UBS Global Allocation Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 58.57%
U.S. Equities — 40.44%
Allergan, Inc.	327,400	$	35,522,900
Allstate Corp.	298,900	15,575,679
American Electric Power Co., Inc.	381,400	12,975,228
American International Group, Inc.	603,300	39,872,097
Analog Devices, Inc.	416,300	15,940,127
Anheuser-Busch Cos., Inc., Series B	267,400	11,436,698
AT&T, Inc.	758,800	20,517,952
Baker Hughes, Inc.	147,800	10,109,520
Borg-Warner, Inc.	169,200	10,158,769
Bristol-Myers Squibb Co.	479,600	11,802,956
Burlington Northern Santa Fe Corp.	401,100	33,423,663
Caremark Rx, Inc. (a)	292,800	14,399,904
Cendant Corp.	672,500	11,667,875
Cephalon, Inc. (a)(b)	130,800	7,880,700
Citigroup, Inc.	1,500,107	70,850,053
Costco Wholesale Corp.	532,900	28,861,864
Dell, Inc. (a)	624,500	18,585,120
DIRECTV Group, Inc. (a)	1,233,500	20,229,400
Exelon Corp.	773,400	40,912,860
Expedia, Inc. (a)	1,011,000	20,492,970
ExxonMobil Corp.	251,200	15,288,032
FedEx Corp.	240,000	27,105,600
Fifth Third Bancorp (c)	761,800	29,984,448
Freddie Mac	395,300	24,113,300
Genzyme Corp. (a)	425,100	28,575,222
Harley-Davidson, Inc.	275,600	14,298,128
Hartford Financial Services Group, Inc.	206,200	16,609,410
Healthsouth Corp. (a)	471,300	2,351,787
Illinois Tool Works, Inc.	357,100	34,392,301
Intel Corp.	1,185,100	22,931,685
Johnson & Johnson	592,138	35,066,412
Johnson Controls, Inc.	367,100	27,873,903
JPMorgan Chase & Co.	803,400	33,453,576
Kohl’s Corp. (a)	397,700	21,082,077
Kroger Co. (a)	1,082,800	22,045,808
Lockheed Martin Corp.	350,400	26,325,552
Marathon Oil Corp.	323,700	24,656,229
Masco Corp.	999,500	32,473,755
Medco Health Solutions, Inc. (a)	367,400	21,022,628
Medtronic, Inc.	195,900	9,941,925
Mellon Financial Corp.	956,100	34,037,160
Mercury Interactive Corp. (a)	356,200	12,395,760
Mettler Toledo International, Inc. (a)	54,000	3,258,360
Microsoft Corp.	2,280,600	62,055,126
Morgan Stanley	901,150	56,610,243
NiSource, Inc.	455,000	9,200,100
Northeast Utilities	198,300	3,872,799
Northrop Grumman Corp.	316,400	21,606,956
Omnicom Group, Inc.	401,900	33,458,175
Oracle Corp. (a)	2,235,800	30,608,102
Pepco Holdings, Inc.	298,100	6,793,699
PNC Financial Services Group, Inc.	332,000	22,346,920
R.H. Donnelley Corp. (a)	147,592	8,594,282
Sempra Energy	358,800	16,669,848
Sprint Nextel Corp.	1,957,552	50,583,144
Symantec Corp. (a)	1,246,472	20,978,124
Sysco Corp.	304,600	9,762,430
UnitedHealth Group, Inc.	756,300	42,246,918
Univision Communications, Inc. (a)	237,200	8,176,284
Waters Corp. (a)	340,300	14,683,945
WellPoint, Inc. (a)	305,500	23,654,865
Wells Fargo & Co.	776,700	49,607,829
Wyeth	1,122,900	54,483,108
Xilinx, Inc.	360,800	9,185,968
Zimmer Holdings, Inc. (a)	151,800	10,261,680

Total U.S. Equity		1,535,939,938

	Shares	Value
International Equities — 18.13%
Australia — 0.46%
National Australia Bank Ltd.	183,121	$	4,942,331
Qantas Airways Ltd.	1,882,491	4,770,771
QBE Insurance Group Ltd.	484,843	7,594,528
		17,307,630
Austria — 0.09%
Telekom Austria AG	146,132	3,444,402

Belgium — 0.37%
Fortis	119,649	4,274,501
KBC Groep NV	68,653	7,371,267
Solvay S.A.	20,229	2,336,233
		13,982,001
Bermuda — 0.35%
Accenture Ltd., Class A	447,500	13,456,325

Canada — 0.79%
Alcan, Inc.	71,720	3,281,243
Canadian Pacific Railway Ltd.	99,300	4,953,734
Cott Corp. (a)	144,400	1,859,636
Falconbridge Ltd. (b)	46,500	1,627,311
Inco Ltd.	33,900	1,689,993
Magna International, Inc., Class A	31,400	2,367,401
Manulife Financial Corp. (b)	52,100	3,268,267
Petro-Canada	126,100	5,979,722
Toronto Dominion Bank	91,000	5,070,317
		30,097,624
Cayman Islands — 0.53%
GlobalSantaFe Corp.	328,500	19,956,375

Finland — 0.26%
Nokia Oyj (b)	193,507	4,005,285
UPM-Kymmene Oyj (b)	254,840	6,022,143
		10,027,428
France — 1.35%
AXA S.A. (b)	315,737	11,080,846
France Telecom S.A.	403,281	9,070,570
Sanofi-Aventis (b)	125,241	11,914,205
Total S.A.	63,962	16,874,438
Unibail REIT	14,034	2,534,058
		51,474,117
Germany — 1.34%
Allianz AG	77,838	12,996,509
Bayerische Motoren Werke AG	59,374	3,270,236
Deutsche Postbank AG (b)	90,857	6,593,091
E.ON AG	80,627	8,872,848
Hannover Rueckversicherung AG (b)	41,972	1,556,940
MAN AG	78,571	5,453,035
Metro AG	58,133	2,980,675
Premiere AG (a)(b)	66,439	1,179,532
Schering AG (b)	45,680	4,749,103
Siemens AG	35,824	3,344,562
		50,996,531
Hong Kong — 0.27%
Esprit Holdings Ltd.	373,500	2,907,458
Hutchison Telecommunications International Ltd. (a)	1,673,000	2,856,917
Sun Hung Kai Properties Ltd. (b)	274,000	2,782,676
Yue Yuen Industrial Holdings	580,500	1,709,520
		10,256,571
Ireland — 0.39%
Bank of Ireland	500,887	9,317,448
CRH PLC	126,513	4,415,466
Depfa Bank PLC	53,980	961,610
		14,694,524
Italy — 0.35%
ENI SpA	164,979	4,694,352
UniCredito Italiano SpA	1,192,036	8,616,853
		13,311,205
Japan — 3.64%
Aeon Co., Ltd.	162,700	3,946,546
Aiful Corp. (b)	45,850	3,034,592
Asahi Breweries Ltd.	292,800	4,154,427
Bank of Yokohama Ltd.	475,000	3,890,399
Bridgestone Corp.	219,000	4,567,927
Canon, Inc.	116,300	7,697,341
East Japan Railway Co.	616	4,563,738
Funai Electric Co. Ltd. (b)	23,900	2,363,602
Honda Motor Co. Ltd.	89,000	5,512,404

	Shares	Value
Japan Tobacco, Inc.	725	$	2,550,128
KDDI Corp. (b)	379	2,025,412
Mitsubishi Corp.	282,300	6,427,902
Mitsui Fudosan Co. Ltd.	184,000	4,228,717
Mitsui Sumitomo Insurance Co. Ltd.	446,000	6,066,661
Nissan Motor Co. Ltd. (b)	549,100	6,522,020
Nitto Denko Corp.	86,400	7,333,356
NOK Corp. (b)	101,700	2,739,074
Nomura Holdings, Inc.	173,300	3,865,017
NTN Corp. (b)	374,000	2,964,673
NTT DoCoMo, Inc.	3,444	5,091,385
Rohm Co. Ltd.	56,900	6,018,734
Sekisui House Ltd. (b)	198,000	2,954,019
Shin-Etsu Chemical Co. Ltd.	108,800	5,906,814
Sompo Japan Insurance, Inc.	236,000	3,422,702
Sumitomo Mitsui Financial Group, Inc.	744	8,217,502
Sumitomo Trust & Banking Co. Ltd.	331,000	3,830,263
Takefuji Corp. (b)	58,000	3,651,487
Tokyo Gas Co. Ltd. (b)	953,000	4,169,881
Toyota Motor Corp.	119,600	6,533,798
Yokogawa Electric Corp. (b)	225,000	4,004,885
		138,255,406
Netherlands — 1.40%
ABN AMRO Holding NV	737,736	22,118,188
Aegon NV	268,071	4,960,640
ASML Holding NV (a)	224,411	4,582,399
Koninklijke (Royal) Philips Electronics NV (b)	117,656	3,976,596
Reed Elsevier NV	311,839	4,470,582
Royal KPN NV	393,539	4,435,265
TNT NV (b)	180,092	6,235,245
VNU NV	69,490	2,259,392
		53,038,307
Norway — 0.15%
Telenor ASA (b)	520,400	5,598,175

Panama — 0.64%
Carnival Corp.	510,100	24,163,437

Singapore — 0.02%
Jardine Cycle & Carriage Ltd.	108,000	741,901

Spain — 0.47%
Banco Santander Central Hispano S.A.	913,536	13,340,176
Repsol YPF S.A.	163,353	4,640,167
		17,980,343
Sweden — 0.30%
Electrolux AB, B Shares	149,000	4,275,727
Sandvik AB	69,700	4,121,057
Telefonaktiebolaget LM Ericsson, B Shares	819,000	3,112,589
		11,509,373
Switzerland — 1.48%
Actelion Ltd. (a)	28,647	2,845,692
Adecco S.A.	43,812	2,448,283
Credit Suisse Group	305,691	17,152,838
Holcim Ltd.	49,292	3,924,757
Nestle S.A.	18,549	5,506,434
Novartis AG	133,891	7,446,092
Roche Holding AG (b)	44,506	6,626,483
Straumann Holding AG (b)	11,856	2,701,056
Swiss Reinsurance Co.	110,129	7,695,894
		56,347,529
United Kingdom — 3.48%
AstraZeneca PLC	65,659	3,308,202
Balfour Beatty PLC	227,790	1,472,236
Barclays PLC	1,242,280	14,536,402
BP PLC	1,470,093	16,882,863
Centrica PLC	139,049	680,058
Collins Stewart Tullett PLC	198,055	2,503,333
Diageo PLC	550,062	8,663,219
Gallaher Group PLC	385,365	5,624,079
GUS PLC	157,184	2,881,115
ITV PLC	717,724	1,487,016
Kesa Electricals PLC	492,482	2,669,591
Kingfisher PLC	1,069,167	4,448,882
Prudential PLC	960,622	11,140,473
Rentokil Initial PLC	515,157	1,396,253
Royal Bank of Scotland Group PLC	439,278	14,294,766
Scottish & Southern Energy PLC	155,941	3,066,949
Taylor Nelson Sofres PLC	619,352	2,717,057

	Shares	Value
Tesco PLC	1,672,490	$	9,589,088
Vodafone Group PLC	7,798,221	16,326,098
Wolseley PLC	228,062	5,602,762
WPP Group PLC	233,506	2,801,312
		132,091,754
Total International Equities		688,730,958
Total Equities (Cost $1,957,523,809)		2,224,670,896

	Face
	Amount
Bonds — 21.12%
U.S. Bonds — 16.18%
U.S. Corporate Bonds — 2.47%
Albertson’s, Inc.
8.000%, due 05/01/31	$	200,000		186,172
Allstate Corp.
7.200%, due 12/01/09	525,000			554,830
Altria Group, Inc.
7.750%, due 01/15/27	525,000			600,736
American Electric Power Co., Inc.
6.125%, due 05/15/06	373,000			373,391
American General Finance Corp.
5.375%, due 10/01/12	630,000			618,005
AT&T Corp. (d)
9.750%, due 11/15/31	450,000			537,328
AT&T, Inc.
6.450%, due 06/15/34	540,000			531,528
AvalonBay Communities, Inc. REIT
7.500%, due 08/01/09	275,000			291,221
Avon Products, Inc.
7.150%, due 11/15/09	195,000			206,307
Bank of America Corp.
7.400%, due 01/15/11	2,000,000			2,161,650
BellSouth Corp.
6.550%, due 06/15/34	675,000			673,881
Boeing Capital Corp.
7.375%, due 09/27/10	700,000			754,050
Bombardier Capital, Inc., 144A
6.125%, due 06/29/06	425,000			425,000
Bristol-Myers Squibb Co.
5.750%, due 10/01/11	600,000			606,594
Burlington Northern Santa Fe Corp.
7.082%, due 05/13/29	660,000			742,341
C.S. First Boston USA, Inc.
3.875%, due 01/15/09	575,000			553,423
6.500%, due 01/15/12	450,000			469,949
Capital One Financial Corp.
5.500%, due 06/01/15	685,000			664,829
Cendant Corp.
6.250%, due 01/15/08	1,050,000			1,062,274
Citigroup, Inc.
5.000%, due 09/15/14	1,275,000			1,220,302
5.500%, due 11/18/15	GBP		270,000	485,585
5.625%, due 08/27/12	$	3,775,000		3,795,510
Comcast Cable Communications, Inc.
6.750%, due 01/30/11	2,250,000			2,338,893
Computer Sciences Corp.
3.500%, due 04/15/08	325,000			312,969
ConAgra Foods, Inc.
6.750%, due 09/15/11	1,355,000			1,408,253
Coors Brewing Co.
6.375%, due 05/15/12	925,000			953,827
Countrywide Home Loans, Inc.
3.250%, due 05/21/08	850,000			813,384
DaimlerChrysler N.A. Holding Corp.
4.050%, due 06/04/08	3,325,000			3,221,932
Devon Financing Corp. ULC
6.875%, due 09/30/11	1,050,000			1,113,239
Dominion Resources, Inc.
5.950%, due 06/15/35	520,000			479,437
Duke Energy Field Services LLC
7.875%, due 08/16/10	1,000,000			1,085,453
EOP Operating LP
7.250%, due 06/15/28	1,000,000			1,051,030
Erac U.S.A. Finance Co., 144A
8.000%, due 01/15/11	700,000			766,807
Exelon Generation Co. LLC
5.350%, due 01/15/14	1,000,000			970,716
FirstEnergy Corp., Series B
6.450%, due 11/15/11	700,000			724,314

	Face
	Amount		Value
Ford Motor Credit Co.
5.800%, due 01/12/09	$	12,750,000	$	11,644,027
FPL Group Capital, Inc.
7.625%, due 09/15/06	300,000		302,939
General Electric Capital Corp.
6.000%, due 06/15/12	5,325,000		5,468,738
6.750%, due 03/15/32	1,250,000		1,391,974
General Motors Acceptance Corp.
6.875%, due 09/15/11	2,170,000		2,022,611
Goldman Sachs Group, Inc.
6.875%, due 01/15/11	3,425,000		3,615,464
Harrah’s Operating Co., Inc.
7.500%, due 01/15/09	275,000		287,660
HSBC Bank USA N.A.
5.625%, due 08/15/35	1,355,000		1,258,749
HSBC Finance Corp.
6.750%, due 05/15/11	1,925,000		2,026,590
ICI Wilmington, Inc.
4.375%, due 12/01/08	600,000		578,481
International Lease Finance Corp.
3.500%, due 04/01/09	1,775,000		1,682,096
John Deere Capital Corp.
7.000%, due 03/15/12	700,000		750,573
JPMorgan Chase & Co.
6.750%, due 02/01/11	2,000,000		2,102,432
Kinder Morgan Energy Partners LP
5.800%, due 03/15/35	890,000		808,091
Kraft Foods, Inc.
5.625%, due 11/01/11	975,000		976,297
Kroger Co.
7.500%, due 04/01/31	545,000		598,942
Lockheed Martin Corp.
8.500%, due 12/01/29	250,000		324,585
Marathon Oil Corp.
6.125%, due 03/15/12	400,000		411,707
Marsh & McLennan Cos., Inc.
6.250%, due 03/15/12	470,000		479,747
MBNA Corp.
7.500%, due 03/15/12	550,000		604,832
McKesson Corp.
7.750%, due 02/01/12	450,000		494,215
Metlife, Inc.
5.000%, due 11/24/13	700,000		671,864
Miller Brewing Co., 144A
5.500%, due 08/15/13	1,000,000		985,898
Morgan Stanley
6.750%, due 04/15/11	3,475,000		3,657,959
New Cingular Wireless Services, Inc.
8.750%, due 03/01/31	375,000		474,956
News America, Inc.
6.200%, due 12/15/34	550,000		515,083
Pacific Gas & Electric Co.
6.050%, due 03/01/34	725,000		709,471
PPL Energy Supply LLC
6.400%, due 11/01/11	825,000		852,355
Progress Energy, Inc.
7.000%, due 10/30/31	300,000		322,409
Qwest Capital Funding, Inc. (b)
7.900%, due 08/15/10	95,000		98,800
Safeway, Inc.
7.250%, due 02/01/31	755,000		800,058
Sempra Energy
7.950%, due 03/01/10	275,000		297,009
Sprint Capital Corp. (b)
8.750%, due 03/15/32	1,375,000		1,719,103
TXU Energy Co. LLC
7.000%, due 03/15/13	700,000		729,097
U.S. Bank N.A.
6.375%, due 08/01/11	625,000		651,411
Union Pacific Corp.
6.700%, due 12/01/06	475,000		478,969
UST, Inc.
6.625%, due 07/15/12	650,000		674,594
Valero Energy Corp.
7.500%, due 04/15/32	745,000		856,534
Verizon New York, Inc., Series B
7.375%, due 04/01/32	975,000		988,926

	Face
	Amount		Value
Wachovia Bank N.A.
7.800%, due 08/18/10	$	1,550,000	$	1,688,971
Washington Mutual, Inc.
5.625%, due 01/15/07	2,000,000		2,003,562
Waste Management, Inc.
7.375%, due 08/01/10	650,000		693,420
Wells Fargo Bank N.A.
6.450%, due 02/01/11	2,625,000		2,734,917
Wyeth
5.500%, due 03/15/13	750,000		741,486
			93,932,762
Asset-Backed Securities — 0.41%
Associates Manufactured Housing
Pass-Thru CTFS 96-2, Class A5
6.900%, due 06/15/27	40,174		40,211
CenterPoint Energy Transition Bond Co.,
LLC, 01-1, Class A4
5.630%, due 09/15/15	310,000		314,171
Conseco Finance Corp.,
01-D, Class M2 †
6.499%, due 11/15/32	1,692,276		1,659,073
Conseco Finance Securitizations Corp.,
00-2, Class A4
8.480%, due 12/01/30	774,815		780,927
Countrywide Asset-Backed Certificates,
03-SD3, Class A1, 144A (d)
5.238%, due 12/25/32	48,349		48,477
Countrywide Asset-Backed Certificates,
04-SD1, Class A1, 144A (d)
5.158%, due 06/25/33	318,409		319,327
First Franklin Mortgage Loan Asset
Backed Certificates, 04-FFB, Class A1 (d)
4.167%, due 06/25/24	288,225		286,122
Green Tree Financial Corp.,
96-4, Class A6
7.400%, due 06/15/27	304,728		313,996
Metris Master Trust,
04-2, Class C, 144A †
6.126%, due 10/20/10	2,500,000		2,514,453
Peco Energy Transition Trust,
99-A, Class A7
6.130%, due 03/01/09	230,000		233,260
Providian Gateway Master Trust,
04-AA, Class C, 144A †
5.649%, due 03/15/11	400,000		403,188
Providian Gateway Master Trust,
04-AA, Class D, 144A †
6.599%, due 03/15/11	460,000		467,044
Providian Gateway Master Trust,
04-BA, Class D, 144A †
6.149%, due 07/15/10	840,000		842,756
Providian Gateway Master Trust,
04-EA, Class C, 144A †
5.329%, due 11/15/11	3,000,000		3,022,968
RAFC Asset-Backed Trust,
01-1, Class A3 (d)
5.115%, due 11/25/29	29,220		29,101
Rutland Rated Investments,
DRYD-1A, Class A6F1, 144A
6.957%, due 06/20/13	1,645,000		1,645,000
Structured Asset Securities Corp.,
03-AL2, Class A, 144A
3.357%, due 01/25/31	222,642		197,343
Terwin Mortgage Trust,
06-1, Class 2M2, 144A (d)
4.250%, due 01/25/37	2,500,000		2,337,500
			15,454,917
Commercial Mortgage-Backed Securities — 1.17%
Asset Securitization Corp.,
95-MD4, Class A3 †
7.384%, due 08/13/29	3,250,000		3,342,295
Asset Securitization Corp., 97-D4, Class B1
7.525%, due 04/14/29	5,000,000		5,485,544
Bear Stearns Commercial Mortgage
Securities, 05-LXR1, Class H, 144A †
5.949%, due 09/15/18	3,500,000		3,504,133
Commercial Mortgage Pass-Through
Certificates, 01-FL5A, Class E, 144A †
6.249%, due 11/15/13	248,399		248,364

	Face
	Amount		Value
Commercial Mortgage Pass-Through
Certificates, 01-FL5A, Class F, 144A †
5.348%, due 11/15/13	$	515,000	$	511,610
DLJ Commercial Mortgage Corp.,
00-CKP1, Class A1B
7.180%, due 11/10/33	1,275,000		1,357,383
First Union Commercial Mortgage
Securities, Inc., 97-C2, Class A3
6.650%, due 11/18/29	800,662		811,211
Four Times Square Trust,
00-4TS, Class C, 144A
7.860%, due 04/15/15	6,000,000		6,513,686
GS Mortgage Securities Corp., II,
98-GLII, Class A1
6.312%, due 04/13/31	1,106,659		1,113,699
Heller Financial Commercial Mortgage
Assets, 99-PH1, Class A1
6.500%, due 05/15/31	73,405		73,480
Host Marriott Pool Trust,
99-HMTA, Class A, 144A
6.980%, due 08/03/15	224,595		230,571
Host Marriott Pool Trust,
99-HMTA, Class C, 144A
7.730%, due 08/03/15	750,000		799,698
Host Marriott Pool Trust,
99-HMTA, Class D, 144A
7.970%, due 08/03/15	5,300,000		5,716,452
Host Marriott Pool Trust,
99-HMTA, Class E, 144A
8.070%, due 08/03/15	460,000		499,468
JPMorgan Commercial Mortgage
Finance Corp., 99-C8, Class A1
7.325%, due 07/15/31	11,018		10,995
JPMorgan Commercial Mortgage
Finance Corp., 99-C8, Class A2
7.400%, due 07/15/31	1,000,000		1,046,707
LB Commercial Conduit Mortgage Trust,
99-C1, Class A1
6.410%, due 06/15/31	155,472		155,505
Mach One Trust Commercial Mortgage-
Backed Securities, 04-1A, Class A1, 144A
3.890%, due 05/28/40	2,579,444		2,512,842
Merrill Lynch Mortgage Investors, Inc.,
97-C1, Class A3
7.120%, due 06/18/29	38,546		38,580
Merrill Lynch Mortgage Investors, Inc.,
98-C1, Class A1 †
6.310%, due 11/15/26	342,617		342,293
Morgan Stanley Capital I,
03-T11, Class A4
5.150%, due 06/13/41	5,065,000		4,939,975
Morgan Stanley Dean Witter Capital I,
00-LIFE, Class A1
7.420%, due 11/15/36	56,242		56,341
Morgan Stanley Dean Witter Capital I,
00-LIFE, Class A2
7.570%, due 11/15/36	150,000		159,936
Nomura Asset Securities Corp.,
96-MD5, Class A4 †
7.420%, due 04/13/39	971,832		989,698
Nomura Asset Securities Corp.,
98-D6, Class A1A
6.280%, due 03/15/30	473,650		475,310
PNC Mortgage Acceptance Corp.,
00-C1, Class A2
7.610%, due 02/15/10	1,881,793		1,994,809
Prudential Mortgage Capital Funding LLC,
01-ROCK, Class A2
6.605%, due 05/10/34	1,055,000		1,107,032
Salomon Brothers Mortgage Securities VII,
00-C3, Class A2
6.592%, due 12/18/33	540,000		561,585
			44,599,202
Mortgage & Agency Debt Securities — 6.26%
Bear Stearns Alt-A Trust,
05-3, Class B1 †
5.355%, due 04/25/35	7,388,204		7,165,404

	Face
	Amount		Value
C.S. First Boston Mortgage Securities Corp.,
01-26, Class 5A1 †
7.365%, due 11/25/31	$	97,393	$	96,997
C.S. First Boston Mortgage Securities Corp.,
02-10, Class 2A1
7.500%, due 05/25/32	21,146		21,352
C.S. First Boston Mortgage Securities Corp.,
03-27, Class 9A1
7.000%, due 11/25/33	264,079		264,878
C.S. First Boston Mortgage Securities Corp.,
03-8, Class 5A1
6.500%, due 04/25/33	615,426		615,560
C.S. First Boston Mortgage Securities Corp.,
05-9, Class 3A1
6.000%, due 10/25/35	5,176,928		5,147,672
C.S. First Boston Mortgage Securities Corp.,
05-11, Class 4A1
7.000%, due 12/25/35	5,580,798		5,659,569
C.S. First Boston Mortgage Securities Corp.,
05-12, Class 1A1
6.500%, due 01/25/36	7,235,207		7,280,244
Countrywide Alternative Loan Trust,
05-J2, Class 2A1
7.500%, due 04/25/35	2,028,459		2,031,731
Countrywide Home Loan Mortgage Pass
Through Trust, 06-HYB1, Class 1A1 †
5.424%, due 03/20/36	6,895,872		6,836,771
Countrywide Home Loan Mortgage Pass
Through Trust, 03-20, Class 3A2
4.750%, due 07/25/18	514,997		509,548
Federal Home Loan Mortgage Corp.,
REMIC, 2148, Class ZA
6.000%, due 04/15/29	865,466		855,033
Federal Home Loan Mortgage Corp.,
REMIC, 2426, Class GH
6.000%, due 08/15/30	557,689		560,871
Federal Home Loan Mortgage Corp., Gold
5.500%, due 09/01/17	60,636		60,284
5.500%, due 01/01/18	116,976		116,298
5.500%, due 04/01/18	377,228		374,914
5.500%, due 01/01/19	1,915,214		1,903,468
5.500%, due 09/01/23	2,695,857		2,657,628
5.500%, due 02/01/24	5,215,760		5,139,388
6.000%, due 12/01/17	300,130		303,821
6.000%, due 10/01/29	31,060		31,162
6.000%, due 12/01/30	377,958		378,847
6.000%, due 03/01/31	508,674		510,166
6.000%, due 07/01/34	1,702,818		1,704,900
6.500%, due 02/01/17	125,439		128,131
6.500%, due 10/01/17	610,859		623,952
6.500%, due 01/01/29	1,986,623		2,034,836
6.500%, due 04/01/29	67,758		69,405
6.500%, due 11/01/29	1,319,541		1,351,687
7.000%, due 06/01/28	206,112		212,468
7.000%, due 04/01/32	1,874,113		1,930,154
Federal National Mortgage Association
5.000%, TBA	24,700,000		23,511,312
3.283%, due 09/01/33 †	121,900		121,813
3.875%, due 07/15/08	8,100,000		7,895,256
4.097%, due 05/01/33 †	365,664		374,065
4.244%, due 03/01/34 †	443,641		434,569
4.250%, due 05/15/09	6,840,000		6,672,646
4.303%, due 01/01/35 †	3,717,062		3,616,463
4.625%, due 06/01/10	2,970,000		2,897,137
4.656%, due 01/01/35 †	5,191,427		5,097,160
5.200%, due 11/08/10	6,450,000		6,393,311
5.500%, due 03/15/11	5,670,000		5,750,956
5.500%, due 02/01/18	8,394,209		8,351,800
5.500%, due 11/01/23	170,195		166,787
5.500%, due 04/01/24	5,978,346		5,889,082
5.500%, due 09/01/24	3,707,040		3,653,705
5.500%, due 05/01/33	6,040,719		5,908,240
5.500%, due 06/01/33	7,390,464		7,237,924
5.500%, due 07/01/33	5,964,696		5,833,884
6.000%, due 09/01/08	1,333,510		1,340,910
6.000%, due 06/01/14	1,179,458		1,195,975
6.000%, due 07/01/17	3,157,674		3,201,895
6.000%, due 08/01/17	751,054		761,500
6.000%, due 04/01/18	329,363		333,975

	Face
	Amount		Value
6.000%, due 03/01/20	$	5,936,462	$	6,016,865
6.000%, due 11/01/28	144,680		145,086
6.000%, due 03/01/29	890,672		892,860
6.000%, due 07/01/29	707,207		709,150
6.000%, due 06/01/31	12,596		12,628
6.000%, due 01/01/33	2,398,734		2,400,985
6.250%, due 02/01/11	5,535,000		5,740,365
6.500%, due 12/01/10	1,546,277		1,558,836
6.500%, due 03/01/17	574,998		588,778
6.500%, due 06/01/17	612,842		627,528
6.500%, due 03/01/28	151,641		155,475
6.500%, due 05/01/28	1,736,457		1,780,406
6.500%, due 07/01/28	3,846,018		3,943,358
6.500%, due 10/01/28	949,659		973,694
6.500%, due 12/01/28	155,954		159,901
6.500%, due 04/01/29	595,837		610,880
6.500%, due 06/01/29	662,586		679,284
6.500%, due 08/01/29	210,642		215,950
6.500%, due 10/01/29	1,639,043		1,680,526
6.500%, due 12/01/29	1,924,281		1,972,936
6.500%, due 05/01/30	143,599		147,233
6.500%, due 11/01/31	9,243		9,457
6.500%, due 07/01/32	3,988,718		4,078,101
6.625%, due 09/15/09	5,230,000		5,471,213
7.000%, due 08/01/32	975,398		1,004,811
7.000%, due 01/01/34	596,933		615,277
7.500%, due 05/01/31	22,878		23,903
7.500%, due 02/01/33	349,305		365,356
Federal National Mortgage Association
Grantor Trust, 00-T6, Class A1
7.500%, due 06/25/30	379,923		389,256
Federal National Mortgage Association
Grantor Trust, 01-T4, Class A1
7.500%, due 07/25/41	1,663,937		1,721,890
Federal National Mortgage Association
Grantor Trust, 01-T5, Class A3 †
7.500%, due 06/19/30	82,925		85,755
Federal National Mortgage Association
Grantor Trust, 02-T19, Class A1
6.500%, due 07/25/42	2,041,459		2,074,969
Federal National Mortgage Association
Whole Loan, 01-W3, Class A
7.000%, due 09/25/41	87,722		89,754
Federal National Mortgage Association
Whole Loan, 03-W6, Class 6A †
5.173%, due 08/25/42	296,157		300,746
Federal National Mortgage Association
Whole Loan, 04-W11, Class 1A3
7.000%, due 05/25/44	2,384,257		2,447,656
Federal National Mortgage Association
Whole Loan, 95-W3, Class A
9.000%, due 04/25/25	1,215		1,303
First Horizon Alternative Mortgage
Securities, 04-AA3, Class A1 †
5.327%, due 09/25/34	1,337,910		1,322,889
First Horizon Asset Securities, Inc.,
04-FL1, Class 1A1 †
5.088%, due 02/25/35	910,601		910,694
Government National Mortgage Association
5.125%, due 10/20/29 †	224,271		226,219
6.000%, due 11/20/28	41,005		41,431
6.000%, due 01/15/29	50,249		50,908
6.000%, due 02/20/29	36,409		36,773
6.000%, due 05/20/29	91,757		92,673
6.000%, due 07/15/29	869,378		880,777
6.500%, due 03/15/26	415,983		430,987
6.500%, due 04/15/31	1,342,790		1,392,572
6.500%, due 01/20/34	664,897		681,533
8.000%, due 12/15/22	10,462		11,181
Government National Mortgage Association,
REMIC, 01-35, Class AZ
6.500%, due 08/20/31	3,919,417		3,981,992
Residential Asset Securitization Trust,
04-IP2, Class B1 †
5.440%, due 12/25/34	5,635,759		5,526,566
Structured Adjustable Rate Mortgage
Loan Trust, 04-3AC, Class A1 †
4.940%, due 03/25/34	746,946		737,613

	Face
	Amount					Value
Structured Asset Securities Corp.,
02-23XS, Class A7 (d)
6.080%, due 11/25/32	$	5,170,000				$	5,121,026
Wells Fargo Mortgage Backed Securities
Trust, 03-18, Class A2
5.250%, due 12/25/33	3,592,782					3,423,698
						237,779,207
Stripped Mortgage-Backed Securities (e) — 0.11%
Federal National Mortgage Association ††
0.000%, due 08/01/34	2,879,707					2,099,086
Federal National Mortgage Association †††
5.500%, due 02/01/36	2,936,811					707,964
MLCC Mortgage Investors, Inc.,
03-D, Class XA1 †††
1.000%, due 08/25/28	7,405,209					67,688
Sequoia Mortgage Trust,
04-11, Class XAI †††
0.574%, due 12/20/34	44,896,734					664,682
Structured Adjustable Rate Mortgage
Loan Trust, 05-17, Class 4AX †††
5.500%, due 08/25/35	3,919,897					621,059
						4,160,479

U.S. Government Obligations — 5.76%
U.S. Treasury Bonds
6.250%, due 05/15/30 (b)	6,545,000					7,648,958
8.500%, due 02/15/20	13,690,000					18,359,577
8.750%, due 05/15/17 (b)	19,395,000					25,596,862
U.S. Treasury Inflation Indexed Bonds (TIPS)
2.000%, due 01/15/14	9,523,743					9,294,954
2.000%, due 07/15/14	8,805,034					8,587,311
U.S. Treasury Notes
2.500%, due 09/30/06 (b)	8,050,000					7,958,496
2.875%, due 11/30/06	6,425,000					6,342,175
3.625%, due 04/30/07	1,685,000					1,663,147
3.875%, due 05/15/09	2,455,000					2,388,062
3.875%, due 02/15/13 (b)	7,770,000					7,326,263
4.000%, due 09/30/07 (b)	34,525,000					34,101,516
4.125%, due 05/15/15 (b)	33,675,000					31,821,562
4.250%, due 10/15/10 (b)	58,930,000					57,553,454
						218,642,337
Total U.S. Bonds						614,568,904

International Bonds — 4.94%
International Corporate Bonds — 0.36%
Canada — 0.04%
Anadarko Finance Co., Series B
7.500%, due 05/01/31	$		300,000			348,848
Bombardier, Inc., 144A
6.300%, due 05/01/14	900,000					825,750
Burlington Resources Finance Co.
6.680%, due 02/15/11	250,000					262,846
						1,437,444
Germany — 0.22%
Kreditanstalt fuer Wiederaufbau
4.750%, due 12/07/10	GBP			2,070,000		3,602,021
Landwirtschaftliche Rentenbank
5.750%, due 01/21/15	AUD			6,785,000		4,820,577
						8,422,598
Luxembourg — 0.03%
Telecom Italia Capital S.A.
5.250%, due 11/15/13	$		325,000			307,940
6.375%, due 11/15/33	925,000					871,631
						1,179,571
United Kingdom — 0.07%
Abbey National PLC
7.950%, due 10/26/29	$		295,000			361,789
Lloyds TSB Bank PLC
6.625%, due 03/30/15	GBP				330,000	639,467
Royal Bank of Scotland Group PLC
9.118%, due 03/31/10 (f)	$		675,000			756,330
Royal Bank of Scotland PLC
9.625%, due 06/22/15	GBP				370,000	855,890
						2,613,476
Total International Corporate Bonds						13,653,089

	Face
	Amount		Value
International Asset-Backed Securities — 0.10%
United Kingdom — 0.10%
Paragon Mortgages PLC, 7A, Class B1A, 144A †
5.499%, due 05/15/43	$	1,040,000	$	1,041,751
Permanent Financing PLC, 04, Class 2C (d)
5.600%, due 06/10/42		2,700,000	2,713,292
Total International Asset-Backed Securities			3,755,043

Foreign Government Bonds — 4.35%
Austria — 0.33%
Republic of Austria
3.800%, due 10/20/13, 144A	EUR	3,570,000	4,346,080
5.875%, due 07/15/06		6,655,000	8,130,703
			12,476,783
Belgium — 0.12%
Government of Belgium
5.750%, due 03/28/08	EUR	3,520,000	4,462,732

Canada — 0.16%
Government of Canada
3.000%, due 06/01/06	CAD	5,870,000	5,019,846
5.750%, due 09/01/06		1,485,000	1,280,494
			6,300,340
Finland — 0.22%
Government of Finland
5.000%, due 07/04/07	EUR	2,110,000	2,616,108
5.750%, due 02/23/11		4,420,000	5,874,687
			8,490,795
France — 0.80%
French Treasury Note
3.500%, due 07/12/09	EUR	3,885,000	4,712,618
Government of France
3.750%, due 04/25/21		3,920,000	4,643,619
4.750%, due 04/25/35		470,000	638,871
5.000%, due 10/25/16		3,460,000	4,618,599
5.500%, due 04/25/07		2,025,000	2,512,905
5.500%, due 04/25/10		5,025,000	6,541,330
5.500%, due 04/25/29		4,655,000	6,889,534
			30,557,476
Germany — 1.78%
Bundesobligation
3.500%, due 10/10/08	EUR	4,400,000	5,346,766
Bundesschatzanweisungen
2.500%, due 09/22/06		4,300,000	5,201,659
Deutsche Bundesrepublik
3.750%, due 01/04/09		1,230,000	1,503,721
3.750%, due 01/04/15		155,000	187,667
4.500%, due 07/04/09	14,010,000		17,516,459
4.750%, due 07/04/34		6,805,000	9,280,776
5.000%, due 07/04/12		150,000	195,023
5.250%, due 07/04/10		5,695,000	7,358,654
6.000%, due 01/04/07	10,290,000		12,740,796
6.500%, due 07/04/27		4,955,000	8,125,168
			67,456,689
Italy — 0.08%
Buoni Poliennali Del Tesoro
8.750%, due 07/01/06	EUR	2,440,000	2,997,743

Netherlands — 0.20%
Government of Netherlands
4.000%, due 01/15/37	EUR	3,070,000	3,713,370
5.000%, due 07/15/11		2,930,000	3,790,377
			7,503,747
Sweden — 0.06%
Government of Sweden
6.750%, due 05/05/14	SEK	12,750,000	1,992,428
8.000%, due 08/15/07	2,000,000		274,944
			2,267,372
United Kingdom — 0.60%
U.K. Gilts
4.750%, due 09/07/15	GBP	3,900,000	6,956,369
4.750%, due 03/07/20		1,250,000	2,264,653
5.000%, due 03/07/12		7,490,000	13,393,109
			22,614,131
Total Foreign Government Bonds			165,127,808

	Face
	Amount			Value
Sovereign/SupraNational Bonds — 0.13%
Eurofima
6.250%, due 12/28/18	AUD		5,790,000	$	4,310,889
Pemex Project Funding Master Trust
8.000%, due 11/15/11	$	670,000		729,400
				5,040,289
Total International Bonds				187,576,229
Total Bonds (Cost $823,892,109)				802,145,133

	Shares
Investment Companies — 10.93%
iShares Russell 2000 Index Fund (b)	383,600	29,153,600
UBS Corporate Bond Relationship Fund*	2,418,337	26,773,166
UBS Emerging Markets Equity
Relationship Fund*	5,177,204	126,135,838
UBS High Yield Relationship Fund*	1,595,260	31,567,965
UBS Small Cap Equity Relationship Fund*	2,175,127	97,206,441
UBS U.S. Securitized Mortgage
Relationship Fund*	8,672,925	104,287,581
Total Investment Companies
(Cost $328,109,658)		415,124,591

Short-Term Investments — 9.72%
Other — 9.69%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund, *
yield of 4.82%	368,140,007	368,140,007

	Face
	Amount
U.S. Government Obligations — 0.03%
U.S. Treasury Bills, yield of 4.62% (g)
due 07/06/06	$	1,000,000	988,347

Total Short-Term Investments (Cost $369,128,687)			369,128,354

	Shares
Investment of Cash Collateral
for Securities Loaned* — 3.75%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $142,667,720)	142,667,720	142,667,720
Total Investments — 104.09%
(Cost $3,621,321,983)		3,953,736,694
Liabilities, in excess of cash and other assets — (4.09%)		(155,503,863		)
Net Assets — 100.00%		$	3,798,232,831

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $3,621,321,983; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	386,304,719
Gross unrealized depreciation	(53,890,008		)
Net unrealized appreciation	$	332,414,711

†	Floating rate securities — The interest rates shown are the current rates as of March 31, 2006.
††	Principal Only Security — This security entitles the holder to receive principal payments from an underlying pool of assets. High prepayments return principal faster than expected and cause the yield to increase. Low prepayments return principal slowly than expected and cause the yield to decrease.
†††	Interest Only Security — This security entitles the holder to receive interest payments from an underlying pool of mortgages.
	The risk associated with this security is related to the speed of the principal paydowns. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase.
*	Investments in affiliated mutual funds.
(a)	Non-income producing security.
(b)	Securities, or portion thereof, were on loan at March 31, 2006.
(c)	All or a portion of this security is seggregated for “To Be Announced” (“TBA”) securities.
(d)	Step Bonds — Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2006.
	Maturity date disclosed is the ultimate maturity date.
(e)	Security is illiquid. These securities amounted to $4,160,479 or 0.11% of net assets.
(f)	Perpetual bond security. The maturity date reflects the next call date.
(g)	This security was pledged to cover margin requirements for futures contracts.

FORWARD FOREIGN CURRENCY CONTRACTS

UBS Global Allocation Fund had the following open forward foreign currency contracts as of March 31, 2006:

					Unrealized
	Contracts to	In Exchange		Maturity	Appreciation/
	Deliver	For		Date	(Depreciation)
Australian Dollar	31,330,000	USD	22,964,733	05/18/06	$	552,505
British Pound	63,425,000	USD	108,504,002	05/18/06	(1,743,025			)
Canadian Dollar	41,155,000	USD	35,323,148	05/18/06	40,271
Euro	187,595,000	USD	222,324,430	05/18/06	(5,616,625			)
Japanese Yen	4,512,831,540	AUD	55,130,000	05/18/06	854,608
United States Dollar	3,764,636	AUD	5,275,000	05/18/06	11,737
United States Dollar	10,374,353	CAD	12,080,000	05/18/06	(17,965			)
United States Dollar	150,481,046	CHF	196,085,000	05/18/06	627,179
United States Dollar	75,907,247	EUR	63,150,000	05/18/06	824,423
United States Dollar	32,982,071	GBP	18,985,000	05/18/06	18,162
United States Dollar	204,318,827	JPY	23,974,400,000	05/18/06	654,214
United States Dollar	95,265,298	JPY	11,125,800,000	05/18/06	(143,458			)
United States Dollar	180,030,058	SEK	1, 437,450,000	05/18/06	5,162,328
United States Dollar	109,878,002	SGD	184,995,000	05/18/06	4,803,765
United States Dollar	93,711,557	THB	3,875,910,000	05/18/06	5,950,581
Total net unrealized appreciation on forward foreign currency contracts					$		11,978,700

Currency Type Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
USD	United States Dollar

FUTURES CONTRACTS

UBS Global Allocation Fund had the following open futures contracts as of March 31, 2006:

						Unrealized
		Cost/		Current		Appreciation/
	Expiration Dates	Proceeds		Value		(Depreciation)
U.S. Treasury Notes Futures Buy Contracts:
5 Year U.S. Treasury Notes, 203 contracts	June 2006	$	21,313,360	$	21,200,813	$	(112,547	)
10 Year U.S. Treasury Notes, 72 contracts	June 2006	7,751,538		7,660,125		(91,413		)

Index Futures Buy Contracts:
Amsterdam Exchanges Index, 505 contracts (EUR)	April 2006	56,085,734		57,355,164		1,269,430
FTSE 100 Index, 905 contracts (GBP)	June 2006	93,102,711		93,869,117		766,406

Index Futures Sale Contracts:
DAX Index, 211 contracts (EUR)	June 2006	38,005,869		38,364,641		(358,772		)
Nikkei 225 index, 267 contracts (JPY)	June 2006	37,451,254		38,609,516		(1,158,262		)
S&P Toronto Stock Exchange, 317 contracts (CAD)	June 2006	36,493,481		37,214,283		(720,802		)
S&P 500 Index, 68 contracts (USD)	June 2006	21,924,560		22,156,100		(231,540		)
SPI 200 Index, 414 contracts (AUD)	June 2006	36,363,751		38,077,755		(1,714,004		)
Total net unrealized depreciation on futures contracts						$	(2,351,504	)

The segregated aggregate market value of investments and cash collateral pledged to cover margin requirements for the open futures positions at March 31, 2006 was $16,258,072.

Currency Type Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
USD	United States Dollar

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

EQUITIES
U.S. EQUITIES
Aerospace & Defense	1.26	%
Air Freight & Logistics	0.71
Auto Components	1.00
Automobiles	0.38
Beverages	0.30
Biotechnology	0.96
Building Products	0.85
Capital Markets	2.39
Commercial Banks	2.68
Commercial Services & Supplies	0.31
Computers & Peripherals	0.49
Diversified Financial Services	2.74
Diversified Telecommunication Services	1.87
Electric Utilities	1.70
Electronic Equipment & Instruments	0.09
Energy Equipment & Services	0.27
Food & Staples Retailing	1.60
Gas Utilities	0.24
Health Care Equipment & Supplies	0.92
Health Care Providers & Services	2.73
Insurance	1.90
Internet & Catalog Retail	0.54
Machinery	0.91
Media	1.85
Multi-Utilities & Unregulated Power	0.44
Multiline Retail	0.56
Oil & Gas	1.05
Pharmaceuticals	3.60
Road & Rail	0.88
Semiconductors & Semiconductor Equipment	1.27
Software	3.32
Thrifts & Mortgage Finance	0.63
Total U.S. Equities	40.44	*
INTERNATIONAL EQUITIES
Air Freight & Logistics	0.16
Airlines	0.13
Auto Components	0.25
Automobiles	0.57
Beverages	0.39
Biotechnology	0.07
Capital Markets	0.62
Chemicals	0.41
Commercial Banks	3.24
Commercial Services & Supplies	0.10
Communications Equipment	0.19
Construction & Engineering	0.04
Construction Materials	0.22
Consumer Finance	0.18
Distributors	0.02
Diversified Financial Services	0.11
Diversified Telecommunication Services	0.59
Electric Utilities	0.31
Electronic Equipment & Instruments	0.11
Energy Equipment & Services	0.53
Food & Staples Retailing	0.43
Food Products	0.14
Gas Utilities	0.02
Health Care Equipment & Supplies	0.07
Hotels, Restaurants & Leisure	0.64
Household Durables	0.36
Industrial Conglomerates	0.09
Insurance	1.84
Internet & Catalog Retail	0.08
IT Services	0.35
Machinery	0.33
Media	0.39
Metals & Mining	0.17
Office Electronics	0.20
Oil & Gas	1.40
Paper & Forest Products	0.16
Pharmaceuticals	0.90
Real Estate	0.25
Road & Rail	0.25

Semiconductors & Semiconductor Equipment	0.28
Specialty Retail	0.26
Textiles, Apparel & Luxury Goods	0.05
Tobacco	0.22
Trading Companies & Distributors	0.32
Wireless Telecommunication Services	0.69
Total International Equities	18.13	*
TOTAL EQUITIES	58.57

BONDS
U.S. BONDS
U.S. CORPORATE BONDS
Aerospace & Defense	0.01
Automobiles	0.08
Beverages	0.05
Capital Markets	0.19
Chemicals	0.02
Commercial Banks	0.21
Commercial Services & Supplies	0.08
Consumer Finance	0.16
Diversified Financial Services	0.81
Diversified Telecommunication Services	0.12
Electric Utilities	0.11
Food & Staples Retailing	0.04
Food Products	0.06
Gas Utilities	0.01
Hotels, Restaurants & Leisure	0.01
Insurance	0.04
IT Services	0.01
Media	0.08
Multi-Utilities & Unregulated Power	0.04
Oil & Gas	0.11
Personal Products	0.01
Pharmaceuticals	0.04
Real Estate	0.04
Road & Rail	0.03
Thrifts & Mortgage Finance	0.07
Tobacco	0.03
Wireless Telecommunication Services	0.01
Total U.S. Corporate Bonds	2.47
Asset-Backed Securities	0.41
Commercial Mortgage-Backed Securities	1.17
Mortgage & Agency Debt Securities	6.26
Stripped Mortgage-Backed Securities	0.11
U.S. Government Obligations	5.76
Total U.S. Bonds	16.18	*
INTERNATIONAL CORPORATE BONDS
Aerospace & Defense	0.02
Commercial Banks	0.29
Diversified Telecommunication Services	0.03
Oil & Gas	0.02
Total International Corporate Bonds	0.36
International Asset-Backed Securities	0.10
Foreign Government Bonds	4.35
Sovereign/SupraNational Bond	0.13
Total International Bonds	4.94
TOTAL BONDS	21.12
INVESTMENT COMPANIES	10.93
SHORT-TERM INVESTMENTS	9.72	*
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED	3.75
TOTAL INVESTMENTS	104.09
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(4.09	)
NET ASSETS	100.00	%

* The Fund held a short position in U.S. Stock index futures which decreased U.S. Equity exposure from 40.44% to 40.43%. The Fund also held short positions in International Stock index futures which reduced the International Equity exposure from 18.13% to 18.02%. The Fund also held long positions in International Stock index futures which increased the International Equity exposure from 18.13% to 18.18%. The Fund held long positions in U.S. Treasury Note futures which decreased U.S. Bond exposure from 16.18% to 16.17%. These adjustments resulted in a net decrease to the Fund’s exposure to Short-Term investments from 9.72% to 9.70%

UBS Global Equity Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 99.16%
U.S. Equities — 51.69%
Allergan, Inc.	34,900	$	3,786,650
American Electric Power Co., Inc.	55,500	1,888,110
American International Group, Inc.	101,800	6,727,962
Analog Devices, Inc.	103,200	3,951,528
Anheuser-Busch Cos., Inc., Series B	105,100	4,495,127
AT&T, Inc.	124,700	3,371,888
Baker Hughes, Inc.	36,300	2,482,920
Bristol-Myers Squibb Co.	86,400	2,126,304
Burlington Northern Santa Fe Corp.	57,200	4,766,476
Caremark Rx, Inc. (a)	45,300	2,227,854
Cendant Corp.	98,200	1,703,770
Cephalon, Inc. (a)	30,700	1,849,675
Citigroup, Inc.	299,600	14,150,108
Costco Wholesale Corp.	154,800	8,383,968
Dell, Inc. (a)	134,700	4,008,672
DIRECTV Group, Inc. (a)	170,400	2,794,560
Exelon Corp.	47,400	2,507,460
Expedia, Inc. (a)	172,500	3,496,575
FedEx Corp.	45,500	5,138,770
Fifth Third Bancorp	113,500	4,467,360
Freddie Mac	66,300	4,044,300
Genzyme Corp. (a)	68,700	4,618,014
Harley-Davidson, Inc.	34,600	1,795,048
Hartford Financial Services Group, Inc.	25,900	2,086,245
Healthsouth Corp. (a)	33,100	165,169
Illinois Tool Works, Inc.	53,200	5,123,692
Intel Corp.	270,800	5,239,980
Johnson & Johnson	98,002	5,803,678
Johnson Controls, Inc.	60,700	4,608,951
JPMorgan Chase & Co.	94,700	3,943,308
Kohl’s Corp. (a)	107,800	5,714,478
Kroger Co. (a)	111,000	2,259,960
Lockheed Martin Corp.	56,900	4,274,897
Masco Corp.	188,100	6,111,369
Medco Health Solutions, Inc. (a)	85,900	4,915,198
Medtronic, Inc.	25,600	1,299,200
Mellon Financial Corp.	203,500	7,244,600
Mercury Interactive Corp. (a)	57,000	1,983,600
Microsoft Corp.	386,900	10,527,549
Morgan Stanley	134,600	8,455,572
NiSource, Inc.	64,700	1,308,234
Northeast Utilities	56,300	1,099,539
Northrop Grumman Corp.	52,900	3,612,541
Omnicom Group, Inc.	61,400	5,111,550
Oracle Corp. (a)	437,400	5,988,006
Pepco Holdings, Inc.	75,200	1,713,808
PNC Financial Services Group, Inc.	33,400	2,248,154
R.H. Donnelley Corp. (a)	29,500	1,717,785
Sempra Energy	65,300	3,033,838
Sprint Nextel Corp.	309,653	8,001,434
Symantec Corp. (a)	311,065	5,235,224
Sysco Corp.	52,100	1,669,805
UnitedHealth Group, Inc.	81,300	4,541,418
Univision Communications, Inc. (a)	28,300	975,501
Waters Corp. (a)	32,300	1,393,745
Wells Fargo & Co.	123,700	7,900,719
Wyeth	190,900	9,262,468
Xilinx, Inc.	73,900	1,881,494
Zimmer Holdings, Inc. (a)	19,400	1,311,440

Total U.S. Equities		242,547,248

	Shares	Value
International Equities — 47.47%
Australia — 1.96%
National Australia Bank Ltd.	92,610	$	2,499,491
Qantas Airways Ltd.	705,906	1,788,968
QBE Insurance Group Ltd.	313,044	4,903,487
		9,191,946
Austria — 0.67%
Telekom Austria AG	133,758	3,152,741

Bermuda — 0.77%
Accenture Ltd., Class A	120,000	3,608,400

Canada — 0.82%
Cott Corp. (a)	16,700	215,069
Jean Coutu Group, Inc.	127,100	1,262,457
Magna International, Inc., Class A	31,300	2,359,862
		3,837,388
Cayman Islands — 0.41%
GlobalSantaFe Corp.	31,500	1,913,625

France — 5.52%
AXA S.A.	121,864	4,276,838
BNP Paribas New (a)	2,030	182,167
BNP Paribas	19,491	1,810,486
France Telecom S.A.	256,112	5,760,454
Sanofi-Aventis	33,878	3,222,822
Total S.A.	35,190	9,283,817
Unibail REIT	7,529	1,359,479
		25,896,063
Germany — 2.91%
Allianz AG	33,107	5,527,832
Cash.Life AG	6,516	244,947
Deutsche Postbank AG	24,322	1,764,940
QSC AG (a)	50,511	310,956
Rhoen-Klinikum AG	13,212	565,988
Schering AG (a)	21,073	2,190,846
Siemens AG	22,318	2,083,629
United Internet AG	14,724	947,300
		13,636,438
Hong Kong — 0.31%
Esprit Holdings Ltd.	186,000	1,447,891

Ireland — 1.46%
Bank of Ireland	368,975	6,863,635

Italy — 1.59%
ENI SpA	75,707	2,154,185
UniCredito Italiano SpA	733,455	5,301,915
		7,456,100
Japan — 9.30%
Canon, Inc.	52,200	3,454,868
Funai Electric Co. Ltd.	8,800	870,280
Honda Motor Co. Ltd.	40,200	2,489,873
Japan Tobacco, Inc.	945	3,323,959
KDDI Corp.	380	2,030,756
Mitsui Sumitomo Insurance Co. Ltd.	140,000	1,904,333
Nissan Motor Co. Ltd.	241,500	2,868,454
Nitto Denko Corp.	61,600	5,228,411
NTN Corp.	210,000	1,664,656
NTT DoCoMo, Inc.	2,252	3,329,210
Rohm Co. Ltd.	21,400	2,263,636
Sompo Japan Insurance, Inc.	174,000	2,523,518
Sumitomo Mitsui Financial Group, Inc.	215	2,374,681
Takefuji Corp.	31,950	2,011,466
Toyota Motor Corp.	117,700	6,430,000
West Japan Railway Co.	209	882,523
		43,650,624

	Shares	Value
Netherlands — 4.49%
ABN AMRO Holding NV	231,859	$	6,951,404
Aegon NV	204,559	3,785,354
ASML Holding NV (a)	83,418	1,703,368
Reed Elsevier NV	146,032	2,093,542
TNT NV	98,188	3,399,520
VNU NV	96,898	3,150,535
		21,083,723
Norway — 0.67%
Telenor ASA	291,200	3,132,568

Panama — 1.24%
Carnival Corp.	122,800	5,817,036

Spain — 0.86%
Banco Bilbao Vizcaya Argentaria S.A.	74,399	1,552,563
Banco Santander Central Hispano S.A.	171,613	2,506,029
		4,058,592
Sweden — 0.42%
Svenska Cellulosa AB, B Shares	45,200	1,984,772

Switzerland — 3.22%
Adecco S.A.	56,393	3,151,329
Holcim Ltd.	50,959	4,057,488
Novartis AG	34,221	1,903,135
Roche Holding AG	23,356	3,477,467
Swiss Reinsurance Co.	36,205	2,530,032
		15,119,451
United Kingdom — 10.85%
Barclays PLC	568,265	6,649,490
BP PLC	1,085,652	12,467,860
Diageo PLC	139,920	2,203,674
Gallaher Group PLC	385,517	5,626,297
GUS PLC	84,935	1,556,822
Kingfisher PLC	485,978	2,022,190
Prudential PLC	297,045	3,444,874
Rentokil Initial PLC	680,419	1,844,170
Royal Bank of Scotland Group PLC	170,565	5,550,441
Vodafone Group PLC	4,567,223	9,561,787
		50,927,605
Total International Equities		222,778,598
Total Equities (Cost $363,788,681)		465,325,846

	Number of
	Warrants
Warrants — 0.00%
Lucent Technologies, Inc. (a) expires 12/10/07 (Cost $0)	1,067	667

	Shares
*Short-Term Investment — 0.43%**
UBS Supplementary Trust — U.S. Cash Management Prime Fund, yield of 4.82% (Cost $2,003,740)	2,003,740	2,003,740

Total Investments — 99.59%
(Cost $365,792,421)		467,330,253
Cash and other assets, less liabilities — 0.41%		1,920,689
Net Assets — 100.00%		$	469,250,942

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $365,792,421; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	107,314,260
Gross unrealized depreciation	(5,776,428		)
Net unrealized appreciation	$	101,537,832

(a) Non-income producing security.

* Investment in affiliated mutual fund.

REIT Real Estate Investment Trust

FORWARD FOREIGN CURRENCY CONTRACTS

UBS Global Equity Fund had the following open forward foreign currency contracts as of March 31, 2006:

					Unrealized
	Contracts	In Exchange		Maturity	Appreciation/
	to Deliver	For		Date	(Depreciation)
Australian Dollar	13,450,000	USD	9,858,783	05/18/06	$	237,191
British Pound	16,135,000	USD	27,602,871	05/18/06	(443,417		)
Euro	6,385,000	USD	7,778,246	05/18/06	20,024
Euro	28,590,000	USD	33,819,553	05/18/06	(919,299		)
Japanese Yen	669,100,000	USD	5,850,566	05/18/06	129,987
Japanese Yen	856,643,970	AUD	10,465,000	05/18/06	162,225
United States Dollar	2,179,856	AUD	2,985,000	05/18/06	(44,506		)
United States Dollar	3,029,444	CAD	3,475,000	05/18/06	(50,268		)
United States Dollar	18,304,798	CHF	23,815,000	05/18/06	47,663
United States Dollar	6,007,355	EUR	4,995,000	05/18/06	61,919
United States Dollar	10,405,169	GBP	5,935,000	05/18/06	(88,793		)
United States Dollar	15,586,508	JPY	1,828,500,000	05/18/06	46,551
United States Dollar	20,813,032	JPY	2,418,200,000	05/18/06	(138,237		)
United States Dollar	24,972,134	SEK	199,390,000	05/18/06	716,071
United States Dollar	11,106,887	SGD	18,700,000	05/18/06	485,583
Total net unrealized appreciation on forward foreign currency contracts					$	222,694

Currency Type Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

Industry Diversification
As a Percent of Net Assets
As of March 31, 2006 (Unaudited)

EQUITIES
U.S. EQUITIES
Aerospace & Defense	1.68	%
Air Freight & Logistics	1.10
Auto Components	0.98
Automobiles	0.38
Beverages	0.96
Biotechnology	1.38
Building Products	1.30
Capital Markets	3.40
Commercial Banks	3.11
Commercial Services & Supplies	0.36
Computers & Peripherals	0.85
Diversified Financial Services	3.80
Diversified Telecommunication Services	2.42
Electric Utilities	1.54
Energy Equipment & Services	0.53
Food & Staples Retailing	2.62
Gas Utilities	0.28
Health Care Equipment & Supplies	0.85
Health Care Providers & Services	2.53
Insurance	1.88
Internet & Catalog Retail	0.75
Machinery	1.09
Media	2.26
Multi-Utilities & Unregulated Power	0.65
Multiline Retail	1.22
Pharmaceuticals	4.47
Road & Rail	1.02
Semiconductors & Semiconductor Equipment	2.36
Software	5.06
Thrifts & Mortgage Finance	0.86
Total U.S. Equities	51.69

INTERNATIONAL EQUITIES
Air Freight & Logistics	0.72
Airlines	0.38
Auto Components	0.50
Automobiles	2.51
Beverages	0.52
Chemicals	1.11
Commercial Banks	9.38
Commercial Services & Supplies	1.06
Construction Materials	0.86
Consumer Finance	0.43
Diversified Telecommunication Services	2.63
Energy Equipment & Services	0.41
Food & Staples Retailing	0.27
Health Care Providers & Services	0.12
Hotels, Restaurants & Leisure	1.24
Household Durables	0.19
Industrial Conglomerates	0.44
Insurance	6.16
Internet & Catalog Retail	0.33
Internet Software & Services	0.20
IT Services	0.77
Machinery	0.35
Media	1.12
Office Electronics	0.74
Oil & Gas	5.15
Paper & Forest Products	0.42
Pharmaceuticals	2.30
Real Estate	0.29
Road & Rail	0.19
Semiconductors & Semiconductor Equipment	0.85

UBS Global Bond Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Face
	Amount				Value
Bonds — 77.79%
U.S. Bonds — 25.87%
U.S. Corporate Bonds — 6.78%
Altria Group, Inc.
7.750%, due 01/15/27	$	230,000			$	263,180
Bank One Corp.
7.875%, due 08/01/10	350,000				381,646
Bombardier Capital, Inc., 144A
6.125%, due 06/29/06	120,000				120,000
Citigroup, Inc.
5.000%, due 09/15/14	400,000				382,840
Comcast Cable Communications, Inc.
6.750%, due 01/30/11	150,000				155,926
Computer Sciences Corp.
3.500%, due 04/15/08	200,000				192,597
Countrywide Home Loans, Inc.
3.250%, due 05/21/08	185,000				177,031
DaimlerChrysler N.A. Holding Corp.
7.200%, due 09/01/09	350,000				365,522
Erac U.S.A. Finance Co., 144A
8.000%, due 01/15/11	150,000				164,316
Ford Motor Credit Co.
5.800%, due 01/12/09	80,000				73,060
General Electric Capital Corp.
4.375%, due 01/20/10	EUR		35,000		43,372
6.750%, due 03/15/32	$	110,000			122,494
HSBC Finance Corp.
6.750%, due 05/15/11	350,000				368,471
Kraft Foods, Inc.
5.625%, due 11/01/11	200,000				200,266
Kroger Co.
8.050%, due 02/01/10	350,000				376,731
Marsh & McLennan Cos., Inc.
6.250%, due 03/15/12	200,000				204,148
Miller Brewing Co., 144A
5.500%, due 08/15/13	200,000				197,180
Morgan Stanley
5.300%, due 03/01/13	335,000				327,627
Sprint Capital Corp.
8.375%, due 03/15/12	300,000				338,970
Toyota Motor Credit Corp.
4.500%, due 12/15/06	GBP		200,000		347,320
UST, Inc.
6.625%, due 07/15/12	$			10,000	10,378
Wal-Mart Stores, Inc.
6.875%, due 08/10/09	350,000				366,955
Washington Mutual, Inc.
5.625%, due 01/15/07	350,000				350,623
					5,530,653
Asset-Backed Securities — 1.93%
CenterPoint Energy Transition Bond Co., LLC 01-1, Class A4
5.630%, due 09/15/15	30,000				30,404
Countrywide Asset-Backed Certificates, 04-SD1, Class A1, 144A (a)
5.158%, due 06/25/33	10,055				10,084
First Franklin Mortgage Loan Asset-Backed Certificates, 05-FFA, Class M3 (a)
5.517%, due 03/25/25	500,000				483,235
GSAMP Trust, 06-S1, Class M6 (a)
7.000%, due 11/25/35	500,000				478,887
Metris Master Trust, 05-2, Class C, 144A †
5.326%, due 09/20/11	500,000				501,484
Peco Energy Transition Trust, 99-A, Class A7
6.130%, due 03/01/09	55,000				55,779
RAFC Asset-Backed Trust, 01-1, Class A3 (a)
5.115%, due 11/25/29	1,798				1,791
Structured Asset Securities Corp., 03-AL2, Class A, 144A
3.357%, due 01/25/31	17,577				15,580
					1,577,244
Commercial Mortgage-Backed Securities — 4.34%
Asset Securitization Corp., 95-MD4, Class A3 †
7.384%, due 08/13/29	350,000				359,940
Asset Securitization Corp., 96-MD6, Class A4 †
6.879%, due 11/13/29	375,000				386,329

	Face
	Amount				Value
Bear Stearns Commercial Mortgage Securities, 00-WF2, Class A2
7.320%, due 10/15/32	$	80,000			$	85,393
Bear Stearns Commercial Mortgage Securities, 05-LXR1, Class G, 144A †
5.699%, due 09/15/18	500,000				500,273
DLJ Commercial Mortgage Corp., 00-CKP1, Class A1B
7.180%, due 11/10/33	290,000				308,738
First Union Commercial Mortgage Securities, Inc., 97-C2, Class A3
6.650%, due 11/18/29	95,832				97,095
Four Times Square Trust, 00-4TS, Class C, 144A
7.860%, due 04/15/15	500,000				542,807
Hilton Hotel Pool Trust, 00-HLTA, Class A1, 144A
7.055%, due 10/03/15	290,114				301,240
JPMorgan Commercial Mortgage Finance Corp., 99-C8, Class A1
7.325%, due 07/15/31	776				774
JPMorgan Commercial Mortgage Finance Corp., 99-C8, Class A2
7.400%, due 07/15/31	85,000				88,970
LB Commercial Conduit Mortgage Trust, 99-C1, Class A1
6.410%, due 06/15/31	20,592				20,597
Mach One Trust Commercial Mortgage-Backed, 04-1A, Class A1, 144A
3.890%, due 05/28/40	173,526				169,046
Merrill Lynch Mortgage Investors, Inc., 96-C2, Class A3
6.960%, due 11/21/28	2,254				2,253
Morgan Stanley Capital I, 03-T11, Class A4
5.150%, due 06/13/41	155,000				151,174
Morgan Stanley Dean Witter Capital I, 00-LIF2, Class A1
6.960%, due 10/15/33	10,500				10,675
PNC Mortgage Acceptance Corp., 00-C1, Class A2
7.610%, due 02/15/10	352,836				374,027
TIAA Retail Commercial Trust, 01- C1A, Class A2, 144A
6.300%, due 06/19/21	140,745				142,433
					3,541,764
Mortgage & Agency Debt Securities — 3.34%
Federal Home Loan Mortgage Corp.
3.750%, due 04/15/07	665,000				655,818
3.875%, due 01/12/09	105,000				101,666
5.000%, due 01/30/14	85,000				82,708
Federal National Mortgage Association
6.000%, due 05/15/08	320,000				325,913
6.375%, due 08/15/07	AUD			1,160,000	837,320
6.625%, due 09/15/09	$	550,000			575,367
Government National Mortgage Association
6.500%, due 04/15/31	139,438				144,608
					2,723,400
U.S. Government Obligations — 9.48%
U.S. Treasury Bonds
6.250%, due 05/15/30	1,950,000				2,278,910
8.750%, due 05/15/17	280,000				369,535
U.S. Treasury Notes
4.250%, due 10/15/10	1,340,000				1,308,699
5.000%, due 02/15/11 (b)	3,755,000				3,785,509
					7,742,653
Total U.S. Bonds					21,115,714

International Bonds — 51.92%
International Corporate Bonds — 9.66%
Australia — 0.05%
Telstra Corp. Ltd.
6.375%, due 06/29/11	EUR		30,000		40,245

	Face
	Amount					Value
France — 1.65%
BNP Paribas
5.250%, due 12/17/12	EUR		140,000			$	182,315
5.625%, due 08/07/08	100,000					126,549
5.750%, due 01/24/22	GBP		80,000			150,372
Credit Lyonnais S.A. †
5.000%, due 11/15/12	EUR		210,000			260,582
France Telecom S.A.
8.125%, due 01/28/33	230,000					382,523
Veolia Environnement
4.875%, due 05/28/13	190,000					239,849
						1,342,190
Germany — 2.13%
Kreditanstalt fuer Wiederaufbau
4.750%, due 08/17/07	EUR			710,000		877,964
Landwirtschaftliche Rentenbank
5.750%, due 01/21/15	AUD			1,210,000		859,676
						1,737,640
Ireland — 0.24%
Bank of Ireland
6.450%, due 02/10/10	EUR		150,000			198,951

Luxembourg — 1.28%
Telecom Italia Finance S.A.
6.575%, due 07/30/09	EUR				600,000	785,197
7.750%, due 01/24/33	170,000					261,061
						1,046,258
Netherlands — 1.30%
Bank Nederlandse Gemeenten NV
6.250%, due 06/18/07	AUD		530,000			381,996
Deutsche Telekom International Finance BV
8.125%, due 05/29/12	EUR			65,000		95,057
E.ON International Finance BV
6.375%, due 05/29/12	GBP			100,000		185,823
Prudential Finance BV
9.375%, due 06/04/07	35,000					63,867
RWE Finance BV
5.500%, due 10/26/07	EUR			265,000		331,247
						1,057,990
Singapore — 0.08%
Singapore Telecommunications Ltd.
6.000%, due 11/21/11	EUR			50,000		66,482

United Kingdom — 2.93%
Anglian Water Services Financing PLC
4.625%, due 10/07/13	EUR			25,000		31,214
Barclays Bank PLC
4.500%, due 03/04/19 †	190,000					235,801
5.750%, due 09/14/26	GBP			80,000		152,350
HBOS Treasury Services PLC
4.750%, due 02/06/07	EUR			195,000		239,343
Lloyds TSB Bank PLC
5.875%, due 06/20/14	GBP			210,000		385,699
7.750%, due 06/18/07	35,000					62,868
National Westminster Bank PLC
6.000%, due 01/21/10	EUR			335,000		438,226
6.500%, due 09/07/21	GBP			110,000		221,409
Pearson PLC
6.125%, due 02/01/07	EUR			360,000		446,166
Travelers Insurance Co. Institutional Funding Ltd.
5.750%, due 12/06/11	GBP			100,000		179,984
						2,393,060
Total International Corporate Bonds						7,882,816

International Asset-Backed Securities — 0.43%
United Kingdom — 0.43%
Paragon Mortgages PLC, 7A, Class B1A, 144A †
5.499%, due 05/15/43	$	100,000				100,168
Permanent Financing PLC, 04, Class 2C (a)
5.600%, due 06/10/42	250,000					251,231
						351,399

	Face
	Amount				Value
International Collateralized Debt Obligations — 0.41%
Cayman Islands — 0.41%
Ares VR CLO Ltd., 06-1A, Class D, 144A †
6.898%, due 02/24/18	$	240,000			$	239,112
Tricadia CDO Ltd., 05-4A, Class B1L, 144A †
8.140%, due 12/11/40	100,000				99,500
					338,612
International Commercial Mortgage-Backed Securities — 0.27%
United Kingdom — 0.27%
Granite Master Issuer PLC, 05-4, Class C4 † (a)
3.154%, due 12/20/54	EUR			180,000	217,784

International Mortgage-Backed Securities — 0.33%
United Kingdom — 0.33%
Whinstone Capital Management Ltd., 1X, Class B2 †
3.424%, due 10/25/44	EUR			220,000	267,807

Foreign Government Bonds — 37.35%
Austria — 1.70%
Republic of Austria
5.875%, due 07/15/06	EUR			1,135,000	1,386,679

Belgium — 1.41%
Government of Belgium
5.750%, due 03/28/08	EUR			910,000	1,153,718

Canada — 1.35%
Government of Canada
6.000%, due 06/01/08	CAD			1,240,000	1,105,441

Finland — 0.45%
Government of Finland
5.000%, due 07/04/07	EUR			295,000	365,759

France — 9.92%
French Treasury Note
3.500%, due 07/12/09	EUR			4,935,000	5,986,299
Government of France
5.500%, due 04/25/29	1,425,000				2,109,041
					8,095,340
Germany — 9.23%
Deutsche Bundesrepublik
4.250%, due 01/04/14	EUR			1,150,000	1,441,380
6.000%, due 01/04/07	2,800,000				3,466,883
6.250%, due 01/04/24	1,685,000				2,627,365
					7,535,628
Italy — 0.91%
Buoni Poliennali Del Tesoro
5.000%, due 02/01/12	EUR			575,000	745,537

Japan — 5.76%
Government of Japan
1.500%, due 09/20/15	JPY		414,000,000		3,446,073
1.900%, due 06/20/25	151,000,000				1,253,522
					4,699,595
Netherlands — 1.05%
Government of Netherlands
5.000%, due 07/15/11	EUR			665,000	860,273

Sweden — 2.49%
Government of Sweden
6.500%, due 05/05/08	SEK			14,800,000	2,034,774

United Kingdom — 3.08%
U.K. Gilts
4.750%, due 09/07/15	GBP			125,000	222,961
4.750%, due 03/07/20	815,000				1,476,554
5.000%, due 03/07/12	170,000				303,982
5.750%, due 12/07/09	280,000				507,196
					2,510,693
Total Foreign Government Bonds					30,493,437

	Face
	Amount			Value
Sovereign/SupraNational Bonds — 3.47%
Eurofima
6.250%, due 12/28/18	AUD	1,590,000		$	1,183,819
European Investment Bank
4.000%, due 01/15/07	EUR		660,000	804,648
6.250%, due 04/15/14	GBP		440,000	841,101
				2,829,568
Total International Bonds				42,381,423
Total Bonds (Cost $64,890,034)				63,497,137

	Shares
*Investment Company — 14.27%**
UBS U.S. Securitized Mortgage Relationship Fund (Cost $11,134,101)	968,775	11,649,031

*Short-Term Investment — 8.10%**
UBS Supplementary Trust — U.S. Cash Management Prime Fund, yield of 4.82% (Cost $6,610,428)	6,610,428	6,610,428

Total Investments — 100.16%
(Cost $82,634,563)		81,756,596
Liabilities, in excess of cash and other assets — (0.16%)		(128,282		)
Net Assets — 100.00%		$	81,628,314

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $82,634,563; and net unrealized depreciation consisted of:

Gross unrealized appreciation	$	709,026
Gross unrealized depreciation	(1,586,993		)
Net unrealized depreciation	$	(877,967	)

†	Floating rate securities — The interest rates shown are the current rates as of March 31, 2006.
(a)	Step Bonds — Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2006. Maturity date disclosed is the ultimate maturity date.
(b)	All or portion of these securities have been pledged to cover forward foreign currency contracts.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the value of these securities amounted to $3,103,223 or 3.80% of net assets.
*	Investments in affiliated mutual funds.
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
GSAMP	GS Mortgage Securities Corp.
RAFC	Residential Asset Funding Corporation
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona

FORWARD FOREIGN CURRENCY CONTRACTS

UBS Global Bond Fund had the following open forward foreign currency contracts as of March 31, 2006:

	Contracts to Deliver	In Exchange For		Maturity Dates	Unrealized Appreciation/ (Depreciation)
Australian Dollar	4,980,000	USD	3,638,404	05/18/06	$	75,911
Australian Dollar	575,000	USD	410,567	05/18/06	(765		)
British Pound	235,000	USD	411,426	05/18/06	2,943
British Pound	1,150,000	USD	1,967,357	05/18/06	(31,604		)
Canadian Dollar	555,000	USD	482,693	05/18/06	6,882
Euro	6,015,000	USD	7,133,555	05/18/06	(175,091		)
Japanese Yen	86,600,000	USD	733,569	05/18/06	(6,832		)
United States Dollar	1,094,502	AUD	1,465,000	05/18/06	(46,499		)
United States Dollar	476,354	CAD	555,000	05/18/06	(543		)
United States Dollar	2,079,130	CHF	2,705,000	05/18/06	5,414
United States Dollar	394,424	DKK	2,490,000	05/18/06	10,983
United States Dollar	791,668	EUR	650,000	05/18/06	(1,872		)
United States Dollar	806,345	EUR	670,000	05/18/06	7,752
United States Dollar	9,886,508	JPY	1,159,900,000	05/18/06	30,246
United States Dollar	1,017,322	JPY	115,700,000	05/18/06	(28,126		)
United States Dollar	979,492	KRW	960,000,000	05/23/06	9,724
United States Dollar	371,971	SEK	2,970,000	05/18/06	10,666
United States Dollar	855,290	SGD	1,440,000	05/18/06	37,392
United States Dollar	805,609	THB	33,320,000	05/18/06	51,155
United States Dollar	1,160,991	TWD	37,500,000	05/23/06	389
Total net unrealized depreciation on forward foreign currency contracts					$	(41,875	)

Currency Type Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

JPY Japanese Yen

KRW South Korean Won

SEK Swedish Krona

SGD Singapore Dollar

THB Thailand Baht

TWD New Taiwan Dollar

USD United States Dollar

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

BONDS
U.S. BONDS
U.S. CORPORATE BONDS
Automobiles	0.45	%
Beverages	0.24
Capital Markets	0.40
Commercial Banks	0.47
Consumer Finance	1.02
Diversified Financial Services	0.76
Diversified Telecommunication Services	0.42
Food & Staples Retailing	0.91
Food Products	0.25
Insurance	0.25
IT Services	0.24
Media	0.19
Road & Rail	0.20
Thrifts & Mortgage Finance	0.65
Tobacco	0.33
Total U.S. Corporate Bonds	6.78
Asset-Backed Securities	1.93
Commercial Mortgage-Backed Securities	4.34
Mortgage & Agency Debt Securities	3.34
U.S. Government Obligations	9.48
Total U.S. Bonds	25.87
INTERNATIONAL BONDS
INTERNATIONAL CORPORATE BONDS
Capital Markets	0.15
Commercial Banks	5.69
Diversified Financial Services	0.26
Diversified Telecommunication Services	2.00
Electric Utilities	0.63
Insurance	0.08
Media	0.55
Non-Agency	0.30
Total International Corporate Bonds	9.66
International Asset-Backed Securities	0.43
International Collateralized Debt Obligations	0.41
International Commercial-Backed Securities	0.27
International Mortgage-Backed Securities	0.33
Foreign Government Bonds	37.35
Sovereign/SupraNational Bonds	3.47
Total International Bonds	51.92
TOTAL BONDS	77.79
INVESTMENT COMPANY	14.27
SHORT-TERM INVESTMENT	8.10
TOTAL INVESTMENTS	100.16
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(0.16	)
NET ASSETS	100.00	%

UBS International Equity Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
International Equities — 96.01%
Australia — 2.65%
National Australia Bank Ltd.	53,779	$	1,451,465
Qantas Airways Ltd.	549,766	1,393,264
QBE Insurance Group Ltd.	142,171	2,226,951
		5,071,680
Austria — 0.53%
Telekom Austria AG	42,972	1,012,871

Belgium — 2.14%
Fortis	35,153	1,255,853
KBC Groep NV S.A.	20,132	2,161,571
Solvay S.A.	5,967	689,124
		4,106,548
Canada — 4.60%
Alcan, Inc.	21,140	967,171
Canadian Pacific Railway Ltd.	29,200	1,456,687
Cott Corp. (a)	42,700	549,906
Falconbridge Ltd.	12,500	437,449
Inco Ltd.	10,000	498,523
Magna International, Inc., Class A	9,200	693,634
Manulife Financial Corp. (b)	15,300	959,779
Petro-Canada	37,000	1,754,558
Toronto Dominion Bank (b)	26,700	1,487,664
		8,805,371
Finland — 1.54%
Nokia Oyj (b)	56,892	1,177,573
UPM-Kymmene Oyj (b)	74,778	1,767,085
		2,944,658
France — 7.84%
AXA S.A. (b)	92,517	3,246,900
France Telecom S.A.	118,211	2,658,794
Sanofi-Aventis	36,698	3,491,089
Total S.A.	18,732	4,941,872
Unibail REIT	3,757	678,385
		15,017,040
Germany — 7.76%
Allianz AG	22,803	3,807,387
Bayerische Motoren Werke AG	17,474	962,443
Deutsche Postbank AG (b)	26,652	1,934,018
E.ON AG	23,634	2,600,877
Hannover Rueckversicherung AG	12,430	461,088
MAN AG	23,065	1,600,772
Metro AG	17,106	877,082
Premiere AG (a)(b)	14,170	251,569
Schering AG	13,417	1,394,893
Siemens AG	10,538	983,837
		14,873,966
Hong Kong — 1.58%
Esprit Holdings Ltd.	110,000	856,279
Hutchison Telecommunications International Ltd. (a)	493,000	841,877
Sun Hung Kai Properties Ltd.	81,000	822,616
Yue Yuen Industrial Holdings	171,500	505,052
		3,025,824
Ireland — 2.22%
Bank of Ireland	146,815	2,731,038
CRH PLC	37,164	1,297,071
Depfa Bank PLC	12,233	217,921
		4,246,030
Italy — 2.04%
ENI SpA	48,452	1,378,665
UniCredito Italiano SpA	349,435	2,525,955
		3,904,620
Japan — 21.11%
Aeon Co. Ltd.	47,800	1,159,465
Aiful Corp.	13,500	893,500
Asahi Breweries Ltd.	86,000	1,220,221

	Shares	Value
Bank of Yokohama Ltd.	140,000	$	1,146,644
Bridgestone Corp.	64,000	1,334,919
Canon, Inc.	34,100	2,256,916
East Japan Railway Co.	169	1,252,065
Funai Electric Co. Ltd. (b)	7,000	692,268
Honda Motor Co. Ltd.	26,100	1,616,559
Japan Tobacco, Inc.	215	756,245
KDDI Corp. (b)	112	598,539
Mitsubishi Corp. (b)	82,800	1,885,336
Mitsui Fudosan Co. Ltd.	54,000	1,241,036
Mitsui Sumitomo Insurance Co. Ltd.	131,000	1,781,912
Nissan Motor Co. Ltd.	161,100	1,913,490
Nitto Denko Corp.	25,400	2,155,871
NOK Corp.	30,000	807,986
Nomura Holdings, Inc.	50,900	1,135,195
NTN Corp. (b)	110,000	871,963
NTT DoCoMo, Inc.	1,011	1,494,596
Rohm Co. Ltd.	16,700	1,766,483
Sekisui House Ltd.	58,000	865,319
Shin-Etsu Chemical Co. Ltd.	31,900	1,731,869
Sompo Japan Insurance, Inc.	69,000	1,000,705
Sumitomo Mitsui Financial Group, Inc.	218	2,407,816
Sumitomo Trust & Banking Co. Ltd.	92,000	1,064,605
Taiheiyo Cement Corp. (b)	600	2,901
Takefuji Corp.	17,050	1,073,411
Tokyo Gas Co. Ltd.	280,000	1,225,149
Toyota Motor Corp.	35,100	1,917,528
Yokogawa Electric Corp.	66,100	1,176,546
		40,447,058
Netherlands — 7.89%
ABN AMRO Holding NV	215,989	6,475,603
Aegon NV	78,708	1,456,487
ASML Holding NV (a)	65,919	1,346,044
Koninklijke (Royal) Philips Electronics NV	34,584	1,168,887
Reed Elsevier NV	67,956	974,230
Royal KPN NV	115,607	1,302,915
TNT NV	52,841	1,829,490
VNU NV	17,093	555,761
		15,109,417
Norway — 0.86%
Telenor ASA	152,800	1,643,738

Singapore — 0.11%
Jardine Cycle & Carriage Ltd.	30,000	206,083

Spain — 2.75%
Banco Santander Central Hispano S.A.	267,607	3,907,809
Repsol YPF S.A.	47,973	1,362,710
		5,270,519
Sweden — 1.77%
Electrolux AB, B Shares	43,800	1,256,892
Sandvik AB	20,500	1,212,076
Telefonaktiebolaget LM Ericsson, B Shares	241,000	915,914
		3,384,882
Switzerland — 8.63%
Actelion Ltd. (a)	8,436	838,002
Adecco S.A.	12,913	721,599
Credit Suisse Group	89,519	5,023,062
Holcim Ltd.	14,487	1,153,493
Nestle S.A. (b)	5,444	1,616,099
Novartis AG	39,264	2,183,592
Roche Holding AG	13,054	1,943,606
Straumann Holding AG (b)	3,492	795,554
Swiss Reinsurance Co.	32,293	2,256,658
		16,531,665
United Kingdom — 19.99%
AstraZeneca PLC	19,315	973,179
Balfour Beatty PLC	67,438	435,860
Barclays PLC	363,863	4,257,703

	Shares	Value
BP PLC	430,519	$	4,944,172
Centrica PLC	46,739	228,590
Collins Stewart Tullett PLC	58,374	737,823
Diageo PLC	161,248	2,539,580
Gallaher Group PLC	113,091	1,650,468
GUS PLC	46,268	848,073
Kesa Electricals PLC	138,283	749,589
Kingfisher PLC	314,040	1,306,743
Prudential PLC	281,430	3,263,785
Rentokil Initial PLC	152,699	413,867
Royal Bank of Scotland Group PLC	128,671	4,187,148
Scottish & Southern Energy PLC	45,890	902,535
Taylor Nelson Sofres PLC	182,392	800,142
Tesco PLC	490,192	2,810,477
Vodafone Group PLC	2,283,650	4,780,974
Wolseley PLC	66,929	1,644,234
WPP Group PLC	68,767	824,980
		38,299,922
Total International Equities
(Cost $140,402,751)		183,901,892

Investment Company — 1.94%
iShares MSCI EAFE Index Fund
(Cost $3,695,284)	57,200	3,713,424

Short-Term Investment* — 1.88%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $3,615,174)	3,615,174	3,615,174

Investment of Cash Collateral
*for Securities Loaned — 6.74%**
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $12,908,130)	12,908,130	12,908,130

Total Investments — 106.57%
(Cost $160,621,339)		204,138,620
Liabilities, in excess of cash and other assets — (6.57%)		(12,591,217		)
Net Assets — 100.00%		$	191,547,403

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $160,621,339; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	45,343,316
Gross unrealized depreciation	(1,826,035		)
Net unrealized appreciation	$	43,517,281

(a) Non-income producing security.

(b) Securities, or portion thereof, were on loan at March 31, 2006.

REIT Real Estate Investment Trust

* Investment in affiliated mutual fund.

FORWARD FOREIGN CURRENCY CONTRACTS

UBS International Equity Fund had the following open forward foreign currency contracts as of March 31, 2006:

	Contracts to Deliver	In Exchange For		Maturity Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	4,470,000	USD	3,272,742	05/18/06	$	75,083
British Pound	2,580,000	USD	4,545,221	05/18/06	60,596
British Pound	2,685,000	USD	4,618,387	05/18/06	(48,752		)
Canadian Dollar	1,215,000	USD	1,042,829	05/18/06	1,189
Euro	2,270,000	USD	2,794,824	05/18/06	36,615
Euro	18,045,000	USD	21,454,386	05/18/06	(471,552		)
Japanese Yen	494,100,000	USD	4,275,899	05/18/06	51,511
Japanese Yen	365,905,260	AUD	4,470,000	05/18/06	69,293
United States Dollar	1,700,999	CHF	2,210,000	05/18/06	2,085
United States Dollar	855,564	CHF	1,110,000	05/18/06	(169		)
United States Dollar	928,243	DKK	5,860,000	05/18/06	25,846
United States Dollar	2,340,510	EUR	1,960,000	05/18/06	41,027
United States Dollar	809,757	EUR	665,000	05/18/06	(1,736		)
United States Dollar	832,397	GBP	480,000	05/18/06	1,952
United States Dollar	3,773,197	GBP	2,150,000	05/18/06	(36,010		)
United States Dollar	6,218,259	JPY	729,700,000	05/18/06	20,431
United States Dollar	9,826,394	JPY	1,140,200,000	05/18/06	(78,069		)
United States Dollar	9,009,529	SEK	71,760,000	05/18/06	235,596
United States Dollar	1,008,924	SEK	7,790,000	05/18/06	(5,307		)
United States Dollar	4,803,841	SGD	8,020,000	05/18/06	167,903
Total net unrealized appreciation on forward foreign currency contracts					$	147,532

Currency Type Abbreviations

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

JPY Japanese Yen

SEK Swedish Krona

SGD Singapore Dollar

USD United States Dollar

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

INTERNATIONAL EQUITIES
Air Freight & Logistics	0.96	%
Airlines	0.73
Auto Components	1.48
Automobiles	3.35
Beverages	2.26
Biotechnology	0.44
Capital Markets	3.60
Chemicals	2.39
Commercial Banks	18.77
Commercial Services & Supplies	0.60
Communications Equipment	1.09
Construction & Engineering	0.23
Construction Materials	1.28
Consumer Finance	1.03
Distributors	0.11
Diversified Financial Services	0.66
Diversified Telecommunication Services	3.45
Electric Utilities	1.83
Electronic Equipment & Instruments	0.61
Food & Staples Retailing	2.53
Food Products	0.84
Gas Utilities	0.12
Health Care Equipment & Supplies	0.42
Household Durables	2.08
Industrial Conglomerates	0.51
Insurance	10.68
Internet & Catalog Retail	0.44
Machinery	1.92
Media	1.78
Metals & Mining	0.99
Office Electronics	1.18
Oil & Gas	8.15
Paper & Forest Products	0.92
Pharmaceuticals	5.21
Real Estate	1.43
Road & Rail	1.41
Semiconductors & Semiconductor Equipment	1.62
Specialty Retail	1.52
Textiles, Apparel & Luxury Goods	0.26
Tobacco	1.26
Trading Companies & Distributors	1.84
Wireless Telecommunication Services	4.03
Total International Equities	96.01
INVESTMENT COMPANY	1.94
SHORT-TERM INVESTMENT	1.88
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED	6.74
TOTAL INVESTMENTS	106.57
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(6.57	)
NET ASSETS	100.00	%

UBS U.S. Large Cap Equity Fund - Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 95.84%
Aerospace & Defense — 2.87%
Lockheed Martin Corp.	114,000	$	8,564,820
Northrop Grumman Corp.	102,900	7,027,041
		15,591,861
Air Freight & Logistics — 1.62%
FedEx Corp.	78,000	8,809,320

Auto Components — 2.28%
Borg-Warner, Inc.	55,000	3,302,200
Johnson Controls, Inc.	119,400	9,066,042
		12,368,242
Automobiles — 0.85%
Harley-Davidson, Inc.	89,600	4,648,448

Beverages — 0.68%
Anheuser-Busch Cos., Inc., Series B	87,000	3,720,990

Biotechnology — 2.23%
Cephalon, Inc. (a)	47,400	2,855,850
Genzyme Corp. (a)	138,100	9,283,082
		12,138,932
Building Products — 2.10%
Masco Corp.	350,600	11,390,994

Capital Markets — 5.43%
Mellon Financial Corp.	310,900	11,068,040
Morgan Stanley	293,100	18,412,542
		29,480,582
Commercial Banks — 6.10%
Fifth Third Bancorp	247,600	9,745,536
PNC Financial Services Group, Inc.	108,000	7,269,480
Wells Fargo & Co.	252,600	16,133,562
		33,148,578
Commercial Services & Supplies — 0.70%
Cendant Corp.	218,700	3,794,445

Computers & Peripherals — 1.11%
Dell, Inc. (a)	203,000	6,041,280

Diversified Financial Services — 6.24%
Citigroup, Inc.	487,861	23,041,675
JPMorgan Chase & Co.	261,400	10,884,696
		33,926,371
Diversified Telecommunication Services — 4.26%
AT&T, Inc.	246,800	6,673,472
Sprint Nextel Corp.	636,620	16,450,261
		23,123,733
Electric Utilities — 3.86%
American Electric Power Co., Inc.	124,000	4,218,480
Exelon Corp.	251,500	13,304,350
Northeast Utilities	64,500	1,259,685
Pepco Holdings, Inc.	96,900	2,208,351
		20,990,866
Electronic Equipment & Instruments — 0.21%
Mettler Toledo International, Inc. (a)	18,700	1,128,358

Energy Equipment & Services — 1.80%
Baker Hughes, Inc.	48,100	3,290,040
GlobalSantaFe Corp.	106,800	6,488,100
		9,778,140

Food & Staples Retailing — 3.68%
Costco Wholesale Corp.	176,600	9,564,656
Kroger Co. (a)	352,100	7,168,756
Sysco Corp.	101,400	3,249,870
		19,983,282
Gas Utilities — 0.55%
NiSource, Inc.	148,000	2,992,560

	Shares	Value
Health Care Equipment & Supplies — 2.09%
Medtronic, Inc.	63,700	$	3,232,775
Waters Corp. (a)	110,700	4,776,705
Zimmer Holdings, Inc. (a)	49,400	3,339,440
		11,348,920
Health Care Providers & Services — 6.27%
Caremark Rx, Inc. (a)	95,200	4,681,936
Healthsouth Corp. (a)	156,300	779,937
Medco Health Solutions, Inc. (a)	119,500	6,837,790
UnitedHealth Group, Inc.	252,000	14,076,720
WellPoint, Inc. (a)	99,300	7,688,799
		34,065,182
Hotels, Restaurants & Leisure — 1.48%
Carnival Corp.	169,500	8,029,215

Insurance — 4.31%
Allstate Corp.	97,200	5,065,092
American International Group, Inc.	196,200	12,966,858
Hartford Financial Services Group, Inc.	67,100	5,404,905
		23,436,855
Internet & Catalog Retail — 1.23%
Expedia, Inc. (a)	328,750	6,663,762

IT Services — 0.81%
Accenture Ltd., Class A	145,600	4,378,192

Machinery — 2.06%
Illinois Tool Works, Inc.	116,100	11,181,591

Media — 4.22%
DIRECTV Group, Inc. (a)	401,100	6,578,040
Omnicom Group, Inc.	130,700	10,880,775
R.H. Donnelley Corp. (a)	47,995	2,794,749
Univision Communications, Inc., Class A (a)	77,100	2,657,637
		22,911,201
Multi-Utilities & Unregulated Power — 0.97%
Sempra Energy	113,500	5,273,210

Multiline Retail — 1.26%
Kohl’s Corp. (a)	129,300	6,854,193

Oil & Gas — 2.39%
ExxonMobil Corp.	81,700	4,972,262
Marathon Oil Corp.	105,300	8,020,701
		12,992,963
Pharmaceuticals — 8.19%
Allergan, Inc.	106,500	11,555,250
Bristol-Myers Squibb Co.	156,000	3,839,160
Johnson & Johnson	192,544	11,402,456
Wyeth	365,200	17,719,504
		44,516,370
Road & Rail — 2.00%
Burlington Northern Santa Fe Corp.	130,400	10,866,232

Semiconductors & Semiconductor Equipment — 2.88%
Analog Devices, Inc.	135,400	5,184,466
Intel Corp.	385,400	7,457,490
Xilinx, Inc.	117,300	2,986,458
		15,628,414
Software — 7.57%
Mercury Interactive Corp. (a)	115,800	4,029,840
Microsoft Corp.	740,900	20,159,889
Oracle Corp. (a)	727,100	9,953,999
Symantec Corp. (a)	414,102	6,969,337
		41,113,065
Thrifts & Mortgage Finance — 1.54%
Freddie Mac	136,800	8,344,800

Total Equities (Cost $442,676,539)		520,661,147

Short-Term Investments — 3.84%
Other — 3.65%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund, *
yield of 4.82%	19,809,848	19,809,848

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

EQUITIES
Aerospace & Defense	2.87	%
Air Freight & Logistics	1.62
Auto Components	2.28
Automobiles	0.85
Beverages	0.68
Biotechnology	2.23
Building Products	2.10
Capital Markets	5.43
Commercial Banks	6.10
Commercial Services & Supplies	0.70
Computers & Peripherals	1.11
Diversified Financial Services	6.24
Diversified Telecommunication Services	4.26
Electric Utilities	3.86
Electronic Equipment & Instruments	0.21
Energy Equipment & Services	1.80
Food & Staples Retailing	3.68
Gas Utilities	0.55
Health Care Equipment & Supplies	2.09
Health Care Providers & Services	6.27
Hotel, Restaurants & Leisure	1.48
Insurance	4.31
Internet & Catalog Retail	1.23
IT Services	0.81
Machinery	2.06
Media	4.22
Multi-Utilities & Unregulated Power	0.97
Multiline Retail	1.26
Oil & Gas	2.39
Pharmaceuticals	8.19
Road & Rail	2.00
Semiconductors & Semiconductor Equipment	2.88
Software	7.57
Thrifts & Mortgage Finance	1.54
TOTAL EQUITIES	95.84
SHORT-TERM INVESTMENTS	3.84
TOTAL INVESTMENTS	99.68
CASH AND OTHER ASSETS, LESS LIABILITIES	0.32
NET ASSETS	100.00	%

UBS U.S. Large Cap Growth Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 96.37%
Aerospace & Defense — 2.72%
United Technologies Corp.	5,800	$	336,226

Air Freight & Logistics — 3.01%
United Parcel Service, Inc., Class B	2,900	230,202
UTI Worldwide, Inc.	4,500	142,200
		372,402
Biotechnology — 5.20%
Genzyme Corp. (a)	4,000	268,880
Medimmune, Inc. (a)	10,200	373,116
		641,996

Capital Markets — 2.74%
Merrill Lynch & Co., Inc.	4,300	338,668

Chemicals — 2.10%
Praxair, Inc.	4,700	259,205

Communications Equipment — 2.79%
QUALCOMM, Inc.	6,800	344,148

Computers & Peripherals — 6.56%
Apple Computer, Inc. (a)	5,900	370,048
Dell, Inc. (a)	6,200	184,512
EMC Corp. (a)	18,800	256,244
		810,804

Consumer Finance — 1.68%
SLM Corp.	4,000	207,760

Diversified Financial Services — 4.33%
Chicago Mercantile Exchange Holdings, Inc.	300	134,250
Moody’s Corp.	5,600	400,176
		534,426

Energy Equipment & Services — 5.13%
GlobalSantaFe Corp.	3,800	230,850
Weatherford International Ltd. (a)	8,800	402,600
		633,450

Health Care Equipment & Supplies — 8.86%
C.R. Bard, Inc.	2,300	155,963
Medtronic, Inc.	4,000	203,000
St. Jude Medical, Inc. (a)	4,300	176,300
Varian Medical Systems, Inc. (a)	3,700	207,792
Zimmer Holdings, Inc. (a)	5,200	351,520
		1,094,575

Health Care Providers & Services — 7.77%
Caremark Rx, Inc. (a)	3,100	152,458
UnitedHealth Group, Inc.	7,800	435,708
WellPoint, Inc. (a)	4,800	371,664
		959,830

Hotels, Restaurants & Leisure — 1.50%
Hilton Hotels Corp.	7,300	185,858

Household Durables — 2.25%
Lennar Corp., Class A	4,600	277,748

Industrial Conglomerates — 3.52%
General Electric Co.	12,500	434,750

Insurance — 1.66%
American International Group, Inc.	3,100	204,879

Internet & Catalog Retail — 3.26%
eBay, Inc. (a)	10,300	402,318

		Shares		Value
Internet Software & Services — 4.73%
Google, Inc., Class A (a)	1,500		$		585,000

Machinery — 3.73%
Illinois Tool Works, Inc.	2,400		231,144
Ingersoll-Rand Co. Ltd., Class A	5,500		229,845
			460,989

Media — 2.33%
McGraw-Hill Cos., Inc.	5,000		288,100

Oil & Gas — 2.12%
Peabody Energy Corp.	5,200		262,132

Pharmaceuticals — 2.90%
Allergan, Inc.	3,300		358,050

Semiconductors & Semiconductor Equipment — 4.18%
Analog Devices, Inc.	5,700		218,253
Broadcom Corp., Class A (a)	6,900		297,804
			516,057

Software — 6.03%
Adobe Systems, Inc. (a)	8,400		293,328
Microsoft Corp.	16,600		451,686
			745,014

Specialty Retail — 5.27%
Abercrombie & Fitch Co.	4,200		244,860
Best Buy Co., Inc.	3,350		187,366
Lowe’s Cos., Inc.	3,400		219,096
			651,322

Total Equities (Cost $10,750,503)			11,905,707

Investment Company — 2.56%
iShares Russell 1000 Growth Index Fund
(Cost $310,990)	6,000		316,440

Short-Term Investment* — 1.37%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $169,563)	169,563		169,563

Total Investments — 100.30%
(Cost $11,231,056)			12,391,710
Liabilities, in excess of cash and other assets — (0.30%)			(37,690			)
Net Assets — 100.00%			$		12,354,020

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $11,231,056; and net unrealized appreciation consisted of :

Gross unrealized appreciation	$	1,294,927
Gross unrealized depreciation	(134,273		)
Net unrealized appreciation	$	1,160,654

(a) Non-income producing security.

* Investment in affiliated mutual fund.

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

EQUITIES
Aerospace & Defense	2.72	%
Air Freight & Logistics	3.01
Biotechnology	5.20
Capital Markets	2.74
Chemicals	2.10
Communications Equipment	2.79
Computers & Peripherals	6.56
Consumer Finance	1.68
Diversified Financial Services	4.33
Energy Equipment & Services	5.13
Health Care Equipment & Supplies	8.86
Health Care Providers & Services	7.77
Hotels, Restaurants & Leisure	1.50
Household Durables	2.25
Industrial Conglomerates	3.52
Insurance	1.66
Internet & Catalog Retail	3.26
Internet Software & Services	4.73
Machinery	3.73
Media	2.33
Oil & Gas	2.12
Pharmaceuticals	2.90
Semiconductors & Semiconductor Equipment	4.18
Software	6.03
Specialty Retail	5.27
TOTAL EQUITIES	96.37
INVESTMENT COMPANY	2.56
SHORT-TERM INVESTMENT	1.37
TOTAL INVESTMENTS	100.30
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(0.30	)
NET ASSETS	100.00	%

UBS U.S. Large Cap Value Equity Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 98.98%
Aerospace & Defense — 3.47%
Lockheed Martin Corp.	38,200	$	2,869,966
Northrop Grumman Corp.	27,200	1,857,488
		4,727,454
Air Freight & Logistics — 1.84%
FedEx Corp.	22,200	2,507,268

Auto Components — 3.10%
Borg-Warner, Inc.	20,000	1,200,800
Johnson Controls, Inc.	39,700	3,014,421
		4,215,221
Automobiles — 0.77%
Harley-Davidson, Inc.	20,100	1,042,788

Beverages — 1.13%
Anheuser-Busch Cos., Inc., Series B	36,100	1,543,997

Biotechnology — 0.71%
Cephalon, Inc. (a)	16,000	964,000

Building Products — 1.83%
Masco Corp.	76,650	2,490,359

Capital Markets — 7.93%
Mellon Financial Corp.	89,800	3,196,880
Morgan Stanley	93,900	5,898,798
Northern Trust Corp.	32,200	1,690,500
		10,786,178
Commercial Banks — 10.66%
Bank of America Corp.	49,522	2,255,232
Fifth Third Bancorp	90,300	3,554,208
PNC Financial Services Group, Inc.	40,500	2,726,055
Wells Fargo & Co.	93,450	5,968,651
		14,504,146
Commercial Services & Supplies — 0.90%
Cendant Corp.	70,700	1,226,645

Diversified Financial Services — 8.96%
Citigroup, Inc.	153,176	7,234,502
JPMorgan Chase & Co.	119,170	4,962,239
		12,196,741
Diversified Telecommunication Services — 5.09%
AT&T, Inc.	97,950	2,648,568
Sprint Nextel Corp.	165,657	4,280,577
		6,929,145
Electric Utilities — 6.11%
American Electric Power Co., Inc.	67,100	2,282,742
Exelon Corp.	61,000	3,226,900
FirstEnergy Corp.	32,600	1,594,140
Pepco Holdings, Inc.	53,300	1,214,707
		8,318,489
Energy Equipment & Services — 1.89%
Accenture Ltd., Class A	54,000	1,623,780
Baker Hughes, Inc.	13,800	943,920
		2,567,700

Food & Staples Retailing — 3.27%
Costco Wholesale Corp.	48,200	2,610,512
Kroger Co. (a)	90,300	1,838,508
		4,449,020
Gas Utilities — 0.51%
NiSource, Inc.	34,200	691,524

Health Care Providers & Services — 4.03%
Caremark Rx, Inc. (a)	12,400	609,832
Medco Health Solutions, Inc. (a)	34,300	1,962,646
UnitedHealth Group, Inc.	52,100	2,910,306
		5,482,784
Insurance — 6.19%
Allstate Corp.	36,200	1,886,382
American International Group, Inc.	65,000	4,295,850
Hartford Financial Services Group, Inc.	27,850	2,243,317
		8,425,549
Internet & Catalog Retail — 1.51%
Expedia, Inc. (a)	101,500	2,057,405

	Shares	Value
IT Services — 1.36%
GlobalSantaFe Corp.	30,500	$	1,852,875

Machinery — 2.27%
Illinois Tool Works, Inc.	32,050	3,086,736

Media — 3.92%
DIRECTV Group, Inc. (a)	119,500	1,959,800
Omnicom Group, Inc.	31,700	2,639,025
Univision Communications, Inc., Class A (a)	21,500	741,105
		5,339,930
Multi-Utilities & Unregulated Power — 0.98%
Sempra Energy	28,700	1,333,402

Oil & Gas — 7.60%
ExxonMobil Corp.	81,750	4,975,305
Marathon Oil Corp.	70,400	5,362,368
		10,337,673
Pharmaceuticals — 4.97%
Bristol-Myers Squibb Co.	50,300	1,237,883
Johnson & Johnson	20,400	1,208,088
Wyeth	89,000	4,318,280
		6,764,251
Road & Rail — 2.38%
Burlington Northern Santa Fe Corp.	38,800	3,233,204

Software — 3.64%
Microsoft Corp.	107,300	2,919,633
Symantec Corp. (a)	121,100	2,038,113
		4,957,746
Thrifts & Mortgage Finance — 1.96%
Freddie Mac	43,750	2,668,750
Total Equities (Cost $108,908,097)		134,700,980

Investment Company — 0.66%
SPDR Trust, Series 1
(Cost $885,110)	6,900	895,827

*Short-Term Investment — 1.46%**
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $1,989,059)	1,989,059	1,989,059

Total Investments — 101.10%
(Cost $111,782,266)		137,585,866
Liabilities, in excess of cash and other assets — (1.10%)		(1,493,582		)
Net Assets — 100.00%		$	136,092,284

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $111,782,266; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	26,689,434
Gross unrealized depreciation	(885,834		)
Net unrealized appreciation	$	25,803,600

(a) Non-income producing security.

* Investment in affiliated mutual fund.

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

EQUITIES
Aerospace & Defense	3.47	%
Air Freight & Logistics	1.84
Auto Components	3.10
Automobiles	0.77
Beverages	1.13
Biotechnology	0.71
Building Products	1.83
Capital Markets	7.93
Commercial Banks	10.66
Commercial Services & Supplies	0.90
Diversified Financial Services	8.96
Diversified Telecommunication Services	5.09
Electric Utilities	6.11
Energy Equipment & Services	1.89
Food & Staples Retailing	3.27
Gas Utilities	0.51
Health Care Providers & Services	4.03
Insurance	6.19
Internet & Catalog Retail	1.51
IT Services	1.36
Machinery	2.27
Media	3.92
Multi-Utilities & Unregulated Power	0.98
Oil & Gas	7.60
Pharmaceuticals	4.97
Road & Rail	2.38
Software	3.64
Thrifts & Mortgage Finance	1.96
TOTAL EQUITIES	98.98
INVESTMENT COMPANY	0.66
SHORT-TERM INVESTMENT	1.46
TOTAL INVESTMENTS	101.10
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(1.10	)
NET ASSETS	100.00	%

UBS U.S. Small Cap Growth Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 95.70%
Aerospace & Defense — 1.83%
AAR Corp. (a)	195,100	$	5,556,448
DRS Technologies, Inc.	36,900	2,024,703
		7,581,151
Air Freight & Logistics — 3.00%
HUB Group, Inc. (a)	159,500	7,270,010
UTI Worldwide, Inc.	162,300	5,128,680
		12,398,690
Auto Components — 0.24%
American Axle & Manufacturing Holdings, Inc.	57,300	981,549

Biotechnology — 4.69%
Affymetrix, Inc. (a)	47,400	1,560,882
Alexion Pharmaceuticals, Inc. (a)	63,700	2,256,254
Charles River Laboratories International, Inc. (a)	39,780	1,950,016
Incyte Corp. (a)	218,800	1,317,176
Isis Pharmaceuticals, Inc. (a)	175,500	1,581,255
Keryx Biopharmaceuticals, Inc. (a)	108,100	2,065,791
Neurocrine Biosciences, Inc. (a)	35,600	2,297,624
Nuvelo, Inc. (a)	123,500	2,200,770
Renovis, Inc. (a)	98,200	2,093,624
Telik, Inc. (a)	107,000	2,071,520
		19,394,912

Capital Markets — 1.69%
Investors Financial Services Corp.	149,100	6,988,317

Commercial Banks — 1.74%
UCBH Holdings, Inc.	380,600	7,200,952

Commercial Services & Supplies — 3.09%
CRA International, Inc. (a)	100,300	4,940,778
Korn/Ferry International Corp. (a)	84,500	1,722,955
Labor Ready, Inc. (a)	255,700	6,124,015
		12,787,748

Communications Equipment — 2.46%
Avocent Corp. (a)	49,800	1,580,652
Foundry Networks, Inc. (a)	181,600	3,297,856
Nice Systems Ltd. ADR (a)	103,900	5,294,744
		10,173,252

Computers & Peripherals — 1.12%
Neoware, Inc. (a)	156,500	4,635,530

Construction & Engineering — 0.91%
EMCOR Group, Inc. (a)	75,800	3,764,228

Distributors — 1.49%
Beacon Roofing Supply, Inc. (a)	63,300	2,572,512
LKQ Corp. (a)	172,400	3,587,644
		6,160,156

Diversified Telecommunication Services — 0.63%
NeuStar, Inc. (a)	83,500	2,588,500

Electrical Equipment — 1.94%
Energy Conversion Devices, Inc. (a)	59,300	2,916,374
Genlyte Group, Inc. (a)	74,600	5,083,244
		7,999,618

Electronic Equipment & Instruments — 3.60%
Benchmark Electronics, Inc. (a)	179,900	6,899,165
Cognex Corp.	179,200	5,311,488
Radisys Corp. (a)	133,600	2,651,960
		14,862,613

Energy Equipment & Services — 4.75%
Dresser-Rand Group, Inc. (a)	81,000	2,012,850
Patterson-UTI Energy, Inc.	161,300	5,155,148
Tetra Technologies, Inc. (a)	264,675	12,450,312
		19,618,310
Health Care Equipment & Supplies — 5.51%
Arthrocare Corp. (a)	132,500	6,336,150
Aspect Medical Systems, Inc. (a)	101,500	2,785,160
DexCom, Inc. (a)	57,000	1,155,390
Immucor, Inc. (a)	120,200	3,448,538

	Shares	Value
Resmed, Inc. (a)	61,200	$	2,691,576
Viasys Healthcare, Inc. (a)	211,300	6,355,904
		22,772,718

Health Care Providers & Services — 9.02%
Healthspring, Inc. (a)	69,400	1,291,534
Merge Technologies, Inc. (a)	97,300	1,553,881
Nighthawk Radiology Holdings, Inc. (a)	12,300	293,847
Pediatrix Medical Group, Inc. (a)	115,300	11,834,392
Psychiatric Solutions, Inc. (a)	234,400	7,765,672
United Surgical Partners International, Inc. (a)	154,900	5,485,009
VCA Antech, Inc. (a)	317,600	9,045,248
		37,269,583

Hotels, Restaurants & Leisure — 5.30%
California Pizza Kitchen, Inc. (a)	173,600	5,633,320
Chipotle Mexican Grill, Inc. (a)	12,300	681,297
CKE Restaurants, Inc.	358,600	6,239,640
Orient-Express Hotels Ltd.	168,000	6,590,640
Panera Bread Co., (a)	36,600	2,751,588
		21,896,485

Household Durables — 1.80%
Hovnanian Enterprises, Inc. (a)	82,200	3,611,046
Technical Olympic USA, Inc.	187,600	3,817,660
		7,428,706

Household Products — 1.36%
Central Garden & Pet Co. (a)	106,000	5,632,840

IT Services — 3.39%
CACI International, Inc., Class A (a)	97,100	6,384,325
Cognizant Technology Solutions Corp., Class A (a)	128,600	7,650,414
		14,034,739

Leisure Equipment & Products — 0.60%
Nautilus, Inc.	165,900	2,480,205

Machinery — 2.51%
ESCO Technologies, Inc. (a)	125,700	6,366,705
Middleby Corp. (a)	47,700	3,993,444
		10,360,149

Metals & Mining — 1.28%
Steel Dynamics, Inc.	93,700	5,315,601

Oil & Gas — 3.39%
EXCO Resources, Inc. (a)	160,600	2,012,318
KCS Energy, Inc. (a)	270,400	7,030,400
Quicksilver Resources, Inc. (a)	128,900	4,983,274
		14,025,992

Pharmaceuticals — 1.91%
First Horizon Pharmaceutical Corp. (a)	195,800	4,936,118
Penwest Pharmaceuticals Co. (a)	136,600	2,962,854
		7,898,972

Real Estate — 2.25%
BioMed Realty Trust, Inc. REIT	99,100	2,937,324
Mills Corp. REIT	10,600	296,800
Ventas, Inc. REIT	182,500	6,055,350
		9,289,474

Road & Rail — 1.77%
Landstar System, Inc.	166,300	7,337,156

Semiconductors & Semiconductor Equipment — 7.42%
Cree, Inc. (a)	50,100	1,643,781
Exar Corp. (a)	157,000	2,241,960
Ikanos Communications, Inc. (a)	29,600	583,416
Microsemi Corp. (a)	297,700	8,666,047
Nextest Systems Corp. (a)	64,400	1,043,924
PDF Solutions, Inc. (a)	45,000	851,400
Photronics, Inc. (a)	155,100	2,909,676
Power Integrations, Inc. (a)	122,600	3,038,028
Rudolph Technologies, Inc. (a)	222,560	3,794,648
Silicon Image, Inc. (a)	330,600	3,408,486
Standard Microsystems Corp. (a)	95,400	2,478,492
		30,659,858

	Shares	Value
Software — 7.24%
Factset Research Systems, Inc.	84,900	$	3,765,315
Fair Isaac Corp.	79,450	3,147,809
Nuance Communications, Inc. (a)	432,200	5,104,282
Progress Software Corp. (a)	187,900	5,466,011
RSA Security, Inc. (a)	186,000	3,336,840
Secure Computing Corp. (a)	233,600	2,695,744
THQ, Inc. (a)	82,125	2,126,216
Verint Systems, Inc. (a)	120,600	4,265,622
		29,907,839

Specialty Retail — 5.01%
Aeropostale, Inc. (a)	166,200	5,012,592
Childrens Place Retail Stores, Inc. (a)	118,600	6,866,940
DSW, Inc. (a)	50,300	1,575,396
Guitar Center, Inc. (a)	79,600	3,796,920
Petco Animal Supplies, Inc. (a)	146,700	3,457,719
		20,709,567

Textiles, Apparel & Luxury Goods — 1.70%
CROCS, Inc. (a)	11,200	281,680
Phillips-Van Heusen Corp.	176,200	6,732,602
		7,014,282

Thrifts & Mortgage Finance — 1.06%
BankUnited Financial Corp., Class A	98,300	2,658,032
Harbor Florida Bancshares, Inc.	46,000	1,742,020
		4,400,052
Total Equities (Cost $313,811,440)		395,569,744

Investment Company — 0.92%
iShares Russell 2000 Index Fund
(Cost $3,738,829)	49,900	3,792,400

*Short-Term Investment — 2.91%**
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $12,017,436)	12,017,436	12,017,436

Total Investments — 99.53%
(Cost $329,567,705)		411,379,580
Cash and other assets, less liabilities — 0.47%		1,943,056
Net Assets — 100.00%		$	413,322,636

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $329,567,705; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	89,929,267
Gross unrealized depreciation	(8,117,392		)
Net unrealized appreciation	$	81,811,875

(a) Non-income producing security.

ADR American Depository Receipts

REIT Real Estate Investment Trust

* Investment in affiliated mutual fund.

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (unaudited)

EQUITIES
Aerospace & Defense	1.83	%
Air Freight & Logistics	3.00
Auto Components	0.24
Biotechnology	4.69
Capital Markets	1.69
Commercial Banks	1.74
Commercial Services & Supplies	3.09
Communications Equipment	2.46
Computers & Peripherals	1.12
Construction & Engineering	0.91
Distributors	1.49
Diversified Telecommunication Services	0.63
Electrical Equipment	1.94
Electronic Equipment & Instruments	3.60
Energy Equipment & Services	4.75
Health Care Equipment & Supplies	5.51
Health Care Providers & Services	9.02
Hotels, Restaurants & Leisure	5.30
Household Durables	1.80
Household Products	1.36
IT Services	3.39
Leisure Equipment & Products	0.60
Machinery	2.51
Metals & Mining	1.28
Oil & Gas	3.39
Pharmaceuticals	1.91
Real Estate	2.25
Road & Rail	1.77
Semiconductors & Semiconductor Equipment	7.42
Software	7.24
Specialty Retail	5.01
Textiles, Apparel & Luxury Goods	1.70
Thrifts & Mortgage Finance	1.06
Total Equities	95.70
INVESTMENT COMPANY	0.92
SHORT-TERM INVESTMENT	2.91
TOTAL INVESTMENTS	99.53
CASH AND OTHER ASSETS, LESS LIABILITIES	0.47
NET ASSETS	100.00	%

UBS Dynamic Alpha Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
*Investment Companies — 90.14%**
UBS Emerging Markets Equity Relationship Fund	7,099,447	$	172,968,805
UBS International Equity Relationship Fund	34,101,062	572,768,263
UBS Small Cap Equity Relationship Fund	1,765,495	78,899,962
UBS U.S. Equity Alpha Relationship Fund	19,754,735	214,423,817
UBS U.S. Large Cap Equity Relationship Fund	43,928,276	819,183,275
UBS U.S. Large Cap Growth Equity Relationship Fund	12,982,140	137,649,626

Total Investment Companies (Cost $1,788,830,935)		1,995,893,748

Short-Term Investments — 5.50%
*Investment Company — 3.60%**
UBS U.S. Cash Management Prime Relationship Fund, yield of 4.81%	79,604,287	79,604,287

	Number of
	Contracts
Options Purchased — 0.18%
Call Options(b) — 0.15%
10 Year U.S. Treasury Note Futures, strike @ 108,	978	550,125
expiration September 2006
FTSE-100 Index, strike @ 5,925, expiration July 2006	1,000	2,692,970
Put Options(b) — 0.03%
Nikkei Index, strike @ 15,000, expiration July 2006	267	92,940
S&P 500 Index, strike @ 1,325, expiration September 2006	450	711,000
Total Options Purchased (Cost $4,216,310)		4,047,035

Total Investments — 95.82% (Cost $1,914,795,728)		2,121,678,303
Cash and other assets, less liabilities — 4.18%		92,479,728
Net Assets — 100.00%		$	2,214,158,031

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $1,914,795,728; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	208,107,892
Gross unrealized depreciation	(1,225,317		)
Net unrealized appreciation	$	206,882,575

(a) All or portion of this security was pledged to cover margin requirements for futures contracts.

(b) Non-income producing security.

* Investments in affiliated mutual funds.

FORWARD FOREIGN CURRENCY CONTRACTS

UBS Dynamic Alpha Fund had the following open forward foreign currency contracts as of March 31, 2006:

	Contracts to Deliver	In Exchange For		Maturity Dates	Unrealized Appreciation/ (Depreciation)
Australian Dollar	63,755,000	NZD	71,418,989	05/26/06	$	(1,798,078	)
Brazilian Real	43,660,000	USD	20,013,752	05/23/06	110,382
British Pound	103,775,000	USD	178,637,056	05/26/06	(1,766,787		)
British Pound	42,020,000	USD	73,989,632	05/26/06	941,504
Canadian Dollar	86,695,000	USD	73,353,716	05/26/06	(986,666		)
Canadian Dollar	38,695,000	USD	33,489,003	05/26/06	308,300
Euro	279,715,000	USD	332,523,220	05/26/06	(7,529,101		)
Euro	9,995,000	USD	11,964,015	04/26/06	(163,818		)
Euro	22,410,000	USD	27,310,355	05/26/06	66,294
Japanese Yen	4,317,900,000	USD	37,224,853	05/26/06	270,520
Japanese Yen	16,692,110,051	NZD	224,971,011	05/26/06	(4,872,601		)
South Korean Won	31,491,000,000	USD	32,388,152	05/23/06	(61,214		)
New Mexican Peso	66,920,000	USD	6,136,635	05/26/06	11,510
New Zealand Dollar	296,390,000	USD	200,025,108	05/26/06	18,235,290
South African Rand	70,180,000	USD	10,298,628	05/26/06	(1,046,976		)
United States Dollar	46,769,023	AUD	63,755,000	05/26/06	(1,166,347		)
United States Dollar	105,617,874	CHF	136,210,000	05/26/06	(553,799		)
United States Dollar	11,957,583	CHF	15,550,000	05/26/06	36,737
United States Dollar	46,930,629	JPY	5,478,400,000	05/26/06	(44,268		)
United States Dollar	122,263,447	SEK	981,750,000	05/26/06	4,306,612
United States Dollar	32,015,909	SEK	245,510,000	05/26/06	(365,014		)
United States Dollar	60,459,176	SGD	101,110,000	05/26/06	2,241,478
United States Dollar	74,247,949	THB	3,017,250,000	05/26/06	3,323,304
United States Dollar	53,158,224	TWD	1,700,000,000	05/23/06	(509,011		)
Total net unrealized appreciation on forward foreign currency contracts					$	8,988,251

Currency Type Abbreviations

AUD Australian Dollar

CHF Swiss Franc

JPY Japanese Yen

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

THB Thailand Baht

TWD New Taiwan Dollar

USD United States Dollar

FUTURES CONTRACTS

UBS Dynamic Alpha Fund had the following open futures contracts as of March 31, 2006:

	Expiration Date	Cost/Proceeds		Current Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note Futures Sale Contracts:
10 Year U.S. Treasury Notes, 365 contracts (USD)	June 2006	$	39,258,852	$	38,832,578	$	426,274

Index Futures Buy Contracts:
Amsterdam Exchanges Index, 794 contracts (EUR)	April 2006	87,411,443		90,178,218		2,766,775
Australian 10 Year Bond, 1500 contracts (AUD)	June 2006	781,982,187		782,048,447		66,260
Japanese 10 Year Bond, 19 contracts (JPY)	June 2006	21,646,197		21,544,095		(102,102		)
Long Gilt, 163 contracts (GBP)	June 2006	31,718,138		31,618,856		(99,282		)
FTSE 100 Index, 1213 contracts (GBP)	June 2006	122,715,457		125,815,733		3,100,276

Interest Rate Futures Buy Contracts:
Euro-Bund, 219 contracts (EUR)	June 2006	31,274,343		31,096,350		(177,993		)

Index Futures Sale Contracts:
Canadian 10 Year Bond, 215 contracts (CAD)	June 2006	20,720,123		20,567,539		152,584
CAC 40 Euro Index, 919 contracts (EUR)	June 2006	55,753,762		56,993,093		(1,239,331		)
DAX Index, 483 contracts (EUR)	June 2006	84,266,643		87,820,481		(3,553,838		)
DJ Euro STOXX 50 Index, 3043 contracts (EUR)	June 2006	136,986,189		139,983,556		(2,997,367		)
Hang Seng Index, 227 contracts (HKD)	April 2006	23,172,064		23,128,158		43,906
IBEX 35 Index, 168 contracts (EUR)	April 2006	24,095,044		24,179,461		(84,417		)
Nikkei 225 Index, 1789 contracts (JPY)	June 2006	238,659,525		258,698,216		(20,038,691		)
OMXS 30 Index, 3308 contracts (SEK)	April 2006	43,404,211		44,187,931		(783,720		)
Russell 2000 Index, 194 contracts (USD)	June 2006	71,051,530		74,864,600		(3,813,070		)
S&P MIB Index, 93 contracts (EUR)	June 2006	21,145,753		21,033,020		112,733
S&P Toronto Stock Exchange 60 Index, 1116 contracts (CAD)	June 2006	128,509,189		131,013,058		(2,503,869		)
S&P 500 Index, 1341 contracts (USD)	June 2006	432,595,495		436,931,325		(4,335,830		)
SPI 200 Index, 694 contracts (AUD)	June 2006	61,033,712		63,830,825		(2,797,113		)
Total net unrealized depreciation on futures contracts						$	(35,857,815	)

The segregated aggregate market value of investments and cash collateral pledged to cover margin requirements for the open futures positions at March 31, 2006 was $169,466,722.

UBS U.S. Bond Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Face Amount		Value
Bonds — 89.10%
U.S. Bonds — 88.61%
U.S. Corporate Bonds — 14.19%
Albertson’s, Inc.
8.000%, due 05/01/31	$	45,000	$	41,889
Allstate Corp.
7.200%, due 12/01/09	100,000		105,682
Altria Group, Inc.
7.750%, due 01/15/27	110,000		125,868
American Electric Power Co., Inc., Series A
6.125%, due 05/15/06	72,000		72,060
American General Finance Corp.
5.375%, due 10/01/12	180,000		176,573
AT&T Corp. †
9.750%, due 11/15/31	175,000		208,961
AvalonBay Communities, Inc. REIT
7.500%, due 08/01/09	95,000		100,604
Avon Products, Inc.
7.150%, due 11/15/09	150,000		158,698
Bank of America Corp.
7.400%, due 01/15/11	440,000		475,563
Bank One Corp.
7.875%, due 08/01/10	345,000		376,194
BellSouth Corp.
6.550%, due 06/15/34	125,000		124,793
Boeing Capital Corp.
7.375%, due 09/27/10	150,000		161,582
Bombardier Capital, Inc., 144A
6.125%, due 06/29/06	300,000		300,000
Bristol-Myers Squibb Co.
5.750%, due 10/01/11	110,000		111,209
Burlington Northern Santa Fe Corp.
7.082%, due 05/13/29	200,000		224,952
C.S. First Boston USA, Inc.
3.875%, due 01/15/09	105,000		101,060
6.500%, due 01/15/12	180,000		187,980
Capital One Financial Corp.
5.500%, due 06/01/15	170,000		164,994
Cendant Corp.
6.250%, due 01/15/08	180,000		182,104
Citigroup, Inc.
5.625%, due 08/27/12	975,000		980,297
Comcast Cable Communications, Inc.
6.750%, due 01/30/11	425,000		441,791
Computer Sciences Corp.
3.500%, due 04/15/08	165,000		158,892
ConAgra Foods, Inc.
6.750%, due 09/15/11	100,000		103,930
Coors Brewing Co.
6.375%, due 05/15/12	135,000		139,207
Countrywide Home Loans, Inc.
3.250%, due 05/21/08	215,000		205,738
DaimlerChrysler N.A. Holding Corp.
4.050%, due 06/04/08	530,000		513,571
Devon Financing Corp. ULC
6.875%, due 09/30/11	260,000		275,659
Dominion Resources, Inc./VA
5.950%, due 06/15/35	130,000		119,859
Duke Energy Field Services LLC
7.875%, due 08/16/10	155,000		168,245
EOP Operating LP
7.250%, due 06/15/28	165,000		173,420
Erac U.S.A. Finance Co., 144A
8.000%, due 01/15/11	200,000		219,088
FirstEnergy Corp., Series B
6.450%, due 11/15/11	105,000		108,647
Ford Motor Credit Co.
5.800%, due 01/12/09	2,695,000		2,461,228
General Electric Capital Corp.
6.000%, due 06/15/12 (a)	1,145,000		1,175,907
6.750%, due 03/15/32	140,000		155,901
General Motors Acceptance Corp.
6.875%, due 09/15/11	510,000		475,360

	Face Amount		Value
Goldman Sachs Group, Inc.
6.875%, due 01/15/11	$	500,000	$	527,805
Harrah’s Operating Co., Inc.
7.500%, due 01/15/09	155,000		162,136
HSBC Bank USA N.A.
5.625%, due 08/15/35	265,000		246,176
HSBC Finance Corp.
6.750%, due 05/15/11	295,000		310,568
ICI Wilmington, Inc.
4.375%, due 12/01/08	220,000		212,110
International Lease Finance Corp.
3.500%, due 04/01/09	300,000		284,298
John Deere Capital Corp.
7.000%, due 03/15/12	145,000		155,476
JPMorgan Chase & Co.
6.750%, due 02/01/11	225,000		236,524
Kinder Morgan Energy Partners LP
5.800%, due 03/15/35	145,000		131,655
Kraft Foods, Inc.
5.625%, due 11/01/11	320,000		320,426
Lockheed Martin Corp.
8.500%, due 12/01/29	100,000		129,834
Marathon Oil Corp.
6.125%, due 03/15/12	120,000		123,512
Marsh & McLennan Cos., Inc.
6.250%, due 03/15/12	170,000		173,526
MBNA Corp.
7.500%, due 03/15/12	125,000		137,462
McKesson Corp.
7.750%, due 02/01/12	95,000		104,334
Metlife, Inc.
5.000%, due 11/24/13	145,000		139,173
Miller Brewing Co., 144A
5.500%, due 08/15/13	225,000		221,827
Morgan Stanley
6.750%, due 04/15/11	680,000		715,802
New Cingular Wireless Services, Inc.
8.750%, due 03/01/31	130,000		164,651
News America, Inc.
6.200%, due 12/15/34	65,000		60,873
Pacific Gas & Electric Co.
6.050%, due 03/01/34	130,000		127,216
PPL Energy Supply LLC, Series A
6.400%, due 11/01/11	200,000		206,631
Progress Energy, Inc.
7.000%, due 10/30/31	145,000		155,831
Qwest Capital Funding, Inc.
7.900%, due 08/15/10	360,000		374,400
Safeway, Inc.
7.250%, due 02/01/31	130,000		137,758
Sempra Energy
7.950%, due 03/01/10	100,000		108,003
Sprint Capital Corp.
8.750%, due 03/15/32	200,000		250,051
TXU Energy Co. LLC
7.000%, due 03/15/13	130,000		135,404
U.S. Bank N.A.
6.375%, due 08/01/11	240,000		250,142
Union Pacific Corp.
6.700%, due 12/01/06	235,000		236,963
UST, Inc.
6.625%, due 07/15/12	135,000		140,108
Valero Energy Corp.
7.500%, due 04/15/32	185,000		212,696
Verizon New York, Inc., Series B
7.375%, due 04/01/32	70,000		71,000
Wachovia Bank N.A.
7.800%, due 08/18/10	345,000		375,932
Washington Mutual, Inc.
5.625%, due 01/15/07	575,000		576,024
Waste Management, Inc.
7.375%, due 08/01/10	100,000		106,680
Wells Fargo Bank N.A.
6.450%, due 02/01/11	480,000		500,099
Wyeth
5.500%, due 03/15/13	170,000		168,070
Xcel Energy, Inc.
7.000%, due 12/01/10	100,000		105,382
			20,074,064

	Face Amount		Value
Asset-Backed Securities — 2.86%
Abacus Ltd., 06-10A, Class H, 144A ††
6.280%, due 10/30/45	$	1,000,000	$	1,000,000
CenterPoint Energy Transition Bond Co., LLC 01-1, Class A4
5.630%, due 09/15/15	310,000		314,171
Conseco Finance Corp., 01-D, Class M2 ††
6.499%, due 11/15/32	676,910		663,629
Conseco Finance Securitizations Corp., 00-2, Class A4
8.480%, due 12/01/30	154,963		156,185
Countrywide Asset-Backed Certificates, 03-SD3, Class A1, 144A †
5.238%, due 12/25/32	35,916		36,011
Countrywide Asset-Backed Certificates, 04-SD1, Class A1, 144A †
5.158%, due 06/25/33	146,357		146,779
Green Tree Financial Corp., 94-5, Class A5
8.300%, due 11/15/19	124,012		128,555
Green Tree Financial Corp., 99-3, Class A5
6.160%, due 02/01/31	271,447		271,940
Providian Gateway Master Trust, 04-AA, Class C, 144A ††
5.649%, due 03/15/11	190,000		191,514
Providian Gateway Master Trust, 04-AA, Class D, 144A ††
6.599%, due 03/15/11	220,000		223,369
RAFC Asset-Backed Trust, 01-1, Class A3 †
5.115%, due 11/25/29	26,266		26,159
Structured Asset Securities Corp., 03-AL2, Class A, 144A
3.357%, due 01/25/31	216,783		192,150
WFS Financial Owner Trust, 03-2, Class B
2.480%, due 12/20/10	703,874		696,406
			4,046,868
Commercial Mortgage-Backed Securities — 5.92%
Bear Stearns Commercial Mortgage Securities, 00-WF1, Class A2
7.780%, due 02/15/32	1,215,000		1,303,756
Bear Stearns Commercial Mortgage Securities, 00-WF2, Class A2
7.320%, due 10/15/32	200,000		213,482
Commercial Mortgage Pass-Through Certificates, 01-FL5A, Class E, 144A ††
6.249%, due 11/15/13	115,731		115,715
Commercial Mortgage Pass-Through Certificates, 01-FL5A, Class F, 144A ††
5.348%, due 11/15/13	240,000		238,420
DLJ Commercial Mortgage Corp., 00-CKP1, Class A1B
7.180%, due 11/10/33	850,000		904,922
First Union Commercial Mortgage Securities, Inc., 97-C2, Class A3
6.650%, due 11/18/29	306,044		310,077
Heller Financial Commercial Mortgage Assets, 99-PH1, Class A1
6.500%, due 05/15/31	61,170		61,233
Host Marriott Pool Trust, 99-HMTA, Class A, 144A
6.980%, due 08/03/15	192,510		197,632
Host Marriott Pool Trust, 99-HMTA, Class C, 144A
7.730%, due 08/03/15	360,000		383,855
Host Marriott Pool Trust, 99-HMTA, Class D, 144A
7.970%, due 08/03/15	220,000		237,287
Host Marriott Pool Trust, 99-HMTA, Class E, 144A
8.070%, due 08/03/15	220,000		238,876
JPMorgan Commercial Mortgage Finance Corp., 99-C8, Class A1
7.325%, due 07/15/31	3,957		3,949
LB Commercial Conduit Mortgage Trust, 99-C1, Class A1
6.410%, due 06/15/31	145,176		145,207
Mach One Trust Commercial Mortgage-Backed Securities, 04-1A, Class A1, 144A
3.890%, due 05/28/40	825,422		804,109
Merrill Lynch Mortgage Investors, Inc., 96-C2, Class A3
6.960%, due 11/21/28	24,114		24,111
Morgan Stanley Dean Witter Capital I, 00-LIF2, Class A1
6.960%, due 10/15/33	98,432		100,079
PNC Mortgage Acceptance Corp., 00-C1, Class A2
7.610%, due 02/15/10	940,897		997,404
Prudential Mortgage Capital Funding LLC, 01-ROCK, Class A2
6.605%, due 05/10/34	115,000		120,672
Salomon Brothers Mortgage Securities VII, 00-C1, Class A2
7.520%, due 12/18/09	1,250,000		1,330,676
TIAA Retail Commercial Trust, 01- C1A, Class A2, 144A
6.300%, due 06/19/21	639,750		647,422
			8,378,884
Mortgage & Agency Debt Securities — 40.45%
Banc of America Commercial Mortgage, Inc., 02-PB2, Class C
6.349%, due 06/11/35	745,000		776,032
C.S. First Boston Mortgage Securities Corp., 02-10, Class 2A1
7.500%, due 05/25/32	169,167		170,814
C.S. First Boston Mortgage Securities Corp., 03-8, Class 5A1
6.500%, due 04/25/33	227,708		227,757
C.S. First Boston Mortgage Securities Corp., 05-11, Class 1A1
6.500%, due 12/25/35	1,317,614		1,334,497

	Face Amount		Value
C.S. First Boston Mortgage Securities Corp., 05-12, Class 1A1
6.500%, due 01/25/36	$	1,447,041	$	1,456,049
C.S. First Boston Mortgage Securities Corp., 05-9, Class 3A1
6.000%, due 10/25/35	1,231,516		1,224,556
Countrywide Alternative Loan Trust, 04-J8, Class 2A1
7.000%, due 08/25/34	347,025		348,394
Countrywide Home Loan Mortgage Pass Through Trust, 06-HYB1, Class 1A1 ††
5.424%, due 03/20/36	1,280,662		1,269,686
Credit Suisse Mortgage Capital Certificates, 06-2, Class 3A1
6.500%, due 03/25/36	1,397,268		1,414,516
Federal Home Loan Mortgage Corp., 1595, Class D
7.000%, due 10/15/13	174,016		176,672
Federal Home Loan Mortgage Corp., REMIC, 2148, Class ZA
6.000%, due 04/15/29	649,100		641,275
Federal Home Loan Mortgage Corp., 2297, Class NB
6.000%, due 03/15/16	460,000		466,028
Federal Home Loan Mortgage Corp., REMIC, 2426, Class GH
6.000%, due 08/15/30	327,817		329,687
Federal Home Loan Mortgage Corp., 2532, Class PD
5.500%, due 06/15/26	482,420		481,767
Federal Home Loan Mortgage Corp., Gold
5.500%, due 09/01/17	264,200		262,668
5.500%, due 01/01/18	467,903		465,190
5.500%, due 04/01/18	402,659		400,189
6.000%, due 12/01/17	363,618		368,091
6.000%, due 10/01/29	328,151		329,234
6.000%, due 01/01/32	1,182,595		1,184,915
6.500%, due 06/01/29	65,136		66,720
6.500%, due 09/01/29	172,905		177,101
6.500%, due 11/01/29	421,482		431,750
6.500%, due 03/01/32	61,497		62,859
6.500%, due 11/01/32	63,022		64,380
7.000%, due 07/01/32	988,902		1,018,473
Federal National Mortgage Association
5.000%, TBA	6,010,000		5,720,769
3.284%, due 09/01/33 ††	49,124		49,089
3.875%, due 07/15/08	785,000		765,158
4.247%, due 03/01/34 ††	415,913		407,409
4.625%, due 06/01/10	1,335,000		1,302,248
5.200%, due 11/08/10	1,555,000		1,541,333
5.500%, due 03/15/11 (a)	2,770,000		2,809,550
5.500%, due 12/01/17	1,210,421		1,204,306
5.500%, due 01/01/24	1,381,470		1,361,595
5.500%, due 02/01/24	1,197,744		1,179,860
5.500%, due 09/01/24	337,640		331,040
5.500%, due 03/01/33	1,310,420		1,281,930
5.500%, due 11/01/34	1,018,751		995,886
5.688%, due 01/01/36 ††	1,478,565		1,487,948
6.000%, due 06/01/16	1,063,920		1,078,806
6.000%, due 07/01/17	141,643		143,625
6.000%, due 06/01/23	232,327		233,629
6.000%, due 03/01/28	72,400		72,578
6.000%, due 03/01/29	83,586		83,791
6.000%, due 05/01/29	74,310		74,493
6.000%, due 07/01/29	277,390		278,152
6.000%, due 06/01/31	55,405		55,544
6.000%, due 01/01/33	526,083		526,577
6.000%, due 06/01/33	95,226		95,277
6.250%, due 02/01/11	1,370,000		1,420,831
6.500%, due 05/01/28	1,083,761		1,111,190
6.500%, due 08/01/29	487,437		499,721
6.500%, due 12/01/29	712,697		730,717
6.625%, due 09/15/09 (a)	1,260,000		1,318,112
7.000%, due 03/01/31	21,243		21,924
7.000%, due 11/01/31	104,949		108,198
7.000%, due 04/01/32	276,711		285,055
Federal National Mortgage Association Grantor Trust, 00-T6, Class A1
7.500%, due 06/25/30	525,385		538,292
Federal National Mortgage Association Grantor Trust, REMIC, 01-T10, Class A2
7.500%, due 12/25/41	56,716		58,724
Federal National Mortgage Association Grantor Trust, 01-T5, Class A3 ††
7.500%, due 06/19/30	68,291		70,622
Federal National Mortgage Association Whole Loan, REMIC, 03-W6, Class 6A ††
5.173%, due 08/25/42	225,003		228,489
Federal National Mortgage Association Whole Loan, REMIC, 04-W12, Class 1A3
7.000%, due 07/25/44	636,623		649,004
Federal National Mortgage Association Whole Loan, REMIC, 04-W15, Class 1A3
7.000%, due 08/25/44	630,927		641,280
Federal National Mortgage Association Whole Loan, 95-W3, Class A
9.000%, due 04/25/25	7,479		8,024
First Horizon Alternative Mortgage Securities, 04-AA3, Class A1 ††
5.327%, due 09/25/34	696,260		688,442

	Face Amount		Value
First Horizon Asset Securities, Inc., 04-FL1, Class 1A1 †
5.088%, due 02/25/35	$	303,534	$	303,565
Government National Mortgage Association
5.125%, due 10/20/29 ††	180,915		182,487
6.000%, due 12/20/28	92,742		93,705
6.000%, due 05/20/29	438,754		443,138
6.000%, due 07/15/29	285,128		288,866
6.000%, due 08/20/29	330,997		334,304
6.500%, due 10/15/24	340,661		352,573
6.500%, due 08/15/27	1,471		1,526
7.000%, due 07/15/25	7,821		8,158
7.000%, due 07/15/31	80,906		84,380
8.500%, due 12/15/17	182,121		195,420
GSMPS Mortgage Loan Trust, 01-2, Class A, 144A
7.500%, due 06/19/32	146,630		151,471
GSR Mortgage Loan Trust, 05-4F, Class 3A1
6.500%, due 04/25/20	991,741		1,008,259
Indymac Index Mortgage Loan Trust, 05-AR3, Class B1 ††
5.449%, due 04/25/35	1,423,256		1,410,193
Indymac Index Mortgage Loan Trust, 05-AR7, Class 7A1 ††
5.409%, due 06/25/35	1,439,045		1,428,009
MLCC Mortgage Investors, Inc., 03-D, Class XA1 (b)(c)
1.000%, due 08/25/28	5,925,673		54,164
Morgan Stanley Mortgage Loan Trust, 06-1AR, Class 2A ††
6.052%, due 02/25/36	1,516,918		1,522,725
Morgan Stanley Mortgage Loan Trust, 04-4, Class 2A ††
6.455%, due 09/25/34	584,262		592,844
Residential Asset Securitization Trust, 04-IP2, Class B1 ††
5.440%, due 12/25/34	1,225,165		1,201,427
Structured Adjustable Rate Mortgage Loan Trust, 04-3AC, Class A1 ††
4.940%, due 03/25/34	423,269		417,981
Structured Asset Securities Corp., 04-20, Class 4A1
6.000%, due 11/25/34	527,240		524,110
			57,207,823

U.S. Government Obligations — 25.19%
U.S. Treasury Bond
6.250%, due 05/15/30	3,125,000		3,652,100
8.500%, due 02/15/20	2,050,000		2,749,243
8.750%, due 05/15/17	3,555,000		4,691,768
U.S. Treasury Inflation Indexed Bonds (TIPS)
2.000%, due 01/15/14	1,881,167		1,835,976
2.000%, due 07/15/14 (a)	1,681,152		1,639,582
U.S. Treasury Note
2.875%, due 11/30/06	910,000		898,269
3.625%, due 04/30/07	3,465,000		3,420,063
3.875%, due 05/15/09	10,000		9,727
3.875%, due 02/15/13	2,805,000		2,644,809
4.125%, due 05/15/15	4,465,000		4,219,251
4.250%, due 10/15/10	10,105,000		9,868,957
			35,629,745
Total U.S. Bonds			125,337,384

International Bonds — 0.49%
International Corporate Bonds — 0.41%
Canada — 0.13%
Bombardier, Inc., 144A
6.300%, due 05/01/14	$	125,000	114,688
Burlington Resources Finance Co.
6.680%, due 02/15/11	65,000		68,340
			183,028
Luxembourg — 0.14%
Telecom Italia Capital S.A.
5.250%, due 11/15/13	$	120,000	113,701
6.375%, due 11/15/33	85,000		80,096
			193,797
United Kingdom — 0.14%
Abbey National PLC
7.950%, due 10/26/29	$	105,000	128,772
Royal Bank of Scotland Group PLC (d)
9.118%, due 03/31/10	70,000		78,434
			207,206
Total International Corporate Bonds			584,031

	Face Amount		Value
Sovereign/SupraNational Bonds — 0.08%
Pemex Project Funding Master Trust
8.000%, due 11/15/11	$	100,000	$	109,000

Total International Bonds			693,031
Total Bonds (Cost $128,174,582)			126,030,415

	Shares
*Investment Companies — 9.90%**
UBS Corporate Bond Relationship Fund	416,404	4,609,972
UBS U.S. Securitized Mortgage Relationship Fund	780,581	9,386,096
Total Investment Companies
(Cost $14,050,000)		13,996,068

Short-Term Investments — 3.90%
Other — 3.82%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund, *
yield of 4.82%	5,400,000	5,400,000

	Face Amount
U.S. Government Obligations — 0.08%
U.S. Treasury Bills,
yield of 4.62%, due 07/06/06	$	120,000	118,602

Total Short-Term Investments
(Cost $5,518,544)			5,518,602
Total Investments — 102.90%
(Cost $147,743,126)			145,545,085
Liabilities, in excess of cash and other assets — (2.90%)			(4,098,919		)
Net Assets — 100.00%			$	141,446,166

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $147,743,126; and net unrealized depreciation consisted of:

Gross unrealized appreciation	$	424,574
Gross unrealized depreciation	(2,622,615		)
Net unrealized depreciation	$	(2,198,041	)

† Step Bonds — Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2006. Maturity date disclosed is the ultimate maturity date.

†† Floating rate securities — The interest rates shown are the current rates as of March 31, 2006.

(a) All or a portion of this security is segregated for “To Be Announced” (“TBA”) securities.

(b) Interest Only Security — This security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal paydowns. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase.

(d) Perpetual bond security — The maturity date reflects the next call date.

144A Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the value of these securities amounted to $5,660,213 or 4.00% of net assets.

GSMPS Goldman Sachs Mortgage Passthrough Securities

MLCC Merrill Lynch Credit Corporation

RAFC Residential Asset Funding Corp.

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

TBA (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

TIPS Inflation protected securities are debt securities whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. Inflation-protected securities include Treasury Inflation Protected Securities (“TIPS”), which are securities issued by the U.S. Treasury. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on a changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

* Investments in affiliated mutual funds.

UBS U.S. Bond Fund had the following open written options as of March 31, 2006:

WRITTEN OPTIONS

Call Options Written

Number of
Contracts	Value
225 5 Year Treasury Notes, strike @ 106, expires May 2006 (premium received $44,861)	$	14,063

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

BONDS
U.S. BONDS
U.S. CORPORATE BONDS
Aerospace & Defense	0.09	%
Automobiles	0.36
Beverages	0.26
Capital Markets	0.88
Chemicals	0.15
Commercial Banks	1.57
Commercial Services & Supplies	0.43
Consumer Finance	0.90
Diversified Financial Services	4.37
Diversified Telecommunication Services	0.73
Electric Utilities	0.64
Food & Staples Retailing	0.13
Food Products	0.30
Gas Utilities	0.08
Hotels, Restaurants & Leisure	0.11
Insurance	0.30
IT Services	0.11
Media	0.36
Multi-Utilities & Unregulated Power	0.09
Oil & Gas	0.64
Personal Products	0.11
Pharmaceuticals	0.20
Real Estate	0.19
Road & Rail	0.33
Thrifts & Mortgage Finance	0.55
Tobacco	0.19
Wireless Telecommunication Services	0.12
Total U.S. Corporate Bonds	14.19
Asset-Backed Securities	2.86
Commercial Mortgage-Backed Securities	5.92
Mortgage & Agency Debt Securities	40.45
U.S. Government Obligation	25.19
Total U.S. Bonds	88.61
INTERNATIONAL BONDS
INTERNATIONAL CORPORATE BONDS
Aerospace & Defense	0.08
Commercial Banks	0.14
Diversified Telecommunication Services	0.14
Oil & Gas	0.05
Total International Corporate Bonds	0.41
Sovereign/SupraNational Bonds	0.08
Total International Bonds	0.49
TOTAL BONDS	89.10
INVESTMENT COMPANIES	9.90
SHORT-TERM INVESTMENTS	3.90
TOTAL INVESTMENTS	102.90
LIABILITIES, IN EXCESS OF CASH AND OTHER ASSETS	(2.90	)
NET ASSETS	100.00	%

UBS Absolute Return Bond Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Face Amount			Value
Bonds — 72.52%
U.S. Bonds — 37.82%
U.S. Corporate Bonds — 17.90%
AES Corp.
8.750%, due 06/15/08	$	1,750,000		$	1,824,375
AK Steel Corp.
7.875%, due 02/15/09	1,000,000			1,005,000
Albertson’s, Inc.
7.500%, due 02/15/11	625,000			635,302
American Cellular Corp., Series B
10.000%, due 08/01/11	1,750,000			1,898,750
American Express Credit Corp.
5.500%, due 09/24/07	GBP		1,945,000	3,402,266
American General Finance Corp.
5.375%, due 10/01/12	$	900,000		882,865
AT&T, Inc.
5.875%, due 02/01/12	875,000			880,178
Berkshire Hathaway Finance Corp.
4.125%, due 01/15/10	2,400,000			2,295,221
Boeing Capital Corp.
7.375%, due 09/27/10	825,000			888,702
Bombardier Capital, Inc., 144A
6.125%, due 06/29/06	1,975,000			1,975,000
Cendant Corp.
6.875%, due 08/15/06	1,725,000			1,733,263
Cincinnati Bell, Inc.
7.250%, due 07/15/13	1,250,000			1,284,375
Citigroup, Inc.
4.250%, due 02/25/30 †	EUR		300,000	339,973
4.625%, due 11/14/07	3,380,000			4,171,707
5.625%, due 08/27/12	$	1,750,000		1,759,508
Citizens Communications Co.
7.625%, due 08/15/08	875,000			905,625
Comcast Cable Communications, Inc.
6.750%, due 01/30/11	850,000			883,582
Countrywide Home Loans, Inc.
2.750%, due 06/12/06	EUR		225,000	272,441
3.250%, due 05/21/08	$	1,900,000		1,818,152
CSC Holdings, Inc., Series B
8.125%, due 08/15/09	700,000			722,750
DaimlerChrysler N.A. Holding Corp.
7.200%, due 09/01/09	1,800,000			1,879,830
Dynegy Holdings, Inc., 144A
10.125%, due 07/15/13	2,000,000			2,291,400
EOP Operating LP
7.000%, due 07/15/11	850,000			894,346
Ford Motor Credit Co.
5.800%, due 01/12/09	2,900,000			2,648,445
General Electric Capital Corp.
3.600%, due 10/15/08	1,875,000			1,799,334
4.375%, due 01/20/10	EUR		3,895,000	4,826,642
General Motors Acceptance Corp.
6.125%, due 02/01/07	$	2,675,000		2,633,706
Giant Industries, Inc.
11.000%, due 05/15/12	600,000			663,000
Goldman Sachs Group, Inc.
6.125%, due 02/14/17	GBP		400,000	742,557
Houghton Mifflin Co.
8.250%, due 02/01/11	$	500,000		517,500
HSBC Finance Corp.
4.625%, due 12/28/06	GBP		130,000	225,131
7.875%, due 03/01/07	$	875,000		894,129
International Lease Finance Corp.
3.300%, due 01/23/08	1,875,000			1,812,549
Kinder Morgan Energy Partners LP
5.800%, due 03/15/35	2,750,000			2,496,909
Kraft Foods, Inc.
5.250%, due 06/01/07	1,775,000			1,771,306

	Face Amount			Value
Levi Strauss & Co.
12.250%, due 12/15/12	$	1,500,000		$	1,704,375
Marsh & McLennan Cos., Inc.
6.250%, due 03/15/12	875,000			893,147
Mediacom Broadband LLC
11.000%, due 07/15/13	950,000			1,011,750
Morgan Stanley
5.300%, due 03/01/13	900,000			880,193
Owens-Illinois, Inc.
7.350%, due 05/15/08	1,900,000			1,919,000
PolyOne Corp.
10.625%, due 05/15/10	850,000			920,125
Safeway, Inc.
4.800%, due 07/16/07	900,000			892,109
Sheridan Group, Inc.
10.250%, due 08/15/11	500,000			514,375
Simon Property Group LP, 144A
5.375%, due 06/01/11	925,000			911,430
Sinclair Broadcast Group, Inc.
8.750%, due 12/15/11	2,250,000			2,365,313
Sprint Capital Corp.
8.750%, due 03/15/32	2,000,000			2,500,514
UST, Inc.
6.625%, due 07/15/12	1,375,000			1,427,026
Wal-Mart Stores, Inc.
4.750%, due 01/29/13	GBP		695,000	1,198,288
6.875%, due 08/10/09	$	2,525,000		2,647,321
Wells Fargo & Co.
5.125%, due 02/15/07	1,800,000			1,799,044
				77,259,829
Asset-Backed Securities — 4.14%
Abacus Ltd., 06-10A, Class L, 144A †
9.030%, due 10/30/45	1,250,000			1,250,000
ACE Securities Corp., 06-SL1, Class B1, 144A (a)
7.818%, due 09/25/35	800,000			700,343
Ajax One Ltd., 2A, Class C, 144A †
7.190%, due 09/08/32	500,000			475,000
First Franklin Mortgage Loan Asset-Backed
Certificates, 05-FFA, Class B4, 144A (a)
6.000%, due 03/25/25	1,000,000			830,000
First Franklin Mortgage Loan Asset-Backed
Certificates, 05-FFA, Class B5, 144A (a)
6.000%, due 03/25/25	1,000,000			790,631
GoldenTree Capital Opportunities LP, 06-1A, Class D1, 144A †
7.040%, due 02/22/20	600,000			600,000
Green Tree Financial Corp., 99-3, Class A6
6.500%, due 02/01/31	1,150,000			1,155,698
GSAMP Trust, 05-S1, Class B1 (a)
6.208%, due 12/25/34	1,750,000			1,730,554
Hyundai Auto Receivables Trust, 05-A, Class D
4.450%, due 02/15/12	1,000,000			966,867
Merrill Lynch Mortgage Investors, Inc., 04-SL2, Class B4, 144A (a)
9.568%, due 06/25/35	1,200,000			1,082,250
Merrill Lynch Mortgage Investors, Inc., 05-SL3, Class B3 (a)
6.968%, due 07/25/36	2,450,000			2,423,184
Metris Master Trust, 01-2, Class C, 144A †
6.676%, due 11/20/09	2,500,000			2,555,469
MMCA Automobile Trust, 02-1, Class C
6.200%, due 01/15/10	1,579,331			1,562,061
Wells Fargo Home Equity Trust, 05-3, Class M7 (a)
5.968%, due 11/25/35	1,775,000			1,757,250
				17,879,307
Collateralized Debt Obligations — 1.36%
Ares VR CLO Ltd., 06-1A, Class D, 144A †
6.898%, due 02/24/18	1,150,000			1,145,745
Ares X CLO Ltd., 05-1A, Class D2, 144A †
6.930%, due 09/18/17	500,000			497,500
Avery Street CLO, 06-1A, Class E, 144A †
9.640%, due 04/05/18	700,000			697,375
Hereford Street ABS CDO Ltd., 05-1A, Class D, 144A †
7.890%, due 01/03/45	700,000			696,500
Longshore CDO Funding Ltd., 06-1A, Class D, 144A †
7.547%, due 05/03/46	380,000			368,600

	Face Amount			Value
MARC CDO PLC, 1A, Class E, 144A †
11.890%, due 03/13/53	$	350,000		$	350,000
PSION Synthetic CDO PLC, I-A, Class E, 144A †
9.750%, due 12/21/15	330,000			330,000
Spirit CBO, 04-2A, Class D, 144A †
5.141%, due 10/27/10	800,000			762,720
Tricadia CDO Ltd., 05-3A, Class B1L, 144A †
8.460%, due 06/25/41	494,640			494,640
Tricadia CDO Ltd., 05-4A, Class B1L, 144A †
8.140%, due 12/11/40	540,000			537,300
				5,880,380
Commercial Mortgage-Backed Securities — 3.05%
Asset Securitization Corp., 97-D4, Class B1
7.525%, due 04/14/29	1,700,000			1,865,085
Banc of America Large Loans, Inc., 06-LAQ, Class L, 144A @
0.000%, due 02/09/21	1,600,000			1,600,000
Banc of America Large Loan, 05-ESHA, Class J, 144A †
6.390%, due 07/14/20	1,250,000			1,254,830
Bear Stearns Commercial Mortgage
Securities, 05-LXR1, Class J, 144A †
6.399%, due 09/15/18	2,050,000			2,054,250
GS Mortgage Securities Corp., II, 98-GLII, Class F, 144A †
6.967%, due 04/13/31	1,650,000			1,736,688
Hilton Hotel Pool Trust, 00-HLTA, Class C, 144A
7.458%, due 10/03/15	1,000,000			1,072,676
Nomura Asset Securities Corp., 98-D6, Class B1, 144A
6.000%, due 03/15/30	1,472,000			1,485,029
TW Hotel Funding 2005 LLC, 05-LUX, Class L, 144A †
6.299%, due 01/15/21	2,100,000			2,100,013
				13,168,571
Mortgage & Agency Debt Securities — 11.37%
C.S. First Boston Mortgage Securities Corp., 05-8, Class 8A1
7.000%, due 09/25/35	867,323			889,277
Federal Home Loan Mortgage Corp.
3.875%, due 01/12/09	11,075,000			10,723,358
4.750%, due 11/17/15	1,535,000			1,483,220
4.750%, due 11/17/15	10,700,000			10,339,057
Federal National Mortgage Association
5.250%, due 01/15/09
6.000%, due 05/15/11	5,150,000			5,339,113
6.250%, due 02/01/11	1,750,000			1,814,930
6.625%, due 09/15/09	17,550,000			18,359,423
Structured Adjustable Rate Mortgage
Loan Trust, 05-21, Class 6AX (b)(d)
5.500%, due 11/25/35	899,003			138,784
				49,087,162
Total U.S. Bonds				163,275,249

International Bonds — 34.70%
International Corporate Bonds — 29.33%
Australia — 1.03%
National Australia Bank Ltd.
4.250%, due 12/30/08	GBP		2,600,000	4,451,767

Belgium — 0.07%
Societe National de Chemins de Fer Belge Holding
5.000%, due 04/24/18	GBP		170,000	302,980

Finland — 0.42%
Fortum Oyj, Series BR (a)
6.100%, due 02/19/08	EUR		1,420,000	1,798,570

France — 10.26%
Alstom
6.250%, due 03/03/10	EUR		100,000	127,608
BNP Paribas
5.250%, due 12/17/12	3,065,000			3,991,401
Compagnie de Financement Foncier
2.375%, due 01/29/09	21,800,000			25,611,329
3.625%, due 01/28/08
Credit Lyonnais S.A. †
5.000%, due 11/15/12	2,765,000			3,430,993

	Face Amount			Value
France Telecom S.A.
6.750%, due 03/14/08	EUR		1,275,000	$	1,633,115
7.250%, due 01/28/13	1,405,000			1,994,795
8.125%, due 01/28/33	1,120,000			1,862,720
Societe Generale
5.625%, due 02/13/12	1,570,000			2,072,699
Veolia Environnement
4.875%, due 05/28/13	2,830,000			3,572,489
				44,297,149
Germany — 6.68%
Gerresheimer Holdings GmBH
7.875%, due 03/01/15			400,000	484,740
Kreditanstalt fuer Wiederaufbau
3.250%, due 04/25/08	12,650,000			15,289,708
5.375%, due 12/07/07	GBP		3,000,000	5,274,528
5.550%, due 06/07/21	600,000			1,150,326
Landwirtschaftliche Rentenbank
0.650%, due 09/30/08	JPY		786,000,000	6,648,785
				28,848,087
Ireland — 2.92%
Anglo Irish Bank Corp. PLC
5.000%, due 12/12/07	GBP		1,895,000	3,294,075
Depfa ACS Bank
0.750%, due 09/22/08	JPY		460,000,000	3,901,402
Eircom Funding
8.250%, due 08/15/13	EUR		380,000	512,310
Eirles One Ltd. †
6.272%, due 10/07/15	1,200,000			1,377,873
Fleet Street Finance One PLC, 1, Class A †
4.888%, due 07/20/14	GBP		544,455	945,936
JSG Funding PLC
10.125%, due 10/01/12	EUR		155,000	209,438
Porsche International Finance PLC (e)
7.200%, due 02/01/11	$	2,400,000		2,330,551
Riverdeep Group Ltd.
9.250%, due 04/15/11	EUR		40,000	53,685
				12,625,270
Italy — 0.21%
ENI SpA
6.125%, due 06/09/10	EUR		670,000	886,969

Luxembourg — 1.18%
SGL Carbon Luxembourg S.A.
8.500%, due 02/01/12	EUR		100,000	133,001
Telecom Italia Finance S.A.
5.875%, due 01/24/08	2,680,000			3,371,835
7.250%, due 04/20/11	450,000			618,249
7.750%, due 01/24/33	630,000			967,464
				5,090,549
Netherlands — 2.13%
Deutsche Telekom International Finance BV
8.125%, due 05/29/12	EUR		2,770,000	4,050,902
RWE Finance BV
4.625%, due 08/17/10	GBP		600,000	1,030,097
4.625%, due 07/23/14	EUR		225,000	281,251
5.375%, due 04/18/08	770,000			965,586
Siemens Financieringsmaatschappij NV
5.500%, due 03/12/07	2,320,000			2,869,732
				9,197,568
Philippines — 0.46%
National Power Corp.
9.875%, due 03/16/10	$	1,800,000		1,993,500

Sweden — 0.39%
Svenska Handelsbanken AB †(e)
6.125%, due 03/04/09	GBP		945,000	1,686,830

United Kingdom — 3.58%
Alliance & Leicester PLC
4.250%, due 12/30/08	GBP		600,000	1,025,846
Anglian Water Services Financing PLC
4.625%, due 10/07/13	EUR		225,000	280,928
Aviva PLC †
5.250%, due 10/02/23	250,000			319,500

	Face Amount			Value
BAA PLC
7.875%, due 02/10/07	GBP		125,000	$	222,170
Bank of Scotland
6.375%, due 08/16/19	3,145,000			6,153,892
Barclays Bank PLC † (e)
4.750%, due 03/15/20	EUR		1,250,000	1,373,632
National Grid Electricity Transmission PLC
4.125%, due 09/18/08	800,000			980,082
4.750%, due 12/10/10	GBP		590,000	1,018,590
Ono Finance PLC †
11.094%, due 05/15/14	EUR		450,000	569,873
Tesco PLC
4.750%, due 04/13/10	615,000			769,463
6.625%, due 10/12/10	GBP		230,000	427,525
United Biscuits Finance PLC
10.750%, due 04/15/11	340,000			623,944
United Utilities Water PLC
6.625%, due 11/08/07	EUR		1,105,000	1,404,909
Vodafone Group PLC
5.750%, due 10/27/06	215,000			264,238
				15,434,592
Total International Corporate Bonds				126,613,831

International Asset-Backed Securities — 0.21%
Cayman Islands — 0.16%
Herald Ltd. †
7.991%, due 09/16/45	$	300,000		300,000
Northwoods Capital Ltd., 06-6A, Class C, 144A †
6.858%, due 03/16/21	400,000			400,000
				700,000
United Kingdom — 0.05%
Granite Master Issuer PLC, 05-1, Class A5 (a)
2.794%, due 12/20/54	EUR		190,000	230,381

Total International Asset-Backed Securities				930,381

International Collateralized Debt Obligations — 0.99%
Cayman Islands — 0.93%
Black Diamond CLO Ltd., 05-2A, Class D, 144A †
6.131%, due 01/07/18	$	300,000		300,000
Black Diamond CLO Ltd., 05-2A, Class E1, 144A †
8.831%, due 01/07/18	250,000			250,000
Black Diamond CLO Ltd., 05-1A, Class E †
9.930%, due 06/20/17	350,000			353,500
Credit-Based Asset Servicing and Securitization CBO Ltd.,
15A, Class D, 144A †
7.650%, due 02/16/41		250,000		250,000
Gresham Street CDO Funding, 03-1X, Class D †
7.960%, due 11/07/33	100,000			105,000
Ischus CDO Ltd., 06-S1, Class B1L, 144A †
8.870%, due 04/12/41	760,000			742,292
Lenox CDO Ltd., 05-1A, Class E1, 144A †
8.097%, due 05/14/43	250,000			250,625
Lightpoint CLO Ltd., 06-4A, Class C, 144A †
6.650%, due 04/15/18	550,000			550,000
Madison Avenue CDO Ltd., 2X, Class A †
5.549%, due 03/24/14	736,576			722,581
Race Point CLO, 06-3, Class E, 144A †
9.160%, due 04/15/20	500,000			500,000
				4,023,998
Ireland — 0.06%
Menton CDO PLC, IIA, Class E, 144A †
11.620%, due 10/24/53	$	250,000		250,000

Total International Collateralized Debt Obligations				4,273,998

International Mortgage-Backed Securities — 0.18%
Netherlands — 0.15%
Delphinus BV, 00-1, Class B †
6.250%, due 06/26/32	EUR		500,000	657,796

	Face Amount			Value
United Kingdom — 0.03%
Whinstone Capital Management Ltd., 1X, Class B2 †
3.424%, due 10/25/44	EUR		100,000	$	121,730

Total International
Mortgage-Backed Securities				779,526

Foreign Government Bonds — 3.21%
Argentina — 1.37%
Republic of Argentina
4.889%, due 08/03/12 †	$	3,500,000		2,866,500
5.830%, due 12/31/33 DISC †	ARS		7,400,000	3,046,458
				5,912,958
Germany — 0.81%
Deutsche Bundesrepublik
4.000%, due 01/04/37	EUR		2,900,000	3,513,852

Indonesia — 0.48%
Republic of Indonesia
7.500%, due 01/15/16	$	1,200,000		1,242,000
Republic of Indonesia, 144A
7.500%, due 01/15/16	800,000			828,000
				2,070,000
Russia — 0.55%
Russian Federation (a)
5.000%, due 03/31/30	$	2,150,000		2,351,563

Total Foreign Government Bonds				13,848,373

Sovereign/SupraNational Bonds — 0.78%
European Investment Bank
6.250%, due 04/15/14	GBP		1,750,000	3,345,286

Total International Bonds				149,791,395
Total Bonds (Cost $316,560,504)				313,066,644

	Shares
Investment Company* — 14.53%
UBS U.S. Securitized Mortgage Relationship Fund
(Cost $62,000,000)	$	5,215,467	62,713,379

Short-Term Investments* — 9.40%
Investment Company — 9.11%
UBS U.S. Cash Management Prime Relationship Fund,
yield of 4.81%	39,327,682		39,327,682

	Face Amount
U.S. Government Obligations — 0.29%
U.S. Treasury Bills,
yield of 4.62%, due 07/06/06 (c)	$	1,255,000	1,240,376
Total Short-Term Investments
(Cost $40,568,451)			40,568,058

Total Investments — 96.45%
(Cost $419,128,955)			416,348,081
Cash and other assets, less liabilities — 3.55%			15,330,938
Net Assets — 100.00%			$	431,679,019

FORWARD FOREIGN CURRENCY CONTRACTS

UBS Absolute Return Bond Fund had the following open forward foreign currency contracts as of March 31, 2006:

	Contracts to Deliver	In Exchange For		Maturity Date	Unrealized Appreciation/ (Depreciation)
British Pounds	32,060,000	USD	56,003,892	06/13/06	$	255,827
Canadian Dollar	8,480,000	USD	7,511,005	06/13/06	235,885
Euro	96,945,000	USD	116,357,666	06/13/06	(1,632,477		)
Japanese Yen	319,000,000	USD	2,784,567	06/13/06	47,906
Japanese Yen	314,300,000	USD	2,692,538	06/13/06	(3,802		)
Japanese Yen	377,613,250	NZD	5,285,000	06/13/06	(1,730		)
New Zealand Dollar	5,285,000	USD	3,493,385	06/13/06	255,618
United States Dollar	11,768,485	CHF	15,205,000	06/13/06	(17,621		)
United States Dollar	7,713,576	SEK	60,540,000	06/13/06	102,248
United States Dollar	7,809,263	SGD	12,590,000	06/13/06	3,740
United States Dollar	7,885,227	THB	305,040,000	06/13/06	(45,261		)
Total net unrealized depreciation on forward foreign currency contracts					$	(799,667	)

Currency Type Abbreviations

CHF Swiss Franc

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

THB Thailand Baht

USD United States Dollar

FUTURES CONTRACTS

UBS Absolute Return Bond Fund had the following open futures contracts as of March 31, 2006:

	Expiration Date	Proceeds		Value		Unrealized Appreciation
U.S. Treasury Notes and Bonds Futures Sale Contracts:
5 Year U.S. Treasury Notes, 1000 contracts	June 2006	$	104,980,219	$	104,437,500	$	542,719
10 Year U.S. Treasury Notes, 575 contracts	June 2006	61,734,950		61,174,609		560,341
30 Year U.S. Treasury Bonds, 82 contracts	June 2006	9,207,969		8,950,813		257,156

Index Futures Sale Contracts:
Japanese 10 Year Bond, 20 contracts (JPY)	June 2006	22,863,924		22,677,995		185,929

Interest Rate Futures Sale Contracts:
EURO Bond, 105 contracts (EUR)	June 2006	15,070,665		14,909,209		161,456
EURO-Bobl, 129 contracts (EUR)	June 2006	17,305,842		17,207,094		98,748
EURO-Schatz, 399 contracts (EUR)	June 2006	50,617,101		50,509,350		107,751
Long Gilt, 220 contracts (GBP)	June 2006	43,360,396		42,675,757		684,639
Total net unrealized appreciation on futures contracts						$	2,598,739

The segregated market value of investments pledged to cover margin requirements for the open futures positions at March 31, 2006 was $1,240,376.

Currency Type Abbreviations

EUR Euro

GBP British Pound

JPY Japanese Yen

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)


U.S. BONDS
U.S. CORPORATE BONDS
Automobiles	1.05	%
Capital Markets	0.46
Chemicals	0.21
Commercial Banks	0.42
Commercial Services & Supplies	0.40
Consumer Finance	0.83
Containers & Packaging	0.44
Diversified Financial Services	5.21
Diversified Telecommunication Services	0.91
Food & Staples Retailing	0.97
Food Products	0.41
Insurance	0.74
Media	1.27
Metals & Mining	0.23
Multiline Retail	0.28
Multi-Utilities & Unregulated Power	0.95
Oil & Gas	0.73
Real Estate	0.42
Telecommunication Services	0.38
Textiles, Apparel & Luxury Goods	0.40
Thrifts & Mortgage Finance	0.42
Tobacco	0.33
Wireless Telecommunication Services	0.44
Total U.S. Corporate Bonds	17.90
Asset-Backed Securities	4.14
Collateralized Debt Obligations	1.36
Commercial Mortgage-Backed Securities	3.05
Mortgage & Agency Debt Securities	11.37
Total U.S. Bonds	37.82	*
INTERNATIONAL BONDS
INTERNATIONAL CORPORATE BONDS
Automobiles	0.54
Chemicals	0.03
Collateralized Mortgage Obligations	0.22
Commercial Banks	18.35
Construction & Engineering	0.05
Containers & Packaging	0.11
Diversified Financial Services	1.98
Diversified Telecommunication Services	3.36
Electric Utilities	1.57
Food & Staples Retailing	0.28
Food Products	0.14
Industrial Conglomerates	0.67
Insurance	0.07
Machinery	0.03
Media	0.13
Multi-Utilities & Unregulated Power	1.45
Oil & Gas	0.21
Road & Rail	0.07

UBS High Yield Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Face Amount		Value
Bonds — 95.12%
U.S. Bonds — 84.96%
U.S. Corporate Bonds — 84.96%
AAC Group Holding Corp. (a)
0.000%, due 10/01/12	$	1,100,000	$	852,500
Activant Solutions, Inc.
10.500%, due 06/15/11	1,000,000		1,107,500
Advanced Accessory Systems LLC
10.750%, due 06/15/11	250,000		193,750
Advanstar Communications, Inc.
10.750%, due 08/15/10	750,000		815,625
Affinion Group, Inc., 144A
10.125%, due 10/15/13	500,000		507,500
Ahern Rentals, Inc.
9.250%, due 08/15/13	750,000		781,875
AK Steel Corp.
7.750%, due 06/15/12	1,600,000		1,618,000
American Airlines, Inc.
8.608%, due 04/01/11	750,000		761,742
American Cellular Corp., Series B
10.000%, due 08/01/11	1,250,000		1,356,250
American Rock Salt Co. LLC (b)
9.500%, due 03/15/14	900,000		904,500
Ameripath, Inc.
10.500%, due 04/01/13	800,000		844,000
AmeriQual Group LLC, 144A
9.250%, due 04/01/12	1,000,000		1,040,000
Amscan Holdings, Inc.
8.750%, due 05/01/14	550,000		493,625
Atlas Pipeline Partners LP, 144A
8.125%, due 12/15/15	800,000		834,000
BE Aerospace, Inc., Series B
8.875%, due 05/01/11	375,000		390,000
Berry Plastics Corp.
10.750%, due 07/15/12	1,000,000		1,100,000
Brookstone Co., Inc., 144A
12.000%, due 10/15/12	550,000		506,000
Buckeye Technologies, Inc.
8.000%, due 10/15/10	750,000		723,750
Buffets, Inc.
11.250%, due 07/15/10	725,000		757,625
Cadmus Communications Corp.
8.375%, due 06/15/14	650,000		653,250
Carriage Services, Inc.
7.875%, due 01/15/15	715,000		727,513
Cellu Tissue Holdings, Inc.
9.750%, due 03/15/10	1,050,000		1,052,625
Century Aluminum Co.
7.500%, due 08/15/14	350,000		364,000
Cenveo Corp.
9.625%, due 03/15/12	1,000,000		1,076,250
Chaparral Energy, Inc., 144A
8.500%, due 12/01/15	525,000		546,000
Cincinnati Bell, Inc.
8.375%, due 01/15/14	1,000,000		1,016,250
Circus & Eldorado Joint Venture Corp.
10.125%, due 03/01/12	500,000		537,500
Clarke American Corp.,144A
11.750%, due 12/15/13	500,000		508,750
Clayton Williams Energy, Inc.
7.750%, due 08/01/13	575,000		540,500
Collins & Aikman Floor Cover, Series B
9.750%, due 02/15/10	400,000		378,000
Comstock Resources, Inc.
6.875%, due 03/01/12	500,000		492,500
Cooper-Standard Automotive, Inc.
8.375%, due 12/15/14	1,000,000		780,000

	Face Amount		Value
CSC Holdings, Inc., Series B
7.625%, due 04/01/11	$	300,000	$	301,500
8.125%, due 08/15/09	1,175,000		1,213,187
Da-Lite Screen Co., Inc.
9.500%, due 05/15/11	650,000		695,500
Deluxe Corp.
5.000%, due 12/15/12	675,000		574,422
Dole Food Co., Inc.
8.875%, due 03/15/11	500,000		495,000
Dycom Industries, Inc.
8.125%, due 10/15/15	600,000		618,000
Dynegy Holdings, Inc., 144A
8.375%, due 05/01/16	450,000		447,750
Energy Partners Ltd.
8.750%, due 08/01/10	250,000		255,625
FastenTech, Inc.
11.500%, due 05/01/11	1,000,000		1,000,000
Ford Motor Credit Co.
7.375%, due 10/28/09	2,425,000		2,279,823
General Motors Acceptance Corp.
7.250%, due 03/02/11	1,725,000		1,634,686
Giant Industries, Inc.
11.000%, due 05/15/12	845,000		933,725
Gregg Appliances, Inc.
9.000%, due 02/01/13	875,000		811,562
GSC Holdings Corp., 144A
8.000%, due 10/01/12	1,000,000		992,500
Gulfmark Offshore, Inc.
7.750%, due 07/15/14	750,000		765,000
Hercules, Inc.
6.500%, due 06/30/29	825,000		651,750
Houghton Mifflin Co. (a)
0.000%, due 10/15/13	1,750,000		1,491,875
Hydrochem Industrial Services, 144A
9.250%, due 02/15/13	450,000		446,625
Inergy LP/Inergy Finance Corp., 144A
8.250%, due 03/01/16	650,000		666,250
Ingles Markets, Inc.
8.875%, due 12/01/11	850,000		888,250
Insight Communications Co., Inc. (a)
12.250%, due 02/15/11	1,000,000		1,062,500
Interface, Inc.
10.375%, due 02/01/10	1,000,000		1,095,000
Isle of Capri Casinos, Inc.
7.000%, due 03/01/14	525,000		518,438
Jacobs Entertainment Co.
11.875%, due 02/01/09	505,000		535,300
Jacuzzi Brands, Inc.
9.625%, due 07/01/10	750,000		804,375
Jafra Cosmetics International, Inc.
10.750%, due 05/15/11	489,000		532,399
Kansas City Southern Railway Co.
7.500%, due 06/15/09	750,000		761,250
Land O’ Lakes, Inc.
8.750%, due 11/15/11	825,000		861,094
Landry’s Restaurants, Inc., Series B
7.500%, due 12/15/14	850,000		820,250
Le-Natures, Inc., 144A
10.000%, due 06/15/13	1,750,000		1,837,500
Levi Strauss & Co.
12.250%, due 12/15/12	1,025,000		1,164,656
LIN Television Corp., Series B
6.500%, due 05/15/13	750,000		705,000
Majestic Star Casino LLC
9.500%, due 10/15/10	950,000		1,007,000
Mandalay Resort Group
6.500%, due 07/31/09	400,000		399,500
Mediacom LLC
9.500%, due 01/15/13	1,015,000		1,004,850
Midwest Generation LLC
8.750%, due 05/01/34	750,000		811,875
Mirant North America LLC, 144A
7.375%, due 12/31/13	500,000		510,000
MTR Gaming Group, Inc., Series B
9.750%, due 04/01/10	850,000		904,187

	Face Amount		Value
Nexstar Finance Holdings LLC (a)
0.000%, due 04/01/13	$	675,000	$	553,500
Nexstar Finance, Inc.
7.000%, due 01/15/14	500,000		472,500
NRG Energy, Inc.
7.375%, due 02/01/16	750,000		765,937
Omnova Solutions, Inc.
11.250%, due 06/01/10	750,000		793,125
Owens-Illinois, Inc.
7.800%, due 05/15/18	700,000		694,750
Pantry, Inc.
7.750%, due 02/15/14	750,000		763,125
Pathmark Stores, Inc.
8.750%, due 02/01/12	500,000		482,500
Petro Stopping Centers LP
9.000%, due 02/15/12	175,000		175,875
Pinnacle Foods Holding Corp.
8.250%, due 12/01/13	750,000		742,500
PolyOne Corp.
10.625%, due 05/15/10	800,000		866,000
Poster Financial Group, Inc.
8.750%, due 12/01/11	550,000		578,875
Prestige Brands, Inc.
9.250%, due 04/15/12	750,000		757,500
Psychiatric Solutions, Inc.
7.750%, due 07/15/15	750,000		763,125
Qwest Corp.
7.875%, due 09/01/11	850,000		907,375
R.H. Donnelley Corp., 144A
8.875%, due 01/15/16	775,000		806,000
Rafaella Apparel Group, Inc., 144A
11.250%, due 06/15/11	550,000		547,250
Resolution Performance Products, Inc.
13.500%, due 11/15/10	900,000		961,875
Restaurant Co.
10.000%, due 10/01/13	525,000		501,375
Riddell Bell Holdings, Inc.
8.375%, due 10/01/12	1,250,000		1,259,375
River Rock Entertainment Authority
9.750%, due 11/01/11	750,000		810,000
Rockwood Specialties Group, Inc.
10.625%, due 05/15/11	583,000		639,843
San Pasqual Casino, 144A
8.000%, due 09/15/13	600,000		606,000
Sanmina-SCI Corp.
8.125%, due 03/01/16	750,000		757,500
Sbarro, Inc.
11.000%, due 09/15/09	545,000		554,538
Seneca Gaming Corp.
7.250%, due 05/01/12	750,000		757,500
Sequa Corp.
9.000%, due 08/01/09	850,000		909,500
Sheridan Group, Inc.
10.250%, due 08/15/11	750,000		771,562
Sinclair Broadcast Group, Inc.
8.000%, due 03/15/12	1,000,000		1,020,000
8.750%, due 12/15/11	500,000		525,625
Sirius Satellite Radio, Inc.
9.625%, due 08/01/13	600,000		585,000
Solo Cup Co.
8.500%, due 02/15/14	750,000		705,000
Stanadyne Corp.
10.000%, due 08/15/14	825,000		789,937
Technical Olympic USA, Inc.
7.500%, due 01/15/15	1,250,000		1,078,125
Terra Capital, Inc.
12.875%, due 10/15/08	925,000		1,067,219
Tommy Hilfiger USA, Inc.
6.850%, due 06/01/08	500,000		512,500
Unisys Corp.
8.000%, due 10/15/12	650,000		638,625

	Face Amount		Value
Universal Hospital Services, Inc.
10.125%, due 11/01/11	$	600,000	$	622,500
Valor Telecommunications Enterprises LLC
7.750%, due 02/15/15	800,000		838,000
Vertis, Inc., Series B
10.875%, due 06/15/09	1,200,000		1,179,000
Wheeling Island Gaming, Inc.
10.125%, due 12/15/09	1,275,000		1,333,969
Whiting Petroleum Corp.
7.250%, due 05/01/12	1,150,000		1,145,687
Wornick Co.
10.875%, due 07/15/11	500,000		515,000
Xerox Capital Trust I
8.000%, due 02/01/27	750,000		776,250
Zeus Special Subsidiary Ltd., 144A (a)
0.000%, due 02/01/15	1,300,000		900,250
			90,191,276
International Bonds — 10.16%
International Corporate Bonds — 10.16%
Bermuda — 0.24%
Intelsat Subsidiary Holding Co. Ltd.
8.625%, due 01/15/15	$	250,000	258,125

Canada — 6.21%
Abitibi-Consolidated, Inc.
6.950%, due 04/01/08	$	850,000	843,625
Ainsworth Lumber Co. Ltd.
7.250%, due 10/01/12	750,000		678,750
General Motors Nova Scotia Finance Co.
6.850%, due 10/15/08	1,600,000		1,348,000
Jean Coutu Group, Inc.
8.500%, due 08/01/14	1,000,000		917,500
MAAX Corp.
9.750%, due 06/15/12	750,000		641,250
Maax Holdings, Inc. (a)
0.000%, due 12/15/12	500,000		195,000
Millar Western Forest Products Ltd.
7.750%, due 11/15/13	1,000,000		770,000
Quebecor Media, Inc., 144A
7.750%, due 03/15/16	650,000		667,875
Quebecor World Capital Corp., 144A
8.750%, due 03/15/16	550,000		536,407
			6,598,407
Cayman Islands — 0.64%
Bluewater Finance Ltd.
10.250%, due 02/15/12	$	650,000	682,500

France — 1.03%
Rhodia S.A.
10.250%, due 06/01/10	$	973,000	1,090,976

Luxembourg — 0.51%
Wind Acquisition Finance S.A., 144A
10.750%, due 12/01/15	$	500,000	540,000

Netherlands — 0.55%
Montell Finance Co. BV, 144A
8.100%, due 03/15/27	$	600,000	582,000

Sweden — 0.55%
Stena AB
7.000%, due 12/01/16	$	100,000	94,000
7.500%, due 11/01/13	500,000		493,750
			587,750
United Kingdom — 0.43%
Ineos Group Holdings PLC, 144A
8.500%, due 02/15/16	$	475,000	451,250
Total International Bonds			10,791,008
Total Bonds (Cost $100,875,508)			100,982,284

	Shares
Equities — 0.00%
U.S. Equities — 0.00% (d)
Aerospace & Defense — 0.00%
Sabreliner Corp. (b)(c)	8,400	0

	Shares	Value
Hotels, Restaurants & Leisure — 0.00%
American Restaurant Group, Inc. (b)(c)	972	$	0

Telecommunication Services — 0.00%
Jordon Telecommunication Products, Inc.	1,250	0
Total Equities (Cost $153,000)		0

	Number of Warrants
Warrants — 0.00% (b)(c)(d)
Dayton Superior Corp., expires 6/15/09 (e)(f)	225	0
Knology, Inc., expires 10/15/07 (e)(f)	16,995	0
Pathnet, Inc., expires 04/15/08	6,275	0
Pliant Corp., expires 06/01/10 (e)(f)	160	2
Total Warrants (Cost $10)		2

	Shares
Short-Term Investment * — 3.85%
UBS Supplementary Trust —
U.S. Cash Management Prime Fund,
yield of 4.82% (Cost $4,087,917)	4,087,917	4,087,917

Total Investments — 98.97%
(Cost $105,116,435)		105,070,203
Cash and other assets, less liabilities — 1.03%		1,093,384
Net Assets — 100.00%		$	106,163,587

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $105,116,435; and net unrealized depreciation consisted of:

Gross unrealized appreciation	$	2,134,588
Gross unrealized depreciation	(2,180,820		)
Net unrealized depreciation	$	(46,232	)

(a) Step Bonds — Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2006. Maturity date disclosed is the ultimate maturity date.

(b) Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At March 31, 2006, the value of these securities amounted to $904,502 or 0.85% of net assets.

(d) Non-income producing security.

(e) Represents a restricted security.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of March 31, 2006, are considered illiquid and restricted.

* Investment in affiliated mutual fund.

RESTRICTED SECURITIES

Security	Acquisition Dates	Acquisition Cost		Acquisition Cost as a Percentage of Net Assets		Market Value		Market Value as a Percentage of Net Assets
Dayton Superior Corp., expires 06/15/09	08/07/00	$	0	0.00	%	$	0	0.00	%
Knology, Inc., expires 10/15/07	06/08/98	0		0.00		0		0.00
Pliant Corp., expires 06/01/10	10/20/00	0		0.00		2		0.00

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

BONDS
U.S. BONDS
U.S. CORPORATE BONDS
Aerospace & Defense	1.22	%
Airlines	0.72
Auto Components	1.66
Automobiles	2.15
Beverages	1.73
Building Products	0.76
Chemicals	4.69
Commercial Services & Supplies	5.39
Construction & Engineering	1.32
Consumer Finance	1.54
Containers & Packaging	2.36
Distributors	0.50
Diversified Telecommunication Services	2.61
Electric Utilities	0.76
Electronic Equipment & Instruments	0.71
Energy Equipment & Services	1.84
Food & Staples Retailing	2.01
Food Products	2.46
Health Care Equipment & Supplies	0.59
Health Care Providers & Services	2.20
Hotels, Restaurants & Leisure	10.98
Household Durables	2.70
Household Products	1.94
Internet & Catalog Retail	0.48
IT Services	0.60
Leisure Equipment & Products	1.99
Machinery	0.94
Media	9.94
Metals & Mining	2.72
Multi-Utilities & Unregulated Power	1.20
Office Electronics	0.73
Oil & Gas	3.69
Paper & Forest Products	1.67
Road & Rail	0.72
Software	1.04
Specialty Retail	1.10
Textiles, Apparel & Luxury Goods	2.45
Transportation Infrastructure	0.72
Wireless Telecommunication Services	2.13
Total U.S. Corporate Bonds	84.96
INTERNATIONAL BONDS
INTERNATIONAL CORPORATE BONDS
Automobiles	1.27
Chemicals	2.00
Diversified Telecommunication Services	0.51
Energy Equipment & Services	0.64
Food & Staples Retailing	0.86
Household Durables	0.79
Media	1.14
Paper & Forest Products	2.16
Transportation Infrastructure	0.55
Wireless Telecommunications Services	0.24
Total International Corporate Bonds	10.16
TOTAL BONDS	95.12
EQUITIES	0.00	†
WARRANTS	0.00	†
SHORT-TERM INVESTMENT	3.85
TOTAL INVESTMENTS	98.97
CASH AND OTHER ASSETS, LESS LIABILITIES	1.03
NET ASSETS	100.00	%

† Amount represents less than 0.005%

UBS U.S. Mid Cap Growth Equity Fund — Schedule of Investments

March 31, 2006 (Unaudited)

	Shares	Value
Equities — 92.86%
Aerospace & Defense — 1.01%
L-3 Communications Holdings, Inc.	600	$	51,474

Air Freight & Logistics — 1.68%
UTI Worldwide, Inc.	2,700	85,320

Biotechnology — 1.29%
PDL BioPharma, Inc. (a)	2,000	65,600

Capital Markets — 1.48%
Legg Mason, Inc.	600	75,198

Commercial Services & Supplies — 7.61%
Dun & Bradstreet Corp. (a)	1,100	84,348
Monster Worldwide, Inc. (a)	2,800	139,608
Republic Services, Inc.	2,700	114,777
Stericycle, Inc. (a)	700	47,334
		386,067
Computers & Peripherals — 0.91%
NCR Corp. (a)	1,100	45,969

Distributors — 5.24%
MSC Industrial Direct Co.	2,400	129,648
WESCO International, Inc. (a)	2,000	136,020
		265,668
Diversified Financial Services — 3.05%
Chicago Mercantile Exchange Holdings, Inc.	100	44,750
Moody’s Corp.	900	64,314
TD Ameritrade Holding Corp. (a)	2,200	45,914
		154,978
Electrical Equipment — 1.34%
Roper Industries, Inc.	1,400	68,082

Electronic Equipment & Instruments — 1.65%
Amphenol Corp. New	1,600	83,488

Energy Equipment & Services — 6.19%
Cooper Cameron Corp. (a)	1,200	52,896
ENSCO International, Inc.	700	36,015
National Oilwell Varco, Inc. (a)	1,000	64,120
Smith International, Inc.	1,900	74,024
Weatherford International Ltd. (a)	1,900	86,925
		313,980
Food Products — 3.35%
Corn Products International, Inc.	2,400	70,968
Hershey Co.	1,900	99,237
		170,205
Health Care Equipment & Supplies — 6.14%
C.R. Bard, Inc.	600	40,686
Fisher Scientific International, Inc. (a)	500	34,025
PerkinElmer, Inc.	3,600	84,492
Thermo Electron Corp. (a)	4,100	152,069
		311,272
Health Care Providers & Services — 9.67%
Aetna, Inc.	2,000	98,280
Caremark Rx, Inc. (a)	1,100	54,098
Chemed Corp.	2,000	118,680
Healthways, Inc. (a)	2,100	106,974
Psychiatric Solutions, Inc. (a)	3,400	112,642
		490,674
Hotels, Restaurants & Leisure — 11.49%
Gaylord Entertainment Co. (a)	1,600	72,608
Scientific Games Corp. (a)	4,000	140,520
Starwood Hotels & Resorts Worldwide, Inc.	1,400	94,822
Station Casinos, Inc.	2,000	158,740
Texas Roadhouse, Inc. (a)	6,800	116,212
		582,902
Household Durables — 3.40%
Fortune Brands, Inc.	900	72,567
Harman International Industries, Inc.	900	100,017
		172,584

	Shares	Value
IT Services — 2.11%
Cognizant Technology Solutions Corp., Class A (a)	1,800	$	107,082

Machinery — 3.89%
Graco, Inc.	1,800	81,774
Harsco Corp.	1,400	115,668
		197,442
Metals & Mining — 0.71%
Freeport-McMoRan Copper & Gold, Inc.	600	35,862

Oil & Gas — 3.96%
Apache Corp.	800	52,408
Frontier Oil Corp.	800	47,480
Newfield Exploration Co. (a)	1,600	67,040
Tesoro Corp.	500	34,170
		201,098
Semiconductors & Semiconductor Equipment — 6.89%
Broadcom Corp., Class A (a)	1,100	47,476
Freescale Semiconductor, Inc. (a)	2,900	80,533
Linear Technology Corp.	2,000	70,160
Marvell Technology Group, Ltd. (a)	700	37,870
MEMC Electronic Materials, Inc. (a)	1,300	47,996
Microchip Technology, Inc.	1,800	65,340
		349,375
Software — 5.78%
Adobe Systems, Inc. (a)	3,500	122,220
Autodesk, Inc. (a)	600	23,112
Hyperion Solutions Corp. (a)	1,000	32,600
Micros Systems, Inc. (a)	1,600	73,712
Nuance Communications, Inc. (a)	3,500	41,335
		292,979
Specialty Retail — 4.02%
Chico’s FAS, Inc. (a)	1,800	73,152
Coldwater Creek, Inc. (a)	4,700	130,660
		203,812

Total Equities (Cost $4,640,102)		4,711,111

Investment Company — 4.40%
iShares Russell Midcap Growth Index Fund (Cost $220,638)	2,200	222,970

Short-Term Investment* — 2.74%
Investment Company — 2.74%
UBS U.S. Cash Management Prime
Relationship Fund,
yield of 4.81% (Cost $139,240)	139,240	139,240

Total Investments — 100.00%
(Cost $4,999,980)		5,073,321
Cash and other assets, less liabilities — 0.00%		173
Net Assets — 100.00%		$	5,073,494

NOTES TO SCHEDULE OF INVESTMENTS

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $4,999,980; and net

unrealized appreciation consisted of :

Gross unrealized appreciation	$	94,038
Gross unrealized depreciation	(20,697		)
Net unrealized appreciation	$	73,341

(a) Non-income producing security

* Investment in affiliated mutual fund.

Industry Diversification

As a Percent of Net Assets

As of March 31, 2006 (Unaudited)

EQUITIES
Aerospace & Defense	1.01	%
Air Freight & Logistics	1.68
Biotechnology	1.29
Capital Markets	1.48
Commercial Services & Supplies	7.61
Computers & Peripherals	0.91
Distributors	5.24
Diversified Financial Services	3.05
Electrical Equipment	1.34
Electronic Equipment & Instruments	1.65
Energy Equipment & Services	6.19
Food Products	3.35
Health Care Equipment & Supplies	6.14
Health Care Providers & Services	9.67
Hotels, Restaurants & Leisure	11.49
Household Durables	3.40
IT Services	2.11
Machinery	3.89
Metals & Mining	0.71
Oil & Gas	3.96
Semiconductors & Semiconductor Equipment	6.89
Software	5.78
Specialty Retail	4.02
Total Equities	92.86
INVESTMENT COMPANY	4.40
SHORT-TERM INVESTMENT	2.74
TOTAL INVESTMENTS	100.00
CASH AND OTHER ASSETS, LESS LIABILITIES	0.00	†
NET ASSETS	100.00	%

† Amount represents less than 0.005%

1) Investment Valuation

Each Fund calculates its net asset value based on the current market value for its portfolio securities. The Funds normally obtain market values for their securities from independent pricing sources. Independent pricing sources may use last reported sale prices, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. Securities 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 available prior to valuation. Securities which are listed on U.S. and foreign stock exchanges normally are valued at the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Securities 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 securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the investment manager and administrator of the Funds. UBS Global AM is an indirect wholly owned asset management subsidiary of UBS AG, an international diversified organization with headquarters in Zurich and Basel, Switzerland and operations in many areas of the financial services industry. If a market value is not readily available from an independent pricing source for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”). Factors that are considered in making this determination include, but are not limited to, fundamental analytical data relating to the the investment; the nature and duration of restrictions on disposition of the securities; and the evaluation of forces which influence the market in which the securities are purchased and sold. Investments in affiliated investment companies are valued at the daily closing net asset value of the respective investment company.

Certain securities 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 the Fund’s NAV. However, such developments may be determined to be so significant that they will materially affect the value of the Fund’s securities. Some Funds may use a systematic fair valuation model provided by an independent third party to value securities principally traded on 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. If a security is valued at a “fair value”, that value is likely to be different from the last quoted market price for the security.

Previous closing prices may be adjusted to reflect what the Board believes to be the fair value of these securities as of 4:00 p.m. Eastern Time.

Futures contracts are 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. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

2) Swap Agreements

Interest Rate Swap Agreements

Certain Funds may enter into interest rate swap agreements to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

Risks may arise as a result of the failure of the counterparty to the swap agreements to comply with the terms of the agreements. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Funds. Therefore, the Funds would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swaps. The Funds accrue interim payments on the swap contracts on a daily basis, with the net amount also recorded within unrealized appreciation/depreciation.

At March 31, 2006, UBS Dynamic Alpha Fund and UBS U.S. Bond Fund had outstanding interest rate swap agreements with the following terms:

UBS Dynamic Alpha Fund
			Rate Type
Notional Amount		Termination Dates	Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
CHF	45,000,000	05/19/15	2.3725		%	0.7999		%+	$	431,128
CHF	20,000,000	07/12/15	2.2250			1.1792		+	231,404
CHF	25,000,000	10/27/15	2.2675			0.9600		+	713,059
CHF	20,000,000	12/19/15	2.5600			1.1850		+	463,952
CHF	45,000,000	03/02/16	2.5625			1.3400		+	654,708
GBP	30,000,000	12/09/35	4.1312			4.5988		++	1,276,218
GBP	80,000,000	12/09/35	4.3175			4.6550		++	(672,203		)
GBP	62,300,000	12/10/35		—	@		—	@	951,973
GBP	4,230,000	01/19/36		—	@		—	@	(944,230		)
GBP	56,400,000	01/19/36	4.0010			4.5850		++	4,589,092
GBP	22,400,000	02/28/36		—	@		—	@	(165,075		)
JPY	1,600,000,000	05/09/35	2.2513			0.0813		+++	661,241
JPY	675,000,000	07/12/35	2.2250			0.0812		+++	298,883
JPY	1,200,000,000	10/27/35	2.4400			0.0775		+++	84,672
JPY	700,000,000	12/19/35	2.4700			0.0806		+++	32,594
JPY	1,500,000,000	03/02/36	2.4625			0.1212		+++	156,757
									$	8,764,173

+ Rate based on 6 month LIBOR (Swiss BBA)

++ Rate based on 6 month LIBOR (GBP BBA)

+++ Rate based on 6 month LIBOR ( JPY BBA)

@ Zero Coupon Inflation Swap. Cash is exchanged at the end of the swap. The dollar amount to be paid/received by the Fund is based on the RPI (Retail Price Index in the U.K.) as published by the Office of National Statistics.

BBA British Banking Association

Currency Type Abbreviations:

CHF Swiss Franc

GBP British Pound

JPY Japanese Yen

UBS U.S. Bond Fund
			Rate Type
Notional Amount		Termination Dates	Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
USD	36,000,000	01/03/09	4.7460%@	4.8075%	$	(297,784	)
USD	9,000,000	01/03/17	4.9500	4.7460@	311,816
					$	14,032

@ Rate based on 3 month LIBOR

Currency Type Abbreviations:

USD United States Dollar

Credit Default Swap Agreements

Credit default swap agreements involve commitments to pay interest and principal in the event of a default of a security. The Fund makes payments to the counterparty semiannually, and the Fund would receive payments only upon the occurrence of a credit event. Credit default swaps are market to market daily.

If no credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a credit event occurs, the Fund typically receives full notional value for a reference obligation that may have little or no value. Credit default swaps may involve greater risks than if the Fund had invested in the reference obligation directly. Credit default swaps are subject to general market risk, liquidity risk and credit risk.

At March 31, 2006, UBS Dynamic Alpha Fund had two outstanding credit default swap contracts with the following terms:

Notional Amount		Termination Dates	Payments made by the Fund	Payments received by the Fund	Unrealized Depreciation
USD	151,000,000	12/20/10	1.800%*	0.000%**	$	(774,781	)
USD	80,000,000	06/20/11	1.350*	0.000**	(8,133		)
					$	(782,914	)

*	Payments made by the fund are based on the notional amount.
**	Payments made by the counterparty will be made upon the occurrence of a negative credit event.

Currency Type Abbreviations:
USD	United States Dollar

3) Transactions with Affiliates

The Funds may invest in shares of certain affiliated investment companies also sponsored by UBS Global AM (“ the Advisor”). Investments in affiliated investment companies for the period ended March 31, 2006 were as follows:

			UBS Global Allocation Fund
Affiliates	Purchases		Sales Proceeds		Net Realized Gain		Change in Net Unrealized Appreciation (Depreciation)			Value
UBS Corporate Bond Relationship Fund	$	26,900,000	—		—		$	(126,834	)	$	26,773,166
UBS Emerging Markets Equity Relationship Fund	—		$	90,000,000	$	28,886,951	13,089,758			126,135,838
UBS High Yield Relationship Fund	—		30,000,000		2,433,501		(329,610		)	31,567,965
UBS Small Cap Equity Relationship Fund	—		—		—		13,265,449			97,206,441
UBS U.S. Securitized Mortgage Relationship Fund	104,295,000		—		—		(7,419		)	104,287,581

			UBS Global Bond Fund
					Net		Change in
			Sales		Realized		Net Unrealized
Affiliates	Purchases		Proceeds		Gain		Appreciation		Value
UBS U.S. Securitized Mortgage Relationship Fund	$	750,000	$	1,800,000	$	75,149	$	69,829	$	11,649,031

			UBS Dynamic Alpha Fund
					Net		Change in
			Sales		Realized		Net Unrealized
Affiliates	Purchases		Proceeds		Gain		Appreciation		Value
UBS Emerging Markets Equity Relationship Fund	$	84,510,000	$	35,000,000	$	6,695,641	$	38,281,475	$	172,968,805
UBS International Equity Relationship Fund	298,850,000		—		—		70,199,811		572,768,263
UBS Small Cap Equity Relationship Fund	—		—		—		10,767,223		78,889,962
UBS U.S. Equity Alpha Relationship Fund	202,900,000		—		—		11,523,817		219,423,817
UBS U.S. Large Cap Equity Relationship Fund	495,850,000		100,000,000		403,532		57,752,783		819,183,275
UBS Large Cap Growth Equity Relationship Fund	133,627,267		—		—		4,022,359		137,699,626

			UBS U.S. Bond Fund
				Net	Change in
			Sales	Realized	Net Unrealized
Affiliates	Purchases		Proceeds	Gain/(Loss)	(Depreciation)			Value
UBS Corporate Bond Relationship Fund	$	4,650,000	—	—	$	(40,028	)	$	4,609,972
UBS U.S. Securitized Mortgage Relationship Fund	9,400,000		—	—	(13,904		)	$	9,386,096

UBS Absolute Return Bond Fund

Net

Change in

Sales

Realized

Net Unrealized

Affiliates

Purchases

Proceeds

Gain/(Loss)

Appreciation

Value

UBS U.S. Securitized Mortgage Relationship Fund

39,000,000

—

643,613

62,713,379

The Funds may invest in shares of the UBS Supplementary Trust—U.S. Cash Management Prime Fund (“Supplementary Trust”). Supplementary Trust is managed by the Advisor and is offered as a cash management option only to mutual funds and certain other accounts managed by the Advisor. Supplementary Trust pays no management fees to the Advisor. Distributions received from Supplementary Trust are reflected as affiliated interest income. Amounts relating to those investments at March 31, 2006 and for the period then ended were as follows:

Fund	Purchases	Sales Proceeds	Interest Income	Value	% of Net Assets
UBS Global Allocation Fund	$831,061,487	$782,390,266	$11,781,467	$510,807,727	13.44	%
UBS Global Equity Fund	62,709,437	61,761,387	48,385	2,003,740	0.43
UBS Global Bond Fund	30,890,475	26,443,250	112,625	6,610,428	8.10
UBS International Equity Fund	60,189,239	62,033,807	43,636	16,523,304	8.62
UBS U.S. Large Cap Equity Fund	197,781,472	191,268,770	466,278	19,809,848	3.65
UBS U.S. Large Cap Growth Fund	5,469,686	5,439,269	9,201	169,563	1.37
UBS U.S. Large Cap Value Equity Fund	23,559,679	22,514,740	42,123	1,989,059	1.46
UBS U.S. Small Cap Growth Fund	126,840,889	122,926,740	376,347	12,017,436	2.91
UBS U.S. Bond Fund	78,645,499	84,568,677	279,402	5,400,000	3.82
UBS High Yield Fund	45,730,840	41,905,233	84,729	4,087,917	3.85

The Funds may invest in shares of the UBS U.S. Cash Management Prime Relationship Fund (“Cash Prime”). Cash Prime is offered as a cash management option only to mutual funds and certain other accounts. Distributions received from Cash Prime are reflected as affiliated interest income. Amounts relating to those investments at March 31, 2006 and for the period ended, were as follows:

Fund	Purchases		Sales Proceeds		Interest Income		Value		% of Net Assets
UBS Dynamic Alpha Fund	$	941,716,347	$	901,205,137	$	2,296,092	$	79,604,287	3.60	%
UBS Absolute Return Bond Fund	306,041,095		278,398,309		808,893		39,327,682		9.11
UBS U.S. Mid Cap Growth Equity Fund		177,550		38,310		41		139,240	2.74

4) Securities Lending

The Funds may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, U.S. government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on daily basis and adjusted accordingly. Each Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, each Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. The Funds monitor the market value of securities loaned on a daily basis and initially require collateral against the loaned securities in an amount at least equal to 102% of the value of domestic securities loaned and 105% of the value of foreign securities loaned.

UBS Global Allocation Fund and UBS International Equity Fund loaned securities to certain brokers, with the Funds’ custodian acting as the Funds’ lending agent. Cash collateral received is invested in interest bearing securities, which are included in the Schedule of Investments. In addition, the UBS Global Allocation Fund received U.S. Government Agency securities as collateral amounting to $91,224,190, which cannot be resold. The value of loaned securities and related collateral outstanding at March 31, 2006, as follows:

Fund	Market Value of Securities Loaned	Collateral Received for Securities Loaned	Market Value of Investment of Cash Collateral Reserved
UBS Global Allocation Fund	$226,674,676	$233,891,910	$142,667,720
UBS International Equity Fund	12,157,751	12,908,130	12,908,130

At March 31, 2006, cash collateral was invested in UBS Supplementary Trust — U.S. Cash Management Prime Fund, an affiliate.

5) Option Writing

Certain Funds may write (sell) put and call options on securities or derivative instruments in order to gain exposure to or protect against changes in the markets. When a Fund writes a call or put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Fund has written either expires on its stipulated expiration date or the Fund enters in a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Fund purchases upon exercise of the option.

In writing an option, the Funds bear the market risk of an unfavorable change in the price of the derivative instrument, security or currency underlying the written option. Exercise of an option written by a Fund could result in the Fund selling or buying a derivative instrument, security or currency at a price different from the market value.

Written option activity for the nine months ended March 31, 2006 for UBS Dynamic Alpha Fund was as follows:

	Number of Contracts (000)		Amount of Premiums Received

Options outstanding at June 30, 2005	—		—
Options written	1,121		$	923,384
Options terminated in closing purchase transactions	(535	)	(176,861		)
Option expired prior to exercise	—		—
Options exercised	—		—
Options outstanding at March 31, 2006	586		$	746,523

Investment Company Act file number		811-06637

The UBS Funds
(Exact name of registrant as specified in charter)

51 West 52^nd Street, New York, New York			10019-6114
(Address of principal executive offices)			(Zip code)

Mark F. Kemper, Esq. UBS Global Asset Management (Americas) Inc. 51 West 52^nd Street New York, NY 10019-6114
(Name and address of agent for service)

Copy to:
Bruce Leto, Esq. Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 215-564

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

Date of fiscal year end:	June 30

Date of reporting period:	March 31, 2006

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the value of these securities amounted to $40,726,166 or 1.07% of net assets.
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
TBA	(To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
TIPS	Inflation protected securities are debt securities whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. Inflation-protected securities include Treasury Inflation Protected Securities (“TIPS”), which are securities issued by the U.S. Treasury. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on a changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
SEK	Swedish Krona

	Face Amount		Value
U.S. Government Obligation — 0.19%
U.S. Treasury Bills, yield of 4.62% due 07/06/06 (b)	$	1,050,000	$	1,037,764

Total Short-Term Investments (Cost $20,847,824)			20,847,612
Total Investments — 99.68% (Cost $463,524,363)				541,508,759
Cash and other assets, less liabilities — 0.32%			1,724,790
Net Assets — 100.00%			$	543,233,549

Gross unrealized appreciation	$	83,278,213
Gross unrealized depreciation	(5,293,817		)
Net unrealized appreciation	$	77,984,396

	Expiration Date	Cost		Current Value		Unrealized Appreciation
Index Futures Buy Contracts:
S&P 500 Index, 32 contracts	June 2006	$	10,376,960	$	10,426,400	$	49,440

Number of Contracts	Value
586 Nikkei Index, strike @ 17,500 JPY, expires July 2006 (premium received $746,523)	$	1,867,035

INVESTMENT COMPANIES	90.14	%*
SHORT-TERM INVESTMENTS	5.50
OPTIONS PURCHASED	0.18
TOTAL INVESTMENT	95.82
CASH AND OTHER ASSETS, LESS LIABILITIES	4.18
NET ASSETS	100.00	%

Gross unrealized appreciation	$	1,579,512
Gross unrealized depreciation	(4,360,386		)
Net unrealized depreciation	$	(2,780,874	)

†		Floating rate securities — The interest rates shown are the current rates as of March 31, 2006.
@		Reflects annualized yield at March 31, 2006 on zero coupon bond.
(a)		Step Bonds — Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2006.
		Maturity date disclosed is the ultimate maturity date.
(b)		Security is illiquid. This security amounted to $138,784 or 0.03% of net assets.
(c)		The security was pledged to cover margin requirements for future contracts.
(d)		Interest Only Security— This security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with the security is related to the speed of the principal paydowns. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount being received and cause the yield to increase.
(e)		Perpetual bond security. The maturity date reflects the next call date.
144A		Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, the value of these securities amounted to $34,966,306 or 8.10% of net assets.
*		Investments in affiliated mutual funds.
ARS		Argentina Peso
CBO		Collateralized Bond Obligations
CDO		Collateralized Debt Obligations
CLO		Collateralized Loan Obligations
DISC		Discount Bond
EUR		Euro
GBP		British Pound
JPY		Japanese Yen

The UBS Funds

By:		/s/ W. Douglas Beck
		W. Douglas Beck
		President

Date:		May 26, 2006

By:		/s/ Joseph T. Malone
		Joseph T. Malone
		Treasurer & Principal Accounting Officer

Date:		May 26, 2006

Face
Amount

U.S. Government Obligations — 1.90%

U.S. Treasury Bills,
yield of 4.62%, due 07/06/06 (a)

Total Short-Term Investments (Cost $121,748,483)