UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Asset-backed securities — 21.8% | ||||||||
BMW Vehicle Lease Trust, | ||||||||
Series 2021-2, Class A3, | ||||||||
0.330%, due 12/26/24 | 28,000,000 | 27,228,354 | ||||||
Canadian Pacer Auto Receivables Trust, | ||||||||
Series 2020-1A, Class B, | ||||||||
2.000%, due 07/21/251 | 1,590,000 | 1,559,104 | ||||||
CarMax Auto Owner Trust, | ||||||||
Series 2021-1, Class A4, | ||||||||
0.530%, due 10/15/26 | 1,235,000 | 1,158,177 | ||||||
Series 2021-2, Class A4, | ||||||||
0.810%, due 12/15/26 | 1,500,000 | 1,418,440 | ||||||
Series 2022-2, Class A2A, | ||||||||
2.810%, due 05/15/25 | 3,291,000 | 3,273,613 | ||||||
CCG Receivables Trust, | ||||||||
Series 2020-1, Class C, | ||||||||
1.840%, due 12/14/271 | 4,075,000 | 3,930,827 | ||||||
Series 2021-2, Class A2, | ||||||||
0.540%, due 03/14/291 | 1,342,243 | 1,292,168 | ||||||
Chesapeake Funding II LLC, | ||||||||
Series 2019-1A, Class A1, | ||||||||
2.940%, due 04/15/311 | 317,773 | 317,713 | ||||||
Series 2019-2A, Class A1, | ||||||||
1.950%, due 09/15/311 | 715,927 | 714,321 | ||||||
CNH Equipment Trust, | ||||||||
Series 2021-B, Class A3, | ||||||||
0.440%, due 08/17/26 | 1,364,000 | 1,306,612 | ||||||
Series 2022-A, Class A2, | ||||||||
2.390%, due 08/15/25 | 6,600,000 | 6,510,722 | ||||||
Dell Equipment Finance Trust, | ||||||||
Series 2021-2, Class A3, | ||||||||
0.530%, due 12/22/261 | 4,920,000 | 4,711,934 | ||||||
Enterprise Fleet Financing LLC, | ||||||||
Series 2018-3, Class A3, | ||||||||
3.550%, due 05/20/241 | 4,131,840 | 4,125,482 | ||||||
Series 2019-2, Class A2, | ||||||||
2.290%, due 02/20/251 | 1,994,050 | 1,992,297 | ||||||
Series 2020-2, Class A3, | ||||||||
0.650%, due 07/20/261 | 1,240,000 | 1,174,181 | ||||||
Ford Credit Auto Owner Trust, | ||||||||
Series 2017-2, Class A, | ||||||||
2.360%, due 03/15/291 | 12,000,000 | 11,992,602 | ||||||
Ford Credit Floorplan Master Owner Trust, | ||||||||
Series 2019-3, Class A1, | ||||||||
2.230%, due 09/15/24 | 10,000,000 | 9,991,892 | ||||||
Series 2019-3, Class B, | ||||||||
2.420%, due 09/15/24 | 34,918,000 | 34,844,822 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Asset-backed securities — (continued) | ||||||||
GM Financial Automobile Leasing Trust, | ||||||||
Series 2021-1, Class A4, | ||||||||
0.330%, due 02/20/25 | 1,280,000 | 1,249,115 | ||||||
Series 2021-3, Class A4, | ||||||||
0.500%, due 07/21/25 | 1,255,000 | 1,198,696 | ||||||
GM Financial Consumer Automobile Receivables Trust, | ||||||||
Series 2020-2, Class B, | ||||||||
2.540%, due 08/18/25 | 1,000,000 | 982,226 | ||||||
Series 2020-3, Class C, | ||||||||
1.370%, due 01/16/26 | 2,150,000 | 2,052,798 | ||||||
Series 2021-1, Class B, | ||||||||
0.750%, due 05/17/27 | 2,125,000 | 1,992,805 | ||||||
GM Financial Floorplan Owner Revolving Trust, | ||||||||
Series 2019-2, Class A, | ||||||||
2.900%, due 04/15/261 | 4,760,000 | 4,704,650 | ||||||
Series 2020-1, Class A, | ||||||||
0.680%, due 08/15/251 | 4,328,000 | 4,198,330 | ||||||
Series 2020-2, Class B, | ||||||||
0.960%, due 10/15/251 | 500,000 | 481,191 | ||||||
GreatAmerica Leasing Receivables Funding LLC, | ||||||||
Series 2020-1, Class B, | ||||||||
2.000%, due 02/16/261 | 4,880,000 | 4,749,866 | ||||||
Harley-Davidson Motorcycle Trust, | ||||||||
Series 2021-A, Class A4, | ||||||||
0.530%, due 09/15/28 | 597,000 | 567,449 | ||||||
Hyundai Auto Lease Securitization Trust, | ||||||||
Series 2021-B, Class B, | ||||||||
0.620%, due 03/16/261 | 12,045,000 | 11,521,959 | ||||||
Series 2021-C, Class A3, | ||||||||
0.380%, due 09/16/241 | 2,304,000 | 2,227,928 | ||||||
Series 2022-A, Class A4, | ||||||||
1.320%, due 12/15/251 | 1,000,000 | 963,164 | ||||||
Master Credit Card Trust, | ||||||||
Series 2021-1A, Class A, | ||||||||
0.530%, due 11/21/251 | 17,000,000 | 16,153,009 | ||||||
MMAF Equipment Finance LLC, | ||||||||
Series 2017-B, Class A4, | ||||||||
2.410%, due 11/15/241 | 464,436 | 463,951 | ||||||
Series 2017-B, Class A5, | ||||||||
2.720%, due 06/15/401 | 19,573,000 | 19,242,807 | ||||||
Series 2020-BA, Class A3, | ||||||||
0.490%, due 08/14/251 | 2,889,000 | 2,763,062 | ||||||
Nissan Auto Lease Trust, | ||||||||
Series 2021-A, Class A4, | ||||||||
0.650%, due 07/15/26 | 7,000,000 | 6,711,260 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Asset-backed securities — (continued) | ||||||||
Nissan Auto Receivables Owner Trust, | ||||||||
Series 2019-A, Class A3, | ||||||||
2.900%, due 10/16/23 | 318,528 | 318,571 | ||||||
Series 2020-B, Class A4, | ||||||||
0.710%, due 02/16/27 | 3,305,000 | 3,198,571 | ||||||
Santander Consumer Auto Receivables Trust, | ||||||||
Series 2020-AA, Class A, | ||||||||
1.370%, due 10/15/241 | 307,511 | 306,906 | ||||||
Series 2020-BA, Class B, | ||||||||
0.770%, due 12/15/251 | 7,820,000 | 7,596,956 | ||||||
Series 2020-BA, Class C, | ||||||||
1.290%, due 04/15/261 | 900,000 | 866,824 | ||||||
Series 2021-AA, Class A4, | ||||||||
0.480%, due 06/15/261 | 1,290,000 | 1,229,244 | ||||||
Series 2021-AA, Class B, | ||||||||
0.710%, due 08/17/261 | 1,250,000 | 1,175,566 | ||||||
Santander Retail Auto Lease Trust, | ||||||||
Series 2019-C, Class B, | ||||||||
2.170%, due 11/20/231 | 2,109,599 | 2,108,428 | ||||||
Series 2020-B, Class A3, | ||||||||
0.570%, due 04/22/241 | 1,200,000 | 1,173,601 | ||||||
Series 2020-B, Class A4, | ||||||||
0.650%, due 12/20/241 | 5,725,000 | 5,531,672 | ||||||
Series 2021-A, Class A3, | ||||||||
0.510%, due 07/22/241 | 5,349,000 | 5,190,812 | ||||||
Series 2021-B, Class A3, | ||||||||
0.510%, due 08/20/241 | 3,500,000 | 3,379,835 | ||||||
Series 2021-B, Class C, | ||||||||
1.100%, due 06/20/251 | 500,000 | 473,687 | ||||||
Series 2021-C, Class B, | ||||||||
0.830%, due 03/20/261 | 10,500,000 | 9,946,283 | ||||||
Series 2022-A, Class A3, | ||||||||
1.340%, due 07/21/251 | 2,000,000 | 1,910,930 | ||||||
Series 2022-B, Class A2, | ||||||||
2.840%, due 05/20/251 | 3,446,000 | 3,425,397 | ||||||
Toyota Auto Receivables Owner Trust, | ||||||||
Series 2018-D, Class A4, | ||||||||
3.300%, due 02/15/24 | 1,366,433 | 1,367,413 | ||||||
Series 2019-A, Class A3, | ||||||||
2.910%, due 07/17/23 | 192,058 | 191,981 | ||||||
Toyota Lease Owner Trust, | ||||||||
Series 2021-B, Class A3, | ||||||||
0.420%, due 10/21/241 | 5,860,000 | 5,657,354 | ||||||
Transportation Finance Equipment Trust, | ||||||||
Series 2019-1, Class B, | ||||||||
2.060%, due 05/23/241 | 2,595,000 | 2,553,877 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Asset-backed securities — (concluded) | ||||||||
Verizon Owner Trust, | ||||||||
Series 2019-B, Class A1A, | ||||||||
2.330%, due 12/20/23 | 126,658 | 126,569 | ||||||
Series 2020-C, Class B, | ||||||||
0.670%, due 04/21/25 | 1,000,000 | 957,689 | ||||||
World Financial Network Credit Card Master Trust, | ||||||||
Series 2019-C, Class M, | ||||||||
2.710%, due 07/15/26 | 16,180,000 | 16,174,999 | ||||||
World Omni Auto Receivables Trust, | ||||||||
Series 2018-D, Class A3, | ||||||||
3.330%, due 04/15/24 | 72,510 | 72,543 | ||||||
|
| |||||||
Total asset-backed securities | 274,703,235 | |||||||
|
| |||||||
Certificates of deposit — 6.4% | ||||||||
Barclays Bank PLC | ||||||||
SOFR + 0.620%, | ||||||||
2.150%, due 04/05/232 | 15,000,000 | 15,000,000 | ||||||
MUFG Bank Ltd. | ||||||||
0.760%, due 01/17/23 | 20,000,000 | 20,000,000 | ||||||
SOFR + 0.190%, | ||||||||
1.720%, due 08/24/222 | 10,500,000 | 10,497,801 | ||||||
Toronto-Dominion Bank | ||||||||
1.114%, due 03/30/23 | 15,000,000 | 15,000,000 | ||||||
Westpac Banking Corp. | ||||||||
SOFR + 0.500%, | ||||||||
2.030%, due 03/24/231,2 | 20,000,000 | 20,000,000 | ||||||
|
| |||||||
Total Certificates of deposit | 80,497,801 | |||||||
|
| |||||||
Commercial paper — 16.2% | ||||||||
Barclays Bank PLC | ||||||||
0.684%, due 01/03/233 | 10,000,000 | 9,971,153 | ||||||
0.787%, due 01/03/233 | 10,000,000 | 9,966,847 | ||||||
Enel Finance America LLC | ||||||||
0.787%, due 01/10/233 | 10,000,000 | 9,965,350 | ||||||
1.850%, due 08/01/22 | 10,000,000 | 10,000,000 | ||||||
2.001%, due 11/01/223 | 10,000,000 | 9,950,167 | ||||||
Energy Transfer LP | ||||||||
2.992%, due 08/01/223 | 27,000,000 | 27,000,000 | ||||||
General Motors Financial Co., Inc. | ||||||||
2.730%, due 08/01/22 | 25,000,000 | 25,000,000 | ||||||
3.000%, due 09/09/22 | 10,000,000 | 9,967,500 | ||||||
Hyundai Capital America | ||||||||
0.643%, due 12/01/223 | 8,000,000 | 7,982,920 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Commercial paper — (concluded) | ||||||||
Kinder Morgan, Inc. | ||||||||
2.637%, due 08/01/223 | 29,000,000 | 29,000,000 | ||||||
Mondelez International, Inc. | ||||||||
1.979%, due 08/03/223 | 21,000,000 | 20,997,725 | ||||||
2.620%, due 08/25/22 | 8,800,000 | 8,784,629 | ||||||
Suncor Energy, Inc. | ||||||||
2.050%, due 08/02/22 | 9,961,000 | 9,960,433 | ||||||
Verizon Communications, Inc. | ||||||||
2.750%, due 09/13/22 | 15,000,000 | 14,950,729 | ||||||
|
| |||||||
Total commercial paper | 203,497,453 | |||||||
|
| |||||||
Corporate bonds — 48.7% | ||||||||
Aerospace & defense — 0.5% | ||||||||
Boeing Co. | ||||||||
2.800%, due 03/01/23 | 6,187,000 | 6,160,271 | ||||||
|
| |||||||
Auto manufacturers — 3.0% | ||||||||
American Honda Finance Corp. | ||||||||
0.875%, due 07/07/23 | 5,000,000 | 4,889,761 | ||||||
Toyota Motor Credit Corp. | ||||||||
SOFR + 0.290%, | ||||||||
1.688%, due 09/13/242 | 16,000,000 | 15,793,056 | ||||||
Volkswagen Group of America Finance LLC | ||||||||
SOFR + 0.950%, | ||||||||
2.276%, due 06/07/241,2 | 5,000,000 | 4,990,920 | ||||||
4.250%, due 11/13/231 | 11,897,000 | 11,951,459 | ||||||
|
| |||||||
| 37,625,196 | ||||||||
|
| |||||||
Banks — 28.9% | ||||||||
ANZ New Zealand International Ltd. | ||||||||
1.900%, due 02/13/231 | 2,250,000 | 2,233,450 | ||||||
Bank of America Corp. | ||||||||
SOFR + 1.100%, | ||||||||
2.630%, due 04/25/252,4 | 8,000,000 | 7,906,934 | ||||||
Bank of Montreal | ||||||||
SOFR + 0.265%, | ||||||||
1.721%, due 09/15/232 | 5,475,000 | 5,424,963 | ||||||
SOFR + 0.320%, | ||||||||
1.853%, due 07/09/242 | 2,000,000 | 1,966,080 | ||||||
Bank of Nova Scotia | ||||||||
0.400%, due 09/15/23 | 12,000,000 | 11,617,490 | ||||||
SOFR + 0.445%, | ||||||||
1.977%, due 04/15/242,4 | 26,882,000 | 26,573,753 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Corporate bonds — (continued) | ||||||||
Banks — (continued) | ||||||||
Banque Federative du Credit Mutuel SA | ||||||||
SOFR + 0.410%, | ||||||||
1.524%, due 02/04/251,2 | 10,000,000 | 9,789,111 | ||||||
3.750%, due 07/20/231 | 1,900,000 | 1,904,740 | ||||||
BNP Paribas SA | ||||||||
3.250%, due 03/03/23 | 10,000,000 | 10,001,055 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
SOFR + 0.400%, | ||||||||
1.812%, due 12/14/232 | 4,577,000 | 4,539,467 | ||||||
SOFR + 0.420%, | ||||||||
1.952%, due 10/18/242 | 15,000,000 | 14,673,265 | ||||||
Cooperatieve Rabobank UA | ||||||||
3.875%, due 09/26/231 | 23,000,000 | 23,106,219 | ||||||
Credit Agricole SA | ||||||||
3.750%, due 04/24/231 | 5,000,000 | 4,994,888 | ||||||
Credit Suisse AG | ||||||||
1.000%, due 05/05/23 | 20,000,000 | 19,584,214 | ||||||
Credit Suisse Group AG | ||||||||
3.800%, due 06/09/23 | 10,000,000 | 9,965,317 | ||||||
Deutsche Bank AG, | ||||||||
Series E, | ||||||||
SOFR + 0.500%, | ||||||||
1.643%, due 11/08/232 | 12,000,000 | 11,863,692 | ||||||
Federation des Caisses Desjardins du Quebec | ||||||||
SOFR + 0.430%, | ||||||||
1.644%, due 05/21/241,2 | 4,307,000 | 4,226,050 | ||||||
Fifth Third Bancorp | ||||||||
3.650%, due 01/25/24 | 12,000,000 | 11,991,961 | ||||||
Fifth Third Bank NA | ||||||||
1.800%, due 01/30/23 | 1,865,000 | 1,853,779 | ||||||
Goldman Sachs Group, Inc. | ||||||||
SOFR + 0.490%, | ||||||||
2.018%, due 10/21/242 | 5,000,000 | 4,888,008 | ||||||
3.625%, due 01/22/23 | 10,000,000 | 10,026,980 | ||||||
ING Groep NV | ||||||||
4.100%, due 10/02/23 | 12,000,000 | 12,065,564 | ||||||
JPMorgan Chase & Co. | ||||||||
SOFR + 0.920%, | ||||||||
2.140%, due 02/24/262 | 10,000,000 | 9,735,220 | ||||||
Lloyds Banking Group PLC | ||||||||
4.050%, due 08/16/23 | 15,000,000 | 15,041,916 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
3.455%, due 03/02/23 | 8,033,000 | 8,037,831 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Corporate bonds — (continued) | ||||||||
Banks — (concluded) | ||||||||
3.761%, due 07/26/23 | 5,000,000 | 4,998,370 | ||||||
Mizuho Bank Ltd. | ||||||||
3.500%, due 03/21/231 | 550,000 | 549,852 | ||||||
National Bank of Canada | ||||||||
SOFR + 0.490%, | ||||||||
1.623%, due 08/06/242 | 4,960,000 | 4,896,709 | ||||||
NatWest Group PLC | ||||||||
3.875%, due 09/12/23 | 8,000,000 | 7,984,630 | ||||||
NatWest Markets PLC | ||||||||
SOFR + 0.530%, | ||||||||
1.696%, due 08/12/241,2 | 7,570,000 | 7,438,094 | ||||||
Royal Bank of Canada | ||||||||
SOFR + 0.340%, | ||||||||
1.873%, due 10/07/242 | 20,000,000 | 19,534,779 | ||||||
Societe Generale SA | ||||||||
4.250%, due 09/14/231 | 2,000,000 | 2,004,684 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
3.936%, due 10/16/23 | 19,000,000 | 19,114,380 | ||||||
Svenska Handelsbanken AB | ||||||||
0.625%, due 06/30/231 | 10,000,000 | 9,745,011 | ||||||
Swedbank AB | ||||||||
0.600%, due 09/25/231 | 1,475,000 | 1,425,413 | ||||||
Toronto-Dominion Bank | ||||||||
SOFR + 0.350%, | ||||||||
1.736%, due 09/10/242 | 15,000,000 | 14,682,974 | ||||||
SOFR + 0.480%, | ||||||||
2.010%, due 01/27/232 | 9,475,000 | 9,463,884 | ||||||
Truist Bank | ||||||||
SOFR + 0.200%, | ||||||||
1.732%, due 01/17/242 | 7,000,000 | 6,909,654 | ||||||
Westpac Banking Corp. | ||||||||
SOFR + 0.300%, | ||||||||
1.497%, due 11/18/242 | 10,000,000 | 9,850,149 | ||||||
|
| |||||||
| 362,610,530 | ||||||||
|
| |||||||
Chemicals — 0.8% | ||||||||
DuPont de Nemours, Inc. | ||||||||
4.205%, due 11/15/23 | 10,000,000 | 10,092,278 | ||||||
|
| |||||||
Diversified financial services — 2.5% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
3.300%, due 01/23/23 | 5,000,000 | 4,980,042 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Corporate bonds — (continued) | ||||||||
Diversified financial services — (concluded) | ||||||||
American Express Co. | ||||||||
0.750%, due 11/03/23 | 5,000,000 | 4,849,386 | ||||||
3.700%, due 08/03/23 | 10,000,000 | 10,041,481 | ||||||
Capital One Financial Corp. | ||||||||
3.200%, due 01/30/23 | 10,000,000 | 9,993,323 | ||||||
International Lease Finance Corp. | ||||||||
5.875%, due 08/15/22 | 1,520,000 | 1,521,160 | ||||||
|
| |||||||
| 31,385,392 | ||||||||
|
| |||||||
Electric — 5.0% | ||||||||
American Electric Power Co., Inc., | ||||||||
Series F, | ||||||||
2.950%, due 12/15/22 | 19,917,000 | 19,891,980 | ||||||
Dominion Energy, Inc. | ||||||||
2.450%, due 01/15/231 | 5,000,000 | 4,970,748 | ||||||
Eversource Energy | ||||||||
SOFR + 0.250%, | ||||||||
1.043%, due 08/15/232 | 7,000,000 | 6,946,985 | ||||||
National Rural Utilities Cooperative Finance Corp., | ||||||||
Series D, | ||||||||
SOFR + 0.330%, | ||||||||
1.862%, due 10/18/242 | 15,000,000 | 14,820,294 | ||||||
Southern Co. | ||||||||
2.950%, due 07/01/23 | 10,000,000 | 9,964,088 | ||||||
Series 2021, | ||||||||
SOFR + 0.370%, | ||||||||
1.517%, due 05/10/232 | 7,000,000 | 6,946,323 | ||||||
|
| |||||||
| 63,540,418 | ||||||||
|
| |||||||
Gas — 0.4% | ||||||||
CenterPoint Energy Resources Corp. | ||||||||
0.700%, due 03/02/234 | 5,000,000 | 4,940,657 | ||||||
|
| |||||||
Healthcare-services — 0.6% | ||||||||
Aetna, Inc. | ||||||||
2.750%, due 11/15/22 | 7,373,000 | 7,371,848 | ||||||
|
| |||||||
Insurance — 0.8% | ||||||||
Metropolitan Life Global Funding I | ||||||||
SOFR + 0.300%, | ||||||||
1.821%, due 09/27/241,2 | 10,000,000 | 9,832,046 | ||||||
|
| |||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Corporate bonds — (concluded) | ||||||||
Oil & gas services — 0.8% | ||||||||
Schlumberger Investment SA | ||||||||
3.650%, due 12/01/23 | 10,000,000 | 10,089,475 | ||||||
|
| |||||||
Pharmaceuticals — 2.9% | ||||||||
AbbVie, Inc. | ||||||||
3.200%, due 11/06/22 | 4,700,000 | 4,697,141 | ||||||
3.750%, due 11/14/23 | 10,000,000 | 10,085,400 | ||||||
CVS Health Corp. | ||||||||
2.750%, due 12/01/22 | 10,000,000 | 9,992,415 | ||||||
4.750%, due 12/01/22 | 6,500,000 | 6,521,570 | ||||||
GlaxoSmithKline Capital, Inc. | ||||||||
2.800%, due 03/18/23 | 5,000,000 | 4,990,626 | ||||||
|
| |||||||
| 36,287,152 | ||||||||
|
| |||||||
Semiconductors — 0.4% | ||||||||
Analog Devices, Inc. | ||||||||
SOFR + 0.250%, | ||||||||
1.780%, due 10/01/242,4 | 5,000,000 | 4,884,085 | ||||||
|
| |||||||
Software — 2.1% | ||||||||
Oracle Corp. | ||||||||
2.625%, due 02/15/23 | 18,044,000 | 17,958,630 | ||||||
Roper Technologies, Inc. | ||||||||
3.125%, due 11/15/224 | 9,084,000 | 9,083,388 | ||||||
|
| |||||||
| 27,042,018 | ||||||||
Total corporate bonds | 611,861,366 | |||||||
|
| |||||||
Mortgage-backed securities — 6.4% | ||||||||
Angel Oak Mortgage Trust, | ||||||||
Series 2020-5, Class A1, | ||||||||
1.373%, due 05/25/651,5 | 3,022,710 | 2,883,689 | ||||||
Series 2020-R1, Class A1, | ||||||||
0.990%, due 04/25/531,5 | 6,052,895 | 5,822,846 | ||||||
Series 2021-1, Class A1, | ||||||||
0.909%, due 01/25/661,5 | 4,539,097 | 4,115,582 | ||||||
Series 2021-4, Class A1, | ||||||||
1.035%, due 01/20/651,5 | 3,386,776 | 2,894,597 | ||||||
Series 2021-5, Class A1, | ||||||||
0.951%, due 07/25/661,5 | 6,015,244 | 5,361,063 | ||||||
Series 2021-8, Class A1, | ||||||||
1.820%, due 11/25/661,5 | 2,520,200 | 2,289,841 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Mortgage-backed securities — (continued) |
| |||||||
COLT Funding LLC, | ||||||||
Series 2021-3R, Class A1, | ||||||||
1.051%, due 12/25/641,5 | 2,649,782 | 2,444,897 | ||||||
COLT Mortgage Loan Trust, | ||||||||
Series 2021-2, Class A1, | ||||||||
0.924%, due 08/25/661,5 | 1,776,733 | 1,530,139 | ||||||
Series 2021-3, Class A1, | ||||||||
0.956%, due 09/27/661,5 | 4,533,752 | 3,768,139 | ||||||
Series 2021-6, Class A1, | ||||||||
1.907%, due 12/25/661,5 | 1,706,265 | 1,494,427 | ||||||
Series 2021-HX1, Class A1, | ||||||||
1.110%, due 10/25/661,5 | 8,028,696 | 7,107,443 | ||||||
Series 2022-1, Class A1, | ||||||||
2.284%, due 12/27/661,5 | 2,343,547 | 2,124,014 | ||||||
COLT Mortgage Pass-Through Certificates, | ||||||||
Series 2021-1R, Class A1, | ||||||||
0.857%, due 05/25/651,5 | 865,938 | 801,027 | ||||||
Deephaven Residential Mortgage Trust, | ||||||||
Series 2021-1, Class A1, | ||||||||
0.715%, due 05/25/651,5 | 1,152,109 | 1,103,484 | ||||||
Series 2022-1, Class A1, | ||||||||
2.205%, due 01/25/671,5 | 1,867,667 | 1,748,333 | ||||||
GCAT Trust, | ||||||||
Series 2021-NQM4, Class A1, | ||||||||
1.093%, due 08/25/661,5 | 5,630,454 | 4,875,098 | ||||||
GS Mortgage-Backed Securities Corp. Trust, | ||||||||
Series 2021-NQM1, Class A1, | ||||||||
1.017%, due 07/25/611,5 | 2,787,449 | 2,553,659 | ||||||
MFA Trust, | ||||||||
Series 2020-NQM3, Class A1, | ||||||||
1.014%, due 01/26/651,5 | 447,067 | 430,215 | ||||||
Series 2021-NQM1, Class A1, | ||||||||
1.153%, due 04/25/651,5 | 1,301,810 | 1,202,550 | ||||||
Series 2021-NQM2, Class A1, | ||||||||
1.029%, due 11/25/641,5 | 2,379,699 | 2,133,140 | ||||||
New Residential Mortgage Loan Trust, | ||||||||
Series 2021-NQM3, Class A1, | ||||||||
1.156%, due 11/27/561,5 | 6,690,244 | 5,944,203 | ||||||
Verus Securitization Trust, | ||||||||
Series 2021-1, Class A1, | ||||||||
0.815%, due 01/25/661,5 | 2,668,279 | 2,435,812 | ||||||
Series 2021-2, Class A1, | ||||||||
1.031%, due 02/25/661,5 | 1,047,565 | 934,242 | ||||||
Series 2021-3, Class A1, | ||||||||
1.046%, due 06/25/661,5 | 2,172,324 | 1,941,428 | ||||||
UBS Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (unaudited)
| Face amount ($) | Value ($) | ||||||
Mortgage-backed securities — (concluded) |
| |||||||
Series 2021-4, Class A1, | ||||||||
0.938%, due 07/25/661,5 | 1,397,769 | 1,196,006 | ||||||
Series 2021-5, Class A1, | ||||||||
1.013%, due 09/25/661,5 | 6,440,973 | 5,527,221 | ||||||
Series 2021-R1, Class A1, | ||||||||
0.820%, due 10/25/631,5 | 4,497,349 | 4,248,132 | ||||||
Series 2021-R2, Class A1, | ||||||||
0.918%, due 02/25/641,5 | 1,713,403 | 1,586,195 | ||||||
|
| |||||||
Total mortgage-backed securities | 80,497,422 | |||||||
|
| |||||||
| Number of shares | ||||||||
Short-term investments — 0.4% | ||||||||
Investment companies — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 1.880%3 | 4,862,441 | 4,862,441 | ||||||
Investment of cash collateral from securities loaned — 0.7% |
| |||||||
Money market funds — 0.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.270%3 | 8,433,343 | 8,433,343 | ||||||
|
| |||||||
Total investments |
| 1,264,353,061 | ||||||
|
| |||||||
Liabilities in excess of other assets — (0.6)% |
| (8,144,544 | ) | |||||
|
| |||||||
Net assets — 100.0% |
| $ | 1,256,208,517 | |||||
|
| |||||||
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of July 31, 2022 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 Ultra Short Income Fund
Portfolio of investments — July 31, 2022 (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 | — | 274,703,235 | — | 274,703,235 | ||||||||||||
Certificates of deposit | — | 80,497,801 | — | 80,497,801 | ||||||||||||
Commercial paper | — | 203,497,453 | — | 203,497,453 | ||||||||||||
Corporate bonds | — | 611,861,366 | — | 611,861,366 | ||||||||||||
Mortgage-backed securities | — | 80,497,422 | — | 80,497,422 | ||||||||||||
Short-term investments | — | 4,862,441 | — | 4,862,441 | ||||||||||||
Investment of cash collateral from securities loaned | — | 8,433,343 | — | 8,433,343 | ||||||||||||
Total | — | 1,264,353,061 | — | 1,264,353,061 | ||||||||||||
At July 31, 2022, there were no transfers in or out of Level 3.
Portfolio footnotes
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $351,468,025, represented 28.0% of the Fund’s net assets at period end. |
| 2 | Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. |
| 3 | Rates shown reflect yield at July 31, 2022. |
| 4 | Security, or portion thereof, was on loan at the period end. |
| 5 | 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. |
Portfolio acronyms | ||
| SOFR | Secured Overnight Financing Rate | |
UBS Series Funds
UBS Ultra Short Income Fund
Valuation of investments: The Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. The 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 Fund does not price its shares, on most national holidays and Good Friday. To the extent that the 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, the 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 the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the US Securities and Exchange Commission (“SEC”).
The Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS Asset Management (Americas) Inc. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Fund’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 Fund invests may be 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 the Fund’s net asset value. However, if the Fund determines 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.
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 Fund’s 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.
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 Fund’s 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 value 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 generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of the 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 Fund’s own assumptions in determining the fair value of investments.
A fair value hierarchy table has been included near the end of the Fund’s Portfolio of investments.
For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s Annual report to shareholders dated April 30, 2022.