Ubs Funds NPORT-P UBS International Sustainable Equity Fund (Mar 2020 report)

UBS Dynamic Alpha Fund

Industry Diversification – March 31, 2020 (unaudited)¹

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

†	Amount represents less than 0.05%
1	The Fund’s portfolio is actively managed and its composition will vary over time.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds—44.7%
Australia—1.8%
APT Pipelines Ltd.
4.200%, due 03/23/252			15,000		16,104
Aurizon Network Pty Ltd., MTN
4.000%, due 06/21/242	AUD		30,000		19,452
Ausgrid Finance Pty Ltd., MTN
3.750%, due 10/30/242	AUD		30,000		19,742
Commonwealth Bank of Australia, EMTN
(fixed, converts to FRN on 10/03/24),  1.936%, due 10/03/292	EUR		100,000		101,733
Mirvac Group Finance Ltd., EMTN
3.625%, due 03/18/272			270,000		285,217
Origin Energy Finance Ltd.
5.450%, due 10/14/212			45,000		46,577
Scentre Group Trust 1/Scentre Group Trust 2
2.375%, due 04/28/212			45,000		45,147
Westpac Banking Corp.
2.800%, due 01/11/22			15,000		15,141
(fixed, converts to FRN on 09/21/27),  5.000%, due 09/21/273			80,000		67,414
					616,527
Belgium—0.9%
AG Insurance SA
(fixed, converts to FRN on 06/30/27), 3.500%, due 06/30/472	EUR		100,000		110,257
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650%, due 02/01/264			35,000		36,759
Anheuser-Busch InBev Worldwide, Inc.
4.150%, due 01/23/254			25,000		26,967
4.750%, due 01/23/29			35,000		38,479
RESA SA
1.000%, due 07/22/262	EUR		100,000		110,284
					322,746
Bermuda—0.1%
XLIT Ltd.
5.250%, due 12/15/43			30,000		36,857
Canada—0.7%
Bell Canada, Inc., MTN
4.750%, due 09/29/44	CAD		10,000		7,949

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds—(continued)
Canada—(concluded)
Canadian Natural Resources Ltd.
2.950%, due 01/15/23			35,000		30,357
3.850%, due 06/01/274			35,000		27,713
Cenovus Energy, Inc.
4.250%, due 04/15/27			35,000		17,157
Royal Bank of Canada
1.650%, due 07/15/21	CAD		85,000		60,094
Suncor Energy, Inc.
6.500%, due 06/15/38			45,000		46,182
TELUS Corp.
3.750%, due 01/17/25	CAD		15,000		10,955
Toronto Dominion Bank/The
2.045%, due 03/08/21	CAD		60,000		42,682
					243,089
China—0.1%
Nexen, Inc.
6.400%, due 05/15/37			35,000		48,825
Czech Republic—0.3%
NET4GAS sro, EMTN
2.500%, due 07/28/212	EUR		100,000		112,858
Denmark—0.3%
Danske Bank A/S, EMTN
1.375%, due 05/24/222	EUR		100,000		108,207
France—3.7%
AXA SA, EMTN
(fixed, converts to FRN on 05/28/29), 3.250%, due 05/28/492	EUR		100,000		108,797
Banque Federative du Credit Mutuel SA, EMTN
3.000%, due 09/11/252	EUR		100,000		110,911
BNP Paribas SA, EMTN
1.000%, due 04/17/242	EUR		100,000		106,727
1.250%, due 03/19/252	EUR		100,000		106,785
BPCE SA, EMTN
1.375%, due 03/23/262	EUR		100,000		105,693
Credit Agricole SA, EMTN
1.375%, due 03/13/252	EUR		100,000		107,117
Credit Logement SA
3 mo. Euribor + 1.150%, 0.661%, due 06/16/202,3,5	EUR		100,000		88,418

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
France— (concluded)
Electricite de France SA
(fixed, converts to FRN on 01/22/24), 5.625%, due 01/22/242,3			100,000		96,250
SCOR SE
(fixed, converts to FRN on 03/13/29), 5.250%, due 03/13/292,3			200,000		162,730
TDF Infrastructure SAS
2.875%, due 10/19/222	EUR		100,000		112,775
Terega SA
2.200%, due 08/05/252	EUR		100,000		114,264
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 01/25/26), 2.875%, due 01/25/262,3	EUR		100,000		91,943
					1,312,410
Germany—1.6%
ADO Properties SA
1.500%, due 07/26/242	EUR		100,000		98,193
Volkswagen International Finance N.V.
1.125%, due 10/02/232	EUR		100,000		106,408
4.125%, due 11/16/382	EUR		100,000		114,832
Series NC6, (fixed, converts to FRN on 06/27/24), 3.375%, due 06/27/242,3	EUR		100,000		100,526
Volkswagen Leasing GmbH, EMTN
1.625%, due 08/15/252	EUR		40,000		41,621
Vonovia Finance BV
(fixed, converts to FRN on 12/17/21), 4.000%, due 12/17/212,3	EUR		100,000		109,187
					570,767
Guernsey—0.3%
Globalworth Real Estate Investments Ltd., EMTN
3.000%, due 03/29/252	EUR		100,000		108,659
Israel—0.4%
Teva Pharmaceutical Finance IV BV
3.650%, due 11/10/21			20,000		19,213
Teva Pharmaceutical Finance Netherlands II BV
1.125%, due 10/15/242	EUR		100,000		91,368

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds— (continued)
Israel— (concluded)
Teva Pharmaceutical Finance Netherlands III BV
2.800%, due 07/21/234			40,000		36,200
					146,781
Japan—0.1%
Mitsubishi UFJ Financial Group, Inc.
2.665%, due 07/25/22			25,000		24,916
Jersey—0.1%
HSBC Bank Capital Funding Sterling 2 LP
(fixed, converts to FRN on 04/07/20), 5.862%, due 04/07/203	GBP		20,000		24,839
Mexico—1.3%
Mexico City Airport Trust
5.500%, due 07/31/472			200,000		165,100
Orbia Advance Corp. SAB de CV
5.500%, due 01/15/486			200,000		172,500
Petroleos Mexicanos
5.500%, due 02/24/252	EUR		20,000		18,832
Petroleos Mexicanos, EMTN
3.750%, due 02/21/242	EUR		100,000		87,681
					444,113
Netherlands—1.2%
Cooperatieve Rabobank UA
(fixed, converts to FRN on 06/29/20), 5.500%, due 06/29/202,3	EUR		250,000		263,317
ING Groep N.V., EMTN
1.125%, due 02/14/252	EUR		100,000		105,615
Shell International Finance BV
4.375%, due 05/11/45			35,000		40,482
					409,414
Poland—0.3%
Tauron Polska Energia SA
2.375%, due 07/05/272	EUR		100,000		111,437
Portugal—0.3%
Galp Gas Natural Distribuicao SA, EMTN
1.375%, due 09/19/232	EUR		100,000		109,233

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds—(continued)
Singapore—0.5%
DBS Group Holdings Ltd., GMTN
(fixed, converts to FRN on 09/07/21), 3.600%, due 09/07/212,3			200,000		183,500
Spain—2.3%
Banco Santander SA
3.250%, due 04/04/262	EUR		100,000		109,545
Banco Santander SA, EMTN
4.000%, due 01/19/232	AUD		200,000		128,852
Canal de Isabel II Gestion SA, EMTN
1.680%, due 02/26/252	EUR		100,000		112,373
Iberdrola International BV, EMTN
(fixed, converts to FRN on 3/26/24), 2.625%, due 03/26/242,3	EUR		100,000		108,748
Redexis Gas Finance BV, EMTN
1.875%, due 04/27/272	EUR		100,000		107,856
Telefonica Emisiones SA
5.520%, due 03/01/49			200,000		234,690
					802,064
Switzerland—0.5%
ABB Finance USA, Inc.
2.875%, due 05/08/22			40,000		40,314
Argentum Netherlands BV for Swiss Life AG
(fixed, converts to FRN on 06/16/25), 4.375%, due 06/16/252,3	EUR		100,000		109,049
Glencore Funding LLC
4.875%, due 03/12/296			40,000		38,576
					187,939
United Kingdom—6.5%
Anglian Water Services Financing PLC, EMTN
4.500%, due 02/22/262	GBP		100,000		133,877
Barclays Bank PLC
9.500%, due 08/07/212	GBP		40,000		52,985
Barclays PLC, EMTN
(fixed, converts to FRN on 10/06/22),  2.375%, due 10/06/232	GBP		100,000		120,415
(fixed, converts to FRN on 11/11/20),  2.625%, due 11/11/252	EUR		100,000		106,988
BAT Capital Corp.
3.557%, due 08/15/27			35,000		32,964

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds—(continued)
United Kingdom—(continued)
BAT International Finance PLC, EMTN
0.875%, due 10/13/232	EUR		100,000		107,766
BUPA Finance PLC
(fixed, converts to FRN on 09/16/20), 6.125%, due 09/16/203	GBP		20,000		24,066
Diageo Capital PLC
3.875%, due 04/29/43			25,000		25,612
HSBC Holdings PLC
5.100%, due 04/05/21			60,000		61,390
Lloyds Banking Group PLC, EMTN
2.250%, due 10/16/242	GBP		100,000		119,849
M&G PLC
(fixed, converts to FRN on 10/20/31), 5.625%, due 10/20/512	GBP		100,000		121,152
M&G PLC, EMTN
(fixed, converts to FRN on 07/20/35), 5.000%, due 07/20/552	GBP		100,000		115,113
Nationwide Building Society, EMTN
(fixed, converts to FRN on 07/25/24), 2.000%, due 07/25/292	EUR		100,000		100,426
Phoenix Group Holdings PLC, EMTN
4.125%, due 07/20/222	GBP		150,000		187,614
Reynolds American, Inc.
4.450%, due 06/12/25			25,000		25,459
5.700%, due 08/15/35			10,000		11,010
Royal Bank of Scotland Group PLC
6.100%, due 06/10/23			40,000		41,128
(fixed, converts to FRN on 06/25/23), 4.519%, due 06/25/24			200,000		201,372
SSE PLC
(fixed, converts to FRN on 09/10/20), 3.875%, due 09/10/202,3	GBP		100,000		121,998
Tesco Property Finance 4 PLC
5.801%, due 10/13/402	GBP		136,319		211,304
Thames Water Utilities Finance PLC, EMTN
5.125%, due 09/28/372	GBP		50,000		79,800
Virgin Money UK PLC, GMTN
(fixed, converts to FRN on 04/24/25), 3.375%, due 04/24/262	GBP		100,000		113,888
Vodafone Group PLC
4.375%, due 02/19/43			15,000		15,538
WPP Finance 2010
3.750%, due 09/19/24			25,000		25,412

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
Yorkshire Water Finance PLC, EMTN
(fixed, converts to FRN on 03/22/23), 3.750%, due 03/22/462	GBP		100,000		127,279
					2,284,405
United States—21.4%
3M Co.
2.650%, due 04/15/254			20,000		20,874
Abbott Laboratories
4.900%, due 11/30/46			50,000		68,327
AbbVie, Inc.
4.250%, due 11/14/28			35,000		37,852
4.400%, due 11/06/42			25,000		27,781
4.875%, due 11/14/48			35,000		40,828
Adobe, Inc.
2.150%, due 02/01/27			50,000		50,542
Albemarle Corp.
5.450%, due 12/01/44			50,000		58,128
Allergan Funding SCS
2.125%, due 06/01/29	EUR		100,000		107,349
3.450%, due 03/15/22			25,000		25,953
4.750%, due 03/15/45			15,000		16,187
Alphabet, Inc.
1.998%, due 08/15/26			60,000		63,360
Altria Group, Inc.
4.250%, due 08/09/42			80,000		79,573
4.400%, due 02/14/26			25,000		25,889
5.950%, due 02/14/49			35,000		40,722
Amazon.com, Inc.
2.800%, due 08/22/24			70,000		74,268
American Airlines Pass-Through Trust,
Series 2014-1, Class B, 4.375%, due 10/01/22			50,191		46,985
American Express Co.
3.400%, due 02/27/23			110,000		113,951
Amgen, Inc.
4.400%, due 05/01/45			25,000		29,192
Apache Corp.
4.250%, due 01/15/44			60,000		26,129
Apple, Inc.
3.850%, due 08/04/46			50,000		60,386

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1	Value ($)
Corporate bonds—(continued)
United States—(continued)
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35		200,000	216,074
General Electric Co.
4.125%, due 10/09/42		3,000	2,835
General Electric Co., GMTN
3.150%, due 09/07/22		30,000	30,307
General Electric Co., MTN
4.375%, due 09/16/20		30,000	30,017
General Motors Financial Co., Inc.
4.350%, due 04/09/25		90,000	80,630
Georgia Power Co.,
Series A, 2.100%, due 07/30/23		25,000	24,379
Gilead Sciences, Inc.
4.750%, due 03/01/46		25,000	31,970
4.800%, due 04/01/44		15,000	19,286
Goldman Sachs Group, Inc./The
3.375%, due 03/27/252	EUR	35,000	40,641
5.150%, due 05/22/45		40,000	47,298
Goldman Sachs Group, Inc./The, EMTN
1.625%, due 07/27/262	EUR	50,000	53,433
2.000%, due 07/27/232	EUR	120,000	132,355
2.000%, due 11/01/282	EUR	35,000	37,613
Hartford Financial Services Group, Inc./The
4.400%, due 03/15/48		35,000	36,907
Healthpeak Properties, Inc.
3.875%, due 08/15/24		35,000	35,674
Home Depot, Inc./The
2.500%, due 04/15/27		25,000	25,249
4.875%, due 02/15/44		30,000	37,126
Illinois Tool Works, Inc.
2.650%, due 11/15/264		45,000	45,503
JPMorgan Chase & Co.
(fixed, converts to FRN on 10/15/29), 2.739%, due 10/15/30		100,000	100,419
3.200%, due 01/25/23		260,000	267,481
3.625%, due 12/01/27		60,000	63,621
Kinder Morgan, Inc.
3.150%, due 01/15/23		35,000	34,661
5.625%, due 11/15/236		35,000	36,565
Kraft Heinz Foods Co.
4.875%, due 02/15/256		35,000	35,079
5.000%, due 06/04/42		45,000	42,654

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1	Value ($)
Corporate bonds—(continued)
United States—(continued)
Fox Corp., Class A
2.500%, due 04/01/257		20,000		20,417
Otis Worldwide Corp.
2.565%, due 02/15/306		50,000		48,427
PacifiCorp
6.000%, due 01/15/39		35,000		47,551
Philip Morris International, Inc.
4.250%, due 11/10/44		25,000		27,684
Phillips 66
4.650%, due 11/15/34		25,000		23,285
Phillips 66 Partners LP
4.680%, due 02/15/45		10,000		8,188
PPL Capital Funding, Inc.
4.700%, due 06/01/43		60,000		60,792
Procter & Gamble Co./The
2.450%, due 03/25/25		15,000		15,725
QUALCOMM, Inc.
4.300%, due 05/20/47		30,000		36,278
Sempra Energy
6.000%, due 10/15/39		35,000		38,554
Southern California Edison Co.
2.850%, due 08/01/294		45,000		43,412
	4.000%, due 04/01/477	45,000		46,840
Series E, 3.700%, due 08/01/25		20,000		20,588
Southern Co./The
3.250%, due 07/01/26		35,000		35,300
4.400%, due 07/01/46		15,000		15,680
Southwestern Electric Power Co.
6.200%, due 03/15/40		50,000		66,092
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/426		30,000		36,036
Sysco Corp.
5.650%, due 04/01/257		10,000		10,412
Teachers Insurance & Annuity Association of America
4.900%, due 09/15/446		30,000		34,136
Thermo Fisher Scientific, Inc.
4.133%, due 03/25/25		20,000		21,430
Time Warner Cable LLC
4.500%, due 09/15/42		25,000		23,500
Truist Financial Corp.
2.700%, due 01/27/22		45,000		45,246

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1	Value ($)
Corporate bonds—(continued)
United States—(continued)
TWDC Enterprises 18 Corp., MTN
1.850%, due 07/30/26		10,000		9,944
Union Pacific Corp.
4.050%, due 11/15/45		20,000		21,073
United Airlines Pass-Through Trust
3.650%, due 01/07/26		41,435		33,563
United Technologies Corp.
3.950%, due 08/16/25		25,000		27,354
Valero Energy Corp.
4.900%, due 03/15/454		50,000		51,794
Verizon Communications, Inc.
3.376%, due 02/15/25		25,000		26,817
5.250%, due 03/16/37		15,000		19,187
Series 20Y, 2.875%, due 01/15/38	EUR	100,000		112,025
ViacomCBS, Inc.
4.750%, due 05/15/257		75,000		74,729
Virginia Electric & Power Co.,
Series A, 3.800%, due 04/01/28		20,000		21,197
Series C, 4.000%, due 11/15/46		25,000		26,956
Visa, Inc.
1.900%, due 04/15/27		25,000		24,930
Walt Disney Co./The
6.200%, due 12/15/34		100,000		139,097
Wells Fargo & Co.
2.100%, due 07/26/21		50,000		49,930
3.069%, due 01/24/23		60,000		60,986
Wells Fargo & Co., MTN
2.625%, due 07/22/22		70,000		70,818
Williams Cos., Inc./The
4.300%, due 03/04/24		35,000		31,802
4.900%, due 01/15/45		15,000		13,137

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

		Face amount1			Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Xcel Energy, Inc.
	4.800%, due 09/15/41	80,000			86,249
			7,568,377
Total Corporate bonds  (cost—$16,396,218)					15,777,963
Mortgage-backed securities—0.0%†
Cayman Islands—0.0%†
LNR CDO IV Ltd.,
	Series 2006-1A, Class FFX,    7.592%, due 05/28/436,9,10	8,000,000			0
United States—0.0%†
Structured Adjustable Rate Mortgage Loan Trust,
	Series 2005-7, Class B11,    3.962%, due 04/25/3511	32,991			420
Total Mortgage-backed securities (cost—$8,098,433)					420
U.S. treasury obligations—41.8%
United States—41.8%
U.S. Treasury Bills
	1.406%, due 06/18/2012	13,600,000		13,555,014
	0.361%, due 12/03/2012	1,200,000			1,197,089
Total U.S. treasury obligations  (cost—$14,752,103)					14,752,103

	Number of shares
Short-term investments—5.2%
Investment companies—5.2%
State Street Institutional U.S. Government Money Market Fund   (cost—$1,846,764)	1,846,764	1,846,764

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

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

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

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

Forward foreign currency contracts

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

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

Forward foreign currency contracts

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

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

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)	Total ($)
Corporate bonds	—		15,777,963		—	15,777,963
Mortgage-backed securities	—		420		0	420
U.S. treasury obligations	—		14,752,103		—	14,752,103
Short-term investments	—		1,846,764		—	1,846,764
Investment of cash collateral from securities loaned	—		497,408		—	497,408
Futures contracts	369,991		449,074		—	819,065
Swap agreements	—		53,473		—	53,473
Forward foreign currency contracts	—		1,721,813		—	1,721,813
Total	369,991		35,099,018		0	35,469,009
Liabilities
Futures contracts	(224,205	)	(226,881	)	—	(451,086	)
Swap agreements	—		(94,771	)	—	(94,771	)
Forward foreign currency contracts	—		(2,360,482	)	—	(2,360,482	)
Total	(224,205	)	(2,682,134	)	—	(2,906,339	)

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

Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2020 (unaudited)

Portfolio footnotes

†	Amount represents less than 0.05%.
1	In US dollars unless otherwise indicated.
2	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
3	Perpetual investment. Date shown reflects the next call date.
4	Security, or portion thereof, was on loan at the period end.
5	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
6	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $891,948, represented 2.5% of the Fund's net assets at period end.
7	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
8	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
9	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
10	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
11	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
12	Rate shown is the discount rate at the date of purchase unless otherwise noted.
13	Includes $487,111 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $497,408.
14	Payments made or received are based on the notional amount.
15	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
16	If the Fund  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

UBS Global Allocation Fund

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

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

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

† Amount represents less than 0.05%

1 Figures represent the breakdown of direct investments of UBS Global Allocation Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Germany—(concluded)
SAP SE		8,311		927,906
				2,511,559
Hong Kong—1.0%
AIA Group Ltd.		173,517		1,553,781
WH Group Ltd.1		641,500		592,110
				2,145,891
Ireland—0.2%
Ryanair Holdings PLC, ADR*		6,592		349,969
Italy—1.0%
Banca Mediolanum SpA		107,813		541,123
Infrastrutture Wireless Italiane SpA1		101,394		1,097,873
Prada SpA		152,000		440,193
				2,079,189
Japan—6.3%
Hoya Corp.		9,200		782,290
Inpex Corp.		30,800		172,790
ITOCHU Corp.2		45,600		943,674
Kao Corp.		6,600		537,690
Keyence Corp.		1,500		482,268
Kissei Pharmaceutical Co. Ltd.		15,700		402,509
Nabtesco Corp.		14,500		331,684
Nintendo Co. Ltd.		2,600		1,010,499
Nippon Telegraph & Telephone Corp.		51,700		1,236,489
ORIX Corp.		81,100		967,577
Shin-Etsu Chemical Co. Ltd.		10,700		1,051,673
SoftBank Group Corp.		24,600		870,898
Sony Corp.		24,200		1,433,452
Sumitomo Electric Industries Ltd.		37,500		391,799
Takeda Pharmaceutical Co. Ltd.		35,000		1,065,683
TechnoPro Holdings, Inc.		11,300		527,379
Tokyo Electron Ltd.		2,600		484,571
West Japan Railway Co.		8,200		560,839
				13,253,764
Netherlands—1.1%
Koninklijke Ahold Delhaize N.V.		53,870		1,254,985

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Netherlands—(concluded)
NXP Semiconductors N.V.		12,477		1,034,717
				2,289,702
New Zealand—0.2%
Fisher & Paykel Healthcare Corp. Ltd.		27,806		505,470
Norway—0.6%
Equinor ASA		83,716		1,043,614
Mowi ASA		21,128		319,444
				1,363,058
South Africa—0.3%
Anglo American PLC		39,433		691,009
Spain—0.2%
Grifols SA, ADR		21,500		433,010
Sweden—0.4%
Swedish Match AB2		14,241		806,321
Switzerland—1.3%
Alcon, Inc.*		16,176		828,708
Nestle SA (Registered)		7,875		806,147
Novartis AG, ADR		2,500		206,125
Zurich Insurance Group AG		2,541		892,670
				2,733,650
United Kingdom—3.1%
Ashtead Group PLC		35,855		774,969
Babcock International Group PLC		101,929		481,054
British American Tobacco PLC		36,007		1,226,588
GlaxoSmithKline PLC		44,488		834,780
GlaxoSmithKline PLC, ADR		9,800		371,322
Mondi PLC		32,938		555,849
Sage Group PLC/The		129,612		942,479
Spectris PLC		22,582		680,371
Unilever N.V.		14,525		713,922
				6,581,334
United States—25.6%
10X Genomics, Inc., Class A*		1,852		115,417

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Netflix, Inc.*		586		220,043
NIKE, Inc., Class B		3,674		303,987
ON Semiconductor Corp.*		39,608		492,723
Palo Alto Networks, Inc.*		3,186		522,377
PepsiCo, Inc.		2,225		267,222
Progressive Corp./The		25,243		1,863,943
Prologis, Inc.		18,900		1,518,993
Qorvo, Inc.*		2,221		179,079
Reynolds Consumer Products, Inc.		1,516		44,222
salesforce.com, Inc.*		4,414		635,528
ServiceNow, Inc.*		1,419		406,657
Starbucks Corp.		3,044		200,113
Stericycle, Inc.*,2		17,753		862,441
Synchrony Financial		38,720		623,005
Take-Two Interactive Software, Inc.*		8,828		1,047,089
TransUnion		2,766		183,054
Union Pacific Corp.		2,389		336,945
United Rentals, Inc.*		1,135		116,791
UnitedHealth Group, Inc.		8,351		2,082,572
Universal Display Corp.		1,412		186,073
ViacomCBS, Inc., Class B		68,441		958,858
Visa, Inc., Class A		16,724		2,694,571
Walt Disney Co./The		3,579		345,731
Waste Connections, Inc.		2,242		173,755
Western Digital Corp.		12,403		516,213
Westlake Chemical Corp.		19,427		741,529
Williams Cos., Inc./The		34,739		491,557
Zimmer Biomet Holdings, Inc.		2,808		283,833
				53,959,891
Total common stocks (cost—$102,320,952)				97,999,652
Preferred stocks—0.3%
Germany—0.3%
Henkel AG & Co. KGaA (cost—$817,629)		8,089		646,971
Exchange traded funds—21.9%
United States—21.9%
iShares iBoxx $High Yield Corporate Bond ETF2		223,170		17,199,712

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Number of shares		Value ($)
Exchange traded funds—(concluded)
United States—(concluded)
iShares iBoxx $Investment Grade Corporate Bond ETF2		102,778		12,694,111
iShares JPMorgan USD Emerging Markets Bond ETF2		106,396		10,286,365
Xtrackers Harvest CSI 300 China A-Shares ETF2		232,823		6,027,787
Total exchange traded funds (cost—$51,536,839)				46,207,975
Investment companies—9.1%
UBS Emerging Markets Equity Opportunity Fund3 (cost—$25,050,895)		2,498,628		19,139,492

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
30	HKD	Hang Seng Index Futures	April 2020	4,601,398		4,589,339		(12,059	)
86	USD	E-Mini Russell 1000 Value Index Futures	June 2020	4,119,494		4,178,740		59,246
Interest rate futures buy contracts:
84	AUD	Australian Bond 10 Year Futures	June 2020	7,869,438		7,781,817		(87,621	)
144	CAD	Canada Government Bond 10 Year Futures	June 2020	14,853,733		15,055,895		202,162
U.S. treasury futures buy contracts:
43	EUR	German Euro Schatz Futures	June 2020	5,341,577		5,320,574		(21,003	)
33	GBP	United Kingdom Long Gilt Bond Futures	June 2020	5,499,145		5,582,334		83,189
29	USD	U.S. Ultra Bond Futures	June 2020	5,838,104		6,434,375		596,271
48	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2020	7,069,176		7,489,500		420,324
Total				55,192,065		56,432,574		1,240,509
Index futures sell contracts:
47	CAD	S&P TSX 60 Index Futures	June 2020	(5,448,706	)	(5,438,414	)	10,292
41	EUR	CAC 40 Index Futures	April 2020	(1,697,154	)	(1,987,369	)	(290,215	)
438	SEK	OMX 30 Index Futures	April 2020	(5,636,946	)	(6,552,810	)	(915,864	)
144	USD	Mini MSCI Emerging Markets (EM) Index Futures	June 2020	(5,734,527	)	(6,068,880	)	(334,353	)
29	USD	S&P 500 E-Mini Index Futures	June 2020	(3,888,998	)	(3,726,065	)	162,933
Interest rate futures sell contracts:
123	EUR	German Euro Bund Futures	June 2020	(23,719,430	)	(23,402,125	)	317,305
21	JPY	JGB MINI 10 Year Futures	June 2020	(3,044,271	)	(2,981,307	)	62,964
Total				(49,170,032	)	(50,156,970	)	(986,938	)
Net unrealized appreciation (depreciation)								253,571

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

Forward foreign currency contracts

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

Fair valuation summary

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2020 (unaudited)

Assets

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

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

Portfolio footnotes

*	Non-income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,189,083, represented 2.1% of the Fund's net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee on the assets invested into the affiliated UBS Relationship Funds.

Change in

net unrealized

Net

appreciation

Net income

Purchases

Sales

realized gain (loss)

(depreciation)

earned from

during the

during the

during the

during the

affiliate for the

period

period

period

period

period

Value

ended

ended

ended

ended

Value

ended

Shares

Security description

06/30/2019

03/31/2020

03/31/2020

03/31/2020

03/31/2020

03/31/2020

03/31/2020

03/31/2020

UBS Emerging Markets Equity Opportunity Fund

$

20,816,127

$

3,214,198

$

400,000

$

(122,193)

$

(4,368,640)

$

19,139,492

$

614,199

$

2,498,628

4	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
5	Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities’ principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.
6	Includes $30,735,253 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $16,073,705 and cash collateral of $15,483,764.

UBS Emerging Markets Equity Opportunity Fund

Industry diversification—March 31, 2020 (unaudited)¹

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

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

Assets

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

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

Portfolio footnotes

* Non-income producing security.

UBS Engage For Impact Fund

Industry diversification – March 31, 2020 (unaudited)¹

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

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2020 (unaudited)

Assets

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

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

Portfolio footnotes

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

UBS International Sustainable Equity Fund

Industry diversification – March 31, 2020(unaudited)¹

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

UBS International Sustainable Equity Fund

Industry diversification – March 31, 2020(unaudited)¹

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

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
India—2.2%
Axis Bank Ltd., GDR		68,783		1,733,688
Infosys Ltd., ADR		133,799		1,098,490
Mahindra & Mahindra Ltd., GDR		264,882		1,022,444
				3,854,622
Indonesia—2.6%
Bank Central Asia Tbk. PT		2,024,900		3,411,791
Bank Mandiri Persero Tbk. PT		4,203,500		1,195,105
				4,606,896
Italy—3.9%
Banca Mediolanum SpA		443,539		2,226,160
Infrastrutture Wireless Italiane SpA1		333,054		3,606,239
Prysmian SpA		73,806		1,171,808
				7,004,207
Japan—24.3%
Hoya Corp.		38,100		3,239,701
Inpex Corp.		97,700		548,103
ITOCHU Corp.2		108,600		2,247,435
Kao Corp.		53,600		4,366,697
Kissei Pharmaceutical Co. Ltd.		68,882		1,765,964
Kubota Corp.		179,800		2,286,883
Nabtesco Corp.		94,800		2,168,525
Nintendo Co. Ltd.		10,100		3,925,400
Nippon Telegraph & Telephone Corp.		130,500		3,121,118
ORIX Corp.		214,800		2,562,706
Shin-Etsu Chemical Co. Ltd.		31,100		3,056,732
SoftBank Group Corp.		60,700		2,148,924
Sony Corp.		102,400		6,065,514
Takeda Pharmaceutical Co. Ltd.		148,561		4,523,399
West Japan Railway Co.		18,700		1,278,986
				43,306,087
Mexico—0.6%
Cemex SAB de CV, ADR		542,100		1,149,252
Netherlands—5.6%
ASML Holding N.V.		13,640		3,595,702
Koninklijke Ahold Delhaize N.V.		214,248		4,991,238

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2020 (unaudited)

Assets

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

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

Portfolio footnotes

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

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		82,775,452		—		—		82,775,452
Short-term investments		—		2,703,904		—		2,703,904
Investment of cash collateral from securities loaned		—		1,466,915		—		1,466,915
Total		82,775,452		4,170,819		—		86,946,271

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

Portfolio footnotes

* Non-income producing security.

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

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

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		20,053,247		—		—		20,053,247
Short-term investments		—		634,834		—		634,834
Investment of cash collateral from securities loaned		—		269,569		—		269,569
Total		20,053,247		904,403		—		20,957,650

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

UBS U.S. Sustainable Equity Fund 

Portfolio of investments – March 31, 2020 (unaudited)

Portfolio footnotes

* Non-income producing security.

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

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Municipal bonds — (concluded)
South Carolina — (concluded)
South Carolina Public Service Authority-Unrefunded Balance Revenue Bonds,
Series B,
5.000%, due 12/01/20		690,000		705,835
				2,436,766
Texas — 8.1%
Harris County Cultural Education Facilities Finance Corp., (Methodist Hospital) Revenue Bonds,
Subseries C-2,
0.750%, due 12/01/271		100,000		100,000
Lower Colorado River Authority Refunding LCRA Transmission Services Revenue Bonds
5.000%, due 05/15/31		1,000,000		1,273,420
North Texas Tollway Authority Revenue Bonds,
Series A,
5.000%, due 01/01/27		3,030,000		3,432,505
Series B,
5.000%, due 01/01/29		1,140,000		1,455,108
State of Texas, Revenue Anticipation Notes
4.000%, due 08/27/20		900,000		910,152
The University of Texas System Revenue Bonds,
Series A,
5.000%, due 08/15/38		1,000,000		1,266,310
				8,437,495
Washington —  2.1%
State of Washington, GO Bonds,
Series D,
5.000%, due 06/01/38		1,725,000		2,184,799
Total Municipal bonds
(cost—$100,222,001)				103,338,957
Total investments
(cost—$100,222,001) —  99.3%				103,338,957
Other assets in excess of liabilities — 0.7%				684,041
Net assets — 100.0%			$	104,022,998

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

Fair valuation summary

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

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Portfolio footnotes

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

² Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Fair valuation summary

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—		40,615,998		—		40,615,998
Short-term investments		—		871,006		—		871,006
Investment of cash collateral from securities loaned		—		2,781,075		—		2,781,075
Total		—		44,268,079		—		44,268,079

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

Portfolio footnotes

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

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

2 Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

UBS Total Return Bond Fund

Industry diversification – March 31, 2020 (unaudited)¹

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

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited) 

	Face amount1		Value ($)
Asset-backed securities—14.0%
United States — 14.0%
American Credit Acceptance Receivables Trust,
Series 2018-3, Class B,
3.490%, due 06/13/222		54,427		54,396
AmeriCredit Automobile Receivables,
Series 2015-4, Class D,
3.720%, due 12/08/21		725,000		721,285
AmeriCredit Automobile Receivables Trust,
Series 2018-1, Class D,
3.820%, due 03/18/24		100,000		96,917
CPS Auto Trust,
Series 2018-C, Class D,
4.400%, due 06/17/242		150,000		149,943
Dell Equipment Finance Trust,
Series 2018-1, Class D,
3.850%, due 06/24/242		120,000		120,377
Drive Auto Receivables Trust,
Series 2017-1, Class D,
3.840%, due 03/15/23		61,631		61,436
Series 2018-1, Class C,
3.220%, due 03/15/23		424,639		424,555
Series 2018-1, Class D,
3.810%, due 05/15/24		225,000		224,610
Series 2018-2, Class D,
4.140%, due 08/15/24		200,000		201,624
Series 2018-3, Class D,
4.300%, due 09/16/24		300,000		297,742
Series 2018-4, Class D,
4.090%, due 01/15/26		150,000		150,254
Exeter Automobile Receivables Trust,
Series 2018-1A, Class D,
3.530%, due 11/15/232		100,000		99,016
HPEFS Equipment Trust,
Series 2019-1A, Class D,
2.720%, due 09/20/292		200,000		196,161
Series 2020-1A, Class D,
2.260%, due 02/20/302		200,000		195,030
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
2.050%, due 03/17/372,3		100,000		86,017
Series 2018-SFR2, Class D,
1 mo. USD LIBOR + 1.450%,
2.155%, due 06/17/372,3		150,000		127,448

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited) 

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

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

Futures contracts

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

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

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

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio10(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North American High Yield 33 Index

USD

1,225

12/20/24

Quarterly

5.000

9,868

72,689

82,557

Forward foreign currency contracts

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

Fair valuation summary

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2020 (unaudited)

Assets

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

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

Portfolio footnotes

1 In US dollars unless otherwise indicated.

2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $7,881,206, represented 21.3% of the Fund’s net assets at period end.

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

4 Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

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

7 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

8 Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

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

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

11 If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

Portfolio acronyms
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal Corporation
CDO	Collateralized Debt Obligation
COP	Certificate of Participation
CSI	Credit Suisse International
DAC	Designated Activity Company
EMTN	Euro Medium-Term Notes
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GDR	Global Depositary Receipt
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
GO	General Obligation
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
OAT	Obligation Assimilables du Trésor (French Government Bonds)
PJSC	Private Joint Stock Company
REIT	Real Estate Investment Trust
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities
Counterparty abbreviations
BB	Barclays Bank PLC
BOA	Bank of America NA
CITI	Citibank NA
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
SSC	State Street Bank and Trust Co.
Currency abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
USD	United States Dollar

Valuation of investments

Each Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. A Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Funds do not price their shares, on most national holidays and Good Friday. To the extent that a Fund’s assets are traded in other markets on days when the NYSE is not open, the value of the Fund’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

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

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

Certain investments in which the Funds invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Fund’s net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Fund’s investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Funds may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a “fair value,” that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Funds’ use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds’ custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

Swaps are marked-to-market daily based upon values from third-party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.

The Board has delegated to the Equities, Fixed Income and Multi-Asset Valuation Committee (“VC”) the responsibility for making fair value determinations with respect to the Funds’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Fund’s investments. These inputs are summarized into the three broad levels listed below:

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

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

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

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

For more information regarding the Funds’ other significant accounting policies, please refer to the Funds’ Semiannual report to shareholders dated December 31, 2019.