Ubs Funds NPORTP UBS US Dividend Ruler Fund (Mar 2022 report)

UBS All China Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Common stocks
Banks	9.2	%
Beverages	18.4
Capital markets	5.2
Chemicals	1.7
Construction materials	2.4
Diversified consumer services	0.1
Diversified financial services	3.1
Entertainment	10.5
Food products	1.1
Gas utilities	0.5
Health care providers & services	0.2
Household durables	1.7
Insurance	8.8
Interactive media & services	9.9
Internet & direct marketing retail	6.8
IT services	0.9
Life sciences tools & services	2.2
Pharmaceuticals	7.5
Real estate management & development	7.9
Software	0.1
Textiles, apparel & luxury goods	2.0
Transportation infrastructure	0.6
Total common stocks	100.8
Short-term investments	3.8
Investment of cash collateral from securities loaned	0.2
Total investments	104.8
Liabilities in excess of other assets	(4.8	)
Net assets	100.0	%

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

UBS All China Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—100.8%
China—93.2%
Alibaba Group Holding Ltd.^*		3,900		53,222
Anhui Conch Cement Co. Ltd., Class H		5,000		25,572
Anhui Gujing Distillery Co. Ltd., Class B		1,500		19,321
China Gas Holdings Ltd.		4,200		5,353
China Jinmao Holdings Group Ltd.		46,000		13,569
China Merchants Bank Co. Ltd., Class H		8,000		62,275
China Resources Land Ltd.		6,000		27,781
Chinasoft International Ltd.^*		12,000		9,836
Country Garden Services Holdings Co. Ltd.		2,000		8,425
CSPC Pharmaceutical Group Ltd.		34,000		38,959
Far East Horizon Ltd.		37,000		32,990
Hainan Meilan International Airport Co. Ltd., Class H^*		3,000		6,837
JD.com, Inc., Class A^*		109		3,097
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,900		22,548
Jinke Smart Services Group Co. Ltd., Class H¹		2,500		8,946
Joinn Laboratories China Co. Ltd., Class H^*,2		1,300		11,886
Kingsoft Corp. Ltd.		3,000		9,557
Kweichow Moutai Co. Ltd., Class A		600		161,641
Li Ning Co. Ltd.		2,500		21,228
Longfor Group Holdings Ltd.²		5,000		25,576
Meituan, Class B^*,2		900		17,049
Midea Group Co. Ltd., Class A		2,100		18,730
NetEase, Inc.		4,900		88,410
NetEase, Inc., ADR		160		14,350
Ping An Bank Co. Ltd., Class A		15,000		36,191
Ping An Healthcare and Technology Co. Ltd.^*,1,2		800		2,068
Ping An Insurance Group Co. of China Ltd., Class H		10,000		69,911
TAL Education Group, ADR^*		468		1,409
Tencent Holdings Ltd.		2,300		106,017
Tuya, Inc., ADR^*		400		1,184
Wanhua Chemical Group Co. Ltd., Class A		1,400		17,747
Wuliangye Yibin Co. Ltd., Class A		700		16,995
Wuxi Biologics Cayman, Inc.^*,2		1,500		11,911
Yihai International Holding Ltd.^*,1		4,000		11,361
Yunnan Baiyao Group Co. Ltd., Class A		1,500		19,284
				1,001,236
Hong Kong—7.6%
AIA Group Ltd.		2,400		25,061

UBS All China Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Hong Kong—(concluded)
Hong Kong Exchanges & Clearing Ltd.		1,200		56,248
				81,309
Total common stocks (cost—$1,662,662)				1,082,545

Short-term investments—3.8%
Investment companies—3.8%
State Street Institutional U.S. Government Money Market Fund, 0.250%³ (cost—$40,742)		40,742		40,742

Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%³ (cost—$2,166)		2,166		2,166
Total investments (cost—$1,705,570)⁴—104.8%				1,125,453
Liabilities in excess of other assets—(4.8)%				(51,552	)
Net assets—100.0%			$	1,073,901

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, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		16,943		1,065,602		—		1,082,545
Short-term investments		—		40,742		—		40,742
Investment of cash collateral from securities loaned		—		2,166		—		2,166
Total		16,943		1,108,510		—		1,125,453

At March 31, 2022, there were no transfers in or out of Level 3.

UBS All China Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

Portfolio footnotes

Non-income producing security.

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

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 $68,490, represented 6.4% of the Fund's net assets at period end.

Rates shown reflect yield at March 31, 2022.

Includes $ 21,417 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $ 20,918 and cash collateral of $ 2,166.

UBS Dynamic Alpha Fund

Portfolio statistics and industry diversification—(unaudited)^1,2

As a percentage of net assets as of March 31, 2022

Corporate bonds
Advertising	0.1	%
Aerospace & defense	0.1
Agriculture	0.6
Airlines	0.2
Apparel	0.0	^†
Auto manufacturers	1.5
Auto parts & equipment	0.2
Banks	6.9
Biotechnology	0.1
Chemicals	0.8
Commercial banks	1.1
Commercial services	0.2
Computers	0.3
Diversified financial services	1.1
Electric	2.6
Engineering & construction	0.6
Entertainment	0.2
Gas	0.8
Healthcare-products	0.2
Insurance	2.8
Machinery-diversified	0.1
Media	0.4
Mining	0.1
Miscellaneous manufacturers	0.2
Oil & gas	1.0
Pharmaceuticals	0.2
Pipelines	0.5
Real estate	0.3
Real estate investment trusts	0.7
Retail	0.1
Semiconductors	0.2
Software	0.1
Sovereign	0.4
Supranationals	0.4
Telecommunications	0.3
Transportation	0.3
Water	1.3
Total corporate bonds	27.0
Mortgage-backed securities	0.0	^†
Non-U.S. government agency obligations	24.8
U.S. Treasury obligations	30.3
Exchange traded funds	7.4
Short-term investments	0.2
Investments of cash collateral from securities loaned	1.4
Total investments	91.1
Other assets in excess of liabilities	8.9
Net assets	100.0	%

†

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

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

The portfolio is actively managed and its composition will vary over time.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—27.0%
Australia—0.9%
APT Pipelines Ltd.
4.200%, due 03/23/25²		15,000	15,208
Aurizon Network Pty Ltd.
4.000%, due 06/21/24²	AUD	30,000	22,754
Ausgrid Finance Pty Ltd.
3.750%, due 10/30/24²	AUD	30,000	22,742
Commonwealth Bank of Australia
(fixed, converts to FRN on 10/03/24), 1.936%, due 10/03/29^2,3	EUR	100,000	110,972
Westpac Banking Corp.
2.000%, due 01/13/23		30,000	30,023
(fixed, converts to FRN on 09/21/27), 5.000%, due 09/21/27^3,4		80,000	77,900
			279,599
Belgium—0.4%
Resa SA
1.000%, due 07/22/26²	EUR	100,000	109,532

Bermuda—0.1%
XLIT Ltd.
5.250%, due 12/15/43⁵		20,000	24,183

Canada—0.2%
Canadian Pacific Railway Co.
1.350%, due 12/02/24		60,000	57,528
TELUS Corp.
3.750%, due 01/17/25	CAD	15,000	12,103
			69,631
Cayman Islands—0.7%
Amber Circle Funding Ltd.
3.250%, due 12/04/22²		200,000	200,896

China—0.1%
NXP BV/NXP Funding LLC/NXP USA,Inc.
2.700%, due 05/01/25⁶		5,000	4,849

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
China—(concluded)
3.150%, due 05/01/27⁶		15,000	14,575
			19,424
France—2.9%
AXA SA
(fixed, converts to FRN on 05/28/29), 3.250%, due 05/28/49^2,3	EUR	100,000	114,514
Credit Agricole SA
1.250%, due 04/14/26²	EUR	100,000	110,884
Electricite de France SA
5.625%, due 01/22/24		100,000	100,100
SCOR SE
(fixed, converts to FRN on 03/13/29), 5.250%, due 03/13/29^2,3,4		200,000	187,608
Terega SA
2.200%, due 08/05/25²	EUR	100,000	113,309
TotalEnergies SE
(fixed, converts to FRN on 02/26/25), 2.625%, due 02/26/25^2,3,4	EUR	100,000	111,012
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 04/25/26), 2.875%, due 01/25/26^2,3,4	EUR	100,000	106,498
			843,925
Germany—1.1%
ADLER Group SA
1.500%, due 07/26/24^2,5	EUR	100,000	97,169
Volkswagen International Finance N.V.
1.125%, due 10/02/23^2,5	EUR	100,000	111,331
Series NC6,
(fixed, converts to FRN on 06/27/24), 3.375%, due 06/27/24^2,3,4	EUR	100,000	112,092
			320,592
Guernsey—0.4%
Globalworth Real Estate Investments Ltd.
3.000%, due 03/29/25²	EUR	100,000	111,994

Ireland—1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.650%, due 10/29/24		300,000	283,323

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
Japan—0.1%
Mitsubishi UFJ Financial Group, Inc.
2.665%, due 07/25/22		25,000	25,099

Mexico—1.0%
Mexico City Airport Trust
5.500%, due 07/31/47²		200,000	176,750
Petroleos Mexicanos
3.750%, due 02/21/24²	EUR	100,000	110,570
			287,320
Poland—0.3%
Tauron Polska Energia SA
2.375%, due 07/05/27²	EUR	100,000	103,801

Spain—2.1%
Banco Santander SA
3.250%, due 04/04/26²	EUR	100,000	117,108
4.000%, due 01/19/23²	AUD	200,000	152,153
Canal de Isabel II Gestion SA
1.680%, due 02/26/25²	EUR	100,000	111,670
Iberdrola International BV
(fixed, converts to FRN on 03/26/24), 2.625%, due 03/26/24^2,3,4	EUR	100,000	112,423
Redexis Gas Finance BV
1.875%, due 04/27/27²	EUR	100,000	108,567
			601,921
Supranationals—0.8%
Corp. Andina de Fomento
4.500%, due 06/05/25²	AUD	35,000	26,571
European Financial Stability Facility
0.500%, due 07/11/25²	EUR	100,000	110,366
European Investment Bank
2.000%, due 12/15/22		100,000	100,342
			237,279
Switzerland—0.4%
Argentum Netherlands BV for Swiss Life AG
(fixed, converts to FRN on 06/16/25), 4.375%, due 06/16/25^2,3,4	EUR	100,000	117,178

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
United Kingdom—4.5%
Anglian Water Services Financing PLC
4.500%, due 02/22/26²	GBP	100,000	141,246
AstraZeneca PLC
3.500%, due 08/17/23		30,000	30,459
Aviva PLC
(fixed, converts to FRN on 09/29/22), 6.125%, due 09/29/22^3,4	GBP	30,000	39,804
Barclays PLC
(fixed, converts to FRN on 10/06/22), 2.375%, due 10/06/23^2,3	GBP	100,000	131,451
BAT Capital Corp.
3.557%, due 08/15/27		25,000	24,331
BAT International Finance PLC
0.875%, due 10/13/23²	EUR	100,000	110,814
Lloyds Banking Group PLC
2.250%, due 10/16/24²	GBP	100,000	129,185
Natwest Group PLC
(fixed, converts to FRN on 06/25/23), 4.519%, due 06/25/24³		200,000	203,012
Phoenix Group Holdings PLC
4.125%, due 07/20/22²	GBP	150,000	198,246
Reynolds American,Inc.
4.450%, due 06/12/25		25,000	25,526
Virgin Money UK PLC
(fixed, converts to FRN on 04/24/25), 3.375%, due 04/24/26^2,3	GBP	100,000	130,776
WPP Finance 2010
3.750%, due 09/19/24		25,000	25,257
Yorkshire Water Finance PLC
(fixed, converts to FRN on 03/22/23), 3.750%, due 03/22/46^2,3	GBP	100,000	132,311
			1,322,418
United States—10.0%
3M Co.
2.650%, due 04/15/25		20,000	19,858
Air Products and Chemicals,Inc.
2.050%, due 05/15/30		20,000	18,435
Albemarle Corp.
5.450%, due 12/01/44		50,000	55,532
Altria Group,Inc.
4.400%, due 02/14/26		13,000	13,447

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
United States—(continued)
American Airlines Pass-Through Trust,
Series 2014-1, Class B, 4.375%, due 10/01/22		34,859	34,825
Apache Corp.
4.250%, due 01/15/44		60,000	52,512
Apple, Inc.
1.800%, due 09/11/24⁵		30,000	29,581
Aptiv PLC/Aptiv Corp.
2.396%, due 02/18/25		50,000	48,706
AT&T, Inc.
4.350%, due 03/01/29		60,000	63,493
Bank of America Corp.
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23³		90,000	90,227
3.875%, due 08/01/25		80,000	82,248
Baxter International, Inc.
2.600%, due 08/15/26		30,000	29,082
Boeing Co.
2.196%, due 02/04/26		20,000	18,908
Broadcom, Inc.
3.150%, due 11/15/25		35,000	34,716
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.300%, due 05/01/23⁶		120,000	120,947
5.125%, due 04/01/25⁶		25,000	26,351
Citigroup, Inc.
3.875%, due 10/25/23		130,000	132,817
4.600%, due 03/09/26		20,000	20,739
Comcast Corp.
3.950%, due 10/15/25		35,000	36,145
Costco Wholesale Corp.
1.600%, due 04/20/30		10,000	8,960
CVS Health Corp.
2.625%, due 08/15/24		25,000	24,918
Dell International LLC/EMC Corp.
5.300%, due 10/01/29		60,000	65,355
EnLink Midstream Partners LP
4.400%, due 04/01/24		10,000	10,131
Enterprise Products Operating LLC
3.900%, due 02/15/24		20,000	20,367
EQT Corp.
3.900%, due 10/01/27		20,000	19,942
Eversource Energy
2.900%, due 03/01/27		80,000	78,391

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
United States—(continued)
Exelon Corp.
3.400%, due 04/15/26		15,000		15,051
Ford Motor Credit Co. LLC
3.021%, due 03/06/24	EUR	100,000		111,723
General Electric Co.,
Series A,
6.750%, due 03/15/32		6,000		7,558
General Motors Financial Co., Inc.
4.350%, due 04/09/25		90,000		91,534
Georgia Power Co.,
Series A,
2.100%, due 07/30/23		25,000		24,853
Gilead Sciences, Inc.
2.500%, due 09/01/23		20,000		20,036
Glencore Funding LLC
4.875%, due 03/12/29⁶		40,000		42,092
Goldman Sachs Group, Inc.
1.625%, due 07/27/26²	EUR	40,000		44,347
3.375%, due 03/27/25²	EUR	35,000		41,034
3.500%, due 04/01/25		90,000		90,671
Illinois Tool Works, Inc.
2.650%, due 11/15/26		45,000		44,500
John Deere Capital Corp.
2.125%, due 03/07/25		20,000		19,677
JPMorgan Chase & Co.
3.200%, due 01/25/23		220,000		222,310
3.625%, due 12/01/27		60,000		60,147
Kinder Morgan, Inc.
5.625%, due 11/15/23⁶		35,000		36,130
Liberty Mutual Group, Inc.
4.569%, due 02/01/29⁶		25,000		26,499
Lincoln National Corp.
3.800%, due 03/01/28		70,000		70,788
Magallanes, Inc.
3.755%, due 03/15/27⁶		50,000		49,909
Mastercard, Inc.
2.000%, due 03/03/25		20,000		19,680
Morgan Stanley
4.000%, due 07/23/25		85,000		87,001
4.350%, due 09/08/26		20,000		20,600
MPLX LP
4.250%, due 12/01/27		30,000		30,983

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(continued)
United States—(continued)
National Rural Utilities Cooperative Finance Corp.
3.700%, due 03/15/29		15,000		15,343
NIKE, Inc.
2.400%, due 03/27/25		10,000		9,933
Oncor Electric Delivery Co. LLC
3.700%, due 11/15/28		25,000		25,714
Oracle Corp.
2.500%, due 04/01/25		20,000		19,534
Paramount Global
4.750%, due 05/15/25		75,000		77,918
Quanta Services, Inc.
0.950%, due 10/01/24		50,000		47,404
Raytheon Technologies Corp.
3.950%, due 08/16/25		25,000		25,788
Southern California Edison Co.,
Series E,
3.700%, due 08/01/25		20,000		20,332
Southern Co.
3.250%, due 07/01/26		35,000		35,003
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/42⁶		30,000		33,400
Target Corp.
1.950%, due 01/15/27⁵		15,000		14,486
Thermo Fisher Scientific, Inc.
1.215%, due 10/18/24		20,000		19,233
TWDC Enterprises 18 Corp.
1.850%, due 07/30/26		10,000		9,551
United Airlines Pass-Through Trust,
Series 2016-1, Class B,
3.650%, due 01/07/26		32,870		31,016
Verizon Communications, Inc.
3.376%, due 02/15/25		25,000		25,314
Virginia Electric and Power Co.,
Series A,
3.800%, due 04/01/28		20,000		20,472
Visa, Inc.
1.900%, due 04/15/27		25,000		24,025
Williams Cos., Inc.
4.300%, due 03/04/24		35,000		35,777

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Xcel Energy, Inc.
4.800%, due 09/15/41		80,000		85,675
				2,909,674
Total corporate bonds (cost—$7,988,785)				7,867,789

Mortgage-backed securities—0.0%^†
Cayman Islands—0.0%^†
LNR CDO IV Ltd.,
Series 2006-1A, Class FFX,
7.592%, due 05/28/43^6,7,8		8,000,000		0

United States—0.0%^†
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-7, Class B11,
2.777%, due 04/25/35⁹		50,993		1
Total mortgage-backed securities (cost—$8,097,448)				1

Non-U.S. government agency obligations—24.8%
Australia—3.0%
Australia Government Bond
2.250%, due 05/21/28²	AUD	420,000		306,236
2.750%, due 11/21/27²	AUD	200,000		150,306
5.750%, due 07/15/22²	AUD	540,000		410,372
				866,914
Canada—3.6%
Canada Housing Trust No. 1
2.350%, due 09/15/23⁶	CAD	120,000		96,157
Canadian Government Bond
1.000%, due 09/01/22	CAD	500,000		399,718
1.500%, due 09/01/24	CAD	690,000		542,019
				1,037,894
China—0.5%
China Development Bank
1.250%, due 01/21/23²	GBP	100,000		130,511

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount¹		Value ($)
Non-U.S. government agency obligations—(continued)
Colombia—0.1%
Colombia Government International Bond
8.125%, due 05/21/24		30,000		32,574

France—1.4%
Caisse d'Amortissement de la Dette Sociale
1.375%, due 11/25/24^2,5	EUR	100,000		113,062
French Republic Government Bond OAT
0.010%, due 03/25/25²	EUR	260,000		285,174
				398,236
Germany—3.4%
Bundesobligation
0.010%, due 04/11/25²	EUR	910,000		1,002,459

Ireland—1.9%
Ireland Government Bond
1.000%, due 05/15/26²	EUR	490,000		553,664

Japan—5.1%
Japan Bank for International Cooperation
0.625%, due 05/22/23		200,000		196,437
Japan Government Ten Year Bond
0.400%, due 03/20/25	JPY	63,000,000		524,001
Japan Government Two Year Bond
0.100%, due 05/01/22	JPY	42,000,000		345,043
Japanese Government CPI Linked Bond
0.100%, due 03/10/26	JPY	48,028,360		412,703
				1,478,184
Mexico—0.1%
Mexico Government International Bond
8.000%, due 09/24/22		30,000		30,587

New Zealand—2.8%
New Zealand Government Bond
0.500%, due 05/15/26	NZD	500,000		311,942
New Zealand Government Inflation Linked Bond
3.000%, due 09/20/30²	NZD	536,406		499,722
				811,664
Poland—0.3%
Republic of Poland Government International Bond
0.010%, due 02/10/25²	EUR	90,000		97,056

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (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		112,340

Spain—0.7%
Spain Government Bond
1.600%, due 04/30/25⁶	EUR	180,000		206,309

Supranationals—0.1%
European Union
3.000%, due 09/04/26²	EUR	30,000		36,535

United Kingdom—1.4%
Bank of England Euro Note
0.500%, due 04/28/23²		40,000		39,410
United Kingdom Gilt
0.500%, due 07/22/22²	GBP	290,000		380,879
				420,289
Total non-U.S. government agency obligations (cost—$7,510,867)				7,215,216

U.S. Treasury obligations—30.3%
United States—30.3%
U.S. Treasury Bills
0.114%, due 06/02/22¹⁰		2,940,000		2,938,347
0.533%, due 07/14/22¹⁰		3,400,000		3,394,033
U.S. Treasury Notes
0.125%, due 06/30/22		390,000		389,558
0.250%, due 05/31/25		1,030,000		958,624
0.375%, due 04/30/25		560,000		524,366
1.375%, due 09/30/23		320,000		316,462
1.500%, due 02/28/23		210,000		209,721
2.750%, due 11/15/23		100,000		100,836
Total U.S. Treasury obligations (cost—$8,952,488)				8,831,947

	Number of shares
Exchange traded funds—7.4%
United States—7.4%
iShares MSCI USA Value Factor ETF		8,035		840,220

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Exchange traded funds—(concluded)
United States—(concluded)
iShares MSCI International Value Factor ETF		52,125		1,326,581
Total exchange traded funds (cost—$1,670,042)				2,166,801

Short-term investments—0.2%
Investment companies—0.2%
State Street Institutional U.S. Government Money Market Fund, 0.250%¹¹ (cost—$71,400)		71,400		71,400

Investment of cash collateral from securities loaned—1.4%
Money market funds—1.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%¹¹(cost—$392,555)		392,555		392,555
Total investments (cost—$34,683,585)¹²—91.1%				26,545,709
Other assets in excess of liabilities—8.9%				2,601,995
Net assets—100.0%			$	29,147,704

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, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)

Index futures buy contracts:
1	AUD	ASX SPI 200 Index Futures	June 2022		132,076			139,913			7,837
1	CAD	S&P 60 Index Futures	June 2022		204,517			210,711			6,194
119	EUR	Eurex STOXX 600 Banks Index Future	June 2022		868,474			879,380			10,906
13	EUR	Europe STOXX 600 Banks Index Future	June 2022		312,764			323,147			10,383
4	EUR	FTSE MIB Index Futures	June 2022		518,290			539,983			21,693
9	GBP	FTSE 100 Index Futures	June 2022		839,610			885,058			45,448
8	JPY	Tokyo Price Index Future	June 2022		1,174,659			1,279,119			104,460
17	USD	Mini MSCI Emerging Markets (EM) Index Futures	June 2022		867,627			956,675			89,048
16	USD	MSCI Energy Index	June 2022		609,470			650,689			41,219
11	USD	MSCI World Material Index	June 2022		599,285			654,101			54,816
Interest rate futures buy contracts:
2	CAD	Canada Government Bond 10 Year Futures	June 2022		217,961			208,871			(9,090	)
U.S. Treasury futures buy contracts:
8	USD	U.S. Treasury Note 10 Year Futures	June 2022		1,016,887			983,000			(33,887	)
13	USD	U.S. Treasury Note 5 Year Futures	June 2022		1,529,957			1,490,938			(39,019	)
Total					8,891,577			9,201,585			310,008

Index futures sell contracts:
52	EUR	EURO STOXX 50 Index Futures	June 2022		(2,068,385	)		(2,199,180	)		(130,795	)
Interest rate futures sell contracts:
2	EUR	German Euro BOBL Futures	June 2022		(293,796	)		(285,103	)		8,693
6	EUR	German Euro Bund Futures	June 2022		(1,104,872	)		(1,053,106	)		51,766
3	GBP	United Kingdom Long Gilt Bond Futures	June 2022		(481,502	)		(477,761	)		3,741
U.S. Treasury futures sell contracts:
1	USD	U.S. Ultra Bond Futures	June 2022		(184,030	)		(177,125	)		6,905
4	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2022		(559,901	)		(541,875	)		18,026
Total					(4,692,486	)		(4,734,150	)		(41,664	)
Net unrealized appreciation (depreciation)											268,344

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

Centrally cleared credit default swap agreements on corporate issues—sell protection¹³

Referenced obligations

Notional
amount
(000)

Maturity
date

Payment
frequency

Payments
received
by the
Portfolio¹⁴(%)

Upfront
payments
received
(made)($)

Value($)

Unrealized
appreciation
(depreciation)($)

iTraxx Europe Crossover Series 27 Index

EUR

400

06/20/27

Quarterly

5.000

(26,074

)

33,103

7,029

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

Referenced obligations

Notional
amount
(000)

Maturity
date

Payment
frequency

Payments
received
by the
Portfolio¹⁴(%)

Upfront
payments
received (made)($)

Value($)

Unrealized
appreciation
(depreciation)($)

CDX North America High Yield Series 38 Index

USD

1,160

06/20/27

Quarterly

5.000

(54,698

)

64,180

9,482

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	CLP	147,300,000	USD	189,575	04/13/22		2,643
BB	GBP	2,050,000	USD	2,697,892	04/13/22		5,112
BB	NOK	1,440,000	USD	167,071	04/13/22		3,523
BB	USD	1,983,254	COP	7,604,986,000	04/13/22		29,859
BOA	AUD	3,180,000	USD	2,334,143	04/13/22		(45,682	)
BOA	BRL	770,000	USD	149,689	04/13/22		(11,605	)
BOA	USD	1,018,486	CLP	829,200,000	04/13/22		33,817
CIBC	CAD	4,625,000	USD	3,607,477	04/13/22		(91,924	)
CIBC	HKD	365,000	USD	46,683	04/13/22		83
CIBC	USD	169,733	CAD	215,000	04/13/22		2,240
CIBC	USD	875,000	JPY	105,653,450	04/13/22		(7,009	)
CIBC	USD	192,947	NZD	280,000	04/13/22		1,088
CIBC	USD	938,457	SEK	9,120,000	04/13/22		31,657
CITI	USD	883,005	AUD	1,175,000	04/13/22		(3,667	)
GSI	COP	946,581,000	USD	249,514	04/13/22		(1,055	)
HSBC	CHF	2,645,000	USD	2,855,608	04/13/22		(7,612	)
HSBC	TWD	28,300,000	USD	1,001,770	04/13/22		14,055
JPMCB	KRW	621,000,000	USD	510,762	04/13/22		(1,490	)
JPMCB	NOK	7,615,256	EUR	800,000	04/13/22		20,320
JPMCB	USD	152,558	AUD	210,000	04/13/22		4,601
MSCI	BRL	4,210,272	USD	880,000	04/13/22		(1,935	)
MSCI	EUR	5,870,000	USD	6,483,327	04/13/22		(11,984	)
MSCI	MYR	683,000	USD	163,272	04/13/22		884
MSCI	NOK	1,330,000	EUR	134,464	04/13/22		(2,267	)
MSCI	PHP	76,350,000	USD	1,449,179	04/13/22		(25,670	)
MSCI	USD	1,928,348	BRL	9,850,000	04/13/22		134,954
MSCI	USD	614,603	MYR	2,564,000	04/13/22		(4,996	)
MSCI	USD	2,850,791	NOK	25,560,000	04/13/22		52,182
SSC	NZD	4,010,000	USD	2,746,923	04/13/22		(31,942	)
SSC	USD	138,452	EUR	125,000	04/13/22		(136	)
SSC	USD	184,403	GBP	140,000	04/13/22		(506	)
SSC	USD	1,453,597	JPY	168,400,000	04/13/22		(70,114	)
SSC	USD	519,795	MXN	10,980,000	04/13/22		31,383
Net unrealized appreciation (depreciation)							48,807

Fair valuation summary

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—			7,867,789			—		7,867,789
Mortgage-backed securities		—			1			0		1
Non-U.S. government agency obligations		—			7,215,216			—		7,215,216
U.S. Treasury obligations		—			8,831,947			—		8,831,947
Exchange traded funds		2,166,801			—			—		2,166,801
Short-term investments		—			71,400			—		71,400
Investment of cash collateral from securities loaned		—			392,555			—		392,555
Futures contracts		481,135			—			—		481,135
Swap agreements		—			97,283			—		97,283
Forward foreign currency contracts		—			368,401			—		368,401
Total		2,647,936			24,844,592			0		27,492,528

Liabilities
Futures contracts		(212,791	)		—			—		(212,791	)
Forward foreign currency contracts		—			(319,594	)		—		(319,594	)
Total		(212,791	)		(319,594	)		—		(532,385	)

At March 31, 2022, there were no transfers in or out of Level 3.

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

Portfolio footnotes

†

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

In U.S. dollars unless otherwise indicated.

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.

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

Perpetual investment. Date shown reflects the next call date.

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

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 $657,218, represented 2.3% of the Fund's net assets at period end.

	7	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
	8	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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.

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

Rates shown reflect yield at March 31, 2022.

UBS Dynamic Alpha Fund

Portfolio of investments – March 31, 2022 (unaudited)

Includes $381,873 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $392,555.

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.

Payments made or received are based on the notional amount.

UBS Global Allocation Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Common stocks
Aerospace & defense	0.7	%
Airlines	0.1
Auto components	0.7
Automobiles	0.7
Banks	2.5
Beverages	0.5
Biotechnology	2.1
Capital markets	1.2
Chemicals	1.5
Construction & engineering	0.3
Consumer finance	0.2
Diversified consumer services	0.2
Diversified financial services	0.8
Diversified telecommunication services	0.5
Electric utilities	0.5
Electrical equipment	0.7
Electronic equipment, instruments & components	0.4
Entertainment	1.0
Equity real estate investment trusts	0.5
Food products	1.1
Health care equipment & supplies	1.8
Health care providers & services	0.6
Hotels, restaurants & leisure	0.8
Household durables	0.6
Insurance	1.1
Interactive media & services	1.6
Internet & direct marketing retail	1.4
IT services	1.4
Life sciences tools & services	0.7
Machinery	1.2
Media	0.4
Metals & mining	0.3
Multiline retail	0.7
Oil, gas & consumable fuels	2.2
Personal products	0.4
Pharmaceuticals	1.0
Professional services	0.5
Road & rail	0.9
Semiconductors & semiconductor equipment	2.3
Software	4.0
Specialty retail	0.3
Technology hardware, storage & peripherals	1.5
Textiles, apparel & luxury goods	0.6
Tobacco	0.4
Trading companies & distributors	1.0
Wireless telecommunication services	0.2
Total common stocks	44.1
Exchange traded funds	9.0
Investment companies	17.7
Asset-backed securities	2.3
Mortgage-backed securities	3.4
Non-U.S. government agency obligations	3.9
U.S. government agency obligations	4.7
U.S. Treasury obligations	3.5
Short-term investments	14.2
Investment of cash collateral from securities loaned	2.5
Total investments	105.3
Liabilities in excess of other assets	(5.3	)
Net assets	100.0	%

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—44.1%
Austria—0.5%
Erste Group Bank AG		26,725		974,567

Belgium—0.1%
Galapagos N.V.^*		2,298		142,959

Canada—1.1%
Canadian Pacific Railway Ltd.		13,519		1,115,778
Royal Bank of Canada		11,060		1,217,693
				2,333,471
China—0.4%
NXP Semiconductors N.V.		3,596		665,548
Prosus N.V.^*,1		4,770		257,235
				922,783
Denmark—0.4%
Genmab A/S^*		2,255		814,400

France—0.7%
Cie Generale des Etablissements Michelin SCA		4,331		586,917
Pernod Ricard SA		3,374		741,305
Ubisoft Entertainment SA^*,1		6,422		282,201
				1,610,423
Germany—0.8%
BioNTech SE, ADR^*		900		153,504
CTS Eventim AG & Co. KGaA^*		10,006		679,580
Knorr-Bremse AG		5,032		385,738
SAP SE		5,770		639,478
				1,858,300
Hong Kong—0.5%
AIA Group Ltd.		103,517		1,080,912

India—0.3%
HDFC Bank Ltd., ADR		12,268		752,397

Ireland—0.3%
AIB Group PLC		320,446		705,816

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Italy—0.6%
PRADA SpA		117,700		745,533
Prysmian SpA		19,336		656,190
				1,401,723
Japan—3.3%
ITOCHU Corp.		28,400		960,657
JTOWER, Inc.^*,1		11,200		652,318
Keyence Corp.		900		417,332
Nippon Telegraph & Telephone Corp.		39,700		1,153,439
ORIX Corp.		54,700		1,090,310
Shin-Etsu Chemical Co. Ltd.		4,500		683,700
SoftBank Group Corp.		11,500		514,161
Sony Group Corp.		12,700		1,306,521
TechnoPro Holdings, Inc.		21,900		591,623
				7,370,061
Netherlands—1.6%
Koninklijke Philips N.V.		15,186		463,077
OCI N.V.^*,1		30,097		1,062,558
Shell PLC		75,881		2,079,799
				3,605,434
South Africa—0.3%
Anglo American PLC		14,407		748,621

South Korea—0.2%
SK Hynix, Inc.		4,824		464,065

Sweden—0.2%
Hexpol AB		39,084		381,489

Switzerland—1.3%
Alcon, Inc.		15,787		1,250,740
Novartis AG		14,343		1,259,193
Wizz Air Holdings PLC^*,1,2		7,885		297,298
				2,807,231
United Kingdom—2.3%
Ashtead Group PLC		10,585		666,478
British American Tobacco PLC		20,359		855,021
Farfetch Ltd., Class A^*		6,228		94,167

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United Kingdom—(concluded)
London Stock Exchange Group PLC		9,612		1,002,345
RELX PLC		19,707		613,237
Sage Group PLC		57,164		523,776
Spectris PLC		14,481		491,117
Unilever PLC		18,575		839,519
				5,085,660
United States—29.2%
10X Genomics, Inc., Class A^*		1,939		147,500
AbbVie, Inc.		17,440		2,827,198
Advanced Micro Devices, Inc.^*		5,677		620,723
AGCO Corp.		7,272		1,061,930
Airbnb, Inc., Class A^*		120		20,611
Akamai Technologies, Inc.^*		10,922		1,303,978
Allstate Corp.		4,565		632,298
Alphabet, Inc., Class A^*		944		2,625,594
Amazon.com, Inc.^*		820		2,673,159
Ameriprise Financial, Inc.		3,803		1,142,269
APA Corp.		22,861		944,845
Apple, Inc.		15,732		2,746,964
Applied Materials, Inc.		5,470		720,946
Aptiv PLC ^*		7,569		906,085
Bank OZK		14,562		621,797
Bio-Rad Laboratories, Inc., Class A^*		1,508		849,351
Block Inc. ^*		1,896		257,098
Booking Holdings, Inc.^*		219		514,311
Bunge Ltd.		12,783		1,416,484
CF Industries Holdings, Inc.		12,390		1,276,913
Charles Schwab Corp.		4,970		419,021
Chegg, Inc.^*		12,553		455,423
Comcast Corp., Class A		18,977		888,503
Constellation Brands, Inc., Class A		1,839		423,558
Cooper Cos., Inc.		735		306,929
Dexcom, Inc.^*		1,053		538,715
Dollar Tree, Inc.^*		9,909		1,586,926
Edwards Lifesciences Corp.^*		5,842		687,720
Eli Lilly & Co.		3,469		993,418
Fidelity National Information Services, Inc.		3,311		332,491
Ford Motor Co.		48,211		815,248
HubSpot, Inc.^*		922		437,895
Ingersoll Rand, Inc.		23,339		1,175,119

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
IQVIA Holdings, Inc. ^*		1,910		441,611
Laboratory Corp. of America Holdings^*		3,232		852,149
Las Vegas Sands Corp.^*		19,018		739,230
LivaNova PLC^*		9,400		769,202
Lowe's Cos., Inc.		3,665		741,026
Lululemon Athletica, Inc.^*		1,623		592,768
Marsh & McLennan Cos., Inc.		3,869		659,355
Marvell Technology, Inc.		5,990		429,543
Match Group, Inc.^*		4,121		448,118
McDonald's Corp.		1,829		452,275
Meta Platforms, Inc., Class A^*		1,907		424,041
Micron Technology, Inc.		10,090		785,910
Microsoft Corp.		7,626		2,351,172
Mondelez International, Inc., Class A		17,414		1,093,251
NextEra Energy, Inc.		12,921		1,094,538
NVIDIA Corp.		4,373		1,193,217
Oracle Corp.		6,431		532,037
Pioneer Natural Resources Co.		1,201		300,286
Prologis, Inc.		7,200		1,162,656
Regal Rexnord Corp.		6,572		977,782
salesforce.com, Inc.^*		3,689		783,248
ServiceNow, Inc. ^*		1,065		593,088
Spirit AeroSystems Holdings, Inc., Class A		17,468		854,010
Splunk, Inc.^*		5,404		803,088
Synchrony Financial		13,417		467,046
Take-Two Interactive Software, Inc.^*		7,472		1,148,745
Tesla, Inc.^*		706		760,786
Trade Desk, Inc., Class A^*		5,855		405,459
TransDigm Group, Inc.^*		1,087		708,224
Union Pacific Corp.		2,868		783,566
United Rentals, Inc.^*		1,642		583,255
UnitedHealth Group, Inc.		1,059		540,058
Universal Display Corp.		1,412		235,733
Vertex Pharmaceuticals, Inc.^*		2,552		665,995
Visa, Inc., Class A		5,770		1,279,613
VMware, Inc., Class A		6,011		684,473
Voya Financial, Inc.		10,313		684,268
Wells Fargo & Co.		23,475		1,137,598
Western Digital Corp.^*		9,287		461,100
Williams Cos., Inc.		45,632		1,524,565
Workday, Inc., Class A^*		2,426		580,930

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Zscaler, Inc. ^*		2,263		546,017
				64,642,052
Total common stocks (cost—$76,358,791)				97,702,364

Exchange traded funds—9.0%
Energy Select Sector SPDR Fund		43,098		3,294,411
Invesco S&P 500 Equal Weight ETF¹		62,627		9,876,904
iShares Broad USD High Yield Corporate Bond ETF		172,304		6,695,734
Total exchange traded funds (cost—$19,103,469)				19,867,049

Investment companies—17.7%
PACE High Yield Investments³		2,497,209		22,799,516
UBS Emerging Markets Equity Opportunity Fund³		1,912,700		16,449,216
Total investment companies (cost—$43,408,534)				39,248,732

	Face amount⁴		Value($)
Asset-backed securities—2.3%
Canada—0.1%
Golden Credit Card Trust,
Series 2021-1A, Class C,
1.740%, due 08/15/28²		100,000		93,101

Cayman Islands—0.9%
Ares XLI CLO Ltd.,
Series 2016-41A, Class CR,
3 mo. USD LIBOR + 1.800%,
2.041%, due 04/15/34^2,5		250,000		245,623
CIFC Funding Ltd.,
Series 2017-5A, Class B,
3 mo. USD LIBOR + 1.850%,
2.091%, due 11/16/30^2,5		300,000		293,813
Dryden 60 CLO Ltd.,
Series 2018-60A, Class A,
3 mo. USD LIBOR + 1.050%,
1.291%, due 07/15/31 ^2,5		250,000		248,253

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Asset-backed securities—(continued)
Cayman Islands—(concluded)
Series 2018-60A, Class C,
3 mo. USD LIBOR + 2.050%,
2.291%, due 07/15/31^2,5		250,000		246,252
Highbridge Loan Management Ltd.,
Series 12A-18, Class B,
3 mo. USD LIBOR + 1.850%,
2.091%, due 07/18/31^2,5		250,000		244,313
Palmer Square Loan Funding Ltd.,
Series 2021-1A, Class B,
3 mo. USD LIBOR + 1.800%,
2.054%, due 04/20/29^2,5		250,000		250,040
Venture XXX CLO Ltd.,
Series 2017-30A, Class C,
3 mo. USD LIBOR + 1.950%,
2.191%, due 01/15/31^2,5		200,000		194,338
Voya CLO Ltd.,
Series 2018-2A, Class C1,
3 mo. USD LIBOR + 1.850%,
2.091%, due 07/15/31^2,5		250,000		243,639
				1,966,271
United States—1.3%
ACC Trust,
Series 2021-1, Class A,
0.740%, due 11/20/23²		38,198		38,139
CPS Auto Receivables Trust,
Series 2021-A, Class C,
0.830%, due 09/15/26²		150,000		147,047
Series 2021-A, Class D,
1.160%, due 12/15/26²		100,000		95,909
Dell Equipment Finance Trust,
Series 2021-2, Class D,
1.210%, due 06/22/27²		100,000		95,355
DT Auto Owner Trust,
Series 2019-3A, Class C,
2.740%, due 04/15/25²		88,502		88,608
Series 2021-1A, Class D,
1.160%, due 11/16/26²		100,000		95,065
Enterprise Fleet Financing LLC,
Series 2019-3, Class A2,
2.060%, due 05/20/25²		324,793		324,989
Exeter Automobile Receivables Trust,
Series 2019-2A, Class C,
3.300%, due 03/15/24²		33,887		33,910

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Asset-backed securities—(concluded)
United States—(concluded)
Series 2021-1A, Class B,
0.500%, due 02/18/25		109,955		109,660
Series 2021-1A, Class D,
1.080%, due 11/16/26		125,000		120,029
Ford Credit Auto Owner Trust,
Series 2021-REV2, Class D,
2.600%, due 05/15/34²		150,000		140,338
HPEFS Equipment Trust,
Series 2021-2A, Class D,
1.290%, due 03/20/29²		100,000		95,114
New Economy Assets Phase 1 Sponsor LLC,
Series 2021-1, Class A1,
1.910%, due 10/20/61²		150,000		139,876
Ocwen Master Advance Receivables Trust,
Series 2020-T1, Class AT1,
1.278%, due 08/15/52²		93,684		93,687
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class C,
3.850%, due 10/14/25²		216,000		215,993
Series 2018-1A, Class D,
4.400%, due 01/14/28²		216,000		216,163
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/35²		100,000		92,543
Tesla Auto Lease Trust,
Series 2019-A, Class C,
2.680%, due 01/20/23²		300,000		300,694
Series 2021-A, Class D,
1.340%, due 03/20/25²		425,000		411,020
World Omni Select Auto Trust,
Series 2021-A, Class D,
1.440%, due 11/15/27		100,000		92,638
				2,946,777
Total asset-backed securities (cost—$5,072,194)				5,006,149

Mortgage-backed securities—3.4%
United States—3.4%
Angel Oak Mortgage Trust,
Series 2020-4, Class A1,
1.469%, due 06/25/65^2,6		46,427		45,720
Series 2020-5, Class A1,
1.373%, due 05/25/65^2,6		61,084		59,986

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Series 2020-5, Class A2,
1.579%, due 05/25/65^2,6		459,772		451,473
Series 2020-6, Class A1,
1.261%, due 05/25/65^2,6		36,261		35,524
Series 2020-R1, Class A1,
0.990%, due 04/25/53^2,6		58,784		57,794
Series 2021-1, Class A1,
0.909%, due 01/25/66^2,6		86,310		83,508
Series 2021-2, Class A1,
0.985%, due 04/25/66^2,6		56,405		53,805
Series 2021-4, Class A1,
1.035%, due 01/20/65^2,6		102,586		97,052
Series 2021-5, Class A1,
0.951%, due 07/25/66^2,6		112,489		106,177
Series 2021-8, Class A1,
1.820%, due 11/25/66^2,6		115,324		107,985
Arbor Multifamily Mortgage Securities Trust,
Series 2022-MF4, Class B,
3.294%, due 02/15/55^2,6		200,000		192,218
BX Commercial Mortgage Trust,
Series 2018-BIOA, Class A,
1 mo. USD LIBOR + 0.671%,
1.068%, due 03/15/37^2,5		427,135		423,649
Series 2020-VKNG, Class C,
1 mo. USD LIBOR + 1.400%,
1.797%, due 10/15/37^2,5		82,243		80,591
Series 2021-VINO, Class A,
1 mo. USD LIBOR + 0.652%,
1.049%, due 05/15/38 ^2,5		300,000		292,489
BX Mortgage Trust,
Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
1.695%, due 10/15/36^2,5		100,000		95,993
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class C,
4.682%, due 01/10/36²		345,000		347,928
COLT Funding LLC,
Series 2021-3R, Class A1,
1.051%, due 12/25/64^2,6		83,882		82,022
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/65^2,6		40,471		40,443
Series 2021-2, Class A1,
0.924%, due 08/25/66^2,6		88,779		82,115

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face
	amount⁴		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Series 2021-3, Class A1,
0.956%, due 09/27/66^2,6		88,297		81,785
Series 2021-6, Class A1,
1.907%, due 12/25/66^2,6		188,455		178,351
Series 2021-HX1, Class A1,
1.110%, due 10/25/66^2,6		178,133		165,691
Series 2022-1, Class A1,
2.284%, due 12/27/66^2,6		244,779		237,454
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/65^2,7		117,341		115,432
DBGS Mortgage Trust,
Series 2018-BIOD, Class A,
1 mo. USD LIBOR + 0.803%,
1.109%, due 05/15/35^2,5		91,376		90,805
Deephaven Residential Mortgage Trust,
Series 2020-2, Class A1,
1.692%, due 05/25/65²		9,289		9,272
Series 2021-2, Class A1,
0.899%, due 04/25/66^2,6		110,506		103,940
Series 2022-1, Class A1,
2.205%, due 01/25/67^2,6		147,731		141,480
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
2.647%, due 07/15/38^2,5		149,082		146,836
GCAT Trust,
Series 2021-NQM4, Class A1,
1.093%, due 08/25/66^2,6		123,265		110,960
GS Mortgage Securities Trust,
Series 2017-FARM, Class A,
3.541%, due 01/10/43^2,6		100,000		98,820
Series 2017-GS5, Class B,
4.047%, due 03/10/50⁶		100,000		99,378
GS Mortgage-Backed Securities Corp. Trust,
Series 2021-NQM1, Class A1,
1.017%, due 07/25/61^2,6		84,579		81,132
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/60^2,6		32,404		31,577
J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2021-2NU, Class D,
2.077%, due 01/05/40^2,6		125,000		108,499

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face
	amount⁴		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
MAD Mortgage Trust,
Series 2017-330M, Class B,
3.142%, due 08/15/34^2,6		125,000		121,208
Series 2017-330M, Class C,
3.252%, due 08/15/34^2,6		150,000		145,261
Med Trust,
Series 2021-MDLN, Class D,
1 mo. USD LIBOR + 2.000%,
2.397%, due 11/15/38^2,5		200,000		195,606
MFA Trust,
Series 2020-NQM3, Class A1,
1.014%, due 01/26/65^2,6		39,407		38,506
Series 2021-NQM1, Class A1,
1.153%, due 04/25/65^2,6		46,500		45,690
Series 2021-NQM2, Class A1,
1.029%, due 11/25/64^2,6		69,271		65,521
MHC Trust,
Series 2021-MHC2, Class D,
1 mo. USD LIBOR + 1.500%,
1.897%, due 05/15/23^2,5		150,000		145,012
MHP,
Series 2021-STOR, Class D,				146,805
1 mo. USD LIBOR + 1.350%,
1.747%, due 07/15/38^2,5		150,000
Morgan Stanley Capital I, Inc.,
Series 2021-ILP, Class C,
1 mo. USD LIBOR + 1.377%,
1.774%, due 11/15/23^2,5		299,011		290,025
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1,
2.492%, due 09/25/59^2,6		33,110		32,907
Series 2020-NQM2, Class A1,
1.650%, due 05/24/60^2,6		25,639		25,164
Series 2021-NQ2R, Class A1,
0.941%, due 10/25/58^2,6		95,144		92,747
Series 2021-NQM3, Class A1,
1.156%, due 11/27/56^2,6		148,059		141,182
Series 2022-NQM1, Class A1,
2.277%, due 01/25/26^2,6		216,266		210,272
ONE Mortgage Trust,
Series 2021-PARK, Class C,
1 mo. USD LIBOR + 1.100%,
1.497%, due 03/15/36^2,5		200,000		192,344

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face
	amount⁴		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/60^2,6		99,034		98,387
RLGH Trust,
Series 2021-TROT, Class C,
1 mo. USD LIBOR + 1.314%,
1.711%, due 04/15/36^2,5		190,000		187,444
TTAN,
Series 2021-MHC, Class D,
1 mo. USD LIBOR + 1.750%,
2.147%, due 03/15/38^2,5		99,852		97,155
Verus Securitization Trust,
Series 2019-4, Class A1,
2.642%, due 11/25/59^2,7		18,853		18,833
Series 2020-4, Class A1,
1.502%, due 05/25/65^2,7		39,611		38,679
Series 2020-5, Class A1,
1.218%, due 05/25/65^2,7		45,588		44,436
Series 2021-3, Class A1,
1.046%, due 06/25/66^2,6		141,203		133,986
Series 2021-5, Class A1,
1.013%, due 09/25/66^2,6		135,715		124,926
Series 2021-R2, Class A1,
0.918%, due 02/25/64^2,6		60,054		58,808
Series 2021-R3, Class A1,
1.020%, due 04/25/64^2,6		90,311		88,393
Vista Point Securitization Trust,
Series 2020-1, Class A1,
1.763%, due 03/25/65^2,6		12,500		12,469
Series 2020-2, Class A1,
1.475%, due 04/25/65^2,6		40,790		39,600
Wells Fargo Commercial Mortgage Trust,
Series 2018-C45, Class AS,
4.405%, due 06/15/51⁶		130,000		136,558
Total mortgage-backed securities
(cost—$7,784,863)				7,505,808

Non-U.S. government agency obligations—3.9%
Australia—0.1%
Australia Government Bond,
Series 138,
3.250%, due 04/21/29⁸	AUD	310,000		239,453

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Non-U.S. government agency obligations—(continued)
Austria—0.0%^†
Republic of Austria Government Bond
3.150%, due 06/20/44⁸	EUR	55,000		86,093

Belgium—0.1%
Kingdom of Belgium Government Bond,
Series 71,
3.750%, due 06/22/45⁸	EUR	83,000		134,278

Canada—0.1%
Canadian Government Bond
1.500%, due 09/01/24	CAD	120,000		94,264
1.500%, due 12/01/31	CAD	100,000		73,946
2.000%, due 12/01/51	CAD	50,000		37,041
				205,251
Finland—0.0%^†
Finland Government Bond,
Series 30Y,
1.375%, due 04/15/47⁸	EUR	20,000		23,970

France—0.3%
French Republic Government Bond OAT
0.000%, due 11/25/31⁸	EUR	400,000		404,755
0.500%, due 05/25/40⁸	EUR	100,000		97,139
3.250%, due 05/25/45⁸	EUR	93,000		142,486
				644,380
Ireland—0.2%
Ireland Government Bond
1.500%, due 05/15/50⁸	EUR	240,000		268,917
2.000%, due 02/18/45⁸	EUR	48,000		60,018
				328,935
Italy—0.4%
Italy Buoni Poliennali Del Tesoro
0.950%, due 12/01/31⁸	EUR	170,000		171,131
1.650%, due 03/01/32⁸	EUR	60,000		64,630
3.000%, due 08/01/29⁸	EUR	240,000		290,085
3.250%, due 09/01/46⁸	EUR	210,000		269,915

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Non-U.S. government agency obligations—(continued)
Italy—(concluded)
4.000%, due 02/01/37⁸	EUR	129,000		175,665
				971,426
Japan—0.6%
Japan Government Forty Year Bond,
Series 12,
0.500%, due 03/20/59	JPY	20,000,000		141,897
Japan Government Thirty Year Bond,
Series 51,
0.300%, due 06/20/46	JPY	11,100,000		80,999
Japan Government Twenty Year Bond,
Series 156,
0.400%, due 03/20/36	JPY	83,550,000		684,693
Japanese Government CPI Linked Bond,
Series 26,
0.005%, due 03/10/31	JPY	50,584,000		440,023
				1,347,612
New Zealand—1.4%
New Zealand Government Inflation Linked Bond,
Series 0925,
2.000%, due 09/20/25^8,9	NZD	3,701,816		3,161,212

Spain—0.5%
Spain Government Bond
1.450%, due 10/31/27⁸	EUR	165,000		187,855
1.500%, due 04/30/27⁸	EUR	325,000		370,561
3.450%, due 07/30/66⁸	EUR	10,000		14,399
4.200%, due 01/31/37⁸	EUR	44,000		65,489
4.800%, due 01/31/24⁸	EUR	296,000		355,463
5.150%, due 10/31/44⁸	EUR	69,000		123,764
	1,117,531
United Kingdom—0.2%
United Kingdom Gilt
1.000%, due 04/22/24⁸	GBP	90,000		117,388
1.000%, due 01/31/32⁸	GBP	70,000		86,650
1.625%, due 10/22/28⁸	GBP	144,000		191,403

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
Non-U.S. government agency obligations—(concluded)
United Kingdom—(concluded)
3.500%, due 01/22/45⁸	GBP	60,000		103,485
				498,926
Total non-U.S. government agency obligations (cost—$8,478,870)				8,759,067

U.S. government agency obligations—4.7%

United States—4.7%
FHLMC
2.000%, due 01/01/52		348,458		323,647
FNMA
2.500%, due 08/01/51		265,904		254,133
GNMA II
3.000%, due 10/20/45		87,078		87,059
3.000%, due 12/20/45		98,687		98,665
GNMA II TBA
2.000%		625,000		594,329
2.500%		900,000		872,193
3.000%		250,000		246,996
3.500%		550,000		553,019
UMBS TBA
1.500%		725,000		645,956
2.000%		3,750,000		3,489,984
2.500%		2,500,000		2,384,492
3.000%		850,000		831,138
Total U.S. government agency obligations (cost—$10,624,142)				10,381,611

U.S. Treasury obligations—3.5%
United States—3.5%
U.S. Treasury Bonds
2.500%, due 02/15/46		302,000		295,677
2.750%, due 11/15/42		201,000		204,125
2.750%, due 08/15/47		168,000		174,110
2.875%, due 05/15/43		717,000		742,263

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount⁴		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
3.000%, due 11/15/45		47,000		50,125
4.375%, due 02/15/38		110,000		139,154
U.S. Treasury Notes
0.625%, due 08/15/30		1,270,000		1,103,114
1.250%, due 08/15/31		200,000		181,812
1.375%, due 09/30/23		971,000		960,266
1.500%, due 02/28/23		226,000		225,700
1.625%, due 11/30/26		760,000		731,500
1.625%, due 08/15/29		196,000		185,871
1.625%, due 05/15/31		350,000		329,519
1.750%, due 05/15/23		345,000		344,542
1.875%, due 10/31/22		680,000		682,603
2.000%, due 11/30/22		528,000		530,310
2.500%, due 05/15/24		321,000		321,665
2.750%, due 07/31/23		459,000		463,249
Total U.S. Treasury obligations (cost—$7,911,700)				7,665,605

	Number of shares
Short-term investments—14.2%
Investment companies—14.2%
State Street Institutional U.S. Government Money Market Fund, 0.250%¹⁰ (cost—$31,388,135)		31,388,135		31,388,135

Investment of cash collateral from securities loaned—2.5%
Money market funds—2.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%¹⁰ (cost—$5,510,759)		5,510,759		5,510,759
Total investments (cost—$215,641,457)¹¹—105.3%				233,035,279
Liabilities in excess of other assets—(5.3)%				(11,777,982	)
Net assets—100.0%			$	221,257,297

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 Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)

Index futures buy contracts:
598	EUR	EURO STOXX 600 Banks Index Futures	June 2022		4,379,984		4,419,070		39,086
32	GBP	FTSE 100 Index Futures	June 2022		2,985,282		3,146,874		161,592
10	JPY	Tokyo Price Index Future	June 2022		1,468,334		1,598,899		130,565
43	USD	E-Mini Energy Select Sector Index Futures	June 2022		3,185,163		3,427,530		242,367
24	USD	E-Mini Russell 1000 Value Index Futures	June 2022		1,861,246		1,957,560		96,314
56	USD	E-Mini Russell 2000 Index Futures	June 2022		5,425,277		5,785,920		360,643
130	USD	MSCI World Financials Index Futures	June 2022		3,140,852		3,324,100		183,248
48	USD	MSCI World Health Index Futures	June 2022		2,291,419		2,428,320		136,901
Interest rate futures buy contracts:
69	CAD	Canada Government Bond 10 Year Futures	June 2022		7,145,987		7,206,047		60,060
122	EUR	German Euro Schatz Futures	June 2022		15,095,683		14,945,069		(150,614	)
34	GBP	United Kingdom Long Gilt Bond Futures	June 2022		5,386,965		5,414,627		27,662
26	JPY	Mini Japanese Government Bond 10 Year Futures	June 2022		3,218,100		3,201,627		(16,473	)
U.S. Treasury futures buy contracts:
97	USD	U.S. Treasury Note 10 Year Futures	June 2022		12,276,232		11,918,875		(357,357	)
21	USD	U.S. Ultra Treasury Note 10 Year Futures	June 2022		2,937,406		2,844,844		(92,562	)
Total					70,797,930		71,619,362		821,432

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)

Futures contracts—(concluded)

Index futures sell contracts:
11	AUD	ASX SPI 200 Index Futures	June 2022		(1,453,225	)		(1,539,048	)		(85,823	)
2	CAD	S&P TSX 60 Index Futures	June 2022		(409,021	)		(421,421	)		(12,400	)
122	EUR	EURO STOXX 50 Index Futures	June 2022		(4,852,751	)		(5,159,615	)		(306,864	)
19	USD	MSCI Emerging Markets (EM) Index Futures	June 2022		(969,022	)		(1,069,225	)		(100,203	)
63	USD	S&P 500 E-Mini Index Futures	June 2022		(13,213,802	)		(14,271,863	)		(1,058,061	)
Interest rate futures sell contracts:
18	EUR	German Euro Bund Futures	June 2022		(3,308,841	)		(3,159,317	)		149,524
U.S. Treasury futures sell contracts:
69	USD	U.S. Treasury Note 5 Year Futures	June 2022		(8,119,797	)		(7,913,437	)		206,360
Total					(32,326,459	)		(33,533,926	)		(1,207,467	)
Net unrealized appreciation (depreciation)											(386,035	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹²

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 Series 38 Index

USD

2,200

06/20/27

Quarterly

5.000

(103,738

)

121,721

17,983

OTC Total return swap agreements

Counterparty

Notional
amount
(000)

Maturity
date

Payment
frequency

Payments
made by the
Portfolio¹³(%)

Payments
received by
the Portfolio¹³(%)

Upfront
payments
received
(made)($)

Value($)

Unrealized
appreciation
(depreciation)($)

JPMCB

USD

04/14/22

Quarterly

Emerging Markets Bond Index

3 Month SOFR +0.200

—

(1,195,805

)

(1,195,805

)

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	KRW	8,436,000,000	USD	7,047,678	05/18/22		92,295
BB	PHP	242,850,000	USD	4,707,764	05/18/22		25,467
BOA	JPY	111,500,000	USD	973,243	05/18/22		56,498
BOA	NZD	14,265,000	USD	9,471,672	05/18/22		(407,668	)
CIBC	USD	4,072,270	AUD	5,540,000	05/18/22		75,923
CIBC	USD	483,632	SGD	650,000	05/18/22		(4,101	)
CIBC	ZAR	116,950,000	USD	7,666,148	05/18/22		(292,640	)
CITI	EUR	3,565,000	USD	3,903,377	05/18/22		(46,171	)
CITI	PLN	18,565,000	USD	4,481,468	05/18/22		81,807
CITI	USD	2,247,128	BRL	11,970,000	05/18/22		236,153
CITI	USD	7,562,971	EUR	6,630,000	05/18/22		(217,810	)
GSI	PHP	310,194,900	USD	5,895,000	05/18/22		(85,747	)
HSBC	USD	4,672,927	PLN	18,565,000	05/18/22		(273,266	)
HSBC	USD	1,473,765	SEK	13,630,000	05/18/22		(22,787	)
JPMCB	EUR	3,945,000	USD	4,448,418	05/18/22		77,880
JPMCB	INR	77,030,000	USD	1,011,689	05/18/22		(257	)
JPMCB	TWD	283,300,000	USD	10,235,936	05/18/22		346,571
MSCI	USD	4,441,608	BRL	23,660,000	05/18/22		466,865
MSCI	USD	6,936,344	CLP	5,682,600,000	05/18/22		231,136
MSCI	USD	1,317,166	MYR	5,540,000	05/18/22		(1,285	)
MSCI	USD	7,319,732	NOK	65,190,000	05/18/22		81,846
MSCI	USD	6,640,617	NZD	9,685,000	05/18/22		66,807
MSCI	USD	1,526,155	TWD	43,100,000	05/18/22		(21,631	)
SSC	AUD	775,000	USD	556,503	05/18/22		(23,795	)
SSC	CHF	6,106,916	AUD	8,845,000	05/18/22		3,140
SSC	EUR	5,150,000	USD	5,643,397	05/18/22		(62,120	)
SSC	GBP	9,105,000	USD	12,189,695	05/18/22		231,743
SSC	JPY	185,300,000	USD	1,604,581	05/18/22		81,057
SSC	USD	1,245,684	CAD	1,580,000	05/18/22		17,974
SSC	USD	379,707	CHF	350,000	05/18/22		(316	)
SSC	USD	619,517	JPY	71,000,000	05/18/22		(35,759	)
SSC	USD	7,679,387	ZAR	116,950,000	05/18/22		279,402
Net unrealized appreciation (depreciation)							957,211

Fair valuation summary

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		68,641,139			29,061,225			—		97,702,364
Exchange traded funds		19,867,049			—			—		19,867,049
Investment companies		39,248,732			—			—		39,248,732
Asset-backed securities		—			5,006,149			—		5,006,149
Mortgage-backed securities		—			7,505,808			—		7,505,808
Non-U.S. government agency obligations		—			8,759,067			—		8,759,067
U.S. government agency obligations		—			10,381,611			—		10,381,611
U.S. Treasury obligations		—			7,665,605			—		7,665,605
Short-term investments		—			31,388,135			—		31,388,135
Investment of cash collateral from securities loaned		—			5,510,759			—		5,510,759
Futures contracts		1,463,079			331,243			—		1,794,322
Swap agreements		—			121,721			—		121,721
Forward foreign currency contracts		—			2,452,564			—		2,452,564
Total		129,219,999			108,183,887			—		237,403,886

Liabilities
Futures contracts		(1,787,670	)		(392,687	)		—		(2,180,357	)
Swap agreements		—			(1,195,805	)		—		(1,195,805	)
Forward foreign currency contracts		—			(1,495,353	)		—		(1,495,353	)
Total		(1,787,670	)		(3,083,845	)		—		(4,871,515	)

At March 31, 2022, 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.
	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 $12,250,992, represented 5.4% of the Fund's net assets at period end.
	3	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Advisor does not earn a management fee from the affiliated UBS Relationship Funds.

Security description	Value 06/30/21		Purchases during the year ended 03/31/22		Sales during the year ended 03/31/22		Net realized gain (loss) during the year ended 03/31/22		Change in net unrealized appreciation (depreciation) during the year ended 03/31/22			Value 03/31/22		Net income earned from affiliate for the year ended 03/31/22		Shares 03/31/22
PACE High Yield Investments	$	—	$	23,878,030	$	—	$	—	$	(1,078,514	)	$	22,799,516	$	—		2,497,209
UBS Emerging Markets Equity Opportunity Fund		20,253,259		3,015,239		—		—		(6,819,282	)		16,449,216		—		1,912,700
	$	20,253,259	$	26,893,269	$	—	$	—	$	(7,897,796	)	$	39,248,732	$	—		—

	4	In U.S. dollars unless otherwise indicated.
	5	Variable or floating rate security. The interest rate shown is the current rate as of March 31, 2022 and changes periodically.
	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	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.

UBS Global Allocation Fund

Portfolio of investments – March 31, 2022 (unaudited)

	9	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.
	10	Rates shown reflect yield at March 31, 2022.
	11	Includes $9,781,856 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $4,698,144 and cash collateral of $5,510,759.
	12	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.
	13	Payments made or received are based on the notional amount.

UBS Emerging Markets Equity Opportunity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Common stocks
Automobiles	2.6	%
Banks	22.5
Beverages	2.8
Food products	3.4
Household durables	1.5
Insurance	2.9
Interactive media & services	4.9
Internet & direct marketing retail	8.8
Metals & mining	3.5
Oil, gas & consumable fuels	7.6
Personal products	2.0
Pharmaceuticals	1.9
Real estate management & development	1.9
Semiconductors & semiconductor equipment	22.1
Technology hardware, storage & peripherals	6.2
Total common stocks	94.6
Preferred stocks	2.5
Short-term investments	1.7
Total investments	98.8
Other assets in excess of liabilities	1.2
Net assets	100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—94.6%
Argentina—3.4%
MercadoLibre, Inc.^*		19,906		23,677,789

Brazil—2.2%
Petroleo Brasileiro SA, ADR		1,063,638		15,741,842

China—30.5%
China Mengniu Dairy Co. Ltd.^*		4,490,000		24,072,678
China Merchants Bank Co. Ltd., Class H		3,937,000		30,647,267
Country Garden Services Holdings Co. Ltd.		3,079,000		12,970,662
JD.com, Inc., Class A^*		478,721		13,602,795
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,304,566		13,323,960
Kweichow Moutai Co. Ltd., Class A		73,667		19,846,001
LONGi Green Energy Technology Co. Ltd., Class A		1,584,160		17,860,421
Meituan, Class B^*,1		857,100		16,236,848
Midea Group Co. Ltd., Class A		1,182,446		10,546,552
Ping An Insurance Group Co. of China Ltd., Class H		2,908,500		20,333,511
Tencent Holdings Ltd.		743,600		34,275,754
				213,716,449
Hungary—2.0%
OTP Bank Nyrt^*		395,531		14,349,068

India—15.4%
Axis Bank Ltd.^*		1,476,947		14,704,310
Eicher Motors Ltd.		560,107		18,062,380
HDFC Bank Ltd.		1,206,264		23,232,415
Hindustan Unilever Ltd.		525,804		14,146,358
Reliance Industries Ltd.		1,084,783		37,520,003
				107,665,466
Indonesia—8.0%
Bank Central Asia Tbk. PT		43,387,100		24,116,942
Bank Mandiri Persero Tbk. PT		58,347,400		32,001,372
				56,118,314
Mexico—2.6%
Grupo Financiero Banorte SAB de CV, Class O		2,429,200		18,264,799

Russia—0.0%†
Sberbank of Russia PJSC^2,3		3,568,865		4

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Russia—(concluded)
Yandex N.V., Class A^*,2,3		257,600		0
				4
South Africa—4.7%
Anglo American PLC		478,190		24,847,861
Naspers Ltd., N Shares		69,768		7,879,759
				32,727,620
South Korea—10.5%
Samsung Electronics Co. Ltd.		763,133		43,668,734
SK Hynix, Inc.		309,778		29,800,375
				73,469,109
Taiwan—15.3%
MediaTek, Inc.		859,000		26,732,523
Nanya Technology Corp.		5,489,000		13,093,889
Taiwan Semiconductor Manufacturing Co. Ltd.		3,267,000		67,017,647
				106,844,059
Total common stocks (cost—$754,865,959)				662,574,519
			��
Preferred stocks—2.5%
Brazil—2.5%
Banco Bradesco SA (cost—$15,207,116)		3,685,872		17,202,104

Short-term investments—1.7%
Investment companies—1.7%
State Street Institutional U.S. Government Money Market Fund, 0.250%⁴ (cost—$12,050,198)		12,050,198		12,050,198
Total investments (cost—$782,123,273)—98.8%				691,826,821
Other assets in excess of liabilities—1.2%				8,377,659
Net assets—100.0%			$	700,204,480

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, 2022 (unaudited)

Fair valuation summary

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		57,684,430		604,890,085		4		662,574,519
Preferred stocks		17,202,104		—		—		17,202,104
Short-term investments		—		12,050,198		—		12,050,198
Total		74,886,534		616,940,283		4		691,826,821

At March 31, 2022, there were $4 transferred in of Level 3. The transfers in Level 3 from Level 1 and Level 2 occurred because there was no observable market data that became available as of March 31, 2022.

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

Portfolio footnotes

	*	Non-income producing security.
	†	Amount represents less than 0.05% or (0.05)%.
	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 $16,236,848, represented 2.3% of the Fund's net assets at period end.
	2	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
	3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
	4	Rates shown reflect yield at March 31, 2022.

UBS Engage For Impact Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Common stocks
Auto components	2.5	%
Banks	9.6
Beverages	2.3
Biotechnology	2.3
Chemicals	8.6
Commercial services & supplies	1.4
Construction & engineering	2.7
Consumer finance	2.2
Diversified consumer services	1.4
Electric utilities	1.8
Electrical equipment	4.6
Electronic equipment, instruments & components	2.9
Equity real estate investment trusts	1.7
Food & staples retailing	1.9
Food products	10.8
Health care equipment & supplies	5.9
Health care providers & services	0.9
Health care technology	0.5
Hotels, restaurants & leisure	1.2
Industrial conglomerates	3.4
IT services	2.1
Life sciences tools & services	0.8
Machinery	9.0
Oil, gas & consumable fuels	2.5
Paper & forest products	3.1
Professional services	1.1
Road & rail	1.5
Semiconductors & semiconductor equipment	5.6
Software	3.2
Textiles, apparel & luxury goods	0.9
Total common stocks	98.4
Short-term investments	2.1
Investment of cash collateral from securities loaned	1.3
Total investments	101.8
Liabilities in excess of other assets	(1.8	)
Net assets	100.0	%

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—98.4%
Austria—3.7%
Erste Group Bank AG		55,761		2,033,408

Brazil—3.1%
Suzano SA, ADR		147,600		1,715,112

Canada—1.5%
Canadian Pacific Railway Ltd.		10,221		843,581

China—3.0%
China Mengniu Dairy Co. Ltd.^*		308,000		1,651,311

Denmark—2.3%
Genmab A/S^*		3,516		1,269,814

France—3.7%
Danone SA		27,585		1,523,877
Orpea SA		12,013		521,289
				2,045,166
Germany—4.3%
Infineon Technologies AG		38,845		1,314,126
Knorr-Bremse AG		14,180		1,086,996
				2,401,122
Indonesia—4.5%
Bank Mandiri Persero Tbk. PT		4,534,900		2,487,224

Ireland—1.4%
AIB Group PLC		359,835		792,574

Japan—3.8%
JTOWER, Inc.^*,1		25,400		1,479,364
Recruit Holdings Co. Ltd.		13,700		595,224
				2,074,588
Norway—1.8%
Mowi ASA		36,988		996,305

Portugal—2.5%
Galp Energia SGPS SA		108,715		1,374,448

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Spain—1.8%
Iberdrola SA		90,753		991,928

Switzerland—4.6%
Alcon, Inc.		26,019		2,061,379
On Holding AG, Class A^*		18,800		474,512
				2,535,891
United Kingdom—6.7%
Biffa PLC²		64,422		268,631
Linde PLC		5,667		1,810,210
Spectris PLC		47,470		1,609,925
				3,688,766
United States—49.7%
AGCO Corp.		7,457		1,088,946
American Well Corp., Class A^*,1		60,213		253,497
Aptiv PLC^*		11,631		1,392,347
Bunge Ltd.		16,254		1,801,106
CF Industries Holdings, Inc.		14,392		1,483,239
Coursera, Inc.^*		33,492		771,656
Digital Realty Trust, Inc.		6,786		962,255
Ecolab, Inc.		8,276		1,461,211
Evoqua Water Technologies Corp.^*		17,762		834,459
Ingersoll Rand, Inc.		38,692		1,948,142
LivaNova PLC^*		14,535		1,189,399
Maravai LifeSciences Holdings, Inc., Class A^*		13,176		464,717
Micron Technology, Inc.		23,112		1,800,194
Montrose Environmental Group, Inc.^*		9,790		518,185
Primo Water Corp.		88,056		1,254,798
Regal Rexnord Corp.		13,196		1,963,301
Roper Technologies, Inc.		3,923		1,852,558
Shoals Technologies Group, Inc., Class A^*		33,411		569,323
SLM Corp.		64,757		1,188,938
Snowflake, Inc., Class A^*		5,071		1,161,918
Sprouts Farmers Market, Inc.^*		32,290		1,032,634
Sweetgreen, Inc., Class A^*,1		20,500		655,795

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
VMware, Inc., Class A		15,325		1,745,058
				27,393,676
Total common stocks (cost—$53,209,793)				54,294,914

Short-term investments—2.1%
Investment companies—2.1%
State Street Institutional U.S. Government Money Market Fund, 0.250%³ (cost—$1,150,065)		1,150,065		1,150,065

Investment of cash collateral from securities loaned—1.3%
Money market funds—1.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%³ (cost—$732,875)		732,875		732,875
Total investments (cost—$55,092,733)⁴—101.8%				56,177,854
Liabilities in excess of other assets—(1.8)%				(1,011,803	)
Net assets—100.0%			$	55,166,051

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

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		54,294,914		—		—		54,294,914
Short-term investments		—		1,150,065		—		1,150,065
Investment of cash collateral from securities loaned		—		732,875		—		732,875
Total		54,294,914		1,882,940		—		56,177,854

At March 31, 2022, there were no transfers in or out of Level 3.

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2022 (unaudited)

Portfolio footnotes

Non-income producing security.

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

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 $268,631, represented 0.5% of the Fund's net assets at period end.

Rates shown reflect yield at March 31, 2022.

⁴

Includes $1,750,047 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $1,174,121 and cash collateral of $732,875.

UBS International Sustainable Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Common stocks
Auto components	2.7	%
Automobiles	3.3
Banks	10.3
Biotechnology	2.2
Capital markets	2.4
Chemicals	2.9
Commercial services & supplies	1.1
Construction & engineering	1.6
Diversified financial services	1.2
Diversified telecommunication services	2.9
Electrical equipment	1.0
Electronic equipment, instruments & components	1.2
Energy equipment & services	2.0
Entertainment	3.6
Food products	6.4
Health care equipment & supplies	3.6
Household durables	2.3
Industrial conglomerates	1.3
Insurance	6.8
Interactive media & services	1.1
Internet & direct marketing retail	3.0
IT services	2.3
Machinery	2.5
Oil, gas & consumable fuels	4.2
Paper & forest products	1.7
Personal products	1.5
Pharmaceuticals	4.6
Professional services	1.6
Road & rail	1.0
Semiconductors & semiconductor equipment	4.8
Software	4.4
Specialty retail	0.7
Textiles, apparel & luxury goods	1.5
Trading companies & distributors	3.2
Wireless telecommunication services	1.3
Total common stocks	98.2
Short-term investments	1.2
Investment of cash collateral from securities loaned	2.8
Total investments	102.2
Liabilities in excess of other assets	(2.2	)
Net assets	100.0	%

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—98.2%
Argentina—0.8%
MercadoLibre, Inc. ^*		1,921		2,284,991

Australia—1.1%
Brambles Ltd.		423,541		3,125,582

Austria—0.6%
Erste Group Bank AG		42,609		1,553,800

Belgium—1.0%
Galapagos N.V.^*		45,407		2,827,328

Brazil—2.5%
Banco Bradesco SA, ADR		458,900		2,129,296
Suzano SA		416,500		4,824,561
				6,953,857
Canada—3.4%
Canadian Pacific Railway Ltd.		34,083		2,813,010
Royal Bank of Canada		59,279		6,526,546
				9,339,556
China—8.4%
Alibaba Group Holding Ltd., ADR^*		34,753		3,781,126
China Mengniu Dairy Co. Ltd.^*		531,000		2,846,902
JD.com, Inc., Class A^*		3,585		101,867
Li Auto, Inc., ADR^*		84,700		2,186,107
Meituan, Class B^*,1		120,000		2,273,273
NXP Semiconductors N.V.		14,546		2,692,174
Ping An Insurance Group Co. of China Ltd., Class H		652,000		4,558,174
Tencent Holdings Ltd.		63,200		2,913,163
Zhongsheng Group Holdings Ltd.		279,500		1,965,229
				23,318,015
Denmark—1.2%
Genmab A/S^*		9,428		3,404,951

Finland—1.7%
Metso Outotec Oyj		553,185		4,663,173

France—8.1%
AXA SA		188,060		5,505,329

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
France—(concluded)
Cie Generale des Etablissements Michelin SCA	35,186	4,768,247
Danone SA	93,458	5,162,896
Societe Generale SA	90,273	2,419,978
Ubisoft Entertainment SA^*,2	102,985	4,525,451
		22,381,901
Germany—5.1%
CTS Eventim AG & Co. KGaA^*	78,469	5,329,400
Infineon Technologies AG	75,829	2,565,295
Knorr-Bremse AG	31,258	2,396,144
SAP SE	35,820	3,969,863
		14,260,702
India—3.9%
Axis Bank Ltd., GDR^*	73,511	3,656,732
Infosys Ltd., ADR	159,099	3,959,974
Mahindra & Mahindra Ltd., GDR	282,846	3,139,591
		10,756,297
Indonesia—3.6%
Bank Central Asia Tbk. PT	10,184,400	5,661,051
Bank Mandiri Persero Tbk. PT	7,928,500	4,348,486
		10,009,537
Ireland—0.8%
AIB Group PLC	1,055,315	2,324,442

Italy—3.1%
Infrastrutture Wireless Italiane SpA^1,2	308,447	3,452,828
PRADA SpA	365,800	2,317,044
Prysmian SpA	78,911	2,677,938
		8,447,810
Japan—12.8%
ITOCHU Corp.	116,300	3,933,959
NEC Corp.	57,400	2,411,414
Nippon Telegraph & Telephone Corp.	158,800	4,613,757
OBIC Business Consultants Co. Ltd.	107,100	3,722,209
ORIX Corp.	167,600	3,340,695
Shin-Etsu Chemical Co. Ltd.	24,300	3,691,977

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—(concluded)
SoftBank Group Corp.	79,200	3,541,003
Sony Group Corp.	62,800	6,460,590
Toyota Motor Corp.	204,900	3,695,985
		35,411,589
Netherlands—2.4%
ASML Holding N.V.	4,448	2,972,249
Koninklijke Philips N.V.	116,868	3,563,736
		6,535,985
Norway—2.6%
Equinor ASA²	104,022	3,883,831
Mowi ASA	123,819	3,335,176
		7,219,007
Portugal—2.8%
Galp Energia SGPS SA	618,519	7,819,733

South Korea—4.3%
LG Chem Ltd.	9,760	4,264,792
Samsung Engineering Co. Ltd.^*	206,853	4,439,693
SK Hynix, Inc.	34,219	3,291,838
		11,996,323
Switzerland—6.6%
Alcon, Inc.	52,857	4,187,645
Barry Callebaut AG	2,737	6,416,760
Novartis AG	66,475	5,835,940
On Holding AG, Class A^*	70,100	1,769,324
		18,209,669
Taiwan—0.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	17,900	1,866,254

United Kingdom—15.2%
Ashtead Group PLC	77,071	4,852,729
AstraZeneca PLC	51,973	6,892,290
DCC PLC	47,287	3,661,620
London Stock Exchange Group PLC	63,056	6,575,513
Prudential PLC	265,602	3,921,153
RELX PLC	138,238	4,301,653

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United Kingdom—(concluded)
Sage Group PLC	476,286		4,364,058
Spectris PLC	97,832		3,317,931
Unilever PLC	92,880		4,197,823
			42,084,770
United States—5.5%
Aon PLC, Class A	14,779		4,812,486
Aptiv PLC^*	22,500		2,693,475
LivaNova PLC^*	26,699		2,184,779
Schlumberger N.V.	132,073		5,455,936
			15,146,676
Total common stocks (cost—$287,268,978)			271,941,948

Short-term investments—1.2%
Investment companies—1.2%
State Street Institutional U.S. Government Money Market Fund, 0.250%³ (cost—$3,460,205)	3,460,205		3,460,205

Investment of cash collateral from securities loaned—2.8%
Money market funds—2.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%³ (cost—$7,642,265)	7,642,265		7,642,265
Total investments (cost—$298,371,448)⁴—102.2%			283,044,418
Liabilities in excess of other assets—(2.2)%			(6,070,232	)
Net assets—100.0%		$	276,974,186

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2022 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		56,141,892		215,800,056		—		271,941,948
Short-term investments		—		3,460,205		—		3,460,205
Investment of cash collateral from securities loaned		—		7,642,265		—		7,642,265
Total		56,141,892		226,902,526		—		283,044,418

At March 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

Non-income producing security.

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 $5,726,101, represented 2.1% of the Fund's net assets at period end.

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

Rates shown reflect yield at March 31, 2022.

Includes $7,131,537 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $ 7,642,265.

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—97.8%
Aerospace & defense—3.8%
Raytheon Technologies Corp.		49,271		4,881,278

Air freight & logistics—2.4%
United Parcel Service, Inc., Class B		14,226		3,050,908

Banks—5.4%
JPMorgan Chase & Co.		26,583		3,623,794
Truist Financial Corp.		59,221		3,357,831
				6,981,625
Beverages—6.1%
Coca-Cola Co.		73,471		4,555,202
Diageo PLC, ADR		16,428		3,337,184
				7,892,386
Biotechnology—2.6%
Amgen, Inc.		13,722		3,318,254

Capital markets—4.5%
BlackRock, Inc.		4,424		3,380,688
Morgan Stanley		28,661		2,504,971
				5,885,659
Chemicals—3.1%
Linde PLC		12,519		3,998,944

Commercial services & supplies—1.9%
Republic Services, Inc.		18,211		2,412,958

Communications equipment—3.0%
Cisco Systems, Inc.		70,817		3,948,756

Consumer finance—2.2%
Discover Financial Services		25,342		2,792,435

Electric utilities—3.9%
American Electric Power Co., Inc.		21,503		2,145,354

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electric utilities—(concluded)
NextEra Energy, Inc.		34,939		2,959,683
				5,105,037
Electrical equipment—1.4%
Rockwell Automation, Inc.		6,601		1,848,478

Health care equipment & supplies—3.0%
Medtronic PLC		35,605		3,950,375

Health care providers & services—3.1%
UnitedHealth Group, Inc.		7,823		3,989,495

Hotels, restaurants & leisure—5.5%
McDonald's Corp.		15,911		3,934,472
Starbucks Corp.		34,675		3,154,385
				7,088,857
Household products—2.7%
Procter & Gamble Co.		22,606		3,454,197

Insurance—5.2%
Chubb Ltd.		18,505		3,958,220
Marsh & McLennan Cos., Inc.		16,660		2,839,197
				6,797,417
IT services—4.2%
Accenture PLC, Class A		6,501		2,192,332
Automatic Data Processing, Inc.		14,466		3,291,594
				5,483,926
Media—3.0%
Comcast Corp., Class A		82,212		3,849,166

Oil, gas & consumable fuels—4.1%
EOG Resources, Inc.		25,335		3,020,692
Phillips 66		27,046		2,336,504
				5,357,196
Pharmaceuticals—3.8%
Johnson & Johnson		27,793		4,925,753

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Road & rail—2.4%
Union Pacific Corp.		11,444		3,126,615

Semiconductors & semiconductor equipment—8.8%
Analog Devices, Inc.		25,317		4,181,862
Broadcom, Inc.		6,174		3,887,644
Texas Instruments, Inc.		18,376		3,371,629
				11,441,135
Software—8.4%
Microsoft Corp.		35,268		10,873,477

Specialty retail—2.1%
Home Depot, Inc.		9,283		2,778,680

Textiles, apparel & luxury goods—1.2%
VF Corp.		26,365		1,499,114
Total common stocks (cost—$116,951,054)				126,732,121

Short-term investments—2.1%
Investment companies—2.1%
State Street Institutional U.S. Government Money Market Fund, 0.250%¹ (cost—$2,667,734)		2,667,734		2,667,734
Total investments (cost—$119,618,788)—99.9%				129,399,855
Other assets in excess of liabilities—0.1%				132,556
Net assets—100.0%			$	129,532,411

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, 2022 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2022 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		126,732,121		—		—		126,732,121
Short-term investments		—		2,667,734		—		2,667,734
Total		126,732,121		2,667,734		—		129,399,855

At March 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

Rates shown reflect yield at March 31, 2022.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—98.4%
Capital markets—5.1%
Ameriprise Financial, Inc.		12,896		3,873,443
Intercontinental Exchange, Inc.		23,508		3,105,877
S&P Global, Inc.		7,034		2,885,206
				9,864,526
Chemicals—1.5%
Sherwin-Williams Co.		11,888		2,967,483

Electrical equipment—0.9%
Rockwell Automation, Inc.		6,463		1,809,834

Equity real estate investment trusts—1.5%
American Tower Corp.		11,060		2,778,493

Food & staples retailing—1.7%
Costco Wholesale Corp.		5,614		3,232,822

Health care equipment & supplies—5.9%
Abbott Laboratories		37,130		4,394,707
Boston Scientific Corp.^*		88,847		3,935,034
Intuitive Surgical, Inc.^*		10,295		3,105,795
				11,435,536
Health care providers & services—1.1%
UnitedHealth Group, Inc.		4,109		2,095,467

Hotels, restaurants & leisure—1.5%
Booking Holdings, Inc.^*		1,182		2,775,868

Industrial conglomerates—2.0%
Honeywell International, Inc.		19,682		3,829,724

Interactive media & services—12.1%
Alphabet, Inc., Class A^*		6,764		18,813,052
Meta Platforms, Inc., Class A^*		19,715		4,383,827
				23,196,879
Internet & direct marketing retail—9.3%
Amazon.com, Inc.^*		5,489		17,893,865

IT services—6.1%
Fidelity National Information Services, Inc.		35,589		3,573,847

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
Visa, Inc., Class A		37,224		8,255,167
				11,829,014
Life sciences tools & services—2.5%
Danaher Corp.		8,709		2,554,611
Thermo Fisher Scientific, Inc.		3,941		2,327,752
				4,882,363
Machinery—1.9%
Parker-Hannifin Corp.		13,136		3,727,471

Multiline retail—1.3%
Dollar General Corp.		11,596		2,581,617

Personal products—1.4%
Estee Lauder Cos., Inc., Class A		9,728		2,649,129

Road & rail—2.5%
Union Pacific Corp.		17,318		4,731,451

Semiconductors & semiconductor equipment—4.6%
Applied Materials, Inc.		35,887		4,729,906
Texas Instruments, Inc.		22,133		4,060,963
				8,790,869
Software—17.8%
Adobe, Inc.^*		10,149		4,624,087
Microsoft Corp.		81,980		25,275,254
salesforce.com, Inc.^*		20,798		4,415,831
				34,315,172
Specialty retail—8.7%
Home Depot, Inc.		13,624		4,078,072
Lowe's Cos., Inc.		21,882		4,424,322
O'Reilly Automotive, Inc.^*		5,137		3,518,639
TJX Cos., Inc.		78,824		4,775,158
				16,796,191
Technology hardware, storage & peripherals—7.1%
Apple, Inc.		78,625		13,728,711

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Textiles, apparel & luxury goods—1.9%
Nike, Inc., Class B		27,295		3,672,815
Total common stocks (cost—$178,131,956)				189,585,300

Short-term investments—2.3%
Investment companies—2.3%
State Street Institutional U.S. Government Money Market Fund, 0.250%¹ (cost—$4,367,814)		4,367,814		4,367,814
Total investments (cost—$182,499,770)—100.7%				193,953,114
Liabilities in excess of other assets—(0.7)%				(1,304,179	)
Net assets—100.0%			$	192,648,935

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

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		189,585,300		—		—		189,585,300
Short-term investments		—		4,367,814		—		4,367,814
Total		189,585,300		4,367,814		—		193,953,114

At March 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

Non-income producing security.

Rates shown reflect yield at March 31, 2022.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—97.5%
Air freight & logistics—1.3%
Forward Air Corp.		21,704		2,122,217

Auto components—1.4%
Visteon Corp.^*		21,006		2,292,385

Banks—5.7%
First Bancorp/Southern Pines NC		52,649		2,199,149
National Bank Holdings Corp., Class A		34,210		1,377,979
Texas Capital Bancshares, Inc.^*		22,946		1,315,035
Veritex Holdings, Inc.		58,784		2,243,785
Webster Financial Corp.		39,036		2,190,700
				9,326,648
Biotechnology—6.7%
Allogene Therapeutics, Inc.^*		41,403		377,181
Argenx SE, ADR^*		3,016		950,975
CRISPR Therapeutics AG^*,1		6,565		412,085
Fate Therapeutics, Inc.^*		13,652		529,288
IGM Biosciences, Inc.^*,1		18,697		499,771
Insmed, Inc.^*		45,417		1,067,300
Instil Bio, Inc.^*		32,004		344,043
Intellia Therapeutics, Inc.^*		11,302		821,316
Kura Oncology, Inc.^*		46,039		740,307
Kymera Therapeutics, Inc.^*		25,259		1,068,961
MeiraGTx Holdings PLC^*		42,442		587,822
Nurix Therapeutics, Inc.^*		37,771		529,172
PMV Pharmaceuticals, Inc.^*,1		24,591		511,985
Relay Therapeutics, Inc.^*		22,629		677,286
Repare Therapeutics, Inc.^*		22,076		314,362
Xencor, Inc.^*		28,543		761,527
Zentalis Pharmaceuticals, Inc.^*		16,589		765,416
				10,958,797
Building products—1.9%
AZEK Co., Inc.^*		36,727		912,299
Simpson Manufacturing Co., Inc.		19,309		2,105,453
				3,017,752
Chemicals—1.0%
Aspen Aerogels, Inc.*		49,552		1,708,553

Construction & engineering—3.1%
Ameresco, Inc., Class A^*		36,354		2,890,143

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Construction & engineering—(concluded)
MasTec, Inc.^*		25,295		2,203,194
				5,093,337
Electrical equipment—2.4%
Generac Holdings, Inc.^*		2,058		611,761
Regal Rexnord Corp.		18,082		2,690,240
Shoals Technologies Group, Inc., Class A^*		35,678		607,953
				3,909,954
Equity real estate investment trusts—2.3%
Ryman Hospitality Properties, Inc.^*		39,714		3,684,268

Food & staples retailing—2.2%
Performance Food Group Co.^*		71,540		3,642,101

Health care equipment & supplies—3.7%
AtriCure, Inc.^*		36,825		2,418,298
Silk Road Medical, Inc.^*		34,374		1,419,302
STAAR Surgical Co.^*		27,306		2,182,023
				6,019,623
Health care providers & services—5.1%
Castle Biosciences, Inc.^*		22,173		994,681
LHC Group, Inc.^*		10,696		1,803,346
R1 RCM, Inc.^*		102,307		2,737,735
Surgery Partners, Inc.^*		51,378		2,828,359
				8,364,121
Health care technology—1.6%
Inspire Medical Systems, Inc.^*		9,969		2,558,943

Hotels, restaurants & leisure—9.6%
Bloomin' Brands, Inc.		106,329		2,332,858
Churchill Downs, Inc.		11,453		2,540,046
Dave & Buster's Entertainment, Inc.^*		66,836		3,281,648
Planet Fitness, Inc., Class A^*		29,618		2,502,129
Six Flags Entertainment Corp.^*		63,424		2,758,944
Sweetgreen, Inc., Class A^*,1		5,600		179,144

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Wyndham Hotels & Resorts, Inc.		23,882		2,022,566
				15,617,335
Household durables—1.5%
TopBuild Corp.^*		13,047		2,366,595

IT services—4.6%
DigitalOcean Holdings, Inc.^*		26,852		1,553,388
Jack Henry & Associates, Inc.		14,439		2,845,205
Shift4 Payments, Inc., Class A^*		40,757		2,524,081
Wix.com Ltd.^*		5,812		607,122
				7,529,796
Life sciences tools & services—5.7%
Azenta, Inc.		32,077		2,658,542
Maravai LifeSciences Holdings, Inc., Class A^*		10,752		379,223
Medpace Holdings, Inc.^*		15,629		2,556,748
NanoString Technologies, Inc.^*		28,056		974,946
NeoGenomics, Inc.^*		41,850		508,478
Repligen Corp.^*		11,448		2,153,254
				9,231,191
Machinery—6.6%
Astec Industries, Inc.		31,918		1,372,474
Chart Industries, Inc.^*		23,387		4,017,185
Evoqua Water Technologies Corp.^*		64,296		3,020,626
Terex Corp.		65,571		2,338,262
				10,748,547
Media—0.7%
Magnite, Inc.^*		82,527		1,090,182

Oil, gas & consumable fuels—3.5%
Chesapeake Energy Corp.¹		40,397		3,514,539
Ovintiv, Inc.		41,531		2,245,581
				5,760,120
Pharmaceuticals—0.8%
Intra-Cellular Therapies, Inc.^*		21,254		1,300,532

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Professional services—0.8%
Sterling Check Corp.^*		47,300		1,250,139

Semiconductors & semiconductor equipment—5.2%
Lattice Semiconductor Corp.^*		41,371		2,521,562
MaxLinear, Inc.^*		50,131		2,925,144
Universal Display Corp.		19,195		3,204,605
				8,651,311
Software—9.7%
Alteryx, Inc., Class A^*		35,395		2,531,804
Clearwater Analytics Holdings, Inc., Class A^*		41,200		865,200
CyberArk Software Ltd.^*		13,200		2,227,500
ForgeRock, Inc., Class A^*		31,000		679,520
HashiCorp, Inc., Class A^*,1		10,700		577,800
Jamf Holding Corp.^*,1		70,745		2,462,634
Rapid7, Inc.^*		27,914		3,105,153
Sumo Logic, Inc.^*		43,854		511,776
Tenable Holdings, Inc.^*		47,963		2,771,782
				15,733,169
Specialty retail—2.0%
Children's Place, Inc.^*		20,859		1,028,349
National Vision Holdings, Inc.^*		50,278		2,190,612
				3,218,961
Technology hardware, storage & peripherals—2.2%
Pure Storage, Inc., Class A^*		102,144		3,606,705

Textiles, apparel & luxury goods—1.8%
PVH Corp.		17,347		1,328,954
Tapestry, Inc.		44,282		1,645,076
				2,974,030
Thrifts & mortgage finance—0.6%
Essent Group Ltd.		23,195		955,866

Trading companies & distributors—3.8%
Boise Cascade Co.		30,450		2,115,362

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Trading companies & distributors—(concluded)
Herc Holdings, Inc.		24,248		4,051,598
				6,166,960
Total common stocks (cost—$134,027,853)				158,900,138

Short-term investments—2.9%
Investment companies—2.9%
State Street Institutional U.S. Government Money Market Fund, 0.250%² (cost—$4,716,333)		4,716,333		4,716,333

Investment of cash collateral from securities loaned—3.0%
Money market funds—3.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%² (cost—$4,922,112)		4,922,112		4,922,112
Total investments (cost—$143,666,298)³—103.4%				168,538,583
Liabilities in excess of other assets—(3.4)%				(5,470,568	)
Net assets—100.0%			$	163,068,015

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

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		158,900,138		—		—		158,900,138
Short-term investments		—		4,716,333		—		4,716,333
Investment of cash collateral from securities loaned		—		4,922,112		—		4,922,112
Total		158,900,138		9,638,445		—		168,538,583

At March 31, 2022, there were no transfers in or out of Level 3.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – March 31, 2022 (unaudited)

Portfolio footnotes

Non-income producing security.

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

Rates shown reflect yield at March 31, 2022.

Includes $7,786,332 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,922,112 and non-cash collateral of $3,195,269.

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—90.3%
Connecticut—3.9%
State of Connecticut Special Tax Revenue, Transportation Infrastructure, Revenue Bonds
5.000%, due 01/01/30		1,665,000		1,896,877
State of Connecticut, GO Bonds,
Series A,
5.000%, due 04/15/25		1,250,000		1,355,151
				3,252,028
District of Columbia—2.1%
District of Columbia, Revenue Bonds,
Series A,
5.000%, due 03/01/31		1,465,000		1,738,881

Florida—9.1%
Miami-Dade County Transit System, Revenue Bonds,
Series A,
5.000%, due 07/01/43		1,000,000		1,173,444
Miami-Dade County, Refunding, Revenue Bonds
5.000%, due 10/01/26		1,000,000		1,123,796
Palm Beach County School District, Refunding, COP,
Series B,
5.000%, due 08/01/31		1,000,000		1,085,943
School District of Broward County, Refunding, COP,
Series B,
5.000%, due 07/01/30		2,000,000		2,172,489
St. Lucie County School Board, Refunding, Revenue Bonds, AGM
5.000%, due 10/01/26		1,020,000		1,122,880
State of Florida, Department Transportation, Refunding, GO Bonds
5.000%, due 07/01/24		935,000		999,152
				7,677,704
Georgia—4.8%
Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds
5.000%, due 07/01/29		1,500,000		1,778,448
Catoosa County School District, GO Bonds
5.000%, due 08/01/26		2,000,000		2,244,778
				4,023,226
Illinois—10.1%
Chicago O’Hare International Airport, Refunding, Revenue Bonds
5.000%, due 01/01/30		1,000,000		1,068,506
5.000%, due 01/01/31		1,050,000		1,120,490
Illinois Finance Authority, Clean Water Initiative Revolving Fund, Revenue Bonds
5.000%, due 07/01/37		1,000,000		1,164,505

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Illinois—(concluded)
Illinois Finance Authority, OSF Healthcare System, Revenue Bonds,
Series A,
5.000%, due 05/15/23		1,105,000		1,110,105
Illinois State Toll Highway Authority, Revenue Bonds,
Series B,
5.000%, due 01/01/27		1,000,000		1,118,147
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.000%, due 06/01/25		1,235,000		1,330,364
State of Illinois, Refunding, GO Bonds,
Series C,
4.000%, due 03/01/31		1,500,000		1,590,487
				8,502,604
Maryland—4.2%
County of Anne Arundel MD, Consolidated Water and Sewer, GO Bonds
5.000%, due 10/01/38		1,000,000		1,180,038
State of Maryland, GO Bonds,
Series A,
5.000%, due 08/01/30		1,000,000		1,188,531
Washington Suburban Sanitary Commission, Consolidated Public Improvement, Revenue Bonds
5.000%, due 06/01/29		1,000,000		1,165,635
				3,534,204
Massachusetts—2.0%
Commonwealth of Massachusetts, GO Bonds,
Series A,
5.000%, due 01/01/40		1,500,000		1,694,495

Michigan—2.4%
Michigan State Building Authority, Refunding, Revenue Bonds,
Series I,
5.000%, due 10/15/29		1,800,000		2,012,926

Nevada—2.4%
County of Clark NV Passenger Facility Charge Revenue, Las Vegas-McCarran International Airport, Refunding, Revenue Bonds
5.000%, due 07/01/27		1,815,000		2,052,497

New Jersey—4.5%
New Jersey Transportation Trust Fund Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 06/15/30		1,000,000		1,142,524

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
New Jersey—(concluded)
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Series AA,
5.000%, due 06/15/27		1,500,000		1,548,139
New Jersey Turnpike Authority, Revenue Bonds,
Series A,
5.000%, due 01/01/27		1,000,000		1,063,837
				3,754,500
New York—17.8%
City of New York, GO Bonds,
Series B-1,
5.000%, due 10/01/42		1,200,000		1,371,028
Subseries F-1,
5.000%, due 04/01/40		1,000,000		1,120,765
Metropolitan Transportation Authority, Refunding, Revenue Bonds,
Subseries 2012 G-1,
0.430%, due 11/01/32¹		3,200,000		3,200,000
New York City Municipal Water Finance Authority, Second General Resolution, Refunding, Revenue Bonds
5.000%, due 06/15/40		1,200,000		1,372,911
Series EE,
5.000%, due 06/15/40		1,000,000		1,134,837
Series FF,
5.000%, due 06/15/39		2,000,000		2,265,027
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding, Revenue Bonds,
Series A-1,
5.000%, due 11/01/25		1,500,000		1,649,149
New York State Dormitory Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 03/15/44		1,000,000		1,156,862
New York State Dormitory Authority, Revenue Bonds,
Series A,
5.000%, due 03/15/43		1,500,000		1,685,416
				14,955,995
Ohio—1.6%
State of Ohio, GO Bonds,
Series A,
5.000%, due 06/15/30		1,110,000		1,336,111

Oregon—2.1%
Tri-County Metropolitan Transportation District of Oregon, Revenue Bonds,
Series A,
5.000%, due 09/01/43		1,500,000		1,721,603

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Pennsylvania—7.1%
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds
5.000%, due 06/01/24		1,625,000		1,716,675
Pennsylvania Turnpike Commission, Refunding, Revenue Bonds,
2nd Series,
5.000%, due 12/01/30		1,750,000		1,969,026
Series 2017-3,
5.000%, due 12/01/28		1,000,000		1,134,729
Series A-2,
5.000%, due 12/01/28		1,000,000		1,148,980
				5,969,410
South Carolina—1.3%
South Carolina Public Service Authority, Refunding, Revenue Bonds,
Series A,
5.000%, due 12/01/26		1,010,000		1,092,718

Texas—9.5%
County of Williamson TX, GO Bonds
5.000%, due 02/15/29		1,000,000		1,178,106
Dallas and Fort Worth International Airport, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/01/29		1,100,000		1,288,696
Harris County Health Facilities Development Corp., Methodist Hospital System, Refunding, Revenue Bonds,
Series A-1,
0.340%, due 12/01/41¹		500,000		500,000
Lower Colorado River Authority, LCRA Transmission Services, Refunding, Revenue Bonds
5.000%, due 05/15/31		1,000,000		1,167,450
North Texas Municipal Water District Water System Revenue, Refunding, Revenue Bonds,
Series A,
5.000%, due 09/01/28		2,185,000		2,542,335
North Texas Tollway Authority, Second Tier, Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/29		1,140,000		1,325,473
				8,002,060
Virginia—1.4%
County of Fairfax VA, GO Bonds,
Series A,
5.000%, due 10/01/29		1,000,000		1,139,667

UBS Municipal Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(concluded)
Washington—4.0%
State of Washington, GO Bonds,
Series B,
5.000%, due 06/01/27		2,905,000		3,318,409
Total municipal bonds
(cost—$77,307,723)				75,779,038

	Number of shares
Short-term investments—0.4%
Investment companies—0.4%
State Street Institutional U.S. Government Money Market Fund, 0.250%²
(cost—$367,335)		367,335		367,335
Total investments
(cost—$77,675,058)—90.7%				76,146,373
Other assets in excess of liabilities—9.3%				7,767,921
Net assets—100.0%			$	83,914,294

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

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		—		75,779,038		—		75,779,038
Short-term investments		—		367,335		—		367,335
Total		—		76,146,373		—		76,146,373

At March 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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

Rates shown reflect yield at March 31, 2022.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—98.2%
Supranationals—98.2%
African Development Bank
0.750%, due 04/03/23		450,000		444,835
0.875%, due 03/23/26		500,000		466,261
0.875%, due 07/22/26		2,500,000		2,332,055
1.625%, due 09/16/22		220,000		220,364
7.375%, due 04/06/23		300,000		315,796
Series GDIF, 0.500%, due 04/22/22		100,000		99,993
2.125%, due 11/16/22		300,000		301,249
Agence Francaise de Developpement EPIC
0.625%, due 01/22/26¹		3,600,000		3,333,269
Asian Development Bank
0.750%, due 10/08/30		600,000		523,046
1.500%, due 03/04/31		1,250,000		1,152,799
1.750%, due 09/19/29		800,000		757,977
1.875%, due 03/15/29		300,000		287,767
1.875%, due 01/24/30		700,000		668,280
2.750%, due 01/19/28		240,000		241,964
3.125%, due 09/26/28		500,000		518,401
Asian Infrastructure Investment Bank
0.500%, due 05/28/25		2,700,000		2,511,063
0.500%, due 01/27/26		1,550,000		1,425,539
Corp. Andina de Fomento
4.375%, due 06/15/22		300,000		301,866
Council of Europe Development Bank
0.875%, due 09/22/26²		1,900,000		1,768,277
1.375%, due 02/27/25		1,500,000		1,449,097
2.500%, due 02/27/24		650,000		651,605
European Bank for Reconstruction & Development
0.500%, due 05/19/25		400,000		374,486
0.500%, due 11/25/25		500,000		462,592
0.500%, due 01/28/26		2,450,000		2,260,151
1.500%, due 02/13/25		750,000		727,212
2.750%, due 03/07/23		300,000		302,391
European Investment Bank
0.375%, due 03/26/26		100,000		91,665
0.625%, due 07/25/25		250,000		234,515
0.625%, due 10/21/27		600,000		539,410
1.250%, due 02/14/31²		1,700,000		1,535,869
1.875%, due 02/10/25		700,000		687,312
2.625%, due 03/15/24		225,000		226,125

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
IDB Trust Services Ltd.
0.908%, due 06/25/25¹		400,000		374,656
1.809%, due 02/26/25¹		400,000		388,860
2.393%, due 04/12/22¹		200,000		199,980
2.843%, due 04/25/24¹		2,000,000		2,003,348
3.389%, due 09/26/23¹		800,000		810,963
Inter-American Development Bank
0.500%, due 05/24/23		1,500,000		1,474,074
0.625%, due 07/15/25		850,000		797,079
0.625%, due 09/16/27		1,400,000		1,255,925
0.875%, due 04/20/26		200,000		186,560
1.125%, due 07/20/28		2,600,000		2,386,722
1.125%, due 01/13/31		3,900,000		3,490,833
1.500%, due 01/13/27		500,000		477,778
1.750%, due 03/14/25		550,000		537,504
2.000%, due 06/02/26		1,950,000		1,902,323
2.000%, due 07/23/26		630,000		615,138
2.250%, due 06/18/29		3,800,000		3,733,214
2.375%, due 07/07/27		1,285,000		1,270,074
3.000%, due 10/04/23		300,000		303,366
3.125%, due 09/18/28		2,450,000		2,532,235
Inter-American Investment Corp.
0.625%, due 02/10/26¹		300,000		277,027
1.750%, due 10/02/24¹		1,400,000		1,373,497
International Bank for Reconstruction & Development
0.625%, due 04/22/25		300,000		282,973
0.750%, due 11/24/27		2,500,000		2,260,023
0.750%, due 08/26/30		2,500,000		2,163,724
0.875%, due 05/14/30		2,550,000		2,238,443
1.125%, due 09/13/28		1,600,000		1,465,936
1.250%, due 02/10/31		2,750,000		2,474,909
1.625%, due 11/03/31		3,000,000		2,764,897
Series GDIF, 1.375%, due 04/20/28		800,000		744,540
Series GDIF, 1.750%, due 10/23/29		3,760,000		3,558,762
Series GDIF, 1.875%, due 10/27/26		1,750,000		1,701,825
Series GDIF, 2.500%, due 11/22/27		1,710,000		1,701,474
International Development Association
0.875%, due 04/28/26¹		200,000		187,852
1.000%, due 12/03/30¹		2,750,000		2,436,742

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Supranationals—(concluded)
2.750%, due 04/24/23¹		250,000		251,988
Series GDIF, 0.750%, due 06/10/27¹		1,500,000		1,366,530
International Finance Corp.
0.375%, due 07/16/25		700,000		650,898
0.750%, due 10/08/26		700,000		647,800
0.750%, due 08/27/30		1,250,000		1,098,211
1.375%, due 10/16/24		100,000		97,372
2.125%, due 04/07/26		875,000		861,643
Kreditanstalt fuer Wiederaufbau
0.625%, due 01/22/26		1,000,000		928,599
2.000%, due 05/02/25		100,000		98,284
2.875%, due 04/03/28		2,500,000		2,539,801
Nordic Investment Bank
0.500%, due 01/21/26		1,000,000		924,627
2.875%, due 07/19/23		600,000		605,594
Total non-U.S. government agency obligations (cost—$92,747,457)				87,657,834

	Number of shares
Short-term investments—1.6%
Investment companies—1.6%
State Street Institutional U.S. Government Money Market Fund, 0.250%³ (cost—$1,382,815)		1,382,815		1,382,815

Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%³ (cost—$626,290)		626,290		626,290
Total investments (cost—$94,756,562)⁴—100.5%				89,666,939
Liabilities in excess of other assets—(0.5)%				(443,876	)
Net assets—100.0%			$	89,223,063

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, 2022 (unaudited)

Fair valuation summary

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		—		87,657,834		—		87,657,834
Short-term investments		—		1,382,815		—		1,382,815
Investment of cash collateral from securities loaned		—		626,290		—		626,290
Total		—		89,666,939		—		89,666,939

At March 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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

Rates shown reflect yield at March 31, 2022.

Includes $614,543 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $626,290.

UBS Total Return Bond Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of March 31, 2022

Corporate bonds
Agriculture	0.1	%
Airlines	0.3
Auto manufacturers	1.4
Banks	8.6
Beverages	0.6
Biotechnology	1.1
Chemicals	0.5
Commercial services	0.3
Computers	0.7
Diversified financial services	2.0
Electric	1.9
Food	0.1
Healthcare-products	0.2
Housewares	0.7
Insurance	1.7
Media	1.1
Mining	0.2
Miscellaneous manufacturers	2.5
Oil & gas	1.8
Packaging & containers	0.7
Pharmaceuticals	0.9
Pipelines	1.8
Real estate	0.2
Real estate investment trust	0.7
Retail	0.6
Semiconductors	0.5
Software	0.9
Telecommunications	1.6
Transportation	0.5
Total corporate bonds	34.2
Asset-backed securities	15.1
Mortgage-backed securities	24.9
Municipal bonds	1.8
Non-U.S. government agency obligations	2.4
U.S. government agency obligations	19.3
U.S. Treasury obligations	3.9
Short-term investments	8.8
Swaptions purchased	0.0	†
Investment of cash collateral from securities loaned	0.4
Total investments	110.8
Liabilities in excess of other assets	(10.8	)
Net assets	100.0	%

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

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

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—15.1%
Canada—0.6%
Golden Credit Card Trust,
Series 2021-1A, Class C,
1.740%, due 08/15/28¹		200,000		186,201

United States—14.5%
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/27¹		150,000		146,288
CPS Auto Trust,
Series 2018-C, Class D,
4.400%, due 06/17/24¹		80,622		81,153
Dell Equipment Finance Trust,
Series 2021-2, Class D,
1.210%, due 06/22/27¹		125,000		119,193
Drive Auto Receivables Trust,
Series 2018-1, Class D,
3.810%, due 05/15/24		10,208		10,218
Series 2018-2, Class D,
4.140%, due 08/15/24		43,804		44,087
Series 2018-3, Class D,
4.300%, due 09/16/24		93,125		93,688
Series 2018-4, Class D,
4.090%, due 01/15/26		80,937		81,657
DT Auto Owner Trust,
Series 2021-1A, Class C,
0.840%, due 10/15/26¹		150,000		145,345
Series 2021-1A, Class D,
1.160%, due 11/16/26¹		150,000		142,598
Enterprise Fleet Financing LLC,
Series 2019-3, Class A2,
2.060%, due 05/20/25¹		85,065		85,116
Exeter Automobile Receivables Trust,
Series 2019-2A, Class C,
3.300%, due 03/15/24¹		7,973		7,979
Ford Credit Auto Owner Trust,
Series 2021-REV2, Class D,
2.600%, due 05/15/34¹		200,000		187,118
HPEFS Equipment Trust,
Series 2021-1A, Class D,
1.030%, due 03/20/31¹		300,000		285,727
Series 2021-2A, Class D,
1.290%, due 03/20/29¹		150,000		142,672

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
United States—(continued)
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
1.691%, due 03/17/37^1,2		99,986		99,699
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class C,
3.850%, due 10/14/25¹		300,000		299,990
OneMain Financial Issuance Trust,
Series 2019-1A, Class A,
3.480%, due 02/14/31¹		13,099		13,095
Series 2020-2A, Class A,
1.750%, due 09/14/35¹		100,000		92,798
Series 2020-2A, Class B,
2.210%, due 09/14/35¹		150,000		138,815
Series 2021-1A, Class A1,
1.550%, due 06/16/36¹		250,000		227,938
PSNH Funding LLC 3,
Series 2018-1, Class A3,
3.814%, due 02/01/35		175,000		183,025
Santander Consumer Auto Receivables Trust,
Series 2020-BA, Class B,
0.770%, due 12/15/25¹		275,000		269,220
Santander Drive Auto Receivables Trust,
Series 2018-4, Class D,
3.980%, due 12/15/25		167,683		168,856
Santander Retail Auto Lease Trust,
Series 2021-B, Class C,
1.100%, due 06/20/25¹		500,000		478,325
Series 2021-C, Class C,
1.110%, due 03/20/26¹		125,000		118,586
Tesla Auto Lease Trust,
Series 2019-A, Class C,
2.680%, due 01/20/23¹		100,000		100,232
Series 2020-A, Class B,
1.180%, due 01/22/24¹		100,000		99,076
Series 2020-A, Class D,
2.330%, due 02/20/24¹		100,000		99,395
Series 2021-A, Class D,
1.340%, due 03/20/25¹		250,000		241,776
Series 2021-B, Class D,
1.320%, due 09/22/25¹		125,000		118,501

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(concluded)
United States—(concluded)
World Omni Select Auto Trust,
Series 2021-A, Class D,
1.440%, due 11/15/27		125,000		115,798
				4,437,964
Total asset-backed securities (cost—$4,783,267)				4,624,165

Corporate bonds—34.2%
Belgium—0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		165,000		183,504

Canada—0.2%
Rogers Communications, Inc.
5.000%, due 03/15/44		60,000		63,681

China—0.4%
Agile Group Holdings Ltd.
5.750%, due 01/02/25³		200,000		66,000
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26¹		65,000		65,215
				131,215
Colombia—0.2%
Ecopetrol SA
5.375%, due 06/26/26		70,000		70,789

Ireland—0.2%
Avolon Holdings Funding Ltd.
2.875%, due 02/15/25¹		50,000		48,009

Peru—0.2%
Southern Copper Corp.
6.750%, due 04/16/40		40,000		50,945

United Kingdom—2.7%
Barclays PLC
4.836%, due 05/09/28		200,000		204,215
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		121,766
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		204,116

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
NatWest Group PLC
3.875%, due 09/12/23		250,000		252,560
Reynolds American, Inc.
7.250%, due 06/15/37		35,000		40,944
				823,601
United States—29.7%
Abbott Laboratories
3.750%, due 11/30/26		45,000		46,700
AbbVie, Inc.
4.500%, due 05/14/35		100,000		107,330
AEP Texas, Inc.,
Series E,
6.650%, due 02/15/33		50,000		60,821
Series G,
4.150%, due 05/01/49		50,000		49,158
Air Lease Corp.
2.875%, due 01/15/26		50,000		48,259
Alabama Power Co.
6.000%, due 03/01/39		100,000		123,559
Allstate Corp.,
Series B,
(fixed, converts to FRN on 08/15/23), 5.750%, due 08/15/53		25,000		24,875
Ally Financial, Inc.
4.625%, due 05/19/22		100,000		100,385
American International Group, Inc.
2.500%, due 06/30/25		50,000		48,886
Amgen, Inc.
4.663%, due 06/15/51		50,000		55,023
Aon Global Ltd.
4.750%, due 05/15/45		50,000		53,728
Apple, Inc.
4.650%, due 02/23/46		100,000		118,326
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250%, due 04/30/25¹		200,000		199,725
AT&T, Inc.
3.800%, due 12/01/57		58,000		52,916
4.300%, due 02/15/30		150,000		158,486
Bank of America Corp.
4.200%, due 08/26/24		150,000		153,646
6.110%, due 01/29/37		125,000		149,324

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Bank of New York Mellon Corp.
1.600%, due 04/24/25		100,000		96,394
Biogen, Inc.
3.250%, due 02/15/51^1,4		56,000		46,291
4.050%, due 09/15/25		100,000		102,565
Boston Properties LP
2.750%, due 10/01/26		210,000		204,403
BP Capital Markets America, Inc.
3.017%, due 01/16/27		50,000		49,864
Bristol-Myers Squibb Co.
3.200%, due 06/15/26		99,000		100,519
4.125%, due 06/15/39		50,000		53,691
Broadcom, Inc.
3.137%, due 11/15/35¹		30,000		26,433
Burlington Northern Santa Fe LLC
5.150%, due 09/01/43		50,000		59,374
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/26¹		75,000		76,053
Citigroup, Inc.
5.500%, due 09/13/25		300,000		320,322
6.675%, due 09/13/43		25,000		32,886
Comcast Corp.
2.887%, due 11/01/51¹		64,000		53,954
2.937%, due 11/01/56¹		67,000		55,310
3.969%, due 11/01/47		38,000		38,605
ConocoPhillips Co.
3.758%, due 03/15/42¹		100,000		101,825
CVS Health Corp.
4.300%, due 03/25/28		27,000		28,244
Delta Air Lines, Inc.
7.000%, due 05/01/25¹		100,000		107,112
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		50,000		52,746
DuPont de Nemours, Inc.
4.725%, due 11/15/28		100,000		107,168
Eaton Corp.
2.750%, due 11/02/22		190,000		191,033
Energy Transfer LP
5.400%, due 10/01/47		50,000		52,347
5.500%, due 06/01/27		50,000		53,732
EOG Resources, Inc.
3.900%, due 04/01/35		50,000		51,332

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
EQT Corp.
3.900%, due 10/01/27		220,000		219,363
Exelon Corp.
3.400%, due 04/15/26		150,000		150,510
4.450%, due 04/15/46		50,000		52,276
FedEx Corp.
4.550%, due 04/01/46		50,000		52,350
Fiserv, Inc.
3.200%, due 07/01/26		60,000		59,689
Ford Motor Credit Co. LLC
4.542%, due 08/01/26		300,000		299,557
Fox Corp.
3.050%, due 04/07/25		25,000		24,987
5.576%, due 01/25/49		25,000		29,059
GE Capital International Funding Co. Unlimited Co.
3.373%, due 11/15/25⁴		200,000		201,092
General Electric Co.,
Series D,
3 mo. USD LIBOR + 3.330%,
4.156%, due 06/15/22^2,5		99,000		94,916
General Motors Co.
6.600%, due 04/01/36		120,000		139,356
Gilead Sciences, Inc.
3.650%, due 03/01/26		75,000		76,276
4.750%, due 03/01/46		50,000		55,409
Goldman Sachs Group, Inc.
3.750%, due 02/25/26		200,000		203,154
5.150%, due 05/22/45		30,000		33,520
Hillenbrand, Inc.
5.750%, due 06/15/25		200,000		205,000
Home Depot, Inc.
2.125%, due 09/15/26		100,000		97,096
Illinois Tool Works, Inc.
2.650%, due 11/15/26		80,000		79,110
International Lease Finance Corp.
5.875%, due 08/15/22		120,000		121,465
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29		150,000		149,307
3.875%, due 09/10/24		350,000		357,511
Series I,
3 mo. USD LIBOR + 3.470%,
3.769%, due 07/30/22 ^2,5		97,000		97,000

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Kinder Morgan, Inc.
4.300%, due 03/01/28		100,000		103,624
5.550%, due 06/01/45		40,000		44,718
Kroger Co.
6.900%, due 04/15/38		25,000		32,921
Liberty Mutual Group, Inc.
4.250%, due 06/15/23¹		45,000		45,695
4.569%, due 02/01/29¹		155,000		164,295
Lumen Technologies, Inc.
5.625%, due 04/01/25		200,000		201,500
LYB International Finance BV
4.875%, due 03/15/44		50,000		53,215
Marathon Petroleum Corp.
4.750%, due 09/15/44		70,000		71,176
McDonald's Corp.
4.875%, due 12/09/45		75,000		83,379
MetLife, Inc.
6.400%, due 12/15/36		110,000		118,448
Microsoft Corp.
2.525%, due 06/01/50		100,000		86,349
Morgan Stanley
4.300%, due 01/27/45		50,000		52,588
4.350%, due 09/08/26		140,000		144,197
MPLX LP
4.875%, due 06/01/25		70,000		72,520
Newell Brands, Inc.
4.875%, due 06/01/25		200,000		206,447
Oncor Electric Delivery Co. LLC
3.750%, due 04/01/45		50,000		49,449
OneMain Finance Corp.
6.875%, due 03/15/25		200,000		210,304
Oracle Corp.
2.800%, due 04/01/27		100,000		95,711
4.000%, due 11/15/47		50,000		44,218
Prudential Financial, Inc.
6.625%, due 06/21/40		50,000		64,689
QUALCOMM, Inc.
3.250%, due 05/20/27		60,000		60,778
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		200,000		211,513
Seagate HDD Cayman
5.750%, due 12/01/34		80,000		81,800

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Synchrony Financial
4.500%, due 07/23/25		90,000		91,805
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/47¹		10,000		10,565
Union Pacific Corp.
4.050%, due 11/15/45		40,000		41,440
Virginia Electric and Power Co.
4.600%, due 12/01/48		50,000		56,236
Walt Disney Co.
4.950%, due 10/15/45		50,000		57,665
Wells Fargo & Co.
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27		70,000		69,078
Yale University,
Series 2020,
1.482%, due 04/15/30		100,000		90,161
				9,127,837
Total corporate bonds (cost—$10,873,692)				10,499,581

Mortgage-backed securities—24.9%
United States—24.9%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1,
2.593%, due 10/25/49^1,6		39,372		39,401
Series 2020-4, Class A1,
1.469%, due 06/25/65^1,6		61,902		60,960
Series 2020-5, Class A1,
1.373%, due 05/25/65^1,6		41,051		40,313
Series 2020-5, Class A2,
1.579%, due 05/25/65^1,6		114,943		112,868
Series 2020-R1, Class A1,
0.990%, due 04/25/53^1,6		78,379		77,059
Series 2021-4, Class A1,
1.035%, due 01/20/65^1,6		68,391		64,701
Series 2021-5, Class A1,
0.951%, due 07/25/66^1,6		112,489		106,177
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1,
3.649%, due 09/25/48^1,6		13,410		13,369
Series 2019-4, Class A1,
2.993%, due 07/26/49^1,6		26,287		26,242

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF3, Class B,
2.511%, due 10/15/54¹		150,000		131,999
BAMLL Commercial Mortgage Securities Trust,
Series 2015-200P, Class D,
3.596%, due 04/14/33^1,6		100,000		97,036
BANK,
Series 2018-BN15, Class A4,
4.407%, due 11/15/61⁶		150,000		158,807
BBCMS Trust,
Series 2015-SRCH, Class B,
4.498%, due 08/10/35¹		135,000		137,242
Benchmark Mortgage Trust,
Series 2018-B5, Class A3,
3.944%, due 07/15/51		100,000		102,447
BX Commercial Mortgage Trust,
Series 2021-SOAR, Class D,
1 mo. USD LIBOR + 1.400%,
1.797%, due 06/15/38^1,2		150,000		146,142
BX Mortgage Trust,
Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
1.695%, due 10/15/36^1,2		175,000		167,988
BX Trust,
Series 2021-LGCY, Class D,
1 mo. USD LIBOR + 1.302%,
1.699%, due 10/15/23^1,2		400,000		381,799
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/65^1,6		13,536		13,526
Series 2020-3, Class A1,
1.506%, due 04/27/65^1,6		20,050		19,981
Series 2021-3, Class A1,
0.956%, due 09/27/66^1,6		88,297		81,785
Series 2021-6, Class A1,
1.907%, due 12/25/66^1,6		94,227		89,175
Series 2021-HX1, Class A1,
1.110%, due 10/25/66^1,6		244,933		227,824
Series 2022-1, Class A1,
2.284%, due 12/27/66^1,6		391,646		379,926
COLT Mortgage Pass-Through Certificates,
Series 2021-1R, Class A1,
0.857%, due 05/25/65^1,6		33,217		32,890

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/65^1,7		75,433		74,206
Deephaven Residential Mortgage Trust,
Series 2021-1, Class A1,
0.715%, due 05/25/65^1,6		52,183		50,471
Series 2022-1, Class A1,
2.205%, due 01/25/67^1,6		221,596		212,221
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
2.647%, due 07/15/38^1,2		347,859		342,618
FREMF Mortgage Trust,
Series 2017-K64, Class B,
3.994%, due 05/25/50^1,6		50,000		49,920
GCAT Trust,
Series 2021-NQM4, Class A1,
1.093%, due 08/25/66^1,6		102,720		92,466
GS Mortgage Securities Corp. II,
Series 2018-GS10, Class C,
4.409%, due 07/10/51⁶		100,000		99,502
GS Mortgage Securities Trust,
Series 2017-GS5, Class B,
4.047%, due 03/10/50⁶		200,000		198,756
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/60^1,6		40,505		39,471
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS,
3.800%, due 01/15/48		200,000		200,071
Series 2015-C30, Class A5,
3.822%, due 07/15/48		170,000		171,770
Med Trust,
Series 2021-MDLN, Class D,
1 mo. USD LIBOR + 2.000%,
2.397%, due 11/15/38^1,2		300,000		293,409
MFA Trust,
Series 2021-NQM2, Class A1,
1.029%, due 11/25/64^1,6		69,271		65,521
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class D,
1 mo. USD LIBOR + 1.601%,
1.998%, due 04/15/38^1,2		300,000		294,350

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class A4,
3.732%, due 05/15/48		100,000		100,762
Series 2015-C24, Class AS,
4.036%, due 05/15/48⁶		75,000		75,249
Series 2016-C32, Class AS,
3.994%, due 12/15/49⁶		273,000		275,640
Series 2017-C34, Class C,
4.176%, due 11/15/52⁶		100,000		97,739
New Residential Mortgage Loan Trust,
Series 2020-NQM2, Class A1,
1.650%, due 05/24/60^1,6		25,639		25,164
Series 2021-NQM3, Class A1,
1.156%, due 11/27/56^1,6		203,582		194,125
Series 2022-NQM1, Class A1,
2.277%, due 01/25/26^1,6		360,444		350,454
ONE Mortgage Trust,
Series 2021-PARK, Class C,
1 mo. USD LIBOR + 1.100%,
1.497%, due 03/15/36^1,2		375,000		360,646
Residential Mortgage Loan Trust,
Series 2019-3, Class A1,
2.633%, due 09/25/59^1,6		37,126		36,555
Series 2020-2, Class A1,
1.654%, due 05/25/60^1,6		55,707		55,343
SLG Office Trust,
Series 2021-OVA, Class C,
2.851%, due 07/15/41¹		100,000		88,983
Starwood Retail Property Trust,
Series 2014-STAR, Class C,
1 mo. USD LIBOR + 2.750%,
3.147%, due 11/15/27^1,2		125,000		1,524
Verus Securitization Trust,
Series 2019-3, Class A1,
2.784%, due 07/25/59^1,7		21,847		21,852
Series 2019-4, Class A1,
2.642%, due 11/25/59^1,7		21,753		21,730
Series 2020-4, Class A1,
1.502%, due 05/25/65^1,7		39,611		38,679
Series 2020-5, Class A1,
1.218%, due 05/25/65^1,7		45,588		44,436
Series 2021-1, Class A1,
0.815%, due 01/25/66^1,6		52,290		50,643
Series 2021-3, Class A1,
1.046%, due 06/25/66^1,6		282,407		267,972

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Series 2021-5, Class A1,
1.013%, due 09/25/66^1,6		226,192		208,210
Series 2021-R1, Class A1,
0.820%, due 10/25/63^1,6		84,522		82,467
Series 2021-R3, Class A1,
1.020%, due 04/25/64^1,6		154,819		151,531
Vista Point Securitization Trust,
Series 2020-1, Class A1,
1.763%, due 03/25/65^1,6		12,500		12,469
Series 2020-2, Class A1,
1.475%, due 04/25/65^1,6		40,790		39,600
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C,
4.833%, due 05/15/51⁶		150,000		151,143
Total mortgage-backed securities (cost—$8,093,715)				7,647,325

Municipal bonds—1.8%
California—1.1%
State of California, GO Bonds
7.300%, due 10/01/39		250,000		351,875

Hawaii—0.2%
State of Hawaii, GO Bonds,
Series FZ,
2.245%, due 08/01/38		75,000		62,898

Illinois—0.2%
State of Illinois, GO Bonds
6.630%, due 02/01/35		50,000		56,110

Texas — 0.3%
Texas Transportation Commission, Taxable Refunding, GO Bonds
2.472%, due 10/01/44		100,000		83,277
Total municipal bonds (cost—$590,410)				554,160

Non-U.S. government agency obligations—2.4%
Colombia—0.6%
Colombia Government International Bond
8.125%, due 05/21/24		155,000		168,301

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Indonesia—0.4%
Indonesia Government International Bond
6.625%, due 02/17/37¹		100,000		125,738

Mexico—0.5%
Mexico Government International Bond
4.750%, due 03/08/44		150,000		148,125

Panama—0.1%
Panama Government International Bond
3.870%, due 07/23/60		50,000		43,931

Turkey—0.3%
Turkey Government International Bond
6.875%, due 03/17/36		100,000		88,800

Uruguay—0.5%
Uruguay Government International Bond
7.625%, due 03/21/36		100,000		142,050
Total non-U.S. government agency obligations (cost—$730,621)				716,945

U.S. government agency obligations—19.3%
United States—19.3%
FHLMC
2.000%, due 01/01/52		99,559		92,471
2.500%, due 10/01/50		80,942		77,760
3.000%, due 09/01/43		71,640		71,483
3.500%, due 08/01/47		26,304		26,540
4.000%, due 01/01/46		46,304		48,208
4.000%, due 05/01/47		32,845		33,809
4.000%, due 10/01/47		22,481		23,141
FNMA
1.500%, due 03/01/51		46,118		41,193
2.000%, due 09/01/50		115,348		107,540
2.000%, due 01/01/51		216,052		201,428
2.000%, due 03/01/51		22,319		20,768
2.500%, due 11/01/50		80,362		77,009
2.500%, due 08/01/51		483,462		462,060
3.000%, due 02/01/33		81,547		82,547
3.000%, due 09/01/42		59,907		59,776
3.000%, due 07/01/43		47,203		47,081
3.000%, due 05/01/46		46,622		46,293

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(continued)
United States—(continued)
3.500%, due 04/01/32		49,622		51,152
3.500%, due 06/01/45		54,250		55,194
3.500%, due 06/01/46		97,844		99,547
4.000%, due 09/01/40		45,522		47,449
4.000%, due 03/01/41		13,237		13,796
4.000%, due 12/01/43		92,669		96,671
4.000%, due 02/01/45		58,552		60,924
4.500%, due 02/01/44		12,417		13,211
4.500%, due 12/01/44		10,060		10,668
4.500%, due 02/01/45		15,909		16,872
4.500%, due 08/01/46		9,468		10,030
4.500%, due 05/01/47		26,073		27,549
5.500%, due 03/01/33		20,145		21,852
5.500%, due 09/01/34		53,551		57,506
5.500%, due 11/01/34		17,860		19,479
6.000%, due 11/01/28		20,066		21,487
GNMA
6.500%, due 05/15/29		4,849		5,218
GNMA II
2.500%, due 03/20/51		41,076		39,933
2.500%, due 08/20/51		143,280		139,068
2.500%, due 12/20/51		49,365		47,914
3.000%, due 09/20/44		29,464		29,516
3.500%, due 02/20/43		8,370		8,570
4.000%, due 06/20/44		5,363		5,604
4.000%, due 09/20/44		21,096		22,044
4.000%, due 05/20/45		5,211		5,420
5.000%, due 08/20/48		6,311		6,648
GNMA II TBA
2.000%		175,000		166,412
3.000%		150,000		148,198
3.500%		200,000		201,098
4.000%		50,000		50,967
UMBS TBA
1.500%		250,000		228,341
2.000%		1,575,000		1,466,205
2.500%		1,100,000		1,049,177

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(concluded)
United States—(concluded)
3.000%		175,000		171,117
Total U.S. government agency obligations (cost—$6,126,478)				5,933,944

U.S. Treasury obligations—3.9%
United States—3.9%
U.S. Treasury Inflation Index Notes (TIPS)
0.125%, due 10/15/26		329,152		345,982
0.125%, due 07/15/30		147,995		156,938
U.S. Treasury Notes
1.375%, due 11/15/31		565,000		518,388
1.875%, due 02/15/32		180,000		172,856
Total U.S. Treasury obligations (cost—$1,235,825)				1,194,164

	Number of shares
Short-term investments—8.8%
Investment companies—8.8%
State Street Institutional U.S. Government Money Market Fund, 0.250%⁸ (cost—$2,706,925)		2,706,925	2,706,925

Investment of cash collateral from securities loaned—0.4%

Money market funds—0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.290%⁸ (cost—$113,300)		113,300	113,300

	Number of contracts		Notional amount		Value($)
Swaptions purchased—0.0%^†
Put swaptions—0.0%^†
CDX North American Investment Grade 37 Index, strike @ 80.000%, expires 04/20/22(Counterparty BOA); underlying swap terminates 12/20/26		3,500,000	USD	3,500,000		738
CDX North American Investment Grade 37 Index, strike @ 70.000%, expires 04/20/22 (Counterparty GS); underlying swap terminates 12/20/26		1,000,000	USD	1,000,000		539

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

Swaptions purchased—(concluded)
Put swaptions—(concluded)
CDX North American High Yield Series 37 Index, strike @ 105.500%, expires 04/20/22(Counterparty BOA); underlying swap terminates 12/20/26	1,000,000	USD	1,000,000		5,017
Total swaptions purchased (cost—$30,712)					6,294
Total investments (cost—$35,284,945)⁹—110.8%					33,996,803
Liabilities in excess of other assets—(10.8)%					(3,302,986	)
Net assets—100.0%				$	30,693,817

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.

Swaptions written

Notional amount		Number of contracts		Put options			Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	1,000		1,000,000	CDX North American High Yield Series 37 Index, strike @ 101.000%, terminating 12/20/26	BOA	Receive	04/20/22		6,900		(482	)		6,418
USD	1,000		1,000,000	CDX North American High Yield Series 37 Index, strike @ 103.000%, terminating 12/20/26	BOA	Receive	04/20/22		10,400		(1,284	)		9,116
USD	1,000		1,000,000	CDX North American Investment Grade 37 Index, strike @ 100.000%, terminating 12/20/26	GS	Receive	04/20/22		650		(48	)		602
USD	1,000		1,000,000	CDX North American Investment Grade 37 Index, strike @ 85.000%, terminating 12/20/26	GS	Receive	04/20/22		1,300		(137	)		1,163
Total swaptions written									19,250		(1,951	)		17,299

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)

U.S. Treasury futures buy contracts:
3	USD	U.S. Long Bond Futures	June 2022		458,130		450,188		(7,942	)
8	USD	U.S. Treasury Note 5 Year Futures	June 2022		925,137		917,500		(7,637	)
11	USD	U.S. Ultra Bond Futures	June 2022		2,009,493		1,948,375		(61,118	)
Total					3,392,760		3,316,063		(76,697	)

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)

Futures contracts—(concluded)

U.S. Treasury futures sell contracts:
2	USD	U.S. Treasury Note 2 Year Futures	June 2022		(429,028	)		(423,844	)		5,184
Net unrealized appreciation (depreciation)											(71,513	)

Fair valuation summary

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		—			4,624,165			—		4,624,165
Corporate bonds		—			10,499,581			—		10,499,581
Mortgage-backed securities		—			7,647,325			—		7,647,325
Municipal bonds		—			554,160			—		554,160
Non-U.S. government agency obligations		—			716,945			—		716,945
U.S. government agency obligations		—			5,933,944			—		5,933,944
U.S. Treasury obligations		—			1,194,164			—		1,194,164
Short-term investments		—			2,706,925			—		2,706,925
Investment of cash collateral from securities loaned		—			113,300			—		113,300
Swaptions purchased		—			6,294			—		6,294
Futures contracts		5,184			—			—		5,184
Total		5,184			33,996,803			—		34,001,987

Liabilities
Swaptions written		—			(1,951	)		—		(1,951	)
Futures contracts		(76,697	)		—			—		(76,697	)
Total		(76,697	)		(1,951	)		—		(78,648	)

At March 31, 2022, there were $ 267,972 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of March 31, 2022.

Portfolio footnotes

	†	Amount represents less than 0.05% or (0.05)%.
	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 $11,068,495, represented 35.9% of the Fund's net assets at period end.
	2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

UBS Total Return Bond Fund

Portfolio of investments – March 31, 2022 (unaudited)

	3	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.
	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, 2022.
	9	Includes $158,631 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $113,300 and non-cash collateral of $47,169.

March 31, 2022

Portfolio acronyms
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal Corporation
CDO	Collateralized Debt Obligation
COP	Certificate of Participation
CPI	Consumer Pricing Index
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
GNMA	Government National Mortgage Association
GO	General Obligation
LIBOR	London Interbank Offered Rate
OAT	Obligation Assimilables du Trésor (French Government Bonds)
PJSC	Private Joint Stock Company
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities

Counterparty abbreviations
BB	Barclays Bank PLC
BOA	Bank of America NA
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
SSC	State Street Bank and Trust Co.

Currency abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
INR	Indian Rupee

JPY	Japanese Yen
KRW	South Korean Won
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

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, 2021.

Ubs Funds NPORT-PUBS US Dividend Ruler Fund (Mar 2022 report)