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
(cost — $275,725,577)

        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
(cost — $80,497,801)

        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
(cost — $203,497,453)

        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
(cost — $618,552,362)

        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
(cost — $89,606,990)

        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
(cost — $4,862,441)

     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
(cost — $8,433,343)

     8,433,343        8,433,343  
     

 

 

 

Total investments
(cost — $1,281,175,967) — 100.6%

 

     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.