EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Trustees of The UBS Funds

In planning and performing our audit of the financial statements of The UBS Funds (comprising, respectively, UBS Equity Long-Short Multi-Strategy Fund (formerly, UBS Market Neutral Multi-Strategy Fund), UBS International Equity Fund, UBS U.S. Defensive Equity Fund (formerly, UBS U.S. Equity Alpha Fund), UBS U.S. Equity Opportunity Fund, UBS U.S. Large Cap Equity Fund, UBS U.S. Small Cap Growth Fund, UBS Dynamic Alpha Fund, UBS Global Allocation Fund, UBS Global Frontier Fund, UBS Multi-Asset Income Fund, UBS Core Plus Bond Fund, UBS Emerging Markets Debt Fund, and UBS Fixed Income Opportunities Fund) (collectively, the ?Company?), as of and for the year ended June 30, 2013, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Company?s internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Company?s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company?s internal control over financial reporting is a process designed 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. A company?s internal control over financial reporting includes those policies and procedures that (1) pertain to the  maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company?s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company?s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Company?s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company?s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of June 30, 2013.

This report is intended solely for the information and use of management and the Board of Trustees of The UBS Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

       /s/ ERNST & YOUNG
New York, NY
August 28, 2013

EX-99.77D POLICIES

For period ending   June 30, 2013										77D/Q1

File number 811-6637


On January 28, 2013 the UBS U.S. Equity Alpha Fund became the UBS U.S. Defensive Equity Fund.

The Fund?s 80% policy changed from investing, under normal circumstances, at least 80% of its net assets(plus borrowings for investment purposes, if any) in equity securities of US companies to investing, undernormal circumstances, at least 80% of its net assets (plus borrowings for investment purposes, if any) inequity and/or equity-related instruments of US companies. Equity-related instruments include securities or other instruments that derive their value from equity securities and may include such instruments as short sales of equity securities, and futures and options on equity securities.

The Advisor will manage the Fund?s equity risk by utilizing an options-based strategy designed to seek to
reduce systematic market risk in the Fund?s portfolio in extreme down markets. The Advisor will regularly
purchase and sell exchange-traded and over-the-counter put and call options on securities and indices in
order to hedge the Fund?s portfolio to seek to limit the Fund?s downside equity risk in extreme down markets. The Advisor believes that the options-based overlay strategy will provide the Fund with reduced downside equity risk in extreme down markets in an efficient and price-sensitive manner, while enabling the Fund to participate in rising equity markets.




1

EX-99.77O RULE 10F-3

For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Global Frontier Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Zoetis Inc.

2.	Date of Purchase: 01/31/2013		       3.  Date offering commenced:  01/31/2013

4.	Underwriter(s) from whom purchased: Merrill Lynch

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    600,000 shares (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   86,100,000 shares

8.	Purchase price (net of fees and expenses):  $26.00

9.	Initial public offering price per unit or share:  $26.00

10.	Commission, spread or profit:  $ 0.5616

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Savern Console			Date:	February 7,2013
Print Name: Savern Console





For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Global Allocation Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Zoetis Inc.

2.	Date of Purchase: 01/31/2013		       3.  Date offering commenced:  01/31/2013

4.	Underwriter(s) from whom purchased: Merrill Lynch

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    600,000 shares (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   86,100,000 shares

8.	Purchase price (net of fees and expenses):  $26.00

9.	Initial public offering price per unit or share:  $26.00

10.	Commission, spread or profit:  $ 0.5616

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Savern Console			Date:	February 7,2013
Print Name: Savern Console



 For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS Dynamic Alpha Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  QVC Inc. 4.375% due 03/15/2023
2.  Date of Purchase:  03/04/2013	3.  Date offering commenced: 03/04/2013
4.  Underwriter(s) from whom purchased:  Wells Fargo Securities, Wells Fargo Intl London
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$9,996,800 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $749,760,000
8.  Purchase price (net of fees and expenses):  $99.968
9.  Initial public offering price:  $99.968
10.  Commission, spread or profit:  1%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ Tim Winstone	Date:3/6/2013
Print Name:  Tim Winstone

 For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS Global Bond Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  QVC Inc. 4.375% due 03/15/2023
2.  Date of Purchase:  03/04/2013	3.  Date offering commenced: 03/04/2013
4.  Underwriter(s) from whom purchased:  Wells Fargo Securities, Wells Fargo Intl London
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$9,996,800 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $749,760,000
8.  Purchase price (net of fees and expenses):  $99.968
9.  Initial public offering price:  $99.968
10.  Commission, spread or profit:  1%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ Tim Winstone	Date:3/6/2013
Print Name:  Tim Winstone


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS High Yield Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  CVR Ref LLC/Coff Fin Inc. 6.5% due 11/01/2012
2.  Date of Purchase:  10/10/2012	3.  Date offering commenced: 10/10/2012
4.  Underwriter(s) from whom purchased:  CS First Boston Corp
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$4,000,000 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $500,000,000.00
8.  Purchase price (net of fees and expenses):  $100.00
9.  Initial public offering price:  $100.00
10.  Commission, spread or profit:  1.5%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ John Hwang	Date:10/16/2012
Print Name:  John Hwang


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS High Yield Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  WMG Acquisition Corp 6% due 01/15/2021
2.  Date of Purchase:  10/24/2012	3.  Date offering commenced: 10/24/2012
4.  Underwriter(s) from whom purchased:  CS First Boston Corp.
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$5,000,000 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $500,000,000
8.  Purchase price (net of fees and expenses):  $100.00
9.  Initial public offering price:  $100.00
10.  Commission, spread or profit:  1%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ John Hwang	Date:11/14/2012
Print Name:  John Hwang


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS High Yield Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  CyrusOne LP/CyrusOne Finance 6.375% due 11/15/2022
2.  Date of Purchase:  11/06/2012	3.  Date offering commenced: 11/06/2012
4.  Underwriter(s) from whom purchased:  Barclays Capital Inc.
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$5,000,000 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $525,000,000
8.  Purchase price (net of fees and expenses):  $100.00
9.  Initial public offering price:  $100.00
10.  Commission, spread or profit:  2%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ John Hwang	Date:11/14/2012
Print Name:  John Hwang



For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS High Yield Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Arch Coal Inc. 9.875% due 06/15/2019
2.  Date of Purchase:  11/14/2012	3.  Date offering commenced: 11/14/2012
4.  Underwriter(s) from whom purchased:  Bank of America Securities
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:$4,7.96,700 firmwide
7.  Aggregate principal amount or total number of shares of offering:  $359,752,500
8.  Purchase price (net of fees and expenses):  $95.934
9.  Initial public offering price:  $95.934
10.  Commission, spread or profit:  1.985%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ John Hwang	Date:11/15/2012
Print Name:  John Hwang


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Rule 144A Securities
FUND:  UBS Global Equity Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Direct Line Insurance Group
2.  Date of Purchase:  10/11/2012	3.  Date offering commenced: 10/11/2012
4.  Underwriter(s) from whom purchased:  Morgan Stanley
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased: 758,207
7.  Aggregate principal amount or total number of shares of offering:  $1,500,000,000 shares
8.  Purchase price (net of fees and expenses):  175GBP
9.  Initial public offering price:  175GBP
10.  Commission, spread or profit:  1.05%              $____________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.
Approved:/s/ Nick Irish	Date:10/24/2012
Print Name:  Nick Irish



For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Dynamic Alpha Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Apache Corporation 4.25% due 01/15/2044

2.	Date of Purchase: 11/28/2012		       3.  Date offering commenced:  11/28/2012

4.	Underwriter(s) from whom purchased: JP Morgan London

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    $14,871,000 (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   $793,120,000

8.	Purchase price (net of fees and expenses):  $99.14

9.	Initial public offering price per unit or share:  $99.14

10.	Commission, spread or profit:  0.875%

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Tim Winstone			Date:	05 December 2012
Print Name: Tim Winstone


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Fixed Income Opportunities Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Aoache Corporation 2.625% due 01/15/2023

2.	Date of Purchase: 11/28/2012		       3.  Date offering commenced:  11/28/2012

4.	Underwriter(s) from whom purchased: Citigroup Global Markets

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    $2,984,070 (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   $1,193,628,000

8.	Purchase price (net of fees and expenses):  $99.469

9.	Initial public offering price per unit or share:  $99.469

10.	Commission, spread or profit:  0.65%

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Branamir Petranovic			Date:	30 November 2012
Print Name: Branamir Petranovic


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS U.S. Small Cap Growth Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Infoblox

2.	Date of Purchase: 10/05/2012		       3.  Date offering commenced:  10/05/2012

4.	Underwriter(s) from whom purchased: Morgan Stanley & Co./Pacific Crest

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    187,000 shares (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   5,000,000 shares

8.	Purchase price (net of fees and expenses):  $20.000

9.	Initial public offering price per unit or share:  $20.000

10.	Commission, spread or profit:  $ 0.48

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ David Wabnik			Date:	October 10, 2012
Print Name: David Wabnik



For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Global Allocation Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: ServiceNow Inc.

2.	Date of Purchase: 11/14/2012		       3.  Date offering commenced:  11/14/2012

4.	Underwriter(s) from whom purchased: Morgan Stanley & Co.

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    500,000 shares (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   16,100,000 shares

8.	Purchase price (net of fees and expenses):  $28.00

9.	Initial public offering price per unit or share:  $28.00

10.	Commission, spread or profit:  $ 0.672

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Savern Console			Date:	November 26,2012
Print Name: Savern Console


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Global Frontier Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: ServiceNow Inc.

2.	Date of Purchase: 11/14/2012		       3.  Date offering commenced:  11/14/2012

4.	Underwriter(s) from whom purchased: Morgan Stanley & Co.

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    500,000 shares (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   16,100,000 shares

8.	Purchase price (net of fees and expenses):  $28.00

9.	Initial public offering price per unit or share:  $28.00

10.	Commission, spread or profit:  $ 0.672

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Savern Console			Date:	November 26, 2012
Print Name: Savern Console


For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Fixed Income Opportunities Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: The Western Union Company 2.375% due 12/10/2015

2.	Date of Purchase: 12/05/2012		       3.  Date offering commenced:  12/05/2012

4.	Underwriter(s) from whom purchased: JP Morgan Securities Inc.

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    $249,540,000 (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   86,100,000 shares

8.	Purchase price (net of fees and expenses):  $99.816

9.	Initial public offering price per unit or share:  $99.816

10.	Commission, spread or profit:  0.45%

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Branamir Petranovic			Date:	06 December 2012
Print Name: Branamir Petranovic



For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Dynamic Alpha Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: The Western Union Company 2.875% due 12/10/2012

2.	Date of Purchase: 12/05/2012		       3.  Date offering commenced:  12/05/2012

4.	Underwriter(s) from whom purchased: JP Morgan Securities Inc.

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    9,950,600(Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   86,100,000 shares

8.	Purchase price (net of fees and expenses):  $99.506

9.	Initial public offering price per unit or share:  $99.506

10.	Commission, spread or profit:  0.600%

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/Tim Winstone			Date:	10 December 2012
Print Name: Tim Winstone



For period ending June 30, 2013				Exhibit 77O

File number 811-6637

FORM 10f-3
Registered Domestic Securities and Government Securities

Fund:	UBS Global Bond Fund                                 ___

Name of Adviser or Sub-Adviser: UBS Global Asset Management (America) Inc.

1.	Issuer: The Western Union Company 2.875% die 12/10/2017

2.	Date of Purchase: 12/05/2012		       3.  Date offering commenced:  12/05/2012

4.	Underwriter(s) from whom purchased: JP Morgan Securities Inc.

5.	"Affiliated Underwriter" managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    $9,950,600 (Firmwide)

7.	Aggregate principal amount or total number of shares of offering:   746,295,000

8.	Purchase price (net of fees and expenses):  $99.506

9.	Initial public offering price per unit or share:  $99.506

10.	Commission, spread or profit:  0.600%

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be ?qualified institutional buyers? (?QIBs?).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular,  ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:   /s/ Tim Winstone			Date:	10 December 2012
Print Name: Tim Winstone


FORM 10f-3
Eligible Foreign Securities

FUND:  UBS Dynamic Alpha Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Bank of Montreal 2.55% due 11/06/2022
2.  Date of Purchase:  11/01/2012	3.  Date offering commenced: 11/01/2012
4.  Underwriter(s) from whom purchased: Morgan Stanley
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased: $23,970,480 (Firnwide
7.  Aggregate principal amount or total number of shares of offering:  $998,770,000
8.  Purchase price (net of fees and expenses):  $ 99.877
9.  Initial public offering price:  $99.877
10.  Commission, spread or profit: .45%
11.  Have the following conditions been satisfied?
YES
NO
a.	The offering is subject to regulation by a foreign financial regulatory authority
b.	The securities are offered at a fixed price to all purchasers in the offering (except for any rights that are required by law to  be granted to existing security holders).
c.	Financial statements of the issuer, prepared and audited in accordance with the standards of the appropriate foreign financial regulatory authority, for the two years prior to the offering, are made available to prospective purchasers.
d.	The issuer is a foreign government, a foreign national or an entity organized under the laws of a foreign country.
e.    If the answer to (d) is no, the issuer is a reporting company in the U.S. and has made all required filings during the past 12 months
f.    The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).
g.    The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering (except for any rights to purchase required by law to be granted to existing security holders).
h.    The underwriting was a firm commitment underwriting


X_______


X_______




X_______



X_______


________




X______




X______


X_______


_______


_______




_______



_______


_______




_______




________


________

i.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.
j.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.

X_______


X_______

_______


_______

k.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.


X_______


_______
l.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______

_______

Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:/s/ Vivek Acharya 	Date: 11/15/2012

Print Name: Vivek Acharya


FORM 10f-3
Eligible Foreign Securities

FUND:  UBS Global Bond Fund
Name of Adviser or Sub-Adviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Bank of Montreal 2.55% due 11/06/2022
2.  Date of Purchase:  11/01/2012	3.  Date offering commenced: 11/01/2012
4.  Underwriter(s) from whom purchased: Morgan Stanley
5.  ?Affiliated Underwriter" managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased: $23,970,480 (Firnwide
7.  Aggregate principal amount or total number of shares of offering:  $998,770,000
8.  Purchase price (net of fees and expenses):  $ 99.877
9.  Initial public offering price:  $99.877
10.  Commission, spread or profit: .45%
11.  Have the following conditions been satisfied?
YES
NO
a.	The offering is subject to regulation by a foreign financial regulatory authority
b.	The securities are offered at a fixed price to all purchasers in the offering (except for any rights that are required by law to  be granted to existing security holders).
c.	Financial statements of the issuer, prepared and audited in accordance with the standards of the appropriate foreign financial regulatory authority, for the two years prior to the offering, are made available to prospective purchasers.
d.	The issuer is a foreign government, a foreign national or an entity organized under the laws of a foreign country.
e.    If the answer to (d) is no, the issuer is a reporting company in the U.S. and has made all required filings during the past 12 months
f.    The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).
g.    The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering (except for any rights to purchase required by law to be granted to existing security holders).
h.    The underwriting was a firm commitment underwriting


X_______


X_______




X_______



X_______


________




X______




X______


X_______


_______


_______




_______



_______


_______




_______




________


________

i.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.
j.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.

X_______


X_______

_______


_______

k.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or Sub-Adviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.


X_______


_______
l.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______

_______

Note: Refer to the Rule 10f-3 Procedures for the definitions of the capitalized terms above.  In particular, ?Affiliated Underwriter? is defined as affiliates of the Adviser or Sub-Adviser participating in a selling syndicate, as applicable.

Approved:/s/ Vivek Acharya 	Date: 11/15/2012

Print Name: Vivek Acharya





34