UBS Dynamic Alpha Fund
Industry diversification March 31, 2019 (unaudited)1,2
Corporate bonds |
|
Percentage of |
|
Advertising |
|
0.1 |
% |
Aerospace & defense |
|
0.2 |
|
Agriculture |
|
0.8 |
|
Airlines |
|
0.2 |
|
Auto manufacturers |
|
1.4 |
|
Banks |
|
8.0 |
|
Beverages |
|
0.4 |
|
Biotechnology |
|
0.3 |
|
Chemicals |
|
0.8 |
|
Commercial banks |
|
1.1 |
|
Commercial services |
|
0.5 |
|
Computers |
|
0.3 |
|
Construction materials |
|
0.2 |
|
Cosmetics & personal care |
|
0.1 |
|
Diversified financial services |
|
0.5 |
|
Electric |
|
3.0 |
|
Electronics |
|
0.1 |
|
Engineering & construction |
|
0.3 |
|
Food |
|
0.6 |
|
Gas |
|
1.1 |
|
Healthcare-products |
|
0.2 |
|
Healthcare-services |
|
0.4 |
|
Household products/wares |
|
0.2 |
|
Insurance |
|
2.9 |
|
Internet |
|
0.3 |
|
Investment company security |
|
0.3 |
|
IT services |
|
0.2 |
|
Machinery-constr & mining |
|
0.1 |
|
Media |
|
1.4 |
|
Mining |
|
0.4 |
|
Miscellaneous manufacturers |
|
0.6 |
|
Oil & gas |
|
1.4 |
|
Oil & gas services |
|
0.1 |
|
Pharmaceuticals |
|
1.9 |
|
Pipelines |
|
1.4 |
|
Real estate investment trusts |
|
2.7 |
|
Retail |
|
0.1 |
|
Savings & loans |
|
0.2 |
|
Semiconductors |
|
0.3 |
|
Software |
|
0.3 |
|
Telecommunications |
|
1.5 |
|
Transportation |
|
0.4 |
|
Water |
|
1.5 |
|
Total corporate bonds |
|
38.8 |
% |
Collateralized debt obligation |
|
0.0 |
|
Collateralized mortgage obligation |
|
0.0 |
|
Non-US government obligation |
|
0.2 |
|
Exchange traded funds |
|
9.3 |
|
Short-term investments |
|
45.6 |
|
Investment of cash collateral from securities loaned |
|
3.8 |
|
Total investments |
|
97.7 |
% |
Other assets in excess of liabilities |
|
2.3 |
|
Net assets |
|
100.0 |
% |
Amount represents less than 0.05%
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 March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds38.8% |
|
|
|
|
| |
Australia1.5% |
|
|
|
|
| |
APT Pipelines Ltd. |
|
|
|
|
| |
4.200%, due 03/23/252 |
|
20,000 |
|
20,427 |
| |
Commonwealth Bank of Australia, EMTN |
|
|
|
|
| |
(fixed, converts to FRN on 10/03/24), |
|
EUR |
100,000 |
|
112,078 |
|
Mirvac Group Finance Ltd., EMTN |
|
|
|
|
| |
3.625%, due 03/18/272 |
|
270,000 |
|
259,755 |
| |
Origin Energy Finance Ltd. |
|
|
|
|
| |
5.450%, due 10/14/212 |
|
80,000 |
|
83,827 |
| |
Scentre Group Trust 1 |
|
|
|
|
| |
2.375%, due 04/28/212 |
|
60,000 |
|
59,141 |
| |
SGSP Australia Assets Pty. Ltd., EMTN |
|
|
|
|
| |
3.250%, due 07/29/262 |
|
200,000 |
|
193,759 |
| |
Telstra Corp. Ltd. |
|
|
|
|
| |
4.800%, due 10/12/212 |
|
45,000 |
|
46,873 |
| |
Westpac Banking Corp. |
|
|
|
|
| |
2.800%, due 01/11/22 |
|
30,000 |
|
30,050 |
| |
(fixed, converts to FRN on 09/21/27), |
|
90,000 |
|
80,383 |
| |
Total Australia corporate bonds |
|
|
|
886,293 |
| |
|
|
|
|
|
| |
Belgium0.4% |
|
|
|
|
| |
AG Insurance SA |
|
|
|
|
| |
(fixed, converts to FRN on 06/30/27), |
|
EUR |
100,000 |
|
115,678 |
|
RESA SA |
|
|
|
|
| |
1.000%, due 07/22/262 |
|
EUR |
100,000 |
|
112,853 |
|
Total Belgium corporate bonds |
|
|
|
228,531 |
| |
|
|
|
|
|
| |
Canada1.0% |
|
|
|
|
| |
Bell Canada, Inc., MTN |
|
|
|
|
| |
4.750%, due 09/29/44 |
|
CAD |
30,000 |
|
24,414 |
|
Canadian Natural Resources Ltd. |
|
|
|
|
| |
2.950%, due 01/15/23 |
|
40,000 |
|
39,703 |
| |
3.850%, due 06/01/27 |
|
50,000 |
|
50,090 |
| |
Cenovus Energy, Inc. |
|
|
|
|
| |
4.250%, due 04/15/27 |
|
50,000 |
|
49,186 |
| |
Nexen, Inc. |
|
|
|
|
| |
6.400%, due 05/15/37 |
|
50,000 |
|
64,234 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
Canada(concluded) |
|
|
|
|
| |
Royal Bank of Canada |
|
|
|
|
| |
1.650%, due 07/15/21 |
|
CAD |
100,000 |
|
74,011 |
|
Suncor Energy, Inc. |
|
|
|
|
| |
6.500%, due 06/15/38 |
|
70,000 |
|
88,639 |
| |
TELUS Corp. |
|
|
|
|
| |
3.750%, due 01/17/25 |
|
CAD |
45,000 |
|
35,237 |
|
Toronto Dominion Bank/The |
|
|
|
|
| |
2.045%, due 03/08/21 |
|
CAD |
100,000 |
|
74,763 |
|
Yamana Gold, Inc. |
|
|
|
|
| |
4.950%, due 07/15/24 |
|
70,000 |
|
71,954 |
| |
Total Canada corporate bonds |
|
|
|
572,231 |
| |
|
|
|
|
|
| |
Cayman Islands0.1% |
|
|
|
|
| |
XLIT Ltd. |
|
|
|
|
| |
5.250%, due 12/15/43 |
|
45,000 |
|
51,745 |
| |
|
|
|
|
|
| |
Curacao0.1% |
|
|
|
|
| |
Teva Pharmaceutical Finance IV BV |
|
|
|
|
| |
3.650%, due 11/10/21 |
|
30,000 |
|
29,346 |
| |
|
|
|
|
|
| |
Czech Republic0.2% |
|
|
|
|
| |
NET4GAS sro, EMTN |
|
|
|
|
| |
2.500%, due 07/28/212 |
|
EUR |
100,000 |
|
116,675 |
|
|
|
|
|
|
| |
Denmark0.3% |
|
|
|
|
| |
Ap Moller Maersk A/S, EMTN |
|
|
|
|
| |
1.750%, due 03/16/262 |
|
EUR |
100,000 |
|
110,946 |
|
Orsted A/S |
|
|
|
|
| |
(fixed, converts to FRN on 11/06/20), |
|
EUR |
30,000 |
|
34,766 |
|
Total Denmark corporate bonds |
|
|
|
145,712 |
| |
|
|
|
|
|
| |
France2.3% |
|
|
|
|
| |
AXA SA, EMTN |
|
|
|
|
| |
(fixed, converts to FRN on 05/28/29), |
|
EUR |
100,000 |
|
115,887 |
|
Banque Federative du Credit Mutuel SA, EMTN |
|
|
|
|
| |
3.000%, due 09/11/252 |
|
EUR |
100,000 |
|
123,167 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
France(concluded) |
|
|
|
|
| |
BNP Paribas SA, EMTN |
|
|
|
|
| |
1.000%, due 04/17/242 |
|
EUR |
100,000 |
|
113,617 |
|
1.250%, due 03/19/252 |
|
EUR |
100,000 |
|
113,689 |
|
BPCE SA, EMTN |
|
|
|
|
|
|
1.375%, due 03/23/262 |
|
EUR |
100,000 |
|
114,313 |
|
Credit Agricole SA, EMTN |
|
|
|
|
|
|
1.375%, due 03/13/252 |
|
EUR |
100,000 |
|
115,332 |
|
Credit Logement SA |
|
|
|
|
|
|
3 mo. Euribor + 1.150%, |
|
EUR |
100,000 |
|
89,740 |
|
Engie SA |
|
|
|
|
|
|
(fixed, converts to FRN on 07/10/21), |
|
EUR |
100,000 |
|
121,469 |
|
SCOR SE |
|
|
|
|
|
|
(fixed, converts to FRN on 03/13/29), |
|
|
200,000 |
|
170,750 |
|
TDF Infrastructure SAS |
|
|
|
|
|
|
2.875%, due 10/19/222 |
|
EUR |
100,000 |
|
116,843 |
|
Terega SA |
|
|
|
|
|
|
2.200%, due 08/05/252 |
|
EUR |
100,000 |
|
118,430 |
|
Total France corporate bonds |
|
|
|
|
1,313,237 |
|
|
|
|
|
|
|
|
Germany0.5% |
|
|
|
|
|
|
ADLER Real Estate AG |
|
|
|
|
|
|
3.000%, due 04/27/262 |
|
EUR |
100,000 |
|
110,661 |
|
Henkel AG & Co. KGaA, EMTN |
|
|
|
|
|
|
1.500%, due 09/13/192 |
|
|
100,000 |
|
99,448 |
|
Volkswagen Leasing GmbH, EMTN |
|
|
|
|
|
|
1.000%, due 02/16/232 |
|
EUR |
40,000 |
|
44,967 |
|
1.625%, due 08/15/252 |
|
EUR |
50,000 |
|
55,797 |
|
Total Germany corporate bonds |
|
|
|
|
310,873 |
|
|
|
|
|
|
|
|
Ireland0.4% |
|
|
|
|
|
|
Fresenius Finance Ireland PLC |
|
|
|
|
|
|
1.500%, due 01/30/242 |
|
EUR |
30,000 |
|
34,808 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Ireland(concluded) |
|
|
|
|
|
|
GE Capital International Funding Co. Unlimited Co. |
|
|
|
|
|
|
4.418%, due 11/15/35 |
|
|
200,000 |
|
185,331 |
|
Total Ireland corporate bonds |
|
|
|
|
220,139 |
|
|
|
|
|
|
|
|
Italy0.7% |
|
|
|
|
|
|
Buzzi Unicem SpA |
|
|
|
|
|
|
2.125%, due 04/28/232 |
|
EUR |
100,000 |
|
114,501 |
|
CDP Reti SpA |
|
|
|
|
|
|
1.875%, due 05/29/222 |
|
EUR |
155,000 |
|
175,610 |
|
Italgas SpA, EMTN |
|
|
|
|
|
|
1.625%, due 01/19/272 |
|
EUR |
100,000 |
|
114,658 |
|
Total Italy corporate bonds |
|
|
|
|
404,769 |
|
|
|
|
|
|
|
|
Japan0.2% |
|
|
|
|
|
|
Mitsubishi UFJ Financial Group, Inc. |
|
|
|
|
|
|
2.665%, due 07/25/22 |
|
|
40,000 |
|
39,663 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
|
|
|
|
|
3.102%, due 01/17/23 |
|
|
70,000 |
|
70,260 |
|
Total Japan corporate bonds |
|
|
|
|
109,923 |
|
|
|
|
|
|
|
|
Jersey0.4% |
|
|
|
|
|
|
AA Bond Co. Ltd., EMTN |
|
|
|
|
|
|
2.875%, due 01/31/222 |
|
GBP |
174,000 |
|
216,674 |
|
HSBC Bank Capital Funding Sterling 2 LP |
|
|
|
|
|
|
(fixed, converts to FRN on 04/07/20), |
|
GBP |
30,000 |
|
40,272 |
|
Total Jersey corporate bonds |
|
|
|
|
256,946 |
|
|
|
|
|
|
|
|
Luxembourg0.9% |
|
|
|
|
|
|
ADO Properties SA |
|
|
|
|
|
|
1.500%, due 07/26/242 |
|
EUR |
100,000 |
|
110,616 |
|
Allergan Funding SCS |
|
|
|
|
|
|
2.125%, due 06/01/29 |
|
EUR |
100,000 |
|
112,550 |
|
3.450%, due 03/15/22 |
|
|
50,000 |
|
50,437 |
|
4.750%, due 03/15/45 |
|
|
20,000 |
|
19,975 |
|
Dream Global Funding I SARL |
|
|
|
|
|
|
1.375%, due 12/21/212 |
|
EUR |
200,000 |
|
225,857 |
|
Total Luxembourg corporate bonds |
|
|
|
|
519,435 |
|
|
|
|
|
|
|
|
Mexico0.9% |
|
|
|
|
|
|
Mexichem SAB de CV |
|
|
|
|
|
|
5.500%, due 01/15/485 |
|
|
200,000 |
|
189,134 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
Mexico(concluded) |
|
|
|
|
| |
Mexico City Airport Trust |
|
|
|
|
| |
5.500%, due 07/31/472 |
|
200,000 |
|
184,028 |
| |
Petroleos Mexicanos, EMTN |
|
|
|
|
| |
3.750%, due 02/21/242 |
|
EUR |
100,000 |
|
115,120 |
|
5.500%, due 02/24/252 |
|
EUR |
20,000 |
|
24,570 |
|
Total Mexico corporate bonds |
|
|
|
512,852 |
| |
|
|
|
|
|
| |
Netherlands3.2% |
|
|
|
|
| |
Argentum Netherlands BV for Swiss Life AG |
|
|
|
|
| |
(fixed, converts to FRN on 06/16/25), |
|
EUR |
100,000 |
|
122,548 |
|
ATF Netherlands BV |
|
|
|
|
|
|
(fixed, converts to FRN on 01/20/23), |
|
EUR |
100,000 |
|
112,736 |
|
Cooperatieve Rabobank UA |
|
|
|
|
|
|
(fixed, converts to FRN on 06/29/20), |
|
EUR |
250,000 |
|
290,461 |
|
Iberdrola International BV, EMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 03/26/24), |
|
EUR |
100,000 |
|
113,735 |
|
ING Groep N.V., EMTN |
|
|
|
|
|
|
1.125%, due 02/14/252 |
|
EUR |
100,000 |
|
112,864 |
|
Mylan N.V. |
|
|
|
|
|
|
3.125%, due 11/22/282 |
|
EUR |
180,000 |
|
211,478 |
|
Redexis Gas Finance BV, EMTN |
|
|
|
|
|
|
1.875%, due 04/27/272 |
|
EUR |
100,000 |
|
109,576 |
|
Shell International Finance BV |
|
|
|
|
|
|
4.375%, due 05/11/45 |
|
|
110,000 |
|
120,385 |
|
Teva Pharmaceutical Finance Netherlands II BV |
|
|
|
|
|
|
1.125%, due 10/15/242,6 |
|
EUR |
100,000 |
|
97,766 |
|
Teva Pharmaceutical Finance Netherlands III BV |
|
|
|
|
| |
2.800%, due 07/21/23 |
|
60,000 |
|
53,589 |
| |
Volkswagen International Finance N.V. |
|
|
|
|
| |
1.125%, due 10/02/232 |
|
EUR |
100,000 |
|
112,442 |
|
(fixed, converts to FRN on 06/27/24), |
|
EUR |
100,000 |
|
110,449 |
|
4.125%, due 11/16/382 |
|
EUR |
100,000 |
|
124,739 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
Netherlands(concluded) |
|
|
|
|
| |
Vonovia Finance BV |
|
|
|
|
| |
(fixed, converts to FRN on 12/17/21), |
|
EUR |
100,000 |
|
119,650 |
|
Total Netherlands corporate bonds |
|
|
|
|
1,812,418 |
|
|
|
|
|
|
|
|
Poland0.2% |
|
|
|
|
|
|
Tauron Polska Energia SA |
|
|
|
|
|
|
2.375%, due 07/05/272 |
|
EUR |
100,000 |
|
112,325 |
|
|
|
|
|
|
|
|
Portugal0.2% |
|
|
|
|
|
|
Galp Gas Natural Distribuicao SA, EMTN |
|
|
|
|
|
|
1.375%, due 09/19/232 |
|
EUR |
100,000 |
|
114,510 |
|
|
|
|
|
|
|
|
Romania0.2% |
|
|
|
|
|
|
Globalworth Real Estate Investments Ltd., EMTN |
|
|
|
|
|
|
3.000%, due 03/29/252 |
|
EUR |
100,000 |
|
115,264 |
|
|
|
|
|
|
|
|
Singapore0.3% |
|
|
|
|
|
|
DBS Group Holdings Ltd., GMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 09/07/21), |
|
|
200,000 |
|
194,658 |
|
|
|
|
|
|
|
|
Spain1.7% |
|
|
|
|
|
|
Aigues de Barcelona Finance SA |
|
|
|
|
|
|
1.944%, due 09/15/212 |
|
EUR |
175,000 |
|
203,019 |
|
Banco Santander SA |
|
|
|
|
|
|
3.250%, due 04/04/262 |
|
EUR |
100,000 |
|
121,341 |
|
Banco Santander SA, EMTN |
|
|
|
|
|
|
4.000%, due 01/19/232 |
|
AUD |
200,000 |
|
145,665 |
|
Canal de Isabel II Gestion SA, EMTN |
|
|
|
|
|
|
1.680%, due 02/26/252 |
|
EUR |
100,000 |
|
114,025 |
|
FCC Aqualia SA |
|
|
|
|
|
|
1.413%, due 06/08/222 |
|
EUR |
150,000 |
|
171,308 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
Spain(concluded) |
|
|
|
|
|
|
Telefonica Emisiones SA |
|
|
|
|
|
|
5.520%, due 03/01/49 |
|
|
200,000 |
|
209,613 |
|
Total Spain corporate bonds |
|
|
|
|
964,971 |
|
|
|
|
|
|
|
|
Sweden0.2% |
|
|
|
|
|
|
Akelius Residential Property AB, EMTN |
|
|
|
|
|
|
1.750%, due 02/07/252 |
|
EUR |
100,000 |
|
113,343 |
|
|
|
|
|
|
|
|
United Kingdom4.3% |
|
|
|
|
|
|
Anglian Water Services Financing PLC, EMTN |
|
|
|
|
|
|
4.500%, due 02/22/262 |
|
GBP |
100,000 |
|
141,712 |
|
Barclays Bank PLC |
|
|
|
|
|
|
9.500%, due 08/07/212 |
|
GBP |
50,000 |
|
75,674 |
|
Barclays Bank PLC, EMTN |
|
|
|
|
|
|
6.625%, due 03/30/222 |
|
EUR |
50,000 |
|
64,703 |
|
Barclays PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 10/06/22), |
|
GBP |
100,000 |
|
129,485 |
|
Barclays PLC, EMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 11/11/20), |
|
EUR |
100,000 |
|
113,135 |
|
BAT International Finance PLC, EMTN |
|
|
|
|
|
|
0.875%, due 10/13/232 |
|
EUR |
100,000 |
|
112,121 |
|
BUPA Finance PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 09/16/20), |
|
GBP |
30,000 |
|
40,929 |
|
Diageo Capital PLC |
|
|
|
|
|
|
3.875%, due 04/29/43 |
|
|
40,000 |
|
40,478 |
|
HSBC Holdings PLC |
|
|
|
|
|
|
5.100%, due 04/05/21 |
|
|
80,000 |
|
83,391 |
|
Lloyds Banking Group PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 11/07/27), |
|
|
220,000 |
|
211,447 |
|
Nationwide Building Society, EMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 07/25/24), |
|
EUR |
100,000 |
|
110,292 |
|
Phoenix Group Holdings PLC, EMTN |
|
|
|
|
|
|
4.125%, due 07/20/222 |
|
GBP |
150,000 |
|
200,253 |
|
Prudential PLC, EMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 07/20/35), |
|
GBP |
100,000 |
|
141,797 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
United Kingdom(concluded) |
|
|
|
|
|
|
Royal Bank of Scotland Group PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 06/25/23), |
|
|
200,000 |
|
204,609 |
|
6.100%, due 06/10/23 |
|
|
60,000 |
|
63,746 |
|
SSE PLC |
|
|
|
|
|
|
(fixed, converts to FRN on 09/10/20), |
|
GBP |
100,000 |
|
130,930 |
|
Tesco Property Finance 4 PLC |
|
|
|
|
|
|
5.801%, due 10/13/402 |
|
GBP |
136,815 |
|
215,138 |
|
Thames Water Utilities Finance PLC, EMTN |
|
|
|
|
|
|
5.125%, due 09/28/372 |
|
GBP |
50,000 |
|
82,708 |
|
Virgin Money Holdings UK PLC, GMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 04/24/25), |
|
GBP |
100,000 |
|
129,977 |
|
Vodafone Group PLC |
|
|
|
|
|
|
4.375%, due 02/19/43 |
|
|
25,000 |
|
22,520 |
|
WPP Finance 2010 |
|
|
|
|
|
|
3.750%, due 09/19/24 |
|
|
40,000 |
|
39,470 |
|
Yorkshire Water Finance PLC, EMTN |
|
|
|
|
|
|
(fixed, converts to FRN on 03/22/23), |
|
GBP |
100,000 |
|
134,637 |
|
Total United Kingdom corporate bonds |
|
|
|
|
2,489,152 |
|
|
|
|
|
|
|
|
United States18.6% |
|
|
|
|
|
|
ABB Finance USA, Inc. |
|
|
|
|
|
|
2.875%, due 05/08/22 |
|
|
50,000 |
|
50,384 |
|
Abbott Laboratories |
|
|
|
|
|
|
3.750%, due 11/30/26 |
|
|
20,000 |
|
20,781 |
|
4.900%, due 11/30/46 |
|
|
60,000 |
|
69,374 |
|
AbbVie, Inc. |
|
|
|
|
|
|
1.375%, due 05/17/24 |
|
EUR |
100,000 |
|
115,693 |
|
4.250%, due 11/14/28 |
|
|
60,000 |
|
61,340 |
|
4.400%, due 11/06/42 |
|
|
30,000 |
|
27,886 |
|
4.875%, due 11/14/48 |
|
|
55,000 |
|
54,181 |
|
Albemarle Corp. |
|
|
|
|
|
|
5.450%, due 12/01/44 |
|
|
70,000 |
|
72,449 |
|
Alphabet, Inc. |
|
|
|
|
|
|
1.998%, due 08/15/266 |
|
|
90,000 |
|
84,973 |
|
Altria Group, Inc. |
|
|
|
|
|
|
4.250%, due 08/09/42 |
|
|
120,000 |
|
104,527 |
|
4.400%, due 02/14/26 |
|
|
40,000 |
|
41,199 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
United States(continued) |
|
|
|
|
|
|
5.950%, due 02/14/49 |
|
|
40,000 |
|
42,917 |
|
Amazon.com, Inc. |
|
|
|
|
|
|
2.800%, due 08/22/24 |
|
|
110,000 |
|
110,234 |
|
American Airlines Pass-Through Trust, |
|
|
|
|
|
|
Series 2014-1, Class B, |
|
|
|
|
|
|
4.375%, due 10/01/22 |
|
|
59,233 |
|
59,535 |
|
American Express Co. |
|
|
|
|
|
|
3.400%, due 02/27/23 |
|
|
90,000 |
|
91,410 |
|
Amgen, Inc. |
|
|
|
|
|
|
4.400%, due 05/01/45 |
|
|
30,000 |
|
29,583 |
|
Andeavor Logistics LP/Tesoro Logistics Finance Corp. |
|
|
|
|
|
|
3.500%, due 12/01/22 |
|
|
10,000 |
|
10,105 |
|
4.250%, due 12/01/276 |
|
|
30,000 |
|
30,223 |
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|
|
|
|
|
|
3.650%, due 02/01/265 |
|
|
60,000 |
|
60,220 |
|
Anheuser-Busch InBev Worldwide, Inc. |
|
|
|
|
|
|
4.150%, due 01/23/25 |
|
|
40,000 |
|
41,705 |
|
4.750%, due 01/23/29 |
|
|
40,000 |
|
42,593 |
|
Apache Corp. |
|
|
|
|
|
|
4.250%, due 01/15/44 |
|
|
90,000 |
|
79,898 |
|
Apple, Inc. |
|
|
|
|
|
|
3.850%, due 08/04/46 |
|
|
70,000 |
|
70,937 |
|
AT&T, Inc. |
|
|
|
|
|
|
3.000%, due 02/15/22 |
|
|
60,000 |
|
60,254 |
|
4.350%, due 03/01/29 |
|
|
100,000 |
|
102,193 |
|
4.750%, due 05/15/46 |
|
|
100,000 |
|
98,098 |
|
5.550%, due 08/15/41 |
|
|
60,000 |
|
64,259 |
|
AXA Equitable Holdings, Inc. |
|
|
|
|
|
|
3.900%, due 04/20/23 |
|
|
30,000 |
|
30,745 |
|
Baltimore Gas & Electric Co. |
|
|
|
|
|
|
3.500%, due 08/15/46 |
|
|
40,000 |
|
37,681 |
|
Bank of America Corp., MTN |
|
|
|
|
|
|
3.875%, due 08/01/25 |
|
|
300,000 |
|
310,815 |
|
BAT Capital Corp. |
|
|
|
|
|
|
3.557%, due 08/15/27 |
|
|
40,000 |
|
37,905 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd. |
|
|
|
|
|
|
3.625%, due 01/15/24 |
|
|
100,000 |
|
99,794 |
|
Burlington Northern Santa Fe LLC |
|
|
|
|
|
|
5.400%, due 06/01/41 |
|
|
50,000 |
|
60,073 |
|
Capital One Financial Corp. |
|
|
|
|
|
|
3.200%, due 02/05/25 |
|
|
90,000 |
|
88,161 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
|
|
United States(continued) |
|
|
|
|
|
|
Celgene Corp. |
|
|
|
|
|
|
3.875%, due 08/15/25 |
|
|
70,000 |
|
71,859 |
|
CF Industries, Inc. |
|
|
|
|
|
|
5.150%, due 03/15/34 |
|
|
40,000 |
|
38,000 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
|
|
|
|
4.464%, due 07/23/22 |
|
|
50,000 |
|
51,747 |
|
4.500%, due 02/01/24 |
|
|
60,000 |
|
62,502 |
|
5.375%, due 05/01/47 |
|
|
20,000 |
|
19,925 |
|
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
|
|
|
|
|
|
3.300%, due 05/01/235 |
|
|
155,000 |
|
156,752 |
|
Chubb INA Holdings, Inc. |
|
|
|
|
|
|
2.500%, due 03/15/38 |
|
EUR |
100,000 |
|
119,401 |
|
Cigna Corp. |
|
|
|
|
|
|
3.400%, due 09/17/215 |
|
|
50,000 |
|
50,533 |
|
4.375%, due 10/15/285 |
|
|
50,000 |
|
51,824 |
|
4.900%, due 12/15/485 |
|
|
30,000 |
|
31,047 |
|
Citigroup, Inc. |
|
|
|
|
|
|
3.875%, due 10/25/23 |
|
|
200,000 |
|
208,051 |
|
4.600%, due 03/09/26 |
|
|
30,000 |
|
31,361 |
|
4.650%, due 07/23/48 |
|
|
100,000 |
|
107,708 |
|
Comcast Corp. |
|
|
|
|
|
|
3.950%, due 10/15/25 |
|
|
50,000 |
|
52,313 |
|
4.150%, due 10/15/28 |
|
|
40,000 |
|
42,172 |
|
4.700%, due 10/15/48 |
|
|
30,000 |
|
32,673 |
|
4.750%, due 03/01/44 |
|
|
20,000 |
|
21,719 |
|
4.950%, due 10/15/58 |
|
|
20,000 |
|
22,101 |
|
Conagra Brands, Inc. |
|
|
|
|
|
|
3.800%, due 10/22/21 |
|
|
20,000 |
|
20,371 |
|
4.600%, due 11/01/25 |
|
|
50,000 |
|
52,611 |
|
5.400%, due 11/01/48 |
|
|
40,000 |
|
40,279 |
|
Consumers Energy Co. |
|
|
|
|
|
|
3.250%, due 08/15/46 |
|
|
30,000 |
|
27,515 |
|
CVS Health Corp. |
|
|
|
|
|
|
3.350%, due 03/09/21 |
|
|
40,000 |
|
40,326 |
|
4.300%, due 03/25/28 |
|
|
60,000 |
|
60,852 |
|
5.050%, due 03/25/48 |
|
|
40,000 |
|
40,317 |
|
5.125%, due 07/20/45 |
|
|
60,000 |
|
61,187 |
|
Dell International LLC/EMC Corp. |
|
|
|
|
|
|
5.300%, due 10/01/295 |
|
|
90,000 |
|
90,583 |
|
8.350%, due 07/15/465 |
|
90,000 |
|
108,782 |
| |
Dominion Energy, Inc., |
|
|
|
|
| |
Series D, |
|
|
|
|
| |
2.850%, due 08/15/26 |
|
30,000 |
|
28,880 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
United States(continued) |
|
|
|
|
| |
DowDuPont, Inc. |
|
|
|
|
| |
4.493%, due 11/15/25 |
|
30,000 |
|
31,981 |
| |
DTE Energy Co. |
|
|
|
|
| |
6.375%, due 04/15/33 |
|
60,000 |
|
74,440 |
| |
Duke Energy Carolinas LLC |
|
|
|
|
| |
4.000%, due 09/30/42 |
|
55,000 |
|
56,669 |
| |
Eaton Corp. |
|
|
|
|
| |
4.150%, due 11/02/42 |
|
40,000 |
|
40,129 |
| |
Eli Lilly & Co. |
|
|
|
|
| |
3.100%, due 05/15/27 |
|
20,000 |
|
20,093 |
| |
Enable Midstream Partners LP |
|
|
|
|
| |
3.900%, due 05/15/247 |
|
40,000 |
|
39,738 |
| |
Energy Transfer Operating LP |
|
|
|
|
| |
4.500%, due 04/15/24 |
|
40,000 |
|
41,792 |
| |
6.000%, due 06/15/48 |
|
50,000 |
|
54,069 |
| |
6.050%, due 06/01/41 |
|
70,000 |
|
75,017 |
| |
EnLink Midstream Partners LP |
|
|
|
|
| |
4.400%, due 04/01/24 |
|
60,000 |
|
59,400 |
| |
Enterprise Products Operating LLC |
|
|
|
|
| |
4.850%, due 03/15/44 |
|
40,000 |
|
42,536 |
| |
ERAC USA Finance LLC |
|
|
|
|
| |
5.625%, due 03/15/425 |
|
40,000 |
|
45,353 |
| |
ERP Operating LP |
|
|
|
|
| |
3.375%, due 06/01/25 |
|
50,000 |
|
50,786 |
| |
Exelon Corp. |
|
|
|
|
| |
3.400%, due 04/15/26 |
|
40,000 |
|
39,978 |
| |
FedEx Corp. |
|
|
|
|
| |
4.550%, due 04/01/46 |
|
20,000 |
|
19,309 |
| |
Ford Motor Co. |
|
|
|
|
| |
8.900%, due 01/15/32 |
|
180,000 |
|
207,283 |
| |
Freeport-McMoRan, Inc. |
|
|
|
|
| |
3.875%, due 03/15/23 |
|
100,000 |
|
98,561 |
| |
General Electric Co. |
|
|
|
|
| |
2.125%, due 05/17/37 |
|
EUR |
100,000 |
|
101,595 |
|
4.125%, due 10/09/42 |
|
30,000 |
|
26,079 |
| |
General Electric Co., GMTN |
|
|
|
|
|
|
3.150%, due 09/07/22 |
|
30,000 |
|
29,902 |
| |
General Electric Co., MTN |
|
|
|
|
| |
4.375%, due 09/16/20 |
|
30,000 |
|
30,559 |
| |
6.750%, due 03/15/32 |
|
40,000 |
|
46,246 |
| |
General Motors Financial Co., Inc. |
|
|
|
|
| |
3.200%, due 07/06/216 |
|
60,000 |
|
59,748 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(continued) |
|
|
|
|
| |
United States(continued) |
|
|
|
|
| |
4.350%, due 04/09/25 |
|
110,000 |
|
109,593 |
| |
Gilead Sciences, Inc. |
|
|
|
|
| |
4.750%, due 03/01/46 |
|
30,000 |
|
31,459 |
| |
4.800%, due 04/01/44 |
|
35,000 |
|
36,826 |
| |
Glencore Funding LLC |
|
|
|
|
| |
4.125%, due 05/30/235 |
|
50,000 |
|
50,927 |
| |
Goldman Sachs Group, Inc./The |
|
|
|
|
| |
5.150%, due 05/22/45 |
|
40,000 |
|
42,411 |
| |
Goldman Sachs Group, Inc./The, EMTN |
|
|
|
|
| |
1.625%, due 07/27/262 |
|
EUR |
80,000 |
|
92,071 |
|
2.000%, due 07/27/232 |
|
EUR |
170,000 |
|
200,899 |
|
2.000%, due 11/01/282 |
|
EUR |
40,000 |
|
46,615 |
|
Hartford Financial Services Group, Inc./The |
|
|
|
|
| |
4.300%, due 04/15/43 |
|
40,000 |
|
39,954 |
| |
4.400%, due 03/15/48 |
|
60,000 |
|
60,768 |
| |
HCP, Inc. |
|
|
|
|
| |
3.875%, due 08/15/24 |
|
50,000 |
|
50,986 |
| |
Home Depot, Inc./The |
|
|
|
|
| |
4.875%, due 02/15/44 |
|
30,000 |
|
34,489 |
| |
Honeywell International, Inc. |
|
|
|
|
| |
1.800%, due 10/30/19 |
|
40,000 |
|
39,803 |
| |
Illinois Tool Works, Inc. |
|
|
|
|
| |
2.650%, due 11/15/26 |
|
60,000 |
|
59,183 |
| |
JPMorgan Chase & Co. |
|
|
|
|
| |
3.200%, due 01/25/23 |
|
350,000 |
|
354,961 |
| |
3.625%, due 12/01/27 |
|
90,000 |
|
89,532 |
| |
Kinder Morgan, Inc. |
|
|
|
|
| |
3.150%, due 01/15/236 |
|
100,000 |
|
100,233 |
| |
5.625%, due 11/15/235 |
|
30,000 |
|
32,887 |
| |
Kraft Heinz Foods Co. |
|
|
|
|
| |
4.875%, due 02/15/255 |
|
50,000 |
|
51,144 |
| |
5.000%, due 06/04/42 |
|
60,000 |
|
56,869 |
| |
Kroger Co./The |
|
|
|
|
| |
3.700%, due 08/01/276 |
|
75,000 |
|
73,840 |
| |
3.875%, due 10/15/46 |
|
20,000 |
|
16,670 |
| |
4.650%, due 01/15/48 |
|
30,000 |
|
27,847 |
| |
Liberty Mutual Group, Inc. |
|
|
|
|
| |
2.750%, due 05/04/262 |
|
EUR |
140,000 |
|
170,671 |
|
4.250%, due 06/15/235 |
|
23,000 |
|
23,841 |
| |
4.569%, due 02/01/295 |
|
50,000 |
|
52,051 |
| |
Lincoln National Corp. |
|
|
|
|
| |
3.800%, due 03/01/28 |
|
90,000 |
|
91,291 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Lowes Cos., Inc. |
|
|
|
|
|
4.250%, due 09/15/44 |
|
50,000 |
|
47,815 |
|
Marathon Oil Corp. |
|
|
|
|
|
3.850%, due 06/01/25 |
|
50,000 |
|
50,649 |
|
Medtronic, Inc. |
|
|
|
|
|
4.625%, due 03/15/45 |
|
6,000 |
|
6,867 |
|
Merck & Co., Inc. |
|
|
|
|
|
3.700%, due 02/10/45 |
|
20,000 |
|
19,839 |
|
Microsoft Corp. |
|
|
|
|
|
2.400%, due 08/08/26 |
|
30,000 |
|
29,111 |
|
3.500%, due 11/15/42 |
|
40,000 |
|
39,783 |
|
3.700%, due 08/08/46 |
|
50,000 |
|
51,186 |
|
Molson Coors Brewing Co. |
|
|
|
|
|
3.000%, due 07/15/26 |
|
30,000 |
|
28,414 |
|
Monongahela Power Co. |
|
|
|
|
|
5.400%, due 12/15/435 |
|
30,000 |
|
36,219 |
|
Morgan Stanley |
|
|
|
|
|
6.375%, due 07/24/42 |
|
30,000 |
|
39,078 |
|
Morgan Stanley, GMTN |
|
|
|
|
|
2.500%, due 04/21/21 |
|
180,000 |
|
178,941 |
|
4.000%, due 07/23/25 |
|
70,000 |
|
72,092 |
|
4.350%, due 09/08/26 |
|
50,000 |
|
51,337 |
|
MPLX LP |
|
|
|
|
|
5.200%, due 03/01/47 |
|
40,000 |
|
40,659 |
|
National Rural Utilities Cooperative Finance Corp. |
|
|
|
|
|
3.700%, due 03/15/29 |
|
30,000 |
|
31,191 |
|
NBCUniversal Media LLC |
|
|
|
|
|
4.375%, due 04/01/21 |
|
90,000 |
|
92,896 |
|
Oncor Electric Delivery Co. LLC |
|
|
|
|
|
3.700%, due 11/15/28 |
|
50,000 |
|
52,236 |
|
7.000%, due 05/01/32 |
|
70,000 |
|
94,194 |
|
PacifiCorp |
|
|
|
|
|
6.000%, due 01/15/39 |
|
60,000 |
|
75,995 |
|
Philip Morris International, Inc. |
|
|
|
|
|
4.250%, due 11/10/44 |
|
60,000 |
|
58,375 |
|
Phillips 66 |
|
|
|
|
|
4.650%, due 11/15/34 |
|
30,000 |
|
32,257 |
|
Phillips 66 Partners LP |
|
|
|
|
|
4.680%, due 02/15/45 |
|
25,000 |
|
24,540 |
|
PPL Capital Funding, Inc. |
|
|
|
|
|
4.700%, due 06/01/43 |
|
90,000 |
|
93,958 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Procter & Gamble Co./The |
|
|
|
|
|
2.450%, due 11/03/26 |
|
40,000 |
|
39,005 |
|
QUALCOMM, Inc. |
|
|
|
|
|
3.250%, due 05/20/27 |
|
60,000 |
|
58,615 |
|
4.300%, due 05/20/47 |
|
30,000 |
|
28,654 |
|
Reynolds American, Inc. |
|
|
|
|
|
4.450%, due 06/12/25 |
|
50,000 |
|
51,373 |
|
5.700%, due 08/15/35 |
|
20,000 |
|
20,711 |
|
Rowan Cos., Inc. |
|
|
|
|
|
7.875%, due 08/01/19 |
|
30,000 |
|
30,075 |
|
Schlumberger Holdings Corp. |
|
|
|
|
|
3.000%, due 12/21/205 |
|
50,000 |
|
50,205 |
|
Sempra Energy |
|
|
|
|
|
6.000%, due 10/15/39 |
|
50,000 |
|
58,734 |
|
Southern Co./The |
|
|
|
|
|
3.250%, due 07/01/26 |
|
60,000 |
|
58,871 |
|
4.400%, due 07/01/46 |
|
30,000 |
|
30,241 |
|
Southwestern Electric Power Co. |
|
|
|
|
|
6.200%, due 03/15/40 |
|
80,000 |
|
98,341 |
|
SunTrust Banks, Inc. |
|
|
|
|
|
2.700%, due 01/27/22 |
|
70,000 |
|
69,796 |
|
Swiss Re Treasury US Corp. |
|
|
|
|
|
4.250%, due 12/06/425 |
|
50,000 |
|
51,517 |
|
Teachers Insurance & Annuity Association of America |
|
|
|
|
|
4.900%, due 09/15/445 |
|
40,000 |
|
44,691 |
|
Time Warner Cable LLC |
|
|
|
|
|
4.500%, due 09/15/42 |
|
40,000 |
|
35,091 |
|
5.000%, due 02/01/20 |
|
80,000 |
|
81,326 |
|
TWDC Enterprises 18 Corp., MTN |
|
|
|
|
|
1.850%, due 07/30/26 |
|
30,000 |
|
27,805 |
|
Union Pacific Corp. |
|
|
|
|
|
4.050%, due 11/15/45 |
|
30,000 |
|
29,245 |
|
United Airlines Pass-Through Trust, |
|
|
|
|
|
Series 2016-1, Class B, |
|
|
|
|
|
3.650%, due 01/07/26 |
|
45,718 |
|
45,154 |
|
United Technologies Corp. |
|
|
|
|
|
3.350%, due 08/16/21 |
|
30,000 |
|
30,407 |
|
3.950%, due 08/16/25 |
|
40,000 |
|
41,570 |
|
4.625%, due 11/16/48 |
|
30,000 |
|
31,901 |
|
Valero Energy Corp. |
|
|
|
|
|
4.900%, due 03/15/45 |
|
55,000 |
|
58,107 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Verizon Communications, Inc. |
|
|
|
|
|
3.376%, due 02/15/25 |
|
30,000 |
|
30,416 |
|
3.875%, due 02/08/29 |
|
40,000 |
|
41,124 |
|
5.250%, due 03/16/37 |
|
30,000 |
|
33,827 |
|
5.500%, due 03/16/47 |
|
90,000 |
|
105,528 |
|
Virginia Electric & Power Co., |
|
|
|
|
|
Series C, |
|
|
|
|
|
4.000%, due 11/15/46 |
|
40,000 |
|
40,217 |
|
VMware, Inc. |
|
|
|
|
|
3.900%, due 08/21/27 |
|
60,000 |
|
57,723 |
|
Walt Disney Co./The |
|
|
|
|
|
6.200%, due 12/15/345 |
|
120,000 |
|
156,813 |
|
Wells Fargo & Co. |
|
|
|
|
|
2.100%, due 07/26/21 |
|
50,000 |
|
49,219 |
|
3.069%, due 01/24/23 |
|
80,000 |
|
80,138 |
|
Wells Fargo & Co., MTN |
|
|
|
|
|
2.625%, due 07/22/226 |
|
70,000 |
|
69,504 |
|
Williams Cos., Inc./The |
|
|
|
|
|
4.300%, due 03/04/24 |
|
60,000 |
|
62,408 |
|
4.550%, due 06/24/24 |
|
30,000 |
|
31,684 |
|
4.900%, due 01/15/45 |
|
20,000 |
|
20,004 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Corporate bonds(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
Xcel Energy, Inc. |
|
|
|
|
| |
4.800%, due 09/15/41 |
|
100,000 |
|
106,580 |
| |
Total United States corporate bonds |
|
|
|
10,638,852 |
| |
Total corporate bonds |
|
|
|
22,234,200 |
| |
|
|
|
|
|
| |
Collateralized debt obligation0.0% |
|
|
|
|
| |
Cayman Islands0.0% |
|
|
|
|
| |
LNR CDO IV Ltd., |
|
|
|
|
| |
Series 2006-1A, Class FFX, |
|
|
|
|
| |
7.592%, due 05/28/435,8,9 |
|
8,000,000 |
|
0 |
| |
|
|
|
|
|
| |
Collateralized mortgage obligation0.0% |
|
|
|
|
| |
United States0.0% |
|
|
|
|
| |
Structured Adjustable Rate Mortgage Loan Trust, |
|
|
|
|
| |
Series 2005-7, Class B11, |
|
|
|
|
| |
4.581%, due 04/25/3510 |
|
52,356 |
|
674 |
| |
|
|
|
|
|
| |
Non-US government obligation0.2% |
|
|
|
|
| |
Italy0.2% |
|
|
|
|
| |
Italy Buoni Poliennali Del Tesoro |
|
|
|
|
| |
1.350%, due 04/15/22 |
|
EUR |
100,000 |
|
113,283 |
|
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Exchange traded funds9.3% |
|
|
|
|
| |
iShares Edge MSCI Minimum Volatility Emerging Markets ETF |
|
44,640 |
|
2,645,813 |
| |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Exchange traded funds(concluded) |
|
|
|
|
| |
iShares JP Morgan EM Local Currency Bond ETF6 |
|
62,139 |
|
2,724,174 |
| |
Total exchange traded funds |
|
|
|
5,369,987 |
| |
|
|
|
|
|
| |
Short-term investments45.6% |
|
|
|
|
| |
Investment company5.8% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
3,303,087 |
|
3,303,087 |
| |
|
|
|
|
|
| |
|
|
Face |
|
|
| |
U.S. treasury obligations39.8% |
|
|
|
|
| |
US Treasury Bills |
|
|
|
|
| |
2.427%, due 04/04/1911 |
|
10,000,000 |
|
9,998,027 |
| |
2.434%, due 06/13/1911 |
|
4,900,000 |
|
4,876,474 |
| |
2.440%, due 06/13/1911 |
|
8,000,000 |
|
7,961,229 |
| |
Total U.S. treasury obligations |
|
|
|
22,835,730 |
| |
Total short-term investments |
|
|
|
26,138,817 |
| |
|
|
|
|
|
| |
|
|
Number of |
|
|
| |
Investment of cash collateral from securities loaned3.8% |
|
|
|
|
| |
Money market fund3.8% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
2,193,468 |
|
2,193,468 |
| |
Total investments |
|
|
|
56,050,429 |
| |
Other assets in excess of liabilities2.3% |
|
|
|
1,296,139 |
| |
Net assets100.0% |
|
|
|
$ |
57,346,568 |
|
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 Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
Futures contracts
Number of |
|
Currency |
|
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
Index futures buy contracts: |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
CAD |
|
S&P TSX 60 Index Futures |
|
June 2019 |
|
3,145,093 |
|
3,151,300 |
|
6,207 |
|
2 |
|
EUR |
|
DAX Index Futures |
|
June 2019 |
|
644,756 |
|
646,942 |
|
2,186 |
|
154 |
|
EUR |
|
EURO STOXX 600 Bank Index Futures |
|
June 2019 |
|
1,166,170 |
|
1,160,013 |
|
(6,157 |
) |
8 |
|
EUR |
|
FTSE MIB Index Futures |
|
June 2019 |
|
894,947 |
|
930,649 |
|
35,702 |
|
15 |
|
GBP |
|
FTSE 100 Index Futures |
|
June 2019 |
|
1,386,045 |
|
1,408,892 |
|
22,847 |
|
26 |
|
HKD |
|
Hang Seng China Enterprises Index Futures |
|
April 2019 |
|
1,867,910 |
|
1,883,605 |
|
15,695 |
|
34 |
|
JPY |
|
TOPIX Index Futures |
|
June 2019 |
|
4,912,044 |
|
4,883,876 |
|
(28,168 |
) |
64 |
|
USD |
|
Mini MSCI Emerging Markets (EM) Index Futures |
|
June 2019 |
|
3,313,312 |
|
3,383,680 |
|
70,368 |
|
4 |
|
USD |
|
S&P 500 E-Mini Index Futures |
|
June 2019 |
|
555,312 |
|
567,560 |
|
12,248 |
|
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
CAD |
|
Canada Government Bond 10 Year Futures |
|
June 2019 |
|
305,514 |
|
312,134 |
|
6,620 |
|
3 |
|
EUR |
|
German Euro BOBL Futures |
|
June 2019 |
|
446,703 |
|
448,049 |
|
1,346 |
|
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
USD |
|
US Treasury Note 5 Year Futures |
|
June 2019 |
|
2,415,359 |
|
2,432,391 |
|
17,032 |
|
Total |
|
|
|
|
|
|
|
21,053,165 |
|
21,209,091 |
|
155,926 |
|
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
Futures contracts(concluded)
Number of |
|
Currency |
|
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
AUD |
|
ASX SPI 200 Index Futures |
|
June 2019 |
|
(2,523,958 |
) |
(2,519,487 |
) |
4,471 |
|
35 |
|
EUR |
|
CAC 40 Index Futures |
|
April 2019 |
|
(2,051,179 |
) |
(2,097,729 |
) |
(46,550 |
) |
10 |
|
EUR |
|
EURO STOXX 50 Index Futures |
|
June 2019 |
|
(359,514 |
) |
(367,037 |
) |
(7,523 |
) |
46 |
|
USD |
|
MSCI Taiwan Index Futures |
|
April 2019 |
|
(1,775,508 |
) |
(1,797,220 |
) |
(21,712 |
) |
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
EUR |
|
German Euro Bund Futures |
|
June 2019 |
|
(5,118,681 |
) |
(5,224,575 |
) |
(105,894 |
) |
10 |
|
GBP |
|
United Kingdom Long Gilt Bond Futures |
|
June 2019 |
|
(1,654,593 |
) |
(1,684,979 |
) |
(30,386 |
) |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
USD |
|
Ultra Long US Treasury Bond Futures |
|
June 2019 |
|
(2,582,102 |
) |
(2,688,000 |
) |
(105,898 |
) |
5 |
|
USD |
|
US Treasury Note 10 Year Futures |
|
June 2019 |
|
(610,813 |
) |
(621,094 |
) |
(10,281 |
) |
1 |
|
USD |
|
US Ultra Treasury Note 10 Year Futures |
|
June 2019 |
|
(129,092 |
) |
(132,781 |
) |
(3,689 |
) |
Total |
|
|
|
|
|
|
|
(16,805,440 |
) |
(17,132,902 |
) |
(327,462 |
) |
Net unrealized depreciation |
|
|
|
|
|
|
|
(171,536 |
) |
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
CITI |
|
BRL |
1,610,000 |
|
USD |
429,746 |
|
04/23/19 |
|
19,109 |
|
CITI |
|
CNY |
7,870,000 |
|
USD |
1,161,812 |
|
04/23/19 |
|
(9,232 |
) |
CITI |
|
KRW |
2,810,000,000 |
|
USD |
2,514,879 |
|
04/23/19 |
|
37,801 |
|
CITI |
|
TWD |
14,400,000 |
|
USD |
469,306 |
|
04/23/19 |
|
1,478 |
|
CITI |
|
USD |
317,578 |
|
CNY |
2,150,000 |
|
04/23/19 |
|
2,339 |
|
CITI |
|
USD |
912,648 |
|
COP |
2,864,801,000 |
|
04/23/19 |
|
(15,193 |
) |
GSI |
|
THB |
28,962,495 |
|
USD |
915,000 |
|
04/23/19 |
|
1,880 |
|
GSI |
|
USD |
915,000 |
|
MYR |
3,759,278 |
|
04/23/19 |
|
5,399 |
|
JPMCB |
|
EUR |
6,910,000 |
|
USD |
7,937,447 |
|
04/23/19 |
|
172,361 |
|
JPMCB |
|
USD |
1,835,000 |
|
SEK |
16,897,293 |
|
04/23/19 |
|
(14,716 |
) |
SSC |
|
AUD |
3,460,000 |
|
USD |
2,488,316 |
|
04/23/19 |
|
30,511 |
|
SSC |
|
CAD |
3,745,000 |
|
USD |
2,828,639 |
|
04/23/19 |
|
24,652 |
|
SSC |
|
CAD |
335,000 |
|
USD |
250,062 |
|
04/23/19 |
|
(762 |
) |
SSC |
|
CHF |
1,900,000 |
|
USD |
1,928,688 |
|
04/23/19 |
|
16,763 |
|
SSC |
|
GBP |
1,670,000 |
|
USD |
2,172,121 |
|
04/23/19 |
|
(5,279 |
) |
SSC |
|
HKD |
2,430,000 |
|
USD |
310,272 |
|
04/23/19 |
|
508 |
|
SSC |
|
JPY |
65,700,000 |
|
USD |
600,254 |
|
04/23/19 |
|
6,350 |
|
SSC |
|
MXN |
6,420,000 |
|
AUD |
464,328 |
|
04/23/19 |
|
198 |
|
SSC |
|
NZD |
8,110,000 |
|
USD |
5,488,897 |
|
04/23/19 |
|
(36,156 |
) |
SSC |
|
USD |
2,363,566 |
|
EUR |
2,090,000 |
|
04/23/19 |
|
(14,936 |
) |
SSC |
|
USD |
3,366,790 |
|
JPY |
365,800,000 |
|
04/23/19 |
|
(60,092 |
) |
SSC |
|
USD |
3,753,475 |
|
MXN |
72,440,000 |
|
04/23/19 |
|
(34,025 |
) |
SSC |
|
USD |
1,884,356 |
|
NOK |
16,020,000 |
|
04/23/19 |
|
(25,413 |
) |
SSC |
|
USD |
1,765,063 |
|
SEK |
15,770,000 |
|
04/23/19 |
|
(66,218 |
) |
Net unrealized appreciation |
|
|
|
|
|
|
|
|
|
37,327 |
|
Credit default swap agreements on corporate issuessell protection13
Counterparty |
|
Referenced |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
JPMCB |
|
Teck Resources Ltd., bond, 3.150%, due 03/20/20 |
|
USD |
90 |
|
03/20/20 |
|
Quarterly |
|
1.000 |
|
1,410 |
|
1,021 |
|
2,431 |
|
Centrally cleared credit default swap agreements on credit indicesbuy protection15
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX North American Investment Grade 32 Index |
|
USD |
12,500 |
|
06/20/24 |
|
Quarterly |
|
1.000 |
|
195,978 |
|
(227,902 |
) |
(31,924 |
) |
iTraxx Europe Series 31 Index |
|
EUR |
6,100 |
|
06/20/24 |
|
Quarterly |
|
1.000 |
|
123,810 |
|
(126,070 |
) |
(2,260 |
) |
Total |
|
|
|
|
|
|
|
|
|
319,788 |
|
(353,972 |
) |
(34,184 |
) |
Centrally cleared credit default swap agreements on credit indicessell protection13
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX North American High Yield 32 Index |
|
USD |
1,600 |
|
06/20/24 |
|
Quarterly |
|
5.000 |
|
(90,560 |
) |
108,129 |
|
17,569 |
|
iTraxx Europe Crossover Series 31 Index |
|
EUR |
600 |
|
06/20/24 |
|
Quarterly |
|
5.000 |
|
(77,055 |
) |
74,709 |
|
(2,346 |
) |
Total |
|
|
|
|
|
|
|
|
|
(167,615 |
) |
182,838 |
|
15,223 |
|
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Assets
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Corporate bonds |
|
|
|
22,234,200 |
|
|
|
22,234,200 |
|
Collateralized debt obligation |
|
|
|
|
|
0 |
|
0 |
|
Collateralized mortgage obligation |
|
|
|
674 |
|
|
|
674 |
|
Non-US government obligation |
|
|
|
113,283 |
|
|
|
113,283 |
|
Exchange traded funds |
|
5,369,987 |
|
|
|
|
|
5,369,987 |
|
Short-term investments |
|
|
|
26,138,817 |
|
|
|
26,138,817 |
|
Investment of cash collateral from securities loaned |
|
|
|
2,193,468 |
|
|
|
2,193,468 |
|
Futures contracts |
|
194,722 |
|
|
|
|
|
194,722 |
|
Forward foreign currency contracts |
|
|
|
319,349 |
|
|
|
319,349 |
|
Swap agreements |
|
|
|
183,859 |
|
|
|
183,859 |
|
Total |
|
5,564,709 |
|
51,183,650 |
|
0 |
|
56,748,359 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(366,258 |
) |
|
|
|
|
(366,258 |
) |
Forward foreign currency contracts |
|
|
|
(282,022 |
) |
|
|
(282,022 |
) |
Swap agreements |
|
|
|
(353,972 |
) |
|
|
(353,972 |
) |
Total |
|
(366,258 |
) |
(635,994 |
) |
|
|
(1,002,252 |
) |
At March 31, 2019, 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.
Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.
UBS Dynamic Alpha Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes
Amount represents less than 0.05%.
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 Perpetual investment. Date shown reflects the next call date.
4 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
5 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 $1,334,523, represented 2.3% of the Funds net assets at period end.
6 Security, or portion thereof, was on loan at the period end.
7 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.
8 Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
9 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
10 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.
11 Rate shown is the discount rate at the date of purchase unless otherwise noted.
12 Includes $2,146,598 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,193,468.
13 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced 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.
14 Payments made or received are based on the notional amount.
15 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 March 31, 2019 (unaudited)1,2
Common stocks |
|
Percentage |
|
Aerospace & defense |
|
0.6 |
% |
Airlines |
|
0.7 |
|
Auto components |
|
0.7 |
|
Automobiles |
|
0.6 |
|
Banks |
|
3.2 |
|
Biotechnology |
|
1.1 |
|
Building products |
|
0.4 |
|
Capital markets |
|
0.3 |
|
Chemicals |
|
1.0 |
|
Commercial services & supplies |
|
0.5 |
|
Communications equipment |
|
0.1 |
|
Consumer finance |
|
1.1 |
|
Distributors |
|
0.2 |
|
Diversified financial services |
|
0.7 |
|
Diversified telecommunication services |
|
0.6 |
|
Electric utilities |
|
0.1 |
|
Electrical equipment |
|
0.2 |
|
Electronic equipment, instruments & components |
|
0.4 |
|
Energy equipment & services |
|
0.1 |
|
Entertainment |
|
1.9 |
|
Equity real estate investment trusts |
|
0.4 |
|
Food & staples retailing |
|
0.8 |
|
Food products |
|
0.8 |
|
Health care equipment & supplies |
|
0.8 |
|
Health care providers & services |
|
0.8 |
|
Hotels, restaurants & leisure |
|
0.7 |
|
Household durables |
|
0.4 |
|
Industrial conglomerates |
|
0.2 |
|
Insurance |
|
2.5 |
|
Interactive media & services |
|
1.3 |
|
Internet & direct marketing retail |
|
1.6 |
|
IT services |
|
1.5 |
|
Life sciences tools & services |
|
0.2 |
|
Machinery |
|
1.4 |
|
Marine |
|
0.1 |
|
Media |
|
0.2 |
|
Metals & mining |
|
1.1 |
|
Multi-utilities |
|
0.3 |
|
Multiline retail |
|
0.2 |
|
Oil, gas & consumable fuels |
|
2.2 |
|
Personal products |
|
0.7 |
|
Pharmaceuticals |
|
2.9 |
|
Real estate management & development |
|
0.2 |
|
Road & rail |
|
0.2 |
|
Semiconductors & semiconductor equipment |
|
2.4 |
|
Software |
|
2.6 |
|
Specialty retail |
|
0.6 |
|
Technology hardware, storage & peripherals |
|
0.8 |
|
Textiles, apparel & luxury goods |
|
0.7 |
|
Tobacco |
|
0.9 |
|
Trading companies & distributors |
|
0.6 |
|
Wireless telecommunication services |
|
0.4 |
|
Total common stocks |
|
45.0 |
% |
Non-US government obligations |
|
4.0 |
|
U.S. treasury obligations |
|
6.1 |
|
Exchange traded funds |
|
9.1 |
|
Investment company |
|
7.6 |
|
Short-term investments |
|
25.1 |
|
Option purchased |
|
0.1 |
|
Investment of cash collateral from securities loaned |
|
2.0 |
|
Total investments |
|
99.0 |
% |
Other assets in excess of liabilities |
|
1.0 |
|
Net assets |
|
100.0 |
% |
1 Figures represent the breakdown of direct investments of UBS Global Allocation Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2 The Funds portfolio is actively managed and its composition will vary over time.
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks45.0% |
|
|
|
|
|
Australia0.4% |
|
|
|
|
|
Coles Group Ltd.* |
|
48,180 |
|
405,391 |
|
Rio Tinto Ltd. |
|
9,019 |
|
627,010 |
|
Total Australia common stocks |
|
|
|
1,032,401 |
|
|
|
|
|
|
|
Austria0.3% |
|
|
|
|
|
Erste Group Bank AG* |
|
23,569 |
|
866,126 |
|
|
|
|
|
|
|
Belgium0.3% |
|
|
|
|
|
Euronav N.V.1 |
|
45,452 |
|
369,902 |
|
Galapagos N.V.*,1 |
|
2,501 |
|
291,491 |
|
Total Belgium common stocks |
|
|
|
661,393 |
|
|
|
|
|
|
|
Bermuda0.7% |
|
|
|
|
|
Jardine Matheson Holdings Ltd. |
|
7,100 |
|
442,756 |
|
Marvell Technology Group Ltd. |
|
33,365 |
|
663,630 |
|
Norwegian Cruise Line Holdings Ltd.* |
|
14,564 |
|
800,437 |
|
Total Bermuda common stocks |
|
|
|
1,906,823 |
|
|
|
|
|
|
|
Canada0.9% |
|
|
|
|
|
Canadian Natural Resources Ltd. |
|
20,855 |
|
572,582 |
|
Enerplus Corp. |
|
43,630 |
|
365,665 |
|
Entertainment One Ltd. |
|
85,219 |
|
495,919 |
|
Husky Energy, Inc. |
|
45,608 |
|
452,206 |
|
Paramount Resources Ltd., Class A*,1 |
|
20,621 |
|
109,868 |
|
Toronto-Dominion Bank/The |
|
9,450 |
|
512,825 |
|
Total Canada common stocks |
|
|
|
2,509,065 |
|
|
|
|
|
|
|
Cayman Islands0.3% |
|
|
|
|
|
Alibaba Group Holding Ltd., ADR*,1 |
|
869 |
|
158,549 |
|
WH Group Ltd.2 |
|
616,000 |
|
659,163 |
|
Total Cayman Islands common stocks |
|
|
|
817,712 |
|
|
|
|
|
|
|
Denmark0.4% |
|
|
|
|
|
AP Moller - Maersk A/S, Class B |
|
300 |
|
380,533 |
|
Genmab A/S* |
|
3,567 |
|
619,029 |
|
Total Denmark common stocks |
|
|
|
999,562 |
|
|
|
|
|
|
|
Finland0.2% |
|
|
|
|
|
Sampo Oyj, Class A |
|
14,066 |
|
637,611 |
|
|
|
|
|
|
|
France0.9% |
|
|
|
|
|
Publicis Groupe SA |
|
9,077 |
|
485,993 |
|
Sanofi |
|
9,856 |
|
870,547 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
France(concluded) |
|
|
|
|
|
Thales SA |
|
5,709 |
|
683,635 |
|
Valeo SA |
|
12,756 |
|
369,889 |
|
Total France common stocks |
|
|
|
2,410,064 |
|
|
|
|
|
|
|
Germany0.9% |
|
|
|
|
|
Infineon Technologies AG |
|
27,422 |
|
544,002 |
|
LANXESS AG |
|
10,901 |
|
581,329 |
|
SAP SE |
|
8,814 |
|
1,018,372 |
|
thyssenkrupp AG |
|
26,989 |
|
370,716 |
|
Total Germany common stocks |
|
|
|
2,514,419 |
|
|
|
|
|
|
|
Hong Kong0.8% |
|
|
|
|
|
AIA Group Ltd. |
|
164,117 |
|
1,633,863 |
|
Power Assets Holdings Ltd. |
|
56,500 |
|
391,904 |
|
Total Hong Kong common stocks |
|
|
|
2,025,767 |
|
|
|
|
|
|
|
Ireland0.7% |
|
|
|
|
|
Allegion PLC |
|
5,953 |
|
539,997 |
|
Allergan PLC |
|
6,442 |
|
943,173 |
|
Ryanair Holdings PLC, ADR* |
|
6,992 |
|
523,980 |
|
Total Ireland common stocks |
|
|
|
2,007,150 |
|
|
|
|
|
|
|
Italy0.8% |
|
|
|
|
|
Autogrill SpA |
|
47,389 |
|
455,835 |
|
Banca Mediolanum SpA |
|
147,512 |
|
1,044,953 |
|
Infrastrutture Wireless Italiane SpA2 |
|
79,080 |
|
707,003 |
|
Total Italy common stocks |
|
|
|
2,207,791 |
|
|
|
|
|
|
|
Japan5.1% |
|
|
|
|
|
Inpex Corp. |
|
77,000 |
|
733,317 |
|
ITOCHU Corp. |
|
48,300 |
|
872,695 |
|
Katitas Co. Ltd.1 |
|
12,600 |
|
431,444 |
|
Kissei Pharmaceutical Co. Ltd. |
|
11,500 |
|
300,704 |
|
Kose Corp. |
|
2,700 |
|
495,272 |
|
Makita Corp. |
|
13,200 |
|
459,135 |
|
MINEBEA MITSUMI, Inc. |
|
47,000 |
|
705,233 |
|
Nabtesco Corp. |
|
21,200 |
|
616,891 |
|
Nintendo Co. Ltd. |
|
2,700 |
|
768,853 |
|
ORIX Corp. |
|
66,800 |
|
958,031 |
|
Otsuka Holdings Co. Ltd. |
|
14,500 |
|
568,984 |
|
Shin-Etsu Chemical Co. Ltd. |
|
12,400 |
|
1,038,275 |
|
SoftBank Group Corp. |
|
6,600 |
|
639,872 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Japan(concluded) |
|
|
|
|
|
Sony Corp. |
|
24,100 |
|
1,010,056 |
|
Sumitomo Electric Industries Ltd. |
|
39,800 |
|
527,351 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
23,000 |
|
804,367 |
|
Takeda Pharmaceutical Co. Ltd. |
|
26,200 |
|
1,068,756 |
|
Tokyo Electron Ltd.1 |
|
3,000 |
|
433,096 |
|
Toyota Industries Corp. |
|
11,600 |
|
580,890 |
|
Toyota Motor Corp.1 |
|
16,000 |
|
936,497 |
|
Total Japan common stocks |
|
|
|
13,949,719 |
|
|
|
|
|
|
|
Jersey0.4% |
|
|
|
|
|
Aptiv PLC |
|
6,322 |
|
502,536 |
|
Glencore PLC* |
|
117,882 |
|
488,165 |
|
Total Jersey common stocks |
|
|
|
990,701 |
|
|
|
|
|
|
|
Netherlands1.6% |
|
|
|
|
|
ABN AMRO Group N.V. CVA2 |
|
42,369 |
|
955,301 |
|
ASR Nederland N.V. |
|
24,022 |
|
999,722 |
|
Koninklijke Ahold Delhaize N.V. |
|
28,874 |
|
768,439 |
|
NXP Semiconductors N.V. |
|
8,161 |
|
721,351 |
|
Unilever N.V. CVA |
|
16,286 |
|
945,960 |
|
Total Netherlands common stocks |
|
|
|
4,390,773 |
|
|
|
|
|
|
|
Norway0.3% |
|
|
|
|
|
Telenor ASA |
|
43,376 |
|
868,531 |
|
|
|
|
|
|
|
Spain0.4% |
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
166,639 |
|
952,021 |
|
|
|
|
|
|
|
Switzerland1.4% |
|
|
|
|
|
Cie Financiere Richemont SA (Registered) |
|
11,521 |
|
839,300 |
|
Nestle SA (Registered) |
|
8,333 |
|
794,177 |
|
Novartis AG (Registered) |
|
12,234 |
|
1,176,774 |
|
Zurich Insurance Group AG |
|
2,958 |
|
979,118 |
|
Total Switzerland common stocks |
|
|
|
3,789,369 |
|
|
|
|
|
|
|
United Kingdom4.2% |
|
|
|
|
|
Anglo American PLC1 |
|
35,340 |
|
945,197 |
|
Ashtead Group PLC |
|
33,639 |
|
811,638 |
|
Babcock International Group PLC |
|
65,388 |
|
420,287 |
|
Barclays PLC |
|
340,015 |
|
685,004 |
|
BP PLC |
|
197,599 |
|
1,437,371 |
|
British American Tobacco PLC |
|
24,316 |
|
1,011,552 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
United Kingdom(concluded) |
|
|
|
|
|
Centrica PLC |
|
497,647 |
|
740,199 |
|
GlaxoSmithKline PLC |
|
38,127 |
|
792,947 |
|
HSBC Holdings PLC |
|
126,616 |
|
1,027,890 |
|
LivaNova PLC* |
|
9,100 |
|
884,975 |
|
Sage Group PLC/The |
|
118,718 |
|
1,084,225 |
|
Spectris PLC |
|
19,408 |
|
634,476 |
|
Tesco PLC |
|
311,380 |
|
941,297 |
|
Total United Kingdom common stocks |
|
|
|
11,417,058 |
|
|
|
|
|
|
|
United States24.0% |
|
|
|
|
|
Abbott Laboratories |
|
5,537 |
|
442,628 |
|
Activision Blizzard, Inc. |
|
8,102 |
|
368,884 |
|
Adobe, Inc.* |
|
2,114 |
|
563,360 |
|
AGCO Corp. |
|
10,618 |
|
738,482 |
|
Alexion Pharmaceuticals, Inc.* |
|
3,639 |
|
491,920 |
|
Align Technology, Inc.* |
|
687 |
|
195,335 |
|
Alnylam Pharmaceuticals, Inc.* |
|
2,098 |
|
196,058 |
|
Alphabet, Inc., Class A* |
|
1,156 |
|
1,360,485 |
|
Amazon.com, Inc.* |
|
2,029 |
|
3,613,142 |
|
American Express Co. |
|
15,149 |
|
1,655,786 |
|
Ameriprise Financial, Inc. |
|
6,656 |
|
852,634 |
|
Anthem, Inc. |
|
1,196 |
|
343,228 |
|
Apple, Inc. |
|
6,154 |
|
1,168,952 |
|
Applied Materials, Inc. |
|
9,519 |
|
377,524 |
|
Arista Networks, Inc.* |
|
1,145 |
|
360,057 |
|
Autodesk, Inc.* |
|
3,027 |
|
471,667 |
|
Bio-Rad Laboratories, Inc., Class A* |
|
1,865 |
|
570,093 |
|
Bluebird Bio, Inc.* |
|
1,053 |
|
165,668 |
|
Carvana Co.*,1 |
|
3,050 |
|
177,083 |
|
Caterpillar, Inc. |
|
4,446 |
|
602,389 |
|
CF Industries Holdings, Inc. |
|
693 |
|
28,330 |
|
Coherus Biosciences, Inc.*,1 |
|
10,109 |
|
137,887 |
|
Concho Resources, Inc. |
|
9,399 |
|
1,042,913 |
|
Cooper Cos., Inc./The |
|
934 |
|
276,623 |
|
Crown Castle International Corp. |
|
3,300 |
|
422,400 |
|
Danaher Corp. |
|
2,960 |
|
390,779 |
|
Delta Air Lines, Inc. |
|
24,365 |
|
1,258,452 |
|
Dollar General Corp. |
|
4,032 |
|
481,018 |
|
Elanco Animal Health, Inc.* |
|
1,783 |
|
57,181 |
|
Electronic Arts, Inc.* |
|
3,879 |
|
394,223 |
|
Eli Lilly & Co. |
|
1 |
|
130 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Estee Lauder Cos., Inc./The, Class A |
|
2,396 |
|
396,658 |
|
Expedia Group, Inc. |
|
4,980 |
|
592,620 |
|
Facebook, Inc., Class A* |
|
10,990 |
|
1,831,923 |
|
First Republic Bank |
|
2,189 |
|
219,907 |
|
Gardner Denver Holdings, Inc.* |
|
28,466 |
|
791,639 |
|
General Motors Co. |
|
15,302 |
|
567,704 |
|
GoDaddy, Inc., Class A* |
|
4,637 |
|
348,656 |
|
Halliburton Co. |
|
5,065 |
|
148,404 |
|
HealthEquity, Inc.* |
|
1,878 |
|
138,934 |
|
HEICO Corp., Class A |
|
2,887 |
|
242,681 |
|
Hess Corp. |
|
12,697 |
|
764,740 |
|
Hyatt Hotels Corp., Class A |
|
5,574 |
|
404,505 |
|
IAC/InterActiveCorp* |
|
1,462 |
|
307,181 |
|
Incyte Corp.* |
|
8,804 |
|
757,232 |
|
IPG Photonics Corp.* |
|
3,408 |
|
517,266 |
|
Ironwood Pharmaceuticals, Inc.*,1 |
|
32,829 |
|
444,176 |
|
Johnson & Johnson |
|
14,575 |
|
2,037,439 |
|
JPMorgan Chase & Co. |
|
13,864 |
|
1,403,453 |
|
KLA-Tencor Corp. |
|
3,240 |
|
386,888 |
|
Laboratory Corp. of America Holdings* |
|
4,445 |
|
679,996 |
|
Lam Research Corp. |
|
2,036 |
|
364,464 |
|
LKQ Corp.* |
|
19,774 |
|
561,186 |
|
Lululemon Athletica, Inc.* |
|
2,338 |
|
383,128 |
|
Marsh & McLennan Cos., Inc. |
|
16,799 |
|
1,577,426 |
|
Masco Corp. |
|
16,734 |
|
657,814 |
|
McDonalds Corp. |
|
1,942 |
|
368,786 |
|
MetLife, Inc. |
|
20,876 |
|
888,691 |
|
Michaels Cos., Inc./The*,1 |
|
31,809 |
|
363,259 |
|
Micron Technology, Inc.* |
|
20,466 |
|
845,860 |
|
Microsoft Corp. |
|
17,756 |
|
2,094,143 |
|
Mondelez International, Inc., Class A |
|
15,139 |
|
755,739 |
|
MSA Safety, Inc. |
|
4,883 |
|
504,902 |
|
NetApp, Inc. |
|
3,928 |
|
272,368 |
|
Netflix, Inc.* |
|
1,551 |
|
553,025 |
|
NIKE, Inc., Class B |
|
8,372 |
|
705,006 |
|
NVIDIA Corp. |
|
2,378 |
|
426,994 |
|
Philip Morris International, Inc. |
|
17,412 |
|
1,539,047 |
|
Qorvo, Inc.* |
|
5,137 |
|
368,477 |
|
Rockwell Automation, Inc. |
|
3,100 |
|
543,926 |
|
Ross Stores, Inc. |
|
4,145 |
|
385,899 |
|
salesforce.com, Inc.* |
|
7,522 |
|
1,191,259 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
ServiceNow, Inc.* |
|
2,393 |
|
589,851 |
| |
Sherwin-Williams Co./The |
|
1,102 |
|
474,642 |
| |
Simon Property Group, Inc. |
|
4,185 |
|
762,549 |
| |
Skyworks Solutions, Inc. |
|
4,124 |
|
340,147 |
| |
Spirit AeroSystems Holdings, Inc., Class A |
|
8,553 |
|
782,856 |
| |
Square, Inc., Class A* |
|
1,828 |
|
136,954 |
| |
Steel Dynamics, Inc. |
|
17,258 |
|
608,690 |
| |
Stericycle, Inc.*,1 |
|
5,663 |
|
308,180 |
| |
Synchrony Financial |
|
45,333 |
|
1,446,123 |
| |
T-Mobile US, Inc.* |
|
5,255 |
|
363,120 |
| |
Take-Two Interactive Software, Inc.* |
|
7,530 |
|
710,606 |
| |
Teradyne, Inc. |
|
8,323 |
|
331,588 |
| |
TJX Cos., Inc./The |
|
13,396 |
|
712,801 |
| |
Union Pacific Corp. |
|
3,604 |
|
602,589 |
| |
UnitedHealth Group, Inc. |
|
3,911 |
|
967,034 |
| |
Universal Display Corp. |
|
4,225 |
|
645,791 |
| |
Visa, Inc., Class A |
|
14,350 |
|
2,241,326 |
| |
Walt Disney Co./The |
|
15,570 |
|
1,728,737 |
| |
Wells Fargo & Co. |
|
24,433 |
|
1,180,603 |
| |
Western Digital Corp. |
|
13,761 |
|
661,354 |
| |
Westlake Chemical Corp. |
|
7,515 |
|
509,968 |
| |
Worldpay, Inc., Class A* |
|
13,088 |
|
1,473,365 |
| |
Total United States common stocks |
|
|
|
65,117,586 |
| |
Total common stocks |
|
|
|
122,071,642 |
| |
|
|
|
|
|
| |
|
|
Face |
|
|
| |
Non-US government obligations4.0% |
|
|
|
|
| |
Australia0.1% |
|
|
|
|
| |
Commonwealth of Australia, |
|
|
|
|
| |
Series 126, |
|
|
|
|
| |
4.500%, due 04/15/203 |
|
AUD |
486,000 |
|
355,477 |
|
|
|
|
|
|
| |
Austria0.1% |
|
|
|
|
| |
Republic of Austria |
|
|
|
|
| |
1.200%, due 10/20/252,3 |
|
EUR |
37,000 |
|
45,266 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value($) |
| |
Non-US government obligations(continued) |
|
|
|
|
| |
Austria(concluded) |
|
|
|
|
| |
3.150%, due 06/20/442,3 |
|
EUR |
67,000 |
|
112,408 |
|
|
|
|
|
|
157,674 |
|
Belgium0.1% |
|
|
|
|
|
|
Kingdom of Belgium, |
|
|
|
|
|
|
Series 71, |
|
|
|
|
|
|
3.750%, due 06/22/453 |
|
EUR |
125,000 |
|
217,213 |
|
|
|
|
|
|
|
|
Canada0.1% |
|
|
|
|
|
|
Government of Canada |
|
|
|
|
|
|
2.250%, due 06/01/25 |
|
CAD |
221,000 |
|
172,045 |
|
2.750%, due 12/01/64 |
|
CAD |
82,000 |
|
77,846 |
|
|
|
|
|
|
249,891 |
|
France0.6% |
|
|
|
|
|
|
France Government Bond OAT |
|
|
|
|
|
|
0.500%, due 05/25/263 |
|
EUR |
741,000 |
|
863,561 |
|
2.500%, due 05/25/303 |
|
EUR |
262,000 |
|
361,466 |
|
3.250%, due 05/25/453 |
|
EUR |
116,000 |
|
190,389 |
|
Series E, |
|
|
|
|
|
|
1.800%, due 07/25/402,3 |
|
EUR |
205,585 |
|
341,450 |
|
|
|
|
|
|
1,756,866 |
|
Ireland0.0% |
|
|
|
|
|
|
Republic of Ireland |
|
|
|
|
|
|
2.000%, due 02/18/453 |
|
EUR |
48,000 |
|
61,385 |
|
|
|
|
|
|
| |
Italy0.4% |
|
|
|
|
| |
Italy Buoni Poliennali Del Tesoro |
|
|
|
|
| |
1.650%, due 03/01/322,3 |
|
EUR |
60,000 |
|
59,470 |
|
2.550%, due 09/15/412,3 |
|
EUR |
367,778 |
|
434,907 |
|
3.250%, due 09/01/462,3 |
|
EUR |
215,000 |
|
235,964 |
|
4.000%, due 02/01/372,3 |
|
EUR |
309,000 |
|
386,756 |
|
4.750%, due 09/01/442,3 |
|
EUR |
25,000 |
|
34,089 |
|
|
|
|
|
|
1,151,186 |
|
Japan0.8% |
|
|
|
|
|
|
Japan Government Five Year Bond, |
|
|
|
|
|
|
Series 122, |
|
|
|
|
|
|
0.100%, due 12/20/19 |
|
JPY |
55,000,000 |
|
497,223 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Non-US government obligations(concluded) |
|
|
|
|
| |
Japan(concluded) |
|
|
|
|
| |
Japan Government Thirty Year Bond, |
|
|
|
|
| |
Series 51, |
|
|
|
|
| |
0.300%, due 06/20/46 |
|
JPY |
32,000,000 |
|
275,749 |
|
Japan Government Twenty Year Bond, |
|
|
|
|
|
|
Series 156, |
|
|
|
|
|
|
0.400%, due 03/20/36 |
|
JPY |
137,350,000 |
|
1,274,915 |
|
|
|
|
|
|
2,047,887 |
|
New Zealand1.2% |
|
|
|
|
|
|
New Zealand Government Bond, |
|
|
|
|
|
|
Series 0925, |
|
|
|
|
|
|
2.000%, due 09/20/253,4 |
|
NZD |
4,030,378 |
|
3,211,723 |
|
|
|
|
|
|
|
|
Spain0.5% |
|
|
|
|
|
|
Kingdom of Spain |
|
|
|
|
|
|
1.450%, due 10/31/272,3 |
|
EUR |
250,000 |
|
294,032 |
|
2.900%, due 10/31/462,3 |
|
EUR |
220,000 |
|
283,803 |
|
3.450%, due 07/30/662,3 |
|
EUR |
10,000 |
|
13,941 |
|
4.200%, due 01/31/372,3 |
|
EUR |
44,000 |
|
68,100 |
|
4.800%, due 01/31/242,3 |
|
EUR |
451,000 |
|
618,716 |
|
5.150%, due 10/31/442,3 |
|
EUR |
110,000 |
|
197,958 |
|
|
|
|
|
|
1,476,550 |
|
United Kingdom0.1% |
|
|
|
|
|
|
United Kingdom Gilt |
|
|
|
|
|
|
1.500%, due 07/22/473 |
|
GBP |
73,000 |
|
93,843 |
|
3.500%, due 01/22/453 |
|
GBP |
120,000 |
|
220,163 |
|
|
|
|
|
314,006 |
| |
Total non-US government obligations |
|
|
|
10,999,858 |
| |
|
|
|
|
|
| |
|
|
Face |
|
|
| |
U.S. treasury obligations6.1% |
|
|
|
|
| |
US Treasury Bonds |
|
|
|
|
| |
2.750%, due 11/15/42 |
|
423,000 |
|
421,794 |
| |
2.875%, due 05/15/43 |
|
817,000 |
|
831,266 |
| |
2.875%, due 08/15/45 |
|
37,000 |
|
37,579 |
| |
3.000%, due 11/15/45 |
|
97,000 |
|
100,903 |
| |
2.500%, due 02/15/46 |
|
461,000 |
|
434,546 |
| |
2.250%, due 08/15/46 |
|
490,000 |
|
437,976 |
| |
2.750%, due 08/15/47 |
|
333,000 |
|
329,046 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
U.S. treasury obligations(concluded) |
|
|
|
|
|
US Treasury Inflation Index Notes (TIPS) |
|
|
|
|
|
0.125%, due 01/15/23 |
|
185,375 |
|
183,320 |
|
0.375%, due 07/15/25 |
|
1,273,644 |
|
1,273,121 |
|
0.750%, due 02/15/45 |
|
673,382 |
|
648,028 |
|
US Treasury Notes |
|
|
|
|
|
1.625%, due 12/31/19 |
|
600,000 |
|
596,367 |
|
1.500%, due 08/15/20 |
|
2,339,000 |
|
2,311,316 |
|
1.250%, due 03/31/21 |
|
497,000 |
|
487,235 |
|
1.875%, due 07/31/22 |
|
1,794,000 |
|
1,773,677 |
|
1.875%, due 10/31/22 |
|
1,037,000 |
|
1,024,564 |
|
2.000%, due 11/30/22 |
|
1,228,000 |
|
1,218,406 |
|
1.500%, due 02/28/23 |
|
346,000 |
|
336,634 |
|
1.750%, due 05/15/23 |
|
530,000 |
|
520,000 |
|
2.750%, due 07/31/23 |
|
702,000 |
|
717,000 |
|
1.375%, due 09/30/23 |
|
1,483,000 |
|
1,428,604 |
|
2.500%, due 05/15/24 |
|
1,437,000 |
|
1,454,177 |
|
Total U.S. treasury obligations |
|
|
|
16,565,559 |
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
Exchange traded funds9.1% |
|
|
|
|
|
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|
103,700 |
|
12,346,522 |
|
iShares JPMorgan USD Emerging Markets Bond ETF |
|
112,800 |
|
12,414,768 |
|
Total exchange traded funds |
|
|
|
24,761,290 |
|
|
|
|
|
|
|
Investment company7.6% |
|
|
|
|
|
UBS Emerging Markets Equity Opportunity Fund 5 |
|
2,235,889 |
|
20,637,255 |
|
|
|
|
|
|
|
Short-term investments25.1% |
|
|
|
|
|
Investment company15.5% |
|
|
|
|
|
State Street Institutional U.S. Government Money Market Fund |
|
42,091,872 |
|
42,091,872 |
|
|
|
|
|
|
|
|
|
Face |
|
|
|
U.S. treasury obligations9.6% |
|
|
|
|
|
US Treasury Bills |
|
|
|
|
|
2.427%, due 04/04/191,6 |
|
16,000,000 |
|
15,996,843 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| ||||
Short-term investments(concluded) |
|
|
|
|
| ||||
U.S. treasury obligations(concluded) |
|
|
|
|
| ||||
US Treasury Bills |
|
|
|
|
| ||||
2.440%, due 06/13/196 |
|
10,000,000 |
|
9,951,536 |
| ||||
Total U.S. treasury obligations |
|
|
|
25,948,379 |
| ||||
Total short-term investments |
|
|
|
68,040,251 |
| ||||
|
|
|
|
|
|
|
| ||
|
|
Number of |
|
Notional |
|
|
| ||
Option purchased0.1% |
|
|
|
|
|
|
| ||
Put option0.1% |
|
|
|
|
|
|
| ||
S&P 500 Index, strike @ $2,500, expires 09/20/19 |
|
49 |
|
USD |
12,250,000 |
|
173,460 |
| |
|
|
|
|
|
|
|
| ||
|
|
Number of |
|
|
| ||||
Investment of cash collateral from securities loaned2.0% |
|
|
|
|
| ||||
Money market fund2.0% |
|
|
|
|
| ||||
State Street Navigator Securities Lending Government Money Market Portfolio |
|
5,531,773 |
|
5,531,773 |
| ||||
Total investments |
|
|
|
268,781,088 |
| ||||
Other assets in excess of liabilities1.0% |
|
|
|
2,587,487 |
| ||||
Net assets100.0% |
|
|
|
$ |
271,368,575 |
| |||
For a listing of defined portfolio acronyms, counterparty acronyms 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 March 31, 2019 (unaudited)
Futures contracts
Number of |
|
Currency |
|
|
|
Expiration |
|
Current |
|
Value ($) |
|
Unrealized |
|
Index futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
211 |
|
EUR |
|
EURO STOXX 50 Index Futures |
|
June 2019 |
|
7,586,044 |
|
7,744,474 |
|
158,430 |
|
77 |
|
JPY |
|
TOPIX Index Futures |
|
June 2019 |
|
11,122,186 |
|
11,060,543 |
|
(61,643 |
) |
324 |
|
USD |
|
Mini MSCI Emerging Markets (EM) Index Futures |
|
June 2019 |
|
16,969,662 |
|
17,129,880 |
|
160,218 |
|
251 |
|
USD |
|
Russell 1000 Value E-Mini Index Futures |
|
June 2019 |
|
14,952,195 |
|
15,262,055 |
|
309,860 |
|
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84 |
|
AUD |
|
Australian Bond 10 Year Futures |
|
June 2019 |
|
8,107,351 |
|
8,264,091 |
|
156,740 |
|
252 |
|
CAD |
|
Canada Government Bond 10 Year Futures |
|
June 2019 |
|
25,695,194 |
|
26,219,239 |
|
524,045 |
|
33 |
|
GBP |
|
United Kingdom Long Gilt Bond Futures |
|
June 2019 |
|
5,455,558 |
|
5,560,431 |
|
104,873 |
|
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60 |
|
USD |
|
Ultra Long US Treasury Bond Futures |
|
June 2019 |
|
9,734,677 |
|
10,080,000 |
|
345,323 |
|
Total |
|
|
|
|
|
|
|
99,622,867 |
|
101,320,713 |
|
1,697,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
CAD |
|
S&P TSX 60 Index Futures |
|
June 2019 |
|
(3,425,767 |
) |
(3,437,782 |
) |
(12,015 |
) |
93 |
|
EUR |
|
CAC 40 Index Futures |
|
April 2019 |
|
(5,450,277 |
) |
(5,573,966 |
) |
(123,689 |
) |
526 |
|
SEK |
|
OMX 30 Index Futures |
|
April 2019 |
|
(8,655,917 |
) |
(8,747,997 |
) |
(92,080 |
) |
114 |
|
USD |
|
S&P 500 E-Mini Index Futures |
|
June 2019 |
|
(15,686,628 |
) |
(16,175,460 |
) |
(488,832 |
) |
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159 |
|
EUR |
|
German Euro Bund Futures |
|
June 2019 |
|
(29,033,163 |
) |
(29,668,119 |
) |
(634,956 |
) |
21 |
|
JPY |
|
JGB MINI 10 Year Futures |
|
June 2019 |
|
(2,890,508 |
) |
(2,904,340 |
) |
(13,832 |
) |
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170 |
|
USD |
|
US Treasury Note 2 Year Futures |
|
June 2019 |
|
(36,107,392 |
) |
(36,225,937 |
) |
(118,545 |
) |
Total |
|
|
|
|
|
|
|
(101,249,652 |
) |
(102,733,601 |
) |
(1,483,949 |
) |
Net unrealized appreciation |
|
|
|
|
|
|
|
213,897 |
|
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
BOA |
|
CHF |
6,700,000 |
|
USD |
6,801,078 |
|
04/23/19 |
|
59,028 |
|
CIBC |
|
CAD |
8,255,000 |
|
USD |
6,234,777 |
|
04/23/19 |
|
54,024 |
|
CITI |
|
CNY |
8,400,000 |
|
USD |
1,240,054 |
|
04/23/19 |
|
(9,854 |
) |
CITI |
|
NZD |
12,305,000 |
|
USD |
8,327,876 |
|
04/23/19 |
|
(55,080 |
) |
JPMCB |
|
USD |
6,232,562 |
|
SEK |
55,680,000 |
|
04/23/19 |
|
(234,358 |
) |
JPMCB |
|
USD |
11,438,886 |
|
MXN |
220,970,000 |
|
04/23/19 |
|
(93,126 |
) |
SSC |
|
USD |
1,514,329 |
|
HKD |
11,860,000 |
|
04/23/19 |
|
(2,478 |
) |
SSC |
|
USD |
604,812 |
|
GBP |
465,000 |
|
04/23/19 |
|
1,470 |
|
SSC |
|
USD |
2,744,764 |
|
EUR |
2,405,000 |
|
04/23/19 |
|
(42,154 |
) |
SSC |
|
USD |
1,707,167 |
|
SGD |
2,310,000 |
|
04/23/19 |
|
(1,993 |
) |
SSC |
|
USD |
655,844 |
|
DKK |
4,260,000 |
|
04/23/19 |
|
(14,543 |
) |
SSC |
|
USD |
4,645,019 |
|
NOK |
39,490,000 |
|
04/23/19 |
|
(62,644 |
) |
SSC |
|
USD |
5,846,323 |
|
JPY |
635,200,000 |
|
04/23/19 |
|
(104,347 |
) |
SSC |
|
AUD |
7,550,000 |
|
USD |
5,429,707 |
|
04/23/19 |
|
66,576 |
|
SSC |
|
JPY |
225,700,000 |
|
USD |
2,055,040 |
|
04/23/19 |
|
14,794 |
|
SSC |
|
DKK |
4,260,000 |
|
USD |
646,290 |
|
04/23/19 |
|
4,988 |
|
Net unrealized depreciation |
|
|
|
|
|
|
|
|
|
(419,697 |
) |
Centrally cleared credit default swap agreements on credit indicessell protection8
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX Emerging Markets Series 31 Index |
|
USD |
14,200 |
|
06/20/24 |
|
Quarterly |
|
1.000 |
% |
437,403 |
|
(530,037 |
) |
(92,634 |
) |
CDX North America Investment Grade 32 Index |
|
USD |
10,100 |
|
06/20/24 |
|
Quarterly |
|
1.000 |
|
(173,417 |
) |
184,145 |
|
10,728 |
|
iTraxx Europe Series 31 Index |
|
EUR |
15,900 |
|
06/20/24 |
|
Quarterly |
|
1.000 |
|
(314,738 |
) |
328,569 |
|
13,831 |
|
Total |
|
|
|
|
|
|
|
|
|
(50,752 |
) |
(17,323 |
) |
(68,075 |
) |
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 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 |
|
122,071,642 |
|
|
|
|
|
122,071,642 |
|
Non-US government obligations |
|
|
|
10,999,858 |
|
|
|
10,999,858 |
|
U.S. treasury obligations |
|
|
|
16,565,559 |
|
|
|
16,565,559 |
|
Exchange traded funds |
|
24,761,290 |
|
|
|
|
|
24,761,290 |
|
Investment company |
|
20,637,255 |
|
|
|
|
|
20,637,255 |
|
Short-term investments |
|
|
|
68,040,251 |
|
|
|
68,040,251 |
|
Option purchased |
|
173,460 |
|
|
|
|
|
173,460 |
|
Investment of cash collateral from securities loaned |
|
|
|
5,531,773 |
|
|
|
5,531,773 |
|
Futures contracts |
|
1,759,489 |
|
|
|
|
|
1,759,489 |
|
Forward foreign currency contracts |
|
|
|
200,880 |
|
|
|
200,880 |
|
Swap agreements |
|
|
|
512,714 |
|
|
|
512,714 |
|
Total |
|
169,403,136 |
|
101,851,035 |
|
|
|
271,254,171 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(1,545,592 |
) |
|
|
|
|
(1,545,592 |
) |
Forward foreign currency contracts |
|
|
|
(620,577 |
) |
|
|
(620,577 |
) |
Swap agreements |
|
|
|
(530,037 |
) |
|
|
(530,037 |
) |
Total |
|
(1,545,592 |
) |
(1,150,614 |
) |
|
|
(2,696,206 |
) |
At March 31, 2019, 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.
Amount represents less than 0.05%.
1 Security, or portion thereof, was on loan at the period end.
2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,448,327, represented 2.0% of the Funds net assets at period end.
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.
UBS Global Allocation Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes(concluded)
4 Debt security whose principal and interest payments are adjusted for inflation, unlike debt securities that make fixed payments. The interest rate paid is fixed, while the principal value rises and falls based on changes in an index. If inflation occurs, the principal and interest payments on the securities are increased to provide protection from inflationary loss. During a deflationary period, the principal and interest payments may decrease, although the securitys principal will not drop below its face amount at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuers country.
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 Fund.
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
net unrealized |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
Net |
|
appreciation |
|
|
|
Net income |
|
|
| |||||||
|
|
|
|
Purchases |
|
Sales |
|
realized loss |
|
(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 |
|
6/30/18 |
|
3/31/19 |
|
3/31/19 |
|
3/31/19 |
|
3/31/19 |
|
3/31/19 |
|
3/31/19 |
|
3/31/19 |
| |||||||
UBS Emerging Markets Equity Opportunity Fund |
|
$ |
21,964,938 |
|
$ |
113,443 |
|
$ |
1,000,000 |
|
$ |
(96,676 |
) |
$ |
(344,450 |
) |
$ |
20,637,255 |
|
$ |
113,443 |
|
2,235,889 |
|
6 Rate shown is the discount rate at the date of purchase unless otherwise noted.
7 Includes $8,660,245 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,531,773 and non-cash collateral of $3,386,021.
8 If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
9 Payments made or received are based on the notional amount.
UBS Emerging Markets Equity Opportunity Fund
Industry diversification March 31, 2019 (unaudited)1
Common stocks |
|
Percentage |
|
Automobiles |
|
2.5 |
% |
Banks |
|
19.5 |
|
Beverages |
|
5.5 |
|
Chemicals |
|
2.5 |
|
Diversified consumer services |
|
4.0 |
|
Electric utilities |
|
2.1 |
|
Insurance |
|
4.3 |
|
Interactive media & services |
|
4.8 |
|
Internet & direct marketing retail |
|
10.2 |
|
Media |
|
0.1 |
|
Metals & mining |
|
4.1 |
|
Oil, gas & consumable fuels |
|
6.5 |
|
Paper & forest products |
|
1.9 |
|
Personal products |
|
2.2 |
|
Pharmaceuticals |
|
2.0 |
|
Real estate management & development |
|
2.6 |
|
Semiconductors & semiconductor equipment |
|
9.7 |
|
Technology hardware, storage & peripherals |
|
6.0 |
|
Wireless telecommunication services |
|
3.4 |
|
Total common stocks |
|
93.9 |
% |
Preferred stock |
|
3.5 |
|
Short-term investment |
|
2.9 |
|
Investment of cash collateral from securities loaned |
|
1.6 |
|
Total investments |
|
101.9 |
% |
Liabilities in excess of other assets |
|
(1.9 |
) |
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks93.9% |
|
|
|
|
| |
Brazil2.2% |
|
|
|
|
| |
Vale SA |
|
279,494 |
|
3,635,596 |
| |
|
|
|
|
|
| |
Cayman Islands15.1% |
|
|
|
|
| |
Alibaba Group Holding Ltd., ADR*,1 |
|
57,665 |
|
10,520,979 |
| |
New Oriental Education & Technology Group, Inc., ADR* |
|
13,300 |
|
1,198,197 |
| |
TAL Education Group, ADR* |
|
148,600 |
|
5,361,488 |
| |
Tencent Holdings Ltd. |
|
171,400 |
|
7,882,267 |
| |
Total Cayman Islands common stocks |
|
|
|
24,962,931 |
| |
|
|
|
|
|
| |
China15.6% |
|
|
|
|
| |
China Construction Bank Corp., H Shares |
|
5,973,000 |
|
5,120,834 |
| |
China Vanke Co. Ltd., H Shares |
|
1,015,900 |
|
4,270,690 |
| |
Jiangsu Hengrui Medicine Co. Ltd., Class A |
|
340,581 |
|
3,315,498 |
| |
Kweichow Moutai Co. Ltd., Class A |
|
47,237 |
|
6,002,786 |
| |
Ping An Insurance Group Co. of China Ltd., H Shares |
|
643,500 |
|
7,205,606 |
| |
Total China common stocks |
|
|
|
25,915,414 |
| |
|
|
|
|
|
| |
Hong Kong6.7% |
|
|
|
|
| |
China Mobile Ltd. |
|
552,500 |
|
5,630,609 |
| |
CNOOC Ltd. |
|
2,947,000 |
|
5,518,621 |
| |
Total Hong Kong common stocks |
|
|
|
11,149,230 |
| |
|
|
|
|
|
| |
Hungary1.1% |
|
|
|
|
| |
OTP Bank PLC |
|
43,030 |
|
1,893,310 |
| |
|
|
|
|
|
| |
India7.9% |
|
|
|
|
| |
HDFC Bank Ltd. |
|
81,162 |
|
2,716,803 |
| |
HDFC Bank Ltd., ADR |
|
24,000 |
|
2,781,840 |
| |
Mahindra & Mahindra Ltd. |
|
207,900 |
|
2,022,430 |
| |
Mahindra & Mahindra Ltd., GDR |
|
214,103 |
|
2,119,620 |
| |
Power Grid Corp. of India Ltd. |
|
1,238,160 |
|
3,537,089 |
| |
Total India common stocks |
|
|
|
13,177,782 |
| |
|
|
|
|
|
| |
Indonesia3.0% |
|
|
|
|
| |
Bank Mandiri Persero Tbk. PT * |
|
9,476,300 |
|
4,957,755 |
| |
|
|
|
|
|
| |
Malaysia1.6% |
|
|
|
|
| |
CIMB Group Holdings Berhad |
|
2,084,225 |
|
2,629,212 |
| |
|
|
|
|
|
| |
Mexico4.6% |
|
|
|
|
| |
Fomento Economico Mexicano SAB de CV |
|
339,500 |
|
3,133,469 |
| |
|
|
|
|
|
|
|
UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
Mexico(concluded) |
|
|
|
|
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
829,200 |
|
4,508,637 |
| |
Total Mexico common stocks |
|
|
|
7,642,106 |
| |
|
|
|
|
|
| |
Russia6.0% |
|
|
|
|
| |
LUKOIL PJSC, ADR1 |
|
59,495 |
|
5,319,448 |
| |
Sberbank of Russia PJSC |
|
1,411,333 |
|
4,612,025 |
| |
Total Russia common stocks |
|
|
|
9,931,473 |
| |
|
|
|
|
|
| |
South Africa4.0% |
|
|
|
|
| |
MultiChoice Group Ltd.* |
|
22,699 |
|
189,883 |
| |
Naspers Ltd., N Shares |
|
27,808 |
|
6,421,911 |
| |
Total South Africa common stocks |
|
|
|
6,611,794 |
| |
|
|
|
|
|
| |
South Korea15.8% |
|
|
|
|
| |
LG Chem Ltd. |
|
12,585 |
|
4,057,889 |
| |
LG Household & Health Care Ltd. |
|
2,883 |
|
3,598,988 |
| |
POSCO |
|
14,109 |
|
3,144,725 |
| |
Samsung Electronics Co. Ltd. |
|
254,465 |
|
10,009,569 |
| |
SK Hynix, Inc. |
|
81,654 |
|
5,337,615 |
| |
Total South Korea common stocks |
|
|
|
26,148,786 |
| |
|
|
|
|
|
| |
Taiwan6.5% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co. Ltd. |
|
1,359,000 |
|
10,825,084 |
| |
|
|
|
|
|
| |
Thailand1.9% |
|
|
|
|
| |
Bangkok Bank PCL NVDR |
|
472,500 |
|
3,082,007 |
| |
|
|
|
|
|
| |
United Kingdom1.9% |
|
|
|
|
| |
Mondi PLC |
|
143,811 |
|
3,180,466 |
| |
Total common stocks |
|
|
|
155,742,946 |
| |
|
|
|
|
|
| |
Preferred stock3.5% |
|
|
|
|
| |
Brazil3.5% |
|
|
|
|
| |
Banco Bradesco SA |
|
534,500 |
|
5,861,910 |
| |
|
|
|
|
|
|
|
UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Short-term investment2.9% |
|
|
|
|
| |
Investment company2.9% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
4,748,987 |
|
4,748,987 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned1.6% |
|
|
|
|
| |
Money market fund1.6% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
2,692,778 |
|
2,692,778 |
| |
Total investments |
|
|
|
169,046,621 |
| |
Liabilities in excess of other assets(1.9)% |
|
|
|
(3,097,073 |
) | |
Net assets100.0% |
|
|
|
$ |
165,949,548 |
|
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 March 31, 2019 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Assets |
|
|
|
|
|
|
|
|
|
Common stocks |
|
155,742,946 |
|
|
|
|
|
155,742,946 |
|
Preferred stock |
|
5,861,910 |
|
|
|
|
|
5,861,910 |
|
Short-term investment |
|
|
|
4,748,987 |
|
|
|
4,748,987 |
|
Investment of cash collateral from securities loaned |
|
|
|
2,692,778 |
|
|
|
2,692,778 |
|
Total |
|
161,604,856 |
|
7,441,765 |
|
|
|
169,046,621 |
|
At March 31, 2019, 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.
1 Security, or portion thereof, was on loan at the period end.
2 Includes $10,826,336 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,692,778 and non-cash collateral of $8,403,047.
UBS Engage For Impact Fund
Industry diversification March 31, 2019 (unaudited)1
Common stocks |
|
Percentage of |
|
Auto components |
|
3.2 |
% |
Banks |
|
12.5 |
|
Biotechnology |
|
3.4 |
|
Building products |
|
3.4 |
|
Chemicals |
|
7.4 |
|
Commercial services & supplies |
|
4.8 |
|
Distributors |
|
2.8 |
|
Diversified consumer services |
|
2.8 |
|
Electrical equipment |
|
2.2 |
|
Electronic equipment, instruments & components |
|
4.0 |
|
Food products |
|
5.0 |
|
Health care equipment & supplies |
|
7.6 |
|
Health care providers & services |
|
1.5 |
|
Machinery |
|
3.2 |
|
Multi-utilities |
|
2.3 |
|
Oil, gas & consumable fuels |
|
3.9 |
|
Personal products |
|
2.5 |
|
Pharmaceuticals |
|
9.5 |
|
Real estate management & develpment |
|
1.0 |
|
Road & rail |
|
3.0 |
|
Semiconductors & semiconductor equipment |
|
5.3 |
|
Software |
|
2.9 |
|
Wireless telecommunication services |
|
3.0 |
|
Total common stocks |
|
97.2 |
% |
Short-term investment |
|
2.4 |
|
Investment of cash collateral from Securities loaned |
|
0.6 |
|
Total investments |
|
100.2 |
% |
Liabilities in excess of other assets |
|
(0.2 |
) |
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Engage For Impact Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks97.2% |
|
|
|
|
| |
Austria2.9% |
|
|
|
|
| |
Erste Group Bank AG* |
|
10,511 |
|
386,264 |
| |
|
|
|
|
|
| |
Cayman Islands2.8% |
|
|
|
|
| |
New Oriental Education & Technology Group, Inc., ADR* |
|
4,130 |
|
372,072 |
| |
|
|
|
|
|
| |
China1.6% |
|
|
|
|
| |
China Suntien Green Energy Corp., Class H |
|
694,000 |
|
211,296 |
| |
|
|
|
|
|
| |
France1.2% |
|
|
|
|
| |
Valeo SA |
|
5,532 |
|
160,413 |
| |
|
|
|
|
|
| |
Germany5.2% |
|
|
|
|
| |
Infineon Technologies AG |
|
14,253 |
|
282,753 |
| |
KION Group AG |
|
2,641 |
|
138,025 |
| |
LANXESS AG |
|
4,840 |
|
258,108 |
| |
Total Germany common stocks |
|
|
|
678,886 |
| |
|
|
|
|
|
| |
Hong Kong4.0% |
|
|
|
|
| |
China Mobile Ltd. |
|
38,500 |
|
392,359 |
| |
Sun Hung Kai Properties Ltd. |
|
8,000 |
|
137,275 |
| |
Total Hong Kong common stocks |
|
|
|
529,634 |
| |
|
|
|
|
|
| |
Indonesia1.8% |
|
|
|
|
| |
Bank Mandiri Persero Tbk. PT* |
|
462,000 |
|
241,706 |
| |
|
|
|
|
|
| |
Ireland5.4% |
|
|
|
|
| |
Allergan PLC |
|
1,421 |
|
208,048 |
| |
Kingspan Group PLC |
|
4,428 |
|
204,943 |
| |
Linde PLC |
|
1,705 |
|
299,961 |
| |
Total Ireland common stocks |
|
|
|
712,952 |
| |
|
|
|
|
|
| |
Italy2.2% |
|
|
|
|
| |
Prysmian SpA |
|
15,348 |
|
290,358 |
| |
|
|
|
|
|
| |
Japan9.7% |
|
|
|
|
| |
Sumitomo Mitsui Financial Group, Inc. |
|
10,500 |
|
367,211 |
| |
Takeda Pharmaceutical Co. Ltd. |
|
12,554 |
|
512,085 |
| |
|
|
|
|
|
|
|
UBS Engage For Impact Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(continued) |
|
|
|
|
| |
Japan(concluded) |
|
|
|
|
| |
West Japan Railway Co. |
|
5,300 |
|
398,779 |
| |
Total Japan common stocks |
|
|
|
1,278,075 |
| |
|
|
|
|
|
| |
Jersey2.0% |
|
|
|
|
| |
Aptiv PLC |
|
3,242 |
|
257,707 |
| |
|
|
|
|
|
| |
Mexico2.8% |
|
|
|
|
| |
Grupo Financiero Banorte SAB de CV, Class O |
|
68,050 |
|
370,010 |
| |
|
|
|
|
|
| |
Netherlands2.5% |
|
|
|
|
| |
Unilever N.V. CVA |
|
5,741 |
|
333,462 |
| |
|
|
|
|
|
| |
Norway2.3% |
|
|
|
|
| |
Equinor ASA |
|
13,657 |
|
299,031 |
| |
|
|
|
|
|
| |
South Africa1.6% |
|
|
|
|
| |
Tiger Brands Ltd. |
|
11,151 |
|
204,800 |
| |
|
|
|
|
|
| |
Thailand2.2% |
|
|
|
|
| |
Kasikornbank PCL |
|
48,600 |
|
287,909 |
| |
|
|
|
|
|
| |
United Kingdom3.8% |
|
|
|
|
| |
Centrica PLC |
|
207,075 |
|
308,003 |
| |
LivaNova PLC* |
|
2,035 |
|
197,904 |
| |
Total United Kingdom common stocks |
|
|
|
505,907 |
| |
|
|
|
|
|
| |
United States43.2% |
|
|
|
|
| |
A.O. Smith Corp. |
|
4,524 |
|
241,220 |
| |
Abbott Laboratories |
|
4,282 |
|
342,303 |
| |
AGCO Corp. |
|
3,978 |
|
276,670 |
| |
Conagra Brands, Inc. |
|
16,391 |
|
454,686 |
| |
Danaher Corp. |
|
3,483 |
|
459,826 |
| |
Ecolab, Inc. |
|
2,369 |
|
418,223 |
| |
Incyte Corp.* |
|
3,858 |
|
331,826 |
| |
IPG Photonics Corp.* |
|
1,539 |
|
233,589 |
| |
Ironwood Pharmaceuticals, Inc.*,1 |
|
8,922 |
|
120,715 |
| |
Johnson & Johnson |
|
3,806 |
|
532,041 |
| |
Laboratory Corp. of America Holdings* |
|
1,305 |
|
199,639 |
| |
LKQ Corp. * |
|
12,894 |
|
365,932 |
| |
Micron Technology, Inc. * |
|
4,535 |
|
187,431 |
| |
MSA Safety, Inc. |
|
3,109 |
|
321,470 |
| |
|
|
|
|
|
|
|
UBS Engage For Impact Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
United States(concluded) |
|
|
|
|
| |
salesforce.com, Inc.* |
|
2,439 |
|
386,264 |
| |
Stericycle, Inc.*,1 |
|
5,697 |
|
310,031 |
| |
Trimble, Inc.* |
|
7,119 |
|
287,608 |
| |
Universal Display Corp. |
|
1,516 |
|
231,721 |
| |
Total United States common stocks |
|
|
|
5,701,195 |
| |
Total common stocks |
|
|
|
12,821,677 |
| |
|
|
|
|
|
| |
Short-term investment2.4% |
|
|
|
|
| |
Investment company2.4% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
309,794 |
|
309,794 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned0.6% |
|
|
|
|
| |
Money market fund0.6% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
82,186 |
|
82,186 |
| |
Total investments |
|
|
|
13,213,657 |
| |
Liabilities in excess of other assets(0.2)% |
|
|
|
(26,592 |
) | |
Net assets100.0% |
|
|
|
$ |
13,187,065 |
|
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 March 31, 2019 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 |
|
12,821,677 |
|
|
|
|
|
12,821,677 |
|
Short-term investment |
|
|
|
309,794 |
|
|
|
309,794 |
|
Investment of cash collateral from securities loaned |
|
|
|
82,186 |
|
|
|
82,186 |
|
Total |
|
12,821,677 |
|
391,980 |
|
|
|
13,213,657 |
|
At March 31, 2019, there were no transfers between Level 1 and Level 2.
UBS Engage For Impact Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
2 Includes $417,272 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $82,186 and non-cash collateral of $338,533.
UBS International Sustainable Equity Fund
Industry diversification March 31, 2019 (unaudited)1
Common stocks |
|
Percentage of |
|
Airlines |
|
0.8 |
% |
Auto components |
|
0.6 |
|
Automobiles |
|
0.8 |
|
Banks |
|
10.3 |
|
Biotechnology |
|
2.1 |
|
Chemicals |
|
3.3 |
|
Commercial services & supplies |
|
2.4 |
|
Diversified financial services |
|
1.7 |
|
Diversified telecommunication services |
|
2.5 |
|
Electronic equipment, instruments & components |
|
1.5 |
|
Entertainment |
|
5.0 |
|
Equity real estate investment trusts |
|
2.7 |
|
Food & staples retailing |
|
1.0 |
|
Food products |
|
2.6 |
|
Health care equipment & supplies |
|
1.5 |
|
Household durables |
|
1.2 |
|
Insurance |
|
9.8 |
|
Internet & direct marketing retail |
|
2.2 |
|
Machinery |
|
6.5 |
|
Marine |
|
1.4 |
|
Media |
|
1.4 |
|
Metals & mining |
|
1.5 |
|
Multi-utilities |
|
1.9 |
|
Oil, gas & consumable fuels |
|
3.5 |
|
Personal products |
|
4.3 |
|
Pharmaceuticals |
|
9.3 |
|
Real estate management & development |
|
1.5 |
|
Semiconductors & semiconductor equipment |
|
3.8 |
|
Software |
|
4.0 |
|
Textiles, apparel & luxury goods |
|
1.7 |
|
Trading companies & distributors |
|
1.2 |
|
Wireless telecommunication services |
|
2.6 |
|
Total common stocks |
|
96.6 |
% |
Preferred stock |
|
0.9 |
|
Short-term investment |
|
2.5 |
|
Investment of cash collateral from securities loaned |
|
3.0 |
|
Total investments |
|
103.0 |
% |
Liabilities in excess of other assets |
|
(3.0 |
) |
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks96.6% |
|
|
|
|
|
Australia6.8% |
|
|
|
|
|
Brambles Ltd. |
|
426,080 |
|
3,557,847 |
|
Mirvac Group, REIT |
|
1,995,255 |
|
3,896,008 |
|
Santos Ltd. |
|
492,612 |
|
2,388,991 |
|
Total Australia common stocks |
|
|
|
9,842,846 |
|
|
|
|
|
|
|
Austria1.1% |
|
|
|
|
|
Erste Group Bank AG |
|
41,885 |
|
1,539,213 |
|
|
|
|
|
|
|
Belgium0.6% |
|
|
|
|
|
Galapagos N.V.*,1 |
|
7,404 |
|
862,935 |
|
|
|
|
|
|
|
Canada1.7% |
|
|
|
|
|
Entertainment One Ltd. |
|
412,618 |
|
2,401,167 |
|
|
|
|
|
|
|
Cayman Islands2.1% |
|
|
|
|
|
China Biologic Products Holdings, Inc.*,1 |
|
15,600 |
|
1,423,500 |
|
Tencent Music Entertainment Group, ADR*,1 |
|
90,000 |
|
1,629,000 |
|
Total Cayman Islands common stocks |
|
|
|
3,052,500 |
|
|
|
|
|
|
|
China2.4% |
|
|
|
|
|
Ping An Insurance Group Co. of China Ltd., H Shares |
|
309,000 |
|
3,460,035 |
|
|
|
|
|
|
|
Denmark1.9% |
|
|
|
|
|
AP Moller - Maersk A/S, Class B |
|
1,574 |
|
1,996,530 |
|
Genmab A/S* |
|
4,211 |
|
730,791 |
|
Total Denmark common stocks |
|
|
|
2,727,321 |
|
|
|
|
|
|
|
France4.6% |
|
|
|
|
|
Publicis Groupe SA |
|
36,270 |
|
1,941,937 |
|
Sanofi |
|
31,990 |
|
2,825,568 |
|
Ubisoft Entertainment SA* |
|
11,515 |
|
1,025,090 |
|
Valeo SA |
|
31,233 |
|
905,671 |
|
Total France common stocks |
|
|
|
6,698,266 |
|
|
|
|
|
|
|
Germany7.3% |
|
|
|
|
|
Bayerische Motoren Werke AG |
|
15,043 |
|
1,160,121 |
|
Carl Zeiss Meditec AG |
|
19,328 |
|
1,614,165 |
|
Deutsche Telekom AG (Registered) |
|
87,684 |
|
1,455,230 |
|
Infineon Technologies AG |
|
60,680 |
|
1,203,779 |
|
KION Group AG |
|
13,445 |
|
702,667 |
|
LANXESS AG |
|
26,040 |
|
1,388,661 |
|
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Germany(concluded) |
|
|
|
|
|
SAP SE |
|
26,670 |
|
3,081,459 |
|
Total Germany common stocks |
|
|
|
10,606,082 |
|
|
|
|
|
|
|
Hong Kong2.6% |
|
|
|
|
|
China Mobile Ltd. |
|
154,000 |
|
1,569,437 |
|
Sun Hung Kai Properties Ltd. |
|
131,500 |
|
2,256,454 |
|
Total Hong Kong common stocks |
|
|
|
3,825,891 |
|
|
|
|
|
|
|
India1.7% |
|
|
|
|
|
Axis Bank Ltd., GDR*,2 |
|
43,359 |
|
2,423,768 |
|
|
|
|
|
|
|
Indonesia3.3% |
|
|
|
|
|
Bank Central Asia Tbk. PT |
|
1,638,100 |
|
3,192,225 |
|
Bank Mandiri Persero Tbk. PT* |
|
3,158,400 |
|
1,652,393 |
|
Total Indonesia common stocks |
|
|
|
4,844,618 |
|
|
|
|
|
|
|
Ireland0.8% |
|
|
|
|
|
Ryanair Holdings PLC, ADR* |
|
15,300 |
|
1,146,582 |
|
|
|
|
|
|
|
Italy2.3% |
|
|
|
|
|
Banca Mediolanum SpA1 |
|
358,440 |
|
2,539,136 |
|
Infrastrutture Wireless Italiane SpA |
|
82,164 |
|
734,575 |
|
Total Italy common stocks |
|
|
|
3,273,711 |
|
|
|
|
|
|
|
Japan19.1% |
|
|
|
|
|
Hino Motors Ltd. |
|
126,900 |
|
1,067,137 |
|
Inpex Corp. |
|
150,100 |
|
1,429,492 |
|
Kao Corp. |
|
33,500 |
|
2,635,144 |
|
KDDI Corp. |
|
101,400 |
|
2,182,072 |
|
Kissei Pharmaceutical Co. Ltd. |
|
47,500 |
|
1,242,037 |
|
Kubota Corp. |
|
129,300 |
|
1,866,059 |
|
Makita Corp. |
|
29,400 |
|
1,022,620 |
|
MINEBEA MITSUMI, Inc. |
|
71,700 |
|
1,075,856 |
|
Nabtesco Corp. |
|
66,900 |
|
1,946,698 |
|
Nintendo Co. Ltd. |
|
7,800 |
|
2,221,131 |
|
Shin-Etsu Chemical Co. Ltd. |
|
22,000 |
|
1,842,100 |
|
Sony Corp. |
|
40,000 |
|
1,676,441 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
99,000 |
|
3,462,276 |
|
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Japan(concluded) |
|
|
|
|
|
Takeda Pharmaceutical Co. Ltd. |
|
100,161 |
|
4,085,788 |
|
Total Japan common stocks |
|
|
|
27,754,851 |
|
|
|
|
|
|
|
Jersey1.5% |
|
|
|
|
|
Glencore PLC* |
|
534,295 |
|
2,212,590 |
|
|
|
|
|
|
|
Netherlands6.6% |
|
|
|
|
|
ABN AMRO Group N.V. CVA3 |
|
57,108 |
|
1,287,624 |
|
ASML Holding N.V. |
|
11,298 |
|
2,119,015 |
|
Koninklijke Ahold Delhaize N.V. |
|
55,446 |
|
1,475,614 |
|
NXP Semiconductors N.V. |
|
12,414 |
|
1,097,273 |
|
Unilever N.V. CVA |
|
62,277 |
|
3,617,312 |
|
Total Netherlands common stocks |
|
|
|
9,596,838 |
|
|
|
|
|
|
|
Norway1.9% |
|
|
|
|
|
Equinor ASA |
|
59,631 |
|
1,305,667 |
|
Telenor ASA |
|
70,780 |
|
1,417,250 |
|
Total Norway common stocks |
|
|
|
2,722,917 |
|
|
|
|
|
|
|
South Africa2.3% |
|
|
|
|
|
MultiChoice Group Ltd.* |
|
14,163 |
|
118,477 |
|
Naspers Ltd., N Shares |
|
14,163 |
|
3,270,768 |
|
Total South Africa common stocks |
|
|
|
3,389,245 |
|
|
|
|
|
|
|
South Korea0.7% |
|
|
|
|
|
SK Hynix, Inc. |
|
16,709 |
|
1,092,245 |
|
|
|
|
|
|
|
Spain0.9% |
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
240,504 |
|
1,374,017 |
|
|
|
|
|
|
|
Switzerland7.9% |
|
|
|
|
|
Cie Financiere Richemont SA (Registered) |
|
33,793 |
|
2,461,807 |
|
Nestle SA (Registered) |
|
20,650 |
|
1,968,049 |
|
Novartis AG (Registered) |
|
31,779 |
|
3,056,784 |
|
Zurich Insurance Group AG |
|
12,013 |
|
3,976,385 |
|
Total Switzerland common stocks |
|
|
|
11,463,025 |
|
|
|
|
|
|
|
Taiwan1.2% |
|
|
|
|
|
Uni-President Enterprises Corp. |
|
737,000 |
|
1,788,667 |
|
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
United Kingdom15.3% |
|
|
|
|
| |
Aon PLC |
|
21,100 |
|
3,601,770 |
| |
Ashtead Group PLC |
|
71,060 |
|
1,714,527 |
| |
Centrica PLC |
|
1,850,820 |
|
2,752,905 |
| |
Croda International PLC |
|
23,583 |
|
1,547,455 |
| |
GlaxoSmithKline PLC |
|
109,881 |
|
2,285,252 |
| |
LivaNova PLC* |
|
5,800 |
|
564,050 |
| |
Prudential PLC |
|
160,110 |
|
3,206,229 |
| |
Sage Group PLC/The |
|
296,298 |
|
2,706,023 |
| |
Spectris PLC |
|
64,675 |
|
2,114,322 |
| |
Weir Group PLC/The |
|
86,265 |
|
1,750,504 |
| |
Total United Kingdom common stocks |
|
|
|
22,243,037 |
| |
Total common stocks |
|
|
|
140,342,367 |
| |
|
|
|
|
|
| |
Preferred stock0.9% |
|
|
|
|
| |
Germany0.9% |
|
|
|
|
| |
Jungheinrich AG |
|
39,547 |
|
1,287,381 |
| |
|
|
|
|
|
| |
Short-term investment2.5% |
|
|
|
|
| |
Investment company2.5% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
3,732,399 |
|
3,732,399 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned3.0% |
|
|
|
|
| |
Money market fund3.0% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
4,323,955 |
|
4,323,955 |
| |
Total investments |
|
|
|
149,686,102 |
| |
Liabilities in excess of other assets(3.0)% |
|
|
|
(4,363,441 |
) | |
Net assets100.0% |
|
|
|
$ |
145,322,661 |
|
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.
UBS International Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 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 |
|
129,297,489 |
|
11,044,878 |
|
|
|
140,342,367 |
|
Preferred stock |
|
1,287,381 |
|
|
|
|
|
1,287,381 |
|
Short-term investment |
|
|
|
3,732,399 |
|
|
|
3,732,399 |
|
Investment of cash collateral from securities loaned |
|
|
|
4,323,955 |
|
|
|
4,323,955 |
|
Total |
|
130,584,870 |
|
19,101,232 |
|
|
|
149,686,102 |
|
At March 31, 2019, there were no transfers between Levels 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.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
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, which represent 0.9% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
4 Includes $6,166,209 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,323,955 and non-cash collateral of $1,985,547.
UBS U.S. Small Cap Growth Fund
Industry diversification March 31, 2019 (unaudited)1,2
Common stocks |
|
Percentage of |
|
Aerospace & defense |
|
1.6 |
% |
Banks |
|
3.5 |
|
Biotechnology |
|
10.9 |
|
Chemicals |
|
1.6 |
|
Construction & engineering |
|
2.5 |
|
Consumer finance |
|
0.9 |
|
Diversified consumer services |
|
3.9 |
|
Electrical equipment |
|
2.6 |
|
Energy equipment & services |
|
0.3 |
|
Equity real estate investment trusts |
|
2.4 |
|
Food & staples retailing |
|
1.6 |
|
Health care equipment & supplies |
|
4.6 |
|
Health care providers & services |
|
1.3 |
|
Health care technology |
|
3.0 |
|
Hotels, restaurants & leisure |
|
5.6 |
|
Household durables |
|
2.2 |
|
IT services |
|
3.7 |
|
Life sciences tools & services |
|
0.6 |
|
Machinery |
|
6.3 |
|
Multiline retail |
|
1.6 |
|
Oil, gas & consumable fuels |
|
1.2 |
|
Paper & forest products |
|
1.0 |
|
Pharmaceuticals |
|
2.8 |
|
Professional services |
|
1.9 |
|
Road & rail |
|
1.0 |
|
Semiconductors & semiconductor equipment |
|
5.6 |
|
Software |
|
16.1 |
|
Specialty retail |
|
3.6 |
|
Textiles, apparel & luxury goods |
|
1.3 |
|
Thrifts & mortgage finance |
|
1.1 |
|
Total common stocks |
|
96.3 |
% |
Exchange traded fund |
|
0.6 |
|
Short-term investment |
|
3.6 |
|
Investment of cash collateral from securities loaned |
|
12.3 |
|
Total investments |
|
112.8 |
% |
Liabilities in excess of other assets |
|
(12.8 |
) |
Net assets |
|
100.0 |
% |
1 Figures represent the breakdown of direct investments of UBS U.S. Small Cap Growth Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks96.3% |
|
|
|
|
|
Aerospace & defense1.6% |
|
|
|
|
|
Mercury Systems, Inc.* |
|
28,223 |
|
1,808,530 |
|
|
|
|
|
|
|
Banks3.5% |
|
|
|
|
|
Columbia Banking System, Inc. |
|
28,997 |
|
947,912 |
|
FB Financial Corp. |
|
9,752 |
|
309,723 |
|
National Bank Holdings Corp., Class A |
|
36,895 |
|
1,227,128 |
|
Origin Bancorp, Inc.1 |
|
6,800 |
|
231,540 |
|
Webster Financial Corp. |
|
26,746 |
|
1,355,220 |
|
|
|
|
|
4,071,523 |
|
Biotechnology10.9% |
|
|
|
|
|
Allogene Therapeutics, Inc.*,1 |
|
23,670 |
|
684,300 |
|
AnaptysBio, Inc.*,1 |
|
10,674 |
|
779,736 |
|
Argenx SE*,1 |
|
5,912 |
|
738,054 |
|
Array BioPharma, Inc.*,1 |
|
49,366 |
|
1,203,543 |
|
Avrobio, Inc.*,1 |
|
17,943 |
|
395,643 |
|
Blueprint Medicines Corp.* |
|
12,481 |
|
999,104 |
|
Exact Sciences Corp.*,1 |
|
22,686 |
|
1,965,061 |
|
G1 Therapeutics, Inc.*,1 |
|
17,334 |
|
287,745 |
|
Gritstone Oncology, Inc.*,1 |
|
34,061 |
|
453,011 |
|
Immunomedics, Inc.*,1 |
|
38,597 |
|
741,448 |
|
Ligand Pharmaceuticals, Inc.*,1 |
|
6,409 |
|
805,675 |
|
NuCana PLC, ADR*,1 |
|
22,000 |
|
374,000 |
|
Ra Pharmaceuticals, Inc.* |
|
37,572 |
|
841,613 |
|
REGENXBIO, Inc.* |
|
11,996 |
|
687,491 |
|
Voyager Therapeutics, Inc.* |
|
38,140 |
|
730,000 |
|
Xencor, Inc.* |
|
24,723 |
|
767,896 |
|
|
|
|
|
12,454,320 |
|
Chemicals1.6% |
|
|
|
|
|
Ingevity Corp.* |
|
17,622 |
|
1,861,059 |
|
|
|
|
|
|
|
Construction & engineering2.5% |
|
|
|
|
|
EMCOR Group, Inc. |
|
19,571 |
|
1,430,249 |
|
MasTec, Inc.*,1 |
|
29,766 |
|
1,431,744 |
|
|
|
|
|
2,861,993 |
|
Consumer finance0.9% |
|
|
|
|
|
Green Dot Corp., Class A* |
|
16,265 |
|
986,472 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Diversified consumer services3.9% |
|
|
|
|
|
Adtalem Global Education, Inc.* |
|
30,542 |
|
1,414,706 |
|
Chegg, Inc.*,1 |
|
79,959 |
|
3,048,037 |
|
|
|
|
|
4,462,743 |
|
Electrical equipment2.6% |
|
|
|
|
|
Generac Holdings, Inc.* |
|
29,089 |
|
1,490,230 |
|
Regal Beloit Corp. |
|
18,276 |
|
1,496,256 |
|
|
|
|
|
2,986,486 |
|
Energy equipment & services0.3% |
|
|
|
|
|
Patterson-UTI Energy, Inc. |
|
23,787 |
|
333,494 |
|
|
|
|
|
|
|
Equity real estate investment trusts2.4% |
|
|
|
|
|
QTS Realty Trust, Inc., Class A |
|
36,053 |
|
1,622,025 |
|
Ryman Hospitality Properties, Inc. |
|
14,393 |
|
1,183,680 |
|
|
|
|
|
2,805,705 |
|
Food & staples retailing1.6% |
|
|
|
|
|
Performance Food Group Co.* |
|
46,903 |
|
1,859,235 |
|
|
|
|
|
|
|
Health care equipment & supplies4.6% |
|
|
|
|
|
Inogen, Inc.*,1 |
|
9,351 |
|
891,805 |
|
Insulet Corp.*,1 |
|
7,434 |
|
706,899 |
|
Novocure Ltd.* |
|
34,848 |
|
1,678,628 |
|
Sientra, Inc.*,1 |
|
71,414 |
|
612,732 |
|
Tactile Systems Technology, Inc.*,1 |
|
25,391 |
|
1,338,614 |
|
|
|
|
|
5,228,678 |
|
Health care providers & services1.3% |
|
|
|
|
|
LHC Group, Inc.* |
|
13,196 |
|
1,462,909 |
|
|
|
|
|
|
|
Health care technology3.0% |
|
|
|
|
|
Tabula Rasa HealthCare, Inc.*,1 |
|
18,573 |
|
1,047,889 |
|
Teladoc Health, Inc.*,1 |
|
23,989 |
|
1,333,788 |
|
Vocera Communications, Inc.*,1 |
|
34,459 |
|
1,089,938 |
|
|
|
|
|
3,471,615 |
|
Hotels, restaurants & leisure5.6% |
|
|
|
|
|
Dave & Busters Entertainment, Inc. |
|
13,431 |
|
669,804 |
|
Del Taco Restaurants, Inc.* |
|
67,413 |
|
678,175 |
|
Planet Fitness, Inc., Class A* |
|
33,969 |
|
2,334,350 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Hotels, restaurants & leisure(concluded) |
|
|
|
|
|
Shake Shack, Inc., Class A* |
|
23,197 |
|
1,372,102 |
|
Wendys Co./The |
|
79,296 |
|
1,418,605 |
|
|
|
|
|
6,473,036 |
|
Household durables2.2% |
|
|
|
|
|
Roku, Inc.* |
|
27,135 |
|
1,750,479 |
|
Sonos, Inc.*,1 |
|
73,663 |
|
757,992 |
|
|
|
|
|
2,508,471 |
|
IT services3.7% |
|
|
|
|
|
Twilio, Inc., Class A*,1 |
|
13,331 |
|
1,722,098 |
|
Wix.com Ltd.*,1 |
|
21,102 |
|
2,549,755 |
|
|
|
|
|
4,271,853 |
|
Life sciences tools & services0.6% |
|
|
|
|
|
Charles River Laboratories International, Inc.* |
|
4,961 |
|
720,585 |
|
|
|
|
|
|
|
Machinery6.3% |
|
|
|
|
|
Altra Industrial Motion Corp. |
|
48,680 |
|
1,511,514 |
|
Chart Industries, Inc.* |
|
22,585 |
|
2,044,394 |
|
Kadant, Inc. |
|
13,948 |
|
1,226,866 |
|
Kennametal, Inc. |
|
29,467 |
|
1,082,913 |
|
Woodward, Inc. |
|
13,881 |
|
1,317,168 |
|
|
|
|
|
7,182,855 |
|
Multiline retail1.6% |
|
|
|
|
|
Ollies Bargain Outlet Holdings, Inc.*,1 |
|
21,331 |
|
1,820,174 |
|
|
|
|
|
|
|
Oil, gas & consumable fuels1.2% |
|
|
|
|
|
Callon Petroleum Co.*,1 |
|
51,212 |
|
386,650 |
|
Matador Resources Co.*,1 |
|
49,960 |
|
965,727 |
|
|
|
|
|
1,352,377 |
|
Paper & forest products1.0% |
|
|
|
|
|
Boise Cascade Co. |
|
41,337 |
|
1,106,178 |
|
|
|
|
|
|
|
Pharmaceuticals2.8% |
|
|
|
|
|
Amphastar Pharmaceuticals, Inc.* |
|
32,864 |
|
671,412 |
|
Collegium Pharmaceutical, Inc.* |
|
36,585 |
|
553,897 |
|
Cymabay Therapeutics, Inc.* |
|
61,583 |
|
817,822 |
|
Supernus Pharmaceuticals, Inc.* |
|
15,552 |
|
544,942 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Pharmaceuticals(concluded) |
|
|
|
|
|
WaVe Life Sciences Ltd.*,1 |
|
16,739 |
|
650,310 |
|
|
|
|
|
3,238,383 |
|
Professional services1.9% |
|
|
|
|
|
ASGN, Inc.* |
|
20,453 |
|
1,298,561 |
|
Upwork, Inc.* |
|
9,300 |
|
178,002 |
|
WageWorks, Inc.* |
|
17,396 |
|
656,873 |
|
|
|
|
|
2,133,436 |
|
Road & rail1.0% |
|
|
|
|
|
Werner Enterprises, Inc. |
|
35,444 |
|
1,210,413 |
|
|
|
|
|
|
|
Semiconductors & semiconductor equipment5.6% |
|
|
|
|
|
MaxLinear, Inc.* |
|
49,567 |
|
1,265,446 |
|
Monolithic Power Systems, Inc. |
|
9,164 |
|
1,241,630 |
|
Semtech Corp.* |
|
21,665 |
|
1,102,965 |
|
Universal Display Corp. |
|
18,464 |
|
2,822,222 |
|
|
|
|
|
6,432,263 |
|
Software16.1% |
|
|
|
|
|
8x8, Inc.* |
|
79,723 |
|
1,610,405 |
|
Alteryx, Inc., Class A* |
|
30,245 |
|
2,536,648 |
|
ForeScout Technologies, Inc.* |
|
43,033 |
|
1,803,513 |
|
LivePerson, Inc.* |
|
60,321 |
|
1,750,516 |
|
Mimecast Ltd.* |
|
31,287 |
|
1,481,440 |
|
Paycom Software, Inc.*,1 |
|
8,017 |
|
1,516,255 |
|
Proofpoint, Inc.* |
|
15,573 |
|
1,891,029 |
|
SailPoint Technologies Holding, Inc.* |
|
48,645 |
|
1,397,084 |
|
Tenable Holdings, Inc.* |
|
40,712 |
|
1,288,942 |
|
Upland Software, Inc.* |
|
43,825 |
|
1,856,427 |
|
Varonis Systems, Inc.* |
|
22,286 |
|
1,328,914 |
|
|
|
|
|
18,461,173 |
|
Specialty retail3.6% |
|
|
|
|
|
American Eagle Outfitters, Inc. |
|
60,278 |
|
1,336,363 |
|
Childrens Place, Inc./The1 |
|
11,981 |
|
1,165,512 |
|
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
Specialty retail(concluded) |
|
|
|
|
| |
Dicks Sporting Goods, Inc.1 |
|
43,234 |
|
1,591,443 |
| |
|
|
|
|
4,093,318 |
| |
Textiles, apparel & luxury goods1.3% |
|
|
|
|
| |
Steven Madden Ltd. |
|
42,544 |
|
1,439,689 |
| |
|
|
|
|
|
| |
Thrifts & mortgage finance1.1% |
|
|
|
|
| |
Essent Group Ltd.* |
|
28,157 |
|
1,223,422 |
| |
Total common stocks |
|
|
|
110,322,388 |
| |
|
|
|
|
|
| |
Exchange traded fund0.6% |
|
|
|
|
| |
iShares Russell 2000 Growth ETF1 |
|
3,487 |
|
685,754 |
| |
|
|
|
|
|
| |
Short-term investment3.6% |
|
|
|
|
| |
Investment company3.6% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
4,176,365 |
|
4,176,365 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned12.3% |
|
|
|
|
| |
Money market fund12.3% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
14,040,814 |
|
14,040,814 |
| |
Total investments |
|
|
|
129,225,321 |
| |
Liabilities in excess of other assets(12.8)% |
|
|
|
(14,675,940 |
) | |
Net assets100.0% |
|
|
|
$ |
114,549,381 |
|
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.
UBS U.S. Small Cap Growth Fund
Portfolio of investments March 31, 2019 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 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 |
|
110,322,388 |
|
|
|
|
|
110,322,388 |
|
Exchange traded fund |
|
685,754 |
|
|
|
|
|
685,754 |
|
Short-term investment |
|
|
|
4,176,365 |
|
|
|
4,176,365 |
|
Investment of cash collateral from securities loaned |
|
|
|
14,040,814 |
|
|
|
14,040,814 |
|
Total |
|
111,008,142 |
|
18,217,179 |
|
|
|
129,225,321 |
|
At March 31, 2019, there were no transfers between Levels 1 and Level 2.
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
2 Includes $26,009,884 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $14,040,814 and non-cash collateral of $12,311,091.
UBS U.S. Sustainable Equity Fund
Industry diversification March 31, 2019 (unaudited)1
Common stocks |
|
Percentage of |
|
Airlines |
|
3.2 |
% |
Auto components |
|
2.3 |
|
Banks |
|
3.6 |
|
Biotechnology |
|
4.1 |
|
Building products |
|
2.1 |
|
Capital markets |
|
4.6 |
|
Commercial services & supplies |
|
4.4 |
|
Consumer finance |
|
3.9 |
|
Entertainment |
|
7.5 |
|
Equity real estate investment trusts |
|
4.0 |
|
Health care providers & services |
|
4.2 |
|
Hotels, restaurants & leisure |
|
2.6 |
|
Insurance |
|
3.9 |
|
Internet & direct marketing retail |
|
4.7 |
|
IT services |
|
3.8 |
|
Life sciences tools & services |
|
2.9 |
|
Machinery |
|
7.0 |
|
Pharmaceuticals |
|
8.9 |
|
Semiconductors & semiconductor equipment |
|
10.9 |
|
Software |
|
3.7 |
|
Specialty retail |
|
1.3 |
|
Technology hardware, storage & peripherals |
|
4.9 |
|
Total common stocks |
|
98.5 |
% |
Short-term investment |
|
0.3 |
|
Investment of cash collateral from securities loaned |
|
1.1 |
|
Total investments |
|
99.9 |
% |
Other assets in excess of liabilities |
|
0.1 |
|
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS U.S. Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks98.5% |
|
|
|
|
|
Airlines3.2% |
|
|
|
|
|
Delta Air Lines, Inc. |
|
17,774 |
|
918,027 |
|
|
|
|
|
|
|
Auto components2.3% |
|
|
|
|
|
Aptiv PLC |
|
8,227 |
|
653,964 |
|
|
|
|
|
|
|
Banks3.6% |
|
|
|
|
|
US Bancorp |
|
21,692 |
|
1,045,337 |
|
|
|
|
|
|
|
Biotechnology4.1% |
|
|
|
|
|
Incyte Corp.* |
|
6,843 |
|
588,567 |
|
Ironwood Pharmaceuticals, Inc.*,1 |
|
44,114 |
|
596,862 |
|
|
|
|
|
1,185,429 |
|
Building products2.1% |
|
|
|
|
|
Masco Corp. |
|
15,077 |
|
592,677 |
|
|
|
|
|
|
|
Capital markets4.6% |
|
|
|
|
|
Ameriprise Financial, Inc. |
|
10,362 |
|
1,327,372 |
|
|
|
|
|
|
|
Commercial services & supplies4.4% |
|
|
|
|
|
Stericycle, Inc.* |
|
23,416 |
|
1,274,299 |
|
|
|
|
|
|
|
Consumer finance3.9% |
|
|
|
|
|
American Express Co. |
|
10,206 |
|
1,115,516 |
|
|
|
|
|
|
|
Entertainment7.5% |
|
|
|
|
|
Activision Blizzard, Inc. |
|
22,964 |
|
1,045,551 |
|
Walt Disney Co./The |
|
10,006 |
|
1,110,966 |
|
|
|
|
|
2,156,517 |
|
Equity real estate investment trusts4.0% |
|
|
|
|
|
Simon Property Group, Inc. |
|
6,379 |
|
1,162,317 |
|
|
|
|
|
|
|
Health care providers & services4.2% |
|
|
|
|
|
UnitedHealth Group, Inc. |
|
4,865 |
|
1,202,920 |
|
|
|
|
|
|
|
Hotels, restaurants & leisure2.6% |
|
|
|
|
|
Royal Caribbean Cruises Ltd. |
|
6,556 |
|
751,449 |
|
|
|
|
|
|
|
Insurance3.9% |
|
|
|
|
|
Prudential Financial, Inc. |
|
12,254 |
|
1,125,897 |
|
UBS U.S. Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Common stocks(continued) |
|
|
|
|
|
Internet & direct marketing retail4.7% |
|
|
|
|
|
Amazon.com, Inc. * |
|
767 |
|
1,365,835 |
|
|
|
|
|
|
|
IT services3.8% |
|
|
|
|
|
Visa, Inc., Class A |
|
7,062 |
|
1,103,014 |
|
|
|
|
|
|
|
Life sciences tools & services2.9% |
|
|
|
|
|
Bio-Rad Laboratories, Inc., Class A* |
|
2,754 |
|
841,843 |
|
|
|
|
|
|
|
Machinery7.0% |
|
|
|
|
|
AGCO Corp. |
|
16,589 |
|
1,153,765 |
|
Gardner Denver Holdings, Inc.* |
|
31,446 |
|
874,513 |
|
|
|
|
|
2,028,278 |
|
Pharmaceuticals8.9% |
|
|
|
|
|
Allergan PLC |
|
8,605 |
|
1,259,858 |
|
Johnson & Johnson |
|
9,358 |
|
1,308,155 |
|
|
|
|
|
2,568,013 |
|
Semiconductors & semiconductor equipment10.9% |
|
|
|
|
|
Applied Materials, Inc. |
|
22,320 |
|
885,211 |
|
Lam Research Corp. |
|
4,273 |
|
764,910 |
|
Micron Technology, Inc.* |
|
20,265 |
|
837,552 |
|
Teradyne, Inc. |
|
16,665 |
|
663,934 |
|
|
|
|
|
3,151,607 |
|
Software3.7% |
|
|
|
|
|
Adobe, Inc.* |
|
3,981 |
|
1,060,897 |
|
|
|
|
|
|
|
Specialty retail1.3% |
|
|
|
|
|
TJX Cos., Inc./The |
|
7,210 |
|
383,644 |
|
|
|
|
|
|
|
Technology hardware, storage & peripherals4.9% |
|
|
|
|
|
NetApp, Inc. |
|
9,765 |
|
677,105 |
|
UBS U.S. Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Common stocks(concluded) |
|
|
|
|
| |
Technology hardware, storage & peripherals(concluded) |
|
|
|
|
| |
Western Digital Corp. |
|
15,450 |
|
742,527 |
| |
|
|
|
|
1,419,632 |
| |
Total common stocks |
|
|
|
28,434,484 |
| |
|
|
|
|
|
| |
Short-term investment0.3% |
|
|
|
|
| |
Investment company0.3% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
92,640 |
|
92,640 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned1.1% |
|
|
|
|
| |
Money market fund1.1% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
316,020 |
|
316,020 |
| |
Total investments |
|
|
|
28,843,144 |
| |
Other assets in excess of liabilities0.1% |
|
|
|
28,041 |
| |
Net assets100.0% |
|
|
|
$ |
28,871,185 |
|
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 March 31, 2019 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 |
|
28,434,484 |
|
|
|
|
|
28,434,484 |
|
Short-term investment |
|
|
|
92,640 |
|
|
|
92,640 |
|
Investment of cash collateral from securities loaned |
|
|
|
316,020 |
|
|
|
316,020 |
|
Total |
|
28,434,484 |
|
408,660 |
|
|
|
28,843,144 |
|
At March 31, 2019, there were no transfers between Level 1 and Level 2.
UBS U.S. Sustainable Equity Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes
* Non-income producing security.
1 Security, or portion thereof, was on loan at the period end.
2 Includes $580,820 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $316,020 and non-cash collateral of $257,081.
UBS Municipal Bond Fund
Portfolio statistics March 31, 2019 (unaudited)1
Summary of municipal securities by state
Long-term municipal bonds |
|
Percentage of |
|
California |
|
4.3 |
% |
Connecticut |
|
7.7 |
|
Florida |
|
11.8 |
|
Georgia |
|
1.7 |
|
Illinois |
|
12.3 |
|
Maryland |
|
0.6 |
|
Michigan |
|
3.4 |
|
Mississippi |
|
0.9 |
|
Nebraska |
|
1.5 |
|
Nevada |
|
2.3 |
|
New Jersey |
|
3.8 |
|
New York |
|
20.2 |
|
Ohio |
|
1.2 |
|
Pennsylvania |
|
13.6 |
|
Rhode Island |
|
1.1 |
|
South Carolina |
|
2.5 |
|
Texas |
|
10.4 |
|
Utah |
|
0.9 |
|
Washington |
|
1.2 |
|
Total long-term municipal bonds |
|
101.4 |
% |
Short-term investment |
|
0.1 |
|
Total investments |
|
101.5 |
% |
Liabilities in excess of other assets |
|
(1.5 |
) |
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds101.4% |
|
|
|
|
|
California4.3% |
|
|
|
|
|
California State Kindergarten, GO Bonds, |
|
|
|
|
|
Series A5, |
|
|
|
|
|
1.150%, due 05/01/341 |
|
2,000,000 |
|
2,000,000 |
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Asset-Backed Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 06/01/32 |
|
1,000,000 |
|
1,146,860 |
|
Series A, |
|
|
|
|
|
5.000%, due 06/01/33 |
|
650,000 |
|
743,203 |
|
Irvine Improvement Bond Act 1915 Limited Obligation (Assessment District 03-19), |
|
|
|
|
|
Series B, |
|
|
|
|
|
1.300%, due 09/02/291,2 |
|
300,000 |
|
300,000 |
|
|
|
|
|
4,190,063 |
|
Connecticut7.7% |
|
|
|
|
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Yale University), |
|
|
|
|
|
Series V-1, |
|
|
|
|
|
1.150%, due 07/01/361 |
|
200,000 |
|
200,000 |
|
State of Connecticut, GO Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 04/15/25 |
|
1,250,000 |
|
1,450,475 |
|
Series B, |
|
|
|
|
|
5.000%, due 04/15/25 |
|
2,000,000 |
|
2,320,760 |
|
Series C, |
|
|
|
|
|
5.000%, due 06/15/23 |
|
1,000,000 |
|
1,121,930 |
|
Series F, |
|
|
|
|
|
5.000%, due 09/15/25 |
|
2,140,000 |
|
2,502,623 |
|
|
|
|
|
7,595,788 |
|
Florida11.8% |
|
|
|
|
|
Central Florida Expressway Authority Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 07/01/34 |
|
1,000,000 |
|
1,185,670 |
|
Miami-Dade County Revenue Bonds, |
|
|
|
|
|
5.000%, due 10/01/26 |
|
1,000,000 |
|
1,218,060 |
|
School Board of Volusia County, Certificates Refunding, Master Lease Program, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,135,940 |
|
School District of St. Lucie County, Sales Tax Revenue Bonds, |
|
|
|
|
|
AGM, |
|
|
|
|
|
5.000%, due 10/01/26 |
|
1,020,000 |
|
1,201,948 |
|
South Florida Water Management District, COP, |
|
|
|
|
|
5.000%, due 10/01/34 |
|
1,000,000 |
|
1,156,210 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Florida(concluded) |
|
|
|
|
|
The School Board of Broward County, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 07/01/30 |
|
2,000,000 |
|
2,305,900 |
|
The School Board of Miami-Dade County, COP, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 05/01/31 |
|
1,000,000 |
|
1,145,450 |
|
Series D, |
|
|
|
|
|
5.000%, due 11/01/31 |
|
1,000,000 |
|
1,139,490 |
|
The School Board of Palm Beach County, COP, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 08/01/31 |
|
1,000,000 |
|
1,159,670 |
|
|
|
|
|
11,648,338 |
|
Georgia1.7% |
|
|
|
|
|
State of Georgia, GO Bonds, |
|
|
|
|
|
Series F, |
|
|
|
|
|
5.000%, due 07/01/26 |
|
1,385,000 |
|
1,695,074 |
|
|
|
|
|
|
|
Illinois12.3% |
|
|
|
|
|
City of Chicago OHare International Airport, Senior Lien Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 01/01/30 |
|
1,000,000 |
|
1,147,080 |
|
Series B, |
|
|
|
|
|
5.000%, due 01/01/31 |
|
1,050,000 |
|
1,198,344 |
|
County of Cook, GO Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 11/15/20 |
|
1,830,000 |
|
1,916,413 |
|
Series A, |
|
|
|
|
|
5.000%, due 11/15/26 |
|
1,500,000 |
|
1,730,535 |
|
Illinois State Toll Highway Authority Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,195,780 |
|
Railsplitter Tobacco Settlement Authority Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/01/25 |
|
1,235,000 |
|
1,437,305 |
|
State of Illinois, GO Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 10/01/21 |
|
1,000,000 |
|
1,059,600 |
|
State of Illinois, Sales Tax Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/15/20 |
|
1,190,000 |
|
1,230,305 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
Illinois(concluded) |
|
|
|
|
|
5.000%, due 06/15/22 |
|
1,105,000 |
|
1,184,450 |
|
|
|
|
|
12,099,812 |
|
Maryland0.6% |
|
|
|
|
|
Montgomery County Consolidated Public (Improvement Bond), GO Bonds, |
|
|
|
|
|
Series E, |
|
|
|
|
|
1.400%, due 11/01/371 |
|
600,000 |
|
600,000 |
|
|
|
|
|
|
|
Michigan3.4% |
|
|
|
|
|
Michigan Finance Authority, Trinity Health Credit Group, Hospital Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 12/01/35 |
|
1,000,000 |
|
1,174,780 |
|
Michigan State Building Authority Revenue Bonds, |
|
|
|
|
|
Series I, |
|
|
|
|
|
5.000%, due 10/15/29 |
|
1,800,000 |
|
2,165,382 |
|
|
|
|
|
3,340,162 |
|
Mississippi0.9% |
|
|
|
|
|
Mississippi Business Finance Corp., Gulf Opportunity Zone, Industrial Development (Chevron USA, Inc. Project), Revenue Bonds, |
|
|
|
|
|
Series B, |
|
|
|
|
|
1.480%, due 12/01/301 |
|
200,000 |
|
200,000 |
|
Series B, |
|
|
|
|
|
1.480%, due 12/01/301 |
|
500,000 |
|
500,000 |
|
Series K, |
|
|
|
|
|
1.480%, due 11/01/351 |
|
200,000 |
|
200,000 |
|
|
|
|
|
900,000 |
|
Nebraska1.5% |
|
|
|
|
|
Douglas County Hospital Authority No. 2 Revenue Bonds, |
|
|
|
|
|
5.000%, due 05/15/25 |
|
1,250,000 |
|
1,470,788 |
|
|
|
|
|
|
|
Nevada2.3% |
|
|
|
|
|
Clark County, Las Vegas-McCarran International Airport Revenue Bonds, |
|
|
|
|
|
Series C, |
|
|
|
|
|
5.000%, due 07/01/27 |
|
1,815,000 |
|
2,218,366 |
|
|
|
|
|
|
|
New Jersey3.8% |
|
|
|
|
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, |
|
|
|
|
|
Series AA, |
|
|
|
|
|
5.000%, due 06/15/27 |
|
1,500,000 |
|
1,635,900 |
|
New Jersey Turnpike Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
1,000,000 |
|
1,153,640 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
New Jersey(concluded) |
|
|
|
|
|
Series E, |
|
|
|
|
|
5.000%, due 01/01/34 |
|
860,000 |
|
979,084 |
|
|
|
|
|
3,768,624 |
|
New York20.2% |
|
|
|
|
|
City of New York, GO Bonds, |
|
|
|
|
|
Sebseries F-1, |
|
|
|
|
|
5.000%, due 04/01/34 |
|
1,100,000 |
|
1,325,533 |
|
Subseries F-1, |
|
|
|
|
|
5.000%, due 04/01/40 |
|
1,000,000 |
|
1,180,270 |
|
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, |
|
|
|
|
|
Series EE, |
|
|
|
|
|
5.000%, due 06/15/40 |
|
1,000,000 |
|
1,179,640 |
|
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
1.500%, due 06/15/321 |
|
500,000 |
|
500,000 |
|
Series DD-2, |
|
|
|
|
|
1.430%, due 06/15/431 |
|
300,000 |
|
300,000 |
|
Series EE-2, |
|
|
|
|
|
5.000%, due 06/15/40 |
|
1,200,000 |
|
1,446,768 |
|
Series FF, |
|
|
|
|
|
5.000%, due 06/15/39 |
|
2,000,000 |
|
2,383,700 |
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Fiscal 2017 Revenue Bonds, |
|
|
|
|
|
Series EE, |
|
|
|
|
|
5.000%, due 06/15/33 |
|
1,000,000 |
|
1,199,200 |
|
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, |
|
|
|
|
|
Series A-2, |
|
|
|
|
|
5.000%, due 08/01/38 |
|
1,000,000 |
|
1,178,320 |
|
Series C-2, |
|
|
|
|
|
5.000%, due 05/01/35 |
|
3,000,000 |
|
3,612,960 |
|
Subseries A1, |
|
|
|
|
|
5.000%, due 08/01/33 |
|
1,230,000 |
|
1,498,767 |
|
New York City Transitional Finance Authority Revenue Bonds, |
|
|
|
|
|
Subseries B-1, |
|
|
|
|
|
5.000%, due 08/01/33 |
|
1,000,000 |
|
1,141,980 |
|
Subseries E-1, |
|
|
|
|
|
5.000%, due 02/01/32 |
|
1,000,000 |
|
1,175,010 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds(continued) |
|
|
|
|
|
New York(concluded) |
|
|
|
|
|
New York State Urban Development Corp., State Personal Income Tax, Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 03/15/36 |
|
1,500,000 |
|
1,811,820 |
|
|
|
|
|
19,933,968 |
|
Ohio1.2% |
|
|
|
|
|
State of Ohio, Cleveland Clinic Health System Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/32 |
|
1,000,000 |
|
1,210,220 |
|
|
|
|
|
|
|
Pennsylvania13.6% |
|
|
|
|
|
City of Philadelphia, GO Bonds, |
|
|
|
|
|
5.000%, due 08/01/20 |
|
1,590,000 |
|
1,657,639 |
|
Series A, |
|
|
|
|
|
5.000%, due 08/01/22 |
|
1,000,000 |
|
1,099,890 |
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, |
|
|
|
|
|
5.000%, due 06/01/24 |
|
1,625,000 |
|
1,860,105 |
|
Commonwealth of Pennsylvania, GO Bonds, |
|
|
|
|
|
5.000%, due 09/15/25 |
|
1,500,000 |
|
1,783,995 |
|
Pennsylvania Turnpike Commission Revenue Bonds, |
|
|
|
|
|
5.000%, due 12/01/253 |
|
2,170,000 |
|
2,519,435 |
|
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,195,730 |
|
5.000%, due 12/01/30 |
|
1,750,000 |
|
2,053,187 |
|
Series A-2, |
|
|
|
|
|
5.000%, due 12/01/28 |
|
1,000,000 |
|
1,215,730 |
|
|
|
|
|
13,385,711 |
|
Rhode Island1.1% |
|
|
|
|
|
Tobacco Settlement Financing Corp., Asset-Backed Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 06/01/21 |
|
1,000,000 |
|
1,060,130 |
|
|
|
|
|
|
|
South Carolina2.5% |
|
|
|
|
|
South Carolina Public Service Authority (Escrowed to Maturity), Revenue Bonds |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 12/01/204 |
|
555,000 |
|
586,130 |
|
South Carolina Public Service Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 12/01/26 |
|
1,010,000 |
|
1,165,206 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Long-term municipal bonds(concluded) |
|
|
|
|
|
South Carolina(concluded) |
|
|
|
|
|
South Carolina Public Service Authority-Unrefunded Balance, Revenue Bonds |
|
|
|
|
|
Series B, |
|
|
|
|
|
5.000%, due 12/01/20 |
|
690,000 |
|
723,693 |
|
|
|
|
|
2,475,029 |
|
Texas10.4% |
|
|
|
|
|
Austin Community College District Public Facility Corp., Round Rock Campus Revenue Bonds, |
|
|
|
|
|
5.000%, due 08/01/24 |
|
1,000,000 |
|
1,152,960 |
|
Harris County Cultural Educational Facilities Finance Corp. Revenue Bonds (Methodist Hospital), |
|
|
|
|
|
Subseries C-1, |
|
|
|
|
|
1.500%, due 12/01/241 |
|
2,000,000 |
|
2,000,000 |
|
Houston Independent School District, GO Bonds, PSF-GTD, |
|
|
|
|
|
5.000%, due 02/15/26 |
|
2,000,000 |
|
2,411,680 |
|
Lower Colorado River Authority Refunding LCRA Transmission Services, Revenue Bonds, |
|
|
|
|
|
5.000%, due 05/15/31 |
|
1,000,000 |
|
1,230,760 |
|
North Texas Tollway Authority Revenue Bonds, |
|
|
|
|
|
Series A, |
|
|
|
|
|
5.000%, due 01/01/27 |
|
3,030,000 |
|
3,449,322 |
|
|
|
|
|
10,244,722 |
|
Utah0.9% |
|
|
|
|
|
Murray City Hospital Revenue (IHC Health Services, Inc.), Revenue Bonds, |
|
|
|
|
|
Series C, |
|
|
|
|
|
1.450%, due 05/15/361 |
|
850,000 |
|
850,000 |
|
|
|
|
|
|
|
Washington1.2% |
|
|
|
|
|
State of Washington, GO Bonds, |
|
|
|
|
|
Series C, |
|
|
|
|
|
5.000%, due 02/01/37 |
|
1,000,000 |
|
1,210,640 |
|
Total long-term municipal bonds |
|
|
|
99,897,435 |
|
UBS Municipal Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Short-term investment0.1% |
|
|
|
|
| |
Investment company0.1% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
90,209 |
|
90,209 |
| |
Total investments |
|
|
|
99,987,644 |
| |
Liabilities in excess of other assets(1.5)% |
|
|
|
(1,514,342 |
) | |
Net assets100.0% |
|
|
|
$ |
98,473,302 |
|
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 March 31, 2019 in valuing the Funds investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description |
|
Unadjusted |
|
Other |
|
Unobservable |
|
Total ($) |
|
Long-term municipal bonds |
|
|
|
99,897,435 |
|
|
|
99,897,435 |
|
Short-term investment |
|
|
|
90,209 |
|
|
|
90,209 |
|
Total |
|
|
|
99,987,644 |
|
|
|
99,987,644 |
|
At March 31, 2019 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 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 $300,000, represented 0.3% of the Funds net assets at period end.
3 This security is considered illiquid and restricted. At period end, the value of illiquid and restricted securities was $2,519,435, representing 2.6% of the Funds net assets. The table below provides further information:
Illiquid & restricted security |
|
Acquisition |
|
Acquisition |
|
Acquisition |
|
Value at |
|
Value as a |
| ||
Pennsylvania Turnpike Commission Revenue Bonds, |
|
04/03/17 |
|
$ |
2,396,505 |
|
2.4 |
% |
$ |
2,519,435 |
|
2.6 |
% |
4 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 Sustainable Development Bank Bond Fund
Industry diversification March 31, 2019 (unaudited)1
|
|
Percentage of |
|
Corporate notes |
|
|
|
Supranationals |
|
98.9 |
% |
Short-term investment |
|
2.0 |
|
Investment of cash collateral from securities loaned |
|
1.7 |
|
Total investments |
|
102.6 |
% |
Liabilities in excess of other assets |
|
(2.6 |
) |
Net assets |
|
100.0 |
% |
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Sustainable Development Bank Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate notes98.9% |
|
|
|
|
|
Supranationals98.9% |
|
|
|
|
|
African Development Bank |
|
|
|
|
|
1.250%, due 07/26/21 |
|
325,000 |
|
317,081 |
|
1.875%, due 03/16/20 |
|
475,000 |
|
472,248 |
|
2.125%, due 11/16/22 |
|
100,000 |
|
99,258 |
|
3.000%, due 09/20/23 |
|
100,000 |
|
102,576 |
|
Agence Francaise de Developpement |
|
|
|
|
|
1.625%, due 01/21/201 |
|
250,000 |
|
248,129 |
|
Agence Francaise de Developpement, EMTN |
|
|
|
|
|
2.750%, due 03/22/211 |
|
600,000 |
|
602,556 |
|
2.750%, due 01/22/221 |
|
200,000 |
|
201,503 |
|
Asian Development Bank, GMTN |
|
|
|
|
|
2.000%, due 01/22/25 |
|
275,000 |
|
269,204 |
|
2.750%, due 01/19/282 |
|
340,000 |
|
345,868 |
|
3.125%, due 09/26/28 |
|
400,000 |
|
419,252 |
|
Corp. Andina de Fomento |
|
|
|
|
|
2.125%, due 09/27/21 |
|
125,000 |
|
122,282 |
|
4.375%, due 06/15/22 |
|
300,000 |
|
311,103 |
|
Council of Europe Development Bank |
|
|
|
|
|
1.625%, due 03/16/212 |
|
750,000 |
|
739,027 |
|
2.500%, due 02/27/24 |
|
300,000 |
|
301,676 |
|
European Bank for Reconstruction & Development, GMTN |
|
|
|
|
|
1.500%, due 11/02/21 |
|
100,000 |
|
97,925 |
|
2.125%, due 03/07/22 |
|
300,000 |
|
297,908 |
|
2.750%, due 04/26/21 |
|
300,000 |
|
302,289 |
|
2.750%, due 03/07/23 |
|
300,000 |
|
304,529 |
|
European Investment Bank |
|
|
|
|
|
1.875%, due 02/10/252 |
|
375,000 |
|
364,378 |
|
2.625%, due 03/15/24 |
|
225,000 |
|
227,887 |
|
3.250%, due 01/29/24 |
|
400,000 |
|
416,300 |
|
IDB Trust Services Ltd. |
|
|
|
|
|
3.389%, due 09/26/231 |
|
800,000 |
|
815,680 |
|
IDB Trust Services Ltd., EMTN |
|
|
|
|
|
2.393%, due 04/12/221 |
|
200,000 |
|
197,256 |
|
UBS Sustainable Development Bank Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate notes(continued) |
|
|
|
|
|
Supranationals(concluded) |
|
|
|
|
|
Inter-American Development Bank |
|
|
|
|
|
2.125%, due 01/15/25 |
|
775,000 |
|
761,395 |
|
2.375%, due 07/07/27 |
|
1,135,000 |
|
1,124,031 |
|
2.625%, due 01/16/24 |
|
200,000 |
|
202,397 |
|
3.000%, due 02/21/24 |
|
375,000 |
|
386,094 |
|
3.125%, due 09/18/28 |
|
1,400,000 |
|
1,465,087 |
|
Inter-American Development Bank, GMTN |
|
|
|
|
|
1.625%, due 05/12/20 |
|
275,000 |
|
272,712 |
|
1.750%, due 04/14/22 |
|
100,000 |
|
98,271 |
|
2.000%, due 06/02/26 |
|
1,000,000 |
|
971,301 |
|
International Bank for Reconstruction & Development |
|
|
|
|
|
1.375%, due 03/30/20 |
|
225,000 |
|
222,627 |
|
1.375%, due 05/24/21 |
|
350,000 |
|
342,915 |
|
1.875%, due 10/27/26 |
|
600,000 |
|
575,323 |
|
2.000%, due 01/26/22 |
|
100,000 |
|
99,224 |
|
2.500%, due 03/19/24 |
|
400,000 |
|
403,235 |
|
2.500%, due 11/25/24 |
|
1,000,000 |
|
1,006,256 |
|
2.500%, due 07/29/25 |
|
900,000 |
|
903,726 |
|
2.500%, due 11/22/27 |
|
1,740,000 |
|
1,738,660 |
|
International Development Association |
|
|
|
|
|
2.750%, due 04/24/231 |
|
975,000 |
|
989,480 |
|
International Finance Corp., GMTN |
|
|
|
|
|
1.125%, due 07/20/21 |
|
250,000 |
|
243,200 |
|
2.125%, due 04/07/26 |
|
575,000 |
|
563,258 |
|
2.875%, due 07/31/23 |
|
100,000 |
|
102,043 |
|
Kreditanstalt fuer Wiederaufbau |
|
|
|
|
|
2.000%, due 05/02/25 |
|
700,000 |
|
684,010 |
|
2.875%, due 04/03/28 |
|
275,000 |
|
283,330 |
|
Nordic Investment Bank |
|
|
|
|
|
2.125%, due 02/01/22 |
|
400,000 |
|
397,482 |
|
2.875%, due 07/19/23 |
|
600,000 |
|
612,412 |
|
Total Corporate notes |
|
|
|
22,024,384 |
|
UBS Sustainable Development Bank Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
| |
Short-term investment2.0% |
|
|
|
|
| |
Investment company2.0% |
|
|
|
|
| |
State Street Institutional U.S. Government Money Market Fund |
|
438,980 |
|
438,980 |
| |
|
|
|
|
|
| |
Investment of cash collateral from securities loaned1.7% |
|
|
|
|
| |
Money market fund1.7% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
384,130 |
|
384,130 |
| |
Total investments |
|
|
|
22,847,494 |
| |
Liabilities in excess of other assets(2.6)% |
|
|
|
(591,938 |
) | |
Net assets100.0% |
|
|
|
$ |
22,255,556 |
|
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 March 31, 2019 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 notes |
|
|
|
22,024,384 |
|
|
|
22,024,384 |
|
Short-term investment |
|
|
|
438,980 |
|
|
|
438,980 |
|
Investment of cash collateral from securities loaned |
|
|
|
384,130 |
|
|
|
384,130 |
|
Total |
|
|
|
22,847,494 |
|
|
|
22,847,494 |
|
At March 31, 2019, there were no transfers between Level 1 and Level 2.
UBS Sustainable Development Bank Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes
1 Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
2 Security, or portion thereof, was on loan at the period end.
3 Includes $376,464 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $384,130.
UBS Total Return Bond Fund
Industry diversification March 31, 2019 (unaudited)1
Corporate bonds |
|
Percentage |
|
Agriculture |
|
0.3 |
% |
Auto manufacturers |
|
0.2 |
|
Banks |
|
6.6 |
|
Beverages |
|
0.4 |
|
Biotechnology |
|
0.7 |
|
Chemicals |
|
1.8 |
|
Commercial services |
|
0.4 |
|
Computers |
|
0.5 |
|
Diversified financial services |
|
2.3 |
|
Electric |
|
1.3 |
|
Food |
|
0.3 |
|
Healthcare-products |
|
0.6 |
|
Healthcare-services |
|
0.8 |
|
Insurance |
|
1.0 |
|
Internet |
|
0.4 |
|
Media |
|
1.5 |
|
Mining |
|
0.3 |
|
Miscellaneous manufacturers |
|
1.2 |
|
Oil & gas |
|
2.1 |
|
Pharmaceuticals |
|
1.7 |
|
Pipelines |
|
1.8 |
|
Real estate investment trust |
|
3.1 |
|
Retail |
|
0.2 |
|
Semiconductors |
|
0.6 |
|
Software |
|
0.8 |
|
Telecommunications |
|
1.3 |
|
Transportation |
|
0.4 |
|
Total corporate bonds |
|
32.6 |
% |
Asset-backed securities |
|
11.3 |
|
Commercial mortgage-backed securities |
|
15.7 |
|
Mortgage-backed securities |
|
28.7 |
|
Municipal bonds and notes |
|
0.9 |
|
Non-US government obligations |
|
3.5 |
|
U.S. treasury obligations |
|
5.0 |
|
Preferred stock |
|
0.3 |
|
Short-term investment |
|
2.3 |
|
Swaptions purchased |
|
0.0 |
|
Investment of cash collateral from securities loaned |
|
1.1 |
|
Total investments |
|
101.4 |
% |
Liabilities in excess of other assets |
|
(1.4 |
) |
Net assets |
|
100.0 |
% |
Amount represents less than 0.05%.
1 The Funds portfolio is actively managed and its composition will vary over time.
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds32.6% |
|
|
|
|
|
British Virgin Islands0.5% |
|
|
|
|
|
New Metro Global Ltd. |
|
|
|
|
|
7.500%, due 03/20/222 |
|
200,000 |
|
205,500 |
|
|
|
|
|
205,500 |
|
|
|
|
|
|
|
Canada0.9% |
|
|
|
|
|
Cenovus Energy, Inc. |
|
|
|
|
|
5.400%, due 06/15/47 |
|
80,000 |
|
79,350 |
|
NOVA Chemicals Corp. |
|
|
|
|
|
5.250%, due 08/01/233 |
|
210,000 |
|
211,050 |
|
Rogers Communications, Inc. |
|
|
|
|
|
5.000%, due 03/15/44 |
|
60,000 |
|
66,690 |
|
Total Canada corporate bonds |
|
|
|
357,090 |
|
|
|
|
|
|
|
Cayman Islands1.7% |
|
|
|
|
|
CIFI Holdings Group Co. Ltd. |
|
|
|
|
|
5.500%, due 01/23/232 |
|
200,000 |
|
194,250 |
|
Country Garden Holdings Co. Ltd. |
|
|
|
|
|
8.000%, due 01/27/242 |
|
200,000 |
|
211,665 |
|
Seagate HDD Cayman |
|
|
|
|
|
5.750%, due 12/01/34 |
|
80,000 |
|
73,367 |
|
Yuzhou Properties Co. Ltd. |
|
|
|
|
|
6.000%, due 10/25/232 |
|
200,000 |
|
190,243 |
|
Total Cayman Islands corporate bonds |
|
|
|
669,525 |
|
|
|
|
|
|
|
Colombia0.2% |
|
|
|
|
|
Ecopetrol SA |
|
|
|
|
|
5.375%, due 06/26/26 |
|
70,000 |
|
75,075 |
|
|
|
|
|
|
|
Curacao0.2% |
|
|
|
|
|
Teva Pharmaceutical Finance IV BV |
|
|
|
|
|
3.650%, due 11/10/21 |
|
57,000 |
|
55,758 |
|
|
|
|
|
|
|
Hong Kong0.5% |
|
|
|
|
|
Yanlord Land HK Co. Ltd. |
|
|
|
|
|
6.750%, due 04/23/232 |
|
200,000 |
|
203,651 |
|
|
|
|
|
|
|
Ireland0.8% |
|
|
|
|
|
GE Capital International Funding Co. Unlimited Co. |
|
|
|
|
|
2.342%, due 11/15/20 |
|
200,000 |
|
197,500 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
Ireland(concluded) |
|
|
|
|
|
Shire Acquisitions Investments Ireland DAC |
|
|
|
|
|
2.400%, due 09/23/21 |
|
100,000 |
|
98,859 |
|
Total Ireland corporate bonds |
|
|
|
296,359 |
|
|
|
|
|
|
|
Luxembourg1.0% |
|
|
|
|
|
Allergan Funding SCS |
|
|
|
|
|
3.800%, due 03/15/25 |
|
200,000 |
|
202,681 |
|
INEOS Group Holdings SA |
|
|
|
|
|
5.625%, due 08/01/243,4 |
|
200,000 |
|
199,500 |
|
Total Luxembourg corporate bonds |
|
|
|
402,181 |
|
|
|
|
|
|
|
Netherlands0.8% |
|
|
|
|
|
LYB International Finance BV |
|
|
|
|
|
4.875%, due 03/15/44 |
|
50,000 |
|
49,128 |
|
Petrobras Global Finance BV |
|
|
|
|
|
7.375%, due 01/17/27 |
|
250,000 |
|
275,313 |
|
Total Netherlands corporate bonds |
|
|
|
324,441 |
|
|
|
|
|
|
|
United Kingdom2.4% |
|
|
|
|
|
Barclays PLC |
|
|
|
|
|
4.836%, due 05/09/28 |
|
200,000 |
|
197,997 |
|
HSBC Holdings PLC |
|
|
|
|
|
3.400%, due 03/08/21 |
|
260,000 |
|
262,336 |
|
Lloyds Banking Group PLC |
|
|
|
|
|
4.582%, due 12/10/25 |
|
200,000 |
|
202,467 |
|
Royal Bank of Scotland Group PLC |
|
|
|
|
|
3.875%, due 09/12/23 |
|
250,000 |
|
251,128 |
|
Total United Kingdom corporate bonds |
|
|
|
913,928 |
|
|
|
|
|
|
|
United States23.6% |
|
|
|
|
|
Abbott Laboratories |
|
|
|
|
|
3.750%, due 11/30/26 |
|
45,000 |
|
46,757 |
|
AbbVie, Inc. |
|
|
|
|
|
2.500%, due 05/14/20 |
|
200,000 |
|
199,398 |
|
ADT Security Corp./The |
|
|
|
|
|
3.500%, due 07/15/22 |
|
140,000 |
|
134,925 |
|
AEP Texas, Inc., |
|
|
|
|
|
Series E, |
|
|
|
|
|
6.650%, due 02/15/33 |
|
50,000 |
|
64,235 |
|
Alabama Power Co. |
|
|
|
|
|
6.000%, due 03/01/39 |
|
100,000 |
|
125,318 |
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|
|
|
|
|
4.900%, due 02/01/463 |
|
165,000 |
|
165,810 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
AT&T, Inc. |
|
|
|
|
|
4.300%, due 02/15/30 |
|
266,000 |
|
269,420 |
|
Bank of America Corp. |
|
|
|
|
|
6.110%, due 01/29/37 |
|
125,000 |
|
148,656 |
|
Bank of America Corp., MTN |
|
|
|
|
|
4.200%, due 08/26/24 |
|
150,000 |
|
155,334 |
|
Berkshire Hathaway Energy Co. |
|
|
|
|
|
4.450%, due 01/15/49 |
|
50,000 |
|
53,098 |
|
Biogen, Inc. |
|
|
|
|
|
4.050%, due 09/15/25 |
|
150,000 |
|
153,540 |
|
5.200%, due 09/15/45 |
|
50,000 |
|
53,051 |
|
Boston Properties LP, REIT |
|
|
|
|
|
2.750%, due 10/01/26 |
|
210,000 |
|
199,127 |
|
Broadcom Corp./Broadcom Cayman Finance Ltd. |
|
|
|
|
|
3.125%, due 01/15/25 |
|
30,000 |
|
28,771 |
|
Burlington Northern Santa Fe LLC |
|
|
|
|
|
5.150%, due 09/01/43 |
|
100,000 |
|
117,955 |
|
CCO Holdings LLC/CCO Holdings Capital Corp. |
|
|
|
|
|
5.500%, due 05/01/263 |
|
150,000 |
|
154,875 |
|
CF Industries, Inc. |
|
|
|
|
|
3.450%, due 06/01/23 |
|
150,000 |
|
145,500 |
|
Charter Communications Operating LLC/Charter Communications Operating Capital |
|
|
|
|
|
3.579%, due 07/23/20 |
|
150,000 |
|
151,105 |
|
Citigroup, Inc. |
|
|
|
|
|
5.500%, due 09/13/25 |
|
300,000 |
|
329,039 |
|
Comcast Corp. |
|
|
|
|
|
3.969%, due 11/01/47 |
|
88,000 |
|
85,069 |
|
4.600%, due 10/15/38 |
|
50,000 |
|
53,607 |
|
4.700%, due 10/15/48 |
|
50,000 |
|
54,455 |
|
CVS Health Corp. |
|
|
|
|
|
4.300%, due 03/25/28 |
|
120,000 |
|
121,704 |
|
Dell International LLC/EMC Corp. |
|
|
|
|
|
4.420%, due 06/15/213 |
|
100,000 |
|
102,612 |
|
Devon Energy Corp. |
|
|
|
|
|
5.000%, due 06/15/45 |
|
40,000 |
|
41,965 |
|
DowDuPont, Inc. |
|
|
|
|
|
4.725%, due 11/15/28 |
|
100,000 |
|
108,000 |
|
Eaton Corp. |
|
|
|
|
|
2.750%, due 11/02/22 |
|
190,000 |
|
189,354 |
|
Energy Transfer Operating LP |
|
|
|
|
|
5.500%, due 06/01/27 |
|
100,000 |
|
108,512 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Enterprise Products Operating LLC |
|
|
|
|
|
2.850%, due 04/15/214 |
|
105,000 |
|
105,039 |
|
Exelon Corp. |
|
|
|
|
|
3.400%, due 04/15/26 |
|
150,000 |
|
149,917 |
|
General Electric Co., |
|
|
|
|
|
Series D, |
|
|
|
|
|
(fixed, converts to FRN on 01/21/21), |
|
199,000 |
|
185,478 |
|
General Motors Co. |
|
|
|
|
|
6.600%, due 04/01/36 |
|
70,000 |
|
73,320 |
|
Georgia Power Co., |
|
|
|
|
|
Series C, |
|
70,000 |
|
69,361 |
|
Gilead Sciences, Inc. |
|
|
|
|
|
3.650%, due 03/01/26 |
|
75,000 |
|
76,546 |
|
Goldman Sachs Group, Inc./The |
|
|
|
|
|
5.150%, due 05/22/45 |
|
30,000 |
|
31,808 |
|
5.750%, due 01/24/22 |
|
305,000 |
|
327,199 |
|
Home Depot, Inc./The |
|
|
|
|
|
2.125%, due 09/15/26 |
|
100,000 |
|
94,584 |
|
Illinois Tool Works, Inc. |
|
|
|
|
|
2.650%, due 11/15/26 |
|
80,000 |
|
78,911 |
|
International Lease Finance Corp. |
|
|
|
|
|
5.875%, due 08/15/22 |
|
120,000 |
|
129,418 |
|
Jefferies Finance LLC/JFIN Co-Issuer Corp. |
|
|
|
|
|
7.500%, due 04/15/213 |
|
200,000 |
|
203,000 |
|
JPMorgan Chase & Co., |
|
|
|
|
|
Series I, |
|
|
|
|
|
3 mo. USD LIBOR + 3.470%, |
|
143,000 |
|
143,715 |
|
Kinder Morgan, Inc. |
|
|
|
|
|
5.550%, due 06/01/45 |
|
40,000 |
|
43,778 |
|
6.500%, due 09/15/20 |
|
100,000 |
|
105,077 |
|
Kroger Co./The |
|
|
|
|
|
6.900%, due 04/15/38 |
|
25,000 |
|
29,885 |
|
Liberty Mutual Group, Inc. |
|
|
|
|
|
4.250%, due 06/15/233 |
|
45,000 |
|
46,646 |
|
4.569%, due 02/01/293 |
|
155,000 |
|
161,357 |
|
Life Technologies Corp. |
|
|
|
|
|
6.000%, due 03/01/20 |
|
135,000 |
|
138,651 |
|
Marathon Oil Corp. |
|
|
|
|
|
4.400%, due 07/15/27 |
|
75,000 |
|
77,264 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Marathon Petroleum Corp. |
|
|
|
|
|
4.750%, due 09/15/44 |
|
70,000 |
|
69,811 |
|
MetLife, Inc. |
|
|
|
|
|
6.400%, due 12/15/36 |
|
35,000 |
|
37,538 |
|
Microsoft Corp. |
|
|
|
|
|
2.375%, due 02/12/22 |
|
250,000 |
|
249,838 |
|
4.450%, due 11/03/45 |
|
60,000 |
|
68,407 |
|
Morgan Stanley |
|
|
|
|
|
4.875%, due 11/01/22 |
|
350,000 |
|
369,525 |
|
Morgan Stanley, GMTN |
|
|
|
|
|
4.350%, due 09/08/26 |
|
140,000 |
|
143,744 |
|
MPLX LP |
|
|
|
|
|
4.875%, due 06/01/25 |
|
70,000 |
|
74,566 |
|
Nabors Industries, Inc. |
|
|
|
|
|
4.625%, due 09/15/21 |
|
150,000 |
|
148,125 |
|
NCR Corp. |
|
|
|
|
|
5.000%, due 07/15/22 |
|
40,000 |
|
39,900 |
|
Netflix, Inc. |
|
|
|
|
|
5.500%, due 02/15/22 |
|
140,000 |
|
146,825 |
|
Noble Energy, Inc. |
|
|
|
|
|
5.050%, due 11/15/44 |
|
50,000 |
|
49,762 |
|
Oncor Electric Delivery Co. LLC |
|
|
|
|
|
3.750%, due 04/01/45 |
|
50,000 |
|
50,214 |
|
Prudential Financial, Inc., MTN |
|
|
|
|
|
6.625%, due 06/21/40 |
|
50,000 |
|
65,334 |
|
Quicken Loans, Inc. |
|
|
|
|
|
5.750%, due 05/01/253 |
|
260,000 |
|
260,650 |
|
Reynolds American, Inc. |
|
|
|
|
|
7.250%, due 06/15/37 |
|
85,000 |
|
99,333 |
|
RR Donnelley & Sons Co. |
|
|
|
|
|
7.875%, due 03/15/21 |
|
36,000 |
|
36,945 |
|
Sabine Pass Liquefaction LLC |
|
|
|
|
|
5.000%, due 03/15/27 |
|
200,000 |
|
212,020 |
|
Smithfield Foods, Inc. |
|
|
|
|
|
3.350%, due 02/01/223 |
|
80,000 |
|
78,283 |
|
Southern Copper Corp. |
|
|
|
|
|
6.750%, due 04/16/40 |
|
90,000 |
|
108,691 |
|
Sunoco Logistics Partners Operations LP |
|
|
|
|
|
5.400%, due 10/01/47 |
|
50,000 |
|
49,888 |
|
Synchrony Financial |
|
|
|
|
|
4.500%, due 07/23/25 |
|
90,000 |
|
90,396 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Corporate bonds(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
Teachers Insurance & Annuity Association of America |
|
|
|
|
|
4.270%, due 05/15/473 |
|
60,000 |
|
61,932 |
|
Tenet Healthcare Corp. |
|
|
|
|
|
4.625%, due 07/15/24 |
|
200,000 |
|
200,500 |
|
Texas Instruments, Inc. |
|
|
|
|
|
1.850%, due 05/15/22 |
|
220,000 |
|
215,945 |
|
Thermo Fisher Scientific, Inc. |
|
|
|
|
|
5.300%, due 02/01/44 |
|
60,000 |
|
69,165 |
|
Union Pacific Corp. |
|
|
|
|
|
4.050%, due 11/15/45 |
|
40,000 |
|
38,994 |
|
UnitedHealth Group, Inc. |
|
|
|
|
|
4.625%, due 07/15/35 |
|
100,000 |
|
112,325 |
|
Verizon Communications, Inc. |
|
|
|
|
|
5.250%, due 03/16/37 |
|
140,000 |
|
157,857 |
|
Walt Disney Co./The |
|
|
|
|
|
7.750%, due 12/01/453 |
|
50,000 |
|
79,851 |
|
Total United States corporate bonds |
|
|
|
9,218,510 |
|
Total corporate bonds |
|
|
|
12,722,018 |
|
|
|
|
|
|
|
Asset-backed securities11.3% |
|
|
|
|
|
United States11.3% |
|
|
|
|
|
AmeriCredit Automobile Receivables Trust, |
|
|
|
|
|
Series 2018-1, Class D, |
|
|
|
|
|
3.820%, due 03/18/24 |
|
100,000 |
|
101,793 |
|
Capital Auto Receivables Asset Trust, |
|
|
|
|
|
Series 2015-4, Class D, |
|
|
|
|
|
3.620%, due 05/20/21 |
|
125,000 |
|
125,510 |
|
CNH Equipment Trust, |
|
|
|
|
|
Series 2015-A, Class A4, |
|
|
|
|
|
1.850%, due 04/15/21 |
|
190,911 |
|
190,807 |
|
CPS Auto Trust, |
|
|
|
|
|
Series 2018-C, Class D, |
|
|
|
|
|
4.400%, due 06/17/243 |
|
150,000 |
|
152,936 |
|
Dell Equipment Finance Trust, |
|
|
|
|
|
Series 2016-1, Class D, |
|
|
|
|
|
3.240%, due 07/22/223 |
|
239,694 |
|
239,715 |
|
Series 2018-1, Class D, |
|
|
|
|
|
3.850%, due 06/24/243 |
|
120,000 |
|
121,134 |
|
Drive Auto Receivables Trust, |
|
|
|
|
|
Series 2015-DA, Class C, |
|
|
|
|
|
3.380%, due 11/15/213 |
|
52,599 |
|
52,614 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Asset-backed securities(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
Series 2017-1, Class D, |
|
|
|
|
|
3.840%, due 03/15/23 |
|
75,000 |
|
75,581 |
|
Series 2017-2, Class C, |
|
|
|
|
|
2.750%, due 09/15/23 |
|
83,826 |
|
83,784 |
|
Series 2017-3, Class B, |
|
|
|
|
|
2.300%, due 05/17/21 |
|
12,316 |
|
12,313 |
|
Series 2018-1, Class D, |
|
|
|
|
|
3.810%, due 05/15/24 |
|
225,000 |
|
226,841 |
|
Series 2018-2, Class D, |
|
|
|
|
|
4.140%, due 08/15/24 |
|
200,000 |
|
203,352 |
|
Series 2018-3, Class D, |
|
|
|
|
|
4.300%, due 09/16/24 |
|
300,000 |
|
306,090 |
|
Series 2018-4, Class D, |
|
|
|
|
|
4.090%, due 01/15/26 |
|
150,000 |
|
152,570 |
|
Exeter Automobile Receivables Trust, |
|
|
|
|
|
Series 2018-1A, Class D, |
|
|
|
|
|
3.530%, due 11/15/233 |
|
100,000 |
|
100,741 |
|
OneMain Direct Auto Receivables Trust, |
|
|
|
|
|
Series 2018-1A, Class C, |
|
|
|
|
|
3.850%, due 10/14/253 |
|
300,000 |
|
303,474 |
|
PSNH Funding LLC, |
|
|
|
|
|
Series 2018-1, Class A3, |
|
|
|
|
|
3.814%, due 02/01/35 |
|
175,000 |
|
178,720 |
|
Santander Drive Auto Receivables Trust, |
|
|
|
|
|
Series 2017-2, Class D, |
|
|
|
|
|
3.490%, due 07/17/23 |
|
100,000 |
|
100,519 |
|
Series 2017-3, Class D, |
|
|
|
|
|
3.200%, due 11/15/23 |
|
225,000 |
|
224,776 |
|
Series 2018-4, Class D, |
|
|
|
|
|
3.980%, due 12/15/25 |
|
225,000 |
|
228,656 |
|
Sofi Consumer Loan Program Trust, |
|
|
|
|
|
Series 2017-6, Class B, |
|
|
|
|
|
3.520%, due 11/25/263 |
|
225,000 |
|
225,988 |
|
Series 2018-1, Class B, |
|
|
|
|
|
3.650%, due 02/25/273 |
|
100,000 |
|
101,099 |
|
Series 2018-2, Class A2, |
|
|
|
|
|
3.350%, due 04/26/273 |
|
175,000 |
|
175,526 |
|
Series 2018-2, Class B, |
|
|
|
|
|
3.790%, due 04/26/273 |
|
125,000 |
|
126,724 |
|
Series 2018-3, Class B, |
|
|
|
|
|
4.020%, due 08/25/273 |
|
125,000 |
|
127,344 |
|
Tesla Auto Lease Trust, |
|
|
|
|
|
Series 2018-B, Class A, |
|
|
|
|
|
3.710%, due 08/20/213 |
|
185,521 |
|
187,638 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Asset-backed securities(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
World Financial Network Credit Card Master Trust, |
|
|
|
|
|
Series 2016-A, Class A, |
|
|
|
|
|
2.030%, due 04/15/25 |
|
275,000 |
|
270,593 |
|
Total asset-backed securities |
|
|
|
4,396,838 |
|
|
|
|
|
|
|
Commercial mortgage-backed securities15.7% |
|
|
|
|
|
United States15.7% |
|
|
|
|
|
Ashford Hospitality Trust, |
|
|
|
|
|
Series 2018-ASHF, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 2.100%, |
|
100,000 |
|
99,999 |
|
BANK 2017, |
|
|
|
|
|
Series 2017-BNK7, Class C, |
|
|
|
|
|
4.056%, due 09/15/607 |
|
100,000 |
|
99,536 |
|
BANK 2018, |
|
|
|
|
|
Series 2018-BN14, Class E, |
|
|
|
|
|
3.000%, due 09/15/603,7 |
|
250,000 |
|
193,071 |
|
BBCMS Trust, |
|
|
|
|
|
Series 2015-SRCH, Class B, |
|
|
|
|
|
4.498%, due 08/10/353 |
|
135,000 |
|
143,401 |
|
BENCHMARK Mortgage Trust, |
|
|
|
|
|
Series 2018-B4, Class D, |
|
|
|
|
|
2.814%, due 07/15/513,7 |
|
100,000 |
|
84,737 |
|
Series 2019-B10, Class C, |
|
|
|
|
|
3.750%, due 03/15/628 |
|
200,000 |
|
194,517 |
|
Caesars Palace Las Vegas Trust, |
|
|
|
|
|
Series 2017-VICI, Class E, |
|
|
|
|
|
4.354%, due 10/15/343,7 |
|
100,000 |
|
101,202 |
|
CHT Mortgage Trust, |
|
|
|
|
|
Series 2017-CSMO, Class E, |
|
|
|
|
|
1 mo. USD LIBOR + 3.000%, |
|
475,000 |
|
476,185 |
|
Citigroup Commercial Mortgage Trust, |
|
|
|
|
|
Series 2015-GC33, Class A4, |
|
|
|
|
|
3.778%, due 09/10/58 |
|
143,000 |
|
148,942 |
|
Series 2017-P8, Class D, |
|
|
|
|
|
3.000%, due 09/15/503 |
|
300,000 |
|
241,906 |
|
COMM Mortgage Trust, |
|
|
|
|
|
Series 2015-CR24, Class D, |
|
|
|
|
|
3.463%, due 08/10/487 |
|
150,000 |
|
131,309 |
|
Series 2017-COR2, Class C, |
|
|
|
|
|
4.562%, due 09/10/507 |
|
200,000 |
|
205,418 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Commercial mortgage-backed securities(continued) |
|
|
|
|
|
United States(continued) |
|
|
|
|
|
CSAIL Commercial Mortgage Trust, |
|
|
|
|
|
Series 2017-C8, Class D, |
|
|
|
|
|
4.470%, due 06/15/503 |
|
141,000 |
|
129,375 |
|
FREMF Mortgage Trust, |
|
|
|
|
|
Series 2017-K64, Class B, |
|
|
|
|
|
3.981%, due 05/25/503,7 |
|
50,000 |
|
50,768 |
|
Series 2017-K724, Class B, |
|
|
|
|
|
3.487%, due 11/25/233,7 |
|
265,000 |
|
261,904 |
|
GS Mortgage Securities Corp. II, |
|
|
|
|
|
Series 2017-SLP, Class E, |
|
|
|
|
|
4.591%, due 10/10/323,7 |
|
225,000 |
|
220,899 |
|
GS Mortgage Securities Trust, |
|
|
|
|
|
Series 2014-GSFL, Class D, |
|
|
|
|
|
1 mo. USD LIBOR + 3.900%, |
|
46,103 |
|
46,116 |
|
Hilton USA Trust, |
|
|
|
|
|
Series 2016-SFP, Class E, |
|
|
|
|
|
5.519%, due 11/05/353 |
|
125,000 |
|
127,455 |
|
Invitation Homes Trust, |
|
|
|
|
|
Series 2018-SFR1, Class C, |
|
|
|
|
|
3.732%, due 03/17/37 3,6 |
|
100,000 |
|
99,726 |
|
Series 2018-SFR2, Class D, |
|
|
|
|
|
3.934%, due 06/17/37 3,6 |
|
150,000 |
|
148,825 |
|
JP Morgan Chase Commercial Mortgage Securities Trust, |
|
|
|
|
|
Series 2012-C6, Class D, |
|
|
|
|
|
5.157%, due 05/15/457 |
|
150,000 |
|
150,134 |
|
Series 2018-ASH8, Class D, |
|
|
|
|
|
4.534%, due 02/15/35 3,6 |
|
100,000 |
|
100,124 |
|
JPMBB Commercial Mortgage Securities Trust, |
|
|
|
|
|
Series 2014-C26, Class AS, |
|
|
|
|
|
3.800%, due 01/15/48 |
|
200,000 |
|
204,928 |
|
Series 2015-C29, Class D, |
|
|
|
|
|
3.672%, due 05/15/487 |
|
100,000 |
|
82,410 |
|
Series 2015-C30, Class A5, |
|
|
|
|
|
3.822%, due 07/15/48 |
|
170,000 |
|
177,212 |
|
Series 2016-C2, Class D, |
|
|
|
|
|
3.399%, due 06/15/493,7 |
|
175,000 |
|
150,580 |
|
Morgan Stanley Bank of America Merrill Lynch Trust, |
|
|
|
|
|
Series 2015-C24, Class A4, |
|
|
|
|
|
3.732%, due 05/15/48 |
|
100,000 |
|
103,784 |
|
Series 2015-C24, Class AS, |
|
|
|
|
|
4.036%, due 05/15/487 |
|
75,000 |
|
77,297 |
|
Series 2016-C32, Class AS, |
|
|
|
|
|
3.994%, due 12/15/497 |
|
273,000 |
|
282,390 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Commercial mortgage-backed securities(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
Series 2017-C34, Class C, |
|
|
|
|
|
4.186%, due 11/15/527 |
|
100,000 |
|
99,427 |
|
Morgan Stanley Capital I, Inc., |
|
|
|
|
|
Series 2017-HR2, Class C, |
|
|
|
|
|
4.227%, due 12/15/507 |
|
175,000 |
|
174,714 |
|
Series 2017-HR2, Class D, |
|
|
|
|
|
2.730%, due 12/15/50 |
|
100,000 |
|
83,441 |
|
RETL, |
|
|
|
|
|
Series 2019-RVP, Class C, |
|
|
|
|
|
1 mo. USD LIBOR + 2.100%, |
|
200,000 |
|
200,121 |
|
Rosslyn Portfolio Trust, |
|
|
|
|
|
Series 2017-ROSS, Class E, |
|
|
|
|
|
1 mo. USD LIBOR + 3.000%, |
|
275,000 |
|
273,061 |
|
Starwood Retail Property Trust, |
|
|
|
|
|
Series 2014-STAR, Class C, |
|
|
|
|
|
1 mo. USD LIBOR + 2.500%, |
|
125,000 |
|
120,021 |
|
VNDO Mortgage Trust, |
|
|
|
|
|
Series 2013-PENN, Class D, |
|
|
|
|
|
3.947%, due 12/13/293,7 |
|
500,000 |
|
501,452 |
|
Wells Fargo Commercial Mortgage Trust, |
|
|
|
|
|
Series 2018-C44, Class C, |
|
|
|
|
|
4.836%, due 05/15/517 |
|
150,000 |
|
155,806 |
|
Total commercial mortgage-backed securities |
|
|
|
6,142,193 |
|
|
|
|
|
|
|
Mortgage-backed securities28.7% |
|
|
|
|
|
United States28.7% |
|
|
|
|
|
FHLMC |
|
|
|
|
|
3.500%, due 03/01/49 |
|
224,313 |
|
227,759 |
|
4.000%, due 08/01/47 |
|
190,246 |
|
196,544 |
|
4.000%, due 04/01/49 |
|
675,000 |
|
695,819 |
|
4.500%, due 03/01/49 |
|
820,930 |
|
856,760 |
|
4.500%, due 04/01/49 |
|
50,279 |
|
52,583 |
|
FHLMC TBA |
|
|
|
|
|
3.000% |
|
25,000 |
|
24,900 |
|
FNMA |
|
|
|
|
|
3.000%, due 05/01/46 |
|
166,199 |
|
165,720 |
|
3.000%, due 08/01/46 |
|
593,276 |
|
591,564 |
|
3.500%, due 03/01/33 |
|
219,219 |
|
224,297 |
|
3.500%, due 11/01/47 |
|
385,838 |
|
391,927 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
|
Mortgage-backed securities(concluded) |
|
|
|
|
|
United States(concluded) |
|
|
|
|
|
3.500%, due 12/01/47 |
|
137,785 |
|
139,773 |
|
3.500%, due 02/01/48 |
|
1,027,009 |
|
1,043,151 |
|
3.500%, due 03/01/48 |
|
567,053 |
|
575,228 |
|
4.000%, due 09/01/40 |
|
145,501 |
|
150,927 |
|
4.000%, due 06/01/47 |
|
381,610 |
|
394,419 |
|
4.000%, due 05/01/48 |
|
23,299 |
|
24,043 |
|
4.000%, due 10/01/48 |
|
120,704 |
|
124,372 |
|
5.500%, due 03/01/33 |
|
33,560 |
|
37,188 |
|
5.500%, due 09/01/34 |
|
138,904 |
|
152,008 |
|
5.500%, due 11/01/34 |
|
30,634 |
|
33,666 |
|
6.000%, due 11/01/28 |
|
40,101 |
|
44,045 |
|
FNMA TBA |
|
|
|
|
|
3.000% |
|
400,000 |
|
398,344 |
|
3.500% |
|
50,000 |
|
50,693 |
|
4.000% |
|
1,975,000 |
|
2,031,627 |
|
5.000% |
|
225,000 |
|
237,898 |
|
GNMA |
|
|
|
|
|
3.000%, due 08/20/46 |
|
689,085 |
|
693,664 |
|
6.500%, due 05/15/29 |
|
9,843 |
|
11,046 |
|
GNMA II |
|
|
|
|
|
3.000%, due 09/20/44 |
|
84,956 |
|
85,694 |
|
3.500%, due 10/20/48 |
|
736,641 |
|
753,079 |
|
3.500%, due 03/20/49 |
|
125,000 |
|
127,789 |
|
4.000%, due 03/20/49 |
|
600,000 |
|
619,956 |
|
5.000%, due 08/20/48 |
|
48,042 |
|
50,379 |
|
Total Mortgage-backed securities |
|
|
|
11,206,862 |
|
|
|
|
|
|
|
Municipal bonds and notes0.9% |
|
|
|
|
|
California0.9% |
|
|
|
|
|
State of California, GO Bonds |
|
|
|
|
|
7.300%, due 10/01/39 |
|
250,000 |
|
361,757 |
|
|
|
|
|
|
|
Non-US government obligations3.5% |
|
|
|
|
|
Colombia1.4% |
|
|
|
|
|
Republic of Colombia |
|
|
|
|
|
8.125%, due 05/21/24 |
|
305,000 |
|
369,964 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Face |
|
Value ($) |
| |
Non-US government obligations(concluded) |
|
|
|
|
| |
Colombia(concluded) |
|
|
|
|
| |
7.750%, due 04/14/21 |
|
COP |
550,000,000 |
|
180,222 |
|
|
|
|
|
550,186 |
| |
Indonesia0.3% |
|
|
|
|
| |
Republic of Indonesia |
|
|
|
|
| |
6.625%, due 02/17/373 |
|
100,000 |
|
122,412 |
| |
|
|
|
|
|
| |
New Zealand1.2% |
|
|
|
|
| |
New Zealand Government Bond |
|
|
|
|
| |
2.500%, due 09/20/352 |
|
NZD |
548,756 |
|
479,326 |
|
|
|
|
|
|
| |
Turkey0.2% |
|
|
|
|
| |
Republic of Turkey |
|
|
|
|
| |
6.875%, due 03/17/36 |
|
100,000 |
|
90,753 |
| |
|
|
|
|
|
| |
Uruguay0.4% |
|
|
|
|
| |
Oriental Republic of Uruguay |
|
|
|
|
| |
7.625%, due 03/21/36 |
|
100,000 |
|
137,750 |
| |
Total non-US government obligations |
|
|
|
1,380,427 |
| |
|
|
|
|
|
| |
U.S. treasury obligations5.0% |
|
|
|
|
| |
US Treasury Bond |
|
|
|
|
| |
3.375%, due 11/15/48 |
|
95,000 |
|
105,973 |
| |
US Treasury Inflation Index Note (TIPS) |
|
|
|
|
| |
0.625%, due 04/15/23 |
|
1,185,573 |
|
1,194,219 |
| |
US Treasury Notes |
|
|
|
|
| |
2.375%, due 02/29/24 |
|
125,000 |
|
125,884 |
| |
2.500%, due 02/28/26 |
|
305,000 |
|
308,622 |
| |
3.125%, due 11/15/28 |
|
75,000 |
|
79,638 |
| |
2.625%, due 02/15/29 |
|
125,000 |
|
127,431 |
| |
Total U.S. treasury obligations |
|
|
|
1,941,767 |
|
|
|
Number of |
|
|
|
Preferred stock0.3% |
|
|
|
|
|
United States0.3% |
|
|
|
|
|
JPMorgan Chase & Co., |
|
|
|
|
|
Series P, |
|
|
|
|
|
5.450%, due 06/01/194,5 |
|
4,000 |
|
102,040 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
|
|
Number of |
|
Value ($) |
|
Short-term investment2.3% |
|
|
|
|
|
Investment company2.3% |
|
|
|
|
|
State Street Institutional U.S. Government Money Market Fund |
|
890,903 |
|
890,903 |
|
|
|
Number of |
|
Notional |
|
|
| |
Swaptions purchased0.0% |
|
|
|
|
|
|
| |
Put swaptions0.0% |
|
|
|
|
|
|
| |
CDX North American High Yield Series 31 Index, strike @ 1.050%, expires 04/17/19 (Counterparty: JPMCB) |
|
2,000,000 |
|
USD |
2,000,000 |
|
1,865 |
|
|
|
Number of |
|
|
| |
Investment of cash collateral from securities loaned1.1% |
|
|
|
|
| |
Money market fund1.1% |
|
|
|
|
| |
State Street Navigator Securities Lending Government Money Market Portfolio |
|
443,995 |
|
443,995 |
| |
Total investments |
|
|
|
39,590,665 |
| |
Liabilities in excess of other assets(1.4)% |
|
|
|
(542,742 |
) | |
Net assets100.0% |
|
|
|
$ |
39,047,923 |
|
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($) |
|
Unrealized |
|
US Treasury futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
9 |
|
USD |
|
US Treasury Note 5 Year Futures |
|
June 2019 |
|
1,039,240 |
|
1,042,453 |
|
3,213 |
|
15 |
|
USD |
|
US Ultra Bond Futures |
|
June 2019 |
|
2,425,334 |
|
2,520,000 |
|
94,666 |
|
5 |
|
USD |
|
US Ultra Treasury Note 10 Year Futures |
|
June 2019 |
|
654,241 |
|
663,906 |
|
9,665 |
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures buy contracts: |
|
|
|
|
|
|
|
|
| ||||
2 |
|
EUR |
|
Italian Government Bond Futures |
|
June 2019 |
|
285,957 |
|
290,466 |
|
4,509 |
|
Total |
|
|
|
|
|
|
|
4,404,772 |
|
4,516,825 |
|
112,053 |
|
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
Futures contracts(concluded)
Number of |
|
Currency |
|
|
|
Expiration |
|
Current |
|
Value($) |
|
Unrealized |
|
US Treasury futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
1 |
|
USD |
|
US Long Bond Futures |
|
June 2019 |
|
(145,905 |
) |
(149,656 |
) |
(3,751 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures sell contracts: |
|
|
|
|
|
|
|
|
| ||||
2 |
|
EUR |
|
German Euro Bund Futures |
|
June 2019 |
|
(366,341 |
) |
(373,184 |
) |
(6,843 |
) |
2 |
|
GBP |
|
United Kingdom Long Gilt Bond Futures |
|
June 2019 |
|
(332,151 |
) |
(336,996 |
) |
(4,845 |
) |
Total |
|
|
|
|
|
|
|
(844,397 |
) |
(859,836 |
) |
(15,439 |
) |
Net unrealized appreciation |
|
|
|
|
|
|
|
96,614 |
|
Forward foreign currency contracts
Counterparty |
|
Sell |
|
Purchase |
|
Settlement |
|
Unrealized |
| ||
BB |
|
USD |
193,529 |
|
INR |
13,500,000 |
|
06/19/19 |
|
(586 |
) |
BOA |
|
EUR |
740,000 |
|
USD |
845,961 |
|
06/19/19 |
|
10,395 |
|
BOA |
|
NZD |
620,000 |
|
USD |
426,239 |
|
06/19/19 |
|
3,391 |
|
CITI |
|
GBP |
20,000 |
|
USD |
26,617 |
|
06/19/19 |
|
467 |
|
GSI |
|
INR |
13,500,000 |
|
USD |
191,557 |
|
06/19/19 |
|
(1,386 |
) |
GSI |
|
USD |
778,699 |
|
NOK |
6,620,000 |
|
06/19/19 |
|
(8,856 |
) |
Net unrealized appreciation |
|
|
|
|
|
|
|
|
|
3,425 |
|
Credit default swap agreements on corporate issuesbuy protection10
Counterparty |
|
Referenced |
|
Notional |
|
Maturity |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
BB |
|
United Mexican States, bond, 4.150%, due 03/28/27 |
|
USD |
600 |
|
12/20/23 |
|
1.000 |
|
(13,843 |
) |
2,857 |
|
(10,986 |
) |
GS |
|
United Mexican States, bond, 4.150%, due 03/28/27 |
|
USD |
200 |
|
12/20/23 |
|
1.000 |
|
(5,296 |
) |
953 |
|
(4,343 |
) |
Total |
|
|
|
|
|
|
|
|
|
(19,139 |
) |
3,810 |
|
(15,329 |
) |
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
Centrally cleared credit default swap agreements on credit indicesbuy protection10
Referenced obligations |
|
Notional |
|
Maturity |
|
Payment |
|
Payments |
|
Upfront |
|
Value($) |
|
Unrealized |
| |
CDX North American High Yield Series 32 Index |
|
USD |
2,000 |
|
06/20/24 |
|
Quarterly |
|
5.000 |
|
121,808 |
|
(136,272 |
) |
(14,464 |
) |
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 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 |
|
|
|
12,722,018 |
|
|
|
12,722,018 |
|
Asset-backed securities |
|
|
|
4,396,838 |
|
|
|
4,396,838 |
|
Commercial mortgage-backed securities |
|
|
|
6,142,193 |
|
|
|
6,142,193 |
|
Mortgage-backed securities |
|
|
|
11,206,862 |
|
|
|
11,206,862 |
|
Municipal bonds and notes |
|
|
|
361,757 |
|
|
|
361,757 |
|
Non-US government obligations |
|
|
|
1,380,427 |
|
|
|
1,380,427 |
|
U.S. treasury obligations |
|
|
|
1,941,767 |
|
|
|
1,941,767 |
|
Preferred stock |
|
102,040 |
|
|
|
|
|
102,040 |
|
Short-term investment |
|
|
|
890,903 |
|
|
|
890,903 |
|
Swaptions purchased |
|
|
|
1,865 |
|
|
|
1,865 |
|
Investment of cash collateral from securities loaned |
|
|
|
443,995 |
|
|
|
443,995 |
|
Futures contracts |
|
112,053 |
|
|
|
|
|
112,053 |
|
Forward foreign currency contracts |
|
|
|
14,253 |
|
|
|
14,253 |
|
Swap agreements |
|
|
|
3,810 |
|
|
|
3,810 |
|
Total |
|
214,093 |
|
39,506,688 |
|
|
|
39,720,781 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Futures contracts |
|
(15,439 |
) |
|
|
|
|
(15,439 |
) |
Forward foreign currency contracts |
|
|
|
(10,828 |
) |
|
|
(10,828 |
) |
Swap agreements |
|
|
|
(136,272 |
) |
|
|
(136,272 |
) |
Total |
|
(15,439 |
) |
(147,100 |
) |
|
|
(162,539 |
) |
At March 31, 2019, there were no transfers between Level 1 and Level 2.
Portfolio footnotes
Amount represents less than 0.05%.
1 In US dollars unless otherwise indicated.
UBS Total Return Bond Fund
Portfolio of investments March 31, 2019 (unaudited)
Portfolio footnotes (concluded)
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 $7,533,839, represented 19.3% of the Funds net assets at period end.
4 Security, or portion thereof, was on loan at the period end.
5 Perpetual investment. Date shown reflects the next call date.
6 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
7 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.
8 Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
9 Includes $437,271 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $443,995.
10 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
11 Payments made or received are based on the notional amount.
Portfolio acronyms | |
|
|
ADR |
American Depositary Receipt |
AGM |
Assured Guaranty Municipal |
CDO |
Collateralized Debt Obligation |
COP |
Certificate of Participation |
CVA |
Dutch CertificationDepository Certificate |
DAC |
Designated Activity Company |
EMTN |
Euro Medium Term Note |
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 |
GMTN |
Global Medium Term Note |
GNMA |
Government National Mortgage Association |
GO |
General Obligation |
LIBOR |
London Interbank Offered Rate |
MTN |
Medium Term Note |
OAT |
Obligation Assimilables du Trésor (French Government Bonds) |
NVDR |
Non-Voting Depository Receipt |
PJSC |
Private Joint Stock Company |
PSF-GTD |
Permanent School Fund Guaranteed |
REIT |
Real Estate Investment Trust |
TBA |
To-Be-Announced Security |
TIPS |
Treasury inflation protected securities |
|
|
Counterparty abbreviations | |
|
|
BB |
Barclays Bank PLC |
BOA |
Bank of America NA |
CIBC |
Canadian Imperial Bank of Commerce |
CITI |
Citibank NA |
CSI |
Credit Suisse International |
GS |
Goldman Sachs |
GSI |
Goldman Sachs International |
JPMCB |
JPMorgan Chase Bank |
SSC |
State Street Bank and Trust Co. |
|
|
Currency abbreviations | |
|
|
AUD |
Australian Dollar |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
CNY |
Chinese Yuan |
COP |
Colombian Peso |
DKK |
Danish Krone |
EUR |
Euro |
GBP |
Great Britain Pound |
HKD |
Hong Kong Dollar |
INR |
Indian Rupee |
JPY |
Japanese Yen |
KRW |
Korean Won |
MXN |
Mexican Peso |
MYR |
Malaysian Ringgit |
NOK |
Norwegian Krone |
NZD |
New Zealand Dollar |
SEK |
Swedish Krona |
SGD |
Singapore Dollar |
THB |
Thai Baht |
TWD |
Taiwan Dollar |
USD |
United States Dollar |
Valuation of investments
Each Fund generally calculates its net asset value on days that the New York Stock Exchange (NYSE) is open. A Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Funds do not price their shares, on most national holidays and Good Friday. To the extent that a Funds assets are traded in other markets on days when the NYSE is not open, the value of a Funds assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Funds net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the US Securities and Exchange Commission.
Each Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Funds normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized evaluation systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (OTC) market and listed on The NASDAQ Stock Market, Inc. (NASDAQ) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS Asset Management (Americas) Inc. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Trusts Board of Trustees (the Board). Foreign currency exchange rates are generally determined as of the close of the NYSE.
Certain investments in which the Funds invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Funds net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Funds investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.
Certain Funds may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a fair value, that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Funds Portfolio of investments.
The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.
Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Funds use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.
All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds custodian.
Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.
Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.
The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (VC) the responsibility for making fair value determinations with respect to the Funds portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.
The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Funds portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the limit up or limit down price and no trading has taken place at that price.
Various factors may be reviewed in order to make a good faith determination of an investments fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.
US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Funds investments. These inputs are summarized into the three broad levels listed below:
Level 1Unadjusted quoted prices in active markets for identical investments.
Level 2Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk.
Level 3Unobservable inputs inclusive of the Funds own assumptions in determining the fair value of investments. A fair value hierarchy table has been included near the end of each Funds Portfolio of investments.
For more information regarding the Funds other significant accounting policies, please refer to the Funds semiannual report to shareholders dated December 31, 2018.