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) | ||||||
| ||||||||
William T. MacGregor, 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: |
212-821-3000 |
| ||||||
| ||||||||
Date of fiscal year end: |
June 30 |
| ||||||
| ||||||||
Date of reporting period: |
March 31, 2018 |
| ||||||
Item 1. Schedule of Investments
UBS Dynamic Alpha Fund
Industry diversificationMarch 31, 2018 (unaudited)1,2
Bonds |
|
Percentage of |
|
Corporate bonds |
|
net assets |
|
Air freight & logistics |
|
0.02 |
% |
Banks |
|
7.62 |
|
Beverages |
|
1.38 |
|
Biotechnology |
|
0.61 |
|
Capital markets |
|
2.47 |
|
Chemicals |
|
0.93 |
|
Commercial services & supplies |
|
0.29 |
|
Communications equipment |
|
0.09 |
|
Construction & engineering |
|
0.50 |
|
Consumer finance |
|
0.75 |
|
Diversified financial services |
|
0.74 |
|
Diversified telecommunication services |
|
2.44 |
|
Electric utilities |
|
3.36 |
|
Electrical equipment |
|
0.16 |
|
Electronic equipment, instruments & components |
|
0.07 |
|
Energy equipment & services |
|
0.22 |
|
Equity real estate investment trusts (REITs) |
|
0.62 |
|
Food & staples retailing |
|
0.63 |
|
Food products |
|
0.22 |
|
Gas utilities |
|
1.24 |
|
Health care equipment & supplies |
|
0.34 |
|
Health care providers & services |
|
0.45 |
|
Household products |
|
0.69 |
|
Independent power and renewable electricity producers |
|
0.20 |
|
Industrial conglomerates |
|
0.37 |
|
Insurance |
|
2.91 |
|
Internet & direct marketing retail |
|
0.24 |
|
Internet software & services |
|
0.43 |
|
Life sciences tools & services |
|
0.15 |
|
Machinery |
|
0.11 |
|
Media |
|
1.40 |
|
Metals & mining |
|
0.58 |
|
Multi-utilities |
|
0.72 |
|
Oil, gas & consumable fuels |
|
3.95 |
|
Pharmaceuticals |
|
1.63 |
|
Real estate management & development |
|
1.04 |
|
Road & rail |
|
0.46 |
|
Semiconductors & semiconductor equipment |
|
0.50 |
|
Software |
|
0.48 |
|
Specialty retail |
|
0.16 |
|
Technology hardware, storage & peripherals |
|
0.53 |
|
Tobacco |
|
1.14 |
|
Transportation infrastructure |
|
0.39 |
|
Water utilities |
|
1.02 |
|
Wireless telecommunication services |
|
0.40 |
|
Total corporate bonds |
|
44.65 |
% |
Asset-backed securities |
|
0.14 |
|
Collateralized debt obligations |
|
0.00 |
3 |
Collateralized mortgage obligations |
|
0.01 |
|
Total bonds |
|
44.80 |
% |
Exchange traded funds |
|
4.71 |
|
Short-term investments |
|
40.87 |
|
Total investments |
|
90.38 |
% |
Cash and other assets, less liabilities |
|
9.62 |
|
Net assets |
|
100.00 |
% |
1 |
Figures represent the breakdown of direct investments of UBS Dynamic Alpha Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included. |
2 |
The Funds portfolio is actively managed and its composition will vary over time. |
3 |
Amount represents less than 0.005%. |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds: 44.80% |
|
|
|
|
|
| ||
Corporate bonds: 44.65% |
|
|
|
|
|
| ||
Australia: 1.99% |
|
|
|
|
|
| ||
APT Pipelines Ltd., |
|
|
|
|
|
| ||
4.200%, due 03/23/251 |
|
$ |
|
20,000 |
|
$ |
20,221 |
|
Aurizon Network Pty. Ltd., |
|
|
|
|
|
| ||
2.000%, due 09/18/241 |
|
EUR |
100,000 |
|
127,710 |
| ||
Australia Pacific Airports Melbourne Pty. Ltd., |
|
|
|
|
|
| ||
1.750%, due 10/15/241 |
|
|
150,000 |
|
193,109 |
| ||
Commonwealth Bank of Australia, |
|
|
|
|
|
| ||
2.050%, due 09/18/202 |
|
$ |
|
60,000 |
|
58,464 |
| |
Mirvac Group Finance Ltd., |
|
|
|
|
|
| ||
3.625%, due 03/18/271 |
|
|
270,000 |
|
257,133 |
| ||
National Australia Bank Ltd., |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 1.650%), |
|
|
|
|
|
| ||
2.000%, due 11/12/241,3 |
|
EUR |
100,000 |
|
125,975 |
| ||
Optus Finance Pty. Ltd., |
|
|
|
|
|
| ||
4.625%, due 10/15/191 |
|
$ |
|
100,000 |
|
102,217 |
| |
Origin Energy Finance Ltd., |
|
|
|
|
|
| ||
2.500%, due 10/23/201 |
|
EUR |
100,000 |
|
130,302 |
| ||
5.450%, due 10/14/211 |
|
$ |
|
75,000 |
|
79,611 |
| |
Scentre Group Trust 1, REIT |
|
|
|
|
|
| ||
1.375%, due 03/22/231 |
|
EUR |
100,000 |
|
127,022 |
| ||
SGSP Australia Assets Pty. Ltd., |
|
|
|
|
|
| ||
3.250%, due 07/29/261 |
|
$ |
|
200,000 |
|
190,852 |
| |
Telstra Corp. Ltd., |
|
|
|
|
|
| ||
4.800%, due 10/12/211 |
|
|
60,000 |
|
63,107 |
| ||
Westpac Banking Corp., |
|
|
|
|
|
| ||
2.800%, due 01/11/22 |
|
|
40,000 |
|
39,437 |
| ||
(USD ICE Swap Rate 5 Year + 2.890%), |
|
|
|
|
|
| ||
5.000%, due 09/21/273,4 |
|
|
130,000 |
|
120,134 |
| ||
Total Australia corporate bonds |
|
|
|
|
1,635,294 |
| ||
|
|
|
|
|
|
| ||
Belgium: 0.64% |
|
|
|
|
|
| ||
AG Insurance SA, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 3.880%), |
|
|
|
|
|
| ||
3.500%, due 06/30/471,3 |
|
EUR |
100,000 |
|
130,827 |
| ||
Anheuser-Busch InBev SA/NV, |
|
|
|
|
|
| ||
0.875%, due 03/17/221 |
|
|
120,000 |
|
150,899 |
| ||
1.500%, due 03/17/251 |
|
|
100,000 |
|
127,508 |
| ||
RESA SA, |
|
|
|
|
|
| ||
1.000%, due 07/22/261 |
|
|
100,000 |
|
120,149 |
| ||
Total Belgium corporate bonds |
|
|
|
|
529,383 |
| ||
|
|
|
|
|
|
| ||
Bermuda: 0.27% |
|
|
|
|
|
| ||
Bacardi Ltd., |
|
|
|
|
|
| ||
2.750%, due 07/03/231 |
|
|
170,000 |
|
224,710 |
| ||
|
|
|
|
|
|
| ||
Brazil: 0.13% |
|
|
|
|
|
| ||
Vale SA, |
|
|
|
|
|
| ||
5.625%, due 09/11/42 |
|
$ |
|
100,000 |
|
105,550 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Canada: 1.17% |
|
|
|
|
|
| ||
Bell Canada, Inc., |
|
|
|
|
|
| ||
4.750%, due 09/29/44 |
|
CAD |
40,000 |
|
$ |
33,322 |
| |
Canadian Natural Resources Ltd., |
|
|
|
|
|
| ||
2.950%, due 01/15/23 |
|
$ |
|
75,000 |
|
72,801 |
| |
3.850%, due 06/01/27 |
|
|
60,000 |
|
58,633 |
| ||
4.950%, due 06/01/47 |
|
|
20,000 |
|
20,828 |
| ||
Cenovus Energy, Inc., |
|
|
|
|
|
| ||
4.250%, due 04/15/27 |
|
|
70,000 |
|
68,188 |
| ||
Nexen Energy ULC, |
|
|
|
|
|
| ||
6.400%, due 05/15/37 |
|
|
80,000 |
|
98,418 |
| ||
Royal Bank of Canada, |
|
|
|
|
|
| ||
1.650%, due 07/15/21 |
|
CAD |
230,000 |
|
173,257 |
| ||
Suncor Energy, Inc., |
|
|
|
|
|
| ||
6.500%, due 06/15/38 |
|
$ |
|
100,000 |
|
128,089 |
| |
TELUS Corp., |
|
|
|
|
|
| ||
3.750%, due 01/17/25 |
|
CAD |
45,000 |
|
35,998 |
| ||
Toronto-Dominion Bank (The), |
|
|
|
|
|
| ||
2.045%, due 03/08/21 |
|
|
230,000 |
|
176,129 |
| ||
Yamana Gold, Inc., |
|
|
|
|
|
| ||
4.950%, due 07/15/24 |
|
$ |
|
90,000 |
|
93,185 |
| |
Total Canada corporate bonds |
|
|
|
|
958,848 |
| ||
|
|
|
|
|
|
| ||
Cayman Islands: 0.84% |
|
|
|
|
|
| ||
Alibaba Group Holding Ltd., |
|
|
|
|
|
| ||
3.400%, due 12/06/27 |
|
|
200,000 |
|
189,392 |
| ||
Noble Holding International Ltd., |
|
|
|
|
|
| ||
7.700%, due 04/01/25 |
|
|
50,000 |
|
44,250 |
| ||
Phoenix Group Holdings, |
|
|
|
|
|
| ||
4.125%, due 07/20/221 |
|
GBP |
150,000 |
|
218,153 |
| ||
Transocean, Inc., |
|
|
|
|
|
| ||
6.800%, due 03/15/38 |
|
$ |
|
50,000 |
|
39,000 |
| |
XLIT Ltd., |
|
|
|
|
|
| ||
5.250%, due 12/15/43 |
|
|
45,000 |
|
50,509 |
| ||
Yorkshire Water Services Bradford Finance Ltd., |
|
|
|
|
|
| ||
(ICE LIBOR GBP 3 Month + 7.700%), |
|
|
|
|
|
| ||
3.750%, due 03/22/461,3 |
|
GBP |
100,000 |
|
145,691 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
|
686,995 |
| ||
|
|
|
|
|
|
| ||
Curacao: 0.05% |
|
|
|
|
|
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
$ |
|
40,000 |
|
37,700 |
| |
|
|
|
|
|
|
| ||
Czech Republic: 0.16% |
|
|
|
|
|
| ||
NET4GAS sro, |
|
|
|
|
|
| ||
2.500%, due 07/28/211 |
|
EUR |
100,000 |
|
131,351 |
| ||
|
|
|
|
|
|
| ||
Denmark: 0.06% |
|
|
|
|
|
| ||
Orsted A/S, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 2.820%), |
|
|
|
|
|
| ||
3.000%, due 11/06/30151,3 |
|
|
40,000 |
|
51,741 |
| ||
|
|
|
|
|
|
| ||
Finland: 0.36% |
|
|
|
|
|
| ||
Elenia Finance OYJ, |
|
|
|
|
|
| ||
2.875%, due 12/17/201 |
|
|
100,000 |
|
131,174 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Finland(Concluded) |
|
|
|
|
|
| ||
Teollisuuden Voima OYJ, |
|
|
|
|
|
| ||
2.500%, due 03/17/211 |
|
EUR |
125,000 |
|
$ |
161,378 |
| |
Total Finland corporate bonds |
|
|
|
|
292,552 |
| ||
|
|
|
|
|
|
| ||
France: 1.49% |
|
|
|
|
|
| ||
APRR SA, |
|
|
|
|
|
| ||
2.250%, due 01/16/201 |
|
|
100,000 |
|
128,047 |
| ||
AXA SA, |
|
|
|
|
|
| ||
(EURIBOR 3 Month + 3.750%), |
|
|
|
|
|
| ||
3.375%, due 07/06/471,3 |
|
|
100,000 |
|
129,179 |
| ||
Banque Federative du Credit Mutuel SA, |
|
|
|
|
|
| ||
3.000%, due 09/11/251 |
|
|
100,000 |
|
133,694 |
| ||
Credit Logement SA, |
|
|
|
|
|
| ||
(EURIBOR 3 Month + 1.150%), |
|
|
|
|
|
| ||
0.823%, due 06/16/181,3,4 |
|
|
100,000 |
|
118,739 |
| ||
Electricite de France SA, |
|
|
|
|
|
| ||
6.950%, due 01/26/392 |
|
$ |
|
50,000 |
|
66,954 |
| |
Engie SA, |
|
|
|
|
|
| ||
(EUR Swap Annual 8 Year + 3.420%), |
|
|
|
|
|
| ||
4.750%, due 07/10/211,3,4 |
|
EUR |
100,000 |
|
137,436 |
| ||
RTE Reseau de Transport dElectricite SADIR, |
|
|
|
|
|
| ||
1.000%, due 10/19/261 |
|
|
100,000 |
|
121,695 |
| ||
Sanofi, |
|
|
|
|
|
| ||
0.000%, due 01/13/201 |
|
|
100,000 |
|
123,301 |
| ||
TDF Infrastructure SAS, |
|
|
|
|
|
| ||
2.875%, due 10/19/221 |
|
|
100,000 |
|
133,836 |
| ||
Transport et Infrastructures Gaz France SA, |
|
|
|
|
|
| ||
2.200%, due 08/05/251 |
|
|
100,000 |
|
131,821 |
| ||
Total France corporate bonds |
|
|
|
|
1,224,702 |
| ||
|
|
|
|
|
|
| ||
Germany: 0.54% |
|
|
|
|
|
| ||
Allianz SE, |
|
|
|
|
|
| ||
(EURIBOR 3 Month + 3.600%), |
|
|
|
|
|
| ||
4.750%, due 10/24/231,3,4 |
|
|
100,000 |
|
141,236 |
| ||
Deutsche Bank AG, |
|
|
|
|
|
| ||
3.150%, due 01/22/21 |
|
$ |
|
155,000 |
|
152,664 |
| |
Henkel AG & Co. KGaA, |
|
|
|
|
|
| ||
1.500%, due 09/13/191 |
|
|
150,000 |
|
147,784 |
| ||
Total Germany corporate bonds |
|
|
|
|
441,684 |
| ||
|
|
|
|
|
|
| ||
Hong Kong: 0.24% |
|
|
|
|
|
| ||
CNAC HK Finbridge Co. Ltd., |
|
|
|
|
|
| ||
3.500%, due 07/19/221 |
|
|
200,000 |
|
193,500 |
| ||
|
|
|
|
|
|
| ||
Ireland: 0.92% |
|
|
|
|
|
| ||
Aquarius & Investments plc for Swiss Reinsurance Co. Ltd., |
|
|
|
|
|
| ||
(USD Swap Semi 5 Year + 5.210%), |
|
|
|
|
|
| ||
6.375%, due 09/01/241,3 |
|
|
200,000 |
|
205,500 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Ireland(Concluded) |
|
|
|
|
|
| ||
Fresenius Finance Ireland plc, |
|
|
|
|
|
| ||
0.875%, due 01/31/221 |
|
EUR |
30,000 |
|
$ |
37,466 |
| |
1.500%, due 01/30/241 |
|
|
50,000 |
|
63,450 |
| ||
GAS Networks Ireland, |
|
|
|
|
|
| ||
1.375%, due 12/05/261 |
|
|
120,000 |
|
150,838 |
| ||
GE Capital International Funding Co. Unlimited Co., |
|
|
|
|
|
| ||
4.418%, due 11/15/35 |
|
$ |
|
200,000 |
|
194,817 |
| |
Shire Acquisitions Investments Ireland DAC, |
|
|
|
|
|
| ||
2.400%, due 09/23/21 |
|
|
60,000 |
|
57,919 |
| ||
3.200%, due 09/23/26 |
|
|
50,000 |
|
46,593 |
| ||
Total Ireland corporate bonds |
|
|
|
|
756,583 |
| ||
|
|
|
|
|
|
| ||
Italy: 0.40% |
|
|
|
|
|
| ||
CDP Reti SpA, |
|
|
|
|
|
| ||
1.875%, due 05/29/221 |
|
EUR |
155,000 |
|
199,054 |
| ||
Italgas SpA, |
|
|
|
|
|
| ||
1.625%, due 01/19/271 |
|
|
100,000 |
|
125,690 |
| ||
Total Italy corporate bonds |
|
|
|
|
324,744 |
| ||
|
|
|
|
|
|
| ||
Japan: 0.55% |
|
|
|
|
|
| ||
Mitsubishi UFJ Financial Group, Inc., |
|
|
|
|
|
| ||
2.665%, due 07/25/22 |
|
$ |
|
60,000 |
|
58,113 |
| |
Sumitomo Mitsui Banking Corp., |
|
|
|
|
|
| ||
2.514%, due 01/17/20 |
|
|
250,000 |
|
247,539 |
| ||
Sumitomo Mitsui Financial Group, Inc., |
|
|
|
|
|
| ||
2.934%, due 03/09/21 |
|
|
40,000 |
|
39,677 |
| ||
3.102%, due 01/17/23 |
|
|
110,000 |
|
108,162 |
| ||
Total Japan corporate bonds |
|
|
|
|
453,491 |
| ||
|
|
|
|
|
|
| ||
Jersey: 0.64% |
|
|
|
|
|
| ||
AA Bond Co. Ltd., |
|
|
|
|
|
| ||
2.875%, due 01/31/221 |
|
GBP |
174,000 |
|
236,347 |
| ||
Gatwick Funding Ltd., |
|
|
|
|
|
| ||
5.250%, due 01/23/241 |
|
|
140,000 |
|
226,466 |
| ||
HSBC Bank Capital Funding Sterling 2 LP, |
|
|
|
|
|
| ||
(ICE LIBOR GBP 6 Month + 1.850%), |
|
|
|
|
|
| ||
5.862%, due 04/07/203,4 |
|
|
40,000 |
|
59,209 |
| ||
Total Jersey corporate bonds |
|
|
|
|
522,022 |
| ||
|
|
|
|
|
|
| ||
Luxembourg: 0.85% |
|
|
|
|
|
| ||
ADO Properties SA, |
|
|
|
|
|
| ||
1.500%, due 07/26/241 |
|
EUR |
100,000 |
|
122,561 |
| ||
Allergan Funding SCS, |
|
|
|
|
|
| ||
2.125%, due 06/01/29 |
|
|
100,000 |
|
121,366 |
| ||
3.450%, due 03/15/22 |
|
$ |
|
70,000 |
|
69,382 |
| |
4.750%, due 03/15/45 |
|
|
20,000 |
|
19,565 |
| ||
Aroundtown SA, |
|
|
|
|
|
| ||
1.000%, due 01/07/251 |
|
EUR |
100,000 |
|
117,823 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Luxembourg(Concluded) |
|
|
|
|
|
| ||
Dream Global Funding I Sarl, REIT |
|
|
|
|
|
| ||
1.375%, due 12/21/211 |
|
EUR |
200,000 |
|
$ |
245,609 |
| |
Total Luxembourg corporate bonds |
|
|
|
|
696,306 |
| ||
|
|
|
|
|
|
| ||
Mexico: 1.05% |
|
|
|
|
|
| ||
America Movil SAB de CV, Series A, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 3.850%), |
|
|
|
|
|
| ||
5.125%, due 09/06/731,3 |
|
|
145,000 |
|
181,894 |
| ||
Mexichem SAB de CV, |
|
|
|
|
|
| ||
5.500%, due 01/15/482 |
|
$ |
|
200,000 |
|
187,750 |
| |
Mexico City Airport Trust, |
|
|
|
|
|
| ||
5.500%, due 07/31/471 |
|
|
200,000 |
|
181,312 |
| ||
Petroleos Mexicanos, |
|
|
|
|
|
| ||
3.750%, due 02/21/241 |
|
EUR |
180,000 |
|
235,047 |
| ||
5.500%, due 02/24/251 |
|
|
50,000 |
|
71,366 |
| ||
Total Mexico corporate bonds |
|
|
|
|
857,369 |
| ||
|
|
|
|
|
|
| ||
Netherlands: 3.46% |
|
|
|
|
|
| ||
Achmea BV, |
|
|
|
|
|
| ||
2.500%, due 11/19/201 |
|
|
100,000 |
|
130,614 |
| ||
Bharti Airtel International Netherlands BV, |
|
|
|
|
|
| ||
4.000%, due 12/10/181 |
|
|
100,000 |
|
125,941 |
| ||
Cooperatieve Rabobank UA, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 5.250%), |
|
|
|
|
|
| ||
5.500%, due 06/29/201,3,4 |
|
|
250,000 |
|
331,837 |
| ||
Demeter Investments BV for Swiss Life AG, |
|
|
|
|
|
| ||
(EURIBOR 3 Month + 4.330%), |
|
|
|
|
|
| ||
4.375%, due 06/16/251,3,4 |
|
|
100,000 |
|
135,087 |
| ||
Deutsche Telekom International Finance BV, |
|
|
|
|
|
| ||
0.625%, due 04/03/231 |
|
|
30,000 |
|
36,999 |
| ||
6.500%, due 04/08/221 |
|
GBP |
40,000 |
|
66,583 |
| ||
ELM BV for Swiss Reinsurance Co. Ltd., |
|
|
|
|
|
| ||
(EURIBOR 6 Month + 3.050%), |
|
|
|
|
|
| ||
2.600%, due 09/01/251,3,4 |
|
EUR |
130,000 |
|
162,078 |
| ||
Heineken NV, |
|
|
|
|
|
| ||
2.125%, due 08/04/201 |
|
|
100,000 |
|
129,098 |
| ||
Iberdrola International BV, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 1.590%), |
|
|
|
|
|
| ||
1.875%, due 05/22/231,3,4 |
|
|
100,000 |
|
120,892 |
| ||
ING Bank NV, |
|
|
|
|
|
| ||
(USD ICE Swap Rate 5 Year + 2.700%), |
|
|
|
|
|
| ||
4.125%, due 11/21/231,3 |
|
$ |
|
210,000 |
|
211,078 |
| |
Mylan NV, |
|
|
|
|
|
| ||
3.125%, due 11/22/281 |
|
EUR |
180,000 |
|
229,746 |
| ||
Redexis Gas Finance BV, |
|
|
|
|
|
| ||
1.875%, due 04/27/271 |
|
|
100,000 |
|
121,038 |
| ||
2.750%, due 04/08/211 |
|
|
175,000 |
|
229,265 |
| ||
Ren Finance BV, |
|
|
|
|
|
| ||
2.500%, due 02/12/251 |
|
|
180,000 |
|
239,355 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Netherlands(Concluded) |
|
|
|
|
|
| ||
Shell International Finance BV, |
|
|
|
|
|
| ||
4.375%, due 05/11/45 |
|
$ |
|
140,000 |
|
$ |
148,512 |
|
Teva Pharmaceutical Finance Netherlands II BV, |
|
|
|
|
|
| ||
1.125%, due 10/15/241 |
|
EUR |
100,000 |
|
102,294 |
| ||
Teva Pharmaceutical Finance Netherlands III BV, |
|
|
|
|
|
| ||
2.800%, due 07/21/23 |
|
$ |
|
75,000 |
|
63,750 |
| |
Volkswagen International Finance NV, |
|
|
|
|
|
| ||
1.125%, due 10/02/231 |
|
EUR |
100,000 |
|
124,258 |
| ||
Vonovia Finance BV, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 3.390%), |
|
|
|
|
|
| ||
4.000%, due 12/17/211,3,4 |
|
|
100,000 |
|
133,186 |
| ||
Total Netherlands corporate bonds |
|
|
|
|
2,841,611 |
| ||
|
|
|
|
|
|
| ||
Poland: 0.15% |
|
|
|
|
|
| ||
Tauron Polska Energia SA, |
|
|
|
|
|
| ||
2.375%, due 07/05/271 |
|
|
100,000 |
|
125,583 |
| ||
|
|
|
|
|
|
| ||
Portugal: 0.15% |
|
|
|
|
|
| ||
Galp Gas Natural Distribuicao SA, |
|
|
|
|
|
| ||
1.375%, due 09/19/231 |
|
|
100,000 |
|
125,739 |
| ||
|
|
|
|
|
|
| ||
Singapore: 0.31% |
|
|
|
|
|
| ||
United Overseas Bank Ltd., |
|
|
|
|
|
| ||
(USD Swap Semi 5 Year + 2.000%), |
|
|
|
|
|
| ||
3.750%, due 09/19/241,3 |
|
$ |
|
250,000 |
|
251,137 |
| |
|
|
|
|
|
|
| ||
Spain: 1.37% |
|
|
|
|
|
| ||
Aigues de Barcelona Finance SAU, |
|
|
|
|
|
| ||
1.944%, due 09/15/211 |
|
EUR |
175,000 |
|
225,008 |
| ||
Banco Santander SA, |
|
|
|
|
|
| ||
4.000%, due 01/19/231 |
|
AUD |
200,000 |
|
154,597 |
| ||
Canal de Isabel II Gestion SA, |
|
|
|
|
|
| ||
1.680%, due 02/26/251 |
|
EUR |
100,000 |
|
126,053 |
| ||
FCC Aqualia SA, |
|
|
|
|
|
| ||
1.413%, due 06/08/221 |
|
|
150,000 |
|
188,340 |
| ||
Santander Issuances SAU, |
|
|
|
|
|
| ||
3.250%, due 04/04/261 |
|
|
100,000 |
|
133,922 |
| ||
Telefonica Emisiones SAU, |
|
|
|
|
|
| ||
4.710%, due 01/20/201 |
|
|
100,000 |
|
133,545 |
| ||
5.213%, due 03/08/47 |
|
$ |
|
150,000 |
|
159,146 |
| |
Total Spain corporate bonds |
|
|
|
|
1,120,611 |
| ||
|
|
|
|
|
|
| ||
Sweden: 0.44% |
|
|
|
|
|
| ||
Nordea Bank AB, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 1.700%), |
|
|
|
|
|
| ||
1.875%, due 11/10/251,3 |
|
EUR |
140,000 |
|
177,998 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
Sweden(Concluded) |
|
|
|
|
|
| ||
Swedbank AB, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 0.820%), |
|
|
|
|
|
| ||
1.000%, due 11/22/271,3 |
|
EUR |
150,000 |
|
$ |
182,927 |
| |
Total Sweden corporate bonds |
|
|
|
|
360,925 |
| ||
|
|
|
|
|
|
| ||
Switzerland: 0.15% |
|
|
|
|
|
| ||
Credit Suisse Group AG, |
|
|
|
|
|
| ||
(EUR Swap Annual 1 Year + 0.750%), |
|
|
|
|
|
| ||
1.250%, due 07/17/251,3 |
|
|
100,000 |
|
122,459 |
| ||
|
|
|
|
|
|
| ||
United Kingdom: 6.37% |
|
|
|
|
|
| ||
Anglian Water Services Financing plc, |
|
|
|
|
|
| ||
4.500%, due 02/22/261 |
|
GBP |
100,000 |
|
154,581 |
| ||
Arqiva Financing plc, |
|
|
|
|
|
| ||
4.882%, due 12/31/321 |
|
|
130,000 |
|
203,435 |
| ||
Barclays Bank plc, |
|
|
|
|
|
| ||
6.625%, due 03/30/221 |
|
EUR |
50,000 |
|
74,058 |
| ||
9.500%, due 08/07/211 |
|
GBP |
80,000 |
|
135,339 |
| ||
Barclays plc, |
|
|
|
|
|
| ||
4.375%, due 09/11/24 |
|
$ |
|
350,000 |
|
342,556 |
| |
BAT International Finance plc, |
|
|
|
|
|
| ||
0.875%, due 10/13/231 |
|
EUR |
200,000 |
|
244,219 |
| ||
BP Capital Markets plc, |
|
|
|
|
|
| ||
3.497%, due 11/09/20 |
|
CAD |
240,000 |
|
190,968 |
| ||
BUPA Finance plc, |
|
|
|
|
|
| ||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.600%), |
|
|
|
|
|
| ||
6.125%, due 09/16/203,4 |
|
GBP |
45,000 |
|
67,878 |
| ||
Cadent Finance plc, |
|
|
|
|
|
| ||
2.750%, due 09/22/461 |
|
|
100,000 |
|
129,417 |
| ||
Coca-Cola European Partners plc, |
|
|
|
|
|
| ||
1.125%, due 05/26/241 |
|
EUR |
140,000 |
|
174,884 |
| ||
Diageo Capital plc, |
|
|
|
|
|
| ||
3.875%, due 04/29/43 |
|
$ |
|
50,000 |
|
49,724 |
| |
HSBC Holdings plc, |
|
|
|
|
|
| ||
5.100%, due 04/05/21 |
|
|
150,000 |
|
157,845 |
| ||
Imperial Brands Finance plc, |
|
|
|
|
|
| ||
2.950%, due 07/21/202 |
|
|
305,000 |
|
302,774 |
| ||
Lloyds Banking Group plc, |
|
|
|
|
|
| ||
(ICE LIBOR USD 3 Month + 1.210%), |
|
|
|
|
|
| ||
3.574%, due 11/07/283 |
|
|
220,000 |
|
207,501 |
| ||
National Grid Electricity Transmission plc, |
|
|
|
|
|
| ||
4.000%, due 06/08/271 |
|
GBP |
130,000 |
|
207,789 |
| ||
Nationwide Building Society, |
|
|
|
|
|
| ||
(EUR Swap Annual 5 Year + 1.500%), |
|
|
|
|
|
| ||
2.000%, due 07/25/291,3 |
|
EUR |
100,000 |
|
123,129 |
| ||
Prudential plc, |
|
|
|
|
|
| ||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 3.600%), |
|
|
|
|
|
| ||
5.000%, due 07/20/551,3 |
|
GBP |
100,000 |
|
149,346 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
United Kingdom(Concluded) |
|
|
|
|
|
| ||
Reckitt Benckiser Treasury Services plc, |
|
|
|
|
|
| ||
2.375%, due 06/24/222 |
|
$ |
|
380,000 |
|
$ |
364,703 |
|
Royal Bank of Scotland Group plc, |
|
|
|
|
|
| ||
3.875%, due 09/12/23 |
|
|
200,000 |
|
197,438 |
| ||
Santander UK Group Holdings plc, |
|
|
|
|
|
| ||
3.571%, due 01/10/23 |
|
|
200,000 |
|
197,734 |
| ||
Santander UK plc, |
|
|
|
|
|
| ||
4.000%, due 03/13/24 |
|
|
80,000 |
|
81,214 |
| ||
Scottish Widows Ltd., |
|
|
|
|
|
| ||
5.500%, due 06/16/231 |
|
GBP |
100,000 |
|
154,976 |
| ||
Sky plc, |
|
|
|
|
|
| ||
2.500%, due 09/15/261 |
|
EUR |
150,000 |
|
200,108 |
| ||
Southern Gas Networks plc, |
|
|
|
|
|
| ||
2.500%, due 02/03/251 |
|
GBP |
115,000 |
|
162,862 |
| ||
SSE plc, |
|
|
|
|
|
| ||
(GBP Swap 5 Year + 2.340%), |
|
|
|
|
|
| ||
3.875%, due 09/10/201,3,4 |
|
|
100,000 |
|
143,965 |
| ||
State Grid Europe Development 2014 plc, |
|
|
|
|
|
| ||
1.500%, due 01/26/221 |
|
EUR |
125,000 |
|
158,420 |
| ||
Tesco Property Finance 4 plc, |
|
|
|
|
|
| ||
5.801%, due 10/13/401 |
|
GBP |
137,284 |
|
225,021 |
| ||
Thames Water Utilities Finance Ltd., |
|
|
|
|
|
| ||
5.125%, due 09/28/37 |
|
|
50,000 |
|
90,073 |
| ||
Vodafone Group plc, |
|
|
|
|
|
| ||
4.375%, due 02/19/43 |
|
$ |
|
25,000 |
|
23,623 |
| |
Wales & West Utilities Finance plc, |
|
|
|
|
|
| ||
(ICE LIBOR GBP 3 Month + 9.400%), |
|
|
|
|
|
| ||
6.750%, due 12/17/363 |
|
GBP |
50,000 |
|
72,519 |
| ||
Western Power Distribution West Midlands plc, |
|
|
|
|
|
| ||
5.750%, due 04/16/321 |
|
|
100,000 |
|
184,016 |
| ||
WPP Finance 2010, |
|
|
|
|
|
| ||
3.750%, due 09/19/24 |
|
$ |
|
50,000 |
|
49,170 |
| |
Total United Kingdom corporate bonds |
|
|
|
|
5,221,285 |
| ||
|
|
|
|
|
|
| ||
United States: 19.66% |
|
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
|
| ||
6.200%, due 12/15/34 |
|
|
130,000 |
|
161,317 |
| ||
ABB Finance USA, Inc., |
|
|
|
|
|
| ||
2.875%, due 05/08/22 |
|
|
70,000 |
|
69,229 |
| ||
Abbott Laboratories, |
|
|
|
|
|
| ||
3.750%, due 11/30/26 |
|
|
70,000 |
|
69,580 |
| ||
4.900%, due 11/30/46 |
|
|
100,000 |
|
109,454 |
| ||
AbbVie, Inc., |
|
|
|
|
|
| ||
1.375%, due 05/17/24 |
|
EUR |
100,000 |
|
124,535 |
| ||
2.900%, due 11/06/22 |
|
$ |
|
50,000 |
|
48,825 |
| |
4.400%, due 11/06/42 |
|
|
60,000 |
|
59,102 |
| ||
Aetna, Inc., |
|
|
|
|
|
| ||
3.500%, due 11/15/24 |
|
|
75,000 |
|
73,681 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
Albemarle Corp., |
|
|
|
|
| ||
5.450%, due 12/01/44 |
|
$ |
70,000 |
|
$ |
76,341 |
|
Alphabet, Inc., |
|
|
|
|
| ||
1.998%, due 08/15/26 |
|
180,000 |
|
163,453 |
| ||
Altria Group, Inc., |
|
|
|
|
| ||
4.250%, due 08/09/42 |
|
170,000 |
|
166,563 |
| ||
Amazon.com, Inc., |
|
|
|
|
| ||
2.800%, due 08/22/242 |
|
200,000 |
|
193,330 |
| ||
American Express Co., |
|
|
|
|
| ||
3.400%, due 02/27/23 |
|
115,000 |
|
114,741 |
| ||
Amgen, Inc., |
|
|
|
|
| ||
4.400%, due 05/01/45 |
|
40,000 |
|
39,874 |
| ||
Andeavor Logistics LP, |
|
|
|
|
| ||
3.500%, due 12/01/22 |
|
30,000 |
|
29,472 |
| ||
4.250%, due 12/01/27 |
|
30,000 |
|
29,226 |
| ||
Anheuser-Busch InBev Worldwide, Inc., |
|
|
|
|
| ||
3.750%, due 01/15/22 |
|
100,000 |
|
101,970 |
| ||
Apache Corp., |
|
|
|
|
| ||
4.250%, due 01/15/44 |
|
120,000 |
|
109,865 |
| ||
Apple, Inc., |
|
|
|
|
| ||
3.850%, due 08/04/46 |
|
140,000 |
|
136,731 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
3.000%, due 02/15/22 |
|
120,000 |
|
118,485 |
| ||
3.900%, due 08/14/27 |
|
60,000 |
|
60,373 |
| ||
4.750%, due 05/15/46 |
|
150,000 |
|
145,441 |
| ||
5.000%, due 03/01/21 |
|
100,000 |
|
105,000 |
| ||
5.550%, due 08/15/41 |
|
110,000 |
|
118,189 |
| ||
Baltimore Gas & Electric Co., |
|
|
|
|
| ||
3.500%, due 08/15/46 |
|
60,000 |
|
55,204 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
3.875%, due 08/01/25 |
|
500,000 |
|
503,530 |
| ||
BAT Capital Corp., |
|
|
|
|
| ||
3.557%, due 08/15/272 |
|
50,000 |
|
47,817 |
| ||
Berkshire Hathaway Finance Corp., |
|
|
|
|
| ||
1.300%, due 05/15/18 |
|
60,000 |
|
59,923 |
| ||
Berkshire Hathaway, Inc., |
|
|
|
|
| ||
3.125%, due 03/15/26 |
|
50,000 |
|
48,704 |
| ||
Broadcom Corp., |
|
|
|
|
| ||
3.625%, due 01/15/24 |
|
160,000 |
|
157,334 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
3.000%, due 03/15/23 |
|
80,000 |
|
79,214 |
| ||
5.400%, due 06/01/41 |
|
60,000 |
|
71,132 |
| ||
Campbell Soup Co., |
|
|
|
|
| ||
3.300%, due 03/15/21 |
|
50,000 |
|
50,288 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
2.500%, due 05/12/20 |
|
40,000 |
|
39,370 |
| ||
3.200%, due 02/05/25 |
|
140,000 |
|
134,205 |
| ||
Celgene Corp., |
|
|
|
|
| ||
3.875%, due 08/15/25 |
|
100,000 |
|
99,016 |
| ||
CF Industries, Inc., |
|
|
|
|
| ||
5.150%, due 03/15/34 |
|
60,000 |
|
57,150 |
| ||
Charter Communications Operating LLC, |
|
|
|
|
| ||
4.464%, due 07/23/22 |
|
80,000 |
|
81,750 |
| ||
5.375%, due 05/01/47 |
|
40,000 |
|
38,628 |
| ||
Chevron Phillips Chemical Co. LLC, |
|
|
|
|
| ||
3.300%, due 05/01/232 |
|
155,000 |
|
155,542 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
| |||
Corporate bonds(Continued) |
|
|
|
|
| |||
United States(Continued) |
|
|
|
|
| |||
Citigroup, Inc., |
|
|
|
|
| |||
3.875%, due 10/25/23 |
|
$ |
350,000 |
|
$ |
353,646 |
| |
4.600%, due 03/09/26 |
|
40,000 |
|
41,006 |
| |||
Coca-Cola Co. (The), |
|
|
|
|
| |||
1.875%, due 09/22/26 |
|
EUR |
105,000 |
|
138,623 |
| ||
Comcast Corp., |
|
|
|
|
| |||
4.750%, due 03/01/44 |
|
$ |
20,000 |
|
21,050 |
| ||
Consumers Energy Co., |
|
|
|
|
| |||
3.250%, due 08/15/46 |
|
30,000 |
|
26,796 |
| |||
CVS Health Corp., |
|
|
|
|
| |||
3.350%, due 03/09/21 |
|
55,000 |
|
55,290 |
| |||
4.300%, due 03/25/28 |
|
90,000 |
|
90,555 |
| |||
5.050%, due 03/25/48 |
|
50,000 |
|
52,483 |
| |||
5.125%, due 07/20/45 |
|
100,000 |
|
106,609 |
| |||
Dell International LLC, |
|
|
|
|
| |||
3.480%, due 06/01/192 |
|
90,000 |
|
90,401 |
| |||
8.350%, due 07/15/462 |
|
165,000 |
|
209,291 |
| |||
Discovery Communications LLC, |
|
|
|
|
| |||
3.950%, due 03/20/28 |
|
20,000 |
|
19,184 |
| |||
Dominion Energy, Inc., Series D, |
|
|
|
|
| |||
2.850%, due 08/15/26 |
|
40,000 |
|
37,045 |
| |||
DTE Energy Co., |
|
|
|
|
| |||
6.375%, due 04/15/33 |
|
80,000 |
|
99,222 |
| |||
Duke Energy Carolinas LLC, |
|
|
|
|
| |||
4.000%, due 09/30/42 |
|
80,000 |
|
80,423 |
| |||
Eaton Corp., |
|
|
|
|
| |||
4.150%, due 11/02/42 |
|
60,000 |
|
59,370 |
| |||
Eli Lilly & Co., |
|
|
|
|
| |||
2.350%, due 05/15/22 |
|
50,000 |
|
48,821 |
| |||
3.100%, due 05/15/27 |
|
45,000 |
|
43,876 |
| |||
Enable Midstream Partners LP, |
|
|
|
|
| |||
3.900%, due 05/15/24 |
|
60,000 |
|
58,511 |
| |||
Energy Transfer Partners LP, |
|
|
|
|
| |||
6.050%, due 06/01/41 |
|
110,000 |
|
111,423 |
| |||
EnLink Midstream Partners LP, |
|
|
|
|
| |||
4.400%, due 04/01/24 |
|
80,000 |
|
79,850 |
| |||
Enterprise Products Operating LLC, |
|
|
|
|
| |||
4.850%, due 03/15/44 |
|
60,000 |
|
62,736 |
| |||
ERAC USA Finance LLC, |
|
|
|
|
| |||
5.625%, due 03/15/422 |
|
40,000 |
|
45,373 |
| |||
ERP Operating LP, REIT |
|
|
|
|
| |||
3.375%, due 06/01/25 |
|
70,000 |
|
69,077 |
| |||
Exelon Corp., |
|
|
|
|
| |||
3.400%, due 04/15/26 |
|
55,000 |
|
53,077 |
| |||
Exxon Mobil Corp., |
|
|
|
|
| |||
3.567%, due 03/06/45 |
|
30,000 |
|
28,764 |
| |||
4.114%, due 03/01/46 |
|
40,000 |
|
42,155 |
| |||
FedEx Corp., |
|
|
|
|
| |||
4.550%, due 04/01/46 |
|
20,000 |
|
20,139 |
| |||
Fifth Third Bancorp, |
|
|
|
|
| |||
2.600%, due 06/15/22 |
|
70,000 |
|
67,852 |
| |||
Five Corners Funding Trust, |
|
|
|
|
| |||
4.419%, due 11/15/232 |
|
100,000 |
|
104,407 |
| |||
Freeport-McMoRan, Inc., |
|
|
|
|
| |||
3.550%, due 03/01/22 |
|
100,000 |
|
96,750 |
| |||
3.875%, due 03/15/23 |
|
100,000 |
|
96,640 |
| |||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
|
| ||
General Electric Co., |
|
|
|
|
|
| ||
2.125%, due 05/17/37 |
|
EUR |
100,000 |
|
$ |
114,910 |
| |
4.125%, due 10/09/42 |
|
$ |
|
30,000 |
|
27,764 |
| |
4.375%, due 09/16/20 |
|
|
40,000 |
|
41,017 |
| ||
6.750%, due 03/15/32 |
|
|
50,000 |
|
62,075 |
| ||
General Motors Financial Co., Inc., |
|
|
|
|
|
| ||
3.200%, due 07/06/21 |
|
|
80,000 |
|
79,292 |
| ||
Georgia Power Co., |
|
|
|
|
|
| ||
5.400%, due 06/01/40 |
|
|
50,000 |
|
59,224 |
| ||
Gilead Sciences, Inc., |
|
|
|
|
|
| ||
2.050%, due 04/01/19 |
|
|
40,000 |
|
39,776 |
| ||
4.750%, due 03/01/46 |
|
|
30,000 |
|
32,266 |
| ||
4.800%, due 04/01/44 |
|
|
55,000 |
|
59,274 |
| ||
Glencore Funding LLC, |
|
|
|
|
|
| ||
2.500%, due 01/15/192 |
|
|
9,000 |
|
8,963 |
| ||
4.125%, due 05/30/232 |
|
|
70,000 |
|
70,456 |
| ||
Goldman Sachs Group, Inc. (The), |
|
|
|
|
|
| ||
2.000%, due 07/27/231 |
|
EUR |
300,000 |
|
387,203 |
| ||
5.150%, due 05/22/45 |
|
$ |
|
60,000 |
|
64,623 |
| |
Hartford Financial Services Group, Inc. (The), |
|
|
|
|
|
| ||
4.300%, due 04/15/43 |
|
|
60,000 |
|
59,675 |
| ||
4.400%, due 03/15/48 |
|
|
90,000 |
|
91,675 |
| ||
HCP, Inc., REIT |
|
|
|
|
|
| ||
3.875%, due 08/15/24 |
|
|
70,000 |
|
69,370 |
| ||
Home Depot, Inc. (The), |
|
|
|
|
|
| ||
4.875%, due 02/15/44 |
|
|
50,000 |
|
57,152 |
| ||
Honeywell International, Inc., |
|
|
|
|
|
| ||
1.800%, due 10/30/19 |
|
|
60,000 |
|
59,206 |
| ||
Illinois Tool Works, Inc., |
|
|
|
|
|
| ||
2.650%, due 11/15/26 |
|
|
100,000 |
|
93,638 |
| ||
Jabil, Inc., |
|
|
|
|
|
| ||
3.950%, due 01/12/28 |
|
|
60,000 |
|
58,097 |
| ||
JPMorgan Chase & Co., |
|
|
|
|
|
| ||
3.200%, due 01/25/23 |
|
|
600,000 |
|
594,116 |
| ||
3.625%, due 12/01/27 |
|
|
120,000 |
|
114,909 |
| ||
Juniper Networks, Inc., |
|
|
|
|
|
| ||
4.500%, due 03/15/24 |
|
|
70,000 |
|
71,590 |
| ||
Kinder Morgan Energy Partners LP, |
|
|
|
|
|
| ||
5.000%, due 03/01/43 |
|
|
130,000 |
|
125,537 |
| ||
Kinder Morgan, Inc., |
|
|
|
|
|
| ||
3.150%, due 01/15/23 |
|
|
140,000 |
|
136,272 |
| ||
5.625%, due 11/15/232 |
|
|
30,000 |
|
32,105 |
| ||
Kraft Heinz Foods Co., |
|
|
|
|
|
| ||
4.875%, due 02/15/252 |
|
|
50,000 |
|
52,123 |
| ||
5.000%, due 06/04/42 |
|
|
80,000 |
|
80,162 |
| ||
Kroger Co. (The), |
|
|
|
|
|
| ||
3.700%, due 08/01/27 |
|
|
100,000 |
|
96,553 |
| ||
3.875%, due 10/15/46 |
|
|
20,000 |
|
17,175 |
| ||
4.650%, due 01/15/48 |
|
|
30,000 |
|
29,141 |
| ||
Liberty Mutual Group, Inc., |
|
|
|
|
|
| ||
2.750%, due 05/04/261 |
|
EUR |
140,000 |
|
184,652 |
| ||
4.250%, due 06/15/232 |
|
$ |
|
100,000 |
|
102,025 |
| |
Lincoln National Corp., |
|
|
|
|
|
| ||
3.800%, due 03/01/28 |
|
|
110,000 |
|
108,955 |
| ||
Lowes Cos., Inc., |
|
|
|
|
|
| ||
4.250%, due 09/15/44 |
|
|
70,000 |
|
71,047 |
| ||
Marathon Oil Corp., |
|
|
|
|
|
| ||
3.850%, due 06/01/25 |
|
|
70,000 |
|
69,129 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
|
| ||
Medtronic, Inc., |
|
|
|
|
|
| ||
3.150%, due 03/15/22 |
|
$ |
|
70,000 |
|
$ |
70,096 |
|
4.625%, due 03/15/45 |
|
|
30,000 |
|
32,801 |
| ||
Merck & Co., Inc., |
|
|
|
|
|
| ||
1.875%, due 10/15/26 |
|
EUR |
125,000 |
|
163,788 |
| ||
3.700%, due 02/10/45 |
|
$ |
|
20,000 |
|
19,476 |
| |
Metropolitan Life Global Funding I, |
|
|
|
|
|
| ||
1.250%, due 09/17/211 |
|
EUR |
100,000 |
|
126,890 |
| ||
Microsoft Corp., |
|
|
|
|
|
| ||
2.400%, due 08/08/26 |
|
$ |
|
50,000 |
|
46,527 |
| |
3.500%, due 11/15/42 |
|
|
60,000 |
|
57,575 |
| ||
3.700%, due 08/08/46 |
|
|
90,000 |
|
88,629 |
| ||
Molson Coors Brewing Co., |
|
|
|
|
|
| ||
3.000%, due 07/15/26 |
|
|
40,000 |
|
36,951 |
| ||
Monongahela Power Co., |
|
|
|
|
|
| ||
5.400%, due 12/15/432 |
|
|
40,000 |
|
48,544 |
| ||
Morgan Stanley, |
|
|
|
|
|
| ||
2.500%, due 04/21/21 |
|
|
330,000 |
|
323,286 |
| ||
2.625%, due 03/09/27 |
|
GBP |
195,000 |
|
270,546 |
| ||
4.350%, due 09/08/26 |
|
$ |
|
70,000 |
|
70,456 |
| |
6.375%, due 07/24/42 |
|
|
50,000 |
|
64,594 |
| ||
Mosaic Co. (The), |
|
|
|
|
|
| ||
3.250%, due 11/15/22 |
|
|
60,000 |
|
58,725 |
| ||
4.050%, due 11/15/27 |
|
|
30,000 |
|
29,239 |
| ||
MPLX LP, |
|
|
|
|
|
| ||
5.200%, due 03/01/47 |
|
|
60,000 |
|
62,595 |
| ||
NBCUniversal Media LLC, |
|
|
|
|
|
| ||
4.375%, due 04/01/21 |
|
|
200,000 |
|
207,751 |
| ||
Noble Energy, Inc., |
|
|
|
|
|
| ||
5.625%, due 05/01/21 |
|
|
70,000 |
|
71,309 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
|
| ||
7.250%, due 01/15/33 |
|
|
150,000 |
|
206,975 |
| ||
ONEOK, Inc., |
|
|
|
|
|
| ||
7.500%, due 09/01/23 |
|
|
80,000 |
|
93,202 |
| ||
Oracle Corp., |
|
|
|
|
|
| ||
2.400%, due 09/15/23 |
|
|
130,000 |
|
124,469 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
|
| ||
6.050%, due 03/01/34 |
|
|
130,000 |
|
154,769 |
| ||
PacifiCorp, |
|
|
|
|
|
| ||
6.000%, due 01/15/39 |
|
|
90,000 |
|
116,201 |
| ||
Philip Morris International, Inc., |
|
|
|
|
|
| ||
4.250%, due 11/10/44 |
|
|
50,000 |
|
50,052 |
| ||
Phillips 66, |
|
|
|
|
|
| ||
4.650%, due 11/15/34 |
|
|
50,000 |
|
52,406 |
| ||
Phillips 66 Partners LP, |
|
|
|
|
|
| ||
4.680%, due 02/15/45 |
|
|
45,000 |
|
43,818 |
| ||
PPL Capital Funding, Inc., |
|
|
|
|
|
| ||
4.700%, due 06/01/43 |
|
|
90,000 |
|
94,652 |
| ||
Procter & Gamble Co. (The), |
|
|
|
|
|
| ||
2.450%, due 11/03/26 |
|
|
60,000 |
|
55,770 |
| ||
QUALCOMM, Inc., |
|
|
|
|
|
| ||
1.850%, due 05/20/19 |
|
|
130,000 |
|
129,094 |
| ||
3.250%, due 05/20/27 |
|
|
90,000 |
|
85,498 |
| ||
4.300%, due 05/20/47 |
|
|
40,000 |
|
38,688 |
| ||
Reynolds American, Inc., |
|
|
|
|
|
| ||
4.450%, due 06/12/25 |
|
|
70,000 |
|
71,970 |
| ||
5.700%, due 08/15/35 |
|
|
45,000 |
|
51,135 |
| ||
Roche Holdings, Inc., |
|
|
|
|
|
| ||
2.625%, due 05/15/261 |
|
|
200,000 |
|
189,299 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Continued) |
|
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
|
| ||
Schlumberger Holdings Corp., |
|
|
|
|
|
| ||
3.000%, due 12/21/202 |
|
$ |
|
100,000 |
|
$ |
99,737 |
|
Sempra Energy, |
|
|
|
|
|
| ||
6.000%, due 10/15/39 |
|
|
70,000 |
|
85,530 |
| ||
Southern Co. (The), |
|
|
|
|
|
| ||
3.250%, due 07/01/26 |
|
|
80,000 |
|
75,971 |
| ||
4.400%, due 07/01/46 |
|
|
30,000 |
|
29,975 |
| ||
Southwestern Electric Power Co., |
|
|
|
|
|
| ||
6.200%, due 03/15/40 |
|
|
115,000 |
|
145,901 |
| ||
SunTrust Banks, Inc., |
|
|
|
|
|
| ||
2.700%, due 01/27/22 |
|
|
150,000 |
|
146,657 |
| ||
Swiss Re Treasury US Corp., |
|
|
|
|
|
| ||
4.250%, due 12/06/422 |
|
|
50,000 |
|
51,033 |
| ||
Teachers Insurance & Annuity Association of America, |
|
|
|
|
|
| ||
4.900%, due 09/15/442 |
|
|
40,000 |
|
44,011 |
| ||
Thermo Fisher Scientific, Inc., |
|
|
|
|
|
| ||
2.875%, due 07/24/37 |
|
EUR |
100,000 |
|
124,610 |
| ||
Time Warner Cable LLC, |
|
|
|
|
|
| ||
4.500%, due 09/15/42 |
|
$ |
|
60,000 |
|
51,886 |
| |
5.000%, due 02/01/20 |
|
|
150,000 |
|
154,045 |
| ||
Union Pacific Corp., |
|
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
|
50,000 |
|
50,363 |
| ||
UnitedHealth Group, Inc., |
|
|
|
|
|
| ||
2.700%, due 07/15/20 |
|
|
130,000 |
|
129,406 |
| ||
Valero Energy Corp., |
|
|
|
|
|
| ||
4.900%, due 03/15/45 |
|
|
80,000 |
|
84,538 |
| ||
Verizon Communications, Inc., |
|
|
|
|
|
| ||
2.875%, due 01/15/38 |
|
EUR |
110,000 |
|
135,077 |
| ||
2.946%, due 03/15/22 |
|
$ |
|
200,000 |
|
196,582 |
| |
3.376%, due 02/15/25 |
|
|
87,000 |
|
85,468 |
| ||
5.250%, due 03/16/37 |
|
|
30,000 |
|
32,299 |
| ||
5.500%, due 03/16/47 |
|
|
150,000 |
|
165,941 |
| ||
Virginia Electric & Power Co., |
|
|
|
|
|
| ||
4.000%, due 11/15/46 |
|
|
60,000 |
|
59,194 |
| ||
VMware, Inc., |
|
|
|
|
|
| ||
3.900%, due 08/21/27 |
|
|
80,000 |
|
75,680 |
| ||
Walgreens Boots Alliance, Inc., |
|
|
|
|
|
| ||
3.800%, due 11/18/24 |
|
|
70,000 |
|
68,908 |
| ||
Walt Disney Co. (The), |
|
|
|
|
|
| ||
1.850%, due 07/30/26 |
|
|
30,000 |
|
26,705 |
| ||
Wells Fargo & Co., |
|
|
|
|
|
| ||
2.100%, due 07/26/21 |
|
|
100,000 |
|
96,552 |
| ||
2.625%, due 07/22/22 |
|
|
110,000 |
|
106,377 |
| ||
3.069%, due 01/24/23 |
|
|
130,000 |
|
127,795 |
| ||
Williams Partners LP, |
|
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
|
80,000 |
|
81,062 |
| ||
4.900%, due 01/15/45 |
|
|
40,000 |
|
39,377 |
| ||
Xcel Energy, Inc., |
|
|
|
|
|
| ||
4.800%, due 09/15/41 |
|
|
100,000 |
|
110,050 |
| ||
Total United States corporate bonds |
|
|
|
|
16,123,682 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Concluded) |
|
|
|
|
| ||
Corporate bonds(Concluded) |
|
|
|
|
| ||
Virgin Islands, British: 0.24% |
|
|
|
|
| ||
Sinopec Capital 2013 Ltd., |
|
|
|
|
| ||
3.125%, due 04/24/231 |
|
$ |
200,000 |
|
$ |
194,338 |
|
Total corporate bonds |
|
|
|
36,611,895 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 0.14% |
|
|
|
|
| ||
United States: 0.14% |
|
|
|
|
| ||
American Airlines Pass-Through Trust, |
|
|
|
|
| ||
Series 2014-1, Class B, |
|
|
|
|
| ||
4.375%, due 10/01/22 |
|
66,404 |
|
66,637 |
| ||
United Airlines Pass-Through Trust, |
|
|
|
|
| ||
Series 2016-1, Class B, |
|
|
|
|
| ||
3.650%, due 01/07/26 |
|
50,000 |
|
48,979 |
| ||
Total asset-backed securities |
|
|
|
115,616 |
| ||
|
|
|
|
|
| ||
Collateralized debt obligations: 0.00%5 |
|
|
|
|
| ||
Cayman Islands: 0.00%5 |
|
|
|
|
| ||
LNR CDO IV Ltd., |
|
|
|
|
| ||
Series 2006-1A, Class FFX, |
|
|
|
|
| ||
7.592%, due 05/28/432,6,7 |
|
8,000,000 |
|
0 |
| ||
|
|
|
|
|
| ||
Collateralized mortgage obligations: 0.01% |
|
|
|
|
| ||
United States: 0.01% |
|
|
|
|
| ||
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| ||
Series 2005-7, Class B11, |
|
|
|
|
| ||
3.741%, due 04/25/358 |
|
181,868 |
|
4,479 |
| ||
Total bonds |
|
|
|
36,731,990 |
| ||
|
|
Shares |
|
|
|
Exchange traded funds: 4.71% |
|
|
|
|
|
iShares Edge MSCI Minimum Volatility Emerging Markets ETF |
|
62,000 |
|
3,865,080 |
|
|
|
|
|
|
|
Short-term investments: 40.87% |
|
|
|
|
|
Investment companies: 2.64% |
|
|
|
|
|
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
2,160,822 |
|
2,160,822 |
|
|
|
Face |
|
|
| ||
U.S. treasury obligations: 38.23% |
|
|
|
|
| ||
U.S. Treasury Bills |
|
|
|
|
| ||
1.187%, due 04/26/189 |
|
$ |
14,500,000 |
|
14,484,452 |
| |
1.851%, due 09/06/189 |
|
17,000,000 |
|
16,862,641 |
| ||
Total U.S. treasury obligations |
|
|
|
31,347,093 |
| ||
Total short-term investments |
|
|
|
33,507,915 |
| ||
Total investments: 90.38% |
|
|
|
74,104,985 |
| ||
Cash and other assets, less liabilities: 9.62% |
|
|
|
7,889,169 |
| ||
Net assets: 100.00% |
|
|
|
$ |
81,994,154 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Forward foreign currency contracts
Counterparty |
|
Contracts |
|
In |
|
Maturity |
|
Unrealized |
| |||||
BB |
|
BRL |
|
1,610,000 |
|
USD |
|
489,079 |
|
04/20/18 |
|
$ |
2,090 |
|
BB |
|
CLP |
|
2,061,100,000 |
|
USD |
|
3,409,990 |
|
04/20/18 |
|
(3,303 |
) | |
BB |
|
USD |
|
2,452,203 |
|
MYR |
|
9,594,000 |
|
04/20/18 |
|
26,622 |
| |
CSI |
|
TWD |
|
14,400,000 |
|
USD |
|
496,466 |
|
04/20/18 |
|
2,008 |
| |
GSI |
|
USD |
|
4,756,575 |
|
INR |
|
309,810,000 |
|
04/20/18 |
|
(16,665 |
) | |
JPMCB |
|
AUD |
|
745,000 |
|
USD |
|
573,470 |
|
04/20/18 |
|
1,276 |
| |
JPMCB |
|
CAD |
|
3,090,000 |
|
USD |
|
2,365,137 |
|
04/20/18 |
|
(34,075 |
) | |
JPMCB |
|
CHF |
|
4,805,000 |
|
USD |
|
5,061,001 |
|
04/20/18 |
|
27,927 |
| |
JPMCB |
|
HKD |
|
4,095,000 |
|
USD |
|
522,663 |
|
04/20/18 |
|
558 |
| |
JPMCB |
|
NZD |
|
5,755,000 |
|
USD |
|
4,150,408 |
|
04/20/18 |
|
(8,625 |
) | |
JPMCB |
|
SEK |
|
7,620,000 |
|
USD |
|
933,107 |
|
04/20/18 |
|
19,403 |
| |
JPMCB |
|
SGD |
|
3,370,000 |
|
USD |
|
2,560,296 |
|
04/20/18 |
|
(10,969 |
) | |
JPMCB |
|
USD |
|
469,003 |
|
EUR |
|
380,000 |
|
04/20/18 |
|
(870 |
) | |
JPMCB |
|
USD |
|
6,225,048 |
|
JPY |
|
658,900,000 |
|
04/20/18 |
|
(26,044 |
) | |
JPMCB |
|
USD |
|
3,189,289 |
|
MXN |
|
60,090,000 |
|
04/20/18 |
|
107,428 |
| |
JPMCB |
|
USD |
|
4,349,515 |
|
NOK |
|
33,520,000 |
|
04/20/18 |
|
(71,134 |
) | |
MSC |
|
CNY |
|
30,130,000 |
|
USD |
|
4,761,378 |
|
04/20/18 |
|
(24,563 |
) | |
MSC |
|
EUR |
|
13,030,000 |
|
USD |
|
16,076,986 |
|
04/20/18 |
|
24,941 |
| |
MSC |
|
GBP |
|
6,020,000 |
|
USD |
|
8,459,644 |
|
04/20/18 |
|
7,534 |
| |
MSC |
|
KRW |
|
7,115,000,000 |
|
USD |
|
6,694,265 |
|
04/20/18 |
|
15,095 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
$ |
38,634 |
|
Futures contracts
|
|
Expiration |
|
Current |
|
Value |
|
Unrealized |
| |||
U.S. Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 5 Year Note, 23 contracts (USD) |
|
June 2018 |
|
$ |
2,626,346 |
|
$ |
2,632,601 |
|
$ |
6,255 |
|
U.S. Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 10 Year Note, 13 contracts (USD) |
|
June 2018 |
|
(1,558,104 |
) |
(1,574,828 |
) |
(16,724 |
) | |||
U.S. Treasury Ultra Bond, 19 contracts (USD) |
|
June 2018 |
|
(2,936,543 |
) |
(3,048,906 |
) |
(112,363 |
) | |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
CAC 40 10 Euro Index, 17 contracts (EUR) |
|
April 2018 |
|
1,102,369 |
|
1,078,200 |
|
(24,169 |
) | |||
DAX Index, 7 contracts (EUR) |
|
June 2018 |
|
2,681,997 |
|
2,609,676 |
|
(72,321 |
) | |||
EURO STOXX 50 Index, 131 contracts (EUR) |
|
June 2018 |
|
5,398,033 |
|
5,288,610 |
|
(109,423 |
) | |||
FTSE 100 Index, 30 contracts (GBP) |
|
June 2018 |
|
3,005,454 |
|
2,943,564 |
|
(61,890 |
) | |||
HSCEI, 32 contracts (HKD) |
|
April 2018 |
|
2,470,153 |
|
2,455,815 |
|
(14,338 |
) | |||
MSCI Emerging Markets E-Mini Index, 84 contracts (USD) |
|
June 2018 |
|
5,110,812 |
|
4,988,760 |
|
(122,052 |
) | |||
Russell 1000 E-Mini Index, 70 contracts (USD) |
|
June 2018 |
|
4,255,293 |
|
4,128,600 |
|
(126,693 |
) | |||
SPI 200 Index, 9 contracts (AUD) |
|
June 2018 |
|
1,026,938 |
|
991,245 |
|
(35,693 |
) | |||
TOPIX Index, 36 contracts (JPY) |
|
June 2018 |
|
5,704,546 |
|
5,807,434 |
|
102,888 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
FTSE/MIB Index, 31 contracts (EUR) |
|
June 2018 |
|
(4,259,741 |
) |
(4,186,870 |
) |
72,871 |
| |||
MSCI Taiwan Index, 97 contracts (USD) |
|
April 2018 |
|
(3,876,625 |
) |
(3,919,771 |
) |
(43,146 |
) | |||
OMXS30 Index, 444 contracts (SEK) |
|
April 2018 |
|
(8,263,363 |
) |
(8,103,859 |
) |
159,504 |
| |||
S&P 500 E-Mini Index, 75 contracts (USD) |
|
June 2018 |
|
(10,290,581 |
) |
(9,911,250 |
) |
379,331 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Canada 10 Year Bond, 5 contracts (CAD) |
|
June 2018 |
|
507,107 |
|
517,212 |
|
10,105 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bobl, 1 contracts (EUR) |
|
June 2018 |
|
(160,137 |
) |
(161,496 |
) |
(1,359 |
) | |||
Euro-Bund, 66 contracts (EUR) |
|
June 2018 |
|
(12,741,501 |
) |
(12,947,263 |
) |
(205,762 |
) | |||
Long Gilt, 25 contracts (GBP) |
|
June 2018 |
|
(4,232,058 |
) |
(4,307,911 |
) |
(75,853 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(290,832 |
) | ||
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
Credit default swap agreements on corporate issues-sell protection10
Counterparty |
|
Referenced |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
JPMCB |
|
Teck Resources Ltd. bond, 3.150%, due 03/20/20 |
|
USD |
90,000 |
|
03/20/20 |
|
Quarterly |
|
1.000 |
% |
$ |
2,855 |
|
$ |
1,266 |
|
$ |
4,121 |
|
0.291 |
% |
Centrally cleared credit default swap agreements on credit indices-buy protection13
Referenced |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
| ||||
iTraxx Europe Series 29 Index |
|
EUR |
9,500,000 |
|
06/20/23 |
|
Quarterly |
|
1.000 |
% |
$ |
250,679 |
|
$ |
(245,653 |
) |
$ |
5,026 |
|
CDX.NA.HY. Series 30 Index |
|
USD |
11,900,000 |
|
06/20/23 |
|
Quarterly |
|
5.000 |
|
701,591 |
|
(736,485 |
) |
(34,894 |
) | |||
CDX.NA.IG. Series 30 Index |
|
USD |
22,600,000 |
|
06/20/23 |
|
Quarterly |
|
1.000 |
|
413,418 |
|
(381,044 |
) |
32,374 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
1,365,688 |
|
$ |
(1,363,182 |
) |
$ |
2,506 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2018 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 |
|
$ |
|
|
$ |
36,611,895 |
|
$ |
|
|
$ |
36,611,895 |
|
Asset-backed securities |
|
|
|
115,616 |
|
|
|
115,616 |
| ||||
Collateralized debt obligations |
|
|
|
|
|
0 |
|
0 |
| ||||
Collateralized mortgage obligations |
|
|
|
4,479 |
|
|
|
4,479 |
| ||||
Exchange traded funds |
|
3,865,080 |
|
|
|
|
|
3,865,080 |
| ||||
Short-term investments |
|
2,160,822 |
|
31,347,093 |
|
|
|
33,507,915 |
| ||||
Forward foreign currency contracts |
|
|
|
234,882 |
|
|
|
234,882 |
| ||||
Futures contracts |
|
730,954 |
|
|
|
|
|
730,954 |
| ||||
Swap agreements, at value |
|
|
|
1,266 |
|
|
|
1,266 |
| ||||
Total |
|
$ |
6,756,856 |
|
$ |
68,315,231 |
|
$ |
0 |
|
$ |
75,072,087 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(196,248 |
) |
$ |
|
|
$ |
(196,248 |
) |
Futures contracts |
|
(1,021,786 |
) |
|
|
|
|
(1,021,786 |
) | ||||
Swap agreements, at value |
|
|
|
(1,363,182 |
) |
|
|
(1,363,182 |
) | ||||
Total |
|
$ |
(1,021,786 |
) |
$ |
(1,559,430 |
) |
$ |
|
|
$ |
(2,581,216 |
) |
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that were valued using unobservable inputs for the period ended March 31, 2018:
Assets |
|
Collateralized |
| |
Beginning balance |
|
$ |
0 |
|
Purchases |
|
|
| |
Issuances |
|
|
| |
Sales |
|
|
| |
Accrued discounts (premiums) |
|
(2,833 |
) | |
Total realized gain (loss) |
|
|
| |
Change in net unrealized appreciation (depreciation) |
|
2,833 |
| |
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 March 31, 2018 was $2,833.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2018 (unaudited)
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, linked to the referenced benchmark. 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 |
Amount represents less than 0.005%. |
6 |
Illiquid investment at the period end. |
7 |
Value determined using significant unobservable inputs. |
8 |
Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate at the period end. |
9 |
Rate shown is the discount rate at the date of purchase unless otherwise noted. |
10 |
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or 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. |
11 |
Payments made or received are based on the notional amount. |
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. |
13 |
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or 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. |
UBS Global Allocation Fund
Industry diversificationMarch 31, 2018 (unaudited)1,2
Common stocks |
|
Percentage of |
|
Aerospace & defense |
|
0.72 |
% |
Airlines |
|
0.52 |
|
Auto components |
|
0.78 |
|
Automobiles |
|
0.37 |
|
Banks |
|
4.18 |
|
Beverages |
|
0.27 |
|
Biotechnology |
|
1.03 |
|
Building products |
|
0.29 |
|
Capital markets |
|
0.11 |
|
Chemicals |
|
1.45 |
|
Commercial services & supplies |
|
0.34 |
|
Communications equipment |
|
0.13 |
|
Construction & engineering |
|
0.16 |
|
Consumer finance |
|
0.88 |
|
Distributors |
|
0.22 |
|
Diversified financial services |
|
1.10 |
|
Diversified telecommunication services |
|
0.87 |
|
Electric utilities |
|
0.18 |
|
Electrical equipment |
|
0.30 |
|
Electronic equipment, instruments & components |
|
0.44 |
|
Energy equipment & services |
|
0.09 |
|
Equity real estate investment trusts (REITs) |
|
0.36 |
|
Food & staples retailing |
|
1.02 |
|
Food products |
|
0.30 |
|
Health care equipment & supplies |
|
0.67 |
|
Health care providers & services |
|
0.62 |
|
Hotels, restaurants & leisure |
|
0.33 |
|
Household durables |
|
0.86 |
|
Industrial conglomerates |
|
0.16 |
|
Insurance |
|
2.08 |
|
Internet & direct marketing retail |
|
1.76 |
|
Internet software & services |
|
1.21 |
|
IT services |
|
1.17 |
|
Life sciences tools & services |
|
0.18 |
|
Machinery |
|
1.87 |
|
Marine |
|
0.13 |
|
Media |
|
0.30 |
|
Metals & mining |
|
1.16 |
|
Multiline retail |
|
0.19 |
|
Multi-utilities |
|
0.27 |
|
Oil, gas & consumable fuels |
|
2.74 |
|
Personal products |
|
0.64 |
|
Pharmaceuticals |
|
2.38 |
|
Professional services |
|
0.21 |
|
Real estate management & development |
|
0.23 |
|
Road & rail |
|
0.23 |
|
Semiconductors & semiconductor equipment |
|
2.20 |
|
Software |
|
3.05 |
|
Specialty retail |
|
0.79 |
|
Technology hardware, storage & peripherals |
|
0.63 |
|
Textiles, apparel & luxury goods |
|
0.13 |
|
Tobacco |
|
1.02 |
|
Trading companies & distributors |
|
0.73 |
|
Transportation infrastructure |
|
0.04 |
|
Wireless telecommunication services |
|
0.14 |
|
Total common stocks |
|
44.23 |
% |
Bonds |
|
|
|
Non-U.S. government obligations |
|
5.38 |
% |
U.S. treasury obligations |
|
6.63 |
|
Total bonds |
|
12.01 |
% |
|
|
|
|
Investment companies |
|
|
|
UBS-HALO Emerging Markets Equity Relationship Fund |
|
7.33 |
|
|
|
|
|
Exchange traded funds |
|
9.36 |
|
Short-term investments |
|
22.60 |
|
Total investments |
|
95.53 |
% |
Cash and other assets, less liabilities |
|
4.47 |
|
Net assets |
|
100.00 |
% |
1 Figures represent the breakdown of direct investments of UBS Global Allocation Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2 The Funds portfolio is actively managed and its composition will vary over time.
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 44.23% |
|
|
|
|
| |
Australia: 0.58% |
|
|
|
|
| |
Insurance Australia Group Ltd. |
|
100,568 |
|
$ |
577,765 |
|
Rio Tinto Ltd. |
|
10,491 |
|
585,788 |
| |
Wesfarmers Ltd. |
|
21,531 |
|
687,273 |
| |
Total Australia common stocks |
|
|
|
1,850,826 |
| |
|
|
|
|
|
| |
Austria: 0.50% |
|
|
|
|
| |
Erste Group Bank AG* |
|
32,017 |
|
1,607,329 |
| |
|
|
|
|
|
| |
Bermuda: 0.58% |
|
|
|
|
| |
Jardine Matheson Holdings Ltd. |
|
8,200 |
|
505,284 |
| |
Marvell Technology Group Ltd. |
|
39,300 |
|
825,300 |
| |
Norwegian Cruise Line Holdings Ltd.* |
|
10,047 |
|
532,190 |
| |
Total Bermuda common stocks |
|
|
|
1,862,774 |
| |
|
|
|
|
|
| |
Canada: 1.24% |
|
|
|
|
| |
Enerplus Corp. |
|
38,847 |
|
436,910 |
| |
Husky Energy, Inc. |
|
68,428 |
|
979,402 |
| |
Paramount Resources Ltd., Class A* |
|
23,493 |
|
270,424 |
| |
Suncor Energy, Inc. |
|
32,568 |
|
1,124,656 |
| |
Toronto-Dominion Bank (The) |
|
20,640 |
|
1,171,258 |
| |
Total Canada common stocks |
|
|
|
3,982,650 |
| |
|
|
|
|
|
| |
Cayman Islands: 0.24% |
|
|
|
|
| |
Alibaba Group Holding Ltd. ADR* |
|
2,901 |
|
532,450 |
| |
Ctrip.com International Ltd. ADR* |
|
4,900 |
|
228,438 |
| |
Total Cayman Islands common stocks |
|
|
|
760,888 |
| |
|
|
|
|
|
| |
Denmark: 0.13% |
|
|
|
|
| |
AP Moller - Maersk A/S, Class B* |
|
274 |
|
422,582 |
| |
|
|
|
|
|
| |
Finland: 0.22% |
|
|
|
|
| |
Sampo OYJ, Class A |
|
12,440 |
|
692,786 |
| |
|
|
|
|
|
| |
France: 1.19% |
|
|
|
|
| |
Publicis Groupe SA |
|
7,238 |
|
503,901 |
| |
Sanofi |
|
23,956 |
|
1,925,710 |
| |
Thales SA |
|
7,613 |
|
926,812 |
| |
Valeo SA |
|
7,298 |
|
481,678 |
| |
Total France common stocks |
|
|
|
3,838,101 |
| |
|
|
|
|
|
| |
Germany: 1.87% |
|
|
|
|
| |
Deutsche Telekom AG (Registered) |
|
100,755 |
|
1,642,655 |
| |
Infineon Technologies AG |
|
31,910 |
|
853,592 |
| |
KION Group AG |
|
9,323 |
|
868,850 |
| |
LANXESS AG |
|
10,131 |
|
775,366 |
| |
SAP SE |
|
10,270 |
|
1,073,742 |
| |
thyssenkrupp AG |
|
30,500 |
|
795,234 |
| |
Total Germany common stocks |
|
|
|
6,009,439 |
| |
|
|
|
|
|
| |
Hong Kong: 0.68% |
|
|
|
|
| |
AIA Group Ltd. |
|
190,917 |
|
1,615,271 |
| |
Power Assets Holdings Ltd. |
|
64,000 |
|
570,427 |
| |
Total Hong Kong common stocks |
|
|
|
2,185,698 |
| |
|
|
|
|
|
| |
Ireland: 1.03% |
|
|
|
|
| |
Allegion plc |
|
10,953 |
|
934,181 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Ireland(Concluded) |
|
|
|
|
|
|
Allergan plc |
|
8,278 |
|
$ |
1,393,105 |
|
Ryanair Holdings plc ADR* |
|
8,092 |
|
994,102 |
| |
Total Ireland common stocks |
|
|
|
3,321,388 |
| |
|
|
|
|
|
| |
Italy: 1.00% |
|
|
|
|
| |
Atlantia SpA |
|
3,737 |
|
115,645 |
| |
Autogrill SpA |
|
41,874 |
|
538,424 |
| |
Banca Mediolanum SpA |
|
147,065 |
|
1,281,170 |
| |
Mediobanca Banca di Credito Finanziario SpA |
|
108,350 |
|
1,272,932 |
| |
Total Italy common stocks |
|
|
|
3,208,171 |
| |
|
|
|
|
|
| |
Japan: 5.25% |
|
|
|
|
| |
Chiyoda Corp. |
|
55,500 |
|
523,678 |
| |
Inpex Corp. |
|
67,400 |
|
833,592 |
| |
ITOCHU Corp. |
|
56,300 |
|
1,093,407 |
| |
MINEBEA MITSUMI, Inc. |
|
49,700 |
|
1,061,213 |
| |
Mitsui Fudosan Co. Ltd. |
|
30,200 |
|
732,685 |
| |
Nabtesco Corp. |
|
15,500 |
|
597,975 |
| |
Nintendo Co. Ltd. |
|
1,800 |
|
792,707 |
| |
ORIX Corp. |
|
77,700 |
|
1,370,274 |
| |
Otsuka Holdings Co. Ltd. |
|
27,500 |
|
1,377,261 |
| |
Shin-Etsu Chemical Co. Ltd. |
|
12,200 |
|
1,261,792 |
| |
Sony Corp. |
|
40,400 |
|
1,953,841 |
| |
Sumitomo Electric Industries Ltd. |
|
46,300 |
|
706,434 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
26,800 |
|
1,122,827 |
| |
Takeda Pharmaceutical Co. Ltd. |
|
16,300 |
|
793,975 |
| |
Tokyo Electron Ltd. |
|
2,600 |
|
489,065 |
| |
Toyota Industries Corp. |
|
16,100 |
|
974,428 |
| |
Toyota Motor Corp. |
|
18,600 |
|
1,193,036 |
| |
Total Japan common stocks |
|
|
|
16,878,190 |
| |
|
|
|
|
|
| |
Jersey: 0.76% |
|
|
|
|
| |
Aptiv plc |
|
3,988 |
|
338,860 |
| |
Glencore plc* |
|
137,235 |
|
681,209 |
| |
Shire plc |
|
28,396 |
|
1,422,473 |
| |
Total Jersey common stocks |
|
|
|
2,442,542 |
| |
|
|
|
|
|
| |
Netherlands: 1.58% |
|
|
|
|
| |
ABN AMRO Group NV CVA1,2 |
|
49,326 |
|
1,485,162 |
| |
ASR Nederland NV |
|
27,934 |
|
1,193,375 |
| |
Koninklijke Ahold Delhaize NV |
|
33,576 |
|
794,956 |
| |
Unilever NV CVA |
|
28,408 |
|
1,603,368 |
| |
Total Netherlands common stocks |
|
|
|
5,076,861 |
| |
|
|
|
|
|
| |
Norway: 0.87% |
|
|
|
|
| |
Statoil ASA |
|
41,190 |
|
970,268 |
| |
Telenor ASA |
|
50,452 |
|
1,139,205 |
| |
Yara International ASA |
|
16,041 |
|
677,550 |
| |
Total Norway common stocks |
|
|
|
2,787,023 |
| |
|
|
|
|
|
| |
Singapore: 0.15% |
|
|
|
|
| |
Broadcom Ltd. |
|
2,098 |
|
494,394 |
| |
|
|
|
|
|
| |
Spain: 0.29% |
|
|
|
|
| |
Banco Santander SA |
|
141,077 |
|
919,149 |
| |
|
|
|
|
|
| |
United Kingdom: 4.32% |
|
|
|
|
| |
Anglo American plc |
|
45,923 |
|
1,070,182 |
| |
Ashtead Group plc |
|
46,111 |
|
1,255,058 |
| |
Babcock International Group plc |
|
76,136 |
|
714,404 |
| |
Barclays plc |
|
239,633 |
|
694,263 |
| |
BP plc |
|
237,024 |
|
1,593,720 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
United Kingdom(Concluded) |
|
|
|
|
| |
British American Tobacco plc |
|
28,287 |
|
$ |
1,639,456 |
|
Centrica plc |
|
438,540 |
|
874,916 |
| |
GlaxoSmithKline plc |
|
43,474 |
|
850,257 |
| |
HSBC Holdings plc |
|
147,266 |
|
1,374,811 |
| |
LivaNova plc* |
|
7,500 |
|
663,750 |
| |
Sage Group plc (The) |
|
138,267 |
|
1,239,975 |
| |
Sensata Technologies Holding plc* |
|
7,814 |
|
405,000 |
| |
Spectris plc |
|
12,463 |
|
471,062 |
| |
Tesco plc |
|
362,083 |
|
1,045,977 |
| |
Total United Kingdom common stocks |
|
|
|
13,892,831 |
| |
|
|
|
|
|
| |
United States: 21.75% |
|
|
|
|
| |
Abbott Laboratories |
|
6,367 |
|
381,511 |
| |
Activision Blizzard, Inc. |
|
5,002 |
|
337,435 |
| |
Adobe Systems, Inc.* |
|
2,158 |
|
466,301 |
| |
AGCO Corp. |
|
11,965 |
|
775,930 |
| |
Alexion Pharmaceuticals, Inc.* |
|
4,975 |
|
554,514 |
| |
Alnylam Pharmaceuticals, Inc.* |
|
4,274 |
|
509,033 |
| |
Alphabet, Inc., Class A* |
|
1,309 |
|
1,357,616 |
| |
Amazon.com, Inc.* |
|
2,565 |
|
3,712,427 |
| |
American Express Co. |
|
14,307 |
|
1,334,557 |
| |
Anthem, Inc. |
|
1,324 |
|
290,883 |
| |
Apple, Inc. |
|
6,898 |
|
1,157,346 |
| |
Arista Networks, Inc.* |
|
1,642 |
|
419,203 |
| |
Ashland Global Holdings, Inc. |
|
8,458 |
|
590,284 |
| |
Autodesk, Inc.* |
|
5,291 |
|
664,444 |
| |
Bank of America Corp. |
|
13,158 |
|
394,608 |
| |
Bio-Rad Laboratories, Inc., Class A* |
|
2,361 |
|
590,439 |
| |
Booking Holdings, Inc.* |
|
298 |
|
619,956 |
| |
Cboe Global Markets, Inc. |
|
3,040 |
|
346,864 |
| |
Cirrus Logic, Inc.* |
|
9,900 |
|
402,237 |
| |
Clovis Oncology, Inc.* |
|
1,986 |
|
104,861 |
| |
Coherus Biosciences, Inc.* |
|
12,738 |
|
140,755 |
| |
Comerica, Inc. |
|
2,848 |
|
273,209 |
| |
Cooper Cos., Inc. (The) |
|
2,240 |
|
512,534 |
| |
Diamondback Energy, Inc.* |
|
1,317 |
|
166,627 |
| |
Dollar General Corp. |
|
6,381 |
|
596,943 |
| |
Eastman Chemical Co. |
|
8,342 |
|
880,748 |
| |
Electronic Arts, Inc.* |
|
4,033 |
|
488,961 |
| |
Estee Lauder Cos., Inc. (The), Class A |
|
3,038 |
|
454,849 |
| |
Expedia Group, Inc. |
|
4,093 |
|
451,908 |
| |
Facebook, Inc., Class A* |
|
12,534 |
|
2,002,808 |
| |
Gardner Denver Holdings, Inc.* |
|
35,500 |
|
1,089,140 |
| |
Halliburton Co. |
|
6,248 |
|
293,281 |
| |
Hess Corp. |
|
16,136 |
|
816,804 |
| |
Home Depot, Inc. (The) |
|
5,114 |
|
911,519 |
| |
Illinois Tool Works, Inc. |
|
3,786 |
|
593,115 |
| |
Ironwood Pharmaceuticals, Inc.* |
|
24,350 |
|
375,721 |
| |
Jabil, Inc. |
|
14,784 |
|
424,744 |
| |
Johnson & Johnson |
|
10,095 |
|
1,293,674 |
| |
JPMorgan Chase & Co. |
|
15,924 |
|
1,751,162 |
| |
KLA-Tencor Corp. |
|
3,835 |
|
418,053 |
| |
Laboratory Corp. of America Holdings* |
|
3,641 |
|
588,932 |
| |
Lam Research Corp. |
|
2,263 |
|
459,751 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
United States(Concluded) |
|
|
|
|
|
|
Lexicon Pharmaceuticals, Inc.* |
|
23,705 |
|
$ |
203,152 |
|
LKQ Corp.* |
|
18,313 |
|
694,978 |
| |
Marsh & McLennan Cos., Inc. |
|
18,925 |
|
1,563,016 |
| |
Mastercard, Inc., Class A |
|
3,400 |
|
595,544 |
| |
MetLife, Inc. |
|
22,454 |
|
1,030,414 |
| |
Microchip Technology, Inc. |
|
4,699 |
|
429,301 |
| |
Micron Technology, Inc.* |
|
17,029 |
|
887,892 |
| |
Microsoft Corp. |
|
21,053 |
|
1,921,507 |
| |
Mondelez International, Inc., Class A |
|
23,076 |
|
962,962 |
| |
Netflix, Inc.* |
|
2,148 |
|
634,412 |
| |
Newell Brands, Inc. |
|
31,427 |
|
800,760 |
| |
NIKE, Inc., Class B |
|
6,512 |
|
432,657 |
| |
Noble Energy, Inc. |
|
24,825 |
|
752,198 |
| |
NVIDIA Corp. |
|
2,406 |
|
557,206 |
| |
ON Semiconductor Corp.* |
|
16,639 |
|
406,990 |
| |
Parker-Hannifin Corp. |
|
2,890 |
|
494,277 |
| |
Parsley Energy, Inc., Class A* |
|
6,666 |
|
193,247 |
| |
PepsiCo, Inc. |
|
7,948 |
|
867,524 |
| |
Philip Morris International, Inc. |
|
16,528 |
|
1,642,883 |
| |
Qorvo, Inc.* |
|
5,926 |
|
417,487 |
| |
Rockwell Automation, Inc. |
|
3,291 |
|
573,292 |
| |
salesforce.com, Inc.* |
|
11,559 |
|
1,344,312 |
| |
ServiceNow, Inc.* |
|
3,923 |
|
649,060 |
| |
Sherwin-Williams Co. (The) |
|
1,209 |
|
474,073 |
| |
Simon Property Group, Inc., REIT |
|
7,578 |
|
1,169,664 |
| |
Skyworks Solutions, Inc. |
|
4,321 |
|
433,223 |
| |
Spirit AeroSystems Holdings, Inc., Class A |
|
9,649 |
|
807,621 |
| |
Spirit Airlines, Inc.* |
|
17,711 |
|
669,122 |
| |
Square, Inc., Class A* |
|
7,531 |
|
370,525 |
| |
Steel Dynamics, Inc. |
|
13,750 |
|
608,025 |
| |
Stericycle, Inc.* |
|
6,416 |
|
375,529 |
| |
Synchrony Financial |
|
44,466 |
|
1,490,945 |
| |
Take-Two Interactive Software, Inc.* |
|
4,068 |
|
397,769 |
| |
TJX Cos., Inc. (The) |
|
20,054 |
|
1,635,604 |
| |
T-Mobile US, Inc.* |
|
7,276 |
|
444,127 |
| |
Ultimate Software Group, Inc. (The)* |
|
1,811 |
|
441,341 |
| |
Union Pacific Corp. |
|
5,439 |
|
731,165 |
| |
United Technologies Corp. |
|
4,724 |
|
594,374 |
| |
UnitedHealth Group, Inc. |
|
5,169 |
|
1,106,166 |
| |
Universal Display Corp. |
|
5,055 |
|
510,555 |
| |
Verisk Analytics, Inc.* |
|
6,519 |
|
677,976 |
| |
Visa, Inc., Class A |
|
17,126 |
|
2,048,612 |
| |
Voya Financial, Inc. |
|
17,436 |
|
880,518 |
| |
Wabtec Corp. |
|
6,518 |
|
530,565 |
| |
Walgreens Boots Alliance, Inc. |
|
11,318 |
|
740,989 |
| |
Walt Disney Co. (The) |
|
4,527 |
|
454,692 |
| |
Wells Fargo & Co. |
|
25,875 |
|
1,356,109 |
| |
Western Digital Corp. |
|
9,440 |
|
871,029 |
| |
Worldpay, Inc.* |
|
9,211 |
|
742,687 |
| |
WPX Energy, Inc.* |
|
44,744 |
|
661,316 |
| |
Zimmer Biomet Holdings, Inc. |
|
5,407 |
|
589,579 |
| |
Total United States common stocks |
|
|
|
69,864,658 |
| |
Total common stocks |
|
|
|
142,098,280 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds: 12.01% |
|
|
|
|
| ||
Non-U.S. government obligations: 5.38% |
|
|
|
|
| ||
Australia: 0.26% |
|
|
|
|
| ||
Commonwealth of Australia, |
|
|
|
|
| ||
4.500%, due 04/15/202 |
|
AUD |
625,000 |
|
$ |
503,526 |
|
4.500%, due 04/21/332 |
|
122,000 |
|
113,034 |
| ||
5.500%, due 04/21/232 |
|
230,000 |
|
203,099 |
| ||
|
|
|
|
819,659 |
| ||
Austria: 0.07% |
|
|
|
|
| ||
Republic of Austria, |
|
|
|
|
| ||
1.200%, due 10/20/251,2 |
|
EUR |
47,000 |
|
61,352 |
| |
3.150%, due 06/20/441,2 |
|
86,000 |
|
149,744 |
| ||
|
|
|
|
211,096 |
| ||
Belgium: 0.09% |
|
|
|
|
| ||
Kingdom of Belgium, |
|
|
|
|
| ||
3.750%, due 06/22/452 |
|
161,000 |
|
299,378 |
| ||
|
|
|
|
|
| ||
Canada: 0.07% |
|
|
|
|
| ||
Government of Canada, |
|
|
|
|
| ||
2.250%, due 06/01/25 |
|
CAD |
206,000 |
|
161,877 |
| |
2.750%, due 12/01/64 |
|
82,000 |
|
73,864 |
| ||
|
|
|
|
235,741 |
| ||
Finland: 0.03% |
|
|
|
|
| ||
Republic of Finland, |
|
|
|
|
| ||
0.500%, due 04/15/261,2 |
|
EUR |
85,000 |
|
105,245 |
| |
|
|
|
|
|
| ||
France: 0.60% |
|
|
|
|
| ||
France Government Bond OAT, |
|
|
|
|
| ||
0.500%, due 05/25/262 |
|
862,000 |
|
1,065,238 |
| ||
2.500%, due 05/25/302 |
|
336,000 |
|
491,272 |
| ||
3.250%, due 05/25/452 |
|
216,000 |
|
371,168 |
| ||
|
|
|
|
1,927,678 |
| ||
Germany: 0.42% |
|
|
|
|
| ||
Bundesrepublik Deutschland, |
|
|
|
|
| ||
1.500%, due 05/15/232 |
|
900,000 |
|
1,199,217 |
| ||
Federal Republic of Germany, |
|
|
|
|
| ||
2.500%, due 08/15/462 |
|
100,000 |
|
164,475 |
| ||
|
|
|
|
1,363,692 |
| ||
Ireland: 0.02% |
|
|
|
|
| ||
Republic of Ireland, |
|
|
|
|
| ||
2.000%, due 02/18/452 |
|
48,000 |
|
63,567 |
| ||
|
|
|
|
|
| ||
Italy: 0.57% |
|
|
|
|
| ||
Italy Buoni Poliennali Del Tesoro, |
|
|
|
|
| ||
1.650%, due 03/01/321,2 |
|
60,000 |
|
69,529 |
| ||
2.550%, due 09/15/412,3 |
|
165,360 |
|
260,736 |
| ||
3.250%, due 09/01/461,2 |
|
215,000 |
|
290,336 |
| ||
4.000%, due 02/01/372 |
|
309,000 |
|
468,897 |
| ||
4.250%, due 02/01/192 |
|
560,000 |
|
715,687 |
| ||
4.750%, due 09/01/441,2 |
|
25,000 |
|
42,007 |
| ||
|
|
|
|
1,847,192 |
| ||
Japan: 1.08% |
|
|
|
|
| ||
Japan Government Five Year Bond, |
|
|
|
|
| ||
0.100%, due 12/20/19 |
|
JPY |
155,000,000 |
|
1,462,350 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| |||
Bonds(Concluded) |
|
|
|
|
| |||
Non-U.S. government obligations(Concluded) |
|
|
|
|
| |||
Japan(Concluded) |
|
|
|
|
| |||
Japan Government Thirty Year Bond, |
|
|
|
|
| |||
0.300%, due 06/20/46 |
|
JPY |
41,000,000 |
|
$ |
344,415 |
| |
Japan Government Twenty Year Bond, |
|
|
|
|
| |||
0.400%, due 03/20/36 |
|
176,350,000 |
|
1,647,519 |
| |||
|
|
|
|
3,454,284 |
| |||
Netherlands: 0.07% |
|
|
|
|
| |||
Kingdom of the Netherlands, |
|
|
|
|
| |||
2.750%, due 01/15/471,2 |
|
EUR |
139,000 |
|
237,909 |
| ||
|
|
|
|
|
| |||
New Zealand: 0.93% |
|
|
|
|
| |||
New Zealand Government Bond, |
|
|
|
|
| |||
2.000%, due 09/20/252,3 |
|
NZD |
3,955,465 |
|
2,974,490 |
| ||
|
|
|
|
|
| |||
Spain: 0.76% |
|
|
|
|
| |||
Kingdom of Spain, |
|
|
|
|
| |||
3.450%, due 07/30/661,2 |
|
EUR |
10,000 |
|
15,547 |
| ||
3.750%, due 10/31/18 |
|
920,000 |
|
1,159,398 |
| |||
4.200%, due 01/31/371,2 |
|
44,000 |
|
74,914 |
| |||
4.800%, due 01/31/241,2 |
|
640,000 |
|
988,036 |
| |||
5.150%, due 10/31/441,2 |
|
110,000 |
|
219,177 |
| |||
|
|
|
|
2,457,072 |
| |||
United Kingdom: 0.41% |
|
|
|
|
| |||
U.K. Treasury Bonds, |
|
|
|
|
| |||
0.500%, due 07/22/222 |
|
GBP |
780,000 |
|
1,071,648 |
| ||
3.500%, due 01/22/452 |
|
120,000 |
|
231,902 |
| |||
|
|
|
|
1,303,550 |
| |||
Total non-U.S. government obligations |
|
|
|
17,300,553 |
| |||
|
|
|
|
|
| |||
U.S. treasury obligations: 6.63% |
|
|
|
|
| |||
U.S. Treasury Bonds, |
|
|
|
|
| |||
2.250%, due 08/15/46 |
|
$ |
230,000 |
|
197,666 |
| ||
2.500%, due 02/15/46 |
|
590,000 |
|
535,787 |
| |||
2.750%, due 11/15/42 |
|
543,000 |
|
523,057 |
| |||
2.750%, due 08/15/47 |
|
430,000 |
|
410,066 |
| |||
2.875%, due 05/15/43 |
|
1,045,000 |
|
1,027,959 |
| |||
2.875%, due 08/15/45 |
|
50,000 |
|
48,997 |
| |||
3.000%, due 11/15/45 |
|
125,000 |
|
125,437 |
| |||
U.S. Treasury Notes, |
|
|
|
|
| |||
1.000%, due 03/15/19 |
|
4,100,000 |
|
4,056,438 |
| |||
1.250%, due 03/31/21 |
|
637,000 |
|
615,787 |
| |||
1.375%, due 09/30/23 |
|
400,000 |
|
374,665 |
| |||
1.500%, due 08/15/20 |
|
3,000,000 |
|
2,942,025 |
| |||
1.500%, due 02/28/23 |
|
444,000 |
|
422,081 |
| |||
1.625%, due 12/31/19 |
|
770,000 |
|
761,514 |
| |||
1.750%, due 05/15/23 |
|
680,000 |
|
652,708 |
| |||
1.875%, due 07/31/22 |
|
2,300,000 |
|
2,237,649 |
| |||
1.875%, due 10/31/22 |
|
3,490,000 |
|
3,389,420 |
| |||
2.000%, due 11/30/22 |
|
1,575,000 |
|
1,536,849 |
| |||
2.500%, due 05/15/24 |
|
1,440,000 |
|
1,427,255 |
| |||
Total U.S. treasury obligations |
|
|
|
21,285,360 |
| |||
Total bonds |
|
|
|
38,585,913 |
| |||
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Exchange traded funds: 9.36% |
|
|
|
|
| |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
127,600 |
|
$ |
14,978,964 |
|
iShares JPMorgan USD Emerging Markets Bond ETF |
|
133,700 |
|
15,084,034 |
| |
Total exchange traded funds |
|
|
|
30,062,998 |
| |
Investment companies: 7.33% |
|
|
|
|
| |
UBS-HALO Emerging Markets Equity Relationship Fund*,4 |
|
427,264 |
|
23,557,037 |
| |
Short-term investments: 22.60% |
|
|
|
|
| |
Investment companies: 13.00% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
41,759,258 |
|
41,759,258 |
| |
|
|
Face |
|
|
| ||
U.S. treasury obligations: 9.60% |
|
|
|
|
| ||
U.S. Treasury Bills |
|
|
|
|
| ||
1.156%, due 04/26/185 |
|
$ |
16,000,000 |
|
15,982,843 |
| |
1.851%, due 09/06/185 |
|
15,000,000 |
|
14,878,802 |
| ||
Total U.S. treasury obligations |
|
|
|
30,861,645 |
| ||
Total short-term investments |
|
|
|
|
| ||
(cost $72,625,549) |
|
|
|
72,620,903 |
| ||
Total investments: 95.53% |
|
|
|
|
| ||
(cost $282,286,707) |
|
|
|
306,925,131 |
| ||
Cash and other assets, less liabilities: 4.47% |
|
|
|
14,351,455 |
| ||
Net assets: 100.00% |
|
|
|
$ |
321,276,586 |
| |
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
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 |
|
CLP |
4,154,100,000 |
|
USD |
6,872,756 |
|
04/20/18 |
|
$ |
(6,658 |
) |
BB |
|
RUB |
129,375,388 |
|
USD |
2,262,381 |
|
04/20/18 |
|
8,349 |
| |
CITI |
|
NZD |
14,630,000 |
|
USD |
10,548,586 |
|
04/20/18 |
|
(24,247 |
) | |
GSI |
|
CAD |
20,005,000 |
|
USD |
15,315,343 |
|
04/20/18 |
|
(217,421 |
) | |
GSI |
|
CHF |
5,830,000 |
|
USD |
6,136,568 |
|
04/20/18 |
|
29,842 |
| |
GSI |
|
INR |
118,500,000 |
|
USD |
1,819,354 |
|
04/20/18 |
|
6,374 |
| |
GSI |
|
USD |
9,827,255 |
|
COP |
28,141,326,837 |
|
04/20/18 |
|
242,190 |
| |
GSI |
|
USD |
6,818,214 |
|
SEK |
55,680,000 |
|
04/20/18 |
|
(141,702 |
) | |
JPMCB |
|
GBP |
820,000 |
|
USD |
1,154,080 |
|
04/20/18 |
|
2,796 |
| |
JPMCB |
|
USD |
705,289 |
|
DKK |
4,260,000 |
|
04/20/18 |
|
(1,302 |
) | |
JPMCB |
|
USD |
1,513,743 |
|
HKD |
11,860,000 |
|
04/20/18 |
|
(1,616 |
) | |
JPMCB |
|
USD |
604,565 |
|
ILS |
2,100,000 |
|
04/20/18 |
|
(5,242 |
) | |
JPMCB |
|
USD |
4,339,112 |
|
JPY |
459,200,000 |
|
04/20/18 |
|
(18,908 |
) | |
JPMCB |
|
USD |
13,415,878 |
|
MXN |
252,530,000 |
|
04/20/18 |
|
438,674 |
| |
JPMCB |
|
USD |
4,340,432 |
|
NOK |
33,450,000 |
|
04/20/18 |
|
(70,986 |
) | |
JPMCB |
|
USD |
1,754,980 |
|
SGD |
2,310,000 |
|
04/20/18 |
|
7,519 |
| |
MSC |
|
CNY |
11,420,000 |
|
USD |
1,804,678 |
|
04/20/18 |
|
(9,310 |
) | |
MSC |
|
EUR |
8,810,000 |
|
USD |
10,870,165 |
|
04/20/18 |
|
16,864 |
| |
MSC |
|
GBP |
4,745,000 |
|
USD |
6,667,942 |
|
04/20/18 |
|
5,938 |
| |
Net unrealized appreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
$ |
261,154 |
|
Futures contracts
|
|
Expiration |
|
Current |
|
Value |
|
Unrealized |
| |||
U.S. Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 10 Year Note, 95 contracts (USD) |
|
June 2018 |
|
$ |
11,439,003 |
|
$ |
11,508,359 |
|
$ |
69,356 |
|
U.S. Treasury Ultra Bond, 77 contracts (USD) |
|
June 2018 |
|
12,000,586 |
|
12,356,095 |
|
355,509 |
| |||
U.S. Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 2 Year Note, 219 contracts (USD) |
|
June 2018 |
|
(46,564,511 |
) |
(46,561,453 |
) |
3,058 |
| |||
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
EURO STOXX 50 Index, 91 contracts (EUR) |
|
June 2018 |
|
3,749,779 |
|
3,673,767 |
|
(76,012 |
) | |||
HSCEI, 106 contracts (HKD) |
|
April 2018 |
|
8,147,919 |
|
8,134,885 |
|
(13,034 |
) | |||
MSCI Emerging Markets E-Mini Index, 140 contracts (USD) |
|
June 2018 |
|
8,557,220 |
|
8,314,600 |
|
(242,620 |
) | |||
Russell 1000 E-Mini Index, 494 contracts (USD) |
|
June 2018 |
|
30,035,151 |
|
29,136,121 |
|
(899,030 |
) | |||
TOPIX Index, 53 contracts (JPY) |
|
June 2018 |
|
8,398,360 |
|
8,549,833 |
|
151,473 |
| |||
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
OMXS30 Index, 526 contracts (SEK) |
|
April 2018 |
|
(9,789,480 |
) |
(9,600,518 |
) |
188,962 |
| |||
S&P 500 E-Mini Index, 115 contracts (USD) |
|
June 2018 |
|
(15,779,466 |
) |
(15,197,250 |
) |
582,216 |
| |||
S&P/TSX 60 Index, 24 contracts (CAD) |
|
June 2018 |
|
(3,408,414 |
) |
(3,375,480 |
) |
32,934 |
| |||
SGX FTSE China A50 Index, 687 contracts (USD) |
|
April 2018 |
|
(8,869,552 |
) |
(8,778,142 |
) |
91,410 |
| |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australia 10 Year Bond, 84 contracts (AUD) |
|
June 2018 |
|
8,235,697 |
|
8,362,389 |
|
126,692 |
| |||
Canada 10 Year Bond, 323 contracts (CAD) |
|
June 2018 |
|
32,759,088 |
|
33,411,891 |
|
652,803 |
| |||
Long Gilt, 46 contracts (GBP) |
|
June 2018 |
|
7,784,500 |
|
7,926,557 |
|
142,057 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 101 contracts (EUR) |
|
June 2018 |
|
(19,533,994 |
) |
(19,813,235 |
) |
(279,241 |
) | |||
Japan 10 Year Bond Mini, 21 contracts (JPY) |
|
June 2018 |
|
(2,974,361 |
) |
(2,975,979 |
) |
(1,618 |
) | |||
Net unrealized appreciation on futures contracts |
|
|
|
|
|
|
|
$ |
884,915 |
| ||
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
Centrally cleared credit default swap agreements on credit indices-sell protection6
Referenced |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value |
|
Unrealized |
|
Credit |
| ||||
CDX.NA.IG. Series 30 Index |
|
USD |
13,000,000 |
|
06/20/23 |
|
Quarterly |
|
1.000 |
% |
$ |
(239,389 |
) |
$ |
219,185 |
|
$ |
(20,204 |
) |
0.655 |
% |
CDX.EM. Series 29 Index |
|
USD |
18,000,000 |
|
06/20/23 |
|
Quarterly |
|
1.000 |
|
336,634 |
|
(308,447 |
) |
28,187 |
|
1.370 |
| |||
iTraxx Europe Series 29 Index |
|
EUR |
19,000,000 |
|
06/20/23 |
|
Quarterly |
|
1.000 |
|
(503,813 |
) |
491,306 |
|
(12,507 |
) |
0.598 |
| |||
|
|
|
|
|
|
|
|
|
|
$ |
(406,568 |
) |
$ |
402,044 |
|
$ |
(4,524 |
) |
|
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2018 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 measured |
|
Unadjusted |
|
Other significant |
|
Unobservable |
|
Total |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Common stocks |
|
$ |
|
|
$ |
142,098,280 |
|
$ |
|
|
$ |
|
|
$ |
142,098,280 |
|
Non-U.S. government obligations |
|
|
|
|
|
17,300,553 |
|
|
|
17,300,553 |
| |||||
U.S. treasury obligations |
|
|
|
|
|
21,285,360 |
|
|
|
21,285,360 |
| |||||
Exchange traded funds |
|
|
|
30,062,998 |
|
|
|
|
|
30,062,998 |
| |||||
Investment companies |
|
23,557,037 |
|
|
|
|
|
|
|
23,557,037 |
| |||||
Short-term investments |
|
|
|
41,759,258 |
|
30,861,645 |
|
|
|
72,620,903 |
| |||||
Forward foreign currency contracts |
|
|
|
|
|
758,546 |
|
|
|
758,546 |
| |||||
Futures contracts |
|
|
|
2,396,470 |
|
|
|
|
|
2,396,470 |
| |||||
Swap agreements, at value |
|
|
|
|
|
710,491 |
|
|
|
710,491 |
| |||||
Total |
|
$ |
23,557,037 |
|
$ |
216,317,006 |
|
$ |
70,916,595 |
|
$ |
|
|
$ |
310,790,638 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
|
|
$ |
(497,392 |
) |
$ |
|
|
$ |
(497,392 |
) |
Futures contracts |
|
|
|
(1,511,555 |
) |
|
|
|
|
(1,511,555 |
) | |||||
Swap agreements, at value |
|
|
|
|
|
(308,447 |
) |
|
|
(308,447 |
) | |||||
Total |
|
$ |
|
|
$ |
(1,511,555 |
) |
$ |
(805,839 |
) |
$ |
|
|
$ |
(2,317,394 |
) |
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
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 Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.
4 The table below details the Funds investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.
Security description |
|
Value |
|
Purchases |
|
Sales |
|
Net |
|
Change in |
|
Value |
|
Net income |
|
Shares |
| |||||||
UBS Global Corporate Bond Relationship Fund |
|
$ |
51,581,219 |
|
$ |
|
|
$ |
52,322,531 |
|
$ |
3,816,560 |
|
$ |
(3,075,248 |
) |
$ |
|
|
$ |
|
|
|
|
UBS-HALO Emerging Markets Equity Relationship Fund |
|
24,479,787 |
|
|
|
6,500,000 |
|
2,332,843 |
|
3,244,407 |
|
23,557,037 |
|
|
|
427,264 |
| |||||||
|
|
$ |
76,061,006 |
|
$ |
|
|
$ |
58,822,531 |
|
$ |
6,149,403 |
|
$ |
169,159 |
|
$ |
23,557,037 |
|
$ |
|
|
|
|
5 Rate shown is the discount rate at the date of purchase unless otherwise noted.
UBS Global Allocation Fund
Portfolio of investments March 31, 2018 (unaudited)
6 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the 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.
7 Payments made or received are based on the notional amount.
8 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 diversificationMarch 31, 2018 (unaudited)1
Common stocks |
|
Percentage of |
|
Airlines |
|
1.84 |
% |
Auto components |
|
2.22 |
|
Automobiles |
|
1.01 |
|
Banks |
|
12.11 |
|
Biotechnology |
|
2.04 |
|
Building products |
|
1.22 |
|
Chemicals |
|
8.15 |
|
Commercial services & supplies |
|
1.79 |
|
Diversified telecommunication services |
|
2.02 |
|
Electrical equipment |
|
1.45 |
|
Electronic equipment, instruments & components |
|
1.00 |
|
Energy equipment & services |
|
1.29 |
|
Equity real estate investment trusts (REITs) |
|
2.03 |
|
Food & staples retailing |
|
0.78 |
|
Food products |
|
1.07 |
|
Health care equipment & supplies |
|
2.11 |
|
Household products |
|
0.91 |
|
Insurance |
|
8.33 |
|
IT services |
|
1.25 |
|
Machinery |
|
10.45 |
|
Marine |
|
1.49 |
|
Oil, gas & consumable fuels |
|
5.28 |
|
Personal products |
|
3.76 |
|
Pharmaceuticals |
|
5.64 |
|
Real estate management & development |
|
1.24 |
|
Semiconductors & semiconductor equipment |
|
4.40 |
|
Software |
|
5.33 |
|
Trading companies & distributors |
|
2.25 |
|
Water utilities |
|
1.02 |
|
Wireless telecommunication services |
|
1.59 |
|
Total common stocks |
|
95.07 |
% |
Short-term investments |
|
3.96 |
|
Total investments |
|
99.03 |
% |
Cash and other assets, less liabilities |
|
0.97 |
|
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 95.07% |
|
|
|
|
| |
Australia: 5.90% |
|
|
|
|
| |
Brambles Ltd. |
|
112,704 |
|
$ |
863,892 |
|
Mirvac Group, REIT |
|
592,758 |
|
978,826 |
| |
Santos Ltd.* |
|
258,518 |
|
1,006,672 |
| |
Total Australia common stocks |
|
|
|
2,849,390 |
| |
|
|
|
|
|
| |
Brazil: 1.02% |
|
|
|
|
| |
Cia de Saneamento Basico do Estado de Sao Paulo* |
|
46,400 |
|
491,905 |
| |
|
|
|
|
|
| |
Canada: 0.97% |
|
|
|
|
| |
Magna International, Inc. |
|
8,305 |
|
467,803 |
| |
|
|
|
|
|
| |
Cayman Islands: 1.59% |
|
|
|
|
| |
Sino Biopharmaceutical Ltd. |
|
392,000 |
|
769,200 |
| |
|
|
|
|
|
| |
China: 1.78% |
|
|
|
|
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
84,500 |
|
859,196 |
| |
|
|
|
|
|
| |
Curacao: 1.29% |
|
|
|
|
| |
Schlumberger Ltd. |
|
9,616 |
|
622,924 |
| |
|
|
|
|
|
| |
Denmark: 2.99% |
|
|
|
|
| |
AP Moller - Maersk A/S, Class B* |
|
466 |
|
718,698 |
| |
Novo Nordisk A/S, Class B |
|
14,795 |
|
726,490 |
| |
Total Denmark common stocks |
|
|
|
1,445,188 |
| |
|
|
|
|
|
| |
France: 4.04% |
|
|
|
|
| |
Sanofi |
|
8,046 |
|
646,780 |
| |
Schneider Electric SE |
|
7,946 |
|
697,503 |
| |
Valeo SA |
|
9,151 |
|
603,978 |
| |
Total France common stocks |
|
|
|
1,948,261 |
| |
|
|
|
|
|
| |
Germany: 10.54% |
|
|
|
|
| |
Bayerische Motoren Werke AG |
|
4,480 |
|
485,920 |
| |
Carl Zeiss Meditec AG |
|
15,976 |
|
1,019,250 |
| |
Deutsche Telekom AG (Registered) |
|
25,803 |
|
420,678 |
| |
Infineon Technologies AG |
|
29,093 |
|
778,237 |
| |
Jungheinrich AG (Preference) |
|
16,387 |
|
725,075 |
| |
KION Group AG |
|
4,030 |
|
375,573 |
| |
LANXESS AG |
|
6,000 |
|
459,204 |
| |
SAP SE |
|
7,875 |
|
823,342 |
| |
Total Germany common stocks |
|
|
|
5,087,279 |
| |
|
|
|
|
|
| |
Hong Kong: 1.24% |
|
|
|
|
| |
Sun Hung Kai Properties Ltd. |
|
38,000 |
|
600,396 |
| |
|
|
|
|
|
| |
India: 2.30% |
|
|
|
|
| |
Axis Bank Ltd. GDR1 |
|
12,823 |
|
509,073 |
| |
ICICI Bank Ltd. ADR |
|
67,990 |
|
601,712 |
| |
Total India common stocks |
|
|
|
1,110,785 |
| |
|
|
|
|
|
| |
Indonesia: 2.48% |
|
|
|
|
| |
Bank Central Asia Tbk. PT |
|
708,300 |
|
1,198,721 |
| |
|
|
|
|
|
| |
Italy: 1.74% |
|
|
|
|
| |
Mediobanca Banca di Credito Finanziario SpA |
|
71,397 |
|
838,796 |
| |
|
|
|
|
|
| |
Japan: 18.44% |
|
|
|
|
| |
Hino Motors Ltd. |
|
37,500 |
|
482,473 |
| |
Kao Corp. |
|
10,200 |
|
765,060 |
| |
KDDI Corp. |
|
30,100 |
|
768,447 |
| |
Kubota Corp. |
|
44,300 |
|
775,214 |
| |
Makita Corp. |
|
10,800 |
|
527,795 |
| |
Nabtesco Corp. |
|
12,300 |
|
474,522 |
| |
Nintendo Co. Ltd. |
|
2,300 |
|
1,012,903 |
| |
Otsuka Corp. |
|
12,000 |
|
604,483 |
| |
Shin-Etsu Chemical Co. Ltd. |
|
6,600 |
|
682,609 |
| |
Sumitomo Mitsui Financial Group, Inc. |
|
25,000 |
|
1,047,413 |
| |
Takeda Pharmaceutical Co. Ltd. |
|
11,900 |
|
579,650 |
| |
THK Co. Ltd. |
|
17,900 |
|
740,191 |
| |
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
Japan(Concluded) |
|
|
|
|
| |
Unicharm Corp. |
|
15,400 |
|
$ |
438,387 |
|
Total Japan common stocks |
|
|
|
8,899,147 |
| |
|
|
|
|
|
| |
Jersey: 2.04% |
|
|
|
|
| |
Shire plc |
|
19,632 |
|
983,448 |
| |
|
|
|
|
|
| |
Netherlands: 9.07% |
|
|
|
|
| |
ASML Holding NV |
|
4,544 |
|
895,425 |
| |
Koninklijke Ahold Delhaize NV |
|
15,975 |
|
378,229 |
| |
Koninklijke DSM NV |
|
11,175 |
|
1,108,823 |
| |
LyondellBasell Industries NV, Class A |
|
8,942 |
|
944,991 |
| |
Unilever NV CVA |
|
18,599 |
|
1,049,741 |
| |
Total Netherlands common stocks |
|
|
|
4,377,209 |
| |
|
|
|
|
|
| |
Norway: 3.31% |
|
|
|
|
| |
Statoil ASA |
|
44,355 |
|
1,044,822 |
| |
Telenor ASA |
|
24,468 |
|
552,487 |
| |
Total Norway common stocks |
|
|
|
1,597,309 |
| |
|
|
|
|
|
| |
South Korea: 0.94% |
|
|
|
|
| |
SK Hynix, Inc. |
|
5,922 |
|
451,692 |
| |
|
|
|
|
|
| |
Spain: 1.61% |
|
|
|
|
| |
Banco Bilbao Vizcaya Argentaria SA |
|
98,217 |
|
776,952 |
| |
|
|
|
|
|
| |
Sweden: 3.03% |
|
|
|
|
| |
Assa Abloy AB, Class B |
|
27,352 |
|
590,785 |
| |
Nordea Bank AB |
|
81,558 |
|
870,298 |
| |
Total Sweden common stocks |
|
|
|
1,461,083 |
| |
|
|
|
|
|
| |
Switzerland: 2.68% |
|
|
|
|
| |
Zurich Insurance Group AG* |
|
3,946 |
|
1,293,595 |
| |
|
|
|
|
|
| |
Taiwan: 1.07% |
|
|
|
|
| |
Uni-President Enterprises Corp. |
|
219,000 |
|
514,508 |
| |
|
|
|
|
|
| |
United Kingdom: 15.00% |
|
|
|
|
| |
Aon plc |
|
4,900 |
|
687,617 |
| |
Ashtead Group plc |
|
39,816 |
|
1,083,720 |
| |
Croda International plc |
|
11,515 |
|
737,985 |
| |
easyJet plc |
|
39,499 |
|
889,167 |
| |
Prudential plc |
|
47,306 |
|
1,180,396 |
| |
Sage Group plc (The) |
|
82,156 |
|
736,773 |
| |
Spectris plc |
|
12,800 |
|
483,799 |
| |
Tullow Oil plc* |
|
180,834 |
|
497,272 |
| |
Weir Group plc (The) |
|
33,645 |
|
941,483 |
| |
Total United Kingdom common stocks |
|
|
|
7,238,212 |
| |
Total common stocks |
|
|
|
45,882,999 |
| |
|
|
|
|
|
| |
Short-term investments: 3.96% |
|
|
|
|
| |
Investment companies: 3.96% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
1,910,942 |
|
1,910,942 |
| |
Total investments: 99.03% |
|
|
|
47,793,941 |
| |
Cash and other assets, less liabilities: 0.97% |
|
|
|
467,738 |
| |
Net assets: 100.00% |
|
|
|
$ |
48,261,679 |
|
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2018 (unaudited)
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 March 31, 2018 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 |
|
$ |
45,882,999 |
|
$ |
|
|
$ |
|
|
$ |
45,882,999 |
|
Short-term investments |
|
1,910,942 |
|
|
|
|
|
1,910,942 |
| ||||
Total |
|
$ |
47,793,941 |
|
$ |
|
|
$ |
|
|
$ |
47,793,941 |
|
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
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.
UBS U.S. Small Cap Growth Fund
Industry diversificationMarch 31, 2018 (unaudited)1,2
Common stocks |
|
|
|
Percentage of |
|
Airlines |
|
|
|
0.84 |
% |
Auto components |
|
|
|
0.99 |
|
Banks |
|
|
|
6.31 |
|
Biotechnology |
|
|
|
10.05 |
|
Building products |
|
|
|
0.99 |
|
Chemicals |
|
|
|
1.42 |
|
Construction & engineering |
|
|
|
1.45 |
|
Construction materials |
|
|
|
1.54 |
|
Diversified consumer services |
|
|
|
3.13 |
|
Electrical equipment |
|
|
|
2.14 |
|
Electronic equipment, instruments & components |
|
|
|
3.33 |
|
Energy equipment & services |
|
|
|
0.37 |
|
Equity real estate investment trusts (REITs) |
|
|
|
0.70 |
|
Food products |
|
|
|
1.78 |
|
Health care equipment & supplies |
|
|
|
4.02 |
|
Health care technology |
|
|
|
4.53 |
|
Hotels, restaurants & leisure |
|
|
|
2.14 |
|
Household durables |
|
|
|
1.19 |
|
Internet software & services |
|
|
|
8.82 |
|
Life sciences tools & services |
|
|
|
0.53 |
|
Machinery |
|
|
|
4.19 |
|
Multiline retail |
|
|
|
1.25 |
|
Oil, gas & consumable fuels |
|
|
|
1.14 |
|
Paper & forest products |
|
|
|
1.51 |
|
Pharmaceuticals |
|
|
|
4.09 |
|
Professional services |
|
|
|
1.54 |
|
Road & rail |
|
|
|
2.40 |
|
Semiconductors & semiconductor equipment |
|
|
|
4.59 |
|
Software |
|
|
|
11.94 |
|
Specialty retail |
|
|
|
2.58 |
|
Technology hardware, storage & peripherals |
|
|
|
0.96 |
|
Textiles, apparel & luxury goods |
|
|
|
1.18 |
|
Thrifts & mortgage finance |
|
|
|
1.16 |
|
Trading companies & distributors |
|
|
|
0.88 |
|
Total common stocks |
|
|
|
95.68 |
% |
Exchange traded funds |
|
|
|
1.49 |
|
Short-term investments |
|
|
|
3.09 |
|
Total investments |
|
|
|
100.26 |
% |
Liabilities, in excess of cash and other assets |
|
|
|
(0.26 |
) |
Net assets |
|
|
|
100.00 |
% |
1 Figures represent the breakdown of direct investments of UBS U.S. Small Cap Growth Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 95.68% |
|
|
|
|
| |
Airlines: 0.84% |
|
|
|
|
| |
Spirit Airlines, Inc.* |
|
24,132 |
|
$ |
911,707 |
|
|
|
|
|
|
| |
Auto components: 0.99% |
|
|
|
|
| |
Visteon Corp.* |
|
9,738 |
|
1,073,517 |
| |
|
|
|
|
|
| |
Banks: 6.31% |
|
|
|
|
| |
BankUnited, Inc. |
|
27,882 |
|
1,114,722 |
| |
Columbia Banking System, Inc. |
|
30,194 |
|
1,266,638 |
| |
FB Financial Corp.* |
|
9,874 |
|
400,786 |
| |
National Bank Holdings Corp., Class A |
|
38,743 |
|
1,288,205 |
| |
South State Corp. |
|
14,294 |
|
1,219,278 |
| |
Webster Financial Corp. |
|
27,458 |
|
1,521,173 |
| |
|
|
|
|
6,810,802 |
| |
Biotechnology: 10.05% |
|
|
|
|
| |
Adamas Pharmaceuticals, Inc.* |
|
20,974 |
|
501,279 |
| |
AnaptysBio, Inc.* |
|
7,278 |
|
757,494 |
| |
Arcus Biosciences, Inc.* |
|
4,500 |
|
69,480 |
| |
ARMO BioSciences, Inc.* |
|
14,100 |
|
527,481 |
| |
Array BioPharma, Inc.* |
|
52,792 |
|
861,565 |
| |
Avexis, Inc.* |
|
6,402 |
|
791,159 |
| |
Bluebird Bio, Inc.* |
|
2,918 |
|
498,248 |
| |
Blueprint Medicines Corp.* |
|
9,064 |
|
831,169 |
| |
Clovis Oncology, Inc.* |
|
7,937 |
|
419,074 |
| |
Editas Medicine, Inc.* |
|
16,929 |
|
561,196 |
| |
Exact Sciences Corp.* |
|
30,112 |
|
1,214,417 |
| |
Five Prime Therapeutics, Inc.* |
|
11,105 |
|
190,784 |
| |
Ligand Pharmaceuticals, Inc.* |
|
10,086 |
|
1,665,804 |
| |
Loxo Oncology, Inc.* |
|
7,299 |
|
842,086 |
| |
NuCana plc ADR* |
|
30,500 |
|
577,060 |
| |
Voyager Therapeutics, Inc.* |
|
28,891 |
|
542,862 |
| |
|
|
|
|
10,851,158 |
| |
Building products: 0.99% |
|
|
|
|
| |
JELD-WEN Holding, Inc.* |
|
34,932 |
|
1,069,618 |
| |
|
|
|
|
|
| |
Chemicals: 1.42% |
|
|
|
|
| |
Ferro Corp.* |
|
32,536 |
|
755,486 |
| |
Ingevity Corp.* |
|
10,625 |
|
782,956 |
| |
|
|
|
|
1,538,442 |
| |
Construction & engineering: 1.45% |
|
|
|
|
| |
EMCOR Group, Inc. |
|
20,149 |
|
1,570,212 |
| |
|
|
|
|
|
| |
Construction materials: 1.54% |
|
|
|
|
| |
Summit Materials, Inc., Class A* |
|
54,899 |
|
1,662,342 |
| |
|
|
|
|
|
| |
Diversified consumer services: 3.13% |
|
|
|
|
| |
Chegg, Inc.* |
|
85,668 |
|
1,769,901 |
| |
Grand Canyon Education, Inc.* |
|
15,338 |
|
1,609,263 |
| |
|
|
|
|
3,379,164 |
| |
Electrical equipment: 2.14% |
|
|
|
|
| |
Generac Holdings, Inc.* |
|
27,364 |
|
1,256,281 |
| |
Regal Beloit Corp. |
|
14,345 |
|
1,052,206 |
| |
|
|
|
|
2,308,487 |
| |
Electronic equipment, instruments & components: 3.33% |
|
|
|
|
| |
Orbotech Ltd.* |
|
27,000 |
|
1,678,860 |
| |
Universal Display Corp. |
|
18,951 |
|
1,914,051 |
| |
|
|
|
|
3,592,911 |
| |
Energy equipment & services: 0.37% |
|
|
|
|
| |
Patterson-UTI Energy, Inc. |
|
22,901 |
|
400,996 |
| |
|
|
|
|
|
| |
Equity real estate investment trusts (REITs): 0.70% |
|
|
|
|
| |
Education Realty Trust, Inc. |
|
23,200 |
|
759,800 |
| |
|
|
|
|
|
| |
Food products: 1.78% |
|
|
|
|
| |
B&G Foods, Inc. |
|
33,218 |
|
787,267 |
| |
Blue Buffalo Pet Products, Inc.* |
|
28,572 |
|
1,137,451 |
| |
|
|
|
|
1,924,718
|
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Continued) |
|
|
|
|
| |
Health care equipment & supplies: 4.02% |
|
|
|
|
| |
ABIOMED, Inc.* |
|
7,676 |
|
$ |
2,233,639 |
|
Insulet Corp.* |
|
7,181 |
|
622,449 |
| |
Novocure Ltd.* |
|
29,816 |
|
649,989 |
| |
Wright Medical Group NV* |
|
41,950 |
|
832,288 |
| |
|
|
|
|
4,338,365 |
| |
Health care technology: 4.53% |
|
|
|
|
| |
Evolent Health, Inc., Class A* |
|
78,243 |
|
1,114,963 |
| |
Tabula Rasa HealthCare, Inc.* |
|
35,033 |
|
1,359,280 |
| |
Teladoc, Inc.* |
|
36,971 |
|
1,489,931 |
| |
Vocera Communications, Inc.* |
|
39,790 |
|
931,882 |
| |
|
|
|
|
4,896,056 |
| |
Hotels, restaurants & leisure: 2.14% |
|
|
|
|
| |
Dave & Busters Entertainment, Inc.* |
|
13,639 |
|
569,292 |
| |
Del Taco Restaurants, Inc.* |
|
68,545 |
|
710,126 |
| |
Shake Shack, Inc., Class A* |
|
24,818 |
|
1,033,173 |
| |
|
|
|
|
2,312,591 |
| |
Household durables: 1.19% |
|
|
|
|
| |
Century Communities, Inc.* |
|
42,822 |
|
1,282,519 |
| |
|
|
|
|
|
| |
Internet software & services: 8.82% |
|
|
|
|
| |
Alteryx, Inc., Class A* |
|
48,459 |
|
1,654,390 |
| |
LogMeIn, Inc. |
|
11,328 |
|
1,308,951 |
| |
Mimecast Ltd.* |
|
41,800 |
|
1,480,974 |
| |
MuleSoft, Inc., Class A* |
|
59,858 |
|
2,632,555 |
| |
Wix.com Ltd.* |
|
30,782 |
|
2,448,708 |
| |
|
|
|
|
9,525,578 |
| |
Life sciences tools & services: 0.53% |
|
|
|
|
| |
Charles River Laboratories International, Inc.* |
|
5,337 |
|
569,671 |
| |
|
|
|
|
|
| |
Machinery: 4.19% |
|
|
|
|
| |
Kadant, Inc. |
|
14,530 |
|
1,373,085 |
| |
Kennametal, Inc. |
|
30,045 |
|
1,206,607 |
| |
REV Group, Inc. |
|
45,298 |
|
940,386 |
| |
Woodward, Inc. |
|
14,092 |
|
1,009,833 |
| |
|
|
|
|
4,529,911 |
| |
Multiline retail: 1.25% |
|
|
|
|
| |
Ollies Bargain Outlet Holdings, Inc.* |
|
22,293 |
|
1,344,268 |
| |
|
|
|
|
|
| |
Oil, gas & consumable fuels: 1.14% |
|
|
|
|
| |
Callon Petroleum Co.* |
|
49,462 |
|
654,877 |
| |
Matador Resources Co.* |
|
19,168 |
|
573,315 |
| |
|
|
|
|
1,228,192 |
| |
Paper & forest products: 1.51% |
|
|
|
|
| |
Boise Cascade Co. |
|
42,309 |
|
1,633,127 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 4.09% |
|
|
|
|
| |
Aerie Pharmaceuticals, Inc.* |
|
9,480 |
|
514,290 |
| |
Amphastar Pharmaceuticals, Inc.* |
|
35,270 |
|
661,313 |
| |
Cymabay Therapeutics, Inc.* |
|
63,264 |
|
821,799 |
| |
Nektar Therapeutics* |
|
11,723 |
|
1,245,686 |
| |
Reata Pharmaceuticals, Inc., Class A* |
|
19,181 |
|
393,402 |
| |
Supernus Pharmaceuticals, Inc.* |
|
16,968 |
|
777,135 |
| |
|
|
|
|
4,413,625 |
| |
Professional services: 1.54% |
|
|
|
|
| |
On Assignment, Inc.* |
|
10,291 |
|
842,627 |
| |
WageWorks, Inc.* |
|
18,029 |
|
814,911 |
| |
|
|
|
|
1,657,538 |
| |
Road & rail: 2.40% |
|
|
|
|
| |
Saia, Inc.* |
|
16,895 |
|
1,269,659 |
| |
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks(Concluded) |
|
|
|
|
| |
Road & rail(Concluded) |
|
|
|
|
| |
Werner Enterprises, Inc. |
|
36,157 |
|
$ |
1,319,731 |
|
|
|
|
|
2,589,390 |
| |
Semiconductors & semiconductor equipment: 4.59% |
|
|
|
|
| |
Cavium, Inc.* |
|
18,861 |
|
1,497,186 |
| |
MaxLinear, Inc.* |
|
51,708 |
|
1,176,357 |
| |
Monolithic Power Systems, Inc. |
|
9,316 |
|
1,078,513 |
| |
Semtech Corp.* |
|
30,980 |
|
1,209,769 |
| |
|
|
|
|
4,961,825 |
| |
Software: 11.94% |
|
|
|
|
| |
8x8, Inc.* |
|
105,854 |
|
1,974,177 |
| |
Callidus Software, Inc.* |
|
67,098 |
|
2,412,173 |
| |
ForeScout Technologies, Inc.* |
|
22,300 |
|
723,412 |
| |
Paycom Software, Inc.* |
|
13,586 |
|
1,459,001 |
| |
Proofpoint, Inc.* |
|
15,669 |
|
1,780,782 |
| |
SailPoint Technologies Holding, Inc.* |
|
42,639 |
|
882,201 |
| |
Upland Software, Inc.* |
|
44,928 |
|
1,293,477 |
| |
Varonis Systems, Inc.* |
|
37,347 |
|
2,259,493 |
| |
Zscaler, Inc.* |
|
3,800 |
|
106,666 |
| |
|
|
|
|
12,891,382 |
| |
Specialty retail: 2.58% |
|
|
|
|
| |
Childrens Place, Inc. (The) |
|
9,072 |
|
1,226,988 |
| |
Dicks Sporting Goods, Inc. |
|
44,517 |
|
1,560,321 |
| |
|
|
|
|
2,787,309 |
| |
Technology hardware, storage & peripherals: 0.96% |
|
|
|
|
| |
USA Technologies, Inc.* |
|
114,728 |
|
1,032,552 |
| |
|
|
|
|
|
| |
Textiles, apparel & luxury goods: 1.18% |
|
|
|
|
| |
Steven Madden Ltd. |
|
29,061 |
|
1,275,778 |
| |
|
|
|
|
|
| |
Thrifts & mortgage finance: 1.16% |
|
|
|
|
| |
Essent Group Ltd.* |
|
29,382 |
|
1,250,498 |
| |
|
|
|
|
|
| |
Trading companies & distributors: 0.88% |
|
|
|
|
| |
Beacon Roofing Supply, Inc.* |
|
17,951 |
|
952,660 |
| |
|
|
|
|
|
| |
Total common stocks |
|
|
|
103,326,709 |
| |
|
|
|
|
|
| |
Exchange traded funds: 1.49% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF |
|
8,441 |
|
1,608,602 |
| |
|
|
|
|
|
| |
Short-term investments: 3.09% |
|
|
|
|
| |
Investment companies: 3.09% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
3,341,375 |
|
3,341,375 |
| |
Total investments: 100.26% |
|
|
|
108,276,686 |
| |
Liabilities, in excess of cash and other assets: (0.26)% |
|
|
|
(281,991 |
) | |
Net assets: 100.00% |
|
|
|
$ |
107,994,695 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2018 (unaudited)
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 March 31, 2018 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 |
|
$ |
103,326,709 |
|
$ |
|
|
$ |
|
|
$ |
103,326,709 |
|
Exchange traded funds |
|
1,608,602 |
|
|
|
|
|
1,608,602 |
| ||||
Short-term investments |
|
3,341,375 |
|
|
|
|
|
3,341,375 |
| ||||
Total |
|
$ |
108,276,686 |
|
$ |
|
|
$ |
|
|
$ |
108,276,686 |
|
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
UBS U.S. Sustainable Equity Fund (formerly, UBS U.S. Large Cap Equity Fund)
Industry diversificationMarch 31, 2018 (unaudited)1
Common stocks |
|
|
|
Percentage of |
|
Banks |
|
|
|
4.30 |
% |
Chemicals |
|
|
|
7.58 |
|
Consumer finance |
|
|
|
3.79 |
|
Diversified financial services |
|
|
|
4.06 |
|
Electronic equipment, instruments & components |
|
|
|
3.61 |
|
Equity real estate investment trusts (REITs) |
|
|
|
4.09 |
|
Food & staples retailing |
|
|
|
4.82 |
|
Health care equipment & supplies |
|
|
|
2.40 |
|
Health care providers & services |
|
|
|
3.47 |
|
Household durables |
|
|
|
2.88 |
|
Insurance |
|
|
|
4.40 |
|
Internet & direct marketing retail |
|
|
|
4.43 |
|
IT services |
|
|
|
4.23 |
|
Machinery |
|
|
|
4.54 |
|
Media |
|
|
|
3.93 |
|
Pharmaceuticals |
|
|
|
9.42 |
|
Semiconductors & semiconductor equipment |
|
|
|
11.89 |
|
Software |
|
|
|
4.41 |
|
Specialty retail |
|
|
|
4.94 |
|
Technology hardware, storage & peripherals |
|
|
|
4.68 |
|
Total common stocks |
|
|
|
97.87 |
% |
Short-term investments |
|
|
|
2.15 |
|
Total investments |
|
|
|
100.02 |
% |
Liabilities, in excess of cash and other assets |
|
|
|
(0.02 |
) |
Net assets |
|
|
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Sustainable Equity Fund (formerly, UBS U.S. Large Cap Equity Fund)
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Common stocks: 97.87% |
|
|
|
|
| |
Banks: 4.30% |
|
|
|
|
| |
US Bancorp |
|
25,524 |
|
$ |
1,288,962 |
|
|
|
|
|
|
| |
Chemicals: 7.58% |
|
|
|
|
| |
Ashland Global Holdings, Inc. |
|
14,064 |
|
981,527 |
| |
Ecolab, Inc. |
|
9,391 |
|
1,287,224 |
| |
|
|
|
|
2,268,751 |
| |
Consumer finance: 3.79% |
|
|
|
|
| |
American Express Co. |
|
12,151 |
|
1,133,445 |
| |
|
|
|
|
|
| |
Diversified financial services: 4.06% |
|
|
|
|
| |
Voya Financial, Inc. |
|
24,089 |
|
1,216,495 |
| |
|
|
|
|
|
| |
Electronic equipment, instruments & components: 3.61% |
|
|
|
|
| |
Jabil, Inc. |
|
37,607 |
|
1,080,449 |
| |
|
|
|
|
|
| |
Equity real estate investment trusts (REITs): 4.09% |
|
|
|
|
| |
Simon Property Group, Inc. |
|
7,934 |
|
1,224,613 |
| |
|
|
|
|
|
| |
Food & staples retailing: 4.82% |
|
|
|
|
| |
Walgreens Boots Alliance, Inc. |
|
22,070 |
|
1,444,923 |
| |
|
|
|
|
|
| |
Health care equipment & supplies: 2.40% |
|
|
|
|
| |
Zimmer Biomet Holdings, Inc. |
|
6,599 |
|
719,555 |
| |
|
|
|
|
|
| |
Health care providers & services: 3.47% |
|
|
|
|
| |
UnitedHealth Group, Inc. |
|
4,860 |
|
1,040,040 |
| |
|
|
|
|
|
| |
Household durables: 2.88% |
|
|
|
|
| |
Newell Brands, Inc. |
|
33,881 |
|
863,288 |
| |
|
|
|
|
|
| |
Insurance: 4.40% |
|
|
|
|
| |
Marsh & McLennan Cos., Inc. |
|
15,946 |
|
1,316,980 |
| |
|
|
|
|
|
| |
Internet & direct marketing retail: 4.43% |
|
|
|
|
| |
Amazon.com, Inc.* |
|
917 |
|
1,327,211 |
| |
|
|
|
|
|
| |
IT services: 4.23% |
|
|
|
|
| |
Visa, Inc., Class A |
|
10,589 |
|
1,266,656 |
| |
|
|
|
|
|
| |
Machinery: 4.54% |
|
|
|
|
| |
AGCO Corp. |
|
20,985 |
|
1,360,877 |
| |
|
|
|
|
|
| |
Media: 3.93% |
|
|
|
|
| |
Comcast Corp., Class A |
|
34,426 |
|
1,176,336 |
| |
|
|
|
|
|
| |
Pharmaceuticals: 9.42% |
|
|
|
|
| |
Allergan plc |
|
8,386 |
|
1,411,280 |
| |
Johnson & Johnson |
|
10,998 |
|
1,409,394 |
| |
|
|
|
|
2,820,674 |
| |
Semiconductors & semiconductor equipment: 11.89% |
|
|
|
|
| |
KLA-Tencor Corp. |
|
7,052 |
|
768,739 |
| |
Lam Research Corp. |
|
4,974 |
|
1,010,518 |
| |
Micron Technology, Inc.* |
|
17,503 |
|
912,606 |
| |
ON Semiconductor Corp.* |
|
35,493 |
|
868,159 |
| |
|
|
|
|
3,560,022 |
| |
Software: 4.41% |
|
|
|
|
| |
salesforce.com, Inc.* |
|
11,366 |
|
1,321,866 |
| |
|
|
|
|
|
| |
Specialty retail: 4.94% |
|
|
|
|
| |
TJX Cos., Inc. (The) |
|
18,133 |
|
1,478,927 |
| |
|
|
|
|
|
| |
Technology hardware, storage & peripherals: 4.68% |
|
|
|
|
| |
Western Digital Corp. |
|
15,197 |
|
1,402,227 |
| |
Total common stocks |
|
|
|
29,312,297 |
| |
UBS U.S. Sustainable Equity Fund (formerly, UBS U.S. Large Cap Equity Fund)
Portfolio of investments March 31, 2018 (unaudited)
|
|
Shares |
|
Value |
| |
Short-term investments: 2.15% |
|
|
|
|
| |
Investment companies: 2.15% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
645,229 |
|
$ |
645,229 |
|
Total investments: 100.02% |
|
|
|
|
| |
(cost $29,084,688) |
|
|
|
29,957,526 |
| |
Liabilities, in excess of cash and other assets: (0.02)% |
|
|
|
(6,585 |
) | |
Net assets: 100.00% |
|
|
|
$ |
29,950,941 |
|
UBS U.S. Sustainable Equity Fund (formerly, UBS U.S. Large Cap Equity Fund)
Portfolio of investments March 31, 2018 (unaudited)
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 March 31, 2018 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 |
|
$ |
29,312,297 |
|
$ |
|
|
$ |
|
|
$ |
29,312,297 |
|
Short-term investments |
|
645,229 |
|
|
|
|
|
645,229 |
| ||||
Total |
|
$ |
29,957,526 |
|
$ |
|
|
$ |
|
|
$ |
29,957,526 |
|
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
UBS Municipal Bond Fund
Portfolio statistics March 31, 2018 (unaudited)1
Summary of municipal securities by state
|
|
Percentage of |
|
Long-term municipal bonds |
|
|
|
Alaska |
|
0.48 |
% |
California |
|
2.92 |
|
Colorado |
|
1.42 |
|
Connecticut |
|
2.93 |
|
District of Columbia |
|
0.94 |
|
Florida |
|
11.05 |
|
Georgia |
|
1.34 |
|
Illinois |
|
11.95 |
|
Kentucky |
|
2.18 |
|
Maryland |
|
2.03 |
|
Massachusetts |
|
3.82 |
|
Michigan |
|
0.92 |
|
Minnesota |
|
0.48 |
|
Mississippi |
|
7.88 |
|
Nebraska |
|
1.17 |
|
Nevada |
|
1.75 |
|
New Jersey |
|
6.13 |
|
New York |
|
5.98 |
|
Ohio |
|
0.95 |
|
Pennsylvania |
|
14.13 |
|
Rhode Island |
|
1.28 |
|
South Carolina |
|
1.99 |
|
Texas |
|
14.29 |
|
Wisconsin |
|
1.04 |
|
Total long-term municipal bonds |
|
99.05 |
% |
Short-term investments |
|
0.07 |
|
Total investments |
|
99.12 |
% |
Cash and other assets, less liabilities |
|
0.88 |
|
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds: 99.05% |
|
|
|
|
| ||
Alaska: 0.48% |
|
|
|
|
| ||
City of Valdez, Marine Terminal Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
1.700%, due 12/01/331 |
|
$ |
600,000 |
|
$ |
600,000 |
|
|
|
|
|
|
| ||
California: 2.92% |
|
|
|
|
| ||
California State Public Works Board Revenue Bonds, |
|
|
|
|
| ||
Series F, |
|
|
|
|
| ||
5.000%, due 05/01/26 |
|
1,500,000 |
|
1,749,255 |
| ||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Asset-Backed Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 06/01/32 |
|
1,000,000 |
|
1,142,520 |
| ||
5.000%, due 06/01/33 |
|
650,000 |
|
740,376 |
| ||
|
|
|
|
3,632,151 |
| ||
Colorado: 1.42% |
|
|
|
|
| ||
City and County of Denver, Airport System Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 11/15/23 |
|
1,545,000 |
|
1,770,601 |
| ||
|
|
|
|
|
| ||
Connecticut: 2.93% |
|
|
|
|
| ||
State of Connecticut, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 04/15/25 |
|
1,250,000 |
|
1,400,712 |
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 04/15/25 |
|
2,000,000 |
|
2,241,140 |
| ||
|
|
|
|
3,641,852 |
| ||
District of Columbia: 0.94% |
|
|
|
|
| ||
District of Columbia, GO Bonds, |
|
|
|
|
| ||
Series E, |
|
|
|
|
| ||
5.000%, due 06/01/25 |
|
1,000,000 |
|
1,174,410 |
| ||
|
|
|
|
|
| ||
Florida: 11.05% |
|
|
|
|
| ||
Central Florida Expressway Authority Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 07/01/34 |
|
1,000,000 |
|
1,152,180 |
| ||
City of Gainesville, Florida Utilities System Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 10/01/26 |
|
1,000,000 |
|
1,187,740 |
| ||
Miami-Dade County Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 10/01/26 |
|
1,000,000 |
|
1,179,360 |
| ||
School Board of Volusia County, Certificates Refunding, Master Lease Program, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,134,790 |
| ||
School District of St. Lucie County, Sales Tax Revenue Bonds, |
|
|
|
|
| ||
AGM, |
|
|
|
|
| ||
5.000%, due 10/01/26 |
|
1,020,000 |
|
1,178,957 |
| ||
South Florida Water Management District, COP, |
|
|
|
|
| ||
5.000%, due 10/01/34 |
|
1,000,000 |
|
1,141,990 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Florida(Concluded) |
|
|
|
|
| ||
The School Board of Broward County, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 07/01/30 |
|
$ |
2,000,000 |
|
$ |
2,269,780 |
|
The School Board of Miami-Dade County, COP, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 05/01/31 |
|
1,000,000 |
|
1,118,540 |
| ||
Series D, |
|
|
|
|
| ||
5.000%, due 02/01/23 |
|
1,000,000 |
|
1,116,370 |
| ||
5.000%, due 11/01/31 |
|
1,000,000 |
|
1,134,520 |
| ||
The School Board of Palm Beach County, COP, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,136,280 |
| ||
|
|
|
|
13,750,507 |
| ||
Georgia: 1.34% |
|
|
|
|
| ||
State of Georgia, GO Bonds, |
|
|
|
|
| ||
Series F, |
|
|
|
|
| ||
5.000%, due 07/01/26 |
|
1,385,000 |
|
1,662,028 |
| ||
|
|
|
|
|
| ||
Illinois: 11.95% |
|
|
|
|
| ||
City of Chicago OHare International Airport, Senior Lien Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 01/01/30 |
|
1,000,000 |
|
1,128,410 |
| ||
5.000%, due 01/01/31 |
|
1,050,000 |
|
1,181,407 |
| ||
Series C, |
|
|
|
|
| ||
5.000%, due 01/01/23 |
|
2,900,000 |
|
3,245,767 |
| ||
County of Cook, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 11/15/20 |
|
1,830,000 |
|
1,968,751 |
| ||
5.000%, due 11/15/26 |
|
1,500,000 |
|
1,723,800 |
| ||
Illinois State Toll Highway Authority Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,173,790 |
| ||
Railsplitter Tobacco Settlement Authority Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/25 |
|
1,235,000 |
|
1,409,295 |
| ||
State of Illinois, Sales Tax Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 06/15/20 |
|
1,190,000 |
|
1,264,839 |
| ||
5.000%, due 06/15/22 |
|
1,105,000 |
|
1,217,235 |
| ||
NATL-RE, |
|
|
|
|
| ||
5.750%, due 06/15/20 |
|
510,000 |
|
550,030 |
| ||
|
|
|
|
14,863,324 |
| ||
Kentucky: 2.18% |
|
|
|
|
| ||
Kentucky Property & Buildings Community Project No. 87 Revenue Bonds, |
|
|
|
|
| ||
AGC, |
|
|
|
|
| ||
5.250%, due 02/01/192 |
|
2,635,000 |
|
2,713,497 |
| ||
|
|
|
|
|
| ||
Maryland: 2.03% |
|
|
|
|
| ||
State of Maryland, GO Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/26 |
|
2,180,000 |
|
2,525,748 |
| ||
|
|
|
|
|
| ||
Massachusetts: 3.82% |
|
|
|
|
| ||
Massachusetts Development Finance Agency, Partners Healthcare System Revenue Bonds, |
|
|
|
|
| ||
Series S-1, |
|
|
|
|
| ||
5.000%, due 07/01/23 |
|
1,500,000 |
|
1,698,960 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Massachusetts(Concluded) |
|
|
|
|
| ||
The Commonwealth of Massachusetts, Consolidated Loan of 2016, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 03/01/34 |
|
$ |
1,125,000 |
|
$ |
1,269,405 |
|
The Commonwealth of Massachusetts, Consolidated Loan, GO Bonds, |
|
|
|
|
| ||
Series D, |
|
|
|
|
| ||
5.000%, due 07/01/26 |
|
1,500,000 |
|
1,783,920 |
| ||
|
|
|
|
4,752,285 |
| ||
Michigan: 0.92% |
|
|
|
|
| ||
Michigan Finance Authority, Trinity Health Credit Group, Hospital Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 12/01/35 |
|
1,000,000 |
|
1,145,850 |
| ||
|
|
|
|
|
| ||
Minnesota: 0.48% |
|
|
|
|
| ||
Rochester Minnesota Health Care Facilities Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
1.560%, due 11/15/381 |
|
400,000 |
|
400,000 |
| ||
Series B, |
|
|
|
|
| ||
1.560%, due 11/15/381 |
|
200,000 |
|
200,000 |
| ||
|
|
|
|
600,000 |
| ||
Mississippi: 7.88% |
|
|
|
|
| ||
Mississippi Business Finance Corp., Gulf Opportunity Zone, Industrial Development, Chevron USA, Inc., Project Revenue Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
1.700%, due 12/01/301 |
|
100,000 |
|
100,000 |
| ||
1.700%, due 11/01/351 |
|
3,300,000 |
|
3,300,000 |
| ||
Series C, |
|
|
|
|
| ||
1.700%, due 11/01/351 |
|
300,000 |
|
300,000 |
| ||
Series E, |
|
|
|
|
| ||
1.700%, due 12/01/301 |
|
300,000 |
|
300,000 |
| ||
Series F, |
|
|
|
|
| ||
1.610%, due 12/01/301 |
|
600,000 |
|
600,000 |
| ||
1.700%, due 12/01/301 |
|
300,000 |
|
300,000 |
| ||
Series G, |
|
|
|
|
| ||
1.700%, due 11/01/351 |
|
3,500,000 |
|
3,500,000 |
| ||
Series H, |
|
|
|
|
| ||
1.700%, due 11/01/351 |
|
1,000,000 |
|
1,000,000 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Mississippi(Concluded) |
|
|
|
|
| ||
Mississippi Development Bank Revenue Bonds, |
|
|
|
|
| ||
1.700%, due 12/01/391 |
|
$ |
400,000 |
|
$ |
400,000 |
|
|
|
|
|
9,800,000 |
| ||
Nebraska: 1.17% |
|
|
|
|
| ||
Douglas County Hospital Authority No. 2 Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 05/15/25 |
|
1,250,000 |
|
1,457,863 |
| ||
|
|
|
|
|
| ||
Nevada: 1.75% |
|
|
|
|
| ||
Clark County, Las Vegas-McCarran International Airport Revenue Bonds, |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
5.000%, due 07/01/27 |
|
1,815,000 |
|
2,172,482 |
| ||
|
|
|
|
|
| ||
New Jersey: 6.13% |
|
|
|
|
| ||
New Jersey Transportation Trust Fund Authority Revenue Bonds, |
|
|
|
|
| ||
Series AA, |
|
|
|
|
| ||
5.000%, due 06/15/27 |
|
1,500,000 |
|
1,601,640 |
| ||
New Jersey Turnpike Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,136,240 |
| ||
Series E, |
|
|
|
|
| ||
5.000%, due 01/01/34 |
|
860,000 |
|
962,048 |
| ||
State of New Jersey, GO Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/18 |
|
500,000 |
|
502,700 |
| ||
5.000%, due 06/01/20 |
|
1,000,000 |
|
1,063,550 |
| ||
Series Q, |
|
|
|
|
| ||
5.000%, due 08/15/19 |
|
1,500,000 |
|
1,564,065 |
| ||
Series T, |
|
|
|
|
| ||
5.000%, due 06/01/20 |
|
750,000 |
|
797,662 |
| ||
|
|
|
|
7,627,905 |
| ||
New York: 5.98% |
|
|
|
|
| ||
City of New York, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 08/01/27 |
|
1,000,000 |
|
1,194,870 |
| ||
Series E, |
|
|
|
|
| ||
5.000%, due 08/01/26 |
|
1,000,000 |
|
1,184,390 |
| ||
Subseries L-4, |
|
|
|
|
| ||
1.700%, due 04/01/381 |
|
400,000 |
|
400,000 |
| ||
County of Nassau, GO Bonds, |
|
|
|
|
| ||
Series B, |
|
|
|
|
| ||
3.000%, due 09/18/18 |
|
1,000,000 |
|
1,006,260 |
| ||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Fiscal 2016 Revenue Bonds, |
|
|
|
|
| ||
Subseries AA-1A, |
|
|
|
|
| ||
1.730%, due 06/15/321 |
|
100,000 |
|
100,000 |
| ||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Fiscal 2017 Revenue Bonds, |
|
|
|
|
| ||
Series EE, |
|
|
|
|
| ||
5.000%, due 06/15/33 |
|
1,000,000 |
|
1,170,230 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
New York(Concluded) |
|
|
|
|
| ||
New York City Transitional Finance Authority Revenue Bonds, |
|
|
|
|
| ||
Subseries B-1, |
|
|
|
|
| ||
5.000%, due 08/01/33 |
|
$ |
1,000,000 |
|
$ |
1,136,660 |
|
Subseries D-4, |
|
|
|
|
| ||
1.650%, due 02/01/441 |
|
100,000 |
|
100,000 |
| ||
Subseries E-1, |
|
|
|
|
| ||
5.000%, due 02/01/32 |
|
1,000,000 |
|
1,152,130 |
| ||
|
|
|
|
7,444,540 |
| ||
Ohio: 0.95% |
|
|
|
|
| ||
State of Ohio, Cleveland Clinic Health System Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/32 |
|
1,000,000 |
|
1,178,040 |
| ||
|
|
|
|
|
| ||
Pennsylvania: 14.13% |
|
|
|
|
| ||
City of Philadelphia, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/20 |
|
1,590,000 |
|
1,697,914 |
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 08/01/22 |
|
1,000,000 |
|
1,107,110 |
| ||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 06/01/24 |
|
1,625,000 |
|
1,809,421 |
| ||
Commonwealth of Pennsylvania, GO Bonds, |
|
|
|
|
| ||
5.000%, due 08/15/21 |
|
1,700,000 |
|
1,855,924 |
| ||
5.000%, due 01/01/24 |
|
2,000,000 |
|
2,253,380 |
| ||
5.000%, due 09/15/25 |
|
1,500,000 |
|
1,721,580 |
| ||
Pennsylvania Turnpike Commission Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,141,390 |
| ||
5.000%, due 12/01/30 |
|
1,750,000 |
|
1,974,245 |
| ||
Series A-1, |
|
|
|
|
| ||
5.000%, due 12/01/24 |
|
1,500,000 |
|
1,726,755 |
| ||
Series A-2, |
|
|
|
|
| ||
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,169,370 |
| ||
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 12/01/22 |
|
1,000,000 |
|
1,122,430 |
| ||
|
|
|
|
17,579,519 |
| ||
Rhode Island: 1.28% |
|
|
|
|
| ||
Rhode Island Industrial Facilities Corp., Marine Terminal Revenue Bonds, |
|
|
|
|
| ||
1.700%, due 02/01/251 |
|
500,000 |
|
500,000 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Continued) |
|
|
|
|
| ||
Rhode Island(Concluded) |
|
|
|
|
| ||
Tobacco Settlement Financing Corp., Asset-Backed Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 06/01/21 |
|
$ |
1,000,000 |
|
$ |
1,090,140 |
|
|
|
|
|
1,590,140 |
| ||
South Carolina: 1.99% |
|
|
|
|
| ||
South Carolina Public Service Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 12/01/26 |
|
1,010,000 |
|
1,135,109 |
| ||
Series B, |
|
|
|
|
| ||
5.000%, due 12/01/20 |
|
1,245,000 |
|
1,335,922 |
| ||
|
|
|
|
2,471,031 |
| ||
Texas: 14.29% |
|
|
|
|
| ||
Austin Community College District Public Facility Corp., Round Rock Campus Revenue Bonds, |
|
|
|
|
| ||
5.000%, due 08/01/24 |
|
1,000,000 |
|
1,144,810 |
| ||
Garland Independent School District, GO Bonds, |
|
|
|
|
| ||
PSF-GTD, |
|
|
|
|
| ||
5.000%, due 02/15/25 |
|
1,200,000 |
|
1,397,232 |
| ||
Harris County Cultural Education Facilities Finance Corp., Methodist Hospital Revenue Bonds, |
|
|
|
|
| ||
Subseries C-1, |
|
|
|
|
| ||
1.720%, due 12/01/241 |
|
100,000 |
|
100,000 |
| ||
Subseries C-2, |
|
|
|
|
| ||
1.720%, due 12/01/271 |
|
100,000 |
|
100,000 |
| ||
Harris County Health Facilities Development Corp., Methodist Hospital Revenue Bonds, |
|
|
|
|
| ||
Series A-1, |
|
|
|
|
| ||
1.720%, due 12/01/411 |
|
100,000 |
|
100,000 |
| ||
Houston Independent School District, GO Bonds, |
|
|
|
|
| ||
PSF-GTD, |
|
|
|
|
| ||
5.000%, due 02/15/26 |
|
2,000,000 |
|
2,358,140 |
| ||
Lower Neches Valley Authority Industrial Development Corp., Project Revenue Bonds, |
|
|
|
|
| ||
Subseries A-3, |
|
|
|
|
| ||
1.700%, due 05/01/221 |
|
200,000 |
|
200,000 |
| ||
North Texas Tollway Authority Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 01/01/27 |
|
3,030,000 |
|
3,415,598 |
| ||
Plano Independent School District, GO Bonds, |
|
|
|
|
| ||
PSF-GTD, |
|
|
|
|
| ||
5.000%, due 02/15/25 |
|
2,000,000 |
|
2,328,720 |
| ||
State of Texas Revenue Bonds, |
|
|
|
|
| ||
4.000%, due 08/30/18 |
|
685,000 |
|
691,898 |
| ||
State of Texas Transportation Commission Highway Fund First Tier Revenue Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 10/01/25 |
|
1,000,000 |
|
1,176,620 |
| ||
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Long-term municipal bonds(Concluded) |
|
|
|
|
| ||
Texas(Concluded) |
|
|
|
|
| ||
Texas A&M University, Financing System Revenue Bonds, |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
5.000%, due 05/15/26 |
|
$ |
2,275,000 |
|
$ |
2,708,819 |
|
Series E, |
|
|
|
|
| ||
5.000%, due 05/15/25 |
|
1,750,000 |
|
2,056,005 |
| ||
|
|
|
|
17,777,842 |
| ||
Wisconsin: 1.04% |
|
|
|
|
| ||
State of Wisconsin, GO Bonds, |
|
|
|
|
| ||
Series A, |
|
|
|
|
| ||
5.000%, due 05/01/222 |
|
1,165,000 |
|
1,300,711 |
| ||
Total long-term municipal bonds |
|
|
|
123,232,326 |
| ||
|
|
Shares |
|
|
| |
Short-term investments: 0.07% |
|
|
|
|
| |
Investment companies: 0.07% |
|
|
|
|
| |
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
85,900 |
|
85,900 |
| |
Total investments: 99.12% |
|
|
|
123,318,226 |
| |
Cash and other assets, less liabilities: 0.88% |
|
|
|
1,095,470 |
| |
Net assets: 100.00% |
|
|
|
$ |
124,413,696 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
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 March 31, 2018 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 |
|
$ |
|
|
$ |
123,232,326 |
|
$ |
|
|
$ |
123,232,326 |
|
Short-term investments |
|
85,900 |
|
|
|
|
|
85,900 |
| ||||
Total |
|
$ |
85,900 |
|
$ |
123,232,326 |
|
$ |
|
|
$ |
123,318,226 |
|
At March 31, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
1 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate at the period end.
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.
UBS Total Return Bond Fund
Industry diversificationMarch 31, 2018 (unaudited)1
Bonds |
|
|
|
Percentage of |
|
Automobiles |
|
|
|
0.33 |
% |
Banks |
|
|
|
4.74 |
|
Beverages |
|
|
|
0.53 |
|
Biotechnology |
|
|
|
1.09 |
|
Capital markets |
|
|
|
1.98 |
|
Chemicals |
|
|
|
1.38 |
|
Commercial services & supplies |
|
|
|
0.98 |
|
Consumer finance |
|
|
|
0.54 |
|
Diversified financial services |
|
|
|
0.46 |
|
Diversified telecommunication services |
|
|
|
1.47 |
|
Electric utilities |
|
|
|
1.64 |
|
Electrical equipment |
|
|
|
0.42 |
|
Electronic equipment, instruments & components |
|
|
|
0.36 |
|
Energy equipment & services |
|
|
|
0.33 |
|
Equity real estate investment trusts (REITs) |
|
|
|
0.43 |
|
Food & staples retailing |
|
|
|
0.34 |
|
Food products |
|
|
|
0.18 |
|
Health care equipment & supplies |
|
|
|
0.18 |
|
Health care providers & services |
|
|
|
0.68 |
|
Industrial conglomerates |
|
|
|
0.78 |
|
Insurance |
|
|
|
1.36 |
|
Internet & direct marketing retail |
|
|
|
0.70 |
|
Life sciences tools & services |
|
|
|
0.48 |
|
Machinery |
|
|
|
0.17 |
|
Media |
|
|
|
1.25 |
|
Metals & mining |
|
|
|
0.47 |
|
Oil, gas & consumable fuels |
|
|
|
4.46 |
|
Pharmaceuticals |
|
|
|
0.96 |
|
Real estate management & development |
|
|
|
0.34 |
|
Road & rail |
|
|
|
0.35 |
|
Semiconductors & semiconductor equipment |
|
|
|
0.54 |
|
Software |
|
|
|
0.71 |
|
Specialty retail |
|
|
|
0.21 |
|
Technology hardware, storage & peripherals |
|
|
|
0.65 |
|
Thrifts & mortgage finance |
|
|
|
0.59 |
|
Tobacco |
|
|
|
0.25 |
|
Trading companies & distributors |
|
|
|
1.22 |
|
Wireless telecommunication services |
|
|
|
0.74 |
|
Total corporate bonds |
|
|
|
34.29 |
% |
Asset-backed securities |
|
|
|
6.87 |
|
Commercial mortgage-backed securities |
|
|
|
12.49 |
|
Mortgage-backed securities |
|
|
|
25.72 |
|
Municipal bonds |
|
|
|
0.83 |
|
Non-U.S. government obligations |
|
|
|
13.60 |
|
Supranationals |
|
|
|
0.47 |
|
U.S. treasury obligations |
|
|
|
6.05 |
|
Total bonds |
|
|
|
100.32 |
% |
Preferred stocks |
|
|
|
0.23 |
|
Short-term investments |
|
|
|
1.49 |
|
Total investments |
|
|
|
102.04 |
% |
Liabilities, in excess of cash and other assets |
|
|
|
(2.04 |
) |
Net assets |
|
|
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds: 100.32% |
|
|
|
|
| ||
Corporate bonds: 34.29% |
|
|
|
|
| ||
Canada: 1.15% |
|
|
|
|
| ||
Cenovus Energy, Inc., |
|
|
|
|
| ||
5.400%, due 06/15/47 |
|
$ |
80,000 |
|
$ |
80,393 |
|
NOVA Chemicals Corp., |
|
|
|
|
| ||
5.250%, due 08/01/231 |
|
210,000 |
|
211,313 |
| ||
Rogers Communications, Inc., |
|
|
|
|
| ||
5.000%, due 03/15/44 |
|
110,000 |
|
120,382 |
| ||
Teck Resources Ltd., |
|
|
|
|
| ||
3.750%, due 02/01/23 |
|
100,000 |
|
96,120 |
| ||
Total Canada corporate bonds |
|
|
|
508,208 |
| ||
|
|
|
|
|
| ||
Cayman Islands: 0.85% |
|
|
|
|
| ||
Seagate HDD Cayman, |
|
|
|
|
| ||
5.750%, due 12/01/34 |
|
150,000 |
|
143,232 |
| ||
XLIT Ltd., |
|
|
|
|
| ||
6.375%, due 11/15/24 |
|
200,000 |
|
231,029 |
| ||
Total Cayman Islands corporate bonds |
|
|
|
374,261 |
| ||
|
|
|
|
|
| ||
Colombia: 0.17% |
|
|
|
|
| ||
Ecopetrol SA, |
|
|
|
|
| ||
5.375%, due 06/26/26 |
|
70,000 |
|
72,887 |
| ||
|
|
|
|
|
| ||
Curacao: 0.12% |
|
|
|
|
| ||
Teva Pharmaceutical Finance IV BV, |
|
|
|
|
| ||
3.650%, due 11/10/21 |
|
57,000 |
|
53,723 |
| ||
|
|
|
|
|
| ||
France: 0.45% |
|
|
|
|
| ||
Societe Generale SA, |
|
|
|
|
| ||
4.000%, due 01/12/271 |
|
200,000 |
|
198,170 |
| ||
|
|
|
|
|
| ||
Ireland: 0.22% |
|
|
|
|
| ||
Shire Acquisitions Investments Ireland DAC, |
|
|
|
|
| ||
2.400%, due 09/23/21 |
|
100,000 |
|
96,532 |
| ||
|
|
|
|
|
| ||
Luxembourg: 0.90% |
|
|
|
|
| ||
Allergan Funding SCS, |
|
|
|
|
| ||
3.800%, due 03/15/25 |
|
200,000 |
|
196,453 |
| ||
INEOS Group Holdings SA, |
|
|
|
|
| ||
5.625%, due 08/01/241 |
|
200,000 |
|
202,250 |
| ||
Total Luxembourg corporate bonds |
|
|
|
398,703 |
| ||
|
|
|
|
|
| ||
Mexico: 0.76% |
|
|
|
|
| ||
Petroleos Mexicanos, |
|
|
|
|
| ||
3.500%, due 01/30/23 |
|
350,000 |
|
335,300 |
| ||
|
|
|
|
|
| ||
Netherlands: 0.86% |
|
|
|
|
| ||
Deutsche Telekom International Finance BV, |
|
|
|
|
| ||
8.750%, due 06/15/30 |
|
60,000 |
|
84,778 |
| ||
LYB International Finance BV, |
|
|
|
|
| ||
4.875%, due 03/15/44 |
|
50,000 |
|
52,017 |
| ||
Mylan NV, |
|
|
|
|
| ||
3.950%, due 06/15/26 |
|
80,000 |
|
77,547 |
| ||
Petrobras Global Finance BV, |
|
|
|
|
| ||
7.375%, due 01/17/27 |
|
150,000 |
|
162,525 |
| ||
Total Netherlands corporate bonds |
|
|
|
376,867 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
Singapore: 0.36% |
|
|
|
|
| ||
Flex Ltd., |
|
|
|
|
| ||
5.000%, due 02/15/23 |
|
$ |
150,000 |
|
$ |
157,276 |
|
United Kingdom: 2.05% |
|
|
|
|
| ||
|
|
|
|
|
| ||
Barclays plc, |
|
|
|
|
| ||
4.836%, due 05/09/28 |
|
200,000 |
|
196,508 |
| ||
HSBC Holdings plc, |
|
|
|
|
| ||
3.400%, due 03/08/21 |
|
260,000 |
|
261,161 |
| ||
Lloyds Banking Group plc, |
|
|
|
|
| ||
4.582%, due 12/10/25 |
|
200,000 |
|
200,142 |
| ||
Royal Bank of Scotland Group plc, |
|
|
|
|
| ||
3.875%, due 09/12/23 |
|
250,000 |
|
246,798 |
| ||
Total United Kingdom corporate bonds |
|
|
|
904,609 |
| ||
|
|
|
|
|
| ||
United States: 26.40% |
|
|
|
|
| ||
21st Century Fox America, Inc., |
|
|
|
|
| ||
7.750%, due 12/01/45 |
|
50,000 |
|
75,051 |
| ||
Abbott Laboratories, |
|
|
|
|
| ||
3.750%, due 11/30/26 |
|
80,000 |
|
79,521 |
| ||
AbbVie, Inc., |
|
|
|
|
| ||
2.500%, due 05/14/20 |
|
200,000 |
|
197,388 |
| ||
ADT Corp. (The), |
|
|
|
|
| ||
3.500%, due 07/15/22 |
|
240,000 |
|
222,900 |
| ||
AEP Texas, Inc., |
|
|
|
|
| ||
Series E, |
|
|
|
|
| ||
6.650%, due 02/15/33 |
|
80,000 |
|
102,509 |
| ||
Alabama Power Co., |
|
|
|
|
| ||
6.000%, due 03/01/39 |
|
100,000 |
|
125,830 |
| ||
Amazon.com, Inc., |
|
|
|
|
| ||
4.050%, due 08/22/471 |
|
60,000 |
|
59,559 |
| ||
Anadarko Petroleum Corp., |
|
|
|
|
| ||
5.550%, due 03/15/26 |
|
20,000 |
|
21,821 |
| ||
Anheuser-Busch InBev Finance, Inc., |
|
|
|
|
| ||
4.900%, due 02/01/46 |
|
215,000 |
|
231,483 |
| ||
Antero Resources Corp., |
|
|
|
|
| ||
5.375%, due 11/01/21 |
|
150,000 |
|
152,625 |
| ||
AT&T, Inc., |
|
|
|
|
| ||
4.300%, due 02/15/301 |
|
266,000 |
|
264,680 |
| ||
Bank of America Corp., |
|
|
|
|
| ||
4.200%, due 08/26/24 |
|
150,000 |
|
152,071 |
| ||
6.110%, due 01/29/37 |
|
125,000 |
|
149,605 |
| ||
Biogen, Inc., |
|
|
|
|
| ||
4.050%, due 09/15/25 |
|
150,000 |
|
153,472 |
| ||
5.200%, due 09/15/45 |
|
50,000 |
|
54,508 |
| ||
Boston Properties LP, REIT |
|
|
|
|
| ||
2.750%, due 10/01/26 |
|
210,000 |
|
191,042 |
| ||
Broadcom Corp., |
|
|
|
|
| ||
3.125%, due 01/15/25 |
|
30,000 |
|
28,344 |
| ||
Burlington Northern Santa Fe LLC, |
|
|
|
|
| ||
5.150%, due 09/01/43 |
|
100,000 |
|
115,560 |
| ||
Capital One Financial Corp., |
|
|
|
|
| ||
3.750%, due 07/28/26 |
|
10,000 |
|
9,516 |
| ||
4.200%, due 10/29/25 |
|
140,000 |
|
138,642 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
CCO Holdings LLC, |
|
|
|
|
| ||
5.500%, due 05/01/261 |
|
$ |
150,000 |
|
$ |
146,813 |
|
CF Industries, Inc., |
|
|
|
|
| ||
3.450%, due 06/01/23 |
|
150,000 |
|
144,000 |
| ||
Charter Communications Operating LLC, |
|
|
|
|
| ||
3.579%, due 07/23/20 |
|
150,000 |
|
150,403 |
| ||
Citigroup, Inc., |
|
|
|
|
| ||
5.500%, due 09/13/25 |
|
375,000 |
|
406,399 |
| ||
Cleveland Electric Illuminating Co. (The), |
|
|
|
|
| ||
5.950%, due 12/15/36 |
|
75,000 |
|
90,908 |
| ||
Comcast Corp., |
|
|
|
|
| ||
3.969%, due 11/01/47 |
|
113,000 |
|
106,940 |
| ||
CVS Health Corp., |
|
|
|
|
| ||
4.300%, due 03/25/28 |
|
120,000 |
|
120,741 |
| ||
Dell International LLC, |
|
|
|
|
| ||
4.420%, due 06/15/211 |
|
100,000 |
|
102,558 |
| ||
Devon Energy Corp., |
|
|
|
|
| ||
5.000%, due 06/15/45 |
|
80,000 |
|
84,885 |
| ||
Eaton Corp., |
|
|
|
|
| ||
2.750%, due 11/02/22 |
|
190,000 |
|
185,537 |
| ||
Enterprise Products Operating LLC, |
|
|
|
|
| ||
2.850%, due 04/15/21 |
|
105,000 |
|
103,759 |
| ||
Exelon Corp., |
|
|
|
|
| ||
3.400%, due 04/15/26 |
|
150,000 |
|
144,755 |
| ||
Ford Motor Co., |
|
|
|
|
| ||
7.450%, due 07/16/31 |
|
55,000 |
|
66,530 |
| ||
General Electric Co., |
|
|
|
|
| ||
Series D, |
|
|
|
|
| ||
(ICE LIBOR USD 3 Month + 3.330%), |
|
|
|
|
| ||
5.000%, due 01/21/212,3 |
|
349,000 |
|
345,510 |
| ||
General Motors Co., |
|
|
|
|
| ||
6.600%, due 04/01/36 |
|
70,000 |
|
80,135 |
| ||
Georgia Power Co., |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
2.000%, due 09/08/20 |
|
70,000 |
|
68,399 |
| ||
Gilead Sciences, Inc., |
|
|
|
|
| ||
3.650%, due 03/01/26 |
|
75,000 |
|
75,224 |
| ||
Goldman Sachs Group, Inc. (The), |
|
|
|
|
| ||
5.150%, due 05/22/45 |
|
30,000 |
|
32,311 |
| ||
5.750%, due 01/24/22 |
|
305,000 |
|
329,940 |
| ||
Home Depot, Inc. (The), |
|
|
|
|
| ||
2.125%, due 09/15/26 |
|
100,000 |
|
90,420 |
| ||
Illinois Tool Works, Inc., |
|
|
|
|
| ||
2.650%, due 11/15/26 |
|
80,000 |
|
74,911 |
| ||
International Lease Finance Corp., |
|
|
|
|
| ||
5.875%, due 08/15/22 |
|
120,000 |
|
128,745 |
| ||
7.125%, due 09/01/181 |
|
400,000 |
|
406,661 |
| ||
Jefferies Finance LLC, |
|
|
|
|
| ||
7.500%, due 04/15/211 |
|
200,000 |
|
202,250 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
JPMorgan Chase & Co., |
|
|
|
|
| ||
Series I, |
|
|
|
|
| ||
(ICE LIBOR USD 3 Month + 3.470%), |
|
|
|
|
| ||
7.900%, due 04/30/182,3 |
|
$ |
200,000 |
|
$ |
201,020 |
|
Kinder Morgan, Inc., |
|
|
|
|
| ||
5.550%, due 06/01/45 |
|
40,000 |
|
42,000 |
| ||
6.500%, due 09/15/20 |
|
100,000 |
|
107,129 |
| ||
7.250%, due 06/01/18 |
|
300,000 |
|
301,972 |
| ||
Kroger Co. (The), |
|
|
|
|
| ||
6.900%, due 04/15/38 |
|
25,000 |
|
30,874 |
| ||
Liberty Mutual Group, Inc., |
|
|
|
|
| ||
4.250%, due 06/15/231 |
|
200,000 |
|
204,049 |
| ||
Life Technologies Corp., |
|
|
|
|
| ||
6.000%, due 03/01/20 |
|
135,000 |
|
141,867 |
| ||
Marathon Petroleum Corp., |
|
|
|
|
| ||
4.750%, due 09/15/44 |
|
120,000 |
|
120,432 |
| ||
MetLife, Inc., |
|
|
|
|
| ||
6.400%, due 12/15/36 |
|
35,000 |
|
38,369 |
| ||
Microsoft Corp., |
|
|
|
|
| ||
2.375%, due 02/12/22 |
|
250,000 |
|
245,114 |
| ||
4.450%, due 11/03/45 |
|
60,000 |
|
66,304 |
| ||
Morgan Stanley, |
|
|
|
|
| ||
4.350%, due 09/08/26 |
|
140,000 |
|
140,911 |
| ||
4.875%, due 11/01/22 |
|
350,000 |
|
366,636 |
| ||
MPLX LP, |
|
|
|
|
| ||
4.875%, due 06/01/25 |
|
70,000 |
|
73,053 |
| ||
Nabors Industries, Inc., |
|
|
|
|
| ||
4.625%, due 09/15/21 |
|
150,000 |
|
144,788 |
| ||
NCR Corp., |
|
|
|
|
| ||
5.000%, due 07/15/22 |
|
40,000 |
|
40,000 |
| ||
Netflix, Inc., |
|
|
|
|
| ||
5.500%, due 02/15/22 |
|
240,000 |
|
248,400 |
| ||
Noble Energy, Inc., |
|
|
|
|
| ||
5.050%, due 11/15/44 |
|
50,000 |
|
52,179 |
| ||
Oncor Electric Delivery Co. LLC, |
|
|
|
|
| ||
3.750%, due 04/01/45 |
|
50,000 |
|
48,902 |
| ||
Pacific Gas & Electric Co., |
|
|
|
|
| ||
2.950%, due 03/01/26 |
|
150,000 |
|
140,059 |
| ||
Prudential Financial, Inc., |
|
|
|
|
| ||
6.625%, due 06/21/40 |
|
50,000 |
|
66,512 |
| ||
Quicken Loans, Inc., |
|
|
|
|
| ||
5.750%, due 05/01/251 |
|
260,000 |
|
259,350 |
| ||
Realogy Group LLC, |
|
|
|
|
| ||
5.250%, due 12/01/211 |
|
150,000 |
|
150,795 |
| ||
Reynolds American, Inc., |
|
|
|
|
| ||
7.250%, due 06/15/37 |
|
85,000 |
|
111,579 |
| ||
RR Donnelley & Sons Co., |
|
|
|
|
| ||
7.875%, due 03/15/21 |
|
200,000 |
|
207,490 |
| ||
Sabine Pass Liquefaction LLC, |
|
|
|
|
| ||
5.000%, due 03/15/27 |
|
200,000 |
|
207,657 |
| ||
Smithfield Foods, Inc., |
|
|
|
|
| ||
3.350%, due 02/01/221 |
|
80,000 |
|
78,313 |
| ||
Southern Copper Corp., |
|
|
|
|
| ||
6.750%, due 04/16/40 |
|
90,000 |
|
110,925 |
| ||
Sprint Corp., |
|
|
|
|
| ||
7.875%, due 09/15/23 |
|
200,000 |
|
204,250 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Corporate bonds(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Sunoco Logistics Partners Operations LP, |
|
|
|
|
| ||
5.400%, due 10/01/47 |
|
$ |
50,000 |
|
$ |
47,558 |
|
Synchrony Financial, |
|
|
|
|
| ||
4.500%, due 07/23/25 |
|
90,000 |
|
89,958 |
| ||
Teachers Insurance & Annuity Association of America, |
|
|
|
|
| ||
4.270%, due 05/15/471 |
|
60,000 |
|
59,899 |
| ||
Tenet Healthcare Corp., |
|
|
|
|
| ||
4.625%, due 07/15/241 |
|
200,000 |
|
192,250 |
| ||
Texas Instruments, Inc., |
|
|
|
|
| ||
1.850%, due 05/15/22 |
|
220,000 |
|
210,219 |
| ||
Thermo Fisher Scientific, Inc., |
|
|
|
|
| ||
5.300%, due 02/01/44 |
|
60,000 |
|
67,909 |
| ||
Time Warner Cable LLC, |
|
|
|
|
| ||
8.750%, due 02/14/19 |
|
210,000 |
|
219,889 |
| ||
Union Pacific Corp., |
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
40,000 |
|
40,290 |
| ||
UnitedHealth Group, Inc., |
|
|
|
|
| ||
4.625%, due 07/15/35 |
|
100,000 |
|
109,222 |
| ||
Verizon Communications, Inc., |
|
|
|
|
| ||
5.250%, due 03/16/37 |
|
140,000 |
|
150,728 |
| ||
Wells Fargo & Co., |
|
|
|
|
| ||
5.375%, due 11/02/43 |
|
70,000 |
|
77,656 |
| ||
Total United States corporate bonds |
|
|
|
11,631,368 |
| ||
Total corporate bonds |
|
|
|
15,107,904 |
| ||
|
|
|
|
|
| ||
Asset-backed securities: 6.87% |
|
|
|
|
| ||
United States: 6.87% |
|
|
|
|
| ||
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2017-4, Class D, |
|
|
|
|
| ||
3.080%, due 12/18/23 |
|
175,000 |
|
172,721 |
| ||
Series 2017-3, Class D, |
|
|
|
|
| ||
3.180%, due 07/18/23 |
|
175,000 |
|
172,771 |
| ||
Capital Auto Receivables Asset Trust, |
|
|
|
|
| ||
Series 2015-4, Class D, |
|
|
|
|
| ||
3.620%, due 05/20/21 |
|
125,000 |
|
126,149 |
| ||
Dell Equipment Finance Trust, |
|
|
|
|
| ||
Series 2016-1, Class D, |
|
|
|
|
| ||
3.240%, due 07/22/221 |
|
268,000 |
|
268,592 |
| ||
Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2018-1, Class A2, |
|
|
|
|
| ||
2.230%, due 04/15/20 |
|
300,000 |
|
299,492 |
| ||
Series 2017-2, Class B, |
|
|
|
|
| ||
2.250%, due 06/15/21 |
|
250,000 |
|
249,363 |
| ||
Series 2017-3, Class B, |
|
|
|
|
| ||
2.300%, due 05/17/21 |
|
150,000 |
|
149,333 |
| ||
Series 2017-2, Class C, |
|
|
|
|
| ||
2.750%, due 09/15/23 |
|
100,000 |
|
99,445 |
| ||
Series 2018-1, Class D, |
|
|
|
|
| ||
3.810%, due 05/15/24 |
|
225,000 |
|
225,420 |
| ||
Series 2017-1, Class D, |
|
|
|
|
| ||
3.840%, due 03/15/23 |
|
75,000 |
|
75,717 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Asset-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
Exeter Automobile Receivables Trust, |
|
|
|
|
| ||
Series 2018-1A, Class D, |
|
|
|
|
| ||
3.530%, due 11/15/231 |
|
$ |
100,000 |
|
$ |
98,912 |
|
GM Financial Automobile Leasing Trust, |
|
|
|
|
| ||
Series 2015-3, Class B, |
|
|
|
|
| ||
2.320%, due 11/20/19 |
|
175,000 |
|
174,713 |
| ||
Invitation Homes Trust, |
|
|
|
|
| ||
Series 2018-SFR1, Class C, |
|
|
|
|
| ||
3.058%, due 03/17/371,4 |
|
100,000 |
|
100,620 |
| ||
Santander Drive Auto Receivables Trust, |
|
|
|
|
| ||
Series 2017-3, Class D, |
|
|
|
|
| ||
3.200%, due 11/15/23 |
|
225,000 |
|
222,896 |
| ||
Series 2017-2, Class D, |
|
|
|
|
| ||
3.490%, due 07/17/23 |
|
100,000 |
|
100,055 |
| ||
SoFi Consumer Loan Program Trust, |
|
|
|
|
| ||
Series 2018-1, Class A2, |
|
|
|
|
| ||
3.140%, due 02/25/271 |
|
125,000 |
|
124,334 |
| ||
Series 2018-1, Class B, |
|
|
|
|
| ||
3.650%, due 02/25/271 |
|
100,000 |
|
99,823 |
| ||
World Financial Network Credit Card Master Trust, |
|
|
|
|
| ||
Series 2016-A, Class A, |
|
|
|
|
| ||
2.030%, due 04/15/25 |
|
275,000 |
|
267,042 |
| ||
Total asset-backed securities |
|
|
|
3,027,398 |
| ||
|
|
|
|
|
| ||
Commercial mortgage-backed securities: 12.49% |
|
|
|
|
| ||
United States: 12.49% |
|
|
|
|
| ||
BANK 2017, |
|
|
|
|
| ||
Series 2017-BNK7, Class C, |
|
|
|
|
| ||
4.058%, due 09/15/604 |
|
100,000 |
|
97,940 |
| ||
BBCMS Trust, |
|
|
|
|
| ||
Series 2015-SRCH, Class B, |
|
|
|
|
| ||
4.498%, due 08/10/351 |
|
135,000 |
|
141,313 |
| ||
BENCHMARK Mortgage Trust, |
|
|
|
|
| ||
Series 2018-B1, Class D, |
|
|
|
|
| ||
2.750%, due 01/15/511 |
|
350,000 |
|
271,050 |
| ||
Caesars Palace Las Vegas Trust, |
|
|
|
|
| ||
Series 2017-VICI, Class E, |
|
|
|
|
| ||
4.354%, due 10/15/341,4 |
|
100,000 |
|
97,849 |
| ||
CHT Mortgage Trust, |
|
|
|
|
| ||
Series 2017-CSMO, Class E, |
|
|
|
|
| ||
4.777%, due 11/15/361,4 |
|
425,000 |
|
428,137 |
| ||
COMM Mortgage Trust, |
|
|
|
|
| ||
Series 2015-DC1, Class A5, |
|
|
|
|
| ||
3.350%, due 02/10/48 |
|
350,000 |
|
346,922 |
| ||
Series 2015-CR24, Class D, |
|
|
|
|
| ||
3.463%, due 08/10/484 |
|
150,000 |
|
119,312 |
| ||
Series 2015-PC1, Class A4, |
|
|
|
|
| ||
3.620%, due 07/10/50 |
|
90,000 |
|
91,010 |
| ||
Series 2015-CR24, Class A5, |
|
|
|
|
| ||
3.696%, due 08/10/48 |
|
400,000 |
|
406,211 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Commercial mortgage-backed securities(Continued) |
|
|
|
|
| ||
United States(Continued) |
|
|
|
|
| ||
CSAIL Commercial Mortgage Trust, |
|
|
|
|
| ||
Series 2015-C4, Class A4, |
|
|
|
|
| ||
3.808%, due 11/15/48 |
|
$ |
85,000 |
|
$ |
87,192 |
|
CSMC Trust, |
|
|
|
|
| ||
Series 2015-DEAL, Class E, |
|
|
|
|
| ||
5.777%, due 04/15/291,4 |
|
200,000 |
|
200,000 |
| ||
FREMF Mortgage Trust, |
|
|
|
|
| ||
Series 2017-K724, Class B, |
|
|
|
|
| ||
3.487%, due 11/25/231,4 |
|
265,000 |
|
262,498 |
| ||
Series 2017-K64, Class B, |
|
|
|
|
| ||
3.980%, due 03/25/271,4 |
|
50,000 |
|
49,347 |
| ||
GS Mortgage Securities Corp. II, |
|
|
|
|
| ||
Series 2017-SLP, Class E, |
|
|
|
|
| ||
4.591%, due 10/10/321,4 |
|
225,000 |
|
218,626 |
| ||
GS Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2014-GSFL, Class D, |
|
|
|
|
| ||
5.677%, due 07/15/311,4 |
|
116,524 |
|
116,910 |
| ||
Hilton USA Trust, |
|
|
|
|
| ||
Series 2016-SFP, Class E, |
|
|
|
|
| ||
5.519%, due 11/05/351 |
|
125,000 |
|
127,115 |
| ||
JPMBB Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2015-C29, Class D, |
|
|
|
|
| ||
3.702%, due 05/15/484 |
|
100,000 |
|
80,904 |
| ||
Series 2014-C26, Class AS, |
|
|
|
|
| ||
3.800%, due 01/15/48 |
|
200,000 |
|
201,255 |
| ||
Series 2015-C30, Class A5, |
|
|
|
|
| ||
3.822%, due 07/15/48 |
|
420,000 |
|
429,670 |
| ||
JPMorgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
| ||
Series 2018-ASH8, Class D, |
|
|
|
|
| ||
3.827%, due 02/15/351,4 |
|
100,000 |
|
100,308 |
| ||
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
| ||
Series 2015-C24, Class A4, |
|
|
|
|
| ||
3.732%, due 05/15/48 |
|
100,000 |
|
101,600 |
| ||
Series 2016-C32, Class AS, |
|
|
|
|
| ||
3.994%, due 12/15/494 |
|
273,000 |
|
278,589 |
| ||
Series 2017-C34, Class C, |
|
|
|
|
| ||
4.187%, due 11/15/524 |
|
100,000 |
|
98,857 |
| ||
Morgan Stanley Capital I, Inc., |
|
|
|
|
| ||
Series 2017-HR2, Class D, |
|
|
|
|
| ||
2.730%, due 12/15/50 |
|
100,000 |
|
79,035 |
| ||
Series 2017-HR2, Class C, |
|
|
|
|
| ||
4.229%, due 12/15/504 |
|
175,000 |
|
175,363 |
| ||
Rosslyn Portfolio Trust, |
|
|
|
|
| ||
Series 2017-ROSS, Class E, |
|
|
|
|
| ||
4.777%, due 06/15/331,4 |
|
275,000 |
|
274,496 |
| ||
Starwood Retail Property Trust, |
|
|
|
|
| ||
Series 2014-STAR, Class C, |
|
|
|
|
| ||
4.277%, due 11/15/271,4 |
|
125,000 |
|
123,502 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||
Bonds(Continued) |
|
|
|
|
| ||
Commercial mortgage-backed securities(Concluded) |
|
|
|
|
| ||
United States(Concluded) |
|
|
|
|
| ||
VNDO Mortgage Trust, |
|
|
|
|
| ||
Series 2013-PENN, Class D, |
|
|
|
|
| ||
3.947%, due 12/13/291,4 |
|
$ |
500,000 |
|
$ |
499,059 |
|
Total commercial mortgage-backed securities |
|
|
|
5,504,070 |
| ||
Mortgage-backed securities: 25.72% |
|
|
|
|
| ||
United States: 25.72% |
|
|
|
|
| ||
FHLMC, |
|
|
|
|
| ||
3.000%, TBA |
|
775,000 |
|
754,976 |
| ||
#G08773 3.000%, due 08/01/47 |
|
193,599 |
|
188,826 |
| ||
#V83480 3.500%, due 10/01/47 |
|
172,251 |
|
172,661 |
| ||
#G08788 3.500%, due 11/01/47 |
|
880,769 |
|
882,865 |
| ||
#G08800 3.500%, due 02/01/48 |
|
992,410 |
|
994,678 |
| ||
#Q50152 4.000%, due 08/01/47 |
|
190,797 |
|
196,167 |
| ||
#G08793 4.000%, due 12/01/47 |
|
1,423,420 |
|
1,463,695 |
| ||
FNMA, |
|
|
|
|
| ||
3.000%, TBA |
|
25,000 |
|
24,362 |
| ||
#MA3179 3.000%, due 11/01/47 |
|
787,297 |
|
767,868 |
| ||
#MA2864 3.500%, due 01/01/47 |
|
381,499 |
|
382,478 |
| ||
#MA3182 3.500%, due 11/01/47 |
|
415,765 |
|
416,835 |
| ||
#CA1189 3.500%, due 02/01/48 |
|
1,094,639 |
|
1,097,139 |
| ||
#BJ0647 3.500%, due 03/01/48 |
|
1,000,000 |
|
1,002,235 |
| ||
4.000%, TBA |
|
25,000 |
|
25,643 |
| ||
#AE1568 4.000%, due 09/01/40 |
|
171,789 |
|
177,508 |
| ||
#BE3702 4.000%, due 06/01/47 |
|
416,041 |
|
427,048 |
| ||
#MA3183 4.000%, due 11/01/47 |
|
169,782 |
|
174,388 |
| ||
#688066 5.500%, due 03/01/33 |
|
41,566 |
|
45,969 |
| ||
#793666 5.500%, due 09/01/34 |
|
145,272 |
|
159,217 |
| ||
#802481 5.500%, due 11/01/34 |
|
33,258 |
|
36,512 |
| ||
#596124 6.000%, due 11/01/28 |
|
45,378 |
|
50,752 |
| ||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(Continued) |
|
|
|
|
| ||||
Mortgage-backed securities(Concluded) |
|
|
|
|
| ||||
United States(Concluded) |
|
|
|
|
| ||||
GNMA, |
|
|
|
|
| ||||
#MA4585 3.000%, due 07/20/47 |
|
$ |
670,797 |
|
$ |
660,369 |
| ||
#MA4718 3.000%, due 09/20/47 |
|
489,939 |
|
482,131 |
| ||||
3.500%, TBA |
|
725,000 |
|
731,630 |
| ||||
#781029 6.500%, due 05/15/29 |
|
11,558 |
|
12,961 |
| ||||
Total mortgage-backed securities |
|
|
|
11,328,913 |
| ||||
|
|
|
|
|
| ||||
Municipal bonds: 0.83% |
|
|
|
|
| ||||
State of California, GO Bonds, |
|
|
|
|
| ||||
7.300%, due 10/01/39 |
|
250,000 |
|
364,588 |
| ||||
|
|
|
|
|
| ||||
Non-U.S. government obligations: 13.60% |
|
|
|
|
| ||||
Argentina: 1.72% |
|
|
|
|
| ||||
Republic of Argentina, |
|
|
|
|
| ||||
7.500%, due 04/22/26 |
|
350,000 |
|
373,975 |
| ||||
(Argentina Central Bank 7D Repo Reference Rate + 0.000%), |
|
ARS |
7,300,000 |
|
384,263 |
| |||
|
|
|
|
758,238 |
| ||||
Brazil: 2.24% |
|
|
|
|
| ||||
Brazil Notas do Tesouro Nacional, |
|
|
|
|
| ||||
10.000%, due 01/01/27 |
|
BRL |
2,200,000 |
|
684,921 |
| |||
Federative Republic of Brazil, |
|
|
|
|
| ||||
6.000%, due 04/07/26 |
|
$ |
275,000 |
|
301,538 |
| |||
|
|
|
|
986,459 |
| ||||
Colombia: 0.64% |
|
|
|
|
| ||||
Republic of Colombia, |
|
|
|
|
| ||||
8.125%, due 05/21/24 |
|
230,000 |
|
282,325 |
| ||||
|
|
|
|
|
| ||||
Indonesia: 0.27% |
|
|
|
|
| ||||
Republic of Indonesia, |
|
|
|
|
| ||||
6.625%, due 02/17/371 |
|
100,000 |
|
121,000 |
| ||||
|
|
|
|
|
| ||||
Ivory Coast: 0.43% |
|
|
|
|
| ||||
Ivory Coast Government Bond, |
|
|
|
|
| ||||
6.125%, due 06/15/331 |
|
200,000 |
|
190,000 |
| ||||
|
|
|
|
|
| ||||
Mexico: 0.40% |
|
|
|
|
| ||||
United Mexican States, |
|
|
|
|
| ||||
4.000%, due 10/02/23 |
|
100,000 |
|
102,600 |
| ||||
4.150%, due 03/28/27 |
|
60,000 |
|
60,360 |
| ||||
6.750%, due 09/27/34 |
|
10,000 |
|
12,288 |
| ||||
|
|
|
|
175,248 |
| ||||
New Zealand: 5.31% |
|
|
|
|
| ||||
New Zealand Government Bond, |
|
|
|
|
| ||||
4.500%, due 04/15/275 |
|
NZD |
1,065,000 |
|
877,746 |
| |||
5.500%, due 04/15/235 |
|
1,760,000 |
|
1,463,818 |
| ||||
|
|
|
|
2,341,564 |
| ||||
South Africa: 2.04% |
|
|
|
|
| ||||
Republic of South Africa, |
|
|
|
|
| ||||
8.750%, due 01/31/44 |
|
ZAR |
10,780,000 |
|
897,755 |
| |||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
|
|
Face |
|
Value |
| ||||
Bonds(Concluded) |
|
|
|
|
| ||||
Non-U.S. government obligations(Concluded) |
|
|
|
|
| ||||
Turkey: 0.24% |
|
|
|
|
| ||||
Republic of Turkey, |
|
|
|
|
| ||||
6.875%, due 03/17/36 |
|
$ |
|
100,000 |
|
$ |
103,875 |
| |
|
|
|
|
|
| ||||
Uruguay: 0.31% |
|
|
|
|
| ||||
Oriental Republic of Uruguay, |
|
|
|
|
| ||||
7.625%, due 03/21/36 |
|
100,000 |
|
135,750 |
| ||||
Total non-U.S. government obligations |
|
|
|
5,992,214 |
| ||||
|
|
|
|
|
| ||||
Supranationals: 0.47% |
|
|
|
|
| ||||
European Bank for Reconstruction & Development, |
|
|
|
|
| ||||
6.450%, due 12/13/22 (cost $206,813) |
|
IDR |
2,800,000,000 |
|
206,428 |
| |||
|
|
|
|
|
| ||||
U.S. treasury obligations: 6.05% |
|
|
|
|
| ||||
U.S. Treasury Bonds, |
|
|
|
|
| ||||
2.750%, due 08/15/42 |
|
$ |
|
270,000 |
|
260,340 |
| ||
2.750%, due 11/15/47 |
|
430,000 |
|
410,163 |
| ||||
3.000%, due 05/15/47 |
|
350,000 |
|
350,951 |
| ||||
3.000%, due 02/15/48 |
|
600,000 |
|
602,111 |
| ||||
U.S. Treasury Notes, |
|
|
|
|
| ||||
2.250%, due 11/15/27 |
|
555,000 |
|
531,230 |
| ||||
2.750%, due 02/15/28 |
|
510,000 |
|
509,875 |
| ||||
Total U.S. treasury obligations |
|
|
|
2,664,670 |
| ||||
Total bonds |
|
|
|
44,196,185 |
| ||||
|
|
|
|
|
| ||||
|
|
Shares |
|
|
| ||||
Preferred stocks: 0.23% |
|
|
|
|
| ||||
United States: 0.23% |
|
|
|
|
| ||||
JPMorgan Chase & Co., |
|
|
|
|
| ||||
5.450%, due 06/01/183 |
|
4,000 |
|
100,840 |
| ||||
|
|
|
|
|
| ||||
Short-term investments: 1.49% |
|
|
|
|
| ||||
Investment companies: 1.49% |
|
|
|
|
| ||||
JPMorgan U.S. Government Money Market Fund, Capital Shares |
|
657,893 |
|
657,893 |
| ||||
Total investments: 102.04% |
|
|
|
44,954,918 |
| ||||
Liabilities, in excess of cash and other assets: (2.04%) |
|
|
|
(900,072 |
) | ||||
Net assets: 100.00% |
|
|
|
$ |
44,054,846 |
| |||
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
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 |
|
TRY |
|
2,000,000 |
|
USD |
|
510,712 |
|
06/13/18 |
|
$ |
14,495 |
|
BB |
|
USD |
|
1,021,281 |
|
TRY |
|
4,000,000 |
|
06/13/18 |
|
(28,847 |
) | |
BOA |
|
USD |
|
456,699 |
|
ZAR |
|
5,500,000 |
|
06/13/18 |
|
3,352 |
| |
BOA |
|
ZAR |
|
5,500,000 |
|
USD |
|
456,382 |
|
06/13/18 |
|
(3,669 |
) | |
JPMCB |
|
AUD |
|
630,000 |
|
USD |
|
484,948 |
|
04/20/18 |
|
1,079 |
| |
JPMCB |
|
JPY |
|
93,800,000 |
|
USD |
|
886,483 |
|
04/23/18 |
|
3,836 |
| |
JPMCB |
|
NZD |
|
2,060,000 |
|
USD |
|
1,485,637 |
|
04/20/18 |
|
(3,087 |
) | |
JPMCB |
|
NZD |
|
1,240,000 |
|
USD |
|
901,141 |
|
04/20/18 |
|
5,016 |
| |
JPMCB |
|
USD |
|
1,234,583 |
|
EUR |
|
1,000,000 |
|
04/20/18 |
|
(2,653 |
) | |
JPMCB |
|
USD |
|
656,359 |
|
SEK |
|
5,360,000 |
|
04/20/18 |
|
(13,648 |
) | |
Net unrealized depreciation on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
$ |
(24,126 |
) |
Futures contracts
|
|
Expiration |
|
Current |
|
Value |
|
Unrealized |
| |||
U.S. Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 2 Year Note, 12 contracts (USD) |
|
June 2018 |
|
$ |
2,549,643 |
|
$ |
2,551,312 |
|
$ |
1,669 |
|
U.S. Treasury 5 Year Note, 21 contracts (USD) |
|
June 2018 |
|
2,394,125 |
|
2,403,679 |
|
9,554 |
| |||
U.S. Treasury 10 Year Ultra Note, 7 contracts (USD) |
|
June 2018 |
|
901,760 |
|
909,015 |
|
7,255 |
| |||
U.S. Treasury Ultra Bond, 10 contracts (USD) |
|
June 2018 |
|
1,550,526 |
|
1,604,688 |
|
54,162 |
| |||
U.S. Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
U.S. Treasury 10 Year Note, 26 contracts (USD) |
|
June 2018 |
|
(3,114,478 |
) |
(3,149,656 |
) |
(35,178 |
) | |||
U.S. Treasury Long Bond, 3 contracts (USD) |
|
June 2018 |
|
(429,059 |
) |
(439,875 |
) |
(10,816 |
) | |||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
Australia 3 Year Bond, 29 contracts (AUD) |
|
June 2018 |
|
2,472,078 |
|
2,476,225 |
|
4,147 |
| |||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
Euro-Bund, 4 contracts (EUR) |
|
June 2018 |
|
(780,861 |
) |
(784,683 |
) |
(3,822 |
) | |||
Euro-Schatz, 21 contracts (EUR) |
|
June 2018 |
|
(2,889,079 |
) |
(2,893,372 |
) |
(4,293 |
) | |||
Long Gilt, 11 contracts (GBP) |
|
June 2018 |
|
(1,869,112 |
) |
(1,895,481 |
) |
(26,369 |
) | |||
Net unrealized depreciation on futures contracts |
|
|
|
|
|
|
|
$ |
(3,691 |
) | ||
Options written6
Notional |
|
Number of |
|
Put swaptions |
|
Counterparty |
|
Pay/ |
|
Expiration |
|
Premiums |
|
Current |
|
Unrealized |
| ||||
USD |
1,700,000 |
|
1,700,000 |
|
3 Month USD CDX.NA.HY Series 29 Index Swap strike @ 1.045%, terminating 12/20/22 |
|
JPMCB |
|
Receive |
|
04/18/18 |
|
$ |
7,245 |
|
$ |
(2,648 |
) |
$ |
4,597 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2018 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2018 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 |
|
$ |
|
|
$ |
15,107,904 |
|
$ |
|
|
$ |
15,107,904 |
|
Asset-backed securities |
|
|
|
3,027,398 |
|
|
|
3,027,398 |
| ||||
Commercial mortgage-backed securities |
|
|
|
5,504,070 |
|
|
|
5,504,070 |
| ||||
Mortgage-backed securities |
|
|
|
11,328,913 |
|
|
|
11,328,913 |
| ||||
Municipal bonds |
|
|
|
364,588 |
|
|
|
364,588 |
| ||||
Non-U.S. government obligations |
|
|
|
5,992,214 |
|
|
|
5,992,214 |
| ||||
Supranationals |
|
|
|
206,428 |
|
|
|
206,428 |
| ||||
U.S. treasury obligations |
|
|
|
2,664,670 |
|
|
|
2,664,670 |
| ||||
Preferred stocks |
|
100,840 |
|
|
|
|
|
100,840 |
| ||||
Short-term investments |
|
657,893 |
|
|
|
|
|
657,893 |
| ||||
Forward foreign currency contracts |
|
|
|
27,778 |
|
|
|
27,778 |
| ||||
Futures contracts |
|
76,787 |
|
|
|
|
|
76,787 |
| ||||
Total |
|
$ |
835,520 |
|
$ |
44,223,963 |
|
$ |
|
|
$ |
45,059,483 |
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
$ |
|
|
$ |
(51,904 |
) |
$ |
|
|
$ |
(51,904 |
) |
Futures contracts |
|
(80,478 |
) |
|
|
|
|
(80,478 |
) | ||||
Options written |
|
|
|
(2,648 |
) |
|
|
(2,648 |
) | ||||
Total |
|
$ |
(80,478 |
) |
$ |
(54,552 |
) |
$ |
|
|
$ |
(135,030 |
) |
At March 31, 2018, 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 Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate at the period end and changes periodically.
3 Perpetual investment. Date shown reflects the next call date.
4 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate at the period end.
5 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.
6 Illiquid investment at the period end.
Portfolio acronyms |
|
|
|
|
|
ADR |
|
American Depositary Receipt |
AGC |
|
Assured Guaranty Corporation |
AGM |
|
Assured Guaranty Municipal |
CDO |
|
Collateralized Debt Obligation |
COP |
|
Certificate of Participation |
CVA |
|
Dutch CertificationDepository Certificate |
ETF |
|
Exchange Traded Fund |
EURIBOR |
|
Euro Interbank Offered Rate |
FHLMC |
|
Federal Home Loan Mortgage Corporation |
FNMA |
|
Federal National Mortgage Association |
GDR |
|
Global Depositary Receipt |
GNMA |
|
Government National Mortgage Association |
GO |
|
General Obligation |
ICE |
|
Intercontinental Exchange |
LIBOR |
|
London Interbank Offered Rate |
NATL-RE |
|
Reinsured by National Public Finance Guarantee Corporation |
PSF-GTD |
|
Permanent School Fund Guaranteed |
REIT |
|
Real Estate Investment Trust |
TBA |
|
To Be Announced. TBA security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement, when the specific mortgage pools are assigned. |
Counterparty abbreviations |
|
|
|
|
|
BB |
|
Barclays Bank plc |
BOA |
|
Bank of America NA |
CITI |
|
Citibank NA |
CSI |
|
Credit Suisse International |
GSI |
|
Goldman Sachs International |
JPMCB |
|
JPMorgan Chase Bank |
MSC |
|
Morgan Stanley & Co. |
Currency abbreviations |
|
|
|
|
|
ARS |
|
Argentine Peso |
AUD |
|
Australian Dollar |
BRL |
|
Brazilian Real |
CAD |
|
Canadian Dollar |
CHF |
|
Swiss Franc |
CLP |
|
Chilean Peso |
CNY |
|
Chinese Yuan |
COP |
|
Colombian Peso |
DKK |
|
Danish Krone |
EUR |
|
Euro |
GBP |
|
Great Britain Pound |
HKD |
|
Hong Kong Dollar |
IDR |
|
Indonesian Rupiah |
ILS |
|
Israel New Shekel |
INR |
|
Indian Rupee |
JPY |
|
Japanese Yen |
KRW |
|
Korean Won |
MXN |
|
Mexican Peso |
MYR |
|
Malaysian Ringgit |
NOK |
|
Norwegian Krone |
NZD |
|
New Zealand Dollar |
RUB |
|
Russian Ruble |
SEK |
|
Swedish Krona |
SGD |
|
Singapore Dollar |
TRY |
|
Turkish Lira |
TWD |
|
Taiwan Dollar |
USD |
|
United States Dollar |
ZAR |
|
South African Rand |
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 separately for each class 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 US Securities and Exchange Commission.
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. 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 a 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 investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Funds Portfolio of investments.
The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.
Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Funds use of the practical expedient within ASC Topic 820, 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) 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 sufficient 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 GAAP requires disclosure regarding the various inputs that are used in determining the value of each Funds investments. These inputs are summarized into the three broad levels listed below:
Level 1Unadjusted quoted prices in active markets for identical investments.
Level 2Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.
Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the fair value of investments.
A fair value hierarchy table has been included near the end of each Funds Portfolio of investments.
For more information regarding the Funds other significant accounting policies, please refer to the Funds semiannual report to shareholders dated December 31, 2017.
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (Investment Company Act)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) The registrants principal executive officer and principal financial officer are aware of no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The UBS Funds |
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By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
May 30, 2018 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
The UBS Funds |
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By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
May 30, 2018 |
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By: |
/s/ Joanne Kilkeary |
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Joanne Kilkeary |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
May 30, 2018 |
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Certifications
I, Mark E. Carver, President of The UBS Funds, certify that:
1. I have reviewed this report on Form N-Q of The UBS Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Mark E. Carver |
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Mark E. Carver |
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President |
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Date: |
May 30, 2018 |
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I, Joanne Kilkeary, 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/ Joanne Kilkeary |
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Joanne Kilkeary |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
May 30, 2018 |
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