NPORT-EX 2 NPORT_6436450173739765.htm

 

UBS Dynamic Alpha Fund

Industry Diversification – March 31, 2020 (unaudited)1

 

Corporate bonds  Percentage of
net asset
 
Advertising   0.1%
Aerospace & defense   0.1 
Agriculture   1.0 
Airlines   0.2 
Apparel   0.0
Auto manufacturers   1.5 
Banks   12.5 
Beverages   0.4 
Biotechnology   0.2 
Chemicals   1.1 
Commercial services   0.1 
Computers   0.6 
Cosmetics & personal Care   0.0
Diversified financial services   1.0 
Electric   3.8 
Engineering & construction   0.5 
Food   0.6 
Gas   1.3 
Healthcare-products   0.3 
Healthcare-services   0.1 
Insurance   3.5 
Internet   0.4 
Machinery-construction & mining   0.1 
Machinery-diversified   0.1 
Media   1.7 
Mining   0.3 
Miscellaneous manufacturers   0.5 
Oil & gas   1.4 
Pharmaceuticals   2.8 
Pipelines   1.0 
Real estate   2.0 
Real estate investment trusts   0.8 
Retail   0.3 
Savings & loans   0.3 
Semiconductors   0.1 
Software   0.5 
Telecommunications   1.9 
Transportation   0.3 
Water   1.3 
Total Corporate bonds   44.7%
Mortgage-backed securities   0.0%†
U.S. treasury obligations   41.8 
Short-term investments   5.2 
Investment of cash collateral from securities loaned   1.4 
Total investments   93.1%
Other assets in excess of liabilities   6.9 
Net assets   100.0%
      

 

Amount represents less than 0.05%

   
1

The Fund’s portfolio is actively managed and its composition will vary over time.

 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
 
Corporate bonds—44.7%            
             
Australia—1.8%            
APT Pipelines Ltd.
 4.200%, due 03/23/252        15,000    16,104 
Aurizon Network Pty Ltd., MTN
 4.000%, due 06/21/242   AUD    30,000    19,452 
Ausgrid Finance Pty Ltd., MTN
 3.750%, due 10/30/242   AUD    30,000    19,742 
Commonwealth Bank of Australia, EMTN
(fixed, converts to FRN on 10/03/24), 
1.936%, due 10/03/292
   EUR    100,000    101,733 
Mirvac Group Finance Ltd., EMTN
 3.625%, due 03/18/272        270,000    285,217 
Origin Energy Finance Ltd.
 5.450%, due 10/14/212        45,000    46,577 
Scentre Group Trust 1/Scentre Group Trust 2
 2.375%, due 04/28/212        45,000    45,147 
Westpac Banking Corp.
2.800%, due 01/11/22        15,000    15,141 
(fixed, converts to FRN on 09/21/27),
 5.000%, due 09/21/27 3
        80,000    67,414 
              616,527 
Belgium—0.9%
AG Insurance SA

(fixed, converts to FRN on 06/30/27),
3.500%, due 06/30/472

   EUR    100,000    110,257 
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
 3.650%, due 02/01/264        35,000    36,759 
Anheuser-Busch InBev Worldwide, Inc.
4.150%, due 01/23/254        25,000    26,967 
4.750%, due 01/23/29        35,000    38,479 
RESA SA
 1.000%, due 07/22/262   EUR    100,000    110,284 
              322,746 
Bermuda—0.1%
XLIT Ltd.
 5.250%, due 12/15/43        30,000    36,857 
 
Canada—0.7%
Bell Canada, Inc., MTN
 4.750%, due 09/29/44   CAD    10,000    7,949 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds(continued)               
                
Canada(concluded)               
Canadian Natural Resources Ltd.
2.950%, due 01/15/23        35,000    30,357 
3.850%, due 06/01/274        35,000    27,713 
Cenovus Energy, Inc.
 4.250%, due 04/15/27        35,000    17,157 
Royal Bank of Canada
 1.650%, due 07/15/21   CAD    85,000    60,094 
Suncor Energy, Inc.
 6.500%, due 06/15/38        45,000    46,182 
TELUS Corp.
 3.750%, due 01/17/25   CAD    15,000    10,955 
Toronto Dominion Bank/The
 2.045%, due 03/08/21   CAD    60,000    42,682 
              243,089 
China—0.1%
Nexen, Inc.
 6.400%, due 05/15/37        35,000    48,825 
 
Czech Republic—0.3%
NET4GAS sro, EMTN
 2.500%, due 07/28/212   EUR    100,000    112,858 
 
Denmark—0.3%
Danske Bank A/S, EMTN
 1.375%, due 05/24/222   EUR    100,000    108,207 
 
France—3.7%
AXA SA, EMTN

(fixed, converts to FRN on 05/28/29),
3.250%, due 05/28/492

   EUR    100,000    108,797 
Banque Federative du Credit Mutuel SA, EMTN
 3.000%, due 09/11/252   EUR    100,000    110,911 
BNP Paribas SA, EMTN
1.000%, due 04/17/242   EUR    100,000    106,727 
1.250%, due 03/19/252   EUR    100,000    106,785 
BPCE SA, EMTN
 1.375%, due 03/23/262   EUR    100,000    105,693 
Credit Agricole SA, EMTN
 1.375%, due 03/13/252   EUR    100,000    107,117 
Credit Logement SA

3 mo. Euribor + 1.150%,
0.661%, due 06/16/202,3,5

   EUR    100,000    88,418 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

  

   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)
 
France— (concluded)
Electricite de France SA

(fixed, converts to FRN on 01/22/24),
5.625%, due 01/22/242,3

        100,000    96,250 
SCOR SE

(fixed, converts to FRN on 03/13/29),
5.250%, due 03/13/292,3

        200,000    162,730 
TDF Infrastructure SAS
 2.875%, due 10/19/222   EUR    100,000    112,775 
Terega SA
 2.200%, due 08/05/252   EUR    100,000    114,264 
Unibail-Rodamco-Westfield SE

(fixed, converts to FRN on 01/25/26),
2.875%, due 01/25/262,3

   EUR    100,000    91,943 
              1,312,410 
Germany—1.6%
ADO Properties SA
 1.500%, due 07/26/242   EUR    100,000    98,193 
Volkswagen International Finance N.V.
1.125%, due 10/02/232   EUR    100,000    106,408 
4.125%, due 11/16/382   EUR    100,000    114,832 

Series NC6,
(fixed, converts to FRN on 06/27/24),
3.375%, due 06/27/24 2,3

   EUR    100,000    100,526 
Volkswagen Leasing GmbH, EMTN
 1.625%, due 08/15/252   EUR    40,000    41,621 
Vonovia Finance BV

(fixed, converts to FRN on 12/17/21),
4.000%, due 12/17/212,3

   EUR    100,000    109,187 
              570,767 
Guernsey—0.3%
Globalworth Real Estate Investments Ltd., EMTN
 3.000%, due 03/29/252   EUR    100,000    108,659 
 
Israel—0.4%
Teva Pharmaceutical Finance IV BV
 3.650%, due 11/10/21        20,000    19,213 
Teva Pharmaceutical Finance Netherlands II BV
 1.125%, due 10/15/242   EUR    100,000    91,368 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)
 
Israel— (concluded)
Teva Pharmaceutical Finance Netherlands III BV
 2.800%, due 07/21/234        40,000    36,200 
              146,781 
Japan—0.1%
Mitsubishi UFJ Financial Group, Inc.
 2.665%, due 07/25/22        25,000    24,916 
 
Jersey—0.1%
HSBC Bank Capital Funding Sterling 2 LP

(fixed, converts to FRN on 04/07/20),
5.862%, due 04/07/203

   GBP    20,000    24,839 
 
Mexico—1.3%
Mexico City Airport Trust
 5.500%, due 07/31/472        200,000    165,100 
Orbia Advance Corp. SAB de CV
 5.500%, due 01/15/486        200,000    172,500 
Petroleos Mexicanos
 5.500%, due 02/24/252   EUR    20,000    18,832 
Petroleos Mexicanos, EMTN
 3.750%, due 02/21/242   EUR    100,000    87,681 
              444,113 
Netherlands—1.2%
Cooperatieve Rabobank UA

(fixed, converts to FRN on 06/29/20),
5.500%, due 06/29/202,3

   EUR    250,000    263,317 
ING Groep N.V., EMTN
 1.125%, due 02/14/252   EUR    100,000    105,615 
Shell International Finance BV
 4.375%, due 05/11/45        35,000    40,482 
              409,414 
Poland—0.3%
Tauron Polska Energia SA
 2.375%, due 07/05/272   EUR    100,000    111,437 
 
Portugal—0.3%
Galp Gas Natural Distribuicao SA, EMTN
 1.375%, due 09/19/232   EUR    100,000    109,233 

 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds—(continued)
 
Singapore—0.5%
DBS Group Holdings Ltd., GMTN

(fixed, converts to FRN on 09/07/21),
3.600%, due 09/07/212,3

        200,000    183,500 
 
Spain—2.3%
Banco Santander SA
 3.250%, due 04/04/262   EUR    100,000    109,545 
Banco Santander SA, EMTN
 4.000%, due 01/19/232   AUD    200,000    128,852 
Canal de Isabel II Gestion SA, EMTN
 1.680%, due 02/26/252   EUR    100,000    112,373 
Iberdrola International BV, EMTN

(fixed, converts to FRN on 3/26/24),
2.625%, due 03/26/242,3

   EUR    100,000    108,748 
Redexis Gas Finance BV, EMTN
 1.875%, due 04/27/272   EUR    100,000    107,856 
Telefonica Emisiones SA
 5.520%, due 03/01/49        200,000    234,690 
              802,064 
Switzerland—0.5%
ABB Finance USA, Inc.
 2.875%, due 05/08/22        40,000    40,314 
Argentum Netherlands BV for Swiss Life AG

(fixed, converts to FRN on 06/16/25),
4.375%, due 06/16/252,3

   EUR    100,000    109,049 
Glencore Funding LLC
 4.875%, due 03/12/296        40,000    38,576 
              187,939 
United Kingdom—6.5%
Anglian Water Services Financing PLC, EMTN
 4.500%, due 02/22/262   GBP    100,000    133,877 
Barclays Bank PLC
 9.500%, due 08/07/212   GBP    40,000    52,985 
Barclays PLC, EMTN
(fixed, converts to FRN on 10/06/22),
 2.375%, due 10/06/23 2
   GBP    100,000    120,415 
(fixed, converts to FRN on 11/11/20),
 2.625%, due 11/11/25 2
   EUR    100,000    106,988 
BAT Capital Corp.
 3.557%, due 08/15/27        35,000    32,964 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds—(continued)
 
United Kingdom—(continued)
BAT International Finance PLC, EMTN
 0.875%, due 10/13/232   EUR    100,000    107,766 
BUPA Finance PLC

(fixed, converts to FRN on 09/16/20),
6.125%, due 09/16/203

   GBP    20,000    24,066 
Diageo Capital PLC
 3.875%, due 04/29/43        25,000    25,612 
HSBC Holdings PLC
 5.100%, due 04/05/21        60,000    61,390 
Lloyds Banking Group PLC, EMTN
 2.250%, due 10/16/242   GBP    100,000    119,849 
M&G PLC

(fixed, converts to FRN on 10/20/31),
5.625%, due 10/20/512

   GBP    100,000    121,152 
M&G PLC, EMTN

(fixed, converts to FRN on 07/20/35),
5.000%, due 07/20/552

   GBP    100,000    115,113 
Nationwide Building Society, EMTN

(fixed, converts to FRN on 07/25/24),
2.000%, due 07/25/292

   EUR    100,000    100,426 
Phoenix Group Holdings PLC, EMTN
 4.125%, due 07/20/222   GBP    150,000    187,614 
Reynolds American, Inc.
4.450%, due 06/12/25        25,000    25,459 
5.700%, due 08/15/35        10,000    11,010 
Royal Bank of Scotland Group PLC
6.100%, due 06/10/23        40,000    41,128 
(fixed, converts to FRN on 06/25/23),
4.519%, due 06/25/24
        200,000    201,372 
SSE PLC

(fixed, converts to FRN on 09/10/20),
3.875%, due 09/10/202,3

   GBP    100,000    121,998 
Tesco Property Finance 4 PLC
 5.801%, due 10/13/402   GBP    136,319    211,304 
Thames Water Utilities Finance PLC, EMTN
 5.125%, due 09/28/372   GBP    50,000    79,800 
Virgin Money UK PLC, GMTN

(fixed, converts to FRN on 04/24/25),
3.375%, due 04/24/262

   GBP    100,000    113,888 
Vodafone Group PLC
 4.375%, due 02/19/43        15,000    15,538 
WPP Finance 2010
 3.750%, due 09/19/24        25,000    25,412 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

  

   Face
amount1
   Value ($) 
         
Corporate bonds—(continued)
 
United Kingdom—(concluded)
Yorkshire Water Finance PLC, EMTN

(fixed, converts to FRN on 03/22/23),
3.750%, due 03/22/462

   GBP    100,000    127,279 
              2,284,405 
United States—21.4%
3M Co.
 2.650%, due 04/15/254        20,000    20,874 
Abbott Laboratories
 4.900%, due 11/30/46        50,000    68,327 
AbbVie, Inc.
4.250%, due 11/14/28        35,000    37,852 
4.400%, due 11/06/42        25,000    27,781 
4.875%, due 11/14/48        35,000    40,828 
Adobe, Inc.
 2.150%, due 02/01/27        50,000    50,542 
Albemarle Corp.
 5.450%, due 12/01/44        50,000    58,128 
Allergan Funding SCS
2.125%, due 06/01/29   EUR    100,000    107,349 
3.450%, due 03/15/22        25,000    25,953 
4.750%, due 03/15/45        15,000    16,187 
Alphabet, Inc.
 1.998%, due 08/15/26        60,000    63,360 
Altria Group, Inc.
4.250%, due 08/09/42        80,000    79,573 
4.400%, due 02/14/26        25,000    25,889 
5.950%, due 02/14/49        35,000    40,722 
Amazon.com, Inc.
 2.800%, due 08/22/24        70,000    74,268 
American Airlines Pass-Through Trust,
Series 2014-1, Class B,
4.375%, due 10/01/22
        50,191    46,985 
American Express Co.
 3.400%, due 02/27/23        110,000    113,951 
Amgen, Inc.
 4.400%, due 05/01/45        25,000    29,192 
Apache Corp.
 4.250%, due 01/15/44        60,000    26,129 
Apple, Inc.
 3.850%, due 08/04/46        50,000    60,386 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds—(continued)
 
United States—(continued)
Archer-Daniels-Midland Co.          
 2.750%, due 03/27/254   15,000    15,312 
AT&T, Inc.           
3.000%, due 02/15/22   45,000    45,373 
4.350%, due 03/01/29   70,000    75,266 
4.750%, due 05/15/46   70,000    77,740 
5.550%, due 08/15/41   50,000    56,932 
Baltimore Gas & Electric Co.          
 3.500%, due 08/15/46   35,000    35,312 
Bank of America Corp.          
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23
   90,000    91,682 
Bank of America Corp., MTN          
 3.875%, due 08/01/25   210,000    225,158 
Bristol-Myers Squibb Co.          
 3.875%, due 08/15/256   70,000    75,948 
Burlington Northern Santa Fe LLC          
 5.400%, due 06/01/41   25,000    32,361 
CF Industries, Inc.          
 5.150%, due 03/15/34   30,000    30,457 
Charter Communications Operating LLC/Charter Communications Operating Capital           
4.500%, due 02/01/24   50,000    51,525 
5.375%, due 05/01/47   15,000    16,209 
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP           
3.300%, due 05/01/236   120,000    116,940 
5.125%, due 04/01/256,7   25,000    25,740 
Cigna Corp.           
3.400%, due 09/17/21   25,000    25,373 
4.375%, due 10/15/28   45,000    48,404 
4.900%, due 12/15/48   25,000    30,217 
Citigroup, Inc.           
3.875%, due 10/25/23   130,000    135,723 
4.600%, due 03/09/26   30,000    32,253 
4.650%, due 07/23/48   70,000    84,266 
Comcast Corp.           
3.950%, due 10/15/25   45,000    49,545 
4.150%, due 10/15/28   15,000    17,077 
4.700%, due 10/15/48   15,000    19,393 
4.750%, due 03/01/44   15,000    18,958 
4.950%, due 10/15/58   15,000    20,716 
Conagra Brands, Inc.           
3.800%, due 10/22/21   15,000    15,117 
5.400%, due 11/01/48   35,000    39,425 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds—(continued)
 
United States—(continued)
Consumers Energy Co.
 3.250%, due 08/15/46        10,000    10,026 
CVS Health Corp.
2.625%, due 08/15/24        45,000    45,135 
3.350%, due 03/09/21        17,000    17,117 
4.300%, due 03/25/28        35,000    37,170 
5.050%, due 03/25/48        35,000    39,746 
5.125%, due 07/20/45        35,000    40,132 
Dell International LLC/EMC Corp.
5.300%, due 10/01/294,6        60,000    58,361 
8.350%, due 07/15/466        80,000    94,002 
Diamondback Energy, Inc.
 3.250%, due 12/01/26        50,000    35,286 
Discovery Communications LLC
 5.300%, due 05/15/49        45,000    45,582 
Duke Energy Carolinas LLC
 4.000%, due 09/30/42        35,000    39,411 
Eaton Corp.
 4.150%, due 11/02/42        30,000    33,260 
Enable Midstream Partners LP
 3.900%, due 05/15/244,8        25,000    13,873 
Energy Transfer Operating LP
4.500%, due 04/15/24        35,000    31,221 
6.000%, due 06/15/48        45,000    37,784 
6.050%, due 06/01/41        45,000    39,252 
EnLink Midstream Partners LP
 4.400%, due 04/01/24        40,000    20,188 
Enterprise Products Operating LLC
 4.850%, due 03/15/44        25,000    26,052 
ERAC USA Finance LLC
 5.625%, due 03/15/426        35,000    38,115 
Exelon Corp.
 3.400%, due 04/15/26        15,000    14,543 
FedEx Corp.
 4.550%, due 04/01/46        15,000    14,240 
Ford Motor Credit Co. LLC, EMTN
 3.021%, due 03/06/24   EUR    100,000    89,454 
Fox Corp., Class A
 3.050%, due 04/07/257        5,000    4,992 
Freeport-McMoRan, Inc.
 3.875%, due 03/15/23        70,000    66,675 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

  Face
amount1
Value ($)
             
Corporate bonds(continued)
   
United States(continued)
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35 200,000 216,074
General Electric Co.
4.125%, due 10/09/42 3,000 2,835
General Electric Co., GMTN
3.150%, due 09/07/22 30,000 30,307
General Electric Co., MTN
4.375%, due 09/16/20 30,000 30,017
General Motors Financial Co., Inc.
4.350%, due 04/09/25 90,000 80,630
Georgia Power Co.,

Series A,
2.100%, due 07/30/23

25,000 24,379
Gilead Sciences, Inc.  
4.750%, due 03/01/46 25,000 31,970
4.800%, due 04/01/44 15,000 19,286
Goldman Sachs Group, Inc./The  
3.375%, due 03/27/252 EUR 35,000 40,641
5.150%, due 05/22/45 40,000 47,298
Goldman Sachs Group, Inc./The, EMTN  
1.625%, due 07/27/262 EUR 50,000 53,433
2.000%, due 07/27/232 EUR 120,000 132,355
2.000%, due 11/01/282 EUR 35,000 37,613
Hartford Financial Services Group, Inc./The
4.400%, due 03/15/48 35,000 36,907
Healthpeak Properties, Inc.
3.875%, due 08/15/24 35,000 35,674
Home Depot, Inc./The  
2.500%, due 04/15/27 25,000 25,249
4.875%, due 02/15/44 30,000 37,126
Illinois Tool Works, Inc.
2.650%, due 11/15/264 45,000 45,503
JPMorgan Chase & Co.  
(fixed, converts to FRN on 10/15/29),
2.739%, due 10/15/30
100,000 100,419
3.200%, due 01/25/23 260,000 267,481
3.625%, due 12/01/27 60,000 63,621
Kinder Morgan, Inc.  
3.150%, due 01/15/23 35,000 34,661
5.625%, due 11/15/236 35,000 36,565
Kraft Heinz Foods Co.  
4.875%, due 02/15/256 35,000 35,079
5.000%, due 06/04/42 45,000 42,654
                 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

  Face
amount1
  Value ($)
           
Corporate bonds(continued)
   
United States(continued)
Kroger Co./The  
3.700%, due 08/01/274 50,000 53,586
3.875%, due 10/15/46 15,000 14,706
4.650%, due 01/15/48 15,000 16,959
Liberty Mutual Group, Inc.
4.569%, due 02/01/296 25,000 27,652
Lincoln National Corp.
3.800%, due 03/01/28 70,000 69,699
Lowe’s Cos., Inc.
4.250%, due 09/15/44 40,000 37,787
Marathon Oil Corp.
3.850%, due 06/01/25 35,000 25,221
McDonald's Corp., MTN
3.300%, due 07/01/25 5,000 5,176
Merck & Co., Inc.
3.700%, due 02/10/45 15,000 17,679
Microsoft Corp.  
2.400%, due 08/08/26 25,000 26,439
3.500%, due 11/15/42 20,000 23,005
3.700%, due 08/08/46 50,000 59,310
Monongahela Power Co.
5.400%, due 12/15/436 25,000 27,919
Morgan Stanley
6.375%, due 07/24/42 15,000 21,419
Morgan Stanley, GMTN  
2.500%, due 04/21/21 115,000 114,919
4.000%, due 07/23/25 85,000 90,971
4.350%, due 09/08/264 50,000 53,881
MPLX LP  
4.250%, due 12/01/276 30,000 25,954
5.200%, due 03/01/47 35,000 27,927
Mylan N.V.
3.125%, due 11/22/282 EUR 180,000 200,013
National Rural Utilities Cooperative Finance Corp.
3.700%, due 03/15/29 15,000 16,918
NIKE, Inc.
2.400%, due 03/27/254 10,000 10,366
Noble Energy, Inc.
3.850%, due 01/15/284 20,000 14,159
Oncor Electric Delivery Co. LLC
3.700%, due 11/15/28 35,000 37,459
                 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

  Face
amount1
  Value ($)
           
Corporate bonds(continued)
   
United States(continued)
Fox Corp., Class A
2.500%, due 04/01/257 20,000 20,417
Otis Worldwide Corp.
2.565%, due 02/15/306 50,000 48,427
PacifiCorp
6.000%, due 01/15/39 35,000 47,551
Philip Morris International, Inc.
4.250%, due 11/10/44 25,000 27,684
Phillips 66
4.650%, due 11/15/34 25,000 23,285
Phillips 66 Partners LP
4.680%, due 02/15/45 10,000 8,188
PPL Capital Funding, Inc.
4.700%, due 06/01/43 60,000 60,792
Procter & Gamble Co./The
2.450%, due 03/25/25 15,000 15,725
QUALCOMM, Inc.
4.300%, due 05/20/47 30,000 36,278
Sempra Energy
6.000%, due 10/15/39 35,000 38,554
Southern California Edison Co.  
2.850%, due 08/01/294 45,000 43,412
  4.000%, due 04/01/477 45,000 46,840

Series E,
3.700%, due 08/01/25

20,000 20,588
Southern Co./The  
3.250%, due 07/01/26 35,000 35,300
4.400%, due 07/01/46 15,000 15,680
Southwestern Electric Power Co.
6.200%, due 03/15/40 50,000 66,092
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/426 30,000 36,036
Sysco Corp.
5.650%, due 04/01/257 10,000 10,412
Teachers Insurance & Annuity Association of America
4.900%, due 09/15/446 30,000 34,136
Thermo Fisher Scientific, Inc.
4.133%, due 03/25/25 20,000 21,430
Time Warner Cable LLC
4.500%, due 09/15/42 25,000 23,500
Truist Financial Corp.
2.700%, due 01/27/22 45,000 45,246

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

    Face
amount1
  Value ($)
            
Corporate bonds(continued)
   
United States(continued)
TWDC Enterprises 18 Corp., MTN
1.850%, due 07/30/26 10,000 9,944
Union Pacific Corp.
4.050%, due 11/15/45 20,000 21,073
United Airlines Pass-Through Trust
3.650%, due 01/07/26 41,435 33,563
United Technologies Corp.
3.950%, due 08/16/25 25,000 27,354
Valero Energy Corp.
4.900%, due 03/15/454 50,000 51,794
Verizon Communications, Inc.  
3.376%, due 02/15/25 25,000 26,817
5.250%, due 03/16/37 15,000 19,187

Series 20Y,
2.875%, due 01/15/38

EUR 100,000 112,025
ViacomCBS, Inc.
4.750%, due 05/15/257 75,000 74,729
Virginia Electric & Power Co.,  

Series A,
3.800%, due 04/01/28

20,000 21,197

Series C,
4.000%, due 11/15/46

25,000 26,956
Visa, Inc.
1.900%, due 04/15/27 25,000 24,930
Walt Disney Co./The
6.200%, due 12/15/34 100,000 139,097
Wells Fargo & Co.  
2.100%, due 07/26/21 50,000 49,930
3.069%, due 01/24/23 60,000 60,986
Wells Fargo & Co., MTN
2.625%, due 07/22/22 70,000 70,818
Williams Cos., Inc./The  
4.300%, due 03/04/24 35,000 31,802
4.900%, due 01/15/45 15,000 13,137
                 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

        Face
amount1
    Value ($)  
                 
Corporate bonds(concluded)  
   
United States(concluded)  
Xcel Energy, Inc.  
     4.800%, due 09/15/41     80,000     86,249  
  7,568,377  

Total Corporate bonds 

(cost—$16,396,218)

    15,777,963  
   
Mortgage-backed securities0.0%  
   
Cayman Islands0.0%  
LNR CDO IV Ltd.,  
 

   Series 2006-1A, Class FFX,

   7.592%, due 05/28/436,9,10 

    8,000,000     0  
   
United States0.0%  
Structured Adjustable Rate Mortgage Loan Trust,  
 

   Series 2005-7, Class B11,

   3.962%, due 04/25/3511

    32,991     420  
     
     

Total Mortgage-backed securities

(cost—$8,098,433)

    420  
     
U.S. treasury obligations41.8%  
   
United States41.8%  
U.S. Treasury Bills              
    1.406%, due 06/18/2012     13,600,000   13,555,014  
  0.361%, due 12/03/2012     1,200,000     1,197,089  
               

Total U.S. treasury obligations 

(cost—$14,752,103)

    14,752,103  

 

        Number of
shares
       
                 
Short-term investments5.2%  
   
Investment companies5.2%  
State Street Institutional U.S. Government Money Market Fund  
(cost—$1,846,764)
  1,846,764     1,846,764 

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

     Number of         
     shares    Value ($)  
       
Investment of cash collateral from securities loaned—1.4%          
Money market funds—1.4%          
State Street Navigator Securities Lending Government Money Market Portfolio          
(cost—$497,408)   497,408    497,408 
Total investments          
(cost—$41,590,926) 13—93.1%        32,874,658 
Other assets in excess of liabilities—6.9%        2,439,226 
Net assets—100.0%       $35,313,884 

 

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
contracts
  Currency       Expiration
date
  Current notional amount($)     Value($)     Unrealized
appreciation
(depreciation)($)
 
   
Index futures buy contracts:  
3   AUD   ASX SPI 200 Index Futures   June 2020   236,063     235,691     (372 )
2   CAD   S&P TSX 60 Index Futures   June 2020   231,883     231,422     (461 )
1   EUR   DAX Index Futures   June 2020   233,623     273,174     39,551  
16   EUR   EURO STOXX 50 Index Futures   June 2020   398,653     484,746     86,093  
144   EUR   EURO STOXX 600 Bank Index Futures   June 2020   711,201     695,621     (15,580 )
7   EUR   FTSE MIB Index Futures   June 2020   556,102     653,292     97,190  
10   GBP   FTSE 100 Index Futures   June 2020   610,753     699,986     89,233  
22   JPY   TOPIX Index Futures   June 2020   2,733,581     2,870,588     137,007  
67   USD   Mini MSCI Emerging Markets (EM) Index Futures   June 2020   2,655,672     2,823,715     168,043  
1   USD   S&P 500 E-Mini Index Futures   June 2020   134,095     128,485     (5,610 )
                               
Interest rate futures buy contracts:  
6   AUD   Australian Bond 10 Year Futures   June 2020   559,137     555,844     (3,293 )
3   CAD   Canada Government Bond 10 Year Futures   June 2020   301,774     313,665     11,891  
                               
U.S. treasury futures buy contracts:  
29   USD   U.S. Treasury Note 2 Year Futures   June 2020   6,314,700     6,391,101     76,401  
15   USD   U.S. Treasury Note 5 Year Futures   June 2020   1,825,804     1,880,391     54,587  
Total               17,503,041     18,237,721     734,680  

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Number of
contracts
  Currency       Expiration
date
  Current notional amount($)     Value($)     Unrealized
appreciation
(depreciation)($)
 
                               
Futures contracts(concluded)  
   
Index futures sell contracts:  
32   EUR   CAC 40 Index Futures   April 2020   (1,324,608 )   (1,551,117 )   (226,509 )
43   EUR   EURO STOXX 600 Index Futures   June 2020   (721,677 )   (749,073 )   (27,396 )
                               
Interest rate futures sell contracts:  
23   EUR   German Euro Bund Futures   June 2020   (4,435,076 )   (4,376,007 )   59,069  
9   GBP   United Kingdom Long Gilt Bond Futures   June 2020   (1,500,836 )   (1,522,455 )   (21,619 )
                               
U.S. treasury futures sell contracts:  
7   USD   U.S. Treasury Note 10 Year Futures   June 2020   (957,976 )   (970,813 )   (12,837 )
7   USD   U.S. Ultra Long Treasury Bond Futures   June 2020   (1,415,716 )   (1,553,125 )   (137,409 )
Total               (10,355,889 )   (10,722,590 )   (366,701 )
Net unrealized appreciation (depreciation)                   367,979  

 

Centrally cleared credit default swap agreements on credit indices—buy protection15

 

Referenced obligations   Notional
amount
(000)
  Maturity
date
  Payment frequency   Payments
made by
the Portfolio14(%)
  Upfront
payments
received
(made)($)
    Value($)     Unrealized
appreciation
(depreciation)($)
 
CDX North America Investment Grade 34 Index USD 8,000   06/20/25   Quarterly   1.000   (156,654 )   53,473     (103,181 )
iTraxx Europe Crossover Series 33 Index EUR 4,800   06/20/25   Quarterly   1.000   (37,597 )   (10,706 )   (48,303 )
Total   (194,251 )   42,767     (151,484 )

 

Centrally cleared credit default swap agreements on credit indices—sell protection16

 

Referenced obligations   Notional
amount
(000)
  Maturity
date
  Payment frequency   Payments
received
by the
Portfolio14(%)
  Upfront
payments
received (made)($)
    Value($)     Unrealized
appreciation
(depreciation)($)
 
CDX North American High Yield 34 Index USD 1,160   06/20/25   Quarterly   5.000   40,844     (70,977 )   (30,133 )
iTraxx Europe Crossover Series 33 Index EUR 400   06/20/25   Quarterly   1.000   37,827     (13,088 )   24,739  
Total                   78,671     (84,065 )   (5,394 )

 

 

 

 

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Forward foreign currency contracts

 

Counterparty   Sell   Purchase   Settlement
date
  Unrealized
appreciation
(depreciation)($)
 
BB     MXN 24,334,870     USD 1,290,000   04/23/20   267,266  
BB     USD 1,346,748     BRL 5,650,000   04/23/20   (260,882 )
BB     USD 291,241     CAD 420,000   04/23/20   7,284  
BB     USD 2,793,709     COP 9,309,477,000   04/23/20   (504,864 )
BB     USD 244,295     GBP 210,000   04/23/20   16,658  
BOA     BRL 1,324,120     USD 280,000   04/23/20   25,519  
BOA     EUR 735,000     USD 788,126   04/23/20   (23,136 )
BOA     GBP 1,775,000     USD 2,323,825   04/23/20   118,146  
BOA     SEK 2,010,000     USD 201,227   04/23/20   (2,056 )
BOA     SEK 5,458,272     USD 560,000   04/23/20   7,974  
BOA     USD 279,933     AUD 445,000   04/23/20   (6,182 )
BOA     USD 1,462,914     SEK 13,850,000   04/23/20   (62,184 )
CITI     CLP 234,220,000     USD 280,000   04/23/20   6,193  
CITI     COP 2,209,020,800     USD 560,000   04/23/20   16,886  
CITI     EUR 1,260,000     USD 1,413,164   04/23/20   22,429  
CITI     JPY 38,700,000     USD 350,297   04/23/20   (9,948 )
GSI     COP 742,898,000     USD 208,980   04/23/20   26,330  
GSI     MYR 604,660     USD 140,000   04/23/20   108  
GSI     USD 686,243     MYR 2,781,000   04/23/20   (42,842 )
HSBC     HKD 365,000     USD 46,922   04/23/20   (153 )
HSBC     THB 82,600,000     USD 2,720,389   04/23/20   203,346  
HSBC     USD 1,342,354     CLP 1,067,400,000   04/23/20   (94,547 )
HSBC     USD 241,410     EUR 220,000   04/23/20   1,417  
HSBC     USD 2,532,348     MXN 47,980,000   04/23/20   (515,869 )
HSBC     USD 425,000     NZD 693,724   04/23/20   (11,131 )
HSBC     USD 560,000     THB 17,823,792   04/23/20   (16,861 )
JPMCB     AUD 2,335,000     USD 1,600,367   04/23/20   163,945  
JPMCB     CAD 5,605,000     USD 4,288,397   04/23/20   304,516  
JPMCB     CHF 1,260,000     SEK 12,581,125   04/23/20   (38,055 )
JPMCB     HUF 412,650,000     USD 1,372,070   04/23/20   109,854  
JPMCB     NZD 3,925,000     USD 2,590,515   04/23/20   248,901  
JPMCB     USD 560,000     MXN 12,069,851   04/23/20   (52,734 )
JPMCB     USD 3,962,947     NOK 35,550,000   04/23/20   (543,061 )
JPMCB     USD 1,290,000     NZD 2,014,284   04/23/20   (88,299 )
MSCI     CHF 2,740,000     USD 2,836,915   04/23/20   (12,806 )
MSCI     CLP 163,600,000     USD 195,437   04/23/20   4,186  
MSCI     EUR 2,780,000     USD 3,099,955   04/23/20   31,510  
MSCI     USD 280,000     HUF 84,517,412   04/23/20   (21,478 )
SSC     JPY 56,900,000     USD 546,270   04/23/20   16,607  

 

 

 

  

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Forward foreign currency contracts

 

Counterparty   Sell   Purchase   Settlement
date
  Unrealized
appreciation (depreciation)($)
 
SSC     JPY 11,600,000     USD 105,667   04/23/20   (2,313 )
SSC     NZD 1,055,000     USD 675,782   04/23/20   46,380  
SSC     SEK 3,040,000     USD 314,325   04/23/20   6,873  
SSC     USD 320,432     CAD 430,000   04/23/20   (14,800 )
SSC     USD 649,358     CHF 620,000   04/23/20   (4,531 )
SSC     USD 212,505     CHF 205,000   04/23/20   704  
SSC     USD 198,065     GBP 155,000   04/23/20   (5,456 )
SSC     USD 231,267     HUF 70,650,000   04/23/20   (15,162 )
SSC     USD 3,687,263     JPY 403,500,000   04/23/20   68,781  
SSC     USD 382,594     THB 12,190,000   04/23/20   (11,132 )
Net unrealized appreciation (depreciation)   (638,669 )
Fair valuation summary  

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund's 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 quoted prices in active markets for identical investments
(Level 1) ($)
    Other significant observable inputs
(Level 2) ($)
    Unobservable inputs
(Level 3) ($)
    Total ($)  
Corporate bonds       15,777,963         15,777,963  
Mortgage-backed securities       420     0     420  
U.S. treasury obligations       14,752,103         14,752,103  
Short-term investments       1,846,764         1,846,764  
Investment of cash collateral from securities loaned       497,408         497,408  
Futures contracts   369,991     449,074         819,065  
Swap agreements       53,473         53,473  
Forward foreign currency contracts       1,721,813         1,721,813  
Total   369,991     35,099,018     0     35,469,009  
 
Liabilities
Futures contracts   (224,205 )   (226,881 )       (451,086 )
Swap agreements       (94,771 )       (94,771 )
Forward foreign currency contracts       (2,360,482 )       (2,360,482 )
Total   (224,205 )   (2,682,134 )       (2,906,339 )

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

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, 2020 (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 Security, or portion thereof, was on loan at the period end.
   
5 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
   
6 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 $891,948, represented 2.5% of the Fund's net assets at period end.
   
7 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.
   
8 Step bond—coupon 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.
   
9 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
   
10 Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
   
11 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.
   
12 Rate shown is the discount rate at the date of purchase unless otherwise noted.
   
13 Includes $487,111 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $497,408.
   
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.
   
16 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.

 

 

 

 

UBS Global Allocation Fund

Industry diversification – March 31, 2020 (unaudited)1,2

 

 
Common stocks  Percentage of
net assets
 
Aerospace & defense   0.2%
Airlines   0.2 
Auto components   0.3 
Banks   1.0 
Beverages   0.1 
Biotechnology   1.0 
Capital markets   0.9 
Chemicals   1.2 
Commercial services & supplies   0.9 
Communications equipment   0.3 
Consumer finance   0.3 
Diversified financial services   0.7 
Diversified telecommunication services   1.1 
Electronic equipment, instruments & components   0.8 
Entertainment   1.7 
Equity real estate investment trusts   0.9 
Food & staples retailing   0.6 
Food products   1.9 
Health care equipment & supplies   1.9 
Health care providers & services   1.7 
Hotels, restaurants & leisure   0.8 
Household durables   0.7 
Household products   0.0
Insurance   2.8 
Interactive media & services   1.7 
Internet & direct marketing retail   2.2 
IT services   1.6 
Life sciences tools & services   0.1 
Machinery   1.1 
Media   0.5 
Metals & mining   0.3 
Multiline retail   1.1 
Oil, gas & consumable fuels   1.4 
Paper & forest products   0.3 
Personal products   0.6 
Pharmaceuticals   3.0 
Professional services   0.3 
Road & rail   0.4 

 

 

 

 

Common stocks  Percentage of
net assets
 
Semiconductors & semiconductor equipment   2.2 
Software   3.8 
Specialty retail   0.2 
Technology hardware, storage & peripherals   0.9
Textiles, apparel & luxury goods   0.5 
Tobacco   1.0 
Trading companies & distributors   0.9 
Wireless telecommunication services   0.4 
Total common stocks   46.5%
Preferred stocks   0.3 
Exchange traded funds   21.9 
Investment companies   9.1 
Non-U.S. government agency obligations   6.5 
U.S. treasury obligations   9.3 
Short-term investments   3.9 
Investment of cash collateral from securities loaned   7.3 
Total investments   104.8%
Liabilities in excess of other assets   (4.8)
Net assets   100.0%

 

 

Amount represents less than 0.05%

 

1Figures 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.

 

2The Fund’s portfolio is actively managed and its composition will vary over time.

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—46.5%        
         
Australia—0.2%        
Brambles Ltd.   54,030    349,236 
           
Austria—0.3%          
Erste Group Bank AG *   30,874    565,232 
           
Belgium—1.1%          
Euronav N.V.   61,145    695,940 
Galapagos N.V. *   2,745    547,970 
KBC Group N.V.   21,887    993,126 
         2,237,036 
Canada—0.5%          
Dollarama, Inc.   19,288    535,070 
Royal Bank of Canada   8,208    508,414 
         1,043,484 
China—0.3%          
Alibaba Group Holding Ltd., ADR *   1,779    345,980 
NetEase, Inc., ADR   400    128,384 
Tencent Holdings Ltd., ADR   1,898    93,173 
         567,537 
Denmark—0.7%          
Genmab A/S *   3,623    727,747 
H Lundbeck A/S   23,404    687,196 
         1,414,943 
Finland—0.3%          
Sampo Oyj, Class A   25,742    742,626 
           
France—0.6%          
Thales SA   5,985    495,652 
Ubisoft Entertainment SA *   12,041    880,089 
         1,375,741 
Germany—1.2%          
Continental AG   4,575    326,189 
HUGO BOSS AG   13,163    329,497 
Infineon Technologies AG   30,828    445,025 
LANXESS AG   12,133    482,942 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(continued)          
           
Germany—(concluded)          
SAP SE   8,311    927,906 
        2,511,559 
Hong Kong—1.0%          
AIA Group Ltd.   173,517    1,553,781 
WH Group Ltd. 1   641,500    592,110 
         2,145,891 
Ireland—0.2%          
Ryanair Holdings PLC, ADR *   6,592    349,969 
           
Italy—1.0%          
Banca Mediolanum SpA   107,813    541,123 
Infrastrutture Wireless Italiane SpA 1   101,394    1,097,873 
Prada SpA   152,000    440,193 
         2,079,189 
Japan—6.3%          
Hoya Corp.   9,200    782,290 
Inpex Corp.   30,800    172,790 
ITOCHU Corp. 2   45,600    943,674 
Kao Corp.   6,600    537,690 
Keyence Corp.   1,500    482,268 
Kissei Pharmaceutical Co. Ltd.   15,700    402,509 
Nabtesco Corp.   14,500    331,684 
Nintendo Co. Ltd.   2,600    1,010,499 
Nippon Telegraph & Telephone Corp.   51,700    1,236,489 
ORIX Corp.   81,100    967,577 
Shin-Etsu Chemical Co. Ltd.   10,700    1,051,673 
SoftBank Group Corp.   24,600    870,898 
Sony Corp.   24,200    1,433,452 
Sumitomo Electric Industries Ltd.   37,500    391,799 
Takeda Pharmaceutical Co. Ltd.   35,000    1,065,683 
TechnoPro Holdings, Inc.   11,300    527,379 
Tokyo Electron Ltd.   2,600    484,571 
West Japan Railway Co.   8,200    560,839 
         13,253,764 
Netherlands—1.1%          
Koninklijke Ahold Delhaize N.V.   53,870    1,254,985 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(continued)          
           
Netherlands—(concluded)          
NXP Semiconductors N.V.   12,477    1,034,717 
         2,289,702 
New Zealand—0.2%          
Fisher & Paykel Healthcare Corp. Ltd.   27,806    505,470 
           
Norway—0.6%          
Equinor ASA   83,716    1,043,614 
Mowi ASA   21,128    319,444 
         1,363,058 
South Africa—0.3%          
Anglo American PLC   39,433    691,009 
           
Spain—0.2%          
Grifols SA, ADR   21,500    433,010 
           
Sweden—0.4%          
Swedish Match AB 2   14,241    806,321 
           
Switzerland—1.3%          
Alcon, Inc. *   16,176    828,708 
Nestle SA (Registered)   7,875    806,147 
Novartis AG, ADR   2,500    206,125 
Zurich Insurance Group AG   2,541    892,670 
         2,733,650 
United Kingdom—3.1%          
Ashtead Group PLC   35,855    774,969 
Babcock International Group PLC   101,929    481,054 
British American Tobacco PLC   36,007    1,226,588 
GlaxoSmithKline PLC   44,488    834,780 
GlaxoSmithKline PLC, ADR   9,800    371,322 
Mondi PLC   32,938    555,849 
Sage Group PLC/The   129,612    942,479 
Spectris PLC   22,582    680,371 
Unilever N.V.   14,525    713,922 
         6,581,334 
United States—25.6%          
10X Genomics, Inc., Class A *   1,852    115,417 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(continued)          
           
United States—(continued)          
Abbott Laboratories   4,142    326,845 
Adobe, Inc. *   291    92,608 
AGCO Corp.   18,951    895,435 
Alexion Pharmaceuticals, Inc. *   4,028    361,674 
Align Technology, Inc. *   3,087    536,984 
Alphabet, Inc., Class A *   1,146    1,331,595 
Amazon.com, Inc. *   2,182    4,254,289 
Ameriprise Financial, Inc.   18,448    1,890,551 
Amgen, Inc.   616    124,882 
Analog Devices, Inc.   3,093    277,287 
Apple, Inc.   5,486    1,395,035 
Arista Networks, Inc. *   2,362    478,423 
Autodesk, Inc. *   2,191    342,015 
Carnival Corp.   103,924    1,368,679 
Caterpillar, Inc.   1,516    175,917 
Cisco Systems, Inc.   5,178    203,547 
Cooper Cos., Inc./The   1,079    297,448 
Cree, Inc. *   14,415    511,156 
Crown Castle International Corp.   1,900    274,360 
Dollar General Corp.   2,829    427,207 
Dollar Tree, Inc. *   18,267    1,342,076 
Elanco Animal Health, Inc. *   10,233    229,117 
Facebook, Inc., Class A *   11,679    1,948,057 
Fidelity National Information Services, Inc.   2,798    340,349 
FMC Corp.   2,603    212,639 
GoDaddy, Inc., Class A *   2,773    158,366 
Hess Corp.   14,887    495,737 
HubSpot, Inc. *   1,518    202,182 
IAC/InterActiveCorp *   1,645    294,833 
Ingersoll Rand, Inc. *   38,221    947,881 
Jabil, Inc.   19,140    470,461 
Johnson & Johnson   19,214    2,519,532 
Laboratory Corp. of America Holdings *   12,509    1,581,012 
LivaNova PLC *   7,700    348,425 
Lowe's Cos., Inc.   4,911    422,592 
Marvell Technology Group Ltd.   11,773    266,423 
Mastercard, Inc., Class A   630    152,183 
MetLife, Inc.   30,748    939,966 
Micron Technology, Inc. *   18,848    792,747 
Microsoft Corp.   25,525    4,025,548 
Mondelez International, Inc., Class A   45,717    2,289,507 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
           
Common stocks—(concluded)          
           
United States—(concluded)          
Netflix, Inc. *   586    220,043 
NIKE, Inc., Class B   3,674    303,987 
ON Semiconductor Corp. *   39,608    492,723 
Palo Alto Networks, Inc. *   3,186    522,377 
PepsiCo, Inc.   2,225    267,222 
Progressive Corp./The   25,243    1,863,943 
Prologis, Inc.   18,900    1,518,993 
Qorvo, Inc. *   2,221    179,079 
Reynolds Consumer Products, Inc.   1,516    44,222 
salesforce.com, Inc. *   4,414    635,528 
ServiceNow, Inc. *   1,419    406,657 
Starbucks Corp.   3,044    200,113 
Stericycle, Inc. *,2   17,753    862,441 
Synchrony Financial   38,720    623,005 
Take-Two Interactive Software, Inc. *   8,828    1,047,089 
TransUnion   2,766    183,054 
Union Pacific Corp.   2,389    336,945 
United Rentals, Inc. *   1,135    116,791 
UnitedHealth Group, Inc.   8,351    2,082,572 
Universal Display Corp.   1,412    186,073 
ViacomCBS, Inc., Class B   68,441    958,858 
Visa, Inc., Class A   16,724    2,694,571 
Walt Disney Co./The   3,579    345,731 
Waste Connections, Inc.   2,242    173,755 
Western Digital Corp.   12,403    516,213 
Westlake Chemical Corp.   19,427    741,529 
Williams Cos., Inc./The   34,739    491,557 
Zimmer Biomet Holdings, Inc.   2,808    283,833 
         53,959,891 
Total common stocks
(cost—$102,320,952)
        97,999,652 
           
Preferred stocks—0.3%          
Germany—0.3%          
Henkel AG & Co. KGaA
(cost—$817,629)
   8,089    646,971 
           
Exchange traded funds—21.9%          
United States—21.9%          
iShares iBoxx $High Yield Corporate Bond ETF 2   223,170    17,199,712 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
           
Exchange traded funds—(concluded)          
           
United States—(concluded)          
iShares iBoxx $Investment Grade Corporate Bond ETF 2   102,778    12,694,111 
iShares JPMorgan USD Emerging Markets Bond ETF 2   106,396    10,286,365 
Xtrackers Harvest CSI 300 China A-Shares ETF 2   232,823    6,027,787 
Total exchange traded funds
(cost—$51,536,839)
        46,207,975 
           
Investment companies—9.1%          
UBS Emerging Markets Equity Opportunity Fund 3
(cost—$25,050,895)
   2,498,628    19,139,492 

             
       Face
amount
     
             
Non-U.S. government agency obligations—6.5%            
             
Australia—0.3%            
Australia Government Bond, Series 126,               
4.500%, due 04/15/204   AUD    486,000    299,394 
Series 138,               
3.250%, due 04/21/294   AUD    380,000    285,623 
              585,017 
Austria—0.1%               
Republic of Austria Government Bond                
1.200%, due 10/20/251,4   EUR    37,000    44,195 
3.150%, due 06/20/441,4   EUR    67,000    120,384 
              164,579 
Belgium—0.1%               
Kingdom of Belgium Government Bond, Series 71,               
3.750%, due 06/22/454   EUR    125,000    235,071 
                
Canada—0.8%               
Canadian Government Bond                
1.500%, due 09/01/24   CAD    2,000,000    1,476,629 
2.250%, due 06/01/25   CAD    221,000    170,115 
2.750%, due 12/01/64   CAD    82,000    86,538 
              1,733,282 
France—0.9%               
French Republic Government Bond OAT                

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

       Face
amount
   Value ($) 
                
Non-U.S. government agency obligations—(continued)               
                
France—(concluded)               
0.500%, due 05/25/264   EUR    741,000    855,300 
2.500%, due 05/25/304   EUR    262,000    362,113 
3.250%, due 05/25/454   EUR    172,000    302,260 
Series OATE,               
1.800%, due 07/25/401,4   EUR    208,206    331,572 
              1,851,245 
Ireland—0.1%               
Ireland Government Bond                
1.500%, due 05/15/504   EUR    200,000    257,223 
2.000%, due 02/18/454   EUR    48,000    68,427 
              325,650 
Italy—0.6%               
Italy Buoni Poliennali Del Tesoro                
1.650%, due 03/01/321,4   EUR    60,000    66,194 
3.000%, due 08/01/294   EUR    300,000    374,988 
3.250%, due 09/01/461,4   EUR    45,000    58,023 
4.000%, due 02/01/371,4   EUR    129,000    180,702 
4.750%, due 09/01/441,4   EUR    25,000    39,782 
Series CPI,               
2.550%, due 09/15/411,4   EUR    372,468    474,132 
              1,193,821 
Japan—0.8%               
Japan Government Forty Year Bond, Series 12,               
0.500%, due 03/20/59   JPY    20,000,000    190,220 
               
Japan Government Thirty Year Bond, Series 51,               
0.300%, due 06/20/46   JPY    32,000,000    290,335 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

             
       Face
amount
   Value ($) 
                
Non-U.S. government agency obligations—(concluded)               
                
Japan—(concluded)               
Japan Government Twenty Year Bond, Series 156,               
0.400%, due 03/20/36   JPY    137,350,000    1,299,016 
              1,779,571 
New Zealand—1.4%               
New Zealand Government Inflation Linked Bond, Series 0925,               
2.000%, due 09/20/254,5   NZD    4,097,091    2,958,642 
                
Spain—0.6%               
Spain Government Bond                
1.450%, due 10/31/271,4   EUR    250,000    294,559 
3.450%, due 07/30/661,4   EUR    10,000    16,890 
4.200%, due 01/31/371,4   EUR    44,000    71,787 
4.800%, due 01/31/241,4   EUR    451,000    585,793 
5.150%, due 10/31/441,4   EUR    110,000    215,087 
              1,184,116 
United Kingdom—0.8%               
United Kingdom Gilt                
1.000%, due 04/22/244   GBP    140,000    179,855 
1.500%, due 07/22/474   GBP    263,000    381,513 
1.625%, due 10/22/284   GBP    580,000    806,100 
3.500%, due 01/22/454   GBP    120,000    238,316 
              1,605,784 
Total Non-U.S. government agency obligations
(cost—$13,165,477)
             13,616,778 
                
U.S. treasury obligations—9.3%               
United States—9.3%               
U.S. Treasury Bonds                
2.250%, due 08/15/46       $490,000    589,838 
2.500%, due 02/15/46        461,000    579,455 
2.750%, due 11/15/42        423,000    546,430 
2.750%, due 08/15/47        333,000    440,171 
2.875%, due 05/15/43        817,000    1,076,589 
2.875%, due 08/15/45        37,000    49,472 
3.000%, due 11/15/45        97,000    132,716 
U.S. Treasury Inflation Indexed Bonds (TIPS)               
0.750%, due 02/15/45        690,083    789,114 
U.S. Treasury Inflation Indexed Notes (TIPS)                

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount ($)
   Value ($) 
         
U.S. treasury obligations—(concluded)          
           
United States—(concluded)          
0.125%, due 01/15/23   189,972    187,648 
0.375%, due 07/15/25   652,614    665,891 
U.S. Treasury Notes          
1.250%, due 03/31/21   497,000    502,397 
1.375%, due 09/30/23   1,483,000    1,537,280 
1.500%, due 08/15/20   2,339,000    2,351,974 
1.500%, due 02/28/23   346,000    358,353 
1.625%, due 08/15/22   1,160,000    1,197,700 
1.625%, due 11/30/26   1,150,000    1,232,072 
1.625%, due 08/15/29   300,000    325,746 
1.750%, due 05/15/23   530,000    553,954 
1.875%, due 07/31/22   1,794,000    1,860,784 
1.875%, due 10/31/22   1,037,000    1,079,979 
2.000%, due 11/30/22   1,228,000    1,284,123 
2.500%, due 05/15/24   1,437,000    1,563,636 
2.750%, due 07/31/23   702,000    758,983 
Total U.S. treasury obligations
(cost—$17,916,719)
        19,664,305 

 

 

   Number of
shares
     
 
Short-term investments—3.9%
 
Investment companies—3.9%
State Street Institutional U.S. Government Money Market Fund
(cost—$8,145,615)
   8,145,615    8,145,615 
           
Investment of cash collateral from securities loaned—7.3%
Money market funds—7.3%
State Street Navigator Securities Lending Government Money Market Portfolio
(cost—$15,483,764)
   15,483,764    15,483,764 
Total investments
   (cost—$234,437,890) 6
—104.8%
        220,904,552 
Liabilities in excess of other assets—(4.8)%        (10,071,672)
Net assets—100.0%       $210,832,880 

 

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, 2020 (unaudited)

 

Futures contracts
Number of
contracts
  Currency     Expiration
date
  Current notional amount($)   Value($)   Unrealized
appreciation
(depreciation)($)
 
                      
Index futures buy contracts:                  
30  HKD  Hang Seng Index Futures  April 2020  4,601,398   4,589,339   (12,059)
86  USD  E-Mini Russell 1000 Value Index Futures  June 2020  4,119,494   4,178,740   59,246 
                      
Interest rate futures buy contracts:                  
84  AUD  Australian Bond 10 Year Futures  June 2020  7,869,438   7,781,817   (87,621)
144  CAD  Canada Government Bond 10 Year Futures  June 2020  14,853,733   15,055,895   202,162 
                      
U.S. treasury futures buy contracts:                  
43  EUR  German Euro Schatz Futures  June 2020  5,341,577   5,320,574   (21,003)
33  GBP  United Kingdom Long Gilt Bond Futures  June 2020  5,499,145   5,582,334   83,189 
29  USD  U.S. Ultra Bond Futures  June 2020  5,838,104   6,434,375   596,271 
48  USD 

U.S. Ultra Treasury Note 10 Year

Futures

  June 2020  7,069,176   7,489,500   420,324 
Total           55,192,065   56,432,574   1,240,509 
                      
Index futures sell contracts:                  
                      
47  CAD  S&P TSX 60 Index Futures  June 2020  (5,448,706)  (5,438,414)  10,292 
41  EUR  CAC 40 Index Futures  April 2020  (1,697,154)  (1,987,369)  (290,215)
438  SEK  OMX 30 Index Futures  April 2020  (5,636,946)  (6,552,810)  (915,864)
144  USD  Mini MSCI Emerging Markets (EM) Index Futures  June 2020  (5,734,527)  (6,068,880)  (334,353)
29  USD  S&P 500 E-Mini Index Futures  June 2020  (3,888,998)  (3,726,065)  162,933 
                      
Interest rate futures sell contracts:                  
123  EUR  German Euro Bund Futures  June 2020  (23,719,430)  (23,402,125)  317,305 
21  JPY  JGB MINI 10 Year Futures  June 2020  (3,044,271)  (2,981,307)  62,964 
Total           (49,170,032)  (50,156,970)  (986,938)
Net unrealized appreciation (depreciation)            253,571 

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Forward foreign currency contracts

 

Counterparty    Sell  Purchase   Settlement
date
  Unrealized
appreciation
(depreciation)($)
 
BB   USD  5,327,010  COP  17,751,195,000   04/23/20   (962,669)
BOA   COP  18,140,000,000  USD  4,535,000   04/23/20   75,067 
BOA   GBP  3,265,000  USD  4,274,528   04/23/20   217,323 
BOA   SGD  1,660,000  USD  1,150,210   04/23/20   (18,086)
BOA   USD  1,176,085  CHF  1,155,000   04/23/20   25,166 
BOA   USD  2,245,847  EUR  2,010,000   04/23/20   (27,295)
BOA   USD  1,934,003  SEK  18,310,000   04/23/20   (82,208)
CITI   USD  5,275,000  CLP  4,254,287,500   04/23/20   (301,672)
GSI   USD  2,050,749  EUR  1,830,000   04/23/20   (30,873)
GSI   USD  2,235,443  EUR  2,075,000   04/23/20   54,854 
GSI   USD  4,535,000  JPY  476,641,652   04/23/20   (98,105)
GSI   USD  2,224,806  NZD  3,595,000   04/23/20   (80,067)
GSI   USD  1,712,659  SGD  2,310,000   04/23/20   (86,898)
HSBC   CNY  12,100,000  USD  1,731,713   04/23/20   25,128 
HSBC   USD  10,169,505  MXN  192,680,000   04/23/20   (2,071,646)
JPMCB   AUD  7,550,000  USD  5,174,636   04/23/20   530,099 
JPMCB   CAD  18,010,000  USD  13,779,489   04/23/20   978,473 
JPMCB   MXN  199,845,921  USD  9,065,000   04/23/20   665,975 
JPMCB   NOK  91,529,708  USD  9,065,000   04/23/20   259,904 
JPMCB   NZD  7,755,000  JPY  525,769,535   04/23/20   267,657 
JPMCB   NZD  12,305,000  USD  8,121,348   04/23/20   780,313 
JPMCB   SEK  16,240,000  USD  1,578,975   04/23/20   (63,469)
JPMCB   USD  9,371,728  NOK  84,070,000   04/23/20   (1,284,251)
MSCI   CHF  7,675,000  USD  7,946,467   04/23/20   (35,872)
MSCI   EUR  7,505,000  USD  8,368,765   04/23/20   85,064 
MSCI   USD  1,439,170  CAD  2,050,000   04/23/20   17,914 
SSC   CAD  2,680,000  USD  2,032,552   04/23/20   127,681 
SSC   CNY  8,400,000  USD  1,216,580   04/23/20   31,843 
SSC   EUR  1,660,000  USD  1,818,063   04/23/20   (14,174)
SSC   JPY  312,400,000  USD  2,854,773   04/23/20   (53,252)
SSC   SEK  25,570,000  USD  2,692,381   04/23/20   106,341 
SSC   USD  1,302,200  AUD  2,175,000   04/23/20   35,795 
SSC   USD  1,454,083  CHF  1,415,000   04/23/20   17,580 
SSC   USD  1,506,498  EUR  1,315,000   04/23/20   (55,057)
SSC   USD  1,202,723  GBP  915,000   04/23/20   (65,711)
Net unrealized appreciation (depreciation)                    (1,029,128)

 

Fair valuation summary
 
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

 

 

 

 

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Assets

 

Description  Unadjusted quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs
(Level 2) ($)
   Unobservable inputs
(Level 3) ($)
   Total ($) 
Common stocks   57,966,055    40,033,597        97,999,652 
Preferred stocks       646,971        646,971 
Exchange traded funds   46,207,975            46,207,975 
Investment companies   19,139,492            19,139,492 
Non-U.S. government agency obligations       13,616,778        13,616,778 
U.S. treasury obligations       19,664,305        19,664,305 
Short-term investments       8,145,615        8,145,615 
Investment of cash collateral from securities loaned       15,483,764        15,483,764 
futures contracts   1,914,686            1,914,686 
Forward foreign currency contracts       4,302,177        4,302,177 
Total   125,228,208    101,893,207        227,121,415 
Liabilities                    
Futures contracts   (442,977)   (1,218,138)       (1,661,115)
Forward foreign currency contracts       (5,331,305)       (5,331,305)
Total   (442,977)   (6,549,443)       (6,992,420)

 

At March 31, 2020, there were no transfers in or out of Level 3.
 

 

 

Portfolio footnotes

 

* Non-income producing security.
   
1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,189,083, represented 2.1% of the Fund's net assets at period end.
   
2 Security, or portion thereof, was on loan at the period end.
   
3

The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee on the assets invested into the affiliated UBS Relationship Funds.

 

                  Change in           
                  net unrealized           
               Net  appreciation      Net income    
       Purchases   Sales   realized gain (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  06/30/2019   03/31/2020   03/31/2020   03/31/2020  03/31/2020  03/31/2020   03/31/2020  03/31/2020 
UBS Emerging Markets Equity Opportunity Fund  $20,816,127   $3,214,198   $400,000   $ (122,193)  $ (4,368,640)  $19,139,492   $ 614,199  $2,498,628 

 

4 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.
   
5 Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities’ principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.
   
6 Includes $30,735,253 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $16,073,705 and cash collateral of $15,483,764.

 

 

 

 

UBS Emerging Markets Equity Opportunity Fund

Industry diversification—March 31, 2020 (unaudited)1

 

Common stocks  Percentage of
net assets
 
Automobiles   1.5%
Banks   14.5 
Beverages   4.8 
Diversified consumer services   6.0 
Household durables   3.0 
Insurance   4.4 
Interactive media & services   4.6 
Internet & direct marketing retail   16.0 
Internet software & services   1.8 
IT services   3.6 
Metals & mining   1.7 
Oil, gas & consumable fuels   4.2 
Personal products   2.4 
Pharmaceuticals   3.9 
Real estate management & development   2.6 
Semiconductors & semiconductor equipment   12.6 
Technology hardware, storage & peripherals   7.1 
Total common stocks   94.7%
Preferred stocks   1.6 
Short-term investments   2.7 
Total investments   99.0%
Other assets in excess of liabilities   1.0 
Net assets   100.0%

  

 

1 The Fund’s portfolio is actively managed and its composition will very over time.

 

 

 

 

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
 
Common stocks—94.7%
 
Argentina—1.8%
MercadoLibre, Inc. *   12,473    6,094,058 
           
Brazil—3.0%          
Petroleo Brasileiro SA, ADR   429,800    2,316,622 
Petroleo Brasileiro SA, ADR   406,700    2,236,850 
Vale SA   699,781    5,820,622 
        10,374,094 
China—40.7%          
Alibaba Group Holding Ltd., ADR *   162,242    31,552,824 
China Jinmao Holdings Group Ltd.   14,124,000    9,004,017 
China Merchants Bank Co. Ltd., Class H   2,622,000    11,730,225 
Gree Electric Appliances, Inc. of Zhuhai, Class A   1,402,189    10,212,123 
Jiangsu Hengrui Medicine Co. Ltd., Class A *   1,031,181    13,236,586 
Kweichow Moutai Co. Ltd., Class A   80,537    12,516,053 
New Oriental Education & Technology Group, Inc., ADR *   43,500    4,708,440 
Ping An Insurance Group Co. of China Ltd., H Shares   1,539,000    15,030,267 
TAL Education Group, ADR *   295,400    15,733,004 
Tencent Holdings Ltd.   320,800    15,856,372 
         139,579,911 
Hungary—0.9%          
OTP Bank Nyrt PLC   109,474    3,140,185 
           
India—6.8%          
HDFC Bank Ltd.   860,137    9,802,237 
HDFC Bank Ltd., ADR   34,930    1,343,408 
Tata Consultancy Services Ltd.   513,753    12,359,383 
         23,505,028 
Indonesia—3.8%          
Astra International Tbk. PT   22,407,000    5,327,260 
Bank Mandiri Persero Tbk. PT   27,147,800    7,718,442 
         13,045,702 
Malaysia—1.0%          
CIMB Group Holdings Bhd   4,207,672    3,501,393 
           
Mexico—2.6%          
Fomento Economico Mexicano SAB de CV   635,360    3,835,863 

 

 

 

 

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(concluded)
 
Mexico—(concluded)
Grupo Financiero Banorte SAB de CV, Class O   1,811,200    4,962,715 
         8,798,578 
Russia—6.9%
LUKOIL PJSC, ADR   1,854    109,259 
LUKOIL PJSC, ADR   166,460    9,847,774 
Sberbank of Russia PJSC   3,207,048    7,644,403 
Yandex N.V., Class A *   178,000    6,060,900 
         23,662,336 
South Africa—5.0%
Naspers Ltd., N Shares   120,219    17,084,848 
 
South Korea—14.2%
LG Household & Health Care Ltd.   9,179    8,407,851 
Samsung Electronics Co. Ltd.   628,079    24,420,646 
SK Hynix, Inc.   234,270    15,837,590 
         48,666,087 
Taiwan—8.0%
Taiwan Semiconductor Manufacturing Co. Ltd.   3,039,000    27,358,023 
Total common stocks
(cost—$370,085,094)
        324,810,243 
 
Preferred stocks—1.6%
 
Brazil—1.6%
Banco Bradesco SA  
(cost—$10,918,247)
   1,335,900    5,339,898 
 
Short-term investments—2.7%
 
Investment companies—2.7%
State Street Institutional U.S. Government Money Market Fund
(cost—$9,170,827)
   9,170,827    9,170,827 

 

 

 

 

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Total investments
   (cost—$390,174,168)—99.0%
        339,320,968 
Other assets in excess of liabilities—1.0%        3,585,992 
Net assets—100.0%       $342,906,960 

 

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, 2020 in valuing the Fund’s 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 quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs
(Level 2) ($)
   Unobservable inputs
(Level 3) ($)
   Total ($) 
Common stocks   102,157,483    222,652,760        324,810,243 
Preferred stocks   5,339,898            5,339,898 
Short-term investments       9,170,827        9,170,827 
Total   107,497,381    231,823,587        339,320,968 

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

 

Portfolio footnotes

 

* Non-income producing security.

 

 

 

 

UBS Engage For Impact Fund

Industry diversification – March 31, 2020 (unaudited)1

 

Common stocks  Percentage of
net assets
 
Auto components   3.1%
Banks   9.6 
Biotechnology   9.5 
Building products   2.8 
Chemicals   5.4 
Commercial services & supplies   1.8 
Distributors   2.3 
Diversified consumer services   1.7 
Electrical equipment   2.3 
Electronic equipment, instruments & components   6.4 
Equity real estate investment trusts   3.1 
Food & staples retailing   2.8 
Food products   6.5 
Health care equipment & supplies   6.8 
Health care providers & services   1.1 
Machinery   1.8 
Metals & mining   1.2 
Oil, gas & consumable fuels   3.8 
Pharmaceuticals   7.6 
Road & rail   4.3 
Semiconductors & semiconductor equipment   6.1 
Software   2.0 
Wireless telecommunication services   3.3 
Total common stocks   95.3%
Preferred stocks   2.1 
Short-term investments   1.8 
Investment of cash collateral from securities loaned   0.1 
Total investments   99.3%
Other assets in excess of liabilities   0.7 
Net assets   100.0%

 

 

1 The Fund’s portfolio is actively managed and its composition will vary over time.

 

 

 

 

 

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
 
Common stocks—95.3%
 
Austria—1.9%
Erste Group Bank AG   21,578    395,043 
           
China—8.1%
China Mengniu Dairy Co. Ltd. *   102,000    351,769 
China Mobile Ltd.   92,000    689,474 
China Suntien Green Energy Corp., Class H   1,717,000    297,282 
New Oriental Education & Technology Group, Inc., ADR *   3,400    368,016 
        1,706,541 
Denmark—4.1%
Genmab A/S *   2,172    436,287 
H Lundbeck A/S   14,779    433,946 
         870,233 
Germany—3.9%
Continental AG   4,391    313,071 
Infineon Technologies AG   35,381    510,751 
         823,822 
Indonesia—1.7%
Bank Mandiri Persero Tbk. PT   1,304,700    370,942 
           
Ireland—1.3%
Kingspan Group PLC   4,988    268,975 
           
Italy—2.3%
Prysmian SpA   31,163    494,771 
           
Japan—8.5%
Sumitomo Mitsui Financial Group, Inc.   21,400    519,878 
Takeda Pharmaceutical Co. Ltd.   25,553    778,040 
West Japan Railway Co.   7,400    506,123 
         1,804,041 
Mexico—1.8%
Grupo Financiero Banorte SAB de CV, Class O   139,050    380,999 
           
Netherlands—2.8%
Koninklijke Ahold Delhaize N.V.   25,119    585,186 

 

 

 

 

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(continued)
 
New Zealand—1.3%
Fisher & Paykel Healthcare Corp. Ltd.   15,582    283,257 
 
Norway—2.4%
Equinor ASA   40,371    503,270 
 
Spain—1.8%
Grifols SA, ADR   18,500    372,590 
 
Switzerland—2.0%
Alcon, Inc. *   8,357    428,135 
 
Thailand—1.7%
Kasikornbank PCL   132,600    362,289 
 
United Kingdom—4.7%
Linde PLC   3,825    661,725 
Spectris PLC   10,685    321,927 
         983,652 
United States—45.0%
Abbott Laboratories   5,604    442,212 
AGCO Corp.   8,074    381,496 
Aptiv PLC   6,992    344,286 
Bunge Ltd.   8,074    331,276 
Conagra Brands, Inc.   23,262    682,507 
Digital Realty Trust, Inc. 1   4,767    662,184 
Ecolab, Inc.   3,069    478,242 
Elanco Animal Health, Inc. *   17,942    401,721 
Incyte Corp. *   8,971    656,946 
IPG Photonics Corp. *   4,303    474,535 
Ironwood Pharmaceuticals, Inc. *,1   53,355    538,352 
Laboratory Corp. of America Holdings *   1,794    226,744 
LivaNova PLC *   6,135    277,609 
LKQ Corp. *   24,182    495,973 
Lyft, Inc., Class A *   14,614    392,386 
Masco Corp.   9,460    327,032 
Micron Technology, Inc. *   8,726    367,016 
Sims Ltd.   66,014    245,606 
Stericycle, Inc. *,1   7,791    378,487 
Trimble, Inc. *   17,666    562,309 
Universal Display Corp.   3,088    406,937 

 

 

 

 

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
 
Common stocks—(concluded)
 
United States—(concluded)
VMware, Inc., Class A *,1   3,542    428,936 
         9,502,792 
Total common stocks
(cost—$24,232,943)
        20,136,538 
           
Preferred stocks—2.1%
 
Germany—2.1%
Henkel AG & Co. KGaA  
(cost—$537,526)
   5,383    430,541 
           
Short-term investments—1.8%
 
Investment companies—1.8%
State Street Institutional U.S. Government Money Market Fund
(cost—$388,248)
   388,248    388,248 
           
Investment of cash collateral from securities loaned—0.1%
 
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio
(cost—$11,976)
   11,976    11,976 
Total investments
   (cost—$25,170,693)2—99.3%
        20,967,303 
Other assets in excess of liabilities—0.7%        157,922 
Net assets—100.0%       $21,125,225 

 

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, 2020 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

 

 

 

 

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Assets

 

Description  Unadjusted quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs
(Level 2) ($)
   Unobservable inputs
(Level 3) ($)
   Total ($) 
Common stocks   11,040,516    9,096,022        20,136,538 
Preferred stocks       430,541        430,541 
Short-term investments       388,248        388,248 
Investment of cash collateral from securities loaned       11,976        11,976 
Total   11,040,516    9,926,787        20,967,303 

 

At March 31, 2020, there were no transfers in or out of Level 3.
 

 

Portfolio footnotes

 

* Non-income producing security.
   
1 Security, or portion thereof, was on loan at the period end.
   
2 Includes $1,209,555 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $11,976 and non-cash collateral of $1,223,606.

 

 

 

 

UBS International Sustainable Equity Fund

Industry diversification – March 31, 2020 (unaudited)1

 

Common stocks 

Percentage of
Net assets

 
Auto components   0.8%
Automobiles   0.6 
Banks   5.8 
Biotechnology   3.6 
Chemicals   3.5 
Commercial services & supplies   1.1 
Construction & engineering   0.6 
Construction materials   0.7 
Diversified financial services   2.7 
Diversified telecommunication services   3.8 
Electrical equipment   0.7 
Electronic equipment, instruments & components   1.6 
Entertainment   4.0 
Equity real estate investment trusts   1.2 
Food & staples retailing   2.8 
Food products   2.5 
Health care equipment & supplies   5.1 
Household durables   3.4 
Insurance   8.0 
Internet & direct marketing retail   4.6 
IT services   0.6 
Machinery   3.0 
Oil, gas & consumable fuels   2.8 
Paper & forest products   1.0 
Personal products   5.8 
Pharmaceuticals   6.5 
Real estate management & development   1.3 
Road & rail   0.7 
Semiconductors & semiconductor equipment   5.0 
Software   3.5 
Textiles, apparel & luxury goods   0.5 
Trading companies & distributors   2.7 
Wireless telecommunication services   3.0 
Total common stocks   93.5%

 

 

 

 

UBS International Sustainable Equity Fund

Industry diversification – March 31, 2020 (unaudited)1

 

Common stocks 

Percentage of
Net assets

 
Preferred stocks   1.4 
Short-term investments   2.0 
Investment of cash collateral from securities loaned   1.3 
Total investments   98.2%
Other assets in excess of liabilities   1.8 
Net assets   100.0%

 

 

1 The Fund’s portfolio is actively managed and its composition will vary over time.

 

 

 

 

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
 
Common stocks—93.5%
 
Australia—2.3%
Brambles Ltd.   312,701    2,021,220 
Mirvac Group   1,688,974    2,145,832 
         4,167,052 
Austria—0.9%
Erste Group Bank AG   88,960    1,628,653 
           
Belgium—2.4%
Galapagos N.V. *   9,849    1,938,871 
KBC Group N.V.   50,501    2,291,491 
         4,230,362 
China—7.4%
Alibaba Group Holding Ltd., ADR *   19,938    3,877,542 
China Mobile Ltd.   423,000    3,170,081 
Ping An Insurance Group Co. of China Ltd., H Shares   436,000    4,258,087 
Prosus N.V. *   26,214    1,835,525 
         13,141,235 
Denmark — 2.9%
Genmab A/S *   13,341    2,679,787 
H Lundbeck A/S   82,561    2,424,185 
         5,103,972 
Finland—1.4%
Neste Oyj   74,600    2,480,266 
           
France—1.8%
Ubisoft Entertainment SA *   44,484    3,251,379 
           
Germany—4.5%
Continental AG   20,908    1,490,704 
HUGO BOSS AG   33,056    827,459 
Infineon Technologies AG   158,735    2,291,458 
SAP SE   29,920    3,340,505 
        7,950,126 
Hong Kong—1.3%
Sun Hung Kai Properties Ltd.   183,000    2,392,548 

 

 

 

 

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
 
Common stocks—(continued)
 
India—2.2%
Axis Bank Ltd., GDR   68,783    1,733,688 
Infosys Ltd., ADR   133,799    1,098,490 
Mahindra & Mahindra Ltd., GDR   264,882    1,022,444 
         3,854,622 
Indonesia—2.6%
Bank Central Asia Tbk. PT   2,024,900    3,411,791 
Bank Mandiri Persero Tbk. PT   4,203,500    1,195,105 
         4,606,896 
Italy—3.9%
Banca Mediolanum SpA   443,539    2,226,160 
Infrastrutture Wireless Italiane SpA 1   333,054    3,606,239 
Prysmian SpA   73,806    1,171,808 
         7,004,207 
Japan—24.3%
Hoya Corp.   38,100    3,239,701 
Inpex Corp.   97,700    548,103 
ITOCHU Corp. 2   108,600    2,247,435 
Kao Corp.   53,600    4,366,697 
Kissei Pharmaceutical Co. Ltd.   68,882    1,765,964 
Kubota Corp.   179,800    2,286,883 
Nabtesco Corp.   94,800    2,168,525 
Nintendo Co. Ltd.   10,100    3,925,400 
Nippon Telegraph & Telephone Corp.   130,500    3,121,118 
ORIX Corp.   214,800    2,562,706 
Shin-Etsu Chemical Co. Ltd.   31,100    3,056,732 
SoftBank Group Corp.   60,700    2,148,924 
Sony Corp.   102,400    6,065,514 
Takeda Pharmaceutical Co. Ltd.   148,561    4,523,399 
West Japan Railway Co.   18,700    1,278,986 
         43,306,087 
Mexico—0.6%
Cemex SAB de CV, ADR   542,100    1,149,252 
           
Netherlands—5.6%
ASML Holding N.V.   13,640    3,595,702 
Koninklijke Ahold Delhaize N.V.   214,248    4,991,238 
           

 

 

 

 

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(continued)
 
Netherlands—(concluded)          
NXP Semiconductors N.V.   17,404    1,443,314 
         10,030,254 
New Zealand—1.1%          
Fisher & Paykel Healthcare Corp. Ltd.   105,129    1,911,084 
           
Norway—2.0%          
Equinor ASA   160,895    2,005,738 
Mowi ASA   98,045    1,482,385 
         3,488,123 
South Africa—1.4%          
Naspers Ltd., N Shares   17,082    2,427,598 
           
South Korea—4.2%          
LG Chem Ltd.   10,020    2,481,769 
LG Household & Health Care Ltd.   2,433    2,228,598 
Samsung Engineering Co. Ltd. *   131,852    1,086,404 
SK Hynix, Inc.   23,426    1,583,691 
         7,380,462 
Spain—1.0%          
Grifols SA, ADR   87,600    1,764,264 
           
Switzerland—5.1%          
Alcon, Inc. *   49,727    2,547,551 
Nestle SA (Registered)   28,855    2,953,822 
Zurich Insurance Group AG   10,336    3,631,105 
         9,132,478 
United Kingdom—11.8%          
Ashtead Group PLC   115,361    2,493,408 
Croda International PLC   13,751    725,469 
GlaxoSmithKline PLC   155,048    2,909,346 
Mondi PLC   101,697    1,716,200 
Prudential PLC   222,567    2,788,729 
Sage Group PLC/The   404,285    2,939,776 
Spectris PLC   93,184    2,807,533 
Unilever N.V.   76,614    3,765,673 

 

 

 

 

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks—(concluded)
 
United Kingdom—(concluded)
Weir Group PLC/The   94,902    844,070 
         20,990,204 
United States—2.8%
Aon PLC   21,400    3,531,856 
LivaNova PLC *   32,100    1,452,525 
         4,984,381 
Total common stocks
(cost—$192,398,859)
        166,375,505 
           
Preferred stocks—1.4%
 
Germany—1.4%
Henkel AG & Co. KGaA   25,096    2,007,218 
Jungheinrich AG   34,478    524,671 
Total preferred stocks
(cost—$3,563,091)
        2,531,889 
           
Short-term investments—2.0%
 
Investment companies—2.0%
State Street Institutional U.S. Government Money Market Fund
(cost—$3,618,099)
   3,618,099    3,618,099 
           
Investment of cash collateral from securities loaned—1.3%
 
Money market funds—1.3%
State Street Navigator Securities Lending Government Money Market Portfolio
(cost—$2,319,520)
   2,319,520    2,319,520 
           
Total investments
   (cost—$201,899,569) 3—98.2%
        174,845,013 
           
Other assets in excess of liabilities—1.8%        3,132,937 
           
Net assets—100.0%       $177,977,950 

 

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, 2020 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

 

 

 

 

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Assets

 

Description  Unadjusted quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs
(Level 2) ($)
   Unobservable inputs
(Level 3) ($)
   Total ($) 
Common stocks   16,755,475    149,620,030        166,375,505 
Preferred stocks       2,531,889        2,531,889 
Short-term investments       3,618,099        3,618,099 
Investment of cash collateral from securities loaned       2,319,520        2,319,520 
Total   16,755,475    158,089,538        174,845,013 

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

 

Portfolio footnotes

 

* Non-income producing security.
   
1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,606,239, represented 2.0% of the Fund's net assets at period end.
   
2 Security, or portion thereof, was on loan at the period end.
   
3 Includes $2,216,135 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,319,520.

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks — 97.1%          
Aerospace & defense — 2.1%          
Mercury Systems, Inc. *   25,221    1,799,266 
           
Auto components — 0.8%          
Visteon Corp. *   14,455    693,551 
           
Banks — 2.8%          
Columbia Banking System, Inc.   26,527    710,924 
FB Financial Corp.   9,252    182,449 
National Bank Holdings Corp., Class A   33,643    804,068 
Webster Financial Corp.   30,090    689,061 
         2,386,502 
           
Biotechnology — 13.3%          
Adverum Biotechnologies, Inc. *   65,617    641,078 
Allogene Therapeutics, Inc. *,1   21,139    410,942 
Argenx SE, ADR *   5,312    699,750 
Avrobio, Inc. *   32,507    505,809 
Blueprint Medicines Corp. *   5,520    322,810 
Bridgebio Pharma, Inc. *,1   22,591    655,139 
Castle Biosciences, Inc. *   20,689    616,739 
CRISPR Therapeutics AG *   13,000    551,330 
Dicerna Pharmaceuticals, Inc. *   37,151    682,464 
Exact Sciences Corp. *,1   12,270    711,660 
G1 Therapeutics, Inc. *,1   27,273    300,548 
Gritstone Oncology, Inc. *,1   45,131    262,662 
Immunomedics, Inc. *,1   53,313    718,659 
Iovance Biotherapeutics, Inc. *   19,296    577,626 
MeiraGTx Holdings PLC *   46,207    621,022 
Moderna, Inc. *,1   29,269    876,606 
Momenta Pharmaceuticals, Inc. *   32,266    877,635 
Xencor, Inc. *,1   22,178    662,679 
Zymeworks, Inc. *   19,059    676,023 
         11,371,181 
           
Building products — 0.7%          
Trex Co., Inc. *   7,885    631,904 
           
Chemicals — 0.7%          
Ingevity Corp. *   15,774    555,245 
           

 

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks— (continued)          
           
Commercial services & supplies — 2.0%          
MSA Safety, Inc.   5,754    582,305 
Tetra Tech, Inc.   8,857    625,481 
U.S. Ecology, Inc.   16,408    498,803 
         1,706,589 
           
Construction & engineering — 2.2%          
EMCOR Group, Inc.   17,854    1,094,807 
MasTec, Inc. *,1   22,966    751,677 
         1,846,484 
           
Diversified consumer services — 2.1%          
Chegg, Inc. *   50,320    1,800,450 
           
Diversified telecommunication services — 1.0%          
Vonage Holdings Corp. *   123,147    890,353 
           
Electrical equipment — 3.2%          
Generac Holdings, Inc. *   18,727    1,744,795 
Regal Beloit Corp.   16,117    1,014,565 
         2,759,360 
           
Entertainment — 1.0%          
Glu Mobile, Inc. *   128,954    811,121 
           
Equity real estate investment trusts — 2.9%          
QTS Realty Trust, Inc., Class A   32,019    1,857,422 
Ryman Hospitality Properties, Inc.   16,308    584,642 
         2,442,064 
           
Food & staples retailing — 5.0%          
BJ's Wholesale Club Holdings, Inc. *   52,519    1,337,659 
Grocery Outlet Holding Corp. *,1   54,599    1,874,930 
Performance Food Group Co. *   42,556    1,051,984 
         4,264,573 
           
Health care equipment & supplies — 6.5%          
Haemonetics Corp. *   5,908    588,791 
Novocure Ltd. *   19,151    1,289,628 
Penumbra, Inc. *,1   6,467    1,043,321 
Sientra, Inc. *   125,010    248,770 
Staar Surgical Co. *   38,995    1,257,979 

 

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks— (continued)          
           
Health care equipment & supplies— (concluded)          
Tandem Diabetes Care, Inc. *   16,642    1,070,913 
         5,499,402 
           
Health care providers & services — 1.9%          
LHC Group, Inc. *   11,676    1,636,975 
           
Health care technology — 4.8%          
Livongo Health, Inc. *,1   26,044    743,035 
Tabula Rasa HealthCare, Inc. *,1   25,455    1,331,042 
Teladoc Health, Inc. *,1   13,148    2,038,072 
         4,112,149 
           
Hotels, restaurants & leisure — 2.7%          
Planet Fitness, Inc., Class A *   17,987    875,967 
Wendy's Co./The   61,530    915,567 
Wingstop, Inc.   6,132    488,720 
         2,280,254 
           
Household durables — 0.6%          
Sonos, Inc. *   64,055    543,186 
           
Internet & direct marketing retail — 0.9%          
Rubicon Project, Inc./The *   141,595    785,852 
           
IT services — 1.5%          
Wix.com Ltd. *   12,502    1,260,452 
           
Life sciences tools & services — 6.0%          
Adaptive Biotechnologies Corp. *,1   6,004    166,791 
Charles River Laboratories International, Inc. *   8,574    1,082,124 
NanoString Technologies, Inc. *   56,359    1,355,434 
NeoGenomics, Inc. *   46,154    1,274,312 
Repligen Corp. *   12,581    1,214,570 
         5,093,231 
           
Machinery — 3.8%          
Altra Industrial Motion Corp.   43,309    757,474 
Chart Industries, Inc. *   23,787    689,347 
Kadant, Inc.   12,601    940,665

 

 

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks— (continued)          
           
Machinery— (concluded)          
Woodward, Inc.   14,020    833,349 
         3,220,835 
           
Oil, gas & consumable fuels — 0.1%          
Matador Resources Co. *,1   39,791    98,682 
           
Paper & forest products — 1.0%          
Boise Cascade Co.   37,448    890,513 
           
Pharmaceuticals — 0.6%          
Collegium Pharmaceutical, Inc. *   31,875    520,519 
           
Road & rail — 1.7%          
Werner Enterprises, Inc.   40,315    1,461,822 
           
Semiconductors & semiconductor equipment — 6.9%          
Brooks Automation, Inc.   35,175    1,072,837 
Entegris, Inc.   18,505    828,469 
Lattice Semiconductor Corp. *   53,411    951,784 
Monolithic Power Systems, Inc.   7,274    1,218,104 
Universal Display Corp.   13,847    1,824,758 
         5,895,952 
           
Software — 16.1%          
Alteryx, Inc., Class A *,1   11,681    1,111,681 
Avalara, Inc. *   18,505    1,380,473 
Cloudflare, Inc., Class A *   79,197    1,859,546 
Crowdstrike Holdings, Inc., Class A *   19,355    1,077,686 
Everbridge, Inc. *,1   13,249    1,409,164 
j2 Global, Inc.   14,753    1,104,262 
LivePerson, Inc. *,1   56,222    1,279,050 
Proofpoint, Inc. *   9,455    969,988 
Smartsheet, Inc., Class A *   29,800    1,236,998 
Tenable Holdings, Inc. *   52,670    1,151,366 
Varonis Systems, Inc. *   17,374    1,106,203 
         13,686,417 
           
Specialty retail — 0.8%          
Dick's Sporting Goods, Inc.   31,369    666,905 

 

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($)
         
Common stocks— (concluded)          
           
Textiles, apparel & luxury goods — 0.6%          
Steven Madden Ltd.   21,203    492,546 
           
Thrifts & mortgage finance — 0.8%          
Essent Group Ltd.   25,479    671,117 
           
Total common stocks          
(cost—$87,937,742)        82,775,452 
           
Short-term investments—3.2%          
           
Investment companies — 3.2%          
State Street Institutional U.S. Government Money Market Fund          
(cost — $2,703,904)   2,703,904    2,703,904 
           
Investment of cash collateral from securities loaned—1.7%          
           
Money market funds — 1.7%          
State Street Navigator Securities Lending Government Money Market Portfolio          
(cost — $1,466,915)   1,466,915    1,466,915 
           
Total investments          
(cost — $92,108,561)2 — 102.0%        86,946,271 
           
Liabilities in excess of other assets — (2.0)%        (1,671,399)
           
Net assets — 100.0%       $85,274,872 

 

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

 

Fair valuation summary

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund's investments. In the event the 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 quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs (Level 2) ($)   Unobservable inputs (Level 3) ($)   Total ($) 
Common stocks   82,775,452            82,775,452 
Short-term investments       2,703,904        2,703,904 
Investment of cash collateral from securities loaned       1,466,915        1,466,915 
Total   82,775,452    4,170,819        86,946,271 

 

 

 

 

 

 

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

Portfolio footnotes

 

*Non-income producing security.

 

1Security, or portion thereof, was on loan at the period end.

 

2Includes $12,549,790 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,466,915 and non-cash collateral of $11,373,189.

 

 

 

 

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks — 97.2%          
           
Auto components — 2.7%          
Aptiv PLC   11,462    564,389 
           
Biotechnology — 4.3%          
Incyte Corp. *   11,984    877,588 
           
Capital markets — 4.5%          
Ameriprise Financial, Inc.   9,143    936,975 
           
Commercial services & supplies — 3.4%          
MSA Safety, Inc.   6,972    705,566 
           
Consumer finance — 3.1%          
Synchrony Financial   39,553    636,408 
           
Distributors — 3.5%          
LKQ Corp. *   35,338    724,782 
           
Diversified consumer services — 2.8%          
OneSpaWorld Holdings Ltd. *,1   141,875    576,013 
           
Diversified financial services — 3.3%          
Berkshire Hathaway, Inc., Class B *   3,771    689,452 
           
Electronic equipment, instruments & components — 7.0%          
Jabil, Inc.   22,168    544,890 
Trimble, Inc. *   28,157    896,237 
         1,441,127 
           
Entertainment — 5.2%          
Take-Two Interactive Software, Inc. *   4,907    582,019 
Walt Disney Co./The   5,015    484,449 
         1,066,468 
           
Equity real estate investment trusts — 4.0%          
Prologis, Inc.   10,300    827,811 
           
Health care equipment & supplies — 3.1%          
Align Technology, Inc. *   3,639    633,004 
           
Health care providers & services — 6.6%          
Laboratory Corp. of America Holdings *   5,507    696,030 

 

 

 

 

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks— (continued)          
           
Health care providers & services— (concluded)          
UnitedHealth Group, Inc.   2,626    654,872 
         1,350,902 
           
Hotels, restaurants & leisure — 2.5%          
Royal Caribbean Cruises Ltd.   16,199    521,122 
           
Household durables — 3.0%          
Mohawk Industries, Inc. *   8,092    616,934 
           
Household products — 4.5%          
Reynolds Consumer Products, Inc.   31,802    927,664 
           
Insurance — 5.2%          
Marsh & McLennan Cos., Inc.   3,937    340,393 
Prudential Financial, Inc.   13,922    725,893 
         1,066,286 
           
IT services — 8.2%          
LiveRamp Holdings, Inc. *   17,047    561,187 
Visa, Inc., Class A   7,031    1,132,835 
         1,694,022 
           
Life sciences tools & services — 2.0%          
Bio-Rad Laboratories, Inc., Class A *   1,149    402,793 
           
Machinery — 3.9%          
AGCO Corp.   17,227    813,976 
           
Semiconductors & semiconductor equipment — 4.7%          
NXP Semiconductors N.V.   5,630    466,896 
ON Semiconductor Corp. *   39,613    492,786 
         959,682 
           
Software — 5.0%          
PTC, Inc. *   7,970    487,844 
VMware, Inc., Class A *,1   4,555    551,610 
         1,039,454 
           
Specialty retail — 2.5%          
Best Buy Co., Inc.   9,207    524,799 
           

 

 

 

 

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number of
shares
   Value ($) 
         
Common stocks— (concluded)          
           
Technology hardware, storage & peripherals — 2.2%          
Western Digital Corp.   10,957    456,030 
           
Total common stocks          
(cost—$25,332,395)        20,053,247 
           
Short-term investments—3.1%          
           
Investment companies — 3.1%          
State Street Institutional U.S. Government Money Market Fund          
(cost — $634,834)   634,834    634,834 
           
Investment of cash collateral from securities loaned—1.3%          
           
Money market funds — 1.3%          
State Street Navigator Securities Lending Government Money Market Portfolio          
(cost — $269,569)   269,569    269,569 
           
Total investments          
(cost — $26,236,798)2— 101.6%        20,957,650 
Liabilities in excess of other assets — (1.6)%        (329,586)
Net assets — 100.0%       $20,628,064 

 

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, 2020 in valuing the Fund's investments. In the event the 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 quoted prices in active markets for identical investments
(Level 1) ($)
   Other significant observable inputs (Level 2) ($)   Unobservable inputs (Level 3) ($)   Total ($) 
                 
Common stocks   20,053,247            20,053,247 
Short-term investments       634,834        634,834 
Investment of cash collateral from securities loaned       269,569        269,569 
Total   20,053,247    904,403        20,957,650 

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

 

 

 

 

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

 

Portfolio footnotes

 

*Non-income producing security.

 

1Security, or portion thereof, was on loan at the period end.

 

2Includes $921,550 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $269,569 and non-cash collateral of $677,453.

 

 

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

   Face     
   amount ($)   Value ($) 
         
Municipal bonds — 99.3%          
           
California — 0.1%          
State of California Kindergarten, GO Bonds, Series A5,          
0.700%, due 05/01/341   100,000    100,000 
           
Connecticut — 9.0%          
State of Connecticut Special Tax Revenue, Transportation Infrastructure Revenue Bonds,
Series A,
          
5.000%, due 01/01/30   1,665,000    2,028,236 
State of Connecticut, GO Bonds,          
Series A,          
5.000%, due 04/15/25   1,250,000    1,443,625 
Series B,          
5.000%, due 04/15/25   2,000,000    2,309,800 
Series C,          
5.000%, due 06/15/23   1,000,000    1,105,590 
Series F,          
5.000%, due 09/15/25   2,140,000    2,495,904 
         9,383,155 
           
Florida — 10.2%          
Central Florida Expressway Authority, Senior Lien Revenue Bonds,
Series B,
          
5.000%, due 07/01/34   1,000,000    1,185,460 
Miami-Dade County Revenue Bonds          
5.000%, due 10/01/26   1,000,000    1,215,760 
School Board of St. Lucie County, Sales Tax Revenue Bonds, AGM          
5.000%, due 10/01/26   1,020,000    1,204,936 
School Board of Volusia County, Master Lease Program, COP,          
Series B,          
5.000%, due 08/01/31   1,000,000    1,135,680 
School District of Broward County, COP,          
Series B,          
5.000%, due 07/01/30   2,000,000    2,346,580 
School District of Palm Beach County, COP,          
Series B,          
5.000%, due 08/01/31   1,000,000    1,164,080 
South Florida Water Management District, COP          
5.000%, due 10/01/34   1,000,000    1,168,510 

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face     
   amount ($)   Value ($) 
         
Municipal bonds —  (continued)          
           
Florida — (concluded)          
The School Board of Miami-Dade County, COP,          
Series A,          
5.000%, due 05/01/31   1,000,000    1,150,350 
         10,571,356 
           
Georgia — 1.9%          
Brookhaven Development Authority, Childrens Healthcare of Atlanta Revenue Bonds,          
Series A,          
5.000%, due 07/01/29   1,500,000    1,945,395 
           
Illinois — 11.4%          
Chicago O’Hare International Airport Revenue Bonds,          
Series B,          
5.000%, due 01/01/30   1,000,000    1,117,690 
Series B,          
5.000%, due 01/01/31   1,050,000    1,171,579 
County of Cook, GO Bonds,          
Series A,          
5.000%, due 11/15/20   1,830,000    1,848,172 
Series A,          
5.000%, due 11/15/26   1,500,000    1,552,920 
Illinois Finance Authority Revenue Bonds          
5.000%, due 07/01/37   1,000,000    1,247,050 
Illinois State Toll Highway Authority Revenue Bonds,          
Series B,          
5.000%, due 01/01/27   1,000,000    1,182,870 
Railsplitter Tobacco Settlement Authority Revenue Bonds          
5.000%, due 06/01/25   1,235,000    1,435,280 
State of Illinois, Sales Tax Revenue Bonds          
5.000%, due 06/15/20   1,190,000    1,197,414 
5.000%, due 06/15/22   1,105,000    1,122,172 
         11,875,147 
           
Maryland — 2.5%          
County of Prince George's MD, GO Bonds,          
Series A,          
5.000%, due 07/15/30   1,000,000    1,311,880 

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face     
   amount ($)   Value ($) 
         
Municipal bonds — (continued)          
           
Maryland — (concluded)          
State of Maryland, GO Bonds,          
Series A,          
5.000%, due 08/01/30   1,000,000    1,313,070 
         2,624,950 
           
Massachusetts — 2.9%          
The Commonwealth of Massachusetts, GO Bonds,          
Series A,          
5.000%, due 01/01/40   1,500,000    1,822,080 
Series B,          
5.000%, due 07/01/36   1,000,000    1,251,250 
         3,073,330 
           
Michigan — 3.2%          
Michigan Finance Authority, Trinity Health Credit Group, Hospital Revenue Bonds,          
Series A,          
5.000%, due 12/01/35   1,000,000    1,185,020 
Michigan State Building Authority Revenue Bonds,          
Series I,          
5.000%, due 10/15/29   1,800,000    2,176,668 
         3,361,688 
           
Minnesota — 1.2%          
State of Minnesota, GO Bonds,          
Series A,          
5.000%, due 08/01/36   1,000,000    1,288,050 
           
Mississippi — 1.0%          
Mississippi Business Finance Corp., (Chevron USA, Inc. Project) Revenue Bonds,          
Series L,          
0.650%, due 11/01/351   1,000,000    1,000,000 
           
Nevada — 2.1%          
County of Clark Department of Aviation, Las Vegas-McCarran International Airport Revenue Bonds,          
Series C,          
5.000%, due 07/01/27   1,815,000    2,161,792 
           
New Jersey — 4.8%          
New Jersey Transportation Trust Fund Authority Revenue Bonds,          
Series AA,          
5.000%, due 06/15/27   1,500,000    1,569,960 
New Jersey Turnpike Authority Revenue Bonds,          

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face     
   amount ($)   Value ($) 
         
Municipal bonds — (continued)          
           
New Jersey — (concluded)          
Series A,          
5.000%, due 01/01/27   1,000,000    1,128,000 
Series E,          
5.000%, due 01/01/34   860,000    973,193 
Union County Pollution Control Financing Authority (Exxon Mobil Corp.) Revenue Bonds          
0.650%, due 10/01/241   1,300,000    1,300,000 
         4,971,153 
           
New York — 26.3%          
City of New York, GO Bonds,          
Series B-1,          
5.000%, due 10/01/42   1,200,000    1,479,084 
Series F-1,          
5.000%, due 04/01/34   1,100,000    1,345,773 
Series F-1,          
5.000%, due 04/01/40   1,000,000    1,204,510 
Metropolitan Transportation Authority Revenue Bonds, Subseries B-2A,          
5.000%, due 05/15/21   1,060,000    1,090,952 
New York City Municipal Water Finance Authority, Water & Sewer System Revenue Bonds,          
Series EE,          
5.000%, due 06/15/40   1,000,000    1,210,480 
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution Fiscal 2017 Revenue Bonds,          
Series EE,          
5.000%, due 06/15/33   1,000,000    1,225,490 
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution Revenue Bonds, Series A,          
0.720%, due 06/15/321   600,000    600,000 
Series EE2,          
5.000%, due 06/15/40   1,200,000    1,485,984 
Series FF,          
5.000%, due 06/15/39   2,000,000    2,431,800 
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,          
Series A-2,          
5.000%, due 08/01/38   1,000,000    1,193,480 
Series B,          
5.000%, due 11/01/25   1,000,000    1,091,080 
Series C-2,          
5.000%, due 05/01/35   3,000,000    3,675,930 
Subseries E-4,          
0.750%, due 02/01/451   500,000    500,000 

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face     
   amount ($)   Value ($) 
         
Municipal bonds — (continued)          
           
New York — (concluded)          
New York State Dormitory Authority, State Sales Tax Revenue Bonds,          
Series A,          
5.000%, due 03/15/43   1,500,000    1,819,185 
New York State Urban Development Corp., Sales Tax Revenue Bonds,          
Series A,          
5.000%, due 03/15/41   4,060,000    5,149,866 
New York State Urban Development Corp., State Personal Income Tax Revenue Bonds,          
Series A,          
5.000%, due 03/15/36   1,500,000    1,849,485 
         27,353,099 
           
Ohio — 1.4%          
State of Ohio, GO Bonds,          
Series A,          
5.000%, due 06/15/30   1,110,000    1,477,288 
           
Pennsylvania — 7.8%          
City of Philadelphia, GO Bonds          
5.000%, due 08/01/20   1,590,000    1,609,620 
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds          
5.000%, due 06/01/24   1,625,000    1,829,214 
Pennsylvania Turnpike Commission Revenue Bonds,          
Series 2017-3,          
5.000%, due 12/01/28   1,000,000    1,236,410 
Series A-2,          
5.000%, due 12/01/28   1,000,000    1,236,410 
Series REF,          
5.000%, due 12/01/30   1,750,000    2,155,720 
         8,067,374 
           
Rhode Island — 1.0%          
Tobacco Settlement Financing Corp., Asset-Backed Revenue Bonds,          
Series A,          
5.000%, due 06/01/21   1,000,000    1,026,120 
           
South Carolina — 2.3%          
South Carolina Public Service Authority (Escrowed to Maturity) Revenue Bonds,          
Series B,          
5.000%, due 12/01/202   555,000    569,158 
South Carolina Public Service Authority Revenue Bonds,          
Series A,          
5.000%, due 12/01/26   1,010,000    1,161,773 

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face     
   amount ($)   Value ($) 
         
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    705,835 
         2,436,766 
           
Texas — 8.1%          
Harris County Cultural Education Facilities Finance Corp., (Methodist Hospital) Revenue Bonds,          
Subseries C-2,          
0.750%, due 12/01/271   100,000    100,000 
Lower Colorado River Authority Refunding LCRA Transmission Services Revenue Bonds          
5.000%, due 05/15/31   1,000,000    1,273,420 
North Texas Tollway Authority Revenue Bonds,          
Series A,          
5.000%, due 01/01/27   3,030,000    3,432,505 
Series B,          
5.000%, due 01/01/29   1,140,000    1,455,108 
State of Texas, Revenue Anticipation Notes          
4.000%, due 08/27/20   900,000    910,152 
The University of Texas System Revenue Bonds,          
Series A,          
5.000%, due 08/15/38   1,000,000    1,266,310 
         8,437,495 
           
Washington —  2.1%          
State of Washington, GO Bonds,          
Series D,          
5.000%, due 06/01/38   1,725,000    2,184,799 
Total Municipal bonds          
(cost—$100,222,001)        103,338,957 
Total investments          
(cost—$100,222,001) —  99.3%        103,338,957 
Other assets in excess of liabilities — 0.7%        684,041 
Net assets — 100.0%       $104,022,998 

 

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, 2020 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

 

 

 

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Assets                
                 
Description   Unadjusted
quoted prices
in active
markets for
identical
investments
(Level 1) ($)
    Other
significant
observable
inputs
(Level 2) ($)
    Unobservable
inputs
(Level 3) ($)
    Total ($) 
Municipal bonds       103,338,957        103,338,957 

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

Portfolio footnotes

 

1Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

 

2Security 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

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount ($)
   Value ($) 
         
Corporate bonds—97.2%          
           
Supranationals — 97.2%          
           
African Development Bank          
3.000%, due 09/20/231   700,000    756,356 
(Series GDIF),          
 1.250%, due 07/26/21   550,000    554,959 
(Series GDIF),          
 2.125%, due 11/16/22   200,000    207,762 
(Series GDIF),          
 2.625%, due 03/22/21   200,000    203,689 
Agence Francaise de Developpement, EMTN          
2.750%, due 03/22/212   1,000,000    1,020,500 
2.750%, due 01/22/222   400,000    415,078 
Asian Development Bank          
1.875%, due 01/24/30   400,000    429,534 
Asian Development Bank, GMTN          
1.750%, due 09/19/29   400,000    425,493 
2.500%, due 11/02/27   100,000    111,062 
2.625%, due 01/12/27   100,000    111,521 
2.750%, due 01/19/28   340,000    385,291 
3.125%, due 09/26/28   400,000    468,532 
Asian Infrastructure Investment Bank/The          
2.250%, due 05/16/24   1,700,000    1,801,926 
Corp. Andina de Fomento          
2.125%, due 09/27/21   125,000    126,717 
4.375%, due 06/15/22   300,000    320,349 
Council of Europe Development Bank          
1.625%, due 03/16/211   750,000    758,055 
2.500%, due 02/27/24   800,000    858,155 
European Bank for Reconstruction & Development          
1.500%, due 02/13/25   450,000    468,168 
European Bank for Reconstruction & Development, EMTN          
1.875%, due 07/15/21   200,000    202,902 
European Bank for Reconstruction & Development, GMTN          
1.500%, due 11/02/21   250,000    253,185 
2.750%, due 03/07/23   850,000    900,745 
European Investment Bank          
1.875%, due 02/10/251   575,000    607,190 
2.375%, due 05/13/21   200,000    204,094 
2.625%, due 03/15/241   425,000    458,916 
3.250%, due 01/29/24   500,000    549,665 
IDB Trust Services Ltd.          
2.843%, due 04/25/242   400,000    424,279 
3.389%, due 09/26/232   800,000    858,141 

 

 

 

 

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount ($)
   Value ($) 
         
Corporate bonds— (continued)          
           
Supranationals— (concluded)          
           
IDB Trust Services Ltd., EMTN          
2.393%, due 04/12/222   400,000    411,280 
Inter-American Development Bank          
1.750%, due 03/14/25   650,000    682,779 
2.000%, due 07/23/26   1,200,000    1,288,967 
2.125%, due 01/15/25   725,000    772,160 
2.250%, due 06/18/29   2,882,000    3,177,844 
2.375%, due 07/07/27   1,135,000    1,255,040 
3.000%, due 02/21/24   250,000    274,164 
3.125%, due 09/18/28   1,700,000    1,988,843 
Inter-American Development Bank, GMTN          
2.000%, due 06/02/26   600,000    653,205 
International Bank for Reconstruction & Development          
1.625%, due 01/15/25   750,000    784,027 
2.000%, due 01/26/22   100,000    102,545 
2.500%, due 03/19/24   250,000    268,758 
3.000%, due 09/27/23   100,000    107,948 
(Series GDIF),          
 1.500%, due 08/28/24   950,000    982,002 
(Series GDIF),          
 1.750%, due 10/23/29   2,260,000    2,402,018 
(Series GDIF),          
 1.875%, due 10/27/26   1,400,000    1,492,032 
(Series GDIF),          
 2.125%, due 03/03/25   100,000    106,812 
(Series GDIF),          
 2.500%, due 07/29/25   1,350,000    1,472,823 
(Series GDIF),          
 2.500%, due 11/22/27   1,893,000    2,112,371 
International Development Association          
2.750%, due 04/24/231,2   1,425,000    1,524,324 
International Finance Corp., GMTN          
1.125%, due 07/20/21   250,000    251,728 
1.375%, due 10/16/24   500,000    515,425 
2.125%, due 04/07/26   675,000    724,005 
2.250%, due 01/25/21   150,000    152,102 
2.875%, due 07/31/23   100,000    107,499 
Kreditanstalt fuer Wiederaufbau          
2.000%, due 05/02/251   1,000,000    1,064,010 
2.875%, due 04/03/28   584,000    674,119 
Nordic Investment Bank          
2.125%, due 02/01/22   200,000    205,214 
2.875%, due 07/19/23   1,100,000    1,179,690 
Total Corporate bonds          
(cost—$38,015,528)        40,615,998 

 

 

 

 

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Number
of shares
   Value ($) 
         
Short-term investments—2.1%          
           
Investment companies — 2.1%          
State Street Institutional U.S. Government Money Market Fund          
(cost — $871,006)   871,006    871,006 
           
Investment of cash collateral from securities loaned—6.7%          
           
Money market funds — 6.7%          
State Street Navigator Securities Lending Government Money Market Portfolio          
(cost — $2,781,075)   2,781,075    2,781,075 
Total investments          
(cost — $41,667,609) 3— 106.0%        44,268,079 
Liabilities in excess of other assets — (6.0)%        (2,488,187)
Net assets — 100.0%       $41,779,892 

 

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

 

Fair valuation summary

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund’s 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
quoted prices
in active
markets for
identical
investments
(Level 1) ($)
   Other
significant
observable
inputs
(Level 2) ($)
   Unobservable
inputs
(Level 3) ($)
   Total ($) 
                 
Corporate bonds       40,615,998        40,615,998 
Short-term investments       871,006        871,006 
Investment of cash collateral from securities loaned       2,781,075        2,781,075 
Total       44,268,079        44,268,079 

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

Portfolio footnotes

 

1Security, or portion thereof, was on loan at the period end.

 

 

 

 

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

2Security 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.

 

3Includes $2,722,199 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,781,075.

 

 

 

 

UBS Total Return Bond Fund

Industry diversification – March 31, 2020 (unaudited)1

 

   Percentage of 
Corporate bonds   net assets 
Agriculture   0.1%
Auto manufacturers   0.2 
Banks   8.1 
Beverages   0.5 
Biotechnology   0.7 
Chemicals   1.4 
Computers   0.9 
Diversified financial services   2.2 
Electric   1.8 
Electronics   0.4 
Food   0.3 
Healthcare-products   0.1 
Insurance   1.0 
Internet   0.4 
Lodging   0.5 
Media   1.5 
Mining   0.3 
Miscellaneous manufacturers   1.0 
Oil & gas   1.6 
Pharmaceuticals   1.7 
Pipelines   1.5 
Real estate   2.1 
Real estate investment trust   0.5 
Retail   0.3 
Semiconductors   1.0 
Software   1.4 
Telecommunications   1.5 
Transportation   0.5 
Total Corporate bonds   33.5%
Asset-backed securities   14.0 
Mortgage-backed securities   17.5 
Municipal bonds   1.0 
Non-U.S. government agency     
obligations   1.9 
U.S. government agency obligations   23.1 
U.S. treasury obligations   6.9 
Short-term investments   6.2 
Investment of cash collateral from securities loaned   2.5 
Total investments   106.6%
Liabilities in excess of other assets   (6.6)
Net assets   100.0%

 

1The Fund’s portfolio is actively managed and its composition will vary over time.

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited) 

         
   Face
amount1
   Value ($) 
         
Asset-backed securities—14.0%          
           
United States — 14.0%          
American Credit Acceptance Receivables Trust,          
Series 2018-3, Class B,          
3.490%, due 06/13/222   54,427    54,396 
AmeriCredit Automobile Receivables,          
Series 2015-4, Class D,          
3.720%, due 12/08/21   725,000    721,285 
AmeriCredit Automobile Receivables Trust,          
Series 2018-1, Class D,          
3.820%, due 03/18/24   100,000    96,917 
CPS Auto Trust,          
Series 2018-C, Class D,          
4.400%, due 06/17/242   150,000    149,943 
Dell Equipment Finance Trust,          
Series 2018-1, Class D,          
3.850%, due 06/24/242   120,000    120,377 
Drive Auto Receivables Trust,          
Series 2017-1, Class D,          
3.840%, due 03/15/23   61,631    61,436 
Series 2018-1, Class C,          
3.220%, due 03/15/23   424,639    424,555 
Series 2018-1, Class D,          
3.810%, due 05/15/24   225,000    224,610 
Series 2018-2, Class D,          
4.140%, due 08/15/24   200,000    201,624 
Series 2018-3, Class D,          
4.300%, due 09/16/24   300,000    297,742 
Series 2018-4, Class D,          
4.090%, due 01/15/26   150,000    150,254 
Exeter Automobile Receivables Trust,          
Series 2018-1A, Class D,          
3.530%, due 11/15/232   100,000    99,016 
HPEFS Equipment Trust,          
Series 2019-1A, Class D,          
2.720%, due 09/20/292   200,000    196,161 
Series 2020-1A, Class D,          
2.260%, due 02/20/302   200,000    195,030 
Invitation Homes Trust,          
Series 2018-SFR1, Class C,          
1 mo. USD LIBOR + 1.250%,          
2.050%, due 03/17/37 2,3   100,000    86,017 
Series 2018-SFR2, Class D,          
1 mo. USD LIBOR + 1.450%,          
2.155%, due 06/17/37 2,3   150,000    127,448 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited) 

         
   Face
amount1
   Value ($) 
         
Asset-backed securities— (concluded)          
           
United States— (concluded)          
New Residential Advance Receivables Trust Advance Receivables Backed,          
Series 2019-T5, Class AT5,          
2.425%, due 10/15/512   300,000    293,241 
OneMain Direct Auto Receivables Trust,          
Series 2018-1A, Class C,          
3.850%, due 10/14/252   300,000    296,730 
PSNH Funding LLC,          
Series 2018-1, Class A3,          
3.814%, due 02/01/35   175,000    170,022 
Santander Drive Auto Receivables Trust,          
Series 2017-2, Class D,          
3.490%, due 07/17/23   100,000    99,630 
Series 2017-3, Class D,          
3.200%, due 11/15/23   225,000    225,678 
Series 2018-4, Class D,          
3.980%, due 12/15/25   225,000    224,986 
Sofi Consumer Loan Program Trust,          
Series 2017-6, Class B,          
3.520%, due 11/25/262   225,000    209,993 
Series 2018-1, Class B,          
3.650%, due 02/25/272   100,000    83,786 
Series 2018-2, Class A2,          
3.350%, due 04/26/272   135,808    134,546 
Series 2018-2, Class B,          
3.790%, due 04/26/272   125,000    119,084 
Series 2018-3, Class B,          
4.020%, due 08/25/272   125,000    115,107 
Total asset-backed securities          
(cost—$5,299,076)        5,179,614 
           
Corporate bonds—33.5%          
           
Belgium — 0.5%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900%, due 02/01/46   165,000    180,099 
           
Brazil — 0.7%          
Petrobras Global Finance BV          
7.375%, due 01/17/27   250,000    255,000 
           
British Virgin Islands — 0.5%          
Fortune Star BVI Ltd.          
6.875%, due 01/31/214   200,000    190,002 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)          
           
Canada — 0.8%          
Cenovus Energy, Inc.          
5.400%, due 06/15/47   80,000    36,416 
NOVA Chemicals Corp.          
5.250%, due 08/01/232,5   210,000    182,318 
Rogers Communications, Inc.          
5.000%, due 03/15/44   60,000    72,022 
         290,756 
           
Cayman Islands — 1.0%          
CIFI Holdings Group Co. Ltd.          
5.500%, due 01/23/234   200,000    181,966 
Powerlong Real Estate Holdings Ltd.          
5.950%, due 07/19/204   200,000    195,000 
         376,966 
           
China — 0.5%          
Sunac China Holdings Ltd.          
8.625%, due 07/27/204   200,000    197,501 
           
Colombia — 0.2%          
Ecopetrol SA          
5.375%, due 06/26/26   70,000    67,723 
           
Germany — 0.4%          
Deutsche Bank AG          
4.250%, due 02/04/21   150,000    144,042 
           
Hong Kong — 0.5%          
Yanlord Land HK Co. Ltd.          
6.750%, due 04/23/234   200,000    183,988 
           
Israel — 0.1%          
Teva Pharmaceutical Finance IV BV          
3.650%, due 11/10/21   57,000    54,756 
           
Luxembourg — 0.5%          
INEOS Group Holdings SA          
5.625%, due 08/01/242,5   200,000    182,000 
           
Mexico — 0.3%          
Petroleos Mexicanos          
7.690%, due 01/23/502   150,000    102,750 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)          
           
Netherlands — 0.2%          
NXP BV/NXP Funding LLC/NXP USA, Inc.          
3.875%, due 06/18/262   65,000    63,220 
           
Peru — 0.3%          
Southern Copper Corp.          
6.750%, due 04/16/40   90,000    99,000 
           
United Kingdom — 2.6%          
Barclays PLC          
4.836%, due 05/09/28   200,000    206,284 
HSBC Holdings PLC          
3.400%, due 03/08/21   260,000    261,431 
Lloyds Banking Group PLC          
4.582%, due 12/10/25   200,000    205,758 
Reynolds American, Inc.          
7.250%, due 06/15/37   35,000    41,555 
Royal Bank of Scotland Group PLC          
3.875%, due 09/12/23   250,000    252,534 
         967,562 
           
United States — 24.4%          
Abbott Laboratories          
3.750%, due 11/30/26   45,000    50,236 
AbbVie, Inc.          
2.500%, due 05/14/20   200,000    200,014 
ADT Security Corp./The          
3.500%, due 07/15/22   140,000    136,500 
AEP Texas, Inc.,          
Series E,          
6.650%, due 02/15/33   50,000    65,683 
Series G,          
4.150%, due 05/01/49   50,000    51,804 
Alabama Power Co.          
6.000%, due 03/01/39   100,000    129,371 
Ally Financial, Inc.          
4.625%, due 05/19/22   100,000    96,500 
Apple, Inc.          
4.650%, due 02/23/46   100,000    138,446 
AT&T, Inc.          
4.300%, due 02/15/30   266,000    286,301 
Bank of America Corp.          
6.110%, due 01/29/37   125,000    162,877 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)          
           
United States— (continued)          
Bank of America Corp., MTN          
4.200%, due 08/26/24   150,000    159,437 
Berkshire Hathaway Energy Co.          
4.450%, due 01/15/49   100,000    115,347 
Biogen, Inc.          
4.050%, due 09/15/25   100,000    105,749 
5.200%, due 09/15/45   50,000    64,692 
Boston Properties LP, REIT          
2.750%, due 10/01/26   210,000    201,012 
Bristol-Myers Squibb Co.          
3.200%, due 06/15/262   150,000    160,208 
Broadcom Corp./Broadcom Cayman Finance Ltd.          
3.125%, due 01/15/255   30,000    28,761 
Burlington Northern Santa Fe LLC          
5.150%, due 09/01/43   100,000    129,992 
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.500%, due 05/01/262   150,000    151,890 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.579%, due 07/23/20   150,000    149,534 
Citigroup, Inc.          
4.125%, due 07/25/28   50,000    51,312 
5.500%, due 09/13/25   300,000    333,339 
6.675%, due 09/13/43   50,000    67,654 
Comcast Corp.          
3.969%, due 11/01/47   88,000    101,707 
4.600%, due 10/15/38   50,000    62,294 
4.700%, due 10/15/48   50,000    64,643 
CVS Health Corp.           
4.300%, due 03/25/28   120,000    127,440 
Dell International LLC/EMC Corp.          
4.420%, due 06/15/212   100,000    101,073 
Duke Energy Ohio, Inc.          
4.300%, due 02/01/49   100,000    117,072 
DuPont de Nemours, Inc.          
4.725%, due 11/15/28   100,000    109,690 
Eaton Corp.          
2.750%, due 11/02/22   190,000    192,013 
Energy Transfer Operating LP          
5.500%, due 06/01/27   50,000    43,714 
Enterprise Products Operating LLC          
2.850%, due 04/15/21   105,000    103,764 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)          
           
United States— (continued)          
Exelon Corp.          
3.400%, due 04/15/26   150,000    145,433 
Fiserv, Inc.          
3.200%, due 07/01/26   60,000    61,756 
Fox Corp., Class A          
3.050%, due 04/07/25   25,000    24,961 
GE Capital International Funding Co. Unlimited Co.          
2.342%, due 11/15/20   200,000    198,868 
3.373%, due 11/15/255   200,000    201,036 
General Electric Co.,          
Series D,          
(fixed, converts to FRN on 01/21/21),          
 5.000%, due 01/21/216   99,000    81,675 
General Motors Co.          
6.600%, due 04/01/36   70,000    60,921 
Gilead Sciences, Inc.          
3.650%, due 03/01/26   75,000    81,742 
Goldman Sachs Group, Inc./The          
5.150%, due 05/22/45   80,000    94,596 
5.750%, due 01/24/22   305,000    323,611 
Home Depot, Inc./The          
2.125%, due 09/15/26   100,000    100,638 
Illinois Tool Works, Inc.          
2.650%, due 11/15/265   80,000    80,895 
International Lease Finance Corp.          
5.875%, due 08/15/22   120,000    107,277 
JPMorgan Chase & Co.,          
Series I,          
3 mo. USD LIBOR + 3.470%,          
5.240%, due 04/30/203,6   97,000    87,543 
Kinder Morgan, Inc.          
5.550%, due 06/01/45   40,000    41,066 
6.500%, due 09/15/20   100,000    100,224 
Kroger Co./The          
6.900%, due 04/15/38   25,000    33,664 
Liberty Mutual Group, Inc.          
4.250%, due 06/15/232   45,000    45,811 
4.569%, due 02/01/292   155,000    171,440 
LYB International Finance BV          
4.875%, due 03/15/445   50,000    53,989 
Marathon Petroleum Corp.          
4.750%, due 09/15/445   70,000    53,276 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Corporate bonds— (continued)          
           
United States— (continued)          
MetLife, Inc.          
6.400%, due 12/15/36   35,000    36,526 
Microsoft Corp.          
2.375%, due 02/12/22   250,000    256,930 
4.450%, due 11/03/45   60,000    78,891 
Morgan Stanley          
4.300%, due 01/27/45   50,000    60,478 
4.875%, due 11/01/22   350,000    367,465 
Morgan Stanley, GMTN          
4.350%, due 09/08/265   140,000    150,866 
MPLX LP          
4.875%, due 06/01/25   70,000    57,646 
Nabors Industries, Inc.          
4.625%, due 09/15/215   150,000    95,030 
NCR Corp.          
5.000%, due 07/15/22   40,000    37,600 
Netflix, Inc.          
5.500%, due 02/15/22   140,000    142,450 
Oncor Electric Delivery Co. LLC          
3.750%, due 04/01/45   50,000    53,088 
Oracle Corp.          
2.800%, due 04/01/27   100,000    101,932 
Prudential Financial, Inc., MTN          
6.625%, due 06/21/40   50,000    61,754 
QUALCOMM, Inc.          
3.250%, due 05/20/27   60,000    63,310 
Quicken Loans, Inc.          
5.750%, due 05/01/252   110,000    109,450 
Sabine Pass Liquefaction LLC          
5.000%, due 03/15/27   200,000    170,071 
Seagate HDD Cayman          
5.750%, due 12/01/34   80,000    74,070 
Shire Acquisitions Investments Ireland DAC          
2.400%, due 09/23/21   100,000    99,626 
Smithfield Foods, Inc.          
3.350%, due 02/01/222   80,000    77,805 
Sunoco Logistics Partners Operations LP          
5.400%, due 10/01/47   50,000    39,699 
Synchrony Financial          
4.500%, due 07/23/25   90,000    88,061 
Teachers Insurance & Annuity Association of America          
4.270%, due 05/15/472   60,000    57,676 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Corporate bonds— (concluded)          
           
United States— (concluded)          
Texas Instruments, Inc.          
1.850%, due 05/15/22   220,000    224,251 
Union Pacific Corp.          
4.050%, due 11/15/45   40,000    42,147 
Verizon Communications, Inc.          
5.250%, due 03/16/37   140,000    179,079 
Wells Fargo & Co., MTN          
(fixed, converts to FRN on 06/17/26),          
 3.196%, due 06/17/27   70,000    72,080 
         9,008,472 
Total Corporate bonds          
(cost—$12,469,774)        12,363,837 
           
Mortgage-backed securities—17.5%          
           
United States — 17.5%          
Angel Oak Mortgage Trust,          
Series 2019-5, Class A1,          
2.593%, due 10/25/492,7   158,934    157,071 
Angel Oak Mortgage Trust I LLC,          
Series 2018-3, Class A1,          
3.649%, due 09/25/482,7   101,086    99,058 
Series 2019-4, Class A1,          
2.993%, due 07/26/492,7   210,031    206,574 
Ashford Hospitality Trust,          
Series 2018-ASHF, Class D,          
1 mo. USD LIBOR + 2.100%,          
2.805%, due 04/15/352,3   100,000    83,319 
BANK,          
Series 2017-BNK7, Class C,          
4.051%, due 09/15/607   100,000    77,796 
Series 2018-BN14, Class E,          
3.000%, due 09/15/602,7   250,000    131,130 
Series 2018-BN15, Class A4,          
4.407%, due 11/15/617   150,000    172,025 
BBCMS Trust,          
Series 2015-SRCH, Class B,          
4.498%, due 08/10/352   135,000    127,352 
BENCHMARK Mortgage Trust,          
Series 2018-B4, Class D,          
2.812%, due 07/15/512,7   100,000    61,873 
Series 2018-B5, Class A3,          
3.944%, due 07/15/51   100,000    109,631 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Mortgage-backed securities— (continued)          
           
United States— (continued)          
Series 2019-B10, Class C,          
3.750%, due 03/15/62   200,000    144,808 
CHT Mortgage Trust,          
Series 2017-CSMO, Class E,          
1 mo. USD LIBOR + 3.000%,          
3.705%, due 11/15/362,3   475,000    366,125 
Citigroup Commercial Mortgage Trust,          
Series 2015-GC33, Class A4,          
3.778%, due 09/10/58   143,000    151,006 
Series 2017-P8, Class D,          
3.000%, due 09/15/502   300,000    196,329 
Commercial Mortgage Trust,          
Series 2015-CR24, Class D,          
3.463%, due 08/10/487   150,000    112,746 
Series 2017-COR2, Class C,          
4.561%, due 09/10/507   200,000    162,196 
CSAIL Commercial Mortgage Trust,          
Series 2017-C8, Class D,          
4.470%, due 06/15/502   141,000    104,434 
Deephaven Residential Mortgage Trust,          
Series 2018-3A, Class A1,          
3.789%, due 08/25/582,7   130,637    127,987 
FREMF Mortgage Trust,          
Series 2017-K64, Class B,          
3.981%, due 05/25/502,7   50,000    48,025 
Series 2017-K724, Class B,          
3.485%, due 11/25/232,7   265,000    258,165 
GS Mortgage Securities Corp. Trust,          
Series 2017-SLP, Class E,          
4.591%, due 10/10/322,7   225,000    190,462 
Hilton USA Trust,          
Series 2016-SFP, Class E,          
5.519%, due 11/05/352   125,000    110,960 
JP Morgan Chase Commercial Mortgage Securities Trust,          
Series 2012-C6, Class D,          
5.157%, due 05/15/457   150,000    138,354 
Series 2018-ASH8, Class D,          
1 mo. USD LIBOR + 2.050%,          
 2.755%, due 02/15/35 2,3   100,000    88,143 
JPMBB Commercial Mortgage Securities Trust,          
Series 2014-C26, Class AS,          
3.800%, due 01/15/48   200,000    204,189 
Series 2015-C29, Class D,          
3.678%, due 05/15/487   100,000    76,891 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Mortgage-backed securities— (continued)          
           
United States— (continued)          
Series 2015-C30, Class A5,          
3.822%, due 07/15/48   170,000    181,538 
JPMDB Commercial Mortgage Securities Trust,          
Series 2016-C2, Class D,          
3.397%, due 06/15/492,7   175,000    126,348 
Morgan Stanley Bank of America Merrill Lynch Trust,          
Series 2015-C24, Class A4,          
3.732%, due 05/15/48   100,000    106,132 
Series 2015-C24, Class AS,          
4.036%, due 05/15/487   75,000    77,531 
Series 2016-C32, Class AS,          
3.994%, due 12/15/497   273,000    278,531 
Series 2017-C34, Class C,          
4.185%, due 11/15/527   100,000    78,559 
Morgan Stanley Capital I, Inc.,          
Series 2017-HR2, Class C,          
4.226%, due 12/15/507   175,000    137,785 
Series 2017-HR2, Class D,          
2.730%, due 12/15/50   100,000    63,151 
Residential Mortgage Loan Trust,          
Series 2019-3, Class A1,          
2.633%, due 09/25/592,7   178,531    171,642 
RETL,          
Series 2019-RVP, Class C,          
1 mo. USD LIBOR + 2.100%,          
2.805%, due 03/15/362,3   200,000    172,172 
Rosslyn Portfolio Trust,          
Series 2017-ROSS, Class E,          
1 mo. USD LIBOR + 3.000%,          
3.989%, due 06/15/332,3   275,000    238,531 
Starwood Retail Property Trust,          
Series 2014-STAR, Class C,          
1 mo. USD LIBOR + 2.750%,          
3.455%, due 11/15/272,3   125,000    101,250 
Verus Securitization Trust,          
Series 2019-1, Class A1,          
3.836%, due 02/25/592,7   140,013    135,867 
Series 2019-3, Class A1,          
2.784%, due 07/25/592,8   136,849    134,167 
Series 2019-4, Class A1,          
2.642%, due 11/25/592,8   138,776    140,495 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Mortgage-backed securities— (concluded)          
           
United States— (concluded)          
VNDO Mortgage Trust,          
Series 2013-PENN, Class D,          
3.947%, due 12/13/292,7   500,000    491,960 
Wells Fargo Commercial Mortgage Trust,          
Series 2018-C44, Class C,          
4.835%, due 05/15/517   150,000    121,825 
Total Mortgage-backed securities          
(cost—$7,199,804)        6,464,133 
           
Municipal bonds—1.0%          
           
California — 1.0%          
State of California, GO Bonds          
7.300%, due 10/01/39          
(cost — $363,441)   250,000    384,138 
           
Non-U.S. government agency obligations—1.9%          
           
Colombia — 0.5%          
Colombia Government International Bond          
8.125%, due 05/21/24   155,000    177,766 
           
Ecuador — 0.2%          
Ecuador Government International Bond          
10.750%, due 01/31/294   200,000    56,500 
           
Indonesia — 0.3%          
Indonesia Government International Bond          
6.625%, due 02/17/372   100,000    125,250 
           
Mexico — 0.1%          
Mexico Government International Bond, MTN          
4.750%, due 03/08/44   50,000    50,734 
           
Panama — 0.1%          
Panama Government International Bond          
3.870%, due 07/23/60   50,000    49,875 
           
Turkey — 0.3%          
Turkey Government International Bond          
6.875%, due 03/17/365   100,000    88,406 

 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
Non-U.S. government agency obligations— (concluded)          
           
Uruguay — 0.4%          
Uruguay Government International Bond          
7.625%, due 03/21/36   100,000    137,875 
Total Non-U.S. government agency obligations          
(cost—$839,528)        686,406 
           
U.S. government agency obligations—23.1%          
           
United States — 23.1%          
FHLMC          
2.500%, due 04/01/33   254,008    263,839 
3.500%, due 08/01/47   296,911    314,924 
3.500%, due 11/01/47   330,497    351,310 
4.000%, due 01/01/46   97,780    105,982 
4.000%, due 05/01/47   149,602    160,938 
4.000%, due 08/01/47   149,068    160,356 
4.000%, due 10/01/47   75,009    80,805 
4.000%, due 09/01/48   85,143    90,906 
4.500%, due 04/01/46   93,035    101,913 
FNMA          
2.500%, due 03/01/35   248,431    257,891 
3.000%, due 02/01/33   220,121    231,392 
3.000%, due 02/01/43   63,739    67,435 
3.000%, due 05/01/43   72,265    76,412 
3.000%, due 07/01/43   98,263    104,204 
3.000%, due 09/01/43   135,333    143,671 
3.000%, due 05/01/46   140,376    148,303 
3.500%, due 04/01/32   79,781    85,267 
3.500%, due 11/01/33   32,457    34,110 
3.500%, due 06/01/45   107,480    115,291 
3.500%, due 06/01/46   180,996    194,430 
3.500%, due 11/01/47   410,127    434,990 
3.500%, due 07/01/49   57,460    60,822 
4.000%, due 09/01/40   119,092    128,883 
4.000%, due 03/01/41   37,361    40,426 
4.000%, due 12/01/43   161,499    177,200 
4.000%, due 02/01/45   118,230    129,108 
4.000%, due 09/01/45   132,960    144,216 
4.000%, due 08/01/47   82,433    88,696 
4.000%, due 01/01/48   78,558    84,375 
4.000%, due 05/01/48   16,564    17,733 
4.500%, due 02/01/44   22,298    24,708 
4.500%, due 04/01/44   109,509    121,348 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

         
   Face
amount1
   Value ($) 
         
U.S. government agency obligations— (concluded)          
           
United States— (concluded)          
4.500%, due 12/01/44   21,922    24,105 
4.500%, due 02/01/45   37,706    41,394 
4.500%, due 06/01/46   148,154    164,035 
4.500%, due 08/01/46   20,177    22,107 
4.500%, due 05/01/47   66,022    71,919 
4.500%, due 02/01/49   131,253    143,012 
5.500%, due 03/01/33   30,884    34,707 
5.500%, due 09/01/34   111,970    124,696 
5.500%, due 11/01/34   25,242    28,519 
6.000%, due 11/01/28   30,579    34,295 
GNMA          
6.500%, due 05/15/29   8,106    9,501 
GNMA II          
3.000%, due 09/20/44   70,603    75,838 
3.500%, due 02/20/43   16,359    17,490 
4.000%, due 06/20/44   11,854    12,920 
4.000%, due 09/20/44   45,348    49,433 
4.000%, due 05/20/45   11,400    12,427 
5.000%, due 08/20/48   24,280    26,133 
UMBS TBA          
2.500%   850,000    880,813 
3.000%   2,125,000    2,228,345 
Total U.S. government agency obligations          
(cost—$8,316,264)        8,543,573 
           
U.S. treasury obligations—6.9%          
           
United States — 6.9%          
U.S. Treasury Bond          
2.000%, due 02/15/50   130,000    150,988 
U.S. Treasury Inflation Indexed Bonds (TIPS)          
1.000%, due 02/15/49   66,628    82,900 
U.S. Treasury Notes          
1.500%, due 01/31/27   425,000    452,277 
1.500%, due 02/15/30   1,115,000    1,202,022 
1.625%, due 08/15/29   200,000    217,164 
1.750%, due 12/31/24   185,000    197,003 

 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

   Face
amount1
   Value ($) 
U.S. treasury obligations— (concluded)          
           
United States— (concluded)          
2.375%, due 05/15/29   200,000    230,156 
           
Total U.S. treasury obligations          
(cost—$2,469,421)        2,532,510 

 

   Number of
shares
     
         
Short-term investments—6.2%          
           
Investment companies — 6.2%          
State Street Institutional U.S. Government Money Market Fund          
(cost — $2,276,181)   2,276,181    2,276,181 
           
Investment of cash collateral from securities loaned—2.5%          
           
Money market funds — 2.5%          
State Street Navigator Securities Lending Government Money Market Portfolio          
(cost — $920,325)   920,325    920,325 
Total investments          
(cost — $40,153,814) 9— 106.6%        39,350,717 
Liabilities in excess of other assets — (6.6)%        (2,432,922)
Net assets — 100.0%       $36,917,795 

 

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
contracts
   Currency      Expiration date  Current
notional
amount($)
   Value($)   Unrealized
appreciation
(depreciation)($)
 
                           
U.S. treasury futures buy contracts:                     
16   USD   U.S. Treasury Note 10 Year Futures  June 2020   2,189,148    2,219,000    29,852 
20   USD   U.S. Treasury Note 5 Year Futures  June 2020   2,428,154    2,507,187    79,033 
12   USD   U.S. Ultra Bond Futures  June 2020   2,375,549    2,662,500    286,951 
6   USD   U.S. Ultra Treasury Note 10 Year Futures  June 2020   924,478    936,188    11,710 
Total              7,917,329    8,324,875    407,546 

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Number of
contracts
   Currency      Expiration date  Current
notional
amount($)
   Value($)   Unrealized
appreciation
(depreciation)($)
 
                       
Futures contracts— (concluded)                          
                           
Interest rate futures sell contracts:                          
2   EUR   German Euro Bund Futures  June 2020   (387,777)   (380,522)   7,255 
3   GBP   United Kingdom Long Gilt Bond Futures  June 2020   (507,930)   (507,485)   445 
Total              (895,707)   (888,007)   7,700 
Net unrealized appreciation (depreciation)                  415,246 

 

Centrally cleared credit default swap agreements on credit indices—buy protection11

 

Referenced obligations      Notional
amount
(000)
   Maturity
date
  Payment
frequency
  Payments
made by
the
Portfolio10(%)
   Upfront
payments
received
(made)($)
   Value($)   Unrealized
appreciation
(depreciation)($)
 
CDX North American High Yield 33 Index   USD    1,225   12/20/24  Quarterly   5.000    9,868    72,689    82,557 

  

Forward foreign currency contracts

 

Counterparty      Sell       Purchase   Settlement
date
  Unrealized
appreciation
(depreciation)($)
 
BOA   USD    366,021    THB    12,000,000   06/18/20   (234)
CITI   GBP    20,000    USD    24,635   06/18/20   (241)
GSI   THB    12,000,000    USD    373,401   06/18/20   7,614 
JPMCB   EUR    55,000    USD    61,641   06/18/20   803 
MSCI   AUD    120,000    USD    74,060   06/18/20   233 
Net unrealized appreciation (depreciation)                          8,175 

 

Fair valuation summary

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

 

 

 

 

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

 

Assets

 

Description  Unadjusted
quoted prices
in active
markets for
identical
investments
(Level 1) ($)
   Other
significant
observable
inputs
(Level 2) ($)
   Unobservable
inputs
(Level 3) ($)
   Total ($) 
                 
Asset-backed securities       5,179,614        5,179,614 
Corporate bonds       12,363,837        12,363,837 
Mortgage-backed securities       6,464,133        6,464,133 
Municipal bonds       384,138        384,138 
Non-U.S. government agency obligations       686,406        686,406 
U.S. government agency obligations       8,543,573        8,543,573 
U.S. treasury obligations       2,532,510        2,532,510 
Short-term investments       2,276,181        2,276,181 
Investment of cash collateral from securities loaned       920,325        920,325 
Futures contracts   415,246            415,246 
Swap agreements       72,689        72,689 
Forward foreign currency contracts       8,650        8,650 
Total   415,246    39,432,056        39,847,302 
                     
Liabilities                    
Forward foreign currency contracts       (475)       (475)

 

At March 31, 2020, there were no transfers in or out of Level 3.

 

Portfolio footnotes

 

1In US dollars unless otherwise indicated.

 

2Security 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 $7,881,206, represented 21.3% of the Fund’s net assets at period end.

 

3Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

 

4Security 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.

 

5Security, or portion thereof, was on loan at the period end.

 

6Perpetual investment. Date shown reflects the next call date.

 

7Variable 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.

 

8Step bond—coupon 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.

 

9Includes $1,071,054 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $920,325 and non-cash collateral of $174,445.

 

10Payments made or received are based on the notional amount.

 

11If 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.

 

 

 

 

Portfolio acronyms  
ADR American Depositary Receipt
AGM Assured Guaranty Municipal Corporation
CDO Collateralized Debt Obligation
COP Certificate of Participation
CSI Credit Suisse International
DAC Designated Activity Company
EMTN Euro Medium-Term Notes
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)
PJSC Private Joint Stock Company
REIT Real Estate Investment Trust
TBA To-Be-Announced Security
TIPS Treasury inflation protected securities
UMBS Uniform Mortgage-Backed Securities
   
Counterparty abbreviations
BB Barclays Bank PLC
BOA Bank of America NA
CITI Citibank NA
GSI Goldman Sachs International
HSBC HSBC Bank PLC
JPMCB JPMorgan Chase Bank
MSCI Morgan Stanley & Co. International PLC
SSC State Street Bank and Trust Co.
   
Currency abbreviations
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
EUR Euro
GBP Great Britain Pound
HKD Hong Kong Dollar
HUF Hungarian Forint
JPY Japanese Yen
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
THB Thailand Baht
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 Fund’s assets are traded in other markets on days when the NYSE is not open, the value of the Fund’s 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 Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

 

Each Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Funds normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

 

Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Trust’s 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 Fund’s 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 Fund’s 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.

 

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 Fund’s 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 investment’s 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 Fund’s investments. These inputs are summarized into the three broad levels listed below:

 

Level 1—Unadjusted quoted prices in active markets for identical investments.

 

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

 

Level 3—Unobservable inputs inclusive of the Funds’ own assumptions in determining the fair value of investments.

 

In accordance with the requirements of US GAAP, a fair value hierarchy has been included near the end of each Fund’s 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, 2019.