Ubs Funds NPORTP UBS Sustainable Development Bank Bond Fund (Sep 2024 report)

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—29.3%
Australia—0.2%
Glencore PLC ^*		63,737	$	364,457

Austria—0.3%
BAWAG Group AG ¹		6,078		470,556

Canada—0.6%
Canadian Pacific Kansas City Ltd.²		5,699		487,414
Shopify, Inc., Class A^*		3,650		292,511
Tourmaline Oil Corp.²		4,415		205,040
				984,965
Denmark—0.1%
Genmab AS ^*		826		199,822

France—0.5%
LVMH Moet Hennessy Louis Vuitton SE		510		390,866
Pernod Ricard SA²		2,319		350,037
				740,903
Germany—0.6%
Infineon Technologies AG		10,956		383,676
Knorr-Bremse AG		5,717		508,155
				891,831
Hong Kong—0.2%
AIA Group Ltd.		41,617		372,868

India—0.2%
HDFC Bank Ltd., ADR		5,626		351,963

Ireland—0.3%
AIB Group PLC		82,859		474,546

Japan—1.5%
Chugai Pharmaceutical Co. Ltd.		4,400		212,217
ITOCHU Corp.²		6,900		368,608
Keyence Corp.		700		332,941
OBIC Business Consultants Co. Ltd.		4,800		247,907
Shin-Etsu Chemical Co. Ltd.		8,600		357,643
SoftBank Group Corp.		4,700		275,574
Sony Group Corp.		26,500		512,115
				2,307,005
Netherlands—1.0%
ASML Holding NV		440		365,184
Heineken Holding NV		3,447		260,151
Koninklijke Philips NV^*,2		17,057		558,597
Universal Music Group NV²		12,762		333,841
				1,517,773
Portugal—0.4%
Galp Energia SGPS SA		30,999		579,709

Spain—0.2%
Banco de Sabadell SA ²		160,683		341,452

Sweden—0.2%
Hexpol AB ²		24,560		253,923

Switzerland—0.5%
Novartis AG, Registered Shares		3,231		370,877

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Switzerland—(continued)
Sandoz Group AG		7,760	$	323,383
				694,260
United Kingdom—1.3%
Ashtead Group PLC		5,249		406,041
BAE Systems PLC		11,587		191,704
British American Tobacco PLC		11,710		426,461
Legal & General Group PLC		112,521		340,434
London Stock Exchange Group PLC		3,400		464,564
Spectris PLC		5,887		214,711
				2,043,915
United States—21.2%
Advanced Micro Devices, Inc.^*		1,153		189,184
AES Corp.		6,700		134,402
Airbnb, Inc., Class A^*		120		15,217
Alcon, Inc.		4,458		444,141
Allstate Corp.		1,857		352,180
Alphabet, Inc., Class A		5,435		901,395
Amazon.com, Inc.^*		6,569		1,224,002
Ameriprise Financial, Inc.		839		394,171
APA Corp.		8,547		209,060
Apollo Global Management, Inc.		2,602		325,016
Apple, Inc.		8,681		2,022,673
Aptiv PLC*		6,810		490,388
Berkshire Hathaway, Inc., Class B^*		1,869		860,226
Bio-Rad Laboratories, Inc., Class A^*		1,580		528,636
BlackRock, Inc.		493		468,108
Bristol-Myers Squibb Co.		11,878		614,568
Broadcom, Inc.		3,896		672,060
Brunswick Corp.		3,047		255,400
CF Industries Holdings, Inc.		2,493		213,899
Chipotle Mexican Grill, Inc.^*		4,541		261,652
Constellation Brands, Inc., Class A		831		214,140
Cooper Cos., Inc.^*		2,130		235,024
Crowdstrike Holdings, Inc., Class A^*		630		176,696
Devon Energy Corp.		7,793		304,862
Dynatrace, Inc.^*		3,619		193,508
Eli Lilly & Co.		618		547,511
Exxon Mobil Corp.		1,051		123,198
Fidelity National Information Services, Inc.		7,682		643,367
GE Vernova, Inc.^*		1,025		261,354
General Electric Co.		1,035		195,180
Haleon PLC		96,136		504,991
Hayward Holdings, Inc.^*		16,552		253,908
HubSpot, Inc.^*		457		242,941
Hyatt Hotels Corp., Class A		1,017		154,787
IAC, Inc.^*		5,151		277,227
Ingersoll Rand, Inc.		8,839		867,636

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Intel Corp.		5,632	$	132,127
IQVIA Holdings, Inc.^*		735		174,173
Keysight Technologies, Inc.^*		2,114		335,978
Las Vegas Sands Corp.		4,830		243,142
Liberty Media Corp.-Liberty Formula One, Class C^*		2,400		185,832
Live Nation Entertainment, Inc.^*		2,044		223,798
Lyft, Inc., Class A*		16,471		210,005
Marsh & McLennan Cos., Inc.		1,330		296,710
Marvell Technology, Inc.		2,390		172,367
Mastercard, Inc., Class A		1,203		594,041
Meta Platforms, Inc., Class A		1,215		695,515
Micron Technology, Inc.		2,943		305,219
Microsoft Corp.		4,606		1,981,962
Mondelez International, Inc., Class A		6,654		490,200
NextEra Energy, Inc.		8,684		734,059
NIKE, Inc., Class B		2,853		252,205
Northrop Grumman Corp.		732		386,547
NVIDIA Corp.		15,767		1,914,744
Oracle Corp.		2,184		372,154
Philip Morris International, Inc.		2,748		333,607
Prologis, Inc.		3,537		446,652
Regal Rexnord Corp.		2,327		386,003
S&P Global, Inc.		588		303,773
Schlumberger NV		2,237		93,842
Starbucks Corp.		3,391		330,589
Take-Two Interactive Software, Inc.^*		3,452		530,607
Tesla, Inc.*		758		198,316
Thermo Fisher Scientific, Inc.		532		329,079
T-Mobile U.S., Inc.		1,871		386,100
TransDigm Group, Inc.		186		265,446
Uber Technologies, Inc.^*		2,051		154,153
UnitedHealth Group, Inc.		1,554		908,593
Vulcan Materials Co.		828		207,356
Walmart, Inc.		8,023		647,857
Walt Disney Co.		3,520		338,589
Wells Fargo & Co.		13,260		749,057
Williams Cos., Inc.		17,565		801,842
Zoom Video Communications, Inc., Class A^*		3,054		212,986
				33,097,933
Total common stocks (cost—$35,376,590)				45,687,881

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Asset-backed securities: 2.1%
Cayman Islands: 0.1%
Dryden 60 CLO Ltd.,
Series 2018-60A, Class A, 3 mo. (1.000)*USD Term SOFR + 1.312%,
6.613%, due 07/15/31^1,4		221,857	$	221,992

United States: 2.0%
AmeriCredit Automobile Receivables Trust
Series 2020-2, Class C,
1.480%, due 02/18/26		17,455		17,425
Series 2022-1, Class A3,
2.450%, due 11/18/26		44,431		44,105
BMW Vehicle Lease Trust,
Series 2024-1, Class A3,
4.980%, due 03/25/27		100,000		100,963
CCG Receivables Trust,
Series 2024-1, Class A2,
4.990%, due 03/15/32¹		100,000		100,574
Dell Equipment Finance Trust,
Series 2023-3, Class D,
6.750%, due 10/22/29¹		175,000		180,418
DLLMT LLC,
Series 2024-1A, Class A3,
4.840%, due 08/21/28¹		100,000		101,288
Drive Auto Receivables Trust
Series 2021-1, Class D,
1.450%, due 01/16/29		68,638		67,531
Series 2024-1, Class A3,
5.350%, due 02/15/28		100,000		100,608
Series 2024-2, Class C,
4.670%, due 05/17/32		125,000		124,798
DT Auto Owner Trust,
Series 2021-1A, Class D,
1.160%, due 11/16/26¹		82,124		80,938
Enterprise Fleet Financing LLC,
Series 2023-2, Class A2,
5.560%, due 04/22/30¹		114,328		115,422
Exeter Automobile Receivables Trust
Series 2021-1A, Class D,
1.080%, due 11/16/26		58,454		57,569
Series 2024-3A, Class B,
5.570%, due 09/15/28		100,000		101,481
GM Financial Automobile Leasing Trust,
Series 2023-1, Class B,
5.510%, due 01/20/27		100,000		100,784
HPEFS Equipment Trust
Series 2022-1A, Class B,
1.790%, due 05/21/29¹		4,507		4,498
Series 2024-1A, Class D,
5.820%, due 11/20/31¹		100,000		102,371

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Asset-backed securities—(continued)
United States—(continued)
Series 2024-2A, Class D,
5.820%, due 04/20/32¹		100,000	$	102,757
Hyundai Auto Lease Securitization Trust,
Series 2024-B, Class B,
5.560%, due 08/15/28¹		100,000		102,214
Hyundai Auto Receivables Trust,
Series 2024-A, Class C,
5.270%, due 07/15/31		100,000		102,651
OneMain Direct Auto Receivables Trust,
Series 2019-1A, Class C,
4.190%, due 11/14/28¹		200,000		197,076
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/35¹		100,000		93,783
Santander Drive Auto Receivables Trust
Series 2020-4, Class D,
1.480%, due 01/15/27		55,896		55,551
Series 2022-5, Class C,
4.740%, due 10/16/28		100,000		99,937
Series 2023-2, Class A3,
5.210%, due 07/15/27		80,896		80,964
Series 2023-3, Class A3,
5.610%, due 10/15/27		125,000		125,480
Series 2023-3, Class A2,
6.080%, due 08/17/26		35,000		35,029
Series 2023-4, Class A2,
6.180%, due 02/16/27		85,012		85,208
Series 2023-6, Class A2,
6.080%, due 05/17/27		41,072		41,217
Series 2024-3, Class C,
5.640%, due 08/15/30		100,000		102,977
Series 2024-4, Class C,
4.950%, due 04/15/30		100,000		100,832
SCF Equipment Leasing LLC,
Series 2022-2A, Class A3,
6.500%, due 10/21/30¹		193,821		196,615
SFS Auto Receivables Securitization Trust,
Series 2024-1A, Class A2,
5.350%, due 06/21/27¹		66,455		66,587
Synchrony Card Funding LLC,
Series 2024-A1, Class A,
5.040%, due 03/15/30		100,000		101,946
				3,091,597
Total asset-backed securities (cost—$3,289,660)				3,313,589

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Corporate bonds: 10.5%
Canada: 0.5%
Canadian Imperial Bank of Commerce
3.945%, due 08/04/25		810,000	$	806,666

United States: 10.0%
Air Lease Corp.
5.300%, due 02/01/28		750,000		770,356
American Express Co.
3.950%, due 08/01/25		810,000		806,563
Bank of America Corp.
(fixed, converts to FRN on 07/21/31),
2.299%, due 07/21/324		1,000,000		865,652
Broadcom, Inc.
4.300%, due 11/15/32		900,000		884,015
Centene Corp.
2.450%, due 07/15/28		250,000		230,231
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, due 07/23/25		187,000		186,694
Cheniere Energy Partners LP
4.500%, due 10/01/29		810,000		798,924
Citigroup, Inc.
(fixed, converts to FRN on 06/11/34),
5.449%, due 06/11/35⁴		725,000		756,186
Comcast Corp.
5.250%, due 11/07/25		540,000		545,809
Consolidated Edison Co. of New York, Inc.
5.500%, due 03/15/34		375,000		401,113

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Corporate bonds—(continued)
United States—(continued)
Discovery Communications LLC
3.625%, due 05/15/30		900,000	$	810,859
General Motors Co.
5.400%, due 10/15/29		810,000		830,415
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 04/25/29),
5.727%, due 04/25/30⁴		900,000		945,857
John Deere Capital Corp.
4.800%, due 01/09/26		650,000		655,980
JPMorgan Chase & Co.
3.625%, due 12/01/27		810,000		797,795
Morgan Stanley
(fixed, converts to FRN on 07/20/32),
4.889%, due 07/20/33⁴		900,000		911,246
Oracle Corp.
6.250%, due 11/09/32		750,000		829,880
Pacific Gas & Electric Co.
4.550%, due 07/01/30		750,000		744,206
Southern California Edison Co.
5.850%, due 11/01/27		630,000		661,729
Southwestern Energy Co.
5.375%, due 02/01/29		750,000		747,472
T-Mobile USA, Inc.
3.500%, due 04/15/31		540,000		508,117

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Corporate bonds—(continued)
United States—(continued)
Wells Fargo & Co.
(fixed, converts to FRN on 07/25/32),
4.897%, due 07/25/33⁴		900,000	$	910,317
				15,599,416
Total corporate bonds (cost—$15,851,842)				16,406,082

Mortgage-backed securities: 0.7%
United States: 0.7%
Bank, Series 2022-BNK39, Class A4,
2.928%, due 02/15/55⁴		200,000		179,604
BWAY Mortgage Trust, Series 2013-1515, Class A2,
3.454%, due 03/10/33¹		100,000		97,308
Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4,
4.228%, due 06/10/51⁴		100,000		98,691
Extended Stay America Trust, Series 2021-ESH, Class D,
(1.000)*1 mo. USD Term SOFR + 2.364%,
7.462%, due 07/15/38^1,4		133,655		133,914
Flagstar Mortgage Trust, Series 2018-5, Class A2,
4.000%, due 09/25/48^1,4		35,608		34,118
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A,
2.835%, due 08/10/38¹		100,000		96,065

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Mortgage-backed securities—(continued)
United States—(continued)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class D,
2.146%, due 01/05/40^1,4		125,000	$	93,893
MFA Trust
Series 2020-NQM3, Class A1,
1.014%, due 01/26/65^1,4		17,169		15,959
Series 2021-NQM1, Class A1,
1.153%, due 04/25/65^1,4		21,438		20,020
New Residential Mortgage Loan Trust, Series 2021-NQ2R, Class A1,
0.941%, due 10/25/58^1,4		39,846		37,341
Residential Mortgage Loan Trust, Series 2020-2, Class A1,
1.654%, due 05/25/60^1,4		3,811		3,792
Verus Securitization Trust
Series 2019-4, Class A1,
3.642%, due 11/25/59^1,4		6,951		6,840
Series 2020-5, Class A1,
1.218%, due 05/25/65^1,4		21,814		20,896
Series 2021-R2, Class A1,
0.918%, due 02/25/64^1,4		32,235		29,517
Series 2021-R3, Class A1,
1.020%, due 04/25/64^1,4		42,946		39,664

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Mortgage-backed securities—(continued)
United States—(continued)
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class AS,
4.405%, due 06/15/51⁴		130,000	$	126,630
Total mortgage-backed securities (cost—$1,072,927)				1,034,252

Non-U.S. government agency obligations: 4.6%
Australia: 0.2%
Australia Government Bonds Series 138,
3.250%, due 04/21/29⁵	AUD	455,000		310,101

Austria: 0.0%†
Republic of Austria Government Bonds
3.150%, due 06/20/44⁵	EUR	45,000		51,162

Belgium: 0.1%
Kingdom of Belgium Government Bonds Series 71,
3.750%, due 06/22/45⁵	EUR	73,000		87,235

Canada: 0.4%
Canada Government Bonds
1.000%, due 06/01/27	CAD	320,000		226,519
4.000%, due 03/01/29	CAD	200,000		155,697
Series WL43, 5.750%, due 06/01/29	CAD	180,000		151,024
				533,240
Finland: 0.0%†
Finland Government Bonds Series 30Y,
1.375%, due 04/15/47⁵	EUR	20,000		16,570

France: 0.4%
French Republic Government Bonds OAT
Series OAT, 0.000%, due 11/25/31^5,6	EUR	485,000		448,029

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Non-U.S. government agency obligations—(continued)
France—(continued)
Series OAT, 0.000%, due 05/25/325,6	EUR	75,000	$	68,150
Series OAT, 0.500%, due 05/25/40⁵	EUR	85,000		63,054
Series OAT, 3.250%, due 05/25/45⁵	EUR	95,000		104,044
				683,277
Germany: 0.4%
Bundesrepublik Deutschland Bundesanleihe
0.000%, due 11/15/28^5,6	EUR	300,000		309,497
Series 10Y, 2.200%, due 02/15/34⁵	EUR	130,000		145,993
2.500%, due 07/04/44⁵	EUR	146,000		163,317
				618,807
Ireland: 0.2%
Ireland Government Bonds
1.500%, due 05/15/50⁵	EUR	261,000		221,199

Italy: 0.4%
Italy Buoni Poliennali Del Tesoro
Series 10Y, 0.950%, due 12/01/31⁵	EUR	195,000		188,430
Series 17Y, 1.650%, due 03/01/32⁵	EUR	30,000		30,359
Series 10Y, 3.000%, due 08/01/29⁵	EUR	140,000		157,930
Series 31Y, 3.250%, due 09/01/46⁵	EUR	85,000		85,512
Series 31Y, 4.000%, due 02/01/37⁵	EUR	118,000		138,059
				600,290
Japan: 0.6%
Japan Government CPI-Linked Bonds Series 26,
0.005%, due 03/10/31	JPY	54,660,500		399,976

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Non-U.S. government agency obligations—(continued)
Japan—(continued)
Japan Government Forty Year Bonds Series 12,
0.500%, due 03/20/59	JPY	18,000,000	$	74,510
Japan Government Thirty Year Bonds
Series 51, 0.300%, due 06/20/46	JPY	7,600,000		38,640
Series 83, 2.200%, due 06/20/54	JPY	6,300,000		44,837
Japan Government Twenty Year Bonds Series 156,
0.400%, due 03/20/36	JPY	64,000,000		414,262
				972,225
New Zealand: 1.0%
New Zealand Government Bonds Series 0429,
3.000%, due 04/20/29	NZD	300,000		184,486
New Zealand Government Bonds Inflation-Linked Series 0925,
2.000%, due 09/20/25^5,7	NZD	2,269,500		1,432,456
				1,616,942
Spain: 0.3%
Spain Government Bonds
1.450%, due 10/31/27⁵	EUR	155,000		168,206
1.500%, due 04/30/27⁵	EUR	97,000		105,848
2.350%, due 07/30/33⁵	EUR	57,000		61,311
3.450%, due 07/30/66⁵	EUR	10,000		10,497
4.200%, due 01/31/37⁵	EUR	44,000		54,440
5.150%, due 10/31/44⁵	EUR	79,000		109,029
				509,331
United Kingdom: 0.6%
U.K. Gilts
0.875%, due 07/31/33⁵	GBP	160,000		165,454

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
Non-U.S. government agency obligations—(continued)
United Kingdom—(continued)
1.000%, due 01/31/325	GBP	149,000	$	163,282
1.250%, due 07/31/515	GBP	374,000		246,826
1.625%, due 10/22/285	GBP	234,000		288,967
3.500%, due 01/22/455	GBP	40,000		46,325
3.750%, due 10/22/535	GBP	40,000		46,403
				957,257
Total non-U.S. government agency obligations (cost—$7,873,735)				7,177,636

U.S. government agency obligations: 5.9%
United States: 5.9%
Federal Home Loan Mortgage Corp.
1.500%, due 10/01/51		294,836		232,704
2.000%, due 02/01/51		822,428		683,716
2.500%, due 11/01/50		185,734		164,208
3.000%, due 01/01/52		115,596		104,279
4.500%, due 08/01/52		195,703		192,698
Federal National Mortgage Association
2.000%, due 04/01/51		224,643		187,802
2.500%, due 08/01/51		361,033		313,002
2.500%, due 11/01/51		448,603		390,238
2.500%, due 02/01/52		221,043		194,234
3.000%, due 08/01/50		424,694		388,308
3.000%, due 03/01/52		336,409		306,457
3.500%, due 02/01/49		403,638		380,854
4.000%, due 05/01/51		380,820		370,280
4.500%, due 01/01/53		414,396		407,777

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
U.S. government agency obligations—(continued)
United States—(continued)
Government National Mortgage Association
2.000%, due 01/20/52		453,730	$	384,571
2.500%, due 08/20/51		503,569		443,302
3.000%, due 10/20/45		63,451		58,683
3.000%, due 12/20/45		72,636		67,178
3.000%, due 04/20/52		208,664		189,859
3.500%, due 01/20/50		192,179		181,428
Uniform Mortgage-Backed Security, TBA
2.000%		1,000,000		826,000
2.500%		450,000		388,222
3.500%		200,000		186,254
4.000%		375,000		360,149
4.500%		1,075,000		1,056,995
5.000%		775,000		774,528
Total U.S. government agency obligations (cost—$9,271,445)				9,233,726

U.S. Treasury obligations: 4.6%
United States: 4.6%
U.S. Treasury Bonds
1.125%, due 08/15/40		310,000		203,038
1.250%, due 05/15/50		360,000		192,656
2.500%, due 02/15/46		180,000		136,076
2.750%, due 11/15/42		170,000		139,407
2.750%, due 08/15/47		133,000		103,797
2.875%, due 05/15/43		617,000		512,255
3.000%, due 11/15/45		100,000		82,937
4.375%, due 02/15/38		110,000		115,887
U.S. Treasury Notes
0.375%, due 12/31/25		250,000		239,521
0.625%, due 08/15/30		1,110,000		935,435
0.750%, due 03/31/26		250,000		238,860
0.875%, due 06/30/26		650,000		619,252

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount³		Value
U.S. Treasury obligations—(continued)
United States—(continued)
1.125%, due 02/15/31		450,000	$	386,965
1.250%, due 03/31/28		40,000		36,964
1.250%, due 06/30/28		540,000		496,167
1.250%, due 09/30/28		270,000		246,734
1.250%, due 08/15/31		200,000		170,805
1.625%, due 11/30/26		858,000		822,339
1.625%, due 08/15/29		196,000		179,271
1.625%, due 05/15/31		350,000		308,560
2.000%, due 02/15/25		70,000		69,346
2.125%, due 05/15/25		70,000		69,088
2.750%, due 08/15/32		200,000		186,891
3.875%, due 08/15/33		256,000		258,060
4.125%, due 11/15/32		300,000		308,590
4.625%, due 02/28/25		120,000		120,084
Total U.S. Treasury obligations (cost—$7,656,939)				7,178,985

	Number of shares
Exchange traded funds: 11.1%
Invesco S&P 500 Equal Weight ETF²		27,000	4,837,320
iShares J.P. Morgan USD Emerging Markets Bond ETF²		53,620	5,017,760
SPDR Portfolio High Yield Bond ETF²		306,000	7,359,300
Total exchange traded funds (cost—$15,930,368)			17,214,380

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Investment companies: 25.9%
PACE High Yield Investments⁸		944,824	$	8,522,319
PACE International Emerging Markets Equity Investments⁸		571,064		8,246,160
PACE International Equity Investments⁸		790,428		15,595,140
UBS Emerging Markets Equity Opportunity Fund⁸		961,190		8,006,717
Total investment companies (cost—$38,074,102)				40,370,336

Short-term investments: 3.3%
Investment companies: 3.3%
State Street Institutional U.S. Government Money Market Fund, 4.943%⁹ (cost $5,211,605)		5,211,605		5,211,605

	Face amount³
Short-term U.S. Treasury obligations: 1.0%
United States: 1.0%
U.S. Treasury Bills 4.891%, due 01/16/25⁹	$	1,570,000	1,547,910
(Cost—$1,547,910)

	Number of shares		Value
Investment of cash collateral from securities loaned—11.4%
Money market funds—11.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.954%⁹ (cost $17,740,668)		17,740,668		17,740,668
Total investments (cost $158,897,791)¹⁰—110.4%				172,117,050
Liabilities in excess of other assets—(10.4)%				(16,219,134	)
Net assets—100.0%			$	155,897,916

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
154	EUR	Euro High Yield Bond Index Futures	December 2024	$	9,911,349		$	9,963,222		$	51,873
422	EUR	EURO STOXX Banks Index Futures	December 2024		3,377,472			3,398,634			21,162
117	USD	MSCI China Index Futures	December 2024		3,161,591			3,211,650			50,059
103	USD	S&P 500 Index Futures	December 2024		29,352,652			29,943,388			590,736
11	JPY	TSE TOPIX Index Futures	December 2024		2,009,441			2,026,265			16,824
Interest rate futures buy contracts:
79	AUD	Australian Bond 10 Year Futures	December 2024	$	6,416,391		$	6,357,176		$	(59,215	)
67	EUR	Euro Bund 10 Year Futures	December 2024		9,943,265			10,062,470			119,205
87	GBP	United Kingdom Long Gilt Bond Futures	December 2024		11,559,680			11,448,853			(110,827	)
Total				$	75,731,841		$	76,411,658		$	679,817
Index futures sell contracts:
44	AUD	ASX SPI 200 Index Futures	December 2024	$	(6,245,821	)	$	(6,316,590	)	$	(70,769	)
136	EUR	EURO STOXX 50 Index Futures	December 2024		(7,426,173	)		(7,614,833	)		(188,660	)
14	GBP	FTSE 100 Index Futures	December 2024		(1,560,734	)		(1,551,384	)		9,350
54	USD	MSCI Emerging Markets Index Futures	December 2024		(2,984,421	)		(3,166,290	)		(181,869	)
36	USD	MSCI Europe USD NTR Index Futures	December 2024		(3,640,665	)		(3,675,600	)		(34,935	)
8	CAD	S&P TSX 60 Index Futures	December 2024		(1,682,595	)		(1,708,780	)		(26,185	)
Interest rate futures sell contracts:
92	CAD	Canadian Bond 10 Year Futures	December 2024	$	(8,515,609	)	$	(8,503,767	)	$	11,842
80	JPY	Japan Government Bond 10 Year Futures	December 2024		(8,043,066	)		(8,049,261	)		(6,195	)
U.S. Treasury futures sell contracts:
42	USD	U.S. Treasury Note 10 Year Futures	December 2024	$	(4,814,166	)	$	(4,799,812	)	$	14,354
Total				$	(44,913,250	)	$	(45,386,317	)	$	(473,067	)
Net unrealized appreciation (depreciation)										$	206,750

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	BRL	4,387,552	USD	770,000	10/17/24	$	(33,987	)
BB	COP	3,154,651,500	USD	770,000	10/17/24		21,420
BOA	CAD	4,190,000	ZAR	53,886,932	10/17/24		15,833
CIBC	NZD	8,420,000	USD	5,052,583	10/17/24		(296,778	)
CIBC	USD	1,523,863	EUR	1,385,000	10/17/24		18,792
CITI	EUR	6,760,000	USD	7,392,320	10/17/24		(137,171	)
CITI	GBP	845,000	USD	1,115,335	10/17/24		(14,381	)
CITI	USD	2,342,383	BRL	13,050,000	10/17/24		48,935
CITI	USD	5,020,501	NOK	54,740,000	10/17/24		167,488
GSI	CHF	1,990,698	CAD	3,165,000	10/17/24		(15,076	)
GSI	CNH	79,785,000	USD	11,001,511	10/17/24		(391,982	)
GSI	USD	2,290,000	CHF	1,919,195	10/17/24		(18,492	)
GSI	USD	1,525,000	CNH	10,757,586	10/17/24		11,210

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	EUR	855,000	USD	955,678	10/17/24	$	3,353
HSBC	EUR	1,413,444	USD	1,540,000	10/17/24		(34,336	)
HSBC	IDR	5,720,300,000	USD	354,549	10/17/24		(23,041	)
HSBC	USD	4,624,487	CNH	32,625,000	10/17/24		34,442
HSBC	USD	429,848	TWD	13,900,000	10/17/24		9,886
JPMCB	CNH	5,470,000	JPY	108,210,877	10/17/24		(26,687	)
JPMCB	NZD	2,495,000	USD	1,538,665	10/17/24		(46,448	)
JPMCB	USD	3,830,000	JPY	576,276,852	10/17/24		187,784
JPMCB	USD	782,730	JPY	110,900,000	10/17/24		(9,539	)
MSCI	USD	2,161,535	BRL	11,920,000	10/17/24		22,719
MSCI	USD	3,340,859	COP	13,604,146,000	10/17/24		(112,679	)
SSB	AUD	3,725,000	USD	2,494,211	10/17/24		(81,682	)
SSB	CAD	230,000	USD	171,097	10/17/24		972
SSB	CAD	2,400,000	USD	1,754,179	10/17/24		(21,033	)
SSB	CHF	670,000	USD	762,501	10/17/24		(30,493	)
SSB	COP	9,308,158,000	USD	2,190,557	10/17/24		(18,212	)
SSB	EUR	155,000	USD	173,489	10/17/24		846
SSB	EUR	435,000	USD	483,942	10/17/24		(574	)
SSB	GBP	99,117	CHF	110,000	10/17/24		(2,320	)
SSB	GBP	1,480,000	USD	1,926,425	10/17/24		(52,250	)
SSB	JPY	148,200,000	USD	1,044,217	10/17/24		10,970
SSB	JPY	35,100,000	USD	226,998	10/17/24		(17,718	)
SSB	KRW	290,000,000	USD	211,602	10/17/24		(10,353	)
SSB	NOK	16,570,000	USD	1,506,224	10/17/24		(64,200	)
SSB	USD	529,677	AUD	800,000	10/17/24		23,535
SSB	USD	212,282	CHF	180,000	10/17/24		761
SSB	USD	633,794	JPY	91,900,000	10/17/24		6,930
SSB	USD	485,383	SGD	650,000	10/17/24		20,728
Net unrealized appreciation (depreciation)						$	(852,828	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2024 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:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	45,687,881	$	—	$	—	$	45,687,881
Exchange traded funds		17,214,380		—		—		17,214,380
Investment companies		40,370,336		—		—		40,370,336
Asset-backed securities		—		3,313,589		—		3,313,589
Corporate bonds		—		16,406,082		—		16,406,082
Mortgage-backed securities		—		1,034,252		—		1,034,252
Non-U.S. government agency obligations		—		7,177,636		—		7,177,636

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
U.S. government agency obligations	$	—		$	9,233,726		$	—	$	9,233,726
U.S. Treasury obligations		—			7,178,985			—		7,178,985
Short-term investments		—			5,211,605			—		5,211,605
Short-term U.S. Treasury obligations		—			1,547,910			—		1,547,910
Investment of cash collateral from securities loaned		—			17,740,668			—		17,740,668
Futures contracts		885,405			—			—		885,405
Forward foreign currency contracts		—			606,604			—		606,604
Total	$	104,158,002		$	69,451,057		$	—	$	173,609,059
Liabilities
Futures contracts	$	(678,655	)	$	—		$	—	$	(678,655	)
Forward foreign currency contracts		—			(1,459,432	)		—		(1,459,432	)
Total	$	(678,655	)	$	(1,459,432	)	$	—	$	(2,138,087	)

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

†

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

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 registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,766,416, represented 1.8% of the Fund’s net assets at period end.

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

In U.S. dollars unless otherwise indicated.

⁴

Floating or variable rate securities. The rates disclosed are as of September 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

⁵

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.

⁶

Zero coupon bond.

⁷

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.

⁸

The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any).

UBS Global Allocation Fund

Portfolio of investments – September 30, 2024 (unaudited)

Security description	Value 06/30/24		Purchases during the year ended 09/30/24		Sales during the year ended 09/30/24		Net realized gain (loss) during the year ended 09/30/24			Change in net unrealized appreciation (depreciation) during the year ended 09/30/24		Value 09/30/24		Net income earned from affiliate for the year ended 09/30/24		Shares 09/30/24
UBS Emerging Markets Equity Opportunity Fund	$	9,888,204	$	—	$	2,200,001	$	(649,448	)	$	967,962	$	8,006,717	$	—		961,191
PACE High Yield Investments		9,107,796		124,314		975,000		(48,420	)		313,629		8,522,319		124,314		944,825
PACE International Equity Investments		14,409,498		—		—		—			1,185,642		15,595,140		—		790,428
PACE International Emerging Markets Equity Investments		9,835,756		—		2,350,000		223,224			537,180		8,246,160		—		571,064
UBS All China Equity Fund		1,992,631		—		1,941,056		(802,851	)		751,276		—		—		—
	$	45,233,885	$	124,314	$	7,466,057	$	(1,277,495	)	$	3,755,689	$	40,370,336	$	124,314

⁹	Rate shown reflects yield at September 30, 2024.
¹⁰	Includes $19,465,995 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $17,740,668 and non-cash collateral of $2,284,122.

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—96.2%
Brazil—6.5%
Hypera SA		973,200	$	4,685,838
MercadoLibre, Inc.^*		2,999		6,153,828
Petroleo Brasileiro SA, ADR		664,620		9,577,174
Vale SA		892,800		10,408,379
				30,825,219
China—26.9%
China Mengniu Dairy Co. Ltd.		6,069,000		14,598,983
China Resources Beer Holdings Co. Ltd.		2,172,000		9,499,540
Contemporary Amperex Technology Co. Ltd., Class A		341,493		12,260,183
Kweichow Moutai Co. Ltd., Class A		33,561		8,361,430
PDD Holdings, Inc., ADR^*		138,457		18,665,388
Ping An Insurance Group Co. of China Ltd., Class H		4,134,000		26,668,909
Tencent Holdings Ltd.		646,100		36,951,583
				127,006,016
Hungary—2.1%
OTP Bank Nyrt		190,384		9,953,531

India—14.9%
Axis Bank Ltd.		1,089,936		16,026,242
Bandhan Bank Ltd.¹		1,465,418		3,475,332
Eicher Motors Ltd.		184,733		11,079,957
HDFC Bank Ltd.		1,052,877		21,761,437
Reliance Industries Ltd.		504,874		17,791,723
				70,134,691
Indonesia—2.4%
Bank Central Asia Tbk. PT		16,446,200		11,215,787

Malaysia—1.3%
CIMB Group Holdings Bhd.		3,056,100		5,966,195

Mexico—2.7%
Cemex SAB de CV, ADR		691,900		4,220,590
Grupo Financiero Banorte SAB de CV, Class O		1,201,038		8,509,132
				12,729,722
Netherlands—0.0%^†
Nebius Group NV^*,2,3		257,600		0

Poland—0.9%
Powszechna Kasa Oszczednosci Bank Polski SA		283,617		4,124,936

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Saudi Arabia—1.7%
Saudi National Bank		889,572	$	8,133,582

Singapore—1.7%
Singapore Telecommunications Ltd.		3,161,500		7,969,858

South Africa—5.9%
Anglo American PLC		305,361		9,916,452
MTN Group Ltd.		1,212,457		6,444,215
Naspers Ltd., Class N		48,283		11,722,897
				28,083,564
South Korea—13.0%
KB Financial Group, Inc.		161,938		10,018,188
Kia Corp.		171,849		13,128,175
Samsung Electronics Co. Ltd.		480,610		22,602,673
SK Hynix, Inc.		117,571		15,697,711
				61,446,747
Taiwan—13.7%
ASE Technology Holding Co. Ltd.		1,603,000		7,648,650
MediaTek, Inc.		258,000		9,579,258
Taiwan Semiconductor Manufacturing Co. Ltd.		1,563,000		47,265,606
				64,493,514
Thailand—2.5%
Bangkok Dusit Medical Services PCL, NVDR		2,466,300		2,299,402
PTT Exploration & Production PCL, NVDR		2,344,400		9,544,445
				11,843,847
Total common stocks (cost—$469,874,644)				453,927,213

Preferred stocks—1.9%
Brazil—1.9%
Banco Bradesco SA (cost $11,161,380)		3,221,859		8,693,821

Short-term investments: 1.3%
Investment companies: 1.3%
State Street Institutional U.S. Government Money Market Fund, 4.943%⁴ (cost $6,120,432)		6,120,432		6,120,432
Total investments (cost $487,156,456)—99.4%				468,741,466
Other assets in excess of liabilities—0.6%				2,904,458
Net assets—100.0%			$	471,645,924

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2024 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	453,927,209	$	—	$	4	$	453,927,213
Preferred stocks		8,693,821		—		—		8,693,821
Short-term investments		—		6,120,432		—		6,120,432
Total	$	462,621,030	$	6,120,432	$	4	$	468,741,466

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,475,332, represented 0.7% 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	Rate shown reflects yield at September 30, 2024.

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—97.5%
Canada—1.7%
Canadian Pacific Kansas City Ltd.¹		10,950	$	936,513

China—1.5%
China Mengniu Dairy Co. Ltd.		350,000		841,925

France—4.2%
Danone SA		31,730		2,307,824

Germany—2.5%
Infineon Technologies AG		38,389		1,344,370

Indonesia—4.0%
Bank Mandiri Persero Tbk. PT		4,751,600		2,173,370

Ireland—3.4%
AIB Group PLC		318,737		1,825,456

Japan—7.9%
Chugai Pharmaceutical Co. Ltd.		35,400		1,707,377
Recruit Holdings Co. Ltd.		23,100		1,399,099
Shimano, Inc.¹		6,200		1,172,058
				4,278,534
Mexico—1.6%
America Movil SAB de CV		639,100		524,198
Grupo Financiero Banorte SAB de CV, Class O		52,390		371,174
				895,372
Netherlands—1.5%
Aalberts NV¹		20,634		836,980

Portugal—2.7%
Galp Energia SGPS SA		77,830		1,455,492

Spain—3.2%
Befesa SA²		6,071		175,706
Iberdrola SA¹		102,985		1,592,318
				1,768,024
Switzerland—2.5%
Sandoz Group AG		31,992		1,333,205

United Kingdom—6.6%
AstraZeneca PLC		13,527		2,095,681
Spectris PLC		41,143		1,500,568
				3,596,249
United States—54.2%
Alcon, Inc.		22,699		2,261,452
Aptiv PLC^*		15,002		1,080,294
Autodesk, Inc.^*		6,826		1,880,426
Bio-Rad Laboratories, Inc., Class A^*		2,360		789,609
Broadcom, Inc.		13,950		2,406,375
CF Industries Holdings, Inc.		10,501		900,986
Coursera, Inc.^*		18,047		143,293

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Dexcom, Inc.^*		9,816	$	658,065
Digital Realty Trust, Inc.		5,666		916,929
Ecolab, Inc.		4,434		1,132,133
Enphase Energy, Inc.^*		6,147		694,734
Ingersoll Rand, Inc.		13,763		1,350,976
Linde PLC		3,506		1,671,871
Micron Technology, Inc.		15,941		1,653,241
Montrose Environmental Group, Inc.^*		12,130		319,019
NIKE, Inc., Class B		9,746		861,546
Primo Water Corp.		61,427		1,551,032
Pure Storage, Inc., Class A^*		14,165		711,650
Regal Rexnord Corp.		8,865		1,470,526
Rivian Automotive, Inc., Class A^*^,1		30,550		342,771
Roper Technologies, Inc.		1,722		958,190
ServiceNow, Inc.^*		1,852		1,656,410
SLM Corp.		38,813		887,653
Sprouts Farmers Market, Inc.^*		11,655		1,286,829
Trimble, Inc.^*		15,602		968,728
Zoom Video Communications, Inc., Class A^*		13,415		935,562
				29,490,300
Total common stocks (cost—$43,794,787)				53,083,614

Short-term investments: 2.5%
Investment companies: 2.5%
State Street Institutional U.S. Government Money Market Fund, 4.943%³ (cost $1,351,255)		1,351,255		1,351,255

Investment of cash collateral from securities loaned—2.5%
Money market funds—2.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.954%³ (cost $1,379,096)		1,379,096		1,379,096
Total investments (cost $46,525,138)⁴—102.5%				55,813,965
Liabilities in excess of other assets—(2.5)%				(1,378,247	)
Net assets—100.0%			$	54,435,718

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2024 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	53,083,614	$	—	$	—	$	53,083,614
Short-term investments		—		1,351,255		—		1,351,255
Investment of cash collateral from securities loaned		—		1,379,096		—		1,379,096
Total	$	53,083,614	$	2,730,351	$	—	$	55,813,965

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $175,706, represented 0.3% of the Fund’s net assets at period end.
3	Rate shown reflects yield at September 30, 2024.
4	Includes $1,966,131 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,379,096 and non-cash collateral of $685,557.

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—98.1%
Australia—1.3%
Brambles Ltd.		156,908	$	2,064,343

Canada—6.8%
Canadian Pacific Kansas City Ltd.¹		26,296		2,248,999
Gildan Activewear, Inc.¹		68,471		3,222,939
Royal Bank of Canada		27,982		3,492,448
Shopify, Inc., Class A^*		28,100		2,251,934
				11,216,320
China—1.3%
Ping An Insurance Group Co. of China Ltd., Class H		321,000		2,070,808

Denmark—0.8%
Genmab AS^*		5,683		1,374,806

Finland—1.3%
Neste OYJ¹		110,881		2,151,335

France—4.6%
AXA SA		36,592		1,406,489
Cie Generale des Etablissements Michelin SCA		70,250		2,851,126
Danone SA		46,489		3,381,293
				7,638,908
Germany—5.6%
HUGO BOSS AG		37,642		1,721,719
Infineon Technologies AG		52,944		1,854,082
Knorr-Bremse AG		37,965		3,374,519
SAP SE		10,263		2,335,117
				9,285,437
Ireland—2.7%
AIB Group PLC		787,178		4,508,289

Italy—3.1%
Infrastrutture Wireless Italiane SpA^1,2		124,915		1,536,492
PRADA SpA		223,800		1,727,330
Prysmian SpA		25,507		1,851,230
				5,115,052
Japan—19.3%
Chugai Pharmaceutical Co. Ltd.		50,200		2,421,196
FANUC Corp.		71,800		2,093,178
ITOCHU Corp.¹		77,900		4,161,532
Keyence Corp.		5,900		2,806,220
Mitsubishi UFJ Financial Group, Inc.		195,800		1,980,138
Nippon Telegraph & Telephone Corp.		2,396,300		2,447,569
OBIC Business Consultants Co. Ltd.		63,900		3,300,259
Shin-Etsu Chemical Co. Ltd.		45,300		1,883,862
SoftBank Group Corp.		22,300		1,307,511
Sony Group Corp.		273,500		5,285,415
Toyota Motor Corp.		121,500		2,149,339
West Japan Railway Co.		50,600		959,015
Yamaha Motor Co. Ltd.¹		110,100		980,539
				31,775,773

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Luxembourg—2.0%
Eurofins Scientific SE¹		50,677	$	3,209,790

Netherlands—5.7%
ASML Holding NV		3,523		2,923,964
Koninklijke Philips NV^*		130,038		4,258,596
Universal Music Group NV¹		85,769		2,243,632
				9,426,192
Norway—1.4%
Equinor ASA		91,191		2,304,629

Portugal—0.8%
Galp Energia SGPS SA		67,673		1,265,547

South Korea—1.4%
SK Hynix, Inc.		17,830		2,380,606

Spain—3.9%
Banco de Sabadell SA¹		1,532,651		3,256,887
Iberdrola SA¹		209,766		3,243,327
				6,500,214
Switzerland—6.3%
Barry Callebaut AG, Registered Shares¹		598		1,106,478
DSM-Firmenich AG		20,058		2,760,802
Novartis AG, Registered Shares		30,163		3,462,321
Sandoz Group AG		72,512		3,021,798
				10,351,399
United Kingdom—16.7%
Ashtead Group PLC		38,019		2,940,995
AstraZeneca PLC		23,840		3,693,431
HSBC Holdings PLC		174,932		1,565,094
Legal & General Group PLC		893,322		2,702,762
London Stock Exchange Group PLC		37,040		5,061,009
NatWest Group PLC		645,952		2,969,940
Spectris PLC		48,961		1,785,706
St. James's Place PLC		218,156		2,140,812
Unilever PLC		72,580		4,703,732
				27,563,481
United States—11.4%
Alcon, Inc.		26,448		2,634,957
Aon PLC, Class A		4,266		1,475,993
Aptiv PLC^*		35,534		2,558,803
Atlassian Corp., Class A^*		19,349		3,072,815
James Hardie Industries PLC, CDI^*		74,493		2,957,688
Schlumberger NV		92,297		3,871,859
Schneider Electric SE		8,142		2,140,743
				18,712,858
Zambia—1.7%
First Quantum Minerals Ltd.^*		210,332		2,867,775
Total common stocks (cost—$140,169,816)				161,783,562

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Short-term investments: 1.2%
Investment companies: 1.2%
State Street Institutional U.S. Government Money Market Fund, 4.943%³ (cost $1,922,472)		1,922,472	$	1,922,472

Investment of cash collateral from securities loaned—9.7%
Money market funds—9.7%
State Street Navigator Securities Lending Government Money Market Portfolio,4.954%³ (cost $16,087,157)		16,087,157		16,087,157
Total investments (cost $158,179,445)⁴—109.0%				179,793,191
Liabilities in excess of other assets—(9.0)%				(14,844,586	)
Net assets—100.0%			$	164,948,605

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	161,783,562	$	—	$	—	$	161,783,562
Short-term investments		—		1,922,472		—		1,922,472
Investment of cash collateral from securities loaned		—		16,087,157		—		16,087,157
Total	$	161,783,562	$	18,009,629	$	—	$	179,793,191

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,536,492, represented 0.9% of the Fund’s net assets at period end.
3	Rate shown reflects yield at September 30, 2024.
4	Includes $20,231,158 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $16,087,157 and non-cash collateral of $5,440,142.

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks: 98.0%
Banks: 4.2%
JPMorgan Chase & Co.		44,924	$	9,472,675

Beverages: 2.9%
Coca-Cola Co.		90,227		6,483,712

Biotechnology: 2.3%
AbbVie, Inc.		26,444		5,222,161

Building products: 2.2%
Trane Technologies PLC		12,611		4,902,274

Capital markets: 7.3%
BlackRock, Inc.		8,179		7,766,042
Morgan Stanley		81,457		8,491,078
				16,257,120
Chemicals: 2.5%
Linde PLC		11,851		5,651,268

Commercial services & supplies: 0.9%
Republic Services, Inc.		10,034		2,015,229

Consumer finance: 2.4%
American Express Co.		19,452		5,275,382

Electric utilities: 3.1%
NextEra Energy, Inc.		82,748		6,994,688

Ground transportation: 2.7%
Union Pacific Corp.		24,269		5,981,823

Health care equipment & supplies: 3.2%
Abbott Laboratories		62,062		7,075,689

Health care providers & services: 3.8%
UnitedHealth Group, Inc.		14,555		8,510,017

Hotels, restaurants & leisure: 2.2%
McDonald's Corp.		15,712		4,784,461

Household products: 2.2%
Procter & Gamble Co.		28,864		4,999,245

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Industrial REITs: 2.7%
Prologis, Inc.		47,612	$	6,012,443

Insurance: 3.7%
Chubb Ltd.		18,993		5,477,392
Marsh & McLennan Cos., Inc.		12,836		2,863,583
				8,340,975
IT services: 2.2%
Accenture PLC, Class A		14,004		4,950,134

Oil, gas & consumable fuels: 3.9%
Exxon Mobil Corp.		34,146		4,002,594
Phillips 66		35,133		4,618,233
				8,620,827
Pharmaceuticals: 2.8%
Johnson & Johnson		39,084		6,333,953

Professional services: 3.0%
Automatic Data Processing, Inc.		24,362		6,741,696

Semiconductors & semiconductor equipment: 15.1%
Analog Devices, Inc.		26,985		6,211,137
Broadcom, Inc.		86,881		14,986,973
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		59,500		10,333,365
Texas Instruments, Inc.		10,963		2,264,627
				33,796,102
Software: 16.2%
Microsoft Corp.		57,068		24,556,360
Oracle Corp.		67,554		11,511,202
				36,067,562
Specialty retail: 6.5%
Home Depot, Inc.		22,312		9,040,822

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—(concluded)
TJX Cos., Inc.		46,577	$	5,474,662
				14,515,484
Total common stocks (cost—$170,207,897)				219,004,920

Short-term investments—1.9%
Investment companies: 1.9%
State Street Institutional U.S. Government Money Market Fund, 4.943%¹ (cost $4,202,091)		4,202,091		4,202,091
Total investments (cost—$174,409,988)—99.9%				223,207,011
Other assets in excess of liabilities—0.1%				225,463
Net assets—100.0%			$	223,432,474

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	219,004,920	$	—	$	—	$	219,004,920
Short-term investments		—		4,202,091		—		4,202,091
Total	$	219,004,920	$	4,202,091	$	—	$	223,207,011

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

Rate shown reflects yield at September 30, 2024.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks: 98.5%
Aerospace & defense: 1.5%
TransDigm Group, Inc.		3,146	$	4,489,751

Broadline retail: 7.8%
Amazon.com, Inc.^*		125,845		23,448,698

Capital markets: 1.9%
Ameriprise Financial, Inc.		6,324		2,971,078
S&P Global, Inc.		5,506		2,844,510
				5,815,588
Chemicals: 1.7%
Sherwin-Williams Co.		13,824		5,276,206

Financial services: 5.2%
Mastercard, Inc., Class A		12,954		6,396,685
Visa, Inc., Class A		33,545		9,223,198
				15,619,883
Ground transportation: 1.2%
Union Pacific Corp.		14,803		3,648,643

Health care equipment & supplies: 4.2%
Abbott Laboratories		26,408		3,010,776
Boston Scientific Corp.^*		52,860		4,429,668
Intuitive Surgical, Inc.^*		10,571		5,193,215
				12,633,659
Health care providers & services: 1.7%
UnitedHealth Group, Inc.		8,933		5,222,946

Hotels, restaurants & leisure: 1.4%
Chipotle Mexican Grill, Inc.^*		70,990		4,090,444

Insurance: 1.9%
Progressive Corp.		22,979		5,831,151

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Interactive media & services: 11.7%
Alphabet, Inc., Class A		96,117	$	15,941,005
Meta Platforms, Inc., Class A		33,975		19,448,649
				35,389,654
Life sciences tools & services: 2.1%
Danaher Corp.		9,398		2,612,832
Thermo Fisher Scientific, Inc.		6,242		3,861,114
				6,473,946
Machinery: 1.6%
Parker-Hannifin Corp.		7,841		4,954,101

Pharmaceuticals: 3.9%
Eli Lilly & Co.		13,367		11,842,360

Semiconductors & semiconductor equipment: 15.7%
Advanced Micro Devices, Inc.^*		37,139		6,093,767
ASML Holding NV, Registered Shares		6,799		5,665,267
Broadcom, Inc.		76,779		13,244,377
NVIDIA Corp.		184,715		22,431,790
				47,435,201
Software: 21.4%
Adobe, Inc.*		10,201		5,281,874
Intuit, Inc.		9,673		6,006,933
Microsoft Corp.		87,744		37,756,243
Oracle Corp.		36,425		6,206,820
Palo Alto Networks, Inc.^*		12,779		4,367,862
Salesforce, Inc.		19,010		5,203,227
				64,822,959

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Specialized REITs: 1.5%
American Tower Corp.		19,394	$	4,510,269

Specialty retail: 3.6%
O'Reilly Automotive, Inc.*		3,505		4,036,358
TJX Cos., Inc.		58,972		6,931,569
				10,967,927
Technology hardware, storage & peripherals: 8.5%
Apple, Inc.		110,796		25,815,468
Total common stocks (cost—$224,961,766)				298,288,854

Short-term investments—1.6%
Investment companies: 1.6%
State Street Institutional U.S. Government Money Market Fund, 4.943%¹ (cost $4,670,981)		4,670,981		4,670,981
Total investments (cost—$229,632,747)—100.1%				302,959,835
Liabilities in excess of other assets—(0.1)%				(257,703	)
Net assets—100.0%			$	302,702,132

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	298,288,854	$	—	$	—	$	298,288,854
Short-term investments		—		4,670,981		—		4,670,981
Total	$	298,288,854	$	4,670,981	$	—	$	302,959,835

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
1	Rate shown reflects yield at September 30, 2024.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks: 97.2%
Aerospace & defense: 3.1%
AeroVironment, Inc.^*		12,037	$	2,413,419
BWX Technologies, Inc.		16,379		1,780,397
				4,193,816
Air freight & logistics: 0.9%
GXO Logistics, Inc.*		23,850		1,241,869

Automobile components: 1.6%
Modine Manufacturing Co.^*		16,203		2,151,596

Banks: 3.7%
Columbia Banking System, Inc.		41,256		1,077,194
First Bancorp/Southern Pines NC		30,368		1,263,005
Prosperity Bancshares, Inc.		16,933		1,220,362
SouthState Corp.		13,617		1,323,300
				4,883,861
Biotechnology: 13.6%
Arcellx, Inc.*		12,734		1,063,416
Arcturus Therapeutics Holdings, Inc.^*,1		20,568		477,383
Arrowhead Pharmaceuticals, Inc.^*		23,467		454,556
Avidity Biosciences, Inc.^*		29,775		1,367,566
Cabaletta Bio, Inc.^*		43,791		206,694
Crinetics Pharmaceuticals, Inc.^*		19,603		1,001,713
Halozyme Therapeutics, Inc.^*		15,076		862,950

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(continued)
Ideaya Biosciences, Inc.^*		20,102	$	636,831
Immunocore Holdings PLC, ADR^*		12,470		388,191
Immunovant, Inc.^*		26,811		764,382
Insmed, Inc.^*		20,874		1,523,802
Kymera Therapeutics, Inc.^*,1		22,936		1,085,561
Kyverna Therapeutics, Inc.^*		13,500		66,015
Nuvalent, Inc., Class A^*		12,200		1,248,060
Protagonist Therapeutics, Inc.^*		35,181		1,583,145
Prothena Corp. PLC^*		9,962		166,664
Rhythm Pharmaceuticals, Inc.^*		20,338		1,065,508
Vaxcyte, Inc.^*		13,062		1,492,595
Viking Therapeutics, Inc.^*		35,500		2,247,505
Xencor, Inc.^*		25,344		509,668
				18,212,205
Broadline retail: 1.4%
Global-e Online Ltd.^*		48,400		1,860,496

Building products: 3.6%
AZEK Co., Inc.^*		57,330		2,683,044
Simpson Manufacturing Co., Inc.		10,977		2,099,571
				4,782,615
Chemicals: 0.7%
Aspen Aerogels, Inc.^*		33,634		931,325

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Construction & engineering: 3.6%
Comfort Systems USA, Inc.		6,279	$	2,451,008
MasTec, Inc.^*		19,123		2,354,041
				4,805,049
Consumer staples distribution & retail: 1.9%
Performance Food Group Co.^*		31,459		2,465,442

Containers & packaging: 1.2%
Graphic Packaging Holding Co.		54,900		1,624,491

Diversified consumer services: 1.4%
Duolingo, Inc.^*		6,775		1,910,685

Electronic equipment, instruments & components: 1.4%
Itron, Inc.^*		18,003		1,922,900

Energy equipment & services: 1.1%
Weatherford International PLC		17,531		1,488,732

Financial services: 3.1%
Essent Group Ltd.		17,267		1,110,095
Flywire Corp.^*		53,552		877,717
Shift4 Payments, Inc., Class A^*,1		24,831		2,200,027
				4,187,839
Ground transportation: 1.3%
Knight-Swift Transportation Holdings, Inc.		31,701		1,710,269

Health care equipment & supplies: 0.7%
Artivion, Inc.^*		34,003		905,160

Health care providers & services: 4.8%
HealthEquity, Inc.^*		14,721		1,204,914
NeoGenomics, Inc.^*		31,147		459,418
RadNet, Inc.^*		47,236		3,277,706

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(continued)
Surgery Partners, Inc.^*		47,663	$	1,536,655
				6,478,693
Hotel & resort REITs: 2.4%
Ryman Hospitality Properties, Inc.		29,840		3,200,042

Hotels, restaurants & leisure: 3.9%
Churchill Downs, Inc.		12,953		1,751,375
First Watch Restaurant Group, Inc.^*,1		72,700		1,134,120
Shake Shack, Inc., Class A^*		22,974		2,371,147
				5,256,642
Household durables: 3.9%
M/I Homes, Inc.^*		10,501		1,799,451
Meritage Homes Corp.		8,339		1,710,079
TopBuild Corp.^*		4,181		1,700,873
				5,210,403
Insurance: 0.3%
Bowhead Specialty Holdings, Inc.^*,1		16,200		453,762

IT services: 3.8%
Couchbase, Inc.^*		69,659		1,122,903
DigitalOcean Holdings, Inc.^*		32,182		1,299,831
Wix.com Ltd.^*		15,965		2,668,869
				5,091,603
Life sciences tools & services: 1.1%
Medpace Holdings, Inc.^*		1,808		603,511
Repligen Corp.^*		5,432		808,390
				1,411,901
Machinery: 2.2%
Chart Industries, Inc.^*		8,399		1,042,652

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Machinery—(continued)
SPX Technologies, Inc.^*		11,892	$	1,896,298
				2,938,950
Metals & mining: 1.8%
ATI, Inc.^*		35,136		2,350,950

Oil, gas & consumable fuels: 2.2%
Gulfport Energy Corp.^*		10,643		1,610,818
SM Energy Co.		33,774		1,349,947
				2,960,765
Personal care products: 1.6%
BellRing Brands, Inc.^*		34,257		2,080,085

Pharmaceuticals: 1.1%
Arvinas, Inc.^*		17,429		429,276
Intra-Cellular Therapies, Inc.^*		13,332		975,503
				1,404,779
Professional services: 1.3%
Parsons Corp.^*		17,238		1,787,236

Semiconductors & semiconductor equipment: 6.4%
Impinj, Inc.^*,1		17,447		3,777,624
Semtech Corp.^*		38,288		1,748,230
Universal Display Corp.		14,460		3,035,154
				8,561,008
Software: 13.1%
Appfolio, Inc., Class A^*		8,219		1,934,753
Braze, Inc., Class A^*,1		34,464		1,114,566
Confluent, Inc., Class A^*		65,456		1,333,993
CyberArk Software Ltd.^*		8,565		2,497,640

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Software—(concluded)
Elastic NV^*		18,882	$	1,449,382
Gitlab, Inc., Class A^*		30,540		1,574,032
Rubrik, Inc., Class A^*		27,400		880,910
Sprout Social, Inc., Class A^*		29,664		862,332
Varonis Systems, Inc.^*		48,870		2,761,155
Zeta Global Holdings Corp., Class A^*		105,095		3,134,984
				17,543,747
Technology hardware, storage & peripherals: 1.6%
Pure Storage, Inc., Class A^*		42,846		2,152,583

Trading companies & distributors: 1.4%
Boise Cascade Co.		13,580		1,914,508
Total common stocks (cost—$100,344,142)				130,076,007

Short-term investments—3.0%
Investment companies: 3.0%
State Street Institutional U.S. Government Money Market Fund, 4.943%² (cost $3,963,823)		3,963,823		3,963,823

Investment of cash collateral from securities loaned—3.7%
Money market funds: 3.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.954%² (cost—$4,958,129)		4,958,129		4,958,129
Total investments (cost—$109,266,094)³—103.9%				138,997,959
Liabilities in excess of other assets—(3.9)%				(5,169,173	)
Net assets—100.0%			$	133,828,786

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2024 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	130,076,007	$	—	$	—	$	130,076,007
Short-term investments		—		3,963,823		—		3,963,823
Investment of cash collateral from securities loaned		—		4,958,129		—		4,958,129
Total	$	130,076,007	$	8,921,952	$	—	$	138,997,959

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rate shown reflects yield at September 30, 2024.
3	Includes $7,237,526 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,958,129 and non-cash collateral of $2,408,587.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations: 99.4%
Supranationals: 99.4%
African Development Bank Series GDIF,
0.875%, due 07/22/26	$	1,700,000	$	1,615,177
4.375%, due 11/03/27		600,000		612,608
4.375%, due 03/14/28		1,400,000		1,433,933
Agence Francaise de Developpement EPIC Series EMTN,
0.625%, due 01/22/26¹		2,000,000		1,913,164
Asian Development Bank
1.500%, due 03/04/31		800,000		698,977
1.750%, due 09/19/29		1,000,000		914,575
1.875%, due 01/24/30		700,000		640,014
3.125%, due 04/27/32		100,000		95,914
3.875%, due 09/28/32		500,000		504,522
3.875%, due 06/14/33		350,000		350,533
4.000%, due 01/12/33		500,000		504,798
4.125%, due 01/12/34		200,000		203,780
Asian Infrastructure Investment Bank
0.500%, due 01/27/26		1,400,000		1,338,610
3.750%, due 09/14/27		300,000		300,717
4.000%, due 01/18/28²		200,000		202,638
4.125%, due 01/18/29		800,000		815,672
4.250%, due 03/13/34		1,200,000		1,231,596
Council of Europe Development Bank
0.875%, due 09/22/26		1,300,000		1,229,447
4.125%, due 01/24/29		200,000		203,516

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
European Bank for Reconstruction & Development
0.500%, due 01/28/26	$	1,700,000	$	1,624,700
4.125%, due 01/25/29		600,000		611,115
4.250%, due 03/13/34		900,000		924,401
4.375%, due 03/09/28		750,000		768,354
European Investment Bank
1.250%, due 02/14/31		800,000		689,516
3.625%, due 07/15/30²		750,000		748,501
3.750%, due 02/14/33²		2,000,000		1,985,949
Inter-American Development Bank
1.125%, due 07/20/28		700,000		638,898
1.125%, due 01/13/31		5,800,000		4,959,501
2.250%, due 06/18/29		4,900,000		4,606,219
3.125%, due 09/18/28		1,750,000		1,719,735
3.500%, due 09/14/29		1,800,000		1,788,224
3.500%, due 04/12/33		2,350,000		2,286,844
4.375%, due 07/17/34		1,800,000		1,866,805
4.500%, due 09/13/33		2,000,000		2,090,893
Inter-American Investment Corp.
0.625%, due 02/10/26¹		1,500,000		1,433,340
4.125%, due 02/15/28		100,000		101,304
4.250%, due 02/14/29		500,000		510,183
International Bank for Reconstruction & Development
0.750%, due 08/26/30		2,300,000		1,944,178
0.875%, due 05/14/30		2,500,000		2,147,105
1.250%, due 02/10/31		4,100,000		3,526,975
1.625%, due 11/03/31		3,300,000		2,867,171

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
Series GDIF,
1.750%, due 10/23/29	$	900,000	$	821,646
2.500%, due 03/29/32		2,000,000		1,840,406
3.625%, due 09/21/29		400,000		399,853
3.875%, due 02/14/30		1,400,000		1,414,058
3.875%, due 08/28/34		2,000,000		1,993,158
4.000%, due 07/25/30		1,050,000		1,067,096
4.000%, due 01/10/31		350,000		355,162
4.500%, due 04/10/31		150,000		156,521
4.750%, due 11/14/33		1,300,000		1,386,014
International Development Association Series GDIF,
0.750%, due 06/10/27¹		1,900,000		1,758,393
1.000%, due 12/03/30¹		2,500,000		2,127,552
International Finance Corp.
0.750%, due 10/08/26		1,200,000		1,131,992
0.750%, due 08/27/30		1,150,000		973,562
2.125%, due 04/07/26		675,000		657,450
4.375%, due 01/15/27		500,000		507,202
4.500%, due 07/13/28		600,000		619,872
Isdb Trust Services No. 2 SARL
1.262%, due 03/31/26¹		800,000		768,400

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(concluded)
Supranationals—(concluded)
4.598%, due 03/14/28¹	$	1,250,000	$	1,280,859
4.754%, due 05/15/29¹		1,400,000		1,452,570
Kreditanstalt fuer Wiederaufbau
4.125%, due 07/15/33		700,000		713,364
4.750%, due 10/29/30		700,000		740,666
Nordic Investment Bank
3.375%, due 09/08/27		2,800,000		2,777,327
4.375%, due 03/14/28		900,000		921,664
Total non-U.S. government agency obligations (cost—$82,432,168)				80,514,889

	Number of shares
Short-term investments: 1.2%
Investment companies: 1.2%
State Street Institutional U.S. Government Money Market Fund, 4.943%³ (cost $1,010,478)		1,010,478		1,010,478

Investment of cash collateral from securities loaned—3.0%
Money market funds—3.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.954%³ (cost $2,400,355)		2,400,355		2,400,355
Total investments (cost $85,843,001)⁴—103.6%				83,925,722
Liabilities in excess of other assets—(3.6)%				(2,904,003	)
Net assets—100.0%			$	81,021,719

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Non-U.S. government agency obligations	$	—	$	80,514,889	$	—	$	80,514,889
Short-term investments		—		1,010,478		—		1,010,478
Investment of cash collateral from securities loaned		—		2,400,355		—		2,400,355
Total	$	—	$	83,925,722	$	—	$	83,925,722

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

1	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
2	Security, or portion thereof, was on loan at the period end.
3	Rate shown reflects yield at September 30, 2024.
4	Includes $2,340,869 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,400,355 and non-cash collateral of $0.

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Asset-backed securities: 4.9%
Cayman Islands: 3.6%
ARES LVIII CLO Ltd.,
Series 2020-58A, Class DR, 3 mo.
USD Term SOFR + 3.200%,
8.501%, due 01/15/35^2,3		250,000	$	249,991
Sixth Street CLO XVIII Ltd.,
Series 2021-18A, Class D, 3 mo.
USD Term SOFR + 3.162%,
8.444%, due 04/20/34^2,3		250,000		250,303
Wellfleet CLO Ltd.,
Series 2020-1A, Class C, 3 mo.
USD Term SOFR + 3.962%,
9.263%, due 04/15/33^2,3		250,000		248,390
				748,684
United States: 1.3%
AmeriCredit Automobile Receivables Trust,
Series 2020-2, Class C,
1.480%, due 02/18/26		11,637		11,617
Santander Drive Auto Receivables Trust
Series 2020-4, Class D,
1.480%, due 01/15/27		45,733		45,451
Series 2023-3, Class A3,
5.610%, due 10/15/27		200,000		200,768
				257,836
Total asset-backed securities
(cost—$999,699)				1,006,520

Corporate bonds: 73.6%
Australia: 0.5%
Glencore Funding LLC
4.000%, due 04/16/25²		100,000		99,481

Belgium: 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		165,000		162,499

Brazil: 1.0%
Petrobras Global Finance BV
7.375%, due 01/17/27		200,000		209,437

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Canada: 1.2%
NOVA Chemicals Corp.
5.250%, due 06/01/27²		250,000	$	247,201

Chile: 1.0%
Corp. Nacional del Cobre de Chile
5.125%, due 02/02/33⁴		200,000		199,313

China: 1.5%
Agile Group Holdings Ltd.
5.750%, due 01/02/25^4,5		200,000		9,700
BOC Aviation Ltd.
3.250%, due 04/29/25⁴		250,000		247,405
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26		65,000		64,507
				321,612
Colombia: 0.5%
Ecopetrol SA
5.375%, due 06/26/26		100,000		99,500

Germany: 1.0%
Volkswagen Group of America Finance LLC
4.625%, due 11/13/25²		200,000		199,675

Ireland: 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.450%, due 04/03/26		300,000		299,240

Mexico: 0.6%
Petroleos Mexicanos
6.700%, due 02/16/32		150,000		134,123

Qatar: 1.2%
QNB Finance Ltd.
2.750%, due 02/12/27⁴		250,000		240,625

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United Kingdom: 2.4%
Barclays PLC
4.836%, due 05/09/28		200,000	$	200,194
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		110,535
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		199,294
				510,023
United States: 60.5%
AbbVie, Inc.
4.500%, due 05/14/35		100,000		99,680
AEP Texas, Inc.
Series E, 6.650%, due 02/15/33		50,000		55,095
Series G, 4.150%, due 05/01/49		50,000		41,066
Air Lease Corp.
2.875%, due 01/15/26		50,000		48,973
Allison Transmission, Inc.
4.750%, due 10/01/27²		150,000		147,587
Aramark Services, Inc.
5.000%, due 02/01/28²		100,000		99,678
ASGN, Inc.
4.625%, due 05/15/28²		150,000		145,690
AT&T, Inc.
3.800%, due 12/01/57		58,000		43,914
4.300%, due 02/15/30		300,000		299,635
Avantor Funding, Inc.
4.625%, due 07/15/28²		275,000		268,783
Avient Corp.
6.250%, due 11/01/31²		100,000		102,513
Bank of America Corp.
6.110%, due 01/29/37		125,000		138,048

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Series RR,(fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/27^3,6,7		100,000	$	96,803
Blue Owl Technology Finance Corp. II
6.750%, due 04/04/29²		70,000		70,328
Boyd Gaming Corp.
4.750%, due 12/01/27		200,000		197,737
Broadcom, Inc.
3.137%, due 11/15/35²		300,000		256,541
Capital One Financial Corp.
3.750%, due 07/28/26		300,000		295,835
Carrier Global Corp.
2.722%, due 02/15/30		50,000		46,226
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/26²		75,000		74,852
Celanese U.S. Holdings LLC
6.379%, due 07/15/32		150,000		160,368
CF Industries, Inc.
5.150%, due 03/15/34		100,000		101,162
Charter Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		350,000		340,287
Citigroup, Inc.
5.500%, due 09/13/25		300,000		301,829
6.675%, due 09/13/43		50,000		58,960

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Series AA,(fixed, converts to FRN on 11/15/28),
7.625%, due 11/15/28^3,7		100,000	$	106,837
Civitas Resources, Inc.
8.375%, due 07/01/28²		100,000		103,947
Comcast Corp.
2.887%, due 11/01/51		64,000		43,006
2.937%, due 11/01/56		67,000		43,788
3.969%, due 11/01/47		38,000		31,751
Concentrix Corp.
6.850%, due 08/02/33⁶		100,000		103,581
ConocoPhillips Co.
3.758%, due 03/15/42		250,000		212,497
Continental Resources, Inc.
4.375%, due 01/15/28		250,000		246,415
DCP Midstream Operating LP
5.375%, due 07/15/25		159,000		159,388
Dell International LLC/EMC Corp.
5.850%, due 07/15/25		250,000		251,907
Delta Air Lines, Inc.
7.000%, due 05/01/25²		150,000		151,580
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		50,000		43,253
Edison International
Series A, (fixed, converts to FRN on 03/15/26),
5.375%, due 03/15/26^3,7		95,000		94,059

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Energizer Holdings, Inc.
4.375%, due 03/31/29²		100,000	$	94,700
Energy Transfer LP
5.400%, due 10/01/47		50,000		47,612
5.500%, due 06/01/27		50,000		51,279
EQT Corp.
3.900%, due 10/01/27		370,000		363,594
Equinix, Inc.
3.900%, due 04/15/32⁶		60,000		57,453
Exelon Corp.
4.450%, due 04/15/46		50,000		44,500
Expedia Group, Inc.
3.800%, due 02/15/28		250,000		245,315
Extra Space Storage LP
5.400%, due 02/01/34		100,000		103,278
FedEx Corp.
4.550%, due 04/01/46		50,000		44,589
Fifth Third Bank NA
3.950%, due 07/28/25		200,000		198,653
Fortress Transportation & Infrastructure Investors LLC
5.500%, due 05/01/28²		100,000		99,582
Fox Corp.
5.576%, due 01/25/49		25,000		24,636
GE Capital International Funding Co. Unlimited Co.
3.373%, due 11/15/25		200,000		197,474
General Motors Co.
6.600%, due 04/01/36		300,000		324,606

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Gilead Sciences, Inc.
4.750%, due 03/01/46		50,000	$	47,851
Global Payments, Inc.
5.400%, due 08/15/32		50,000		51,322
GLP Capital LP/GLP Financing II, Inc.
5.250%, due 06/01/25		200,000		199,833
Goldman Sachs Group, Inc.
5.150%, due 05/22/45		30,000		29,990
Series Q,(fixed, converts to FRN on 08/10/29),
7.379%, due 02/10/25^3,7		100,000		100,287
Series V,(fixed, converts to FRN on 11/10/26),
4.125%, due 11/10/26^3,7		100,000		95,791
Harley-Davidson Financial Services, Inc.
3.350%, due 06/08/25²		300,000		295,998
HCA, Inc.
5.250%, due 06/15/26		200,000		201,472
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250%, due 05/15/26		75,000		74,415
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/29³		150,000		146,492
Series HH,(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/25^3,7		100,000		99,133

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Series KK,(fixed, converts to FRN on 06/01/26),
3.650%, due 06/01/26^3,7		80,000	$	77,395
KB Home
7.250%, due 07/15/30		50,000		52,193
KeyCorp
4.150%, due 10/29/25		75,000		74,608
Kinder Morgan, Inc.
4.300%, due 03/01/28		150,000		150,266
5.550%, due 06/01/45		40,000		39,525
Kroger Co.
6.900%, due 04/15/38		25,000		29,284
Kyndryl Holdings, Inc.
6.350%, due 02/20/34⁶		150,000		160,363
Level 3 Financing, Inc.
10.500%, due 05/15/30²		184,000		198,030
Liberty Mutual Group, Inc.
4.569%, due 02/01/29²		155,000		155,674
LYB International Finance BV
4.875%, due 03/15/44		50,000		46,451
Marathon Petroleum Corp.
4.750%, due 09/15/44		70,000		62,361
Masco Corp.
1.500%, due 02/15/28		400,000		364,179
MetLife, Inc.
6.400%, due 12/15/36		110,000		116,630

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500%, due 06/20/27²		49,500	$	50,116
Morgan Stanley
4.300%, due 01/27/4⁵		50,000		46,070
4.350%, due 09/08/26		140,000		140,336
Nabors Industries, Inc.
7.375%, due 05/15/27^2,6		50,000		50,111
Navient Corp.
6.750%, due 06/15/26		100,000		102,219
Newell Brands, Inc.
4.875%, due 06/01/25		200,000		198,869
Olin Corp.
5.125%, due 09/15/27		200,000		198,849
OneMain Finance Corp.
3.500%, due 01/15/27		100,000		95,582
Oracle Corp.
4.000%, due 11/15/47		50,000		41,052
Quanta Services, Inc.
0.950%, due 10/01/24⁶		100,000		100,000
Reworld Holding Corp.
4.875%, due 12/01/29²		150,000		141,201
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
2.875%, due 10/15/26²		300,000		288,023
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		100,000		101,298
Sabre GLBL, Inc.
8.625%, due 06/01/27^2,6		100,000		98,362

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Corporate bonds—(concluded)
United States—(concluded)
Science Applications International Corp.
4.875%, due 04/01/28²		100,000	$	97,923
Seagate HDD Cayman
5.750%, due 12/01/34⁶		80,000		80,637
Sempra
(fixed, converts to FRN on 10/15/25),
4.875%, due 10/15/25^3,7		95,000		93,980
Sirius XM Radio, Inc.
3.125%, due 09/01/26²		250,000		241,540
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/28²		100,000		100,369
Tenet Healthcare Corp.
6.125%, due 10/01/28⁶		75,000		75,599
United Rentals North America, Inc.
4.875%, due 01/15/28⁶		100,000		99,260
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/26²		100,000		99,027
Walt Disney Co.
4.950%, due 10/15/45		50,000		49,220
WESCO Distribution, Inc.
7.250%, due 06/15/28²		100,000		102,399
				12,542,455
Total corporate bonds
(cost—$15,501,338)				15,265,184

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Mortgage-backed securities: 5.7%
United States: 5.7%
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class B,
2.511%, due 10/15/54²		150,000	$	125,648
BBCMS Trust, Series 2015-SRCH,Class B,
4.498%, due 08/10/35²		135,000		124,169
BX Mortgage Trust, Series 2021-PAC, Class D,
1 mo. USD Term SOFR + 1.413%,
6.510%, due 10/15/36^2,3		175,000		171,664
BX Trust, Series 2021-LGCY, Class D,
1 mo. USD Term SOFR + 1.416%,
6.514%, due 10/15/36^2,3		400,000		392,000
Extended Stay America Trust, Series 2021-ESH, Class D,
1 mo. USD Term SOFR + 2.364%,
7.462%, due 07/15/38^2,3		311,862		312,465
FREMF Mortgage Trust, Series 2017-K64, Class B,
4.136%, due 05/25/50^2,3		50,000		49,171
Series 2014-STAR, Class C,
Starwood Retail Property Trust, U.S. (Fed) Prime Rate,
8.500%, due 11/15/27^2,3		125,000		312
Total mortgage-backed securities
(cost—$1,352,965)				1,175,429

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face
	amount¹		Value
Non-U.S. government agency obligations: 8.1%
Brazil: 1.0%
Brazil Letras do Tesouro Nacional Series LTN,
0.000%, due 07/01/26	BRL	1,400,000	$	209,706
Indonesia: 0.6%
Indonesia Government International Bonds
6.625%, due 02/17/37²		100,000		116,875
Mexico: 1.6%
Mexico Cetes Series BI,
0.000%, due 10/24/24	MXN	3,900,000		196,604
Mexico Government International Bonds Series MTN,
4.750%, due 03/08/44		150,000		126,985
				323,589
Panama: 0.1%
Panama Government International Bonds
3.870%, due 07/23/60		50,000		31,438
Peru: 1.0%
Peru Government International Bonds
7.350%, due 07/21/25		200,000		204,196
Poland: 0.5%
Republic of Poland Government International Bonds
5.750%, due 11/16/32		100,000		107,439
Supranationals: 0.9%
Africa Finance Corp.
4.375%, due 04/17/26⁴		200,000		197,250
Turkey: 2.4%
Turkiye Government Bonds Series 5Y,
12.600%, due 10/01/25	TRY	17,200,000		397,150

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(concluded)
Turkey—(concluded)
Turkiye Government International Bonds Series 30Y,
6.875%, due 03/17/36		100,000	$	100,000
				497,150
Total non-U.S. government agency obligations
(cost—$1,755,631)				1,687,643

U.S. Treasury obligations: 3.5%
United States: 3.5%
U.S. Treasury Notes
3.875%, due 08/15/34		205,000		206,441
4.375%, due 05/15/34		500,000		523,672
Total U.S. Treasury obligations
(cost—$715,886)				730,113

	Number of
	shares
Short-term investments: 1.2%
Investment companies: 1.2%
Market Fund, 4.943%⁸
State Street Institutional U.S. Government Money (cost $252,362)		252,362	252,362

Short-term U.S. Treasury obligations: 1.0%
United States: 1.0%
U.S. Treasury Bills,
5.140%, due 11/05/24⁸	210,000	208,975
Total Short-term U.S. Treasury obligations
(Cost—$208,975)		208,975

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

	Number of
	shares		Value
Investment of cash collateral from securities loaned—3.9%
Money market funds—3.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.954%⁸
(cost $805,885)		805,885	$	805,885

	Number of
	Contracts
Swaptions Purchased: 0.0%^†
Put swaptions: 0.0%^†
CDX.NA.IG.S42, strike @ 55.000, expires 11/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/20/29		2,000,000	$	2,000,000		1,628
CDX.NA.IG.S42, strike @ 62.500, expires 11/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/20/29		1,000,000		1,000,000		428
Total put swaptions						2,056
Total swaptions purchased
(cost—$8,340)						2,056
Total investment
(cost $21,601,081)9—101.9%						21,134,167
Liabilities in excess of other assets—(1.9)%						(399,438	)
Net assets—100.0%					$	20,734,729

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

Swaptions written

Notional amount (000)		Number of contracts	Put Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	2,000	2,000,000	CDX.NA.IG.S42 strike @ 70.000 terminating 06/20/29	GS	Pay	11/20/24	$	2,640	$	(508	)	$	2,132
USD	2,000	2,000,000	CDX.NA.IG.S42 strike @ 90.000 terminating 06/20/29	GS	Pay	11/20/24		1,440		(218	)		1,222
USD	1,000	1,000,000	CDX.NA.IG.S42 strike @ 77.500 terminating 06/20/29	GS	Pay	11/20/24		1,610		(175	)		1,435
Total							$	5,690	$	(901	)	$	4,789

Futures contracts

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

U.S. Treasury futures buy contracts:
35	USD	U.S. Treasury Note 10 Year Futures	December 2024	$	4,000,224		$	3,999,844		$	(380	)
10	USD	U.S. Treasury Note 2 Year Futures	December 2024		2,083,788			2,082,422			(1,366	)
35	USD	U.S. Treasury Note 5 Year Futures	December 2024		3,844,504			3,845,898			1,394
15	USD	Ultra U.S. Treasury Note 10 Year Futures	December 2024		1,771,210			1,774,453			3,243
Total				$	11,699,726		$	11,702,617		$	2,891
Interest rate futures sell contracts:
6	EUR	Euro Bund 10 Year Futures	December 2024	$	(895,567	)	$	(901,117	)	$	(5,550	)
12	EUR	EURO Schatz 2 Year Index Futures	December 2024		(1,425,130	)		(1,431,621	)		(6,491	)
U.S. Treasury futures sell contracts:
2	USD	Ultra U.S. Treasury Bond Futures	December 2024	$	(267,528	)	$	(266,187	)	$	1,341
Total				$	(2,588,225	)	$	(2,598,925	)	$	(10,700	)
Net unrealized appreciation (depreciation)										$	(7,809	)

Centrally cleared credit default swap agreements on credit indices—buy protection10

Referenced obligations	Implied credit spread as of September 30, 2024*	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio¹¹			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)¹¹
CDX.NA.IG.S42	N/A	USD	2,000	06/20/29	Quarterly		1.000	%	$	(30,073	)	$	(45,941	)	$	(15,868	)
CDX.NA.HY.S42	N/A	USD	2,000	06/20/29	Quarterly		5.000			(73,927	)		(158,510	)		(84,583	)
Total									$	(104,000	)	$	(204,451	)	$	(100,451	)

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹¹	Payments received by the portfolio¹¹			Value		Unrealized appreciation (depreciation)
NZD	2,500	02/19/27	Quarterly	3 mo. NZD Bank Bill		4.805	%	$	45,415	$	45,415
NZD	1,000	06/15/33	Quarterly	3 mo. NZD Bank Bill		4.456			37,034		37,034
NZD	400	07/18/33	Quarterly	3 mo. NZD Bank Bill		4.520			12,839		12,839
Total								$	95,288	$	95,288

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	EUR	80,000	USD	89,219	10/17/24	$	112
BOA	USD	12,399	NZD	20,000	10/17/24		307
BOA	NGN	70,000,000	USD	40,936	11/07/24		63
BOA	USD	46,980	NGN	70,000,000	11/07/24		(6,107	)
CITI	NGN	70,000,000	USD	41,176	11/07/24		304
CITI	USD	205,605	IDR	3,300,000,000	11/21/24		11,925
GSI	USD	149,625	NGN	235,000,000	11/07/24		(12,411	)
JPMCB	IDR	3,300,000,000	USD	202,989	11/21/24		(14,540	)
JPMCB	USD	208,821	IDR	3,300,000,000	11/21/24		8,709
Net unrealized appreciation (depreciation)						$	(11,638	)

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2024 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	1,006,520		$	—	$	1,006,520
Corporate bonds		—			15,265,184			—		15,265,184
Mortgage-backed securities		—			1,175,429			—		1,175,429
Non-U.S. government agency obligations		—			1,687,643			—		1,687,643
U.S. Treasury obligations		—			730,113			—		730,113
Short-term investments		—			252,362			—		252,362
Short-term U.S. Treasury obligations		—			208,975			—		208,975
Investment of cash collateral from securities loaned		—			805,885			—		805,885
Swaptions Purchased		—			2,056			—		2,056
Futures contracts		5,978			—			—		5,978
Swap agreements		—			95,288			—		95,288
Forward foreign currency contracts		—			21,420			—		21,420
Total	$	5,978		$	21,250,875		$	—	$	21,256,853

Liabilities
Swaptions written	$	—		$	(901	)	$	—	$	(901	)
Futures contracts		(13,787	)		—			—		(13,787	)
Swap agreements		—			(204,451	)		—		(204,451	)
Forward foreign currency contracts		—			(33,058	)		—		(33,058	)
Total	$	(13,787	)	$	(238,410	)	$	—	$	(252,197	)

At September 30, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

†		Amount represents less than 0.05% or (0.05)%.
1		In U.S. dollars unless otherwise indicated.
2		Security 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 registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $6,121,899, represented 29.5% of the Fund’s net assets at period end.
3		Floating or variable rate securities. The rates disclosed are as of September 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
4		Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
5		Bond interest in default.
6		Security, or portion thereof, was on loan at the period end.
7		Perpetual investment. Date shown reflects the next call date.
8		Rate shown reflects yield at September 30, 2024.
9		Includes $893,754 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $805,885 and non-cash collateral of $106,981.
10		If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
11		Payments made or received are based on the notional amount.

The UBS Funds

Glossary of terms used in the Portfolio of investments
September 30, 2024 (unaudited)

Portfolio acronyms:

ABS	Asset-backed Security
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal
AID	Anticipation Certificates of Indebtedness
AMBAC	American Municipal Bond Assurance Corporation
AMT	Alternative Minimum Tax
ARM	Adjustable Rate Mortgage
BAM	Build Americal Mutual
BBSW	Bank Bill Swap Rate
BOBL	Bundesobligationen
CDO	Collateralized Debt Obligation
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
COFI	Cost of Funds Index
COP	Certificate of Participation
CPI	Consumer Price Index
DAC	Designated Activity Company
DIP	Debtor-in-possession
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GDR	Global Depositary Receipt
GMAC	General Motors Acceptance Corporation
GNMA	Government National Mortgage Association
GO	General Obligation
GSAMP	Goldman Sachs Asset Mortgage Passthrough
GTD	Guaranteed
IO	Interest Only
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MGIC	Mortgage Guaranty Insurance Corporation
MTA	Monthly Treasury Average Index
NVDR	Non-Voting Depository Receipt
OAT	Obligation Assimilables du Trésor (French Government Bonds)
OBFR	Overnight Bank Funding Rate
OTC	Over The Counter
PJSC	Private Joint Stock Company
PO	Principal Only
PSF	Permanent School Fund
RASC	Retirement Administration Service Center
RBA IOCR	RBA Interbank Overnight Cash Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RPI	Retail Price Index
SBA	Small Business Administration
SIFMA	Municipal Swap Index Yield
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
SPDR	Standard and Poor's Depository Receipts
STRIP	Separate Trading of Registered Interest and Principal of Securities
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities
VRD	Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

The UBS Funds

Glossary of terms used in the Portfolio of investments
September 30, 2024 (unaudited)

Currency type abbreviations:

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Counterparty acronyms:

ANZ	Australia and New Zealand Banking Group
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
CSI	Credit Suisse International
DB	Deutsche Bank AG
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
NAT	National Westminster
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland PLC
SCB	Standard Chartered Bank
SG	Societe Generale
SSB	State Street Bank and Trust Co.
TD	Toronto-Dominion Bank
WBC	Westpac Banking Corp.

See accompanying notes to financial statements.

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 designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third party pricing services. UBS AM has the Equities, Fixed Income and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee. 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’ Annual report to shareholders dated June 30, 2024.

Ubs Funds NPORT-PUBS Sustainable Development Bank Bond Fund (Sep 2024 report)