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) | ||||||
| ||||||||
Mark F. Kemper UBS Asset Management (Americas) Inc. One North Wacker Drive Chicago, IL 60606 | ||||||||
(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: |
312-525-7100 |
| ||||||
| ||||||||
Date of fiscal year end: |
June 30 |
| ||||||
| ||||||||
Date of reporting period: |
September 30, 2018 |
| ||||||
Item 1. Schedule of Investments
UBS Dynamic Alpha Fund
Industry diversification September 30, 2018 (unaudited)1,2
Corporate bonds |
|
Percentage |
|
Advertising |
|
0.07 |
% |
Aerospace & defense |
|
0.22 |
|
Agriculture |
|
1.30 |
|
Airlines |
|
0.16 |
|
Auto manufacturers |
|
0.51 |
|
Banks |
|
10.92 |
|
Beverages |
|
0.75 |
|
Biotechnology |
|
0.38 |
|
Chemicals |
|
1.09 |
|
Commercial banks |
|
0.79 |
|
Commercial services |
|
0.55 |
|
Computers |
|
0.40 |
|
Cosmetics & personal care |
|
0.08 |
|
Diversified financial services |
|
0.44 |
|
Electric |
|
4.62 |
|
Electronics |
|
0.09 |
|
Engineering & construction |
|
0.26 |
|
Food |
|
0.39 |
|
Gas |
|
1.24 |
|
Healthcare-products |
|
0.46 |
|
Healthcare-services |
|
0.87 |
|
Household products/wares |
|
0.21 |
|
Insurance |
|
3.92 |
|
Internet |
|
0.76 |
|
Investment company security |
|
0.26 |
|
Iron & steel |
|
0.13 |
|
Machinery-constr & mining |
|
0.10 |
|
Media |
|
1.59 |
|
Mining |
|
0.53 |
|
Miscellaneous manufacturers |
|
0.56 |
|
Oil & gas |
|
1.95 |
|
Oil & gas services |
|
0.14 |
|
Pharmaceuticals |
|
2.04 |
|
Pipelines |
|
1.56 |
|
Real estate |
|
1.49 |
|
Real estate investment trusts |
|
0.65 |
|
Retail |
|
0.26 |
|
Savings & loans |
|
0.16 |
|
Semiconductors |
|
0.40 |
|
Software |
|
0.55 |
|
Telecommunications |
|
2.53 |
|
Transportation |
|
0.90 |
|
Water |
|
1.25 |
|
Total corporate bonds |
|
47.53 |
% |
Collateralized mortgage obligation |
|
0.00 |
|
Collateralized debt obligation |
|
0.00 |
|
Non-US government obligation |
|
0.25 |
|
Exchange traded fund |
|
4.95 |
|
Short-term investments |
|
40.97 |
|
Total investments |
|
93.70 |
% |
Other assets in excess of liabilities |
|
6.30 |
|
Net assets |
|
100.00 |
% |
Amount represents less than 0.005%.
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.
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds47.53% |
|
|
|
|
|
|
Australia2.37% |
|
|
|
|
|
|
APT Pipelines Ltd. |
|
|
|
|
|
|
4.200%, due 03/23/252 |
|
|
20,000 |
|
19,780 |
|
Aurizon Network Pty. Ltd. |
|
|
|
|
|
|
2.000%, due 09/18/242 |
|
EUR |
100,000 |
|
120,459 |
|
Australia & New Zealand Banking Group Ltd. |
|
|
|
|
|
|
4.500%, due 03/19/242 |
|
|
200,000 |
|
199,405 |
|
Australia Pacific Airports Melbourne Pty. Ltd. |
|
|
|
|
|
|
1.750%, due 10/15/242 |
|
EUR |
150,000 |
|
180,780 |
|
Commonwealth Bank of Australia |
|
|
|
|
|
|
(fixed, converts to FRN on 10/03/24), |
|
EUR |
100,000 |
|
114,061 |
|
2.050%, due 09/18/203 |
|
|
60,000 |
|
58,564 |
|
Mirvac Group Finance Ltd. |
|
|
|
|
|
|
3.625%, due 03/18/272 |
|
|
270,000 |
|
247,499 |
|
Optus Finance Pty. Ltd. |
|
|
|
|
|
|
4.625%, due 10/15/192 |
|
|
100,000 |
|
101,105 |
|
Origin Energy Finance Ltd. |
|
|
|
|
|
|
5.450%, due 10/14/212 |
|
|
115,000 |
|
119,085 |
|
Scentre Group Trust 1 |
|
|
|
|
|
|
2.375%, due 04/28/212 |
|
|
80,000 |
|
77,192 |
|
SGSP Australia Assets Pty. Ltd. |
|
|
|
|
|
|
3.250%, due 07/29/262 |
|
|
200,000 |
|
185,550 |
|
Telstra Corp. Ltd. |
|
|
|
|
|
|
4.800%, due 10/12/212 |
|
|
60,000 |
|
61,733 |
|
Westpac Banking Corp. |
|
|
|
|
|
|
2.800%, due 01/11/22 |
|
|
40,000 |
|
39,095 |
|
(fixed, converts to FRN on 09/21/27), |
|
|
120,000 |
|
106,709 |
|
Total Australia corporate bonds |
|
|
|
|
1,631,017 |
|
|
|
|
|
|
|
|
Belgium0.51% |
|
|
|
|
|
|
AG Insurance SA |
|
|
|
|
|
|
(fixed, converts to FRN on 06/30/27), |
|
EUR |
100,000 |
|
117,481 |
|
Anheuser-Busch InBev SA/NV |
|
|
|
|
|
|
1.500%, due 03/17/252 |
|
EUR |
100,000 |
|
119,698 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Belgium(concluded) |
|
|
|
|
|
|
RESA SA |
|
|
|
|
|
|
1.000%, due 07/22/262 |
|
EUR |
100,000 |
|
113,494 |
|
Total Belgium corporate bonds |
|
|
|
|
350,673 |
|
|
|
|
|
|
|
|
Bermuda0.31% |
|
|
|
|
|
|
Bacardi Ltd. |
|
|
|
|
|
|
2.750%, due 07/03/232 |
|
EUR |
170,000 |
|
209,898 |
|
|
|
|
|
|
|
|
British Virgin Islands0.28% |
|
|
|
|
|
|
Sinopec Capital 2013 Ltd. |
|
|
|
|
|
|
3.125%, due 04/24/232 |
|
|
200,000 |
|
192,276 |
|
|
|
|
|
|
|
|
Canada1.32% |
|
|
|
|
|
|
Bell Canada, Inc. |
|
|
|
|
|
|
4.750%, due 09/29/44 |
|
CAD |
40,000 |
|
31,890 |
|
Canadian Natural Resources Ltd. |
|
|
|
|
|
|
2.950%, due 01/15/23 |
|
|
55,000 |
|
53,053 |
|
3.850%, due 06/01/27 |
|
|
60,000 |
|
58,404 |
|
Series GMTN, |
|
|
|
|
|
|
4.950%, due 06/01/47 |
|
|
20,000 |
|
20,710 |
|
Cenovus Energy, Inc. |
|
|
|
|
|
|
4.250%, due 04/15/27 |
|
|
70,000 |
|
67,639 |
|
Nexen Energy ULC |
|
|
|
|
|
|
6.400%, due 05/15/37 |
|
|
80,000 |
|
96,780 |
|
Royal Bank of Canada |
|
|
|
|
|
|
1.650%, due 07/15/21 |
|
CAD |
230,000 |
|
172,267 |
|
Suncor Energy, Inc. |
|
|
|
|
|
|
6.500%, due 06/15/38 |
|
|
90,000 |
|
111,053 |
|
TELUS Corp. |
|
|
|
|
|
|
3.750%, due 01/17/25 |
|
CAD |
45,000 |
|
35,155 |
|
Toronto Dominion Bank/The |
|
|
|
|
|
|
2.045%, due 03/08/21 |
|
CAD |
230,000 |
|
174,983 |
|
Yamana Gold, Inc. |
|
|
|
|
|
|
4.950%, due 07/15/24 |
|
|
90,000 |
|
88,722 |
|
Total Canada corporate bonds |
|
|
|
|
910,656 |
|
|
|
|
|
|
|
|
Cayman Islands0.95% |
|
|
|
|
|
|
Alibaba Group Holding Ltd. |
|
|
|
|
|
|
3.400%, due 12/06/27 |
|
|
200,000 |
|
186,419 |
|
Phoenix Group Holdings |
|
|
|
|
|
|
4.125%, due 07/20/222 |
|
GBP |
150,000 |
|
197,052 |
|
Vale Overseas Ltd. |
|
|
|
|
|
|
6.250%, due 08/10/26 |
|
|
80,000 |
|
86,898 |
|
XLIT Ltd. |
|
|
|
|
|
|
5.250%, due 12/15/43 |
|
|
45,000 |
|
48,398 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Cayman Islands(concluded) |
|
|
|
|
|
|
Yorkshire Water Finance PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 03/22/23), |
|
GBP |
100,000 |
|
134,277 |
|
Total Cayman Islands corporate bonds |
|
|
|
|
653,044 |
|
|
|
|
|
|
|
|
Curacao0.06% |
|
|
|
|
|
|
Teva Pharmaceutical Finance IV BV |
|
|
|
|
|
|
3.650%, due 11/10/21 |
|
|
40,000 |
|
38,741 |
|
|
|
|
|
|
|
|
Czech Republic0.18% |
|
|
|
|
|
|
NET4GAS sro |
|
|
|
|
|
|
2.500%, due 07/28/212 |
|
EUR |
100,000 |
|
122,259 |
|
|
|
|
|
|
|
|
Denmark0.24% |
|
|
|
|
|
|
Ap Moller Maersk A/S |
|
|
|
|
|
|
1.750%, due 03/16/262 |
|
EUR |
100,000 |
|
113,562 |
|
Orsted A/S |
|
|
|
|
|
|
(fixed, converts to FRN on 11/06/20), |
|
EUR |
40,000 |
|
48,185 |
|
Total Denmark corporate bonds |
|
|
|
|
161,747 |
|
|
|
|
|
|
|
|
Finland0.40% |
|
|
|
|
|
|
Elenia Finance OYJ |
|
|
|
|
|
|
2.875%, due 12/17/202 |
|
EUR |
100,000 |
|
122,501 |
|
Teollisuuden Voima OYJ |
|
|
|
|
|
|
2.500%, due 03/17/212 |
|
EUR |
125,000 |
|
150,927 |
|
Total Finland corporate bonds |
|
|
|
|
273,428 |
|
|
|
|
|
|
|
|
France2.72% |
|
|
|
|
|
|
AXA SA |
|
|
|
|
|
|
(fixed, converts to FRN on 05/28/29), |
|
EUR |
100,000 |
|
113,769 |
|
(fixed, converts to FRN on 07/06/27), |
|
EUR |
100,000 |
|
118,643 |
|
Banque Federative du Credit Mutuel SA |
|
|
|
|
|
|
3.000%, due 09/11/252 |
|
EUR |
100,000 |
|
123,474 |
|
BNP Paribas SA |
|
|
|
|
|
|
1.000%, due 04/17/242 |
|
EUR |
100,000 |
|
114,283 |
|
1.250%, due 03/19/252 |
|
EUR |
200,000 |
|
228,249 |
|
BPCE SA |
|
|
|
|
|
|
1.375%, due 03/23/262 |
|
EUR |
100,000 |
|
113,558 |
|
Credit Agricole SA |
|
|
|
|
|
|
1.375%, due 03/13/252 |
|
EUR |
200,000 |
|
230,375 |
|
Credit Logement SA |
|
|
|
|
|
|
3 mo. Euribor + 1.150%, |
|
EUR |
100,000 |
|
105,148 |
|
Electricite de France SA |
|
|
|
|
|
|
6.950%, due 01/26/393 |
|
|
50,000 |
|
61,203 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
France(concluded) |
|
|
|
|
|
|
Engie SA |
|
|
|
|
|
|
(fixed, converts to FRN on 07/10/21), |
|
EUR |
100,000 |
|
126,845 |
|
RTE Reseau de Transport dElectricite SADIR |
|
|
|
|
|
|
1.000%, due 10/19/262 |
|
EUR |
100,000 |
|
114,239 |
|
SCOR SE |
|
|
|
|
|
|
(fixed, converts to FRN on 03/13/29), |
|
|
200,000 |
|
174,000 |
|
TDF Infrastructure SAS |
|
|
|
|
|
|
2.875%, due 10/19/222 |
|
EUR |
100,000 |
|
124,499 |
|
Transport et Infrastructures Gaz France SA |
|
|
|
|
|
|
2.200%, due 08/05/252 |
|
EUR |
100,000 |
|
123,171 |
|
Total France corporate bonds |
|
|
|
|
1,871,456 |
|
|
|
|
|
|
|
|
Germany0.79% |
|
|
|
|
|
|
ADLER Real Estate AG |
|
|
|
|
|
|
3.000%, due 04/27/262 |
|
EUR |
100,000 |
|
113,402 |
|
Allianz SE |
|
|
|
|
|
|
(fixed, converts to FRN on 10/24/23), |
|
EUR |
100,000 |
|
130,851 |
|
Deutsche Bank AG |
|
|
|
|
|
|
3.150%, due 01/22/21 |
|
|
155,000 |
|
151,453 |
|
Henkel AG & Co. KGaA |
|
|
|
|
|
|
1.500%, due 09/13/192 |
|
|
150,000 |
|
148,009 |
|
Total Germany corporate bonds |
|
|
|
|
543,715 |
|
|
|
|
|
|
|
|
Hong Kong0.28% |
|
|
|
|
|
|
CNAC HK Finbridge Co. Ltd. |
|
|
|
|
|
|
3.500%, due 07/19/222 |
|
|
200,000 |
|
193,494 |
|
|
|
|
|
|
|
|
Ireland0.98% |
|
|
|
|
|
|
Aquarius & Investments PLC for Swiss Reinsurance Co. Ltd. |
|
|
|
|
|
|
(fixed, converts to FRN on 09/01/19), |
|
|
200,000 |
|
203,832 |
|
Fresenius Finance Ireland PLC |
|
|
|
|
|
|
0.875%, due 01/31/222 |
|
EUR |
30,000 |
|
35,324 |
|
1.500%, due 01/30/242 |
|
EUR |
50,000 |
|
59,450 |
|
GAS Networks Ireland |
|
|
|
|
|
|
1.375%, due 12/05/262 |
|
EUR |
120,000 |
|
140,565 |
|
GE Capital International Funding Co., Unlimited Co. |
|
|
|
|
|
|
4.418%, due 11/15/35 |
|
|
200,000 |
|
187,454 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Ireland(concluded) |
|
|
|
|
|
|
Shire Acquisitions Investments Ireland DAC |
|
|
|
|
|
|
3.200%, due 09/23/26 |
|
|
50,000 |
|
46,144 |
|
Total Ireland corporate bonds |
|
|
|
|
672,769 |
|
|
|
|
|
|
|
|
Italy0.58% |
|
|
|
|
|
|
Autostrade per lItalia SpA |
|
|
|
|
|
|
1.125%, due 11/04/212 |
|
EUR |
100,000 |
|
112,769 |
|
CDP Reti SpA |
|
|
|
|
|
|
1.875%, due 05/29/222 |
|
EUR |
155,000 |
|
176,969 |
|
Italgas SpA |
|
|
|
|
|
|
1.625%, due 01/19/272 |
|
EUR |
100,000 |
|
112,417 |
|
Total Italy corporate bonds |
|
|
|
|
402,155 |
|
|
|
|
|
|
|
|
Japan0.30% |
|
|
|
|
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
|
|
|
|
2.665%, due 07/25/22 |
|
|
60,000 |
|
57,867 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
|
|
|
|
2.934%, due 03/09/21 |
|
|
40,000 |
|
39,459 |
|
3.102%, due 01/17/23 |
|
|
110,000 |
|
107,022 |
|
Total Japan corporate bonds |
|
|
|
|
204,348 |
|
|
|
|
|
|
|
|
Jersey0.40% |
|
|
|
|
|
|
AA Bond Co. Ltd. |
|
|
|
|
|
|
2.875%, due 01/31/222 |
|
GBP |
174,000 |
|
219,396 |
|
HSBC Bank Capital Funding Sterling 2 LP |
|
|
|
|
|
|
(fixed, converts to FRN on 04/07/20), |
|
GBP |
40,000 |
|
54,352 |
|
Total Jersey corporate bonds |
|
|
|
|
273,748 |
|
|
|
|
|
|
|
|
Luxembourg0.95% |
|
|
|
|
|
|
ADO Properties SA |
|
|
|
|
|
|
1.500%, due 07/26/242 |
|
EUR |
100,000 |
|
112,867 |
|
Allergan Funding SCS |
|
|
|
|
|
|
2.125%, due 06/01/29 |
|
EUR |
100,000 |
|
113,981 |
|
3.450%, due 03/15/22 |
|
|
70,000 |
|
69,555 |
|
4.750%, due 03/15/45 |
|
|
20,000 |
|
19,415 |
|
Aroundtown SA |
|
|
|
|
|
|
1.000%, due 01/07/252 |
|
EUR |
100,000 |
|
110,111 |
|
Dream Global Funding I Sarl |
|
|
|
|
|
|
1.375%, due 12/21/212 |
|
EUR |
200,000 |
|
230,978 |
|
Total Luxembourg corporate bonds |
|
|
|
|
656,907 |
|
|
|
|
|
|
|
|
Mexico0.62% |
|
|
|
|
|
|
Mexichem SAB de CV |
|
|
|
|
|
|
5.500%, due 01/15/483 |
|
|
200,000 |
|
183,750 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Mexico(concluded) |
|
|
|
|
|
|
Mexico City Airport Trust |
|
|
|
|
|
|
5.500%, due 07/31/472 |
|
|
200,000 |
|
178,502 |
|
Petroleos Mexicanos |
|
|
|
|
|
|
5.500%, due 02/24/252 |
|
EUR |
50,000 |
|
65,463 |
|
Total Mexico corporate bonds |
|
|
|
|
427,715 |
|
|
|
|
|
|
|
|
Netherlands3.54% |
|
|
|
|
|
|
Argentum Netherlands BV for Swiss Life AG |
|
|
|
|
|
|
(fixed, converts to FRN on 06/16/25), |
|
EUR |
100,000 |
|
125,054 |
|
Bharti Airtel International Netherlands BV |
|
|
|
|
|
|
4.000%, due 12/10/182 |
|
EUR |
100,000 |
|
116,843 |
|
Cooperatieve Rabobank UA |
|
|
|
|
|
|
(fixed, converts to FRN on 06/29/20), |
|
EUR |
250,000 |
|
305,530 |
|
Deutsche Telekom International Finance BV |
|
|
|
|
|
|
0.625%, due 04/03/232 |
|
EUR |
30,000 |
|
34,880 |
|
6.500%, due 04/08/222 |
|
GBP |
40,000 |
|
60,382 |
|
ELM BV for Swiss Reinsurance Co. Ltd. |
|
|
|
|
|
|
(fixed, converts to FRN on 09/01/25), |
|
EUR |
130,000 |
|
153,927 |
|
Iberdrola International BV |
|
|
|
|
|
|
(fixed, converts to FRN on 05/22/23), |
|
EUR |
100,000 |
|
112,256 |
|
(fixed, converts to FRN on 03/26/24), |
|
EUR |
100,000 |
|
115,045 |
|
ING Bank NV |
|
|
|
|
|
|
(fixed, converts to FRN on 11/21/18), |
|
|
210,000 |
|
210,255 |
|
ING Groep NV |
|
|
|
|
|
|
1.125%, due 02/14/252 |
|
EUR |
100,000 |
|
113,546 |
|
Mylan NV |
|
|
|
|
|
|
3.125%, due 11/22/282 |
|
EUR |
180,000 |
|
213,202 |
|
Redexis Gas Finance BV |
|
|
|
|
|
|
1.875%, due 04/27/272 |
|
EUR |
100,000 |
|
110,311 |
|
Ren Finance BV |
|
|
|
|
|
|
2.500%, due 02/12/252 |
|
EUR |
180,000 |
|
222,117 |
|
Shell International Finance BV |
|
|
|
|
|
|
4.375%, due 05/11/45 |
|
|
130,000 |
|
134,793 |
|
Teva Pharmaceutical Finance Netherlands II BV |
|
|
|
|
|
|
1.125%, due 10/15/242 |
|
EUR |
100,000 |
|
103,388 |
|
Teva Pharmaceutical Finance Netherlands III BV |
|
|
|
|
|
|
2.800%, due 07/21/23 |
|
|
75,000 |
|
66,770 |
|
Volkswagen International Finance NV |
|
|
|
|
|
|
1.125%, due 10/02/232 |
|
EUR |
100,000 |
|
115,912 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Netherlands(concluded) |
|
|
|
|
|
|
Vonovia Finance BV |
|
|
|
|
|
|
(fixed, converts to FRN on 12/17/21), |
|
EUR |
100,000 |
|
123,321 |
|
Total Netherlands corporate bonds |
|
|
|
|
2,437,532 |
|
|
|
|
|
|
|
|
Poland0.16% |
|
|
|
|
|
|
Tauron Polska Energia SA |
|
|
|
|
|
|
2.375%, due 07/05/272 |
|
EUR |
100,000 |
|
113,521 |
|
|
|
|
|
|
|
|
Portugal0.17% |
|
|
|
|
|
|
Galp Gas Natural Distribuicao SA |
|
|
|
|
|
|
1.375%, due 09/19/232 |
|
EUR |
100,000 |
|
117,111 |
|
|
|
|
|
|
|
|
Singapore0.45% |
|
|
|
|
|
|
DBS Group Holdings Ltd. |
|
|
|
|
|
|
(fixed, converts to FRN on 04/11/23), |
|
EUR |
100,000 |
|
115,658 |
|
(fixed, converts to FRN on 09/07/21), |
|
|
200,000 |
|
193,000 |
|
Total Singapore corporate bonds |
|
|
|
|
308,658 |
|
|
|
|
|
|
|
|
Spain1.33% |
|
|
|
|
|
|
Aigues de Barcelona Finance SAU |
|
|
|
|
|
|
1.944%, due 09/15/212 |
|
EUR |
175,000 |
|
209,689 |
|
Banco Santander SA |
|
|
|
|
|
|
3.250%, due 04/04/262 |
|
EUR |
100,000 |
|
121,073 |
|
4.000%, due 01/19/232 |
|
AUD |
200,000 |
|
144,562 |
|
Canal de Isabel II Gestion SA |
|
|
|
|
|
|
1.680%, due 02/26/252 |
|
EUR |
100,000 |
|
116,242 |
|
FCC Aqualia SA |
|
|
|
|
|
|
1.413%, due 06/08/222 |
|
EUR |
150,000 |
|
176,315 |
|
Telefonica Emisiones SAU |
|
|
|
|
|
|
5.213%, due 03/08/47 |
|
|
150,000 |
|
145,499 |
|
Total Spain corporate bonds |
|
|
|
|
913,380 |
|
|
|
|
|
|
|
|
Sweden0.16% |
|
|
|
|
|
|
Fastighets AB Balder |
|
|
|
|
|
|
1.875%, due 01/23/262 |
|
EUR |
100,000 |
|
113,487 |
|
|
|
|
|
|
|
|
United Kingdom6.26% |
|
|
|
|
|
|
Anglian Water Services Financing PLC |
|
|
|
|
|
|
4.500%, due 02/22/262 |
|
GBP |
100,000 |
|
140,696 |
|
Arqiva Financing PLC |
|
|
|
|
|
|
4.882%, due 12/31/322,6 |
|
GBP |
125,667 |
|
180,295 |
|
Barclays Bank PLC |
|
|
|
|
|
|
6.625%, due 03/30/222 |
|
EUR |
50,000 |
|
67,653 |
|
9.500%, due 08/07/212 |
|
GBP |
80,000 |
|
122,744 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
United Kingdom(continued) |
|
|
|
|
|
|
Barclays PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 10/06/22), |
|
GBP |
100,000 |
|
127,517 |
|
(fixed, converts to FRN on 11/11/20), |
|
EUR |
100,000 |
|
117,611 |
|
BAT International Finance PLC |
|
|
|
|
|
|
0.875%, due 10/13/232 |
|
EUR |
200,000 |
|
230,521 |
|
BP Capital Markets PLC |
|
|
|
|
|
|
3.497%, due 11/09/20 |
|
CAD |
240,000 |
|
188,221 |
|
BUPA Finance PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 09/16/20), |
|
GBP |
45,000 |
|
62,026 |
|
Cadent Finance PLC |
|
|
|
|
|
|
2.750%, due 09/22/462 |
|
GBP |
100,000 |
|
114,371 |
|
Diageo Capital PLC |
|
|
|
|
|
|
3.875%, due 04/29/43 |
|
|
50,000 |
|
47,629 |
|
HSBC Holdings PLC |
|
|
|
|
|
|
5.100%, due 04/05/21 |
|
|
150,000 |
|
155,834 |
|
Imperial Brands Finance PLC |
|
|
|
|
|
|
2.950%, due 07/21/203 |
|
|
305,000 |
|
301,999 |
|
Lloyds Banking Group PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 11/07/27), |
|
|
220,000 |
|
201,434 |
|
Nationwide Building Society |
|
|
|
|
|
|
(fixed, converts to FRN on 07/25/24), |
|
EUR |
100,000 |
|
113,295 |
|
Prudential PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 07/20/35), |
|
GBP |
100,000 |
|
136,353 |
|
Royal Bank of Scotland Group PLC |
|
|
|
|
|
|
3.875%, due 09/12/23 |
|
|
200,000 |
|
194,321 |
|
(fixed, converts to FRN on 06/25/23), |
|
|
200,000 |
|
199,403 |
|
6.100%, due 06/10/23 |
|
|
80,000 |
|
83,293 |
|
Scottish Widows Ltd. |
|
|
|
|
|
|
5.500%, due 06/16/232 |
|
GBP |
100,000 |
|
142,258 |
|
Sky PLC |
|
|
|
|
|
|
2.500%, due 09/15/262 |
|
EUR |
150,000 |
|
186,484 |
|
SSE PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 09/10/20), |
|
GBP |
100,000 |
|
131,638 |
|
Standard Chartered PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 03/15/23), |
|
|
200,000 |
|
195,422 |
|
State Grid Europe Development 2014 PLC, |
|
|
|
|
|
|
Series A, |
|
EUR |
125,000 |
|
148,463 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
United Kingdom(concluded) |
|
|
|
|
| |
Tesco Property Finance 4 PLC |
|
|
|
|
| |
5.801%, due 10/13/402 |
|
GBP |
137,053 |
|
205,176 |
|
Thames Water Utilities Finance Ltd. |
|
|
|
|
|
|
5.125%, due 09/28/372 |
|
GBP |
50,000 |
|
80,270 |
|
Virgin Money Holdings UK PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 04/24/25), |
|
GBP |
100,000 |
|
128,070 |
|
Vodafone Group PLC |
|
|
|
|
| |
4.375%, due 02/19/43 |
|
25,000 |
|
22,448 |
| |
Wales & West Utilities Finance PLC |
|
|
|
|
| |
(fixed, converts to FRN on 12/17/18), |
|
GBP |
50,000 |
|
65,773 |
|
Western Power Distribution West Midlands PLC |
|
|
|
|
| |
5.750%, due 04/16/322 |
|
GBP |
100,000 |
|
167,295 |
|
WPP Finance 2010 |
|
|
|
|
| |
3.750%, due 09/19/24 |
|
50,000 |
|
48,239 |
| |
Total United Kingdom corporate bonds |
|
|
|
4,306,752 |
| |
|
|
|
|
|
| |
United States21.22% |
|
|
|
|
| |
21st Century Fox America, Inc. |
|
|
|
|
| |
6.200%, due 12/15/34 |
|
120,000 |
|
147,668 |
| |
ABB Finance USA, Inc. |
|
|
|
|
| |
2.875%, due 05/08/22 |
|
70,000 |
|
68,691 |
| |
Abbott Laboratories |
|
|
|
|
| |
3.750%, due 11/30/26 |
|
70,000 |
|
69,779 |
| |
4.900%, due 11/30/46 |
|
90,000 |
|
97,611 |
| |
AbbVie, Inc. |
|
|
|
|
| |
1.375%, due 05/17/24 |
|
EUR |
100,000 |
|
117,904 |
|
2.900%, due 11/06/22 |
|
50,000 |
|
48,565 |
| |
4.250%, due 11/14/28 |
|
80,000 |
|
78,803 |
| |
4.400%, due 11/06/42 |
|
60,000 |
|
55,468 |
| |
4.875%, due 11/14/48 |
|
55,000 |
|
54,120 |
| |
Aetna, Inc. |
|
|
|
|
| |
3.500%, due 11/15/24 |
|
75,000 |
|
73,314 |
| |
Albemarle Corp. |
|
|
|
|
| |
5.450%, due 12/01/44 |
|
70,000 |
|
72,962 |
| |
Alphabet, Inc. |
|
|
|
|
| |
1.998%, due 08/15/26 |
|
180,000 |
|
162,123 |
| |
Altria Group, Inc. |
|
|
|
|
| |
4.250%, due 08/09/42 |
|
160,000 |
|
148,239 |
| |
Amazon.com, Inc. |
|
|
|
|
| |
2.800%, due 08/22/24 |
|
180,000 |
|
173,819 |
| |
American Airlines Pass-Through Trust, |
|
|
|
|
| |
Series 2014-1, Class B, |
|
|
|
|
| |
4.375%, due 10/01/22 |
|
62,775 |
|
62,373 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
American Express Co. |
|
|
|
|
|
3.400%, due 02/27/23 |
|
115,000 |
|
113,199 |
|
Amgen, Inc. |
|
|
|
|
|
4.400%, due 05/01/45 |
|
40,000 |
|
38,660 |
|
Andeavor Logistics LP |
|
|
|
|
|
3.500%, due 12/01/22 |
|
30,000 |
|
29,533 |
|
4.250%, due 12/01/27 |
|
30,000 |
|
29,296 |
|
Anheuser-Busch InBev Worldwide, Inc. |
|
|
|
|
|
3.750%, due 01/15/22 |
|
100,000 |
|
100,775 |
|
Apache Corp. |
|
|
|
|
|
4.250%, due 01/15/44 |
|
120,000 |
|
106,853 |
|
Apple, Inc. |
|
|
|
|
|
3.850%, due 08/04/46 |
|
130,000 |
|
124,454 |
|
AT&T, Inc. |
|
|
|
|
|
3.000%, due 02/15/22 |
|
80,000 |
|
78,342 |
|
4.750%, due 05/15/46 |
|
140,000 |
|
127,711 |
|
5.000%, due 03/01/21 |
|
100,000 |
|
103,498 |
|
5.550%, due 08/15/41 |
|
80,000 |
|
80,838 |
|
AXA Equitable Holdings, Inc. |
|
|
|
|
|
3.900%, due 04/20/233 |
|
50,000 |
|
49,626 |
|
Baltimore Gas & Electric Co. |
|
|
|
|
|
3.500%, due 08/15/46 |
|
60,000 |
|
52,732 |
|
Bank of America Corp. |
|
|
|
|
|
3.875%, due 08/01/25 |
|
460,000 |
|
457,025 |
|
BAT Capital Corp. |
|
|
|
|
|
3.557%, due 08/15/273 |
|
50,000 |
|
46,537 |
|
Berkshire Hathaway, Inc. |
|
|
|
|
|
3.125%, due 03/15/26 |
|
50,000 |
|
48,217 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd. |
|
|
|
|
|
3.625%, due 01/15/24 |
|
160,000 |
|
155,167 |
|
Burlington Northern Santa Fe LLC |
|
|
|
|
|
3.000%, due 03/15/23 |
|
80,000 |
|
78,639 |
|
5.400%, due 06/01/41 |
|
60,000 |
|
68,612 |
|
Capital One Financial Corp. |
|
|
|
|
|
3.200%, due 02/05/25 |
|
120,000 |
|
112,872 |
|
Celgene Corp. |
|
|
|
|
|
3.875%, due 08/15/25 |
|
100,000 |
|
98,464 |
|
CF Industries, Inc. |
|
|
|
|
|
5.150%, due 03/15/34 |
|
60,000 |
|
57,150 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
|
|
|
4.464%, due 07/23/22 |
|
80,000 |
|
81,325 |
|
4.500%, due 02/01/24 |
|
80,000 |
|
80,336 |
|
5.375%, due 05/01/47 |
|
40,000 |
|
38,131 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
|
|
|
|
|
3.300%, due 05/01/233 |
|
155,000 |
|
152,930 |
|
Citigroup, Inc. |
|
|
|
|
|
3.875%, due 10/25/23 |
|
320,000 |
|
322,269 |
|
4.600%, due 03/09/26 |
|
40,000 |
|
40,247 |
|
4.650%, due 07/23/48 |
|
145,000 |
|
146,424 |
|
Comcast Corp. |
|
|
|
|
|
4.750%, due 03/01/44 |
|
20,000 |
|
19,915 |
|
Consumers Energy Co. |
|
|
|
|
|
3.250%, due 08/15/46 |
|
30,000 |
|
25,605 |
|
CVS Health Corp. |
|
|
|
|
|
3.350%, due 03/09/21 |
|
55,000 |
|
54,895 |
|
4.300%, due 03/25/28 |
|
90,000 |
|
89,112 |
|
5.050%, due 03/25/48 |
|
50,000 |
|
51,082 |
|
5.125%, due 07/20/45 |
|
90,000 |
|
92,409 |
|
Dell International LLC |
|
|
|
|
|
8.350%, due 07/15/463 |
|
120,000 |
|
148,996 |
|
Dominion Energy, Inc., |
|
|
|
|
|
Series D, |
|
|
|
|
|
2.850%, due 08/15/26 |
|
40,000 |
|
36,398 |
|
DTE Energy Co. |
|
|
|
|
|
6.375%, due 04/15/33 |
|
80,000 |
|
94,094 |
|
Duke Energy Carolinas LLC |
|
|
|
|
|
4.000%, due 09/30/42 |
|
80,000 |
|
77,371 |
|
Eaton Corp. |
|
|
|
|
|
4.150%, due 11/02/42 |
|
60,000 |
|
56,917 |
|
Elanco Animal Health, Inc. |
|
|
|
|
|
4.272%, due 08/28/233 |
|
50,000 |
|
50,137 |
|
Eli Lilly & Co. |
|
|
|
|
|
3.100%, due 05/15/27 |
|
20,000 |
|
19,256 |
|
Enable Midstream Partners LP |
|
|
|
|
|
3.900%, due 05/15/246 |
|
60,000 |
|
58,090 |
|
Energy Transfer Partners LP |
|
|
|
|
|
6.000%, due 06/15/48 |
|
70,000 |
|
74,525 |
|
6.050%, due 06/01/41 |
|
110,000 |
|
114,957 |
|
EnLink Midstream Partners LP |
|
|
|
|
|
4.400%, due 04/01/24 |
|
80,000 |
|
77,657 |
|
Enterprise Products Operating LLC |
|
|
|
|
|
4.850%, due 03/15/44 |
|
50,000 |
|
50,886 |
|
ERAC USA Finance LLC |
|
|
|
|
|
5.625%, due 03/15/423 |
|
40,000 |
|
43,676 |
|
ERP Operating LP |
|
|
|
|
|
3.375%, due 06/01/25 |
|
70,000 |
|
68,182 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
United States(continued) |
|
|
|
|
| |
Exelon Corp. |
|
|
|
|
| |
3.400%, due 04/15/26 |
|
55,000 |
|
52,603 |
| |
Exxon Mobil Corp. |
|
|
|
|
| |
3.567%, due 03/06/45 |
|
30,000 |
|
28,013 |
| |
FedEx Corp. |
|
|
|
|
| |
4.550%, due 04/01/46 |
|
20,000 |
|
19,574 |
| |
Fifth Third Bancorp |
|
|
|
|
| |
2.600%, due 06/15/22 |
|
70,000 |
|
67,396 |
| |
Five Corners Funding Trust |
|
|
|
|
| |
4.419%, due 11/15/233 |
|
100,000 |
|
102,604 |
| |
Freeport-McMoRan, Inc. |
|
|
|
|
| |
3.550%, due 03/01/22 |
|
100,000 |
|
97,250 |
| |
3.875%, due 03/15/23 |
|
100,000 |
|
96,742 |
| |
General Electric Co. |
|
|
|
|
| |
2.125%, due 05/17/37 |
|
EUR |
100,000 |
|
106,537 |
|
4.125%, due 10/09/42 |
|
30,000 |
|
26,710 |
| |
4.375%, due 09/16/20 |
|
40,000 |
|
40,864 |
| |
6.750%, due 03/15/32 |
|
50,000 |
|
60,428 |
| |
General Motors Financial Co., Inc. |
|
|
|
|
| |
3.200%, due 07/06/21 |
|
80,000 |
|
79,036 |
| |
4.350%, due 04/09/25 |
|
160,000 |
|
157,116 |
| |
Gilead Sciences, Inc. |
|
|
|
|
| |
2.050%, due 04/01/19 |
|
40,000 |
|
39,874 |
| |
4.750%, due 03/01/46 |
|
30,000 |
|
30,878 |
| |
4.800%, due 04/01/44 |
|
55,000 |
|
56,550 |
| |
Glencore Funding LLC |
|
|
|
|
| |
2.500%, due 01/15/193 |
|
9,000 |
|
8,986 |
| |
4.125%, due 05/30/233 |
|
70,000 |
|
69,915 |
| |
Goldman Sachs Group, Inc./The |
|
|
|
|
| |
2.000%, due 07/27/232 |
|
EUR |
300,000 |
|
363,748 |
|
5.150%, due 05/22/45 |
|
60,000 |
|
61,141 |
| |
Halfmoon Parent, Inc. |
|
|
|
|
| |
3.400%, due 09/17/213 |
|
65,000 |
|
64,755 |
| |
4.375%, due 10/15/283 |
|
70,000 |
|
69,757 |
| |
4.900%, due 12/15/483 |
|
50,000 |
|
49,937 |
| |
Hartford Financial Services Group, Inc./The |
|
|
|
|
| |
4.300%, due 04/15/43 |
|
60,000 |
|
56,775 |
| |
4.400%, due 03/15/48 |
|
90,000 |
|
86,711 |
| |
HCP, Inc. |
|
|
|
|
| |
3.875%, due 08/15/24 |
|
70,000 |
|
68,432 |
| |
Home Depot, Inc./The |
|
|
|
|
| |
4.875%, due 02/15/44 |
|
40,000 |
|
44,208 |
| |
Honeywell International, Inc. |
|
|
|
|
| |
1.800%, due 10/30/19 |
|
60,000 |
|
59,411 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
United States(continued) |
|
|
|
|
| |
Illinois Tool Works, Inc. |
|
|
|
|
| |
2.650%, due 11/15/26 |
|
100,000 |
|
92,484 |
| |
JPMorgan Chase & Co. |
|
|
|
|
| |
3.200%, due 01/25/23 |
|
540,000 |
|
532,129 |
| |
3.625%, due 12/01/27 |
|
120,000 |
|
113,105 |
| |
Kinder Morgan, Inc. |
|
|
|
|
| |
3.150%, due 01/15/23 |
|
140,000 |
|
136,162 |
| |
5.625%, due 11/15/233 |
|
30,000 |
|
32,009 |
| |
Kraft Heinz Foods Co. |
|
|
|
|
| |
4.875%, due 02/15/253 |
|
50,000 |
|
50,806 |
| |
5.000%, due 06/04/42 |
|
80,000 |
|
76,278 |
| |
Kroger Co./The |
|
|
|
|
| |
3.700%, due 08/01/27 |
|
100,000 |
|
95,738 |
| |
3.875%, due 10/15/46 |
|
20,000 |
|
16,653 |
| |
4.650%, due 01/15/48 |
|
30,000 |
|
28,227 |
| |
Liberty Mutual Group, Inc. |
|
|
|
|
| |
2.750%, due 05/04/26 |
|
EUR |
140,000 |
|
172,283 |
|
4.250%, due 06/15/233 |
|
100,000 |
|
101,090 |
| |
Lincoln National Corp. |
|
|
|
|
| |
3.800%, due 03/01/28 |
|
110,000 |
|
106,131 |
| |
Lowes Cos., Inc. |
|
|
|
|
| |
4.250%, due 09/15/44 |
|
70,000 |
|
69,032 |
| |
Marathon Oil Corp. |
|
|
|
|
| |
3.850%, due 06/01/25 |
|
70,000 |
|
68,399 |
| |
Medtronic, Inc. |
|
|
|
|
| |
4.625%, due 03/15/45 |
|
30,000 |
|
31,721 |
| |
Merck & Co., Inc. |
|
|
|
|
| |
3.700%, due 02/10/45 |
|
20,000 |
|
19,059 |
| |
Metropolitan Life Global Funding I |
|
|
|
|
| |
1.250%, due 09/17/212 |
|
EUR |
100,000 |
|
119,503 |
|
Microsoft Corp. |
|
|
|
|
| |
2.400%, due 08/08/26 |
|
50,000 |
|
46,079 |
| |
3.500%, due 11/15/42 |
|
50,000 |
|
46,520 |
| |
3.700%, due 08/08/46 |
|
90,000 |
|
86,248 |
| |
Molson Coors Brewing Co. |
|
|
|
|
| |
3.000%, due 07/15/26 |
|
40,000 |
|
36,273 |
| |
Monongahela Power Co. |
|
|
|
|
| |
5.400%, due 12/15/433 |
|
40,000 |
|
46,729 |
| |
Morgan Stanley |
|
|
|
|
| |
2.500%, due 04/21/21 |
|
328,000 |
|
320,442 |
| |
Series GMTN, |
|
|
|
|
| |
4.000%, due 07/23/25 |
|
90,000 |
|
89,658 |
| |
4.350%, due 09/08/26 |
|
70,000 |
|
69,407 |
| |
6.375%, due 07/24/42 |
|
40,000 |
|
49,813 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Mosaic Co./The |
|
|
|
|
|
3.250%, due 11/15/22 |
|
60,000 |
|
58,586 |
|
4.050%, due 11/15/27 |
|
30,000 |
|
29,009 |
|
MPLX LP |
|
|
|
|
|
5.200%, due 03/01/47 |
|
60,000 |
|
60,035 |
|
NBCUniversal Media LLC |
|
|
|
|
|
4.375%, due 04/01/21 |
|
180,000 |
|
184,402 |
|
Oncor Electric Delivery Co. LLC |
|
|
|
|
|
3.700%, due 11/15/283 |
|
9,000 |
|
8,990 |
|
ONEOK, Inc. |
|
|
|
|
|
7.500%, due 09/01/23 |
|
80,000 |
|
91,208 |
|
Oracle Corp. |
|
|
|
|
|
2.400%, due 09/15/23 |
|
130,000 |
|
124,069 |
|
Pacific Gas & Electric Co. |
|
|
|
|
|
6.050%, due 03/01/34 |
|
130,000 |
|
146,331 |
|
PacifiCorp |
|
|
|
|
|
6.000%, due 01/15/39 |
|
80,000 |
|
98,946 |
|
Philip Morris International, Inc. |
|
|
|
|
|
4.250%, due 11/10/44 |
|
50,000 |
|
47,137 |
|
Phillips 66 |
|
|
|
|
|
4.650%, due 11/15/34 |
|
50,000 |
|
50,653 |
|
Phillips 66 Partners LP |
|
|
|
|
|
4.680%, due 02/15/45 |
|
35,000 |
|
33,117 |
|
PPL Capital Funding, Inc. |
|
|
|
|
|
4.700%, due 06/01/43 |
|
90,000 |
|
89,599 |
|
Procter & Gamble Co./The |
|
|
|
|
|
2.450%, due 11/03/26 |
|
60,000 |
|
55,569 |
|
QUALCOMM, Inc. |
|
|
|
|
|
3.250%, due 05/20/27 |
|
90,000 |
|
84,582 |
|
4.300%, due 05/20/47 |
|
40,000 |
|
37,680 |
|
Reynolds American, Inc. |
|
|
|
|
|
4.450%, due 06/12/25 |
|
70,000 |
|
70,487 |
|
5.700%, due 08/15/35 |
|
45,000 |
|
48,010 |
|
Roche Holdings, Inc. |
|
|
|
|
|
2.625%, due 05/15/262 |
|
200,000 |
|
186,061 |
|
Rowan Cos., Inc. |
|
|
|
|
|
7.875%, due 08/01/19 |
|
30,000 |
|
30,900 |
|
Schlumberger Holdings Corp. |
|
|
|
|
|
3.000%, due 12/21/203 |
|
100,000 |
|
99,208 |
|
Sempra Energy |
|
|
|
|
|
6.000%, due 10/15/39 |
|
70,000 |
|
80,372 |
|
Southern Co./The |
|
|
|
|
|
3.250%, due 07/01/26 |
|
80,000 |
|
74,579 |
|
4.400%, due 07/01/46 |
|
30,000 |
|
28,528 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| ||
Corporate bonds(continued) |
|
|
|
|
| ||
United States(continued) |
|
|
|
|
| ||
Southwestern Electric Power Co. |
|
|
|
|
| ||
6.200%, due 03/15/40 |
|
105,000 |
|
124,952 |
| ||
SunTrust Banks, Inc. |
|
|
|
|
| ||
2.700%, due 01/27/22 |
|
110,000 |
|
107,018 |
| ||
Swiss Re Treasury US Corp. |
|
|
|
|
| ||
4.250%, due 12/06/423 |
|
50,000 |
|
48,586 |
| ||
Teachers Insurance & Annuity Association of America |
|
|
|
|
| ||
4.900%, due 09/15/443 |
|
40,000 |
|
42,544 |
| ||
Thermo Fisher Scientific, Inc. |
|
|
|
|
| ||
2.875%, due 07/24/37 |
|
EUR |
100,000 |
|
118,123 |
| |
Time Warner Cable LLC |
|
|
|
|
| ||
4.500%, due 09/15/42 |
|
60,000 |
|
51,137 |
| ||
5.000%, due 02/01/20 |
|
150,000 |
|
152,963 |
| ||
Union Pacific Corp. |
|
|
|
|
| ||
4.050%, due 11/15/45 |
|
40,000 |
|
37,909 |
| ||
United Airlines Pass-Through Trust, |
|
|
|
|
| ||
Series 2016-1, Class B, |
|
|
|
|
| ||
3.650%, due 01/07/26 |
|
47,859 |
|
45,974 |
| ||
United Technologies Corp. |
|
|
|
|
| ||
3.350%, due 08/16/21 |
|
50,000 |
|
49,928 |
| ||
3.950%, due 08/16/25 |
|
55,000 |
|
54,651 |
| ||
4.625%, due 11/16/48 |
|
50,000 |
|
50,003 |
| ||
Valero Energy Corp. |
|
|
|
|
| ||
4.900%, due 03/15/45 |
|
70,000 |
|
71,235 |
| ||
Verizon Communications, Inc. |
|
|
|
|
| ||
2.875%, due 01/15/38 |
|
EUR |
110,000 |
|
127,847 |
| |
2.946%, due 03/15/22 |
|
190,000 |
|
186,963 |
| ||
3.376%, due 02/15/25 |
|
50,000 |
|
48,631 |
| ||
5.250%, due 03/16/37 |
|
30,000 |
|
31,947 |
| ||
5.500%, due 03/16/47 |
|
150,000 |
|
163,508 |
| ||
Virginia Electric & Power Co., |
|
|
|
|
| ||
Series C, |
|
|
|
|
| ||
4.000%, due 11/15/46 |
|
60,000 |
|
56,656 |
| ||
VMware, Inc. |
|
|
|
|
| ||
3.900%, due 08/21/27 |
|
80,000 |
|
75,640 |
| ||
Walgreens Boots Alliance, Inc. |
|
|
|
|
| ||
3.800%, due 11/18/24 |
|
70,000 |
|
69,105 |
| ||
Walt Disney Co./The |
|
|
|
|
| ||
1.850%, due 07/30/26 |
|
30,000 |
|
26,369 |
| ||
Wells Fargo & Co. |
|
|
|
|
| ||
2.100%, due 07/26/21 |
|
100,000 |
|
96,286 |
| ||
2.625%, due 07/22/22 |
|
110,000 |
|
106,224 |
| ||
3.069%, due 01/24/23 |
|
130,000 |
|
126,848 |
| ||
Williams Cos., Inc./The |
|
|
|
|
| ||
4.300%, due 03/04/24 |
|
80,000 |
|
80,690 |
| ||
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
4.550%, due 06/24/24 |
|
20,000 |
|
20,314 |
|
4.900%, due 01/15/45 |
|
40,000 |
|
38,858 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
Xcel Energy, Inc. |
|
|
|
|
|
4.800%, due 09/15/41 |
|
100,000 |
|
103,773 |
|
Total United States corporate bonds |
|
|
|
14,606,130 |
|
Total corporate bonds |
|
|
|
32,706,617 |
|
|
|
|
|
|
|
Collateralized debt obligation0.00% |
|
|
|
|
|
Cayman Islands0.00% |
|
|
|
|
|
LNR CDO IV Ltd., |
|
|
|
|
|
Series 2006-1A, Class FFX, |
|
|
|
|
|
7.592%, due 05/28/433,7,8 |
|
|
|
|
|
(cost$8,094,565) |
|
8,000,000 |
|
0 |
|
|
|
|
|
|
|
Collateralized mortgage obligation0.00% |
|
|
|
|
|
United States0.00% |
|
|
|
|
|
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
|
Series 2005-7, Class B11, |
|
|
|
|
|
4.246%, due 04/25/359 |
|
|
|
|
|
(cost$12,214) |
|
99,497 |
|
2,847 |
|
|
|
|
|
|
|
Non-US government obligation0.25% |
|
|
|
|
|
Italy0.25% |
|
|
|
|
|
Italy Buoni Poliennali Del Tesoro |
|
|
|
|
|
1.350%, due 04/15/22 |
|
EUR 150,000 |
|
170,220 |
|
|
|
Number of |
|
|
|
Exchange traded fund4.95% |
|
|
|
|
|
iShares Edge MSCI Minimum Volatility Emerging Markets ETF |
|
57,500 |
|
3,409,750 |
|
|
|
|
|
|
|
Short-term investments40.97% |
|
|
|
|
|
Investment company4.11% |
|
|
|
|
|
State Street Institutional U.S. Government Money Market Fund |
|
2,825,970 |
|
2,825,970 |
|
|
|
Face |
|
|
|
U.S. treasury obligations36.86% |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
2.012%, due 10/18/1810 |
|
13,000,000 |
|
12,987,308 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Short-term investments(concluded) |
|
|
|
|
| |
U.S. treasury obligations(concluded) |
|
|
|
|
| |
US Treasury Bills |
|
|
|
|
| |
2.281%, due 02/28/1910 |
|
12,500,000 |
|
12,381,315 |
| |
Total U.S. treasury obligations |
|
|
|
25,368,623 |
| |
Total short-term investments |
|
|
|
28,194,593 |
| |
Total investments |
|
|
|
64,484,027 |
| |
Other assets in excess of liabilities6.30% |
|
|
|
4,332,251 |
| |
Net assets100.00% |
|
|
|
$ |
68,816,278 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Futures contracts
Number of |
|
Currency |
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
Index futures buy contracts: |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
CAD |
S&P TSX 60 Index Futures |
|
December 2018 |
|
3,806,388 |
|
3,825,773 |
|
19,385 |
|
2 |
|
EUR |
DAX Index Futures |
|
December 2018 |
|
701,479 |
|
710,650 |
|
9,171 |
|
294 |
|
EUR |
EURO STOXX 600 Bank Index Futures |
|
December 2018 |
|
2,661,033 |
|
2,665,935 |
|
4,902 |
|
14 |
|
EUR |
FTSE MIB Index Futures |
|
December 2018 |
|
1,707,986 |
|
1,680,818 |
|
(27,168 |
) |
17 |
|
GBP |
FTSE 100 Index Futures |
|
December 2018 |
|
1,610,442 |
|
1,658,844 |
|
48,402 |
|
36 |
|
JPY |
TOPIX Index Futures |
|
December 2018 |
|
5,369,808 |
|
5,758,669 |
|
388,861 |
|
75 |
|
USD |
MSCI Emerging Markets E-Mini Index Futures |
|
December 2018 |
|
3,874,163 |
|
3,936,375 |
|
62,212 |
|
26 |
|
USD |
NASDAQ 100 E-Mini Index Futures |
|
December 2018 |
|
3,948,517 |
|
3,980,730 |
|
32,213 |
|
Interest rate futures buy contracts: |
| |||||||||||
3 |
|
CAD |
Canada Government Bond 10 Year Futures |
|
December 2018 |
|
311,162 |
|
308,024 |
|
(3,138 |
) |
US Treasury futures buy contracts: |
| |||||||||||
21 |
|
USD |
US Treasury Note 5 Year Futures |
|
December 2018 |
|
2,376,804 |
|
2,362,008 |
|
(14,796 |
) |
|
|
|
|
|
|
|
26,367,782 |
|
26,887,826 |
|
520,044 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
Number of |
|
Currency |
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
Futures contracts(concluded) |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Index futures sell contracts: |
| |||||||||||
27 |
|
AUD |
ASX SPI 200 Index Futures |
|
December 2018 |
|
(2,996,351 |
) |
(3,022,199 |
) |
(25,848 |
) |
39 |
|
EUR |
CAC 40 Index Futures |
|
October 2018 |
|
(2,486,245 |
) |
(2,485,699 |
) |
546 |
|
62 |
|
EUR |
EURO STOXX 50 Index Futures |
|
December 2018 |
|
(2,403,584 |
) |
(2,438,136 |
) |
(34,552 |
) |
19 |
|
USD |
S&P 500 E-Mini Index Futures |
|
December 2018 |
|
(2,764,775 |
) |
(2,773,050 |
) |
(8,275 |
) |
Interest rate futures sell contracts: |
| |||||||||||
36 |
|
EUR |
German Euro Bund Futures |
|
December 2018 |
|
(6,703,441 |
) |
(6,637,075 |
) |
66,366 |
|
16 |
|
GBP |
United Kingdom Long Gilt Bond Futures |
|
December 2018 |
|
(2,547,248 |
) |
(2,522,132 |
) |
25,116 |
|
US Treasury futures sell contracts: |
| |||||||||||
20 |
|
USD |
Ultra Long US Treasury Bond Futures |
|
December 2018 |
|
(3,187,643 |
) |
(3,085,625 |
) |
102,018 |
|
7 |
|
USD |
US Treasury Note 10 Year Futures |
|
December 2018 |
|
(841,849 |
) |
(831,469 |
) |
10,380 |
|
|
|
|
|
|
|
|
(23,931,136 |
) |
(23,795,385 |
) |
135,751 |
|
|
|
|
|
|
|
|
|
|
|
|
655,795 |
|
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
BB |
|
CLP |
1,580,700,000 |
|
USD |
2,433,981 |
|
10/23/18 |
|
29,783 |
|
BB |
|
INR |
155,490,000 |
|
USD |
2,242,412 |
|
10/23/18 |
|
102,814 |
|
BB |
|
KRW |
8,943,000,000 |
|
USD |
7,964,342 |
|
10/23/18 |
|
(101,435 |
) |
BB |
|
MYR |
9,594,000 |
|
USD |
2,338,631 |
|
10/23/18 |
|
21,485 |
|
BB |
|
SEK |
19,786,133 |
|
USD |
2,155,000 |
|
10/23/18 |
|
(75,115 |
) |
BB |
|
USD |
2,264,214 |
|
COP |
6,494,898,000 |
|
10/23/18 |
|
(71,698 |
) |
BB |
|
USD |
6,357,496 |
|
MXN |
123,100,000 |
|
10/23/18 |
|
198,959 |
|
BOA |
|
CHF |
2,245,000 |
|
USD |
2,260,801 |
|
10/23/18 |
|
(31,019 |
) |
BOA |
|
USD |
3,452,243 |
|
SEK |
30,530,000 |
|
10/23/18 |
|
(11,176 |
) |
CITI |
|
BRL |
1,610,000 |
|
USD |
414,020 |
|
10/23/18 |
|
15,962 |
|
CITI |
|
EUR |
9,705,000 |
|
USD |
11,349,288 |
|
10/23/18 |
|
62,807 |
|
CITI |
|
HKD |
4,095,000 |
|
USD |
522,491 |
|
10/23/18 |
|
(747 |
) |
CITI |
|
JPY |
36,222,219 |
|
NZD |
495,000 |
|
10/23/18 |
|
8,866 |
|
CITI |
|
NZD |
6,790,000 |
|
USD |
4,581,213 |
|
10/23/18 |
|
79,901 |
|
CITI |
|
USD |
216,805 |
|
EUR |
185,000 |
|
10/23/18 |
|
(1,658 |
) |
CITI |
|
USD |
867,259 |
|
SEK |
7,860,000 |
|
10/23/18 |
|
18,650 |
|
CSI |
|
USD |
378,050 |
|
EUR |
325,000 |
|
10/23/18 |
|
(90 |
) |
GSI |
|
CNY |
7,870,000 |
|
USD |
1,174,031 |
|
10/23/18 |
|
30,297 |
|
GSI |
|
COP |
6,494,898,000 |
|
USD |
2,120,520 |
|
10/23/18 |
|
(71,996 |
) |
GSI |
|
NZD |
3,094,147 |
|
EUR |
1,745,000 |
|
10/23/18 |
|
(21,853 |
) |
GSI |
|
TRY |
3,864,623 |
|
USD |
540,000 |
|
10/23/18 |
|
(91,376 |
) |
GSI |
|
TWD |
14,400,000 |
|
USD |
474,590 |
|
10/23/18 |
|
2,334 |
|
GSI |
|
USD |
2,325,243 |
|
CLP |
1,580,700,000 |
|
10/23/18 |
|
78,954 |
|
GSI |
|
USD |
2,239,199 |
|
INR |
155,490,000 |
|
10/23/18 |
|
(99,600 |
) |
GSI |
|
USD |
2,284,756 |
|
NOK |
18,700,000 |
|
10/23/18 |
|
14,851 |
|
GSI |
|
USD |
2,117,652 |
|
TRY |
10,655,000 |
|
10/23/18 |
|
(376,909 |
) |
JPMCB |
|
TRY |
6,790,377 |
|
USD |
1,046,670 |
|
10/23/18 |
|
(62,696 |
) |
JPMCB |
|
USD |
2,155,000 |
|
CAD |
2,832,745 |
|
10/23/18 |
|
39,191 |
|
JPMCB |
|
USD |
180,619 |
|
EUR |
155,000 |
|
10/23/18 |
|
(361 |
) |
JPMCB |
|
USD |
430,463 |
|
HKD |
3,375,000 |
|
10/23/18 |
|
778 |
|
JPMCB |
|
USD |
6,125,496 |
|
JPY |
687,400,000 |
|
10/23/18 |
|
(66,314 |
) |
MSCI |
|
AUD |
3,740,000 |
|
USD |
2,760,225 |
|
10/23/18 |
|
56,448 |
|
MSCI |
|
CAD |
7,210,000 |
|
USD |
5,468,037 |
|
10/23/18 |
|
(116,693 |
) |
MSCI |
|
GBP |
4,025,000 |
|
USD |
5,264,142 |
|
10/23/18 |
|
13,083 |
|
MSCI |
|
MXN |
41,921,431 |
|
USD |
2,155,000 |
|
10/23/18 |
|
(77,786 |
) |
MSCI |
|
SGD |
3,370,000 |
|
USD |
2,464,338 |
|
10/23/18 |
|
(2,037 |
) |
MSCI |
|
USD |
2,849,690 |
|
KRW |
3,210,000,000 |
|
10/23/18 |
|
45,440 |
|
MSCI |
|
USD |
2,367,252 |
|
MYR |
9,594,000 |
|
10/23/18 |
|
(50,106 |
) |
MSCI |
|
USD |
2,451,810 |
|
SGD |
3,370,000 |
|
10/23/18 |
|
14,566 |
|
|
|
|
|
|
|
|
|
|
|
(495,496 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
Credit default swap agreements on corporate issues sell protection11
Counterparty |
|
Referenced |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
JPMCB |
|
Teck Resources Ltd. bond, 3.150%, due 3/20/20 |
|
USD |
90 |
|
03/20/20 |
|
Quarterly |
|
1.000 |
|
2,134 |
|
1,272 |
|
3,406 |
|
Centrally cleared credit default swap agreements on credit indices buy protection13
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX North America Investment Grade 31 Index |
|
USD |
15,000 |
|
12/20/23 |
|
Quarterly |
|
1.000 |
|
275,356 |
|
(292,705 |
) |
(17,349 |
) |
iTraxx Europe Series 30 Index |
|
EUR |
7,000 |
|
12/20/23 |
|
Quarterly |
|
1.000 |
|
133,768 |
|
(135,031 |
) |
(1,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
409,124 |
|
(427,736 |
) |
(18,612 |
) |
Centrally cleared credit default swap agreements on credit indices sell protection11
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX North America High Yield 31 Index |
|
USD |
1,800 |
|
12/20/23 |
|
Quarterly |
|
5.000 |
|
(130,119 |
) |
132,369 |
|
2,250 |
|
iTraxx Europe Crossover Series 30 Index |
|
EUR |
700 |
|
12/20/23 |
|
Quarterly |
|
5.000 |
|
(90,910 |
) |
91,320 |
|
410 |
|
|
|
|
|
|
|
|
|
|
|
|
(221,029 |
) |
223,689 |
|
2,660 |
|
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2018 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Corporate bonds |
|
|
|
32,706,617 |
|
|
|
32,706,617 |
|
Collateralized debt obligation |
|
|
|
|
|
0 |
|
0 |
|
Collateralized mortgage obligation |
|
|
|
2,847 |
|
|
|
2,847 |
|
Non-US government obligation |
|
|
|
170,220 |
|
|
|
170,220 |
|
Exchange traded fund |
|
3,409,750 |
|
|
|
|
|
3,409,750 |
|
Short-term investments |
|
|
|
28,194,593 |
|
|
|
28,194,593 |
|
Futures contracts |
|
769,572 |
|
|
|
|
|
769,572 |
|
Forward foreign currency contracts |
|
|
|
835,169 |
|
|
|
835,169 |
|
Swap agreements |
|
|
|
224,961 |
|
|
|
224,961 |
|
Total |
|
4,179,322 |
|
62,134,407 |
|
0 |
|
66,313,729 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(113,777 |
) |
|
|
|
|
(113,777 |
) |
Forward foreign currency contracts |
|
|
|
(1,330,665 |
) |
|
|
(1,330,665 |
) |
Swap agreements |
|
|
|
(427,736 |
) |
|
|
(427,736 |
) |
Total |
|
(113,777 |
) |
(1,758,401 |
) |
|
|
(1,872,178 |
) |
At September 30, 2018, there were no transfers between Level 1 and Level 2. At June 30, 2018, $38,046 and $(538,903) of futures contracts were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
Level 3 rollforward disclosure
The following is a rollforward of the Funds investments that was valued using unobservable inputs for the period ended September 30, 2018:
Assets |
|
Collateralized |
| |
Beginning balance |
|
$ |
0 |
|
Purchases |
|
|
| |
Sales |
|
|
| |
Accrued discounts/(premiums) |
|
(330 |
) | |
Total realized gain/(loss) |
|
|
| |
Net change in unrealized appreciation/depreciation |
|
330 |
| |
Transfers into Level 3 |
|
|
| |
Transfers out of Level 3 |
|
|
| |
Ending balance |
|
$ |
0 |
|
The change in net unrealized appreciation (depreciation) relating to the Level 3 investments held at September 30, 2018 was $330.
Portfolio footnotes
Amount represents less than 0.005%.
1 In US dollars unless otherwise indicated.
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 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. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,893,334, represented 2.75% of the Funds net assets at period end.
4 Perpetual investment. Date shown reflects the next call date.
5 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
6 Step bondcoupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
7 Illiquid investment at period end. Illiquid assets, in the amount of $0, represented 0.00% of the Funds net assets at period end.
8 Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
9 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. Rate shown is the rate in effect as of period end.
10 Rate shown is the discount rate at the date of purchase unless otherwise noted.
UBS Dynamic Alpha Fund
Portfolio of investments September 30, 2018 (unaudited)
11 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
12 Payments made or received are based on the notional amount.
13 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or 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 diversification September 30, 2018 (unaudited) 1,2
Common stocks |
|
Percentage |
|
Aerospace & defense |
|
0.60 |
% |
Airlines |
|
0.53 |
|
Auto components |
|
0.95 |
|
Automobiles |
|
0.34 |
|
Banks |
|
3.59 |
|
Biotechnology |
|
0.97 |
|
Building products |
|
0.53 |
|
Chemicals |
|
1.29 |
|
Commercial services & supplies |
|
0.51 |
|
Communications equipment |
|
0.14 |
|
Construction & engineering |
|
0.13 |
|
Consumer finance |
|
1.07 |
|
Distributors |
|
0.22 |
|
Diversified financial services |
|
1.03 |
|
Diversified telecommunication services |
|
0.77 |
|
Electric utilities |
|
0.13 |
|
Electrical equipment |
|
0.33 |
|
Electronic equipment, instruments & components |
|
0.29 |
|
Energy equipment & services |
|
0.20 |
|
Entertainment |
|
1.12 |
|
Equity real estate investment trusts |
|
0.37 |
|
Food & staples retailing |
|
1.05 |
|
Food products |
|
0.40 |
|
Health care equipment & supplies |
|
0.84 |
|
Health care providers & services |
|
0.85 |
|
Hotels, restaurants & leisure |
|
0.49 |
|
Household durables |
|
1.14 |
|
Industrial conglomerates |
|
0.15 |
|
Insurance |
|
2.07 |
|
Interactive media & services |
|
1.29 |
|
Internet & direct marketing retail |
|
2.07 |
|
IT services |
|
1.62 |
|
Life sciences tools & services |
|
0.21 |
|
Machinery |
|
1.80 |
|
Marine |
|
0.11 |
|
Media |
|
0.16 |
|
Metals & mining |
|
1.08 |
|
Multi-utilities |
|
0.34 |
|
Multiline retail |
|
0.19 |
|
Oil, gas & consumable fuels |
|
2.57 |
|
Personal products |
|
0.46 |
|
Pharmaceuticals |
|
2.84 |
|
Professional services |
|
0.16 |
|
Real estate management & development |
|
0.15 |
|
Road & rail |
|
0.29 |
|
Semiconductors & semiconductor equipment |
|
2.64 |
|
Software |
|
2.80 |
|
Specialty retail |
|
0.76 |
|
Technology hardware, storage & peripherals |
|
0.78 |
|
Textiles, apparel & luxury goods |
|
0.18 |
|
Tobacco |
|
0.89 |
|
Trading companies & distributors |
|
0.67 |
|
Wireless telecommunication services |
|
0.16 |
|
Total common stocks |
|
46.32 |
% |
Non-US government obligations |
|
5.59 |
|
U.S. treasury obligations |
|
7.01 |
|
Investment company |
|
7.00 |
|
Exchange traded funds |
|
9.68 |
|
Short-term investment |
|
20.26 |
|
Option purchased |
|
0.16 |
|
Total investments |
|
96.02 |
% |
Other assets in excess of liabilities |
|
3.98 |
|
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 September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks46.32% |
|
|
|
|
|
Australia0.56% |
|
|
|
|
|
Insurance Australia Group Ltd. |
|
88,698 |
|
469,324 |
|
Rio Tinto Ltd. |
|
9,281 |
|
528,383 |
|
Wesfarmers Ltd. |
|
19,063 |
|
686,917 |
|
Total Australia common stocks |
|
|
|
1,684,624 |
|
|
|
|
|
|
|
Austria0.39% |
|
|
|
|
|
Erste Group Bank AG* |
|
28,363 |
|
1,178,267 |
|
|
|
|
|
|
|
Belgium0.07% |
|
|
|
|
|
Galapagos NV* |
|
1,958 |
|
221,468 |
|
|
|
|
|
|
|
Bermuda0.66% |
|
|
|
|
|
Jardine Matheson Holdings Ltd. |
|
7,300 |
|
458,075 |
|
Marvell Technology Group Ltd. |
|
42,250 |
|
815,425 |
|
Norwegian Cruise Line Holdings Ltd.* |
|
12,270 |
|
704,666 |
|
Total Bermuda common stocks |
|
|
|
1,978,166 |
|
|
|
|
|
|
|
Canada1.32% |
|
|
|
|
|
Canadian Natural Resources Ltd. |
|
21,959 |
|
717,431 |
|
Enerplus Corp. |
|
34,366 |
|
424,370 |
|
Entertainment One Ltd. |
|
77,032 |
|
414,867 |
|
Husky Energy, Inc. |
|
60,622 |
|
1,064,458 |
|
Paramount Resources Ltd., Class A* |
|
20,621 |
|
241,548 |
|
Toronto-Dominion Bank/The |
|
18,247 |
|
1,108,820 |
|
Total Canada common stocks |
|
|
|
3,971,494 |
|
|
|
|
|
|
|
Cayman Islands0.25% |
|
|
|
|
|
Alibaba Group Holding Ltd., ADR* |
|
3,180 |
|
523,937 |
|
Tencent Holdings Ltd., ADR |
|
5,801 |
|
236,913 |
|
Total Cayman Islands common stocks |
|
|
|
760,850 |
|
|
|
|
|
|
|
Denmark0.11% |
|
|
|
|
|
AP Moller - Maersk A/S, Class B |
|
242 |
|
339,853 |
|
|
|
|
|
|
|
Finland0.25% |
|
|
|
|
|
Sampo Oyj, Class A |
|
14,543 |
|
753,078 |
|
|
|
|
|
|
|
France1.21% |
|
|
|
|
|
Publicis Groupe SA |
|
7,992 |
|
477,689 |
|
Sanofi |
|
20,158 |
|
1,791,845 |
|
Thales SA |
|
6,745 |
|
958,158 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
France(concluded) |
|
|
|
|
|
Valeo SA |
|
9,164 |
|
397,931 |
|
Total France common stocks |
|
|
|
3,625,623 |
|
|
|
|
|
|
|
Germany1.57% |
|
|
|
|
|
Deutsche Telekom AG (Registered) |
|
89,272 |
|
1,439,170 |
|
Infineon Technologies AG |
|
28,241 |
|
641,685 |
|
LANXESS AG |
|
11,236 |
|
822,914 |
|
SAP SE |
|
9,080 |
|
1,117,488 |
|
thyssenkrupp AG |
|
26,989 |
|
681,236 |
|
Total Germany common stocks |
|
|
|
4,702,493 |
|
|
|
|
|
|
|
Hong Kong0.63% |
|
|
|
|
|
AIA Group Ltd. |
|
169,117 |
|
1,510,060 |
|
Power Assets Holdings Ltd. |
|
56,500 |
|
393,346 |
|
Total Hong Kong common stocks |
|
|
|
1,903,406 |
|
|
|
|
|
|
|
Ireland1.04% |
|
|
|
|
|
Allegion PLC |
|
10,353 |
|
937,671 |
|
Allergan PLC |
|
7,890 |
|
1,502,887 |
|
Ryanair Holdings PLC, ADR* |
|
7,192 |
|
690,720 |
|
Total Ireland common stocks |
|
|
|
3,131,278 |
|
|
|
|
|
|
|
Italy0.71% |
|
|
|
|
|
Autogrill SpA |
|
37,000 |
|
378,253 |
|
Banca Mediolanum SpA |
|
147,512 |
|
1,003,636 |
|
Mediobanca Banca di Credito Finanziario SpA |
|
74,449 |
|
743,721 |
|
Total Italy common stocks |
|
|
|
2,125,610 |
|
|
|
|
|
|
|
Japan5.15% |
|
|
|
|
|
Chiyoda Corp. |
|
48,900 |
|
398,103 |
|
Inpex Corp. |
|
76,900 |
|
959,050 |
|
ITOCHU Corp. |
|
49,800 |
|
911,671 |
|
Katitas Co. Ltd. |
|
14,500 |
|
442,198 |
|
Makita Corp. |
|
13,600 |
|
681,077 |
|
MINEBEA MITSUMI, Inc. |
|
43,900 |
|
795,934 |
|
Nabtesco Corp. |
|
17,400 |
|
462,489 |
|
Nintendo Co. Ltd. |
|
1,600 |
|
583,841 |
|
ORIX Corp. |
|
68,900 |
|
1,117,002 |
|
Otsuka Holdings Co. Ltd. |
|
24,400 |
|
1,229,879 |
|
Shin-Etsu Chemical Co. Ltd. |
|
10,800 |
|
956,715 |
|
Sony Corp. |
|
35,800 |
|
2,194,885 |
|
Sumitomo Electric Industries Ltd. |
|
41,000 |
|
643,038 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Japan(concluded) |
|
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. |
|
23,700 |
|
956,594 |
|
Takeda Pharmaceutical Co. Ltd. |
|
21,700 |
|
928,390 |
|
Tokyo Electron Ltd. |
|
2,300 |
|
315,992 |
|
Toyota Industries Corp. |
|
14,300 |
|
845,767 |
|
Toyota Motor Corp. |
|
16,500 |
|
1,030,342 |
|
Total Japan common stocks |
|
|
|
15,452,967 |
|
|
|
|
|
|
|
Jersey0.50% |
|
|
|
|
|
Aptiv PLC |
|
11,628 |
|
975,589 |
|
Glencore PLC* |
|
121,379 |
|
524,768 |
|
Total Jersey common stocks |
|
|
|
1,500,357 |
|
|
|
|
|
|
|
Netherlands1.48% |
|
|
|
|
|
ABN AMRO Group NV CVA1 |
|
43,659 |
|
1,188,688 |
|
ASR Nederland NV |
|
24,751 |
|
1,179,948 |
|
Koninklijke Ahold Delhaize NV |
|
29,725 |
|
681,616 |
|
NXP Semiconductors NV |
|
5,166 |
|
441,693 |
|
Unilever NV CVA |
|
16,775 |
|
934,196 |
|
Total Netherlands common stocks |
|
|
|
4,426,141 |
|
|
|
|
|
|
|
Norway0.67% |
|
|
|
|
|
Equinor ASA |
|
24,933 |
|
703,072 |
|
Telenor ASA |
|
44,676 |
|
873,347 |
|
Yara International ASA |
|
9,023 |
|
443,126 |
|
Total Norway common stocks |
|
|
|
2,019,545 |
|
|
|
|
|
|
|
Spain0.21% |
|
|
|
|
|
Banco Santander SA |
|
124,837 |
|
628,396 |
|
|
|
|
|
|
|
Switzerland0.48% |
|
|
|
|
|
Nestle SA (Registered) |
|
6,228 |
|
519,233 |
|
Novartis AG (Registered) |
|
10,568 |
|
908,850 |
|
Total Switzerland common stocks |
|
|
|
1,428,083 |
|
|
|
|
|
|
|
United Kingdom4.38% |
|
|
|
|
|
Anglo American PLC |
|
40,671 |
|
913,372 |
|
Ashtead Group PLC |
|
34,661 |
|
1,100,967 |
|
Babcock International Group PLC |
|
67,386 |
|
635,018 |
|
Barclays PLC |
|
276,768 |
|
619,678 |
|
BP PLC |
|
210,038 |
|
1,613,289 |
|
British American Tobacco PLC |
|
25,053 |
|
1,170,486 |
|
Centrica PLC |
|
500,398 |
|
1,010,287 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
United Kingdom(concluded) |
|
|
|
|
|
GlaxoSmithKline PLC |
|
47,366 |
|
948,772 |
|
HSBC Holdings PLC |
|
130,444 |
|
1,138,799 |
|
LivaNova PLC* |
|
9,800 |
|
1,214,906 |
|
Sage Group PLC/The |
|
122,252 |
|
934,389 |
|
Sensata Technologies Holding NV* |
|
7,714 |
|
382,229 |
|
Spectris PLC |
|
15,053 |
|
465,585 |
|
Tesco PLC |
|
320,754 |
|
1,002,534 |
|
Total United Kingdom common stocks |
|
|
|
13,150,311 |
|
|
|
|
|
|
|
United States24.68% |
|
|
|
|
|
Abbott Laboratories |
|
8,610 |
|
631,630 |
|
Activision Blizzard, Inc. |
|
6,170 |
|
513,282 |
|
Adobe Systems, Inc.* |
|
2,158 |
|
582,552 |
|
AGCO Corp. |
|
11,277 |
|
685,529 |
|
Alexion Pharmaceuticals, Inc.* |
|
4,859 |
|
675,450 |
|
Alnylam Pharmaceuticals, Inc.* |
|
4,028 |
|
352,531 |
|
Alphabet, Inc., Class A* |
|
1,309 |
|
1,580,068 |
|
Amazon.com, Inc.* |
|
2,388 |
|
4,783,164 |
|
American Express Co. |
|
19,701 |
|
2,097,960 |
|
Anthem, Inc. |
|
2,446 |
|
670,326 |
|
Apple, Inc. |
|
6,898 |
|
1,557,155 |
|
Arista Networks, Inc.* |
|
1,629 |
|
433,086 |
|
Ashland Global Holdings, Inc. |
|
7,941 |
|
665,932 |
|
Autodesk, Inc.* |
|
4,259 |
|
664,873 |
|
Bio-Rad Laboratories, Inc., Class A* |
|
1,974 |
|
617,842 |
|
Bluebird Bio, Inc.* |
|
1,095 |
|
159,870 |
|
Booking Holdings, Inc.* |
|
236 |
|
468,224 |
|
Broadcom, Inc. |
|
5,668 |
|
1,398,466 |
|
Caterpillar, Inc. |
|
3,652 |
|
556,893 |
|
Cirrus Logic, Inc.* |
|
9,775 |
|
377,315 |
|
Coherus Biosciences, Inc.* |
|
10,761 |
|
177,557 |
|
Concho Resources, Inc.* |
|
4,635 |
|
707,996 |
|
Cooper Cos., Inc./The |
|
2,423 |
|
671,534 |
|
Delta Air Lines, Inc. |
|
15,322 |
|
886,071 |
|
Diamondback Energy, Inc. |
|
1,536 |
|
207,652 |
|
Dollar General Corp. |
|
5,088 |
|
556,118 |
|
Eastman Chemical Co. |
|
4,850 |
|
464,242 |
|
Electronic Arts, Inc.* |
|
3,667 |
|
441,837 |
|
Estee Lauder Cos., Inc./The, Class A |
|
3,038 |
|
441,482 |
|
Expedia Group, Inc. |
|
3,352 |
|
437,369 |
|
Facebook, Inc., Class A* |
|
12,561 |
|
2,065,782 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
First Republic Bank |
|
2,884 |
|
276,864 |
|
Gardner Denver Holdings, Inc.* |
|
40,920 |
|
1,159,673 |
|
GoDaddy, Inc., Class A* |
|
5,380 |
|
448,638 |
|
Halliburton Co. |
|
14,948 |
|
605,842 |
|
Hess Corp. |
|
15,230 |
|
1,090,163 |
|
Home Depot, Inc./The |
|
4,535 |
|
939,425 |
|
Incyte Corp.* |
|
10,113 |
|
698,606 |
|
Ironwood Pharmaceuticals, Inc.* |
|
22,954 |
|
423,731 |
|
Jabil, Inc. |
|
14,652 |
|
396,776 |
|
Johnson & Johnson |
|
8,714 |
|
1,204,013 |
|
JPMorgan Chase & Co. |
|
15,334 |
|
1,730,289 |
|
Laboratory Corp. of America Holdings* |
|
3,403 |
|
591,033 |
|
Lam Research Corp. |
|
2,699 |
|
409,438 |
|
Lexicon Pharmaceuticals, Inc.* |
|
18,493 |
|
197,320 |
|
LKQ Corp.* |
|
21,006 |
|
665,260 |
|
Marsh & McLennan Cos., Inc. |
|
17,836 |
|
1,475,394 |
|
Masco Corp. |
|
17,774 |
|
650,528 |
|
Mastercard, Inc., Class A |
|
826 |
|
183,876 |
|
MetLife, Inc. |
|
17,769 |
|
830,168 |
|
Michaels Cos., Inc./The* |
|
33,909 |
|
550,343 |
|
Microchip Technology, Inc. |
|
5,341 |
|
421,458 |
|
Micron Technology, Inc.* |
|
19,470 |
|
880,628 |
|
Microsoft Corp. |
|
20,666 |
|
2,363,570 |
|
Mohawk Industries, Inc.* |
|
2,419 |
|
424,172 |
|
Mondelez International, Inc., Class A |
|
16,077 |
|
690,668 |
|
MSA Safety, Inc. |
|
5,213 |
|
554,872 |
|
Newell Brands, Inc. |
|
39,237 |
|
796,511 |
|
Nike, Inc., Class B |
|
6,512 |
|
551,697 |
|
NVIDIA Corp. |
|
2,406 |
|
676,134 |
|
Parker-Hannifin Corp. |
|
3,256 |
|
598,876 |
|
Philip Morris International, Inc. |
|
18,487 |
|
1,507,430 |
|
Rockwell Automation, Inc. |
|
3,291 |
|
617,128 |
|
salesforce.com, Inc.* |
|
10,125 |
|
1,610,179 |
|
ServiceNow, Inc.* |
|
3,548 |
|
694,095 |
|
Sherwin-Williams Co./The |
|
1,122 |
|
510,746 |
|
Simon Property Group, Inc. |
|
6,274 |
|
1,108,930 |
|
Skyworks Solutions, Inc. |
|
4,771 |
|
432,777 |
|
Spirit AeroSystems Holdings, Inc., Class A |
|
9,083 |
|
832,639 |
|
Square, Inc., Class A* |
|
4,449 |
|
440,496 |
|
Steel Dynamics, Inc. |
|
12,960 |
|
585,662 |
|
Stericycle, Inc.* |
|
6,021 |
|
353,312 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
Synchrony Financial |
|
35,716 |
|
1,110,053 |
|
T-Mobile US, Inc.* |
|
6,871 |
|
482,207 |
|
Take-Two Interactive Software, Inc.* |
|
3,514 |
|
484,897 |
|
Teradyne, Inc. |
|
10,773 |
|
398,386 |
|
TJX Cos., Inc./The |
|
7,114 |
|
796,910 |
|
Ultimate Software Group, Inc./The* |
|
1,341 |
|
432,057 |
|
Union Pacific Corp. |
|
5,439 |
|
885,632 |
|
UnitedHealth Group, Inc. |
|
4,863 |
|
1,293,753 |
|
Universal Display Corp. |
|
6,107 |
|
720,015 |
|
Verisk Analytics, Inc.* |
|
4,108 |
|
495,219 |
|
Visa, Inc., Class A |
|
15,028 |
|
2,255,553 |
|
Voya Financial, Inc. |
|
19,401 |
|
963,648 |
|
Wabtec Corp. |
|
4,438 |
|
465,457 |
|
Walgreens Boots Alliance, Inc. |
|
10,612 |
|
773,615 |
|
Walt Disney Co./The |
|
7,965 |
|
931,427 |
|
Wells Fargo & Co. |
|
23,196 |
|
1,219,182 |
|
Western Digital Corp. |
|
13,167 |
|
770,796 |
|
Worldpay, Inc., Class A* |
|
15,096 |
|
1,525,564 |
|
Yum! Brands, Inc. |
|
4,328 |
|
393,458 |
|
Total United States common stocks |
|
|
|
74,106,977 |
|
Total common stocks |
|
|
|
139,088,987 |
|
|
|
Face |
|
|
| |
Non-US government obligations5.59% |
|
|
|
|
| |
Australia0.28% |
|
|
|
|
| |
Commonwealth of Australia |
|
|
|
|
| |
2.250%, due 05/21/283 |
|
AUD |
130,000 |
|
90,551 |
|
4.500%, due 04/15/203 |
|
AUD |
625,000 |
|
468,909 |
|
4.500%, due 04/21/333 |
|
AUD |
122,000 |
|
105,558 |
|
5.500%, due 04/21/233 |
|
AUD |
230,000 |
|
189,560 |
|
|
|
|
|
854,578 |
| |
Austria0.07% |
|
|
|
|
| |
Republic of Austria |
|
|
|
|
| |
1.200%, due 10/20/251,3 |
|
EUR |
47,000 |
|
57,771 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Non-US government obligations(continued) |
|
|
|
|
| |
Austria(concluded) |
|
|
|
|
| |
3.150%, due 06/20/441,3 |
|
EUR |
86,000 |
|
139,676 |
|
|
|
|
|
197,447 |
| |
Belgium0.09% |
|
|
|
|
| |
Kingdom of Belgium |
|
|
|
|
| |
3.750%, due 06/22/453 |
|
EUR |
161,000 |
|
271,988 |
|
|
|
|
|
|
| |
Canada0.35% |
|
|
|
|
| |
Government of Canada |
|
|
|
|
| |
1.500%, due 06/01/23 |
|
CAD |
1,100,000 |
|
820,667 |
|
2.250%, due 06/01/25 |
|
CAD |
206,000 |
|
158,089 |
|
2.750%, due 12/01/64 |
|
CAD |
82,000 |
|
69,956 |
|
|
|
|
|
1,048,712 |
| |
Finland0.03% |
|
|
|
|
| |
Republic of Finland |
|
|
|
|
| |
0.500%, due 04/15/261,3 |
|
EUR |
85,000 |
|
99,152 |
|
|
|
|
|
|
| |
France0.64% |
|
|
|
|
| |
France Government Bond OAT |
|
|
|
|
| |
0.500%, due 05/25/263 |
|
EUR |
952,000 |
|
1,108,226 |
|
2.500%, due 05/25/303 |
|
EUR |
336,000 |
|
458,145 |
|
3.250%, due 05/25/453 |
|
EUR |
216,000 |
|
343,079 |
|
|
|
|
|
1,909,450 |
| |
Germany0.16% |
|
|
|
|
| |
Federal Republic of Germany |
|
|
|
|
| |
1.500%, due 05/15/233 |
|
EUR |
270,000 |
|
337,725 |
|
2.500%, due 08/15/463 |
|
EUR |
100,000 |
|
156,940 |
|
|
|
|
|
494,665 |
| |
Ireland0.02% |
|
|
|
|
| |
Republic of Ireland |
|
|
|
|
| |
2.000%, due 02/18/453 |
|
EUR |
48,000 |
|
58,291 |
|
|
|
|
|
|
| |
Italy0.95% |
|
|
|
|
| |
Italy Buoni Poliennali Del Tesoro |
|
|
|
|
| |
1.600%, due 06/01/26 |
|
EUR |
950,000 |
|
1,012,567 |
|
1.650%, due 03/01/321,3 |
|
EUR |
60,000 |
|
58,296 |
|
2.550%, due 09/15/413 |
|
EUR |
370,095 |
|
454,493 |
|
3.250%, due 09/01/461,3 |
|
EUR |
215,000 |
|
235,301 |
|
4.000%, due 02/01/373 |
|
EUR |
309,000 |
|
386,554 |
|
4.250%, due 02/01/193 |
|
EUR |
560,000 |
|
658,771 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| ||
Non-US government obligations(concluded) |
|
|
|
|
| ||
Italy(concluded) |
|
|
|
|
| ||
4.750%, due 09/01/441,3 |
|
EUR |
25,000 |
|
34,115 |
| |
|
|
|
|
2,840,097 |
| ||
Japan1.06% |
|
|
|
|
| ||
Japan Government Five Year Bond |
|
|
|
|
| ||
0.100%, due 12/20/19 |
|
JPY |
155,000,000 |
|
1,367,839 |
| |
Japan Government Thirty Year Bond |
|
|
|
|
| ||
0.300%, due 06/20/46 |
|
JPY |
41,000,000 |
|
312,512 |
| |
Japan Government Twenty Year Bond |
|
|
|
|
| ||
0.400%, due 03/20/36 |
|
JPY |
176,350,000 |
|
1,517,057 |
| |
|
|
|
|
3,197,408 |
| ||
Netherlands0.08% |
|
|
|
|
| ||
Kingdom of the Netherlands |
|
|
|
|
| ||
2.750%, due 01/15/471,3 |
|
EUR |
139,000 |
|
226,235 |
| |
|
|
|
|
|
| ||
New Zealand0.99% |
|
|
|
|
| ||
New Zealand Government Bond |
|
|
|
|
| ||
2.000%, due 09/20/253,4 |
|
NZD |
3,985,281 |
|
2,985,929 |
| |
|
|
|
|
|
| ||
Spain0.80% |
|
|
|
|
| ||
Kingdom of Spain |
|
|
|
|
| ||
1.450%, due 10/31/271,3 |
|
EUR |
120,000 |
|
140,160 |
| |
3.450%, due 07/30/661,3 |
|
EUR |
10,000 |
|
13,353 |
| |
3.750%, due 10/31/18 |
|
EUR |
920,000 |
|
1,071,518 |
| |
4.200%, due 01/31/371,3 |
|
EUR |
44,000 |
|
67,367 |
| |
4.800%, due 01/31/241,3 |
|
EUR |
640,000 |
|
903,600 |
| |
5.150%, due 10/31/441,3 |
|
EUR |
110,000 |
|
194,189 |
| |
|
|
|
|
2,390,187 |
| ||
United Kingdom0.07% |
|
|
|
|
| ||
United Kingdom Gilt |
|
|
|
|
| ||
3.500%, due 01/22/453 |
|
GBP |
120,000 |
|
206,446 |
| |
Total non-US government obligations |
|
|
|
16,780,585 |
| ||
|
|
|
|
|
| ||
U.S. treasury obligations7.01% |
|
|
|
|
| ||
US Treasury Bonds |
|
|
|
|
| ||
2.250%, due 08/15/46 |
|
230,000 |
|
189,831 |
| ||
2.500%, due 02/15/46 |
|
590,000 |
|
514,683 |
| ||
2.750%, due 11/15/42 |
|
543,000 |
|
502,296 |
| ||
2.750%, due 08/15/47 |
|
430,000 |
|
393,601 |
| ||
2.875%, due 05/15/43 |
|
1,045,000 |
|
987,688 |
| ||
2.875%, due 08/15/45 |
|
50,000 |
|
47,059 |
| ||
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
U.S. treasury obligations(concluded) |
|
|
|
|
|
3.000%, due 11/15/45 |
|
125,000 |
|
120,508 |
|
US Treasury Notes |
|
|
|
|
|
1.000%, due 03/15/19 |
|
4,100,000 |
|
4,074,375 |
|
1.250%, due 03/31/21 |
|
637,000 |
|
612,465 |
|
1.375%, due 09/30/23 |
|
400,000 |
|
370,875 |
|
1.500%, due 08/15/20 |
|
3,000,000 |
|
2,928,867 |
|
1.500%, due 02/28/23 |
|
444,000 |
|
417,655 |
|
1.625%, due 12/31/19 |
|
770,000 |
|
759,743 |
|
1.750%, due 05/15/23 |
|
680,000 |
|
645,044 |
|
1.875%, due 07/31/22 |
|
2,300,000 |
|
2,213,121 |
|
1.875%, due 10/31/22 |
|
3,490,000 |
|
3,349,037 |
|
2.000%, due 11/30/22 |
|
1,575,000 |
|
1,517,660 |
|
2.500%, due 05/15/24 |
|
1,440,000 |
|
1,404,675 |
|
Total U.S. treasury obligations |
|
|
|
21,049,183 |
|
|
|
Number of |
|
|
|
Exchange traded funds9.68% |
|
|
|
|
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
127,600 |
|
14,665,068 |
|
iShares JPMorgan USD Emerging Markets Bond ETF |
|
133,700 |
|
14,414,197 |
|
Total exchange traded funds |
|
|
|
29,079,265 |
|
|
|
|
|
|
|
Investment company7.00% |
|
|
|
|
|
UBS Emerging Markets Equity Opportunity Fund*,5 |
|
2,334,212 |
|
21,031,253 |
|
|
|
|
|
|
|
Short-term investments20.26% |
|
|
|
|
|
Investment company9.99% |
|
|
|
|
|
State Street Institutional U.S. Government Money Market Fund |
|
29,989,950 |
|
29,989,950 |
|
|
|
Face |
|
|
|
U.S. treasury obligations10.27% |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
2.281%, due 02/28/196 |
|
15,000,000 |
|
14,857,578 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Short-term investments(concluded) |
|
|
|
|
|
U.S. treasury obligations(concluded) |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
2.012%, due 10/18/186 |
|
16,000,000 |
|
15,984,379 |
|
Total U.S. treasury obligations |
|
|
|
30,841,957 |
|
Total short-term investments |
|
|
|
60,831,907 |
|
|
|
Number of |
|
Notional |
|
|
| ||
Option purchased0.16% |
|
|
|
|
|
|
| ||
Call option0.16% |
|
|
|
|
|
|
| ||
S&P 500 Index, strike @ 2,975, expires 12/21/18 |
|
158 |
|
USD |
47,005,000 |
|
477,160 |
| |
Total investments |
|
|
|
|
|
288,338,340 |
| ||
Other assets in excess of liabilities3.98% |
|
|
|
|
|
11,964,563 |
| ||
Net assets100.00% |
|
|
|
|
|
$ |
300,302,903 |
| |
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
Futures contracts
Number of |
|
Currency |
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
155 |
|
EUR |
EURO STOXX 50 Index Futures |
|
December 2018 |
|
6,023,471 |
|
6,095,341 |
|
71,870 |
|
106 |
|
HKD |
Hang Seng Index Futures |
|
October 2018 |
|
7,396,194 |
|
7,490,621 |
|
94,427 |
|
56 |
|
JPY |
TOPIX Index Futures |
|
December 2018 |
|
8,639,761 |
|
8,957,930 |
|
318,169 |
|
291 |
|
USD |
MSCI Emerging Markets E-Mini Index Futures |
|
December 2018 |
|
14,947,360 |
|
15,273,135 |
|
325,775 |
|
251 |
|
USD |
Russell 1000 E-Mini Index Futures |
|
December 2018 |
|
15,696,410 |
|
15,658,635 |
|
(37,775 |
) |
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
84 |
|
AUD |
Australian Bond 10 Year Futures |
|
December 2018 |
|
7,890,461 |
|
7,823,878 |
|
(66,583 |
) |
293 |
|
CAD |
Canada Government Bond 10 Year Futures |
|
December 2018 |
|
30,494,548 |
|
30,083,738 |
|
(410,810 |
) |
46 |
|
GBP |
United Kingdom Long Gilt Bond Futures |
|
December 2018 |
|
7,337,466 |
|
7,251,129 |
|
(86,337 |
) |
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| |||
77 |
|
USD |
US Ultra Long Treasury Bond Futures |
|
December 2018 |
|
12,311,963 |
|
11,879,656 |
|
(432,307 |
) |
|
|
|
|
|
|
|
110,737,634 |
|
110,514,063 |
|
(223,571 |
) |
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
24 |
|
CAD |
S&P TSX 60 Index Futures |
|
December 2018 |
|
(3,516,191 |
) |
(3,531,483 |
) |
(15,292 |
) |
93 |
|
EUR |
CAC 40 Index Futures |
|
October 2018 |
|
(5,928,772 |
) |
(5,927,436 |
) |
1,336 |
|
526 |
|
SEK |
OMX 30 Index Futures |
|
October 2018 |
|
(9,675,402 |
) |
(9,824,696 |
) |
(149,294 |
) |
114 |
|
USD |
S&P 500 E-Mini Index Futures |
|
December 2018 |
|
(16,508,283 |
) |
(16,638,300 |
) |
(130,017 |
) |
687 |
|
USD |
SGX FTSE China A50 Index Futures |
|
October 2018 |
|
(8,032,231 |
) |
(8,183,887 |
) |
(151,656 |
) |
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
188 |
|
EUR |
German Euro Bund Futures |
|
December 2018 |
|
(35,085,923 |
) |
(34,660,282 |
) |
425,641 |
|
21 |
|
JPY |
JGB MINI 10 Year Futures |
|
December 2018 |
|
(2,778,314 |
) |
(2,773,878 |
) |
4,436 |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| |||
202 |
|
USD |
US Treasury Note 2 Year Futures |
|
December 2018 |
|
(42,700,612 |
) |
(42,568,344 |
) |
132,268 |
|
|
|
|
|
|
|
|
(124,225,728 |
) |
(124,108,306 |
) |
117,422 |
|
|
|
|
|
|
|
|
|
|
|
|
(106,149 |
) |
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
BB |
|
EUR |
1,515,000 |
|
USD |
1,788,303 |
|
10/23/18 |
|
26,425 |
|
BB |
|
CAD |
20,005,000 |
|
USD |
15,172,312 |
|
10/23/18 |
|
(323,182 |
) |
BB |
|
CLP |
4,154,100,000 |
|
USD |
6,396,532 |
|
10/23/18 |
|
78,271 |
|
BB |
|
USD |
486,178 |
|
GBP |
370,000 |
|
10/23/18 |
|
(3,472 |
) |
BB |
|
USD |
9,810,468 |
|
COP |
28,141,326,837 |
|
10/23/18 |
|
(310,658 |
) |
BB |
|
USD |
13,041,904 |
|
MXN |
252,530,000 |
|
10/23/18 |
|
408,149 |
|
BOA |
|
CHF |
5,830,000 |
|
USD |
5,871,033 |
|
10/23/18 |
|
(80,553 |
) |
BOA |
|
GBP |
5,565,000 |
|
USD |
7,278,497 |
|
10/23/18 |
|
18,338 |
|
BOA |
|
USD |
579,676 |
|
ILS |
2,100,000 |
|
10/23/18 |
|
(1,422 |
) |
CITI |
|
COP |
28,141,326,837 |
|
USD |
9,028,337 |
|
10/23/18 |
|
(471,473 |
) |
CITI |
|
EUR |
6,205,000 |
|
USD |
7,256,294 |
|
10/23/18 |
|
40,156 |
|
CITI |
|
USD |
1,524,497 |
|
CNY |
10,455,000 |
|
10/23/18 |
|
(5,090 |
) |
CITI |
|
USD |
6,296,137 |
|
SEK |
55,680,000 |
|
10/23/18 |
|
(20,387 |
) |
CITI |
|
USD |
1,513,247 |
|
HKD |
11,860,000 |
|
10/23/18 |
|
2,164 |
|
CITI |
|
USD |
3,293,262 |
|
JPY |
369,700,000 |
|
10/23/18 |
|
(34,491 |
) |
GSI |
|
MXN |
31,560,000 |
|
USD |
1,676,258 |
|
10/23/18 |
|
(4,666 |
) |
GSI |
|
JPY |
172,100,000 |
|
USD |
1,550,828 |
|
10/23/18 |
|
33,828 |
|
GSI |
|
EUR |
1,240,000 |
|
USD |
1,446,724 |
|
10/23/18 |
|
4,659 |
|
GSI |
|
CNY |
18,855,000 |
|
USD |
2,812,752 |
|
10/23/18 |
|
72,587 |
|
GSI |
|
USD |
6,036,094 |
|
CLP |
4,154,100,000 |
|
10/23/18 |
|
282,168 |
|
GSI |
|
USD |
4,086,902 |
|
NOK |
33,450,000 |
|
10/23/18 |
|
26,566 |
|
JPMCB |
|
NZD |
14,630,000 |
|
USD |
9,879,026 |
|
10/23/18 |
|
180,324 |
|
JPMCB |
|
USD |
453,748 |
|
JPY |
51,200,000 |
|
10/23/18 |
|
(2,438 |
) |
MSCI |
|
USD |
1,689,205 |
|
SGD |
2,310,000 |
|
10/23/18 |
|
1,396 |
|
MSCI |
|
USD |
668,742 |
|
DKK |
4,260,000 |
|
10/23/18 |
|
(4,326 |
) |
SSC |
|
USD |
1,500,831 |
|
CAD |
1,960,000 |
|
10/23/18 |
|
17,348 |
|
SSC |
|
USD |
1,889,088 |
|
EUR |
1,615,000 |
|
10/23/18 |
|
(10,915 |
) |
|
|
|
|
|
|
|
|
(80,694 |
) |
Centrally cleared credit default swap agreements on credit indicessell protection7
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX Emerging Markets Series 30 Index |
|
USD |
15,800 |
|
12/20/23 |
|
Quarterly |
|
1.000 |
% |
729,626 |
|
(659,049 |
) |
70,577 |
|
CDX North America Investment Grade 31 Index |
|
USD |
11,000 |
|
12/20/23 |
|
Quarterly |
|
1.000 |
|
(202,354 |
) |
214,488 |
|
12,134 |
|
iTraxx Europe Series 30 Index |
|
EUR |
17,000 |
|
12/20/23 |
|
Quarterly |
|
1.000 |
|
(321,123 |
) |
326,552 |
|
5,429 |
|
|
|
|
|
|
|
|
|
|
|
206,149 |
|
(118,009 |
) |
88,140 |
|
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Common stocks |
|
139,088,987 |
|
|
|
|
|
139,088,987 |
|
Non-US government obligations |
|
|
|
16,780,585 |
|
|
|
16,780,585 |
|
U.S. treasury obligations |
|
|
|
21,049,183 |
|
|
|
21,049,183 |
|
Exchange traded funds |
|
29,079,265 |
|
|
|
|
|
29,079,265 |
|
Investment company |
|
21,031,253 |
|
|
|
|
|
21,031,253 |
|
Short-term investments |
|
|
|
60,831,907 |
|
|
|
60,831,907 |
|
Option purchased |
|
477,160 |
|
|
|
|
|
477,160 |
|
Futures contracts |
|
1,373,922 |
|
|
|
|
|
1,373,922 |
|
Forward foreign currency contracts |
|
|
|
1,192,379 |
|
|
|
1,192,379 |
|
Swap agreements |
|
|
|
541,040 |
|
|
|
541,040 |
|
Total |
|
191,050,587 |
|
100,395,094 |
|
|
|
291,445,681 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(1,480,071 |
) |
|
|
|
|
(1,480,071 |
) |
Forward foreign currency contracts |
|
|
|
(1,273,073 |
) |
|
|
(1,273,073 |
) |
Swap agreements |
|
|
|
(659,049 |
) |
|
|
(659,049 |
) |
Total |
|
(1,480,071 |
) |
(1,932,122 |
) |
|
|
(3,412,193 |
) |
At September 30, 2018, there were no transfers between Level 1 and Level 2. At June 30, 2018, $57,620,704 of foreign investments, $339,957 and $(394,233) of futures contracts were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
Portfolio footnotes
* Non-income producing security.
1 Security 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. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,357,903, represented 1.12% of the Funds net assets at period end.
2 In US dollars unless otherwise indicated.
3 Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4 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.
UBS Global Allocation Fund
Portfolio of investments September 30, 2018 (unaudited)
5 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.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
Net |
|
appreciation |
|
|
|
Net income |
|
|
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
realized gain |
|
(depreciation) |
|
|
|
earned from |
|
|
| |||||||
|
|
|
|
during the |
|
during the |
|
during the |
|
during the |
|
|
|
affiliate for the |
|
|
| |||||||
|
|
|
|
period |
|
period |
|
period |
|
period |
|
|
|
period |
|
|
| |||||||
|
|
Value |
|
ended |
|
ended |
|
ended |
|
ended |
|
Value |
|
ended |
|
Shares |
| |||||||
Security description |
|
6/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
|
9/30/2018 |
| |||||||
UBS Emerging Markets Equity Opportunity Fund |
|
$ |
21,964,938 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
(933,685 |
) |
$ |
21,031,253 |
|
$ |
|
|
2,334,212 |
|
6 Rate shown is the discount rate at the date of purchase unless otherwise noted.
7 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.
8 Payments made or received are based on the notional amount.
UBS Emerging Markets Equity Opportunity Fund
Industry diversification September 30, 2018 (unaudited)1,2
Common stocks |
|
Percentage |
|
Automobiles |
|
5.67 |
% |
Banks |
|
17.30 |
|
Beverages |
|
5.42 |
|
Chemicals |
|
2.62 |
|
Diversified consumer services |
|
3.02 |
|
Electronic equipment, instruments & components |
|
2.51 |
|
Insurance |
|
4.11 |
|
Interactive media & services |
|
4.44 |
|
Internet & direct marketing retail |
|
5.66 |
|
Media |
|
3.74 |
|
Metals & mining |
|
5.90 |
|
Oil, gas & consumable fuels |
|
4.46 |
|
Paper & forest products |
|
2.46 |
|
Personal products |
|
3.39 |
|
Real estate management & development |
|
2.08 |
|
Semiconductors & semiconductor equipment |
|
9.48 |
|
Technology hardware, storage & peripherals |
|
6.35 |
|
Wireless telecommunication services |
|
1.99 |
|
Total common stocks |
|
90.60 |
% |
Preferred stock |
|
3.30 |
|
Exchange traded fund |
|
4.22 |
|
Short-term investment |
|
1.36 |
|
Total investments |
|
99.48 |
% |
Other assets in excess of liabilities |
|
0.52 |
|
Net assets |
|
100.00 |
% |
1 |
Figures represent the breakdown of direct investments of UBS Emerging Markets Equity Opportunity 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 Emerging Markets Equity Opportunity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks90.60% |
|
|
|
|
|
Bermuda2.47% |
|
|
|
|
|
Brilliance China Automotive Holdings Ltd. |
|
1,430,000 |
|
2,312,595 |
|
|
|
|
|
|
|
Brazil3.56% |
|
|
|
|
|
Vale SA |
|
225,150 |
|
3,334,977 |
|
|
|
|
|
|
|
Cayman Islands13.11% |
|
|
|
|
|
Alibaba Group Holding Ltd., ADR* |
|
32,219 |
|
5,308,402 |
|
New Oriental Education & Technology Group, Inc., ADR |
|
7,800 |
|
577,278 |
|
TAL Education Group, ADR* |
|
87,600 |
|
2,252,196 |
|
Tencent Holdings Ltd. |
|
100,800 |
|
4,161,613 |
|
Total Cayman Islands common stocks |
|
|
|
12,299,489 |
|
|
|
|
|
|
|
China15.28% |
|
|
|
|
|
China Construction Bank Corp., H Shares |
|
3,466,000 |
|
3,028,408 |
|
China Vanke Co. Ltd., H Shares |
|
590,200 |
|
1,952,670 |
|
Hangzhou Hikvision Digital Technology Co. Ltd., Class A |
|
563,200 |
|
2,352,465 |
|
Kweichow Moutai Co. Ltd., Class A |
|
29,637 |
|
3,144,349 |
|
Ping An Insurance Group Co. of China Ltd., H Shares |
|
379,500 |
|
3,853,973 |
|
Total China common stocks |
|
|
|
14,331,865 |
|
|
|
|
|
|
|
Hong Kong3.65% |
|
|
|
|
|
China Mobile Ltd. |
|
189,000 |
|
1,862,634 |
|
CNOOC Ltd. |
|
788,000 |
|
1,560,226 |
|
Total Hong Kong common stocks |
|
|
|
3,422,860 |
|
|
|
|
|
|
|
Hungary1.00% |
|
|
|
|
|
OTP Bank PLC |
|
25,218 |
|
934,592 |
|
|
|
|
|
|
|
India6.00% |
|
|
|
|
|
HDFC Bank Ltd., ADR |
|
27,800 |
|
2,615,980 |
|
Mahindra & Mahindra Ltd., GDR |
|
256,974 |
|
3,006,596 |
|
Total India common stocks |
|
|
|
5,622,576 |
|
|
|
|
|
|
|
Indonesia3.38% |
|
|
|
|
|
Bank Mandiri Persero Tbk. PT |
|
7,014,000 |
|
3,165,396 |
|
|
|
|
|
|
|
Malaysia1.46% |
|
|
|
|
|
CIMB Group Holdings Berhad |
|
944,700 |
|
1,371,909 |
|
|
|
|
|
|
|
Mexico4.76% |
|
|
|
|
|
Fomento Economico Mexicano SAB de CV |
|
196,000 |
|
1,939,472 |
|
UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(concluded) |
|
|
|
|
|
Mexico(concluded) |
|
|
|
|
|
Grupo Financiero Banorte SAB de CV, Class O |
|
349,000 |
|
2,523,229 |
|
Total Mexico common stocks |
|
|
|
4,462,701 |
|
|
|
|
|
|
|
Russia5.55% |
|
|
|
|
|
Lukoil PJSC, ADR |
|
34,295 |
|
2,621,510 |
|
Sberbank of Russia PJSC |
|
833,265 |
|
2,586,112 |
|
Total Russia common stocks |
|
|
|
5,207,622 |
|
|
|
|
|
|
|
South Africa3.74% |
|
|
|
|
|
Naspers Ltd., N Shares |
|
16,246 |
|
3,505,839 |
|
|
|
|
|
|
|
South Korea17.84% |
|
|
|
|
|
LG Chem Ltd. |
|
7,448 |
|
2,454,130 |
|
LG Household & Health Care Ltd. |
|
2,767 |
|
3,182,954 |
|
POSCO |
|
8,268 |
|
2,195,110 |
|
Samsung Electronics Co. Ltd. |
|
142,248 |
|
5,956,655 |
|
SK Hynix, Inc. |
|
44,696 |
|
2,945,484 |
|
Total South Korea common stocks |
|
|
|
16,734,333 |
|
|
|
|
|
|
|
Taiwan6.34% |
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
692,000 |
|
5,949,301 |
|
|
|
|
|
|
|
United Kingdom2.46% |
|
|
|
|
|
Mondi PLC |
|
84,022 |
|
2,304,181 |
|
Total common stocks |
|
|
|
84,960,236 |
|
|
|
|
|
|
|
Preferred stock3.30% |
|
|
|
|
|
Brazil3.30% |
|
|
|
|
|
Banco Bradesco SA |
|
436,200 |
|
3,096,620 |
|
|
|
|
|
|
|
Exchange traded fund4.22% |
|
|
|
|
|
iShares MSCI India ETF |
|
121,721 |
|
3,952,281 |
|
UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Short-term investment1.36% |
|
|
|
|
| |
Investment company1.36% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
1,278,206 |
|
1,278,206 |
| |
Total investments |
|
|
|
93,287,343 |
| |
Other assets in excess of liabilities0.52% |
|
|
|
492,123 |
| |
Net assets100.00% |
|
|
|
$ |
93,779,466 |
|
For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Common stocks |
|
84,960,236 |
|
|
|
|
|
84,960,236 |
|
Preferred stock |
|
3,096,620 |
|
|
|
|
|
3,096,620 |
|
Exchange traded fund |
|
3,952,281 |
|
|
|
|
|
3,952,281 |
|
Short-term investment |
|
|
|
1,278,206 |
|
|
|
1,278,206 |
|
Total |
|
92,009,137 |
|
1,278,206 |
|
|
|
93,287,343 |
|
At September 30, 2018, there were no transfers between Level 1 and Level 2. At June 30, 2018, $45,053,040 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
Portfolio footnotes
* Non-income producing security.
UBS International Sustainable Equity Fund
Industry diversification September 30, 2018 (unaudited)1
Common stocks |
|
Percentage |
|
Airlines |
|
1.43 |
% |
Auto components |
|
1.81 |
|
Automobiles |
|
0.88 |
|
Banks |
|
11.06 |
|
Biotechnology |
|
0.83 |
|
Building products |
|
1.19 |
|
Chemicals |
|
8.54 |
|
Commercial services & supplies |
|
2.18 |
|
Diversified telecommunication services |
|
1.94 |
|
Electrical equipment |
|
1.41 |
|
Electronic equipment, instruments & components |
|
1.11 |
|
Energy equipment & services |
|
1.70 |
|
Entertainment |
|
3.29 |
|
Equity real estate investment trusts |
|
2.29 |
|
Food & staples retailing |
|
0.78 |
|
Food products |
|
1.25 |
|
Health care equipment & supplies |
|
2.79 |
|
Household durables |
|
1.79 |
|
Household products |
|
1.07 |
|
Insurance |
|
9.04 |
|
IT services |
|
0.98 |
|
Machinery |
|
7.66 |
|
Marine |
|
1.44 |
|
Oil, gas & consumable fuels |
|
5.08 |
|
Personal products |
|
4.07 |
|
Pharmaceuticals |
|
8.96 |
|
Real estate management & development |
|
1.22 |
|
Semiconductors & semiconductor equipment |
|
4.02 |
|
Software |
|
3.52 |
|
Trading companies & distributors |
|
1.47 |
|
Water utilities |
|
0.59 |
|
Wireless telecommunication services |
|
1.83 |
|
Total common stocks |
|
97.22 |
% |
Preferred stock |
|
0.96 |
|
Short-term investment |
|
0.76 |
|
Total investments |
|
98.94 |
% |
Other assets in excess of liabilities |
|
1.06 |
|
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS International Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks97.22% |
|
|
|
|
|
Australia6.15% |
|
|
|
|
|
Brambles Ltd. |
|
319,105 |
|
2,514,249 |
|
Mirvac Group, REIT |
|
1,513,423 |
|
2,636,486 |
|
Santos Ltd. |
|
371,353 |
|
1,948,820 |
|
Total Australia common stocks |
|
|
|
7,099,555 |
|
|
|
|
|
|
|
Brazil0.59% |
|
|
|
|
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
116,600 |
|
681,084 |
|
|
|
|
|
|
|
Canada2.38% |
|
|
|
|
|
Entertainment One Ltd. |
|
305,146 |
|
1,643,410 |
|
Magna International, Inc. |
|
20,886 |
|
1,097,135 |
|
Total Canada common stocks |
|
|
|
2,740,545 |
|
|
|
|
|
|
|
Cayman Islands1.00% |
|
|
|
|
|
Sino Biopharmaceutical Ltd. |
|
1,235,000 |
|
1,151,647 |
|
|
|
|
|
|
|
China2.03% |
|
|
|
|
|
Ping An Insurance Group Co. of China Ltd., H Shares |
|
231,000 |
|
2,345,897 |
|
|
|
|
|
|
|
Curacao1.70% |
|
|
|
|
|
Schlumberger Ltd. |
|
32,130 |
|
1,957,360 |
|
|
|
|
|
|
|
Denmark2.38% |
|
|
|
|
|
AP Moller - Maersk A/S, Class B |
|
1,187 |
|
1,666,963 |
|
Novo Nordisk A/S, Class B |
|
22,831 |
|
1,074,919 |
|
Total Denmark common stocks |
|
|
|
2,741,882 |
|
|
|
|
|
|
|
France3.85% |
|
|
|
|
|
Sanofi |
|
20,495 |
|
1,821,801 |
|
Schneider Electric SE |
|
20,260 |
|
1,630,136 |
|
Valeo SA |
|
22,765 |
|
988,531 |
|
Total France common stocks |
|
|
|
4,440,468 |
|
|
|
|
|
|
|
Germany8.80% |
|
|
|
|
|
Bayerische Motoren Werke AG |
|
11,212 |
|
1,011,605 |
|
Carl Zeiss Meditec AG |
|
31,299 |
|
2,634,630 |
|
Deutsche Telekom AG (Registered) |
|
64,594 |
|
1,041,332 |
|
Infineon Technologies AG |
|
45,229 |
|
1,027,682 |
|
KION Group AG |
|
9,817 |
|
603,412 |
|
LANXESS AG |
|
18,751 |
|
1,373,306 |
|
UBS International Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Germany(concluded) |
|
|
|
|
|
SAP SE |
|
20,020 |
|
2,463,888 |
|
Total Germany common stocks |
|
|
|
10,155,855 |
|
|
|
|
|
|
|
Hong Kong1.22% |
|
|
|
|
|
Sun Hung Kai Properties Ltd. |
|
97,000 |
|
1,412,558 |
|
|
|
|
|
|
|
India2.45% |
|
|
|
|
|
Axis Bank Ltd., GDR1 |
|
32,044 |
|
1,357,063 |
|
ICICI Bank Ltd., ADR |
|
173,390 |
|
1,472,081 |
|
Total India common stocks |
|
|
|
2,829,144 |
|
|
|
|
|
|
|
Indonesia2.63% |
|
|
|
|
|
Bank Central Asia Tbk. PT |
|
1,224,200 |
|
1,983,990 |
|
Bank Mandiri Persero Tbk. PT |
|
2,323,600 |
|
1,048,633 |
|
Total Indonesia common stocks |
|
|
|
3,032,623 |
|
|
|
|
|
|
|
Ireland0.96% |
|
|
|
|
|
Ryanair Holdings PLC, ADR* |
|
11,500 |
|
1,104,460 |
|
|
|
|
|
|
|
Italy1.55% |
|
|
|
|
|
Mediobanca Banca di Credito Finanziario SpA |
|
179,367 |
|
1,791,819 |
|
|
|
|
|
|
|
Japan20.18% |
|
|
|
|
|
Hino Motors Ltd. |
|
92,900 |
|
1,017,141 |
|
Kao Corp. |
|
25,500 |
|
2,058,942 |
|
KDDI Corp. |
|
76,500 |
|
2,113,479 |
|
Kubota Corp. |
|
113,600 |
|
1,930,660 |
|
Makita Corp. |
|
27,100 |
|
1,357,147 |
|
Nabtesco Corp. |
|
30,300 |
|
805,369 |
|
Nintendo Co. Ltd. |
|
5,900 |
|
2,152,913 |
|
Otsuka Corp. |
|
30,400 |
|
1,134,448 |
|
Shin-Etsu Chemical Co. Ltd. |
|
16,500 |
|
1,461,649 |
|
Sony Corp. |
|
33,600 |
|
2,060,004 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
63,900 |
|
2,579,171 |
|
Takeda Pharmaceutical Co. Ltd. |
|
52,500 |
|
2,246,105 |
|
THK Co. Ltd. |
|
44,200 |
|
1,125,034 |
|
Unicharm Corp. |
|
37,500 |
|
1,240,319 |
|
Total Japan common stocks |
|
|
|
23,282,381 |
|
|
|
|
|
|
|
Jersey0.83% |
|
|
|
|
|
Shire PLC |
|
15,925 |
|
959,684 |
|
UBS International Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Netherlands9.73% |
|
|
|
|
|
ASML Holding NV |
|
11,565 |
|
2,160,493 |
|
Koninklijke Ahold Delhaize NV |
|
39,250 |
|
900,032 |
|
Koninklijke DSM NV |
|
25,718 |
|
2,724,417 |
|
LyondellBasell Industries NV, Class A |
|
22,486 |
|
2,305,040 |
|
NXP Semiconductors NV |
|
5,867 |
|
501,628 |
|
Unilever NV CVA |
|
47,257 |
|
2,631,732 |
|
Total Netherlands common stocks |
|
|
|
11,223,342 |
|
|
|
|
|
|
|
Norway3.09% |
|
|
|
|
|
Equinor ASA |
|
83,815 |
|
2,363,452 |
|
Telenor ASA |
|
61,209 |
|
1,196,541 |
|
Total Norway common stocks |
|
|
|
3,559,993 |
|
|
|
|
|
|
|
South Korea0.82% |
|
|
|
|
|
SK Hynix, Inc. |
|
14,338 |
|
944,880 |
|
|
|
|
|
|
|
Sweden3.38% |
|
|
|
|
|
Assa Abloy AB, Class B |
|
68,363 |
|
1,374,199 |
|
Nordea Bank AB |
|
231,756 |
|
2,525,810 |
|
Total Sweden common stocks |
|
|
|
3,900,009 |
|
|
|
|
|
|
|
Switzerland4.82% |
|
|
|
|
|
Novartis AG (Registered) |
|
31,378 |
|
2,698,495 |
|
Zurich Insurance Group AG |
|
9,075 |
|
2,868,418 |
|
Total Switzerland common stocks |
|
|
|
5,566,913 |
|
|
|
|
|
|
|
Taiwan1.25% |
|
|
|
|
|
Uni-President Enterprises Corp. |
|
551,000 |
|
1,438,270 |
|
|
|
|
|
|
|
United Kingdom15.43% |
|
|
|
|
|
Aon PLC |
|
16,000 |
|
2,460,480 |
|
Ashtead Group PLC |
|
53,296 |
|
1,692,887 |
|
Croda International PLC |
|
29,313 |
|
1,987,506 |
|
easyJet PLC |
|
31,994 |
|
547,951 |
|
GlaxoSmithKline PLC |
|
67,286 |
|
1,347,783 |
|
LivaNova PLC* |
|
4,700 |
|
582,659 |
|
Prudential PLC |
|
120,218 |
|
2,756,999 |
|
Sage Group PLC/The |
|
209,509 |
|
1,601,306 |
|
Spectris PLC |
|
41,413 |
|
1,280,891 |
|
Tullow Oil PLC* |
|
452,049 |
|
1,551,366 |
|
UBS International Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
United Kingdom(concluded) |
|
|
|
|
| |
Weir Group PLC/The |
|
86,863 |
|
1,996,020 |
| |
Total United Kingdom common stocks |
|
|
|
17,805,848 |
| |
Total common stocks |
|
|
|
112,166,217 |
| |
|
|
|
|
|
| |
Preferred stock0.96% |
|
|
|
|
| |
Germany0.96% |
|
|
|
|
| |
Jungheinrich AG |
|
28,887 |
|
1,100,088 |
| |
|
|
|
|
|
| |
Short-term investment0.76% |
|
|
|
|
| |
Investment company0.76% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
880,312 |
|
880,312 |
| |
Total investments |
|
|
|
114,146,617 |
| |
Other assets in excess of liabilities1.06% |
|
|
|
1,226,855 |
| |
Net assets100.00% |
|
|
|
$ |
115,373,472 |
|
For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Common stocks |
|
112,166,217 |
|
|
|
|
|
112,166,217 |
|
Preferred stock |
|
1,100,088 |
|
|
|
|
|
1,100,088 |
|
Short-term investment |
|
|
|
880,312 |
|
|
|
880,312 |
|
Total |
|
113,266,305 |
|
880,312 |
|
|
|
114,146,617 |
|
At September 30, 2018 there were no transfers between Level 1 and Level 2. At June 30, 2018, $67,729,121 of foreign investments were classified within Level 2 of the fair value hierarchy pursuant to the Funds fair valuation procedures for foreign portfolio holdings.
UBS International Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
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 diversification September 30, 2018 (unaudited)1
Common stocks |
|
Percentage |
|
Aerospace & defense |
|
1.23 |
% |
Auto components |
|
0.68 |
|
Banks |
|
5.39 |
|
Biotechnology |
|
10.61 |
|
Building products |
|
0.67 |
|
Chemicals |
|
1.39 |
|
Construction & engineering |
|
1.19 |
|
Construction materials |
|
0.76 |
|
Diversified consumer services |
|
4.38 |
|
Electrical equipment |
|
2.21 |
|
Energy equipment & services |
|
0.33 |
|
Equity real estate investment trusts |
|
2.20 |
|
Food & staples retailing |
|
1.26 |
|
Health care equipment & supplies |
|
6.39 |
|
Health care technology |
|
5.89 |
|
Hotels, restaurants & leisure |
|
3.95 |
|
Household durables |
|
3.62 |
|
IT services |
|
3.33 |
|
Life sciences tools & services |
|
0.52 |
|
Machinery |
|
4.51 |
|
Multiline retail |
|
1.66 |
|
Oil, gas & consumable fuels |
|
1.74 |
|
Paper & forest products |
|
1.23 |
|
Pharmaceuticals |
|
3.27 |
|
Professional services |
|
1.53 |
|
Road & rail |
|
1.95 |
|
Semiconductors & semiconductor equipment |
|
4.78 |
|
Software |
|
13.77 |
|
Specialty retail |
|
2.09 |
|
Technology hardware, storage & peripherals
|
|
0.63
|
|
Textiles, apparel & luxury goods |
|
1.19 |
|
Thrifts & mortgage finance |
|
0.98 |
|
Trading companies & distributors |
|
0.51 |
|
Total common stocks |
|
95.84 |
% |
Exchange traded fund |
|
1.38 |
|
Short-term investment |
|
3.29 |
|
Total investments |
|
100.51 |
% |
Liabilities in excess of other assets |
|
(0.51 |
) |
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks95.84% |
|
|
|
|
|
Aerospace & defense1.23% |
|
|
|
|
|
Mercury Systems, Inc.* |
|
30,957 |
|
1,712,541 |
|
|
|
|
|
|
|
Auto components0.68% |
|
|
|
|
|
Visteon Corp.* |
|
10,216 |
|
949,066 |
|
|
|
|
|
|
|
Banks5.39% |
|
|
|
|
|
BankUnited, Inc. |
|
29,320 |
|
1,037,928 |
|
Columbia Banking System, Inc. |
|
31,658 |
|
1,227,380 |
|
FB Financial Corp. |
|
11,138 |
|
436,387 |
|
National Bank Holdings Corp., Class A |
|
41,818 |
|
1,574,448 |
|
Origin Bancorp, Inc. |
|
6,800 |
|
256,020 |
|
South State Corp. |
|
14,989 |
|
1,229,098 |
|
Webster Financial Corp. |
|
29,549 |
|
1,742,209 |
|
|
|
|
|
7,503,470 |
|
Biotechnology10.61% |
|
|
|
|
|
Adamas Pharmaceuticals, Inc.* |
|
30,663 |
|
613,873 |
|
AnaptysBio, Inc.* |
|
11,595 |
|
1,156,833 |
|
Array BioPharma, Inc.* |
|
56,386 |
|
857,067 |
|
Avrobio, Inc.* |
|
15,533 |
|
805,697 |
|
Bluebird Bio, Inc.* |
|
2,918 |
|
426,028 |
|
Blueprint Medicines Corp.* |
|
13,576 |
|
1,059,743 |
|
Clovis Oncology, Inc.* |
|
7,937 |
|
233,110 |
|
Editas Medicine, Inc.* |
|
21,597 |
|
687,216 |
|
Exact Sciences Corp.* |
|
25,033 |
|
1,975,604 |
|
G1 Therapeutics, Inc.* |
|
17,334 |
|
906,395 |
|
Gritstone Oncology, Inc.* |
|
29,900 |
|
448,500 |
|
Ligand Pharmaceuticals, Inc.* |
|
7,073 |
|
1,941,468 |
|
Loxo Oncology, Inc.* |
|
7,731 |
|
1,320,687 |
|
NuCana PLC, ADR* |
|
24,900 |
|
620,508 |
|
REGENXBIO, Inc.* |
|
12,741 |
|
961,945 |
|
Translate Bio, Inc.* |
|
5,000 |
|
50,000 |
|
Voyager Therapeutics, Inc.* |
|
38,140 |
|
721,609 |
|
|
|
|
|
14,786,283 |
|
Building products0.67% |
|
|
|
|
|
JELD-WEN Holding, Inc.* |
|
37,749 |
|
930,890 |
|
|
|
|
|
|
|
Chemicals1.39% |
|
|
|
|
|
Ingevity Corp.* |
|
19,058 |
|
1,941,629 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Construction & engineering1.19% |
|
|
|
|
|
EMCOR Group, Inc. |
|
22,160 |
|
1,664,438 |
|
|
|
|
|
|
|
Construction materials0.76% |
|
|
|
|
|
Summit Materials, Inc., Class A* |
|
58,528 |
|
1,064,039 |
|
|
|
|
|
|
|
Diversified consumer services4.38% |
|
|
|
|
|
Adtalem Global Education, Inc.* |
|
33,448 |
|
1,612,194 |
|
Chegg, Inc.* |
|
92,486 |
|
2,629,377 |
|
Grand Canyon Education, Inc.* |
|
16,504 |
|
1,861,651 |
|
|
|
|
|
6,103,222 |
|
Electrical equipment2.21% |
|
|
|
|
|
Generac Holdings, Inc.* |
|
32,092 |
|
1,810,310 |
|
Regal Beloit Corp. |
|
15,429 |
|
1,272,121 |
|
|
|
|
|
3,082,431 |
|
Energy equipment & services0.33% |
|
|
|
|
|
Patterson-UTI Energy, Inc. |
|
27,184 |
|
465,118 |
|
|
|
|
|
|
|
Equity real estate investment trusts2.20% |
|
|
|
|
|
QTS Realty Trust, Inc., Class A |
|
39,462 |
|
1,683,843 |
|
Ryman Hospitality Properties, Inc. |
|
16,046 |
|
1,382,684 |
|
|
|
|
|
3,066,527 |
|
Food & staples retailing1.26% |
|
|
|
|
|
Performance Food Group Co.* |
|
52,853 |
|
1,760,005 |
|
|
|
|
|
|
|
Health care equipment & supplies6.39% |
|
|
|
|
|
Insulet Corp.* |
|
7,901 |
|
837,111 |
|
Novocure Ltd.* |
|
48,046 |
|
2,517,610 |
|
Nuvectra Corp.* |
|
368 |
|
8,080 |
|
Sientra, Inc.* |
|
80,347 |
|
1,918,686 |
|
Tactile Systems Technology, Inc.* |
|
32,732 |
|
2,325,609 |
|
Wright Medical Group NV* |
|
44,432 |
|
1,289,417 |
|
|
|
|
|
8,896,513 |
|
Health care technology5.89% |
|
|
|
|
|
Evolent Health, Inc., Class A* |
|
82,917 |
|
2,354,843 |
|
Tabula Rasa HealthCare, Inc.* |
|
24,637 |
|
2,000,278 |
|
Teladoc Health, Inc.* |
|
26,851 |
|
2,318,584 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Health care technology(concluded) |
|
|
|
|
|
Vocera Communications, Inc.* |
|
41,815 |
|
1,529,592 |
|
|
|
|
|
8,203,297 |
|
Hotels, restaurants & leisure3.95% |
|
|
|
|
|
Dave & Busters Entertainment, Inc. |
|
14,621 |
|
968,202 |
|
Del Taco Restaurants, Inc.* |
|
73,423 |
|
867,126 |
|
Planet Fitness, Inc., Class A* |
|
38,225 |
|
2,065,297 |
|
Shake Shack, Inc., Class A* |
|
25,492 |
|
1,606,251 |
|
|
|
|
|
5,506,876 |
|
Household durables3.62% |
|
|
|
|
|
Century Communities, Inc.* |
|
45,831 |
|
1,203,064 |
|
Roku, Inc.* |
|
35,364 |
|
2,582,633 |
|
Sonos, Inc.* |
|
78,300 |
|
1,255,932 |
|
|
|
|
|
5,041,629 |
|
IT services3.33% |
|
|
|
|
|
Twilio, Inc., Class A* |
|
14,698 |
|
1,268,144 |
|
Wix.com Ltd.* |
|
28,182 |
|
3,373,385 |
|
|
|
|
|
4,641,529 |
|
Life sciences tools & services0.52% |
|
|
|
|
|
Charles River Laboratories International, Inc.* |
|
5,337 |
|
718,040 |
|
|
|
|
|
|
|
Machinery4.51% |
|
|
|
|
|
Chart Industries, Inc.* |
|
24,918 |
|
1,951,827 |
|
Kadant, Inc. |
|
15,656 |
|
1,688,500 |
|
Kennametal, Inc. |
|
32,311 |
|
1,407,467 |
|
Woodward, Inc. |
|
15,200 |
|
1,229,072 |
|
|
|
|
|
6,276,866 |
|
Multiline retail1.66% |
|
|
|
|
|
Ollies Bargain Outlet Holdings, Inc.* |
|
24,014 |
|
2,307,745 |
|
|
|
|
|
|
|
Oil, gas & consumable fuels1.74% |
|
|
|
|
|
Callon Petroleum Co.* |
|
54,899 |
|
658,239 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Oil, gas & consumable fuels(concluded) |
|
|
|
|
|
Matador Resources Co.* |
|
53,467 |
|
1,767,084 |
|
|
|
|
|
2,425,323 |
|
Paper & forest products1.23% |
|
|
|
|
|
Boise Cascade Co. |
|
46,477 |
|
1,710,354 |
|
|
|
|
|
|
|
Pharmaceuticals3.27% |
|
|
|
|
|
Aerie Pharmaceuticals, Inc.* |
|
10,454 |
|
643,444 |
|
Amphastar Pharmaceuticals, Inc.* |
|
35,270 |
|
678,595 |
|
Cymabay Therapeutics, Inc.* |
|
68,641 |
|
760,542 |
|
Nektar Therapeutics* |
|
11,723 |
|
714,634 |
|
Supernus Pharmaceuticals, Inc.* |
|
16,968 |
|
854,339 |
|
WaVe Life Sciences Ltd.* |
|
18,210 |
|
910,500 |
|
|
|
|
|
4,562,054 |
|
Professional services1.53% |
|
|
|
|
|
ASGN, Inc.* |
|
16,399 |
|
1,294,373 |
|
WageWorks, Inc.* |
|
19,651 |
|
840,080 |
|
|
|
|
|
2,134,453 |
|
Road & rail1.95% |
|
|
|
|
|
Saia, Inc.* |
|
17,718 |
|
1,354,541 |
|
Werner Enterprises, Inc. |
|
38,674 |
|
1,367,126 |
|
|
|
|
|
2,721,667 |
|
Semiconductors & semiconductor equipment4.78% |
|
|
|
|
|
MaxLinear, Inc.* |
|
54,475 |
|
1,082,963 |
|
Monolithic Power Systems, Inc. |
|
9,997 |
|
1,254,923 |
|
Semtech Corp.* |
|
34,171 |
|
1,899,908 |
|
Universal Display Corp. |
|
20,480 |
|
2,414,592 |
|
|
|
|
|
6,652,386 |
|
Software13.77% |
|
|
|
|
|
8x8, Inc.* |
|
114,348 |
|
2,429,895 |
|
Alteryx Inc., Class A* |
|
45,896 |
|
2,625,710 |
|
Carbon Black, Inc.* |
|
5,700 |
|
120,726 |
|
ForeScout Technologies, Inc.* |
|
22,300 |
|
842,048 |
|
Mimecast Ltd.* |
|
34,600 |
|
1,449,048 |
|
Paycom Software, Inc.* |
|
14,935 |
|
2,321,048 |
|
Proofpoint, Inc.* |
|
17,198 |
|
1,828,663 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Software(concluded) |
|
|
|
|
|
SailPoint Technologies Holding, Inc.* |
|
59,793 |
|
2,034,158 |
|
Talend SA, ADR* |
|
14,400 |
|
1,004,256 |
|
Tenable Holdings, Inc.* |
|
28,272 |
|
1,099,216 |
|
Upland Software, Inc.* |
|
49,561 |
|
1,601,316 |
|
Varonis Systems, Inc.* |
|
25,009 |
|
1,831,909 |
|
|
|
|
|
19,187,993 |
|
Specialty retail2.09% |
|
|
|
|
|
Childrens Place, Inc./The |
|
9,525 |
|
1,217,295 |
|
Dicks Sporting Goods, Inc. |
|
47,726 |
|
1,693,319 |
|
|
|
|
|
2,910,614 |
|
Technology hardware, storage & peripherals0.63% |
|
|
|
|
|
USA Technologies, Inc.* |
|
122,355 |
|
880,956 |
|
|
|
|
|
|
|
Textiles, apparel & luxury goods1.19% |
|
|
|
|
|
Steven Madden Ltd. |
|
31,354 |
|
1,658,627 |
|
|
|
|
|
|
|
Thrifts & mortgage finance0.98% |
|
|
|
|
|
Essent Group Ltd.* |
|
30,826 |
|
1,364,051 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
|
|
|
| |
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
Trading companies & distributors0.51% |
|
|
|
|
| |
Beacon Roofing Supply, Inc.* |
|
19,469 |
|
704,583 |
| |
Total common stocks |
|
|
|
133,535,215 |
| |
|
|
|
|
|
| |
Exchange traded fund1.38% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF |
|
8,920 |
|
1,918,514 |
| |
|
|
|
|
|
| |
Short-term investment3.29% |
|
|
|
|
| |
Investment company3.29% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
4,580,770 |
|
4,580,770 |
| |
Total investments |
|
|
|
140,034,499 |
| |
Liabilities in excess of other assets(0.51)% |
|
|
|
(710,420 |
) | |
Net assets100.00% |
|
|
|
$ |
139,324,079 |
|
For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Common stocks |
|
133,535,215 |
|
|
|
|
|
133,535,215 |
|
Exchange traded fund |
|
1,918,514 |
|
|
|
|
|
1,918,514 |
|
Short-term investment |
|
|
|
4,580,770 |
|
|
|
4,580,770 |
|
Total |
|
135,453,729 |
|
4,580,770 |
|
|
|
140,034,499 |
|
At September 30, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
UBS U.S. Sustainable Equity Fund
Industry diversification September 30, 2018 (unaudited)1
Common stocks |
|
Percentage |
|
Airlines |
|
3.15 |
% |
Auto components |
|
2.77 |
|
Banks |
|
3.83 |
|
Biotechnology |
|
2.00 |
|
Chemicals |
|
2.53 |
|
Consumer finance |
|
4.41 |
|
Diversified financial services |
|
3.46 |
|
Electronic equipment, instruments & components |
|
3.72 |
|
Entertainment |
|
3.79 |
|
Equity real estate investment trusts |
|
3.27 |
|
Food & staples retailing |
|
2.85 |
|
Health care providers & services |
|
4.44 |
|
Hotels, restaurants & leisure |
|
3.97 |
|
Household durables |
|
3.04 |
|
Insurance |
|
6.29 |
|
Interactive media & services |
|
3.80 |
|
Internet & direct marketing retail |
|
5.35 |
|
IT services |
|
3.10 |
|
Machinery |
|
7.88 |
|
Pharmaceuticals |
|
8.78 |
|
Semiconductors & semiconductor equipment |
|
6.64 |
|
Software |
|
3.56 |
|
Specialty retail |
|
2.65 |
|
Technology hardware, storage & peripherals |
|
3.02 |
|
Total common stocks |
|
98.30 |
% |
Short-term investment |
|
1.60 |
|
Total investments |
|
99.90 |
% |
Other assets in excess of liabilities |
|
0.10 |
|
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks98.30% |
|
|
|
|
|
Airlines3.15% |
|
|
|
|
|
Delta Air Lines, Inc. |
|
16,573 |
|
958,417 |
|
|
|
|
|
|
|
Auto components2.77% |
|
|
|
|
|
Aptiv PLC |
|
10,070 |
|
844,873 |
|
|
|
|
|
|
|
Banks3.83% |
|
|
|
|
|
US Bancorp |
|
22,081 |
|
1,166,098 |
|
|
|
|
|
|
|
Biotechnology2.00% |
|
|
|
|
|
Ironwood Pharmaceuticals, Inc.* |
|
33,005 |
|
609,272 |
|
|
|
|
|
|
|
Chemicals2.53% |
|
|
|
|
|
Ashland Global Holdings, Inc. |
|
9,190 |
|
770,673 |
|
|
|
|
|
|
|
Consumer finance4.41% |
|
|
|
|
|
American Express Co. |
|
12,607 |
|
1,342,519 |
|
|
|
|
|
|
|
Diversified financial services3.46% |
|
|
|
|
|
Voya Financial, Inc. |
|
21,219 |
|
1,053,948 |
|
|
|
|
|
|
|
Electronic equipment, instruments & components3.72% |
|
|
|
|
|
Jabil, Inc. |
|
41,831 |
|
1,132,783 |
|
|
|
|
|
|
|
Entertainment3.79% |
|
|
|
|
|
Walt Disney Co./The |
|
9,872 |
|
1,154,432 |
|
|
|
|
|
|
|
Equity real estate investment trusts3.27% |
|
|
|
|
|
Simon Property Group, Inc. |
|
5,643 |
|
997,400 |
|
|
|
|
|
|
|
Food & staples retailing2.85% |
|
|
|
|
|
Walgreens Boots Alliance, Inc. |
|
11,929 |
|
869,624 |
|
|
|
|
|
|
|
Health care providers & services4.44% |
|
|
|
|
|
UnitedHealth Group, Inc. |
|
5,088 |
|
1,353,612 |
|
|
|
|
|
|
|
Hotels, restaurants & leisure3.97% |
|
|
|
|
|
Royal Caribbean Cruises Ltd. |
|
9,298 |
|
1,208,182 |
|
|
|
|
|
|
|
Household durables3.04% |
|
|
|
|
|
Newell Brands, Inc. |
|
45,594 |
|
925,558 |
|
|
|
|
|
|
|
Insurance6.29% |
|
|
|
|
|
Marsh & McLennan Cos., Inc. |
|
7,797 |
|
644,968 |
|
UBS U.S. Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Insurance(concluded) |
|
|
|
|
|
Prudential Financial, Inc. |
|
12,530 |
|
1,269,539 |
|
|
|
|
|
1,914,507 |
|
Interactive media & services3.80% |
|
|
|
|
|
Facebook, Inc., Class A* |
|
7,038 |
|
1,157,469 |
|
|
|
|
|
|
|
Internet & direct marketing retail5.35% |
|
|
|
|
|
Amazon.com, Inc.* |
|
814 |
|
1,630,442 |
|
|
|
|
|
|
|
IT services3.10% |
|
|
|
|
|
Visa, Inc., Class A |
|
6,288 |
|
943,766 |
|
|
|
|
|
|
|
Machinery7.88% |
|
|
|
|
|
AGCO Corp. |
|
22,745 |
|
1,382,669 |
|
Gardner Denver Holdings, Inc.* |
|
35,869 |
|
1,016,527 |
|
|
|
|
|
2,399,196 |
|
Pharmaceuticals8.78% |
|
|
|
|
|
Allergan PLC |
|
6,485 |
|
1,235,263 |
|
Johnson & Johnson |
|
10,412 |
|
1,438,626 |
|
|
|
|
|
2,673,889 |
|
Semiconductors & semiconductor equipment6.64% |
|
|
|
|
|
Lam Research Corp. |
|
5,805 |
|
880,619 |
|
Micron Technology, Inc.* |
|
25,261 |
|
1,142,555 |
|
|
|
|
|
2,023,174 |
|
Software3.56% |
|
|
|
|
|
salesforce.com, Inc.* |
|
6,821 |
|
1,084,744 |
|
|
|
|
|
|
|
Specialty retail2.65% |
|
|
|
|
|
TJX Cos., Inc./The |
|
7,211 |
|
807,776 |
|
UBS U.S. Sustainable Equity Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
Technology hardware, storage & peripherals3.02% |
|
|
|
|
| |
Western Digital Corp. |
|
15,718 |
|
920,132 |
| |
Total common stocks |
|
|
|
29,942,486 |
| |
|
|
|
|
|
| |
Short-term investment1.60% |
|
|
|
|
| |
Investment companies1.60% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
485,815 |
|
485,815 |
| |
Total investments |
|
|
|
30,428,301 |
| |
Other assets in excess of liabilities0.10% |
|
|
|
31,882 |
| |
Net assets100.00% |
|
|
|
$ |
30,460,183 |
|
For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Common stocks |
|
29,942,486 |
|
|
|
|
|
29,942,486 |
|
Short-term investment |
|
|
|
485,815 |
|
|
|
485,815 |
|
Total |
|
29,942,486 |
|
485,815 |
|
|
|
30,428,301 |
|
At September 30, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
UBS Municipal Bond Fund
Portfolio statistics September 30, 2018 (unaudited)1
Summary of municipal securities by state
Long-term municipal bonds |
|
Percentage of |
|
Alaska |
|
0.08 |
% |
California |
|
1.57 |
|
Colorado |
|
1.99 |
|
Connecticut |
|
6.04 |
|
District of Columbia |
|
0.98 |
|
Florida |
|
10.52 |
|
Georgia |
|
1.39 |
|
Illinois |
|
14.68 |
|
Maryland |
|
4.47 |
|
Massachusetts |
|
3.98 |
|
Michigan |
|
0.96 |
|
Minnesota |
|
0.17 |
|
Mississippi |
|
0.47 |
|
Nebraska |
|
1.22 |
|
Nevada |
|
1.81 |
|
New Jersey |
|
5.99 |
|
New York |
|
8.09 |
|
Ohio |
|
0.97 |
|
Pennsylvania |
|
17.74 |
|
Rhode Island |
|
0.91 |
|
South Carolina |
|
2.07 |
|
Texas |
|
14.05 |
|
Wisconsin |
|
1.09 |
|
Total long-term municipal bonds |
|
101.24 |
% |
Liabilities in excess of other assets |
|
(1.24 |
) |
Net assets |
|
100.00 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds101.24% |
|
|
|
|
|
Alaska0.08% |
|
|
|
|
|
City of Valdez, Marine Terminal Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
1.600%, due 12/01/331 |
|
100,000 |
|
100,000 |
|
|
|
|
|
|
|
California1.57% |
|
|
|
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Asset-Backed Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 06/01/32 |
|
1,000,000 |
|
1,122,520 |
|
5.000%, due 06/01/33 |
|
650,000 |
|
727,551 |
|
|
|
|
|
1,850,071 |
|
Colorado1.99% |
|
|
|
|
|
City and County of Denver, Airport System Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 11/15/23 |
|
1,545,000 |
|
1,738,187 |
|
City and County of Denver, Certificates of Participation Refunding, COP, |
|
|
|
|
|
Series A2, |
|
|
|
|
|
1.670%, due 12/01/291 |
|
200,000 |
|
200,000 |
|
City and County of Denver, COP, |
|
|
|
|
|
Series A3, |
|
|
|
|
|
1.670%, due 12/01/311 |
|
400,000 |
|
400,000 |
|
|
|
|
|
2,338,187 |
|
Connecticut6.04% |
|
|
|
|
|
State of Connecticut, GO Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 04/15/25 |
|
1,250,000 |
|
1,391,088 |
|
Series B, |
|
|
|
|
|
5.000%, due 04/15/25 |
|
2,000,000 |
|
2,225,740 |
|
Series C, |
|
|
|
|
|
5.000%, due 06/15/23 |
|
1,000,000 |
|
1,103,844 |
|
Series F, |
|
|
|
|
|
5.000%, due 09/15/25 |
|
2,140,000 |
|
2,389,695 |
|
|
|
|
|
7,110,367 |
|
District of Columbia0.98% |
|
|
|
|
|
District of Columbia, GO Bonds, |
|
|
|
|
|
Series E, |
|
|
|
|
|
5.000%, due 06/01/25 |
|
1,000,000 |
|
1,157,200 |
|
|
|
|
|
|
|
Florida10.52% |
|
|
|
|
|
Central Florida Expressway Authority Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 07/01/34 |
|
1,000,000 |
|
1,127,720 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Florida(concluded) |
|
|
|
|
|
5.000%, due 10/01/26 |
|
1,000,000 |
|
1,166,000 |
|
School Board of Volusia County, Certificates Refunding, Master Lease Program, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,112,430 |
|
School District of St. Lucie County, Sales Tax Revenue Bonds, |
|
|
|
|
|
AGM, |
|
|
|
|
|
5.000%, due 10/01/26 |
|
1,020,000 |
|
1,161,005 |
|
South Florida Water Management District, COP, |
|
|
|
|
|
5.000%, due 10/01/34 |
|
1,000,000 |
|
1,118,430 |
|
The School Board of Broward County, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 07/01/30 |
|
2,000,000 |
|
2,246,500 |
|
The School Board of Miami-Dade County, COP, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 05/01/31 |
|
1,000,000 |
|
1,107,900 |
|
Series D, |
|
|
|
|
|
5.000%, due 02/01/23 |
|
1,000,000 |
|
1,105,440 |
|
5.000%, due 11/01/31 |
|
1,000,000 |
|
1,112,740 |
|
The School Board of Palm Beach County, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,123,310 |
|
|
|
|
|
12,381,475 |
|
Georgia1.39% |
|
|
|
|
|
State of Georgia, GO Bonds, |
|
|
|
|
|
Series F, |
|
|
|
|
|
5.000%, due 07/01/26 |
|
1,385,000 |
|
1,632,790 |
|
|
|
|
|
|
|
Illinois14.68% |
|
|
|
|
|
City of Chicago OHare International Airport, Senior Lien Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 01/01/30 |
|
1,000,000 |
|
1,098,770 |
|
5.000%, due 01/01/31 |
|
1,050,000 |
|
1,151,220 |
|
Series C, |
|
|
|
|
|
5.000%, due 01/01/23 |
|
2,900,000 |
|
3,206,327 |
|
County of Cook, GO Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 11/15/20 |
|
1,830,000 |
|
1,940,184 |
|
5.000%, due 11/15/26 |
|
1,500,000 |
|
1,713,555 |
|
Illinois Finance Authority, Clean Water Initiative Revolving Fund Revenue Bonds, |
|
|
|
|
|
5.000%, due 01/01/24 |
|
1,920,000 |
|
2,162,650 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Illinois(concluded) |
|
|
|
|
|
Illinois State Toll Highway Authority Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,155,240 |
|
Railsplitter Tobacco Settlement Authority Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/01/25 |
|
1,235,000 |
|
1,390,289 |
|
State of Illinois, GO Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 10/01/21 |
|
1,000,000 |
|
1,042,620 |
|
State of Illinois, Sales Tax Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/15/20 |
|
1,190,000 |
|
1,237,219 |
|
5.000%, due 06/15/22 |
|
1,105,000 |
|
1,186,671 |
|
|
|
|
|
17,284,745 |
|
Maryland4.47% |
|
|
|
|
|
Montgomery Country Consolidated Public (Improvement Bond), GO Bonds, |
|
|
|
|
|
Series E, |
|
|
|
|
|
1.590%, due 11/01/371 |
|
2,800,000 |
|
2,800,000 |
|
State of Maryland, GO Bonds, |
|
|
|
|
|
5.000%, due 06/01/26 |
|
2,180,000 |
|
2,467,324 |
|
|
|
|
|
5,267,324 |
|
Massachusetts3.98% |
|
|
|
|
|
Massachusetts Development Finance Agency, Partners Healthcare System Revenue Bonds, |
|
|
|
|
|
Series S-1, |
|
|
|
|
|
5.000%, due 07/01/23 |
|
1,500,000 |
|
1,678,950 |
|
The Commonwealth of Massachusetts, Consolidated Loan of 2016, GO Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 03/01/34 |
|
1,125,000 |
|
1,250,302 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Massachusetts(concluded) |
|
|
|
|
|
The Commonwealth of Massachusetts, Consolidated Loan, GO Bonds, |
|
|
|
|
|
Series D, |
|
|
|
|
|
5.000%, due 07/01/26 |
|
1,500,000 |
|
1,759,110 |
|
|
|
|
|
4,688,362 |
|
Michigan0.96% |
|
|
|
|
|
Michigan Finance Authority, Trinity Health Credit Group, Hospital Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 12/01/35 |
|
1,000,000 |
|
1,128,390 |
|
|
|
|
|
|
|
Minnesota0.17% |
|
|
|
|
|
Rochester Minnesota Health Care Facilities Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
1.490%, due 11/15/381 |
|
200,000 |
|
200,000 |
|
|
|
|
|
|
|
Mississippi0.47% |
|
|
|
|
|
Mississippi Business Finance Corp., Gulf Opportunity Zone, Industrial Development, Chevron USA, Inc., Project Revenue Bonds, |
|
|
|
|
|
Series E, |
|
|
|
|
|
1.720%, due 12/01/301 |
|
550,000 |
|
550,000 |
|
|
|
|
|
|
|
Nebraska1.22% |
|
|
|
|
|
Douglas County Hospital Authority No. 2 Revenue Bonds, |
|
|
|
|
|
5.000%, due 05/15/25 |
|
1,250,000 |
|
1,431,325 |
|
|
|
|
|
|
|
Nevada1.81% |
|
|
|
|
|
Clark County, Las Vegas-McCarran International Airport Revenue Bonds, |
|
|
|
|
|
Series C, |
|
|
|
|
|
5.000%, due 07/01/27 |
|
1,815,000 |
|
2,133,587 |
|
|
|
|
|
|
|
New Jersey5.99% |
|
|
|
|
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, |
|
|
|
|
|
Series AA, |
|
|
|
|
|
5.000%, due 06/15/27 |
|
1,500,000 |
|
1,604,100 |
|
New Jersey Turnpike Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,127,320 |
|
Series E, |
|
|
|
|
|
5.000%, due 01/01/34 |
|
860,000 |
|
953,147 |
|
State of New Jersey, GO Bonds, |
|
|
|
|
|
5.000%, due 06/01/20 |
|
1,000,000 |
|
1,044,470 |
|
Series Q, |
|
|
|
|
|
5.000%, due 08/15/19 |
|
1,500,000 |
|
1,536,060 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
New Jersey(concluded) |
|
|
|
|
|
Series T, |
|
|
|
|
|
5.000%, due 06/01/20 |
|
750,000 |
|
783,352 |
|
|
|
|
|
7,048,449 |
|
New York8.09% |
|
|
|
|
|
City of New York, GO Bonds, |
|
|
|
|
|
Subseries F-1, |
|
|
|
|
|
5.000%, due 04/01/34 |
|
1,100,000 |
|
1,264,945 |
|
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 |
|
1,146,370 |
|
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, |
|
|
|
|
|
Subseries A1, |
|
|
|
|
|
5.000%, due 08/01/33 |
|
1,230,000 |
|
1,426,677 |
|
Subseries C-2, |
|
|
|
|
|
5.000%, due 05/01/35 |
|
3,000,000 |
|
3,442,470 |
|
New York City Transitional Finance Authority Revenue Bonds, |
|
|
|
|
|
Subseries B-1, |
|
|
|
|
|
5.000%, due 08/01/33 |
|
1,000,000 |
|
1,113,570 |
|
Subseries E-1, |
|
|
|
|
|
5.000%, due 02/01/32 |
|
1,000,000 |
|
1,129,990 |
|
|
|
|
|
9,524,022 |
|
Ohio0.97% |
|
|
|
|
|
State of Ohio, Cleveland Clinic Health System Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/32 |
|
1,000,000 |
|
1,148,230 |
|
|
|
|
|
|
|
Pennsylvania17.74% |
|
|
|
|
|
City of Philadelphia, GO Bonds, |
|
|
|
|
|
5.000%, due 08/01/20 |
|
1,590,000 |
|
1,667,051 |
|
Series A, |
|
|
|
|
|
5.000%, due 08/01/22 |
|
1,000,000 |
|
1,091,900 |
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/01/24 |
|
1,625,000 |
|
1,807,390 |
|
Commonwealth of Pennsylvania, GO Bonds, |
|
|
|
|
|
5.000%, due 07/01/19 |
|
1,075,000 |
|
1,098,768 |
|
5.000%, due 08/15/21 |
|
1,700,000 |
|
1,828,673 |
|
5.000%, due 01/01/24 |
|
2,000,000 |
|
2,232,900 |
|
5.000%, due 09/15/25 |
|
1,500,000 |
|
1,706,145 |
|
Pennsylvania Turnpike Commission Revenue Bonds, |
|
|
|
|
|
5.000%, due 12/01/252 |
|
2,170,000 |
|
2,395,224 |
|
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,132,600 |
|
5.000%, due 12/01/30 |
|
1,750,000 |
|
1,961,488 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
|
|
|
amount ($) |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Pennsylvania(concluded) |
|
|
|
|
|
Series A-1, |
|
|
|
|
|
5.000%, due 12/01/24 |
|
1,500,000 |
|
1,701,015 |
|
Series A-2, |
|
|
|
|
|
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,152,240 |
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 12/01/22 |
|
1,000,000 |
|
1,102,830 |
|
|
|
|
|
20,878,224 |
|
Rhode Island0.91% |
|
|
|
|
|
Tobacco Settlement Financing Corp., Asset-Backed Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 06/01/21 |
|
1,000,000 |
|
1,068,280 |
|
|
|
|
|
|
|
South Carolina2.07% |
|
|
|
|
|
South Carolina Public Service Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 12/01/26 |
|
1,010,000 |
|
1,120,848 |
|
Series B, |
|
|
|
|
|
5.000%, due 12/01/20 |
|
1,245,000 |
|
1,311,744 |
|
|
|
|
|
2,432,592 |
|
Texas14.05% |
|
|
|
|
|
Austin Community College District Public Facility Corp., Round Rock Campus Revenue Bonds, |
|
|
|
|
|
5.000%, due 08/01/24 |
|
1,000,000 |
|
1,125,570 |
|
Garland Independent School District, GO Bonds, PSF-GTD, |
|
|
|
|
|
5.000%, due 02/15/25 |
|
1,200,000 |
|
1,377,120 |
|
Houston Independent School District, GO Bonds, PSF-GTD, |
|
|
|
|
|
5.000%, due 02/15/26 |
|
2,000,000 |
|
2,324,340 |
|
North Texas Tollway Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
3,030,000 |
|
3,371,845 |
|
Plano Independent School District, GO Bonds, PSF-GTD, |
|
|
|
|
|
5.000%, due 02/15/25 |
|
2,000,000 |
|
2,293,940 |
|
State of Texas Transportation Commission Highway Fund First Tier Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 10/01/25 |
|
1,000,000 |
|
1,156,790 |
|
Texas A&M University, Financing System Revenue Bonds, |
|
|
|
|
|
Series C, |
|
|
|
|
|
5.000%, due 05/15/26 |
|
2,275,000 |
|
2,665,572 |
|
Series E, |
|
|
|
|
|
5.000%, due 05/15/25 |
|
1,750,000 |
|
2,023,420 |
|
UBS Municipal Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
|
| |
|
|
amount ($) |
|
Value ($) |
| |
Long-term municipal bonds(concluded) |
|
|
|
|
| |
Texas(concluded) |
|
|
|
|
| |
University of Texas Permanent University, Funding System Revenue Bonds, |
|
|
|
|
| |
Series A, |
|
|
|
|
| |
1.480%, due 07/01/381 |
|
200,000 |
|
200,000 |
| |
|
|
|
|
16,538,597 |
| |
Wisconsin1.09% |
|
|
|
|
| |
State of Wisconsin Prerefunded, GO Bonds, |
|
|
|
|
| |
Series A, |
|
|
|
|
| |
5.000%, due 05/01/243 |
|
1,165,000 |
|
1,279,240 |
| |
Total long-term municipal bonds |
|
|
|
119,171,457 |
| |
Liabilities in excess of other assets(1.24)% |
|
|
|
(1,461,331 |
) | |
Net assets100.00% |
|
|
|
$ |
117,710,126 |
|
For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 2018 in valuing the Portfolios investments. In the event a Portfolio 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.
|
|
Unadjusted |
|
Other |
|
Unobservable |
|
|
|
Description |
|
(Level 1) ($) |
|
(Level 2) ($) |
|
(Level 3) ($) |
|
Total ($) |
|
Long-term municipal bonds |
|
|
|
119,171,457 |
|
|
|
119,171,457 |
|
At September 30, 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. Rate shown is the rate in effect as of period end.
2 This security is considered illiquid and restricted. At period end, the value of these securities was $2,395,224, representing 2.03% of the Funds net assets. The table below provides further information:
Illiquid & restricted security |
|
Acquisition |
|
Acquisition |
|
Acquisition |
|
Value at 9/30/18 |
|
Value as a |
| ||
Pennsylvania Turnpike Commission Revenue Bonds, 5.000%, due 12/01/25 |
|
04/03/17 |
|
$ |
2,396,505 |
|
2.04 |
% |
$ |
2,395,224 |
|
2.03 |
% |
3 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 diversification September 30, 2018 (unaudited)1
Corporate bonds |
|
Percentage |
|
Agriculture |
|
0.26 |
% |
Auto manufacturers |
|
0.34 |
|
Banks |
|
7.13 |
|
Beverages |
|
0.41 |
|
Biotechnology |
|
0.70 |
|
Chemicals |
|
1.51 |
|
Commercial services |
|
0.88 |
|
Computers |
|
0.54 |
|
Diversified financial services |
|
1.70 |
|
Electric |
|
1.45 |
|
Food |
|
0.27 |
|
Healthcare-products |
|
0.72 |
|
Healthcare-services |
|
0.76 |
|
Insurance |
|
1.19 |
|
Internet |
|
0.36 |
|
Media |
|
1.68 |
|
Mining |
|
0.27 |
|
Miscellaneous manufacturers |
|
1.51 |
|
Oil & gas |
|
3.49 |
|
Pharmaceuticals |
|
1.86 |
|
Pipelines |
|
1.72 |
|
Real estate investment trusts |
|
0.86 |
|
Retail |
|
0.22 |
|
Semiconductors |
|
0.60 |
|
Software |
|
0.77 |
|
Telecommunications |
|
1.78 |
|
Transportation |
|
0.38 |
|
Total corporate bonds |
|
33.36 |
% |
Asset-backed securities |
|
11.69 |
|
Commercial mortgage-backed securities |
|
16.55 |
|
Mortgage-backed securities |
|
28.82 |
|
Municipal bonds and notes |
|
0.88 |
|
Non-US government obligations |
|
5.83 |
|
Supranational |
|
0.44 |
|
U.S. treasury obligations |
|
2.14 |
|
Preferred stock |
|
0.25 |
|
Short-term investment |
|
1.69 |
|
Total investments |
|
101.65 |
% |
Liabilities in excess of other assets |
|
(1.65 |
) |
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 September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds33.36% |
|
|
|
|
|
Canada0.89% |
|
|
|
|
|
Cenovus Energy, Inc. |
|
|
|
|
|
5.400%, due 06/15/47 |
|
80,000 |
|
80,482 |
|
NOVA Chemicals Corp. |
|
|
|
|
|
5.250%, due 08/01/232 |
|
210,000 |
|
209,213 |
|
Rogers Communications, Inc. |
|
|
|
|
|
5.000%, due 03/15/44 |
|
60,000 |
|
62,696 |
|
Total Canada corporate bonds |
|
|
|
352,391 |
|
|
|
|
|
|
|
Cayman Islands0.46% |
|
|
|
|
|
Seagate HDD Cayman |
|
|
|
|
|
5.750%, due 12/01/34 |
|
80,000 |
|
72,354 |
|
XLIT Ltd. |
|
|
|
|
|
6.375%, due 11/15/24 |
|
100,000 |
|
111,628 |
|
Total Cayman Islands corporate bonds |
|
|
|
183,982 |
|
|
|
|
|
|
|
Colombia0.18% |
|
|
|
|
|
Ecopetrol SA |
|
|
|
|
|
5.375%, due 06/26/26 |
|
70,000 |
|
72,275 |
|
|
|
|
|
|
|
Curacao0.14% |
|
|
|
|
|
Teva Pharmaceutical Finance IV BV |
|
|
|
|
|
3.650%, due 11/10/21 |
|
57,000 |
|
55,206 |
|
|
|
|
|
|
|
France0.48% |
|
|
|
|
|
Societe Generale SA |
|
|
|
|
|
4.000%, due 01/12/272 |
|
200,000 |
|
189,969 |
|
|
|
|
|
|
|
Ireland0.24% |
|
|
|
|
|
Shire Acquisitions Investments Ireland DAC |
|
|
|
|
|
2.400%, due 09/23/21 |
|
100,000 |
|
96,615 |
|
|
|
|
|
|
|
Luxembourg0.99% |
|
|
|
|
|
Allergan Funding SCS |
|
|
|
|
|
3.800%, due 03/15/25 |
|
200,000 |
|
195,771 |
|
INEOS Group Holdings SA |
|
|
|
|
|
5.625%, due 08/01/242 |
|
200,000 |
|
196,940 |
|
Total Luxembourg corporate bonds |
|
|
|
392,711 |
|
|
|
|
|
|
|
Mexico0.84% |
|
|
|
|
|
Petroleos Mexicanos |
|
|
|
|
|
3.500%, due 01/30/23 |
|
350,000 |
|
332,124 |
|
|
|
|
|
|
|
Netherlands1.15% |
|
|
|
|
|
Deutsche Telekom International Finance BV |
|
|
|
|
|
8.750%, due 06/15/303 |
|
60,000 |
|
80,527 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
Netherlands(concluded) |
|
|
|
|
|
LYB International Finance BV |
|
|
|
|
|
4.875%, due 03/15/44 |
|
50,000 |
|
48,675 |
|
Mylan NV |
|
|
|
|
|
3.950%, due 06/15/26 |
|
80,000 |
|
75,678 |
|
Petrobras Global Finance BV |
|
|
|
|
|
7.375%, due 01/17/27 |
|
250,000 |
|
253,075 |
|
Total Netherlands corporate bonds |
|
|
|
457,955 |
|
|
|
|
|
|
|
United Kingdom2.23% |
|
|
|
|
|
Barclays PLC |
|
|
|
|
|
4.836%, due 05/09/28 |
|
200,000 |
|
187,985 |
|
HSBC Holdings PLC |
|
|
|
|
|
3.400%, due 03/08/21 |
|
260,000 |
|
259,360 |
|
Lloyds Banking Group PLC |
|
|
|
|
|
4.582%, due 12/10/25 |
|
200,000 |
|
196,281 |
|
Royal Bank of Scotland Group PLC |
|
|
|
|
|
3.875%, due 09/12/23 |
|
250,000 |
|
242,901 |
|
Total United Kingdom corporate bonds |
|
|
|
886,527 |
|
|
|
|
|
|
|
United States25.76% |
|
|
|
|
|
21st Century Fox America, Inc. |
|
|
|
|
|
7.750%, due 12/01/45 |
|
50,000 |
|
76,456 |
|
Abbott Laboratories |
|
|
|
|
|
3.750%, due 11/30/26 |
|
80,000 |
|
79,748 |
|
AbbVie, Inc. |
|
|
|
|
|
2.500%, due 05/14/20 |
|
200,000 |
|
197,733 |
|
ADT Security Corp./The |
|
|
|
|
|
3.500%, due 07/15/22 |
|
240,000 |
|
227,100 |
|
AEP Texas, Inc., |
|
|
|
|
|
Series E, |
|
|
|
|
|
6.650%, due 02/15/33 |
|
50,000 |
|
61,607 |
|
Alabama Power Co. |
|
|
|
|
|
6.000%, due 03/01/39 |
|
100,000 |
|
120,372 |
|
Anadarko Petroleum Corp. |
|
|
|
|
|
5.550%, due 03/15/26 |
|
20,000 |
|
21,250 |
|
Anheuser-Busch InBev Finance, Inc. |
|
|
|
|
|
4.900%, due 02/01/46 |
|
165,000 |
|
165,353 |
|
Antero Resources Corp. |
|
|
|
|
|
5.375%, due 11/01/21 |
|
150,000 |
|
151,920 |
|
AT&T, Inc. |
|
|
|
|
|
4.300%, due 02/15/302 |
|
266,000 |
|
255,632 |
|
Bank of America Corp. |
|
|
|
|
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
4.200%, due 08/26/24 |
|
150,000 |
|
150,672 |
|
6.110%, due 01/29/37 |
|
125,000 |
|
143,585 |
|
Biogen, Inc. |
|
|
|
|
|
4.050%, due 09/15/25 |
|
150,000 |
|
150,354 |
|
5.200%, due 09/15/45 |
|
50,000 |
|
52,980 |
|
Boston Properties LP, REIT |
|
|
|
|
|
2.750%, due 10/01/26 |
|
210,000 |
|
190,110 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd. |
|
|
|
|
|
3.125%, due 01/15/25 |
|
30,000 |
|
27,860 |
|
Burlington Northern Santa Fe LLC |
|
|
|
|
|
5.150%, due 09/01/43 |
|
100,000 |
|
111,957 |
|
Capital One Financial Corp. |
|
|
|
|
|
3.750%, due 07/28/26 |
|
10,000 |
|
9,327 |
|
CCO Holdings LLC |
|
|
|
|
|
5.500%, due 05/01/262 |
|
150,000 |
|
148,312 |
|
CF Industries, Inc. |
|
|
|
|
|
3.450%, due 06/01/23 |
|
150,000 |
|
144,562 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
|
|
|
3.579%, due 07/23/20 |
|
150,000 |
|
150,090 |
|
Citigroup, Inc. |
|
|
|
|
|
5.500%, due 09/13/25 |
|
300,000 |
|
319,455 |
|
Comcast Corp. |
|
|
|
|
|
3.969%, due 11/01/47 |
|
88,000 |
|
77,998 |
|
CVS Health Corp. |
|
|
|
|
|
4.300%, due 03/25/28 |
|
120,000 |
|
118,816 |
|
Dell International LLC |
|
|
|
|
|
4.420%, due 06/15/212 |
|
100,000 |
|
101,482 |
|
Devon Energy Corp. |
|
|
|
|
|
5.000%, due 06/15/45 |
|
40,000 |
|
39,956 |
|
Eaton Corp. |
|
|
|
|
|
2.750%, due 11/02/22 |
|
190,000 |
|
184,358 |
|
Energy Transfer Equity LP |
|
|
|
|
|
5.500%, due 06/01/27 |
|
100,000 |
|
103,780 |
|
Enterprise Products Operating LLC |
|
|
|
|
|
2.850%, due 04/15/21 |
|
105,000 |
|
103,675 |
|
Exelon Corp. |
|
|
|
|
|
3.400%, due 04/15/26 |
|
150,000 |
|
143,462 |
|
Ford Motor Co. |
|
|
|
|
|
7.450%, due 07/16/31 |
|
55,000 |
|
61,263 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
General Electric Co., |
|
|
|
|
|
Series D, |
|
|
|
|
|
(fixed, converts to FRN on 01/21/21), |
|
|
|
|
|
5.000%, due 01/21/214 |
|
349,000 |
|
340,231 |
|
General Motors Co. |
|
|
|
|
|
6.600%, due 04/01/36 |
|
70,000 |
|
74,562 |
|
Georgia Power Co., |
|
|
|
|
|
Series C, |
|
|
|
|
|
2.000%, due 09/08/20 |
|
70,000 |
|
68,244 |
|
Gilead Sciences, Inc. |
|
|
|
|
|
3.650%, due 03/01/26 |
|
75,000 |
|
73,666 |
|
Goldman Sachs Group, Inc./The |
|
|
|
|
|
5.150%, due 05/22/45 |
|
30,000 |
|
30,570 |
|
5.750%, due 01/24/22 |
|
305,000 |
|
324,434 |
|
Home Depot, Inc./The |
|
|
|
|
|
2.125%, due 09/15/26 |
|
100,000 |
|
89,577 |
|
Illinois Tool Works, Inc. |
|
|
|
|
|
2.650%, due 11/15/26 |
|
80,000 |
|
73,987 |
|
International Lease Finance Corp. |
|
|
|
|
|
5.875%, due 08/15/22 |
|
120,000 |
|
126,914 |
|
Jefferies Finance LLC |
|
|
|
|
|
7.500%, due 04/15/212 |
|
200,000 |
|
204,500 |
|
JPMorgan Chase & Co., |
|
|
|
|
|
Series I, |
|
|
|
|
|
3 mo. USD LIBOR + 3.470%, |
|
|
|
|
|
5.809%, due 10/30/184,5 |
|
200,000 |
|
200,850 |
|
Kinder Morgan, Inc. |
|
|
|
|
|
5.550%, due 06/01/45 |
|
40,000 |
|
42,221 |
|
6.500%, due 09/15/20 |
|
100,000 |
|
105,686 |
|
Kroger Co./The |
|
|
|
|
|
6.900%, due 04/15/38 |
|
25,000 |
|
29,727 |
|
Liberty Mutual Group, Inc. |
|
|
|
|
|
4.250%, due 06/15/232 |
|
200,000 |
|
202,180 |
|
Life Technologies Corp. |
|
|
|
|
|
6.000%, due 03/01/20 |
|
135,000 |
|
139,852 |
|
Marathon Oil Corp. |
|
|
|
|
|
4.400%, due 07/15/27 |
|
125,000 |
|
124,929 |
|
Marathon Petroleum Corp. |
|
|
|
|
|
4.750%, due 09/15/44 |
|
120,000 |
|
115,832 |
|
MetLife, Inc. |
|
|
|
|
|
6.400%, due 12/15/36 |
|
35,000 |
|
37,100 |
|
Microsoft Corp. |
|
|
|
|
|
2.375%, due 02/12/22 |
|
250,000 |
|
243,998 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
4.450%, due 11/03/45 |
|
60,000 |
|
64,149 |
|
Morgan Stanley |
|
|
|
|
|
4.350%, due 09/08/26 |
|
140,000 |
|
138,815 |
|
4.875%, due 11/01/22 |
|
350,000 |
|
362,550 |
|
MPLX LP |
|
|
|
|
|
4.875%, due 06/01/25 |
|
70,000 |
|
72,296 |
|
Nabors Industries, Inc. |
|
|
|
|
|
4.625%, due 09/15/21 |
|
150,000 |
|
147,722 |
|
NCR Corp. |
|
|
|
|
|
5.000%, due 07/15/22 |
|
40,000 |
|
39,675 |
|
Netflix, Inc. |
|
|
|
|
|
5.500%, due 02/15/22 |
|
140,000 |
|
144,305 |
|
Noble Energy, Inc. |
|
|
|
|
|
5.050%, due 11/15/44 |
|
50,000 |
|
48,364 |
|
Oncor Electric Delivery Co. LLC |
|
|
|
|
|
3.750%, due 04/01/45 |
|
50,000 |
|
47,201 |
|
Pacific Gas & Electric Co. |
|
|
|
|
|
2.950%, due 03/01/26 |
|
150,000 |
|
136,415 |
|
Prudential Financial, Inc., |
|
|
|
|
|
Series MTN, |
|
|
|
|
|
6.625%, due 06/21/40 |
|
50,000 |
|
62,509 |
|
Quicken Loans, Inc. |
|
|
|
|
|
5.750%, due 05/01/252 |
|
260,000 |
|
259,675 |
|
Realogy Group LLC |
|
|
|
|
|
5.250%, due 12/01/212 |
|
150,000 |
|
150,750 |
|
Reynolds American, Inc. |
|
|
|
|
|
7.250%, due 06/15/37 |
|
85,000 |
|
104,811 |
|
RR Donnelley & Sons Co. |
|
|
|
|
|
7.875%, due 03/15/21 |
|
115,000 |
|
122,044 |
|
Sabine Pass Liquefaction LLC |
|
|
|
|
|
5.000%, due 03/15/27 |
|
200,000 |
|
205,332 |
|
Smithfield Foods, Inc. |
|
|
|
|
|
3.350%, due 02/01/222 |
|
80,000 |
|
77,323 |
|
Southern Copper Corp. |
|
|
|
|
|
6.750%, due 04/16/40 |
|
90,000 |
|
106,128 |
|
Sprint Corp. |
|
|
|
|
|
7.875%, due 09/15/23 |
|
150,000 |
|
161,604 |
|
Sunoco Logistics Partners Operations LP |
|
|
|
|
|
5.400%, due 10/01/47 |
|
50,000 |
|
49,384 |
|
Synchrony Financial |
|
|
|
|
|
4.500%, due 07/23/25 |
|
90,000 |
|
86,792 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
Teachers Insurance & Annuity Association of America |
|
|
|
|
|
4.270%, due 05/15/472 |
|
60,000 |
|
58,115 |
|
Tenet Healthcare Corp. |
|
|
|
|
|
4.625%, due 07/15/24 |
|
200,000 |
|
194,400 |
|
Texas Instruments, Inc. |
|
|
|
|
|
1.850%, due 05/15/22 |
|
220,000 |
|
209,181 |
|
Thermo Fisher Scientific, Inc. |
|
|
|
|
|
5.300%, due 02/01/44 |
|
60,000 |
|
65,732 |
|
Time Warner Cable LLC |
|
|
|
|
|
8.750%, due 02/14/19 |
|
210,000 |
|
214,341 |
|
Union Pacific Corp. |
|
|
|
|
|
4.050%, due 11/15/45 |
|
40,000 |
|
37,909 |
|
UnitedHealth Group, Inc. |
|
|
|
|
|
4.625%, due 07/15/35 |
|
100,000 |
|
106,418 |
|
Verizon Communications, Inc. |
|
|
|
|
|
5.250%, due 03/16/37 |
|
140,000 |
|
149,086 |
|
Wells Fargo & Co. |
|
|
|
|
|
5.375%, due 11/02/43 |
|
70,000 |
|
75,087 |
|
Total United States corporate bonds |
|
|
|
10,238,398 |
|
Total corporate bonds |
|
|
|
13,258,153 |
|
|
|
|
|
|
|
Asset-backed securities11.69% |
|
|
|
|
|
United States11.69% |
|
|
|
|
|
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
|
Series 2018-1, Class D, |
|
|
|
|
|
3.820%, due 03/18/24 |
|
100,000 |
|
99,815 |
|
Capital Auto Receivables Asset Trust, |
|
|
|
|
|
Series 2015-4, Class D, |
|
|
|
|
|
3.620%, due 05/20/21 |
|
125,000 |
|
125,401 |
|
CPS Auto Trust, |
|
|
|
|
|
Series 2018-C, Class D, |
|
|
|
|
|
4.400%, due 06/17/242 |
|
150,000 |
|
150,019 |
|
Dell Equipment Finance Trust, |
|
|
|
|
|
Series 2016-1, Class D, |
|
|
|
|
|
3.240%, due 07/22/222 |
|
268,000 |
|
268,249 |
|
Series 2018-1, Class D, |
|
|
|
|
|
3.850%, due 06/24/242 |
|
120,000 |
|
119,829 |
|
Drive Auto Receivables Trust, |
|
|
|
|
|
Series 2017-1, Class D, |
|
|
|
|
|
3.840%, due 03/15/23 |
|
75,000 |
|
75,294 |
|
Series 2017-2, Class B, |
|
|
|
|
|
2.250%, due 06/15/21 |
|
168,153 |
|
168,046 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Asset-backed securities(concluded) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Series 2017-2, Class C, |
|
|
|
|
|
2.750%, due 09/15/23 |
|
100,000 |
|
99,749 |
|
Series 2017-3, Class B, |
|
|
|
|
|
2.300%, due 05/17/21 |
|
150,000 |
|
149,771 |
|
Series 2018-1, Class A2, |
|
|
|
|
|
2.230%, due 04/15/20 |
|
104,883 |
|
104,837 |
|
Series 2018-1, Class D, |
|
|
|
|
|
3.810%, due 05/15/24 |
|
225,000 |
|
224,062 |
|
Series 2018-2, Class D, |
|
|
|
|
|
4.140%, due 08/15/24 |
|
200,000 |
|
200,766 |
|
Series 2018-3, Class D, |
|
|
|
|
|
4.300%, due 09/16/24 |
|
300,000 |
|
302,241 |
|
Series 2018-4, Class D, |
|
|
|
|
|
4.090%, due 01/15/26 |
|
150,000 |
|
150,453 |
|
Exeter Automobile Receivables Trust, |
|
|
|
|
|
Series 2018-1, Class AD, |
|
|
|
|
|
3.530%, due 11/15/232 |
|
100,000 |
|
99,094 |
|
OneMain Direct Auto Receivables Trust, |
|
|
|
|
|
Series 2018-1A, Class C, |
|
|
|
|
|
3.850%, due 10/14/252 |
|
300,000 |
|
300,817 |
|
PSNH Funding LLC, |
|
|
|
|
|
Series 2018-1, Class A3, |
|
|
|
|
|
3.814%, due 02/01/35 |
|
175,000 |
|
175,010 |
|
Santander Drive Auto Receivables Trust, |
|
|
|
|
|
Series 2017-2, Class A3, |
|
|
|
|
|
1.870%, due 12/15/20 |
|
276,185 |
|
275,915 |
|
Series 2017-2, Class D, |
|
|
|
|
|
3.490%, due 07/17/23 |
|
100,000 |
|
99,700 |
|
Series 2017-3, Class D, |
|
|
|
|
|
3.200%, due 11/15/23 |
|
225,000 |
|
222,742 |
|
Series 2018-4, Class D, |
|
|
|
|
|
3.980%, due 12/15/25 |
|
225,000 |
|
224,246 |
|
Sofi Consumer Loan Program Trust, |
|
|
|
|
|
Series 2017-6, Class B, |
|
|
|
|
|
3.520%, due 11/25/262 |
|
225,000 |
|
221,317 |
|
Series 2018-1, Class B, |
|
|
|
|
|
3.650%, due 02/25/272 |
|
100,000 |
|
98,627 |
|
Series 2018-2, Class A2, |
|
|
|
|
|
3.350%, due 04/26/272 |
|
175,000 |
|
174,686 |
|
Series 2018-2, Class B, |
|
|
|
|
|
3.790%, due 04/26/272 |
|
125,000 |
|
124,015 |
|
Series 2018-3, Class B, |
|
|
|
|
|
4.020%, due 08/25/272 |
|
125,000 |
|
124,872 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Asset-backed securities(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
World Financial Network Credit Card Master Trust, |
|
|
|
|
|
Series 2016-A, Class A, |
|
|
|
|
|
2.030%, due 04/15/25 |
|
275,000 |
|
265,118 |
|
Total asset-backed securities |
|
|
|
4,644,691 |
|
|
|
|
|
|
|
Commercial mortgage-backed securities16.55% |
|
|
|
|
|
United States16.55% |
|
|
|
|
|
Ashford Hospitality Trust, |
|
|
|
|
|
Series 2018-ASHF, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 2.100%, |
|
|
|
|
|
4.258%, due 04/15/352,5 |
|
100,000 |
|
100,359 |
|
BANK 2017, |
|
|
|
|
|
Series 2017-BNK7, Class C, |
|
|
|
|
|
4.192%, due 09/15/606 |
|
100,000 |
|
96,362 |
|
BANK 2018, |
|
|
|
|
|
Series 2018-BN14, Class E, |
|
|
|
|
|
3.000%, due 09/15/602,6 |
|
250,000 |
|
195,463 |
|
BBCMS Trust, |
|
|
|
|
|
Series 2015-SRCH, Class B, |
|
|
|
|
|
4.498%, due 08/10/352 |
|
135,000 |
|
137,809 |
|
BENCHMARK Mortgage Trust, |
|
|
|
|
|
Series 2018-B1, Class D, |
|
|
|
|
|
2.750%, due 01/15/512 |
|
350,000 |
|
281,056 |
|
Series 2018-B4, Class D, |
|
|
|
|
|
2.967%, due 07/15/512,6 |
|
100,000 |
|
83,374 |
|
Caesars Palace Las Vegas Trust, |
|
|
|
|
|
Series 2017-VICI, Class E, |
|
|
|
|
|
4.499%, due 10/15/342,6 |
|
100,000 |
|
98,176 |
|
CHT Mortgage Trust, |
|
|
|
|
|
Series 2017-CSMO, Class E, |
|
|
|
|
|
1 mo. USD LIBOR + 3.000%, |
|
|
|
|
|
5.158%, due 11/15/362,5 |
|
475,000 |
|
479,233 |
|
Citigroup Commercial Mortgage Trust, |
|
|
|
|
|
Series 2015-GC33, Class A4, |
|
|
|
|
|
3.778%, due 09/10/58 |
|
143,000 |
|
144,371 |
|
Series 2017-P8, Class D, |
|
|
|
|
|
3.000%, due 09/15/502 |
|
150,000 |
|
119,288 |
|
COMM Mortgage Trust, |
|
|
|
|
|
Series 2015-CCRE24, Class D, |
|
|
|
|
|
3.463%, due 08/10/486 |
|
150,000 |
|
125,950 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Commercial mortgage-backed securities(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Series 2015-CR24, Class A5, |
|
|
|
|
|
3.696%, due 08/10/48 |
|
400,000 |
|
401,246 |
|
Series 2015-PC1, Class A4, |
|
|
|
|
|
3.620%, due 07/10/50 |
|
90,000 |
|
89,634 |
|
CSAIL Commercial Mortgage Trust, |
|
|
|
|
|
Series 2015-C4, Class A4, |
|
|
|
|
|
3.808%, due 11/15/48 |
|
85,000 |
|
85,338 |
|
Series 2017-C8, Class D, |
|
|
|
|
|
4.470%, due 06/15/502 |
|
141,000 |
|
125,803 |
|
FREMF Mortgage Trust, |
|
|
|
|
|
Series 2017-K64, Class B, |
|
|
|
|
|
4.117%, due 05/25/502,6 |
|
50,000 |
|
48,601 |
|
Series 2017-K724, Class B, |
|
|
|
|
|
3.601%, due 11/25/232,6 |
|
265,000 |
|
255,085 |
|
GS Mortgage Securities Corp. II, |
|
|
|
|
|
Series 2017-SLP, Class E, |
|
|
|
|
|
4.744%, due 10/10/322,6 |
|
225,000 |
|
218,494 |
|
GS Mortgage Securities Trust, |
|
|
|
|
|
Series 2014-GSFL, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 3.900%, |
|
|
|
|
|
5.485%, due 07/15/312,5 |
|
116,524 |
|
117,205 |
|
Hilton USA Trust, |
|
|
|
|
|
Series 2016-SPF, Class E, |
|
|
|
|
|
5.519%, due 11/05/352 |
|
125,000 |
|
126,940 |
|
Invitation Homes Trust, |
|
|
|
|
|
Series 2018-SFR1, Class C, |
|
|
|
|
|
1 mo. USD LIBOR + 1.250%, |
|
|
|
|
|
3.310%, due 03/17/372,5 |
|
100,000 |
|
100,000 |
|
Series 2018-SFR2, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 1.450%, |
|
|
|
|
|
3.513%, due 06/17/372,5 |
|
275,000 |
|
273,711 |
|
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
|
Series 2012-C6, Class D, |
|
|
|
|
|
5.312%, due 05/15/456 |
|
150,000 |
|
146,718 |
|
JPMBB Commercial Mortgage Securities Trust, |
|
|
|
|
|
Series 2014-C26, Class AS, |
|
|
|
|
|
3.800%, due 01/15/48 |
|
200,000 |
|
198,924 |
|
Series 2015-C29, Class D, |
|
|
|
|
|
3.817%, due 05/15/486 |
|
100,000 |
|
83,087 |
|
Series 2015-C30, Class A5, |
|
|
|
|
|
3.822%, due 07/15/48 |
|
420,000 |
|
424,487 |
|
Series 2016-C2, Class D, |
|
|
|
|
|
3.555%, due 06/15/492,6 |
|
175,000 |
|
146,819 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
|
Commercial mortgage-backed securities(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
JPMorgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
|
Series 2018-ASH8, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 2.050%, |
|
|
|
|
|
4.208%, due 02/15/352,5 |
|
100,000 |
|
100,500 |
|
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
|
Series 2015-C24, Class A4, |
|
|
|
|
|
3.732%, due 05/15/48 |
|
100,000 |
|
100,179 |
|
Series 2016-C32, Class AS, |
|
|
|
|
|
3.994%, due 12/15/496 |
|
273,000 |
|
271,767 |
|
Series 2017-C34, Class C, |
|
|
|
|
|
4.326%, due 11/15/526 |
|
100,000 |
|
97,667 |
|
Morgan Stanley Capital I, Inc., |
|
|
|
|
|
Series 2017-HR2, Class C, |
|
|
|
|
|
4.369%, due 12/15/506 |
|
175,000 |
|
170,228 |
|
Series 2017-HR2, Class D, |
|
|
|
|
|
2.730%, due 12/15/50 |
|
100,000 |
|
81,245 |
|
Rosslyn Portfolio Trust, |
|
|
|
|
|
Series 2017-ROSS, Class E, |
|
|
|
|
|
1 mo. USD LIBOR + 3.000%, |
|
|
|
|
|
5.158%, due 06/15/332,5 |
|
275,000 |
|
279,492 |
|
Starwood Retail Property Trust, |
|
|
|
|
|
Series 2014-STAR, Class C, |
|
|
|
|
|
1 mo. USD LIBOR + 2.500%, |
|
|
|
|
|
4.658%, due 11/15/272,5 |
|
125,000 |
|
123,908 |
|
VNDO Mortgage Trust, |
|
|
|
|
|
Series 2013-PENN, Class D, |
|
|
|
|
|
4.079%, due 12/13/292,6 |
|
500,000 |
|
498,828 |
|
Wells Fargo Commercial Mortgage Trust, |
|
|
|
|
|
Series 2018-C44, Class C, |
|
|
|
|
|
4.998%, due 05/15/516 |
|
150,000 |
|
148,975 |
|
Total commercial mortgage-backed securities |
|
|
|
6,576,322 |
|
|
|
|
|
|
|
Mortgage-backed securities28.82% |
|
|
|
|
|
United States28.82% |
|
|
|
|
|
FHLMC |
|
|
|
|
|
4.000%, due 08/01/47 |
|
178,514 |
|
180,540 |
|
4.000%, due 12/01/47 |
|
1,357,087 |
|
1,373,042 |
|
3.500%, TBA |
|
1,425,000 |
|
1,402,122 |
|
FNMA |
|
|
|
|
|
3.000%, due 11/01/46 |
|
779,121 |
|
746,368 |
|
3.500%, due 01/01/47 |
|
356,526 |
|
351,796 |
|
3.500%, due 11/01/47 |
|
399,512 |
|
393,388 |
|
3.500%, due 12/01/47 |
|
930,879 |
|
916,611 |
|
3.500%, due 02/01/48 |
|
1,064,892 |
|
1,048,572 |
|
3.500%, due 03/01/48 |
|
911,186 |
|
897,211 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| |
Mortgage-backed securities(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
4.000%, due 09/01/40 |
|
154,460 |
|
157,127 |
| |
4.000%, due 06/01/47 |
|
396,993 |
|
401,123 |
| |
4.000%, due 05/01/48 |
|
24,311 |
|
24,561 |
| |
4.000%, due 07/01/48 |
|
738,647 |
|
746,229 |
| |
5.500%, due 03/01/33 |
|
36,719 |
|
39,945 |
| |
5.500%, due 09/01/34 |
|
142,218 |
|
153,850 |
| |
5.500%, due 11/01/34 |
|
31,268 |
|
33,908 |
| |
6.000%, due 11/01/28 |
|
42,786 |
|
46,897 |
| |
GNMA |
|
|
|
|
| |
3.000%, due 09/20/47 |
|
469,571 |
|
455,193 |
| |
6.500%, due 05/15/29 |
|
10,666 |
|
11,774 |
| |
GNMA II |
|
|
|
|
| |
3.000%, due 08/20/46 |
|
733,126 |
|
711,494 |
| |
3.000%, due 01/20/47 |
|
765,381 |
|
742,285 |
| |
3.000%, due 07/20/47 |
|
636,057 |
|
616,662 |
| |
Total Mortgage-backed securities |
|
|
|
11,450,698 |
| |
|
|
|
|
|
| |
Municipal bonds and notes0.88% |
|
|
|
|
| |
California0.88% |
|
|
|
|
| |
State of California, GO Bonds |
|
|
|
|
| |
7.300%, due 10/01/39 |
|
250,000 |
|
349,053 |
| |
|
|
|
|
|
| |
Non-US government obligations5.83% |
|
|
|
|
| |
Colombia0.70% |
|
|
|
|
| |
Republic of Colombia |
|
|
|
|
| |
8.125%, due 05/21/24 |
|
230,000 |
|
276,690 |
| |
|
|
|
|
|
| |
Indonesia0.29% |
|
|
|
|
| |
Republic of Indonesia |
|
|
|
|
| |
6.625%, due 02/17/372 |
|
100,000 |
|
117,339 |
| |
|
|
|
|
|
| |
Mexico0.43% |
|
|
|
|
| |
United Mexican States |
|
|
|
|
| |
4.000%, due 10/02/23 |
|
100,000 |
|
100,665 |
| |
4.150%, due 03/28/27 |
|
60,000 |
|
58,920 |
| |
6.750%, due 09/27/34 |
|
10,000 |
|
11,950 |
| |
|
|
|
|
171,535 |
| |
New Zealand3.84% |
|
|
|
|
| |
New Zealand Government Bond |
|
|
|
|
| |
2.500%, due 09/20/357 |
|
NZD |
555,000 |
|
431,558 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Face |
|
Value ($) |
| ||
Non-US government obligations(concluded) |
|
|
|
|
| ||
New Zealand(concluded) |
|
|
|
|
| ||
4.500%, due 04/15/277 |
|
NZD |
1,425,000 |
|
1,092,878 |
| |
|
|
|
|
1,524,436 |
| ||
Turkey0.23% |
|
|
|
|
| ||
Republic of Turkey |
|
|
|
|
| ||
6.875%, due 03/17/36 |
|
100,000 |
|
90,960 |
| ||
|
|
|
|
|
| ||
Uruguay0.34% |
|
|
|
|
| ||
Oriental Republic of Uruguay |
|
|
|
|
| ||
7.625%, due 03/21/36 |
|
100,000 |
|
134,903 |
| ||
Total non-US government obligations |
|
|
|
2,315,863 |
| ||
|
|
|
|
|
| ||
Supranational0.44% |
|
|
|
|
| ||
European Bank for Reconstruction & Development |
|
|
|
|
| ||
6.450%, due 12/13/22 |
|
IDR |
2,800,000,000 |
|
175,029 |
| |
|
|
|
|
|
| ||
U.S. treasury obligations2.14% |
|
|
|
|
| ||
US Treasury Bonds |
|
|
|
|
| ||
3.125%, due 05/15/48 |
|
310,000 |
|
305,726 |
| ||
US Treasury Inflation Index Notes (TIPS) |
|
|
|
|
| ||
0.500%, due 01/15/28 |
|
250,304 |
|
240,292 |
| ||
US Treasury Notes |
|
|
|
|
| ||
2.875%, due 07/31/25 |
|
120,000 |
|
118,997 |
| ||
2.875%, due 08/15/28 |
|
190,000 |
|
187,120 |
| ||
Total U.S. treasury obligations |
|
|
|
852,135 |
| ||
|
|
Number of |
|
|
|
Preferred stock0.25% |
|
|
|
|
|
United States0.25% |
|
|
|
|
|
JPMorgan Chase & Co. |
|
|
|
|
|
5.450%, due 12/01/184 |
|
4,000 |
|
99,760 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Short-term investment1.69% |
|
|
|
|
| |
Investment company1.69% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
672,762 |
|
672,762 |
| |
Total investments |
|
|
|
40,394,466 |
| |
Liabilities in excess of other assets(1.65)% |
|
|
|
(656,295 |
) | |
Net assets100.00% |
|
|
|
$ |
39,738,171 |
|
For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.
Futures contracts
Number of |
|
Currency |
|
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
1 |
|
USD |
|
US Long Bond Futures |
|
December 2018 |
|
144,867 |
|
140,500 |
|
(4,367 |
) |
14 |
|
USD |
|
US Treasury Note 2 Year Futures |
|
December 2018 |
|
2,960,964 |
|
2,950,281 |
|
(10,683 |
) |
9 |
|
USD |
|
US Treasury Note 5 Year Futures |
|
December 2018 |
|
1,013,779 |
|
1,012,289 |
|
(1,490 |
) |
15 |
|
USD |
|
US Ultra Long Treasury Bond Futures |
|
December 2018 |
|
2,399,050 |
|
2,314,219 |
|
(84,831 |
) |
12 |
|
USD |
|
US Ultra Treasury Note 10 Year Futures |
|
December 2018 |
|
1,528,111 |
|
1,512,000 |
|
(16,111 |
) |
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
9 |
|
EUR |
|
Italian Government Bond Futures |
|
December 2018 |
|
1,298,003 |
|
1,294,060 |
|
(3,943 |
) |
|
|
|
|
|
|
|
|
9,344,774 |
|
9,223,349 |
|
(121,425 |
) |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
26 |
|
USD |
|
US Treasury Note 10 Year Futures |
|
December 2018 |
|
(3,121,645 |
) |
(3,088,312 |
) |
33,333 |
|
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
10 |
|
EUR |
|
German Euro Bund Futures |
|
December 2018 |
|
(1,857,100 |
) |
(1,843,632 |
) |
13,468 |
|
11 |
|
GBP |
|
United Kingdom Long Gilt Bond Futures |
|
December 2018 |
|
(1,754,756 |
) |
(1,733,966 |
) |
20,790 |
|
|
|
|
|
|
|
|
|
(6,733,501 |
) |
(6,665,910 |
) |
67,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(53,834 |
) |
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
BB |
|
GBP |
85,000 |
|
USD |
112,036 |
|
10/29/18 |
|
1,114 |
|
CITI |
|
NZD |
2,330,000 |
|
USD |
1,550,737 |
|
10/29/18 |
|
6,052 |
|
CITI |
|
USD |
832,026 |
|
SEK |
7,320,000 |
|
10/29/18 |
|
(6,578 |
) |
GSI |
|
EUR |
1,645,000 |
|
USD |
1,940,034 |
|
10/29/18 |
|
26,079 |
|
GSI |
|
USD |
816,858 |
|
NOK |
6,620,000 |
|
10/29/18 |
|
(2,580 |
) |
|
|
|
|
|
|
|
|
24,087 |
|
Total return swap agreements
Counterparty |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
GSI |
|
USD |
1,000 |
|
12/20/18 |
|
Quarterly |
|
2.325 |
|
3 Month USD LIBOR |
|
|
|
(15,399 |
) |
(15,399 |
) |
JPMCB |
|
EUR |
1,000 |
|
12/20/18 |
|
Quarterly |
|
3 Month EURIBOR |
|
1.000 |
|
|
|
3,784 |
|
3,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,615 |
) |
(11,615 |
) |
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of September 30, 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.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Corporate bonds |
|
|
|
13,258,153 |
|
|
|
13,258,153 |
|
Asset-backed securities |
|
|
|
4,644,691 |
|
|
|
4,644,691 |
|
Commercial mortgage-backed securities |
|
|
|
6,576,322 |
|
|
|
6,576,322 |
|
Mortgage-backed securities |
|
|
|
11,450,698 |
|
|
|
11,450,698 |
|
Municipal bonds and notes |
|
|
|
349,053 |
|
|
|
349,053 |
|
Non-US government obligations |
|
|
|
2,315,863 |
|
|
|
2,315,863 |
|
Supranational |
|
|
|
175,029 |
|
|
|
175,029 |
|
U.S. treasury obligations |
|
|
|
852,135 |
|
|
|
852,135 |
|
Preferred stock |
|
99,760 |
|
|
|
|
|
99,760 |
|
Short-term investment |
|
|
|
672,762 |
|
|
|
672,762 |
|
Futures contracts |
|
67,591 |
|
|
|
|
|
67,591 |
|
Forward foreign currency contracts |
|
|
|
33,245 |
|
|
|
33,245 |
|
UBS Total Return Bond Fund
Portfolio of investments September 30, 2018 (unaudited)
Swap agreements |
|
|
|
3,784 |
|
|
|
3,784 |
|
Total |
|
167,351 |
|
40,331,735 |
|
|
|
40,499,086 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(121,425 |
) |
|
|
|
|
(121,425 |
) |
Forward foreign currency contracts |
|
|
|
(9,158 |
) |
|
|
(9,158 |
) |
Swap agreements |
|
|
|
(15,399 |
) |
|
|
(15,399 |
) |
Total |
|
(121,425 |
) |
(24,557 |
) |
|
|
(145,982 |
) |
At September 30, 2018, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
1 In US dollars unless otherwise indicated.
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. Securities exempt from registration pursuant to Rule 144A, in the amount of $7,763,099, represented 19.54% of the Funds net assets at period end.
3 Step bondcoupon rate ranges from 8.25% - 8.75% based on the current credit rating of the bond. The rate may decrease to 8.25% if the bonds credit rating improves. The rate disclosed is the rate at period end.
4 Perpetual investment. Date shown reflects the next call date.
5 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
6 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. Rate shown is the rate in effect as of period end.
7 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.
8 Payments made or received are based on the notional amount.
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 |
DAC |
Designated Activity Company |
ETF |
Exchange Traded Fund |
EURIBOR |
Euro Interbank Offered Rate |
FHLMC |
Federal Home Loan Mortgage Corporation |
FNMA |
Federal National Mortgage Association |
FRN |
Floating Rate Note |
GDR |
Global Depositary Receipt |
GNMA |
Government National Mortgage Association |
GO |
General Obligation |
ICE |
Intercontinental Exchange |
LIBOR |
London Interbank Offered Rate |
OAT |
Obligation Assimilables du Trésor (French Government Bonds) |
NATL-RE |
Reinsured by National Public Finance Guarantee Corporation |
PJSC |
Private Joint Stock Company |
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. |
TIPS |
Treasury inflation protected securities (TIPS) are debt securities issued by the US Treasury whose principal and/ or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (CPI). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity. |
|
|
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 |
MSCI |
Morgan Stanley & Co. International PLC |
SSC |
State Street Bank and Trust Co. |
|
|
Currency abbreviations | |
|
|
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 |
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 annual report to shareholders dated June 30, 2018.
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/ Igor Lasun |
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Igor Lasun |
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President |
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Date: |
November 28, 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/ Igor Lasun |
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Igor Lasun |
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President |
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Date: |
November 28, 2018 |
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By: |
/s/ Joanne M. Kilkeary |
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Joanne M. Kilkeary |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
November 28, 2018 |
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Exhibit 99.CERT
Certifications
I, Igor Lasun, 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/ Igor Lasun |
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Igor Lasun |
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President |
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Date: |
November 28, 2018 |
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I, Joanne M. 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 M. Kilkeary |
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Joanne M. Kilkeary |
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Vice President, Treasurer and Principal Accounting Officer |
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Date: |
November 28, 2018 |
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