Ubs Funds NPORT-P UBS Sustainable Development Bank Bond Fund (Mar 2021 report)

UBS All China Equity Fund

Industry diversification— March 31, 2021 (unaudited)¹

Common stocks	Percentage of net assets
Banks	6.1	%
Beverages	15.0
Capital markets	3.2
Commercial services & supplies	1.1
Construction materials	1.6
Diversified consumer services	7.7
Diversified financial services	2.4
Entertainment	4.6
Food products	2.3
Gas utilities	1.0
Health care equipment & supplies	1.1
Health care technology	1.9
Household durables	1.5
Insurance	7.8
Interactive media & services	9.9
Internet & direct marketing retail	11.2
IT services	1.1
Life sciences tools & services	1.0
Pharmaceuticals	5.3
Real estate management & development	5.4
Software	0.5
Technology hardware, storage & peripherals	0.6
Textiles, apparel & luxury goods	1.3
Transportation infrastructure	0.7
Total common stocks	94.3	%
Short-term investments	6.2
Total investments	100.5
Liabilities in excess of other assets	(0.5	)
Net assets	100.0	%

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

UBS All China Equity Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—94.3%
China — 89.5%
Alibaba Group Holding Ltd. *		6,100		172,624
Alibaba Health Information Technology Ltd. *		6,000		16,979
Anhui Conch Cement Co. Ltd., Class H		4,500		29,261
Anhui Gujing Distillery Co. Ltd., Class B		1,500		21,031
Canaan, Inc., ADR *		500		10,335
China Gas Holdings Ltd.		4,200		17,207
China Jinmao Holdings Group Ltd.		46,000		18,461
China Merchants Bank Co. Ltd., Class H		8,000		61,075
China Resources Land Ltd.		6,000		29,058
Chinasoft International Ltd. *		18,000		19,357
Country Garden Services Holdings Co. Ltd.		2,000		20,272
CSPC Pharmaceutical Group Ltd.		34,000		41,111
Far East Horizon Ltd.		37,000		44,453
Hainan Meilan International Airport Co. Ltd., Class H *		3,000		13,063
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,000		28,098
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		17,588
Jinke Smart Services Group Co. Ltd., Class H *		2,000		17,854
Kweichow Moutai Co. Ltd., Class A		600		183,890
Li Ning Co. Ltd.		3,500		22,736
Longfor Group Holdings Ltd. 1		5,000		33,123
Meituan, Class B *,1		800		30,686
Midea Group Co. Ltd., Class A		2,100		26,344
NetEase, Inc.		4,100		83,433
New Oriental Education & Technology Group, Inc. *		2,100		28,715
Ping An Bank Co. Ltd., Class A		15,000		50,366
Ping An Healthcare and Technology Co. Ltd. *,1		1,400		17,558
Ping An Insurance Group Co. of China Ltd., Class H		9,500		113,097
Shandong Pharmaceutical Glass Co. Ltd., Class A		3,400		20,592
TAL Education Group, ADR *		2,068		111,362
Tencent Holdings Ltd.		2,300		180,471
Tuya, Inc., ADR *		400		8,456
Wuliangye Yibin Co. Ltd., Class A		1,200		49,058
Wuxi Biologics Cayman, Inc. *,1		1,500		18,783
Yihai International Holding Ltd. *		4,000		41,420
Yunnan Baiyao Group Co. Ltd., Class A		1,500		27,577
				1,625,494
Hong Kong — 4.8%
AIA Group Ltd.		2,400		29,112

UBS All China Equity Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Hong Kong— (concluded)
Hong Kong Exchanges & Clearing Ltd.		1,000		58,837
				87,949
Total common stocks (cost—$1,895,464)				1,713,443
Short-term investments—6.2%
Investment companies — 6.2%
State Street Institutional U.S. Government Money Market Fund, 0.080% 2 (cost — $113,148)		113,148		113,148
Total investments (cost — $2,008,612) — 100.5%				1,826,591
Liabilities in excess of other assets — (0.5)%				(9,897	)
Net assets — 100.0%			$	1,816,694

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, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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		1,713,443		—		—		1,713,443
Short-term investments		—		113,148		—		113,148
Total		1,713,443		113,148		—		1,826,591

At March 31, 2021, 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 $100,150, represented 5.5% of the Fund's net assets at period end.
2	Rates shown reflect yield at March 31, 2021.

UBS Dynamic Alpha Fund

Industry diversification—March 31, 2021 (unaudited)¹

Corporate bonds	Percentage of net assets
Advertising		0.1	%
Aerospace & defense		0.1
Agriculture		0.6
Airlines		0.2
Apparel		0.0	†
Auto manufacturers		1.4
Banks		9.1
Beverages		0.1
Chemicals		0.7
Commercial services		0.1
Computers		0.2
Diversified financial services		0.1
Electric		2.5
Engineering & construction		0.6
Food		0.2
Gas		1.5
Insurance		2.9
Media		0.9
Mining		0.1
Miscellaneous manufacturers		0.3
Oil & gas		1.1
Pharmaceuticals		1.2
Pipelines		0.6
Real estate		0.3
Real estate investment trusts		0.7
Retail		0.0	†
Semiconductors		0.2
Software		0.1
Telecommunications		0.3
Transportation		0.1
Water		1.2
Total corporate bonds		27.5	%
Mortgage-backed securities		0.0	%†
Non-U.S. government agency obligations		17.7
U.S. Treasury obligations		9.5
Exchange traded funds		7.0
Short-term investments		9.5
Short-term U.S. Treasury obligations		13.4
Investment of cash collateral from securities loaned		0.1
Total investments		84.7	%
Other assets in excess of liabilities		15.3
Net assets		100.0	%

^† Amount represents less than 0.05% or (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, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds—27.5%
Australia — 1.2%
APT Pipelines Ltd.
4.200%, due 03/23/252		15,000	16,334
Aurizon Network Pty Ltd., MTN
4.000%, due 06/21/242	AUD	30,000	24,553
Ausgrid Finance Pty Ltd., MTN
3.750%, due 10/30/242	AUD	30,000	24,723
Commonwealth Bank of Australia, EMTN
(fixed, converts to FRN on 10/03/24), 1.936%, due 10/03/292	EUR	100,000	122,797
Glencore Funding LLC
4.875%, due 03/12/293		40,000	45,569
Origin Energy Finance Ltd.
5.450%, due 10/14/212		45,000	46,125
Westpac Banking Corp.
2.000%, due 01/13/23		30,000	30,881
(fixed, converts to FRN on 09/21/27), 5.000%, due 09/21/27 4		80,000	84,200
			395,182
Belgium — 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.150%, due 01/23/25		25,000	27,783
RESA SA
1.000%, due 07/22/262	EUR	100,000	121,731
			149,514
Bermuda — 0.1%
XLIT Ltd.
5.250%, due 12/15/43		20,000	26,063
Canada — 0.6%
Canadian Natural Resources Ltd.
2.950%, due 01/15/23		35,000	36,323
3.850%, due 06/01/275		35,000	37,872
Cenovus Energy, Inc.
4.250%, due 04/15/27		35,000	37,853
Royal Bank of Canada
1.650%, due 07/15/21	CAD	85,000	67,909
Suncor Energy, Inc.
3.100%, due 05/15/25		15,000	16,019

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Canada— (concluded)
TELUS Corp.
3.750%, due 01/17/25	CAD	15,000		12,922
				208,898
Czech Republic — 0.3%
NET4GAS sro, EMTN
2.500%, due 07/28/212	EUR	100,000		118,057
France — 3.8%
AXA SA, EMTN
(fixed, converts to FRN on 05/28/29), 3.250%, due 05/28/492	EUR	100,000		134,926
BNP Paribas SA, EMTN
1.000%, due 04/17/242	EUR	100,000		120,936
BPCE SA, EMTN
1.375%, due 03/23/262	EUR	100,000		123,583
Credit Agricole SA, EMTN
1.375%, due 03/13/252	EUR	100,000		123,049
Credit Logement SA
3 mo. Euribor + 1.150%, 0.611%, due 06/16/212,4,6	EUR	100,000		110,820
Electricite de France SA
(fixed, converts to FRN on 01/22/24), 5.625%, due 01/22/242,4		100,000		106,500
SCOR SE
(fixed, converts to FRN on 03/13/29), 5.250%, due 03/13/292,4		200,000		207,552
TDF Infrastructure SASU
2.875%, due 10/19/222	EUR	100,000		121,425
Terega SA
2.200%, due 08/05/252	EUR	100,000		127,920
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 01/25/26), 2.875%, due 01/25/262,4	EUR	100,000		112,139
				1,288,850
Germany — 1.4%
ADLER Group SA
1.500%, due 07/26/242	EUR	100,000		115,205
KFW
2.625%, due 01/25/22		110,000		112,161
Volkswagen International Finance N.V.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Germany— (concluded)
1.125%, due 10/02/232	EUR	100,000		120,611
Series NC6,
(fixed, converts to FRN on 06/27/24), 3.375%, due 06/27/24 2,4	EUR	100,000		123,998
				471,975
Guernsey — 0.4%
Globalworth Real Estate Investments Ltd., EMTN
3.000%, due 03/29/252	EUR	100,000		124,465
Israel — 0.5%
Teva Pharmaceutical Finance IV BV
3.650%, due 11/10/21		20,000		20,125
Teva Pharmaceutical Finance Netherlands II BV
1.125%, due 10/15/242	EUR	100,000		111,333
Teva Pharmaceutical Finance Netherlands III BV
2.800%, due 07/21/23		40,000		39,722
				171,180
Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc.
2.665%, due 07/25/22		25,000		25,711
Mexico — 0.9%
Mexico City Airport Trust
5.500%, due 07/31/472		200,000		197,060
Petroleos Mexicanos, EMTN
3.750%, due 02/21/242	EUR	100,000		119,249
				316,309
Netherlands — 0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.700%, due 05/01/253		5,000		5,244
3.150%, due 05/01/273		15,000		15,939
				21,183
Poland — 0.4%
Tauron Polska Energia SA
2.375%, due 07/05/272	EUR	100,000		122,254

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
Portugal — 0.3%
Galp Gas Natural Distribuicao SA, EMTN
1.375%, due 09/19/232	EUR	100,000		121,059
Singapore — 0.6%
DBS Group Holdings Ltd., GMTN
(fixed, converts to FRN on 09/07/21), 3.600%, due 09/07/212,4		200,000		201,000
Spain — 2.0%
Banco Santander SA
3.250%, due 04/04/262	EUR	100,000		131,554
Banco Santander SA, EMTN
4.000%, due 01/19/232	AUD	200,000		159,472
Canal de Isabel II Gestion SA, EMTN
1.680%, due 02/26/252	EUR	100,000		124,236
Iberdrola International BV, EMTN
(fixed, converts to FRN on 03/26/24), 2.625%, due 03/26/242,4	EUR	100,000		123,832
Redexis Gas Finance BV, EMTN
1.875%, due 04/27/272	EUR	100,000		126,544
				665,638
Switzerland — 0.4%
Argentum Netherlands BV for Swiss Life AG
(fixed, converts to FRN on 06/16/25), 4.375%, due 06/16/252,4	EUR	100,000		132,415
United Kingdom — 4.2%
Anglian Water Services Financing PLC, EMTN
4.500%, due 02/22/262	GBP	100,000		156,192
Barclays Bank PLC
9.500%, due 08/07/212	GBP	40,000		56,726
Barclays PLC
(fixed, converts to FRN on 10/06/22), 2.375%, due 10/06/232	GBP	100,000		140,970
BAT Capital Corp.
3.557%, due 08/15/27		35,000		37,258
BAT International Finance PLC
0.875%, due 10/13/232	EUR	100,000		119,342
Lloyds Banking Group PLC, EMTN
2.250%, due 10/16/242	GBP	100,000		143,036
Natwest Group PLC
(fixed, converts to FRN on 06/25/23),  4.519%, due 06/25/24		200,000		215,892
Phoenix Group Holdings PLC, EMTN
4.125%, due 07/20/222	GBP	150,000		214,870

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
United Kingdom— (concluded)
Reynolds American, Inc.
4.450%, due 06/12/25		25,000		27,741
Virgin Money UK PLC, GMTN
(fixed, converts to FRN on 04/24/25), 3.375%, due 04/24/262	GBP	100,000		145,474
WPP Finance 2010
3.750%, due 09/19/24		25,000		27,218
Yorkshire Water Finance PLC, EMTN
(fixed, converts to FRN on 03/22/23), 3.750%, due 03/22/462	GBP	100,000		142,732
				1,427,451
United States — 9.8%
3M Co.
2.650%, due 04/15/25		20,000		21,243
AbbVie, Inc.
2.125%, due 06/01/29	EUR	100,000		132,420
3.450%, due 03/15/22		25,000		25,576
Air Products and Chemicals, Inc.
2.050%, due 05/15/30		20,000		19,685
Albemarle Corp.
5.450%, due 12/01/44		50,000		57,679
Altria Group, Inc.
4.400%, due 02/14/26		13,000		14,659
American Airlines Pass-Through Trust
4.375%, due 10/01/22		41,659		40,436
Apache Corp.
4.250%, due 01/15/44		60,000		53,999
Archer-Daniels-Midland Co.
2.750%, due 03/27/25		15,000		15,932
AT&T, Inc.
4.350%, due 03/01/29		60,000		67,871
Bank of America Corp.
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23		90,000		93,604
Bank of America Corp. MTN
3.875%, due 08/01/25		80,000		88,360
Bristol-Myers Squibb Co.
3.875%, due 08/15/25		24,000		26,688
Broadcom, Inc.
3.150%, due 11/15/25		35,000		37,304

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
United States— (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital
4.500%, due 02/01/24		50,000	54,687
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.300%, due 05/01/233		120,000	126,277
5.125%, due 04/01/253		25,000	28,478
Chevron USA, Inc.
3.850%, due 01/15/28		20,000	22,286
Citigroup, Inc.
3.875%, due 10/25/23		130,000	140,939
4.600%, due 03/09/26		20,000	22,568
Comcast Corp.
3.950%, due 10/15/25		35,000	39,100
Costco Wholesale Corp.
1.600%, due 04/20/30		10,000	9,577
CVS Health Corp.
2.625%, due 08/15/24		35,000	36,932
Dell International LLC/EMC Corp.
5.300%, due 10/01/293		60,000	70,186
Diamondback Energy, Inc.
3.250%, due 12/01/26		50,000	52,696
Enable Midstream Partners LP
3.900%, due 05/15/247		25,000	26,633
Energy Transfer Operating LP
4.500%, due 04/15/24		35,000	38,170
EnLink Midstream Partners LP
4.400%, due 04/01/24		40,000	40,320
ERAC USA Finance LLC
5.625%, due 03/15/423		35,000	45,333
Exelon Corp.
3.400%, due 04/15/26		15,000	16,228
Ford Motor Credit Co. LLC, EMTN
3.021%, due 03/06/24	EUR	100,000	122,131
General Electric Co.
3.450%, due 05/01/27		10,000	10,859
3.625%, due 05/01/30		10,000	10,767
General Motors Financial Co., Inc.
4.350%, due 04/09/25		90,000	98,714
Georgia Power Co.,
Series A, 2.100%, due 07/30/23		25,000	25,805
Goldman Sachs Group, Inc./The
3.375%, due 03/27/252	EUR	35,000	46,216

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (continued)
United States— (continued)
3.500%, due 04/01/25		90,000	97,507
Goldman Sachs Group, Inc./The, EMTN
1.625%, due 07/27/262	EUR	40,000	50,037
Illinois Tool Works, Inc.
2.650%, due 11/15/26		45,000	47,924
JPMorgan Chase & Co.
3.200%, due 01/25/23		220,000	231,090
3.625%, due 12/01/27		60,000	65,194
Kinder Morgan, Inc.
5.625%, due 11/15/233		35,000	38,876
Kraft Heinz Foods Co.
5.000%, due 06/04/42		45,000	50,643
Liberty Mutual Group, Inc.
4.569%, due 02/01/293		25,000	28,987
Lincoln National Corp.
3.800%, due 03/01/28		70,000	77,359
Morgan Stanley, GMTN
2.500%, due 04/21/21		115,000	115,113
4.000%, due 07/23/25		85,000	94,329
4.350%, due 09/08/26		20,000	22,597
MPLX LP
4.250%, due 12/01/27		30,000	33,725
National Rural Utilities Cooperative Finance Corp.
3.700%, due 03/15/29		15,000	16,423
NIKE, Inc.
2.400%, due 03/27/25		10,000	10,541
Oncor Electric Delivery Co. LLC
3.700%, due 11/15/28		25,000	27,726
Oracle Corp.
2.500%, due 04/01/25		20,000	21,014
PacifiCorp.
2.700%, due 09/15/30		5,000	5,123
PPL Capital Funding, Inc.
4.700%, due 06/01/43		40,000	46,569
Raytheon Technologies Corp.
3.950%, due 08/16/25		25,000	27,766
Southern California Edison Co.,
Series E,  3.700%, due 08/01/25		20,000	21,843
Southern Co./The
3.250%, due 07/01/26		35,000	37,463

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Corporate bonds— (concluded)
United States— (concluded)
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/423		30,000	34,395
TWDC Enterprises 18 Corp., MTN
1.850%, due 07/30/26		10,000	10,226
United Airlines Pass-Through Trust
3.650%, due 01/07/26		37,153	36,687
Verizon Communications, Inc.
3.376%, due 02/15/25		25,000	27,117
ViacomCBS, Inc.
4.750%, due 05/15/25		75,000	84,841
Virginia Electric and Power Co.,
Series A,   3.800%, due 04/01/28		20,000	22,086
Visa, Inc.
1.900%, due 04/15/27		25,000	25,623
Williams Cos., Inc./The
4.300%, due 03/04/24		35,000	38,094
Xcel Energy, Inc.
4.800%, due 09/15/41		80,000	94,250
			3,321,526
Total corporate bonds
(cost—$8,705,795)			9,308,730
Mortgage-backed securities—0.0%†
Cayman Islands — 0.0%†
LNR CDO IV Ltd.,
Series 2006-1A, Class FFX,
7.592%, due 05/28/433,8,9		8,000,000	0
United States — 0.0%†
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-7, Class B11,
2.764%, due 04/25/356		26,308	335
Total mortgage-backed securities
(cost—$8,097,105)			335
Non-U.S. government agency obligations—17.7%
Australia — 2.0%
Australia Government Bond
2.250%, due 05/21/282	AUD	420,000	340,453

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations— (continued)
Australia— (concluded)
2.750%, due 11/21/272	AUD	390,000	326,491
			666,944
Canada — 1.7%
Canadian Government Bond
1.500%, due 09/01/24	CAD	690,000	566,511
China — 0.4%
China Development Bank, EMTN
1.250%, due 01/21/232	GBP	100,000	138,850
Colombia — 0.1%
Colombia Government International Bond
8.125%, due 05/21/24		30,000	35,812
France — 0.9%
French Republic Government Bond OAT
0.010%, due 03/25/252	EUR	260,000	311,884
Germany — 3.2%
Bundesobligation
0.010%, due 04/11/252	EUR	910,000	1,097,176
Ireland — 1.8%
Ireland Government Bond
1.000%, due 05/15/262	EUR	490,000	617,928
Japan — 3.8%
Japan Government Ten Year Bond
0.400%, due 03/20/25	JPY	70,000,000	645,107
Japan Government Two Year Bond
0.100%, due 05/01/22	JPY	47,000,000	425,481
Japanese Government CPI Linked Bond
0.100%, due 03/10/29	JPY	22,977,920	208,871
			1,279,459
New Zealand — 2.2%
New Zealand Government Bond
3.000%, due 09/20/302	NZD	729,630	733,287
Poland — 0.3%
Republic of Poland Government International Bond, EMTN
0.010%, due 02/10/252	EUR	90,000	106,499

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations— (concluded)
Romania — 0.4%
Romanian Government International Bond
2.750%, due 02/26/262	EUR	100,000		128,786
Spain — 0.7%
Spain Government Bond
1.600%, due 04/30/252,3	EUR	180,000		228,133
Supranationals — 0.1%
European Union
3.000%, due 09/04/262	EUR	30,000		41,849
United Kingdom — 0.1%
Bank of England Euro Note
0.500%, due 04/28/232		40,000		40,237
Total non-U.S. government agency obligations
(cost—$5,795,859)				5,993,355
U.S. Treasury obligations — 9.5%
United States — 9.5%
U.S. Treasury Notes
0.250%, due 05/31/25		1,030,000		1,010,366
0.375%, due 04/30/25		560,000		552,978
1.375%, due 09/30/23		320,000		329,063
1.500%, due 02/28/23		210,000		215,348
2.000%, due 02/15/22		1,090,000		1,108,394
Total U.S. Treasury obligations
(cost—$3,237,095)				3,216,149

	Number of
	shares
Exchange traded funds—7.0%
United States—7.0%
iShares MSCI USA Value Factor ETF		9,270	949,804

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Number of
	shares		Value ($)
Exchange traded funds— (concluded)
United States—(concluded)
iShares MSCI International Value Factor ETF		56,055		1,417,631
Total exchange traded funds
(cost—$1,841,091)				2,367,435
Short-term investments—9.5%
Investment companies—9.5%
State Street Institutional U.S. Government Money Market Fund, 0.080% 10
(cost — $3,233,698)		3,233,698		3,233,698

	Face
	amount1
Short-term U.S. Treasury obligations—13.4%
United States — 13.4%
U.S. Treasury Bills
0.077%, due 07/15/2111		1,200,000	1,199,947
0.099%, due 05/20/2111		3,350,000	3,349,932
Total short-term U.S. Treasury obligations
(cost—$4,549,287)			4,549,879

	Number of
	shares
Investment of cash collateral from securities loaned—0.1%
Money market funds — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%10
(cost — $39,113)		39,113		39,113
Total investments
(cost — $35,499,043) 12— 84.7%				28,708,694
Other assets in excess of liabilities — 15.3%				5,204,503
Net assets — 100.0%			$	33,913,197

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. 

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

Futures contracts
					Current				Unrealized
Number of			Expiration		notional				appreciation
contracts	Currency		date		amount($)		Value($)		(depreciation)($)
Index futures buy contracts:
1	AUD	ASX SPI 200 Index Futures		June 2021		127,947		128,478		531
1	CAD	S&P TSX 60 Index Futures		June 2021		175,802		176,828		1,026
90	EUR	EURO STOXX 600 Bank Index Futures		June 2021		676,631		676,531		(100	)
5	EUR	FTSE MIB Index Futures		June 2021		702,169		715,171		13,002
11	GBP	FTSE 100 Index Futures		June 2021		1,016,952		1,012,919		(4,033	)
6	JPY	TOPIX Index Futures		June 2021		1,033,818		1,058,839		25,021
17	USD	Mini MSCI Emerging Markets (EM) Index Futures		June 2021		1,139,221		1,124,125		(15,096	)
12	USD	S&P 500 E-Mini Index Futures		June 2021		2,366,228		2,380,440		14,212
Interest rate futures buy contracts:
2	CAD	Canada Government Bond 10 Year Futures		June 2021		226,373		220,848		(5,525	)
U.S. Treasury futures buy contracts:
25	USD	U.S. Treasury Note 2 Year Futures		June 2021		5,523,668		5,518,164		(5,504	)
13	USD	U.S. Treasury Note 5 Year Futures		June 2021		1,623,496		1,604,180		(19,316	)
Total						14,612,305		14,616,523		4,218

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

					Current						Unrealized
Number of			Expiration		notional						appreciation
contracts	Currency		date		amount($)			Value($)			(depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
13	EUR	EURO STOXX 50 Index Futures		June 2021		(578,316	)		(589,375	)		(11,059	)
27	EUR	EURO STOXX 600 Index Futures		June 2021		(660,772	)		(673,312	)		(12,540	)
Interest rate futures sell contracts:
2	EUR	German Euro BOBL Futures		June 2021		(316,533	)		(316,817	)		(284	)
6	EUR	German Euro Bund Futures		June 2021		(1,205,012	)		(1,205,160	)		(148	)
5	GBP	United Kingdom Long Gilt Bond Futures		June 2021		(888,159	)		(879,478	)		8,681
U.S. Treasury futures sell contracts:
13	USD	U.S. Treasury Note 10 Year Futures		June 2021		(1,746,449	)		(1,702,187	)		44,262
1	USD	U.S. Ultra Bond Futures		June 2021		(188,780	)		(181,219	)		7,561
4	USD	U.S. Ultra Treasury Note 10 Year Futures		June 2021		(593,901	)		(574,750	)		19,151
Total						(6,177,922	)		(6,122,298	)		55,624
Net unrealized appreciation (depreciation)												59,842

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁴

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio13 (%)		Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation) ($)
CDX North America High Yield 36 Index	USD	1,160	06/20/26	Quarterly		5.000		(98,671	)		104,810		6,139
iTraxx Europe Crossover Series 35 Index	EUR	400	06/20/26	Quarterly		5.000		(52,192	)		56,308		4,116
Total								(150,863	)		161,118		10,255

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

Forward foreign currency contracts

								Unrealized
								appreciation
						Settlement		(depreciation)
Counterparty	Sell		Purchase			date		($)
BOA	TWD	14,700,000		USD	521,443		04/26/21		6,186
BOA	USD	2,990,148		BRL	16,960,000		04/26/21		19,214
BOA	USD	1,090,143		RUB	80,054,100		04/26/21		(34,493	)
GSI	EUR	865,000		PLN	3,989,830		04/26/21		(5,106	)
HSBC	EUR	7,305,000		USD	8,705,646		04/26/21		135,519
HSBC	KRW	586,000,000		USD	519,504		04/26/21		1,797
HSBC	USD	1,631,564		COP	5,791,727,000		04/26/21		(50,292	)
MSCI	PHP	50,050,000		USD	1,019,971		04/26/21		(10,570	)
MSCI	USD	515,000		MXN	10,819,635		04/26/21		13,198
MSCI	USD	621,350		MYR	2,564,000		04/26/21		(3,542	)
SSC	AUD	4,950,000		USD	3,827,614		04/26/21		67,391
SSC	CAD	3,180,000		USD	2,547,162		04/26/21		16,586
SSC	CHF	1,945,000		USD	2,101,226		04/26/21		42,233
SSC	GBP	1,310,000		USD	1,816,581		04/26/21		10,495
SSC	HKD	365,000		USD	47,004		04/26/21		51
SSC	NZD	4,695,000		USD	3,366,057		04/27/21		87,183
SSC	THB	16,360,000		USD	528,851		04/26/21		5,383
SSC	USD	212,638		JPY	23,100,000		04/26/21		(3,965	)
SSC	USD	1,029,925		MXN	21,360,000		04/26/21		12,837
SSC	USD	4,200,602		NOK	35,880,000		04/26/21		(5,599	)
SSC	USD	1,028,977		PLN	3,985,000		04/26/21		(20,498	)
SSC	USD	1,017,645		SEK	8,690,000		04/26/21		(22,433	)
Net unrealized appreciation (depreciation)									261,575

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) 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		—			9,308,730			—		9,308,730
Mortgage-backed securities		—			335			0		335
Non-U.S. government agency obligations		—			5,993,355			—		5,993,355
U.S. Treasury obligations		—			3,216,149			—		3,216,149
Exchange traded funds		2,367,435			—			—		2,367,435
Short-term investments		—			3,233,698			—		3,233,698
Short-term U.S. Treasury obligations		—			4,549,879			—		4,549,879
Investment of cash collateral from securities loaned		—			39,113			—		39,113
Futures contracts		133,447			—			—		133,447
Swap agreements		—			161,118			—		161,118
Forward foreign currency contracts		—			418,073			—		418,073
Total		2,500,882			26,920,450			0		29,421,332
Liabilities
Futures contracts		(73,605	)		—			—		(73,605	)
Forward foreign currency contracts		—			(156,498	)		—		(156,498	)
Total		(73,605	)		(156,498	)		—		(230,103	)

UBS Dynamic Alpha Fund 

Portfolio of investments – March 31, 2021 (unaudited)

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

† Amount represents less than 0.05% or (0.05)%.

1 In U.S. 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 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 $667,417, represented 2.0% of the Fund's net assets at period end.

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

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

6 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.

7 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.

8 Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

9 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

10 Rates shown reflect yield at March 31, 2021.

11 Rate shown is the discount rate at the date of purchase unless otherwise noted.

12 Includes $38,298 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $39,113.

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

14 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, 2021 (unaudited)¹

Common stocks	Percentage of net assets
Aerospace & defense		0.1	%
Airlines		1.1
Auto components		0.7
Automobiles		0.2
Banks		2.6
Beverages		0.3
Biotechnology		2.1
Capital markets		0.7
Chemicals		1.9
Commercial services & supplies		0.4
Communications equipment		0.3
Consumer finance		0.3
Diversified financial services		0.9
Diversified telecommunication services		0.7
Electric utilities		0.6
Electrical equipment		0.5
Electronic equipment, instruments & components		0.6
Entertainment		0.9
Equity real estate investment trusts		0.7
Food products		1.3
Health care equipment & supplies		1.4
Health care providers & services		0.8
Hotels, restaurants & leisure		1.0
Household durables		0.7
Insurance		2.3
Interactive media & services		1.6
Internet & direct marketing retail		1.7
IT services		1.2
Life sciences tools & services		1.2
Machinery		1.2
Media		0.7
Metals & mining		0.4
Multiline retail		0.9
Oil, gas & consumable fuels		2.1
Personal products		0.5
Pharmaceuticals		0.8
Professional services		0.4
Road & rail		0.2
Semiconductors & semiconductor equipment		2.2
Software		3.9
Specialty retail		0.3
Technology hardware, storage & peripherals		1.5
Textiles, apparel & luxury goods		0.3
Tobacco		0.8
Trading companies & distributors		1.4
Wireless telecommunication services		0.4
Total common stocks		46.8
Exchange traded funds		22.7
Investment companies		8.1
Asset-backed securities		4.3
Mortgage-backed securities		2.8
Non-U.S. government agency obligations		3.9
U.S. government agency obligations		3.0
U.S. Treasury obligations		3.1
Short-term investments		4.1
Investment of cash collateral from securities loaned		6.5
Total investments		105.3
Liabilities in excess of other assets		(5.3	)
Net assets		100.0	%

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—46.8%
Austria — 0.6%
Erste Group Bank AG *		40,237		1,364,617
Belgium — 0.1%
Galapagos N.V. *		1,769		137,166
Canada — 1.0%
Canadian Natural Resources Ltd.		32,266		997,481
Royal Bank of Canada		12,920		1,191,247
Zymeworks, Inc. *		6,513		205,681
				2,394,409
China — 0.7%
Alibaba Group Holding Ltd., ADR *		1,025		232,398
Hangzhou Tigermed Consulting Co. Ltd., Class A		20,187		462,284
Prosus N.V. *		9,723		1,080,925
				1,775,607
Denmark — 0.3%
Genmab A/S *		2,236		735,669
Finland — 0.5%
Sampo Oyj, A Shares		29,788		1,343,849
France — 0.3%
Pernod Ricard SA		4,211		790,365
Germany — 1.3%
BioNTech SE ADR *		1,735		189,445
Continental AG *		5,028		664,517
CTS Eventim AG & Co. KGaA *		9,080		526,443
LANXESS AG		12,326		908,622
SAP SE		7,202		881,909
				3,170,936
Hong Kong — 0.5%
AIA Group Ltd.		103,917		1,260,515
India — 0.4%
HDFC Bank Ltd., ADR *		13,668		1,061,867

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Ireland — 0.6%
AIB Group PLC *		204,630		538,012
Ryanair Holdings PLC, ADR *		8,692		999,580
				1,537,592
Italy — 0.7%
Prada SpA *		130,800		816,859
Prysmian SpA		24,137		784,344
				1,601,203
Japan — 3.8%
ITOCHU Corp.		42,500		1,376,812
Keyence Corp.		1,200		544,809
Nippon Telegraph & Telephone Corp.		32,800		841,884
ORIX Corp.		68,300		1,152,264
Shin-Etsu Chemical Co. Ltd. 1		5,600		941,215
SoftBank Group Corp.		11,300		952,170
Sony Corp.		15,900		1,665,030
Takeda Pharmaceutical Co. Ltd.		25,500		917,747
TechnoPro Holdings, Inc.		10,500		874,328
				9,266,259
Netherlands — 1.1%
NXP Semiconductors N.V.		4,489		903,815
OCI N.V. *		28,945		625,584
Royal Dutch Shell PLC, A Shares		62,904		1,226,039
				2,755,438
South Africa — 0.4%
Anglo American PLC		26,971		1,056,904
South Korea — 0.3%
Coupang, Inc. *		2,927		144,447
SK Hynix, Inc.		6,027		705,613
				850,060
Sweden — 0.4%
Swedish Match AB		11,848		924,946
Switzerland — 0.9%
Alcon, Inc. *		14,146		990,512

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Switzerland— (concluded)
Novartis AG (Registered)		13,017		1,112,398
				2,102,910
Taiwan — 0.1%
Sea Ltd., ADR *		1,600		357,168
United Kingdom — 2.4%
Ashtead Group PLC		23,404		1,396,095
British American Tobacco PLC		25,414		971,891
BT Group PLC *		443,841		947,188
Sage Group PLC/The		71,357		602,828
Spectris PLC		18,076		829,074
Unilever PLC		20,475		1,142,445
				5,889,521
United States — 30.4%
10X Genomics, Inc., Class A *		1,487		269,147
Abbott Laboratories		3,825		458,388
AbbVie, Inc.		26,000		2,813,720
Advanced Micro Devices, Inc. *		6,270		492,195
AGCO Corp.		10,788		1,549,696
Airbnb, Inc., Class A *		120		22,553
Akamai Technologies, Inc. *		6,518		664,184
Alexion Pharmaceuticals, Inc. *		2,241		342,671
Allstate Corp./The		6,772		778,103
Alphabet, Inc., Class A *		1,145		2,361,585
Amazon.com, Inc. *		859		2,657,815
Ameriprise Financial, Inc.		5,643		1,311,715
APA Corp.		46,749		836,807
Apple, Inc.		22,757		2,779,768
Applied Materials, Inc.		4,354		581,694
Aptiv PLC		7,754		1,069,277
Autodesk, Inc. *		2,465		683,175
Bio-Rad Laboratories, Inc., Class A *		2,237		1,277,707
BioMarin Pharmaceutical, Inc. *		8,986		678,533
Booking Holdings, Inc. *		249		580,130
Boston Scientific Corp. *		13,405		518,103
Bumble, Inc., Class A *		537		33,498
Bunge Ltd.		21,311		1,689,323
CF Industries Holdings, Inc.		21,048		955,158
Charles Schwab Corp./The		4,876		317,818

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
United States— (continued)
Ciena Corp. *		14,998		820,691
Comcast Corp., Class A		32,446		1,755,653
ConocoPhillips		4,393		232,697
Cooper Cos., Inc./The		905		347,601
Coupa Software, Inc. *		1,397		355,509
DexCom, Inc. *		917		329,561
Dollar General Corp.		2,684		543,832
Dollar Tree, Inc. *		14,705		1,683,134
Facebook, Inc., Class A *		2,150		633,240
Fidelity National Information Services, Inc.		7,824		1,100,133
HEICO Corp., Class A		2,399		272,526
HubSpot, Inc. *		1,509		685,403
IAC/InterActiveCorp *		2,011		434,999
Ingersoll Rand, Inc. *		30,872		1,519,211
IQVIA Holdings, Inc. *		2,727		526,693
Laboratory Corp. of America Holdings *		4,794		1,222,614
LivaNova PLC *		11,700		862,641
Lowe’s Cos., Inc.		4,065		773,082
Marsh & McLennan Cos., Inc.		5,736		698,645
Marvell Technology Group Ltd.		9,808		480,396
Match Group, Inc. *		3,054		419,559
McDonald’s Corp.		2,338		524,039
MetLife, Inc.		24,357		1,480,662
Micron Technology, Inc. *		14,970		1,320,504
Microsoft Corp.		12,513		2,950,190
Mondelez International, Inc., Class A		25,835		1,512,123
Netflix, Inc. *		612		319,256
NextEra Energy, Inc.		19,169		1,449,368
NVIDIA Corp.		582		310,747
PPD, Inc. *		14,148		535,360
Prologis, Inc.		15,200		1,611,200
Qorvo, Inc. *		2,325		424,778
Rockwell Automation, Inc.		1,280		339,763
Salesforce.com, Inc. *		3,706		785,190
ServiceNow, Inc. *		1,477		738,662
Shoals Technologies Group, Inc., Class A *		4,402		153,102
Southwest Airlines Co.		27,138		1,657,046
Starbucks Corp.		13,222		1,444,768
Stericycle, Inc. *		13,537		913,883
Synchrony Financial		19,906		809,378
Take-Two Interactive Software, Inc. *		6,412		1,133,000

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
United States— (concluded)
Tesla, Inc. *		869		580,431
Trade Desk, Inc./The, Class A *		599		390,344
Union Pacific Corp.		1,885		415,473
United Rentals, Inc. *		1,729		569,377
UnitedHealth Group, Inc.		1,760		654,843
Universal Display Corp.		1,204		285,071
Visa, Inc., A Shares		5,942		1,258,100
VMware, Inc., Class A *		7,074		1,064,283
Voya Financial, Inc.		18,529		1,179,186
Wells Fargo & Co.		60,090		2,347,716
Western Digital Corp.		13,777		919,615
Westlake Chemical Corp.		13,847		1,229,475
Williams Cos., Inc./The		75,968		1,799,682
Zscaler, Inc. *		2,400		412,008
				74,939,206
Total common stocks (cost—$84,262,714)				115,316,207
Exchange traded funds—22.7%
Invesco S&P 500 Equal Weight ETF		58,583		8,298,868
iShares Fallen Angels USD Bond ETF		126,258		3,691,784
iShares iBoxx $ High Yield Corporate Bond ETF 1		170,817		14,891,826
iShares JPMorgan USD Emerging Markets Bond ETF		132,005		14,372,704
iShares MSCI International Value Factor ETF		288,311		7,291,385
iShares MSCI USA Value Factor ETF		71,475		7,323,329
Total exchange traded funds (cost—$54,566,073)				55,869,896
Investment companies—8.1%
UBS Emerging Markets Equity Opportunity Fund 2 (cost — $16,515,265)		1,617,672		19,962,078

	Face amount($)
Asset-backed securities—4.3%
United States — 4.3%
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.570%, due 01/10/243		86,828	87,641

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities— (continued)
United States— (continued)
Series 2019-3, Class B, 2.590%, due 08/14/233		196,316		196,734
Series 2021-1, Class C, 0.830%, due 03/15/273		100,000		99,663
American Express Credit Account Master Trust,
Series 2017-5, Class A, 1 mo. USD LIBOR + 0.380%, 0.486%, due 02/18/254		250,000		251,063
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.420%, due 04/18/23		200,000		204,263
Series 2020-1, Class A2A, 1.100%, due 03/20/23		42,184		42,265
BMW Floorplan Master Owner Trust,
Series 2018-1, Class A1, 3.150%, due 05/15/233		750,000		752,638
Capital Auto Receivables Asset Trust,
Series 2018-1, Class A4, 2.930%, due 06/20/223		35,017		35,117
CCG Receivables Trust,
Series 2020-1, Class C, 1.840%, due 12/14/273		100,000		101,193
CF Hippolyta LLC,
Series 2020-1, Class A1, 1.690%, due 07/15/603		95,438		96,151
Series 2021-1A, Class A1, 1.530%, due 03/15/613.11		150,000		149,452
CPS Auto Receivables Trust,
Series 2018-A, Class D, 3.660%, due 12/15/233		100,000		101,616
Series 2018-D, Class C, 3.830%, due 09/15/233		184,043		186,041
Series 2019-B, Class B, 3.090%, due 04/17/233		67,328		67,535
Series 2021-A, Class C, 0.830%, due 09/15/263		150,000		149,753
Series 2021-A, Class D, 1.160%, due 12/15/263		100,000		99,235
Dell Equipment Finance Trust,
Series 2018-1, Class D, 3.850%, due 06/24/243		100,000		100,409
Series 2018-2, Class B, 3.550%, due 10/22/233		100,000		100,892

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities— (continued)
United States— (continued)
Series 2019-2, Class A2, 1.950%, due 12/22/213		51,067		51,259
Series 2020-2, Class C, 1.370%, due 01/22/243		100,000		101,081
Series 2020-2, Class D, 1.920%, due 03/23/263		100,000		101,955
Series 2021-1, Class D, 1.030%, due 11/23/263		250,000		249,647
Drive Auto Receivables Trust,
Series 2018-1, Class D, 3.810%, due 05/15/24		281,127		285,487
Series 2018-3, Class C, 3.720%, due 09/16/24		33,345		33,391
Series 2018-3, Class D, 4.300%, due 09/16/24		175,000		179,638
Series 2018-4, Class C, 3.660%, due 11/15/24		74,952		75,299
DT Auto Owner Trust,
Series 2017-2A, Class E, 6.030%, due 01/15/243		89,997		91,006
Series 2018-1A, Class D, 3.810%, due 12/15/233		163,179		164,775
Series 2018-2A, Class C, 3.670%, due 03/15/243		5,212		5,218
Series 2019-3A, Class C, 2.740%, due 04/15/253		235,000		238,979
Series 2021-1A, Class C, 0.840%, due 10/15/263		100,000		99,724
Series 2021-1A, Class D, 1.160%, due 11/16/263		100,000		99,584
Exeter Automobile Receivables Trust,
Series 2017-1A, Class C, 3.950%, due 12/15/223		121,638		122,000
Series 2018-1A, Class C, 3.030%, due 01/17/233		10,091		10,102
Series 2018-4A, Class C, 3.970%, due 09/15/233		53,601		54,063
Series 2019-2A, Class C, 3.300%, due 03/15/243		425,000		432,043
Series 2021-1A, Class C, 0.740%, due 01/15/26		125,000		124,742
Series 2021-1A, Class D, 1.080%, due 11/16/26		125,000		123,898

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities— (continued)
United States— (continued)
Flagship Credit Auto Trust,
Series 2017-2, Class C, 2.960%, due 07/15/233		161,122		161,773
Ford Credit Auto Owner Trust,
Series 2018-1, Class A, 3.190%, due 07/15/313		600,000		646,577
Ford Credit Floorplan Master Owner Trust,
Series 2019-2, Class A, 3.060%, due 04/15/26		500,000		534,667
GLS Auto Receivables Trust,
Series 2018-2A, Class C, 4.170%, due 04/15/243		225,000		231,820
GM Financial Automobile Leasing Trust,
Series 2020-2, Class A4, 1.010%, due 07/22/24		75,000		75,729
HPEFS Equipment Trust,
Series 2019-1A, Class B, 2.320%, due 09/20/293		100,000		101,204
Series 2021-1A, Class D, 1.030%, due 03/20/313		150,000		149,264
Ocwen Master Advance Receivables Trust,
Series 2020-T1, Class AT1, 1.278%, due 08/15/523		100,000		100,246
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class A, 3.430%, due 12/16/243		76,116		76,624
Series 2018-1A, Class C, 3.850%, due 10/14/253		216,000		219,554
Series 2018-1A, Class D, 4.400%, due 01/14/283		216,000		219,904
Series 2019-1A, Class A, 3.630%, due 09/14/273		120,000		129,580
OneMain Financial Issuance Trust,
Series 2020-2A, Class B, 2.210%, due 09/14/353		100,000		101,176
PFS Financing Corp.,
Series 2021-A, Class A, 0.710%, due 04/15/263		100,000		99,490
Santander Drive Auto Receivables Trust,
Series 2017-2, Class D, 3.490%, due 07/17/23		268,872		269,260
Series 2018-1, Class C, 2.960%, due 03/15/24		130,716		130,972

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities— (concluded)
United States— (concluded)
Series 2018-2, Class C, 3.350%, due 07/17/23		212,178		213,263
Series 2020-2, Class B, 0.960%, due 11/15/24		100,000		100,600
Series 2021-1, Class B, 0.500%, due 04/15/25		300,000		299,808
Series 2021-1, Class D, 1.130%, due 11/16/26		200,000		198,720
Sofi Consumer Loan Program LLC,
Series 2017-4, Class B, 3.590%, due 05/26/263,5		100,000		101,197
Sofi Consumer Loan Program Trust,
Series 2018-2, Class B, 3.790%, due 04/26/273		220,014		222,805
Series 2019-3, Class A, 2.900%, due 05/25/283		28,982		29,215
SoFi Professional Loan Program LLC,
Series 2016-D, Class A2B, 2.340%, due 04/25/333		84,865		86,445
SPS Servicer Advance Receivables Trust,
Series 2020-T1, Class AT1, 1.280%, due 11/15/523		100,000		100,389
Tesla Auto Lease Trust,
Series 2020-A, Class D, 2.330%, due 02/20/243		300,000		306,909
Series 2021-A, Class D, 1.340%, due 03/20/253		275,000		274,446
Total asset-backed securities (cost—$10,518,124)				10,647,189
Mortgage-backed securities—2.8%
United States — 2.8%
Angel Oak Mortgage Trust,
Series 2020-4, Class A1, 1.469%, due 06/25/653,5		111,306		111,700
Series 2020-6, Class A1, 1.261%, due 05/25/653,5		79,063		79,327
Series 2020-R1, Class A1, 0.990%, due 04/25/533,5		128,521		128,432
Angel Oak Mortgage Trust LLC,
Series 2020-5, Class A1, 1.373%, due 05/25/653,5		76,588		76,941

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities— (continued)
United States— (continued)
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class B, 3.599%, due 05/15/533,5		500,000		528,476
BANK,
Series 2018-BN14, Class A4, 4.231%, due 09/15/605		275,000		311,323
Series 2021-BN32, Class C, 3.372%, due 04/15/54		150,000		148,468
BBCMS Trust,
Series 2015-SRCH, Class A2, 4.197%, due 08/10/353		210,000		234,297
BENCHMARK Mortgage Trust,
Series 2020-B20, Class AS, 2.375%, due 10/15/53		100,000		98,690
BX Commercial Mortgage Trust,
Series 2018-BIOA, Class A, 1 mo. USD LIBOR + 0.671%, 0.777%, due 03/15/37 3,4		470,000		470,138
Series 2018-IND, Class B, 1 mo. USD LIBOR + 0.900%, 1.006%, due 11/15/35 3,4		70,000		70,000
Series 2020-VKNG, Class C, 1 mo. USD LIBOR + 1.400%, 1.506%, due 10/15/37 3,4		100,000		100,000
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A4,   3.038%, due 11/10/52		200,000		210,857
Series 2019-SMRT, Class C, 4.682%, due 01/10/363		345,000		371,717
COLT Mortgage Loan Trust,
Series 2020-1R, Class A1, 1.255%, due 09/25/653,5		72,221		72,517
Series 2020-2, Class A1, 1.853%, due 03/25/653,5		196,219		197,872
Series 2020-3, Class A1, 1.506%, due 04/27/653,5		181,046		181,763
Commercial Mortgage Pass Through Certificates,
Series 2021-LBA, Class C, 1 mo. USD LIBOR + 1.200%, 1.350%, due 03/15/383,4		250,000		250,078
CSMC Trust,
Series 2020-NQM1, Class A1, 1.208%, due 05/25/653,6		273,360		274,540

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities— (continued)
United States— (continued)
DBGS Mortgage Trust,
Series 2018-BIOD, Class A, 1 mo. USD LIBOR + 0.803%, 0.909%, due 05/15/353,4		92,814		92,841
Deephaven Residential Mortgage Trust,
Series 2020-1, Class A1, 2.339%, due 01/25/603,5		131,474		133,000
Series 2020-2, Class A1, 1.692%, due 05/25/653		59,871		60,270
GS Mortgage Securities Trust,
Series 2017-GS5, Class B, 4.047%, due 03/10/505		100,000		108,150
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1, 1.382%, due 09/27/603,5		69,115		69,356
J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2021-2NU, Class D, 2.077%, due 01/05/403,5		125,000		118,465
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C7, Class B, 3.985%, due 10/15/50		175,000		189,674
MAD Mortgage Trust,
Series 2017-330M, Class B, 3.142%, due 08/15/343,5		125,000		129,010
Series 2017-330M, Class C, 3.252%, due 08/15/343,5		150,000		154,068
MFRA Trust,
Series 2020-NQM3, Class A1, 1.014%, due 01/26/653,5		84,012		83,965
MSCG Trust,
Series 2018-SELF, Class A, 1 mo. USD LIBOR + 0.900%, 1.006%, due 10/15/373,4		690,000		689,990
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.492%, due 09/25/593,5		93,594		95,107
Series 2020-NQM2, Class A1, 1.650%, due 05/24/603,5		77,636		78,604
ONE Mortgage Trust,
Series 2021-PARK, Class C, 1 mo. USD LIBOR + 1.100%, 1.206%, due 03/15/363,4		200,000		197,996

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)			Value ($)
Mortgage-backed securities— (concluded)
United States— (concluded)
Residential Mortgage Loan Trust,
Series 2020-2, Class A1, 1.654%, due 05/25/603,5			76,178		76,881
Verus Securitization Trust,
Series 2019-2, Class A1, 3.211%, due 05/25/593,5			115,449		115,729
Series 2019-4, Class A1, 2.642%, due 11/25/593,6			69,291		70,527
Series 2020-4, Class A1, 1.502%, due 05/25/653,6			82,480		83,152
Series 2020-5, Class A1, 1.218%, due 05/25/653,6			86,073		86,258
Series 2021-R2, Class A1, 0.918%, due 02/25/643,5			125,000		125,070
Vista Point Securitization Trust,
Series 2020-1, Class A1, 1.763%, due 03/25/653,5			68,385		69,153
Series 2020-2, Class A1, 1.475%, due 04/25/653,5			85,312		85,686
Wells Fargo Commercial Mortgage Trust,
Series 2018-C45, Class AS, 4.405%, due 06/15/515			130,000		146,168
Total mortgage-backed securities (cost—$6,931,038)					6,976,256
Non-U.S. government agency obligations—3.9%
Australia — 0.3%
Australia Government Bond,
Series 138, 3.250%, due 04/21/297		AUD	310,000		267,826
Series 157, 1.500%, due 06/21/317		AUD	460,000		339,968
					607,794
Austria — 0.0%†
Republic of Austria Government Bond
3.150%, due 06/20/443,7		EUR	55,000		104,429
Belgium — 0.1%
Kingdom of Belgium Government Bond,
Series 71, 3.750%, due 06/22/457		EUR	83,000		165,019

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)			Value ($)
Non-U.S. government agency obligations— (continued)
Canada — 0.4%
Canadian Government Bond
1.500%, due 09/01/24		CAD	1,040,000		853,873
2.250%, due 06/01/25		CAD	221,000		186,458
2.750%, due 12/01/64		CAD	54,000		53,134
					1,093,465
Finland — 0.0%†
Finland Government Bond,
Series 30Y, 1.375%, due 04/15/473,7		EUR	20,000		29,077
France — 0.1%
French Republic Government Bond OAT
0.500%, due 05/25/403,7		EUR	100,000		117,286
3.250%, due 05/25/457		EUR	93,000		173,561
					290,847
Ireland — 0.1%
Ireland Government Bond
1.500%, due 05/15/507		EUR	110,000		153,982
2.000%, due 02/18/457		EUR	48,000		73,918
					227,900
Italy — 0.4%
Italy Buoni Poliennali Del Tesoro
1.650%, due 03/01/323,7		EUR	60,000		76,983
3.000%, due 08/01/297		EUR	240,000		339,561
3.250%, due 09/01/463,7		EUR	150,000		238,869
4.000%, due 02/01/373,7		EUR	129,000		213,847
					869,260
Japan — 0.4%
Japan Government Forty Year Bond,
Series 12, 0.500%, due 03/20/59		JPY	20,000,000		169,107
Japan Government Thirty Year Bond,
Series 51, 0.300%, due 06/20/46		JPY	11,100,000		93,407

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (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	83,550,000		764,653
					1,027,167
Netherlands — 0.0%†
Netherlands Government Bond
2.750%, due 01/15/473,7		EUR	40,000		76,453
New Zealand — 1.3%
New Zealand Government Inflation Linked Bond,
Series 0925, 2.000%, due 09/20/257,8		NZD	3,509,220		3,085,362
Spain — 0.5%
Spain Government Bond
1.450%, due 10/31/273,7		EUR	165,000		212,972
1.500%, due 04/30/273,7		EUR	325,000		419,774
3.450%, due 07/30/663,7		EUR	10,000		18,747
4.200%, due 01/31/373,7		EUR	44,000		78,414
4.800%, due 01/31/243,7		EUR	296,000		399,095
5.150%, due 10/31/443,7		EUR	69,000		149,639
					1,278,641
United Kingdom — 0.3%
United Kingdom Gilt
1.000%, due 04/22/247		GBP	90,000		127,277
1.500%, due 07/22/477		GBP	114,000		161,139
1.625%, due 10/22/287		GBP	144,000		212,745
3.500%, due 01/22/457		GBP	60,000		118,419
					619,580
Total non-U.S. government agency obligations (cost—$8,341,820)					9,474,994
U.S. government agency obligations—3.0%

	Face amount ($)
United States — 3.0%
UMBS TBA

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations— (concluded)
United States— (concluded)
2.500%		1,275,000		1,303,497
2.000%		3,125,000		3,116,263
GNMA II TBA
2.000%		500,000		504,844
2.500%		1,125,000		1,160,771
UMBS TBA
3.000%		1,350,000		1,406,162
Total U.S. government agency obligations (cost—$7,516,422)				7,491,537
U.S. Treasury obligations—3.1%
United States — 3.1%
U.S. Treasury Bonds
2.500%, due 02/15/46		302,000		307,804
2.750%, due 11/15/42		201,000		215,400
2.750%, due 08/15/47		328,000		350,576
2.875%, due 05/15/43		717,000		784,359
3.000%, due 11/15/45		47,000		52,464
U.S. Treasury Notes
0.625%, due 08/15/30		1,270,000		1,150,937
1.375%, due 09/30/23		971,000		998,499
1.500%, due 02/28/23		226,000		231,756
1.625%, due 08/15/22		116,000		118,388
1.625%, due 11/30/26		760,000		781,612
1.625%, due 08/15/29		196,000		196,697
1.750%, due 05/15/23		345,000		356,347
1.875%, due 10/31/22		680,000		698,620
2.000%, due 11/30/22		528,000		544,273
2.500%, due 05/15/24		321,000		342,116
2.750%, due 07/31/23		459,000		486,038
Total U.S. Treasury obligations (cost—$7,495,415)				7,615,886

	Number of shares
Short-term investments—4.1%
Investment companies — 4.1%
State Street Institutional U.S. Government Money Market Fund, 0.080% 9 (cost — $10,109,035)		10,109,035	10,109,035

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

Investment of cash collateral from securities loaned—6.5%
Money market funds — 6.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 9 (cost — $16,073,645)	16,073,645		16,073,645
Total investments    (cost — $222,329,551)10— 105.3%			259,536,723
Liabilities in excess of other assets — (5.3)%			(13,076,166	)
Net assets — 100.0%		$	246,460,557

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.

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Index futures buy contracts:
7	CAD	S&P TSX 60 Index Futures	June 2021		1,230,616			1,237,797			7,181
18	EUR	DAX Index Futures	June 2021		7,687,548			7,931,029			243,481
970	EUR	EURO STOXX 600 Bank Index Futures	June 2021		7,275,257			7,291,497			16,240
41	GBP	FTSE 100 Index Futures	June 2021		3,790,457			3,775,425			(15,032	)
49	JPY	TOPIX Index Futures	June 2021		8,376,457			8,647,189			270,732
48	USD	Russell 2000 Value E-Mini Index Futures	June 2021		5,637,718			5,334,000			(303,718	)
Interest rate futures buy contracts:
26	JPY	JGB MINI 10 Year Futures	June 2021		3,549,743			3,544,547			(5,196	)
U.S. Treasury futures buy contracts:
139	USD	U.S. Treasury Note 2 Year Futures	June 2021		30,711,593			30,680,992			(30,601	)
175	USD	U.S. Treasury Note 10 Year Futures	June 2021		23,510,328			22,914,063			(596,265	)
Total					91,769,717			91,356,539			(413,178	)
Index futures sell contracts:
13	AUD	ASX SPI 200 Index Futures	June 2021		(1,663,534	)		(1,670,213	)		(6,679	)
443	EUR	EURO STOXX 50 Index Futures	June 2021		(19,644,500	)		(20,084,106	)		(439,606	)
28	USD	Mini MSCI Emerging Markets (EM) Index Futures	June 2021		(1,813,191	)		(1,851,500	)		(38,309	)
122	USD	S&P 500 E-Mini Index Futures	June 2021		(23,990,427	)		(24,201,140	)		(210,713	)
Interest rate futures sell contracts:
41	GBP	United Kingdom Long Gilt Bond Futures	June 2021		(7,309,378	)		(7,211,714	)		97,664
U.S. Treasury futures sell contracts:
69	USD	U.S. Treasury Note 5 Year Futures	June 2021		(8,540,805	)		(8,514,492	)		26,313
44	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2021		(6,550,413	)		(6,322,250	)		228,163
Total					(69,512,248	)		(69,855,415	)		(343,167	)
Net unrealized appreciation (depreciation)											(756,345	)

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

Centrally cleared credit default swap agreements on credit indices—sell protection¹³

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio12(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North American High Yield 36 Index

USD

7,950

06/20/26

Quarterly

5.000

(676,233

)

718,308

42,075

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	USD	5,788,198	COP	20,678,395,000	05/21/21		(146,064	)
BB	USD	2,447,961	NOK	20,830,000	05/21/21		(12,616	)
BOA	CHF	9,430,000	USD	10,497,693	05/21/21		508,290
BOA	KRW	2,768,000,000	USD	2,430,415	05/21/21		(15,052	)
BOA	USD	6,790,739	BRL	36,780,000	05/21/21		(275,242	)
CIBC	USD	2,131,196	JPY	224,300,000	05/21/21		(104,534	)
CITI	USD	2,450,738	EUR	2,060,000	05/21/21		(32,709	)
GSI	KRW	2,803,000,000	USD	2,532,549	05/21/21		56,160
GSI	PHP	118,640,120	USD	2,440,000	05/21/21		(1,119	)
GSI	USD	6,767,133	AUD	8,814,299	05/21/21		(70,755	)
HSBC	INR	98,530,000	USD	1,337,070	05/21/21		(2,511	)
HSBC	TWD	283,261,880	USD	10,153,668	05/21/21		223,644
HSBC	USD	1,601,083	CNY	10,465,000	05/21/21		(10,488	)
JPMCB	NZD	17,575,000	USD	12,816,372	05/21/21		543,172
MSCI	AUD	10,265,000	USD	8,082,029	05/21/21		283,528
MSCI	USD	7,762,839	NOK	66,130,000	05/21/21		(31,233	)
SSC	EUR	3,515,000	USD	4,265,505	05/21/21		139,598
SSC	GBP	1,050,000	USD	1,471,717	05/21/21		23,986
SSC	JPY	797,600,000	USD	7,332,624	05/21/21		125,909
SSC	USD	2,049,759	MXN	42,780,000	05/21/21		33,008
SSC	USD	2,440,437	PLN	9,055,000	05/21/21		(148,644	)
SSC	USD	490,896	SGD	650,000	05/21/21		(7,809	)
Net unrealized appreciation (depreciation)							1,078,519

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 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		115,179,041			137,166			—		115,316,207
Exchange traded funds		55,869,896			—			—		55,869,896
Investment companies		19,962,078			—			—		19,962,078
Asset-backed securities		—			10,647,189			—		10,647,189
Mortgage-backed securities		—			6,976,256			—		6,976,256
Non-U.S. government agency obligations		—			9,474,994			—		9,474,994
U.S. government agency obligations		—			7,491,537			—		7,491,537
U.S. Treasury obligations		—			7,615,886			—		7,615,886
Short-term investments		—			10,109,035			—		10,109,035
Investment of cash collateral from securities loaned		—			16,073,645			—		16,073,645
Futures contracts		889,774			—			—		889,774
Swap agreements		—			718,308			—		718,308
Forward foreign currency contracts		—			1,937,295			—		1,937,295
Total		191,900,789			71,181,311			—		263,082,100
Liabilities
Futures contracts		(1,646,119	)		—			—		(1,646,119	)
Forward foreign currency contracts		—			(858,776	)		—		(858,776	)
Total		(1,646,119	)		(858,776	)		—		(2,504,895	)

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

† Amount represents less than 0.05% or (0.05)%.

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2021 (unaudited)

2 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 from the affiliated UBS Relationship Funds.

Security description	Value 6/30/2020		Purchases during the period ended 3/31/2021		Sales during the period ended 3/31/2021		Net realized gain (loss) during the period ended 3/31/2021		Change in net unrealized appreciation (depreciation) during the period ended 3/31/2021		Value 3/31/2021		Net income earned from affiliate for the period ended 3/31/2021		Shares 3/31/2021
UBS Emerging Markets Equity Opportunity Fund	$	12,599,338	$	6,114,100	$	3,500,000	$	288,877	$	4,459,763	$	19,962,078	$	314,100	$	1,617,672

3 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 $15,402,635, represented 6.0% of the Fund’s net assets at period end.

4 Variable or floating rate security. The interest rate shown is the current rate as of March 31, 2021 and changes periodically.

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

6 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.

7 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.

8 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.

9 Rates shown reflect yield at March 31, 2021.

10 Includes $25,593,488 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $16,073,645 and cash collateral of $9,604,719

11 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

13 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 Emerging Markets Equity Opportunity Fund

Industry diversification—March 31, 2021 (unaudited)¹

Common stocks	Percentage of net assets
Automobiles	3.2	%
Banks	19.5
Beverages	3.0
Chemicals	2.5
Diversified consumer services	3.5
Household durables	2.3
Household products	2.0
Insurance	3.6
Interactive media & services	7.2
Internet & direct marketing retail	15.2
IT services	3.8
Metals & mining	4.4
Oil, gas & consumable fuels	2.0
Pharmaceuticals	2.8
Semiconductors & semiconductor equipment	14.8
Technology hardware, storage & peripherals	5.8
Total common stocks	95.6	%
Short-term investments	2.3
Investment of cash collateral from securities loaned	1.9
Total investments	99.8	%
Other assets in excess of liabilities	0.2
Net assets	100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—95.6%
Argentina — 3.8%
MercadoLibre, Inc. *		25,171		37,055,236
Brazil — 4.1%
Petroleo Brasileiro SA, ADR		1,198,100		10,231,774
Petroleo Brasileiro SA, ADR		1,150,700		9,757,936
Vale SA		1,162,485		20,233,743
				40,223,453
China — 29.3%
Alibaba Group Holding Ltd. *		2,312,544		65,442,904
China Merchants Bank Co. Ltd., Class H		4,244,000		32,400,072
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,400,789		22,964,069
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,933,388		27,161,815
Kweichow Moutai Co. Ltd., Class A		94,367		28,921,938
New Oriental Education & Technology Group, Inc., ADR *		921,130		12,895,820
Ping An Insurance Group Co. of China Ltd., Class H		2,983,500		35,518,314
TAL Education Group, ADR *		402,400		21,669,240
Tencent Holdings Ltd.		523,000		41,037,548
				288,011,720
Hungary — 1.9%
OTP Bank Nyrt *		441,105		18,854,468
India — 14.6%
Axis Bank Ltd. *		3,343,285		31,892,416
Eicher Motors Ltd.		649,208		23,121,576
HDFC Bank Ltd.		1,546,895		31,601,713
Hindustan Unilever Ltd.		592,431		19,702,121
Infosys Ltd., ADR		1,978,100		37,030,032
				143,347,858
Indonesia — 3.8%
Astra International Tbk. PT		21,839,023		7,931,211
Bank Mandiri Persero Tbk. PT		68,697,400		29,087,023
				37,018,234
Mexico — 2.1%
Grupo Financiero Banorte SAB de CV, Class O *		3,603,200		20,295,820
Russia — 5.8%
Sberbank of Russia PJSC		7,117,910		27,358,036

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Russia— (concluded)
Yandex N.V., Class A *		459,800		29,454,788
				56,812,824
South Africa — 7.1%
Anglo American Platinum Ltd. 1		83,258		12,139,818
Impala Platinum Holdings Ltd. 1		596,735		11,066,685
Naspers Ltd., N Shares		196,287		46,966,718
				70,173,221
South Korea — 11.9%
LG Chem Ltd.		34,283		24,385,081
Samsung Electronics Co. Ltd.		793,586		57,077,888
SK Hynix, Inc.		306,812		35,920,115
				117,383,084
Taiwan — 11.2%
Nanya Technology Corp.		6,122,000		19,717,934
Taiwan Semiconductor Manufacturing Co. Ltd.		4,376,000		90,026,005
				109,743,939
Total common stocks (cost—$777,610,500)				938,919,857
Short-term investments—2.3%
Investment companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, 0.080% 2 (cost — $22,629,340)		22,629,340		22,629,340
Investment of cash collateral from securities loaned—1.9%
Money market funds — 1.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 2 (cost — $18,294,587)		18,294,587		18,294,587
Total investments (cost — $818,534,427) 3— 99.8%				979,843,784
Other assets in excess of liabilities — 0.2%				1,657,508
Net assets — 100.0%			$	981,501,292

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.

UBS Emerging Markets Equity Opportunity Fund 

Portfolio of investments – March 31, 2021 (unaudited)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
SSC	USD	1,066,699	CNY	7,000,000	04/07/21		798

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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		938,919,857		—		—		938,919,857
Short-term investments		—		22,629,340		—		22,629,340
Investment of cash collateral from securities loaned		—		18,294,587		—		18,294,587
Forward foreign currency contracts		—		798		—		798
Total		938,919,857		40,924,725		—		979,844,582

At March 31, 2021, 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	Rates shown reflect yield at March 31, 2021.
3	Includes $17,814,470 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $18,294,587.

UBS Engage For Impact Fund

Industry diversification— March 31, 2021 (unaudited)¹

Common stocks	Percentage of net assets
Auto components		4.4	%
Automobiles		1.3
Banks		4.2
Beverages		2.0
Biotechnology		5.2
Building products		2.3
Chemicals		7.2
Commercial services & supplies		2.9
Distributors		1.8
Diversified consumer services		0.5
Electric utilities		1.6
Electrical equipment		4.3
Electronic equipment, instruments & components		4.5
Equity real estate investment trusts		1.7
Food & staples retailing		2.0
Food products		9.7
Health care equipment & supplies		4.3
Health care technology		0.4
Industrial conglomerates		2.3
Life sciences tools & services		4.6
Machinery		7.7
Oil, gas & consumable fuels		3.3
Pharmaceuticals		2.4
Road & rail		2.0
Semiconductors & semiconductor equipment		6.7
Software		6.3
Total common stocks		95.6	%
Preferred stocks		1.7
Short-term investments		4.7
Total investments		102.0	%
Liabilities in excess of other assets		(2.0	)
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, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—95.6%
Austria — 2.1%
Erste Group Bank AG *		29,025		984,368
Canada — 0.3%
Zymeworks, Inc. *		5,231		165,195
China — 3.0%
China Mengniu Dairy Co. Ltd.		136,000		778,482
Li Auto, Inc., ADR *		25,300		632,500
				1,410,982
Denmark — 1.6%
Genmab A/S *		2,286		752,119
France — 1.9%
Danone SA		13,381		917,976
Germany — 6.1%
Continental AG *		5,525		730,202
Infineon Technologies AG		28,644		1,214,476
Knorr-Bremse AG		7,685		959,079
				2,903,757
Indonesia — 2.1%
Bank Mandiri Persero Tbk. PT		2,389,400		1,011,691
Ireland — 2.3%
Kingspan Group PLC		12,702		1,076,954
Italy — 2.0%
Prysmian SpA		29,406		955,563
Japan — 2.4%
Takeda Pharmaceutical Co. Ltd.		31,253		1,124,798
Netherlands — 2.0%
Koninklijke Ahold Delhaize N.V.		33,789		941,079
New Zealand — 0.9%
Fisher & Paykel Healthcare Corp. Ltd.		18,485		414,409
Norway — 3.7%
Equinor ASA		49,490		968,026

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Norway— (concluded)
Mowi ASA		31,342		777,582
				1,745,608
Portugal — 1.3%
Galp Energia SGPS SA		53,535		622,782
Spain — 1.6%
Iberdrola SA		58,743		756,734
Switzerland — 1.7%
Alcon, Inc. *		11,196		783,951
United Kingdom — 5.8%
Linde PLC		4,813		1,348,314
Spectris PLC		30,186		1,384,511
				2,732,825
United States — 54.8%
AGCO Corp.		8,097		1,163,134
American Well Corp., Class A *		10,765		186,988
Aptiv PLC		9,878		1,362,176
Avantor, Inc. *		27,992		809,809
Bloom Energy Corp., Class A *		24,950		674,897
Bunge Ltd.		12,540		994,046
Cadence Design Systems, Inc. *		7,848		1,075,097
CF Industries Holdings, Inc.		21,147		959,651
Conagra Brands, Inc.		29,576		1,112,058
Coursera, Inc. *		5,352		240,840
Digital Realty Trust, Inc.		5,763		811,661
Ecolab, Inc.		5,130		1,098,179
Evoqua Water Technologies Corp. *		27,356		719,463
IGM Biosciences, Inc. *		1,968		150,926
Ingersoll Rand, Inc. *		16,397		806,896
IPG Photonics Corp. *		3,483		734,704
Ironwood Pharmaceuticals, Inc. *		45,278		506,208
LivaNova PLC *		11,135		820,984
LKQ Corp. *		20,710		876,654
Lyft, Inc., Class A *		14,988		946,942
Maravai LifeSciences Holdings, Inc., Class A *		11,589		413,032
Micron Technology, Inc. *		11,843		1,044,671
Mirati Therapeutics, Inc. *		1,330		227,829

UBS Engage For Impact Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
United States— (concluded)
Montrose Environmental Group, Inc. *		27,398		1,375,106
PPD, Inc. *		25,333		958,601
Prelude Therapeutics, Inc. *		5,066		219,510
Primo Water Corp.		58,709		954,608
Roper Technologies, Inc.		2,722		1,097,891
Seagen, Inc. *		3,293		457,266
Shoals Technologies Group, Inc., Class A *		11,145		387,623
Universal Display Corp.		3,863		914,642
VMware, Inc., Class A *		6,840		1,029,078
Zendesk, Inc. *		6,650		881,923
				26,013,093
Total common stocks (cost—$37,033,318)				45,313,884
Preferred stocks—1.7%
Germany — 1.7%
Henkel AG & Co. KGaA   (cost — $737,100)		7,240		813,885
Short-term investments—4.7%
Investment companies — 4.7%
State Street Institutional U.S. Government Money Market Fund, 0.080% 1 (cost — $2,245,457)		2,245,457		2,245,457
Total investments (cost — $40,015,875) 2— 102.0%				48,373,226
Liabilities in excess of other assets — (2.0)%				(943,747	)
Net assets — 100.0%			$	47,429,479

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.

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
SSC	USD	18,912	IDR	275,444,158	04/05/21		52

UBS Engage For Impact Fund 

Portfolio of investments – March 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) 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		45,313,884		—		—		45,313,884
Preferred stocks		813,885		—		—		813,885
Short-term investments		—		2,245,457		—		2,245,457
Forward foreign currency contracts		—		52		—		52
Total		46,127,769		2,245,509		—		48,373,278

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Rates shown reflect yield at March 31, 2021.
2	Includes $947,877 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $875,330.

UBS International Sustainable Equity Fund

Industry diversification— March 31, 2021 (unaudited)¹

Common stocks	Percentage of net assets
Auto components		2.2	%
Automobiles		3.2
Banks		9.0
Biotechnology		1.5
Capital markets		0.7
Chemicals		4.3
Commercial services & supplies		0.9
Construction & engineering		1.6
Construction materials		1.4
Diversified financial services		2.0
Diversified telecommunication services		4.6
Electrical equipment		0.9
Electronic equipment, instruments & components		1.6
Energy equipment & services		1.1
Entertainment		4.2
Equity real estate investment trusts		0.6
Food products		4.1
Health care equipment & supplies		4.4
Household durables		2.8
Insurance		9.3
Interactive media & services		1.9
Internet & direct marketing retail		3.4
IT services		0.8
Machinery		1.6
Oil, gas & consumable fuels		3.4
Paper & forest products		1.3
Personal products		3.9
Pharmaceuticals		3.7
Real estate management & development		1.3
Semiconductors & semiconductor equipment		7.5
Software		2.9
Specialty retail		0.9
Trading companies & distributors		3.6
Wireless telecommunication services		2.3
Total common stocks		98.9	%
Short-term investments		2.5
Investment of cash collateral from securities loaned		0.7
Total investments		102.1	%
Liabilities in excess of other assets		(2.1	)
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, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks—98.9%
Argentina — 1.0%
MercadoLibre, Inc. *		2,608		3,839,341
Australia — 1.6%
Brambles Ltd.		444,450		3,571,618
Mirvac Group		1,240,809		2,356,141
				5,927,759
Austria — 1.1%
Erste Group Bank AG *		126,454		4,288,622
Belgium — 2.0%
Galapagos N.V. *		18,553		1,438,579
KBC Group N.V. *		81,971		5,959,899
				7,398,478
China — 8.9%
Alibaba Group Holding Ltd., ADR *		40,186		9,111,372
China Mengniu Dairy Co. Ltd. *		708,000		4,052,688
Li Auto, Inc., ADR *,1		118,700		2,967,500
Ping An Insurance Group Co. of China Ltd., Class H		610,000		7,261,998
Tencent Holdings Ltd.		90,400		7,093,297
Zhongsheng Group Holdings Ltd.		490,000		3,454,033
				33,940,888
Denmark — 1.1%
Genmab A/S *		12,521		4,119,549
Finland — 1.9%
Neste Oyj		63,629		3,377,198
Sampo Oyj, A Shares		82,763		3,733,751
				7,110,949
France — 6.8%
AXA SA		177,380		4,760,390
Cie Generale des Etablissements Michelin SCA		28,299		4,236,223
Danone SA		111,804		7,670,084
Societe Generale SA *		118,430		3,099,171

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
France— (concluded)
Ubisoft Entertainment SA *		79,006		6,011,154
				25,777,022
Germany — 4.6%
CTS Eventim AG & Co. KGaA *		50,427		2,923,671
Infineon Technologies AG		204,618		8,675,592
SAP SE		47,547		5,822,289
				17,421,552
Hong Kong — 1.3%
Sun Hung Kai Properties Ltd.		328,500		4,977,721
India — 3.1%
Axis Bank Ltd., GDR *		97,793		4,674,506
Infosys Ltd., ADR		157,399		2,946,509
Mahindra & Mahindra Ltd., GDR		376,355		4,121,087
				11,742,102
Indonesia — 4.2%
Astra International Tbk. PT	��	13,647,800		4,956,430
Bank Central Asia Tbk. PT		3,135,400		6,707,921
Bank Mandiri Persero Tbk. PT		10,539,200		4,462,381
				16,126,732
Italy — 3.1%
Banca Mediolanum SpA *		395,580		3,734,368
Infrastrutture Wireless Italiane SpA 2		409,617		4,563,400
Prysmian SpA		104,828		3,406,440
				11,704,208
Japan — 18.4%
Hoya Corp.		50,100		5,884,403
ITOCHU Corp. 1		154,300		4,998,637
Kao Corp.		60,000		3,962,791
Kissei Pharmaceutical Co. Ltd.		74,582		1,650,268
Nabtesco Corp.		134,700		6,155,629
Nintendo Co. Ltd.		12,700		7,089,519
Nippon Telegraph & Telephone Corp.		182,000		4,671,429
ORIX Corp.		222,300		3,750,340
Shin-Etsu Chemical Co. Ltd. 1		38,900		6,538,081

UBS International Sustainable Equity Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Japan— (concluded)
SoftBank Group Corp.		106,400		8,965,563
Sony Corp.		101,300		10,608,024
Takeda Pharmaceutical Co. Ltd.		163,361		5,879,373
				70,154,057
Mexico — 1.4%
Cemex SAB de CV, ADR *		769,200		5,361,324
Netherlands — 3.8%
ASML Holding N.V.		16,446		9,970,978
NXP Semiconductors N.V.		22,455		4,521,090
				14,492,068
New Zealand — 0.8%
Fisher & Paykel Healthcare Corp. Ltd.		129,016		2,892,364
Norway — 2.2%
Equinor ASA		227,460		4,449,128
Mowi ASA		162,535		4,032,424
				8,481,552
Portugal — 1.3%
Galp Energia SGPS SA		437,807		5,093,089
South Korea — 6.1%
LG Chem Ltd.		10,129		7,204,634
LG Household & Health Care Ltd.		3,459		4,798,436
Samsung Engineering Co. Ltd. *		491,306		6,077,565
SK Hynix, Inc.		44,900		5,256,682
				23,337,317
Sweden — 0.7%
Hexpol AB 1		226,228		2,554,097
Switzerland — 4.5%
Alcon, Inc. *		70,272		4,920,490
Novartis AG (Registered)		78,797		6,733,781

UBS International Sustainable Equity Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Switzerland— (concluded)
Zurich Insurance Group AG		12,654		5,400,861
				17,055,132
United Kingdom — 14.3%
Ashtead Group PLC		145,920		8,704,418
Barclays PLC		1,984,108		5,085,450
BT Group PLC *		3,980,800		8,495,312
London Stock Exchange Group PLC		28,119		2,690,279
Mondi PLC		189,476		4,832,412
Prudential PLC		352,501		7,486,177
Sage Group PLC/The		631,055		5,331,188
Spectris PLC		129,825		5,954,553
Unilever PLC		107,080		5,974,750
				54,554,539
United States — 4.7%
Aon PLC, Class A		29,866		6,872,465
Aptiv PLC		29,940		4,128,726
LivaNova PLC *		39,600		2,919,708
Schlumberger N.V.		151,350		4,115,207
				18,036,106
Total common stocks (cost—$325,294,053)				376,386,568
Short-term investments—2.5%
Investment companies — 2.5%
State Street Institutional U.S. Government Money Market Fund, 0.080% 3 (cost — $9,306,972)		9,306,972		9,306,972
Investment of cash collateral from securities loaned—0.7%
Money market funds — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 3 (cost — $2,724,685)		2,724,685		2,724,685
Total investments (cost — $337,325,710) 4— 102.1%				388,418,225
Liabilities in excess of other assets — (2.1)%				(7,943,987	)
Net assets — 100.0%			$	380,474,238

UBS International Sustainable Equity Fund 

Portfolio of investments – March 31, 2021 (unaudited)

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.

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)   ($)
SSC	USD	222,040	IDR	3,233,936,211	04/05/21		606

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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		375,789,286		597,282		—		376,386,568
Short-term investments		—		9,306,972		—		9,306,972
Investment of cash collateral from securities loaned		—		2,724,685		—		2,724,685
Forward foreign currency contracts		—		606		—		606
Total		375,789,286		12,629,545		—		388,418,831

At March 31, 2021, 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	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 $4,563,400, represented 1.2% of the Fund's net assets at period end.
3	Rates shown reflect yield at March 31, 2021.
4	Includes $10,394,875 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $7,888,764 and cash collateral of $2,724,685.

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks — 97.9%
Aerospace & defense — 4.7%
Lockheed Martin Corp.		3,919		1,448,071
Raytheon Technologies Corp.		18,704		1,445,258
				2,893,329
Air freight & logistics — 2.3%
United Parcel Service, Inc., Class B		8,213		1,396,128
Banks — 6.8%
JPMorgan Chase & Co.		16,438		2,502,357
Truist Financial Corp.		29,052		1,694,312
				4,196,669
Beverages — 6.0%
Coca-Cola Co./The		42,148		2,221,621
Diageo PLC, ADR		8,828		1,449,646
				3,671,267
Biotechnology — 3.0%
Amgen, Inc.		7,352		1,829,251
Capital markets — 2.4%
BlackRock, Inc.		1,956		1,474,746
Chemicals — 3.1%
Linde PLC		6,685		1,872,736
Commercial services & supplies — 1.6%
Republic Services, Inc.		9,722		965,881
Communications equipment — 4.2%
Cisco Systems, Inc.		49,419		2,555,456
Electric utilities — 2.3%
American Electric Power Co., Inc.		7,931		671,756
NextEra Energy, Inc.		9,436		713,456
				1,385,212
Electrical equipment — 1.9%
Rockwell Automation, Inc.		4,439		1,178,288

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Health care equipment & supplies — 3.7%
Medtronic PLC		19,020		2,246,833
Hotels, restaurants & leisure — 3.1%
McDonald's Corp.		8,457		1,895,552
Household products — 2.7%
Procter & Gamble Co./The		12,112		1,640,328
Insurance — 5.4%
Chubb Ltd.		12,648		1,998,004
Marsh & McLennan Cos., Inc.		10,995		1,339,191
				3,337,195
IT services — 4.1%
Accenture PLC, Class A		6,692		1,848,665
Automatic Data Processing, Inc.		3,451		650,410
				2,499,075
Machinery — 1.1%
Crane Co.		7,447		699,348
Media — 4.0%
Comcast Corp., Class A		45,848		2,480,835
Oil, gas & consumable fuels — 3.4%
EOG Resources, Inc.		8,495		616,142
Phillips 66		17,931		1,462,094
				2,078,236
Pharmaceuticals — 6.7%
Johnson & Johnson		16,915		2,779,980
Novartis AG, ADR		15,507		1,325,539
				4,105,519
Road & rail — 3.0%
Union Pacific Corp.		8,238		1,815,738
Semiconductors & semiconductor equipment — 8.7%
Analog Devices, Inc.		9,619		1,491,714
Intel Corp.		30,443		1,948,352

UBS US Dividend Ruler Fund 

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Semiconductors & semiconductor equipment— (concluded)
Texas Instruments, Inc.		9,845		1,860,607
				5,300,673
Software — 7.2%
Microsoft Corp.		18,833		4,440,256
Specialty retail — 3.9%
Home Depot, Inc./The		7,918		2,416,969
Textiles, apparel & luxury goods — 2.6%
VF Corp.		20,089		1,605,513
Total common stocks (cost—$54,511,237)				59,981,033
Short-term investments—2.3%
Investment companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, 0.080% 1 (cost — $1,418,916)		1,418,916		1,418,916
Total investments (cost — $55,930,153) — 100.2%				61,399,949
Liabilities in excess of other assets — (0.2)%				(136,638	)
Net assets — 100.0%			$	61,263,311

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, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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		59,981,033		—		—		59,981,033
Short-term investments		—		1,418,916		—		1,418,916
Total		59,981,033		1,418,916		—		61,399,949

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2021 (unaudited)

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

1 Rates shown reflect yield at March 31, 2021.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks — 98.0%
Capital markets — 4.2%
Ameriprise Financial, Inc.		10,529		2,447,466
Intercontinental Exchange, Inc.		12,620		1,409,402
				3,856,868
Chemicals — 1.7%
Sherwin-Williams Co./The		2,127		1,569,747
Electrical equipment — 1.0%
Rockwell Automation, Inc.		3,470		921,077
Equity real estate investment trusts — 2.5%
American Tower Corp.		9,694		2,317,448
Food & staples retailing — 1.0%
Costco Wholesale Corp.		2,660		937,597
Health care equipment & supplies — 6.3%
Abbott Laboratories		11,619		1,392,421
Boston Scientific Corp. *		33,826		1,307,375
Danaher Corp.		6,452		1,452,216
Medtronic PLC		13,379		1,580,461
				5,732,473
Health care providers & services — 3.9%
UnitedHealth Group, Inc.		9,555		3,555,129
Industrial conglomerates — 2.1%
Honeywell International, Inc.		8,705		1,889,594
Interactive media & services — 14.3%
Alphabet, Inc., Class A *		3,061		6,313,374
Facebook, Inc., Class A *		22,806		6,717,051
				13,030,425
Internet & direct marketing retail — 8.3%
Amazon.com, Inc. *		2,449		7,577,402
IT services — 9.8%
Accenture PLC, Class A		9,815		2,711,394
Fidelity National Information Services, Inc.		16,374		2,302,348

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
IT services— (concluded)
Visa, Inc., A Shares		18,646		3,947,917
				8,961,659
Life sciences tools & services — 2.1%
Thermo Fisher Scientific, Inc.		4,121		1,880,742
Machinery — 2.7%
Parker-Hannifin Corp.		7,770		2,450,891
Media — 1.8%
Comcast Corp., Class A		30,769		1,664,911
Multiline retail — 1.6%
Dollar General Corp.		7,398		1,498,983
Personal products — 1.1%
Estee Lauder Cos., Inc./The, Class A		3,490		1,015,067
Semiconductors & semiconductor equipment — 2.2%
Applied Materials, Inc.		7,662		1,023,643
Texas Instruments, Inc.		5,176		978,212
				2,001,855
Software — 15.5%
Adobe, Inc. *		5,647		2,684,414
Microsoft Corp.		38,434		9,061,584
Salesforce.com, Inc. *		11,165		2,365,529
				14,111,527
Specialty retail — 10.2%
Home Depot, Inc./The		6,359		1,941,085
Lowe's Cos., Inc.		11,512		2,189,352
O'Reilly Automotive, Inc. *		5,140		2,607,265

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Specialty retail— (concluded)
TJX Cos., Inc./The		38,594		2,552,993
				9,290,695
Technology hardware, storage & peripherals — 5.7%
Apple, Inc.		42,210		5,155,951
Total common stocks (cost—$83,284,517)				89,420,041
Short-term investments—2.3%
Investment companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, 0.080% 1 (cost — $2,164,878)		2,164,878		2,164,878
Total investments (cost — $85,449,395) — 100.3%				91,584,919
Liabilities in excess of other assets — (0.3)%				(316,540	)
Net assets — 100.0%			$	91,268,379

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, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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		89,420,041		—		—		89,420,041
Short-term investments		—		2,164,878		—		2,164,878
Total		89,420,041		2,164,878		—		91,584,919

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Rates shown reflect yield at March 31, 2021.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks — 96.1%
Aerospace & defense — 0.9%
Mercury Systems, Inc. *		26,710		1,887,061
Banks — 1.5%
Webster Financial Corp.		58,441		3,220,684
Biotechnology — 12.9%
Adagene, Inc., ADR *		40,100		719,795
Adverum Biotechnologies, Inc. *		75,492		744,351
Allogene Therapeutics, Inc. *		22,395		790,543
ALX Oncology Holdings, Inc. *		15,765		1,162,511
Arena Pharmaceuticals, Inc. *		13,146		912,201
Argenx SE, ADR *		3,462		953,400
Atreca, Inc., Class A *		39,829		610,579
Avrobio, Inc. *		34,608		439,175
Bolt Biotherapeutics, Inc. *		21,814		717,899
CareDx, Inc. *		37,863		2,578,092
CRISPR Therapeutics AG *		7,600		926,060
Dicerna Pharmaceuticals, Inc. *		39,923		1,020,831
Fate Therapeutics, Inc. *		9,535		786,161
Harpoon Therapeutics, Inc. *		64,579		1,350,993
IGM Biosciences, Inc. *		16,218		1,243,758
Instil Bio, Inc. *		36,493		915,244
Iovance Biotherapeutics, Inc. *		20,721		656,027
Kronos Bio, Inc. *		22,045		645,257
Kura Oncology, Inc. *		36,849		1,041,721
Magenta Therapeutics, Inc. *		81,171		961,065
MeiraGTx Holdings PLC *		49,360		712,265
Mirati Therapeutics, Inc. *		5,639		965,961
PMV Pharmaceuticals, Inc. *		28,272		929,866
Relay Therapeutics, Inc. *		26,055		900,721
Repare Therapeutics, Inc. *,1		25,672		787,874
Sana Biotechnology, Inc. *		17,370		581,374
Sigilon Therapeutics, Inc. *		17,555		392,354
Xencor, Inc. *		23,493		1,011,609
Xenon Pharmaceuticals, Inc. *		49,143		879,660
Zymeworks, Inc. *,1		25,105		792,816
				27,130,163
Building products — 2.0%
AZEK Co., Inc./The *		42,915		1,804,576

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Building products— (concluded)
Simpson Manufacturing Co., Inc.		22,521		2,336,103
				4,140,679
Commercial services & supplies — 1.6%
ACV Auctions, Inc., Class A *		29,296		1,013,935
IAA, Inc. *		42,425		2,339,314
				3,353,249
Construction & engineering — 2.9%
Ameresco, Inc., Class A *		48,231		2,345,473
MasTec, Inc. *		40,024		3,750,249
				6,095,722
Diversified consumer services — 1.6%
Chegg, Inc. *		39,773		3,406,955
Diversified telecommunication services — 1.6%
Bandwidth, Inc., Class A *		14,163		1,795,019
Vonage Holdings Corp. *		130,932		1,547,616
				3,342,635
Electrical equipment — 5.8%
Array Technologies, Inc. *		71,182		2,122,647
Generac Holdings, Inc. *		16,104		5,273,255
Regal Beloit Corp.		24,227		3,456,709
Shoals Technologies Group, Inc., Class A *		40,972		1,425,006
				12,277,617
Equity real estate investment trusts — 2.7%
QTS Realty Trust, Inc., Class A		34,083		2,114,510
Ryman Hospitality Properties, Inc.		46,673		3,617,624
				5,732,134
Food & staples retailing — 3.3%
Grocery Outlet Holding Corp. *		57,852		2,134,160
Performance Food Group Co. *		84,287		4,855,774
				6,989,934
Health care equipment & supplies — 4.4%
AtriCure, Inc. *		37,303		2,444,093
Bioventus, Inc., Class A *,1		62,061		948,292
Silk Road Medical, Inc. *		40,178		2,035,016

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Health care equipment & supplies— (concluded)
Staar Surgical Co. *		36,423		3,839,348
				9,266,749
Health care providers & services — 2.0%
Castle Biosciences, Inc. *		25,930		1,775,168
LHC Group, Inc. *		12,565		2,402,553
				4,177,721
Health care technology — 1.2%
Inspire Medical Systems, Inc. *		11,633		2,407,915
Hotels, restaurants & leisure — 7.8%
Bloomin' Brands, Inc.		125,048		3,382,548
Churchill Downs, Inc.		13,467		3,062,665
Dave & Buster's Entertainment, Inc. *		78,585		3,764,222
Planet Fitness, Inc., Class A *		34,955		2,702,022
Six Flags Entertainment Corp.		74,569		3,465,221
				16,376,678
Household durables — 1.5%
TopBuild Corp. *		15,232		3,190,038
IT services — 3.4%
Digitalocean Holdings, Inc. *		45,372		1,911,522
Shift4 Payments, Inc., Class A *		39,919		3,273,757
Wix.com Ltd. *		6,712		1,874,125
				7,059,404
Life sciences tools & services — 7.0%
Adaptive Biotechnologies Corp. *		20,561		827,786
Maravai LifeSciences Holdings, Inc., Class A *		82,501		2,940,336
Medpace Holdings, Inc. *		18,248		2,993,584
NanoString Technologies, Inc. *		32,807		2,155,748
NeoGenomics, Inc. *		49,000		2,363,270
Olink Holding AB, ADR *		25,300		910,800

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (continued)
Life sciences tools & services— (concluded)
Repligen Corp. *		13,443		2,613,453
				14,804,977
Machinery — 6.5%
Altra Industrial Motion Corp.		46,365		2,564,912
Astec Industries, Inc.		37,240		2,808,641
Chart Industries, Inc. *		29,989		4,268,934
Terex Corp.		87,172		4,016,014
				13,658,501
Media— 1.9%
Magnite, Inc. *		97,547		4,058,931
Pharmaceuticals — 0.6%
Revance Therapeutics, Inc. *		47,550		1,329,023
Semiconductors & semiconductor equipment — 6.1%
Brooks Automation, Inc.		37,451		3,057,874
Lattice Semiconductor Corp. *		48,243		2,171,900
MaxLinear, Inc. *		75,317		2,566,803
Monolithic Power Systems, Inc.		6,552		2,314,232
Universal Display Corp.		11,396		2,698,231
				12,809,040
Software — 7.1%
Alteryx, Inc., Class A *		19,962		1,656,047
Datto Holding Corp. *		16,418		376,136
Everbridge, Inc. *		14,204		1,721,241
Jamf Holding Corp. *		72,861		2,573,450
LivePerson, Inc. *		32,720		1,725,653
Olo, Inc., Class A *		29,073		767,236
Rapid7, Inc. *		32,744		2,443,030
Sumo Logic, Inc. *		50,365		949,884
Tenable Holdings, Inc. *		55,956		2,024,768
Viant Technology, Inc., Class A *		13,594		718,987
				14,956,432
Specialty retail — 2.5%
Children's Place, Inc./The *		37,550		2,617,235

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Number of shares		Value ($)
Common stocks— (concluded)
Specialty retail— (concluded)
National Vision Holdings, Inc. *		58,740		2,574,574
				5,191,809
Textiles, apparel & luxury goods — 3.3%
PVH Corp.		34,935		3,692,629
Tapestry, Inc.		76,617		3,157,387
				6,850,016
Thrifts & mortgage finance — 0.6%
Essent Group Ltd.		27,217		1,292,535
Trading companies & distributors — 3.4%
Boise Cascade Co.		47,377		2,834,566
Herc Holdings, Inc. *		42,083		4,264,270
				7,098,836
Total common stocks (cost—$141,845,256)				202,105,438
Exchange traded funds—0.3%
iShares Russell 2000 Growth ETF 1 (cost — $588,859)		1,912		575,015
Short-term investments—3.7%
Investment companies — 3.7%
State Street Institutional U.S. Government Money Market Fund, 0.080% 2 (cost — $7,865,957)		7,865,957		7,865,957
Investment of cash collateral from securities loaned—0.8%
Money market funds — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 2 (cost — $1,576,993)		1,576,993		1,576,993
Total investments (cost — $151,877,065)3 — 100.9%				212,123,403
Liabilities in excess of other assets — (0.9)%				(1,790,542	)
Net assets — 100.0%			$	210,332,861

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.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) 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		202,105,438		—		—		202,105,438
Exchange traded funds		575,015		—		—		575,015
Short-term investments		—		7,865,957		—		7,865,957
Investment of cash collateral from securities loaned		—		1,576,993		—		1,576,993
Total		202,680,453		9,442,950		—		212,123,403

At March 31, 2021, 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	Rates shown reflect yield at March 31, 2021.
3	Includes $8,477,389 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,576,993 and non-cash collateral of $6,702,708.

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)			Value ($)
Municipal bonds—99.6%
Arizona — 1.1%
Salt River Project Agricultural Improvement & Power District, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/45		1,000,000			1,292,289
California — 1.4%
State of California, GO Bonds
5.000%, due 03/01/35		1,000,000			1,301,379
Series A-1,
0.030%, due 05/01/331		100,000			100,000
Series A3,
0.030%, due 05/01/341		300,000			300,000
					1,701,379
			��
Colorado — 0.9%
Denver City & County School District No. 1, GO Bonds
5.000%, due 12/01/21		1,000,000			1,032,035
Connecticut — 6.1%
State of Connecticut Special Tax Revenue (Transportation Infrastructure), Revenue Bonds,
Series A,
5.000%, due 01/01/30		1,665,000			2,068,307
State of Connecticut, GO Bonds,
Series A,
5.000%, due 04/15/25		1,250,000			1,471,257
Series C,
5.000%, due 06/15/23		1,000,000			1,104,350
State of Connecticut, Refunding, GO Bonds,
Series F,
5.000%, due 09/15/25		2,140,000			2,553,323
					7,197,237
District of Columbia — 1.6%
District of Columbia, Revenue Bonds,
Series A,
5.000%, due 03/01/31		1,465,000			1,919,958
Florida — 7.1%
Miami-Dade County Transit System, Revenue Bonds,
Series A,
5.000%, due 07/01/43		1,000,000			1,269,767
Miami-Dade County, Refunding, Revenue Bonds
5.000%, due 10/01/26		1,000,000			1,217,060
School Board of St. Lucie County, Refunding, Revenue Bonds, AGM
5.000%, due 10/01/26		1,020,000			1,216,252

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds— (continued)
Florida— (concluded)
School District of Broward County, Refunding, COP,
Series B,
5.000%, due 07/01/30		2,000,000		2,334,768
School District of Palm Beach County, Refunding, COP,
Series B,
5.000%, due 08/01/31		1,000,000		1,174,413
The School Board of Miami-Dade County, Refunding, COP,
Series A,
5.000%, due 05/01/31		1,000,000		1,160,766
				8,373,026
Georgia — 1.7%
Brookhaven Development Authority (Children's Healthcare of Atlanta), Revenue Bonds,
Series A,
5.000%, due 07/01/29		1,500,000		1,965,072
Illinois — 10.3%
Chicago O’Hare International Airport, Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/30		1,000,000		1,155,193
Series B,
5.000%, due 01/01/31		1,050,000		1,212,532
Illinois Finance Authority (Clean Water Initiative Revolving Fund), Revenue Bonds
5.000%, due 07/01/37		1,000,000		1,284,758
Illinois Finance Authority (OSF Healthcare System), Revenue Bonds,
Series A,
5.000%, due 05/15/23		1,405,000		1,480,458
Illinois State Toll Highway Authority, Revenue Bonds,
Series B,
5.000%, due 01/01/27		1,000,000		1,221,760
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.000%, due 06/01/25		1,235,000		1,440,927
6.000%, due 06/01/28		4,355,000		4,394,879
				12,190,507
Louisiana — 2.6%
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Project), Revenue Bonds
6.750%, due 05/15/41		3,000,000		3,022,121
Maryland — 3.3%
County of Anne Arundel MD (Consolidated Water and Sewer), GO Bonds,
Series B,
5.000%, due 10/01/38		1,000,000		1,280,141

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (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		1,310,586
Washington Suburban Sanitary Commission (Consolidated Public Improvement), Revenue Bonds
5.000%, due 06/01/29		1,000,000		1,280,342
				3,871,069
Massachusetts — 5.9%
The Commonwealth of Massachusetts (Consolidated Loan), GO Bonds
5.000%, due 07/01/45		4,000,000		5,058,026
The Commonwealth of Massachusetts, GO Bonds,
Series A,
5.000%, due 01/01/40		1,500,000		1,853,846
				6,911,872
Michigan — 2.9%
Michigan Finance Authority (Trinity Health Credit Group Hospital), Refunding, Revenue Bonds,
Series A,
5.000%, due 12/01/35		1,000,000		1,225,560
Michigan State Building Authority, Refunding, Revenue Bonds,
Series I,
5.000%, due 10/15/29		1,800,000		2,190,700
				3,416,260
Minnesota — 1.2%
State of Minnesota, GO Bonds,
Series A,
5.000%, due 08/01/33		1,080,000		1,436,978
Mississippi — 1.5%
Mississippi Business Finance Corp. (Chevron USA, Inc. Project), Revenue Bonds,
Series A,
0.050%, due 12/01/301		500,000		500,000
Mississippi Business Finance Corp. (Chevron USA, Inc.), Revenue Bonds,
Series C,
0.050%, due 11/01/351		300,000		300,000

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds— (continued)
Mississippi— (concluded)
Series G,
0.050%, due 11/01/351		1,000,000		1,000,000
				1,800,000
Missouri — 0.3%
Missouri State Health & Educational Facilities Authority (Washington University), Revenue Bonds,
Series B,
0.050%, due 03/01/401		400,000		400,000
Nevada — 1.9%
County of Clark NV Passenger Facility Charge Revenue (Las Vegas-McCarran International Airport), Refunding, Revenue Bonds,
Series C,
5.000%, due 07/01/27		1,815,000		2,260,699
New Jersey — 2.3%
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Series AA,
5.000%, due 06/15/27		1,500,000		1,634,143
New Jersey Turnpike Authority, Revenue Bonds,
Series A,
5.000%, due 01/01/27		1,000,000		1,141,371
				2,775,514
New York — 18.3%
City of New York, GO Bonds,
Series B-1,
5.000%, due 10/01/42		1,200,000		1,482,853
Subseries F-1,
5.000%, due 04/01/40		1,000,000		1,214,686
Metropolitan Transportation Authority, Refunding, Revenue Bonds,
Series A-1,
0.060%, due 11/01/311		495,000		495,000
Metropolitan Transportation Authority, Revenue Bonds,
Subseries B-2A,
5.000%, due 05/15/21		1,060,000		1,065,093
Subseries E-1,
0.070%, due 11/15/501		200,000		200,000
New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds,
Series A-2,
5.000%, due 08/01/38		1,000,000		1,219,101
Series A-3,
0.080%, due 08/01/431		400,000		400,000

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds— (continued)
New York— (concluded)
Series A-4,
0.070%, due 08/01/431		130,000		130,000
Series E4,
0.060%, due 02/01/451		400,000		400,000
New York City Water & Sewer System (Second General Resolution), Refunding, Revenue Bonds,
Series EE,
5.000%, due 06/15/33		1,000,000		1,220,274
Series EE,
5.000%, due 06/15/40		1,000,000		1,223,248
Series EE2,
5.000%, due 06/15/40		1,200,000		1,498,143
Series FF,
5.000%, due 06/15/39		2,000,000		2,450,816
New York City Water & Sewer System (Second General Resolution), Revenue Bonds,
Series DD-2,
0.060%, due 06/15/431		500,000		500,000
New York State Dormitory Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 03/15/44		1,000,000		1,260,223
New York State Dormitory Authority, Revenue Bonds,
Series A,
5.000%, due 03/15/43		1,500,000		1,815,792
New York State Urban Development Corp., Refunding, Revenue Bonds,
Series A,
5.000%, due 03/15/41		4,060,000		5,054,318
				21,629,547
Ohio — 1.3%
State of Ohio, GO Bonds,
Series A,
5.000%, due 06/15/30		1,110,000		1,482,130
Oregon — 2.4%
Multnomah County School District No. 3 Parkrose, GO Bonds,
Series A,
5.000%, due 06/30/35		1,000,000		1,011,588

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

		Face amount ($)		Value ($)
Municipal bonds— (continued)
Oregon— (concluded)
Tri-County Metropolitan Transportation District of Oregon, Revenue Bonds,
Series A,
5.000%, due 09/01/43			1,500,000		1,836,885
					2,848,473
Pennsylvania — 5.5%
Commonwealth Financing Authority (Tobacco Master Settlement Payment), Revenue Bonds
5.000%, due 06/01/24			1,625,000		1,847,348
Pennsylvania Turnpike Commission, Refunding, Revenue Bonds,
2nd Series,
5.000%, due 12/01/30			1,750,000		2,151,431
Series 2017-3,
5.000%, due 12/01/28			1,000,000		1,253,621
Series A-2,
5.000%, due 12/01/28			1,000,000		1,266,116
	��				6,518,516
South Carolina — 1.0%
South Carolina Public Service Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 12/01/26			1,010,000		1,182,832
Texas — 12.9%
Board of Regents of the University of Texas System, Refunding, Revenue Bonds,
Series A,
5.000%, due 08/15/38			1,000,000		1,269,409
County of Williamson TX, GO Bonds
5.000%, due 02/15/29			1,000,000		1,301,405
Dallas and Fort Worth International Airport, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/01/29			1,100,000		1,427,986
Lower Colorado River Authority (LCRA Transmission Services), Refunding, Revenue Bonds
5.000%, due 05/15/31			1,000,000		1,275,857
Lower Neches Valley Authority Industrial Development Corp. (ExxonMobil Project), Revenue Bonds
0.050%, due 11/01/381			100,000		100,000
North Texas Tollway Authority (Second Tier), Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/29			1,140,000		1,457,660
North Texas Tollway Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/27			3,030,000		3,399,658

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds— (concluded)
Texas— (concluded)
State of Texas, GO Bonds,
Series B,
5.000%, due 08/01/21		350,000		355,523
State of Texas, Revenue Notes
4.000%, due 08/26/21		4,575,000		4,647,017
				15,234,515
Virginia — 1.1%
County of Fairfax VA, GO Bonds,
Series A,
5.000%, due 10/01/29		1,000,000		1,246,398
Washington — 5.0%
State of Washington, GO Bonds,
Series B,
5.000%, due 06/01/27		2,905,000		3,652,849
Series D,
5.000%, due 06/01/38		1,725,000		2,214,389
				5,867,238
Total municipal bonds (cost—$113,245,502)				117,575,665

	Number of shares
Short-term investments—0.0%†
Investment companies — 0.0%†
State Street Institutional U.S. Government Money Market Fund, 0.080% 2 (cost — $32,583)		32,583		32,583
Total investments    (cost — $113,278,085) — 99.6%				117,608,248
Other assets in excess of liabilities — 0.4%				496,981
Net assets — 100.0%			$	118,105,229

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, 2021 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) 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, 2021 (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	—	117,575,665	—	117,575,665
Short-term investments	—	32,583	—	32,583
Total	—	117,608,248	—	117,608,248

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

† Amount represents less than 0.05% or (0.05)%.

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

2 Rates shown reflect yield at March 31, 2021.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. Government agency obligations—96.4%
Supranationals — 96.4%
African Development Bank,
(Series GDIF), 1.250%, due 07/26/21		500,000		501,673
(Series GDIF), 0.500%, due 04/22/22		100,000		100,313
(Series GDIF), 2.125%, due 11/16/22		300,000		309,223
0.750%, due 04/03/23		750,000		757,284
7.375%, due 04/06/23		300,000		341,309
3.000%, due 09/20/23		700,000		745,241
African Development Bank, GMTN
1.625%, due 09/16/22		220,000		224,418
Agence Francaise de Developpement, EMTN
2.750%, due 01/22/221		200,000		204,022
0.625%, due 01/22/261		1,000,000		979,070
Asian Development Bank, GMTN
2.500%, due 11/02/27		200,000		213,533
2.750%, due 01/19/28		240,000		259,860
3.125%, due 09/26/28		500,000		554,052
1.750%, due 09/19/29		500,000		501,879
1.875%, due 01/24/30		700,000		706,834
0.750%, due 10/08/30		800,000		724,039
1.500%, due 03/04/31		900,000		866,561
Asian Infrastructure Investment Bank/The
2.250%, due 05/16/24		1,400,000		1,475,345
0.500%, due 05/28/25		1,200,000		1,186,223
0.500%, due 01/27/26		750,000		731,233
Corp. Andina de Fomento
2.125%, due 09/27/21		125,000		125,870
4.375%, due 06/15/22		300,000		312,912
Council of Europe Development Bank
2.500%, due 02/27/24		650,000		688,538
1.375%, due 02/27/25		2,500,000		2,566,863
European Bank for Reconstruction & Development
1.625%, due 09/27/24		100,000		103,600
0.500%, due 05/19/25		400,000		395,744
European Bank for Reconstruction & Development, GMTN
1.875%, due 02/23/22		100,000		101,498
2.750%, due 03/07/23		300,000		314,362
1.500%, due 02/13/25		1,450,000		1,494,262
0.500%, due 11/25/25		500,000		489,859
0.500%, due 01/28/26		450,000		439,717
European Investment Bank

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. Government agency obligations— (continued)
Supranationals— (continued)
2.625%, due 03/15/24		225,000		239,490
1.875%, due 02/10/25		1,200,000		1,255,283
0.625%, due 07/25/25		250,000		247,456
0.625%, due 10/21/27		700,000		666,847
0.750%, due 09/23/30		550,000		499,281
IDB Trust Services Ltd.
3.389%, due 09/26/231		800,000		853,518
2.843%, due 04/25/241		1,000,000		1,061,668
0.908%, due 06/25/251		400,000		396,240
IDB Trust Services Ltd., EMTN
2.393%, due 04/12/221		200,000		203,760
Inter-American Development Bank
2.125%, due 01/15/25		1,000,000		1,054,090
0.875%, due 04/03/25		850,000		854,822
0.625%, due 07/15/25		850,000		841,966
2.000%, due 07/23/26		630,000		658,960
2.375%, due 07/07/27		1,285,000		1,359,633
0.625%, due 09/16/27		1,400,000		1,329,286
3.125%, due 09/18/28		2,550,000		2,826,430
2.250%, due 06/18/29		3,500,000		3,657,230
Inter-American Development Bank, GMTN
1.750%, due 03/14/25		850,000		884,237
2.000%, due 06/02/26		2,750,000		2,876,883
1.125%, due 01/13/31		3,750,000		3,502,353
Inter-American Investment Corp.
1.750%, due 10/02/241		2,500,000		2,595,117
International Bank for Reconstruction & Development
0.625%, due 04/22/25		500,000		498,085
(Series GDIF), 2.500%, due 07/29/25		600,000		641,280
0.500%, due 10/28/25		700,000		687,216
(Series GDIF), 3.125%, due 11/20/25		900,000		989,055
(Series GDIF), 1.875%, due 10/27/26		1,750,000		1,819,288
(Series GDIF), 2.500%, due 11/22/27		2,110,000		2,254,479
0.750%, due 11/24/27		3,000,000		2,871,797
(Series GDIF), 1.750%, due 10/23/29		2,060,000		2,064,659
0.875%, due 05/14/30		2,250,000		2,080,599
0.750%, due 08/26/30		3,300,000		2,996,376

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. Government agency obligations— (concluded)
Supranationals— (concluded)
1.250%, due 02/10/31		3,250,000		3,076,569
International Development Association
2.750%, due 04/24/231		550,000		577,918
(Series GDIF), 0.750%, due 06/10/271,2		1,500,000		1,450,251
1.000%, due 12/03/301		1,650,000		1,526,811
International Finance Corp.
0.750%, due 08/27/30		1,250,000		1,134,330
International Finance Corp., GMTN
1.375%, due 10/16/24		400,000		410,521
0.375%, due 07/16/25		1,000,000		979,536
2.125%, due 04/07/26		775,000		816,145
Kreditanstalt fuer Wiederaufbau
2.000%, due 05/02/25		600,000		630,855
2.875%, due 04/03/28		1,500,000		1,639,151
0.750%, due 09/30/30		650,000		590,356
Nordic Investment Bank
2.875%, due 07/19/232		2,000,000		2,116,422
2.250%, due 05/21/24		1,200,000		1,265,994
Total Non-U.S. government agency obligations (cost—$79,840,748)				79,397,580
Short-term investments—3.4%

	Number of shares
Investment companies — 3.4%
State Street Institutional U.S. Government Money Market Fund, 0.080% 3 (cost — $2,794,698)		2,794,698		2,794,698
Investment of cash collateral from securities loaned—1.9%
Money market funds — 1.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 3 (cost — $1,570,986)		1,570,986		1,570,986
Total investments (cost — $84,206,432)4 — 101.7%				83,763,264
Liabilities in excess of other assets — (1.7)%				(1,437,956	)
Net assets — 100.0%			$	82,325,308

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.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 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) ($)		Total ($)
Non-U.S. Government agency obligations		—		79,397,580		—		79,397,580
Short-term investments		—		2,794,698		—		2,794,698
Investment of cash collateral from securities loaned		—		1,570,986		—		1,570,986
Total		—		83,763,264		—		83,763,264

At March 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

1	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.
2	Security, or portion thereof, was on loan at the period end.
3	Rates shown reflect yield at March 31, 2021.
4	Includes $1,535,620 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $1,570,986.

UBS Total Return Bond Fund

Industry diversification— March 31, 2021 (unaudited)¹

Corporate bonds	Percentage of net assets
Agriculture		0.1	%
Airlines		0.3
Auto manufacturers		1.5
Banks		10.8
Beverages		0.6
Biotechnology		1.0
Chemicals		1.7
Commercial services		0.7
Computers		0.6
Diversified financial services		2.5
Electric		2.3
Food		0.3
Healthcare-products		0.2
Housewares		0.6
Insurance		1.8
Media		1.5
Mining		0.2
Miscellaneous manufacturers		1.7
Oil & gas		2.9
Packaging & containers		0.6
Pharmaceuticals		1.0
Pipelines		1.6
Real estate investment trust		0.6
Retail		0.6
Semiconductors		1.1
Software		1.7
Telecommunications		2.5
Transportation		0.5
Total corporate bonds		41.5	%
Asset-backed securities		18.2	%
Mortgage-backed securities		16.8
Municipal bonds		2.2
Non-U.S. government agency obligations		3.1
U.S. government agency obligations		18.0
U.S. Treasury obligations		2.1
Short-term investments		2.5
Investment of cash collateral from securities loaned		0.2
Total investments		104.6	%
Liabilities in excess of other assets		(4.6	)
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, 2021 (unaudited)

	Face amount ($)1	Value ($)
Asset-backed securities—18.2%
United States — 18.2%
AmeriCredit Automobile Receivables Trust,
Series 2018-1, Class D, 3.820%, due 03/18/24	100,000	104,708
CCG Receivables Trust,
Series 2020-1, Class C, 1.840%, due 12/14/272	150,000	151,789
CPS Auto Receivables Trust,
Series 2019-B, Class B, 3.090%, due 04/17/232	16,832	16,884
CPS Auto Trust,
Series 2018-C, Class D, 4.400%, due 06/17/242	150,000	154,647
Dell Equipment Finance Trust,
Series 2018-1, Class D, 3.850%, due 06/24/242	120,000	120,490
Series 2020-2, Class D, 1.920%, due 03/23/262	150,000	152,932
Series 2021-1, Class D, 1.030%, due 11/23/262	425,000	424,400
Drive Auto Receivables Trust,
Series 2017-1, Class D, 3.840%, due 03/15/23	18,851	19,019
Series 2018-1, Class D, 3.810%, due 05/15/24	238,958	242,664
Series 2018-2, Class D, 4.140%, due 08/15/24	169,193	173,339
Series 2018-3, Class D, 4.300%, due 09/16/24	300,000	307,950
Series 2018-4, Class D, 4.090%, due 01/15/26	150,000	155,164
DT Auto Owner Trust,
Series 2018-1A, Class D, 3.810%, due 12/15/232	65,272	65,910
Series 2021-1A, Class C, 0.840%, due 10/15/262	150,000	149,586
Series 2021-1A, Class D, 1.160%, due 11/16/262	150,000	149,376
Exeter Automobile Receivables Trust,
Series 2018-1A, Class D, 3.530%, due 11/15/232	100,000	102,288
Series 2018-2A, Class C, 3.690%, due 03/15/232	50,681	50,783
Series 2019-2A, Class C, 3.300%, due 03/15/242	100,000	101,657

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Asset-backed securities— (continued)
United States— (continued)
HPEFS Equipment Trust,
Series 2019-1A, Class D, 2.720%, due 09/20/292	200,000	204,361
Series 2020-1A, Class D, 2.260%, due 02/20/302	200,000	204,780
Series 2021-1A, Class D, 1.030%, due 03/20/312	300,000	298,528
Invitation Homes Trust,
Series 2018-SFR1, Class C, 1 mo. USD LIBOR + 1.250%, 1.358%, due 03/17/37 2,3	100,000	100,172
Series 2018-SFR2, Class D, 1 mo. USD LIBOR + 1.450%, 1.556%, due 06/17/37 2,3	149,970	150,093
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class C, 3.850%, due 10/14/252	300,000	304,936
OneMain Financial Issuance Trust,
Series 2019-1A, Class A, 3.480%, due 02/14/312	199,527	201,283
Series 2020-2A, Class A, 1.750%, due 09/14/352	100,000	100,212
Series 2020-2A, Class B, 2.210%, due 09/14/352	150,000	151,764
PSNH Funding LLC,
Series 2018-1, Class A3, 3.814%, due 02/01/35	175,000	193,957
Santander Consumer Auto Receivables Trust,
Series 2020-BA, Class B, 0.770%, due 12/15/252	275,000	275,667
Santander Drive Auto Receivables Trust,
Series 2017-2, Class D, 3.490%, due 07/17/23	174,767	175,019
Series 2017-3, Class D, 3.200%, due 11/15/23	204,973	207,627
Series 2018-4, Class D, 3.980%, due 12/15/25	225,000	233,507
Sofi Consumer Loan Program Trust,
Series 2017-6, Class B, 3.520%, due 11/25/262	225,000	228,111
Series 2018-1, Class B, 3.650%, due 02/25/272	93,218	94,808
Series 2018-2, Class B, 3.790%, due 04/26/272	105,776	107,118

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Asset-backed securities— (concluded)
United States— (concluded)
Series 2018-3, Class B, 4.020%, due 08/25/272	125,000	127,300
Tesla Auto Lease Trust,
Series 2020-A, Class B, 1.180%, due 01/22/242	100,000	101,048
Series 2020-A, Class D, 2.330%, due 02/20/242	100,000	102,303
Series 2021-A, Class D, 1.340%, due 03/20/252	250,000	249,496
Total asset-backed securities (cost—$6,363,803)		6,455,676
Corporate bonds—41.5%
Belgium — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46	165,000	197,100
Brazil — 0.8%
Petrobras Global Finance BV
7.375%, due 01/17/27	250,000	296,250
Canada — 1.0%
Cenovus Energy, Inc.
5.400%, due 06/15/47	80,000	89,066
NOVA Chemicals Corp.
5.250%, due 08/01/232	210,000	211,312
Rogers Communications, Inc.
5.000%, due 03/15/44	60,000	71,509
		371,887
Colombia — 0.2%
Ecopetrol SA
5.375%, due 06/26/26	70,000	78,234
Israel — 0.2%
Teva Pharmaceutical Finance IV BV
3.650%, due 11/10/21	57,000	57,356
Luxembourg — 0.6%
INEOS Group Holdings SA
5.625%, due 08/01/242,4	200,000	202,500

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds— (continued)
Netherlands — 0.2%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/262		65,000		71,544
Peru — 0.2%
Southern Copper Corp.
6.750%, due 04/16/40		40,000		55,088
United Kingdom — 2.5%
Barclays PLC
4.836%, due 05/09/28		200,000		222,933
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		133,062
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		223,307
Natwest Group PLC
3.875%, due 09/12/23		250,000		268,094
Reynolds American, Inc.
7.250%, due 06/15/37		35,000		44,920
				892,316
United States — 35.2%
Abbott Laboratories
3.750%, due 11/30/26		45,000		50,511
ADT Security Corp./The
3.500%, due 07/15/22		140,000		142,100
AEP Texas, Inc.,
Series E, 6.650%, due 02/15/33		50,000		66,264
Series G, 4.150%, due 05/01/49		50,000		54,415
Alabama Power Co.
6.000%, due 03/01/39		100,000		136,062
Allstate Corp./The,
Series B, (fixed, converts to FRN on 08/15/23), 5.750%, due 08/15/53		25,000		26,438
Ally Financial, Inc.
4.125%, due 02/13/22		100,000		103,046
4.625%, due 05/19/22		100,000		104,427
American International Group, Inc.
2.500%, due 06/30/25		50,000		52,461
Amgen, Inc.
4.663%, due 06/15/51		50,000		60,636

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds— (continued)
United States— (continued)
Aon PLC
4.750%, due 05/15/45	50,000	60,678
Apple, Inc.
4.650%, due 02/23/46	100,000	124,341
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250%, due 04/30/252,4	200,000	210,197
AT&T, Inc.
3.800%, due 12/01/572	58,000	55,180
4.300%, due 02/15/30	316,000	355,744
Bank of America Corp.
5.700%, due 01/24/22	350,000	365,215
6.110%, due 01/29/37	125,000	165,524
Bank of America Corp. MTN
4.200%, due 08/26/24	150,000	165,443
Bank of New York Mellon Corp./The, MTN
1.600%, due 04/24/25	100,000	101,911
Berkshire Hathaway Energy Co.
4.450%, due 01/15/49	100,000	117,187
Biogen, Inc.
3.250%, due 02/15/512	56,000	52,247
4.050%, due 09/15/25	100,000	111,097
Boston Properties LP, REIT
2.750%, due 10/01/26	210,000	221,298
BP Capital Markets America, Inc.
3.017%, due 01/16/27	50,000	53,440
Bristol-Myers Squibb Co.
3.200%, due 06/15/26	150,000	163,162
4.125%, due 06/15/39	50,000	58,156
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.125%, due 01/15/25	30,000	31,920
Burlington Northern Santa Fe LLC
5.150%, due 09/01/43	50,000	64,300
Burlington Resources LLC
7.200%, due 08/15/31	100,000	140,246
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/262	150,000	154,695
Citigroup, Inc.
4.125%, due 07/25/28	50,000	55,331
5.500%, due 09/13/25	300,000	347,722
6.675%, due 09/13/43	25,000	36,537
Comcast Corp.
3.969%, due 11/01/47	88,000	98,268
4.600%, due 10/15/38	50,000	60,354

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds— (continued)
United States— (continued)
4.700%, due 10/15/48	50,000	61,782
CVS Health Corp.
4.300%, due 03/25/28	68,000	77,220
Delta Air Lines, Inc.
7.000%, due 05/01/252	100,000	115,196
Duke Energy Ohio, Inc.
4.300%, due 02/01/49	100,000	113,969
DuPont de Nemours, Inc.
4.725%, due 11/15/28	100,000	116,230
Eaton Corp.
2.750%, due 11/02/22	190,000	197,128
Energy Transfer Operating LP
5.500%, due 06/01/27	50,000	57,661
EOG Resources, Inc.
3.900%, due 04/01/35	50,000	54,007
EQT Corp.
3.900%, due 10/01/274	100,000	102,000
Exelon Corp.
3.400%, due 04/15/26	150,000	162,278
4.450%, due 04/15/46	50,000	57,317
FedEx Corp.
4.550%, due 04/01/46	50,000	56,651
Fiserv, Inc.
3.200%, due 07/01/26	60,000	64,760
4.400%, due 07/01/49	50,000	57,697
Ford Motor Credit Co. LLC
4.542%, due 08/01/26	300,000	317,460
Fox Corp.
3.050%, due 04/07/25	25,000	26,590
5.576%, due 01/25/49	50,000	63,741
GE Capital International Funding Co. Unlimited Co.
3.373%, due 11/15/25	200,000	216,859
General Electric Co.,
Series D, 3 mo. USD LIBOR + 3.330%, 3.514%, due 06/15/213,5	99,000	93,555
General Motors Co.
6.600%, due 04/01/36	170,000	220,649
Gilead Sciences, Inc.
3.650%, due 03/01/26	75,000	82,394
4.750%, due 03/01/46	50,000	60,436
Goldman Sachs Group, Inc./The
5.150%, due 05/22/45	80,000	99,998

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds— (continued)
United States— (continued)
5.750%, due 01/24/22	305,000	318,279
Hillenbrand, Inc.
5.750%, due 06/15/25	200,000	213,500
Home Depot, Inc./The
2.125%, due 09/15/26	100,000	104,285
Illinois Tool Works, Inc.
2.650%, due 11/15/26	80,000	85,199
International Lease Finance Corp.
5.875%, due 08/15/22	120,000	128,321
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28),  3.509%, due 01/23/29	150,000	162,198
3.875%, due 09/10/24	350,000	383,706
Series I, 3 mo. USD LIBOR + 3.470%, 3.682%, due 04/30/21 3,5	97,000	96,830
Kinder Morgan, Inc.
4.300%, due 03/01/28	100,000	111,808
5.550%, due 06/01/45	40,000	47,833
Kroger Co./The
6.900%, due 04/15/38	25,000	34,680
Liberty Mutual Group, Inc.
4.250%, due 06/15/232	45,000	48,587
4.569%, due 02/01/292	155,000	179,719
Lumen Technologies, Inc.
5.625%, due 04/01/25	200,000	215,750
LYB International Finance BV
4.875%, due 03/15/44	50,000	57,758
Marathon Petroleum Corp.
4.750%, due 09/15/44	70,000	77,640
McDonald’s Corp. MTN
4.875%, due 12/09/45	75,000	90,791
MetLife, Inc.
6.400%, due 12/15/36	110,000	138,055
Microsoft Corp.
2.375%, due 02/12/22	250,000	254,179
2.525%, due 06/01/50	60,000	54,634
Morgan Stanley
4.300%, due 01/27/45	50,000	58,579
4.875%, due 11/01/22	350,000	373,156
Morgan Stanley, GMTN
4.350%, due 09/08/26	140,000	158,180

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds— (continued)
United States— (continued)
MPLX LP
4.875%, due 06/01/25	70,000	78,844
Nabors Industries, Inc.
4.625%, due 09/15/21	150,000	147,000
Newell Brands, Inc.
4.875%, due 06/01/25	200,000	220,750
Oncor Electric Delivery Co. LLC
3.750%, due 04/01/45	50,000	53,707
OneMain Finance Corp.
6.875%, due 03/15/25	200,000	227,485
Oracle Corp.
2.800%, due 04/01/27	100,000	105,314
4.000%, due 11/15/47	50,000	51,635
Prudential Financial, Inc. MTN
6.625%, due 06/21/40	50,000	72,066
QUALCOMM, Inc.
3.250%, due 05/20/27	60,000	65,521
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27	200,000	227,649
Seagate HDD Cayman
5.750%, due 12/01/34	80,000	90,751
Smithfield Foods, Inc.
3.350%, due 02/01/222	80,000	81,602
Sunoco Logistics Partners Operations LP
5.400%, due 10/01/47	50,000	53,990
Synchrony Financial
4.500%, due 07/23/25	90,000	99,800
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/472	60,000	67,441
Texas Instruments, Inc.
1.850%, due 05/15/22	220,000	223,812
Union Pacific Corp.
4.050%, due 11/15/45	40,000	43,465
Verizon Communications, Inc.
2.987%, due 10/30/562	226,000	199,500
Virginia Electric and Power Co.
4.600%, due 12/01/48	50,000	61,418
Walt Disney Co./The
4.950%, due 10/15/45	50,000	63,370
Wells Fargo & Co. MTN
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27	70,000	75,028

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds— (concluded)
United States— (concluded)
Yale University,
Series 2020, 1.482%, due 04/15/30	100,000	95,301
		12,441,247
Total corporate bonds (cost—$13,992,669)		14,663,522
Mortgage-backed securities—16.8%
United States — 16.8%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1, 2.593%, due 10/25/492,6	101,234	102,428
Series 2020-4, Class A1, 1.469%, due 06/25/652,6	148,407	148,934
Series 2020-R1, Class A1, 0.990%, due 04/25/532,6	171,361	171,242
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1, 3.649%, due 09/25/482,6	53,485	53,984
Series 2019-4, Class A1, 2.993%, due 07/26/492,6	124,091	125,344
Angel Oak Mortgage Trust LLC,
Series 2020-5, Class A1, 1.373%, due 05/25/652,6	95,735	96,176
BANK,
Series 2018-BN15, Class A4, 4.407%, due 11/15/616	150,000	171,796
BBCMS Trust,
Series 2015-SRCH, Class B, 4.498%, due 08/10/352	135,000	151,084
BENCHMARK Mortgage Trust,
Series 2018-B5, Class A3, 3.944%, due 07/15/51	100,000	111,698
Series 2019-B10, Class C, 3.750%, due 03/15/62	200,000	205,389
Series 2020-B20, Class AS, 2.375%, due 10/15/53	175,000	172,708
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.853%, due 03/25/652,6	65,625	66,178
Series 2020-3, Class A1, 1.506%, due 04/27/652,6	72,419	72,705

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Mortgage-backed securities— (continued)
United States— (continued)
COLT Mortgage Pass-Through Certificates,
Series 2021-1R, Class A1, 0.857%, due 05/25/652,6	85,664	85,436
Commercial Mortgage Pass Through Certificates,
Series 2021-LBA, Class C, 1 mo. USD LIBOR + 1.200%, 1.350%, due 03/15/382,3	425,000	425,132
CSMC Trust,
Series 2020-NQM1, Class A1, 1.208%, due 05/25/652,7	175,731	176,490
Deephaven Residential Mortgage Trust,
Series 2021-1, Class A1, 0.715%, due 05/25/652,6	118,160	118,018
FREMF Mortgage Trust,
Series 2017-K64, Class B, 3.981%, due 05/25/502,6	50,000	54,431
GB Trust,
Series 2020-FLIX, Class C, 1 mo. USD LIBOR + 1.600%, 1.706%, due 08/15/372,3	125,000	125,317
GS Mortgage Securities Trust,
Series 2017-GS5, Class B, 4.047%, due 03/10/506	200,000	216,300
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1, 1.382%, due 09/27/602,6	86,394	86,695
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS, 3.800%, due 01/15/48	200,000	215,880
Series 2015-C30, Class A5, 3.822%, due 07/15/48	170,000	186,970
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class A4, 3.732%, due 05/15/48	100,000	109,769
Series 2015-C24, Class AS, 4.036%, due 05/15/486	75,000	82,101
Series 2016-C32, Class AS, 3.994%, due 12/15/496	273,000	298,204
Series 2017-C34, Class C, 4.180%, due 11/15/526	100,000	106,331
New Residential Mortgage Loan Trust,
Series 2020-NQM2, Class A1, 1.650%, due 05/24/602,6	77,636	78,604

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Mortgage-backed securities— (continued)
United States— (continued)
ONE Mortgage Trust,
Series 2021-PARK, Class C, 1 mo. USD LIBOR + 1.100%, 1.206%, due 03/15/362,3	375,000	371,243
Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.633%, due 09/25/592,6	106,256	107,974
Series 2020-2, Class A1, 1.654%, due 05/25/602,6	95,223	96,101
RETL,
Series 2019-RVP, Class C, 1 mo. USD LIBOR + 2.100%, 2.206%, due 03/15/362,3	167,143	166,302
Rosslyn Portfolio Trust,
Series 2017-ROSS, Class E, 1 mo. USD LIBOR + 3.000%, 3.989%, due 06/15/332,3	234,620	236,543
Starwood Retail Property Trust,
Series 2014-STAR, Class C, 1 mo. USD LIBOR + 2.750%, 2.856%, due 11/15/272,3	125,000	5,000
Verus Securitization Trust,
Series 2019-3, Class A1, 2.784%, due 07/25/592,7	83,205	84,803
Series 2019-4, Class A1, 2.642%, due 11/25/592,7	79,952	81,377
Series 2020-4, Class A1, 1.502%, due 05/25/652,7	82,480	83,152
Series 2020-5, Class A1, 1.218%, due 05/25/652,7	86,073	86,258
Series 2021-1, Class A1, 0.815%, due 01/25/662,6	96,761	96,405
Series 2021-R1, Class A1, 0.820%, due 10/25/632,6	188,152	188,037
Vista Point Securitization Trust,
Series 2020-1, Class A1, 1.763%, due 03/25/652,6	68,385	69,153
Series 2020-2, Class A1, 1.475%, due 04/25/652,6	85,312	85,686

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
Mortgage-backed securities— (concluded)
United States— (concluded)
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C, 4.834%, due 05/15/516	150,000	153,322
Total mortgage-backed securities (cost—$5,962,328)		5,926,700
Municipal bonds—2.2%
California — 1.3%
State of California, Department of Water Resources Central Valley Project Water System, Taxable Refunding, Revenue Bonds
1.789%, due 12/01/35	100,000	91,656
State of California, GO Bonds
7.300%, due 10/01/39	250,000	381,146
		472,802
Hawaii — 0.2%
State of Hawaii, GO Bonds,
Series FZ, 2.245%, due 08/01/38	75,000	70,281
Texas — 0.3%
Texas Transportation Commission, Taxable Refunding, GO Bonds
2.472%, due 10/01/44	100,000	94,494
Virginia — 0.4%
Virginia College Building Authority, Taxable Refunding, Revenue Bonds, Series B,
1.910%, due 09/01/33	150,000	142,693
Total municipal bonds (cost—$782,080)		780,270
Non-U.S. government agency obligations—3.1%
Colombia — 0.5%
Colombia Government International Bond
8.125%, due 05/21/24	155,000	185,031
Indonesia — 0.4%
Indonesia Government International Bond
6.625%, due 02/17/372	100,000	132,750

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations— (concluded)
Mexico — 0.4%
Mexico Government International Bond, MTN
4.750%, due 03/08/44		150,000		157,078
New Zealand — 1.0%
New Zealand Government Bond
1.500%, due 05/15/31	NZD	500,000		338,847
Panama — 0.1%
Panama Government International Bond
3.870%, due 07/23/60		50,000		49,578
Turkey — 0.3%
Turkey Government International Bond
6.875%, due 03/17/36		100,000		94,500
Uruguay — 0.4%
Uruguay Government International Bond
7.625%, due 03/21/36		100,000		152,500
Total non-U.S. government agency obligations (cost—$1,109,454)				1,110,284
U.S. government agency obligations—18.0%
United States — 18.0%
FHLMC
2.500%, due 10/01/50		96,226		99,248
3.000%, due 09/01/43		88,818		95,121
3.500%, due 08/01/47		156,747		166,559
3.500%, due 11/01/47		171,550		181,983
4.000%, due 01/01/46		69,354		76,783
4.000%, due 05/01/47		60,849		65,937
4.000%, due 10/01/47		39,260		42,369
4.500%, due 04/01/46		72,207		81,606
FNMA
1.500%, due 03/01/51		49,874		48,222
2.000%, due 09/01/50		140,664		140,497
2.000%, due 01/01/51		247,407		247,114
2.000%, due 03/01/51		349,150		348,734
2.500%, due 11/01/50		97,192		100,108
2.500%, due 03/01/51		149,557		153,614
3.000%, due 02/01/33		132,361		139,980
3.000%, due 09/01/42		87,070		92,306
3.000%, due 02/01/43		51,942		55,229

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations— (continued)
United States— (continued)
3.000%, due 05/01/43	58,231	61,917
3.000%, due 07/01/43	68,020	72,530
3.000%, due 09/01/43	113,084	120,568
3.000%, due 05/01/46	76,850	80,880
3.000%, due 08/01/50	90,690	96,150
3.500%, due 04/01/32	64,879	70,910
3.500%, due 06/01/45	78,715	85,161
3.500%, due 06/01/46	136,472	147,219
4.000%, due 09/01/40	70,481	77,281
4.000%, due 03/01/41	22,746	24,935
4.000%, due 12/01/43	123,048	136,397
4.000%, due 02/01/45	83,353	92,228
4.500%, due 02/01/44	17,446	19,718
4.500%, due 04/01/44	81,916	92,337
4.500%, due 12/01/44	14,918	16,709
4.500%, due 02/01/45	24,799	27,787
4.500%, due 06/01/46	124,389	140,269
4.500%, due 08/01/46	15,112	16,837
4.500%, due 05/01/47	43,383	47,648
4.500%, due 02/01/49	75,566	82,730
5.500%, due 03/01/33	24,064	27,987
5.500%, due 09/01/34	71,257	80,609
5.500%, due 11/01/34	23,929	27,992
6.000%, due 11/01/28	23,793	27,003
GNMA
6.500%, due 05/15/29	6,413	7,325
GNMA II
2.500%, due 02/20/51	149,557	154,373
2.500%, due 03/20/51	50,000	51,645
3.000%, due 09/20/44	45,215	47,938
3.000%, due 11/20/50	170,544	179,139
3.000%, due 12/20/50	146,224	154,248
3.500%, due 02/20/43	11,696	12,730
4.000%, due 06/20/44	8,011	8,820
4.000%, due 09/20/44	31,275	34,551
4.000%, due 05/20/45	7,818	8,604
5.000%, due 08/20/48	13,126	14,362
GNMA II TBA
2.000%	150,000	151,453
2.500%	200,000	206,359
UMBS TBA
2.000%	825,000	822,663

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

	Face amount ($)	Value ($)
U.S. government agency obligations— (concluded)
United States— (concluded)
2.500%	525,000	536,463
3.000%	175,000	182,280
Total U.S. government agency obligations (cost—$6,311,466)		6,382,165
U.S. Treasury obligations—2.1%
United States — 2.1%
U.S. Treasury Bonds
1.250%, due 05/15/50	105,000	79,238
2.000%, due 02/15/50	35,000	32,007
U.S. Treasury Notes
0.625%, due 08/15/30	50,000	45,313
0.875%, due 11/15/30	625,000	578,027
Total U.S. Treasury obligations (cost—$819,168)		734,585

	Number of shares
Short-term investments—2.5%
Investment companies — 2.5%
State Street Institutional U.S. Government Money Market Fund, 0.080% 8
(cost — $875,588)		875,588		875,588
Investment of cash collateral from securities loaned—0.2%
Money market funds — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% 8
(cost — $67,763)		67,763		67,763
Total investments
(cost — $36,284,319) 9— 104.6%				36,996,553
Liabilities in excess of other assets — (4.6)%				(1,636,280	)
Net assets — 100.0%			$	35,360,273

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.

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
14	USD	U.S. Treasury Note 2 Year Futures	June 2021		3,092,355			3,090,172			(2,183	)
8	USD	U.S. Treasury Note 5 Year Futures	June 2021		990,684			987,188			(3,496	)
10	USD	U.S. Ultra Long Treasury Bond Futures	June 2021		1,920,851			1,812,187			(108,664	)
9	USD	U.S. Treasury Note 10 Year Futures	June 2021		1,197,867			1,178,437			(19,430	)
Total					7,201,757			7,067,984			(133,773	)
Interest rate futures sell contracts:
2	EUR	German Euro Bund Futures	June 2021		(401,788	)		(401,720	)		68
3	GBP	United Kingdom Long Gilt Bond Futures	June 2021		(534,135	)		(527,686	)		6,449
U.S. Treasury futures sell contracts:
2	USD	U.S. Long Bond Futures	June 2021		(321,810	)		(309,188	)		12,622
1	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2021		(145,170	)		(143,687	)		1,483
Total					(1,402,903	)		(1,382,281	)		20,622
Net unrealized appreciation (depreciation)											(113,151	)

OTC Total return swap agreements

Counterparty

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio10

Payments received by the Portfolio10

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

BOA

USD

300

06/20/21

Quarterly

3 Month USD LIBOR

iShares iBoxx High Yield Index

—

2,204

2,204

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	EUR	2,170,000	USD	2,586,467	04/19/21		41,022
BB	GBP	20,000	USD	27,813	04/19/21		239
BB	USD	178,995	BRL	1,000,000	04/19/21		(1,484	)
BOA	RUB	14,000,000	USD	188,908	04/19/21		4,133
BOA	USD	189,503	RUB	14,000,000	04/19/21		(4,727	)
CITI	BRL	1,000,000	USD	172,503	04/19/21		(5,008	)
CITI	USD	370,183	MXN	7,600,000	04/19/21		1,117
MSCI	NZD	1,070,000	USD	768,638	04/19/21		21,361
MSCI	USD	419,213	NZD	585,000	04/19/21		(10,655	)
Net unrealized appreciation (depreciation)							45,998

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) 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) ($)		Total ($)
Asset-backed securities		—			6,455,676			—		6,455,676
Corporate bonds		—			14,663,522			—		14,663,522
Mortgage-backed securities		—			5,926,700			—		5,926,700
Municipal bonds		—			780,270			—		780,270
Non-U.S. government agency obligations		—			1,110,284			—		1,110,284
U.S. government agency obligations		—			6,382,165			—		6,382,165
U.S. Treasury obligations		—			734,585			—		734,585
Short-term investments		—			875,588			—		875,588
Investment of cash collateral from securities loaned		—			67,763			—		67,763
Futures contracts		20,622			—			—		20,622
Swap agreements		—			2,204			—		2,204
Forward foreign currency contracts		—			67,872			—		67,872
Total		20,622			37,066,629			—		37,087,251
Liabilities
Futures contracts		(133,773	)		—			—		(133,773	)
Forward foreign currency contracts		—			(21,874	)		—		(21,874	)
Total		(133,773	)		(21,874	)		—		(155,647	)

At March 31, 2021, there were no transfers in or out of Level 3.

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2021 (unaudited)

Portfolio footnotes

1 In U.S. 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 $10,321,424, represented 29.2% 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, or portion thereof, was on loan at the period end.

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

6 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.

7 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.

8 Rates shown reflect yield at March 31, 2021.

9 Includes $293,823 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $67,763 and non-cash collateral of $225,686.

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

March 31, 2021
Portfolio acronyms
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal Corporation
CDO	Collateralized Debt Obligation
COP	Certificate of Participation
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
UMBS	Uniform Mortgage-Backed Securities
Counterparty abbreviations
BB	Barclays Bank PLC
BOA	Bank of America NA
CIBC	Canadian Imperial Bank of Commerce
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
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee

JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TWD	Taiwan Dollar
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 generally accepted accounting principles (“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, 2020.