N-Q 1 a04-10153_2nq.htm N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08767

UBS Money Series

(Exact name of registrant as specified in charter)

51 West 52nd Street, New York, New York 10019-6114

(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.
UBS Global Asset Management (US) Inc.
51 West 52nd Street
New York, NY 10019-6114

(Name and address of agent for service)

Copy to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006-2401

Registrant's telephone number, including area code: 212-882 5000

Date of fiscal year end: April 30

Date of reporting period: July 31, 2004


Item 1. Schedule of Investments

1


UBS Cash Reserves Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
U.S. Government and Agency Obligations-19.65%      
 7,000   U.S. Treasury Bills(1)   08/12/04     1.158@       6,997,749    
 
 15,000
 		   Federal Home Loan Bank
 		   10/05/04 to
10/05/05		     1.280 to
1.485*		        
14,995,761		    
 
 10,500
 		   Federal Home Loan Bank
 		   03/08/05 to
05/04/05		     1.350 to
1.500		        
10,500,000		    
 6,125   Federal Home Loan Mortgage Corp.   01/15/05     6.875       6,278,828    
 
 3,500
 		   Federal National Mortgage
Association		    
08/28/04		      
1.377*		        
3,499,831		    
 
 6,090
 		   Federal National Mortgage
Association		   12/10/04 to
12/15/04		     1.080 to
1.150@		        
6,065,037		    
 
 6,500
 		   Federal National Mortgage
Association		   03/29/05 to
05/23/05		     1.400 to
1.750		        
6,500,000		    
Total U.S. Government and Agency Obligations
(cost-$54,837,206)		                     54,837,206    
Bank Note-0.72%      
U.S.-0.72%  
 2,000   U.S. Bank N.A. (cost-$2,000,000)   04/07/05     1.430       2,000,000    
Certificates of Deposit-11.64%      
Non-U.S.-6.98%  
 7,000   Abbey National Treasury Services PLC   09/09/04     1.400       7,000,000    
 4,000   Barclays Bank PLC   08/02/04     1.300*       3,999,954    
 3,500   Fortis Bank NV   08/13/04     1.297*       3,499,614    
 5,000   Natexis Banque Populaires   09/07/04     1.400       5,000,000    
                      19,499,568    
U.S.-4.66%      
 
 6,000
 		   First Tennessee Bank N.A.
 		   08/05/04 to
08/23/04		     1.300 to
1.370		        
6,000,000		    
 
 7,000
 		   Wells Fargo Bank N.A.
 		   08/12/04 to
08/20/04		     1.310 to
1.350		        
7,000,000		    
                      13,000,000    
Total Certificates of Deposit (cost-$32,499,568)                     32,499,568    

 

2


UBS Cash Reserves Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Commercial Paper@-43.92%      
Asset Backed-Auto & Truck-2.51%  
 7,000   New Center Asset Trust   08/02/04     1.280       7,000,000    
Asset Backed-Miscellaneous-12.71%      
 5,000   Amsterdam Funding Corp.   08/16/04     1.330       4,997,414    
 7,000   Barton Capital Corp.   08/17/04     1.350       6,996,063    
 5,000   Falcon Asset Securitization Corp.   08/20/04     1.370       4,996,575    
 5,000   Preferred Receivables Funding Corp.   08/20/04     1.360       4,996,600    
 6,500   Windmill Funding Corp.   08/25/04     1.380       6,494,269    
 7,000   Yorktown Capital LLC   08/02/04     1.280       7,000,000    
                      35,480,921    
Asset Backed-Securities-8.95%      
 5,000   Galaxy Funding, Inc.   09/10/04     1.430       4,992,254    
 7,000   Giro Funding U.S. Corp.   08/05/04     1.300       6,999,242    
 7,000   Giro Multi-Funding Corp.   08/20/04     1.360       6,995,240    
 6,000   Grampian Funding LLC   09/07/04     1.380       5,991,720    
                      24,978,456    
Banking-Non-U.S.-8.65%      
 4,300   Bank of Ireland   09/08/04     1.420       4,293,724    
 5,980   Depfa Bank PLC   08/13/04     1.290       5,977,643    
 5,400   DNB NOR Bank ASA   09/20/04     1.430       5,389,489    
 3,500   HBOS Treasury Services PLC   09/07/04     1.400       3,495,100    
 5,000   Northern Rock PLC   08/25/04     1.360       4,995,656    
                      24,151,612    
Banking-U.S.-5.73%      
 5,000   Deutsche Bank Financial LLC   09/13/04     1.400       4,991,833    
 5,000   Dexia Delaware LLC   08/24/04     1.340       4,995,906    
 6,000   Societe Generale N.A., Inc.   09/07/04     1.400       5,991,600    
                      15,979,339    
Brokerage-3.22%      
 4,000   Bear Stearns Cos., Inc.   08/12/04     1.310       3,998,544    
 
 5,000
 		   Citigroup Global Markets
Holdings, Inc.		    
08/02/04		      
1.270		        
5,000,000		    
                      8,998,544    

 

3


UBS Cash Reserves Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Commercial Paper@-(concluded)  
Chemicals-2.15%  
 6,000   BASF AG   08/16/04     1.320       5,996,920    
Total Commercial Paper (cost-$122,585,792)                     122,585,792    
Short-Term Corporate Obligations-12.54%  
Asset Backed-Securities-7.52%  
 7,000   CC (USA), Inc.   08/12/04     1.318*       6,999,532    
 7,000   Dorada Finance, Inc.   08/16/04     1.335*       6,999,527    
 7,000   K2 (USA) LLC**   08/25/04     1.405*       6,999,663    
                      20,998,722    
Automobile OEM-2.51%  
 7,000   Toyota Motor Credit Corp.   08/02/04     1.443*       7,001,945    
Banking-Non-U.S.-1.08%  
 3,000   HBOS Treasury Services PLC   08/02/04     1.350*       3,000,000    
Finance-NonCaptive Diversified-1.43%  
 4,000   General Electric Capital Corp.   08/09/04     1.450*       4,000,000    
Total Short-Term Corporate Obligations
(cost-$35,000,667)		                     35,000,667    
Repurchase Agreement-9.65%  
 26,920   Repurchase Agreement dated 07/30/04
with Goldman Sachs, Inc., collateralized
by $8,426,000 Federal National
Mortgage Association, 3.300% to
5.000% due 03/21/07 to 09/29/09 and
$59,768,000 U.S. Treasury Bond Strips,
zero coupon due 02/15/25; (value-
$27,458,523); proceeds: $26,923,051
(cost-$26,920,000)		   08/02/04     1.360       26,920,000    

 

4


UBS Cash Reserves Fund

Schedule of Investments - July 31, 2004 (unaudited)

Number of
Shares
(000)		    
 
 		    
Interest
Rates (%)		    
 
Value ($)		  
Money Market Funds†-1.88%  
 2,953   AIM Liquid Assets Portfolio     1.240       2,953,316    
 
 2,285
 		   BlackRock Provident Institutional
TempFund		      
1.191		        
2,284,982		    
    Total Money Market Funds (cost-$5,238,298)             5,238,298    
    Total Investments (cost-$279,081,531
which approximates cost for federal income
tax purposes)(2)-100.00%		             279,081,531    
    Other assets in excess of liabilities-0.00%             9,649    
    Net Assets-100.00%           $ 279,091,180    

 

  *  Variable rate securities-maturity dates reflect earlier of reset date or stated maturity date. The interest rates shown are the current rates as of July 31, 2004, and reset periodically.

  **  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 2.51% of net assets as of July 31, 2004, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

  @  Interest rates shown are the discount rates at date of purchase.

  †  Interest rates shown reflect yield at July 31, 2004.

  (1)  Security was on loan at July 31, 2004.

  (2)  Includes $6,997,015 of investments in securities on loan, at value. The custodian held Federal National Mortgage Association obligations, 5.500% due 02/15/06 having an aggregate value of $7,145,225 as collateral for portfolio securities loaned.

  OEM  Original Equipment Manufacturer

Issuer Breakdown By Country   Percentage of
Portfolio Assets		  
United States     83.3 %  
Great Britain     8.1    
Ireland     3.7    
Norway     1.9    
France     1.8    
Belgium     1.2    
Total     100.0 %  

 

Weighted average maturity - 40 days

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

5


UBS Liquid Assets Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
U.S. Government and Agency Obligations-19.25%  
 7,500   U.S. Treasury Bills   08/12/04     1.158@       7,497,589    
 
 7,750
 		   Federal Home Loan Bank
 		   11/15/04 to
05/04/05		     1.350 to
3.375		        
7,760,997		    
 
 14,500
 		   Federal Home Loan Bank
 		   12/02/04 to
10/05/05		     1.280 to
1.485*		        
14,495,368		    
 
 19,110
 		   Federal National Mortgage
Association		   08/11/04 to
02/04/05		     1.080 to
1.300@		        
19,062,152		    
 
 5,000
 		   Federal National Mortgage
Association		    
01/28/05		      
1.377*		        
4,999,759		    
 
 11,500
 		   Federal National Mortgage
Association		   03/29/05 to
06/03/05		     1.400 to
1.850		        
11,500,000		    
Total U.S. Government and Agency Obligations
(cost-$65,315,865)		                     65,315,865    
Certificates of Deposit-17.61%  
Non-U.S.-10.76%  
 8,000   Abbey National Treasury Services PLC   09/09/04     1.400       8,000,000    
 4,000   Barclays Bank PLC   08/02/04     1.300*       3,999,954    
 
 5,500
 		   Fortis Bank NV
 		   08/04/04 to
08/13/04		     1.285 to
1.297*		        
5,499,161		    
 3,000   Landesbank Hessen-Thuringen   12/31/04     1.210       2,999,993    
 7,000   Natexis Banque Populaires   09/07/04     1.400       7,000,000    
 
 9,000
 		   Societe Generale
 		   08/05/04 to
08/12/04		     1.289 to
1.293*		        
8,998,595		    
                      36,497,703    
U.S.-6.85%  
 8,250   American Express Centurion Bank   01/26/05     1.880       8,250,402    
 7,000   First Tennessee Bank N.A.   08/20/04     1.360       7,000,000    
 8,000   Wells Fargo Bank N.A.   08/20/04     1.350       8,000,000    
                      23,250,402    
Total Certificates of Deposit (cost-$59,748,105)                     59,748,105    
Commercial Paper@-55.07%  
Asset Backed-Auto & Truck-1.77%  
 6,000   New Center Asset Trust   08/09/04     1.290       5,998,495    
Asset Backed-Banking-2.36%  
 8,000   Atlantis One Funding Corp.   08/02/04     1.280       8,000,000    

 

6


UBS Liquid Assets Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Commercial Paper@-(continued)      
Asset Backed-Miscellaneous-19.14%  
 
 8,000
 		   Amsterdam Funding Corp.
 		   08/16/04 to
08/30/04		     1.330 to
1.380		        
7,995,306		    
 4,000   Barton Capital Corp.   08/13/04     1.300       3,998,411    
 4,000   Falcon Asset Securitization Corp.   08/23/04     1.370       3,996,803    
 5,000   Kitty Hawk Funding Corp.   08/23/04     1.360       4,996,034    
 6,000   Old Line Funding Corp.   09/13/04     1.480       5,989,640    
 
 8,000
 		   Preferred Receivables Funding Corp.
 		   08/09/04 to
08/17/04		     1.290 to
1.330		        
7,996,477		    
 8,000   Thunder Bay Funding   08/20/04     1.350       7,994,600    
 
 8,000
 		   Triple A One Funding
 		   08/16/04 to
08/27/04		     1.330 to
1.390		        
7,994,070		    
 6,000   Variable Funding Capital Corp.   08/10/04     1.280       5,998,293    
 
 8,000
 		   Yorktown Capital LLC
 		   08/16/04 to
08/27/04		     1.330 to
1.360		        
7,994,153		    
                      64,953,787    
Asset Backed-Securities-3.24%      
 
 8,000
 		   Dorada Finance, Inc.
 		   08/20/04 to
08/25/04		     1.350 to
1.370		        
7,993,999		    
 3,000   Giro Funding U.S. Corp.   08/19/04     1.365       2,998,066    
                      10,992,065    
Banking-Non-U.S.-10.59%      
 8,000   Credit Suisse First Boston NY   09/16/04     1.430       7,985,700    
 7,000   Depfa Bank PLC   11/23/04     1.165       6,974,402    
 8,000   ForeningsSparbanken AB   08/20/04     1.370       7,994,520    
 
 8,000
 		   Northern Rock PLC
 		   09/07/04 to
09/16/04		     1.410 to
1.430		        
7,986,833		    
 5,000   Svenska Handelsbanken   08/30/04     1.410       4,994,517    
                      35,935,972    
Banking-U.S.-7.95%      
 6,000   ANZ (Delaware), Inc.   09/07/04     1.380       5,991,720    
 5,000   Deutsche Bank Financial LLC   09/13/04     1.400       4,991,833    
 8,000   Dexia Delaware LLC   08/05/04     1.270       7,999,154    
 8,000   San Paolo IMI U.S. Financial Co.   08/23/04     1.350       7,993,700    
                      26,976,407    

 

7


UBS Liquid Assets Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Commercial Paper@-(concluded)      
Brokerage-7.07%  
 8,000   Bear Stearns Cos., Inc.   08/09/04     1.290       7,997,993    
 
 8,000
 		   Citigroup Global Markets
Holdings, Inc		   08/02/04     1.270       8,000,000    
 8,000   Greenwich Capital Holdings, Inc.   08/26/04     1.410*       8,000,000    
                      23,997,993    
Chemicals-0.59%      
 2,000   BASF AG   08/16/04     1.320       1,998,973    
Energy-Integrated-1.47%      
 5,000   Koch Industries LLC   08/10/04     1.260       4,998,600    
Utilities-Other-0.89%      
 3,000   RWE AG   08/11/04     1.310       2,999,018    
Total Commercial Paper (cost-$186,851,310)                     186,851,310    
Short-Term Corporate Obligations-6.19%      
Asset Backed-Securities-2.06%  
 7,000   K2 (USA) LLC**   08/09/04     1.311*       6,999,756    
Banking-Non-U.S.-0.89%      
 3,000   HBOS Treasury Services PLC   08/02/04     1.350*       3,000,000    
Finance-NonCaptive Consumer-2.06%      
 7,000   Household Finance Corp.   08/05/04     1.110*       7,000,000    
Finance-NonCaptive Diversified-1.18%      
 4,000   General Electric Capital Corp.   08/09/04     1.450*       4,000,000    
Total Short-Term Corporate Obligations
(cost-$20,999,756)		                     20,999,756    

 

8


UBS Liquid Assets Fund

Schedule of Investments - July 31, 2004 (unaudited)

Number of
Shares
(000)		    
 
 		    
Interest
Rates (%)		    
 
Value ($)		  
Money Market Funds†-1.86%      
 3,903   AIM Liquid Assets Portfolio     1.240       3,903,059    
 
 2,417
 		   BlackRock Provident Institutional
TempFund		     1.191        
2,417,118		    
    Total Money Market Funds (cost-$6,320,177)             6,320,177    
    Total Investments (cost-$339,235,213 
which approximates cost for federal income
tax purposes)-99.98%		             339,235,213    
    Other assets in excess of liabilities-0.02%              64,863     
    Net Assets-100.00%           $ 339,300,076    

 

  *  Variable rate securities-maturity dates reflect earlier of reset date or stated maturity date. The interest rates shown are the current rates as of July 31, 2004, and reset periodically.

  **  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 2.06% of net assets as of July 31, 2004, is deemed liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

  @  Interest rates shown are the discount rates at date of purchase.

  †  Interest rates shown reflect yield at July 31, 2004.

Issuer Breakdown By Country   Percentage of
Portfolio Assets		  
United States     77.8 %  
Great Britain     6.8    
France     4.7    
Sweden     3.8    
Switzerland     2.3    
Ireland     2.1    
Belgium     1.6    
Germany     0.9    
Total     100.0 %  

 

Weighted average maturity - 45 days

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

9


UBS Select Treasury Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
U.S. Treasury Obligations-41.67%  
 
 135,000
 		   U.S. Treasury Bills(1)
 		   08/05/04 to
10/07/04		     0.940 to
1.140@		        
134,916,849		    
 15,000   U.S. Treasury Notes(1)   02/28/05     1.500       15,005,217    
Total U.S. Treasury Obligations
(cost-$149,922,066)		                     149,922,066    
Repurchase Agreements-58.39%  
 55,000   Repurchase Agreement dated 07/30/04
with Bear Stearns & Co., collateralized
by $163,140,000 U.S. Treasury Bond
Strips, zero coupon due 02/15/16 to
02/15/24; (value-$57,445,389);
proceeds: $55,006,050		   08/02/04     1.320       55,000,000    
 60,070   Repurchase Agreement dated 07/30/04
with Deutsche Bank Securities, Inc.,
collateralized by $61,243,000
U.S. Treasury Notes, 1.875%
due 01/31/06; (value-$61,271,813);
proceeds: $60,076,608		   08/02/04     1.320       60,070,000    
 55,000   Repurchase Agreement dated 07/30/04
with Goldman Sachs, Inc., collateralized 
by $35,151,000 U.S. Treasury Bonds,
11.250% due 02/15/15;
(value-$56,100,818); proceeds:
$55,006,050		   08/02/04     1.320       55,000,000    
 40,000   Repurchase Agreement dated 07/30/04
with Merrill Lynch & Co., Inc.,
collateralized by $106,565,000
U.S. Treasury Bond Strips, 8.000% due
11/15/21; (value-$40,800,540);
proceeds: $40,004,167		   08/02/04     1.250       40,000,000    

 

Total Repurchase Agreements (cost-$210,070,000)         210,070,000    
Total Investments (cost-$359,992,066
which approximates cost for federal income
tax purposes)(2)-100.06%		         359,992,066    
Liabilities in excess of other assets-(0.06)%         (243,226 )  
Net Assets-100.00%         $359,748,840    

 

  @  Interest rates shown are the discount rates at date of purchase.

  (1)  Security was on loan at July 31, 2004.

10


UBS Select Treasury Fund

Schedule of Investments - July 31, 2004 (unaudited)

  (2)  Includes $149,870,701 of investments in securities on loan, at value. The custodian held securities having an aggregate value of $153,417,390 as collateral for portfolio securities loaned as follows:

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
 21,850   U.S. Treasury Bond Strips   08/15/07     8.875       11,052,801    
 23,000   U.S. Treasury Bond Strips   02/15/19     8.875       10,514,611    
 24,400   U.S. Treasury Bond Strips   08/15/20     8.750       10,123,291    
 301,775   U.S. Treasury Bond Strips   11/15/21     8.000       115,540,594    
 3,700   U.S. Treasury Bond Inflation Index   04/15/29     3.875       6,186,093    

 

            $ 153,417,390    

 

Weighted average maturity - 19 days

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

11


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
U.S. Government Agency Obligations-18.89%  
 100,000   Federal Home Loan Bank   08/25/04     1.365@       99,909,000    
 
 280,390		   Federal Home Loan Bank   01/14/05 to
05/04/05		     1.350 to
4.125		       280,707,291    
 
 175,000 		  Federal Home Loan Bank   10/03/05 to
10/05/05		     1.483 to
1.485*		       174,887,075    
 30,486   Federal Home Loan Mortgage Corp.   08/12/04     1.350@       30,473,425    
 
 125,000		   Federal Home Loan Mortgage Corp.   11/15/04 to
03/01/05		     1.420 to
3.875		       125,585,493    
 
 236,750 		  Federal National Mortgage
Association		   10/14/04 to
12/15/04		     1.080 to
1.150@		       235,914,122    
 
 283,000		   Federal National Mortgage
Association		   12/29/04 to
06/03/05		     1.400 to
1.850		       283,000,000    
 
 79,000		   Federal National Mortgage
Association		   01/28/05     1.377*       78,996,172    
Total U.S. Government Agency Obligations
(cost-$1,309,472,578)		                     1,309,472,578    
Bank Notes-1.74%  
Non-U.S.-1.20%  
 83,000   Westpac Banking Corp.   08/16/04     1.320*       82,996,844    
U.S.-0.54%  
 37,600   U.S. Bank N.A.   04/07/05     1.430       37,600,000    
Total Bank Notes (cost-$120,596,844)                     120,596,844    
Time Deposits-4.60%  
 
 119,000		   National City Bank of Indiana,
Grand Cayman		   08/02/04     1.281       119,000,000    
 
 200,000		   State Street Bank & Trust Co.,
Grand Cayman		   08/02/04     1.300       200,000,000    
Total Time Deposits (cost-$319,000,000)                     319,000,000    
Certificates of Deposit-12.83%  
Non-U.S.-6.26%  
 
 126,000		   Abbey National Treasury Services PLC   08/26/04 to
09/09/04		     1.380 to
1.400		       126,000,000    
 74,000   Fortis Bank NV   08/13/04     1.297*       73,991,789    
 45,000   Royal Bank of Canada   12/27/04     1.463       44,980,364    
 44,000   Societe Generale   08/05/04     1.289*       43,993,250    
 115,000   UniCredito Italiano SpA   08/30/04     1.405       115,000,000    

 

12


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Certificates of Deposit-(concluded)      
 30,000   Westdeutsche Landesbank AG   08/02/04     1.315*       30,000,000    
                      433,965,403    
U.S.-6.57%      
 60,000   American Express Centurion Bank   08/03/04     1.310       60,000,000    
 50,000   Discover Bank   08/27/04     1.420       50,000,000    
 
 175,000 		  First Tennessee Bank N.A.   08/09/04 to
08/20/04		     1.290 to
1.360		       175,000,000    
 
 171,000 		  Wells Fargo Bank N.A.   08/16/04 to
08/20/04		     1.320 to
1.350 		      171,000,000    
                      456,000,000    
Total Certificates of Deposit (cost-$889,965,403)                     889,965,403    
Commercial Paper@-36.26%      
Asset Backed-Auto & Truck-1.44%  
 
 100,000		   New Center Asset Trust   08/02/04 to
08/06/04 		    1.280 to
1.300		       99,989,194    
Asset Backed-Miscellaneous-16.07%      
 
 130,000		   Amsterdam Funding Corp.   08/03/04 to
08/25/04		     1.290 to
1.390		       129,922,283    
 
 120,329 		  Barton Capital Corp.   08/13/04 to
08/17/04		     1.300 to
1.350		       120,267,449    
 
 170,000 		  Falcon Asset Securitization Corp.   08/09/04 to
08/25/04		     1.290 to
1.390		       169,906,467    
 
 113,968 		  Old Line Funding Corp.   08/06/04 to
09/08/04		     1.280 to
1.440		       113,875,932    
 
 135,897 		  Preferred Receivables Funding Corp.   08/24/04 to
08/26/04		     1.390 to
1.450		       135,764,427    
 50,000   Receivables Capital Corp.   08/20/04     1.350       49,964,375    
 
 95,050 		  Thunder Bay Funding   08/17/04 to
08/23/04		     1.340 to
1.450		       94,980,303    
 160,000   Variable Funding Capital Corp.   08/05/04     1.290       159,977,067    
 
 140,000 		  Yorktown Capital LLC   08/06/04 to
08/18/04		     1.280 to
1.350		       139,956,722    
                      1,114,615,025    
Asset Backed-Securities-6.34%      
 
 165,000 		  Galaxy Funding, Inc.   08/03/04 to
09/01/04		     1.290 to
1.450		       164,870,480    
 
 125,000 		  Giro Funding U.S. Corp.   08/27/04 to
08/30/04		     1.440 to
1.450		       124,865,518    

 

13


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Commercial Paper@-(concluded)  
 150,000   Grampian Funding LLC   09/14/04     1.420       149,739,667    
                      439,475,665    
Automobile OEM-0.48%  
 33,000   Toyota Motor Credit Corp.   08/06/04     1.180       32,994,133    
Banking-Non-U.S.-2.83%  
 128,000   ForeningsSparbanken AB   08/20/04     1.370       127,907,449    
 
 68,503 		  Natexis Banque Populaires
US Finance Co. LLC		   08/23/04     1.380       68,445,229    
                      196,352,678    
Banking-U.S.-4.56%  
 150,000   Dexia Delaware LLC   08/11/04     1.290       149,946,250    
 
 66,000 		  National Australia Funding
(Delaware), Inc.		   08/02/04     1.270       65,997,672    
 100,000   San Paolo IMI U.S. Financial Co.   08/26/04     1.390       99,903,472    
                      315,847,394    
Brokerage-2.52%  
 
 75,000 		  Citigroup Global Markets
Holdings, Inc.		   08/02/04     1.270       74,997,354    
 100,000   Credit Suisse First Boston USA, Inc.   08/09/04     1.280       99,971,556    
                      174,968,910    
Manufacturing-Diversified-0.72%  
 50,000   General Electric Co.   09/20/04     1.440       49,900,000    
Utilities-Other-1.30%  
 90,000   RWE AG   08/03/04     1.280       89,993,600    
Total Commercial Paper (cost-$2,514,136,599)                     2,514,136,599    
U.S. Master Notes-4.32%  
Banking-2.16%  
 150,000   Bank of America Securities LLC   08/02/04     1.413*       150,000,000    
Brokerage-2.16%  
 150,000   Bear Stearns Cos., Inc.   08/02/04     1.513*       150,000,000    
Total U.S. Master Notes (cost-$300,000,000)                     300,000,000    
Funding Agreements#-3.61%  
 100,000   Metropolitan Life Insurance Co.   08/02/04     1.461*       100,000,000    
 75,000   New York Life Insurance Co.   08/02/04     1.451*       75,000,000    

 

14


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Funding Agreements#-(concluded)  
 75,000   Travelers Insurance Co.   08/02/04     1.451*       75,000,000    
Total Funding Agreements (cost-$250,000,000)                     250,000,000    
Short-Term Corporate Obligations-9.32%  
Asset Backed-Securities-2.00%  
 54,000   CC (USA), Inc.   08/12/04     1.318*       53,996,370    
 50,000   K2 (USA) LLC**   11/15/04     1.490       50,000,000    
 35,000   Links Finance LLC**   08/16/04     1.330       35,023,625    
                      139,019,995    
Banking-Non-U.S.-1.23%  
 85,000   HBOS Treasury Services PLC   08/02/04     1.350*       85,000,000    
Banking-U.S.-0.95%  
 40,000   KFW International Finance, Inc.   04/18/05     4.250       40,784,149    
 25,000   Wells Fargo & Co.   08/16/04     1.450*       25,000,000    
                      65,784,149    
Brokerage-1.23%  
 85,000   Morgan Stanley   08/02/04     1.405*       85,000,000    
Finance-Noncaptive Consumer-2.11%  
 
 146,500 		  Household Finance Corp.   08/05/04 to
08/18/04		     1.260 to
1.320*		       146,500,090    
Finance-Noncaptive Diversified-1.80%  
 125,000   General Electric Capital Corp.   08/09/04     1.450*       125,029,426    
Total Short-Term Corporate Obligations
(cost-$646,333,660)		                     646,333,660    
Repurchase Agreements-7.93%  
 250,000   Repurchase Agreement dated 07/30/04
with Deutsche Bank Securities, Inc.,
collateralized by $25,000,000 Federal
Agricultural Mortgage Corp., 6.680%
due 06/10/14, $65,020,000 Federal
Home Loan Bank, 2.350% to 4.875%
due 08/04/06 to 05/15/07, $55,900,000
Federal Home Loan Mortgage Corp.,
1.500% due 08/15/05, $74,476,000
Federal National Mortgage Association,
2.625% to 6.250% due 01/19/07 to
02/01/11 and $26,300,000 Tennessee
Valley Authority, 6.375% due 06/15/05
(value-$255,005,148); proceeds:
$250,028,333		   08/02/04     1.360       250,000,000    

 

15


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

Principal
Amount
(000) ($)		    
 
 		    
Maturity
Dates		    
Interest
Rates (%)		    
 
Value ($)		  
Repurchase Agreement-(concluded)  
 150,000   Repurchase Agreement dated 07/30/04
with Goldman Sachs Mortgage Corp.,
Inc., collateralized by $8,495,000 Federal
Home Loan Bank, 1.875% due 06/15/06
and $144,452,000 Federal National
Motgage Association, 2.375% due
11/28/05; (value-$153,001,202);
proceeds: $150,017,000		   08/02/04     1.360       150,000,000    
 150,000   Repurchase Agreement dated 07/30/04
with Goldman Sachs Mortgage Corp.,
collateralized by $152,363,535 various
whole loan assets due 01/01/10;
(value-$154,500,001); proceeds:
$150,018,281		   08/02/04     1.463       150,000,000    
    Total Repurchase Agreements (cost-$550,000,000)                 550,000,000    

 

Number of
Shares
(000)		    
 
 		        
 		  
Money Market Fund-0.50%  
 
 34,572		   BlackRock Provident Institutional
TempFund (cost-$34,572,066)		   1.191†     34,572,066    
    Total Investments (cost-$6,934,077,150
which approximates cost for federal income
tax purposes)-100.00%		         6,934,077,150    
    Other assets in excess of liabilities-0.00%         42,550    
    Net Assets-100.00%       $ 6,934,119,700    

 

  *  Variable rate securities-maturity dates reflect earlier of reset date or stated maturity date. The interest rates shown are the current rates as of July 31, 2004, and reset periodically.

  **  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 1.23% of net assets as of July 31, 2004, are deemed liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

  @  Interest rates shown are the discount rates at date of purchase.

  †  Interest rate shown reflects yield at July 31, 2004.

16


UBS Select Money Market Fund

Schedule of Investments - July 31, 2004 (unaudited)

  #  The following represents illiquid restricted securities as of July 31, 2004:

Restricted Securities   Acquisition
Date (s)		   Acquisition
Cost ($)		   Acquisition Cost
Percentage of
Fund's Net
Assets (%)		   Market
Value ($)		   Market Value
Percentage of
Fund's Net
Assets (%)		  
Metropolitan
Life Insurance Co.,
1.461%, 08/02/04		   08/01/03     100,000,000       1.45       100,000,000       1.45    
New York
Life Insurance Co.,
1.451%, 08/02/04		   02/04/04     75,000,000       1.08       75,000,000       1.08    
Travelers Insurance Co.,
1.451%, 08/02/04		   07/01/04     75,000,000       1.08       75,000,000       1.08    
          250,000,000       3.61       250,000,000       3.61    

 

Issuer Breakdown By Country   Percentage of
Portfolio Assets		  
United States     88.5 %  
Great Britain     3.0    
Sweden     1.8    
Italy     1.7    
France     1.6    
Australia     1.2    
Belgium     1.1    
Canada     0.7    
Germany     0.4    
Total     100.0 %  

 

Weighted average maturity - 45 days

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

17


Item 2. Controls and Procedures.

(a)  The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ("Investment Company Act")) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)  The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a)  Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.

18


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UBS Money Series

By:  /s/ Joseph A. Varnas

Joseph A. Varnas

President

Date:  September 29, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:  /s/ Joseph A. Varnas

Joseph A. Varnas

President

Date:  September 29, 2004

By:  /s/ Thomas Disbrow

Thomas Disbrow

Treasurer

Date:  September 29, 2004

19