N-CSRS 1 tm242059d1_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06637

The UBS Funds

(Exact name of registrant as specified in charter)

One North Wacker Drive, Chicago, IL 60606-2807

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Copy to:

Jana L. Cresswell, Esq.

Stradley Ronon Stevens & Young, LLP

2500 Market Street, Suite 2600

Philadelphia, PA 19103-7098

Registrant’s telephone number, including area code: 888-793 8637

Date of fiscal year end: June 30

Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

The UBS Funds

Semiannual Report | December 31, 2023

Table of contents	Page
President's letter		1
Market commentary		2
UBS All China Equity Fund		4
UBS Global Allocation Fund		10
UBS Emerging Markets Equity Opportunity Fund		23
UBS Engage For Impact Fund		28
UBS International Sustainable Equity Fund		35
UBS US Dividend Ruler Fund		43
UBS US Quality Growth At Reasonable Price Fund		49
UBS U.S. Small Cap Growth Fund		55
UBS Sustainable Development Bank Bond Fund		63
UBS Multi Income Bond Fund		68
Glossary of terms used in the Portfolio of investments		79
Explanation of expense disclosure		80
Statement of assets and liabilities		83
Statement of operations		89
Statement of changes in net assets		93
Financial highlights		97
Notes to financial statements		110
General information		139
Supplemental information (Shareholder meeting results)		140

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President's letter

February 6, 2024

Dear Shareholder,

The more things change, the more they stay the same. Since the last time we wrote to you, markets continue to be volatile, growth continues to be remarkably resistant in the face of various hurdles and geopolitics have continued to provide a background of global strife.

In perhaps the biggest news for the global economy, after raising US interest rates in June of the previous reporting period to their highest level in over 20 years, the US Federal Reserve (the "Fed") has signaled that it has likely reached the end of the hiking cycle, and the next move, albeit not necessarily soon, will be a cut to the federal funds rate. The term federal funds rate refers to the target interest rate range set by the Federal Open Market Committee (FOMC). This target is the rate at which commercial banks borrow and lend their excess reserves to each other overnight.

Inflation, which had been a major cause for concern, has abated. US consumer price inflation closed 2023 with a 3.4% annual rise vs. a 6.5% rate in December of 2022. This is in sharp contrast to a four-decade high of 9.1% in June of 2021.

The IMF (International Monetary Fund) saw positive growth in the US, the eurozone, the United Kingdom and Japan, with China leading the way with economic expansion roughly in line with authorities' 5% target, after ending its zero-COVID-19 policy earlier in 2023. Growth in emerging markets on average remained remarkably robust given the many headwinds, including higher US rates and a comparative slowdown in China. Meanwhile a number of largely contained bank problems added to volatility in markets.

Investors have grown broadly accustomed to the residual risk of an escalation in global conflicts over the course of the past year, with the Russian war in Ukraine continuing and fighting erupting in the Middle East after the October 7th invasion of Israel by Hamas.

Amid this backdrop, global equities experienced periods of elevated volatility. The S&P 500 closed the year strongly in the US, up about 24% after entering a bull market in June and despite some periods of lackluster trading. However, this was fueled to a large degree by the so-called 'magnificent seven' (Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla) which were up on average 111% in 2023, in particular after artificial intelligence (AI) caught fire following the launch of chat GTP earlier in the year.

Fixed income markets likewise rallied to end the year after a weak start to the period, and the US Treasury 10-year note briefly trading over 5% in late October.

With global macroeconomics continuing to offer a high degree of uncertainty we believe in-depth fundamental research will continue to help active managers identify attractive investment opportunities in different sectors and countries. And, with market volatility still running high, we believe active managers can take advantage of the challenges and opportunities that market mis-pricings present as we seek to add value for our clients.

As always, we thank you for being a part of the UBS family of funds.

Sincerely,

Mark Carver
President
The UBS Funds
Executive Director
UBS Asset Management (Americas) Inc.

The markets in review

The global economy continues to expand

Despite several headwinds, the global economy was resilient and continued to expand during the reporting period. In its October 2023 World Economic Outlook Update, the IMF said, "The global economy continues to recover slowly from the blows of the pandemic, Russia's invasion of Ukraine, and the cost-of-living crisis inflation. In retrospect, the resilience has been remarkable. Despite the disruption in energy and food markets caused by the war, and the unprecedented tightening of global monetary conditions to combat decades-high inflation, the global economy has slowed, but not stalled. Yet growth remains slow and uneven, with growing global divergences." According to the IMF, 2024 GDP growth in the US is projected to be 2.1% (versus an estimated 2.5% in 2023), 0.9% in the eurozone (versus 0.5% in 2023), 0.6% in the UK (versus 0.5% in 2023), and 0.9% in Japan (versus 1.9% in 2023).

A significant factor impacting the global economy and the financial markets was central bank monetary policy. In July 2023, the Fed raised interest rates to a range between 5.25% and 5.50%, a 22-year high. With inflation continuing to moderate, the Fed then remained on hold from September through December 2023. Then in December, the Fed "pivoted," as it indicated the likely end to rate hikes and penciled in three rate cuts in 2024. The European Central Bank (ECB) and the Bank of England (BoE) also appeared to pivot and indicated that rates cuts were possible in 2024. One outlier was the Bank of Japan, as it maintained its accommodative monetary stance.

Global equities end on a high note

Global equities produced weak results over the first four months of the reporting period, as investors were concerned that interest rates would remain "higher for longer" and potentially drag the economy into a recession. Equities then ended the year on a positive note, as they rallied sharply over the last two months of 2023. Central bank pivots were a major factor in the market's turnaround. Signs that the Fed may orchestrate a "soft landing" for the economy also supported the market. For the six-months ended December 31, 2023, the S&P 500 Index¹ returned 8.04%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² gained 5.88%. Elsewhere, emerging markets equities, as measured by the MSCI Emerging Markets Index (net)³ returned 4.71% during the reporting period.

¹ The S&P 500 Index is an unmanaged, weighted index composed of 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses.

² The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

³ The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

The markets in review

The overall fixed income market moves higher

As was the case with equities, the overall global fixed income market was initially weak and then rallied to end the year. Central bank pivots were again the driver of the fixed income market's reversal of fortune. In the US, the yield on the 10-year Treasury briefly breached 5% in October 2023—the first time in 16 years—and then fell sharply, ending the reporting period at 3.88%. For the six-month reporting period, the overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴ returned 3.37%. Riskier fixed income securities generated even better results. High yield bonds, as measured by the ICE BofAML US High Yield Index,⁵ gained 7.63%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ rose 6.40% during the reporting period.

⁴ The Bloomberg US Aggregate Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵ The ICE BofAML US High Yield Index is an unmanaged index that tracks the performance of US dollar denominated, below investment-grade rated corporate debt publicly issued in the US domestic market.

⁶ The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index which is designed to track total returns for US dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans and Eurobonds. Investors should note that indices do not reflect the deduction of fees and expenses.

UBS All China Equity Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class P shares of UBS All China Equity Fund (the "Fund") returned -9.46% while Class P2 shares returned -8.99%. The Fund's benchmark, the MSCI China All Shares Index (net) (the "Index"), returned -6.52% over the same time period. (Returns for all share classes over various time periods are shown on page 6; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund underperformed the benchmark during the reporting period. Stock selection was negative in financials and consumer discretionary. However, stock selection was positive in consumer staples and communication services. An underweight in industrials also boosted relative performance. On the stock level, not holding PDD Holdings and overweight in Ping An Insurance and China Merchants Bank were the main detractors, while TAL Education, Kweichow Moutai and CSPC Pharmaceutical were the main contributors.

Portfolio performance summary¹

What worked:

– In terms of stock selection, TAL Education was the top contributor to performance. We expect key structural growth drivers will be from rising market demand and increasing attention to non-academic AST (after-school tutoring) from parents, leading to increased capital spending. The market is highly fragmented, and we expect large institutions like TAL Education to gain market share by leveraging visible and consistent tutoring quality, appeal to high-quality tutors, and brand recognition.

– Shares of Kweichow Moutai outperformed as the company announced a 20% price hike on the ex-factory price of its Feitian Moutai series, which was unexpected in the current environment. Apart from improving profitability, we believe that this is directionally positive for the company as its growth outlook remains strong versus other peers in the consumer sector.

– CSPC Pharmaceutical was additive for performance. The company's first half of 2023 fiscal results showed positive revenue growth from a recovery in generic drugs, though profit growth remained pressured by challenges in the application segment. After a two-month anti-corruption campaign, the industry is recovering gradually with lighter news flow and some positive signals.

What didn't work:

• Certain stock selection decisions detracted from performance during the reporting period.

– Not owning shares of PDD Holdings detracted as the stock rallied over the period. The company reported better-than-expected results, where it saw strong revenue growth underpinned by higher market share gain, as well as improvement in profitability via higher take-rates. PDD Holdings' overseas expansion efforts continue to gain traction, and the robust momentum behind their shopping app, Temu, remains sustainable. We continue to own the stock.

– Shares of Ping An Insurance slid on the back of rumors that the company has been asked by Chinese authorities to take a controlling stake in Country Garden. Ping An Insurance has formally denied the claim and currently does not hold any shares in the embattled property developer, though investor sentiments on life insurers remained weak over the period. We continue to own the stock.

– Shares of China Merchants Bank underperformed amid a delay in policy stimulus rollout, weak macro data and continued concerns about the economy. The company reported weaker-than-expected earnings for the second quarter of 2023, with net interest income remaining under pressure amid weakening risk appetite and muted investment interest by customers. We continue to own the stock.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS All China Equity Fund

Portfolio highlights

• Kweichow Moutai is the market leader in ultra-premium Baijiu (local spirit) in China. Its key drivers are its strong brand, distribution, and pricing. It enjoys double-digit growth for premium Baijiu demand in China, aided by favorable demographics for their segment and rising incomes. Kweichow Moutai also has high barriers to entry, given deep linkages to local "heritage" sourcing requirements and long maturity period for premium spirit.

• Tencent is the leading company in China's PC/mobile internet market, engaged in the provision of services such as instant messaging, online gaming, social community, news and online music. Tencent has established several powerful online service platforms and accumulated a huge number of loyal customers. We believe the company is well-positioned in China Internet and will benefit from "2B" (services to businesses) business growth and game expansion to overseas markets.

• Netease is a leading online game company in China. It has a good track record for delivering blockbuster games and has had healthy growth for more than 10 years. We believe that the company continues to have a strong moat in the China gaming industry, supported by its large research and development (R&D) capacity, streamlined process, as well as shared supporting platforms.

• We invest in Alibaba on the back of attractive valuations, normalization of sector regulations, and a stabilizing outlook on discretionary spending. We believe Alibaba's core commerce could see some stabilization with e-commerce industry recovery. On top of that, Alibaba is restructuring into six units, and some are scheduled to be spun off in initial public offerings (IPOs).

• CSPC is an integrated pharmaceutical company in China, with generic drug and active pharmaceutical ingredient bulk business, vitamin C and caffeine. The company has transformed itself step-by-step to upgrade the business line with the basis of sustainable earning growth and healthy cashflow. CSPC is a solid company in key business areas and has high ESG criteria within the drug industry. Its core business in neurology and oncology are expected to be the big drivers for growth.

The Fund did not invest in derivatives during the reporting period.

This letter is intended to assist shareholders in understanding how the Fund performed during the six-months ended December 31, 2023. The views and opinions in the letter were current as of February 6, 2024. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.

UBS All China Equity Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			Inception
Class P^1,2		(9.46	)%		(16.48	)%		(24.47	)%
Class P2^2,3		(8.99	)		(15.72	)		(14.07	)
MSCI China All Shares Index (net)⁴		(6.52	)		(11.53	)		(19.31	)

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—10.14% and 1.10% and Class P2—9.17% and 0.30%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 28, 2024, do not exceed 1.10% for Class P shares. The Advisor has also entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and retained administration fees, and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses), through the period ending October 28, 2024, do not exceed 0.30% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is February 24, 2021.

² Class P and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

³ Inception date of Class P2 is April 21, 2022.

⁴ The MSCI China All Shares Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes,using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of the oldest share class: February 24, 2021.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance.

UBS All China Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

NetEase, Inc.	13.5	%
Kweichow Moutai Co. Ltd.	11.3
Tencent Holdings Ltd.	9.9
China Merchants Bank Co. Ltd.	6.9
Hong Kong Exchanges & Clearing Ltd.	4.7
Ping An Insurance Group Co. of China Ltd.	3.5
SSY Group Ltd.	3.3
CSPC Pharmaceutical Group Ltd.	3.2
Ping An Bank Co. Ltd.	3.2
AIA Group Ltd.	2.9
Total	62.4	%

Issuer breakdown by country or territory of origin

China	84.5	%
Hong Kong	10.9
United States	5.1
Total	100.5	%

Common stocks
Banks	10.1	%
Beverages	15.0
Broadline retail	2.7
Capital markets	4.7
Chemicals	1.5
Construction materials	0.5
Diversified consumer services	1.4
Entertainment	13.8
Financial services	1.6
Food products	3.6
Hotels, restaurants & leisure	2.1
Household durables	0.6
Insurance	6.4
Interactive media & services	9.9
IT services	1.4
Life sciences tools & services	4.0
Pharmaceuticals	9.7
Real estate management & development	4.3
Semiconductors & semiconductor equipment	1.0
Tobacco	0.3
Trading companies & distributors	0.1
Transportation infrastructure	0.7
Total common stocks	95.4
Short-term investments	5.1
Investment of cash collateral from securities loaned	2.0
Total investments	102.5
Liabilities in excess of other assets	(2.5	)
Net assets	100.0	%

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

UBS All China Equity Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 95.4%
China: 84.5%
Alibaba Group Holding Ltd.		5,400	$	52,282
Anhui Conch Cement Co. Ltd., Class H		6,500		15,017
Anhui Gujing Distillery Co. Ltd., Class B		5,200		79,114
China Jinmao Holdings Group Ltd.		82,000		7,876
China Merchants Bank Co. Ltd., Class H		55,500		193,328
China Resources Land Ltd.		22,000		78,888
Chinasoft International Ltd.		52,000		39,890
Country Garden Services Holdings Co. Ltd.¹		7,000		6,051
CSPC Pharmaceutical Group Ltd.		96,000		89,257
Far East Horizon Ltd.		56,000		44,034
Hainan Meilan International Airport Co. Ltd., Class H*		23,000		20,412
Hangzhou Silan Microelectronics Co. Ltd., Class A		8,500		27,362
Horizon Construction Development Ltd.*		2,074		1,219
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		21,600		81,470
JD.com, Inc., Class A		1,509		21,741
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		7,500		47,831
Joinn Laboratories China Co. Ltd., Class H^1,2		20,272		33,386
Kingsoft Corp. Ltd.		3,000		9,259
Kweichow Moutai Co. Ltd., Class A		1,300		316,376
Longfor Group Holdings Ltd.²		18,000		28,815
Meituan, Class B*^,2		5,590		58,631
Midea Group Co. Ltd., Class A		2,100		16,176
NetEase, Inc.		21,000		378,126
Ping An Bank Co. Ltd., Class A		67,000		88,707
Ping An Insurance Group Co. of China Ltd., Class H		21,500		97,333
Smoore International Holdings Ltd.^1,2		11,000		9,157
TAL Education Group, ADR*		3,168		40,012
Tencent Holdings Ltd.		7,400		278,240
Wanhua Chemical Group Co. Ltd., Class A		1,400		15,164
Wuliangye Yibin Co. Ltd., Class A		1,300		25,719
WuXi AppTec Co. Ltd., Class H^1,2		5,600		56,979
Wuxi Biologics Cayman, Inc.*^,2		5,500		20,849

	Number of shares		Value
Common stocks—(concluded)
China—(concluded)
WuXi XDC Cayman, Inc.*		11	$	45
Yihai International Holding Ltd.¹		12,000		19,056
Yunnan Baiyao Group Co. Ltd., Class A		6,020		41,719
Yunnan Energy New Material Co. Ltd., Class A		3,400		27,240
				2,366,761
Hong Kong: 10.9%
AIA Group Ltd.		9,400		81,920
Hong Kong Exchanges & Clearing Ltd.		3,800		130,422
SSY Group Ltd.		148,000		93,631
				305,973
Total common stocks (cost $4,074,761)				2,672,734
Short-term investments: 5.1%
Investment companies: 5.1%
State Street Institutional U.S. Government Money Market Fund, 5.316%³(cost $142,122)		142,122		142,122
Investment of cash collateral from securities loaned: 2.0%
Money market funds: 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%³(cost $57,190)		57,190		57,190
Total investments: 102.5% (cost $4,274,073)				2,872,046
Liabilities in excess of other assets: (2.5%)				(71,413	)
Net assets: 100.0%			$	2,800,633

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

UBS All China Equity Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund's investments. In the event a fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	2,672,734	$	—	$	—	$	2,672,734
Short-term investments		—		142,122		—		142,122
Investment of cash collateral from securities loaned		—		57,190		—		57,190
Total	$	2,672,734	$	199,312	$	—	$	2,872,046

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

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

² Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $207,817, represented 7.4% of the Fund's net assets at period end.

³ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
9

UBS Global Allocation Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class A shares of UBS Global Allocation Fund (the "Fund") returned 4.68% (Class A shares returned -1.04% after the deduction of the maximum sales charge), while Class P shares returned 4.78%. In contrast, the Fund's benchmark, the MSCI All Country World Index (net), returned 7.26% during the same time period. For comparison purposes, the 60% MSCI All Country World Index (net)/40% Citigroup World Government Bond Index (Hedged in USD) returned 5.76% and the FTSE World Government Bond Index (Hedged in USD) returned 3.34%. (Class P shares have lower expenses than other share classes of the Fund. Returns for all share classes over various time periods are shown on page 11; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund produced a positive total return during the reporting period; however, it lagged its primary benchmark on a relative basis. Tactical asset allocation decisions detracted from performance, whereas security selection contributed to results.

During the review period, we used derivatives for risk management purposes and as a tool to help enhance returns in the portfolio. We used a variety of equity and fixed income options, futures and swaps to implement our tactical asset allocation strategy.

Portfolio performance summary

• Bottom-up security selection contributed to performance.

– The US large-cap value and Emerging Markets Equity Opportunity strategies contributed to performance and drove security selection. However, US large-cap growth, PACE High Yield Investments, PACE International Emerging Markets Equity Investments, PACE International Equity Investments, and the International developed equity HALO strategies detracted from performance.

• Active asset allocation decisions detracted from performance.

– Overall, tactical asset allocation in equities and fixed income detracted from returns, while currency decisions were flat.

– Within equities, the largest detractor was our US equity positioning. Specifically, an overweight to US mid-caps over US large-caps detracted from returns given the fact that growth stocks rallied throughout 2023. Furthermore, US sector positioning underperformed as strong oil supply kept energy stock prices depressed. In addition, an underweight to Australian equities detracted from performance as equity markets rallied to their highest level in 20 months led by iron ore stocks. On the upside, overweights to European Union banks, Japanese equities, and emerging markets ex-China contributed to returns.

– Within fixed income, overall duration positioning detracted from performance over the reporting period, as did an overweight to securitized credit.

– Within currency, the largest contributor to performance were long positions to various Latin American currencies versus the US dollar. In addition, a long euro versus Great Britain pound contributed to performance.

UBS Global Allocation Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A¹		4.68	%		9.43	%		5.75	%		4.16	%
Class P²		4.78			9.68			6.00			4.42
After deducting maximum sales charge
Class A¹		(1.04	)%		3.39	%		4.56	%		3.57	%
MSCI All Country World Index (net)³		7.26			22.20			11.72			7.93
FTSE World Government Bond Index (Hedged in USD)⁴		3.34			6.42			0.68			2.13
60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD)⁵		5.76			15.81			7.53			5.84

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class A—1.58% and 1.31%; Class P—1.30% and 1.06%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 1.20% for Class A shares and 0.95% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

² Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

³ The MSCI All Country World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁴ The FTSE World Government Bond Index (Hedged in USD) is an unmanaged market capitalization-weighted index designed to measure the performance of fixed-rate, local currency, investment-grade sovereign bonds with a one-year minimum maturity and is hedged back to the US dollar. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵ The 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) is an unmanaged blended benchmark compiled by the Advisor. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Fund made during the specified holding period.

UBS Global Allocation Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten fixed income holdings

U.S. Treasury Inflation-Indexed Notes, 1.375% due 07/15/33	3.5	%
New Zealand Government Bonds Inflation-Linked, 2.000% due 09/20/25	1.4
U.S. Treasury Notes, 0.625% due 08/15/30	0.6
Morgan Stanley, 4.889% due 07/20/33	0.6
Wells Fargo & Co., 4.897% due 07/25/33	0.6
Uniform Mortgage-Backed Security, TBA, 5.000%	0.5
Broadcom, Inc., 4.300% due 11/15/32	0.5
General Motors Co., 5.400% due 10/15/29	0.5
Bank of America Corp., 2.299% due 07/21/32	0.5
Oracle Corp., 6.250% due 11/09/32	0.5
Total	9.2	%

Top ten equity holdings

PACE International Equity Investments, Class P2	9.7	%
PACE International Emerging Markets Equity Investments, Class P2	6.5
UBS Emerging Markets Equity Opportunity Fund, Class P2	6.4
PACE High Yield Investments, Class P2	5.5
iShares J.P. Morgan USD Emerging Markets Bond ETF	5.2
SPDR Portfolio High Yield Bond ETF	4.5
iShares MSCI Emerging Markets ex China ETF	2.0
UBS All China Equity Fund, Class P2	1.3
Microsoft Corp.	1.2
Alphabet, Inc., Class A	0.9
Total	43.2	%

Top five issuer breakdown by country or territory of origin

United States	86.1	%
Japan	2.4
United Kingdom	1.6
New Zealand	1.4
Netherlands	1.1
Total	92.6	%

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

³ Figures represent the direct investments of UBS Global Allocation Fund. If a breakdown of the underlying investment companies and exchange traded funds was included, the country or territory of origin breakdown would be as follows: United States: 69.2%, Japan: 3.6%, South Africa: 0.5%, United Kingdom: 8.0% and Canada: 2.3%.

UBS Global Allocation Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Common stocks
Aerospace & defense	0.1	%
Automobile components	0.5
Automobiles	0.2
Banks	1.4
Beverages	0.6
Biotechnology	0.8
Broadline retail	0.7
Building products	0.1
Capital markets	1.0
Chemicals	0.6
Consumer finance	0.4
Consumer staples distribution & retail	0.5
Diversified consumer services	0.2
Diversified telecommunication services	0.4
Electric utilities	0.2
Electrical equipment	0.3
Electronic equipment, instruments & components	0.6
Entertainment	0.7
Financial services	0.8
Food products	0.6
Ground transportation	0.7
Health care equipment & supplies	0.9
Health care providers & services	0.9
Hotels, restaurants & leisure	0.3
Household durables	0.3
Industrial conglomerates	0.1
Industrial REITs	0.2
Insurance	0.9
Interactive media & services	1.0
IT services	0.1
Leisure products	0.2
Life sciences tools & services	0.6
Machinery	0.6
Media	0.4
Metals & mining	0.2
Oil, gas & consumable fuels	1.2
Passenger airlines	0.1
Personal care products	0.5
Pharmaceuticals	0.7
Professional services	0.2
Semiconductors & semiconductor equipment	1.6
Software	2.2
Specialty retail	0.2
Technology hardware, storage & peripherals	0.9
Textiles, apparel & luxury goods	0.5
Tobacco	0.2
Trading companies & distributors	0.7
Wireless telecommunication services	0.2
Total common stocks	27.3
Exchange traded funds	11.6
Investment companies	29.4

Corporate bonds
Auto manufacturers	0.5	%
Banks	3.1
Diversified financial services	1.0
Electric	0.9
Healthcare-services	0.1
Machinery-diversified	0.4
Media	1.4
Oil & gas	0.5
Pipelines	0.5
Semiconductors	0.5
Software	0.5
Telecommunications	0.3
Total corporate bonds	9.7
Asset-backed securities	1.6
Mortgage-backed securities	0.8
Non-U.S. government agency obligations	4.1
U.S. government agency obligations	6.2
U.S. Treasury obligations	7.3
Short-term investments	1.7
Investment of cash collateral from securities loaned	5.9
Total investments	105.6
Liabilities in excess of other assets	(5.6	)
Net assets	100.0	%

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 27.3%
Australia: 0.2%
Glencore PLC		62,855	$	378,238
Austria: 0.2%
BAWAG Group AG¹		7,429		393,496
Canada: 0.5%
Canadian Pacific Kansas City Ltd.²		6,374		504,321
Shopify, Inc., Class A*		3,000		233,700
				738,021
Denmark: 0.2%
Genmab AS*		876		279,559
France: 0.4%
Cie Generale des Etablissements Michelin SCA		6,882		246,611
Pernod Ricard SA		1,541		271,765
Ubisoft Entertainment SA*		4,243		108,248
				626,624
Germany: 0.5%
Infineon Technologies AG		10,553		440,370
Knorr-Bremse AG		6,212		403,235
				843,605
Hong Kong: 0.3%
AIA Group Ltd.		50,817		442,863
India: 0.3%
HDFC Bank Ltd., ADR		6,639		445,543
Ireland: 0.3%
AIB Group PLC		101,669		435,482
Italy: 0.4%
PRADA SpA		58,700		335,654
Wizz Air Holdings PLC*^,1		8,785		247,583
				583,237
Japan: 1.8%
ITOCHU Corp.²		11,600		474,448
JTOWER, Inc.*^,2		5,100		180,851
Keyence Corp.		800		352,454
Nippon Telegraph & Telephone Corp.		388,000		474,130
Shin-Etsu Chemical Co. Ltd.		10,600		444,824
SoftBank Group Corp.		5,800		258,861
Sony Group Corp.		4,700		447,000
TechnoPro Holdings, Inc.		10,200		268,745
				2,901,313
Netherlands: 1.1%
Heineken Holding NV		3,164		267,556
Koninklijke Philips NV		20,597		479,432
Shell PLC		25,486		835,370
Universal Music Group NV		8,984		255,981
				1,838,339

	Number of shares		Value
Common stocks—(continued)
South Korea: 0.2%
Samsung Electronics Co. Ltd.		5,831	$	355,411
Spain: 0.2%
Banco de Sabadell SA		308,405		378,936
Sweden: 0.2%
Hexpol AB		23,815		288,064
Switzerland: 0.7%
Alcon, Inc.		4,968		387,729
Novartis AG, Registered Shares		5,681		573,267
Sandoz Group AG*		5,799		186,578
				1,147,574
United Kingdom: 1.3%
Ashtead Group PLC		5,989		416,963
British American Tobacco PLC		9,488		277,615
Legal & General Group PLC		93,921		300,608
London Stock Exchange Group PLC		4,161		491,876
Spectris PLC		5,889		283,667
Unilever PLC		6,289		304,474
				2,075,203
United States: 18.5%
AbbVie, Inc.		6,175		956,940
Adobe, Inc.*		457		272,646
Agilent Technologies, Inc.		1,672		232,458
Airbnb, Inc., Class A*		120		16,337
Allstate Corp.		1,958		274,081
Alphabet, Inc., Class A*		9,867		1,378,321
Amazon.com, Inc.*		7,181		1,091,081
American Express Co.		1,251		234,362
Ameriprise Financial, Inc.		1,546		587,217
APA Corp.		8,011		287,435
Apple, Inc.		5,846		1,125,530
Aptiv PLC*		6,074		544,959
Bio-Rad Laboratories, Inc., Class A*		1,673		540,195
BlackRock, Inc.		463		375,863
Broadcom, Inc.		605		675,331
Brunswick Corp.		2,855		276,221
Bunge Global SA		4,917		496,371
Centene Corp.*		4,410		327,266
CF Industries Holdings, Inc.		2,917		231,902
Chegg, Inc.*		24,810		281,842
Chipotle Mexican Grill, Inc.*		107		244,705
Comcast Corp., Class A		10,780		472,703
Constellation Brands, Inc., Class A		945		228,454
Cooper Cos., Inc.		476		180,137
Dexcom, Inc.*		1,466		181,916
Dollar Tree, Inc.*		3,578		508,255
Dynatrace, Inc.*		3,471		189,829
Eli Lilly & Co.		497		289,711
EOG Resources, Inc.		1,101		133,166
Exxon Mobil Corp.		1,542		154,169
Fidelity National Information Services, Inc.		6,061		364,084

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Haleon PLC		132,260	$	542,254
Hayward Holdings, Inc.*		15,709		213,642
Honeywell International, Inc.		1,136		238,231
HubSpot, Inc.*		425		246,730
Ingersoll Rand, Inc.		6,872		531,481
IQVIA Holdings, Inc.*		850		196,673
Keysight Technologies, Inc.*		2,501		397,884
Laboratory Corp. of America Holdings		1,556		353,663
Las Vegas Sands Corp.		4,549		223,856
LivaNova PLC*		4,432		229,312
Live Nation Entertainment, Inc.*		2,362		221,083
Lululemon Athletica, Inc.*		374		191,222
Lyft, Inc., Class A*		21,901		328,296
Marsh & McLennan Cos., Inc.		1,996		378,182
Marvell Technology, Inc.		2,659		160,364
Mastercard, Inc., Class A		1,376		586,878
Meta Platforms, Inc., Class A*		677		239,631
Micron Technology, Inc.		3,906		333,338
Microsoft Corp.		5,097		1,916,676
Mondelez International, Inc., Class A		6,302		456,454
Monster Beverage Corp.*		2,331		134,289
MSCI, Inc.		226		127,837
NextEra Energy, Inc.		5,002		303,822
NIKE, Inc., Class B		2,404		261,002
NVIDIA Corp.		1,784		883,473
Oracle Corp.		2,846		300,054
Palo Alto Networks, Inc.*		814		240,032
Prologis, Inc.		2,776		370,041
Regal Rexnord Corp.		2,545		376,711
ServiceNow, Inc.*		377		266,347
Shoals Technologies Group, Inc., Class A*		4,141		64,351
SLM Corp.		19,289		368,806
Take-Two Interactive Software, Inc.*		3,219		518,098
Tesla, Inc.*		1,236		307,121
TJX Cos., Inc.		2,822		264,732
Trade Desk, Inc., Class A*		2,648		190,550
TransDigm Group, Inc.		214		216,482
Ulta Beauty, Inc.*		287		140,627
Union Pacific Corp.		922		226,462
United Rentals, Inc.		297		170,306
UnitedHealth Group, Inc.		1,375		723,896
Voya Financial, Inc.		4,322		315,333
Walmart, Inc.		1,554		244,988
Wells Fargo & Co.		11,943		587,835
Williams Cos., Inc.		16,548		576,367
Zoom Video Communications, Inc., Class A*		1,449		104,198
				29,423,097
Total common stocks (cost $35,685,123)				43,574,605

	Face amount³		Value
Asset-backed securities: 1.6%
Cayman Islands: 0.2%
Dryden 60 CLO Ltd., Series 2018-60A, Class A, 3 mo. USD Term SOFR + 1.312%, 6.706%, due 07/15/31^1,4		246,471	$	246,423
United States: 1.4%
AmeriCredit Automobile Receivables Trust Series 2019-2, Class D, 2.990%, due 06/18/25		145,287		145,070
Series 2020-2, Class C, 1.480%, due 02/18/26		320,838		315,237
Series 2022-1, Class A3, 2.450%, due 11/18/26		107,853		105,760
DT Auto Owner Trust, Series 2021-1A, Class D, 1.160%, due 11/16/26¹		100,000		95,633
Exeter Automobile Receivables Trust Series 2021-1A, Class D, 1.080%, due 11/16/26		125,000		120,924
Series 2022-2A, Class B, 3.650%, due 10/15/26		81,065		80,656
Series 2023-2A, Class A2, 5.870%, due 11/17/25		181,098		181,083
Series 2023-4A, Class A2, 6.070%, due 12/15/25		250,000		250,092
GLS Auto Receivables Issuer Trust, Series 2020-2A, Class C, 4.570%, due 04/15/26¹		103,086		102,557
HPEFS Equipment Trust, Series 2022-1A, Class B, 1.790%, due 05/21/29¹		200,000		195,407
OneMain Financial Issuance Trust, Series 2020-2A, Class B, 2.210%, due 09/14/35¹		100,000		89,405
Santander Drive Auto Receivables Trust Series 2020-2, Class D, 2.220%, due 09/15/26		85,807		84,774
Series 2020-4, Class D, 1.480%, due 01/15/27		198,734		194,359
Series 2023-4, Class A2, 6.180%, due 02/16/27		306,651		307,475
				2,268,432
Total asset-backed securities (cost $2,519,313)				2,514,855
Corporate bonds: 9.7%
Canada: 0.5%
Canadian Imperial Bank of Commerce 3.945%, due 08/04/25		810,000		797,072

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Face amount³		Value
Corporate bonds—(concluded)
United States: 9.2%
Air Lease Corp. 5.300%, due 02/01/28		750,000	$	758,260
American Express Co. 3.950%, due 08/01/25		810,000		796,900
Bank of America Corp. (fixed, converts to FRN on 07/21/31), 2.299%, due 07/21/32⁴		1,000,000		816,537
Broadcom, Inc. 4.300%, due 11/15/32		900,000		863,428
Centene Corp. 2.450%, due 07/15/28		250,000		222,650
Charter Communications Operating LLC/ Charter Communications Operating Capital 4.908%, due 07/23/25		810,000		802,300
Cheniere Energy Partners LP 4.500%, due 10/01/29		810,000		774,738
Citigroup, Inc. (fixed, converts to FRN on 04/24/24), 3.352%, due 04/24/25⁴		810,000		803,795
Comcast Corp. 5.250%, due 11/07/25		540,000		545,712
Discovery Communications LLC 3.625%, due 05/15/30		900,000		815,756
General Motors Co. 5.400%, due 10/15/29		810,000		824,419
John Deere Capital Corp. 4.800%, due 01/09/26		650,000		653,452
JPMorgan Chase & Co. 3.625%, due 12/01/27		810,000		777,264
Morgan Stanley (fixed, converts to FRN on 07/20/32), 4.889%, due 07/20/33⁴		900,000		877,562
Oracle Corp. 6.250%, due 11/09/32		750,000		815,914
Pacific Gas & Electric Co. 4.550%, due 07/01/30		750,000		714,283
Southern California Edison Co. 5.850%, due 11/01/27		630,000		657,856
Southwestern Energy Co. 5.375%, due 02/01/29		750,000		731,920
T-Mobile USA, Inc. 3.500%, due 04/15/31		540,000		493,662
Wells Fargo & Co. (fixed, converts to FRN on 07/25/32), 4.897%, due 07/25/33⁴		900,000		876,757
				14,623,165
Total corporate bonds (cost $15,201,645)				15,420,237

	Face amount³		Value
Mortgage-backed securities: 0.8%
United States: 0.8%
Bank, Series 2022-BNK39, Class A4, 2.928%, due 02/15/55⁴		200,000	$	172,286
BWAY Mortgage Trust, Series 2013-1515, Class A2, 3.454%, due 03/10/33¹		100,000		93,876
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.682%, due 01/10/36¹		345,000		344,425
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364%, 7.727%, due 07/15/38^1,4		140,016		137,554
Flagstar Mortgage Trust, Series 2018-5, Class A2, 4.000%, due 09/25/48^1,4		45,735		42,904
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.835%, due 08/10/38¹		100,000		92,931
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class D, 2.077%, due 01/05/40^1,4		125,000		88,273
MFA Trust Series 2020-NQM3, Class A1, 1.014%, due 01/26/65^1,4		20,347		18,221
Series 2021-NQM1, Class A1, 1.153%, due 04/25/65^1,4		24,346		22,101
New Residential Mortgage Loan Trust, Series 2021-NQ2R, Class A1, 0.941%, due 10/25/58^1,4		48,188		43,830
Residential Mortgage Loan Trust, Series 2020-2, Class A1, 1.654%, due 05/25/60^1,4		20,038		19,743
Verus Securitization Trust Series 2019-4, Class A1, 3.642%, due 11/25/59^1,4		9,882		9,572
Series 2020-5, Class A1, 1.218%, due 05/25/65^1,4		25,900		23,921
Series 2021-R2, Class A1, 0.918%, due 02/25/64^1,4		38,931		34,257
Series 2021-R3, Class A1, 1.020%, due 04/25/64^1,4		50,650		45,019
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class AS, 4.405%, due 06/15/51⁴		130,000		121,721
Total mortgage-backed securities (cost $1,404,771)				1,310,634
Non-U.S. government agency obligations: 4.1%
Australia: 0.1%
Australia Government Bonds 3.250%, due 04/21/29⁵	AUD	275,000		183,513

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Face amount³		Value
Non-U.S. government agency obligations—(continued)
Austria: 0.0%^†
Republic of Austria Government Bonds 3.150%, due 06/20/44⁵	EUR	45,000	$	51,714
Belgium: 0.1%
Kingdom of Belgium Government Bonds 3.750%, due 06/22/45⁵	EUR	73,000		89,071
Canada: 0.1%
Canada Government Bonds 1.500%, due 09/01/24	CAD	120,000		88,692
2.000%, due 12/01/51	CAD	50,000		30,372
2.500%, due 12/01/32	CAD	100,000		71,934
				190,998
Finland: 0.0%^†
Finland Government Bonds 1.375%, due 04/15/47⁵	EUR	20,000		16,742
France: 0.5%
French Republic Government Bonds OAT 0.000%, due 11/25/31^5,6	EUR	565,000		518,149
0.010%, due 05/25/32^5,6	EUR	75,000		67,764
0.500%, due 05/25/40⁵	EUR	75,000		57,337
3.250%, due 05/25/45⁵	EUR	81,000		93,274
				736,524
Germany: 0.1%
Bundesrepublik Deutschland Bundesanleihe 2.500%, due 07/04/44⁵	EUR	116,000		132,261
Ireland: 0.1%
Ireland Government Bonds 1.500%, due 05/15/50⁵	EUR	240,000		198,763
Italy: 0.3%
Italy Buoni Poliennali Del Tesoro 0.950%, due 12/01/31⁵	EUR	145,000		133,128
1.650%, due 03/01/32⁵	EUR	60,000		57,920
3.000%, due 08/01/29⁵	EUR	140,000		153,969
3.250%, due 09/01/46⁵	EUR	75,000		71,881
4.000%, due 02/01/37⁵	EUR	98,000		109,487
				526,385
Japan: 0.6%
Japan Government CPI-Linked Bonds 0.005%, due 03/10/31	JPY	53,670,500		407,668
Japan Government Forty Year Bonds 0.500%, due 03/20/59	JPY	15,000,000		72,620
Japan Government Thirty Year Bonds 0.300%, due 06/20/46	JPY	11,100,000		60,849
Japan Government Twenty Year Bonds 0.400%, due 03/20/36	JPY	70,000,000		470,549
				1,011,686

	Face amount³		Value
Non-U.S. government agency obligations—(concluded)
New Zealand: 1.4%
New Zealand Government Bonds Inflation-Linked 2.000%, due 09/20/25^5,7	NZD	3,544,020	$	2,235,915
Spain: 0.5%
Spain Government Bonds 1.450%, due 10/31/27⁵	EUR	165,000		175,068
1.500%, due 04/30/27⁵	EUR	97,000		103,541
3.450%, due 07/30/66⁵	EUR	10,000		10,293
4.200%, due 01/31/37⁵	EUR	44,000		53,691
4.800%, due 01/31/24⁵	EUR	276,000		304,863
5.150%, due 10/31/44⁵	EUR	59,000		80,986
				728,442
United Kingdom: 0.3%
U.K. Gilts 1.000%, due 01/31/32⁵	GBP	114,000		120,455
1.250%, due 07/31/51⁵	GBP	130,000		88,254
1.625%, due 10/22/28⁵	GBP	94,000		110,958
3.500%, due 01/22/45⁵	GBP	90,000		104,520
3.750%, due 10/22/53⁵	GBP	40,000		47,623
				471,810
Total non-U.S. government agency obligations (cost $7,576,315)				6,573,824
U.S. government agency obligations: 6.2%
United States: 6.2%
Federal Home Loan Mortgage Corp. 1.500%, due 10/01/51		307,872		239,929
2.000%, due 02/01/51		863,084		708,913
2.000%, due 01/01/52		317,775		260,923
2.500%, due 11/01/50		199,699		173,570
3.000%, due 01/01/52		123,700		109,390
4.500%, due 08/01/52		206,453		200,174
Federal National Mortgage Association 2.000%, due 03/01/51		569,306		472,014
2.000%, due 04/01/51		238,428		196,789
2.500%, due 08/01/51		382,370		326,423
2.500%, due 08/01/51		231,867		198,970
2.500%, due 11/01/51		472,489		404,553
2.500%, due 02/01/52		237,252		205,000
3.000%, due 08/01/50		453,165		408,354
3.000%, due 03/01/52		372,736		333,962
3.500%, due 02/01/49		430,488		400,572
4.000%, due 05/01/51		409,840		393,772
4.500%, due 01/01/53		430,927		417,820
Government National Mortgage Association 2.000%, due 01/20/52		480,887		406,381
2.500%, due 08/20/51		538,303		471,224
3.000%, due 10/20/45		68,169		62,637
3.000%, due 12/20/45		77,812		71,497
3.000%, due 04/20/52		223,228		201,762
3.500%, due 01/20/50		207,072		194,464

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Face amount³		Value
U.S. government agency obligations—(concluded)
United States—(concluded)
Government National Mortgage Association, TBA 5.500%		275,000	$	276,664
6.000%		100,000		101,570
Uniform Mortgage-Backed Security, TBA 2.500%		400,000		340,283
3.500%		225,000		206,243
4.000%		725,000		685,675
4.500%		550,000		533,215
5.000%		850,000		841,230
Total U.S. government agency obligations (cost $9,954,034)				9,843,973
U.S. Treasury obligations: 7.3%
United States: 7.3%
U.S. Treasury Bonds 1.125%, due 08/15/40		70,000		44,680
1.250%, due 05/15/50		230,000		123,940
2.500%, due 02/15/46		180,000		135,063
2.750%, due 11/15/42		170,000		137,468
2.750%, due 08/15/47		133,000		103,563
2.875%, due 05/15/43		717,000		588,584
3.000%, due 11/15/45		100,000		82,273
4.375%, due 02/15/38		110,000		115,586
U.S. Treasury Inflation-Indexed Notes, 1.375%, due 07/15/33		5,774,442		5,597,847
U.S. Treasury Notes 0.375%, due 12/31/25		250,000		231,690
0.625%, due 08/15/30		1,110,000		900,357
0.750%, due 03/31/26		250,000		233,269
0.875%, due 06/30/26		250,000		231,182
1.250%, due 03/31/28		40,000		35,869
1.250%, due 06/30/28		400,000		356,719
1.250%, due 09/30/28		140,000		124,075
1.250%, due 08/15/31		200,000		165,492
1.625%, due 11/30/26		858,000		801,895
1.625%, due 08/15/29		196,000		174,386
1.625%, due 05/15/31		350,000		300,221
2.125%, due 05/15/25		70,000		67,766
2.500%, due 05/15/24		271,000		268,354
2.750%, due 08/15/32		200,000		183,156
3.875%, due 08/15/33		256,000		255,680
4.125%, due 11/15/32		300,000		304,945
Total U.S. Treasury obligations (cost $11,922,349)				11,564,060

	Number of shares		Value
Exchange traded funds: 11.6%
iShares J.P. Morgan USD Emerging Markets Bond ETF²		92,100	$	8,202,426
iShares MSCI Emerging Markets ex China ETF		57,700		3,197,157
SPDR Portfolio High Yield Bond ETF²		306,000		7,154,280
Total exchange traded funds (cost $17,695,478)				18,553,863
Investment companies: 29.4%
PACE High Yield Investments⁸		1,010,336		8,810,127
PACE International Emerging Markets Equity Investments⁸		818,042		10,348,238
PACE International Equity Investments⁸		904,124		15,496,695
UBS All China Equity Fund⁸		468,854		2,016,073
UBS Emerging Markets Equity Opportunity Fund⁸		1,364,155		10,258,444
Total investment companies (cost $50,446,077)				46,929,577
Short-term investments: 1.7%
Investment companies: 1.7%
State Street Institutional U.S. Government Money Market Fund, 5.316%⁹(cost $2,739,519)		2,739,519		2,739,519
Investment of cash collateral from securities loaned: 5.9%
Money market funds: 5.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%⁹(cost $9,408,622)		9,408,622		9,408,622
Total investments 105.6% (cost $164,553,246)				168,433,769
Liabilities in excess of other assets: (5.6%)				(9,003,940	)
Net assets: 100.0%			$	159,429,829

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
	33	USD	E-mini Energy Select Sector Index Futures	March 2024	$	2,813,315		$	2,924,790		$	111,475
	26	USD	E-mini Russell Index Futures	March 2024		2,475,265			2,662,010			186,745
	684	EUR	Eurex EURO STOXX Banks Index Futures	March 2024		4,518,870			4,500,407			(18,463	)
	140	USD	S&P 500 Index Futures	March 2024		32,881,408			33,740,000			858,592
	7	CAD	S&P TSX 60 Index Futures	March 2024		1,301,437			1,342,259			40,822
	7	JPY	TSE TOPIX Index Futures	March 2024		1,169,472			1,174,610			5,138
Interest rate futures buy contracts:
	79	AUD	Australian Bond 10 Year Futures	March 2024		6,135,161			6,280,647			145,486
	47	GBP	United Kingdom Long Gilt Bond Futures	March 2024		5,725,500			6,149,613			424,113
	Total				$	57,020,428		$	58,774,336		$	1,753,908
Index futures sell contracts:
	23	USD	E-mini Consumer Staples Select Sector Futures	March 2024	$	(1,660,296	)	$	(1,684,750	)	$	(24,454	)
	12	USD	E-mini Health Care Select Sector Futures	March 2024		(1,635,493	)		(1,670,760	)		(35,267	)
	87	EUR	Eurex EURO STOXX 50 Futures	March 2024		(4,401,931	)		(4,363,264	)		38,667
	9	GBP	FTSE 100 Index Futures	March 2024		(871,735	)		(889,814	)		(18,079	)
	239	USD	MSCI Emerging Markets Index Futures	March 2024		(11,745,085	)		(12,352,715	)		(607,630	)
	45	AUD	S&P ASX Share Price Index 200 Futures	March 2024		(5,702,926	)		(5,814,898	)		(111,972	)
Interest rate futures sell contracts:
	26	JPY	Japan Government Bond 10 Year Futures	March 2024		(2,676,316	)		(2,701,972	)		(25,656	)
U.S. Treasury futures sell contracts:
	49	USD	U.S. Treasury Note 10 Year Futures	March 2024		(5,327,929	)		(5,531,641	)		(203,712	)
	Total				$	(34,021,711	)	$	(35,009,814	)	$	(988,103	)
	Net unrealized appreciation (depreciation)										$	765,805

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	2,585,275	GBP	2,045,000	01/23/24	$	21,668
BOA	KRW	290,000,000	USD	215,533	01/23/24		(9,898	)
BOA	TWD	105,400,000	USD	3,292,721	01/23/24		(149,867	)
BOA	USD	5,545,060	BRL	28,470,000	01/23/24		308,599
BOA	USD	3,445,907	CZK	76,150,000	01/23/24		(42,992	)
CIBC	USD	1,574,275	GBP	1,240,000	01/23/24		6,463
CITI	IDR	5,720,300,000	USD	363,598	01/23/24		(7,853	)
CITI	USD	2,449,691	AUD	3,825,000	01/23/24		158,534
CITI	USD	1,399,958	EUR	1,275,000	01/23/24		8,677
CITI	USD	476,940	SGD	650,000	01/23/24		16,035
GS	CNY	52,165,000	USD	7,163,349	01/23/24		(206,499	)
GS	JPY	348,100,000	USD	2,378,333	01/23/24		(97,446	)
GS	USD	3,181,556	MXN	54,990,000	01/23/24		46,517
GS	USD	245,650	MYR	1,152,000	01/23/24		5,391
GS	USD	1,595,316	NOK	16,650,000	01/23/24		44,291

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	AUD	3,825,000	USD	2,511,735	01/23/24	$	(96,490	)
HSBC	CAD	1,250,000	USD	922,188	01/23/24		(21,458	)
HSBC	CZK	76,150,000	USD	3,264,831	01/23/24		(138,084	)
HSBC	EUR	4,380,000	USD	4,657,157	01/23/24		(181,919	)
HSBC	HKD	7,005,000	USD	897,225	01/23/24		(258	)
HSBC	USD	896,714	HKD	7,005,000	01/23/24		769
HSBC	USD	3,529,805	MXN	64,470,000	01/23/24		254,772
HSBC	USD	3,488,942	NOK	38,090,000	01/23/24		261,966
MSCI	BRL	3,440,000	USD	695,315	01/23/24		(11,977	)
MSCI	CHF	550,000	USD	618,702	01/23/24		(36,537	)
MSCI	EUR	2,790,000	USD	3,048,721	01/23/24		(33,705	)
MSCI	GBP	7,995,000	USD	9,763,428	01/23/24		(428,507	)
MSCI	MXN	13,990,000	USD	788,006	01/23/24		(33,248	)
MSCI	NZD	14,660,000	USD	8,660,893	01/23/24		(607,048	)
MSCI	USD	2,830,049	CAD	3,850,000	01/23/24		76,381
MSCI	USD	2,420,094	COP	10,474,166,000	01/23/24		271,807
MSCI	USD	3,199,570	JPY	471,700,000	01/23/24		155,286
MSCI	USD	648,970	TWD	20,800,000	01/23/24		30,402
SSC	CNY	16,745,000	USD	2,354,017	01/23/24		(11,709	)
SSC	USD	3,169,873	TWD	98,500,000	01/23/24		47,346
Net unrealized appreciation (depreciation)						$	(400,591	)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	43,574,605	$	—	$	—	$	43,574,605
Exchange traded funds		18,553,863		—		—		18,553,863
Investment companies		46,929,577		—		—		46,929,577
Asset-backed securities		—		2,514,855		—		2,514,855
Corporate bonds		—		15,420,237		—		15,420,237
Mortgage-backed securities		—		1,310,634		—		1,310,634
Non-U.S. government agency obligations		—		6,573,824		—		6,573,824
U.S. government agency obligations		—		9,843,973		—		9,843,973
U.S. Treasury obligations		—		11,564,060		—		11,564,060
Short-term investments		—		2,739,519		—		2,739,519
Investment of cash collateral from securities loaned		—		9,408,622		—		9,408,622

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary—(concluded)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Futures contracts	$	1,811,038		$	—		$	—	$	1,811,038
Forward foreign currency contracts		—			1,714,904			—		1,714,904
Total	$	110,869,083		$	61,090,628		$	—	$	171,959,711
Liabilities
Futures contracts	$	(1,045,233	)	$	—		$	—	$	(1,045,233	)
Forward foreign currency contracts		—			(2,115,495	)		—		(2,115,495	)
Total	$	(1,045,233	)	$	(2,115,495	)	$	—	$	(3,160,728	)

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

* Non-income producing security.

¹ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,387,131, represented 1.5% of the Fund's net assets at period end.

² Security, or portion thereof, was on loan at the period end.

³ In U.S. dollars unless otherwise indicated.

⁴ Floating or variable rate securities. The rates disclosed are as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

⁵ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁶ Zero coupon bond.

⁷ Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities' principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer's country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.

⁸ The table below details the Fund's investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any):

Security description	Value 06/30/23		Purchases during the year ended 12/31/23		Sales during the year ended 12/31/23		Net realized gain (loss) during the year ended 12/31/23			Change in net unrealized appreciation (depreciation) during the year ended 12/31/23		Value 12/31/23		Net income earned from affiliate for the year ended 12/31/23		Shares 12/31/23
UBS Emerging Markets Equity Opportunity Fund	$	10,907,589	$	318,195	$	1,140,000	$	(391,356	)	$	564,016	$	10,258,444	$	318,195		1,364,155
PACE High Yield Investments		8,669,888		258,244		460,000		(52,335	)		394,330		8,810,127		258,245		1,010,336

UBS Global Allocation Fund

Portfolio of investments

December 31, 2023 (unaudited)

Security description	Value 06/30/23		Purchases during the year ended 12/31/23		Sales during the year ended 12/31/23		Net realized gain (loss) during the year ended 12/31/23			Change in net unrealized appreciation (depreciation) during the year ended 12/31/23			Value 12/31/23		Net income earned from affiliate for the year ended 12/31/23		Shares 12/31/23
PACE International Equity Investments	$	18,861,873	$	591,279	$	4,310,000	$	95,277		$	258,266		$	15,496,695	$	591,278		904,124
PACE International Emerging Markets Equity Investments		11,349,594		134,953		1,250,000		12,944			100,747			10,348,238		134,952		818,042
UBS All China Equity Fund		2,215,101		64,092		—		—			(263,120	)		2,016,073		64,093		468,854
	$	52,004,045	$	1,366,763	$	7,160,000	$	(335,470	)	$	1,054,239		$	46,929,577	$	1,366,763

⁹ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
22

UBS Emerging Markets Equity Opportunity Fund

Portfolio performance

For the six months ended December 31, 2023, Class P2 shares of UBS Emerging Markets Equity Opportunity Fund (the "Fund") returned 4.95%, while Class P shares returned 4.66%. The Fund's benchmark, the MSCI Emerging Markets Index (net) (the "Index"), returned 4.71%. (Returns for all share classes over various time periods are shown on page 24; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund posted a positive return and Class P2 shares outperformed the Fund's benchmark during the reporting period, while the Fund's Class P shares lagged.

Portfolio performance summary¹

What worked:

• On a sector level, stock selection in consumer discretionary and energy were key contributors.

• On a stock level, our overweight in PDD (China, consumer discretionary) and Banorte (Mexico, financials) were among the top contributors to performance over the reporting period. PDD outperformed on better-than-expected results for the past quarters, where the company saw strong revenue growth underpinned by higher market share gain, as well as improvement in profitability via higher take-rates. PDD's overseas expansion efforts continue to gain traction, and the robust momentum behind their shopping app, Temu, remains sustainable, in our view. We believe PDD remains best positioned among the e-commerce platforms in China with potential to grow internationally. Elsewhere, Banorte outperformed alongside the broader market in Mexico, driven by stronger-than-expected gross domestic product (GDP) growth and increasing near-shoring activities. In addition, the company reported solid results over the period

What didn't work:

• On a sector level, stock selection within financials and consumer staples detracted from performance.

• On a stock level, overweights in Ping An insurance (China, financials) and China Mengniu Dairy (China, consumer staples) were among the main headwinds for results over the reporting period. Ping An Insurance underperformed as the stock slid over the period, amid weakness in the company's asset management segment, although its new business value growth remained resilient. Ping An's stock price was further dragged by a report that stated the company has been asked by Chinese authorities to take a controlling stake in Country Garden. The company has formally denied the claim and currently does not hold any shares in the embattled property developer, though investor sentiments on life insurers remained weak over the period. We continue to hold Ping An insurance. Elsewhere, Mengniu underperformed as the stock continued to trend lower over concerns about continued consumption weakness and low visibility of recovery in revenue growth. Going forward, we believe that consumption recovery will be more gradual than expected, although its margin expansion thesis remains intact with valuations remaining attractive. We continue to hold Mengniu.

The Fund did not invest in derivatives during the reporting period.

This letter is intended to assist shareholders in understanding how the Fund performed during the period from the six months ended December 31, 2023. The views and opinions in the letter were current as of February 6, 2024. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS Emerging Markets Equity Opportunity Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years		Inception
Class P^1,2		4.66	%		8.17	%		N/A		0.36	%
Class P2^2,3		4.95			8.93			3.10		(0.91	)
MSCI Emerging Markets Index (net)⁴		4.71			9.83			3.68		0.48

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—1.16% and 1.00%; Class P2—1.15% and 0.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 1.00% for Class P shares and 0.40% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is January 31, 2019.

³ Inception date of Class P2 is June 4, 2018.

⁴ The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of the oldest share class: June 4, 2018.

UBS Emerging Markets Equity Opportunity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Taiwan Semiconductor Manufacturing Co. Ltd.	9.1	%
Samsung Electronics Co. Ltd.	8.4
Tencent Holdings Ltd.	5.6
Reliance Industries Ltd.	4.9
PDD Holdings, Inc.	4.8
Grupo Financiero Banorte SAB de CV	4.5
Kweichow Moutai Co. Ltd.	4.5
HDFC Bank Ltd.	4.3
Bank Central Asia Tbk. PT	3.4
SK Hynix, Inc.	3.1
Total	52.6	%

Top five issuer breakdown by country or territory of origin

China	24.8	%
India	14.7
South Korea	13.6
Taiwan	13.3
Brazil	10.7
Total	77.1	%

Common stocks
Automobiles	2.6	%
Banks	20.9
Beverages	4.5
Broadline retail	8.6
Electronic equipment, instruments & components	2.1
Food products	1.9
Hotels, restaurants & leisure	2.0
Household durables	3.1
Insurance	2.9
Interactive media & services	5.6
Metals & mining	2.5
Oil, gas & consumable fuels	8.7
Paper & forest products	2.5
Pharmaceuticals	1.7
Semiconductors & semiconductor equipment	16.3
Technology hardware, storage & peripherals	8.4
Wireless telecommunication services	1.8
Total common stocks	96.1
Preferred stocks
Banks	2.6
Short-term investments	0.8
Total investments	99.5
Other assets in excess of liabilities	0.5
Net assets	100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 96.1%
Brazil: 8.1%
Hypera SA		1,001,900	$	7,379,727
MercadoLibre, Inc.*		5,399		8,484,744
Petroleo Brasileiro SA, ADR		550,320		8,788,610
Suzano SA		971,501		11,063,289
				35,716,370
China: 24.8%
China Mengniu Dairy Co. Ltd.		3,187,000		8,571,044
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,289,900		5,850,947
Kweichow Moutai Co. Ltd., Class A		80,761		19,654,478
Meituan, Class B*^,1		828,170		8,686,319
Midea Group Co. Ltd., Class A		1,037,646		7,992,809
PDD Holdings, Inc., ADR*		144,454		21,135,065
Ping An Insurance Group Co. of China Ltd., Class H		2,804,500		12,696,302
Tencent Holdings Ltd.		653,000		24,552,833
				109,139,797
Hungary: 2.0%
OTP Bank Nyrt		197,378		8,989,483
India: 14.7%
Axis Bank Ltd.		633,850		8,396,363
Bandhan Bank Ltd.¹		1,479,257		4,291,270
Eicher Motors Ltd.		226,238		11,265,171
HDFC Bank Ltd.		929,735		19,097,199
Reliance Industries Ltd.		696,340		21,631,090
				64,681,093
Indonesia: 5.0%
Bank Central Asia Tbk. PT		24,617,100		15,028,950
Bank Mandiri Persero Tbk. PT		17,653,300		6,936,576
				21,965,526
Mexico: 4.5%
Grupo Financiero Banorte SAB de CV, Class O		1,974,992		19,860,415
Russia: 0.0%^†
Sberbank of Russia PJSC*^,2,3		3,568,865		0
Yandex NV, Class A*^,2,3		257,600		0
				0

	Number of shares		Value
Common stocks—(concluded)
Saudi Arabia: 2.1%
Saudi National Bank		904,740	$	9,336,917
South Africa: 6.2%
Anglo American PLC		439,625		11,042,613
MTN Group Ltd.		1,245,660		7,865,176
Naspers Ltd., Class N		49,066		8,390,239
				27,298,028
South Korea: 13.6%
Samsung Electronics Co. Ltd.		607,126		37,005,506
Samsung SDI Co. Ltd.		24,882		9,118,956
SK Hynix, Inc.		122,946		13,507,927
				59,632,389
Taiwan: 13.3%
ASE Technology Holding Co. Ltd.		1,438,000		6,325,410
MediaTek, Inc.		360,000		11,905,964
Taiwan Semiconductor Manufacturing Co. Ltd.		2,076,000		40,112,348
				58,343,722
Thailand: 1.8%
PTT Exploration & Production PCL, NVDR		1,803,600		7,899,749
Total common stocks (cost $483,156,275)				422,863,489
Preferred stocks: 2.6%
Brazil: 2.6%
Banco Bradesco SA (cost $11,221,124)		3,275,959		11,423,888
Short-term investments: 0.8%
Investment companies: 0.8%
State Street Institutional U.S. Government Money Market Fund, 5.316%⁴(cost $3,707,889)		3,707,889		3,707,889
Total investments: 99.5% (cost $498,085,288)				437,995,266
Other assets in excess of liabilities: 0.5%				2,099,938
Net assets: 100.0%			$	440,095,204

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	422,863,489	$	—	$	0	$	422,863,489
Preferred stocks		11,423,888		—		—		11,423,888
Short-term investments		—		3,707,889		—		3,707,889
Total	$	434,287,377	$	3,707,889	$	0	$	437,995,266

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

* Non-income producing security.

¹ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $12,977,589, represented 2.9% of the Fund's net assets at period end.

² Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

⁴ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
27

UBS Engage For Impact Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class P shares of UBS Engage For Impact Fund (the "Fund") returned 7.89%, while the Class P2 shares returned 8.20%. The Fund's benchmark, the MSCI All Country World Index (net) (the "Index"), returned 7.26% over the same time period. (Returns for all share classes over various time periods are shown on page 31; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was driven primarily by stock selection.

Portfolio performance summary¹

What worked:

• Stock selection within the consumer staples and materials sectors contributed to performance during the reporting period.

• Several individual stock positions were positive for performance, with the largest contributors being:

– Micron Technology's shares outperformed as the company delivered results at the high end of their previous guidance, showing that the pricing environment for semiconductors is improving. The Chief Executive Officer also noted early signs of strong artificial intelligence (AI)-driven demand.

– Chugai Pharmaceutical's shares gained over the reporting period due to strong sales of their Hemlibra drug, used to reduce excessive bleeding. The company also announced positive updates on their early-stage pipeline assets in development, including their middle molecule platform which contributed to performance.

– Suzano contributed to returns following strong quarterly results, with pulp and paper sales both increasing year-over-year. Additionally, Suzano is entering the last phase of the Cerrado Project, a new pulp mill set to increased production capacity to 13.5 million tons per year, on time.

What didn't work:

• Stock selection in the communication services and consumer discretionary sectors were the largest detractors from performance during the period.

• Several individual stock positions negatively impacted performance, with the largest detractors being:

– China Mengniu Dairy's shares declined in line with other Chinese stocks which emerged as an outlier amid the broader rally of global equity markets over the period. We continue to own the stock.

– JTower's shares fell after the announcement that trading house Sumitomo would be providing shared base stations at the Osaka World Expo of 2025 for the four mobile operators. We remain positive on JTower's outlook as they continue to forge agreements to sell shared towers to Docomo, strengthening their business foundation as an open operator. We continue to own the stock.

– Alcon's shares declined slightly in the second half of 2023. Recently, however, we have seen a trend reversal with the share price starting to gain after their dry-eye care drug showed promising results. We continue to own the stock.

The Fund did not invest in derivatives during the reporting period.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS Engage For Impact Fund

Portfolio highlights

UBS Engage For Impact Fund is a high conviction portfolio invested in companies that we believe are attractively valued, that integrate sustainability factors into the business model to build a competitive advantage, whose products and services can create a positive impact on society and the environment (e.g., products and services with a primary or intended focus on consequential impact), and which have a clearly identified potential for additional positive impact that the Advisor intends to drive through engagement with the companies. Companies' impact is aligned with one or more of the United Nations Sustainable Development Goals (SDGs) and the portfolio invests across five impact themes aligned with the SDGs, which are Climate, Health, Food, Water and People Empowerment.

As of December 31, 2023, the portfolio's largest exposure was to SDG 3—Good Health and Well-being (18%), SDG 2—Zero Hunger (15%), and SDG 7—Affordability and Clean Energy (13%).

The Fund's top three overweights and their impact case as of December 31, 2023 were:

Danone

Impact Theme: Food

Product Impact: SDG 2 (Zero Hunger)

Danone is the smallest of the three large European food and beverage companies and has a leading position in plant-based products, as well as attractive specialist nutrition businesses. The company currently estimates that 90% of its sales by volume is derived from healthy products, and Danone is among the three top-performing companies according to the Global Access to Nutrition Index. With management renewal, the recently announced organic transformation plan will likely drive improvements at the company through a simplification and delayering of the organization, by giving local management more control, and by breaking down silos between categories.

Engagement efforts focus on encouraging this industry leader to raise the bar in terms of nutrition, product transparency and marketing to influence the industry generally, in support of SDG 2 (Zero Hunger), as part of the Healthy Markets Coalition. We also engage the company on the importance of reducing plastic use in packaging, in support of SDG 12 (Responsible Production and Consumption).

Spectris

Impact Theme: Climate

Product Impact: SDG 12 (Responsible Consumption and Production)

Spectris is a leader in niche markets in precision instruments, test & measurement, control and process technology, enabling efficiencies in production processes, saving energy, water, molecules and food across a variety of manufacturing applications, from semiconductors to biopharma.

The company is working on a three-year diversity and inclusion plan supported by an external consultant. The plan draws from best practices identified in the US, with a primary objective that employees feel safe and supported regardless of their race and gender, and this goal is being assessed by Spectris's first group-wide employee survey. For now, the company has not set objectives in terms of recruitment, promotion and representation of minorities and genders.

Engagement efforts focus on encouraging the company to set diversity targets and improve employee engagement, in support of SDG 5 (Gender Equality) and SDG 10 (Reduced Inequalities). We also encourage the company to assess and disclose the positive impact of its products, in support of SDG 12 (Responsible Consumption and Production).

UBS Engage For Impact Fund

Ingersoll Rand

Impact Theme: Health

Product Impact: SDG 3

Ingersoll Rand (IR) is a diversified industrial machinery company involved in two core businesses, industrial technologies & services (mission-critical flow creation, such as compression, blowers, vacuums, pumps, etc.) and precision & science tech (medical applications). An important growth driver for IR is their push into medical end markets, where they manufacture a broad range of highly specialized gas, liquid and precision syringe pumps and compressors that are specified by medical and lab equipment suppliers and integrated into their equipment for final use (oxygen therapy, blood dialysis, patient monitoring, lab sterilization and wound treatment).

Engagement efforts continue to focus on dialogue related to the company's climate targets, in support of SDG 12 (Responsible Consumption and Production) and SDG 13 (Climate Action).

UBS Engage For Impact Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			10 years or Inception
Class P^1,2		7.89	%		16.46	%		8.73	%		6.94	%
Class P2^2,3		8.20			17.21			N/A			0.71
MSCI All Country World Index (net)⁴		7.26			22.20			11.72			10.35

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—1.51% and 0.85%; Class P2—1.53% and 0.25%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 0.85% for Class P shares and 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is October 24, 2018.

³ Inception date of Class P2 is February 23, 2021.

⁴ The MSCI All Country World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of the oldest share class: October 24, 2018.

UBS Engage For Impact Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Danone SA	4.4	%
Spectris PLC	4.2
Ingersoll Rand, Inc.	4.0
Micron Technology, Inc.	4.0
Bank Mandiri Persero Tbk. PT	3.9
Alcon, Inc.	3.7
Autodesk, Inc.	3.5
Linde PLC	3.0
Broadcom, Inc.	2.9
Suzano SA	2.9
Total	36.5	%

Top five issuer breakdown by country or territory of origin

United States	54.0	%
Japan	7.7
Switzerland	5.9
France	4.4
United Kingdom	4.2
Total	76.2	%

Common stocks
Automobile components	1.8	%
Automobiles	1.5
Banks	6.8
Beverages	2.3
Biotechnology	2.7
Chemicals	8.2
Commercial services & supplies	1.2
Consumer finance	2.7
Consumer staples distribution & retail	1.7
Diversified consumer services	1.3
Diversified telecommunication services	1.3
Electric utilities	2.2
Electrical equipment	2.8
Electronic equipment, instruments & components	5.9
Food products	7.1
Ground transportation	1.8
Health care equipment & supplies	5.3
Leisure products	1.4
Life sciences tools & services	1.4
Machinery	4.0
Oil, gas & consumable fuels	2.8
Paper & forest products	2.9
Pharmaceuticals	4.8
Professional services	2.4
Semiconductors & semiconductor equipment	9.8
Software	7.3
Specialized REITs	1.6
Technology hardware, storage & peripherals	1.1
Textiles, apparel & luxury goods	2.2
Wireless telecommunication services	1.2
Total common stocks	99.5
Short-term investments	0.2
Investment of cash collateral from securities loaned	4.5	%
Total investments	104.2
Liabilities in excess of other assets	(4.2	)
Net assets	100.0	%

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

UBS Engage For Impact Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 99.5%
Brazil: 2.9%
Suzano SA, ADR		136,169	$	1,546,880
Canada: 1.8%
Canadian Pacific Kansas City Ltd.¹		12,329		975,489
China: 1.4%
China Mengniu Dairy Co. Ltd.		273,000		734,200
France: 4.4%
Danone SA		35,607		2,306,614
Germany: 2.8%
Infineon Technologies AG		35,725		1,490,780
Indonesia: 3.9%
Bank Mandiri Persero Tbk. PT		5,303,800		2,084,042
Ireland: 2.9%
AIB Group PLC		355,737		1,523,738
Japan: 7.7%
Chugai Pharmaceutical Co. Ltd.		36,900		1,398,013
JTOWER, Inc.*^,1		19,300		684,397
Recruit Holdings Co. Ltd.		29,500		1,247,578
Shimano, Inc.		4,800		743,319
				4,073,307
Mexico: 1.2%
America Movil SAB de CV		707,800		656,073
Netherlands: 1.1%
OCI NV¹		20,640		597,892
Portugal: 2.8%
Galp Energia SGPS SA		99,998		1,472,640
Spain: 2.7%
Befesa SA²		6,917		268,788
Iberdrola SA		89,340		1,170,701
				1,439,489
Switzerland: 5.9%
Alcon, Inc.		25,342		1,977,824
Sandoz Group AG*		35,500		1,142,179
				3,120,003
United Kingdom: 4.2%
Spectris PLC		45,896		2,210,766

	Number of shares		Value
Common stocks—(concluded)
United States: 53.8%
AbbVie, Inc.		9,330	$	1,445,870
Aptiv PLC*		10,688		958,927
Autodesk, Inc.*		7,616		1,854,344
Bio-Rad Laboratories, Inc., Class A*		2,232		720,691
Broadcom, Inc.		1,392		1,553,820
Bunge Global SA		7,106		717,351
CF Industries Holdings, Inc.		11,810		938,895
Coursera, Inc.*		35,307		683,897
Digital Realty Trust, Inc.		6,349		854,448
Ecolab, Inc.		6,168		1,223,423
Ingersoll Rand, Inc.		27,680		2,140,771
Linde PLC		3,883		1,594,787
LivaNova PLC*		16,038		829,806
Micron Technology, Inc.		24,912		2,125,990
Montrose Environmental Group, Inc.*		11,968		384,532
NIKE, Inc., Class B		10,830		1,175,813
Primo Water Corp.		81,629		1,228,516
Pure Storage, Inc., Class A*		15,767		562,251
Regal Rexnord Corp.		9,880		1,462,438
Rivian Automotive, Inc., Class A*^,1		34,080		799,517
Roper Technologies, Inc.		1,936		1,055,449
SLM Corp.		75,932		1,451,820
Sprouts Farmers Market, Inc.*		18,593		894,509
Trimble, Inc.*		17,360		923,552
Zoom Video Communications, Inc., Class A*		13,417		964,816
				28,546,233
Total common stocks (cost $48,763,977)				52,778,146
Short-term investments: 0.2%
Investment companies: 0.2%
State Street Institutional U.S. Government Money Market Fund, 5.316%³(cost $130,691)		130,691		130,691
Investment of cash collateral from securities loaned: 4.5%
Money market funds: 4.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%³(cost $2,409,782)		2,409,782		2,409,782
Total investments: 104.2% (cost $51,304,450)				55,318,619
Liabilities in excess of other assets: (4.2%)				(2,248,588	)
Net assets: 100.0%			$	53,070,031

UBS Engage For Impact Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	52,778,146	$	—	$	—	$	52,778,146
Short-term investments		—		130,691		—		130,691
Investment of cash collateral from securities loaned		—		2,409,782		—		2,409,782
Total	$	52,778,146	$	2,540,473	$	—	$	55,318,619

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

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

² Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $268,788, represented 0.5% of the Fund's net assets at period end.

³ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
34

UBS International Sustainable Equity Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class A shares of UBS International Sustainable Equity Fund (the "Fund") returned 3.37% (Class A shares returned -2.32% after the deduction of the maximum sales charge), while Class P shares returned 3.47% and Class P2 shares returned 3.83%. The Fund's benchmark, MSCI World ex-US Index (the "Index"), returned 5.97%. (Class P2 shares have lower expenses than the other share classes offered by the fund. Returns for all share classes over various time periods are shown on page 38; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

Please note; the Fund's benchmark changed on October 1, 2023 to the MSCI World ex-US Index.

While sector allocation contributed to returns, stock selection detracted from performance.

Portfolio performance summary¹

What worked:

• Stock selection in consumer discretionary and the portfolio's overall positioning in information technology contributed to performance during the reporting period.

• Several individual stock positions were positive for performance, with the largest contributors being:

– James Hardie Industries' shares rallied on the back of investor confidence after the company continued to post positive earnings growth despite a slowdown in the housing market.

– OBIC Business Consultants was a beneficiary of artificial intelligence (AI)-related tailwinds, with the company's share price rising in response to stronger demand for cloud services.

What didn't work:

• Stock selection in financials and industrials detracted the most over the reporting period.

• The individual stock positions that negatively impacted performance the most were:

– LG Chem's shares declined due to excess global supply of petrochemicals despite lower demand as a result of weak economic growth. Lack of China stimulus also added pressure on petrochemicals. We continue to own the stock.

– Ping An Insurance's shares traded lower on news that Chinese authorities asked the firm to take a controlling interest in developer Country Garden. Its shares were also weighed down by regulatory scrutiny over zero premium rates for short-term health insurance. We continue to own the stock.

– Aon's share price declined following the announcement of their agreement to acquire NFP for $13.6 billion. Results over the reporting period were mixed, with increased operating expenses and reduced deal volume in mergers and acquisition (M&A) services dampening the company's outlook. We continue to own the stock.

The Fund did not invest in derivatives during the reporting period.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS International Sustainable Equity Fund

Portfolio highlights

Our investment philosophy combines our bottom-up fundamental research with sustainability analysis. We look for companies that are attractively valued and integrate sustainability factors into their business models to build a competitive advantage.

The investment process for the International Sustainable Equity strategy is driven by a combination of fundamental, ESG (Environmental, Social and Governance) and thematic factors. Through this process, we aim to identify our best investment ideas across sectors and geographies from a stock-specific standpoint.

Please see below for summaries on the top active weights in the portfolio, as of December 31, 2023:

Sony Group Corp.

Sony Group Corp. engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. Its earnings are increasingly dependent on three businesses: 1) Music, 2) Game & Network Services (G&NS), and 3) Imaging Products & Solutions (IP&S), which generated 58% of group operating profits in fiscal year 2022. Sony has top positions in all three businesses as compared to peers, and these will continue to drive Sony's growth and share price going forward, in our view. Sony has committed to aggressive decarbonization goals, further increasing their ambitions in 2023, with the plan of reducing its environmental footprint to zero by 2040 and transition to 100% renewable energy by 2030. The company also expects to deliver a 10% reduction in the amount of total plastic packaging used per product by 2025 compared with 2018, and a 10% reduction in virgin plastic used in its supply chain. Sony's corporate governance is also strong versus peers in the Japanese market with split Chief Executive Officer and Chairman roles and a majority independent board.

Schlumberger

Schlumberger is an offshore drilling company that also provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry—including software and seismic technology, integrated asset performance solutions, and reservoir productivity and performance optimization tools. We believe that Schlumberger's global services accompanied with its scale (company operations in ~120 nations), extends its reach to many assets within the industry. There are few companies better situated than Schlumberger which already leverages expertise in carbon capture and storage (60 projects), geothermal (participating in a remarkable 70% of worldwide projects), and hydrogen and lithium. Schlumberger has long-standing efforts in low carbon solutions and provides the platform to build out new business models driven by less carbon-intensive digital offerings and transition growth.

London Stock Exchange

London Stock Exchange is a market data and exchanges company, trading at a discount versus history. Its stock has been under pressure recently due to integration challenges with Refinitiv, but at current levels, we believe we have exposure to the Refinitiv business at a significant discount, and we think there is significant upside opportunity through combining Refinitiv's data capabilities and London Stock Exchange's assets. The trade and post-trade infrastructure London Stock Exchange provides generates essential trading data which, when synthesized with Refinitiv's data warehouse, creates value-accretive network effects. Overall, we believe London Stock Exchange is a good, highly cash generative business with high return on equity. It is also the first global exchange group to commit to net zero through the Business Ambition for 1.5°C and is a member of the United Nations Climate Change 'Race to Zero.'

UBS International Sustainable Equity Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A¹		3.37	%		15.16	%		6.98	%		4.57	%
Class P²		3.47			15.39			7.24			4.83
Class P2^2,3		3.83			16.21			N/A			7.28
After deducting maximum sales charge
Class A¹		(2.32	)%		8.88	%		5.77	%		3.98	%
MSCI ACWI ex-US Index^4,5		5.61			15.62			7.08			3.83
MSCI World ex-US Index⁵		5.97			17.94			8.45			4.32

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class A—1.48% and 1.25%; Class P—1.26% and 1.00%; Class P2—1.21% and 0.25%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), has agreed irrevocably to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) do not exceed 1.25% for Class A shares, 1.00% for Class P shares. This fee waiver and expense arrangement may only be amended or terminated by shareholders. The Advisor has also entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, does not exceed 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³ Inception date of Class P2 is October 30, 2020.

⁴ The MSCI ACWI ex-US Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries*. With 2,311 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. Inception return for the Index is shown as of the inception date of Class A: June 30, 1997.

⁵ Effective October 1, 2023, the MSCI World-ex US Index replaced the MSCI ACWI ex-US Index as the Fund's benchmark because it more closely aligns with the Fund's investment strategy. The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US.) With 871 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Inception return for the Index is shown as of the inception date of Class A: June 30, 1997.

UBS International Sustainable Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Sony Group Corp.	3.6	%
London Stock Exchange Group PLC	2.8
Koninklijke Philips NV	2.6
Schlumberger NV	2.6
Unilever PLC	2.4
Danone SA	2.3
Royal Bank of Canada	2.3
AstraZeneca PLC	2.2
ITOCHU Corp.	2.2
OBIC Business Consultants Co. Ltd.	2.2
Total	25.2	%

Top five issuer breakdown by country or territory of origin

Japan	22.8	%
United Kingdom	13.8
United States	8.9
Switzerland	7.9
France	7.3
Total	60.7	%

Common stocks
Automobile components	3.0	%
Automobiles	3.1
Banks	7.4
Biotechnology	1.0
Capital markets	2.8
Chemicals	5.5
Commercial services & supplies	1.3
Construction materials	2.0
Diversified telecommunication services	3.1
Electrical equipment	2.4
Electronic equipment, instruments & components	3.8
Energy equipment & services	2.6
Entertainment	2.7
Food products	5.4
Ground transportation	2.3
Health care equipment & supplies	4.0
Household durables	3.6
Industrial conglomerates	1.2
Insurance	7.4
IT services	2.7
Life sciences tools & services	1.3
Machinery	3.5
Oil, gas & consumable fuels	2.2
Paper & forest products	1.3
Personal care products	2.4
Pharmaceuticals	5.7
Semiconductors & semiconductor equipment	5.7
Software	2.2
Textiles, apparel & luxury goods	2.7
Trading companies & distributors	4.0
Wireless telecommunication services	0.9
Total common stocks	99.2
Short-term investments	0.4
Investment of cash collateral from securities loaned	5.3
Total investments	104.9
Liabilities in excess of other assets	(4.9	)
Net assets	100.0	%

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

UBS International Sustainable Equity Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 99.2%
Australia: 1.4%
Brambles Ltd.		230,331	$	2,134,643
Brazil: 1.3%
Suzano SA		185,508		2,112,534
Canada: 5.4%
Canadian Pacific Kansas City Ltd.¹		31,764		2,513,217
Gildan Activewear, Inc.¹		74,388		2,460,045
Royal Bank of Canada¹		35,571		3,597,233
				8,570,495
China: 1.8%
China Mengniu Dairy Co. Ltd.		443,000		1,191,394
Ping An Insurance Group Co. of China Ltd., Class H		354,500		1,604,863
				2,796,257
Denmark: 1.0%
Genmab AS *		5,117		1,632,996
Finland: 0.9%
Metso OYJ¹		137,996		1,396,964
France: 7.3%
AXA SA		92,821		3,021,833
Cie Generale des Etablissements Michelin SCA		76,320		2,734,868
Danone SA		56,972		3,690,635
Ubisoft Entertainment SA*		80,547		2,054,938
				11,502,274
Germany: 2.4%
Infineon Technologies AG		50,842		2,121,602
Knorr-Bremse AG		26,627		1,728,419
				3,850,021
Hong Kong: 1.3%
Prudential PLC		176,838		1,999,807
India: 1.4%
Infosys Ltd., ADR		69,678		1,280,681
Mahindra & Mahindra Ltd., GDR²		46,398		978,998
				2,259,679
Ireland: 1.8%
AIB Group PLC		676,442		2,897,422
Italy: 3.4%
Infrastrutture Wireless Italiane SpA³		134,936		1,705,622
PRADA SpA		310,700		1,776,622
Prysmian SpA		42,839		1,947,017
				5,429,261
Japan: 22.9%
FANUC Corp.		79,100		2,326,438
ITOCHU Corp.¹		84,800		3,468,380
Keyence Corp.		7,800		3,436,425
Mitsubishi UFJ Financial Group, Inc.		317,500		2,728,023
NEC Corp.		50,200		2,972,837

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Nippon Telegraph & Telephone Corp.		2,601,900	$	3,179,485
OBIC Business Consultants Co. Ltd.		75,200		3,440,000
Shin-Etsu Chemical Co. Ltd.		55,600		2,333,228
SoftBank Group Corp.		32,200		1,437,125
Sony Group Corp.		59,500		5,658,830
Toyota Motor Corp.		152,600		2,803,619
West Japan Railway Co.		28,000		1,167,858
Yamaha Motor Co. Ltd.¹		121,500		1,085,314
				36,037,562
Luxembourg: 1.3%
Eurofins Scientific SE¹		30,592		1,991,875
Netherlands: 6.7%
ASML Holding NV		2,416		1,818,192
Koninklijke Philips NV		177,200		4,124,647
OCI NV¹		80,491		2,331,635
Universal Music Group NV		79,665		2,269,891
				10,544,365
Norway: 2.7%
Equinor ASA		107,962		3,423,258
Mowi ASA		47,769		855,713
				4,278,971
South Korea: 2.6%
LG Chem Ltd.		5,228		2,025,602
SK Hynix, Inc.		18,349		2,015,982
				4,041,584
Spain: 1.6%
Banco de Sabadell SA		1,995,153		2,451,438
Switzerland: 7.9%
Alcon, Inc.		28,716		2,241,149
Barry Callebaut AG, Registered Shares		1,618		2,729,852
DSM-Firmenich AG		19,000		1,929,705
Novartis AG, Registered Shares		33,112		3,341,318
Sandoz Group AG*		67,408		2,168,789
				12,410,813
Taiwan: 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		28,557		2,969,928
United Kingdom: 13.8%
Ashtead Group PLC		41,784		2,909,060
AstraZeneca PLC		26,158		3,534,284
DCC PLC		25,647		1,888,883
Legal & General Group PLC		840,500		2,690,144
London Stock Exchange Group PLC		37,484		4,431,023
Spectris PLC		53,051		2,555,415
Unilever PLC		79,058		3,827,493
				21,836,302

UBS International Sustainable Equity Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United States: 8.4%
Aon PLC, Class A		8,033	$	2,337,764
Aptiv PLC*		22,550		2,023,186
James Hardie Industries PLC, CDI*		80,906		3,114,485
Schlumberger NV		77,834		4,050,481
Schneider Electric SE		8,867		1,779,395
				13,305,311
Total common stocks (cost $156,486,369)				156,450,502

	Number of shares		Value
Short-term investments: 0.4%
Investment companies: 0.4%
State Street Institutional U.S. Government Money Market Fund, 5.316%⁴(cost $688,077)		688,077	$	688,077
Investment of cash collateral from securities loaned: 5.3%
Money market funds: 5.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%⁴(cost $8,366,322)		8,366,322		8,366,322
Total investments: 104.9% (cost $165,540,768)				165,504,901

Liabilities in excess of other assets: (4.9%)					(7,744,507	)
Net assets: 100.0%				$	157,760,394

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	156,450,502	$	—	$	—	$	156,450,502
Short-term investments		—		688,077		—		688,077
Investment of cash collateral from securities loaned		—		8,366,322		—		8,366,322
Total	$	156,450,502	$	9,054,399	$	—	$	165,504,901

At December 31, 2023, there were no transfers in or out of Level 3.

UBS International Sustainable Equity Fund

Portfolio of investments

December 31, 2023 (unaudited)

Portfolio footnotes

* Non-income producing security.

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

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

³ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,705,622, represented 1.1% of the Fund's net assets at period end.

⁴ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
42

UBS US Dividend Ruler Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class P shares of UBS US Dividend Ruler Fund (the "Fund") returned 5.81% while Class P2 shares returned 5.96%. For comparison purposes, the S&P 500 Index (the "Index") returned 8.04%. Returns for all share classes over various time periods are shown on page 45; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.

Fund overview

The Fund's investment objective seeks to maximize total return, consisting of both capital appreciation and current income. To achieve its objective the Fund focuses on fundamentally attractive dividend paying stocks.

Portfolio performance summary¹

What worked

• In terms of stock selection, holdings in the health care and energy sectors were most additive to performance relative to the S&P 500 Index.

• In terms of sector allocation, the portfolio's slight overweight to the information technology sector and underweight to consumer discretionary were very modest contributors to relative performance.

• A number of individual holdings were beneficial for absolute performance, including:

– Broadcom's shares rallied given its growing exposure to artificial intelligence (AI) infrastructure. Broadcom provides custom ASICs (application-specific integrated circuits) and is the design partner for Google's TPUs (tensor processing unit). In addition, the company's networking switching portfolio stands to benefit from cloud service providers and hyperscalers upgrading to next-gen speeds to support AI workloads.

– Microsoft's share gains were buoyed by the excitement surrounding generative AI. While AI enterprise adoption remains in its early days, Microsoft appears to be a clear frontrunner in monetizing its vast amount of data across Office 365 applications, while its Azure cloud is a key differentiator.

– JPMorgan Chase's stock rallied in the second half of 2023 amid the broader market rotation towards more cyclically-exposed companies. Strong net interest income, benign consumer credit trends, and expectations of a recovery in capital markets activity boosted the stock.

What didn't work

• Stock selection within the industrials, utilities, consumer discretionary, and consumer staples sectors detracted from relative performance.

• In terms of sector allocation, the portfolio's underweight to communication services and overweight to utilities were the largest detractors from relative performance.

• Several individual fund holdings weighed on absolute performance, including:

– Shares of RTX slid amid manufacturing issues with its geared turbofan engines which resulted in the need to accelerate inspection schedules. The associated cost of grounding the impacted planes, including actual repairs and remediation to airline customers, led management to cut its free cash flow guidance for 2024. We subsequently removed the stock from the portfolio in October 2023.

– NextEra Energy stock (the largest utility in the S&P 500 by market capitalization) faced various macro and micro headwinds in 2023. The rotation away from defensive stocks and the intra-year surge in interest rates

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS US Dividend Ruler Fund

weighed on both the stock and the broader utilities sector. At a company level, financing concerns with its "yieldco" limited partnership led investors to question the company's ability to hit its earnings growth targets. By year's end, the swift decline in interest rates and greater management transparency helped assuage near-term concerns. With NextEra's distinct competitive advantages in renewables combined with its undemanding valuation, we believe the company remains an attractive long-term portfolio holding. We continue to hold the stock.

– Two straight quarters of decelerating growth in Oracle's Cloud Infrastructure segment weighed on shares of Oracle. While the company is experiencing near-term scaling issues in bringing datacenter capacity online to meet robust demand, we expect these issues to improve in the coming quarters. Longer-term, we still view Oracle as early-days in their ongoing cloud transition which should translate to faster revenue and earnings growth over time. We continue to hold the stock.

The Fund did not invest in derivatives during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.

UBS US Dividend Ruler Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			Inception
Class P^1,2		5.81	%		13.56	%		12.43	%
Class P2^2,3		5.96			N/A			16.91
S&P 500 Index⁴		8.04			26.29			14.43

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—0.93% and 0.50% and for Class P2 shares as in the October 27, 2023 prospectus were as follows: 1.15% and 0.15%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 0.50% for Class P shares and 0.15% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is July 9, 2020.

³ Inception date of Class P2 is March 15, 2023.

⁴ The S&P 500 Index is an unmanaged, weighted index comprising 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of the oldest share class: July 9, 2020.

UBS US Dividend Ruler Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Microsoft Corp.	11.1	%
Broadcom, Inc.	4.7
Accenture PLC	3.9
Oracle Corp.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd.	3.7
UnitedHealth Group, Inc.	3.6
JPMorgan Chase & Co.	3.5
Exxon Mobil Corp.	3.3
AbbVie, Inc.	3.2
Abbott Laboratories	3.1
Total	43.9	%

Issuer breakdown by country or territory of origin

United States	95.6	%
Taiwan	3.7
United Kingdom	0.5
Total	99.8	%

Common stocks
Air freight & logistics	2.5	%
Banks	3.5
Beverages	3.4
Biotechnology	3.2
Building products	1.0
Capital markets	5.3
Chemicals	3.0
Commercial services & supplies	1.6
Electric utilities	2.9
Ground transportation	2.8
Health care equipment & supplies	3.1
Health care providers & services	3.6
Hotels, restaurants & leisure	5.5
Household products	2.3
Industrial conglomerates	2.4
Industrial REITs	2.8
Insurance	5.0
IT services	3.9
Oil, gas & consumable fuels	6.4
Pharmaceuticals	2.8
Professional services	2.3
Semiconductors & semiconductor equipment	11.4
Software	14.9
Specialty retail	2.5
Total common stocks	98.1
Short-term investments	1.7
Total investments	99.8
Other assets in excess of liabilities	0.2
Net assets	100.0	%

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

UBS US Dividend Ruler Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 98.1%
Air freight & logistics: 2.5%
United Parcel Service, Inc., Class B		25,932	$	4,077,288
Banks: 3.5%
JPMorgan Chase & Co.		33,608		5,716,721
Beverages: 3.4%
Coca-Cola Co.		81,182		4,784,055
Diageo PLC, ADR		5,521		804,189
				5,588,244
Biotechnology: 3.2%
AbbVie, Inc.		34,379		5,327,714
Building products: 1.0%
Trane Technologies PLC		6,934		1,691,203
Capital markets: 5.3%
BlackRock, Inc.		5,648		4,585,046
Morgan Stanley		45,068		4,202,591
				8,787,637
Chemicals: 3.0%
Linde PLC		12,280		5,043,519
Commercial services & supplies: 1.6%
Republic Services, Inc.		15,913		2,624,213
Electric utilities: 2.9%
American Electric Power Co., Inc.		22,092		1,794,312
NextEra Energy, Inc.		50,642		3,075,995
				4,870,307
Ground transportation: 2.8%
Union Pacific Corp.		18,910		4,644,674
Health care equipment & supplies: 3.1%
Abbott Laboratories		46,956		5,168,447
Health care providers & services: 3.6%
UnitedHealth Group, Inc.		11,276		5,936,476
Hotels, restaurants & leisure: 5.5%
McDonald's Corp.		14,184		4,205,698
Starbucks Corp.		51,063		4,902,558
				9,108,256
Household products: 2.3%
Procter & Gamble Co.		26,098		3,824,401
Industrial conglomerates: 2.4%
Honeywell International, Inc.		18,972		3,978,618
Industrial REITs: 2.8%
Prologis, Inc.		35,299		4,705,357
Insurance: 5.0%
Chubb Ltd.		20,457		4,623,282
Marsh & McLennan Cos., Inc.		19,215		3,640,666
				8,263,948

	Number of shares		Value
Common stocks—(concluded)
IT services: 3.9%
Accenture PLC, Class A		18,638	$	6,540,260
Oil, gas & consumable fuels: 6.4%
EOG Resources, Inc.		22,087		2,671,423
Exxon Mobil Corp.		54,419		5,440,811
Phillips 66		18,779		2,500,236
				10,612,470
Pharmaceuticals: 2.8%
Johnson & Johnson		29,190		4,575,241
Professional services: 2.3%
Automatic Data Processing, Inc.		16,070		3,743,828
Semiconductors & semiconductor equipment: 11.4%
Analog Devices, Inc.		25,356		5,034,687
Broadcom, Inc.		6,943		7,750,124
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		58,700		6,104,800
				18,889,611
Software: 14.9%
Microsoft Corp.		49,064		18,450,027
Oracle Corp.		59,712		6,295,436
				24,745,463
Specialty retail: 2.5%
Home Depot, Inc.		11,936		4,136,421
Total common stocks (cost $143,399,187)				162,600,317
Short-term investments: 1.7%
Investment companies: 1.7%
State Street Institutional U.S. Government Money Market Fund, 5.316%¹(cost $2,770,444)		2,770,444		2,770,444
Total investments: 99.8% (cost $146,169,631)				165,370,761
Other assets in excess of liabilities: 0.2%				369,014
Net assets: 100.0%			$	165,739,775

UBS US Dividend Ruler Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	162,600,317	$	—	$	—	$	162,600,317
Short-term investments		—		2,770,444		—		2,770,444
Total	$	162,600,317	$	2,770,444	$	—	$	165,370,761

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

¹ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
48

UBS US Quality Growth At Reasonable Price Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class P shares of UBS US Quality Growth at Reasonable Price Fund (the "Fund") returned 12.24%. For comparison purposes, the Russell 1000 Growth Index (the "Index") returned 10.59%. (Returns for Class P shares over various time periods are shown on page 51; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

Fund overview

The Fund seeks to provide capital appreciation. To achieve its investment goal, the Fund invests in, or seeks exposure to, stocks with attractive growth, quality, and valuation profiles.

Portfolio performance summary¹

What worked

• Stock selection within the information technology, consumer staples, and consumer discretionary sectors were meaningful contributors to performance relative to the Russell 1000 Growth Index.

• Within sectors, our energy and industrials allocations were very modest contributors to performance.

• A number of individual holdings were beneficial for absolute performance, including:

– Microsoft's share gains were buoyed by the excitement surrounding generative artificial intelligence (AI). While AI enterprise adoption remains in its early days, Microsoft appears to be a clear frontrunner in monetizing its vast amount of data across Office 365 applications, while its Azure cloud is a key differentiator.

– Critical to the recovery in Amazon.com stock has been the significant operating margin improvement in its e-commerce segment. After significant investments focused on meeting elevated pandemic-driven demand and expanding its logistic network to provide faster delivery times, the company has rightsized its cost base and is growing into its footprint. Its shares have also benefited from a stabilization in the company's Amazon Web Services cloud segment and interest around its AI efforts.

– Shares of Alphabet benefited from strong digital advertising markets leading to better Search and YouTube revenues. Though the race to commercializing AI at the enterprise level remains in it early days, Alphabet's suite of competitive products and foundational models should help it win a piece of the pie, in our view.

What didn't work

• Stock selection in the energy and financials sectors were slight detractors from relative performance.

• In terms of sector allocation, our underweight to communication services and overweight to consumer staples modestly detracted from performance.

• Several individual holdings weighed on absolute performance, including:

– Despite strong operational results from Intuitive Surgical, its shares were weighed down by concerns of GLP-1 drug uptake disrupting bariatric procedures and anti-corruption campaigns across China's broader healthcare system—not specific to Intuitive—potentially delaying system purchases and hospital procedures. It's worth noting however, that bariatric procedures account for a small portion of Intuitive's total volumes and that GLP-1s may eventually unlock new opportunities for patient procedures. On China, while activity in the country could see near-term disruption, it shouldn't impact the longer-term growth opportunity for Intuitive given its significant lead in robotic assisted surgery and holistic set of approved procedures. We continue to hold the stock.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS US Quality Growth At Reasonable Price Fund

– Shares of Apple underperformed amid expectations of weaker iPhone demand, greater smartphone competition, and heightened geopolitical risk. Given Apple's expansive user base and ecosystem, the company's economic moat appears intact, which should help drive consistent high returns on capital. We continue to hold the stock.

– Estée Lauder's stock lagged given persisting headwinds from weak Asia travel retail and the Chinese consumer. We removed the stock from the portfolio in August 2023.

The Fund did not invest in derivatives during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.

UBS US Quality Growth At Reasonable Price Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			Since Inception
Class P^1,2		12.24	%		35.51	%		12.23	%
Russell 1000 Growth Index³		10.59			42.68			13.41

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—0.83% and 0.50%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is July 9, 2020.

³ Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992. Inception return for the Index is shown as of the inception date of Class P: July 9, 2020.

UBS US Quality Growth At Reasonable Price Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Microsoft Corp.	13.2	%
Amazon.com, Inc.	7.7
Apple, Inc.	6.8
Alphabet, Inc.	6.6
Meta Platforms, Inc.	4.8
Visa, Inc.	3.5
Eli Lilly & Co.	3.5
UnitedHealth Group, Inc.	2.9
Salesforce, Inc.	2.7
Accenture PLC	2.5
Total	54.2	%

Issuer breakdown by country or territory of origin

United States	98.8	%
Netherlands	1.1
Total	99.9	%

Common stocks
Beverages	2.0	%
Broadline retail	7.7
Capital markets	3.0
Chemicals	2.0
Consumer staples distribution & retail	2.2
Electrical equipment	0.9
Energy equipment & services	1.2
Financial services	5.7
Ground transportation	1.8
Health care equipment & supplies	4.3
Health care providers & services	2.9
Hotels, restaurants & leisure	1.7
Industrial conglomerates	1.0
Interactive media & services	11.5
IT services	2.5
Life sciences tools & services	2.3
Machinery	1.3
Pharmaceuticals	3.5
Semiconductors & semiconductor equipment	6.7
Software	19.8
Specialized REITs	2.0
Specialty retail	3.7
Technology hardware, storage & peripherals	6.8
Textiles, apparel & luxury goods	1.7
Total common stocks	98.2
Short-term investments	1.7
Total investments	99.9
Other assets in excess of liabilities	0.1
Net assets	100.0	%

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

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 98.2%
Beverages: 2.0%
Coca-Cola Co.		77,429	$	4,562,891
Broadline retail: 7.7%
Amazon.com, Inc.*		117,092		17,790,958
Capital markets: 3.0%
Ameriprise Financial, Inc.		9,213		3,499,374
S&P Global, Inc.		7,632		3,362,048
				6,861,422
Chemicals: 2.0%
Sherwin-Williams Co.		14,613		4,557,795
Consumer staples distribution & retail: 2.2%
Costco Wholesale Corp.		7,609		5,022,549
Electrical equipment: 0.9%
Rockwell Automation, Inc.		6,938		2,154,110
Energy equipment & services: 1.2%
Schlumberger NV		52,790		2,747,192
Financial services: 5.7%
Mastercard, Inc., Class A		11,973		5,106,604
Visa, Inc., Class A		31,214		8,126,565
				13,233,169
Ground transportation: 1.8%
Union Pacific Corp.		17,240		4,234,489
Health care equipment & supplies: 4.3%
Abbott Laboratories		29,896		3,290,653
Boston Scientific Corp.*		58,734		3,395,413
Intuitive Surgical, Inc.*		9,890		3,336,490
				10,022,556
Health care providers & services: 2.9%
UnitedHealth Group, Inc.		12,920		6,801,992
Hotels, restaurants & leisure: 1.7%
Chipotle Mexican Grill, Inc.*		1,778		4,066,215
Industrial conglomerates: 1.0%
Honeywell International, Inc.		11,624		2,437,669
Interactive media & services: 11.5%
Alphabet, Inc., Class A*		110,706		15,464,521
Meta Platforms, Inc., Class A*		31,609		11,188,322
				26,652,843
IT services: 2.5%
Accenture PLC, Class A		16,824		5,903,710

	Number of shares		Value
Common stocks—(concluded)
Life sciences tools & services: 2.3%
Danaher Corp.		8,731	$	2,019,829
Thermo Fisher Scientific, Inc.		6,359		3,375,294
				5,395,123
Machinery: 1.3%
Parker-Hannifin Corp.		6,591		3,036,474
Pharmaceuticals: 3.5%
Eli Lilly & Co.		13,771		8,027,391
Semiconductors & semiconductor equipment: 6.7%
Advanced Micro Devices, Inc.*		34,374		5,067,071
Applied Materials, Inc.		28,139		4,560,488
ASML Holding NV, Registered Shares		3,348		2,534,168
Broadcom, Inc.		3,104		3,464,840
				15,626,567
Software: 19.8%
Intuit, Inc.		9,010		5,631,520
Microsoft Corp.		81,847		30,777,746
Palo Alto Networks, Inc.*		11,719		3,455,699
Salesforce, Inc.*		23,660		6,225,892
				46,090,857
Specialized REITs: 2.0%
American Tower Corp.		21,870		4,721,296
Specialty retail: 3.7%
O'Reilly Automotive, Inc.*		3,581		3,402,236
TJX Cos., Inc.		55,164		5,174,935
				8,577,171
Technology hardware, storage & peripherals: 6.8%
Apple, Inc.		82,237		15,833,090
Textiles, apparel & luxury goods: 1.7%
NIKE, Inc., Class B		36,630		3,976,919
Total common stocks (cost $191,129,535)				228,334,448
Short-term investments: 1.7%
Investment companies: 1.7%
State Street Institutional U.S. Government Money Market Fund, 5.316%¹(cost $3,927,367)		3,927,367		3,927,367
Total investments: 99.9% (cost $195,056,902)				232,261,815
Other assets in excess of liabilities: 0.1%				343,219
Net assets: 100.0%			$	232,605,034

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	228,334,448	$	—	$	—	$	228,334,448
Short-term investments		—		3,927,367		—		3,927,367
Total	$	228,334,448	$	3,927,367	$	—	$	232,261,815

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

¹ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
54

UBS U.S. Small Cap Growth Fund

Portfolio performance

For the six-months ended December 31, 2023, Class A shares of UBS U.S. Small Cap Growth Fund (the "Fund") returned 3.88% (Class A shares returned -1.80% after the deduction of the maximum sales charge), while Class P shares returned 3.99%. The Fund's benchmark, the Russell 2000 Growth Index (the "Index"), returned 4.50% over the same time period. (Class P shares have lower expenses than the other share class of the Fund. Returns for all share classes over various time periods are shown on page 58; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was driven primarily by stock selection decisions.

Portfolio performance summary¹

What worked:

• Within stock selection, Elastic was the top contributor to performance.

– Elastic provides information technology and data analysis services, including monitoring, security analysis, enterprise search, cloud computing, and open-source application performance monitoring solutions. The company reported strong quarterly results that exceeded expectations, due in part to the increased adoption of their Elasticsearch Relevance Engine (ESRE).

• Several other stock selection decisions benefited performance.

– Rhythm Pharmaceuticals specializes in the development of molecule therapies targeting metabolic pathways for the treatment of obesity, diabetes, and gastrointestinal functional disorders. The company reported sales of Imcivree that met expectations and reiterated guidance that they expect to complete enrollment in their Phase 3 Hypothalamic Obesity (HO) trial by the end of 2023.

– Weatherford provides oil field services and equipment. Its shares continued to rise as the price of oil rebounded, in addition to follow through after the company reported strong quarterly results and raised guidance for the full year 2023.

– Varonis Systems designs and develops data security software solutions. Its shares rose after the company reported better than expected quarterly results, driven by a faster than expected transition to SaaS (software as a service). The company is also seeing early use cases as a Generative AI (artificial intelligence) enabler for its enterprise customers.

– Boise Cascade is an integrated wood products manufacturer and building materials distributor. The stock benefited from positive sentiment around the continued resilience of the homebuilding industry in the US.

• Within sector allocation, the Fund's overweight to information technology and consumer discretionary contributed to returns over the reporting period.

What didn't work:

• Certain stock selection decisions detracted from the Fund's returns during the reporting period.

– Inspire Medical Systems develops implantable neurostimulation systems to treat obstructive sleep apnea. Medical device companies have been broadly weak due to concerns that GLP-1 induced weight loss may pressure demand for medical devices and procedures. We maintained our position in the stock at the close of the period but sold shortly thereafter.

¹ For a detailed commentary on the market environment in general during the reporting period, see page 2.

UBS U.S. Small Cap Growth Fund

– Treace Medical Concepts operates as an orthopedic medical device company that develops lapiplasty 3D bunion correction systems. Medical device companies were broadly weak as concerns that GLP-1 induced weight loss will pressure demand for the company's products. We sold the stock during the reporting period.

– MasTec is a contractor that specializes in the building, installation, maintenance, and upgrade of utility and communications infrastructure. The stock declined sharply after reporting quarterly results and providing an earnings forecast for the remainder of the year that disappointed investors as their acquisition of Infrastructure and Energy Alternatives, Inc. was not yielding the anticipated results. We maintain our position in the stock.

– R1 RCM operates a revenue cycle management company for healthcare providers. Its shares fell due to investor concerns over potential accounting related issues, as well as the announcement that a major customer was terminating its contract due to performance issues. We maintain our position in the stock.

– Confluent offers data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. Its shares fell after the company reported third quarter results that were below expectations and announced a change in their go-to-market sales motion. We maintain our position in the stock.

• Within sector allocation, the Fund's underweight positions in industrials and financials detracted from returns.

The Fund did not invest in derivatives during the reporting period.

Portfolio highlights

Medpace is a leading, full-service clinical research organization (CRO) that provides an integrated and efficient platform covering all major therapeutic areas. The company is benefiting from a large drug development pipeline as well as from the above average level of biotech funding levels. The company's focus on a full-service operating model positions them well with small-to-mid sized companies.

Universal Display is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials. We remain positive regarding expected OLED industry shipments in the coming years as manufacturing capacity continues to grow and adoption across more form factors (mobile, TV, auto, etc.) continues to broaden.

Ryman Hospitality Properties specializes in group-oriented and destination hotel assets in urban and resort markets. The company should benefit from increased demand for corporate meetings and events after several years of limited activity during the early stages of the Covid-19 pandemic. Additionally, the company has been making investments in their existing properties to increase the number of rooms available for booking, which can help drive growth over time.

CyberArk Software is a leading provider of Privileged Access Management solutions that help secure accounts, credentials, and secrets across devices and data centers. CyberArk is benefiting from increasing complexity across the IT environments, an increase in cybersecurity threats and increasing government regulation and compliance requirements.

AZEK is a manufacturer of sustainable building products for residential and commercial markets. AZEK may continue to benefit from repair and renovation trends and from a switch from traditional wood to composite solutions. Further the company's vertically integrated recycling and manufacturing initiatives could continue to result in additional margin expansion.

UBS U.S. Small Cap Growth Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A¹		3.88	%		13.56	%		12.14	%		8.39	%
Class P²		3.99			13.80			12.42			8.67
After deducting maximum sales charge
Class A¹		(1.80	)%		7.29	%		10.89	%		7.78	%
Russell 2000 Growth Index³		4.50			18.66			9.22			7.16

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class A—1.54% and 1.24%; Class P—1.30% and 0.99%; Class P2—1.30% and 0.15%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc. the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 1.24% for Class A shares and 0.99% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

³ The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

The Fund invests in IPOs which may have a magnified impact on performance.

UBS U.S. Small Cap Growth Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Ryman Hospitality Properties, Inc.	2.8	%
Medpace Holdings, Inc.	2.5
Universal Display Corp.	2.4
Varonis Systems, Inc.	2.0
AZEK Co., Inc.	1.9
Simpson Manufacturing Co., Inc.	1.9
Performance Food Group Co.	1.9
CyberArk Software Ltd.	1.9
Elastic NV	1.8
Pure Storage, Inc.	1.8
Total	20.9	%

Issuer breakdown by country or territory of origin

United States	97.2	%
Israel	1.7
United Kingdom	0.9
Ireland	0.3
Total	100.1	%

Common stocks
Aerospace & defense	2.4	%
Air freight & logistics	1.3
Automobile components	1.7
Banks	2.9
Biotechnology	9.8
Building products	3.8
Construction & engineering	2.0
Consumer staples distribution & retail	1.9
Containers & packaging	1.2
Diversified consumer services	1.8
Electrical equipment	2.1
Energy equipment & services	1.5
Financial services	3.5
Ground transportation	1.1
Health care equipment & supplies	3.4
Health care providers & services	3.9
Hotel & resort REITs	2.8
Hotels, restaurants & leisure	6.9
Household durables	1.7
IT services	2.4
Life sciences tools & services	3.3
Machinery	1.0
Metals & mining	1.4
Oil, gas & consumable fuels	2.1
Personal care products	1.7
Pharmaceuticals	1.7
Professional services	1.3
Semiconductors & semiconductor equipment	4.9
Software	17.5
Technology hardware, storage & peripherals	3.3
Textiles, apparel & luxury goods	0.8
Trading companies & distributors	1.5
Total common stocks	98.6
Short-term investments	1.5
Investment of cash collateral from securities loaned	0.7
Total investments	100.8
Liabilities in excess of other assets	(0.8	)
Net assets	100.0	%

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

UBS U.S. Small Cap Growth Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 98.6%
Aerospace & defense: 2.4%
AeroVironment, Inc.*		12,910	$	1,627,177
BWX Technologies, Inc.		17,792		1,365,180
				2,992,357
Air freight & logistics: 1.3%
GXO Logistics, Inc.*		25,887		1,583,249
Automobile components: 1.7%
Visteon Corp.*		17,046		2,129,045
Banks: 2.9%
Columbia Banking System, Inc.		44,467		1,186,379
First Bancorp		33,003		1,221,441
Prosperity Bancshares, Inc.		18,130		1,227,945
				3,635,765
Biotechnology: 9.8%
Arcellx, Inc.*		13,887		770,728
Arrowhead Pharmaceuticals, Inc.*		25,011		765,337
Deciphera Pharmaceuticals, Inc.*		49,909		805,032
Ideaya Biosciences, Inc.*		30,729		1,093,338
Immunocore Holdings PLC, ADR*		15,400		1,052,128
Immunovant, Inc.*		18,646		785,556
Insmed, Inc.*		34,664		1,074,237
Intellia Therapeutics, Inc.*		9,236		281,606
Kymera Therapeutics, Inc.*		20,169		513,503
Protagonist Therapeutics, Inc.*		31,047		711,908
Prothena Corp. PLC*		10,547		383,278
RAPT Therapeutics, Inc.*		38,556		958,116
Relay Therapeutics, Inc.*		37,186		409,418
Rhythm Pharmaceuticals, Inc.*		21,843		1,004,123
Viking Therapeutics, Inc.*		54,800		1,019,828
Xencor, Inc.*		26,822		569,431
				12,197,567
Building products: 3.8%
AZEK Co., Inc.*		61,648		2,358,036
Simpson Manufacturing Co., Inc.		11,812		2,338,540
				4,696,576
Construction & engineering: 2.0%
Ameresco, Inc., Class A*^,1		29,099		921,565
MasTec, Inc.*		20,663		1,564,603
				2,486,168
Consumer staples distribution & retail: 1.9%
Performance Food Group Co.*		33,808		2,337,823
Containers & packaging: 1.2%
Graphic Packaging Holding Co.		59,672		1,470,915
Diversified consumer services: 1.8%
Duolingo, Inc.*		9,731		2,207,477

	Number of shares		Value
Common stocks—(continued)
Electrical equipment: 2.1%
Regal Rexnord Corp.		14,765	$	2,185,516
Shoals Technologies Group, Inc., Class A*		27,706		430,551
				2,616,067
Energy equipment & services: 1.5%
Weatherford International PLC*		19,001		1,858,868
Financial services: 3.5%
Essent Group Ltd.		18,625		982,282
Flywire Corp.*		58,424		1,352,516
Shift4 Payments, Inc., Class A*		27,148		2,018,182
				4,352,980
Ground transportation: 1.1%
Werner Enterprises, Inc.		31,560		1,337,197
Health care equipment & supplies: 3.4%
AtriCure, Inc.*		30,049		1,072,449
CONMED Corp.		13,799		1,511,128
Inspire Medical Systems, Inc.*		8,134		1,654,700
				4,238,277
Health care providers & services: 3.9%
NeoGenomics, Inc.*		33,440		541,059
R1 RCM, Inc.*		81,817		864,806
RadNet, Inc.*		51,467		1,789,508
Surgery Partners, Inc.*^,1		51,887		1,659,865
				4,855,238
Hotel & resort REITs: 2.8%
Ryman Hospitality Properties, Inc.		32,089		3,531,715
Hotels, restaurants & leisure: 6.9%
Bloomin' Brands, Inc.		59,428		1,672,898
Churchill Downs, Inc.		14,037		1,894,013
Dave & Buster's Entertainment, Inc.*		29,640		1,596,114
First Watch Restaurant Group, Inc.*		78,900		1,585,890
Shake Shack, Inc., Class A*		24,908		1,846,181
				8,595,096
Household durables: 1.7%
TopBuild Corp.*		5,563		2,082,008
IT services: 2.4%
DigitalOcean Holdings, Inc.*		25,390		931,559
Wix.com Ltd.*		17,187		2,114,345
				3,045,904
Life sciences tools & services: 3.3%
Medpace Holdings, Inc.*		9,928		3,043,230
Repligen Corp.*		5,956		1,070,889
				4,114,119

UBS U.S. Small Cap Growth Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Machinery: 1.0%
Chart Industries, Inc.*		8,964	$	1,222,062
Metals & mining: 1.4%
ATI, Inc.*		38,401		1,746,093
Oil, gas & consumable fuels: 2.1%
Chesapeake Energy Corp.¹		17,921		1,378,842
Matador Resources Co.		22,278		1,266,727
				2,645,569
Personal care products: 1.7%
BellRing Brands, Inc.*		37,240		2,064,213
Pharmaceuticals: 1.7%
Arvinas, Inc.*		24,673		1,015,541
Intra-Cellular Therapies, Inc.*		14,499		1,038,418
				2,053,959
Professional services: 1.3%
KBR, Inc.		19,874		1,101,218
Sterling Check Corp.*^,1		38,741		539,275
				1,640,493
Semiconductors & semiconductor equipment: 4.9%
Impinj, Inc.*		18,889		1,700,577
Lattice Semiconductor Corp.*		20,674		1,426,299
Universal Display Corp.		15,577		2,979,257
				6,106,133
Software: 17.5%
Appfolio, Inc., Class A*		8,838		1,531,095
Braze, Inc., Class A*		37,512		1,993,013
Clearwater Analytics Holdings, Inc., Class A*		81,692		1,636,291
Confluent, Inc., Class A*		70,973		1,660,768
CyberArk Software Ltd.*		10,621		2,326,530
DoubleVerify Holdings, Inc.*		45,121		1,659,550
Elastic NV*		20,345		2,292,881
Gitlab, Inc., Class A*		32,871		2,069,558

	Number of shares		Value
Common stocks—(concluded)
Software—(concluded)
Jamf Holding Corp.*		57,714	$	1,042,315
PowerSchool Holdings, Inc., Class A*		61,139		1,440,435
Sprout Social, Inc., Class A*		25,306		1,554,801
Varonis Systems, Inc.*		55,334		2,505,524
				21,712,761
Technology hardware, storage & peripherals: 3.3%
Pure Storage, Inc., Class A*		62,648		2,234,028
Super Micro Computer, Inc.*		6,674		1,897,151
				4,131,179
Textiles, apparel & luxury goods: 0.8%
Tapestry, Inc.		25,861		951,943
Trading companies & distributors: 1.5%
Boise Cascade Co.		14,716		1,903,662
Total common stocks (cost $105,216,635)				122,542,478
Short-term investments: 1.5%
Investment companies: 1.5%
State Street Institutional U.S. Government Money Market Fund, 5.316%²(cost $1,926,186)		1,926,186		1,926,186
Investment of cash collateral from securities loaned: 0.7%
Money market funds: 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%²(cost $882,978)		882,978		882,978
Total investments: 100.8% (cost $108,025,799)				125,351,642
Liabilities in excess of other assets: (0.8%)				(1,005,901	)
Net assets: 100.0%			$	124,345,741

UBS U.S. Small Cap Growth Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	122,542,478	$	—	$	—	$	122,542,478
Short-term investments		—		1,926,186		—		1,926,186
Investment of cash collateral from securities loaned		—		882,978		—		882,978
Total	$	122,542,478	$	2,809,164	$	—	$	125,351,642

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

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

² Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
62

UBS Sustainable Development Bank Bond Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class P shares of UBS Sustainable Development Bank Bond Fund (the "Fund") returned 3.07% while Class P2 shares returned 3.15%. For comparison purposes, the Bloomberg U.S. Treasury Index (the "Index") returned 2.43%. The Fund's secondary benchmark, the Solactive Global Multilateral Development Bank Bond USD 40% 1-5 Year 60% 5-10 Year Total Return Index, retuned 3.11% during the reporting period. (Returns for all share classes over various time periods are shown on page 64; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

Fund overview

The Fund seeks current income. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds and/or instruments that provide exposure to bonds issued by development banks. Development banks are financial organizations formed by government entities to promote economic and social development.

The development bank bond market typically follows high-quality US government bonds. As each of the global Multilateral Development Banks ("MDB") are supranational entities backed by multiple member governments, MDBs historically have a similar credit profile to major sovereign issuers, such as the US government. Consequently, MDB bonds have generally delivered comparable returns to US Treasurys.

Market review

During the reporting period the Federal Reserve continued its monetary tightening cycle, with the Federal Funds Rate lifted to a range of 5.25%—5.50%. Rate hikes have been necessary to counter elevated inflation, which has since started to moderate. No further rate hikes are expected from the Fed, and the market is starting to focus on the timing of the first rate cuts. Against this backdrop, the yield of two-year US Treasurys started to fall by around 65 basis points (bps) (i.e., 0.65%) to 4.25%, whereas the yield of 10-year Treasuries barely moved. This led to a re-steepening of the US yield curve, bringing the difference between the 2-year and the 10-year US Treasury rate to a level of around -37 bps (i.e., -0.37%).

In this environment, US Treasurys underperformed riskier parts of the US fixed income markets. Sustainable development banks (SDB) traded in line with US Treasurys.

Portfolio performance summary

The Fund is passively managed and seeks to minimize tracking error relative to its secondary benchmark (before fees and expenses), which is constructed from a blend of two market indexes designed to measure the performance of the US dollar-denominated multilateral development bank bond market. During the reporting period, the Fund modestly underperformed its secondary benchmark. Transaction costs associated with the management of the Fund's portfolio, as well as fees and expenses, were headwinds for results, and did not totally offset the positive impact from sector positioning. Additionally, US duration positioning was a small detractor from returns.

The Fund did not invest in derivatives during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.

UBS Sustainable Development Bank Bond Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			Since Inception
Class P^1,2		3.07	%		4.52	%		0.83	%		1.21	%
Class P2^2,3		3.15			4.68			N/A			(2.59	)
Bloomberg US Treasury Index^4,5		2.43			4.05			0.53			1.27
Solactive Global Multilateral Development Bank Bond USD 40% 1-5 Year 60% 5-10 Year Total Return Index^5,6		3.11	%		4.63	%		0.96	%		1.44	%

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 27, 2023 prospectuses were as follows: Class P—0.66% and 0.25%; Class P2—0.65% and 0.15%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 28, 2024, do not exceed 0.25% for Class P shares and 0.15% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class P is October 24, 2018.

³ Inception date of Class P2 is October 30, 2020.

⁴ The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵ Inception returns for the indices are shown as of the inception date of the oldest share class: October 24, 2018.

⁶ The Solactive Global Multilateral Development Bank Bond USD 40% 1-5 Year 60% 5-10 Year Total Return Index is a composite index, constructed from a blend of two market indices designed to measure the performance of the US dollar denominated multilateral development bank bond market. Investors should note that indices do not reflect the deduction of fees and expenses.

UBS Sustainable Development Bank Bond Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Inter-American Development Bank, 1.125% due 01/13/31	6.0	%
Inter-American Development Bank, 2.250% due 06/18/29	5.1
International Bank for Reconstruction & Development, 1.250% due 02/10/31	4.5
International Bank for Reconstruction & Development, 1.625% due 11/03/31	4.1
International Bank for Reconstruction & Development, 1.750% due 10/23/29	3.6
Nordic Investment Bank, 3.375% due 09/08/27	3.3
Inter-American Development Bank, 3.500% due 04/12/33	3.1
Inter-American Development Bank, 3.125% due 09/18/28	3.1
Inter-American Development Bank, 4.500% due 09/13/33	3.0
Inter-American Development Bank, 1.125% due 07/20/28	2.5
Total	38.3	%
Sector allocation
Non-U.S. government agency obligations	98.5	%
Short-term investments	0.7
Investment of cash collateral from securities loaned	1.0
Total investments	100.2
Liabilities in excess of other assets	(0.2	)
Net assets	100.0	%

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

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

December 31, 2023 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations: 98.5%
Supranationals: 98.5%
African Development Bank 0.875%, due 07/22/26	$	1,700,000	$	1,562,966
4.375%, due 11/03/27		600,000		606,073
4.375%, due 03/14/28		1,600,000		1,619,474
Agence Francaise de Developpement EPIC 0.625%, due 01/22/26¹		2,000,000		1,849,385
Asian Development Bank 1.500%, due 03/04/31		800,000		674,579
1.750%, due 09/19/29		1,000,000		886,995
1.875%, due 01/24/30		700,000		617,845
3.875%, due 09/28/32		500,000		492,538
3.875%, due 06/14/33		500,000		492,476
4.000%, due 01/12/33		800,000		796,302
Asian Infrastructure Investment Bank 0.500%, due 10/30/24		700,000		674,614
0.500%, due 05/28/25		900,000		849,368
0.500%, due 01/27/26		1,400,000		1,293,009
3.750%, due 09/14/27		700,000		690,580
4.000%, due 01/18/28		200,000		198,893
Council of Europe Development Bank 0.875%, due 09/22/26		1,300,000		1,189,253
1.375%, due 02/27/25		1,300,000		1,250,645
2.500%, due 02/27/24		250,000		248,870
European Bank for Reconstruction & Development 0.500%, due 05/19/25		400,000		377,906
0.500%, due 11/25/25		400,000		371,695
0.500%, due 01/28/26		1,700,000		1,571,986
1.500%, due 02/13/25		700,000		675,211
4.375%, due 03/09/28		750,000		760,065
European Investment Bank 1.250%, due 02/14/31		900,000		750,666
1.750%, due 03/15/29		500,000		447,896
3.625%, due 07/15/30		650,000		635,696
3.750%, due 02/14/33		2,150,000		2,107,208
IDB Trust Services Ltd. 0.908%, due 06/25/25¹		400,000		377,196
1.809%, due 02/26/25¹		400,000		385,232
2.843%, due 04/25/24¹		1,600,000		1,585,152
Inter-American Development Bank 1.125%, due 07/20/28		2,400,000		2,112,072
1.125%, due 01/13/31		6,100,000		5,025,355
2.250%, due 06/18/29		4,600,000		4,203,467
3.125%, due 09/18/28		2,650,000		2,548,636
3.500%, due 09/14/29		1,500,000		1,461,871
3.500%, due 04/12/33		2,700,000		2,580,975
4.500%, due 09/13/33		2,450,000		2,526,343
Inter-American Investment Corp. 0.625%, due 02/10/26¹		1,500,000		1,384,559
1.750%, due 10/02/24¹		700,000		682,303
4.125%, due 02/15/28		100,000		99,701
International Bank for Reconstruction & Development 0.750%, due 08/26/30		2,500,000		2,021,808
0.875%, due 05/14/30		2,500,000		2,057,030

	Face amount		Value
Non-U.S. government agency obligations—(concluded)
Supranationals—(concluded)
1.125%, due 09/13/28	$	300,000	$	263,198
1.250%, due 02/10/31		4,550,000		3,775,714
1.625%, due 11/03/31		4,000,000		3,365,231
1.750%, due 10/23/29		3,400,000		3,003,421
2.500%, due 03/29/32		2,000,000		1,787,311
3.500%, due 07/12/28		100,000		97,913
3.625%, due 09/21/29		600,000		588,309
3.875%, due 02/14/30		1,100,000		1,090,968
4.000%, due 07/25/30		1,050,000		1,047,888
4.750%, due 11/14/33		1,300,000		1,372,355
International Development Association 0.750%, due 06/10/27¹		1,700,000		1,515,840
1.000%, due 12/03/30¹		2,500,000		2,036,264
International Finance Corp. 0.375%, due 07/16/25		600,000		563,272
0.750%, due 10/08/26		1,200,000		1,094,793
0.750%, due 08/27/30		1,250,000		996,542
2.125%, due 04/07/26		675,000		644,107
4.375%, due 01/15/27		200,000		201,551
4.500%, due 07/13/28		300,000		306,275
Isdb Trust Services No. 2 SARL 4.598%, due 03/14/28¹		500,000		506,110
Kreditanstalt fuer Wiederaufbau 2.000%, due 05/02/25		100,000		96,621
2.875%, due 04/03/28		600,000		572,869
4.750%, due 10/29/30		700,000		730,767
Nordic Investment Bank 3.375%, due 09/08/27		2,800,000		2,733,649
4.375%, due 03/14/28		900,000		911,655
Total non-U.S. government agency obligations (cost $86,981,795)				82,046,517
	Number of shares
Short-term investments: 0.7%
Investment companies: 0.7%
State Street Institutional U.S. Government Money Market Fund, 5.316%³(cost $604,622)		604,622		604,622
Investment of cash collateral from securities loaned: 1.0%
Money market funds: 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.308%³(cost $786,875)		786,875		786,875
Total investments: 100.2% (cost $88,373,292)				83,438,014
Liabilities in excess of other assets: (0.2%)				(155,442	)
Net assets: 100.0%			$	83,282,572

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

December 31, 2023 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Non-U.S. government agency obligations	$	—	$	82,046,517	$	—	$	82,046,517
Short-term investments		—		604,622		—		604,622
Investment of cash collateral from securities loaned		—		786,875		—		786,875
Total	$	—	$	83,438,014	$	—	$	83,438,014

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

¹ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

² Security, or portion thereof, was on loan at the period end.

³ Rates shown reflect yield at December 31, 2023.

See accompanying notes to financial statements.
67

UBS Multi Income Bond Fund

Portfolio performance

For the six-months ended December 31, 2023 (the "reporting period"), Class A shares of UBS Multi Income Bond Fund returned 3.81% (Class A shares returned -0.07 after the deduction of the maximum sales charge), while Class P shares returned 3.95%. For comparison purposes, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 3.37%. (Class P2 shares have lower expenses than the other share class of the Fund. Returns for all share classes over various time periods are shown on page 70; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.)

During the reporting period, we used derivatives for risk management purposes and as a tool to help enhance returns across various strategies. A number of credit derivatives, including index (CDX) options and Total Return Swaps (TRS), were used to manage the Fund's credit exposure. For active currency management, we utilized foreign exchange (FX) forwards. For managing interest rate exposure, we utilized interest rate futures during the reporting period. Derivatives were just one tool, among others, that we used to implement our overall strategy. Looking at the impact of derivatives in isolation is not very meaningful and could potentially be misleading, as oftentimes they are used as a complement or risk mitigant to other existing positions in the portfolio.

Portfolio performance summary

What Worked:

• Duration and Yield Curve: Yield curve positioning was the primary contributor over the reporting period. Active duration was also additive, particularly during the first four months of the period as rates rose and the strategy generally carried a lower duration than the index.

• Overweight Corporate Bonds: An overweight position to corporate bonds, including investment-grade and high-yield, was additive in a period in which attractive levels of carry (incremental yield) and somewhat range-bound spreads contributed to returns.

• Overweight Emerging Market (EM) Debt: An overweight to EM debt, including hard currency and local currency, contributed to returns.

• Active FX: Active currency decisions added during the period, particularly the Japanese yen positions later in the reporting period.

What Didn't Work:

• Issue Selection Corporates: On balance, the corporate allocations contributed overall, but issue selection within corporates was an offset to the positive contribution from an overweight sector allocation.

• Underweight Mortgage-Backed Securities (MBS): Underweight to MBS detracted from performance.

Market outlook:

December perpetuated the strong positive tone for fixed income markets that began in November 2023, with the yield curve once again offering decided flattening. US Treasury 10-year yields fell another 30 basis points (bps) (i.e., 0.30%) to add to the 60 bps (i.e., 0.60%) decline the month prior. For more context, the 2024 year-end policy rate implied by federal funds futures fell from 4.19% to begin the month to 3.75% by month-end, in effect adding nearly two additional cuts to policy projections next year to add to the two incremental cuts already added in November. The term federal funds rate refers to the target interest rate range set by the Federal Open Market

UBS Multi Income Bond Fund

Committee (FOMC). This target is the rate at which commercial banks borrow and lend their excess reserves to each other overnight. Over the course of the month, bond market participants were encouraged by further evidence of a secular slowdown in US inflation, as well as dovish hints from the Federal Open Market Committee (FOMC), yet were interestingly not unsettled by yet more evidence of resilience in labor, nor the continued strength of the US consumer implied by retail sales and survey figures.

Our inclination is for a positive carry environment to persist at least in early 2024, and within rates, anticipate there being advantages to tactical maneuvering throughout the year as the economic mosaic continues to play out and while rate volatility remains elevated.

Credit markets, for their part, fared positively in December 2023 as well. Spreads continued to contract and sector excess returns were universally positive. Spreads on the Bloomberg US Corporate Index fell five bps (i.e., 0.05%) to 99 (i.e., 0.99%) by month end, while the US high-yield index saw its own option adjusted spread decline some 47 bps (i.e., 0.47%), with the lowest credit rungs incurring the most outsized outperformance. We are more apt to shed versus add credit exposure given now tighter valuations, the potential for challenging early-year supply, and a dour economy's potential to weaken credit fundamentals in future quarters. That said, we selectively maintain exposures in those higher compensation names and market segments where relative value appears to persist.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.

UBS Multi Income Bond Fund

Average annual total returns for periods ended 12/31/23 (unaudited)

	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A¹		3.81	%		6.41	%		1.54	%		0.91	%
Class P²		3.95			6.67			1.79			1.57
Class P2³		N/A			N/A			N/A			6.47
After deducting maximum sales charge
Class A⁴		(0.07	)%		2.39	%		0.76	%		0.39	%
Bloomberg US Aggregate Bond Index⁵		3.37			5.53			1.10			1.81

The annualized gross and net expense ratios as in the October 27, 2023 prospectuses were as follows: Class A—2.18% and 0.90%; Class P—2.00% and 0.65%; Class P2—2.00% and 0.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2024, do not exceed 0.90% for Class A shares and 0.65% for Class P shares and 0.20% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹ Inception date of Class A is September 29, 2016.

² Class P shares acquired the assets and liabilities of Fort Dearborn Income Securities, Inc., a closed-end fund ("the Predecessor Fund"), prior to the opening of business on May 23, 2016 (the "Reorganization"). The Predecessor Fund was also managed by the Advisor, and day-to-day management of, and investment decisions for, the Fund and the Predecessor Fund were made by the same portfolio management team until the June 2022 Fund repositioning. The Funds had generally similar investment objectives and strategies until the June 2022 Fund repositioning from a Core Plus to a Multi Income Bond strategy. Therefore the information shown above reflects the historical performance of the Predecessor Fund for periods prior to the Reorganization and may not be representative of performance of the Fund. Class P and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

³ Inception date for Class P2 is October 11, 2023.

⁴ Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees.

⁵ The Bloomberg US Aggregate Bond Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is for the 10 years ended.

A temporary redemption fee of 2% was imposed on sales of Class P shares of the Fund between May 23, and August 22, 2016.

UBS Multi Income Bond Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2023

Top ten holdings

Mexico Cetes Series BI, 0.000%, due 07/25/24	2.1	%
Brazil Notas do Tesouro Nacional, 10.000% due 01/01/33	2.1
Sabine Pass Liquefaction LLC, 5.000% due 03/15/27	1.8
Quanta Services, Inc., 0.950% due 10/01/24	1.7
BX Trust, 6.779% due 10/15/36	1.7
EQT Corp., 3.900% due 10/01/27	1.5
Masco Corp., 1.500% due 02/15/28	1.5
JPMorgan Chase & Co., 3.875% due 09/10/24	1.5
Kinder Morgan, Inc., 4.300% due 03/01/28	1.5
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.200% due 03/15/28	1.5
Total	16.9	%

Top five issuer breakdown by country or territory of origin

United States	73.0	%
Mexico	4.3
Brazil	3.0
Canada	2.3
United Kingdom	2.2
Total	84.8	%

Corporate bonds
Airlines	1.3	%
Auto manufacturers	5.0
Banks	13.5
Beverages	0.7
Biotechnology	0.2
Building Materials	1.5
Chemicals	2.1
Coal	1.2
Commercial services	3.4
Computers	1.9
Diversified financial services	7.2
Electric	1.6
Entertainment	0.9
Environmental control	0.6
Food	0.1
Healthcare-products	1.2
Healthcare-services	0.9
Home builders	1.1
Housewares	0.9
Insurance	1.2
Internet	1.1
Leisure time	1.3
Lodging	0.8
Media	3.7
Mining	1.3
Miscellaneous manufacturers	1.7
Oil & gas	6.6
Packaging & containers	0.8
Pharmaceuticals	0.6
Pipelines	5.3
Real estate	0.5
Real estate investment trusts	0.9
Semiconductors	1.4
Software	1.4
Telecommunications	3.3
Transportation	0.2
Total corporate bonds	77.4
Asset-backed securities	3.6
Mortgage-backed securities	5.0
Municipal bonds	1.3
Non-U.S. government agency obligations	8.7
Short-term investments	1.3
Options purchased	0.0	^†
Investment of cash collateral from securities loaned	8.6
Total investments	105.9
Liabilities in excess of other assets	(5.9	)
Net assets	100.0	%

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

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

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

	Face amount¹		Value
Asset-backed securities: 3.6%
United States: 3.6%
AmeriCredit Automobile Receivables Trust, Series 2020-2, Class C, 1.480%, due 02/18/26		213,892	$	210,158
Drive Auto Receivables Trust, Series 2020-2, Class D, 3.050%, due 05/15/28		194,600		192,298
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.650%, due 10/15/26		101,331		100,820
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class B, 1.530%, due 04/15/26²		158,233		156,765
Santander Drive Auto Receivables Trust, Series 2020-4, Class D, 1.480%, due 01/15/27		162,601		159,021
Total asset-backed securities (cost $809,985)				819,062
Corporate bonds: 77.4%
Australia: 0.4%
Glencore Funding LLC 4.000%, due 04/16/25²		100,000		98,277
Belgium: 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900%, due 02/01/46		165,000		161,740
Brazil: 0.9%
Petrobras Global Finance BV 7.375%, due 01/17/27³		200,000		210,063
Canada: 2.2%
NOVA Chemicals Corp. 5.250%, due 06/01/27²		250,000		234,377
Teck Resources Ltd. 3.900%, due 07/15/30³		300,000		278,393
				512,770
Chile: 0.9%
Corp. Nacional del Cobre de Chile 5.125%, due 02/02/33⁴		200,000		193,060
China: 1.9%
Agile Group Holdings Ltd. 5.750%, due 01/02/25⁴		200,000		35,000
BOC Aviation Ltd. 3.250%, due 04/29/25⁴		250,000		243,207
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.875%, due 06/18/26		65,000		63,378
RKPF Overseas 2019 A Ltd. 6.000%, due 09/04/25⁴		200,000		90,000
				431,585

	Face amount¹		Value
Corporate bonds—(continued)
Colombia: 1.4%
Ecopetrol SA 4.125%, due 01/16/25		250,000	$	243,281
5.375%, due 06/26/26		70,000		68,491
				311,772
Germany: 1.9%
Volkswagen Group of America Finance LLC 3.950%, due 06/06/25²		250,000		244,829
4.625%, due 11/13/25²		200,000		197,640
				442,469
Ireland: 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.450%, due 04/03/26		300,000		294,574
Avolon Holdings Funding Ltd. 2.875%, due 02/15/25²		50,000		48,227
				342,801
Mexico: 0.6%
Petroleos Mexicanos 6.700%, due 02/16/32		150,000		124,125
Qatar: 1.0%
QNB Finance Ltd. 2.750%, due 02/12/27⁴		250,000		234,062
United Kingdom: 2.2%
Barclays PLC 4.836%, due 05/09/28		200,000		195,288
HSBC Holdings PLC 6.500%, due 09/15/37		100,000		108,239
Lloyds Banking Group PLC 4.582%, due 12/10/25		200,000		195,729
				499,256
United States: 61.8%
AbbVie, Inc. 4.500%, due 05/14/35		100,000		97,803
AEP Texas, Inc. Series E, 6.650%, due 02/15/33		50,000		54,242
Series G, 4.150%, due 05/01/49		50,000		40,294
Air Lease Corp. 2.875%, due 01/15/26		50,000		47,633
Apple, Inc. 4.650%, due 02/23/46		100,000		98,642
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.250%, due 04/30/25²		200,000		194,504
AT&T, Inc. 3.800%, due 12/01/57		58,000		43,114
4.300%, due 02/15/30		300,000		293,762
Avantor Funding, Inc. 4.625%, due 07/15/28²		275,000		265,782

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Bank of America Corp. 4.200%, due 08/26/24		100,000	$	99,062
6.110%, due 01/29/37		125,000		133,274
Series DD, (fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/26^3,5,6		110,000		110,275
Series Z, (fixed, converts to FRN on 10/23/24), 6.500%, due 10/23/24^3,5,6		100,000		99,515
Boyd Gaming Corp. 4.750%, due 12/01/27³		200,000		192,420
Bristol-Myers Squibb Co. 4.125%, due 06/15/39		50,000		45,053
Broadcom, Inc. 3.137%, due 11/15/35²		300,000		246,295
Capital One Financial Corp. 3.750%, due 07/28/26		300,000		287,297
CCO Holdings LLC/CCO Holdings Capital Corp. 5.500%, due 05/01/26²		75,000		74,501
Charter Communications Operating LLC/Charter Communications Operating Capital 4.200%, due 03/15/28		350,000		336,185
Citigroup, Inc. 5.500%, due 09/13/25		300,000		301,366
6.675%, due 09/13/43		50,000		56,096
Series P, (fixed, converts to FRN on 05/15/25), 5.950%, due 05/15/25^5,6		100,000		97,881
Series T, (fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/26^5,6		100,000		98,700
Comcast Corp. 2.887%, due 11/01/51		64,000		43,293
2.937%, due 11/01/56		67,000		44,067
3.969%, due 11/01/47		38,000		31,888
ConocoPhillips Co. 3.758%, due 03/15/42		250,000		211,519
Continental Resources, Inc. 4.375%, due 01/15/28		250,000		242,056
Covanta Holding Corp. 4.875%, due 12/01/29²		150,000		131,054
DCP Midstream Operating LP 5.375%, due 07/15/25		250,000		250,141
Dell International LLC/EMC Corp. 5.850%, due 07/15/25		250,000		252,447
Delta Air Lines, Inc. 7.000%, due 05/01/25²		300,000		305,224
Duke Energy Ohio, Inc. 4.300%, due 02/01/49		50,000		42,554
Edison International Series A, (fixed, converts to FRN on 03/15/26), 5.375%, due 03/15/26^5,6		95,000		89,851

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Enact Holdings, Inc. 6.500%, due 08/15/25²		250,000	$	249,225
Energy Transfer LP 5.400%, due 10/01/47		50,000		46,589
5.500%, due 06/01/27		50,000		50,609
EQT Corp. 3.900%, due 10/01/27		370,000		353,959
Exelon Corp. 4.450%, due 04/15/46		50,000		43,558
Expedia Group, Inc. 3.800%, due 02/15/28		250,000		241,011
FedEx Corp. 4.550%, due 04/01/46		50,000		44,763
Fifth Third Bank NA 3.950%, due 07/28/25		200,000		195,644
Ford Motor Credit Co. LLC 4.542%, due 08/01/26		300,000		290,493
Fox Corp. 5.576%, due 01/25/49		25,000		24,110
GE Capital International Funding Co. Unlimited Co. 3.373%, due 11/15/25		200,000		194,112
General Motors Co. 6.125%, due 10/01/25		100,000		101,344
6.600%, due 04/01/36		300,000		321,077
Gilead Sciences, Inc. 4.750%, due 03/01/46		50,000		47,644
GLP Capital LP/GLP Financing II, Inc. 5.250%, due 06/01/25		200,000		199,298
Goldman Sachs Group, Inc. 3.750%, due 02/25/26		100,000		97,707
5.150%, due 05/22/45		30,000		29,001
Series Q, (fixed, converts to FRN on 08/10/24), 5.500%, due 08/10/24^5,6		100,000		98,602
Harley-Davidson Financial Services, Inc. 3.350%, due 06/08/25²		300,000		289,406
HCA, Inc. 5.250%, due 06/15/26		200,000		200,975
Hillenbrand, Inc. 5.750%, due 06/15/25		200,000		199,750
International Game Technology PLC 6.500%, due 02/15/25²		214,000		214,222
JPMorgan Chase & Co. 3.875%, due 09/10/24		350,000		346,100
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29⁵		150,000		142,136
Series S, (fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/24^5,6		100,000		99,797
KeyCorp 4.150%, due 10/29/25		75,000		73,127
Kinder Morgan, Inc. 4.300%, due 03/01/28		350,000		345,092
5.550%, due 06/01/45		40,000		38,474

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Kroger Co. 6.900%, due 04/15/38		25,000	$	28,234
Level 3 Financing, Inc. 10.500%, due 05/15/30²		184,000		178,422
Liberty Mutual Group, Inc. 4.569%, due 02/01/29²		155,000		151,477
LYB International Finance BV 4.875%, due 03/15/44		50,000		46,050
Marathon Petroleum Corp. 4.750%, due 09/15/44		70,000		62,415
Masco Corp. 1.500%, due 02/15/28		400,000		349,973
MetLife, Inc. 6.400%, due 12/15/36		110,000		113,440
Morgan Stanley 4.300%, due 01/27/45		50,000		45,086
4.350%, due 09/08/26		140,000		137,391
Series M, 5.875%, due 09/15/26^5,6		105,000		100,322
MPLX LP 4.875%, due 06/01/25		70,000		69,540
Newell Brands, Inc. 4.875%, due 06/01/25		200,000		196,696
Olin Corp. 5.125%, due 09/15/27		200,000		193,907
OneMain Finance Corp. 6.875%, due 03/15/25		200,000		202,456
Oracle Corp. 2.800%, due 04/01/27		300,000		282,972
4.000%, due 11/15/47		50,000		39,604
Quanta Services, Inc. 0.950%, due 10/01/24³		400,000		385,455
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. 2.875%, due 10/15/26^2,3		300,000		276,750
Sabine Pass Liquefaction LLC 5.000%, due 03/15/27		400,000		401,726
Seagate HDD Cayman 5.750%, due 12/01/34		80,000		76,788
Sempra (fixed, converts to FRN on 10/15/25), 4.875%, due 10/15/25^5,6		95,000		92,935
Sirius XM Radio, Inc. 3.125%, due 09/01/26^2,3		250,000		234,918
Sprint LLC 7.125%, due 06/15/24		250,000		251,084
Toll Brothers Finance Corp. 4.875%, due 03/15/27		250,000		248,548
United Rentals North America, Inc. 5.500%, due 05/15/27³		300,000		300,662
Walt Disney Co. 4.950%, due 10/15/45		50,000		49,082

	Face amount¹		Value
Corporate bonds—(concluded)
United States—(concluded)
Yale University Series 2020, 1.482%, due 04/15/30		100,000	$	83,580
				14,135,128
Total corporate bonds (cost $18,391,054)				17,697,108
Mortgage-backed securities: 5.0%
United States: 5.0%
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class B, 2.511%, due 10/15/54²		150,000		113,902
BBCMS Trust, Series 2015-SRCH, Class B, 4.498%, due 08/10/35²		135,000		117,809
BX Mortgage Trust, Series 2021-PAC, Class D, 1 mo. USD Term SOFR + 1.413%, 6.775%, due 10/15/36^2,5		175,000		167,357
BX Trust, Series 2021-LGCY, Class D, 1 mo. USD Term SOFR + 1.416%, 6.779%, due 10/15/36^2,5		400,000		382,974
Extended Stay America Trust, Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364%, 7.727%, due 07/15/38^2,5		326,704		320,959
FREMF Mortgage Trust, Series 2017-K64, Class B, 3.997%, due 05/25/50^2,5		50,000		47,897
Starwood Retail Property Trust, Series 2014-STAR, Class C, U.S. (Fed) Prime Rate, 8.500%, due 11/15/27^2,5		125,000		313
Total mortgage-backed securities (cost $1,368,178)				1,151,211
Municipal bonds: 1.3%
New York: 0.3%
New York State Urban Development Corp., Personal Income Tax, Refunding, Revenue Bonds, Series D-1, 3.150%, due 03/15/27		70,000		66,918
Texas: 0.7%
City of Houston TX, Refunding, GO Bonds, Series A, 6.290%, due 03/01/32		50,000		53,163
City of San Antonio TX Electric & Gas Systems, Revenue Bonds, Series A, 5.808%, due 02/01/41		105,000		112,712

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

	Face amount¹		Value
Municipal bonds—(concluded)
Washington: 0.3%
State of Washington, GO Bonds, Series F, 5.140%, due 08/01/40		70,000	$	72,034
Total municipal bonds (cost $319,648)				304,827
Non-U.S. government agency obligations: 8.7%
Brazil: 2.1%
Brazil Notas do Tesouro Nacional Series NTNF, 10.000%, due 01/01/33	BRL	2,370,000		478,444
Indonesia: 0.5%
Indonesia Government International Bonds 6.625%, due 02/17/37²		100,000		116,937
Mexico: 3.8%
Mexico Bonos Series M, 7.500%, due 05/26/33	MXN	4,515,000		241,592
Mexico Cetes Series BI, 0.000%, due 07/25/24⁷	MXN	8,800,000		486,925
Mexico Government International Bonds 4.750%, due 03/08/44		150,000		128,578
				857,095
Panama: 0.1%
Panama Government International Bonds 3.870%, due 07/23/60		50,000		29,859
Peru: 0.9%
Peru Government International Bonds 7.350%, due 07/21/25		200,000		206,250
Poland: 0.5%
Republic of Poland Government International Bonds 5.750%, due 11/16/32		100,000		107,917
Turkey: 0.8%
Turkiye Government Bonds 20.900%, due 04/17/24	TRY	2,900,000		93,794
Turkiye Government International Bonds 6.875%, due 03/17/36		100,000		95,500
				189,294
Total non-U.S. government agency obligations (cost $1,993,820)				1,985,796

Number of
shares

Value

Short-term investments: 1.3%

Investment companies: 1.3%

State Street Institutional U.S. Government
Money Market Fund, 5.316%⁸(cost $293,188)

293,188

Number of
contracts

Notional
amount

Options purchased: 0.0%^†

Put options: 0.0%^†

Call JPY Put USD,
strike @ 141.00,
expires 01/16/24
(Counterparty:GSI)

600,000

84,600,000

5,604

Total options purchased
(cost $7,689)

5,604

Number of
shares

Investment of cash collateral from securities loaned: 8.6%

Money market funds: 8.6%

State Street Navigator Securities Lending
Government Money Market
Portfolio, 5.308%⁸(cost $1,961,465)

1,961,465

Total investments: 105.9%
(cost $25,145,027)

24,218,261

Liabilities in excess of other assets: (5.9%)

(1,342,612

)

Net assets: 100.0%

22,875,649

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

Options written

Notional amount				Number of contracts				Put options				Counterparty				Expiration date				Premiums received				Current Value				Unrealized appreciation (depreciation)
USD	82,200,000				600,000			OTC USD JPY, strike @137.00				GSI				01/16/24				$	2,829			$	(934	)		$	1,895

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
	6	USD	U.S. Long Bond Futures	March 2024	$	695,259		$	749,625		$	54,366
	24	USD	U.S. Treasury Note 10 Year Futures	March 2024		2,619,740			2,709,375			89,635
	18	USD	U.S. Treasury Note 5 Year Futures	March 2024		1,912,808			1,957,922			45,114
	18	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2024		2,036,424			2,124,281			87,857
	Total				$	7,264,231		$	7,541,203		$	276,972
Interest rate futures sell contracts:
	11	EUR	Euro Bund Futures	March 2024	$	(1,628,425	)	$	(1,666,324	)	$	(37,899	)
	1	JPY	Japan Government Bond 10 Year Futures	March 2024		(1,029,785	)		(1,040,497	)		(10,712	)
U.S. Treasury futures sell contracts:
	3	USD	U.S. Treasury Note 2 Year Futures	March 2024		(611,901	)		(617,742	)		(5,841	)
	Total				$	(3,270,111	)	$	(3,324,563	)	$	(54,452	)
	Net unrealized appreciation (depreciation)										$	222,520

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio⁹	Payments received by the portfolio⁹			Value		Unrealized appreciation (depreciation)
NZD	1,000	06/15/33	Quarterly	3 mo. NZD Bank Bill		4.456	%	$	15,667	$	15,667
NZD	1,000	06/16/33	Quarterly	3 mo. NZD Bank Bill		4.490			17,397		17,397
NZD	400	07/18/33	Quarterly	3 mo. NZD Bank Bill		4.520			9,786		9,786
	Total							$	42,850	$	42,850

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	200,905	BRL	990,000	01/16/24	$	2,701
CITI	EUR	45,000	USD	48,631	01/16/24		(1,072	)
CITI	JPY	49,134,041	USD	345,000	01/16/24		(4,071	)
CITI	USD	347,372	JPY	49,600,000	01/16/24		5,010

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty

Sell

Purchase

Settlement
date

Unrealized
appreciation
(depreciation)

GSI

EUR

55,000

USD

60,156

01/16/24

(592

)

MSCI

USD

888,619

JPY

128,600,000

01/16/24

25,016

MSCI

USD

71,408

MXN

1,250,000

01/16/24

2,053

MSCI

USD

86,083

NZD

140,000

01/16/24

2,421

Net unrealized appreciation (depreciation)

31,466

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	819,062		$	—	$	819,062
Corporate bonds		—			17,697,108			—		17,697,108
Mortgage-backed securities		—			1,151,211			—		1,151,211
Municipal bonds		—			304,827			—		304,827
Non-U.S. government agency obligations		—			1,985,796			—		1,985,796
Short-term investments		—			293,188			—		293,188
Options purchased		—			5,604			—		5,604
Investment of cash collateral from securities loaned		—			1,961,465			—		1,961,465
Futures contracts		276,972			—			—		276,972
Swap agreements		—			42,850			—		42,850
Forward foreign currency contracts		—			37,201			—		37,201
Total	$	276,972		$	24,298,312		$	—	$	24,575,284
Liabilities
Options written	$	—		$	(934	)	$	—	$	(934	)
Futures contracts		(54,452	)		—			—		(54,452	)
Forward foreign currency contracts		—			(5,735	)		—		(5,735	)
Total	$	(54,452	)	$	(6,669	)	$	—	$	(61,121	)

At December 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

¹ In U.S. dollars unless otherwise indicated.

² Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,060,043 represented 22.1% of the Fund's net assets at period end.

UBS Multi Income Bond Fund
Portfolio of investments

December 31, 2023 (unaudited)

³ Security, or portion thereof, was on loan at the period end.

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

⁵ Floating or variable rate securities. The rates disclosed are as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

⁷ Zero coupon bond.

⁸ Rates shown reflect yield at December 31, 2023.

⁹ Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
78

The UBS Funds

Glossary of terms used in the Portfolio of investments
December 31, 2023 (unaudited)

Portfolio acronyms:

ABS Asset-backed Security

ADR American Depositary Receipt

AGM Assured Guaranty Municipal

AID Anticipation Certificates of Indebtedness

AMBAC American Municipal Bond Assurance Corporation

AMT Alternative Minimum Tax

ARM Adjustable Rate Mortgage

BAM Build Americal Mutual

BBSW Bank Bill Swap Rate

BOBL Bundesobligationen

CDO Collateralized Debt Obligation

CJSC Closed Joint Stock Company

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

COFI Cost of Funds Index

COP Certificate of Participation

CPI Consumer Price Index

DAC Designated Activity Company

DIP Debtor-in-possession

ETF Exchange Traded Fund

EURIBOR Euro Interbank Offered Rate

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRN Floating Rate Note

GDR Global Depositary Receipt

GMAC General Motors Acceptance Corporation

GNMA Government National Mortgage Association

GO General Obligation

GSAMP Goldman Sachs Asset Mortgage Passthrough

GTD Guaranteed

IO Interest Only

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

MGIC Mortgage Guaranty Insurance Corporation

MTA Monthly Treasury Average Index

NVDR Non-Voting Depository Receipt

OAT Obligation Assimilables du Trésor (French Government Bonds)

OBFR Overnight Bank Funding Rate

OTC Over The Counter

PJSC Private Joint Stock Company

PO Principal Only

PSF Permanent School Fund

RASC Retirement Administration Service Center

RBA IOCR RBA Interbank Overnight Cash Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

RPI Retail Price Index

SBA Small Business Administration

SIFMA Municipal Swap Index Yield

SOFR Secured Overnight Financing Rate

SONIA Sterling Overnight Index Average

SPDR Standard and Poor's Depository Receipts

STRIP Separate Trading of Registered Interest and Principal of Securities

TBA To-Be-Announced Security

TIPS Treasury inflation protected securities

UMBS Uniform Mortgage-Backed Securities

VRD Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

Currency type abbreviations:

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

Counterparty acronyms:

ANZ Australia and New Zealand Banking Group

BB Barclays Bank PLC

BNP BNP Paribas

BOA Bank of America

CIBC Canadian Imperial Bank of Commerce

CITI Citibank NA

CSI Credit Suisse International

DB Deutsche Bank AG

GS Goldman Sachs

GSI Goldman Sachs International

HSBC HSBC Bank PLC

JPMCB JPMorgan Chase Bank

MSCI Morgan Stanley & Co. International PLC

NAT National Westminster

RBC Royal Bank of Canada

RBS Royal Bank of Scotland PLC

SCB Standard Chartered Bank

SG Societe Generale

SSC State Street Bank and Trust Co.

TD Toronto-Dominion Bank

WBC Westpac Banking Corp.

See accompanying notes to financial statements.
79

The UBS Funds

December 31, 2023 (unaudited)

Explanation of expense disclosure

As a shareholder of the Funds, you incur two types of costs: (1) transactional costs (as applicable); including sales charges (loads); and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 to December 31, 2023 (unless otherwise noted).

Actual expenses

The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on that Fund's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Fund's actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads). Therefore, the second line in the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The UBS Funds

December 31, 2023 (unaudited)

		Beginning account value July 1, 2023		Ending account value December 31, 2023		Expenses paid during period 07/01/23 to 12/31/23¹		Expense ratio during the period
UBS All China Equity Fund
Class P	Actual	$	1,000.00	$	905.40	$	5.56		1.16	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.30		5.89		1.16
Class P2	Actual		1,000.00		910.10		1.73		0.36
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.33		1.83		0.36
UBS Global Allocation Fund
Class A	Actual		1,000.00		1,046.80		6.17		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.10		6.09		1.20
Class P	Actual		1,000.00		1,047.80		4.89		0.95
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.36		4.82		0.95
UBS Emerging Markets Equity Opportunity Fund
Class P	Actual		1,000.00		1,046.60		5.20		1.01
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.06		5.13		1.01
Class P2	Actual		1,000.00		1,049.50		1.24		0.24
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.93		1.22		0.24
UBS Engage For Impact Fund
Class P	Actual		1,000.00		1,078.90		4.44		0.85
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.86		4.32		0.85
Class P2	Actual		1,000.00		1,082.00		1.31		0.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.88		1.27		0.25
UBS International Sustainable Equity Fund
Class A	Actual		1,000.00		1,033.70		6.39		1.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.85		6.34		1.25
Class P	Actual		1,000.00		1,034.70		5.11		1.00
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.11		5.08		1.00
Class P2	Actual		1,000.00		1,038.30		1.28		0.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.88		1.27		0.25
UBS US Dividend Ruler Fund
Class P	Actual		1,000.00		1,058.10		2.59		0.50
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.62		2.54		0.50
Class P2	Actual		1,000.00		1,059.60		0.78		0.15
	Hypothetical (5% annual return before expenses)		1,000.00		1,024.38		0.76		0.15

¹ Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 366 (to reflect the one-half year period).

The UBS Funds

December 31, 2023 (unaudited)

		Beginning account value July 1, 2023		Ending account value December 31, 2023		Expenses paid during period 07/01/23 to 12/31/23¹		Expense ratio during the period
UBS US Quality Growth At Reasonable Price Fund
Class P	Actual	$	1,000.00	$	1,122.40	$	2.67		0.50	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.62		2.54		0.50
UBS U.S. Small Cap Growth Fund
Class A	Actual		1,000.00		1,038.80		6.35		1.24
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.90		6.29		1.24
Class P	Actual		1,000.00		1,039.90		5.08		0.99
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.16		5.03		0.99
UBS Sustainable Development Bank Bond Fund
Class P	Actual		1,000.00		1,030.70		1.28		0.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.88		1.27		0.25
Class P2	Actual		1,000.00		1,031.50		0.77		0.15
	Hypothetical (5% annual return before expenses)		1,000.00		1,024.38		0.76		0.15
UBS Multi Income Bond Fund
Class A	Actual		1,000.00		1,038.10		4.66		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.56		4.62		0.91
Class P	Actual		1,000.00		1,039.50		3.38		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.82		3.35		0.66
Class P2²	Actual		1,000.00		1,064.70		1.02		0.44
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.92		2.24		0.44

¹ Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 366 (to reflect the one-half year period).

² The Class commenced operations on October 11, 2023. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 82 divided by 366 (to reflect the actual days in the period) for the actual example and 184 divided by 366 (to reflect the one-half year period) for the hypothetical example.

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited)

	UBS All China Equity Fund		UBS Global Allocation Fund		UBS Emerging Markets Equity Opportunity Fund
Assets:
Investments, at cost
Unaffiliated issuers	$	4,274,073	$	114,107,169	$	498,085,288
Affiliated issuers		—		50,446,077		—
Foreign Currency		1,355		180,498		942,082
Investments, at value
Unaffiliated issuers¹	$	2,872,046	$	121,504,192	$	437,995,266
Affiliated issuers		—		46,929,577		—
Foreign Currency		1,357		184,563		945,252
Cash collateral on futures		—		3,781,855		—
Due from broker		—		750		—
Receivable for investments sold		—		75,847		416,847
Receivable for fund shares sold		—		3,774		970,842
Receivable for interest and dividends		3,710		384,915		1,699,800
Receivable for foreign tax reclaims		—		126,135		40,163
Receivable from affiliate		25,567		—		—
Receivable for variation margin on futures contracts		—		767,551		—
Receivable for variation margin on centrally cleared swap agreements		—		4,955		—
Unrealized appreciation on forward foreign currency contracts		—		1,714,904		—
Other assets		16,709		15,152		17,782
Total assets		2,919,389		175,494,170		442,085,952
Liabilities:
Due to broker		—		938,228		—
Payable for cash collateral from securities loaned		57,190		9,408,622		—
Payable for investments purchased		1,182		3,096,805		—
Payable for fund shares redeemed		—		253,322		366,435
Payable to affiliate		—		61,551		129,551
Payable to Trustees		6,147		12,695		27,174
Payable to custodian		4,060		32,072		204,642
Payable for foreign withholding taxes and foreign capital gains taxes		—		319		1,114,458
Unrealized depreciation on forward foreign currency contracts		—		2,115,495		—
Accrued expenses and other liabilities		50,177		145,232		148,488
Total liabilities		118,756		16,064,341		1,990,748
Net assets	$	2,800,633	$	159,429,829	$	440,095,204

¹ Includes $116,738; $15,471,426; $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
83

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited) (continued)

	UBS All China Equity Fund			UBS Global Allocation Fund			UBS Emerging Markets Equity Opportunity Fund
Net assets consist of:
Beneficial interest	$	4,581,045		$	164,932,758		$	632,643,539
Distributable earnings (accumulated losses)		(1,780,412	)		(5,502,929	)		(192,548,335	)
Net assets	$	2,800,633		$	159,429,829		$	440,095,204
Class A
Net assets	$	—		$	123,187,376		$	—
Shares outstanding		—			11,590,532			—
Net asset value and redemption proceeds per share	$	—		$	10.63		$	—
Maximum offering price per share (NAV per share plus maximum sales charge)	$	—		$	11.25		$	—
Class P
Net assets	$	785,952		$	36,242,453		$	72,978,400
Shares outstanding		181,888			3,294,307			9,668,746
Net asset value, offering price and redemption value per share	$	4.32		$	11.00		$	7.55
Class P2
Net assets	$	2,014,681		$	—		$	367,116,804
Shares outstanding		468,854			—			48,806,579
Net asset value and offering price per share²	$	4.30			—		$	7.52

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
84

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited) (continued)

	UBS Engage For Impact Fund		UBS International Sustainable Equity Fund			UBS US Dividend Ruler Fund
Assets:
Investments, at cost
Unaffiliated issuers	$	51,304,450	$	165,540,768		$	146,169,631
Foreign Currency		66,978		83,939			—
Investments, at value
Unaffiliated issuers¹	$	55,318,619	$	165,504,901		$	165,370,761
Foreign Currency		67,263		83,548			—
Receivable for fund shares sold		53,186		135,862			603,937
Receivable for interest and dividends		73,424		124,322			89,539
Receivable for foreign tax reclaims		56,788		675,332			—
Receivable from affiliate		19,188		—			—
Other assets		27,391		23,314			24,405
Total assets		55,615,859		166,547,279			166,088,642
Liabilities:
Payable for cash collateral from securities loaned		2,409,782		8,366,322			—
Payable for fund shares redeemed		54,716		127,035			182,485
Payable to affiliate		—		54,861			17,925
Payable to Trustees		7,725		12,725			10,049
Payable to custodian		6,823		34,793			4,092
Payable for foreign withholding taxes and foreign capital gains taxes		6,676		16,089			5,870
Accrued expenses and other liabilities		60,106		175,060			128,446
Total liabilities		2,545,828		8,786,885			348,867
Net assets	$	53,070,031	$	157,760,394		$	165,739,775
Net assets consist of:
Beneficial interest	$	50,653,191	$	176,454,662		$	146,864,209
Distributable earnings (accumulated losses)		2,416,840		(18,694,268	)		18,875,566
Net assets	$	53,070,031	$	157,760,394		$	165,739,775
Class A
Net assets	$	—	$	4,165,594		$	—
Shares outstanding		—		437,062			—
Net asset value and redemption proceeds per share	$	—	$	9.53		$	—
Maximum offering price per share (NAV per share plus maximum sales charge)	$	—	$	10.08		$	—
Class P
Net assets	$	5,461,387	$	108,425,342		$	145,360,653
Shares outstanding		456,843		11,377,168			10,603,357
Net asset value, offering price and redemption value per share	$	11.95	$	9.53		$	13.71
Class P2
Net assets	$	47,608,644	$	45,169,458		$	20,379,122
Shares outstanding		3,992,917		4,764,122			1,490,430
Net asset value and offering price per share²	$	11.92	$	9.48		$	13.67

¹ Includes $2,973,665; $11,685,948; $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
85

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited) (continued)

	UBS US Quality Growth At Reasonable Price Fund		UBS U.S. Small Cap Growth Fund		UBS Sustainable Development Bank Bond Fund
Assets:
Investments, at cost
Unaffiliated issuers	$	195,056,902	$	108,025,799	$	88,373,292
Investments, at value
Unaffiliated issuers¹	$	232,261,815	$	125,351,642	$	83,438,014
Cash		—		—		200,100
Receivable for investments sold		—		685,963		—
Receivable for fund shares sold		648,108		27,875		1,620,559
Receivable for interest and dividends		201,830		81,693		538,326
Receivable from affiliate		—		—		18,909
Other assets		11,098		22,419		24,241
Total assets		233,122,851		126,169,592		85,840,149
Liabilities:
Payable for cash collateral from securities loaned		—		882,978		786,875
Payable for investments purchased		—		184,926		1,647,504
Payable for fund shares redeemed		350,518		541,898		50,647
Payable to affiliate		54,074		62,625		—
Payable to Trustees		11,968		10,726		8,656
Payable to custodian		3,425		4,246		2,993
Accrued expenses and other liabilities		97,832		136,452		60,902
Total liabilities		517,817		1,823,851		2,557,577
Net assets	$	232,605,034	$	124,345,741	$	83,282,572
Net assets consist of:
Beneficial interest	$	200,652,623	$	119,885,358	$	92,918,582
Distributable earnings (accumulated losses)		31,952,411		4,460,383		(9,636,010	)
Net assets	$	232,605,034	$	124,345,741	$	83,282,572
Class A
Net assets	$	—	$	13,542,932	$	—
Shares outstanding		—		829,262		—
Net asset value and redemption proceeds per share	$	—	$	16.33	$	—
Maximum offering price per share (NAV per share plus maximum sales charge)	$	—	$	17.28	$	—
Class P
Net assets	$	232,605,034	$	110,802,809	$	17,088,965
Shares outstanding		16,320,952		5,598,099		1,808,845
Net asset value, offering price and redemption value per share	$	14.25	$	19.79	$	9.45
Class P2
Net assets	$	—	$	—	$	66,193,607
Shares outstanding		—		—		7,015,282
Net asset value and offering price per share²	$	—	$	—	$	9.44

¹ Includes $0; $3,887,725; $771,311, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements
86

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited) (continued)

	UBS Multi Income Bond Fund
Assets:
Investments, at cost
Unaffiliated issuers	$	25,145,027
Foreign Currency		33,849
Investments, at value
Unaffiliated issuers¹	$	24,218,261
Foreign Currency		34,189
Cash collateral on futures		206,115
Cash collateral on swap agreements		80,681
Due from broker		8,512
Receivable for interest and dividends		293,116
Receivable from affiliate		22,896
Receivable for variation margin on futures contracts		222,655
Receivable for variation margin on centrally cleared swap agreements		25,597
Unrealized appreciation on forward foreign currency contracts		37,201
Other assets		22,350
Total assets		25,171,573
Liabilities:
Options and swaptions written, at value (premiums received $2,829)		934
Due to broker		194,428
Payable for cash collateral from securities loaned		1,961,465
Payable for fund shares redeemed		57,064
Payable to Trustees		7,017
Payable to custodian		7,605
Unrealized depreciation on forward foreign currency contracts		5,735
Accrued expenses and other liabilities		61,676
Total liabilities		2,295,924
Net assets	$	22,875,649

¹ Includes $1,918,010 of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements
87

The UBS Funds

Financial statements
Statement of assets and liabilities—December 31, 2023 (unaudited) (concluded)

	UBS Multi Income Bond Fund
Net assets consist of:
Beneficial interest	$	28,555,058
Distributable earnings (accumulated losses)		(5,679,409	)
Net assets	$	22,875,649
Class A
Net assets	$	306,507
Shares outstanding		22,451
Net asset value and redemption proceeds per share	$	13.65
Maximum offering price per share (NAV per share plus maximum sales charge)	$	14.18
Class P
Net assets	$	22,568,074
Shares outstanding		1,652,283
Net asset value, offering price and redemption value per share	$	13.66
Class P2³
Net assets	$	1,068
Shares outstanding		78
Net asset value and offering price per share²	$	13.68⁴

² Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

³ For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

⁴ Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

See accompanying notes to financial statements
88

The UBS Funds

Statement of operations
For the six months ended December 31, 2023 (unaudited)

	UBS All China Equity Fund			UBS Global Allocation Fund			UBS Emerging Markets Equity Opportunity Fund
Investment income:
Unaffiliated dividends	$	36,483		$	489,056		$	5,402,580
Affiliated dividends		—			1,366,763			—
Interest		4,319			1,271,446			262,761
Securities lending		2,399			13,853			—
Foreign tax withheld		(2,239	)		(8,062	)		(690,744	)
Total income		40,962			3,133,056			4,974,597
Expenses:
Investment advisory and administration fees		13,997			709,431			2,184,807
Service fees—Class A		—			155,946			—
Transfer agency and related services fees—Class A		—			45,543			—
Transfer agency and related services fees—Class P		3,529			8,345			8,331
Transfer agency and related services fees—Class P2		—			—			20,249
Custody and fund accounting fees		4,514			43,980			227,340
Trustees fees		11,702			24,159			47,517
Professional services fees		97,659			112,695			100,388
Printing and shareholder report fees		2,514			30,513			19,791
Federal and state registration fees		11,143			17,898			18,742
Insurance expense		101			7,706			20,632
Interest expense		—			—			16,640
Other expenses		26,035			40,770			41,816
Total expenses		171,194			1,196,986			2,706,253
Fee waivers and/or expense reimbursements by Advisor*		(162,304	)		(269,870	)		(1,777,707	)
Net expenses		8,890			927,116			928,546
Net investment income (loss)		32,072			2,205,940			4,046,051
Net realized gain (loss) on:
Investments in unaffiliated issuers (including foreign capital gain tax expense of $0; $0, and $181,555, respectively)		(35,501	)		885,909			(7,540,958	)
Investments in affiliated issuers		—			(335,470	)		—
Received as distribution from affiliated issuers		—			72,205			—
Futures contracts		—			656,367			—
Swap agreements		—			(272,548	)		—
Forward foreign currency contracts		—			731,247			—
Foreign currency transactions		(75	)		204,866			(45,404	)
Net realized gain (loss)		(35,576	)		1,942,576			(7,586,362	)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated (net of change in deferred foreign capital gain taxes of $0; $0 and $(640,519) , respectively)		(280,035	)		2,830,610			24,280,898
Investments in affiliated issuers		—			1,054,239			—
Futures contracts		—			(85,615	)		—
Swap agreements		—			(17,695	)		—
Forward foreign currency contracts		—			(853,803	)		—
Translation of other assets and liabilities denominated in foreign currency		41			(221,131	)		93,672
Net change in unrealized appreciation (depreciation)		(279,994	)		2,706,605			24,374,570
Net realized and unrealized gain (loss) from investment activities		(315,570	)		4,649,181			16,788,208
Net increase (decrease) in net assets resulting from operations	$	(283,498	)	$	6,855,121		$	20,834,259

* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
89

The UBS Funds

Statement of operations
For the six months ended December 31, 2023 (unaudited) (continued)

	UBS Engage For Impact Fund			UBS International Sustainable Equity Fund			UBS US Dividend Ruler Fund
Investment income:
Unaffiliated dividends	$	318,766		$	1,308,393		$	1,761,900
Interest		20,658			39,663			80,329
Securities lending		5,831			8,603			273
Foreign tax withheld		(16,441	)		(154,712	)		(9,025	)
Total income		328,814			1,201,947			1,833,477
Expenses:
Investment advisory and administration fees		208,782			674,897			444,837
Service fees—Class A		—			5,050			—
Transfer agency and related services fees—Class A		—			1,713			—
Transfer agency and related services fees—Class P		674			49,432			36,087
Transfer agency and related services fees—Class P2		11,926			12,650			3,544
Custody and fund accounting fees		9,942			34,059			11,688
Trustees fees		15,177			23,574			22,112
Professional services fees		94,350			96,762			117,345
Printing and shareholder report fees		8,393			17,051			33,728
Federal and state registration fees		18,715			25,685			25,051
Insurance expense		2,046			7,767			5,304
Interest expense		—			345			—
Other expenses		27,465			44,408			18,332
Total expenses		397,470			993,393			718,028
Fee waivers and/or expense reimbursements by Advisor*		(317,309	)		(380,817	)		(359,590	)
Net expenses		80,161			612,576			358,438
Net investment income (loss)		248,653			589,371			1,475,039
Net realized gain (loss) on:
Investments in unafiliated issuers		543,764			(1,697,933	)		(83,567	)
Foreign currency transactions		(171	)		30,007			—
Net realized gain (loss)		543,593			(1,667,926	)		(83,567	)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,233,265			6,161,089			7,786,432
Translation of other assets and liabilities denominated in foreign currency		2,017			31,373			—
Net change in unrealized appreciation (depreciation)		3,235,282			6,192,462			7,786,432
Net realized and unrealized gain (loss) from investment activities		3,778,875			4,524,536			7,702,865
Net increase (decrease) in net assets resulting from operations	$	4,027,528		$	5,113,907		$	9,177,904

* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
90

The UBS Funds

Statement of operations
For the six months ended December 31, 2023 (unaudited) (continued)

	UBS US Quality Growth At Reasonable Price Fund			UBS U.S. Small Cap Growth Fund			UBS Sustainable Development Bank Bond Fund
Investment income:
Unaffiliated dividends	$	913,175		$	362,862		$	—
Interest		101,260			102,278			1,100,078
Securities lending		—			3,964			3,833
Foreign tax withheld		(711	)		—			—
Total income		1,013,724			469,104			1,103,911
Expenses:
Investment advisory and administration fees		572,288			546,680			92,962
Service fees—Class A		—			17,149			—
Transfer agency and related services fees—Class A		—			8,750			—
Transfer agency and related services fees—Class P		51,767			60,527			2,109
Transfer agency and related services fees—Class P2		—			—			12,717
Custody and fund accounting fees		14,157			11,933			7,128
Trustees fees		25,333			20,646			17,542
Professional services fees		87,896			94,922			90,231
Printing and shareholder report fees		19,865			19,920			9,232
Federal and state registration fees		12,368			17,413			17,868
Insurance expense		7,449			5,848			3,120
Other expenses		18,974			20,301			23,795
Total expenses		810,097			824,089			276,704
Fee waivers and/or expense reimbursements by Advisor*		(311,525	)		(220,916	)		(206,139	)
Net expenses		498,572			603,173			70,565
Net investment income (loss)		515,152			(134,069	)		1,033,346
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments in unaffiliated issuers		1,190,044			(5,736,213	)		(1,625,820	)
Net realized gain (loss)		1,190,044			(5,736,213	)		(1,625,820	)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		22,638,391			10,355,208			2,948,638
Net change in unrealized appreciation (depreciation)		22,638,391			10,355,208			2,948,638
Net realized and unrealized gain (loss) from investment activities		23,828,435			4,618,995			1,322,818
Net increase (decrease) in net assets resulting from operations	$	24,343,587		$	4,484,926		$	2,356,164

* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements
91

The UBS Funds

Statement of operations
For the six months ended December 31, 2023 (unaudited) (concluded)

	UBS Multi Income Bond Fund
Investment income:
Interest	$	607,286
Securities lending		1,391
Total income		608,677
Expenses:
Investment advisory and administration fees		66,328
Service fees—Class A		554
Transfer agency and related services fees—Class A		106
Transfer agency and related services fees—Class P		11,368
Transfer agency and related services fees—Class P2¹		4
Custody and fund accounting fees		17,975
Trustees fees		13,288
Professional services fees		104,041
Printing and shareholder report fees		8,321
Federal and state registration fees		29,945
Insurance expense		1,087
Other expenses		19,183
Total expenses		272,200
Fee waivers and/or expense reimbursements by Advisor*		(195,738	)
Net expenses		76,462
Net investment income (loss)		532,215
Net realized gain (loss) on:
Investments in unaffiliated issuers		(237,576	)
Options and swaptions written		16,047

Futures contracts	(254,876	)
Swap agreements	(14,869	)
Forward foreign currency contracts	11,013

Foreign currency transactions	(789	)
Net realized gain (loss)	(481,050	)
Change in net unrealized appreciation (depreciation) on:

Investments in unaffiliated issuers					553,353
Options and swaptions written					1,895
Futures contracts					216,908
Swap agreements					13,590
Forward foreign currency contracts					24,262

Translation of other assets and liabilities denominated in foreign currency		(292	)
Net change in unrealized appreciation (depreciation)		809,716
Net realized and unrealized gain (loss) from investment activities		328,666
Net increase (decrease) in net assets resulting from operations	$	860,881

* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

¹ For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

See accompanying notes to financial statements
92

The UBS Funds

Statement of changes in net assets

	UBS All China Equity Fund						UBS Global Allocation Fund						UBS Emerging Markets Equity Opportunity Fund
	For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023
From operations:
Net investment income (loss)	$	32,072		$	67,526		$	2,205,940		$	2,993,852		$	4,046,051		$	15,343,732
Net realized gain (loss)		(35,576	)		(138,376	)		1,942,576			(7,479,234	)		(7,586,362	)		(107,145,472	)
Net change in unrealized appreciation (depreciation)		(279,994	)		(788,748	)		2,706,605			11,041,998			24,374,570			82,556,142
Net increase (decrease) in net assets resulting from operations		(283,498	)		(859,598	)		6,855,121			6,556,616			20,834,259			(9,245,598	)
Total distributions—Class A		—			—			(2,672,032	)		(6,280,248	)		—			—
Total distributions—Class P		(17,617	)		(9,183	)		(845,783	)		(1,825,896	)		(2,251,387	)		(2,089,531	)
Total distributions—Class P2		(64,093	)		(45,620	)		—			—			(11,476,025	)		(14,412,684	)
Total distributions		(81,710	)		(54,803	)		(3,517,815	)		(8,106,144	)		(13,727,412	)		(16,502,215	)
From beneficial interest transactions:
Proceeds from shares sold		—			—			1,411,151			1,501,047			41,908,366			278,307,307
Cost of shares redeemed		—			(370,000	)		(20,365,730	)		(26,521,495	)		(70,714,523	)		(389,845,793	)
Shares issued on reinvestment of dividends and distributions		74,843			51,202			3,211,534			7,496,051			11,718,783			9,740,921
Net increase (decrease) in net assets from beneficial interest transactions		74,843			(318,798	)		(15,743,045	)		(17,524,397	)		(17,087,374	)		(101,797,565	)
Net increase (decrease) in net assets		(290,365	)		(1,233,199	)		(12,405,739	)		(19,073,925	)		(9,980,527	)		(127,545,378	)
Net assets:
Beginning of period		3,090,998			4,324,197			171,835,568			190,909,493			450,075,731			577,621,109
End of period	$	2,800,633		$	3,090,998		$	159,429,829		$	171,835,568		$	440,095,204		$	450,075,731

See accompanying notes to financial statements
93

The UBS Funds

Statement of changes in net assets (continued)

	UBS Engage For Impact Fund						UBS International Sustainable Equity Fund						UBS US Dividend Ruler Fund
	For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023
From operations:
Net investment income (loss)	$	248,653		$	702,566		$	589,371		$	2,093,131		$	1,475,039		$	2,615,383
Net realized gain (loss)		543,593			(2,047,250	)		(1,667,926	)		(12,561,436	)		(83,567	)		1,093,427
Net change in unrealized appreciation (depreciation)		3,235,282			7,573,633			6,192,462			36,348,581			7,786,432			15,813,243
Net increase (decrease) in net assets resulting from operations		4,027,528			6,228,949			5,113,907			25,880,276			9,177,904			19,522,053
Total distributions—Class A		—			—			(26,614	)		(478,922	)		—			—
Total distributions—Class P		(36,021	)		(73,680	)		(893,638	)		(17,852,715	)		(4,136,323	)		(3,137,305	)
Total distributions—Class P2		(728,463	)		(580,604	)		(757,657	)		(5,506,792	)		(686,494	)		—
Total distributions		(764,484	)		(654,284	)		(1,677,909	)		(23,838,429	)		(4,822,817	)		(3,137,305	)
From beneficial interest transactions:
Proceeds from shares sold		2,834,604			11,877,913			13,834,296			37,940,925			21,427,009			53,593,182
Cost of shares redeemed		(4,513,650	)		(13,607,295	)		(17,770,760	)		(113,699,099	)		(16,094,404	)		(39,594,074	)
Shares issued on reinvestment of dividends and distributions		733,665			588,987			1,495,226			21,042,606			3,995,595			2,843,290
Net increase (decrease) in net assets from beneficial interest transactions		(945,381	)		(1,140,395	)		(2,441,238	)		(54,715,568	)		9,328,200			16,842,398
Net increase (decrease) in net assets		2,317,663			4,434,270			994,760			(52,673,721	)		13,683,287			33,227,146
Net assets:
Beginning of period		50,752,368			46,318,098			156,765,634			209,439,355			152,056,488			118,829,342
End of period	$	53,070,031		$	50,752,368		$	157,760,394		$	156,765,634		$	165,739,775		$	152,056,488

See accompanying notes to financial statements
94

The UBS Funds

Statement of changes in net assets (continued)

	UBS US Quality Growth At Reasonable Price Fund						UBS U.S. Small Cap Growth Fund						UBS Sustainable Development Bank Bond Fund
	For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023			For the six months ended December 31, 2023 (unaudited)			For the year ended June 30, 2023
From operations:
Net investment income (loss)	$	515,152		$	957,361		$	(134,069	)	$	(265,725	)	$	1,033,346		$	1,450,792
Net realized gain (loss)		1,190,044			(4,619,323	)		(5,736,213	)		(5,136,507	)		(1,625,820	)		(1,528,138	)
Net change in unrealized appreciation (depreciation)		22,638,391			37,202,941			10,355,208			22,510,208			2,948,638			(1,285,627	)
Net increase (decrease) in net assets resulting from operations		24,343,587			33,540,979			4,484,926			17,107,976			2,356,164			(1,362,973	)
Total distributions—Class A		—			—			—			(988,042	)		—			—
Total distributions—Class P		(952,785	)		(1,657,283	)		—			(5,504,921	)		(183,353	)		(173,546	)
Total distributions—Class P2		—			—			—			—			(851,761	)		(1,275,743	)
Return of Capital—Class P		—			—			—			—			—			(12,438	)
Return of Capital—Class P2		—			—			—			—			—			(91,434	)
Total distributions		(952,785	)		(1,657,283	)		—			(6,492,963	)		(1,035,114	)		(1,553,161	)
From beneficial interest transactions:
Proceeds from shares sold		41,807,166			64,709,673			7,988,968			14,504,448			8,723,591			30,385,330
Cost of shares redeemed		(20,023,104	)		(78,567,798	)		(13,221,108	)		(34,554,999	)		(13,653,050	)		(19,862,973	)
Shares issued on reinvestment of dividends and distributions		886,029			1,539,152			—			6,261,965			895,170			1,420,433
Net increase (decrease) in net assets from beneficial interest transactions		22,670,091			(12,318,973	)		(5,232,140	)		(13,788,586	)		(4,034,289	)		11,942,790
Net increase (decrease) in net assets		46,060,893			19,564,723			(747,214	)		(3,173,573	)		(2,713,239	)		9,026,656
Net assets:
Beginning of period		186,544,141			166,979,418			125,092,955			128,266,528			85,995,811			76,969,155
End of period	$	232,605,034		$	186,544,141		$	124,345,741		$	125,092,955		$	83,282,572		$	85,995,811

See accompanying notes to financial statements
95

The UBS Funds

Statement of changes in net assets (concluded)

	UBS Multi Income Bond Fund
	For the period ended December 31, 2023 (unaudited)			For the year ended June 30, 2023
From operations:
Net investment income (loss)	$	532,215		$	1,115,457
Net realized gain (loss)		(481,050	)		(224,982	)
Net change in unrealized appreciation (depreciation)		809,716			241,112
Net increase (decrease) in net assets resulting from operations		860,881			1,131,587
Total distributions—Class A		(7,476	)		(17,716	)
Total distributions—Class P		(420,118	)		(898,418	)
Total distributions—Class P2¹		(10	)		—
Total distributions		(427,604	)		(916,134	)
From beneficial interest transactions:
Proceeds from shares sold		1,137			83,048
Cost of shares redeemed		(1,829,424	)		(4,328,840	)
Shares issued on reinvestment of dividends and distributions		332,551			697,316
Net increase (decrease) in net assets from beneficial interest transactions		(1,495,736	)		(3,548,476	)
Net increase (decrease) in net assets		(1,062,459	)		(3,333,023	)
Net assets:
Beginning of period		23,938,108			27,271,131
End of period	$	22,875,649		$	23,938,108

¹For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

See accompanying notes to financial statements
96

UBS All China Equity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021¹
Net asset value, beginning of period	$	4.88		$	6.33		$	8.84		$	10.00
Net investment income (loss)³		0.04			0.08			0.03			0.03
Net realized and unrealized gains (losses)		(0.50	)		(1.48	)		(2.49	)		(1.19	)
Net increase (decrease) from operations		(0.46	)		(1.40	)		(2.46	)		(1.16	)
Dividends from net investment income		(0.10	)		(0.05	)		(0.05	)		—
Net asset value, end of period	$	4.32		$	4.88		$	6.33		$	8.84
Total investment return⁴		(9.46	)%		(22.14	)%		(27.86	)%		(11.60	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		11.90	%⁵		10.49	%		19.95	%		20.92	%⁵
Expenses after fee waivers and/or expense reimbursements		1.16	%⁵		1.45	%		1.10	%		1.10	%⁵
Net investment income (loss)		1.55	%⁵		1.43	%		0.46	%		1.06	%⁵
Supplemental data:
Net assets, end of period (000's)	$	786		$	875		$	1,128		$	1,767
Portfolio turnover		1	%		1	%		13	%		6	%

Class P2

	Six months ended December 31, 2023 (unaudited)			Year ended June 30, 2023			Period ended June 30, 2022²
Net asset value, beginning of period	$	4.88		$	6.34		$	5.86
Net investment income (loss)³		0.06			0.12			0.05
Net realized and unrealized gains (losses)		(0.50	)		(1.48	)		0.43
Net increase (decrease) from operations		(0.44	)		(1.36	)		0.48
Dividends from net investment income		(0.14	)		(0.10	)		—
Net asset value, end of period	$	4.30		$	4.88		$	6.34
Total investment return⁴		(8.99	)%		(21.50	)%		8.19	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		11.08	%⁵		9.52	%		7.65	%⁵
Expenses after fee waivers and/or expense reimbursements		0.36	%⁵		0.65	%		0.30	%⁵
Net investment income (loss)		2.35	%⁵		2.28	%		4.50	%⁵
Supplemental data:
Net assets, end of period (000's)	$	2,015		$	2,216		$	3,196
Portfolio turnover		1	%		1	%		13	%

¹ For the period February 24, 2021 (commencement of operations) through June 30, 2021.

² For the period from April 21, 2022 (commencement of operations) through June 30, 2022.

³ Calculated using the average share method.

⁴ Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program fees; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

⁵ Annualized.

See accompanying notes to financial statements

UBS Global Allocation Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class A

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.38		$	10.48		$	14.61		$	11.82		$	12.56		$	12.08
Net investment income (loss)¹		0.14			0.17			0.11			0.12			0.12			0.12
Net realized and unrealized gain (loss)		0.34			0.21			(1.83	)		2.89			0.02			0.36
Net increase (decrease) from operations		0.48			0.38			(1.72	)		3.01			0.14			0.48
Dividends from net investment income		(0.23	)		—			(0.16	)		(0.07	)		(0.35	)		—
Distributions from net realized gains		—			(0.48	)		(2.25	)		(0.15	)		(0.53	)		—
Total dividends and distributions		(0.23	)		(0.48	)		(2.41	)		(0.22	)		(0.88	)		—
Net asset value, end of period	$	10.63		$	10.38		$	10.48		$	14.61		$	11.82		$	12.56
Total investment return²		4.68	%		3.82	%		(14.05	)%		25.58	%		0.79	%		3.97	%³
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.54	%⁴		1.48	%		1.39	%		1.41	%		1.42	%⁵		1.40	%⁵
Expenses after fee waivers and/or expense reimbursements		1.20	%⁴		1.21	%		1.20	%		1.20	%		1.20	%⁵		1.20	%⁵
Net investment income (loss)		2.67	%⁴		1.61	%		0.82	%		0.85	%		1.01	%		1.04	%
Supplemental data:
Net assets, end of period (000's)	$	123,187		$	132,855		$	146,850		$	192,772		$	174,159		$	209,407
Portfolio turnover		50	%		148	%		125	%		128	%		120	%		35	%

Class P

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.75		$	10.82		$	15.00		$	12.13		$	12.87		$	12.34
Net investment income (loss)¹		0.15			0.20			0.14			0.15			0.16			0.16
Net realized and unrealized gains (losses)		0.36			0.21			(1.87	)		2.97			0.02			0.37
Net increase (decrease) from operations		0.51			0.41			(1.73	)		3.12			0.18			0.53
Dividends from net investment income		(0.26	)		—			(0.20	)		(0.10	)		(0.39	)		—
Distributions from net realized gains		—			(0.48	)		(2.25	)		(0.15	)		(0.53	)		—
Total dividends and distributions		(0.26	)		(0.48	)		(2.45	)		(0.25	)		(0.92	)		—
Net asset value, end of period	$	11.00		$	10.75		$	10.82		$	15.00		$	12.13		$	12.87
Total investment return²		4.78	%		3.99	%		(13.78	)%		25.88	%		1.02	%		4.21	%³
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.26	%⁴		1.20	%		1.11	%		1.14	%		1.14	%⁵		1.13	%⁵
Expenses after fee waivers and/or expense reimbursements		0.95	%⁴		0.96	%		0.95	%		0.95	%		0.95	%⁵		0.95	%⁵
Net investment income (loss)		2.89	%⁴		1.86	%		1.07	%		1.10	%		1.27	%		1.27	%
Supplemental data:
Net assets, end of period (000's)	$	36,242		$	38,980		$	44,059		$	56,383		$	51,311		$	57,803
Portfolio turnover		50	%		148	%		125	%		128	%		120	%		35	%

¹ Calculated using the average share method.

² Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or program fees; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

³ During the year, the Fund recorded a gain of $263,116 from affiliated funds that were previously liquidated. If this gain had been excluded, the total return of Class A and Class P would have been 3.89% and 4.13%, respectively.

⁴ Annualized.

⁵ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

UBS Emerging Markets Equity Opportunity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,												Period ended
	(unaudited)			2023			2022			2021			2020			June 30, 2019¹
Net asset value, beginning of period	$	7.38		$	7.61		$	12.39		$	9.23		$	9.28		$	8.92
Net investment income (loss)²		0.04			0.18			0.20			0.09			0.19			0.21
Net realized and unrealized gains (losses)		0.30			(0.24	)		(3.92	)		3.18			0.00³			0.15
Net increase (decrease) from operations		0.34			(0.06	)		(3.72	)		3.27			0.19			0.36
Dividends from net investment income		(0.17	)		(0.17	)		(0.12	)		(0.11	)		(0.24	)		—
Distributions from net realized gains		—			—			(0.94	)		—			—			—
Total dividends and distributions		(0.17	)		(0.17	)		(1.06	)		(0.11	)		(0.24	)		—
Net asset value, end of period	$	7.55		$	7.38		$	7.61		$	12.39		$	9.23		$	9.28
Total investment return⁴		4.66	%		(0.80	)%		(31.71	)%		35.51	%		1.84	%		4.04	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.20	%^5,6		1.18	%		1.15	%⁶		1.08	%		1.19	%		1.22	%⁵
Expenses after fee waivers and/or expense reimbursements		1.01	%^5,6		1.02	%		1.00	%⁶		1.00	%		1.04	%		1.15	%⁵
Net investment income (loss)		1.16	%⁵		2.47	%		1.98	%		0.73	%		2.14	%		5.73	%⁵
Supplemental data:
Net assets, end of period (000's)	$	72,978		$	103,168		$	132,423		$	274,359		$	100,543		$	38,465
Portfolio turnover		20	%		65	%		57	%		41	%		50	%		52	%

Class P2

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.40		$	7.68		$	12.52		$	9.30		$	9.31		$	9.40
Net investment income (loss)²		0.07			0.23			0.30			0.18			0.26			0.19
Net realized and unrealized gains (losses)		0.29			(0.24	)		(3.96	)		3.22			0.00³			(0.23	)⁷
Net increase (decrease) from operations		0.36			(0.01	)		(3.66	)		3.40			0.26			(0.04	)
Dividends from net investment income		(0.24	)		(0.27	)		(0.24	)		(0.18	)		(0.27	)		(0.05	)
Distributions from net realized gains		—			—			(0.94	)		—			—			—
Total dividends and distributions		(0.24	)		(0.27	)		(1.18	)		(0.18	)		(0.27	)		(0.05	)
Net asset value, end of period	$	7.52		$	7.40		$	7.68		$	12.52		$	9.30		$	9.31
Total investment return⁴		4.95	%		0.02	%		(31.10	)%		36.66	%		2.66	%		(0.46	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.19	%^5,6		1.17	%		1.13	%⁶		1.06	%		1.17	%		1.42	%⁵
Expenses after fee waivers and/or expense reimbursements		0.24	%^5,6		0.22	%		0.19	%⁶		0.12	%		0.22	%		0.40	%⁵
Net investment income (loss)		1.96	%⁵		3.14	%		2.90	%		1.56	%		2.88	%		2.16	%⁵
Supplemental data:
Net assets, end of period (000's)	$	367,117		$	346,908		$	445,198		$	761,661		$	375,791		$	186,941
Portfolio turnover		20	%		65	%		57	%		41	%		50	%		52	%

¹ For the period January 31, 2019 (commencement of operations) through June 30, 2019.

² Calculated using the average share method.

³ Amount represents less than $0.005 per share.

⁵ Annualized.

⁶ Includes interest expense representing less than 0.005%.

⁷ The amount of net realized and unrealized gain per share does not correspond with the net realized and unrealized gain reported within the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values.

See accompanying notes to financial statements

UBS Engage For Impact Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,												Period ended
	(unaudited)			2023			2022			2021			2020			June 30, 2019¹
Net asset value, beginning of period	$	11.15		$	9.97		$	14.26		$	10.14		$	10.81		$	10.00
Net investment income (loss)³		0.03			0.09			0.14			0.03			0.08			0.15
Net realized and unrealized gains (losses)		0.85			1.19			(2.82	)		4.19			(0.45	)		0.67
Net increase (decrease) from operations		0.88			1.28			(2.68	)		4.22			(0.37	)		0.82
Dividends from net investment income		(0.08	)		—			(0.08	)		(0.02	)		(0.11	)		(0.01	)
Distributions from net realized gains		—			(0.10	)		(1.53	)		(0.08	)		(0.19	)		—
Total dividends and distributions		(0.08	)		(0.10	)		(1.61	)		(0.10	)		(0.30	)		(0.01	)
Net asset value, end of period	$	11.95		$	11.15		$	9.97		$	14.26		$	10.14		$	10.81
Total investment return⁴		7.89	%		12.90	%		(21.28	)%		41.70	%		(3.77	)%		8.27	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.55	%⁵		1.53	%		1.44	%		1.69	%		2.27	%		3.87	%⁵
Expenses after fee waivers and/or expense reimbursements		0.85	%⁵		0.87	%		0.85	%		0.85	%		0.85	%		0.85	%⁵
Net investment income (loss)		0.45	%⁵		0.86	%		1.04	%		0.27	%		0.75	%		2.13	%⁵
Supplemental data:
Net assets, end of period (000's)	$	5,461		$	5,776		$	6,312		$	7,816		$	26,241		$	15,918
Portfolio turnover		14	%		21	%		39	%		78	%		43	%		67	%

Class P2

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021²
Net asset value, beginning of period	$	11.19		$	9.99		$	14.29		$	13.64
Net investment income (loss)³		0.06			0.16			0.22			0.09
Net realized and unrealized gains (losses)		0.85			1.19			(2.82	)		0.56
Net increase (decrease) from operations		0.91			1.35			(2.60	)		0.65
Dividends from net investment income		(0.18	)		(0.05	)		(0.17	)		—
Distributions from net realized gains		—			(0.10	)		(1.53	)		—
Total dividends and distributions		(0.18	)		(0.15	)		(1.70	)		—
Net asset value, end of period	$	11.92		$	11.19		$	9.99		$	14.29
Total investment return⁴		8.20	%		13.62	%		(20.77	)%		4.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.57	%⁵		1.56	%		1.42	%		2.24	%⁵
Expenses after fee waivers and/or expense reimbursements		0.25	%⁵		0.28	%		0.25	%		0.25	%⁵
Net investment income (loss)		1.04	%⁵		1.51	%		1.64	%		1.80	%⁵
Supplemental data:
Net assets, end of period (000's)	$	47,609		$	44,976		$	40,006		$	42,692
Portfolio turnover		14	%		21	%		39	%		78	%

¹ For the period October 24, 2018 (commencement of operations) through June 30, 2019.

² For the period February 23, 2021 (commencement of operations) through June 30, 2021.

³ Calculated using the average share method.

⁵ Annualized.

See accompanying notes to financial statements

100

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101

UBS International Sustainable Equity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class A

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.28		$	9.12		$	12.48		$	9.62		$	10.01		$	10.20
Net investment income (loss)²		0.01			0.07			0.08			0.05			0.16			0.13
Net realized and unrealized gain (loss)		0.30			1.23			(2.38	)		2.93			(0.42	)		(0.16	)³
Net increase (decrease) from operations		0.31			1.30			(2.30	)		2.98			(0.26	)		(0.03	)
Dividends from net investment income		(0.06	)		(0.01	)		(0.12	)		(0.12	)		(0.13	)		(0.06	)
Distributions from net realized gains		—			(1.13	)		(0.94	)		—			—			(0.10	)
Total dividends and distributions		(0.06	)		(1.14	)		(1.06	)		(0.12	)		(0.13	)		(0.16	)
Net asset value, end of period	$	9.53		$	9.28		$	9.12		$	12.48		$	9.62		$	10.01
Total investment return⁴		3.37	%		15.68	%		(19.68	)%		31.09	%		(2.73	)%		(0.14	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.53	%^5,6		1.49	%⁶		1.37	%⁶		1.33	%		1.41	%⁶		1.53	%
Expenses after fee waivers and/or expense reimbursements		1.25	%^5,6		1.26	%⁶		1.25	%⁶		1.25	%		1.25	%⁶		1.25	%
Net investment income (loss)		0.30	%⁵		0.82	%		0.70	%		0.45	%		1.60	%		1.38	%
Supplemental data:
Net assets, end of period (000's)	$	4,166		$	4,103		$	4,754		$	9,081		$	7,442		$	9,769
Portfolio turnover		29	%		7	%		53	%		52	%		41	%		57	%

Class P

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.29		$	9.15		$	12.53		$	9.66		$	10.04		$	10.23
Net investment income (loss)²		0.03			0.09			0.09			0.09			0.18			0.17
Net realized and unrealized gains (losses)		0.29			1.23			(2.37	)		2.93			(0.41	)		(0.18	)³
Net increase (decrease) from operations		0.32			1.32			(2.28	)		3.02			(0.23	)		(0.01	)
Dividends from net investment income		(0.08	)		(0.05	)		(0.16	)		(0.15	)		(0.15	)		(0.08	)
Distributions from net realized gains		—			(1.13	)		(0.94	)		—			—			(0.10	)
Total dividends and distributions		(0.08	)		(1.18	)		(1.10	)		(0.15	)		(0.15	)		(0.18	)
Net asset value, end of period	$	9.53		$	9.29		$	9.15		$	12.53		$	9.66		$	10.04
Total investment return⁴		3.47	%		16.00	%		(19.50	)%		31.40	%		(2.40	)%		0.10	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.29	%^5,6		1.27	%⁶		1.11	%⁶		1.05	%		1.12	%⁶		1.26	%
Expenses after fee waivers and/or expense reimbursements		1.00	%^5,6		1.01	%⁶		1.00	%⁶		0.99	%		1.00	%⁶		1.00	%
Net investment income (loss)		0.56	%⁵		0.97	%		0.74	%		0.79	%		1.82	%		1.80	%
Supplemental data:
Net assets, end of period (000's)	$	108,425		$	107,863		$	164,377		$	380,983		$	203,078		$	146,616
Portfolio turnover		29	%		7	%		53	%		52	%		41	%		57	%

¹ For the period October 30, 2020 (commencement of operations) through June 30, 2021

² Calculated using the average share method.

³ The amount of net realized and unrealized gain per share does not correspond with the net realized and unrealized gain reported within the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values.

⁴ Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or program fees; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

102

UBS International Sustainable Equity Fund

Financial highlights

Class P2

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021¹
Net asset value, beginning of period	$	9.29		$	9.18		$	12.59		$	10.05
Net investment income (loss)²		0.06			0.17			0.20			0.14
Net realized and unrealized gains (losses)		0.29			1.23			(2.41	)		2.55
Net increase (decrease) from operations		0.35			1.40			(2.21	)		2.69
Dividends from net investment income		(0.16	)		(0.16	)		(0.26	)		(0.15	)
Distributions from net realized gains		—			(1.13	)		(0.94	)		—
Total dividends and distributions		(0.16	)		(1.29	)		(1.20	)		(0.15	)
Net asset value, end of period	$	9.48		$	9.29		$	9.18		$	12.59
Total investment return⁴		3.83	%		16.83	%		(18.84	)%		26.90	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.26	%^5,6		1.22	%⁶		1.12	%⁶		1.08	%⁵
Expenses after fee waivers and/or expense reimbursements		0.25	%^5,6		0.26	%⁶		0.25	%⁶		0.22	%⁵
Net investment income (loss)		1.31	%⁵		1.88	%		1.76	%		1.78	%⁵
Supplemental data:
Net assets, end of period (000's)	$	45,169		$	44,800		$	40,308		$	41,571
Portfolio turnover		29	%		7	%		53	%		52	%

⁵ Annualized.

⁶ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

103

UBS US Dividend Ruler Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021¹
Net asset value, beginning of period	$	13.34		$	11.83		$	12.82		$	10.00
Net investment income (loss)²		0.12			0.25			0.23			0.20
Net realized and unrealized gains (losses)		0.65			1.57			(0.84	)		2.72
Net increase (decrease) from operations		0.77			1.82			(0.61	)		2.92
Dividends from net investment income		(0.30	)		(0.16	)		(0.16	)		(0.05	)
Distributions from net realized gains		(0.10	)		(0.15	)		(0.22	)		(0.05	)
Total dividends and distributions		(0.40	)		(0.31	)		(0.38	)		(0.10	)
Net asset value, end of period	$	13.71		$	13.34		$	11.83		$	12.82
Total investment return³		5.81	%		15.60	%		(5.01	)%		29.37	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.93	%⁴		0.94	%		0.83	%		1.57	%⁴
Expenses after fee waivers and/or expense reimbursements		0.50	%⁴		0.51	%		0.50	%		0.50	%⁴
Net investment income (loss)		1.87	%⁴		1.98	%		1.76	%		1.72	%⁴
Supplemental data:
Net assets, end of period (000's)	$	145,361		$	137,806		$	118,829		$	81,981
Portfolio turnover		12	%		34	%		29	%		24	%

Class P2

	Six months ended December 31, 2023 (unaudited)			Period ended June 30, 2023⁵
Net asset value, beginning of period	$	13.35		$	12.10
Net investment income (loss)²		0.15			0.08
Net realized and unrealized gains (losses)		0.64			1.17
Net increase (decrease) from operations		0.79			1.25
Dividends from net investment income		(0.37	)		—
Distributions from net realized gains		(0.10	)		—
Total dividends and distributions		(0.47	)		—
Net asset value, end of period	$	13.67		$	13.35
Total investment return³		5.96	%		10.33	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.92	%⁴		1.18	%⁴
Expenses after fee waivers and/or expense reimbursements		0.15	%⁴		0.18	%⁴
Net investment income (loss)		2.23	%⁴		2.16	%⁴
Supplemental data:
Net assets, end of period (000's)	$	20,379		$	14,250
Portfolio turnover		12	%		34	%

¹ For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

² Calculated using the average share method.

³ Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable program fees; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

⁴ Annualized.

⁵ For the period March 15, 2023 (commencement of operations) through June 30, 2023.

See accompanying notes to financial statements

104

UBS US Quality Growth At Reasonable Price Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021¹
Net asset value, beginning of period	$	12.75		$	10.68		$	13.10		$	10.00
Net investment income (loss)²		0.03			0.06			0.04			0.04
Net realized and unrealized gains (losses)		1.53			2.12			(2.05	)		3.10
Net increase (decrease) from operations		1.56			2.18			(2.01	)		3.14
Dividends from net investment income		(0.06	)		—			(0.03	)		(0.01	)
Distributions from net realized gains		—			(0.11	)		(0.38	)		(0.03	)
Total dividends and distributions		(0.06	)		(0.11	)		(0.41	)		(0.04	)
Net asset value, end of period	$	14.25		$	12.75		$	10.68		$	13.10
Total investment return³		12.24	%		20.59	%		(16.06	)%		31.49	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.81	%⁴		0.84	%		0.79	%		1.23	%⁴
Expenses after fee waivers and/or expense reimbursements		0.50	%⁴		0.51	%		0.50	%		0.50	%⁴
Net investment income (loss)		0.52	%⁴		0.54	%		0.28	%		0.32	%⁴
Supplemental data:
Net assets, end of period (000's)	$	232,605		$	186,544		$	166,979		$	116,538
Portfolio turnover		8	%		41	%		30	%		29	%

¹ For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

² Calculated using the average share method.

⁴ Annualized.

See accompanying notes to financial statements

105

UBS U.S. Small Cap Growth Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class A

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	15.72		$	14.62		$	28.15		$	19.74		$	19.49		$	20.74
Net investment income (loss)¹		(0.04	)		(0.07	)		(0.13	)		(0.25	)		(0.11	)		(0.10	)
Net realized and unrealized gain (loss)		0.65			2.05			(7.78	)		11.88			1.79			0.80
Net increase (decrease) from operations		0.61			1.98			(7.91	)		11.63			1.68			0.70
Distributions from net realized gains		—			(0.88	)		(5.62	)		(3.22	)		(1.43	)		(1.95	)
Net asset value, end of period	$	16.33		$	15.72		$	14.62		$	28.15		$	19.74		$	19.49
Total investment return²		3.88	%		14.23	%		(33.31	)%		59.94	%		9.33	%		5.95	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.62	%³		1.55	%		1.46	%		1.43	%		1.60	%⁴		1.57	%
Expenses after fee waivers and/or expense reimbursements		1.24	%³		1.25	%		1.24	%		1.24	%		1.24	%⁴		1.24	%
Net investment income (loss)		(0.46	)%³		(0.43	)%		(0.57	)%		(0.98	)%		(0.63	)%⁴		(0.53	)%
Supplemental data:
Net assets, end of period (000's)	$	13,543		$	15,276		$	17,387		$	35,268		$	22,909		$	26,114
Portfolio turnover		24	%		35	%		40	%		63	%		79	%		54	%

Class P

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	19.03		$	17.47		$	32.44		$	22.37		$	21.84		$	22.89
Net investment income (loss)¹		(0.02	)		(0.03	)		(0.08	)		(0.22	)		(0.08	)		(0.06	)
Net realized and unrealized gains (losses)		0.78			2.47			(9.21	)		13.51			2.04			0.96
Net increase (decrease) from operations		0.76			2.44			(9.29	)		13.29			1.96			0.90
Dividends from net investment income		—			—			(0.06	)		—			—			—
Distributions from net realized gains		—			(0.88	)		(5.62	)		(3.22	)		(1.43	)		(1.95	)
Total dividends and distributions		—			(0.88	)		(5.68	)		(3.22	)		(1.43	)		(1.95	)
Net asset value, end of period	$	19.79		$	19.03		$	17.47		$	32.44		$	22.37		$	21.84
Total investment return²		3.99	%		14.48	%		(33.13	)%		60.29	%		9.62	%		6.24	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.36	%³		1.31	%		1.21	%		1.16	%		1.29	%⁴		1.30	%
Expenses after fee waivers and/or expense reimbursements		0.99	%³		1.00	%		0.99	%		0.99	%		0.99	%⁴		0.99	%
Net investment income (loss)		(0.20	)%³		(0.17	)%		(0.31	)%		(0.74	)%		(0.37	)%		(0.27	)%
Supplemental data:
Net assets, end of period (000's)	$	110,803		$	109,817		$	110,879		$	178,971		$	92,754		$	96,485
Portfolio turnover		24	%		35	%		40	%		63	%		79	%		54	%

¹ Calculated using the average share method.

³ Annualized.

⁴ Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

106

UBS Sustainable Development Bank Bond Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class P

	Six months ended December 31, 2023			Years ended June 30,												Period ended
	(unaudited)			2023			2022			2021			2020			June 30, 2019¹
Net asset value, beginning of period	$	9.28		$	9.62		$	10.60		$	11.17		$	10.58		$	10.00
Net investment income (loss)²		0.11			0.17			0.10			0.13			0.21			0.19
Net realized and unrealized gains (losses)		0.17			(0.34	)		(0.97	)		(0.31	)		0.63			0.58
Net increase (decrease) from operations		0.28			(0.17	)		(0.87	)		(0.18	)		0.84			0.77
Dividends from net investment income		(0.11	)		(0.16	)		(0.10	)		(0.12	)		(0.21	)		(0.19	)
Distributions from net realized gains		—			—			(0.01	)		(0.27	)		(0.04	)		—
Return of capital		—			(0.01	)		—			—			—			—
Total dividends and distributions		(0.11	)		(0.17	)		(0.11	)		(0.39	)		(0.25	)		(0.19	)
Net asset value, end of period	$	9.45		$	9.28		$	9.62		$	10.60		$	11.17		$	10.58
Total investment return³		3.07	%		(1.75	)%		(8.13	)%		(1.70	)%		8.03	%		7.75	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.66	%⁴		0.68	%		0.56	%		0.80	%		1.07	%⁵		2.19	%⁴
Expenses after fee waivers and/or expense reimbursements		0.25	%⁴		0.27	%		0.25	%		0.25	%		0.25	%⁵		0.25	%⁴
Net investment income (loss)		2.42	%⁴		1.78	%		1.01	%		1.18	%		1.94	%		2.67	%⁴
Supplemental data:
Net assets, end of period (000's)	$	17,089		$	14,937		$	8,052		$	17,510		$	37,414		$	25,235
Portfolio turnover		17	%		22	%		47	%		16	%		80	%		20	%

Class P2

	Six months ended December 31, 2023			Years ended June 30,						Period ended
	(unaudited)			2023			2022			June 30, 2021⁶
Net asset value, beginning of period	$	9.27		$	9.61		$	10.59		$	11.09
Net investment income (loss)²		0.12			0.17			0.12			0.08
Net realized and unrealized gains (losses)		0.17			(0.33	)		(0.97	)		(0.23	)
Net increase (decrease) from operations		0.29			(0.16	)		(0.85	)		(0.15	)
Dividends from net investment income		(0.12	)		(0.17	)		(0.12	)		(0.08	)
Distributions from net realized gains		—			—			(0.01	)		(0.27	)
Return of capital		—			(0.01	)		—			—
Total dividends and distributions		(0.12	)		(0.18	)		(0.13	)		(0.35	)
Net asset value, end of period	$	9.44		$	9.27		$	9.61		$	10.59
Total investment return³		3.15	%		(1.62	)%		(8.08	)%		(1.34	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.67	%⁴		0.66	%		0.56	%		0.68	%⁴
Expenses after fee waivers and/or expense reimbursements		0.15	%⁴		0.16	%		0.15	%		0.15	%⁴
Net investment income (loss)		2.52	%⁴		1.83	%		1.15	%		1.09	%⁴
Supplemental data:
Net assets, end of period (000's)	$	66,194		$	71,059		$	68,917		$	65,659
Portfolio turnover		17	%		22	%		47	%		16	%

¹ For the period October 24, 2018 (commencement of operations) through June 30, 2019.

² Calculated using the average share method.

⁴ Annualized.

⁵ Includes interest expense representing less than 0.005%.

⁶ For the period October 30, 2020 (commencement of operations) through June 30, 2021.

See accompanying notes to financial statements

107

UBS Multi Income Bond Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

Class A

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.38		$	13.27		$	15.66		$	15.64		$	15.09		$	14.40
Net investment income (loss)²		0.29			0.55			0.27			0.30			0.41			0.45
Net realized and unrealized gain (loss)		0.21			—			(2.42	)		(0.02	)		0.50			0.65
Net increase (decrease) from operations		0.50			0.55			(2.15	)		0.28			0.91			1.10
Dividends from net investment income		(0.23	)		(0.44	)		(0.24	)		(0.26	)		(0.36	)		(0.41	)
Net asset value, end of period	$	13.65		$	13.38		$	13.27		$	15.66		$	15.64		$	15.09
Total investment return³		3.81	%		4.25	%		(13.91	)%		1.83	%		6.14	%		7.63	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.54	%⁴		2.22	%		1.92	%		1.73	%		1.59	%⁵		1.68	%⁵
Expenses after fee waivers and/or expense reimbursements		0.91	%⁴		0.89	%		0.75	%		0.75	%		0.75	%⁵		0.75	%⁵
Net investment income (loss)		4.35	%⁴		4.09	%		1.80	%		1.90	%		2.66	%		3.10	%
Supplemental data:
Net assets, end of period (000's)	$	307		$	501		$	570		$	681		$	650		$	488
Portfolio turnover		10	%		24	%		248	%		169	%		209	%		234	%

Class P

	Six months ended December 31, 2023			Years ended June 30,
	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.39		$	13.28		$	15.67		$	15.65		$	15.10		$	14.41
Net investment income (loss)²		0.31			0.58			0.31			0.34			0.45			0.49
Net realized and unrealized gains (losses)		0.21			0.01			(2.43	)		(0.02	)		0.50			0.64
Net increase (decrease) from operations		0.52			0.59			(2.12	)		0.32			0.95			1.13
Dividends from net investment income		(0.25	)		(0.48	)		(0.27	)		(0.30	)		(0.40	)		(0.44	)
Net asset value, end of period	$	13.66		$	13.39		$	13.28		$	15.67		$	15.65		$	15.10
Total investment return³		3.95	%		4.51	%		(13.68	)%		2.07	%		6.40	%		7.95	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.36	%⁴		2.04	%		1.71	%		1.52	%		1.38	%⁵		1.45	%⁵
Expenses after fee waivers and/or expense reimbursements		0.66	%⁴		0.64	%		0.50	%		0.50	%		0.50	%⁵		0.50	%⁵
Net investment income (loss)		4.62	%⁴		4.34	%		2.06	%		2.15	%		2.92	%		3.35	%
Supplemental data:
Net assets, end of period (000's)	$	22,568		$	23,437		$	26,702		$	34,629		$	37,048		$	38,949
Portfolio turnover		10	%		24	%		248	%		169	%		209	%		234	%

¹ For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

² Calculated using the average share method.

³ Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; redemption or program fees results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

108

UBS Multi Income Bond Fund

Financial highlights

Class P2

	Period ended December 31, 2023¹
Net asset value, beginning of period	$	12.93
Net investment income (loss)²		0.00⁶
Net realized and unrealized gains (losses)		0.88
Net increase (decrease) from operations		0.88
Dividends from net investment income		(0.13	)
Net asset value, end of period	$	13.68
Total investment return³		6.47	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		3.93	%⁴
Expenses after fee waivers and/or expense reimbursements		0.44	%⁴
Net investment income (loss)		4.81	%⁴
Supplemental data:
Net assets, end of period (000's)	$	1
Portfolio turnover		10	%

⁴ Annualized.

⁵ Includes interest expense representing less than 0.005%.

⁶ Amount represents less than $0.005 per share.

See accompanying notes to financial statements

109

The UBS Funds

Notes to financial statements (unaudited)

Organization and significant accounting policies

The UBS Funds (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"), as amended, currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized on August 13, 1993. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has ten Funds available for investment, each having its own investment objectives and policies: UBS All China Equity Fund, UBS Global Allocation Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS International Sustainable Equity Fund, UBS US Dividend Ruler Fund, UBS US Quality Growth At Reasonable Price Fund, UBS U.S. Small Cap Growth Fund, UBS Sustainable Development Bank Bond Fund, and UBS Multi Income Bond Fund, (each a "Fund", and collectively, the "Funds"). Each of the Funds is classified as a diversified investment company with the exception of UBS All China Equity Fund, UBS US Quality Growth At Reasonable Price Fund and UBS Sustainable Development Bank Bond Fund, which are classified as non-diversified for purposes of the 1940 Act.

UBS Asset Management (Americas) Inc. ("UBS AM" or the "Advisor") serves as the investment advisor and administrator for the Funds. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Funds. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Funds currently offer Class A and Class P shares, with the exception of (1) UBS All China Equity Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS International Sustainable Equity Fund, UBS US Dividend Ruler Fund, UBS Sustainable Development Bank Bond Fund and UBS Multi Income Bond Fund, which currently also offer Class P2 shares and (2) UBS US Quality Growth At Reasonable Price Fund is currently only offering Class P shares. Each class represents interests in the same assets of the applicable Fund and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges, fee waiver/expense cap/expense reimbursement arrangements and certain transfer agency and related services expenses. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class P and Class P2 shares have no service or distribution plan.

The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them on a pro rata basis.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Under certain circumstances, shareholders of the Funds may receive payment for redemptions in securities rather than in cash.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

110

The UBS Funds

Notes to financial statements (unaudited)

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements

In October 2022, the SEC adopted the Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds rule and reform amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual tailored shareholder reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Certain information from the Fund's current shareholder reports, including the Fund's investment portfolio, financial statements and financial highlights, will not appear in the tailored shareholder report but will be filed on a semiannual basis on Form N-CSR. This information will be available online, mailed upon request and filed on a semiannual basis. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Funds until the 2024 annual shareholder report.

The following is a summary of significant accounting policies:

Investment transactions, investment income and expenses: Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Fund, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

Dividends and distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Foreign currency translation: The books and records of the Funds are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Funds do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Funds do isolate the effect of fluctuations in foreign

111

The UBS Funds

Notes to financial statements (unaudited)

exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Concentration of risk: Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Funds in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

The ability of the issuers of debt securities held by the Funds to meet their obligations may be affected by economic, political and other developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). LIBOR is widely used in financial markets. In July 2017, the United Kingdom's financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect a Fund's performance or NAV. Certain LIBOR tenors were discontinued by the end of 2021, while the discontinuation of others were extended to December 2024.

The conflict between Ukraine and the Russian Federation has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

112

The UBS Funds

Notes to financial statements (unaudited)

Valuation of investments

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

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

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on U.S. and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by UBS AM as the valuation designee appointed by the Trust's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Fund invests 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 net asset value. However, if the Fund determines that such developments are so significant that they will materially affect the value of the Fund's investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

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

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

113

The UBS Funds

Notes to financial statements (unaudited)

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

All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Fund's custodian.

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

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

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has engaged the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Fund's portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

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

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

114

The UBS Funds

Notes to financial statements (unaudited)

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

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

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

Investments

Asset-backed securities: Certain Funds may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Mortgage-backed securities: Certain Funds may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and

115

The UBS Funds

Notes to financial statements (unaudited)

principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

Real estate investment trusts: Certain Funds may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Fund estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Fund updates its accounting and/or tax books and records.

Restricted securities: The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Fund's portfolio footnotes.

Securities traded on to-be-announced basis: Certain Funds may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

Short sales: UBS U.S. Small Cap Growth Fund and UBS Multi Income Bond Fund may engage in short sale transactions in which the Fund sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Fund must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Fund will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security, and the Fund will realize a gain if the security declines in price between those same dates. The Fund segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. The Fund incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Fund.

Because a Fund's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Fund's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Fund's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Fund.

116

The UBS Funds

Notes to financial statements (unaudited)

For the period ended December 31, 2023, UBS U.S. Small Cap Growth Fund and UBS Multi Income Bond Fund did not engage in short sale transactions.

Treasury Inflation Protected Securities: The Funds may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

Derivative instruments

Purchased options: Certain Funds may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Funds pay a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing: Certain Funds may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Fund writes a call or a put option, an amount equal to the premium received by the Fund is included on the Fund's Statement of assets and liabilities as a 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 into 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 a 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 the sale are increased by the premium originally received. If a put option, which a 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, a Fund bears 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 current market value.

117

The UBS Funds

Notes to financial statements (unaudited)

In the normal course of trading activities, the Fund trades and holds certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Fund will be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Fund will be obligated to enter into a swap agreement. The maximum payout for these contracts is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event.

Written options, if any, are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in options and swaptions written, at value. At December 31, 2023, the Funds did not hold any written options.

Futures contracts: Certain Funds may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Fund is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Fund, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss. Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

Swap agreements: Certain Funds may engage in swap agreements, including, but not limited to, interest rate, credit default and total return swap agreements. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the portfolio's duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Funds accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain or loss on swap agreements, in addition to realized gain or loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

Certain Funds may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations.

118

The UBS Funds

Notes to financial statements (unaudited)

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. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Fund would make periodic payments to the counterparty, and the Fund would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Fund typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Fund would receive periodic payments from the counterparty, and the Fund would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Fund will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Fund typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Fund had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Fund is the seller of protection are disclosed under the section "Credit default swap agreements on credit indices—sell protection" in

119

The UBS Funds

Notes to financial statements (unaudited)

the Portfolio of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Fund for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Fund will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Fund's risk of loss will consist of the net amount of interest or other payments that the Fund is contractually entitled to receive. Therefore, the Fund would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin receivable or payable, if any.

Swap agreements, if any, are shown as portfolio holdings within the Portfolio of investments.

Forward foreign currency contracts: Certain Funds may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

120

The UBS Funds

Notes to financial statements (unaudited)

Derivatives by underlying risk: Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Fund's portfolio of investments is representative of the volume of derivatives outstanding during the period ended December 31, 2023.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Funds may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Fund's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of December 31, 2023 is reflected in the Statement of assets and liabilities.

At December 31, 2023, the Funds had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total value
UBS Global Allocation Fund
Futures contracts	$	569,599	$	—	$	—	$	1,241,439	$	1,811,038
Forward foreign currency contracts		—		1,714,904		—		—		1,714,904
Total value	$	569,599	$	1,714,904	$	—	$	1,241,439	$	3,525,942
UBS Multi Income Bond Fund
Options and swaptions purchased	$	—	$	5,604	$	—	$	—	$	5,604
Futures contracts		276,972		—		—		—		276,972
Swap agreements		42,850		—		—		—		42,850
Forward foreign currency contracts		—		37,201		—		—		37,201
Total value	$	319,822	$	42,805	$	—	$	—	$	362,627

¹ In the Statement of assets and liabilities, options and swaptions purchased are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown using unrealized appreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

Liability derivatives¹

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total value
UBS Global Allocation Fund
Futures Contracts	$	(229,368	)	$	—		$	—	$	(815,865	)	$	(1,045,233	)
Forward Currency Contracts		—			(2,115,495	)		—		—			(2,115,495	)
Total	$	(229,368	)	$	(2,115,495	)	$	—	$	(815,865	)	$	(3,160,728	)

121

The UBS Funds

Notes to financial statements (unaudited)

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total value
UBS Multi Income Bond Fund
Written Swaption Contracts	$	—		$	(934	)	$	—	$	—	$	(934	)
Futures Contracts		(54,452	)		—			—		—		(54,452	)
Forward Currency Contracts		—			(5,735	)		—		—		(5,735	)
Total	$	(54,452	)	$	(6,669	)	$	—	$	—	$	(61,121	)

¹ In the Statement of assets and liabilities, options and swaptions written are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

During the period ended December 31, 2023, net realized gain (loss) from derivatives were as follows:

Realized gain (loss)¹

	Interest rate risk			Foreign exchange risk		Credit risk			Equity risk			Total value
UBS Global Allocation Fund
Options and swaptions purchased	$	—		$	—	$	—		$	53,295		$	53,295
Futures contracts		(855,433	)		—		—			1,511,800			656,367
Swap agreements		—			—		212,223			(484,771	)		(272,548	)
Forward foreign currency contracts		—			731,247		—			—			731,247
Total net realized gains (loss)	$	(855,433	)	$	731,247	$	212,223		$	1,080,324		$	11,68,361
UBS Multi Income Bond Fund
Options and swaptions written	$	16,047		$	—	$	—		$	—		$	16,047
Futures contracts		(254,876	)		—		—			—			(254,876	)
Swap agreements		(35,336	)		—		(34,017	)		54,484			(14,869	)
Forward foreign currency contracts		—			11,013		—			—			11,013
Total net realized gains (loss)	$	(274,165	)	$	11,013	$	(34,017	)	$	54,484		$	(242,685	)

¹ The net realized gain (loss) is shown in the Statement of operations in net realized gain (loss) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gain (loss) on investments.

122

The UBS Funds

Notes to financial statements (unaudited)

During the period ended December 31, 2023, net unrealized appreciation (depreciation) from derivatives were as follows:

Net change in unrealized appreciation (depreciation)¹

	Interest rate risk		Foreign exchange risk			Credit risk			Equity risk			Total Value
UBS Global Allocation Fund
Futures contracts	$	445,785	$	—		$	—		$	(531,400	)	$	(85,615	)
Swap agreements		—		—			(68,475	)		50,780			(17,695	)
Forward foreign currency contracts		—		(853,803	)		—			—			(853,803	)
Net change in appreciation (depreciation)	$	445,785	$	(853,803	)	$	(68,475	)	$	(480,620	)	$	(957,113	)
UBS Multi Income Bond Fund
Options and swaptions written	$	—	$	1,895		$	—		$	—		$	1,895
Futures contracts		216,908		—			—			—			216,908
Swap agreements		48,896		—			19,416			(54,722	)		13,590
Forward foreign currency contracts		—		24,262			—			—			24,262
Net change in appreciation (depreciation)	$	265,804	$	26,157		$	19,416		$	(54,722	)	$	256,655

¹ The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

Offsetting of certain derivatives: The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At December 31, 2023, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

UBS Global Allocation Fund

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	3,525,942		$	(3,160,728	)
Derivatives not subject to a MNA or similar agreements		(1,811,038	)		1,045,233
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,714,904		$	(2,115,495	)

123

The UBS Funds

Notes to financial statements (unaudited)

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received²		Net amount of assets
BB	$	21,668		$	—		$	—	$	21,668
BOA		308,599			(202,757	)		—		105,842
CIBC		6,463			—			—		6,463
CITI		183,246			(7,853	)		—		175,393
GSI		96,199			(96,199	)		—		—
HSBC		517,507			(438,209	)		—		79,298
MSCI		533,876			(533,876	)		—		—
SSC		47,346			(11,709	)		—		35,637
Total	$	1,714,904		$	(1,290,603	)	$	—	$	424,301
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral received²		Net amount of liabilities
BOA	$	(202,757	)	$	202,757		$	—	$	—
CITI		(7,853	)		7,853			—		—
GSI		(303,945	)		96,199			—		(207,746	)
HSBC		(438,209	)		438,209			—		—
MSCI		(1,151,022	)		533,876			—		(617,146	)
SSC		(11,709	)		11,709			—		—
Total	$	(2,115,495	)	$	1,290,603		$	—	$	(824,892	)

¹In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

UBS Multi Income Bond Fund

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities¹	$	362,627		$	(61,121	)
Derivatives not subject to a MNA or similar agreements		(319,822	)		54,452
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	42,805		$	(6,669	)

124

The UBS Funds

Notes to financial statements (unaudited)

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received²		Net amount of assets
BOA	$	2,701		$	—		$	—	$	2,701
CITI		5,010			(5,010	)		—		—
GSI		5,604			(1,526	)		—		4,078
MSCI		29,490			—			—		29,490
Total	$	42,805		$	(6,536	)	$	—	$	36,269
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral received²		Net amount of liabilities
CITI	$	(5,143	)	$	5,010		$	—	$	(133	)
GSI		(1,526	)		1,526			—		—
Total	$	(6,669	)	$	6,536		$	—	$	(133	)

²In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

Investment advisory fees and other transactions with affiliates

The Advisor, a registered investment advisor, provides the Funds with investment management services. As compensation for these services, each Fund pays the Advisor a monthly fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets in accordance with the following per annum schedule:

Fund				Annual rate as a percentage of each Fund's average daily net assets
UBS All China Equity Fund				0.850% up to $250 million 0.825% above $250 million up to $500 million 0.800% above $500 million up to $750 million 0.775% above $750 million up to $1 billion 0.750 above $1 billion
UBS Global Allocation Fund				0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.700% above $1 billion up to $1.5 billion 0.675% above $1.5 billion up to $2 billion 0.650% above $2 billion up to $3 billion 0.630% above $3 billion up to $6 billion 0.610% above $6 billion

125

The UBS Funds

Notes to financial statements (unaudited)

Fund				Annual rate as a percentage of each Fund's average daily net assets
UBS Emerging Markets Equity Opportunity Fund				0.900% up to $250 million 0.875% above $250 million up to $500 million 0.850% above $500 million up to $750 million 0.825% above $750 million up to $1 billion 0.750% above $1 billion
UBS Engage For Impact Fund				0.750% up to $250 million 0.725% above $250 million
UBS International Sustainable Equity Fund				0.800% up to $250 million 0.775% above $250 million up to $500 million 0.750% above $500 million up to $750 million 0.725% above $750 million up to $1 billion 0.675% above $1 billion up to $2 billion 0.650% above $2 billion
UBS US Dividend Ruler Fund				0.5000% up to $250 million 0.4875% above $250 million up to $500 million 0.4750% above $500 million up to $750 million 0.4625% above $750 million up to $1 billion 0.4500% above $1 billion up to $2 billion 0.4375% above $2 billion
UBS US Quality Growth At Reasonable Price Fund				0.500% all assets
UBS U.S. Small Cap Growth Fund				0.850% up to $250 million 0.825% above $250 million up to $500 million 0.800% above $500 million up to $750 million 0.775% above $750 million up to $1 billion 0.725% above $1 billion up to $2 billion 0.700% above $2 billion
UBS Sustainable Development Bank Bond Fund				0.150% up to $250 million 0.145% above $250 million up to $500 million 0.140% above $500 million up to $750 million 0.135% above $750 million up to $1 billion 0.130% above $1 billion
UBS Multi Income Bond Fund				0.500% up to $250 million 0.490% above $250 million up to $500 million 0.480% above $500 million up to $750 million 0.470% above $750 million

For UBS All China Equity Fund, UBS Global Allocation Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS US Dividend Ruler Fund, UBS US Quality Growth At Reasonable Price Fund, UBS U.S. Small Cap Growth Fund, UBS Sustainable Development Bank Bond Fund, and UBS Multi Income Bond Fund, the Advisor has agreed to waive its fees and/or reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses) to the extent necessary so that the Funds' ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy related expenses) do not exceed the expense limit of each class of shares as indicated in the following table. For UBS International Sustainable Equity Fund, the Advisor has agreed to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) do not exceed the limit of each class of shares as indicated in the

126

The UBS Funds

Notes to financial statements (unaudited)

following table. The contractual fee waiver and/or expense reimbursement agreement for each Fund, except UBS International Sustainable Equity Fund, will remain in place through the period ending December 31, 2023. The fee waiver and/or expense reimbursement agreement for UBS International Sustainable Equity Fund is irrevocable. Investment advisory fees, including the dollar amount waived or reimbursed, for the period ended December 31, 2023 were as follows:

Fund	Class A expense cap			Class P expense cap			Class P2 expense cap			Amount due to (due from) Advisor			Advisory fees incurred		Fees waived/ expenses reimbursed
UBS All China Equity Fund		1.35	%		1.10	%		0.30	%	$	(25,745	)	$	12,862	$	(162,304	)
UBS Global Allocation Fund		1.20			0.95			—			26,256			648,623		(269,870	)
UBS Emerging Markets Equity Opportunity Fund		1.25			1.00			0.40			113,848			2,014,803		(1,777,707	)
UBS Engage For Impact Fund		1.10			0.85			0.25			(22,471	)		189,802		(317,309	)
UBS International Sustainable Equity Fund		1.25			1.00			0.25			49,571			617,049		(380,817	)
UBS US Dividend Ruler Fund		N/A			0.50			0.15			5,111			386,815		(359,590	)
UBS US Quality Growth At Reasonable Price Fund		N/A			0.50			—			39,793			497,642		(311,525	)
UBS U.S. Small Cap Growth Fund		1.24			0.99			0.15			52,297			502,355		(220,916	)
UBS Sustainable Development Bank Bond Fund		0.35			0.25			0.15			(23,922	)		61,975		(206,139	)
UBS Multi Income Bond Fund*		0.90			0.65			0.20			(24,405	)		57,677		(195,738	)

* Prior to October 28, 2022, the expense cap was 0.75% and 0.50%, respectively for Class A and Class P.

For UBS All China Equity Fund Class P2, UBS Emerging Markets Opportunity Fund Class P2, UBS Engage For Impact Fund Class P2, UBS International Sustainable Equity Fund Class P2, UBS US Dividend Ruler Fund P2, UBS Sustainable Development Bank Bond Fund P2 and UBS Multi Income Bond Fund the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive its all or portion of management fees. For the period ended December 31, 2023, the advisory fees waived were $9,226, $1,571,003, $169,845, $176,063, $41,867, $50,482 and $1, respectively. In addition these waivers are included within the fees waived/expenses reimbursed amount disclosed in the table above.

Each Fund, except for UBS International Sustainable Equity Fund and UBS Emerging Markets Equity Opportunity Fund Class P2, will reimburse the Advisor for expenses it waives or reimburses for a period of three years following such expense waivers or reimbursements, provided that the reimbursement by a Fund of the Advisor will not cause the total operating expense ratio to exceed the contractual limit as then may be in effect for the Fund. The expenses waived or reimbursed for the period ended December 31, 2023 are subject to repayment through June 30, 2027.

At December 31, 2023, the following Funds had remaining fee waivers and expense reimbursements subject to repayment to the Advisor and respective dates of expiration as follows:

Fund	Fee waivers/ expense reimbursements subject to repayment		Expires June 30, 2024		Expires June 30, 2025		Expires June 30, 2026		Expires June 30, 2027
UBS All China Equity Fund—Class P	$	510,671	$	126,792¹	$	253,147	$	84,777	$	45,955
UBS All China Equity Fund—Class P2		327,485		—		30,203²		190,159		107,123
UBS Global Allocation Fund—Class A		1,315,304		397,866		331,216		374,509		211,713
UBS Global Allocation Fund—Class P		349,334		103,690		86,790		100,697		58,157
UBS Emerging Markets Equity Opportunity Fund—Class P		730,037		152,268		304,903		177,843		95,023
UBS Engage For Impact Fund—Class P		241,637		127,379		47,256		48,590		18,412
UBS Engage For Impact Fund—Class P2		670,140		121,244³		191,959		227,885		129,052

127

The UBS Funds

Notes to financial statements (unaudited)

Fund	Fee waivers/ expense reimbursements subject to repayment		Expires June 30, 2024		Expires June 30, 2025		Expires June 30, 2026		Expires June 30, 2027
UBS International Sustainable Equity Fund—Class A	$	25,612	$	—	$	—	$	9,453	$	5,695
UBS International Sustainable Equity Fund—Class P		765,193		—		—		340,367		154,053
UBS International Sustainable Equity Fund—Class P2		223,456		—		—		47,393		36,824
UBS US Dividend Ruler Fund—Class P		1,641,856		420,243⁴		371,7501		554,617		295,246
UBS US Dividend Ruler Fund—Class P2		37,116		—		—		16,441⁵		20,675
UBS US Quality Growth At Reasonable Price Fund—Class P		1,834,063		457,635⁴		471,365		593,538		311,525
UBS U.S. Small Cap Growth Fund—Class A		196,442		59,658		59,364		51,132		26,288
UBS U.S. Small Cap Growth Fund—Class P		1,120,354		250,475		324,286		350,965		194,628
UBS Sustainable Development Bank Bond Fund—Class P		269,320		146,863		50,356		40,688		31,413
UBS Sustainable Development Bank Bond Fund—Class P2		655,480		111,841⁶		178,409		242,235		122,995
UBS Multi Income Bond Fund—Class A		25,458		6,484		8,184		7,160		3,630
UBS Multi Income Bond Fund—Class P		1,299,071		368,549		387,277		351,145		192,100
UBS Multi Income Bond Fund—Class P2		8		—		—		—		8⁷

¹ For the period from February 23, 2021 (commencement of operations) through June 30, 2021.

² For the period from April 21, 2022 (commencement of operations) through June 30, 2022.

³ For the period from February 24, 2021 (commencement of operations) through June 30, 2021.

⁴ For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

⁵ For the period from March 15, 2023 (commencement of operations) through June 30, 2023

⁶ For the period from October 30, 2020 (commencement of operations) through June 30, 2021.

⁷ For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

Each Fund pays UBS AM a monthly administration fee that is accrued daily and paid monthly at an annual rate of 0.075% of the average daily net assets of such Fund. For the period ended December 31, 2023, the Funds owed and incurred administrative fees as follows:

Fund	Administrative fees owed		Administrative fees incurred
UBS All China Equity Fund	$	178	$	1,135
UBS Global Allocation Fund		10,015		60,808
UBS Emerging Markets Equity Opportunity Fund		15,703		170,004
UBS Engage For Impact Fund		3,283		18,980
UBS International Sustainable Equity Fund		7,450		57,848
UBS US Dividend Ruler Fund		12,814		58,022
UBS US Quality Growth At Reasonable Price Fund		14,281		74,646
UBS U.S. Small Cap Growth Fund		7,687		44,325
UBS Sustainable Development Bank Bond Fund		5,013		30,987
UBS Multi Income Bond Fund		1,449		8,651

For UBS Emerging Markets Equity Opportunity Fund Class P2, UBS International Sustainable Equity Fund Class P2, UBS US Dividend Ruler Fund Class P2 and UBS Sustainable Development Bank Bond Fund Class P2, the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive its retained administration fees. For the period ended December 31, 2023, the administration fees waived were $111,681, $8,182, $1,802 and $1,249, respectively and such amounts are not subject to future recoupment.

The Funds may invest in shares of certain affiliated investment companies also advised or managed by the Advisor. Investments in affiliated investment companies for the period ended December 31, 2023 have been included near the end of each Fund's Portfolio of investments.

128

The UBS Funds

Notes to financial statements (unaudited)

During the period ended December 31, 2023, the Funds listed below paid broker commissions to affiliates of the investment advisor as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within investments at cost of unaffiliated issuers, and the Statement of operations within net realized gain (loss) on, and/or change in net unrealized appreciation (depreciation) on investments and/or futures contracts.

Fund	UBS AG
UBS Emerging Markets Equity Opportunity Fund	$	999
UBS Engage For Impact Fund		14
UBS International Sustainable Equity Fund		2,960

During the period ended, December 31, 2023, some of the Funds engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated.

Service and distribution plans

UBS AM (US) is the principal underwriter of each Fund's shares. The Trust has adopted distribution and/or service plans ("the Plans") pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plans govern payments made for the expenses incurred in the service and/or distribution of Class A shares. Annual fees under the Plans as a percentage of the average daily net assets of each representative class of each of the Funds are as follows:

Fund	Class A
UBS Global Allocation Fund		0.25	%
UBS International Sustainable Equity Fund		0.25
UBS U.S. Small Cap Growth Fund		0.25
UBS Multi Income Bond Fund		0.25

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchases of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares. At December 31, 2023, certain Funds owed UBS AM (US) service and distribution fees, and for the period ended December 31, 2023, certain Funds were informed by UBS AM (US) that it had earned sales charges as follows:

Fund	Service and distribution fees owed
UBS Global Allocation Fund—Class A	$	25,280
UBS U.S. Small Cap Growth Fund—Class A		2,641
UBS Multi Income Bond Fund—Class A		60

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Funds pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Funds' transfer agent, and is compensated for these services by BNY Mellon, not the Funds.

For the period ended December 31, 2023, UBS Financial Services Inc. received from BNY Mellon, not the Funds, total delegated service fees as follows:

Fund	Delegated service fees earned
UBS Global Allocation Fund	$	20,764
UBS Emerging Markets Equity Opportunity Fund		14,174
UBS Engage For Impact Fund		4,638

129

The UBS Funds

Notes to financial statements (unaudited)

Fund	Delegated service fees earned
UBS International Sustainable Equity Fund	$	2,798
UBS US Dividend Ruler Fund		20,673
UBS US Quality Growth At Reasonable Price Fund		26,426
UBS U.S. Small Cap Growth Fund		2,314
UBS Sustainable Development Bank Bond Fund		5,417
UBS Multi Income Bond Fund		364

Securities lending

Each Fund may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% of the market value for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

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. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Fund, which is included in the Fund's Portfolio of investments. State Street Bank and Trust Company serves as the Fund's lending agent.

At December 31, 2023, the following Funds had securities on loan at value, cash collateral and non-cash collateral as follows:

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
UBS All China Equity Fund	$	116,738	$	57,190	$	69,444	$	126,634	U.S. Treasury Notes and U.S. Treasury Bills
UBS Global Allocation Fund		15,471,426		9,408,622		6,465,334		15,873,956	U.S. Treasury Notes and U.S. Treasury Bills
UBS Engage For Impact Fund		2,973,665		2,409,782		707,701		3,117,483	U.S. Treasury Notes and U.S. Treasury Bills
UBS International Sustainable Equity Fund		11,685,948		8,366,322		3,984,066		12,350,388	U.S. Treasury Notes and U.S. Treasury Bills
UBS U.S. Small Cap Growth Fund		3,887,725		882,978		3,122,898		4,005,876	U.S. Treasury Notes and U.S. Treasury Bills
UBS Sustainable Development Bank Bond Fund		771,311		786,875		—		786,875
UBS Multi Income Bond Fund		1,918,010		1,961,465		—		1,961,465

* These securities are held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

The table below represents the disaggregation at December 31, 2023 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

130

The UBS Funds

Notes to financial statements (unaudited)

	Type of securities loaned				Total gross amount of recognized
Fund	Equity securities		Corporate bonds		liabilities for securities lending transactions
UBS All China Equity Fund	$	57,190	$	—	$	57,190
UBS Global Allocation Fund		—		9,408,622		9,408,622
UBS Engage For Impact Fund		2,409,782		—		2,409,782
UBS International Sustainable Equity Fund		8,366,322		—		8,366,322
UBS U.S. Small Cap Growth Fund		882,978		—		882,978
UBS Sustainable Development Bank Bond Fund		786,875		—		786,875
UBS Multi Income Bond Fund		—		1,961,465		1,961,465

Bank line of credit

The Fund participates with other funds managed by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the participating Fund at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The funds covered by the Committed Credit Facility have agreed to pay commitment fees on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the funds in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of funds and the other 50% of the allocation is based on utilization.

For the period ended December 31, 2023, the following Fund's had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
UBS Emerging Markets Equity Opportunity Fund	$	8,152,118		11	$	16,640		6.680	%
UBS International Sustainable Equity Fund		930,385		2		345		6.680

Commission recapture program

Certain Funds had participated in a brokerage commission recapture program. These Funds have established commission recapture arrangements with certain participating brokers or dealers. If a Fund's investment manager chooses to execute a transaction through a participating broker subject to best price and execution, the broker will rebate a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. For the period ended December 31, 2023, there were no recaptured commissions on the Funds. The commission recapture arrangement was terminated on August 10, 2022.

131

The UBS Funds

Notes to financial statements (unaudited)

Purchases and sales of securities

For the period ended December 31, 2023, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Fund	Purchases		Sales
UBS All China Equity Fund	$	146,671	$	25,906
UBS Global Allocation Fund		41,584,953		42,317,305
UBS Emerging Markets Equity Opportunity Fund		86,356,021		103,121,322
UBS Engage For Impact Fund		6,810,403		7,898,662
UBS International Sustainable Equity Fund		43,508,534		47,022,093
UBS US Dividend Ruler Fund		24,208,379		17,850,578
UBS US Quality Growth At Reasonable Price Fund		37,220,173		15,869,541
UBS U.S. Small Cap Growth Fund		27,241,287		31,888,261
UBS Sustainable Development Bank Bond Fund		13,568,271		17,804,647
UBS Multi Income Bond Fund		2,212,909		3,774,297

Shares of beneficial interest

There is an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Funds were as follows:

UBS All China Equity Fund
For the six months ended December 31, 2023:

	Class P				Class P2
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		—	$	—
Shares repurchased		—		—		—		—
Dividends reinvested		2,488		10,750		14,940		64,093
Net increase (decrease)		2,488	$	10,750		14,940	$	64,093

For the year ended June 30, 2023:

	Class P				Class P2
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		—		$	—
Shares repurchased		—		—		(59,011	)		(370,000	)
Dividends reinvested		1,078		5,582		8,841			45,620
Net increase (decrease)		1,078	$	5,582		(50,170	)	$	(324,380	)

132

The UBS Funds

Notes to financial statements (unaudited)

UBS Global Allocation Fund
For the six months ended December 31, 2023:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		23,675		$	242,431			109,175		$	1,168,720
Shares repurchased		(1,458,186	)		(15,008,866	)		(512,149	)		(5,356,864	)
Dividends reinvested		230,680			2,422,142			72,688			789,392
Net increase (decrease)		(1,203,831	)	$	(12,344,293	)		(330,286	)	$	(3,398,752	)

For the year ended June 30, 2023:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		22,638		$	226,451			119,529		$	1,274,596
Shares repurchased		(1,820,227	)		(18,736,816	)		(734,082	)		(7,784,679	)
Dividends reinvested		586,059			5,801,983			165,436			1,694,068
Net increase (decrease)		(1,211,530	)	$	(12,708,382	)		(449,117	)	$	(4,816,015	)

UBS Emerging Markets Equity Opportunity Fund
For the six months ended December 31, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		586,513		$	4,278,063			5,122,409		$	37,630,303
Shares repurchased		(5,154,485	)		(37,852,351	)		(4,530,943	)		(32,862,172	)
Dividends reinvested		263,050			1,941,306			1,330,269			9,777,477
Net increase (decrease)		(4,304,922	)	$	(31,632,982	)		1,921,735		$	14,545,608

For the year ended June 30, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		4,828,737		$	35,768,862			32,657,395		$	242,538,445
Shares repurchased		(8,506,483	)		(62,314,712	)		(44,885,703	)		(327,531,081	)
Dividends reinvested		243,790			1,760,164			1,108,438			7,980,757
Net increase (decrease)		(3,433,956	)	$	(24,785,686	)		(11,119,870	)	$	(77,011,879	)

133

The UBS Funds

Notes to financial statements (unaudited)

UBS Engage For Impact Fund
For the six months ended December 31, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		2,794		$	31,499			249,133		$	2,803,105
Shares repurchased		(64,582	)		(733,140	)		(337,851	)		(3,780,510	)
Dividends reinvested		671			7,893			61,926			725,772
Net increase (decrease)		(61,117	)	$	(693,748	)		(26,792	)	$	(251,633	)

For the year ended June 30, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		243,832		$	2,534,030			889,835		$	9,343,883
Shares repurchased		(360,030	)		(3,839,252	)		(931,436	)		(9,768,043	)
Dividends reinvested		1,104			11,327			56,357			577,660
Net increase (decrease)		(115,094	)	$	(1,293,895	)		14,756		$	153,500

UBS International Sustainable Equity Fund
For the six months ended December 31, 2023:

	Class A						Class P						Class P2
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,735		$	159,046			1,111,325		$	10,333,188			364,408		$	3,342,062
Shares repurchased		(24,910	)		(227,755	)		(1,421,148	)		(12,963,401	)		(504,737	)		(4,579,604	)
Dividends reinvested		2,299			21,423			77,099			718,563			81,471			755,240
Net increase (decrease)		(4,876	)	$	(47,286	)		(232,724	)	$	(1,911,650	)		(58,858	)	$	(482,302	)

For the year ended June 30, 2023:

	Class A						Class P						Class P2
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,976		$	159,778			3,225,134		$	28,484,587			1,039,920		$	9,296,560
Shares repurchased		(150,344	)		(1,340,222	)		(11,406,068	)		(100,961,200	)		(1,269,525	)		(11,397,677	)
Dividends reinvested		53,124			440,395			1,826,515			15,123,541			664,081			5,478,670
Net increase (decrease)		(79,244	)	$	(740,049	)		(6,354,419	)	$	(57,353,072	)		434,476		$	3,377,553

134

The UBS Funds

Notes to financial statements (unaudited)

UBS US Dividend Ruler Fund
For the six months ended December 31, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		1,001,379		$	13,330,362			624,302		$	8,096,647
Shares repurchased		(1,002,351	)		(13,262,737	)		(218,321	)		(2,831,667	)
Dividends reinvested		275,944			3,761,118			17,254			234,477
Net increase (decrease)		274,972		$	3,828,743			423,235		$	5,499,457

For the year ended June 30, 2023:

	Class P						Class P2¹
	Shares			Amount			Shares			Amount
Shares sold		3,147,227		$	39,071,372			1,139,721		$	14,521,810
Shares repurchased		(3,092,731	)		(38,662,552	)		(72,526	)		(931,522	)
Dividends reinvested		230,974			2,843,290			—			—
Net increase (decrease)		285,470		$	3,252,110			1,067,195		$	13,590,288

¹For the period from March 16, 2022 (commencement of operations) through June 30, 2023.

UBS US Quality Growth At Reasonable Price Fund
For the six months ended December 31, 2023:

	Class P
	Shares			Amount
Shares sold		3,166,196		$	41,807,166
Shares repurchased		(1,538,676	)		(20,023,104	)
Dividends reinvested		62,573			886,029
Net increase (decrease)		1,690,093		$	22,670,091

For the year ended June 30, 2023:

	Class P
	Shares			Amount
Shares sold		5,748,065		$	64,709,673
Shares repurchased		(6,894,527	)		(78,567,798	)
Dividends reinvested		146,866			1,539,152
Net increase (decrease)		(999,596	)	$	(12,318,973	)

135

The UBS Funds

Notes to financial statements (unaudited)

UBS U.S. Small Cap Growth Fund
For the six months ended December 31, 2023:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		34,713		$	538,769			414,153		$	7,450,199
Shares repurchased		(177,295	)		(2,571,441	)		(588,008	)		(10,649,667	)
Dividends reinvested		—			—			—			—
Net increase (decrease)		(142,582	)	$	(2,032,672	)		(173,855	)	$	(3,199,468	)

For the year ended June 30, 2023:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		58,600		$	902,775			737,787		$	13,601,673
Shares repurchased		(336,553	)		(5,129,740	)		(1,626,545	)		(29,425,259	)
Dividends reinvested		60,544			857,906			315,473			5,404,059
Net increase (decrease)		(217,409	)	$	(3,369,059	)		(573,285	)	$	(10,419,527	)

UBS Sustainable Development Bank Bond Fund
For the six months ended December 31, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		356,386		$	3,318,487			586,857		$	5,405,104
Shares repurchased		(161,637	)		(1,496,151	)		(1,326,843	)		(12,156,899	)
Dividends reinvested		4,917			45,167			92,698			850,003
Net increase (decrease)		199,666		$	1,867,503			(647,288	)	$	(5,901,792	)

For the year ended June 30, 2023:

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		1,144,928		$	10,798,107			2,092,649		$	19,587,223
Shares repurchased		(378,732	)		(3,581,831	)		(1,745,151	)		(16,281,142	)
Dividends reinvested		5,939			55,563			146,047			1,364,870
Net increase (decrease)		772,135		$	7,271,839			493,545		$	4,670,951

136

The UBS Funds

Notes to financial statements (unaudited)

UBS Multi Income Bond Fund
For the six months ended December 31, 2023:

	Class A						Class P						Class P2¹
	Shares			Amount			Shares			Amount			Shares		Amount
Shares sold		—		$	—			10		$	135			77	$	1,002
Shares repurchased		(15,466	)		(202,810	)		(123,031	)		(1,626,614	)		—		—
Dividends reinvested		495			6,498			24,796			326,043			1		10
Net increase (decrease)		(14,971	)	$	(196,312	)		(98,225	)	$	(1,300,436	)		78	$	1,012

¹For the period from October 11, 2023 (commencement of operations) through December 31, 2023.

For the year ended June 30, 2023:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,690		$	76,022			524		$	7,026
Shares repurchased		(12,299	)		(163,846	)		(312,016	)		(4,164,994	)
Dividends reinvested		1,116			14,864			51,216			682,452
Net increase (decrease)		(5,493	)	$	(72,960	)		(260,276	)	$	(3,475,516	)

Federal tax status

It is each Fund's policy to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax. Accordingly, no federal income tax provision was required.

The tax character of distributions paid during the fiscal year ended June 30, 2023 was as follows:

Fund	Distributions paid from tax-exempt income		Distributions paid from ordinary income		Distributions paid from net long-term gains		Return of capital		Total distributions paid
UBS All China Equity Fund	$	—	$	54,803	$	—	$	—	$	54,803
UBS Global Allocation Fund		—		2,501		8,103,643		—		8,106,144
UBS Emerging Markets Equity Opportunity Fund		—		16,502,215		—		—		16,502,215
UBS Engage For Impact Fund		—		204,616		449,668		—		654,284
UBS International Sustainable Equity Fund		—		1,451,391		22,387,038		—		23,838,429
UBS US Dividend Ruler Fund		—		1,627,541		1,509,764		—		3,137,305
UBS US Quality Growth At Reasonable Price Fund		—		2,657		1,654,626		—		1,657,283
UBS U.S. Small Cap Growth Fund		—		—		6,492,963		—		6,492,963
UBS Sustainable Development Bank Bond Fund		—		1,449,289		—		103,872		1,553,161
UBS Multi Income Bond Fund		—		916,134		—		—		916,134

The tax character of distributions paid and components of accumulated earnings (deficit) on a tax basis current fiscal year will be determined after the Trust's fiscal year ending June 30, 2024.

137

The UBS Funds

Notes to financial statements (unaudited)

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at December 31, 2023 were as follows:

Fund	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
UBS All China Equity Fund	$	4,274,073	$	26,215	$	(1,428,242	)	$	(1,402,027	)
UBS Global Allocation Fund		187,551,963		14,819,001		(10,573,264	)		4,245,737
UBS Emerging Markets Equity Opportunity Fund		498,085,288		28,176,690		(88,266,712	)		(60,090,022	)
UBS Engage For Impact Fund		51,304,450		7,388,097		(3,373,928	)		4,014,169
UBS International Sustainable Equity Fund		165,540,768		12,975,397		(13,011,264	)		(35,867	)
UBS US Dividend Ruler Fund		146,169,631		21,963,913		(2,762,783	)		19,201,130
UBS US Quality Growth At Reasonable Price Fund		195,056,902		38,833,747		(1,628,834	)		37,204,913
UBS U.S. Small Cap Growth Fund		108,025,799		26,476,094		(9,150,251	)		17,325,843
UBS Sustainable Development Bank Bond Fund		88,373,292		291,646		(5,226,924	)		(4,935,278	)
UBS Multi Income Bond Fund		29,136,318		565,068		(1,193,103	)		(628,035	)

Net capital losses recognized by the Funds, may be carried forward indefinitely, and retain their character as shortterm and/or long-term losses. These carryforwards are available as a reduction, to the extent provided in regulations, of future realized capital gains. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed.

At June 30, 2023, the following Funds had net capital losses that will be carried forward indefinitely, as follows:

Fund	Short-term losses		Long-term losses		Net capital losses
UBS All China Equity Fund	$	191,376	$	111,811	$	303,187
UBS Global Allocation Fund		11,618,989		—		11,618,989
UBS Emerging Markets Equity Opportunity Fund		31,866,590		63,061,090		94,927,680
UBS Engage For Impact Fund		865,286		1,070,735		1,936,021
UBS International Sustainable Equity Fund		1,065,366		12,266,390		13,331,756
UBS US Quality Growth At Reasonable Price Fund		3,920,165		1,132,722		5,052,887
UBS U.S. Small Cap Growth Fund		987,475		5,800,325		6,787,800
UBS Sustainable Development Bank Bond Fund		353,843		2,251,517		2,605,360
UBS Multi Income Bond Fund		3,083,885		2,077,984		5,161,869

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded, as of December 31, 2023, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Fund's policy to record any significant foreign tax exposures in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended December 31, 2023, the Funds did not incur any interest or penalties.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes that will be paid by the Funds.

Each of the tax years in the four year fiscal period ended June 30, 2023 or since inception in the case of UBS All China Equity Fund, UBS US Dividend Ruler Fund and UBS US Quality Growth At Reasonable Price Fund remains subject to examination by the Internal Revenue Service and state taxing authorities.

138

The UBS Funds

General information (unaudited)

Quarterly portfolio schedule

The Funds filed its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. (Please note that on the SEC's Web site, the "filing type" designation for this information may be "NPORT-EX.") Additionally, you may obtain copies of such portfolio holdings schedules for the first and third quarters of each fiscal year from the funds upon request by calling 1-800-647 1568.

Proxy voting policies, procedures and record

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

139

The UBS Funds

Supplemental information (unaudited)

Shareholder meeting results

A special meeting of shareholders of the series of The UBS Funds (the "Trust") was held on Tuesday, November 21, 2023 (the "Meeting"). The Meeting was held for the following purposes:

Proposals				Affected Fund(s)
1. To elect four Trustees to the Board				All Funds
2. To approve changes to the fundamental investment restrictions regarding:
2.A. Borrowing				All Funds
2.B. Issuing Senior Securities				All Funds
2.C. Real Estate				All Funds
2.D. Commodities				UBS Emerging Markets Equity Opportunity Fund UBS Global Allocation Fund UBS International Sustainable Equity Fund UBS U.S. Small Cap Growth Fund UBS Multi Income Bond Fund
2.E. Making Loans				All Funds
2.F. Concentration				UBS International Sustainable Equity Fund
2.G. Diversification				UBS International Sustainable Equity Fund
2.H. Underwriting				UBS International Sustainable Equity Fund UBS Emerging Markets Equity Opportunity Fund UBS U.S. Small Cap Growth Fund
3. To allow the Board to amend a Fund's investment objective without Shareholder approval.				UBS Emerging Markets Equity Opportunity Fund UBS Global Allocation Fund UBS International Sustainable Equity Fund UBS U.S. Small Cap Growth Fund UBS Multi Income Bond Fund
4. To approve changing the Fund's sub-classification from "diversified" to "non-diversified" and the elimination of the related fundamental investment restriction.				UBS Emerging Markets Equity Opportunity Fund
5. To approve the elimination of the fundamental investment restrictions regarding: 5.A. Investing for control or management 5.B. Purchasing securities on margin 5.C. Investing in unseasoned issuers 5.D. Investments in other investment companies 5.E. Investments in puts, calls and straddles 5.F. Investments in oil, gas and/or mineral exploration or development programs or leases				UBS International Sustainable Equity Fund
6. To adopt a "manager of managers" investment advisory structure whereby UBS AM, the Fund's investment advisor, would be able to hire and replace sub-advisors of the Fund without Shareholder approval				UBS All China Equity Fund UBS Engage For Impact Fund UBS Global Allocation Fund UBS U.S. Small Cap Growth Fund UBS Multi Income Bond Fund UBS Sustainable Development Bank Bond Fund UBS US Dividend Ruler Fund UBS US Quality Growth At Reasonable Price Fund

140

The UBS Funds

Supplemental information (unaudited)

Shareholder meeting results (continued)

Proposal 1: To Elect Four Trustees to the Board. Trustees were elected by shareholders of all series of The UBS Funds. The results of voting were as follows:*

	Votes For		Votes Withheld
Adela Cepeda		75,621,538.177		1,309,094.988
Rodrigo Garcia		75,634,543.071		1,296,090.094
Muhammad Gigani		75,482,869.709		1,447,763.456
Abbie. J. Smith		75,622,836.880		1,307,796.285

* Results are for all series of The UBS Funds.

Proposal 2: To Approve Changes to Certain Funds' Fundamental Investment Restrictions. Proposals 2.A-2.H passed with respect to UBS International Sustainable Equity Fund. UBS Global Allocation Fund, UBS Engage for Impact Fund, UBS Multi Income Bond Fund, UBS Sustainable Development Bank Bond Fund and UBS US Dividend Ruler Fund did not receive sufficient shareholder votes to pass Proposals 2.A-2.H, as applicable. A quorum was not present for UBS All China Equity Fund, UBS Emerging Markets Equity Opportunity Fund, UBS U.S. Small Cap Growth Fund and UBS US Quality Growth At Reasonable Price Fund. The results of voting were as follows:

	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS International Sustainable Equity Fund
Proposal 2.A. Borrowing		7,736,769.381		84,731.459		121,936.675		1,375,578.000
Proposal 2.B. Issuing Senior Securities		7,737,729.216		84,251.413		121,456.886		1,375,578.000
Proposal 2.C. Real Estate		7,729,724.167		97,905.397		115,807.951		1,375,578.000
Proposal 2.D. Commodities		7,702,384.690		65,758.563		175,294.262		1,375,578.000
Proposal 2.E. Making Loans		7,729,621.048		89,540.181		124,276.286		1,375,578.000
Proposal 2.F. Concentration		7,716,388.517		78,633.678		148,415.320		1,375,578.000
Proposal 2.G. Diversification		7,729,180.805		74,503.547		139,753.163		1,375,578.000
Proposal 2.H. Underwriting		7,720,068.703		75,651.068		147,717.744		1,375,578.000
	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Global Allocation Fund
Proposal 2.A. Borrowing		3,057,197.402		491,567.369		210,323.297		7,463,241.747
Proposal 2.B. Senior Securities		3,079,312.751		431,194.695		248,580.622		7,463,241.747
Proposal 2.C. Real Estate		3,080,981.195		372,743.425		305,363.448		7,463,241.747
Proposal 2.D. Commodities		2,878,065.582		542,379.484		338,643.002		7,463,241.747
Proposal 2E. Making Loans		2,852,408.428		552,023.346		354,656.294		7,463,241.747
	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Engage For Impact Fund
Proposal 2.A. Borrowing		670,258.316		36,423.203		56,579.748		2,053,913.664
Proposal 2.B. Senior Securities		671,606.984		36,199.163		55,455.120		2,053,913.664
Proposal 2.C. Real Estate		661,752.782		44,572.780		56,935.705		2,053,913.664
Proposal 2.E. Making Loans		665,709.828		38,956.576		58,594.863		2,053,913.664
	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Multi Income Bond Fund
Proposal 2.A. Borrowing		361,960.310		41,197.061		17,056.282		695,302.291
Proposal 2.B. Senior Securities		367,985.938		38,542.208		13,685.507		695,302.291
Proposal 2C. Real Estate		357,335.511		34,474.208		28,403.934		695,302.291
Proposal 2.D. Commodities		358,627.730		36,536.208		25,049.715		695,302.291
Proposal 2.E. Making Loans		353,171.589		47,999.653		19,042.411		695,302.291

141

The UBS Funds

Supplemental information (unaudited)

Shareholder meeting results (continued)

	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Sustainable Development Bank Bond Fund
Proposal 2.A. Borrowing		1,489,562.831		59,169.150		89,434.019		4,138,838.392
Proposal 2.B. Issuing Senior Securities		1,491,824.425		55,341.361		91,000.214		4,138,838.392
Proposal 2.C. Real Estate		1,484,890.997		63,576.093		89,698.910		4,138,838.392
Proposal 2.E. Making Loans		1,482,572.175		57,731.641		97,862.184		4,138,838.392
	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS US Dividend Ruler Fund
Proposal 2.A. Borrowing		1,049,794.969		82,722.087		67,549.892		4,722,046.806
Proposal 2.B. Issuing Senior Securities		1,049,085.452		77,830.187		73,151.309		4,722,046.806
Proposal 2.C. Real Estate		1,036,062.006		92,695.660		71,309.282		4,722,046.806
Proposal 2.E. Making Loans		1,010,125.604		122,795.229		67,146.115		4,722,046.806

Proposal 3: To Allow the Board of Trustees to Amend Certain Funds' Investment Objectives without Shareholder Approval. UBS Global Allocation Fund, UBS International Sustainable Equity Fund and UBS Multi Income Bond Fund did not receive sufficient shareholder votes to pass Proposal 3. A quorum was not present for UBS Emerging Markets Equity Opportunity Fund and UBS U.S. Small Cap Growth Fund. The results of voting were as follows:

	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Global Allocation Fund		2,500,043.312		1,067,698.902		191,345.854		7,463,241.747
UBS International Sustainable Equity Fund		5,282,477.938		2,526,246.452		134,713.125		1,375,578.000
UBS Multi Income Bond Fund		324,192.122		83,263.750		12,757.781		695,302.291

Proposal 4: To Approve Changing UBS Emerging Markets Equity Opportunity Fund's Sub-Classification From "Diversified" to "Non-Diversified" and the Elimination of the Related Fundamental Investment Restriction. A quorum was not present for UBS Emerging Markets Equity Opportunity Fund.

Proposal 5: To Approve the Elimination of Certain of UBS International Sustainable Equity Fund's Fundamental Investment Restrictions. Proposals 5.A-5.F passed with respect to UBS International Sustainable Equity Fund. The results of voting were as follows:

	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
Proposal 5A. Investing for Control or Management		7,662,790.911		149,171.771		131,474.833		1,375,578.000
Proposal 5.B. Purchasing Securities on Margin		7,662,500.345		150,494.658		130,442.512		1,375,578.000
Proposal 5.C. Investing in Unseasoned Issuers		7,647,913.633		168,365.810		127,158.072		1,375,578.000
Proposal 5.D. Investments in Other Investment Companies		7,671,591.761		135,251.478		136,594.276		1,375,578.000
Proposal 5.E. Investments in Puts, Calls and Straddles		7,621,878.012		158,484.194		163,075.309		1,375,578.000
Proposal 5.F. Investments in Oil, Gas and/or Mineral Exploration or Development Programs or Leases		7,552,519.947		270,577.336		120,340.232		1,375,578.000

142

The UBS Funds

Supplemental information (unaudited)

Shareholder meeting results (concluded)

Proposal 6: To Adopt a "Manager of Managers" Investment Advisory Structure for Certain Funds. UBS Engage for Impact Fund, UBS Global Allocation Fund, UBS Multi Income Bond Fund, UBS Sustainable Development Bank Bond Fund and UBS US Dividend Ruler Fund did not receive sufficient shareholder votes to pass Proposal 6. A quorum was not present for UBS All China Equity Fund, UBS U.S. Small Cap Growth Fund and UBS US Quality Growth At Reasonable Price Fund. The results of voting were as follows:

	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
UBS Engage For Impact Fund		645,539.605		62,278.441		55,443.221		2,053,913.664
UBS Global Allocation Fund		3,092,777.400		453,472.452		212,838.216		7,463,241.747
UBS Multi Income Bond Fund		342,319.363		41,944.123		35,950.167		695,302.291
UBS Sustainable Development Bank Bond Fund		1,445,108.233		79,021.153		114,036.614		4,138,838.392
UBS US Dividend Ruler Fund		994,103.470		117,297.406		88,666.072		4,722,046.806

143

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, NY 10019-6028

S1627

Item 2. Code of Ethics.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 3. Audit Committee Financial Expert.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Schedule of Investments.

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The Nominating Committee will consider nominees recommended by Qualifying Fund Shareholders if an Independent Trustee vacancy on the Board occurs. A Qualifying Fund Shareholder is a shareholder that: (i) owns of record, or beneficially through a financial intermediary, 1/2 of 1% or more of the Trust's outstanding shares and (ii) has been a shareholder of at least 1/2 of 1% of the Trust's total outstanding shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. In order to recommend a nominee, a Qualifying Fund Shareholder should send a letter to the chairperson of the Nominating Committee, Ms. Adela Cepeda, care of Keith Weller, Secretary of The UBS Funds, at UBS Asset Management, One North Wacker Drive, Chicago, Illinois 60606, and indicate on the envelope "Nominating Committee." The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each class and series of shares of the Trust which are owned of record and beneficially by such Qualifying Fund Shareholder and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a)

(1) Code of Ethics – Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

(a)

(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.CERT.

(a)

(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – not applicable to the registrant.

(a)

(4) Change in the registrant's independent public accountant - not applicable to the registrant.

(b)

Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The UBS Funds

By:	/s/ Mark Carver
	Marc Carver
	President

Date:

March 11, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

The UBS Funds

By:	/s/ Mark Carver
	Mark Carver
	President

Date:

March 11, 2024

By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer

Date:

March 11, 2024