
1.25 |
|
Metals & mining |
|
0.56 |
|
Multi-utilities |
|
0.58 |
|
Oil, gas & consumable fuels |
|
3.95 |
|
Pharmaceuticals |
|
1.12 |
|
Real estate management & development |
|
0.06 |
|
Road & rail |
|
0.44 |
|
Software |
|
0.43 |
|
Specialty retail |
|
0.17 |
|
Technology hardware, storage & peripherals |
|
0.04 |
|
Tobacco |
|
0.78 |
|
Transportation infrastructure |
|
0.62 |
|
Water utilities |
|
0.36 |
|
Wireless telecommunication services |
|
0.77 |
|
Total corporate bonds |
|
38.98 |
% |
Asset-backed securities |
|
0.16 |
|
Collateralized debt obligation |
|
0.00 |
2 |
Collateralized mortgage obligation |
|
0.00 |
2 |
Non-U.S. government obligations |
|
0.16 |
|
U.S. treasury obligation |
|
15.92 |
|
Total bonds |
|
55.22 |
% |
Exchange traded funds |
|
5.94 |
|
Short-term investments |
|
25.86 |
|
Options purchased |
|
0.17 |
|
Investment of cash collateral from securities loaned |
|
0.45 |
|
Total investments |
|
87.64 |
% |
Cash and other assets, less liabilities |
|
12.36 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Dynamic Alpha Fund. Figures may be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2 Amount represents less than 0.005%.
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds: 55.22% |
|
|
|
|
| ||
Corporate bonds: 38.98% |
|
|
|
|
| ||
Australia: 2.75% |
|
|
|
|
| ||
Adani Abbot Point Terminal Pty. Ltd., |
|
|
|
|
| ||
6.750%, due 11/01/181 |
|
AUD |
1,025,000 |
|
$ |
775,658 |
|
APT Pipelines Ltd., |
|
|
|
|
| ||
4.200%, due 03/23/252 |
|
$ |
310,000 |
|
320,982 |
| |
Aurizon Network Pty. Ltd., |
|
|
|
|
| ||
2.000%, due 09/18/241 |
|
EUR |
220,000 |
|
259,294 |
| |
Australia & New Zealand Banking Group Ltd., |
|
|
|
|
| ||
4.500%, due 03/19/241 |
|
$ |
250,000 |
|
264,441 |
| |
Australia Pacific Airports Melbourne Pty. Ltd., |
|
|
|
|
| ||
1.750%, due 10/15/241 |
|
EUR |
150,000 |
|
184,734 |
| |
BHP Billiton Finance USA Ltd., |
|
|
|
|
| ||
5.000%, due 09/30/43 |
|
$ |
110,000 |
|
130,353 |
| |
Commonwealth Bank of Australia, |
|
|
|
|
| ||
1.125%, due 03/13/17 |
|
370,000 |
|
370,095 |
| ||
National Australia Bank Ltd., |
|
|
|
|
| ||
2.000%, due 11/12/241,3 |
|
EUR |
250,000 |
|
286,300 |
| |
2.750%, due 03/09/17 |
|
$ |
400,000 |
|
402,943 |
| |
Origin Energy Finance Ltd., |
|
|
|
|
| ||
2.500%, due 10/23/201 |
|
EUR |
325,000 |
|
385,134 |
| |
5.450%, due 10/14/211 |
|
$ |
235,000 |
|
252,133 |
| |
QBE Insurance Group Ltd., |
|
|
|
|
| ||
2.400%, due 05/01/181 |
|
205,000 |
|
206,100 |
| ||
6.750%, due 12/02/441,3 |
|
395,000 |
|
437,463 |
| ||
Santos Finance Ltd., |
|
|
|
|
| ||
8.250%, due 09/22/703 |
|
EUR |
205,000 |
|
238,923 |
| |
Scentre Group Trust 1, |
|
|
|
|
| ||
1.500%, due 07/16/201 |
|
150,000 |
|
177,061 |
| ||
Scentre Group Trust 1 / Scentre Group Trust 2, |
|
|
|
|
| ||
1.375%, due 03/22/231 |
|
300,000 |
|
357,532 |
| ||
SGSP Australia Assets Pty. Ltd., |
|
|
|
|
| ||
2.000%, due 06/30/221 |
|
125,000 |
|
152,101 |
| ||
3.250%, due 07/29/261 |
|
$ |
200,000 |
|
204,068 |
| |
Suncorp-Metway Ltd., |
|
|
|
|
| ||
1.700%, due 03/28/171 |
|
195,000 |
|
195,330 |
| ||
Telstra Corp. Ltd., |
|
|
|
|
| ||
4.800%, due 10/12/211 |
|
150,000 |
|
169,952 |
| ||
Transurban Finance Co. Pty. Ltd., |
|
|
|
|
| ||
1.875%, due 09/16/24 |
|
EUR |
100,000 |
|
121,334 |
| |
Total Australia corporate bonds |
|
|
|
5,891,931 |
| ||
|
|
|
|
|
| ||
Belgium: 0.64% |
|
|
|
|
| ||
AG Insurance SA/NV, |
|
|
|
|
| ||
3.500%, due 06/30/471,3 |
|
300,000 |
|
322,719 |
| ||
Anheuser-Busch InBev SA/NV, |
|
|
|
|
| ||
0.875%, due 03/17/221 |
|
480,000 |
|
558,706 |
| ||
1.500%, due 03/17/251 |
|
310,000 |
|
372,376 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Belgium(Concluded) |
|
|
|
|
| ||
RESA SA, |
|
|
|
|
| ||
1.000%, due 07/22/261 |
|
EUR |
100,000 |
|
$ |
117,515 |
|
Total Belgium corporate bonds |
|
|
|
1,371,316 |
| ||
|
|
|
|
|
| ||
Bermuda: 0.10% |
|
|
|
|
| ||
Bacardi Ltd., |
|
|
|
|
| ||
2.750%, due 07/03/231 |
|
170,000 |
|
217,390 |
| ||
|
|
|
|
|
| ||
Brazil: 0.10% |
|
|
|
|
| ||
Vale SA, |
|
|
|
|
| ||
5.625%, due 09/11/42 |
|
$ |
260,000 |
|
218,400 |
| |
|
|
|
|
|
| ||
Canada: 0.84% |
|
|
|
|
| ||
Bank of Montreal, |
|
|
|
|
| ||
6.020%, due 05/02/18 |
|
CAD |
275,000 |
|
225,408 |
| |
Bank of Nova Scotia (The), |
|
|
|
|
| ||
4.100%, due 06/08/17 |
|
300,000 |
|
233,407 |
| ||
Bell Canada, |
|
|
|
|
| ||
4.750%, due 09/29/44 |
|
50,000 |
|
42,719 |
| ||
Nexen Energy ULC, |
|
|
|
|
| ||
6.400%, due 05/15/37 |
|
$ |
205,000 |
|
268,550 |
| |
Royal Bank of Canada, |
|
|
|
|
| ||
2.980%, due 05/07/191 |
|
CAD |
200,000 |
|
158,860 |
| |
Suncor Energy, Inc., |
|
|
|
|
| ||
6.500%, due 06/15/38 |
|
$ |
300,000 |
|
393,600 |
| |
TELUS Corp., |
|
|
|
|
| ||
3.750%, due 01/17/25 |
|
CAD |
75,000 |
|
61,973 |
| |
Thomson Reuters Corp., |
|
|
|
|
| ||
1.300%, due 02/23/17 |
|
$ |
180,000 |
|
180,092 |
| |
Yamana Gold, Inc., |
|
|
|
|
| ||
4.950%, due 07/15/24 |
|
225,000 |
|
232,420 |
| ||
Total Canada corporate bonds |
|
|
|
1,797,029 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.64% |
|
|
|
|
| ||
Hutchison Whampoa International 09 Ltd., |
|
|
|
|
| ||
7.625%, due 04/09/191 |
|
125,000 |
|
143,125 |
| ||
Noble Holding International Ltd., |
|
|
|
|
| ||
7.200%, due 04/01/25 |
|
195,000 |
|
154,050 |
| ||
Principal Financial Global Funding II LLC, |
|
|
|
|
| ||
4.500%, due 01/26/17 |
|
EUR |
300,000 |
|
341,430 |
| |
Tencent Holdings Ltd., |
|
|
|
|
| ||
3.375%, due 05/02/192 |
|
$ |
200,000 |
|
207,499 |
| |
Thames Water Utilities Cayman Finance Ltd., |
|
|
|
|
| ||
5.375%, due 07/21/253 |
|
GBP |
90,000 |
|
120,252 |
| |
Transocean, Inc., |
|
|
|
|
| ||
6.800%, due 03/15/384 |
|
$ |
150,000 |
|
99,000 |
| |
XLIT Ltd., |
|
|
|
|
| ||
4.450%, due 03/31/25 |
|
30,000 |
|
30,469 |
| ||
5.250%, due 12/15/43 |
|
100,000 |
|
109,812 |
| ||
Yorkshire Water Services Bradford Finance Ltd., |
|
|
|
|
| ||
6.000%, due 04/24/253 |
|
GBP |
130,000 |
|
172,607 |
| |
Total Cayman Islands corporate bonds |
|
|
|
1,378,244 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Curacao: 0.04% |
|
|
|
|
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
$ |
85,000 |
|
$ |
90,385 |
|
|
|
|
|
|
| ||
Czech Republic: 0.14% |
|
|
|
|
| ||
NET4GAS sro, |
|
|
|
|
| ||
2.500%, due 07/28/211 |
|
EUR |
255,000 |
|
307,606 |
| |
|
|
|
|
|
| ||
Denmark: 0.13% |
|
|
|
|
| ||
AP Moeller - Maersk A/S, |
|
|
|
|
| ||
3.375%, due 08/28/191 |
|
230,000 |
|
282,359 |
| ||
|
|
|
|
|
| ||
Finland: 0.31% |
|
|
|
|
| ||
Elenia Finance OYJ, |
|
|
|
|
| ||
2.875%, due 12/17/201 |
|
230,000 |
|
281,028 |
| ||
Teollisuuden Voima OYJ, |
|
|
|
|
| ||
2.500%, due 03/17/211 |
|
125,000 |
|
145,773 |
| ||
4.625%, due 02/04/191 |
|
195,000 |
|
238,944 |
| ||
Total Finland corporate bonds |
|
|
|
665,745 |
| ||
|
|
|
|
|
| ||
France: 1.45% |
|
|
|
|
| ||
Arkema SA, |
|
|
|
|
| ||
1.500%, due 01/20/251 |
|
100,000 |
|
119,914 |
| ||
AXA SA, |
|
|
|
|
| ||
3.375%, due 07/06/471,3 |
|
250,000 |
|
289,060 |
| ||
Banque Federative du Credit Mutuel SA, |
|
|
|
|
| ||
3.000%, due 09/11/251 |
|
100,000 |
|
123,692 |
| ||
BNP Paribas SA, |
|
|
|
|
| ||
2.700%, due 08/20/18 |
|
$ |
215,000 |
|
219,019 |
| |
2.875%, due 03/20/261,3 |
|
EUR |
115,000 |
|
135,310 |
| |
Credit Logement SA, |
|
|
|
|
| ||
0.847%, due 12/16/161,3,5 |
|
150,000 |
|
130,590 |
| ||
Electricite de France SA, |
|
|
|
|
| ||
5.625%, due 01/22/242,3,5 |
|
$ |
180,000 |
|
176,670 |
| |
6.950%, due 01/26/392 |
|
95,000 |
|
127,545 |
| ||
Engie SA, |
|
|
|
|
| ||
4.750%, due 07/10/211,3,5 |
|
EUR |
300,000 |
|
379,869 |
| |
Orange SA, |
|
|
|
|
| ||
5.875%, due 02/07/221,3,5 |
|
GBP |
170,000 |
|
239,626 |
| |
Societe Des Autoroutes Paris-Rhin-Rhone, |
|
|
|
|
| ||
2.250%, due 01/16/201 |
|
EUR |
300,000 |
|
361,824 |
| |
Total Capital International SA, |
|
|
|
|
| ||
1.550%, due 06/28/17 |
|
$ |
495,000 |
|
496,404 |
| |
TOTAL SA, |
|
|
|
|
| ||
2.625%, due 02/26/251,3,5 |
|
EUR |
165,000 |
|
179,047 |
| |
Transport et Infrastructures Gaz France SA, |
|
|
|
|
| ||
2.200%, due 08/05/251 |
|
100,000 |
|
126,112 |
| ||
Total France corporate bonds |
|
|
|
3,104,682 |
| ||
|
|
|
|
|
| ||
Germany: 0.47% |
|
|
|
|
| ||
Allianz SE, |
|
|
|
|
| ||
4.750%, due 10/24/231,3,5 |
|
100,000 |
|
125,049 |
| ||
alstria office REIT-AG, |
|
|
|
|
| ||
2.250%, due 03/24/211 |
|
400,000 |
|
483,085 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Germany(Concluded) |
|
|
|
|
| ||
Deutsche Bank AG, |
|
|
|
|
| ||
2.850%, due 05/10/19 |
|
$ |
275,000 |
|
$ |
268,202 |
|
RWE AG, |
|
|
|
|
| ||
2.750%, due 04/21/751,3 |
|
EUR |
115,000 |
|
119,496 |
| |
Total Germany corporate bonds |
|
|
|
995,832 |
| ||
|
|
|
|
|
| ||
Hong Kong: 0.22% |
|
|
|
|
| ||
AIA Group Ltd., |
|
|
|
|
| ||
1.750%, due 03/13/181 |
|
$ |
470,000 |
|
470,822 |
| |
|
|
|
|
|
| ||
Ireland: 1.02% |
|
|
|
|
| ||
Aquarius & Investments plc for Swiss Reinsurance Co. Ltd., |
|
|
|
|
| ||
6.375%, due 09/01/241,3 |
|
200,000 |
|
209,336 |
| ||
Cloverie plc for Zurich Insurance Co. Ltd., |
|
|
|
|
| ||
1.750%, due 09/16/241 |
|
EUR |
130,000 |
|
160,014 |
| |
GE Capital International Funding Co. Unlimited Co., |
|
|
|
|
| ||
2.342%, due 11/15/20 |
|
$ |
374,000 |
|
384,156 |
| |
4.418%, due 11/15/35 |
|
604,000 |
|
679,210 |
| ||
Perrigo Co. plc, |
|
|
|
|
| ||
4.000%, due 11/15/23 |
|
200,000 |
|
205,733 |
| ||
PGH Capital Ltd., |
|
|
|
|
| ||
5.750%, due 07/07/211 |
|
GBP |
180,000 |
|
254,213 |
| |
Shire Acquisitions Investments Ireland Designated Activity Co., |
|
|
|
|
| ||
2.400%, due 09/23/21 |
|
$ |
185,000 |
|
185,513 |
| |
3.200%, due 09/23/26 |
|
100,000 |
|
100,276 |
| ||
XL Group plc, |
|
|
|
|
| ||
4.450%, due 03/31/25 |
|
5,000 |
|
5,078 |
| ||
Total Ireland corporate bonds |
|
|
|
2,183,529 |
| ||
|
|
|
|
|
| ||
Italy: 0.63% |
|
|
|
|
| ||
2i Rete Gas SpA, |
|
|
|
|
| ||
1.125%, due 01/02/201 |
|
EUR |
100,000 |
|
116,305 |
| |
Autostrade per lItalia SpA, |
|
|
|
|
| ||
1.125%, due 11/04/211 |
|
110,000 |
|
129,361 |
| ||
CDP Reti SpA, |
|
|
|
|
| ||
1.875%, due 05/29/221 |
|
155,000 |
|
186,132 |
| ||
Intesa Sanpaolo SpA, |
|
|
|
|
| ||
3.875%, due 01/16/18 |
|
$ |
320,000 |
|
326,290 |
| |
4.375%, due 10/15/191 |
|
EUR |
100,000 |
|
125,162 |
| |
Snam SpA, |
|
|
|
|
| ||
3.875%, due 03/19/181 |
|
104,000 |
|
123,459 |
| ||
UniCredit SpA, |
|
|
|
|
| ||
6.375%, due 05/02/231,3 |
|
$ |
340,000 |
|
342,829 |
| |
Total Italy corporate bonds |
|
|
|
1,349,538 |
| ||
|
|
|
|
|
| ||
Japan: 0.17% |
|
|
|
|
| ||
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), |
|
|
|
|
| ||
2.350%, due 09/08/191 |
|
200,000 |
|
202,496 |
| ||
Sumitomo Mitsui Financial Group, Inc., |
|
|
|
|
| ||
2.934%, due 03/09/21 |
|
155,000 |
|
159,315 |
| ||
Total Japan corporate bonds |
|
|
|
361,811 |
| ||
|
|
|
|
|
| ||
Jersey: 0.41% |
|
|
|
|
| ||
AA Bond Co. Ltd., |
|
|
|
|
| ||
4.720%, due 07/31/181 |
|
GBP |
175,000 |
|
238,692 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Jersey(Concluded) |
|
|
|
|
| ||
Gatwick Funding Ltd., |
|
|
|
|
| ||
5.250%, due 01/23/241 |
|
GBP |
140,000 |
|
$ |
227,219 |
|
Heathrow Funding Ltd., |
|
|
|
|
| ||
4.600%, due 02/15/181 |
|
EUR |
250,000 |
|
298,448 |
| |
HSBC Bank Capital Funding Sterling 2 LP, |
|
|
|
|
| ||
5.862%, due 04/07/203,5 |
|
GBP |
75,000 |
|
104,186 |
| |
Total Jersey corporate bonds |
|
|
|
868,545 |
| ||
|
|
|
|
|
| ||
Luxembourg: 0.32% |
|
|
|
|
| ||
Actavis Funding SCS, |
|
|
|
|
| ||
1.300%, due 06/15/17 |
|
$ |
95,000 |
|
94,920 |
| |
3.450%, due 03/15/22 |
|
220,000 |
|
230,983 |
| ||
4.750%, due 03/15/45 |
|
165,000 |
|
180,859 |
| ||
Belfius Financing Co., |
|
|
|
|
| ||
1.086%, due 02/09/173 |
|
GBP |
135,000 |
|
174,310 |
| |
Total Luxembourg corporate bonds |
|
|
|
681,072 |
| ||
|
|
|
|
|
| ||
Mexico: 0.26% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
$ |
185,000 |
|
203,333 |
| |
Series A, 5.125%,due 09/06/731,3 |
|
EUR |
145,000 |
|
172,659 |
| |
Petroleos Mexicanos, |
|
|
|
|
| ||
5.500%, due 02/24/251 |
|
140,000 |
|
178,107 |
| ||
Total Mexico corporate bonds |
|
|
|
554,099 |
| ||
|
|
|
|
|
| ||
Netherlands: 3.30% |
|
|
|
|
| ||
ABN AMRO Bank NV, |
|
|
|
|
| ||
4.875%, due 01/16/191 |
|
GBP |
150,000 |
|
212,542 |
| |
6.250%, due 09/13/221,3 |
|
$ |
370,000 |
|
384,120 |
| |
Achmea BV, |
|
|
|
|
| ||
2.500%, due 11/19/201 |
|
EUR |
380,000 |
|
467,689 |
| |
4.250%, due 02/04/251,3,5 |
|
105,000 |
|
110,774 |
| ||
Allianz Finance II BV, |
|
|
|
|
| ||
4.375%, due 02/17/173,5 |
|
175,000 |
|
199,050 |
| ||
Bharti Airtel International Netherlands BV, |
|
|
|
|
| ||
4.000%, due 12/10/181 |
|
255,000 |
|
307,580 |
| ||
Coca-Cola HBC Finance BV, |
|
|
|
|
| ||
2.375%, due 06/18/201 |
|
245,000 |
|
296,504 |
| ||
Cooperatieve Rabobank UA, |
|
|
|
|
| ||
1.700%, due 03/19/18 |
|
$ |
330,000 |
|
331,615 |
| |
2.500%, due 05/26/261,3 |
|
EUR |
265,000 |
|
311,224 |
| |
3.750%, due 07/21/26 |
|
$ |
250,000 |
|
250,568 |
| |
5.500%, due 06/29/201,3,5 |
|
EUR |
250,000 |
|
278,380 |
| |
Deutsche Telekom International Finance BV, |
|
|
|
|
| ||
1.500%, due 04/03/281 |
|
70,000 |
|
84,120 |
| ||
6.500%, due 04/08/22 |
|
GBP |
74,000 |
|
123,481 |
| |
E.ON International Finance BV, |
|
|
|
|
| ||
6.650%, due 04/30/382 |
|
$ |
65,000 |
|
81,936 |
| |
EDP Finance BV, |
|
|
|
|
| ||
2.000%, due 04/22/251 |
|
EUR |
155,000 |
|
176,078 |
| |
ELM BV for Swiss Reinsurance Co. Ltd., |
|
|
|
|
| ||
2.600%, due 09/01/251,3,5 |
|
130,000 |
|
140,324 |
| ||
Heineken NV, |
|
|
|
|
| ||
2.125%, due 08/04/201 |
|
285,000 |
|
345,833 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Netherlands(Concluded) |
|
|
|
|
| ||
LYB International Finance BV, |
|
|
|
|
| ||
5.250%, due 07/15/43 |
|
$ |
110,000 |
|
$ |
125,278 |
|
Nomura Europe Finance NV, |
|
|
|
|
| ||
1.500%, due 05/12/211 |
|
EUR |
180,000 |
|
210,824 |
| |
Petrobras Global Finance BV, |
|
|
|
|
| ||
3.250%, due 04/01/191,4 |
|
410,000 |
|
461,725 |
| ||
Redexis Gas Finance BV, |
|
|
|
|
| ||
1.875%, due 04/27/271 |
|
210,000 |
|
240,248 |
| ||
2.750%, due 04/08/211 |
|
175,000 |
|
217,272 |
| ||
Ren Finance BV, |
|
|
|
|
| ||
2.500%, due 02/12/251 |
|
180,000 |
|
219,373 |
| ||
Shell International Finance BV, |
|
|
|
|
| ||
1.250%, due 11/10/17 |
|
$ |
310,000 |
|
310,526 |
| |
4.375%, due 05/11/45 |
|
335,000 |
|
361,821 |
| ||
Siemens Financieringsmaatschappij NV, |
|
|
|
|
| ||
5.125%, due 02/20/17 |
|
EUR |
145,000 |
|
166,165 |
| |
TenneT Holding BV, |
|
|
|
|
| ||
6.655%, due 06/01/173,5 |
|
150,000 |
|
175,137 |
| ||
Teva Pharmaceutical Finance Netherlands II BV, |
|
|
|
|
| ||
1.125%, due 10/15/241 |
|
110,000 |
|
125,842 |
| ||
Teva Pharmaceutical Finance Netherlands III BV, |
|
|
|
|
| ||
2.800%, due 07/21/23 |
|
$ |
230,000 |
|
230,600 |
| |
Vonovia Finance BV, |
|
|
|
|
| ||
4.000%, due 12/17/211,3,5 |
|
EUR |
100,000 |
|
118,867 |
| |
Total Netherlands corporate bonds |
|
|
|
7,065,496 |
| ||
|
|
|
|
|
| ||
Norway: 0.26% |
|
|
|
|
| ||
DNB Bank ASA, |
|
|
|
|
| ||
3.200%, due 04/03/172 |
|
$ |
200,000 |
|
201,826 |
| |
Statoil ASA, |
|
|
|
|
| ||
3.125%, due 08/17/17 |
|
190,000 |
|
193,050 |
| ||
4.800%, due 11/08/43 |
|
140,000 |
|
163,820 |
| ||
Total Norway corporate bonds |
|
|
|
558,696 |
| ||
|
|
|
|
|
| ||
Portugal: 0.06% |
|
|
|
|
| ||
Caixa Geral de Depositos SA, |
|
|
|
|
| ||
3.750%, due 01/18/181 |
|
EUR |
100,000 |
|
117,771 |
| |
|
|
|
|
|
| ||
Singapore: 0.12% |
|
|
|
|
| ||
United Overseas Bank Ltd., |
|
|
|
|
| ||
3.750%, due 09/19/241,3 |
|
$ |
250,000 |
|
259,608 |
| |
|
|
|
|
|
| ||
Spain: 0.71% |
|
|
|
|
| ||
Aigues de Barcelona Finance SAU, |
|
|
|
|
| ||
1.944%, due 09/15/211 |
|
EUR |
175,000 |
|
205,751 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Spain(Concluded) |
|
|
|
|
| ||
Canal de Isabel II Gestion SA, |
|
|
|
|
| ||
1.680%, due 02/26/251 |
|
EUR |
100,000 |
|
$ |
118,407 |
|
Santander Consumer Finance SA, |
|
|
|
|
| ||
0.900%, due 02/18/201 |
|
300,000 |
|
342,937 |
| ||
Santander International Debt SAU, |
|
|
|
|
| ||
1.375%, due 03/25/171 |
|
300,000 |
|
339,270 |
| ||
Santander Issuances SAU, |
|
|
|
|
| ||
3.250%, due 04/04/261 |
|
100,000 |
|
114,646 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
4.710%, due 01/20/201 |
|
300,000 |
|
388,011 |
| ||
Total Spain corporate bonds |
|
|
|
1,509,022 |
| ||
|
|
|
|
|
| ||
Sweden: 0.50% |
|
|
|
|
| ||
Nordea Bank AB, |
|
|
|
|
| ||
1.875%, due 11/10/251,3 |
|
140,000 |
|
162,832 |
| ||
PGE Sweden AB, |
|
|
|
|
| ||
1.625%, due 06/09/191 |
|
100,000 |
|
115,785 |
| ||
Svenska Handelsbanken AB, |
|
|
|
|
| ||
5.125%, due 03/30/201 |
|
$ |
115,000 |
|
127,772 |
| |
5.125%, due 03/30/202 |
|
175,000 |
|
194,436 |
| ||
5.250%, due 03/01/211,3,5 |
|
275,000 |
|
269,646 |
| ||
Swedbank Hypotek AB, |
|
|
|
|
| ||
2.375%, due 04/05/171 |
|
200,000 |
|
201,154 |
| ||
Total Sweden corporate bonds |
|
|
|
1,071,625 |
| ||
|
|
|
|
|
| ||
Switzerland: 0.30% |
|
|
|
|
| ||
Credit Suisse AG, |
|
|
|
|
| ||
3.000%, due 10/29/21 |
|
380,000 |
|
391,059 |
| ||
Demeter Investments BV for Swiss Life AG, |
|
|
|
|
| ||
4.375%, due 06/16/251,3,5 |
|
EUR |
215,000 |
|
246,952 |
| |
Total Switzerland corporate bonds |
|
|
|
638,011 |
| ||
|
|
|
|
|
| ||
United Kingdom: 4.82% |
|
|
|
|
| ||
Anglian Water Services Financing plc, |
|
|
|
|
| ||
4.500%, due 02/22/261 |
|
GBP |
100,000 |
|
156,720 |
| |
Aon plc, |
|
|
|
|
| ||
2.875%, due 05/14/26 |
|
EUR |
55,000 |
|
69,931 |
| |
4.750%, due 05/15/45 |
|
$ |
200,000 |
|
217,340 |
| |
Arqiva Financing plc, |
|
|
|
|
| ||
4.040%, due 06/30/201 |
|
GBP |
225,000 |
|
311,362 |
| |
4.882%, due 12/31/321 |
|
130,000 |
|
196,299 |
| ||
Aviva plc, |
|
|
|
|
| ||
5.125%, due 06/04/501,3 |
|
180,000 |
|
241,785 |
| ||
Barclays Bank plc, |
|
|
|
|
| ||
2.250%, due 05/10/171 |
|
$ |
200,000 |
|
201,267 |
| |
6.625%, due 03/30/221 |
|
EUR |
110,000 |
|
151,330 |
| |
Barclays plc, |
|
|
|
|
| ||
4.375%, due 09/11/24 |
|
$ |
350,000 |
|
354,143 |
| |
BAT International Finance plc, |
|
|
|
|
| ||
2.375%, due 01/19/231 |
|
EUR |
250,000 |
|
317,060 |
| |
BP Capital Markets plc, |
|
|
|
|
| ||
1.375%, due 05/10/18 |
|
$ |
170,000 |
|
169,964 |
| |
2.750%, due 05/10/23 |
|
90,000 |
|
91,636 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United Kingdom(Continued) |
|
|
|
|
| ||
British Telecommunications plc, |
|
|
|
|
| ||
0.625%, due 03/10/211 |
|
EUR |
250,000 |
|
$ |
286,913 |
|
8.500%, due 12/07/161 |
|
GBP |
170,000 |
|
223,209 |
| |
BUPA Finance plc, |
|
|
|
|
| ||
3.375%, due 06/17/211 |
|
110,000 |
|
155,209 |
| ||
6.125%, due 09/16/203,5 |
|
90,000 |
|
127,696 |
| ||
Centrica plc, |
|
|
|
|
| ||
5.250%, due 04/10/751,3 |
|
125,000 |
|
167,487 |
| ||
Coca-Cola European Partners plc, |
|
|
|
|
| ||
1.125%, due 05/26/241 |
|
EUR |
140,000 |
|
163,152 |
| |
Diageo Capital plc, |
|
|
|
|
| ||
3.875%, due 04/29/43 |
|
$ |
120,000 |
|
126,807 |
| |
EE Finance plc, |
|
|
|
|
| ||
4.375%, due 03/28/191 |
|
GBP |
145,000 |
|
203,953 |
| |
GlaxoSmithKline Capital plc, |
|
|
|
|
| ||
1.500%, due 05/08/17 |
|
$ |
240,000 |
|
240,601 |
| |
HSBC Holdings plc, |
|
|
|
|
| ||
5.100%, due 04/05/21 |
|
385,000 |
|
425,654 |
| ||
Imperial Brands Finance plc, |
|
|
|
|
| ||
2.950%, due 07/21/202 |
|
305,000 |
|
314,921 |
| ||
9.000%, due 02/17/221 |
|
GBP |
75,000 |
|
135,110 |
| |
Liverpool Victoria Friendly Society Ltd., |
|
|
|
|
| ||
6.500%, due 05/22/431,3 |
|
270,000 |
|
346,482 |
| ||
Lloyds Bank plc, |
|
|
|
|
| ||
1.375%, due 09/08/221 |
|
EUR |
410,000 |
|
485,303 |
| |
11.875%, due 12/16/211,3 |
|
135,000 |
|
155,042 |
| ||
National Grid Electricity Transmission plc, |
|
|
|
|
| ||
4.000%, due 06/08/271 |
|
GBP |
130,000 |
|
207,705 |
| |
Northern Gas Networks Finance plc, |
|
|
|
|
| ||
5.875%, due 07/08/19 |
|
75,000 |
|
110,841 |
| ||
Prudential plc, |
|
|
|
|
| ||
1.375%, due 01/19/181 |
|
170,000 |
|
221,660 |
| ||
5.000%, due 07/20/551,3 |
|
100,000 |
|
130,180 |
| ||
Royal Bank of Scotland Group plc, |
|
|
|
|
| ||
3.875%, due 09/12/23 |
|
$ |
200,000 |
|
197,397 |
| |
Royal Bank of Scotland plc (The), |
|
|
|
|
| ||
6.934%, due 04/09/18 |
|
EUR |
290,000 |
|
353,518 |
| |
Santander UK plc, |
|
|
|
|
| ||
4.000%, due 03/13/24 |
|
$ |
200,000 |
|
218,085 |
| |
Scottish Widows Ltd., |
|
|
|
|
| ||
5.500%, due 06/16/231 |
|
GBP |
100,000 |
|
140,484 |
| |
Sky plc, |
|
|
|
|
| ||
2.500%, due 09/15/261 |
|
EUR |
150,000 |
|
187,642 |
| |
Southern Gas Networks plc, |
|
|
|
|
| ||
2.500%, due 02/03/251 |
|
GBP |
115,000 |
|
160,834 |
| |
SSE plc, |
|
|
|
|
| ||
3.875%, due 09/10/201,3,5 |
|
100,000 |
|
130,338 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United Kingdom(Concluded) |
|
|
|
|
| ||
Standard Chartered plc, |
|
|
|
|
| ||
4.000%, due 07/12/221,3 |
|
$ |
350,000 |
|
$ |
353,799 |
|
State Grid Europe Development 2014 plc, |
|
|
|
|
| ||
Series A, 1.500%, due 01/26/221 |
|
EUR |
125,000 |
|
145,684 |
| |
Thames Water Utilities Finance Ltd., |
|
|
|
|
| ||
5.125%, due 09/28/37 |
|
GBP |
185,000 |
|
358,413 |
| |
Vodafone Group plc, |
|
|
|
|
| ||
1.250%, due 08/25/211 |
|
EUR |
210,000 |
|
247,302 |
| |
Wales & West Utilities Finance plc, |
|
|
|
|
| ||
5.125%, due 12/02/161 |
|
GBP |
320,000 |
|
417,683 |
| |
6.750%, due 12/17/363 |
|
50,000 |
|
71,776 |
| ||
Western Power Distribution West Midlands plc, |
|
|
|
|
| ||
5.750%, due 04/16/321 |
|
100,000 |
|
191,985 |
| ||
WPP Finance 2010, |
|
|
|
|
| ||
3.750%, due 09/19/24 |
|
$ |
185,000 |
|
197,067 |
| |
WPP Finance 2013, |
|
|
|
|
| ||
0.430%, due 03/23/181 |
|
EUR |
210,000 |
|
236,923 |
| |
Total United Kingdom corporate bonds |
|
|
|
10,315,692 |
| ||
|
|
|
|
|
| ||
United States: 17.94% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
$ |
295,000 |
|
373,791 |
| |
ABB Finance USA, Inc., |
|
|
|
|
| ||
2.875%, due 05/08/22 |
|
205,000 |
|
214,908 |
| ||
AbbVie, Inc., |
|
|
|
|
| ||
2.900%, due 11/06/22 |
|
330,000 |
|
338,481 |
| ||
4.400%, due 11/06/42 |
|
120,000 |
|
125,167 |
| ||
Aetna, Inc., |
|
|
|
|
| ||
3.500%, due 11/15/24 |
|
215,000 |
|
227,294 |
| ||
Albemarle Corp., |
|
|
|
|
| ||
1.875%, due 12/08/211 |
|
EUR |
265,000 |
|
315,097 |
| |
Alphabet, Inc., |
|
|
|
|
| ||
1.998%, due 08/15/26 |
|
$ |
500,000 |
|
494,024 |
| |
Altria Group, Inc., |
|
|
|
|
| ||
4.250%, due 08/09/42 |
|
460,000 |
|
500,592 |
| ||
American Express Credit Corp., |
|
|
|
|
| ||
2.375%, due 05/26/20 |
|
95,000 |
|
97,168 |
| ||
American International Group, Inc., |
|
|
|
|
| ||
3.375%, due 08/15/20 |
|
285,000 |
|
300,754 |
| ||
4.500%, due 07/16/44 |
|
115,000 |
|
117,429 |
| ||
Amgen, Inc., |
|
|
|
|
| ||
4.400%, due 05/01/45 |
|
50,000 |
|
52,654 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
3.450%, due 07/15/244 |
|
85,000 |
|
83,888 |
| ||
4.850%, due 03/15/21 |
|
70,000 |
|
75,411 |
| ||
6.375%, due 09/15/17 |
|
40,000 |
|
41,701 |
| ||
Apache Corp., |
|
|
|
|
| ||
4.750%, due 04/15/43 |
|
345,000 |
|
354,754 |
| ||
Apple, Inc., |
|
|
|
|
| ||
1.300%, due 02/23/18 |
|
90,000 |
|
90,262 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
AT&T, Inc., |
|
|
|
|
| ||
3.000%, due 02/15/22 |
|
$ |
170,000 |
|
$ |
175,545 |
|
4.750%, due 05/15/46 |
|
240,000 |
|
252,467 |
| ||
5.000%, due 03/01/21 |
|
370,000 |
|
414,300 |
| ||
5.550%, due 08/15/41 |
|
220,000 |
|
251,754 |
| ||
Baltimore Gas & Electric Co., |
|
|
|
|
| ||
3.500%, due 08/15/46 |
|
60,000 |
|
60,094 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
1.375%, due 09/10/211 |
|
EUR |
270,000 |
|
319,343 |
| |
3.875%, due 08/01/25 |
|
$ |
520,000 |
|
555,848 |
| |
5.875%, due 02/07/42 |
|
135,000 |
|
176,399 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
1.300%, due 05/15/18 |
|
135,000 |
|
135,446 |
| ||
Berkshire Hathaway, Inc., |
|
|
|
|
| ||
1.300%, due 03/15/24 |
|
EUR |
100,000 |
|
119,010 |
| |
3.125%, due 03/15/26 |
|
$ |
180,000 |
|
189,476 |
| |
Branch Banking & Trust Co., |
|
|
|
|
| ||
1.350%, due 10/01/17 |
|
265,000 |
|
265,084 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
3.000%, due 03/15/23 |
|
235,000 |
|
247,353 |
| ||
5.400%, due 06/01/41 |
|
135,000 |
|
172,966 |
| ||
Caterpillar, Inc., |
|
|
|
|
| ||
4.750%, due 05/15/64 |
|
160,000 |
|
183,169 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
5.150%, due 03/15/34 |
|
175,000 |
|
176,607 |
| ||
Charter Communications Operating LLC / Charter Communications Operating Capital, |
|
|
|
|
| ||
4.464%, due 07/23/222 |
|
195,000 |
|
210,569 |
| ||
Chevron Corp., |
|
|
|
|
| ||
2.355%, due 12/05/22 |
|
170,000 |
|
173,224 |
| ||
Cisco Systems, Inc., |
|
|
|
|
| ||
1.400%, due 02/28/18 |
|
105,000 |
|
105,403 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
3.875%, due 10/25/23 |
|
885,000 |
|
949,770 |
| ||
4.600%, due 03/09/26 |
|
110,000 |
|
117,547 |
| ||
Coca-Cola Co. (The), |
|
|
|
|
| ||
1.100%, due 09/02/36 |
|
EUR |
100,000 |
|
111,779 |
| |
1.875%, due 09/22/26 |
|
105,000 |
|
133,934 |
| ||
Comcast Corp., |
|
|
|
|
| ||
4.750%, due 03/01/44 |
|
$ |
65,000 |
|
76,571 |
| |
ConocoPhillips Co., |
|
|
|
|
| ||
2.200%, due 05/15/20 |
|
320,000 |
|
323,883 |
| ||
4.200%, due 03/15/21 |
|
160,000 |
|
173,037 |
| ||
Consumers Energy Co., |
|
|
|
|
| ||
3.250%, due 08/15/46 |
|
50,000 |
|
49,341 |
| ||
CVS Health Corp., |
|
|
|
|
| ||
5.125%, due 07/20/45 |
|
255,000 |
|
310,902 |
| ||
Daimler Finance North America LLC, |
|
|
|
|
| ||
2.450%, due 05/18/202 |
|
150,000 |
|
153,175 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., |
|
|
|
|
| ||
3.480%, due 06/01/192 |
|
$ |
270,000 |
|
$ |
277,649 |
|
4.420%, due 06/15/212 |
|
340,000 |
|
355,365 |
| ||
8.350%, due 07/15/462 |
|
310,000 |
|
371,348 |
| ||
Dominion Resources, Inc., |
|
|
|
|
| ||
Series D, 2.850%, due 08/15/26 |
|
90,000 |
|
89,577 |
| ||
Duke Energy Carolinas LLC, |
|
|
|
|
| ||
4.000%, due 09/30/42 |
|
200,000 |
|
214,913 |
| ||
Enable Midstream Partners LP, |
|
|
|
|
| ||
3.900%, due 05/15/24 |
|
150,000 |
|
139,950 |
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
6.050%, due 06/01/41 |
|
270,000 |
|
273,955 |
| ||
Enterprise Products Operating LLC, |
|
|
|
|
| ||
4.850%, due 03/15/44 |
|
160,000 |
|
166,670 |
| ||
5.200%, due 09/01/20 |
|
125,000 |
|
139,581 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
5.625%, due 03/15/422 |
|
145,000 |
|
175,814 |
| ||
ERP Operating LP, |
|
|
|
|
| ||
3.375%, due 06/01/25 |
|
205,000 |
|
214,100 |
| ||
Exelon Corp., |
|
|
|
|
| ||
3.400%, due 04/15/26 |
|
165,000 |
|
171,317 |
| ||
Express Scripts Holding Co., |
|
|
|
|
| ||
2.250%, due 06/15/19 |
|
195,000 |
|
197,774 |
| ||
Exxon Mobil Corp., |
|
|
|
|
| ||
3.567%, due 03/06/45 |
|
65,000 |
|
66,042 |
| ||
4.114%, due 03/01/46 |
|
90,000 |
|
100,186 |
| ||
FedEx Corp., |
|
|
|
|
| ||
1.625%, due 01/11/27 |
|
EUR |
150,000 |
|
177,225 |
| |
4.550%, due 04/01/46 |
|
$ |
60,000 |
|
66,857 |
| |
Fifth Third Bank, |
|
|
|
|
| ||
2.875%, due 10/01/21 |
|
345,000 |
|
360,905 |
| ||
Five Corners Funding Trust, |
|
|
|
|
| ||
4.419%, due 11/15/232 |
|
235,000 |
|
253,893 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
3.000%, due 06/12/17 |
|
680,000 |
|
687,182 |
| ||
Freeport-McMoRan, Inc., |
|
|
|
|
| ||
3.550%, due 03/01/224 |
|
350,000 |
|
318,500 |
| ||
3.875%, due 03/15/23 |
|
150,000 |
|
135,750 |
| ||
General Electric Co., |
|
|
|
|
| ||
1.875%, due 05/28/27 |
|
EUR |
120,000 |
|
151,488 |
| |
4.125%, due 10/09/42 |
|
$ |
120,000 |
|
131,658 |
| |
4.375%, due 09/16/20 |
|
97,000 |
|
107,274 |
| ||
Series A, 6.750%,due 03/15/32 |
|
147,000 |
|
206,925 |
| ||
General Motors Financial Co., Inc., |
|
|
|
|
| ||
3.200%, due 07/06/21 |
|
240,000 |
|
242,965 |
| ||
Georgia Power Co., |
|
|
|
|
| ||
5.400%, due 06/01/40 |
|
125,000 |
|
153,373 |
| ||
Gilead Sciences, Inc., |
|
|
|
|
| ||
2.050%, due 04/01/194 |
|
110,000 |
|
111,960 |
| ||
4.750%, due 03/01/46 |
|
85,000 |
|
94,894 |
| ||
4.800%, due 04/01/44 |
|
165,000 |
|
184,589 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Glencore Funding LLC, |
|
|
|
|
| ||
2.500%, due 01/15/192 |
|
$ |
60,000 |
|
$ |
59,856 |
|
3.125%, due 04/29/192 |
|
110,000 |
|
110,440 |
| ||
Goldman Sachs Group, Inc. (The), |
|
|
|
|
| ||
1.375%, due 07/26/221 |
|
EUR |
685,000 |
|
804,567 |
| |
5.150%, due 05/22/45 |
|
$ |
170,000 |
|
185,830 |
| |
Hartford Financial Services Group, Inc. (The), |
|
|
|
|
| ||
4.300%, due 04/15/43 |
|
155,000 |
|
152,070 |
| ||
HCP, Inc., |
|
|
|
|
| ||
3.875%, due 08/15/24 |
|
190,000 |
|
194,584 |
| ||
Home Depot, Inc. (The), |
|
|
|
|
| ||
4.875%, due 02/15/44 |
|
110,000 |
|
135,094 |
| ||
Illinois Tool Works, Inc., |
|
|
|
|
| ||
1.250%, due 05/22/23 |
|
EUR |
160,000 |
|
190,409 |
| |
International Business Machines Corp., |
|
|
|
|
| ||
3.375%, due 08/01/23 |
|
$ |
260,000 |
|
279,699 |
| |
JPMorgan Chase & Co., |
|
|
|
|
| ||
3.200%, due 01/25/23 |
|
1,360,000 |
|
1,418,757 |
| ||
3.875%, due 09/10/24 |
|
105,000 |
|
110,600 |
| ||
Juniper Networks, Inc., |
|
|
|
|
| ||
4.500%, due 03/15/24 |
|
180,000 |
|
190,826 |
| ||
Kellogg Co., |
|
|
|
|
| ||
1.875%, due 11/17/16 |
|
160,000 |
|
160,170 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
5.000%, due 10/01/21 |
|
125,000 |
|
136,401 |
| ||
5.000%, due 03/01/43 |
|
305,000 |
|
287,510 |
| ||
Kinder Morgan, Inc., |
|
|
|
|
| ||
5.625%, due 11/15/232 |
|
80,000 |
|
88,378 |
| ||
Kraft Heinz Foods Co., |
|
|
|
|
| ||
4.875%, due 02/15/252 |
|
145,000 |
|
159,943 |
| ||
5.000%, due 06/04/42 |
|
190,000 |
|
218,819 |
| ||
Kroger Co. (The), |
|
|
|
|
| ||
3.875%, due 10/15/46 |
|
60,000 |
|
60,540 |
| ||
Liberty Mutual Group, Inc., |
|
|
|
|
| ||
2.750%, due 05/04/261 |
|
EUR |
140,000 |
|
169,470 |
| |
4.250%, due 06/15/232 |
|
$ |
270,000 |
|
292,221 |
| |
Lowes Cos., Inc., |
|
|
|
|
| ||
4.250%, due 09/15/44 |
|
215,000 |
|
237,843 |
| ||
Marathon Oil Corp., |
|
|
|
|
| ||
3.850%, due 06/01/25 |
|
175,000 |
|
166,281 |
| ||
McDonalds Corp., |
|
|
|
|
| ||
2.750%, due 12/09/20 |
|
125,000 |
|
129,551 |
| ||
Medtronic, Inc., |
|
|
|
|
| ||
3.150%, due 03/15/22 |
|
220,000 |
|
233,788 |
| ||
4.625%, due 03/15/45 |
|
75,000 |
|
88,331 |
| ||
Mellon Capital III, |
|
|
|
|
| ||
1.875%, due 09/05/663 |
|
GBP |
600,000 |
|
719,363 |
| |
Merck & Co., Inc., |
|
|
|
|
| ||
1.875%, due 10/15/26 |
|
EUR |
125,000 |
|
158,434 |
| |
3.700%, due 02/10/45 |
|
$ |
65,000 |
|
68,989 |
| |
Metropolitan Life Global Funding I, |
|
|
|
|
| ||
1.250%, due 09/17/211 |
|
EUR |
465,000 |
|
550,003 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Microsoft Corp., |
|
|
|
|
| ||
2.400%, due 08/08/26 |
|
$ |
150,000 |
|
$ |
150,096 |
|
3.500%, due 11/15/42 |
|
155,000 |
|
152,333 |
| ||
3.700%, due 08/08/46 |
|
220,000 |
|
222,847 |
| ||
Molson Coors Brewing Co., |
|
|
|
|
| ||
3.000%, due 07/15/26 |
|
80,000 |
|
80,606 |
| ||
Mondelez International, Inc., |
|
|
|
|
| ||
2.375%, due 01/26/21 |
|
EUR |
310,000 |
|
379,712 |
| |
Monongahela Power Co., |
|
|
|
|
| ||
5.400%, due 12/15/432 |
|
$ |
105,000 |
|
132,928 |
| |
Morgan Stanley, |
|
|
|
|
| ||
2.375%, due 07/23/19 |
|
660,000 |
|
671,427 |
| ||
2.500%, due 04/21/21 |
|
235,000 |
|
237,294 |
| ||
2.650%, due 01/27/20 |
|
250,000 |
|
255,479 |
| ||
4.350%, due 09/08/26 |
|
185,000 |
|
197,616 |
| ||
6.375%, due 07/24/42 |
|
85,000 |
|
116,079 |
| ||
NBCUniversal Media LLC, |
|
|
|
|
| ||
4.375%, due 04/01/21 |
|
550,000 |
|
612,022 |
| ||
Occidental Petroleum Corp., |
|
|
|
|
| ||
4.625%, due 06/15/45 |
|
85,000 |
|
96,321 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
7.000%, due 05/01/32 |
|
181,000 |
|
255,654 |
| ||
Oracle Corp., |
|
|
|
|
| ||
2.400%, due 09/15/23 |
|
390,000 |
|
393,259 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
| ||
6.050%, due 03/01/34 |
|
320,000 |
|
427,047 |
| ||
PacifiCorp, |
|
|
|
|
| ||
6.000%, due 01/15/39 |
|
215,000 |
|
293,470 |
| ||
Pfizer, Inc., |
|
|
|
|
| ||
5.200%, due 08/12/20 |
|
240,000 |
|
271,738 |
| ||
Philip Morris International, Inc., |
|
|
|
|
| ||
4.250%, due 11/10/44 |
|
200,000 |
|
222,577 |
| ||
Phillips 66, |
|
|
|
|
| ||
4.650%, due 11/15/34 |
|
115,000 |
|
124,686 |
| ||
Phillips 66 Partners LP, |
|
|
|
|
| ||
4.680%, due 02/15/45 |
|
80,000 |
|
75,976 |
| ||
Plains All American Pipeline LP / PSS Finance Corp., |
|
|
|
|
| ||
3.650%, due 06/01/22 |
|
70,000 |
|
70,963 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
| ||
4.700%, due 06/01/43 |
|
235,000 |
|
255,430 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
4.450%, due 06/12/25 |
|
110,000 |
|
122,797 |
| ||
5.700%, due 08/15/35 |
|
50,000 |
|
61,915 |
| ||
Roche Holdings, Inc., |
|
|
|
|
| ||
2.625%, due 05/15/261 |
|
200,000 |
|
205,532 |
| ||
SABMiller Holdings, Inc., |
|
|
|
|
| ||
3.750%, due 01/15/222 |
|
390,000 |
|
422,270 |
| ||
Schlumberger Holdings Corp., |
|
|
|
|
| ||
3.000%, due 12/21/202 |
|
175,000 |
|
182,490 |
| ||
Sempra Energy, |
|
|
|
|
| ||
6.000%, due 10/15/39 |
|
180,000 |
|
230,612 |
| ||
Southern Co. (The), |
|
|
|
|
| ||
3.250%, due 07/01/26 |
|
220,000 |
|
228,008 |
| ||
4.400%, due 07/01/46 |
|
190,000 |
|
205,544 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Southwestern Electric Power Co., |
|
|
|
|
| ||
6.200%, due 03/15/40 |
|
$ |
230,000 |
|
$ |
296,242 |
|
SunTrust Bank, |
|
|
|
|
| ||
1.350%, due 02/15/17 |
|
320,000 |
|
320,109 |
| ||
SunTrust Banks, Inc., |
|
|
|
|
| ||
2.350%, due 11/01/18 |
|
210,000 |
|
213,613 |
| ||
Swiss Re Treasury US Corp., |
|
|
|
|
| ||
4.250%, due 12/06/422 |
|
110,000 |
|
117,338 |
| ||
Teachers Insurance & Annuity Association of America, |
|
|
|
|
| ||
4.900%, due 09/15/442 |
|
115,000 |
|
129,660 |
| ||
Thermo Fisher Scientific, Inc., |
|
|
|
|
| ||
2.400%, due 02/01/19 |
|
160,000 |
|
162,657 |
| ||
Time Warner Cable LLC, |
|
|
|
|
| ||
4.500%, due 09/15/42 |
|
150,000 |
|
143,469 |
| ||
5.000%, due 02/01/20 |
|
455,000 |
|
493,422 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
2.950%, due 07/15/26 |
|
100,000 |
|
101,255 |
| ||
US Bank NA, |
|
|
|
|
| ||
1.350%, due 01/26/18 |
|
310,000 |
|
310,485 |
| ||
Unilever Capital Corp., |
|
|
|
|
| ||
1.375%, due 07/28/21 |
|
100,000 |
|
99,270 |
| ||
Union Pacific Corp., |
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
85,000 |
|
93,340 |
| ||
United Technologies Corp., |
|
|
|
|
| ||
1.250%, due 05/22/23 |
|
EUR |
110,000 |
|
131,113 |
| |
UnitedHealth Group, Inc., |
|
|
|
|
| ||
2.700%, due 07/15/20 |
|
$ |
110,000 |
|
114,326 |
| |
Valero Energy Corp., |
|
|
|
|
| ||
4.900%, due 03/15/45 |
|
200,000 |
|
198,096 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
2.625%, due 02/21/20 |
|
552,000 |
|
567,712 |
| ||
3.000%, due 11/01/21 |
|
130,000 |
|
136,036 |
| ||
4.500%, due 09/15/20 |
|
140,000 |
|
153,641 |
| ||
6.550%, due 09/15/43 |
|
510,000 |
|
691,113 |
| ||
Wachovia Corp., |
|
|
|
|
| ||
5.750%, due 02/01/18 |
|
565,000 |
|
596,952 |
| ||
Walgreens Boots Alliance, Inc., |
|
|
|
|
| ||
3.800%, due 11/18/24 |
|
190,000 |
|
204,263 |
| ||
Walt Disney Co. (The), |
|
|
|
|
| ||
1.850%, due 07/30/26 |
|
50,000 |
|
47,758 |
| ||
Wells Fargo & Co., |
|
|
|
|
| ||
2.100%, due 07/26/21 |
|
280,000 |
|
279,062 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
230,000 |
|
235,321 |
| ||
4.900%, due 01/15/45 |
|
90,000 |
|
85,754 |
| ||
Xcel Energy, Inc., |
|
|
|
|
| ||
4.800%, due 09/15/41 |
|
240,000 |
|
280,472 |
| ||
Zimmer Biomet Holdings, Inc., |
|
|
|
|
| ||
3.150%, due 04/01/22 |
|
155,000 |
|
160,355 |
| ||
4.450%, due 08/15/45 |
|
165,000 |
|
169,398 |
| ||
Total United States corporate bonds |
|
|
|
38,372,777 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Concluded) |
|
|
|
|
| ||
Corporate bonds(Concluded) |
|
|
|
|
| ||
Virgin Islands, British: 0.33% |
|
|
|
|
| ||
CNPC General Capital Ltd., |
|
|
|
|
| ||
3.400%, due 04/16/232,4 |
|
$ |
250,000 |
|
$ |
260,648 |
|
Sinopec Capital 2013 Ltd., |
|
|
|
|
| ||
3.125%, due 04/24/231 |
|
430,000 |
|
441,308 |
| ||
Total Virgin Islands, British corporate bonds |
|
|
|
701,956 |
| ||
Total corporate bonds |
|
|
|
83,400,989 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 0.16% |
|
|
|
|
| ||
United Kingdom: 0.08% |
|
|
|
|
| ||
Tesco Property Finance 4 plc, |
|
|
|
|
| ||
5.801%, due 10/13/401 |
|
137,927 |
|
181,599 |
| ||
|
|
|
|
|
| ||
United States: 0.08% |
|
|
|
|
| ||
American Airlines Pass-Through Trust, |
|
|
|
|
| ||
Series 2014-1, Class B, 4.375%, due 10/01/22 |
|
116,718 |
|
118,609 |
| ||
Delta Air Lines Pass-Through Trust, |
|
|
|
|
| ||
Series 2007-1, Class A, 6.821%, due 08/10/22 |
|
36,918 |
|
43,656 |
| ||
|
|
|
|
162,265 |
| ||
Total asset-backed securities |
|
|
|
343,864 |
| ||
|
|
|
|
|
| ||
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 |
|
8,000,000 |
|
0 |
| ||
|
|
|
|
|
| ||
Collateralized mortgage obligation: 0.00%6 |
|
|
|
|
| ||
United States: 0.00%6 |
|
|
|
|
| ||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2005-7, Class B11, |
|
|
|
|
| ||
3.072%, due 04/25/353 |
|
255,255 |
|
8,301 |
| ||
|
|
|
|
|
| ||
Non-U.S. government obligations: 0.16% |
|
|
|
|
| ||
Denmark: 0.07% |
|
|
|
|
| ||
DONG Energy A/S, |
|
|
|
|
| ||
3.000%, due 11/06/30151,3 |
|
EUR |
120,000 |
|
136,277 |
| |
|
|
|
|
|
| ||
Germany: 0.09% |
|
|
|
|
| ||
FMS Wertmanagement AoR, |
|
|
|
|
| ||
1.000%, due 08/16/19 |
|
$ |
200,000 |
|
199,093 |
| |
Total Non-U.S. government obligations |
|
|
|
335,370 |
| ||
|
|
|
|
|
| ||
U.S. treasury obligation: 15.92% |
|
|
|
|
| ||
United States: 15.92% |
|
|
|
|
| ||
U.S. Treasury Inflation Indexed Note (TIPS), |
|
|
|
|
| ||
0.625%, due 01/15/264 |
|
31,930,000 |
|
34,055,896 |
| ||
Total bonds |
|
|
|
118,144,420 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Exchange traded funds: 5.94% |
|
|
|
|
| ||
iShares Edge MSCI Minimum Volatility Emerging Markets ETF |
|
$ |
128,257 |
|
$ |
6,933,573 |
|
Wisdomtree Europe Hedged SmallCap Equity Fund |
|
236,880 |
|
5,784,610 |
| ||
Total exchange traded funds |
|
|
|
12,718,183 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Short-term investments: 25.86% |
|
|
|
|
| ||
Investment company: 3.67% |
|
|
|
|
| ||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
7,848,957 |
|
7,848,957 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
U.S. treasury obligations: 22.19% |
|
|
|
|
| ||
United States: 22.19% |
|
|
|
|
| ||
U.S. Treasury Bills |
|
|
|
|
| ||
0.406%, due 04/27/174,8 |
|
$ |
26,000,000 |
|
25,929,826 |
| |
0.452%, due 03/30/174,8 |
|
21,600,000 |
|
21,553,430 |
| ||
Total U.S. treasury obligations |
|
|
|
47,483,256 |
| ||
Total short-term investments |
|
|
|
55,332,213 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased: 0.17% |
|
|
|
|
| ||
Put options: 0.17% |
|
|
|
|
| ||
S&P 500 Index, strike @ USD 2,050.00, expires December 2016 |
|
150 |
|
351,000 |
| ||
|
|
|
|
|
| ||
|
|
Notional Amount |
|
|
| ||
Swaptions: 0.00%6,7 |
|
|
|
|
| ||
Expiring 12/21/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.IG Series 26 Index and the Fund receives quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: BB |
|
4,660,000 |
|
5,761 |
| ||
Total options purchased |
|
|
|
356,761 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment of cash collateral from securities loaned: 0.45% |
|
|
|
|
| ||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
972,975 |
|
|
972,975 |
| |
Total investments: 87.64% |
|
|
|
187,524,552 |
| ||
Cash and other assets, less liabilities12.36% |
|
|
|
26,435,170 |
| ||
Net assets100.00% |
|
|
|
$ |
213,959,722 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (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 |
|
$ |
3,311,533 |
|
Gross unrealized depreciation |
|
(10,574,224 |
) | |
Net unrealized depreciation of investments |
|
$ |
(7,262,691 |
) |
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
CIBC |
|
CAD |
20,230,000 |
|
USD |
15,377,295 |
|
12/20/16 |
|
$ |
(51,346 |
) |
CIBC |
|
GBP |
7,340,000 |
|
USD |
9,705,550 |
|
12/20/16 |
|
176,159 |
| |
GSI |
|
USD |
2,669,009 |
|
RUB |
171,910,853 |
|
12/20/16 |
|
15,679 |
| |
JPMCB |
|
EUR |
1,235,000 |
|
USD |
1,382,990 |
|
12/20/16 |
|
(9,429 |
) | |
JPMCB |
|
HKD |
6,225,000 |
|
USD |
802,888 |
|
12/20/16 |
|
(315 |
) | |
JPMCB |
|
JPY |
191,900,000 |
|
USD |
1,876,308 |
|
12/20/16 |
|
(22,776 |
) | |
JPMCB |
|
USD |
729,126 |
|
EUR |
650,000 |
|
12/20/16 |
|
3,726 |
| |
JPMCB |
|
USD |
802,997 |
|
HKD |
6,225,000 |
|
12/20/16 |
|
206 |
| |
JPMCB |
|
USD |
1,597,407 |
|
MXN |
30,840,000 |
|
12/20/16 |
|
(20,698 |
) | |
MSC |
|
KRW |
6,959,000,000 |
|
USD |
6,180,284 |
|
12/20/16 |
|
(135,586 |
) | |
MSC |
|
NZD |
18,245,000 |
|
USD |
13,202,867 |
|
12/20/16 |
|
(41,894 |
) | |
MSC |
|
USD |
7,407,734 |
|
AUD |
9,925,000 |
|
12/20/16 |
|
174,863 |
| |
MSC |
|
USD |
4,432,993 |
|
COP |
13,281,301,922 |
|
12/20/16 |
|
111,882 |
| |
MSC |
|
USD |
4,369,508 |
|
INR |
296,340,000 |
|
12/20/16 |
|
22,717 |
| |
MSC |
|
USD |
4,295,203 |
|
MXN |
84,070,000 |
|
12/20/16 |
|
2,914 |
| |
SSB |
|
CHF |
17,660,000 |
|
USD |
18,142,481 |
|
12/20/16 |
|
(123,629 |
) | |
SSB |
|
CNY |
11,615,000 |
|
USD |
1,719,467 |
|
12/20/16 |
|
(16,756 |
) | |
SSB |
|
EUR |
14,655,000 |
|
USD |
16,519,292 |
|
12/20/16 |
|
(3,707 |
) | |
SSB |
|
TWD |
27,200,000 |
|
USD |
861,577 |
|
12/20/16 |
|
(8,068 |
) | |
SSB |
|
USD |
1,743,585 |
|
RUB |
115,713,007 |
|
12/20/16 |
|
63,476 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
$ |
137,418 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 6 contracts (USD) |
|
December 2016 |
|
$ |
(1,121,288 |
) |
$ |
(1,103,250 |
) |
$ |
18,038 |
|
5 Year US Treasury Notes, 351 contracts (USD) |
|
December 2016 |
|
(42,613,239 |
) |
(42,651,984 |
) |
(38,745 |
) | |||
10 Year US Treasury Notes, 232 contracts (USD) |
|
December 2016 |
|
(30,440,449 |
) |
(30,421,000 |
) |
19,449 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
EURO STOXX 50 Index, 318 contracts (EUR) |
|
December 2016 |
|
10,771,237 |
|
10,695,326 |
|
(75,911 |
) | |||
IBEX 35 Index, 47 contracts (EUR) |
|
October 2016 |
|
4,644,039 |
|
4,626,430 |
|
(17,609 |
) | |||
Mini MSCI Emerging Markets Index, 420 contracts (USD) |
|
December 2016 |
|
19,180,314 |
|
19,162,500 |
|
(17,814 |
) | |||
S&P 500 Index, 30 contracts (USD) |
|
December 2016 |
|
16,203,290 |
|
16,203,000 |
|
(290 |
) | |||
TOPIX Index, 168 contracts (JPY) |
|
December 2016 |
|
22,090,934 |
|
21,918,446 |
|
(172,488 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
FTSE/MIB Index, 48 contracts (EUR) |
|
December 2016 |
|
(4,489,818 |
) |
(4,409,913 |
) |
79,905 |
| |||
NIKKEI 225 Index, 108 contracts (JPY) |
|
December 2016 |
|
(18,009,452 |
) |
(17,519,846 |
) |
489,606 |
| |||
S&P/Toronto Stock Exchange 60 Index, 105 contracts (CAD) |
|
December 2016 |
|
(13,490,016 |
) |
(13,688,936 |
) |
(198,920 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 10 Year Bond, 267 contracts (AUD) |
|
December 2016 |
|
27,712,480 |
|
27,999,056 |
|
286,576 |
| |||
Canadian Government 10 Year Bond, 148 contracts (CAD) |
|
December 2016 |
|
16,547,319 |
|
16,573,924 |
|
26,605 |
| |||
Euro-Bund, 13 contracts (EUR) |
|
December 2016 |
|
2,411,307 |
|
2,419,808 |
|
8,501 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bobl, 218 contracts (EUR) |
|
December 2016 |
|
(32,381,568 |
) |
(32,347,560 |
) |
34,008 |
| |||
Euro-BTP, 67 contracts (EUR) |
|
December 2016 |
|
(10,774,961 |
) |
(10,769,590 |
) |
5,371 |
| |||
Euro-OAT, 156 contracts (EUR) |
|
December 2016 |
|
(27,935,651 |
) |
(28,059,844 |
) |
(124,193 |
) | |||
Long Gilt, 4 contracts (GBP) |
|
December 2016 |
|
(680,076 |
) |
(675,295 |
) |
4,781 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
326,870 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
Interest rate swap agreements
Counterparty |
|
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
DB |
|
EUR |
32,600,000 |
|
11/01/21 |
|
2.698 |
% |
6 month EURIBOR |
|
$ |
|
|
$ |
(6,273,365 |
) |
$ |
(6,273,365 |
) |
GSI |
|
EUR |
31,200,000 |
|
06/21/21 |
|
6 month EURIBOR |
|
3.325 |
% |
|
|
6,171,174 |
|
6,171,174 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
(102,191 |
) |
$ |
(102,191 |
) |
Credit default swap agreements on corporate issues-buy protection10
Counterparty |
|
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
BB |
|
METRO AG bond, 3.375%, due 03/01/19 |
|
EUR |
455,000 |
|
06/20/20 |
|
1.000 |
% |
$ |
2,116 |
|
$ |
(2,781 |
) |
$ |
(665 |
) |
CITI |
|
HSBC Bank plc bond, 4.000%, due 01/15/21 |
|
EUR |
325,000 |
|
03/20/20 |
|
1.000 |
|
7,570 |
|
(5,881 |
) |
1,689 |
| |||
JPMCB |
|
Bayer AG bond, 5.625%, due 05/23/18 |
|
EUR |
585,000 |
|
03/20/18 |
|
1.000 |
|
4,107 |
|
(7,499 |
) |
(3,392 |
) | |||
JPMCB |
|
Pfizer, Inc. bond, 4.650%, due 03/01/18 |
|
USD |
1,345,000 |
|
06/20/20 |
|
1.000 |
|
39,201 |
|
(39,169 |
) |
32 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
52,994 |
|
$ |
(55,330 |
) |
$ |
(2,336 |
) |
Credit default swap agreements on corporate issues-sell protection11
Counterparty |
|
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CITI |
|
Glencore International AG bond, 6.500%, due 02/27/19 |
|
EUR |
355,000 |
|
06/20/19 |
|
1.000 |
% |
$ |
13,843 |
|
$ |
(3,020 |
) |
$ |
10,823 |
|
1.291 |
% |
CITI |
|
Standard Chartered Bank plc bond, 0.000%, due 10/15/14 |
|
EUR |
325,000 |
|
03/20/20 |
|
1.000 |
|
(873 |
) |
1,715 |
|
842 |
|
0.873 |
| |||
GSI |
|
Freeport-McMoran, Inc. bond, 3.550%, due 03/01/22 |
|
USD |
290,000 |
|
12/20/19 |
|
1.000 |
|
9,255 |
|
(12,673 |
) |
(3,418 |
) |
2.428 |
| |||
JPMCB |
|
Lanxess AG bond, 4.125%, due 05/23/18 |
|
EUR |
595,000 |
|
06/20/19 |
|
1.000 |
|
5,342 |
|
12,865 |
|
18,207 |
|
0.312 |
| |||
JPMCB |
|
Teck Resources Ltd. bond, 3.150%, due 01/15/17 |
|
USD |
420,000 |
|
12/20/19 |
|
1.000 |
|
26,625 |
|
(13,609 |
) |
13,016 |
|
2.047 |
| |||
JPMCB |
|
Teck Resources Ltd. bond, 3.150%, due 01/15/17 |
|
USD |
90,000 |
|
03/20/20 |
|
1.000 |
|
5,027 |
|
(3,952 |
) |
1,075 |
|
2.323 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
59,219 |
|
$ |
(18,674 |
) |
$ |
40,545 |
|
|
|
Centrally cleared credit default swap agreements on credit indices-buy protection10
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
| |||
iTraxx Europe Series 25 Index |
|
EUR |
4,070,000 |
|
06/20/21 |
|
1.000 |
% |
$ |
(73,614 |
) |
$ |
(23,550 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
Centrally cleared credit default swap agreements on credit indices-sell protection11
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
|
Credit |
| |||
iTraxx Europe Crossover Series 25 Index |
|
EUR |
8,900,000 |
|
06/20/21 |
|
5.000 |
% |
$ |
805,021 |
|
$ |
188,313 |
|
3.144 |
% |
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Put options |
|
|
|
|
|
|
| ||
S&P 500 Index, 150 contracts, strike @ USD 1,925.00 |
|
December 2016 |
|
$ |
218,625 |
|
$ |
(166,500 |
) |
Options written activity for the period ended September 30, 2016 was as follows:
|
|
Number of |
|
Premiums |
| |
Put options outstanding at June 30, 2016 |
|
|
|
$ |
|
|
Put options written |
|
150 |
|
218,625 |
| |
Put options terminated in closing purchase transactions |
|
|
|
|
| |
Put options expired prior to exercise |
|
|
|
|
| |
Put options outstanding at September 30, 2016 |
|
150 |
|
$ |
218,625 |
|
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
83,400,989 |
|
$ |
|
|
$ |
83,400,989 |
|
Asset-backed securities |
|
|
|
343,864 |
|
|
|
343,864 |
| ||||
Collateralized debt obligation |
|
|
|
|
|
0 |
|
0 |
| ||||
Collateralized mortgage obligation |
|
|
|
8,301 |
|
|
|
8,301 |
| ||||
Non-U.S. government obligations |
|
|
|
335,370 |
|
|
|
335,370 |
| ||||
U.S. treasury obligation |
|
|
|
34,055,896 |
|
|
|
34,055,896 |
| ||||
Exchange traded funds |
|
12,718,183 |
|
|
|
|
|
12,718,183 |
| ||||
Short-term investments |
|
|
|
55,332,213 |
|
|
|
55,332,213 |
| ||||
Options purchased |
|
351,000 |
|
5,761 |
|
|
|
356,761 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
972,975 |
|
|
|
972,975 |
| ||||
Forward foreign currency contracts |
|
|
|
571,622 |
|
|
|
571,622 |
| ||||
Futures contracts |
|
972,840 |
|
|
|
|
|
972,840 |
| ||||
Swap agreements, at value |
|
|
|
6,990,775 |
|
|
|
6,990,775 |
| ||||
Total |
|
$ |
14,042,023 |
|
$ |
182,017,766 |
|
$ |
0 |
|
$ |
196,059,789 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(434,204 |
) |
$ |
|
|
$ |
(434,204 |
) |
Futures contracts |
|
(645,970 |
) |
|
|
|
|
(645,970 |
) | ||||
Swap agreements, at value |
|
|
|
(6,435,563 |
) |
|
|
(6,435,563 |
) | ||||
Options written |
|
(166,500 |
) |
|
|
|
|
(166,500 |
) | ||||
Total |
|
$ |
(812,470 |
) |
$ |
(6,869,767 |
) |
$ |
|
|
$ |
(7,682,237 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2016 (unaudited)
At September 30, 2016, there were no transfers between Level 1 and Level 2. At June 30, 2016, $1,601,058 and $(1,190,970) of futures contracts were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period ended September 30, 2016:
Assets |
|
Collateralized |
| |
Beginning balance |
|
$ |
0 |
|
Purchases |
|
|
| |
Issuances |
|
|
| |
Sales |
|
|
| |
Accrued discounts (premiums) |
|
(951 |
) | |
Total realized gain (loss) |
|
|
| |
Change in net unrealized appreciation (depreciation) |
|
951 |
| |
Transfers into Level 3 |
|
|
| |
Transfers out of Level 3 |
|
|
| |
Ending balance |
|
$ |
0 |
|
The change in net unrealized appreciation (depreciation) relating to the Level 3 investments held at September 30, 2016 was $951.
Portfolio footnotes
1 |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
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. |
3 |
Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically. |
4 |
Security, or portion thereof, was on loan at the period end. |
5 |
Perpetual investment. Date shown reflects the next call date. |
6 |
Amount represents less than 0.005%. |
7 |
Illiquid investment at the period end. |
8 |
Rate shown is the discount rate at the date of purchase unless otherwise noted. |
9 |
Payments made or received are based on the notional amount. |
10 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced 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 or underlying securities comprising the referenced obligation. |
11 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
12 |
Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. Credit spreads are unaudited. |
UBS Global Allocation Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2016
Common stocks |
|
|
|
Aerospace & defense |
|
0.58 |
% |
Airlines |
|
0.31 |
|
Auto components |
|
0.80 |
|
Automobiles |
|
1.02 |
|
Banks |
|
2.96 |
|
Beverages |
|
0.45 |
|
Biotechnology |
|
2.02 |
|
Capital markets |
|
0.93 |
|
Chemicals |
|
1.42 |
|
Communications equipment |
|
0.12 |
|
Construction & engineering |
|
0.21 |
|
Construction materials |
|
0.14 |
|
Consumer finance |
|
0.32 |
|
Diversified financial services |
|
0.61 |
|
Diversified telecommunication services |
|
0.69 |
|
Electric utilities |
|
0.46 |
|
Electrical equipment |
|
0.33 |
|
Electronic equipment, instruments & components |
|
0.43 |
|
Energy equipment & services |
|
0.30 |
|
Equity real estate investment trusts (REITs) |
|
0.79 |
|
Food & staples retailing |
|
1.07 |
|
Food products |
|
0.96 |
|
Health care equipment & supplies |
|
0.57 |
|
Health care providers & services |
|
1.17 |
|
Hotels, restaurants & leisure |
|
0.96 |
|
Household durables |
|
0.86 |
|
Industrial conglomerates |
|
0.89 |
|
Insurance |
|
2.11 |
|
Internet & direct marketing retail |
|
1.49 |
|
Internet software & services |
|
1.95 |
|
IT services |
|
0.81 |
|
Life sciences tools & services |
|
0.30 |
|
Machinery |
|
0.93 |
|
Marine |
|
0.20 |
|
Media |
|
1.09 |
|
Metals & mining |
|
1.14 |
|
Oil, gas & consumable fuels |
|
2.92 |
|
Personal products |
|
0.73 |
|
Pharmaceuticals |
|
1.78 |
|
Professional services |
|
0.21 |
|
Real estate management & development |
|
0.26 |
|
Road & rail |
|
0.55 |
|
Semiconductors & semiconductor equipment |
|
2.74 |
|
Software |
|
1.87 |
|
Specialty retail |
|
1.05 |
|
Technology hardware, storage & peripherals |
|
0.53 |
|
Textiles, apparel & luxury goods |
|
0.24 |
|
Tobacco |
|
0.82 |
|
Trading companies & distributors |
|
0.39 |
|
Wireless telecommunication services |
|
1.02 |
|
Total common stocks |
|
46.50 |
% |
Bonds |
|
|
|
Non-U.S. government obligations |
|
4.55 |
|
U.S. treasury obligations |
|
6.02 |
|
Total bonds |
|
10.57 |
% |
Investment companies |
|
|
|
UBS Global Corporate Bond Relationship Fund |
|
10.72 |
|
UBS-HALO Emerging Markets Equity Relationship Fund |
|
6.91 |
% |
Total investment companies |
|
17.63 |
% |
Exchange traded funds |
|
9.35 |
|
Short-term investment |
|
14.53 |
|
Options purchased |
|
0.10 |
|
Investment of cash collateral from securities loaned |
|
0.66 |
|
Total investments |
|
99.34 |
% |
Cash and other assets, less liabilities |
|
0.66 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS Global Allocation Fund. Figures may be different if a breakdown of the underlying investment companies and exchange traded funds was included.
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 46.50% |
|
|
|
|
| |
Australia: 0.88% |
|
|
|
|
| |
Rio Tinto Ltd. |
|
20,298 |
|
$ |
801,765 |
|
Wesfarmers Ltd. |
|
39,666 |
|
1,338,804 |
| |
Westfield Corp., REIT |
|
167,205 |
|
1,245,152 |
| |
Total Australia common stocks |
|
|
|
3,385,721 |
| |
|
|
|
|
|
| |
Austria: 0.31% |
|
|
|
|
| |
Erste Group Bank AG* |
|
40,252 |
|
1,192,148 |
| |
|
|
|
|
|
| |
Bermuda: 0.51% |
|
|
|
|
| |
Jardine Matheson Holdings Ltd. |
|
24,100 |
|
1,460,701 |
| |
Marvell Technology Group Ltd. |
|
36,665 |
|
486,545 |
| |
Total Bermuda common stocks |
|
|
|
1,947,246 |
| |
|
|
|
|
|
| |
Canada: 1.38% |
|
|
|
|
| |
Canadian Pacific Railway Ltd. |
|
5,264 |
|
803,813 |
| |
Husky Energy, Inc.* |
|
82,254 |
|
1,007,524 |
| |
Suncor Energy, Inc. |
|
59,553 |
|
1,653,203 |
| |
Toronto-Dominion Bank (The) |
|
41,396 |
|
1,837,649 |
| |
Total Canada common stocks |
|
|
|
5,302,189 |
| |
|
|
|
|
|
| |
Cayman Islands: 0.26% |
|
|
|
|
| |
Sands China Ltd. |
|
226,400 |
|
982,203 |
| |
|
|
|
|
|
| |
Denmark: 0.47% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
517 |
|
758,195 |
| |
Danske Bank A/S |
|
36,141 |
|
1,054,583 |
| |
Total Denmark common stocks |
|
|
|
1,812,778 |
| |
|
|
|
|
|
| |
Finland: 0.39% |
|
|
|
|
| |
Sampo OYJ, Class A |
|
33,298 |
|
1,481,250 |
| |
|
|
|
|
|
| |
France: 1.14% |
|
|
|
|
| |
Danone SA |
|
15,758 |
|
1,169,200 |
| |
Renault SA |
|
13,709 |
|
1,126,356 |
| |
Schneider Electric SE |
|
18,253 |
|
1,272,510 |
| |
Vinci SA |
|
10,801 |
|
826,521 |
| |
Total France common stocks |
|
|
|
4,394,587 |
| |
|
|
|
|
|
| |
Germany: 2.13% |
|
|
|
|
| |
Deutsche Telekom AG |
|
66,876 |
|
1,120,867 |
| |
Fresenius SE & Co. KGaA |
|
24,045 |
|
1,918,048 |
| |
Infineon Technologies AG |
|
40,181 |
|
716,781 |
| |
KION Group AG |
|
21,507 |
|
1,392,093 |
| |
MTU Aero Engines AG |
|
5,338 |
|
539,980 |
| |
SAP SE |
|
12,946 |
|
1,176,810 |
| |
thyssenkrupp AG |
|
56,066 |
|
1,336,472 |
| |
Total Germany common stocks |
|
|
|
8,201,051 |
| |
|
|
|
|
|
| |
Hong Kong: 0.77% |
|
|
|
|
| |
AIA Group Ltd. |
|
333,517 |
|
2,216,596 |
| |
Power Assets Holdings Ltd. |
|
76,500 |
|
745,629 |
| |
Total Hong Kong common stocks |
|
|
|
2,962,225 |
| |
|
|
|
|
|
| |
Ireland: 1.13% |
|
|
|
|
| |
Allergan plc* |
|
7,282 |
|
1,677,117 |
| |
ICON plc* |
|
11,119 |
|
860,277 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Ireland(Concluded) |
|
|
|
|
| |
Mallinckrodt plc* |
|
8,673 |
|
$ |
605,202 |
|
Ryanair Holdings plc ADR |
|
15,892 |
|
1,192,377 |
| |
Total Ireland common stocks |
|
|
|
4,334,973 |
| |
|
|
|
|
|
| |
Italy: 0.63% |
|
|
|
|
| |
Autogrill SpA |
|
89,299 |
|
756,367 |
| |
Banca Mediolanum SpA |
|
117,402 |
|
778,113 |
| |
Intesa Sanpaolo SpA |
|
392,941 |
|
871,344 |
| |
Total Italy common stocks |
|
|
|
2,405,824 |
| |
|
|
|
|
|
| |
Japan: 4.95% |
|
|
|
|
| |
ABC-Mart, Inc. |
|
20,900 |
|
1,413,875 |
| |
Alps Electric Co. Ltd. |
|
49,800 |
|
1,178,640 |
| |
Inpex Corp. |
|
99,700 |
|
893,913 |
| |
KDDI Corp. |
|
77,500 |
|
2,380,676 |
| |
Matsui Securities Co. Ltd.1 |
|
122,400 |
|
992,188 |
| |
Mitsui Fudosan Co. Ltd. |
|
47,000 |
|
989,779 |
| |
ORIX Corp. |
|
108,600 |
|
1,582,333 |
| |
Shin-Etsu Chemical Co. Ltd. |
|
21,300 |
|
1,470,762 |
| |
Sony Corp. |
|
69,500 |
|
2,256,925 |
| |
Sumitomo Electric Industries Ltd. |
|
72,100 |
|
1,006,791 |
| |
THK Co. Ltd. |
|
28,700 |
|
558,122 |
| |
Tokyo Electron Ltd. |
|
17,300 |
|
1,514,443 |
| |
Toyota Industries Corp. |
|
25,100 |
|
1,150,979 |
| |
Toyota Motor Corp. |
|
28,900 |
|
1,646,991 |
| |
Total Japan common stocks |
|
|
|
19,036,417 |
| |
|
|
|
|
|
| |
Jersey: 0.68% |
|
|
|
|
| |
Delphi Automotive plc |
|
12,969 |
|
924,949 |
| |
Shire plc |
|
26,103 |
|
1,690,993 |
| |
Total Jersey common stocks |
|
|
|
2,615,942 |
| |
|
|
|
|
|
| |
Netherlands: 1.42% |
|
|
|
|
| |
Koninklijke Ahold Delhaize NV* |
|
52,297 |
|
1,191,993 |
| |
Koninklijke DSM NV |
|
20,820 |
|
1,407,031 |
| |
NXP Semiconductors NV* |
|
5,062 |
|
516,375 |
| |
Unilever NV CVA |
|
44,218 |
|
2,040,289 |
| |
Wright Medical Group NV* |
|
12,236 |
|
300,149 |
| |
Total Netherlands common stocks |
|
|
|
5,455,837 |
| |
|
|
|
|
|
| |
Norway: 0.26% |
|
|
|
|
| |
Telenor ASA |
|
58,266 |
|
999,208 |
| |
|
|
|
|
|
| |
Panama: 0.15% |
|
|
|
|
| |
McDermott International, Inc.* |
|
113,967 |
|
570,975 |
| |
|
|
|
|
|
| |
Singapore: 0.46% |
|
|
|
|
| |
Broadcom Ltd. |
|
10,290 |
|
1,775,231 |
| |
|
|
|
|
|
| |
Spain: 0.76% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
127,882 |
|
773,158 |
| |
Banco Santander SA |
|
196,022 |
|
869,135 |
| |
Mediaset Espana Comunicacion SA |
|
108,907 |
|
1,290,694 |
| |
Total Spain common stocks |
|
|
|
2,932,987 |
| |
|
|
|
|
|
| |
Switzerland: 0.86% |
|
|
|
|
| |
Actelion Ltd.* |
|
4,787 |
|
828,794 |
| |
Roche Holding AG |
|
9,953 |
|
2,469,041 |
| |
Total Switzerland common stocks |
|
|
|
3,297,835 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
United Kingdom: 4.66% |
|
|
|
|
| |
Anglo American plc* |
|
112,035 |
|
$ |
1,405,092 |
|
Aon plc |
|
5,800 |
|
652,442 |
| |
Ashtead Group plc |
|
91,275 |
|
1,503,670 |
| |
Associated British Foods plc |
|
33,770 |
|
1,138,046 |
| |
Atlassian Corp. plc, Class A* |
|
11,100 |
|
332,667 |
| |
BP plc |
|
305,474 |
|
1,781,730 |
| |
British American Tobacco plc |
|
26,499 |
|
1,693,291 |
| |
HSBC Holdings plc |
|
229,220 |
|
1,719,338 |
| |
Lloyds Banking Group plc |
|
1,692,617 |
|
1,196,765 |
| |
London Stock Exchange Group plc |
|
35,207 |
|
1,277,739 |
| |
Noble Corp. plc |
|
22,300 |
|
141,382 |
| |
Rio Tinto plc |
|
24,941 |
|
832,266 |
| |
Royal Dutch Shell plc, Class A |
|
72,961 |
|
1,810,039 |
| |
Tesco plc* |
|
353,748 |
|
838,845 |
| |
Vodafone Group plc |
|
365,992 |
|
1,051,939 |
| |
Worldpay Group plc2,3 |
|
134,276 |
|
515,512 |
| |
Total United Kingdom common stocks |
|
|
|
17,890,763 |
| |
|
|
|
|
|
| |
United States: 22.30% |
|
|
|
|
| |
Activision Blizzard, Inc. |
|
11,508 |
|
509,804 |
| |
Aflac, Inc. |
|
8,969 |
|
644,602 |
| |
Allstate Corp. (The) |
|
16,385 |
|
1,133,514 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
11,666 |
|
790,721 |
| |
Alphabet, Inc., Class A* |
|
2,447 |
|
1,967,535 |
| |
Alphabet, Inc., Class C* |
|
1,372 |
|
1,066,442 |
| |
Amazon.com, Inc.* |
|
4,719 |
|
3,951,266 |
| |
American Express Co. |
|
7,868 |
|
503,867 |
| |
Apple, Inc. |
|
12,472 |
|
1,409,960 |
| |
Arista Networks, Inc.*,1 |
|
5,548 |
|
472,024 |
| |
Atara Biotherapeutics, Inc.* |
|
5,145 |
|
110,052 |
| |
Biogen, Inc.* |
|
1,861 |
|
582,549 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
1,854 |
|
303,704 |
| |
Catalent, Inc.* |
|
22,277 |
|
575,638 |
| |
Caterpillar, Inc. |
|
7,121 |
|
632,131 |
| |
CBS Corp. (Non-Voting), Class B |
|
15,620 |
|
855,039 |
| |
Celgene Corp.* |
|
10,383 |
|
1,085,335 |
| |
Centene Corp.* |
|
7,579 |
|
507,490 |
| |
Chevron Corp. |
|
2,173 |
|
223,645 |
| |
Colfax Corp.* |
|
17,800 |
|
559,454 |
| |
Cooper Cos., Inc. (The) |
|
2,484 |
|
445,282 |
| |
Danaher Corp. |
|
11,504 |
|
901,799 |
| |
Digital Realty Trust, Inc., REIT |
|
10,000 |
|
971,200 |
| |
Dow Chemical Co. (The) |
|
16,114 |
|
835,189 |
| |
Ecolab, Inc. |
|
7,339 |
|
893,303 |
| |
Electronic Arts, Inc.* |
|
6,319 |
|
539,643 |
| |
Eli Lilly & Co. |
|
7,465 |
|
599,141 |
| |
Emergent BioSolutions, Inc.* |
|
9,937 |
|
313,314 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
United States(Continued) |
|
|
|
|
| |
Envision Healthcare Holdings, Inc.* |
|
15,892 |
|
$ |
353,915 |
|
EOG Resources, Inc. |
|
9,073 |
|
877,450 |
| |
Estee Lauder Cos., Inc. (The), Class A |
|
8,443 |
|
747,712 |
| |
Expedia, Inc. |
|
4,171 |
|
486,839 |
| |
Express Scripts Holding Co.* |
|
7,075 |
|
499,000 |
| |
Facebook, Inc., Class A* |
|
31,399 |
|
4,027,550 |
| |
First Data Corp., Class A* |
|
20,042 |
|
263,753 |
| |
Fortive Corp. |
|
8,725 |
|
444,102 |
| |
General Electric Co. |
|
32,584 |
|
965,138 |
| |
General Motors Co. |
|
36,259 |
|
1,151,948 |
| |
Gilead Sciences, Inc. |
|
8,649 |
|
684,309 |
| |
Gulfport Energy Corp.* |
|
9,097 |
|
256,990 |
| |
Halliburton Co. |
|
9,833 |
|
441,305 |
| |
Home Depot, Inc. (The) |
|
11,640 |
|
1,497,835 |
| |
Honeywell International, Inc. |
|
8,390 |
|
978,190 |
| |
Impax Laboratories, Inc.* |
|
7,267 |
|
172,228 |
| |
Instructure, Inc.* |
|
16,945 |
|
429,895 |
| |
Integrated Device Technology, Inc.* |
|
22,659 |
|
523,423 |
| |
Jabil Circuit, Inc. |
|
21,466 |
|
468,388 |
| |
JPMorgan Chase & Co. |
|
21,321 |
|
1,419,765 |
| |
Laboratory Corp. of America Holdings* |
|
3,148 |
|
432,787 |
| |
Lam Research Corp. |
|
5,616 |
|
531,891 |
| |
Laredo Petroleum, Inc.* |
|
52,247 |
|
673,986 |
| |
Lexicon Pharmaceuticals, Inc.*,1 |
|
49,246 |
|
889,875 |
| |
Lincoln National Corp. |
|
15,546 |
|
730,351 |
| |
MacroGenics, Inc.* |
|
4,126 |
|
123,409 |
| |
Marsh & McLennan Cos., Inc. |
|
10,098 |
|
679,090 |
| |
Martin Marietta Materials, Inc. |
|
2,972 |
|
532,315 |
| |
MasterCard, Inc., Class A |
|
6,458 |
|
657,231 |
| |
Maxim Integrated Products, Inc. |
|
11,755 |
|
469,377 |
| |
Medicines Co. (The)* |
|
19,844 |
|
748,913 |
| |
MetLife, Inc. |
|
12,878 |
|
572,169 |
| |
Micron Technology, Inc.* |
|
59,308 |
|
1,054,496 |
| |
Microsoft Corp. |
|
40,102 |
|
2,309,875 |
| |
Mondelez International, Inc., Class A |
|
31,741 |
|
1,393,430 |
| |
Morgan Stanley |
|
21,811 |
|
699,261 |
| |
Newell Brands, Inc. |
|
19,661 |
|
1,035,348 |
| |
NextEra Energy, Inc. |
|
8,228 |
|
1,006,449 |
| |
NIKE, Inc., Class B |
|
10,848 |
|
571,147 |
| |
Norfolk Southern Corp. |
|
5,043 |
|
489,474 |
| |
NVIDIA Corp. |
|
6,839 |
|
468,608 |
| |
Oasis Petroleum, Inc.* |
|
64,678 |
|
741,857 |
| |
ON Semiconductor Corp.* |
|
40,475 |
|
498,652 |
| |
PDC Energy, Inc.* |
|
7,060 |
|
473,444 |
| |
PepsiCo, Inc. |
|
15,921 |
|
1,731,727 |
| |
Philip Morris International, Inc. |
|
14,828 |
|
1,441,578 |
| |
Priceline Group, Inc. (The)* |
|
461 |
|
678,357 |
| |
Qorvo, Inc.* |
|
8,361 |
|
466,042 |
| |
S&P Global, Inc. |
|
4,851 |
|
613,943 |
| |
salesforce.com, Inc.* |
|
15,972 |
|
1,139,283 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| ||
Common stocks(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
SBA Communications Corp., Class A* |
|
4,684 |
|
$ |
525,357 |
| |
ServiceNow, Inc.* |
|
8,865 |
|
701,665 |
| ||
Sherwin-Williams Co. (The) |
|
3,098 |
|
857,093 |
| ||
Silicon Laboratories, Inc.* |
|
8,115 |
|
477,162 |
| ||
Simon Property Group, Inc., REIT |
|
4,000 |
|
828,040 |
| ||
Skyworks Solutions, Inc. |
|
6,969 |
|
530,620 |
| ||
SM Energy Co. |
|
21,749 |
|
839,076 |
| ||
Starbucks Corp. |
|
18,328 |
|
992,278 |
| ||
Synchrony Financial |
|
25,643 |
|
718,004 |
| ||
Take-Two Interactive Software, Inc.* |
|
10,436 |
|
470,455 |
| ||
TG Therapeutics, Inc.*,1 |
|
11,329 |
|
87,686 |
| ||
Time Warner, Inc. |
|
12,709 |
|
1,011,763 |
| ||
TJX Cos., Inc. (The) |
|
15,053 |
|
1,125,663 |
| ||
T-Mobile US, Inc.* |
|
10,282 |
|
480,375 |
| ||
TransDigm Group, Inc.* |
|
2,415 |
|
698,225 |
| ||
TripAdvisor, Inc.* |
|
9,457 |
|
597,493 |
| ||
U.S. Bancorp |
|
10,643 |
|
456,478 |
| ||
Under Armour, Inc., Class A*,1 |
|
4,718 |
|
182,492 |
| ||
Under Armour, Inc., Class C* |
|
4,744 |
|
160,632 |
| ||
Union Pacific Corp. |
|
8,291 |
|
808,621 |
| ||
United Technologies Corp. |
|
9,940 |
|
1,009,904 |
| ||
UnitedHealth Group, Inc. |
|
5,520 |
|
772,800 |
| ||
Verisk Analytics, Inc.* |
|
9,803 |
|
796,788 |
| ||
Vertex Pharmaceuticals, Inc.* |
|
6,686 |
|
583,086 |
| ||
Visa, Inc., Class A |
|
20,141 |
|
1,665,661 |
| ||
Walgreens Boots Alliance, Inc. |
|
9,228 |
|
743,961 |
| ||
Walt Disney Co. (The) |
|
10,925 |
|
1,014,495 |
| ||
Western Digital Corp. |
|
10,719 |
|
626,740 |
| ||
Xilinx, Inc. |
|
9,380 |
|
509,709 |
| ||
Yum! Brands, Inc. |
|
10,459 |
|
949,782 |
| ||
Zimmer Biomet Holdings, Inc. |
|
4,296 |
|
558,566 |
| ||
Total United States common stocks |
|
|
|
85,708,413 |
| ||
Total common stocks |
|
|
|
178,685,803 |
| ||
|
|
|
|
|
| ||
|
|
Face |
|
|
| ||
Bonds: 10.57% |
|
|
|
|
| ||
Non-U.S. government obligations: 4.55% |
|
|
|
|
| ||
Australia: 0.73% |
|
|
|
|
| ||
Commonwealth of Australia, |
|
|
|
|
| ||
4.500%, due 04/15/203 |
|
AUD |
625,000 |
|
527,061 |
| |
4.500%, due 04/21/333 |
|
1,248,000 |
|
1,243,285 |
| ||
5.500%, due 04/21/233 |
|
1,095,000 |
|
1,031,215 |
| ||
|
|
|
|
2,801,561 |
| ||
Austria: 0.05% |
|
|
|
|
| ||
Republic of Austria, |
|
|
|
|
| ||
1.200%, due 10/20/252,3 |
|
EUR |
87,000 |
|
108,809 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Non-U.S. government obligations(Concluded) |
|
|
|
|
| ||
Austria(Concluded) |
|
|
|
|
| ||
3.150%, due 06/20/442,3 |
|
EUR |
56,000 |
|
$ |
101,632 |
|
|
|
|
|
210,441 |
| ||
Belgium: 0.08% |
|
|
|
|
| ||
Kingdom of Belgium, |
|
|
|
|
| ||
3.750%, due 06/22/453 |
|
161,000 |
|
308,119 |
| ||
|
|
|
|
|
| ||
Canada: 0.07% |
|
|
|
|
| ||
Government of Canada, |
|
|
|
|
| ||
2.250%, due 06/01/25 |
|
CAD |
206,000 |
|
174,835 |
| |
2.750%, due 12/01/64 |
|
82,000 |
|
86,202 |
| ||
|
|
|
|
261,037 |
| ||
Finland: 0.02% |
|
|
|
|
| ||
Republic of Finland, |
|
|
|
|
| ||
0.500%, due 04/15/262,3 |
|
EUR |
85,000 |
|
99,782 |
| |
|
|
|
|
|
| ||
France: 0.28% |
|
|
|
|
| ||
France Government Bond OAT, |
|
|
|
|
| ||
3.250%, due 05/25/453 |
|
610,000 |
|
1,073,338 |
| ||
|
|
|
|
|
| ||
Ireland: 0.01% |
|
|
|
|
| ||
Republic of Ireland, |
|
|
|
|
| ||
2.000%, due 02/18/453 |
|
28,000 |
|
37,841 |
| ||
|
|
|
|
|
| ||
Italy: 0.70% |
|
|
|
|
| ||
Italy Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
2.500%, due 12/01/24 |
|
142,000 |
|
178,884 |
| ||
2.798%, due 09/15/413,4 |
|
700,994 |
|
1,061,498 |
| ||
4.250%, due 02/01/193 |
|
720,000 |
|
889,450 |
| ||
4.750%, due 09/01/442,3 |
|
325,000 |
|
562,361 |
| ||
|
|
|
|
2,692,193 |
| ||
Japan: 1.00% |
|
|
|
|
| ||
Japan Government Twenty Year Bond, |
|
|
|
|
| ||
0.400%, due 03/20/36 |
|
JPY |
285,000,000 |
|
2,840,725 |
| |
2.300%, due 06/20/27 |
|
80,000,000 |
|
987,999 |
| ||
|
|
|
|
3,828,724 |
| ||
Netherlands: 0.06% |
|
|
|
|
| ||
Kingdom of the Netherlands, |
|
|
|
|
| ||
2.750%, due 01/15/472,3 |
|
EUR |
139,000 |
|
253,795 |
| |
|
|
|
|
|
| ||
New Zealand: 0.95% |
|
|
|
|
| ||
New Zealand Government Bond, |
|
|
|
|
| ||
2.071%, due 09/20/253,4 |
|
NZD |
3,196,589 |
|
2,432,026 |
| |
3.000%, due 04/15/203 |
|
1,600,000 |
|
1,207,144 |
| ||
|
|
|
|
3,639,170 |
| ||
Spain: 0.60% |
|
|
|
|
| ||
Kingdom of Spain, |
|
|
|
|
| ||
3.450%, due 07/30/662,3 |
|
EUR |
20,000 |
|
28,427 |
| |
3.750%, due 10/31/18 |
|
920,000 |
|
1,118,736 |
| ||
4.800%, due 01/31/242,3 |
|
780,000 |
|
1,147,943 |
| ||
|
|
|
|
2,295,106 |
| ||
Total Non-U.S. government obligations |
|
|
|
17,501,107 |
| ||
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Concluded) |
|
|
|
|
| ||
U.S. treasury obligations: 6.02% |
|
|
|
|
| ||
United States: 6.02% |
|
|
|
|
| ||
U.S. Treasury Bonds, |
|
|
|
|
| ||
2.500%, due 02/15/46 |
|
$ |
590,000 |
|
$ |
611,802 |
|
2.750%, due 11/15/42 |
|
885,000 |
|
966,240 |
| ||
2.875%, due 05/15/43 |
|
565,000 |
|
630,902 |
| ||
U.S. Treasury Bonds, |
|
|
|
|
| ||
2.875%, due 08/15/45 |
|
50,000 |
|
55,865 |
| ||
3.000%, due 11/15/45 |
|
275,000 |
|
314,768 |
| ||
8.000%, due 11/15/21 |
|
645,000 |
|
862,864 |
| ||
U.S. Treasury Inflation Indexed Bond (TIPS), |
|
|
|
|
| ||
0.750%, due 02/15/45 |
|
1,331,000 |
|
1,409,369 |
| ||
U.S. Treasury Inflation Indexed Note (TIPS), |
|
|
|
|
| ||
0.125%, due 01/15/23 |
|
700,000 |
|
741,868 |
| ||
U.S. Treasury Notes, |
|
|
|
|
| ||
0.500%, due 11/30/161 |
|
3,293,000 |
|
3,294,617 |
| ||
0.750%, due 02/28/18 |
|
4,375,000 |
|
4,376,194 |
| ||
0.875%, due 10/15/18 |
|
510,000 |
|
510,817 |
| ||
1.125%, due 01/15/19 |
|
1,040,000 |
|
1,046,907 |
| ||
1.125%, due 06/30/21 |
|
1,580,000 |
|
1,578,272 |
| ||
1.250%, due 03/31/21 |
|
1,065,000 |
|
1,070,574 |
| ||
1.375%, due 10/31/20 |
|
780,000 |
|
789,080 |
| ||
1.625%, due 12/31/19 |
|
160,000 |
|
163,419 |
| ||
1.625%, due 02/15/26 |
|
1,490,000 |
|
1,493,667 |
| ||
1.750%, due 05/15/23 |
|
680,000 |
|
695,539 |
| ||
2.000%, due 11/30/22 |
|
1,575,000 |
|
1,636,586 |
| ||
3.125%, due 04/30/17 |
|
895,000 |
|
908,287 |
| ||
|
|
|
|
23,157,637 |
| ||
Total U.S. treasury obligations |
|
|
|
23,157,637 |
| ||
Total bonds |
|
|
|
40,658,744 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Exchange traded funds: 9.35% |
|
|
|
|
| ||
iShares Edge MSCI Minimum Volatility Emerging Markets ETF |
|
331,200 |
|
17,904,672 |
| ||
iShares JP Morgan USD Emerging Markets Bond ETF |
|
153,700 |
|
18,015,177 |
| ||
Total exchange traded funds |
|
|
|
35,919,849 |
| ||
|
|
|
|
|
| ||
Investment companies: 17.63% |
|
|
|
|
| ||
UBS Global Corporate Bond Relationship Fund*,4 |
|
2,853,369 |
|
41,183,535 |
| ||
UBS-HALO Emerging Markets Equity Relationship Fund*,4 |
|
695,083 |
|
26,563,631 |
| ||
Total investment companies |
|
|
|
67,747,166 |
| ||
|
|
|
|
|
| ||
Short-term investment: 14.53% |
|
|
|
|
| ||
Investment company: 14.53% |
|
|
|
|
| ||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
55,823,503 |
|
55,823,503 |
| ||
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||
Options purchased: 0.10% |
|
|
|
|
| ||
Call options: 0.10% |
|
|
|
|
| ||
iShares MSCI Emerging Markets ETF, strike @ USD 39.00, expires December 2016 |
|
4,770 |
|
376,830 |
| ||
|
|
|
|
|
| ||
|
|
Shares |
|
|
| ||
Investment of cash collateral from securities loaned: 0.66% |
|
|
|
|
| ||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
2,543,107 |
|
2,543,107 |
| ||
Total investments: 99.34% |
|
|
|
381,755,002 |
| ||
Cash and other assets, less liabilities 0.66% |
|
|
|
2,530,249 |
| ||
Net assets100.00% |
|
|
|
$ |
384,285,251 |
| |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (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 |
|
$ |
26,822,813 |
|
Gross unrealized depreciation |
|
(11,554,423 |
) | |
Net unrealized appreciation of investments |
|
$ |
15,268,390 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
BB |
|
RUB |
99,409,826 |
|
USD |
1,499,394 |
|
12/20/16 |
|
$ |
(53,064 |
) |
BB |
|
THB |
84,200,000 |
|
USD |
2,407,090 |
|
12/20/16 |
|
(20,356 |
) | |
BB |
|
TWD |
337,500,000 |
|
USD |
10,709,866 |
|
12/20/16 |
|
(80,767 |
) | |
GSI |
|
CHF |
13,000,000 |
|
USD |
13,434,904 |
|
12/20/16 |
|
(11,270 |
) | |
GSI |
|
CNY |
35,065,000 |
|
USD |
5,195,969 |
|
12/20/16 |
|
(45,586 |
) | |
HSBC |
|
EUR |
5,710,000 |
|
USD |
6,432,252 |
|
12/20/16 |
|
(5,573 |
) | |
JPMCB |
|
AUD |
2,425,000 |
|
USD |
1,822,303 |
|
12/20/16 |
|
(30,372 |
) | |
JPMCB |
|
GBP |
640,000 |
|
USD |
850,252 |
|
12/20/16 |
|
19,352 |
| |
JPMCB |
|
HKD |
8,430,000 |
|
USD |
1,087,477 |
|
12/20/16 |
|
(234 |
) | |
JPMCB |
|
JPY |
134,900,000 |
|
USD |
1,328,868 |
|
12/20/16 |
|
(6,132 |
) | |
JPMCB |
|
NOK |
10,910,000 |
|
USD |
1,326,917 |
|
12/20/16 |
|
(38,051 |
) | |
JPMCB |
|
USD |
1,064,720 |
|
GBP |
820,000 |
|
12/20/16 |
|
(129 |
) | |
JPMCB |
|
USD |
558,328 |
|
ILS |
2,100,000 |
|
12/20/16 |
|
3,224 |
| |
JPMCB |
|
USD |
2,201,108 |
|
NZD |
3,025,000 |
|
12/20/16 |
|
(5,142 |
) | |
JPMCB |
|
USD |
1,699,424 |
|
SGD |
2,310,000 |
|
12/20/16 |
|
(4,969 |
) | |
MSC |
|
KRW |
2,106,000,000 |
|
USD |
1,885,661 |
|
12/20/16 |
|
(25,709 |
) | |
MSC |
|
USD |
5,971,760 |
|
INR |
404,960,000 |
|
12/20/16 |
|
30,383 |
| |
WBC |
|
NZD |
29,440,000 |
|
USD |
21,517,078 |
|
12/20/16 |
|
145,428 |
| |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
$ |
(128,967 |
) |
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 40 contracts (USD) |
|
December 2016 |
|
$ |
7,462,886 |
|
$ |
7,355,000 |
|
$ |
(107,886 |
) |
10 Year US Treasury Notes, 164 contracts (USD) |
|
December 2016 |
|
21,523,468 |
|
21,504,500 |
|
(18,968 |
) | |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
2 Year US Treasury Notes, 368 contracts (USD) |
|
December 2016 |
|
(80,379,348 |
) |
(80,396,500 |
) |
(17,152 |
) | |||
5 Year US Treasury Notes, 142 contracts (USD) |
|
December 2016 |
|
(17,239,544 |
) |
(17,255,219 |
) |
(15,675 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
EURO STOXX 50 Index, 560 contracts (EUR) |
|
December 2016 |
|
18,899,389 |
|
18,834,535 |
|
(64,854 |
) | |||
IBEX 35 Index, 84 contracts (EUR) |
|
October 2016 |
|
8,313,895 |
|
8,268,512 |
|
(45,383 |
) | |||
TOPIX Index, 223 contracts (JPY) |
|
December 2016 |
|
29,324,727 |
|
29,094,128 |
|
(230,599 |
) | |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
E-mini S&P 500 Index, 114 contracts (USD) |
|
December 2016 |
|
(12,265,859 |
) |
(12,314,280 |
) |
(48,421 |
) | |||
FTSE 100 Index, 69 contracts (GBP) |
|
December 2016 |
|
(5,950,202 |
) |
(6,132,960 |
) |
(182,758 |
) | |||
FTSE/MIB Index, 86 contracts (EUR) |
|
December 2016 |
|
(8,029,788 |
) |
(7,901,093 |
) |
128,695 |
| |||
Mini MSCI Emerging Markets Index, 233 contracts (USD) |
|
December 2016 |
|
(10,461,941 |
) |
(10,630,625 |
) |
(168,684 |
) | |||
NIKKEI 225 Index, 192 contracts (JPY) |
|
December 2016 |
|
(32,016,804 |
) |
(31,146,393 |
) |
870,411 |
| |||
S&P/Toronto Stock Exchange 60 Index, 62 contracts (CAD) |
|
December 2016 |
|
(7,965,534 |
) |
(8,082,991 |
) |
(117,457 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australian Government 3 Year Bond, 193 contracts (AUD) |
|
December 2016 |
|
16,706,676 |
|
16,737,343 |
|
30,667 |
| |||
Canadian Government 10 Year Bond, 372 contracts (CAD) |
|
December 2016 |
|
41,594,186 |
|
41,658,782 |
|
64,596 |
| |||
Euro Schatz, 33 contracts (EUR) |
|
December 2016 |
|
4,152,871 |
|
4,156,906 |
|
4,035 |
| |||
Long Gilt, 46 contracts (GBP) |
|
December 2016 |
|
7,814,904 |
|
7,765,882 |
|
(49,022 |
) | |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-BTP, 132 contracts (EUR) |
|
December 2016 |
|
(21,228,922 |
) |
(21,217,700 |
) |
11,222 |
| |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
42,767 |
| ||
Centrally cleared credit default swap agreements on credit indices-sell protection5
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Value |
|
Unrealized |
|
Credit |
| |||
CDX.NA.HY. Series 25 Index |
|
USD |
21,000,000 |
|
12/20/20 |
|
5.000 |
% |
$ |
1,240,223 |
|
$ |
1,265,218 |
|
3.452 |
% |
Options written activity for the period ended September 30, 2016 was as follows:
|
|
Number of |
|
Premiums |
| |
Call options outstanding at June 30, 2016 |
|
891 |
|
$ |
171,748 |
|
Call options written |
|
|
|
|
| |
Call options terminated in closing purchase transactions |
|
|
|
|
| |
Call options expired prior to exercise |
|
(891 |
) |
(171,748 |
) | |
Call options outstanding at September 30, 2016 |
|
|
|
$ |
|
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. Certain investments that are measured at fair value using the net asset value per share practical expedient (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Investments |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Common stocks |
|
$ |
|
|
$ |
178,685,803 |
|
$ |
|
|
$ |
|
|
$ |
178,685,803 |
|
Non-U.S. government obligations |
|
|
|
|
|
17,501,107 |
|
|
|
17,501,107 |
| |||||
U.S. treasury obligations |
|
|
|
|
|
23,157,637 |
|
|
|
23,157,637 |
| |||||
Exchange traded funds |
|
|
|
35,919,849 |
|
|
|
|
|
35,919,849 |
| |||||
Investment companies |
|
67,747,166 |
|
|
|
|
|
|
|
67,747,166 |
| |||||
Short-term investment |
|
|
|
|
|
55,823,503 |
|
|
|
55,823,503 |
| |||||
Options purchased |
|
|
|
376,830 |
|
|
|
|
|
376,830 |
| |||||
Investment of cash collateral from securities loaned |
|
|
|
|
|
2,543,107 |
|
|
|
2,543,107 |
| |||||
Forward foreign currency contracts |
|
|
|
|
|
198,387 |
|
|
|
198,387 |
| |||||
Futures contracts |
|
|
|
1,109,626 |
|
|
|
|
|
1,109,626 |
| |||||
Swap agreements, at value |
|
|
|
|
|
1,240,223 |
|
|
|
1,240,223 |
| |||||
Total |
|
$ |
67,747,166 |
|
$ |
216,092,108 |
|
$ |
100,463,964 |
|
$ |
|
|
$ |
384,303,238 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
|
|
$ |
(327,354 |
) |
$ |
|
|
$ |
(327,354 |
) |
Futures contracts |
|
|
|
(1,066,859 |
) |
|
|
|
|
(1,066,859 |
) | |||||
Total |
|
$ |
|
|
$ |
(1,066,859 |
) |
$ |
(327,354 |
) |
$ |
|
|
$ |
(1,394,213 |
) |
At September 30, 2016, there were no transfers between Level 1 and Level 2. At June 30, 2016, $81,454,809 of foreign investments, including futures contracts, and $(2,911,305) of futures contracts were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
UBS Global Allocation Fund
Portfolio of investments September 30, 2016 (unaudited)
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
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.
3 Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4 The table below details the Funds investments in funds advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
Net income |
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
Net realized |
|
appreciation |
|
|
|
earned from |
| |||||||
|
|
|
|
during the |
|
during the |
|
gain during the |
|
during the |
|
|
|
affiliate for the |
| |||||||
|
|
|
|
three months |
|
three months |
|
three months |
|
three months |
|
|
|
three months |
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
| |||||||
Security description |
|
06/30/16 |
|
09/30/16 |
|
09/30/16 |
|
09/30/16 |
|
09/30/16 |
|
09/30/16 |
|
09/30/16 |
| |||||||
UBS-HALO Emerging Markets Equity Relationship Fund |
|
$ |
27,386,277 |
|
$ |
|
|
$ |
4,000,000 |
|
$ |
137,563 |
|
$ |
3,039,791 |
|
$ |
26,563,631 |
|
$ |
|
|
UBS Global Corporate Bond Relationship Fund |
|
40,307,836 |
|
|
|
|
|
|
|
875,699 |
|
41,183,535 |
|
|
| |||||||
|
|
$ |
67,694,113 |
|
$ |
|
|
$ |
4,000,000 |
|
$ |
137,563 |
|
$ |
3,915,490 |
|
$ |
67,747,166 |
|
$ |
|
|
5 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 obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
6 Payments made or received are based on the notional amount.
7 Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity. Credit spreads are unaudited.
UBS International Sustainable Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2016
Common stocks |
|
|
|
Airlines |
|
1.17 |
% |
Auto components |
|
1.23 |
|
Automobiles |
|
3.94 |
|
Banks |
|
11.54 |
|
Biotechnology |
|
2.07 |
|
Building products |
|
1.29 |
|
Chemicals |
|
7.64 |
|
Construction materials |
|
0.94 |
|
Diversified telecommunication services |
|
1.17 |
|
Electrical equipment |
|
1.49 |
|
Electronic equipment, instruments & components |
|
0.83 |
|
Equity real estate investment trusts (REITs) |
|
2.80 |
|
Food products |
|
1.16 |
|
Health care equipment & supplies |
|
1.65 |
|
Household durables |
|
1.03 |
|
Household products |
|
2.73 |
|
Insurance |
|
9.49 |
|
IT services |
|
0.93 |
|
Machinery |
|
4.89 |
|
Marine |
|
2.18 |
|
Media |
|
2.43 |
|
Metals & mining |
|
2.23 |
|
Oil, gas & consumable fuels |
|
5.08 |
|
Personal products |
|
3.35 |
|
Pharmaceuticals |
|
6.58 |
|
Professional services |
|
0.90 |
|
Real estate management & development |
|
1.58 |
|
Semiconductors & semiconductor equipment |
|
4.66 |
|
Software |
|
1.87 |
|
Technology hardware, storage & peripherals |
|
1.44 |
|
Trading companies & distributors |
|
1.59 |
|
Water utilities |
|
1.18 |
|
Wireless telecommunication services |
|
2.54 |
|
Total common stocks |
|
95.60 |
% |
Preferred stock |
|
1.35 |
|
Short-term investment |
|
2.57 |
|
Investment of cash collateral from securities loaned |
|
0.36 |
|
Total investments |
|
99.88 |
% |
Cash and other assets, less liabilities |
|
0.12 |
|
Net assets |
|
100.00 |
% |
UBS International Sustainable Equity
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 95.60% |
|
|
|
|
| |
Australia: 4.58% |
|
|
|
|
| |
Mirvac Group, REIT |
|
405,539 |
|
$ |
695,250 |
|
Santos Ltd. |
|
159,907 |
|
441,809 |
| |
Total Australia common stocks |
|
|
|
1,137,059 |
| |
|
|
|
|
|
| |
Brazil: 1.18% |
|
|
|
|
| |
Cia de Saneamento Basico do Estado de Sao Paulo |
|
31,500 |
|
292,417 |
| |
|
|
|
|
|
| |
China: 2.40% |
|
|
|
|
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
115,000 |
|
596,024 |
| |
|
|
|
|
|
| |
Denmark: 2.97% |
|
|
|
|
| |
AP Moeller - Maersk A/S, Class B |
|
369 |
|
541,149 |
| |
Novo Nordisk A/S, Class B |
|
4,705 |
|
195,500 |
| |
Total Denmark common stocks |
|
|
|
736,649 |
| |
|
|
|
|
|
| |
France: 5.61% |
|
|
|
|
| |
AXA SA |
|
10,011 |
|
212,996 |
| |
Ingenico Group SA |
|
2,352 |
|
205,478 |
| |
Sanofi |
|
3,900 |
|
296,335 |
| |
Schneider Electric SE |
|
5,307 |
|
369,978 |
| |
Valeo SA |
|
5,253 |
|
306,437 |
| |
Total France common stocks |
|
|
|
1,391,224 |
| |
|
|
|
|
|
| |
Germany: 8.57% |
|
|
|
|
| |
Bayerische Motoren Werke AG |
|
5,184 |
|
435,652 |
| |
Carl Zeiss Meditec AG |
|
10,716 |
|
409,647 |
| |
Infineon Technologies AG |
|
19,461 |
|
347,161 |
| |
Merck KGaA |
|
4,370 |
|
470,826 |
| |
SAP SE |
|
5,106 |
|
464,143 |
| |
Total Germany common stocks |
|
|
|
2,127,429 |
| |
|
|
|
|
|
| |
Hong Kong: 1.58% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
26,000 |
|
392,527 |
| |
|
|
|
|
|
| |
India: 2.18% |
|
|
|
|
| |
ICICI Bank Ltd. ADR |
|
41,400 |
|
309,258 |
| |
Infosys Ltd. ADR |
|
14,600 |
|
230,388 |
| |
Total India common stocks |
|
|
|
539,646 |
| |
|
|
|
|
|
| |
Indonesia: 3.26% |
|
|
|
|
| |
Bank Central Asia Tbk. PT |
|
478,000 |
|
575,021 |
| |
Indocement Tunggal Prakarsa Tbk. PT |
|
175,100 |
|
232,778 |
| |
Total Indonesia common stocks |
|
|
|
807,799 |
| |
|
|
|
|
|
| |
Italy: 1.91% |
|
|
|
|
| |
Intesa Sanpaolo SpA |
|
214,097 |
|
474,759 |
| |
|
|
|
|
|
| |
Japan: 16.23% |
|
|
|
|
| |
Astellas Pharma, Inc. |
|
12,500 |
|
193,962 |
| |
Canon, Inc. |
|
12,400 |
|
357,491 |
| |
Kao Corp. |
|
5,300 |
|
297,444 |
| |
KDDI Corp. |
|
20,500 |
|
629,728 |
| |
Kubota Corp. |
|
18,300 |
|
273,133 |
| |
Panasonic Corp. |
|
25,800 |
|
254,934 |
| |
Shin-Etsu Chemical Co. Ltd. |
|
4,500 |
|
310,724 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
16,900 |
|
563,306 |
| |
THK Co. Ltd. |
|
14,500 |
|
281,978 |
| |
Toyota Motor Corp. |
|
9,500 |
|
541,399 |
| |
Unicharm Corp. |
|
12,600 |
|
324,117 |
| |
Total Japan common stocks |
|
|
|
4,028,216 |
| |
|
|
|
|
|
| |
Jersey: 2.07% |
|
|
|
|
| |
Shire plc |
|
7,941 |
|
514,430 |
| |
|
|
|
|
|
| |
Netherlands: 10.74% |
|
|
|
|
| |
ASML Holding NV |
|
2,789 |
|
306,065 |
| |
LyondellBasell Industries NV, Class A |
|
7,363 |
|
593,900 |
| |
UBS International Sustainable Equity
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Netherlands(Concluded) |
|
|
|
|
| |
Koninklijke DSM NV |
|
10,771 |
|
$ |
727,912 |
|
NXP Semiconductors NV* |
|
4,927 |
|
502,603 |
| |
Unilever NV CVA |
|
11,572 |
|
533,951 |
| |
Total Netherlands common stocks |
|
|
|
2,664,431 |
| |
|
|
|
|
|
| |
Norway: 6.69% |
|
|
|
|
| |
Norsk Hydro ASA |
|
128,270 |
|
552,736 |
| |
Statoil ASA1 |
|
48,810 |
|
817,509 |
| |
Telenor ASA |
|
16,951 |
|
290,694 |
| |
Total Norway common stocks |
|
|
|
1,660,939 |
| |
|
|
|
|
|
| |
Spain: 4.00% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
64,350 |
|
389,052 |
| |
Mediaset Espana Comunicacion SA |
|
50,911 |
|
603,363 |
| |
Total Spain common stocks |
|
|
|
992,415 |
| |
|
|
|
|
|
| |
Sweden: 3.52% |
|
|
|
|
| |
Assa Abloy AB, Class B |
|
15,787 |
|
320,753 |
| |
Nordea Bank AB |
|
55,554 |
|
551,408 |
| |
Total Sweden common stocks |
|
|
|
872,161 |
| |
|
|
|
|
|
| |
Switzerland: 4.71% |
|
|
|
|
| |
Novartis AG |
|
2,520 |
|
198,176 |
| |
Roche Holding AG |
|
1,123 |
|
278,583 |
| |
Zurich Insurance Group AG* |
|
2,687 |
|
691,456 |
| |
Total Switzerland common stocks |
|
|
|
1,168,215 |
| |
|
|
|
|
|
| |
Taiwan: 1.16% |
|
|
|
|
| |
Uni-President Enterprises Corp. |
|
153,000 |
|
287,008 |
| |
|
|
|
|
|
| |
United Kingdom: 12.24% |
|
|
|
|
| |
Ashtead Group plc |
|
23,946 |
|
394,488 |
| |
Aviva plc |
|
49,726 |
|
283,913 |
| |
Capita plc |
|
25,658 |
|
222,819 |
| |
Croda International plc |
|
5,824 |
|
262,999 |
| |
easyJet plc |
|
22,310 |
|
291,195 |
| |
Prudential plc |
|
32,221 |
|
570,695 |
| |
Reckitt Benckiser Group plc |
|
3,760 |
|
354,062 |
| |
Weir Group plc (The) |
|
29,837 |
|
657,445 |
| |
Total United Kingdom common stocks |
|
|
|
3,037,616 |
| |
Total common stocks |
|
|
|
23,720,964 |
| |
|
|
|
|
|
| |
Preferred stock: 1.35% |
|
|
|
|
| |
Germany: 1.35% |
|
|
|
|
| |
Jungheinrich AG Preference shares |
|
9,900 |
|
334,803 |
| |
|
|
|
|
|
| |
Short-term investment: 2.57% |
|
|
|
|
| |
Investment company: 2.57% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
636,650 |
|
636,650 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 0.36% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
90,435 |
|
90,435 |
| |
Total investments: 99.88% |
|
|
|
24,782,852 |
| |
Cash and other assets, less liabilities0.12% |
|
|
|
30,096 |
| |
Net assets 100.00% |
|
|
|
$ |
24,812,948 |
|
UBS International Sustainable Equity
Portfolio of investments September 30, 2016 (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 |
|
$ |
1,707,414 |
|
Gross unrealized depreciation |
|
(2,000,612 |
) | |
Net unrealized depreciation of investments |
|
$ |
(293,198 |
) |
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.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
23,720,964 |
|
$ |
|
|
$ |
|
|
$ |
23,720,964 |
|
Preferred stock |
|
334,803 |
|
|
|
|
|
334,803 |
| ||||
Short-term investment |
|
|
|
636,650 |
|
|
|
636,650 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
90,435 |
|
|
|
90,435 |
| ||||
Total |
|
$ |
24,055,767 |
|
$ |
727,085 |
|
$ |
|
|
$ |
24,782,852 |
|
At September 30, 2016, there were no transfers between Level 1 and Level 2. At June 30, 2016, $21,825,231 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
UBS U.S. Large Cap Equity Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2016
Common stocks |
|
|
|
Aerospace & defense |
|
1.34 |
% |
Auto components |
|
1.26 |
|
Automobiles |
|
1.92 |
|
Banks |
|
4.04 |
|
Beverages |
|
3.29 |
|
Biotechnology |
|
4.95 |
|
Chemicals |
|
1.45 |
|
Communications equipment |
|
0.78 |
|
Consumer finance |
|
1.64 |
|
Electronic equipment, instruments & components |
|
1.67 |
|
Energy equipment & services |
|
2.50 |
|
Equity real estate investment trusts (REITs) |
|
3.12 |
|
Food & staples retailing |
|
1.82 |
|
Food products |
|
2.83 |
|
Health care equipment & supplies |
|
0.54 |
|
Health care providers & services |
|
3.48 |
|
Household durables |
|
2.45 |
|
Insurance |
|
7.79 |
|
Internet & direct marketing retail |
|
5.04 |
|
Internet software & services |
|
2.57 |
|
IT services |
|
2.08 |
|
Life sciences tools & services |
|
1.27 |
|
Machinery |
|
2.45 |
|
Media |
|
5.74 |
|
Oil, gas & consumable fuels |
|
5.26 |
|
Pharmaceuticals |
|
7.66 |
|
Road & rail |
|
2.33 |
|
Semiconductors & semiconductor equipment |
|
9.16 |
|
Software |
|
2.28 |
|
Technology hardware, storage & peripherals |
|
1.59 |
|
Tobacco |
|
4.14 |
|
Wireless telecommunication services |
|
1.13 |
|
Total common stocks |
|
99.57 |
% |
Short-term investment |
|
1.39 |
|
Investment of cash collateral from securities loaned |
|
2.39 |
|
|
|
|
|
Total investments |
|
103.35 |
% |
Liabilities, in excess of cash and other assets |
|
(3.35 |
) |
Net assets |
|
100.00 |
% |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 99.57% |
|
|
|
|
| |
Aerospace & defense: 1.34% |
|
|
|
|
| |
United Technologies Corp. |
|
3,537 |
|
$ |
359,359 |
|
|
|
|
|
|
| |
Auto components: 1.26% |
|
|
|
|
| |
Delphi Automotive plc |
|
4,740 |
|
338,057 |
| |
|
|
|
|
|
| |
Automobiles: 1.92% |
|
|
|
|
| |
General Motors Co. |
|
16,288 |
|
517,470 |
| |
|
|
|
|
|
| |
Banks: 4.04% |
|
|
|
|
| |
JPMorgan Chase & Co. |
|
7,924 |
|
527,659 |
| |
U.S. Bancorp |
|
6,747 |
|
289,379 |
| |
Wells Fargo & Co. |
|
6,120 |
|
270,994 |
| |
|
|
|
|
1,088,032 |
| |
Beverages: 3.29% |
|
|
|
|
| |
PepsiCo, Inc. |
|
8,155 |
|
887,019 |
| |
|
|
|
|
|
| |
Biotechnology: 4.95% |
|
|
|
|
| |
Alnylam Pharmaceuticals, Inc.* |
|
4,787 |
|
324,463 |
| |
Atara Biotherapeutics, Inc.* |
|
3,786 |
|
80,983 |
| |
Biogen, Inc.* |
|
1,289 |
|
403,496 |
| |
Emergent BioSolutions, Inc.* |
|
3,614 |
|
113,949 |
| |
Lexicon Pharmaceuticals, Inc.*,1 |
|
20,645 |
|
373,055 |
| |
TG Therapeutics, Inc.*,1 |
|
4,833 |
|
37,407 |
| |
|
|
|
|
1,333,353 |
| |
Chemicals: 1.45% |
|
|
|
|
| |
Dow Chemical Co. (The) |
|
7,556 |
|
391,627 |
| |
|
|
|
|
|
| |
Communications equipment: 0.78% |
|
|
|
|
| |
Arista Networks, Inc.* |
|
2,461 |
|
209,382 |
| |
|
|
|
|
|
| |
Consumer finance: 1.64% |
|
|
|
|
| |
American Express Co. |
|
6,909 |
|
442,452 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 1.67% |
|
|
|
|
| |
Dolby Laboratories, Inc., Class A |
|
4,687 |
|
254,457 |
| |
Jabil Circuit, Inc. |
|
8,907 |
|
194,351 |
| |
|
|
|
|
448,808 |
| |
Energy equipment & services: 2.50% |
|
|
|
|
| |
Halliburton Co. |
|
7,474 |
|
335,433 |
| |
McDermott International, Inc.* |
|
46,298 |
|
231,953 |
| |
Noble Corp. plc |
|
16,467 |
|
104,401 |
| |
|
|
|
|
671,787 |
| |
Equity real estate investment trusts (REITs): 3.12% |
|
|
|
|
| |
Digital Realty Trust, Inc. |
|
3,135 |
|
304,471 |
| |
Simon Property Group, Inc. |
|
2,589 |
|
535,949 |
| |
|
|
|
|
840,420 |
| |
Food & staples retailing: 1.82% |
|
|
|
|
| |
Walgreens Boots Alliance, Inc. |
|
6,092 |
|
491,137 |
| |
|
|
|
|
|
| |
Food products: 2.83% |
|
|
|
|
| |
Mondelez International, Inc., Class A |
|
17,381 |
|
763,026 |
| |
|
|
|
|
|
| |
Health care equipment & supplies: 0.54% |
|
|
|
|
| |
Wright Medical Group NV* |
|
5,902 |
|
144,776 |
| |
|
|
|
|
|
| |
Health care providers & services: 3.48% |
|
|
|
|
| |
Envision Healthcare Holdings, Inc.* |
|
10,502 |
|
233,880 |
| |
Laboratory Corp. of America Holdings* |
|
2,251 |
|
309,467 |
| |
UnitedHealth Group, Inc. |
|
2,807 |
|
392,980 |
| |
|
|
|
|
936,327 |
| |
Household durables: 2.45% |
|
|
|
|
| |
Lennar Corp., Class A |
|
7,100 |
|
300,614 |
| |
Newell Brands, Inc. |
|
6,842 |
|
360,300 |
| |
|
|
|
|
660,914 |
| |
Insurance: 7.79% |
|
|
|
|
| |
Aflac, Inc. |
|
5,402 |
|
388,242 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Insurance(Concluded) |
|
|
|
|
| |
Allstate Corp. (The) |
|
6,285 |
|
$ |
434,796 |
|
Aon plc |
|
5,387 |
|
605,984 |
| |
Lincoln National Corp. |
|
6,345 |
|
298,088 |
| |
MetLife, Inc. |
|
8,315 |
|
369,435 |
| |
|
|
|
|
2,096,545 |
| |
Internet & direct marketing retail: 5.04% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
910 |
|
761,952 |
| |
Expedia, Inc. |
|
2,585 |
|
301,721 |
| |
Priceline Group, Inc. (The)* |
|
199 |
|
292,827 |
| |
|
|
|
|
1,356,500 |
| |
Internet software & services: 2.57% |
|
|
|
|
| |
Facebook, Inc., Class A* |
|
5,397 |
|
692,273 |
| |
|
|
|
|
|
| |
IT services: 2.08% |
|
|
|
|
| |
Visa, Inc., Class A |
|
6,775 |
|
560,292 |
| |
|
|
|
|
|
| |
Life sciences tools & services: 1.27% |
|
|
|
|
| |
Bio-Rad Laboratories, Inc., Class A* |
|
2,089 |
|
342,199 |
| |
|
|
|
|
|
| |
Machinery: 2.45% |
|
|
|
|
| |
Caterpillar, Inc. |
|
5,463 |
|
484,951 |
| |
Colfax Corp.* |
|
5,550 |
|
174,436 |
| |
|
|
|
|
659,387 |
| |
Media: 5.74% |
|
|
|
|
| |
CBS Corp. (Non-Voting), Class B |
|
6,893 |
|
377,323 |
| |
Time Warner, Inc. |
|
5,541 |
|
441,119 |
| |
Walt Disney Co. (The) |
|
7,815 |
|
725,701 |
| |
|
|
|
|
1,544,143 |
| |
Oil, gas & consumable fuels: 5.26% |
|
|
|
|
| |
EOG Resources, Inc. |
|
5,279 |
|
510,532 |
| |
Gulfport Energy Corp.* |
|
9,444 |
|
266,793 |
| |
Laredo Petroleum, Inc.* |
|
15,670 |
|
202,143 |
| |
Oasis Petroleum, Inc.* |
|
19,394 |
|
222,449 |
| |
SM Energy Co. |
|
5,558 |
|
214,428 |
| |
|
|
|
|
1,416,345 |
| |
Pharmaceuticals: 7.66% |
|
|
|
|
| |
Allergan plc* |
|
2,035 |
|
468,681 |
| |
Catalent, Inc.* |
|
15,390 |
|
397,678 |
| |
Eli Lilly & Co. |
|
5,278 |
|
423,612 |
| |
Impax Laboratories, Inc.* |
|
6,676 |
|
158,221 |
| |
Mallinckrodt plc* |
|
5,314 |
|
370,811 |
| |
Medicines Co. (The)*,1 |
|
6,474 |
|
244,329 |
| |
|
|
|
|
2,063,332 |
| |
Road & rail: 2.33% |
|
|
|
|
| |
Union Pacific Corp. |
|
6,445 |
|
628,581 |
| |
|
|
|
|
|
| |
Semiconductors & semiconductor equipment: 9.16% |
|
|
|
|
| |
Broadcom Ltd. |
|
1,343 |
|
231,694 |
| |
Integrated Device Technology, Inc.* |
|
7,498 |
|
173,204 |
| |
Lam Research Corp. |
|
2,671 |
|
252,970 |
| |
Marvell Technology Group Ltd. |
|
18,424 |
|
244,486 |
| |
Maxim Integrated Products, Inc. |
|
3,953 |
|
157,843 |
| |
Micron Technology, Inc.* |
|
21,837 |
|
388,262 |
| |
NXP Semiconductors NV* |
|
1,701 |
|
173,519 |
| |
ON Semiconductor Corp.* |
|
14,802 |
|
182,361 |
| |
Qorvo, Inc.* |
|
2,778 |
|
154,846 |
| |
Silicon Laboratories, Inc.* |
|
2,736 |
|
160,877 |
| |
Skyworks Solutions, Inc. |
|
2,334 |
|
177,711 |
| |
Xilinx, Inc. |
|
3,117 |
|
169,378 |
| |
|
|
|
|
2,467,151 |
| |
Software: 2.28% |
|
|
|
|
| |
Activision Blizzard, Inc. |
|
5,044 |
|
223,449 |
| |
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
Software(Concluded) |
|
|
|
|
| |
Electronic Arts, Inc.* |
|
2,632 |
|
$ |
224,773 |
|
Take-Two Interactive Software, Inc.* |
|
3,671 |
|
165,489 |
| |
|
|
|
|
613,711 |
| |
Technology hardware, storage & peripherals: 1.59% |
|
|
|
|
| |
Western Digital Corp. |
|
7,319 |
|
427,942 |
| |
|
|
|
|
|
| |
Tobacco: 4.14% |
|
|
|
|
| |
Philip Morris International, Inc. |
|
11,476 |
|
1,115,697 |
| |
|
|
|
|
|
| |
Wireless telecommunication services: 1.13% |
|
|
|
|
| |
T-Mobile US, Inc.* |
|
6,493 |
|
303,353 |
| |
Total common stocks |
|
|
|
26,811,397 |
| |
|
|
|
|
|
| |
Short-term investment: 1.39% |
|
|
|
|
| |
Investment company: 1.39% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares* |
|
373,636 |
|
373,636 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 2.39% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
643,844 |
|
643,844 |
| |
Total investments103.35% |
|
|
|
27,828,877 |
| |
Liabilities, in excess of cash and other assets(3.35)% |
|
|
|
(901,526 |
) | |
Net assets100.00% |
|
|
|
$ |
26,927,351 |
|
UBS U.S. Large Cap Equity Fund
Portfolio of investments September 30, 2016 (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 |
|
$ |
3,338,467 |
|
Gross unrealized depreciation |
|
(936,216 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,402,251 |
|
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.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
26,811,397 |
|
$ |
|
|
$ |
|
|
$ |
26,811,397 |
|
Short-term investment |
|
|
|
373,636 |
|
|
|
373,636 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
643,844 |
|
|
|
643,844 |
| ||||
Total |
|
$ |
26,811,397 |
|
$ |
1,017,480 |
|
$ |
|
|
$ |
27,828,877 |
|
At September 30, 2016, 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 the period end.
UBS U.S. Small Cap Growth Fund
Industry diversification (unaudited)1
As a percentage of net assets as of September 30, 2016
Common stocks |
|
|
|
Airlines |
|
1.29 |
% |
Banks |
|
5.23 |
|
Biotechnology |
|
6.30 |
|
Building products |
|
1.13 |
|
Communications equipment |
|
2.70 |
|
Construction & engineering |
|
1.50 |
|
Construction materials |
|
0.81 |
|
Diversified consumer services |
|
1.05 |
|
Electrical equipment |
|
3.09 |
|
Electronic equipment, instruments & components |
|
1.79 |
|
Energy equipment & services |
|
3.06 |
|
Equity real estate investment trusts (REITs) |
|
2.20 |
|
Food & staples retailing |
|
1.10 |
|
Food products |
|
3.42 |
|
Health care equipment & supplies |
|
6.63 |
|
Health care providers & services |
|
2.97 |
|
Hotels, restaurants & leisure |
|
3.84 |
|
Household durables |
|
1.29 |
|
Internet software & services |
|
6.62 |
|
Life sciences tools & services |
|
0.53 |
|
Machinery |
|
1.11 |
|
Media |
|
2.73 |
|
Multiline retail |
|
1.37 |
|
Oil, gas & consumable fuels |
|
3.12 |
|
Paper & forest products |
|
1.34 |
|
Personal products |
|
0.32 |
|
Pharmaceuticals |
|
2.36 |
|
Professional services |
|
2.38 |
|
Road & rail |
|
0.62 |
|
Semiconductors & semiconductor equipment |
|
5.87 |
|
Software |
|
14.48 |
|
Specialty retail |
|
4.32 |
|
Thrifts & mortgage finance |
|
0.96 |
|
Total common stocks |
|
97.53 |
% |
Exchange traded fund |
|
1.32 |
|
Short-term investment |
|
2.21 |
|
Investment of cash collateral from securities loaned |
|
7.55 |
|
Total investments |
|
108.61 |
% |
Liabilities, in excess of cash and other assets |
|
(8.61 |
) |
Net assets |
|
100.00 |
% |
1 Figures represent the direct investments of UBS U.S. Small Cap Growth Fund. Figures may be different if a breakdown of the underlying investment companies and exchange traded funds was included.
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 97.53% |
|
|
|
|
| |
Airlines: 1.29% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
52,329 |
|
$ |
2,225,552 |
|
|
|
|
|
|
| |
Banks: 5.23% |
|
|
|
|
| |
BankUnited, Inc. |
|
59,063 |
|
1,783,703 |
| |
Columbia Banking System, Inc. |
|
63,851 |
|
2,089,205 |
| |
FB Financial Corp.* |
|
37,400 |
|
754,732 |
| |
National Bank Holdings Corp., Class A |
|
92,459 |
|
2,160,767 |
| |
Webster Financial Corp. |
|
57,936 |
|
2,202,147 |
| |
|
|
|
|
8,990,554 |
| |
Biotechnology: 6.30% |
|
|
|
|
| |
Bluebird Bio, Inc.*,1 |
|
15,344 |
|
1,040,016 |
| |
Exact Sciences Corp.*,1 |
|
177,770 |
|
3,301,189 |
| |
FibroGen, Inc.* |
|
37,193 |
|
769,895 |
| |
Kite Pharma, Inc.* |
|
18,649 |
|
1,041,733 |
| |
Ligand Pharmaceuticals, Inc.*,1 |
|
21,281 |
|
2,171,939 |
| |
Loxo Oncology, Inc.*,1 |
|
39,926 |
|
1,045,262 |
| |
Sage Therapeutics, Inc.* |
|
21,714 |
|
999,930 |
| |
Seres Therapeutics, Inc.*,1 |
|
24,158 |
|
296,902 |
| |
vTv Therapeutics, Inc., Class A* |
|
22,709 |
|
163,278 |
| |
|
|
|
|
10,830,144 |
| |
Building products: 1.13% |
|
|
|
|
| |
NCI Building Systems, Inc.* |
|
133,080 |
|
1,941,637 |
| |
|
|
|
|
|
| |
Communications equipment: 2.70% |
|
|
|
|
| |
Ciena Corp.* |
|
100,429 |
|
2,189,352 |
| |
Lumentum Holdings, Inc.* |
|
58,978 |
|
2,463,511 |
| |
|
|
|
|
4,652,863 |
| |
Construction & engineering: 1.50% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
43,429 |
|
2,589,237 |
| |
|
|
|
|
|
| |
Construction materials: 0.81% |
|
|
|
|
| |
Summit Materials, Inc., Class A* |
|
74,700 |
|
1,385,685 |
| |
|
|
|
|
|
| |
Diversified consumer services: 1.05% |
|
|
|
|
| |
Grand Canyon Education, Inc.* |
|
44,775 |
|
1,808,462 |
| |
|
|
|
|
|
| |
Electrical equipment: 3.09% |
|
|
|
|
| |
EnerSys |
|
37,711 |
|
2,609,224 |
| |
Generac Holdings, Inc.* |
|
74,484 |
|
2,703,769 |
| |
|
|
|
|
5,312,993 |
| |
Electronic equipment, instruments & components: 1.79% |
|
|
|
|
| |
Fabrinet* |
|
26,200 |
|
1,168,258 |
| |
Universal Display Corp.* |
|
34,585 |
|
1,919,813 |
| |
|
|
|
|
3,088,071 |
| |
Energy equipment & services: 3.06% |
|
|
|
|
| |
Patterson-UTI Energy, Inc. |
|
105,620 |
|
2,362,719 |
| |
US Silica Holdings, Inc. |
|
62,341 |
|
2,902,597 |
| |
|
|
|
|
5,265,316 |
| |
Equity real estate investment trusts (REITs): 2.20% |
|
|
|
|
| |
Cousins Properties, Inc. |
|
162,230 |
|
1,693,681 |
| |
Education Realty Trust, Inc. |
|
48,500 |
|
2,092,290 |
| |
|
|
|
|
3,785,971 |
| |
Food & staples retailing: 1.10% |
|
|
|
|
| |
Caseys General Stores, Inc. |
|
15,795 |
|
1,897,769 |
| |
|
|
|
|
|
| |
Food products: 3.42% |
|
|
|
|
| |
B&G Foods, Inc. |
|
52,686 |
|
2,591,098 |
| |
Blue Buffalo Pet Products, Inc.* |
|
59,437 |
|
1,412,223 |
| |
Dean Foods Co. |
|
114,708 |
|
1,881,211 |
| |
|
|
|
|
5,884,532 |
| |
Health care equipment & supplies: 6.63% |
|
|
|
|
| |
ABIOMED, Inc.* |
|
27,988 |
|
3,598,697 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Health care equipment & supplies(Concluded) |
|
|
|
|
| |
DexCom, Inc.* |
|
36,523 |
|
$ |
3,201,606 |
|
K2M Group Holdings, Inc.* |
|
114,091 |
|
2,028,538 |
| |
Zeltiq Aesthetics, Inc.*,1 |
|
65,498 |
|
2,568,832 |
| |
|
|
|
|
11,397,673 |
| |
Health care providers & services: 2.97% |
|
|
|
|
| |
Acadia Healthcare Co., Inc.* |
|
42,310 |
|
2,096,460 |
| |
Amsurg Corp.* |
|
26,779 |
|
1,795,532 |
| |
MEDNAX, Inc.* |
|
18,294 |
|
1,211,978 |
| |
|
|
|
|
5,103,970 |
| |
Hotels, restaurants & leisure: 3.84% |
|
|
|
|
| |
Buffalo Wild Wings, Inc.* |
|
11,537 |
|
1,623,717 |
| |
ClubCorp Holdings, Inc. |
|
150,302 |
|
2,174,870 |
| |
Del Friscos Restaurant Group, Inc.* |
|
93,816 |
|
1,263,702 |
| |
Popeyes Louisiana Kitchen, Inc.* |
|
28,967 |
|
1,539,306 |
| |
|
|
|
|
6,601,595 |
| |
Household durables: 1.29% |
|
|
|
|
| |
Universal Electronics, Inc.* |
|
29,800 |
|
2,218,908 |
| |
|
|
|
|
|
| |
Internet software & services: 6.62% |
|
|
|
|
| |
Apigee Corp.* |
|
96,493 |
|
1,678,978 |
| |
inContact, Inc.* |
|
121,979 |
|
1,705,266 |
| |
LogMeIn, Inc. |
|
24,115 |
|
2,179,755 |
| |
Nutanix, Inc., Class A* |
|
15,500 |
|
573,500 |
| |
WebMD Health Corp.* |
|
37,808 |
|
1,879,058 |
| |
Wix.com Ltd.* |
|
77,682 |
|
3,373,729 |
| |
|
|
|
|
11,390,286 |
| |
Life sciences tools & services: 0.53% |
|
|
|
|
| |
Charles River Laboratories International, Inc.* |
|
11,035 |
|
919,657 |
| |
|
|
|
|
|
| |
Machinery: 1.11% |
|
|
|
|
| |
Woodward, Inc. |
|
30,572 |
|
1,910,139 |
| |
|
|
|
|
|
| |
Media: 2.73% |
|
|
|
|
| |
AMC Entertainment Holdings, Inc., Class A |
|
80,759 |
|
2,510,797 |
| |
IMAX Corp.* |
|
75,210 |
|
2,178,834 |
| |
|
|
|
|
4,689,631 |
| |
Multiline retail: 1.37% |
|
|
|
|
| |
Ollies Bargain Outlet Holdings, Inc.*,1 |
|
89,631 |
|
2,349,229 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels: 3.12% |
|
|
|
|
| |
Callon Petroleum Co.* |
|
170,751 |
|
2,680,791 |
| |
Diamondback Energy, Inc.* |
|
8,793 |
|
848,876 |
| |
Matador Resources Co.* |
|
75,567 |
|
1,839,301 |
| |
|
|
|
|
5,368,968 |
| |
Paper & forest products: 1.34% |
|
|
|
|
| |
Boise Cascade Co.* |
|
91,115 |
|
2,314,321 |
| |
|
|
|
|
|
| |
Personal products: 0.32% |
|
|
|
|
| |
elf Beauty, Inc.*,1 |
|
19,300 |
|
542,716 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 2.36% |
|
|
|
|
| |
Horizon Pharma plc* |
|
104,575 |
|
1,895,945 |
| |
Intersect ENT, Inc.* |
|
72,289 |
|
1,145,058 |
| |
Pacira Pharmaceuticals, Inc.* |
|
29,952 |
|
1,024,957 |
| |
|
|
|
|
4,065,960 |
| |
Professional services: 2.38% |
|
|
|
|
| |
Kforce, Inc. |
|
82,785 |
|
1,696,265 |
| |
WageWorks, Inc.* |
|
39,307 |
|
2,394,189 |
| |
|
|
|
|
4,090,454 |
| |
Road & rail: 0.62% |
|
|
|
|
| |
Saia, Inc.* |
|
35,712 |
|
1,069,932 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
Semiconductors & semiconductor equipment: 5.87% |
|
|
|
|
| |
Cavium, Inc.* |
|
39,763 |
|
$ |
2,314,207 |
|
Integrated Device Technology, Inc.* |
|
128,658 |
|
2,972,000 |
| |
MACOM Technology Solutions Holdings, Inc., H Shares* |
|
48,537 |
|
2,055,056 |
| |
Semtech Corp.* |
|
99,244 |
|
2,752,036 |
| |
|
|
|
|
10,093,299 |
| |
Software: 14.48% |
|
|
|
|
| |
8x8, Inc.* |
|
278,757 |
|
4,301,221 |
| |
Callidus Software, Inc.* |
|
116,412 |
|
2,136,160 |
| |
CyberArk Software Ltd.*,1 |
|
47,722 |
|
2,365,580 |
| |
Ellie Mae, Inc.* |
|
23,310 |
|
2,454,543 |
| |
Gigamon, Inc.* |
|
66,365 |
|
3,636,802 |
| |
Proofpoint, Inc.* |
|
43,971 |
|
3,291,229 |
| |
Rapid7, Inc.* |
|
121,796 |
|
2,149,699 |
| |
Synchronoss Technologies, Inc.* |
|
57,597 |
|
2,371,845 |
| |
Ultimate Software Group, Inc. (The)* |
|
10,762 |
|
2,199,645 |
| |
|
|
|
|
24,906,724 |
| |
Specialty retail: 4.32% |
|
|
|
|
| |
Burlington Stores, Inc.* |
|
36,245 |
|
2,936,570 |
| |
Childrens Place, Inc. (The) |
|
28,565 |
|
2,281,487 |
| |
Five Below, Inc.* |
|
54,963 |
|
2,214,459 |
| |
|
|
|
|
7,432,516 |
| |
Thrifts & mortgage finance: 0.96% |
|
|
|
|
| |
Essent Group Ltd.* |
|
62,061 |
|
1,651,443 |
| |
Total common stocks |
|
|
|
167,776,207 |
| |
|
|
|
|
|
| |
Exchange traded fund: 1.32% |
|
|
|
|
| |
Capital markets: 1.32% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF1 |
|
15,200 |
|
2,263,280 |
| |
|
|
|
|
|
| |
Short-term investment: 2.21% |
|
|
|
|
| |
Investment company: 2.21% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
3,806,689 |
|
3,806,689 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned: 7.14% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
12,283,019 |
|
12,283,019 |
| |
Total investments: 108.20% |
|
|
|
186,129,195 |
| |
Liabilities, in excess of cash and other assets: (8.20)% |
|
|
|
(14,112,790 |
) | |
Net assets:100.00% |
|
|
|
$ |
172,016,405 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2016 (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 |
|
$ |
28,631,447 |
|
Gross unrealized depreciation |
|
(6,548,429 |
) | |
Net unrealized appreciation of investments |
|
$ |
22,083,018 |
|
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.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Common stocks |
|
$ |
167,776,207 |
|
$ |
|
|
$ |
|
|
$ |
167,776,207 |
|
Exchange traded fund |
|
2,263,280 |
|
|
|
|
|
2,263,280 |
| ||||
Short-term investment |
|
|
|
3,806,689 |
|
|
|
3,806,689 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
12,283,019 |
|
|
|
12,283,019 |
| ||||
Total |
|
$ |
170,039,487 |
|
$ |
16,089,708 |
|
$ |
|
|
$ |
186,129,195 |
|
At September 30, 2016, 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 the period end.
UBS Core Plus Bond Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2016
Bonds |
|
|
|
Corporate bonds |
|
|
|
Air freight & logistics |
|
0.08 |
% |
Automobiles |
|
0.29 |
|
Banks |
|
4.40 |
|
Beverages |
|
0.46 |
|
Biotechnology |
|
0.54 |
|
Building products |
|
0.47 |
|
Capital markets |
|
1.78 |
|
Chemicals |
|
0.65 |
|
Commercial services & supplies |
|
0.25 |
|
Communications equipment |
|
0.21 |
|
Computers & peripherals |
|
0.14 |
|
Consumer finance |
|
1.15 |
|
Containers & packaging |
|
0.30 |
|
Diversified financial services |
|
0.52 |
|
Diversified telecommunication services |
|
2.46 |
|
Electric utilities |
|
1.74 |
|
Electrical equipment |
|
0.16 |
|
Electronic equipment, instruments & components |
|
0.23 |
|
Equity real estate investment trusts (REITs) |
|
0.52 |
|
Food & staples retailing |
|
0.29 |
|
Food products |
|
0.15 |
|
Health care equipment & supplies |
|
0.36 |
|
Health care providers & services |
|
0.15 |
|
Hotels, restaurants & leisure |
|
0.14 |
|
Household durables |
|
0.40 |
|
Household products |
|
0.16 |
|
Independent power and renewable electricity producers |
|
0.36 |
|
Industrial conglomerates |
|
0.38 |
|
Insurance |
|
1.02 |
|
Internet & direct marketing retail |
|
0.36 |
|
IT services |
|
0.13 |
|
Machinery |
|
0.22 |
|
Media |
|
1.85 |
|
Metals & mining |
|
0.58 |
|
Multiline retail |
|
0.13 |
|
Multi-utilities |
|
0.45 |
|
Oil, gas & consumable fuels |
|
3.54 |
|
Paper & forest products |
|
0.03 |
|
Pharmaceuticals |
|
0.93 |
|
Real estate management & development |
|
0.23 |
|
Road & rail |
|
0.69 |
|
Semiconductors & semiconductor equipment |
|
0.15 |
|
Software |
|
0.54 |
|
Specialty retail |
|
0.26 |
|
Technology hardware, storage & peripherals |
|
0.51 |
|
Thrifts & mortgage finance |
|
0.34 |
|
Tobacco |
|
0.52 |
|
Trading companies & distributors |
|
0.61 |
|
Wireless telecommunication services |
|
0.41 |
|
Total corporate bonds |
|
32.24 |
% |
Asset-backed securities |
|
5.20 |
|
Collateralized mortgage obligations |
|
2.87 |
|
Commercial mortgage-backed securities |
|
4.11 |
|
Non-U.S. government obligations |
|
3.18 |
|
Mortgage-backed securities |
|
32.68 |
|
Municipal bonds |
|
1.38 |
|
U.S. government agency obligation |
|
0.20 |
|
U.S. treasury obligations |
|
13.64 |
|
Total bonds |
|
95.50 |
% |
Short-term investments |
|
31.65 |
|
Options purchased |
|
0.05 |
|
Investment of cash collateral from securities loaned |
|
0.26 |
% |
Total investments |
|
127.46 |
% |
Liabilities, in excess of cash and other assets |
|
(27.46 |
) |
Net assets |
|
100.00 |
% |
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds: 95.50% |
|
|
|
|
| ||
Corporate bonds: 32.24% |
|
|
|
|
| ||
Australia: 0.27% |
|
|
|
|
| ||
Australia & New Zealand Banking Group Ltd., |
|
|
|
|
| ||
2.700%, due 11/16/20 |
|
$ |
30,000 |
|
$ |
31,066 |
|
BHP Billiton Finance USA Ltd., |
|
|
|
|
| ||
3.850%, due 09/30/23 |
|
30,000 |
|
32,858 |
| ||
Rio Tinto Finance USA Ltd., |
|
|
|
|
| ||
3.750%, due 06/15/25 |
|
35,000 |
|
37,676 |
| ||
Total Australia corporate bonds |
|
|
|
101,600 |
| ||
|
|
|
|
|
| ||
Canada: 0.69% |
|
|
|
|
| ||
Anadarko Finance Co., |
|
|
|
|
| ||
Series B, 7.500%, due 05/01/31 |
|
35,000 |
|
43,362 |
| ||
NOVA Chemicals Corp., |
|
|
|
|
| ||
5.250%, due 08/01/231 |
|
120,000 |
|
122,700 |
| ||
Petro-Canada, |
|
|
|
|
| ||
6.050%, due 05/15/18 |
|
50,000 |
|
53,424 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
5.000%, due 03/15/44 |
|
40,000 |
|
46,558 |
| ||
Total Canada corporate bonds |
|
|
|
266,044 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.30% |
|
|
|
|
| ||
Seagate HDD Cayman, |
|
|
|
|
| ||
5.750%, due 12/01/34 |
|
40,000 |
|
33,300 |
| ||
Vale Overseas Ltd., |
|
|
|
|
| ||
4.375%, due 01/11/222 |
|
55,000 |
|
54,059 |
| ||
XLIT Ltd., |
|
|
|
|
| ||
6.375%, due 11/15/24 |
|
21,000 |
|
25,036 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
112,395 |
| ||
|
|
|
|
|
| ||
Curacao: 0.27% |
|
|
|
|
| ||
Teva Pharmaceutical Finance Co. BV, |
|
|
|
|
| ||
2.400%, due 11/10/16 |
|
70,000 |
|
70,086 |
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
34,000 |
|
36,154 |
| ||
Total Curacao corporate bonds |
|
|
|
106,240 |
| ||
|
|
|
|
|
| ||
France: 0.23% |
|
|
|
|
| ||
Total Capital International SA, |
|
|
|
|
| ||
3.750%, due 04/10/24 |
|
80,000 |
|
88,262 |
| ||
|
|
|
|
|
| ||
Germany: 0.54% |
|
|
|
|
| ||
Unitymedia Hessen GmbH & Co. KG, |
|
|
|
|
| ||
5.500%, due 01/15/231 |
|
200,000 |
|
207,000 |
| ||
|
|
|
|
|
| ||
Ireland: 0.35% |
|
|
|
|
| ||
GE Capital International Funding Co. Unlimited Co., |
|
|
|
|
| ||
3.373%, due 11/15/25 |
|
90,000 |
|
97,441 |
| ||
Shire Acquisitions Investments Ireland Designated Activity Co., |
|
|
|
|
| ||
2.400%, due 09/23/21 |
|
40,000 |
|
40,111 |
| ||
Total Ireland corporate bonds |
|
|
|
|
137,552 |
| |
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Luxembourg: 0.19% |
|
|
|
|
| ||
Actavis Funding SCS, |
|
|
|
|
| ||
3.800%, due 03/15/25 |
|
$ |
70,000 |
|
$ |
74,125 |
|
|
|
|
|
|
| ||
Mexico: 0.62% |
|
|
|
|
| ||
America Movil SAB de CV, |
|
|
|
|
| ||
5.000%, due 03/30/20 |
|
100,000 |
|
109,910 |
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
4.875%, due 01/24/22 |
|
125,000 |
|
127,187 |
| ||
Total Mexico corporate bonds |
|
|
|
237,097 |
| ||
|
|
|
|
|
| ||
Netherlands: 0.49% |
|
|
|
|
| ||
LYB International Finance BV, |
|
|
|
|
| ||
4.875%, due 03/15/44 |
|
60,000 |
|
65,062 |
| ||
Shell International Finance BV, |
|
|
|
|
| ||
2.250%, due 11/10/20 |
|
40,000 |
|
40,745 |
| ||
4.000%, due 05/10/46 |
|
30,000 |
|
30,773 |
| ||
Teva Pharmaceutical Finance Netherlands III BV, |
|
|
|
|
| ||
3.150%, due 10/01/26 |
|
50,000 |
|
50,389 |
| ||
Total Netherlands corporate bonds |
|
|
|
186,969 |
| ||
|
|
|
|
|
| ||
Norway: 0.46% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
5.500%, due 06/26/17 |
|
140,000 |
|
143,494 |
| ||
Statoil ASA, |
|
|
|
|
| ||
4.800%, due 11/08/43 |
|
30,000 |
|
35,104 |
| ||
Total Norway corporate bonds |
|
|
|
178,598 |
| ||
|
|
|
|
|
| ||
Singapore: 0.23% |
|
|
|
|
| ||
Flex Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/23 |
|
80,000 |
|
87,076 |
| ||
|
|
|
|
|
| ||
Spain: 0.40% |
|
|
|
|
| ||
Telefonica Emisiones SAU, |
|
|
|
|
| ||
3.192%, due 04/27/18 |
|
150,000 |
|
153,535 |
| ||
|
|
|
|
|
| ||
United Kingdom: 0.93% |
|
|
|
|
| ||
Aon plc, |
|
|
|
|
| ||
3.500%, due 06/14/24 |
|
50,000 |
|
52,119 |
| ||
3.875%, due 12/15/25 |
|
50,000 |
|
53,421 |
| ||
BP Capital Markets plc, |
|
|
|
|
| ||
1.676%, due 05/03/19 |
|
30,000 |
|
30,115 |
| ||
3.062%, due 03/17/22 |
|
70,000 |
|
73,325 |
| ||
3.506%, due 03/17/25 |
|
30,000 |
|
31,817 |
| ||
Lloyds Bank plc, |
|
|
|
|
| ||
6.500%, due 09/14/201 |
|
100,000 |
|
113,460 |
| ||
Total United Kingdom corporate bonds |
|
|
|
354,257 |
| ||
|
|
|
|
|
| ||
United States: 25.74% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
4.950%, due 10/15/45 |
|
40,000 |
|
45,458 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
AbbVie, Inc., |
|
|
|
|
| ||
2.500%, due 05/14/20 |
|
$ |
70,000 |
|
$ |
71,458 |
|
3.200%, due 05/14/26 |
|
30,000 |
|
30,390 |
| ||
ADT Corp. (The), |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
100,000 |
|
96,250 |
| ||
Alabama Power Co., |
|
|
|
|
| ||
6.000%, due 03/01/39 |
|
20,000 |
|
26,451 |
| ||
Ally Financial, Inc., |
|
|
|
|
| ||
6.250%, due 12/01/17 |
|
60,000 |
|
62,400 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
5.375%, due 01/31/44 |
|
65,000 |
|
82,305 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
4.850%, due 03/15/21 |
|
60,000 |
|
64,638 |
| ||
Anheuser-Busch InBev Finance, Inc., |
|
|
|
|
| ||
4.700%, due 02/01/36 |
|
80,000 |
|
92,069 |
| ||
4.900%, due 02/01/46 |
|
50,000 |
|
59,967 |
| ||
Apache Corp., |
|
|
|
|
| ||
4.750%, due 04/15/43 |
|
20,000 |
|
20,565 |
| ||
Apple, Inc., |
|
|
|
|
| ||
3.850%, due 05/04/43 |
|
50,000 |
|
51,231 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
2.800%, due 02/17/21 |
|
50,000 |
|
51,451 |
| ||
3.800%, due 03/15/22 |
|
140,000 |
|
149,965 |
| ||
4.350%, due 06/15/45 |
|
50,000 |
|
49,274 |
| ||
6.000%, due 08/15/40 |
|
40,000 |
|
48,022 |
| ||
AvalonBay Communities, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/25 |
|
40,000 |
|
41,691 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
Series L, 2.650%, due 04/01/19 |
|
70,000 |
|
71,498 |
| ||
4.200%, due 08/26/24 |
|
120,000 |
|
126,893 |
| ||
6.110%, due 01/29/37 |
|
100,000 |
|
122,052 |
| ||
Barrick North America Finance LLC, |
|
|
|
|
| ||
4.400%, due 05/30/21 |
|
20,000 |
|
21,910 |
| ||
BB&T Corp., |
|
|
|
|
| ||
2.625%, due 06/29/20 |
|
120,000 |
|
123,916 |
| ||
Berkshire Hathaway Energy Co., |
|
|
|
|
| ||
5.150%, due 11/15/43 |
|
30,000 |
|
36,244 |
| ||
Biogen, Inc., |
|
|
|
|
| ||
4.050%, due 09/15/25 |
|
30,000 |
|
32,681 |
| ||
Boston Properties LP, |
|
|
|
|
| ||
3.800%, due 02/01/24 |
|
110,000 |
|
117,649 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
5.150%, due 09/01/43 |
|
120,000 |
|
149,594 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
4.200%, due 10/29/25 |
|
70,000 |
|
73,073 |
| ||
Case New Holland Industrial, Inc., |
|
|
|
|
| ||
7.875%, due 12/01/17 |
|
39,000 |
|
41,438 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/23 |
|
60,000 |
|
60,044 |
| ||
Charter Communications Operating LLC, |
|
|
|
|
| ||
3.579%, due 07/23/201 |
|
80,000 |
|
83,621 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Cisco Systems, Inc., |
|
|
|
|
| ||
5.900%, due 02/15/39 |
|
$ |
60,000 |
|
$ |
80,548 |
|
CIT Group, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/191 |
|
70,000 |
|
74,025 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
1.631%, due 07/30/183 |
|
90,000 |
|
90,368 |
| ||
5.500%, due 09/13/25 |
|
220,000 |
|
251,036 |
| ||
CNA Financial Corp., |
|
|
|
|
| ||
4.500%, due 03/01/26 |
|
30,000 |
|
32,506 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.950%, due 08/15/37 |
|
60,000 |
|
87,646 |
| ||
ConocoPhillips Co., |
|
|
|
|
| ||
4.200%, due 03/15/21 |
|
40,000 |
|
43,259 |
| ||
5.950%, due 03/15/46 |
|
30,000 |
|
38,027 |
| ||
Consolidated Edison Co. of New York, Inc., |
|
|
|
|
| ||
Series 06-A, 5.850%, due 03/15/36 |
|
25,000 |
|
32,323 |
| ||
CVS Health Corp., |
|
|
|
|
| ||
5.125%, due 07/20/45 |
|
13,000 |
|
15,850 |
| ||
Devon Energy Corp., |
|
|
|
|
| ||
5.000%, due 06/15/45 |
|
30,000 |
|
29,252 |
| ||
Diamond 1 Finance Corp., |
|
|
|
|
| ||
4.420%, due 06/15/211 |
|
50,000 |
|
52,260 |
| ||
DISH DBS Corp., |
|
|
|
|
| ||
7.875%, due 09/01/19 |
|
70,000 |
|
78,400 |
| ||
Dollar General Corp., |
|
|
|
|
| ||
3.250%, due 04/15/23 |
|
50,000 |
|
51,637 |
| ||
Dominion Resources, Inc., |
|
|
|
|
| ||
2.962%, due 07/01/194 |
|
20,000 |
|
20,527 |
| ||
DR Horton, Inc., |
|
|
|
|
| ||
4.000%, due 02/15/20 |
|
70,000 |
|
73,763 |
| ||
DTE Electric Co., |
|
|
|
|
| ||
3.700%, due 03/15/45 |
|
25,000 |
|
26,499 |
| ||
Duke Energy Indiana LLC, |
|
|
|
|
| ||
6.350%, due 08/15/38 |
|
20,000 |
|
28,026 |
| ||
Duke Energy Progress LLC, |
|
|
|
|
| ||
3.000%, due 09/15/21 |
|
160,000 |
|
169,285 |
| ||
Eaton Corp., |
|
|
|
|
| ||
2.750%, due 11/02/22 |
|
60,000 |
|
62,011 |
| ||
Edison International, |
|
|
|
|
| ||
2.950%, due 03/15/23 |
|
40,000 |
|
41,320 |
| ||
Energy Transfer Partners LP, |
|
|
|
|
| ||
9.000%, due 04/15/19 |
|
130,000 |
|
148,431 |
| ||
Enterprise Products Operating LLC, |
|
|
|
|
| ||
2.850%, due 04/15/21 |
|
30,000 |
|
30,891 |
| ||
ERAC USA Finance LLC, |
|
|
|
|
| ||
2.800%, due 11/01/181 |
|
80,000 |
|
81,813 |
| ||
ERP Operating LP, |
|
|
|
|
| ||
4.750%, due 07/15/20 |
|
35,000 |
|
38,404 |
| ||
Exelon Corp., |
|
|
|
|
| ||
3.400%, due 04/15/26 |
|
70,000 |
|
72,680 |
| ||
Exelon Generation Co. LLC, |
|
|
|
|
| ||
2.950%, due 01/15/20 |
|
135,000 |
|
139,131 |
| ||
Exxon Mobil Corp., |
|
|
|
|
| ||
4.114%, due 03/01/46 |
|
20,000 |
|
22,264 |
| ||
FedEx Corp., |
|
|
|
|
| ||
3.875%, due 08/01/42 |
|
30,000 |
|
30,369 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Florida Power & Light Co., |
|
|
|
|
| ||
5.950%, due 02/01/38 |
|
$ |
40,000 |
|
$ |
55,051 |
|
Ford Motor Co., |
|
|
|
|
| ||
7.450%, due 07/16/31 |
|
30,000 |
|
39,711 |
| ||
Ford Motor Credit Co. LLC, |
|
|
|
|
| ||
8.125%, due 01/15/20 |
|
125,000 |
|
147,632 |
| ||
Frontier Communications Corp., |
|
|
|
|
| ||
8.500%, due 04/15/20 |
|
80,000 |
|
86,500 |
| ||
General Electric Co., |
|
|
|
|
| ||
4.650%, due 10/17/21 |
|
55,000 |
|
62,667 |
| ||
6.750%, due 03/15/32 |
|
60,000 |
|
84,459 |
| ||
General Motors Co., |
|
|
|
|
| ||
6.600%, due 04/01/36 |
|
60,000 |
|
72,319 |
| ||
General Motors Financial Co., Inc., |
|
|
|
|
| ||
3.100%, due 01/15/19 |
|
40,000 |
|
40,771 |
| ||
3.700%, due 11/24/20 |
|
40,000 |
|
41,628 |
| ||
Georgia-Pacific LLC, |
|
|
|
|
| ||
8.000%, due 01/15/24 |
|
10,000 |
|
13,264 |
| ||
Gilead Sciences, Inc., |
|
|
|
|
| ||
4.750%, due 03/01/46 |
|
60,000 |
|
66,984 |
| ||
Goldman Sachs Group, Inc. (The), |
|
|
|
|
| ||
1.917%, due 11/15/183 |
|
130,000 |
|
131,049 |
| ||
2.875%, due 02/25/21 |
|
110,000 |
|
112,828 |
| ||
5.150%, due 05/22/45 |
|
55,000 |
|
60,122 |
| ||
5.750%, due 01/24/22 |
|
20,000 |
|
23,217 |
| ||
Hartford Financial Services Group, Inc. (The), |
|
|
|
|
| ||
5.950%, due 10/15/36 |
|
80,000 |
|
95,636 |
| ||
Home Depot, Inc. (The), |
|
|
|
|
| ||
3.350%, due 09/15/25 |
|
60,000 |
|
65,068 |
| ||
Illinois Tool Works, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/24 |
|
40,000 |
|
43,730 |
| ||
Indiana Michigan Power Co., |
|
|
|
|
| ||
Series K, 4.550%, due 03/15/46 |
|
35,000 |
|
39,494 |
| ||
International Business Machines Corp., |
|
|
|
|
| ||
2.250%, due 02/19/21 |
|
50,000 |
|
51,456 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
5.875%, due 08/15/22 |
|
120,000 |
|
133,050 |
| ||
7.125%, due 09/01/181 |
|
90,000 |
|
98,213 |
| ||
International Paper Co., |
|
|
|
|
| ||
3.800%, due 01/15/26 |
|
30,000 |
|
31,896 |
| ||
John Deere Capital Corp., |
|
|
|
|
| ||
2.450%, due 09/11/20 |
|
30,000 |
|
30,907 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
3.875%, due 09/10/24 |
|
170,000 |
|
179,067 |
| ||
4.625%, due 05/10/21 |
|
90,000 |
|
99,676 |
| ||
Kimberly-Clark Corp., |
|
|
|
|
| ||
3.200%, due 07/30/46 |
|
30,000 |
|
29,582 |
| ||
3.625%, due 08/01/20 |
|
30,000 |
|
32,493 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
| ||
5.000%, due 10/01/21 |
|
$ |
80,000 |
|
$ |
87,297 |
|
6.500%, due 09/01/39 |
|
45,000 |
|
48,542 |
| ||
Kinder Morgan, Inc., |
|
|
|
|
| ||
0.000%, due 06/01/45 |
|
30,000 |
|
30,845 |
| ||
Kraft Heinz Foods Co., |
|
|
|
|
| ||
5.200%, due 07/15/45 |
|
50,000 |
|
59,276 |
| ||
Kroger Co. (The), |
|
|
|
|
| ||
3.850%, due 08/01/23 |
|
90,000 |
|
97,591 |
| ||
Lennar Corp., |
|
|
|
|
| ||
4.750%, due 05/30/25 |
|
80,000 |
|
81,600 |
| ||
Level 3 Financing, Inc., |
|
|
|
|
| ||
5.375%, due 08/15/22 |
|
80,000 |
|
83,600 |
| ||
Lowes Cos., Inc., |
|
|
|
|
| ||
4.650%, due 04/15/42 |
|
30,000 |
|
34,833 |
| ||
Masco Corp., |
|
|
|
|
| ||
3.500%, due 04/01/21 |
|
40,000 |
|
41,400 |
| ||
4.450%, due 04/01/25 |
|
40,000 |
|
42,500 |
| ||
McDonalds Corp., |
|
|
|
|
| ||
2.100%, due 12/07/18 |
|
30,000 |
|
30,457 |
| ||
4.875%, due 12/09/45 |
|
20,000 |
|
23,270 |
| ||
Medtronic, Inc., |
|
|
|
|
| ||
4.375%, due 03/15/35 |
|
66,000 |
|
74,940 |
| ||
MetLife, Inc., |
|
|
|
|
| ||
4.125%, due 08/13/42 |
|
20,000 |
|
19,951 |
| ||
Microsoft Corp., |
|
|
|
|
| ||
2.375%, due 02/12/22 |
|
50,000 |
|
51,465 |
| ||
4.450%, due 11/03/45 |
|
50,000 |
|
56,981 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
4.350%, due 09/08/26 |
|
100,000 |
|
106,819 |
| ||
4.875%, due 11/01/22 |
|
60,000 |
|
66,184 |
| ||
Series J, 5.550%, due 07/15/203,5 |
|
70,000 |
|
71,487 |
| ||
5.625%, due 09/23/19 |
|
100,000 |
|
110,738 |
| ||
National Rural Utilities Cooperative Finance Corp., |
|
|
|
|
| ||
2.300%, due 11/01/20 |
|
30,000 |
|
30,699 |
| ||
NBCUniversal Media LLC, |
|
|
|
|
| ||
4.375%, due 04/01/21 |
|
30,000 |
|
33,383 |
| ||
NCR Corp., |
|
|
|
|
| ||
5.000%, due 07/15/22 |
|
110,000 |
|
112,475 |
| ||
Netflix, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/22 |
|
70,000 |
|
75,338 |
| ||
Northern States Power Co., |
|
|
|
|
| ||
3.600%, due 05/15/46 |
|
30,000 |
|
31,487 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
3.750%, due 04/01/451 |
|
20,000 |
|
20,950 |
| ||
Oracle Corp., |
|
|
|
|
| ||
2.500%, due 05/15/22 |
|
50,000 |
|
51,328 |
| ||
5.375%, due 07/15/40 |
|
40,000 |
|
49,278 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
| ||
2.950%, due 03/01/26 |
|
30,000 |
|
31,266 |
| ||
5.800%, due 03/01/37 |
|
25,000 |
|
32,951 |
| ||
PacifiCorp, |
|
|
|
|
| ||
6.000%, due 01/15/39 |
|
40,000 |
|
54,599 |
| ||
PepsiCo, Inc., |
|
|
|
|
| ||
4.875%, due 11/01/40 |
|
20,000 |
|
24,377 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Pfizer, Inc., |
|
|
|
|
| ||
7.200%, due 03/15/39 |
|
$ |
60,000 |
|
$ |
92,096 |
|
Philip Morris International, Inc., |
|
|
|
|
| ||
2.900%, due 11/15/21 |
|
60,000 |
|
62,976 |
| ||
Principal Financial Group, Inc., |
|
|
|
|
| ||
8.875%, due 05/15/19 |
|
90,000 |
|
106,035 |
| ||
Quicken Loans, Inc., |
|
|
|
|
| ||
5.750%, due 05/01/251 |
|
130,000 |
|
129,025 |
| ||
QVC, Inc., |
|
|
|
|
| ||
4.450%, due 02/15/25 |
|
60,000 |
|
59,421 |
| ||
Realogy Group LLC, |
|
|
|
|
| ||
5.250%, due 12/01/211 |
|
85,000 |
|
89,436 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
5.700%, due 08/15/35 |
|
45,000 |
|
55,723 |
| ||
Reynolds Group Issuer, Inc., |
|
|
|
|
| ||
5.750%, due 10/15/20 |
|
80,000 |
|
82,500 |
| ||
Sempra Energy, |
|
|
|
|
| ||
9.800%, due 02/15/19 |
|
75,000 |
|
88,783 |
| ||
Sprint Capital Corp., |
|
|
|
|
| ||
6.900%, due 05/01/19 |
|
70,000 |
|
72,450 |
| ||
SunTrust Bank, |
|
|
|
|
| ||
7.250%, due 03/15/18 |
|
100,000 |
|
107,805 |
| ||
SunTrust Banks, Inc., |
|
|
|
|
| ||
2.900%, due 03/03/21 |
|
80,000 |
|
83,255 |
| ||
Synchrony Financial, |
|
|
|
|
| ||
4.500%, due 07/23/25 |
|
40,000 |
|
42,293 |
| ||
TCI Communications, Inc., |
|
|
|
|
| ||
7.875%, due 02/15/26 |
|
50,000 |
|
71,098 |
| ||
Texas Instruments, Inc., |
|
|
|
|
| ||
1.650%, due 08/03/19 |
|
20,000 |
|
20,243 |
| ||
1.850%, due 05/15/222 |
|
40,000 |
|
40,130 |
| ||
Time Warner Entertainment Co. LP, |
|
|
|
|
| ||
8.375%, due 03/15/23 |
|
35,000 |
|
45,479 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
2.950%, due 07/15/26 |
|
60,000 |
|
60,753 |
| ||
Union Pacific Corp., |
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
30,000 |
|
32,944 |
| ||
UnitedHealth Group, Inc., |
|
|
|
|
| ||
4.625%, due 07/15/35 |
|
50,000 |
|
58,180 |
| ||
USG Corp., |
|
|
|
|
| ||
5.875%, due 11/01/211 |
|
50,000 |
|
52,313 |
| ||
6.300%, due 11/15/16 |
|
40,000 |
|
40,229 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
6.625%, due 06/15/37 |
|
50,000 |
|
58,694 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
2.606%, due 09/14/183 |
|
50,000 |
|
51,313 |
| ||
4.522%, due 09/15/48 |
|
97,000 |
|
102,834 |
| ||
Virginia Electric & Power Co., |
|
|
|
|
| ||
3.450%, due 09/01/22 |
|
40,000 |
|
43,102 |
| ||
Walt Disney Co. (The), |
|
|
|
|
| ||
2.150%, due 09/17/20 |
|
30,000 |
|
30,913 |
| ||
4.125%, due 06/01/44 |
|
30,000 |
|
33,937 |
| ||
Wells Fargo & Co., |
|
|
|
|
| ||
5.375%, due 11/02/43 |
|
55,000 |
|
64,002 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
50,000 |
|
51,157 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Windstream Services LLC, |
|
|
|
|
| ||
7.750%, due 10/15/20 |
|
$ |
90,000 |
|
$ |
91,800 |
|
Zimmer Biomet Holdings, Inc., |
|
|
|
|
| ||
4.450%, due 08/15/45 |
|
60,000 |
|
61,599 |
| ||
Total United States corporate bonds |
|
|
|
9,865,644 |
| ||
|
|
|
|
|
| ||
Virgin Islands, British: 0.53% |
|
|
|
|
| ||
Sinopec Group Overseas Development 2013 Ltd., |
|
|
|
|
| ||
2.500%, due 10/17/181 |
|
200,000 |
|
203,078 |
| ||
Total corporate bonds |
|
|
|
12,359,472 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 5.20% |
|
|
|
|
| ||
United States: 5.20% |
|
|
|
|
| ||
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2014-1, Class D, |
|
|
|
|
| ||
2.540%, due 06/08/20 |
|
125,000 |
|
126,618 |
| ||
Series 2016-3, Class D, |
|
|
|
|
| ||
2.710%, due 09/08/22 |
|
175,000 |
|
175,992 |
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2013-4, Class C, |
|
|
|
|
| ||
2.670%, due 02/20/19 |
|
325,000 |
|
328,473 |
| ||
Series 2016-2, Class D, |
|
|
|
|
| ||
3.160%, due 11/20/23 |
|
150,000 |
|
152,492 |
| ||
Series 2016-1, Class D, |
|
|
|
|
| ||
4.030%, due 08/21/23 |
|
280,000 |
|
291,398 |
| ||
Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2016-BA, Class A2, |
|
|
|
|
| ||
1.380%, due 08/15/181 |
|
104,647 |
|
104,689 |
| ||
Series 2016-BA, Class C, |
|
|
|
|
| ||
3.190%, due 07/15/221 |
|
75,000 |
|
76,334 |
| ||
Series 2015-BA, Class D, |
|
|
|
|
| ||
3.840%, due 07/15/211 |
|
200,000 |
|
202,810 |
| ||
Series 2015-CA, Class D, |
|
|
|
|
| ||
4.200%, due 09/15/211 |
|
200,000 |
|
204,509 |
| ||
Series 2015-DA, Class D, |
|
|
|
|
| ||
4.590%, due 01/17/231 |
|
125,000 |
|
129,381 |
| ||
Ford Credit Auto Owner Trust, |
|
|
|
|
| ||
Series 2014-A, Class C, |
|
|
|
|
| ||
1.900%, due 09/15/19 |
|
175,000 |
|
175,644 |
| ||
Renaissance Home Equity Loan Trust, |
|
|
|
|
| ||
Series 2006-4, Class AF1, |
|
|
|
|
| ||
5.545%, due 01/25/374 |
|
38,076 |
|
21,614 |
| ||
Total asset-backed securities |
|
|
|
1,989,954 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Collateralized mortgage obligations: 2.87% |
|
|
|
|
| ||
United States: 2.87% |
|
|
|
|
| ||
FREMF Mortgage Trust, |
|
|
|
|
| ||
Series 2015-K45, Class B, |
|
|
|
|
| ||
3.714%, due 04/25/481,3 |
|
$ |
350,000 |
|
$ |
346,449 |
|
Series 2015-K48, Class B, |
|
|
|
|
| ||
3.760%, due 08/25/481,3 |
|
150,000 |
|
147,907 |
| ||
Series 2015-K49, Class B, |
|
|
|
|
| ||
3.848%, due 10/25/481,3 |
|
105,000 |
|
103,969 |
| ||
Series 2015-K50, Class B, |
|
|
|
|
| ||
3.908%, due 10/25/481,3 |
|
350,000 |
|
348,081 |
| ||
Series 2016-K55, Class B, |
|
|
|
|
| ||
4.294%, due 04/25/491,3 |
|
150,000 |
|
152,984 |
| ||
Total collateralized mortgage obligations |
|
|
|
1,099,390 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 4.11% |
|
|
|
|
| ||
United States: 4.11% |
|
|
|
|
| ||
CDGJ Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2014-BXCH, Class DPA, |
|
|
|
|
| ||
3.524%, due 12/15/271,3 |
|
93,557 |
|
92,560 |
| ||
CG-CCRE Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2014-FL1, Class C, |
|
|
|
|
| ||
2.274%, due 03/15/173 |
|
125,000 |
|
123,933 |
| ||
Commercial Mortgage Pass Through Certificates, |
|
|
|
|
| ||
Series 2013-GAM, Class B, |
|
|
|
|
| ||
3.531%, due 02/10/281,3 |
|
200,000 |
|
204,306 |
| ||
FDIC Guaranteed Notes Trust, |
|
|
|
|
| ||
Series 2010-C1, Class A, |
|
|
|
|
| ||
2.980%, due 12/06/201 |
|
68,314 |
|
69,094 |
| ||
GAHR Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2015-NRF, Class CFX, |
|
|
|
|
| ||
3.495%, due 12/15/341,3 |
|
150,000 |
|
152,745 |
| ||
GS Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-GSFL, Class D, |
|
|
|
|
| ||
4.424%, due 07/15/311,3 |
|
175,000 |
|
169,867 |
| ||
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2016-JP2, Class A4, |
|
|
|
|
| ||
2.822%, due 08/15/49 |
|
150,000 |
|
153,828 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Commercial mortgage-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Series 2014-CBM, Class D, |
|
|
|
|
| ||
3.024%, due 10/15/291,3 |
|
$ |
125,000 |
|
$ |
121,998 |
|
Series 2016-JP3, Class B, |
|
|
|
|
| ||
3.397%, due 08/15/493 |
|
100,000 |
|
102,771 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2015-C24, Class A4, |
|
|
|
|
| ||
3.732%, due 05/15/48 |
|
50,000 |
|
54,739 |
| ||
Series 2013-C10, Class C, |
|
|
|
|
| ||
4.219%, due 07/15/463 |
|
100,000 |
|
105,608 |
| ||
Starwood Retail Property Trust, |
|
|
|
|
| ||
Series 2014-STAR, Class C, |
|
|
|
|
| ||
3.024%, due 11/15/271,3 |
|
150,000 |
|
147,398 |
| ||
WFCG Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2015-BXRP, Class D, |
|
|
|
|
| ||
3.095%, due 11/15/291,3 |
|
80,343 |
|
78,745 |
| ||
Total commercial mortgage-backed securities |
|
|
|
1,577,592 |
| ||
|
|
|
|
|
| ||
Non-U.S. government obligations: 3.18% |
|
|
|
|
| ||
Brazil: 0.58% |
|
|
|
|
| ||
Federative Republic of Brazil, |
|
|
|
|
| ||
6.000%, due 04/07/26 |
|
200,000 |
|
222,000 |
| ||
|
|
|
|
|
| ||
Chile: 0.28% |
|
|
|
|
| ||
Republic of Chile, |
|
|
|
|
| ||
3.250%, due 09/14/21 |
|
100,000 |
|
107,500 |
| ||
|
|
|
|
|
| ||
Colombia: 0.19% |
|
|
|
|
| ||
Republic of Colombia, |
|
|
|
|
| ||
8.125%, due 05/21/24 |
|
55,000 |
|
72,738 |
| ||
|
|
|
|
|
| ||
Germany: 0.13% |
|
|
|
|
| ||
KFW, |
|
|
|
|
| ||
3.044%, due 04/18/366 |
|
80,000 |
|
49,090 |
| ||
|
|
|
|
|
| ||
Indonesia: 0.29% |
|
|
|
|
| ||
Republic of Indonesia, |
|
|
|
|
| ||
5.875%, due 03/13/201 |
|
100,000 |
|
111,681 |
| ||
|
|
|
|
|
| ||
Israel: 0.46% |
|
|
|
|
| ||
Israel Government AID Bond, |
|
|
|
|
| ||
5.500%, due 09/18/33 |
|
125,000 |
|
176,060 |
| ||
|
|
|
|
|
| ||
Mexico: 0.47% |
|
|
|
|
| ||
United Mexican States, |
|
|
|
|
| ||
4.000%, due 10/02/23 |
|
150,000 |
|
160,425 |
| ||
6.750%, due 09/27/34 |
|
15,000 |
|
19,838 |
| ||
|
|
|
|
180,263 |
| ||
Peru: 0.48% |
|
|
|
|
| ||
Republic of Peru, |
|
|
|
|
| ||
4.125%, due 08/25/27 |
|
40,000 |
|
45,700 |
| ||
7.350%, due 07/21/25 |
|
100,000 |
|
138,500 |
| ||
|
|
|
|
184,200 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Non-U.S. government obligations(Concluded) |
|
|
|
|
| ||
Poland: 0.07% |
|
|
|
|
| ||
Republic of Poland, |
|
|
|
|
| ||
5.000%, due 03/23/22 |
|
$ |
25,000 |
|
$ |
28,500 |
|
|
|
|
|
|
| ||
Turkey: 0.23% |
|
|
|
|
| ||
Republic of Turkey, |
|
|
|
|
| ||
4.875%, due 10/09/26 |
|
85,000 |
|
86,913 |
| ||
Total Non-U.S. government obligations |
|
|
|
1,218,945 |
| ||
|
|
|
|
|
| ||
Mortgage-backed securities: 32.68% |
|
|
|
|
| ||
United States: 32.68% |
|
|
|
|
| ||
FHLMC, |
|
|
|
|
| ||
3.000%, TBA |
|
600,000 |
|
623,615 |
| ||
3.500%, TBA |
|
1,400,000 |
|
1,477,055 |
| ||
4.000%, TBA |
|
1,750,000 |
|
1,877,217 |
| ||
#A96140 4.000%, due 01/01/41 |
|
65,875 |
|
70,965 |
| ||
4.500%, TBA |
|
250,000 |
|
273,750 |
| ||
#C63008 6.000%, due 01/01/32 |
|
37,143 |
|
42,413 |
| ||
#G01717 6.500%, due 11/01/29 |
|
30,150 |
|
35,079 |
| ||
FNMA, |
|
|
|
|
| ||
3.000%, TBA |
|
3,475,000 |
|
3,612,914 |
| ||
#AS0302 3.000%, due 08/01/43 |
|
21,284 |
|
22,178 |
| ||
#AV3735 3.000%, due 08/01/43 |
|
80,875 |
|
84,275 |
| ||
#AV1735 3.000%, due 11/01/43 |
|
66,121 |
|
68,897 |
| ||
3.500%, TBA |
|
25,000 |
|
26,383 |
| ||
4.000%, TBA |
|
1,575,000 |
|
1,691,587 |
| ||
#AH4568 4.000%, due 03/01/41 |
|
86,398 |
|
93,052 |
| ||
#AS5669 4.000%, due 08/01/45 |
|
188,230 |
|
205,835 |
| ||
4.500%, TBA |
|
525,000 |
|
574,977 |
| ||
#AE0106 4.500%, due 06/01/40 |
|
737 |
|
809 |
| ||
#890209 5.000%, due 05/01/40 |
|
106,142 |
|
118,012 |
| ||
#688066 5.500%, due 03/01/33 |
|
62,498 |
|
71,499 |
| ||
#688314 5.500%, due 03/01/33 |
|
60,222 |
|
69,090 |
| ||
#802481 5.500%, due 11/01/34 |
|
108,089 |
|
122,975 |
| ||
#408267 6.000%, due 03/01/28 |
|
10,408 |
|
12,132 |
| ||
#323715 6.000%, due 05/01/29 |
|
5,539 |
|
6,410 |
| ||
#676733 6.000%, due 01/01/33 |
|
44,000 |
|
51,387 |
| ||
#831730 6.500%, due 09/01/36 |
|
46,525 |
|
54,693 |
| ||
GNMA, |
|
|
|
|
| ||
3.000%, TBA |
|
125,000 |
|
130,967 |
| ||
#MA3873 3.000%, due 08/20/46 |
|
374,083 |
|
392,460 |
| ||
3.500%, TBA |
|
450,000 |
|
477,984 |
| ||
#AB2784 3.500%, due 08/20/42 |
|
65,919 |
|
71,022 |
| ||
#779425 4.000%, due 06/20/42 |
|
66,596 |
|
72,731 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face amount |
|
Value |
| ||
Bonds(Concluded) |
|
|
|
|
| ||
Mortgage-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
#002687 6.000%, due 12/20/28 |
|
$ |
11,779 |
|
$ |
13,586 |
|
#002794 6.000%, due 08/20/29 |
|
39,427 |
|
45,458 |
| ||
#004245 6.000%, due 09/20/38 |
|
25,553 |
|
29,280 |
| ||
Total mortgage-backed securities |
|
|
|
12,520,687 |
| ||
|
|
|
|
|
| ||
Municipal bonds: 1.38% |
|
|
|
|
| ||
Los Angeles Unified School District, |
|
|
|
|
| ||
6.758%, due 07/01/34 |
|
70,000 |
|
101,623 |
| ||
Metropolitan Transportation Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, Class A, |
|
|
|
|
| ||
6.668%, due 11/15/39 |
|
30,000 |
|
43,061 |
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
125,000 |
|
190,519 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.877%, due 03/01/19 |
|
180,000 |
|
194,490 |
| ||
Total municipal bonds |
|
|
|
529,693 |
| ||
|
|
|
|
|
| ||
U.S. government agency obligation: 0.20% |
|
|
|
|
| ||
United States: 0.20% |
|
|
|
|
| ||
Tennessee Valley Authority, |
|
|
|
|
| ||
2.875%, due 09/15/24 |
|
70,000 |
|
75,760 |
| ||
|
|
|
|
|
| ||
U.S. treasury obligations: 13.64% |
|
|
|
|
| ||
United States: 13.64% |
|
|
|
|
| ||
U.S. Treasury Bonds, |
|
|
|
|
| ||
2.500%, due 02/15/46 |
|
370,000 |
|
383,673 |
| ||
2.500%, due 05/15/46 |
|
540,000 |
|
560,714 |
| ||
2.750%, due 11/15/42 |
|
400,000 |
|
436,719 |
| ||
2.875%, due 08/15/45 |
|
40,000 |
|
44,692 |
| ||
3.125%, due 08/15/44 |
|
475,000 |
|
556,121 |
| ||
3.750%, due 11/15/43 |
|
100,000 |
|
130,523 |
| ||
U.S. Treasury Inflation Indexed Note (TIPS), |
|
|
|
|
| ||
0.625%, due 01/15/26 |
|
210,000 |
|
223,982 |
| ||
U.S. Treasury Notes, |
|
|
|
|
| ||
0.750%, due 07/15/192 |
|
400,000 |
|
398,656 |
| ||
1.000%, due 08/15/182 |
|
500,000 |
|
502,109 |
| ||
1.250%, due 03/31/21 |
|
300,000 |
|
301,570 |
| ||
1.375%, due 08/31/23 |
|
825,000 |
|
822,712 |
| ||
1.500%, due 08/15/262 |
|
875,000 |
|
867,105 |
| ||
Total U.S. treasury obligations |
|
|
|
5,228,576 |
| ||
Total bonds |
|
|
|
48,845,267 |
| ||
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Short-term investments: 31.65% |
|
|
|
|
| |
Investment company: 29.63% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
11,354,715 |
|
$ |
11,354,715 |
|
|
|
|
|
|
| |
U.S. treasury obligation: 2.02% |
|
|
|
|
| |
U.S. Treasury Bill, |
|
|
|
|
| |
0.130%, due 11/17/166 |
|
775,000 |
|
774,866 |
| |
Total short-term investments |
|
|
|
12,129,581 |
| |
|
|
Face amount |
|
|
| |
Options purchased: 0.05% |
|
|
|
|
| |
Foreign exchange put options: 0.02% |
|
|
|
|
| |
Foreign Exchange Option, Buy USD/INR, |
|
$ |
385,000 |
|
6,411 |
|
|
|
Notional Amount |
|
|
| ||
Swaptions: 0.03%7 |
|
|
|
|
| ||
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.HY Series 26 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
$ |
750,000 |
|
2,501 |
| |
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.IG Series 26 Index and the Fund receives quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
|
4,000,000 |
|
|
3,927 |
|
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.HY Series 26 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
1,500,000 |
|
5,003 |
| ||
|
|
|
|
11,431 |
| ||
Total options purchased |
|
|
|
17,842 |
| ||
|
|
Shares |
|
|
| |
Investment of cash collateral from securities loaned: 0.26% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
97,775 |
|
97,775 |
| |
Total investments: 127.46% |
|
|
|
48,845,267 |
| |
Liabilities, in excess of cash and other assets: (27.46%) |
|
|
|
(10,523,315 |
) | |
Net assets: 100.00% |
|
|
|
$ |
38,321,952 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (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 |
|
$ |
927,974 |
|
Gross unrealized depreciation |
|
(93,248 |
) | |
Net unrealized appreciation of investments |
|
$ |
834,726 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
CAD |
765,000 |
|
USD |
579,405 |
|
10/24/16 |
|
$ |
(3,791 |
) |
JPMCB |
|
EUR |
340,000 |
|
USD |
382,671 |
|
10/24/16 |
|
368 |
| |
JPMCB |
|
GBP |
540,000 |
|
USD |
712,736 |
|
10/24/16 |
|
12,514 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
$ |
9,091 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Long Bond, 1 contract (USD) |
|
December 2016 |
|
$ |
170,814 |
|
$ |
168,156 |
|
$ |
(2,658 |
) |
US Ultra Bond, 1 contract (USD) |
|
December 2016 |
|
187,439 |
|
183,875 |
|
(3,564 |
) | |||
2 Year US Treasury Notes, 10 contracts (USD) |
|
December 2016 |
|
2,184,959 |
|
2,184,688 |
|
(271 |
) | |||
10 Year US Treasury Notes, 14 contracts (USD) |
|
December 2016 |
|
1,837,410 |
|
1,835,750 |
|
(1,660 |
) | |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
5 Year US Treasury Notes, 20 contracts (USD) |
|
December 2016 |
|
(2,427,065 |
) |
(2,430,313 |
) |
(3,248 |
) | |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bobl, 1 contract (EUR) |
|
December 2016 |
|
(147,844 |
) |
(148,383 |
) |
(539 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(11,940 |
) | ||
Credit default swap agreements on credit indices-sell protection8
Counterparty |
|
Referenced |
|
Notional |
|
Termination |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
MSC |
|
CMBX.NA.AA. Series 9 Index |
|
USD |
375,000 |
|
09/17/58 |
|
1.500 |
% |
$ |
26,717 |
|
$ |
(20,782 |
) |
$ |
5,935 |
|
2.282 |
% |
Centrally cleared interest rate swap agreements
Notional |
|
Termination |
|
Payments |
|
Payments |
|
Value |
|
Unrealized |
| |||
USD |
550,000 |
|
05/31/23 |
|
1.329 |
% |
3 month USD LIBOR |
|
$ |
(1,810 |
) |
$ |
(1,810 |
) |
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Foreign exchange put options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell USD/CAD, Notional Amount USD 700,000, strike @ CAD 1.33, counterparty: MLI |
|
November 2016 |
|
$ |
12,093 |
|
$ |
(14,484 |
) |
Foreign Exchange Option, Sell USD/EUR, Notional Amount USD 800,000, strike @ EUR 0.87, counterparty: CITI |
|
December 2016 |
|
8,089 |
|
(6,805 |
) | ||
Foreign Exchange Option, Sell USD/GBP, Notional Amount USD 750,000, strike @ GBP 0.76, counterparty: CITI |
|
November 2016 |
|
12,240 |
|
(6,688 |
) | ||
Swaptions7 |
|
|
|
|
|
|
| ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 1,500,000 |
|
December 2016 |
|
9,300 |
|
(4,516 |
) | ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 750,000 |
|
October 2016 |
|
3,450 |
|
(8,146 |
) | ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: MLI, Notional Amount USD 1,000,000 |
|
October 2016 |
|
4,200 |
|
(4,147 |
) | ||
If option exercised, the 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.IG Series 26 Index and the Fund pays quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 4,000,000 |
|
December 2016 |
|
6,000 |
|
(2,433 |
) | ||
Total options written |
|
|
|
$ |
55,372 |
|
$ |
(47,219 |
) |
Options written activity for the period ended September 30, 2016 was as follows:
|
|
Number of |
|
Premiums |
| |
Call options outstanding at June 30, 2016 |
|
38 |
|
$ |
10,317 |
|
Call options terminated in closing purchase transactions |
|
(38 |
) |
(10,317 |
) | |
Call options expired prior to exercise |
|
|
|
|
| |
Call options outstanding at September 30, 2016 |
|
|
|
$ |
|
|
|
|
Premiums |
| |
Swaptions & foreign exchange options outstanding at June 30, 2016 |
|
$ |
56,017 |
|
Swaptions & foreign exchange options written |
|
71,676 |
| |
Swaptions & foreign exchange options terminated in closing purchase transactions |
|
(72,321 |
) | |
Swaptions & foreign exchange options expired prior to exercise |
|
|
| |
Swaptions & foreign exchange options outstanding at September 30, 2016 |
|
$ |
55,372 |
|
UBS Core Plus Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
12,359,472 |
|
$ |
|
|
$ |
12,359,472 |
|
Asset-backed securities |
|
|
|
1,989,954 |
|
|
|
1,989,954 |
| ||||
Collateralized mortgage obligations |
|
|
|
1,099,390 |
|
|
|
1,099,390 |
| ||||
Commercial mortgage-backed securities |
|
|
|
1,577,592 |
|
|
|
1,577,592 |
| ||||
Non-U.S. government obligations |
|
|
|
1,218,945 |
|
|
|
1,218,945 |
| ||||
Mortgage-backed securities |
|
|
|
12,520,687 |
|
|
|
12,520,687 |
| ||||
Municipal bonds |
|
|
|
529,693 |
|
|
|
529,693 |
| ||||
U.S. government agency obligation |
|
|
|
75,760 |
|
|
|
75,760 |
| ||||
U.S. treasury obligations |
|
|
|
5,228,576 |
|
|
|
5,228,576 |
| ||||
Short-term investment |
|
|
|
12,129,581 |
|
|
|
12,129,581 |
| ||||
Options purchased |
|
|
|
17,842 |
|
|
|
17,842 |
| ||||
Investment of cash collateral from securities loaned |
|
|
|
97,775 |
|
|
|
97,775 |
| ||||
Forward foreign currency contracts |
|
|
|
12,882 |
|
|
|
12,882 |
| ||||
Total |
|
$ |
|
|
$ |
48,858,149 |
|
$ |
|
|
$ |
48,858,149 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(3,791 |
) |
$ |
|
|
$ |
(3,791 |
) |
Futures contracts |
|
(11,940 |
) |
|
|
|
|
(11,940 |
) | ||||
Swap agreements, at value |
|
|
|
(22,592 |
) |
|
|
(22,592 |
) | ||||
Options written |
|
|
|
(47,219 |
) |
|
|
(47,219 |
) | ||||
Total |
|
$ |
(11,940 |
) |
$ |
(73,602 |
) |
$ |
|
|
$ |
(85,542 |
) |
At September 30, 2016, there were no transfers between Level 1 and Level 2.
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.
2 Security, or portion thereof, was on loan at the period end.
3 Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically.
4 Step bondcoupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
5 Perpetual investment. Date shown reflects the next call date.
6 Rate shown is the discount rate at the date of purchase unless otherwise noted.
7 Illiquid investment at the period end.
8 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 obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
9 Payments made or received are based on the notional amount.
10 Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the currentstatus 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 tobe made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greaterlikelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified asDefaulted indicates a credit event has occurred for the referenced entity. Credit spreads are unaudited.
UBS Total Return Bond Fund
Industry diversification (unaudited)
As a percentage of net assets as of September 30, 2016
Bonds |
|
|
|
Corporate bonds |
|
|
|
Automobiles |
|
0.95 |
% |
Banks |
|
7.38 |
|
Beverages |
|
0.55 |
|
Biotechnology |
|
0.57 |
|
Building products |
|
0.50 |
|
Capital markets |
|
1.56 |
|
Chemicals |
|
1.56 |
|
Commercial services & supplies |
|
0.66 |
|
Communications equipment |
|
0.81 |
|
Consumer finance |
|
1.81 |
|
Containers & packaging |
|
0.38 |
|
Diversified financial services |
|
2.37 |
|
Diversified telecommunication services |
|
3.28 |
|
Electric utilities |
|
2.68 |
|
Electrical equipment |
|
0.31 |
|
Equity real estate investment trusts (REITs) |
|
0.32 |
|
Food & staples retailing |
|
0.32 |
|
Health care providers & services |
|
0.18 |
|
Household durables |
|
1.17 |
|
Household products |
|
0.17 |
|
Industrial conglomerates |
|
0.58 |
|
Insurance |
|
1.55 |
|
Internet & direct marketing retail |
|
0.40 |
|
Life sciences tools & services |
|
0.23 |
|
Machinery |
|
0.23 |
|
Media |
|
1.98 |
|
Metals & mining |
|
0.17 |
|
Oil, gas & consumable fuels |
|
3.63 |
|
Paper & forest products |
|
0.31 |
|
Pharmaceuticals |
|
0.92 |
|
Real estate management & development |
|
0.41 |
|
Road & rail |
|
0.59 |
|
Semiconductors & semiconductor equipment |
|
0.34 |
|
Software |
|
0.40 |
|
Specialty retail |
|
0.15 |
|
Technology hardware, storage & peripherals |
|
1.09 |
|
Thrifts & mortgage finance |
|
0.56 |
|
Tobacco |
|
0.37 |
|
Trading companies & distributors |
|
1.40 |
|
Wireless telecommunication services |
|
0.29 |
|
Total corporate bonds |
|
43.13 |
% |
Asset-backed securities |
|
6.96 |
|
Collateralized mortgage obligations |
|
4.15 |
|
Commercial mortgage-backed securities |
|
4.28 |
|
Non-U.S. government obligations |
|
3.28 |
|
Mortgage-backed securities |
|
30.69 |
|
Municipal bonds |
|
2.25 |
|
U.S. treasury obligations |
|
3.72 |
|
Total bonds |
|
98.46 |
% |
Preferred stock |
|
0.17 |
|
Short-term investment |
|
18.99 |
|
Options purchased |
|
0.11 |
|
Total investments |
|
117.73 |
% |
Liabilities, in excess of cash and other assets |
|
(17.73 |
) |
Net assets |
|
100.00 |
% |
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds: 98.46% |
|
|
|
|
| ||
Corporate bonds: 43.13% |
|
|
|
|
| ||
Brazil: 0.85% |
|
|
|
|
| ||
Caixa Economica Federal, |
|
|
|
|
| ||
2.375%, due 11/06/171 |
|
$ |
555,000 |
|
$ |
548,828 |
|
|
|
|
|
|
| ||
Canada: 0.86% |
|
|
|
|
| ||
NOVA Chemicals Corp., |
|
|
|
|
| ||
5.250%, due 08/01/231 |
|
360,000 |
|
368,100 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
5.000%, due 03/15/44 |
|
160,000 |
|
186,232 |
| ||
Total Canada corporate bonds |
|
|
|
554,332 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.82% |
|
|
|
|
| ||
Seagate HDD Cayman, |
|
|
|
|
| ||
5.750%, due 12/01/34 |
|
350,000 |
|
291,375 |
| ||
XLIT Ltd., |
|
|
|
|
| ||
6.375%, due 11/15/24 |
|
200,000 |
|
238,434 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
529,809 |
| ||
|
|
|
|
|
| ||
Curacao: 0.09% |
|
|
|
|
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
57,000 |
|
60,611 |
| ||
|
|
|
|
|
| ||
Germany: 0.49% |
|
|
|
|
| ||
Unitymedia GmbH, |
|
|
|
|
| ||
6.125%, due 01/15/251 |
|
300,000 |
|
314,625 |
| ||
|
|
|
|
|
| ||
Ireland: 0.16% |
|
|
|
|
| ||
Shire Acquisitions Investments Ireland Designated Activity Co., |
|
|
|
|
| ||
2.400%, due 09/23/21 |
|
100,000 |
|
100,277 |
| ||
|
|
|
|
|
| ||
Luxembourg: 0.72% |
|
|
|
|
| ||
Actavis Funding SCS, |
|
|
|
|
| ||
3.800%, due 03/15/25 |
|
200,000 |
|
211,787 |
| ||
INEOS Group Holdings SA, |
|
|
|
|
| ||
5.875%, due 02/15/191 |
|
250,000 |
|
255,000 |
| ||
Total Luxembourg corporate bonds |
|
|
|
466,787 |
| ||
|
|
|
|
|
| ||
Malaysia: 0.68% |
|
|
|
|
| ||
SSG Resources Ltd., |
|
|
|
|
| ||
4.250%, due 10/04/222 |
|
410,000 |
|
439,100 |
| ||
|
|
|
|
|
| ||
Mexico: 0.51% |
|
|
|
|
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
3.500%, due 01/30/23 |
|
350,000 |
|
329,613 |
| ||
|
|
|
|
|
| ||
Netherlands: 1.90% |
|
|
|
|
| ||
EDP Finance BV, |
|
|
|
|
| ||
4.900%, due 10/01/191 |
|
475,000 |
|
504,835 |
| ||
6.000%, due 02/02/181 |
|
350,000 |
|
365,876 |
| ||
LYB International Finance BV, |
|
|
|
|
| ||
4.875%, due 03/15/44 |
|
120,000 |
|
130,124 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Netherlands(Concluded) |
|
|
|
|
| ||
Teva Pharmaceutical Finance Netherlands III BV, |
|
|
|
|
| ||
3.150%, due 10/01/26 |
|
$ |
220,000 |
|
$ |
221,709 |
|
Total Netherlands corporate bonds |
|
|
|
1,222,544 |
| ||
|
|
|
|
|
| ||
Norway: 0.80% |
|
|
|
|
| ||
Eksportfinans ASA, |
|
|
|
|
| ||
5.500%, due 06/26/17 |
|
500,000 |
|
512,480 |
| ||
|
|
|
|
|
| ||
United Kingdom: 1.81% |
|
|
|
|
| ||
Aon plc, |
|
|
|
|
| ||
3.875%, due 12/15/25 |
|
220,000 |
|
235,051 |
| ||
HSBC Holdings plc, |
|
|
|
|
| ||
3.400%, due 03/08/21 |
|
460,000 |
|
475,792 |
| ||
Lloyds Banking Group plc, |
|
|
|
|
| ||
4.582%, due 12/10/251 |
|
200,000 |
|
205,001 |
| ||
Royal Bank of Scotland Group plc, |
|
|
|
|
| ||
3.875%, due 09/12/23 |
|
250,000 |
|
246,747 |
| ||
Total United Kingdom corporate bonds |
|
|
|
1,162,591 |
| ||
|
|
|
|
|
| ||
United States: 33.44% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
7.750%, due 12/01/45 |
|
50,000 |
|
73,847 |
| ||
AbbVie, Inc., |
|
|
|
|
| ||
2.500%, due 05/14/20 |
|
200,000 |
|
204,165 |
| ||
ADT Corp. (The), |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
440,000 |
|
423,500 |
| ||
AEP Texas Central Co., |
|
|
|
|
| ||
Series E, |
|
|
|
|
| ||
6.650%, due 02/15/33 |
|
195,000 |
|
250,709 |
| ||
Alabama Power Co., |
|
|
|
|
| ||
6.000%, due 03/01/39 |
|
175,000 |
|
231,445 |
| ||
Ally Financial, Inc., |
|
|
|
|
| ||
6.250%, due 12/01/17 |
|
250,000 |
|
260,000 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.550%, due 03/15/26 |
|
150,000 |
|
170,409 |
| ||
Anheuser-Busch InBev Finance, Inc., |
|
|
|
|
| ||
4.900%, due 02/01/46 |
|
295,000 |
|
353,808 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
3.800%, due 03/15/22 |
|
690,000 |
|
739,112 |
| ||
4.350%, due 06/15/45 |
|
230,000 |
|
226,661 |
| ||
AXA Financial, Inc., |
|
|
|
|
| ||
7.000%, due 04/01/28 |
|
165,000 |
|
216,162 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
4.200%, due 08/26/24 |
|
300,000 |
|
317,233 |
| ||
6.110%, due 01/29/37 |
|
225,000 |
|
274,617 |
| ||
Biogen, Inc., |
|
|
|
|
| ||
4.050%, due 09/15/25 |
|
150,000 |
|
163,406 |
| ||
Boston Properties LP, |
|
|
|
|
| ||
2.750%, due 10/01/26 |
|
210,000 |
|
205,800 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
5.150%, due 09/01/43 |
|
$ |
200,000 |
|
$ |
249,324 |
|
CalAtlantic Group, Inc., |
|
|
|
|
| ||
6.250%, due 12/15/21 |
|
160,000 |
|
175,800 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
4.200%, due 10/29/25 |
|
240,000 |
|
250,536 |
| ||
Case New Holland Industrial, Inc., |
|
|
|
|
| ||
7.875%, due 12/01/17 |
|
138,000 |
|
146,625 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/23 |
|
250,000 |
|
250,182 |
| ||
Charter Communications Operating LLC / Charter Communications Operating Capital, |
|
|
|
|
| ||
6.484%, due 10/23/451 |
|
80,000 |
|
96,959 |
| ||
Cisco Systems, Inc., |
|
|
|
|
| ||
5.900%, due 02/15/39 |
|
130,000 |
|
174,521 |
| ||
CIT Group, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/191 |
|
150,000 |
|
158,625 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
5.500%, due 09/13/25 |
|
600,000 |
|
684,644 |
| ||
Series M, |
|
|
|
|
| ||
6.300%, due 05/15/243,4 |
|
200,000 |
|
205,000 |
| ||
Comcast Corp., |
|
|
|
|
| ||
6.950%, due 08/15/37 |
|
130,000 |
|
189,901 |
| ||
ConocoPhillips Co., |
|
|
|
|
| ||
4.200%, due 03/15/21 |
|
130,000 |
|
140,593 |
| ||
Devon Energy Corp., |
|
|
|
|
| ||
5.000%, due 06/15/45 |
|
110,000 |
|
107,259 |
| ||
DISH DBS Corp., |
|
|
|
|
| ||
7.875%, due 09/01/19 |
|
150,000 |
|
168,000 |
| ||
DR Horton, Inc., |
|
|
|
|
| ||
4.000%, due 02/15/20 |
|
227,000 |
|
239,201 |
| ||
Eaton Corp., |
|
|
|
|
| ||
2.750%, due 11/02/22 |
|
190,000 |
|
196,367 |
| ||
Enterprise Products Operating LLC, |
|
|
|
|
| ||
2.850%, due 04/15/21 |
|
105,000 |
|
108,120 |
| ||
Exelon Corp., |
|
|
|
|
| ||
3.400%, due 04/15/26 |
|
550,000 |
|
571,057 |
| ||
Ford Motor Co., |
|
|
|
|
| ||
7.450%, due 07/16/31 |
|
300,000 |
|
397,110 |
| ||
Frontier Communications Corp., |
|
|
|
|
| ||
8.500%, due 04/15/20 |
|
350,000 |
|
378,438 |
| ||
General Electric Co., |
|
|
|
|
| ||
Series D, |
|
|
|
|
| ||
5.000%, due 01/21/213,4 |
|
349,000 |
|
371,127 |
| ||
General Motors Co., |
|
|
|
|
| ||
6.600%, due 04/01/36 |
|
180,000 |
|
216,958 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
General Motors Financial Co., Inc., |
|
|
|
|
| ||
3.000%, due 09/25/17 |
|
$ |
500,000 |
|
$ |
506,376 |
|
Georgia-Pacific LLC, |
|
|
|
|
| ||
8.000%, due 01/15/24 |
|
150,000 |
|
198,958 |
| ||
Goldman Sachs Group, Inc. (The), |
|
|
|
|
| ||
5.750%, due 01/24/22 |
|
455,000 |
|
528,191 |
| ||
6.750%, due 10/01/37 |
|
70,000 |
|
89,301 |
| ||
Home Depot, Inc. (The), |
|
|
|
|
| ||
2.125%, due 09/15/26 |
|
100,000 |
|
98,365 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
5.875%, due 08/15/22 |
|
420,000 |
|
465,675 |
| ||
7.125%, due 09/01/181 |
|
400,000 |
|
436,500 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
4.625%, due 05/10/21 |
|
350,000 |
|
387,628 |
| ||
Series 1, |
|
|
|
|
| ||
7.900%, due 04/30/183,4 |
|
200,000 |
|
205,500 |
| ||
Kimberly-Clark Corp., |
|
|
|
|
| ||
3.200%, due 07/30/46 |
|
110,000 |
|
108,468 |
| ||
Kinder Morgan, Inc., |
|
|
|
|
| ||
5.550%, due 06/01/45 |
|
40,000 |
|
41,126 |
| ||
6.500%, due 09/15/20 |
|
100,000 |
|
111,874 |
| ||
7.250%, due 06/01/18 |
|
300,000 |
|
323,920 |
| ||
Kroger Co. (The), |
|
|
|
|
| ||
6.900%, due 04/15/38 |
|
150,000 |
|
208,980 |
| ||
Lennar Corp., |
|
|
|
|
| ||
4.750%, due 05/30/25 |
|
330,000 |
|
336,600 |
| ||
Level 3 Financing, Inc., |
|
|
|
|
| ||
5.375%, due 08/15/22 |
|
240,000 |
|
250,800 |
| ||
Liberty Mutual Group, Inc., |
|
|
|
|
| ||
4.250%, due 06/15/231 |
|
400,000 |
|
432,920 |
| ||
Life Technologies Corp., |
|
|
|
|
| ||
6.000%, due 03/01/20 |
|
135,000 |
|
150,967 |
| ||
MetLife, Inc., |
|
|
|
|
| ||
6.400%, due 12/15/36 |
|
85,000 |
|
94,084 |
| ||
Microsoft Corp., |
|
|
|
|
| ||
2.375%, due 02/12/22 |
|
250,000 |
|
257,324 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
4.875%, due 11/01/22 |
|
350,000 |
|
386,071 |
| ||
Motorola Solutions, Inc., |
|
|
|
|
| ||
3.500%, due 03/01/23 |
|
350,000 |
|
349,273 |
| ||
NCR Corp., |
|
|
|
|
| ||
5.000%, due 07/15/22 |
|
400,000 |
|
409,000 |
| ||
Netflix, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/22 |
|
240,000 |
|
258,300 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
3.750%, due 04/01/451 |
|
100,000 |
|
104,752 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
| ||
2.950%, due 03/01/26 |
|
350,000 |
|
364,772 |
| ||
PacifiCorp, |
|
|
|
|
| ||
6.000%, due 01/15/39 |
|
150,000 |
|
204,746 |
| ||
Quicken Loans, Inc., |
|
|
|
|
| ||
5.750%, due 05/01/251 |
|
360,000 |
|
357,300 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Realogy Group LLC, |
|
|
|
|
| ||
5.250%, due 12/01/211 |
|
$ |
250,000 |
|
$ |
263,046 |
|
Regency Energy Partners LP, |
|
|
|
|
| ||
5.500%, due 04/15/23 |
|
500,000 |
|
516,294 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
7.250%, due 06/15/37 |
|
175,000 |
|
240,161 |
| ||
Reynolds Group Issuer, Inc., |
|
|
|
|
| ||
5.750%, due 10/15/20 |
|
240,000 |
|
247,500 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
6.750%, due 04/16/40 |
|
100,000 |
|
109,550 |
| ||
Sprint Capital Corp., |
|
|
|
|
| ||
6.875%, due 11/15/28 |
|
200,000 |
|
188,250 |
| ||
SunTrust Bank, |
|
|
|
|
| ||
7.250%, due 03/15/18 |
|
495,000 |
|
533,634 |
| ||
Synchrony Financial, |
|
|
|
|
| ||
4.500%, due 07/23/25 |
|
140,000 |
|
148,027 |
| ||
Texas Instruments, Inc., |
|
|
|
|
| ||
1.850%, due 05/15/22 |
|
220,000 |
|
220,715 |
| ||
Time Warner Cable, Inc., |
|
|
|
|
| ||
8.750%, due 02/14/19 |
|
210,000 |
|
242,170 |
| ||
Time Warner, Inc., |
|
|
|
|
| ||
2.950%, due 07/15/26 |
|
190,000 |
|
192,384 |
| ||
Union Pacific Corp., |
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
120,000 |
|
131,774 |
| ||
UnitedHealth Group, Inc., |
|
|
|
|
| ||
4.625%, due 07/15/35 |
|
100,000 |
|
116,360 |
| ||
USG Corp., |
|
|
|
|
| ||
5.875%, due 11/01/211 |
|
310,000 |
|
324,337 |
| ||
Valero Energy Corp., |
|
|
|
|
| ||
7.500%, due 04/15/32 |
|
265,000 |
|
329,269 |
| ||
Williams Partners LP, |
|
|
|
|
| ||
6.300%, due 04/15/40 |
|
145,000 |
|
159,699 |
| ||
Windstream Services LLC, |
|
|
|
|
| ||
7.750%, due 10/15/20 |
|
320,000 |
|
326,400 |
| ||
Total United States corporate bonds |
|
|
|
21,544,562 |
| ||
Total corporate bonds |
|
|
|
27,786,159 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 6.96% |
|
|
|
|
| ||
United States: 6.96% |
|
|
|
|
| ||
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2016-3, Class D, |
|
|
|
|
| ||
2.710%, due 09/08/22 |
|
600,000 |
|
603,402 |
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2016-2, Class D, |
|
|
|
|
| ||
3.160%, due 11/20/23 |
|
475,000 |
|
482,892 |
| ||
Series 2016-1, Class D, |
|
|
|
|
| ||
4.030%, due 08/21/23 |
|
975,000 |
|
1,014,689 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Asset-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2016-AA, Class B, |
|
|
|
|
| ||
3.170%, due 05/15/201 |
|
$ |
585,000 |
|
$ |
593,175 |
|
Series 2015-DA, Class C, |
|
|
|
|
| ||
3.380%, due 11/15/211 |
|
975,000 |
|
992,887 |
| ||
Santander Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2012-3, Class E, |
|
|
|
|
| ||
5.130%, due 06/17/19 |
|
790,000 |
|
796,144 |
| ||
Total asset-backed securities |
|
|
|
4,483,189 |
| ||
|
|
|
|
|
| ||
Collateralized mortgage obligations: 4.15% |
|
|
|
|
| ||
United States: 4.15% |
|
|
|
|
| ||
FREMF Mortgage Trust, |
|
|
|
|
| ||
Series 2015-K45, |
|
|
|
|
| ||
3.714%, due 04/25/481,3 |
|
600,000 |
|
593,912 |
| ||
Series 2016-K55, |
|
|
|
|
| ||
4.294%, due 04/25/491,3 |
|
525,000 |
|
535,444 |
| ||
Series 2015-K49, |
|
|
|
|
| ||
3.848%, due 10/25/481,3 |
|
355,000 |
|
351,516 |
| ||
Series 2015-K48, |
|
|
|
|
| ||
3.760%, due 08/25/481,3 |
|
500,000 |
|
493,023 |
| ||
Series 2015-K50, |
|
|
|
|
| ||
3.908%, due 10/25/481,3 |
|
700,000 |
|
696,162 |
| ||
Total collateralized mortgage obligations |
|
|
|
2,670,057 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 4.28% |
|
|
|
|
| ||
United States: 4.28% |
|
|
|
|
| ||
BXHTL Mortgage Trust, |
|
|
|
|
| ||
Series 2015-JWRZ, |
|
|
|
|
| ||
4.213%, due 05/15/291,3 |
|
500,000 |
|
489,031 |
| ||
Commercial Mortgage Pass-Through Certificates, |
|
|
|
|
| ||
Series 2014-CR14, |
|
|
|
|
| ||
4.751%, due 02/10/473 |
|
250,000 |
|
270,188 |
| ||
Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2015-CSMO, |
|
|
|
|
| ||
4.474%, due 01/15/321,3 |
|
325,000 |
|
324,034 |
| ||
GS Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-GSFL, |
|
|
|
|
| ||
4.424%, due 07/15/311,3 |
|
500,000 |
|
485,334 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Commercial mortgage-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2014-C17, |
|
|
|
|
| ||
4.464%, due 08/15/473 |
|
$ |
500,000 |
|
$ |
548,529 |
|
Starwood Retail Property Trust, |
|
|
|
|
| ||
Series 2014-STAR, |
|
|
|
|
| ||
3.024%, due 11/15/271,3 |
|
125,000 |
|
122,832 |
| ||
VNDO Mortgage Trust, |
|
|
|
|
| ||
Series 2013-PENN, |
|
|
|
|
| ||
4.079%, due 12/13/291,3 |
|
500,000 |
|
514,785 |
| ||
Total commercial mortgage-backed securities |
|
|
|
2,754,733 |
| ||
|
|
|
|
|
| ||
Non-U.S. government obligations: 3.28% |
|
|
|
|
| ||
Brazil: 0.47% |
|
|
|
|
| ||
Federative Republic of Brazil, |
|
|
|
|
| ||
6.000%, due 04/07/26 |
|
275,000 |
|
305,250 |
| ||
|
|
|
|
|
| ||
Chile: 0.33% |
|
|
|
|
| ||
Republic of Chile, |
|
|
|
|
| ||
3.250%, due 09/14/21 |
|
200,000 |
|
215,000 |
| ||
|
|
|
|
|
| ||
Colombia: 0.31% |
|
|
|
|
| ||
Republic of Colombia, |
|
|
|
|
| ||
8.125%, due 05/21/24 |
|
150,000 |
|
198,375 |
| ||
|
|
|
|
|
| ||
Indonesia: 0.24% |
|
|
|
|
| ||
Republic of Indonesia, |
|
|
|
|
| ||
5.875%, due 03/13/201 |
|
140,000 |
|
156,353 |
| ||
|
|
|
|
|
| ||
Mexico: 0.77% |
|
|
|
|
| ||
United Mexican States, |
|
|
|
|
| ||
4.000%, due 10/02/23 |
|
400,000 |
|
427,800 |
| ||
6.750%, due 09/27/34 |
|
50,000 |
|
66,125 |
| ||
|
|
|
|
493,925 |
| ||
Peru: 0.70% |
|
|
|
|
| ||
Republic of Peru, |
|
|
|
|
| ||
7.350%, due 07/21/25 |
|
325,000 |
|
450,125 |
| ||
|
|
|
|
|
| ||
Turkey: 0.46% |
|
|
|
|
| ||
Republic of Turkey, |
|
|
|
|
| ||
4.875%, due 10/09/26 |
|
290,000 |
|
296,525 |
| ||
Total Non-U.S. government obligations |
|
|
|
2,115,553 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Concluded) |
|
|
|
|
| ||
Mortgage-backed securities: 30.69% |
|
|
|
|
| ||
United States: 30.69% |
|
|
|
|
| ||
FHLMC, |
|
|
|
|
| ||
3.000%, TBA |
|
$ |
1,600,000 |
|
$ |
1,662,972 |
|
#Q43252 3.000%, due 09/01/46 |
|
3,575,000 |
|
3,719,121 |
| ||
#G08702 3.500%, due 04/01/46 |
|
3,717,516 |
|
3,925,096 |
| ||
4.000%, TBA |
|
1,725,000 |
|
1,850,399 |
| ||
4.500%, TBA |
|
925,000 |
|
1,012,875 |
| ||
#E01127 6.500%, due 02/01/17 |
|
946 |
|
953 |
| ||
FNMA, |
|
|
|
|
| ||
3.000%, TBA |
|
625,000 |
|
649,805 |
| ||
4.000%, TBA |
|
3,525,000 |
|
3,785,932 |
| ||
#AE1568 4.000%, due 09/01/40 |
|
240,607 |
|
259,129 |
| ||
#688066 5.500%, due 03/01/33 |
|
49,998 |
|
57,199 |
| ||
#793666 5.500%, due 09/01/34 |
|
228,977 |
|
260,419 |
| ||
#802481 5.500%, due 11/01/34 |
|
41,572 |
|
47,298 |
| ||
#596124 6.000%, due 11/01/28 |
|
52,603 |
|
61,034 |
| ||
GNMA, |
|
|
|
|
| ||
3.000%, TBA |
|
2,350,000 |
|
2,462,176 |
| ||
#781029 6.500%, due 05/15/29 |
|
15,258 |
|
18,145 |
| ||
Total mortgage-backed securities |
|
|
|
19,772,553 |
| ||
|
|
|
|
|
| ||
Municipal bonds: 2.25% |
|
|
|
|
| ||
State of California, GO Bonds, |
|
|
|
|
| ||
7.300%, due 10/01/39 |
|
325,000 |
|
495,349 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.877%, due 03/01/19 |
|
885,000 |
|
956,242 |
| ||
Total municipal bonds |
|
|
|
1,451,591 |
| ||
|
|
|
|
|
| ||
U.S. treasury obligations: 3.72% |
|
|
|
|
| ||
United States: 3.72% |
|
|
|
|
| ||
U.S. Treasury Bonds, |
|
|
|
|
| ||
2.500%, due 05/15/46 |
|
575,000 |
|
597,056 |
| ||
2.875%, due 08/15/45 |
|
1,225,000 |
|
1,368,699 |
| ||
U.S. Treasury Inflation Indexed Note (TIPS), |
|
|
|
|
| ||
0.625%, due 01/15/26 |
|
405,000 |
|
431,965 |
| ||
Total U.S. treasury obligations |
|
|
|
2,397,720 |
| ||
Total bonds |
|
|
|
63,431,555 |
| ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| ||
Preferred stock: 0.17% |
|
|
|
|
| ||
United States: 0.17% |
|
|
|
|
| ||
JPMorgan Chase & Co., 5.450%, due 03/01/184 |
|
4,000 |
|
$ |
106,760 |
| |
|
|
|
|
|
| ||
Short-term investment: 18.99% |
|
|
|
|
| ||
Investment company: 18.99% |
|
|
|
|
| ||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
12,235,585 |
|
12,235,585 |
| ||
|
|
|
|
|
| ||
|
|
Face amount |
|
|
| ||
Options purchased: 0.11% |
|
|
|
|
| ||
Foreign exchange put options: 0.04% |
|
|
|
|
| ||
Foreign Exchange Option, Buy USD/INR, strike @ INR 67.8200, expires November 2016 counterparty: BOA (Cost $17,370) |
|
1,270,000 |
|
21,150 |
| ||
|
|
|
|
|
| ||
|
|
Notional |
|
|
| ||
Swaptions: 0.07%5 |
|
|
|
|
| ||
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.HY Series 26 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
$ |
4,250,000 |
|
14,174 |
| |
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.IG Series 26 Index and the Fund receives quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: BOA |
|
|
4,500,000 |
|
|
3,541 |
|
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.HY Series 26 Index and the Fund receives quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
5,000,000 |
|
16,675 |
| ||
Expiring 11/16/16. If exercised, the payment from the counterparty will be made upon the occurrence of a failure to pay, obligation acceleration, repudiation or restructuring of referenced obligation specified in the CDX.NA.IG Series 26 Index and the Fund receives quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB |
|
|
12,750,000 |
|
|
12,516 |
|
|
|
|
|
46,906 |
| ||
Total options purchased |
|
|
|
68,056 |
| ||
Total investments: 117.73% |
|
|
|
75,841,956 |
| ||
Liabilities, in excess of cash and other assets: (17.73%) |
|
|
|
(11,422,439 |
) | ||
Net assets: 100.00% |
|
|
|
$ |
64,419,517 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
1,490,560 |
|
Gross unrealized depreciation |
|
(328,692 |
) | |
Net unrealized appreciation of investments |
|
$ |
1,161,868 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||
JPMCB |
|
CAD |
1,920,000 |
|
USD |
1,454,192 |
|
10/24/16 |
|
$ |
(9,514 |
) |
JPMCB |
|
EUR |
1,520,000 |
|
USD |
1,710,763 |
|
10/24/16 |
|
1,646 |
| |
JPMCB |
|
GBP |
1,420,000 |
|
USD |
1,874,231 |
|
10/24/16 |
|
32,907 |
| |
JPMCB |
|
USD |
377,828 |
|
CAD |
500,000 |
|
10/24/16 |
|
3,345 |
| |
JPMCB |
|
USD |
332,025 |
|
EUR |
295,000 |
|
10/24/16 |
|
(322 |
) | |
JPMCB |
|
USD |
429,042 |
|
GBP |
330,000 |
|
10/24/16 |
|
(1,129 |
) | |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
$ |
26,933 |
|
Futures contracts
|
|
Expiration |
|
Cost/ |
|
Value |
|
Unrealized |
| |||
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
US Ultra Bond, 19 contracts (USD) |
|
December 2016 |
|
$ |
3,489,247 |
|
$ |
3,493,625 |
|
$ |
4,378 |
|
10 Year US Treasury Notes, 10 contracts (USD) |
|
December 2016 |
|
1,304,545 |
|
1,311,249 |
|
6,704 |
| |||
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
US 10 Year Ultra Bond, 16 contracts (USD) |
|
December 2016 |
|
(2,291,914 |
) |
(2,306,500 |
) |
(14,586 |
) | |||
US Long Bond, 2 contracts (USD) |
|
December 2016 |
|
(335,122 |
) |
(336,312 |
) |
(1,190 |
) | |||
5 Year US Treasury Notes, 22 contracts (USD) |
|
December 2016 |
|
(2,668,890 |
) |
(2,673,344 |
) |
(4,454 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(9,148 |
) | ||
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Options written
|
|
Expiration |
|
Premiums |
|
Value |
| ||
Foreign exchange put options |
|
|
|
|
|
|
| ||
Foreign Exchange Option, Sell USD/CAD, Notional Amount USD 1,200,000, strike @ CAD 1.33, counterparty: BOA |
|
November 2016 |
|
$ |
20,731 |
|
$ |
(24,830 |
) |
Foreign Exchange Option, Sell USD/EUR, Notional Amount USD 1,750,000, strike @ EUR 0.87, counterparty: CITI |
|
December 2016 |
|
17,695 |
|
(14,886 |
) | ||
Foreign Exchange Option, Sell USD/GBP, Notional Amount USD 2,500,000, strike @ GBP 0.76, counterparty: CITI |
|
November 2016 |
|
40,800 |
|
(22,293 |
) | ||
Swaptions5 |
|
|
|
|
|
|
| ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: BOA, Notional Amount USD 2,500,0001 |
|
October 2016 |
|
10,500 |
|
(10,368 |
) | ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 4,250,0001 |
|
October 2016 |
|
19,550 |
|
(46,161 |
) | ||
If option exercised, the 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 26 Index and the Fund pays quarterly fixed rate of 5.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 5,000,0001 |
|
December 2016 |
|
31,000 |
|
(15,054 |
) | ||
If option exercised, the 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.IG Series 26 Index and the Fund pays quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: BOA, Notional Amount USD 4,500,0001 |
|
December 2016 |
|
5,962 |
|
(4,329 |
) | ||
If option exercised, the 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.IG Series 26 Index and the Fund pays quarterly fixed rate of 1.000% per annum. Underlying credit default swap terminating 06/20/21. European style. Counterparty: JPMCB, Notional Amount USD 12,750,0001 |
|
December 2016 |
|
19,125 |
|
(7,753 |
) | ||
Total options written |
|
|
|
$ |
165,363 |
|
$ |
(145,674 |
) |
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Options written activity for the period ended September 30, 2016 was as follows:
|
|
Number of |
|
Premiums |
| |
Call options outstanding at June 30, 2016 |
|
130 |
|
$ |
38,545 |
|
Call options written |
|
|
|
|
| |
Call options terminated in closing purchase transactions |
|
(130 |
) |
(38,545 |
) | |
Call options expired prior to exercise |
|
|
|
|
| |
Call options outstanding at September 30, 2016 |
|
|
|
$ |
|
|
|
|
Premiums |
| |
Swaptions & foreign exchange options outstanding at June 30, 2016 |
|
$ |
105,847 |
|
Swaptions & foreign exchange options written |
|
226,236 |
| |
Swaptions & foreign exchange options terminated in closing purchase transactions |
|
(166,720 |
) | |
Swaptions & foreign exchange options expired prior to exercise |
|
|
| |
Swaptions & foreign exchange options outstanding at September 30, 2016 |
|
$ |
165,363 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
|
$ |
|
|
$ |
27,786,159 |
|
$ |
|
|
$ |
27,786,159 |
|
Asset-backed securities |
|
|
|
4,483,189 |
|
|
|
4,483,189 |
| ||||
Collateralized mortgage obligations |
|
|
|
2,670,057 |
|
|
|
2,670,057 |
| ||||
Commercial mortgage-backed securities |
|
|
|
2,754,733 |
|
|
|
2,754,733 |
| ||||
Non-U.S. government obligations |
|
|
|
2,115,553 |
|
|
|
2,115,553 |
| ||||
Mortgage-backed securities |
|
|
|
19,772,553 |
|
|
|
19,772,553 |
| ||||
Municipal bonds |
|
|
|
1,451,591 |
|
|
|
1,451,591 |
| ||||
U.S. treasury obligations |
|
|
|
2,397,720 |
|
|
|
2,397,720 |
| ||||
Preferred stock |
|
106,760 |
|
|
|
|
|
106,760 |
| ||||
Short-term investment |
|
|
|
12,235,585 |
|
|
|
12,235,585 |
| ||||
Options purchased |
|
|
|
68,056 |
|
|
|
68,056 |
| ||||
Forward foreign currency contracts |
|
|
|
37,898 |
|
|
|
37,898 |
| ||||
Futures contracts |
|
11,082 |
|
|
|
|
|
11,082 |
| ||||
Total |
|
$ |
117,842 |
|
$ |
75,773,094 |
|
$ |
|
|
$ |
75,890,936 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(10,965 |
) |
$ |
|
|
$ |
(10,965 |
) |
Futures contracts |
|
(20,230 |
) |
|
|
|
|
(20,230 |
) | ||||
Options written |
|
|
|
(145,674 |
) |
|
|
(145,674 |
) | ||||
Total |
|
$ |
(20,230 |
) |
$ |
(156,639 |
) |
$ |
|
|
$ |
(176,869 |
) |
At September 30, 2016, there were no transfers between Level 1 and Level 2.
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. |
2 |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
3 |
Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically. |
4 |
Perpetual investment. Date shown reflects the next call date. |
5 |
Illiquid investment at the period end. |
UBS Municipal Bond Fund
Summary of municipal securities by state (unaudited)
As a percentage of net assets as of September 30, 2016
Long-term municipal bonds |
|
|
|
California |
|
5.68 |
% |
Connecticut |
|
0.92 |
|
Florida |
|
10.42 |
|
Hawaii |
|
5.50 |
|
Illinois |
|
13.89 |
|
Kentucky |
|
2.25 |
|
Maryland |
|
2.94 |
|
Massachusetts |
|
7.39 |
|
Michigan |
|
2.83 |
|
Minnesota |
|
0.80 |
|
Mississippi |
|
0.47 |
|
Missouri |
|
3.50 |
|
Nebraska |
|
3.11 |
|
Nevada |
|
1.80 |
|
New Jersey |
|
6.98 |
|
New York |
|
7.20 |
|
Pennsylvania |
|
5.61 |
|
Rhode Island |
|
1.56 |
|
Tennessee |
|
0.97 |
|
Texas |
|
12.32 |
|
Washington |
|
4.11 |
|
Wisconsin |
|
1.83 |
|
Wyoming |
|
0.47 |
|
Total long-term municipal bonds |
|
102.55 |
% |
short-term investment |
|
0.03 |
|
Total investments |
|
102.58 |
% |
Liabilities, in excess of cash and other assets |
|
(2.58 |
) |
Net assets |
|
100.00 |
% |
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds: 102.55% |
|
|
|
|
| ||
California5.68% |
|
|
|
|
| ||
Antelope Valley-East Kern Water Agency, COP, |
|
|
|
|
| ||
0.810%, due 06/01/371 |
|
$ |
200,000 |
|
$ |
200,000 |
|
California Health Facilities Financing Authority Revenue Bonds, |
|
|
|
|
| ||
0.850%, due 10/01/421 |
|
2,700,000 |
|
2,700,000 |
| ||
California State Public Works Board Revenue Bonds, |
|
|
|
|
| ||
Series F, |
|
|
|
|
| ||
5.000%, due 05/01/26 |
|
1,500,000 |
|
1,890,270 |
| ||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Asset-Backed Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 06/01/32 |
|
1,000,000 |
|
1,218,990 |
| ||
5.000%, due 06/01/33 |
|
650,000 |
|
788,918 |
| ||
Irvine Unified School District, Community Facilities District No. 09-1, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
0.840%, due 09/01/511 |
|
500,000 |
|
500,000 |
| ||
|
|
|
|
7,298,178 |
| ||
Connecticut0.92% |
|
|
|
|
| ||
Connecticut Health & Educational Facilities Authority, Fairfield University Revenue Bonds, |
|
|
|
|
| ||
Series M, |
|
|
|
|
| ||
5.000%, due 07/01/182 |
|
1,100,000 |
|
1,179,035 |
| ||
|
|
|
|
|
| ||
Florida10.42% |
|
|
|
|
| ||
Central Florida Expressway Authority Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 07/01/34 |
|
1,000,000 |
|
1,211,500 |
| ||
Miami-Dade County Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 10/01/26 |
|
1,000,000 |
|
1,269,710 |
| ||
School Board of Volusia County, Certificates Refunding, Master Lease Program, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,196,520 |
| ||
School District of St. Lucie County, Sales Tax Revenue Bonds, AGC, |
|
|
|
|
| ||
5.000%, due 10/01/26 |
|
1,020,000 |
|
1,267,880 |
| ||
South Florida Water Management District, COP, |
|
|
|
|
| ||
Series 2015, |
|
|
|
|
| ||
5.000%, due 10/01/34 |
|
1,000,000 |
|
1,216,900 |
| ||
The School Board of Broward County, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 07/01/30 |
|
2,000,000 |
|
2,421,420 |
| ||
The School Board of Miami-Dade County, COP, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 05/01/31 |
|
1,000,000 |
|
1,192,080 |
| ||
Series D, |
|
|
|
|
| ||
5.000%, due 02/01/23 |
|
1,000,000 |
|
1,198,840 |
| ||
5.000%, due 11/01/31 |
|
1,000,000 |
|
1,193,290 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Florida(Concluded) |
|
|
|
|
| ||
The School Board of Palm Beach County, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 08/01/31 |
|
$ |
1,000,000 |
|
$ |
1,211,190 |
|
|
|
|
|
13,379,330 |
| ||
Hawaii5.50% |
|
|
|
|
| ||
City & County of Honolulu, Wastewater System Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 07/01/35 |
|
3,000,000 |
|
3,692,130 |
| ||
County Of Hawaii, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 09/01/27 |
|
1,025,000 |
|
1,306,978 |
| ||
State of Hawaii, GO Bonds, |
|
|
|
|
| ||
5.000%, due 10/01/28 |
|
1,615,000 |
|
2,065,084 |
| ||
|
|
|
|
7,064,192 |
| ||
Illinois13.89% |
|
|
|
|
| ||
Chicago Transit Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, AMBAC |
|
|
|
|
| ||
5.000%, due 12/01/162 |
|
2,605,000 |
|
2,624,251 |
| ||
City of Chicago OHare International Airport, Senior Lien Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 01/01/30 |
|
1,000,000 |
|
1,203,530 |
| ||
5.000%, due 01/01/31 |
|
1,050,000 |
|
1,258,467 |
| ||
5.250%, due 01/01/29 |
|
500,000 |
|
596,670 |
| ||
County of Cook, GO Refunding Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 11/15/20 |
|
1,830,000 |
|
2,060,214 |
| ||
Illinois Finance Authority, Sherman Health Systems Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.500%, due 08/01/172 |
|
1,000,000 |
|
1,038,430 |
| ||
Illinois State Toll Highway Authority Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,279,880 |
| ||
5.000%, due 01/01/40 |
|
1,000,000 |
|
1,183,570 |
| ||
State of Illinois Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 06/15/22 |
|
1,105,000 |
|
1,318,110 |
| ||
Series B, |
|
|
|
|
| ||
5.250%, due 01/01/18 |
|
1,000,000 |
|
1,043,280 |
| ||
State of Illinois, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/18 |
|
3,450,000 |
|
3,642,510 |
| ||
State of Illinois, Sales Tax Revenue Bonds, |
|
|
|
|
| ||
5.750%, due 06/15/20 |
|
510,000 |
|
591,763 |
| ||
|
|
|
|
17,840,675 |
| ||
Kentucky2.25% |
|
|
|
|
| ||
Kentucky Property & Buildings Community Project No. 87 Revenue Bonds, |
|
|
|
|
| ||
5.250%, due 02/01/192 |
|
2,635,000 |
|
2,895,786 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Maryland2.94% |
|
|
|
|
| ||
State of Maryland, GO Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/26 |
|
$ |
2,180,000 |
|
$ |
2,744,598 |
|
Series B, |
|
|
|
|
| ||
4.500%, due 08/01/17 |
|
1,000,000 |
|
1,030,900 |
| ||
|
|
|
|
3,775,498 |
| ||
Massachusetts7.39% |
|
|
|
|
| ||
Massachusetts Water Resources Authority Revenue Bonds, |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
5.000%, due 08/01/35 |
|
1,000,000 |
|
1,244,410 |
| ||
The Commonwealth of Massachusetts, Consolidated Loan of 2002, GO Bonds, |
|
|
|
|
| ||
Series C, NATL-RE, |
|
|
|
|
| ||
5.500%, due 11/01/17 |
|
1,000,000 |
|
1,050,490 |
| ||
The Commonwealth of Massachusetts, Consolidated Loan of 2016, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 03/01/34 |
|
1,125,000 |
|
1,354,905 |
| ||
The Commonwealth of Massachusetts, GO Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 07/01/22 |
|
780,000 |
|
944,518 |
| ||
5.000%, due 07/01/27 |
|
1,325,000 |
|
1,744,654 |
| ||
University of Massachusetts Building Authority Revenue Bonds, |
|
|
|
|
| ||
0.750%, due 11/01/341 |
|
3,150,000 |
|
3,150,000 |
| ||
|
|
|
|
9,488,977 |
| ||
Michigan2.83% |
|
|
|
|
| ||
Michigan Finance Authority Revenue Bonds, |
|
|
|
|
| ||
Q-SBLF, |
|
|
|
|
| ||
5.000%, due 06/01/20 |
|
1,150,000 |
|
1,189,698 |
| ||
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 10/01/17 |
|
1,160,000 |
|
1,208,558 |
| ||
State Building Authority of Michigan, Facilities Program Revenue Bonds, |
|
|
|
|
| ||
Series I, |
|
|
|
|
| ||
5.000%, due 04/15/21 |
|
1,060,000 |
|
1,236,564 |
| ||
|
|
|
|
3,634,820 |
| ||
Minnesota0.80% |
|
|
|
|
| ||
State of Minnesota, Trunk Highway, GO Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
4.000%, due 08/01/17 |
|
1,000,000 |
|
1,026,750 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Mississippi0.47% |
|
|
|
|
| ||
Mississippi Business Finance Corp., Gulf Opportunity Zone, Industrial Development, Chevron USA, Inc., Project Revenue Bonds, |
|
|
|
|
| ||
0.780%, due 12/01/301 |
|
$ |
300,000 |
|
$ |
300,000 |
|
0.850%, due 12/01/301 |
|
300,000 |
|
300,000 |
| ||
|
|
|
|
600,000 |
| ||
Missouri3.50% |
|
|
|
|
| ||
St. Charles County, Public Water District No. 2, COP, |
|
|
|
|
| ||
0.840%, due 12/01/361 |
|
4,500,000 |
|
4,500,000 |
| ||
|
|
|
|
|
| ||
Nebraska3.11% |
|
|
|
|
| ||
Douglas County Hospital Authority No. 2 Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 05/15/25 |
|
1,250,000 |
|
1,574,250 |
| ||
Public Power Generation Agency, Whelan Energy Center Unit-2 Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/24 |
|
2,000,000 |
|
2,422,680 |
| ||
|
|
|
|
3,996,930 |
| ||
Nevada1.80% |
|
|
|
|
| ||
Clark County, Las Vegas-Mccarran International Airport Revenue Bonds, |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
5.000%, due 07/01/27 |
|
1,815,000 |
|
2,312,219 |
| ||
|
|
|
|
|
| ||
New Jersey6.98% |
|
|
|
|
| ||
New Jersey Economic Development Authority, School Facilities Construction Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 09/01/22 |
|
500,000 |
|
555,080 |
| ||
Series II, |
|
|
|
|
| ||
5.000%, due 03/01/22 |
|
750,000 |
|
848,685 |
| ||
Series XX, |
|
|
|
|
| ||
5.000%, due 06/15/22 |
|
1,000,000 |
|
1,136,440 |
| ||
New Jersey Turnpike Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,246,950 |
| ||
Series E, |
|
|
|
|
| ||
5.000%, due 01/01/34 |
|
860,000 |
|
1,026,470 |
| ||
State of New Jersey, GO Bonds, |
|
|
|
|
| ||
Series Q, |
|
|
|
|
| ||
5.000%, due 08/15/19 |
|
1,500,000 |
|
1,651,410 |
| ||
Series T, |
|
|
|
|
| ||
5.000%, due 06/01/20 |
|
750,000 |
|
842,978 |
| ||
State of New Jersey, Various Purpose, GO Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/18 |
|
500,000 |
|
529,930 |
| ||
5.000%, due 06/01/20 |
|
1,000,000 |
|
1,123,970 |
| ||
|
|
|
|
8,961,913 |
| ||
New York7.20% |
|
|
|
|
| ||
City of New York, GO Bonds, |
|
|
|
|
| ||
Series E, |
|
|
|
|
| ||
5.000%, due 08/01/26 |
|
1,000,000 |
|
1,301,240 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
New York(Concluded) |
|
|
|
|
| ||
City of New York, Tax Exempt, GO Bonds, |
|
|
|
|
| ||
Series I, |
|
|
|
|
| ||
5.000%, due 08/01/17 |
|
$ |
1,040,000 |
|
$ |
1,076,067 |
|
New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, |
|
|
|
|
| ||
0.810%, due 06/15/361 |
|
500,000 |
|
500,000 |
| ||
New York City Transitional Finance Authority Revenue Bonds, |
|
|
|
|
| ||
Series B-1, |
|
|
|
|
| ||
5.000%, due 08/01/33 |
|
1,000,000 |
|
1,236,990 |
| ||
Series E-1, |
|
|
|
|
| ||
5.000%, due 02/01/32 |
|
1,000,000 |
|
1,235,120 |
| ||
New York State Dormitory Authority, Northern Westchester Hospital Association Revenue Bonds, |
|
|
|
|
| ||
0.820%, due 11/01/341 |
|
3,500,000 |
|
3,500,000 |
| ||
Syracuse Industrial Development Agency Revenue Bonds, |
|
|
|
|
| ||
0.860%, due 07/01/371 |
|
400,000 |
|
400,000 |
| ||
|
|
|
|
9,249,417 |
| ||
Pennsylvania5.61% |
|
|
|
|
| ||
City of Philadelphia, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 08/01/22 |
|
1,000,000 |
|
1,181,570 |
| ||
Commonwealth of Pennsylvania, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/15/21 |
|
1,700,000 |
|
1,981,962 |
| ||
Pennsylvania Turnpike Commission Revenue Bonds, |
|
|
|
|
| ||
Series A-1, |
|
|
|
|
| ||
5.000%, due 12/01/24 |
|
1,500,000 |
|
1,874,505 |
| ||
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 12/01/22 |
|
1,000,000 |
|
1,214,520 |
| ||
Philadelphia Municipal Authority, City Agreement Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 11/15/17 |
|
910,000 |
|
949,667 |
| ||
|
|
|
|
7,202,224 |
| ||
Rhode Island1.56% |
|
|
|
|
| ||
Tobacco Settlement Fing Corp., Asset-Backed Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
4.000%, due 06/01/17 |
|
850,000 |
|
867,051 |
| ||
5.000%, due 06/01/21 |
|
1,000,000 |
|
1,133,870 |
| ||
|
|
|
|
2,000,921 |
| ||
Tennessee0.97% |
|
|
|
|
| ||
State of Tennessee, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/23 |
|
1,000,000 |
|
1,250,600 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Concluded) |
|
|
|
|
| ||
Texas12.32% |
|
|
|
|
| ||
Austin Community College District Public Facility Corp., Round Rock Campus Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/24 |
|
$ |
1,000,000 |
|
$ |
1,233,490 |
|
City of Austin, GO Bonds, |
|
|
|
|
| ||
5.000%, due 09/01/26 |
|
1,300,000 |
|
1,694,706 |
| ||
Dallas Area Rapid Transit, Sales Tax Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 12/01/22 |
|
1,600,000 |
|
1,952,848 |
| ||
Denton Independent School District, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/15/27 |
|
1,185,000 |
|
1,512,250 |
| ||
Fort Worth Independent School District, GO Bonds, PSF-GTD |
|
|
|
|
| ||
5.000%, due 02/15/27 |
|
2,000,000 |
|
2,558,240 |
| ||
Harris County Cultural Education Facilities Finance Corp., Methodist Hsopital System Revenue Bonds, |
|
|
|
|
| ||
Series C-2, |
|
|
|
|
| ||
0.870%, due 12/01/271 |
|
1,300,000 |
|
1,300,000 |
| ||
North Texas Tollway Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
3,030,000 |
|
3,688,722 |
| ||
Texas Transportation Commission, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 10/01/29 |
|
1,500,000 |
|
1,879,590 |
| ||
|
|
|
|
15,819,846 |
| ||
Washington4.11% |
|
|
|
|
| ||
State of Washington, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/35 |
|
2,000,000 |
|
2,459,020 |
| ||
Series 7A, |
|
|
|
|
| ||
5.000%, due 08/01/27 |
|
1,400,000 |
|
1,797,082 |
| ||
State of Washington, Motor Vehicle Fuel Tax, GO Bonds, |
|
|
|
|
| ||
Series 5D, |
|
|
|
|
| ||
4.000%, due 07/01/17 |
|
1,000,000 |
|
1,024,340 |
| ||
|
|
|
|
5,280,442 |
| ||
Wisconsin1.83% |
|
|
|
|
| ||
Shawano School District, GO Bonds, |
|
|
|
|
| ||
4.250%, due 03/01/182 |
|
500,000 |
|
524,155 |
| ||
State of Wisconsin, GO Bonds, |
|
|
|
|
| ||
5.000%, due 05/01/34 |
|
1,500,000 |
|
1,832,190 |
| ||
|
|
|
|
2,356,345 |
| ||
Wyoming0.47% |
|
|
|
|
| ||
County of Uinta, Pollution Control, Chevron USA, Inc., Project Revenue Bonds, |
|
|
|
|
| ||
0.780%, due 08/15/201 |
|
600,000 |
|
600,000 |
| ||
Total long-term municipal bonds |
|
|
|
131,714,098 |
| ||
UBS Municipal Bond Fund
Portfolio of investments September 30, 2016 (unaudited)
|
|
Shares |
|
Value |
| |
Short-term investment: 0.03% |
|
|
|
|
| |
Investment company: 0.03% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
37,635 |
|
$ |
37,635 |
|
Total investments: 102.58% |
|
|
|
131,751,733 |
| |
Liabilities, in excess of cash and other assets(2.58%) |
|
|
|
(3,313,636 |
) | |
Net assets100.00% |
|
|
|
$ |
128,438,097 |
|
Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:
Gross unrealized appreciation |
|
$ |
2,418,135 |
|
Gross unrealized depreciation |
|
(218,408 |
) | |
Net unrealized appreciation of investments |
|
$ |
2,199,727 |
|
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.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2016 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
| ||||
Long-term municipal bonds |
|
$ |
|
|
$ |
131,714,098 |
|
$ |
|
|
$ |
131,714,098 |
|
Short-term investment |
|
|
|
37,635 |
|
|
|
37,635 |
| ||||
Total |
|
$ |
|
|
$ |
131,751,733 |
|
$ |
|
|
$ |
131,751,733 |
|
At September 30, 2016, there were no transfers between Level 1 and Level 2.
Portfolio Footnotes
1 Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically.
2 Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.
Portfolio acronyms | ||
ADR |
|
American Depositary Receipt |
AGC |
|
Assured Guaranty Corp. |
AMBAC |
|
American Municipal Bond Assurance Corp. |
CDO |
|
Collateralized Debt Obligations |
COP |
|
Certificate of Participation |
CVA |
|
Dutch Certification - Depository Certificate |
ETF |
|
Exchange Traded Fund |
EURIBOR |
|
Euro Interbank Offered Rate |
FHLMC |
|
Federal Home Loan Mortgage Association |
FNMA |
|
Federal National Mortgage Association |
GNMA |
|
Government National Mortgage Association |
GO |
|
General Obligation |
LIBOR |
|
London Interbank Offered Rate |
NATL-RE |
|
Reinsured by National Public Finance Guarantee Corp. |
PSF-GTD |
|
Permanent School Fund Guaranteed |
Q-SBLF |
|
Qualified School Bond Loan Fund |
REIT |
|
Real Estate Investment Trust |
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. Theactual 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 |
BOA |
|
Bank of America |
CIBC |
|
Canadian Imperial Bank of Commerce |
CITI |
|
Citibank NA |
DB |
|
Deutsche Bank AG |
GSI |
|
Goldman Sachs International |
HSBC |
|
HSBC Bank plc |
JPMCB |
|
JPMorgan Chase Bank |
MLI |
|
Merrill Lynch International |
MSC |
|
Morgan Stanley & Co. |
SSB |
|
State Street Bank |
WBC |
|
Westpac Banking Corp. |
|
|
|
Currency abbreviations | ||
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
CHF |
|
Swiss Franc |
CNY |
|
Chinese Yuan |
COP |
|
Colombian Peso |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
HKD |
|
Hong Kong Dollar |
ILS |
|
Israel New Shekel |
INR |
|
Indian Rupee |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
MXN |
|
Mexican Peso |
NOK |
|
Norwegian Krone |
NZD |
|
New Zealand Dollar |
RUB |
|
Russian Ruble |
SGD |
|
Singapore Dollar |
THB |
|
Thai Baht |
TWD |
|
Taiwan Dollar |
USD |
|
United States Dollar |
Valuation of investments: Each Fund generally calculates its net asset value on days that the New York Stock Exchange (NYSE) is open. A Fund calculates net asset value as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Funds do not price their shares, on most national holidays and Good Friday. To the extent that a Funds assets are traded in other markets on days when the NYSE is not open, the value of a Funds assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Funds net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.
Each Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Funds normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized evaluation systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.
Investments traded in the over-the-counter (OTC) market and listed on The NASDAQ Stock Market, Inc. (NASDAQ) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS Asset Management (Americas) Inc. (UBS AM). If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Trusts Board of Trustees (the Board). Foreign currency exchange rates are generally determined as of the close of the NYSE.
Certain investments in which the Funds invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in the Funds net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Funds investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.
Certain Funds may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a fair value, that value is likely to be different from the last quoted market price for the investments. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Funds Portfolio of investments.
The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.
Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Funds use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.
All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds custodian.
Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.
Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.
The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (VC) (formerly UBS AM Global Valuation Committee or GVC) the responsibility for making fair value determinations with respect to the Funds portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when insufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.
The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Funds portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the limit up or limit down price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investments fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.
US Generally Accepted Accounting Principles (US GAAP) requires disclosure regarding the various inputs that are used in determining the value of the Funds investments. These inputs are summarized into the three broad levels listed below:
Level 1Unadjusted quoted prices in active markets for identical investments.
Level 2Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.
Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the fair value of investments.
For more information regarding the Funds other significant accounting policies, please refer to the Funds annual report to shareholders dated June 30, 2016.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (Investment Company Act)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) The registrants principal executive officer and principal financial officer are aware of no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The UBS Funds |
| |
|
|
|
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
November 29, 2016 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
The UBS Funds
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
November 29, 2016 |
|
|
|
|
|
|
|
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow |
|
|
Vice President, Treasurer and Principal Accounting Officer |
|
|
|
|
Date: |
November 29, 2016 |
|
Exhibit EX-99.CERT
Certifications
I, Mark E. Carver, President of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Mark E. Carver |
|
|
Mark E. Carver |
|
|
President |
|
|
|
|
Date: |
November 29, 2016 |
|
I, Thomas Disbrow, Vice President, Treasurer and Principal Accounting Officer of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Thomas Disbrow |
|
|
Thomas Disbrow |
|
|
Vice President, Treasurer and Principal Accounting Officer |
|
|
|
|
Date: |
November 29, 2016 |
|