UBS Dynamic Alpha Fund

Industry Diversification – September 30, 2020 (unaudited)¹

Corporate bonds	Percentage of net assets
Advertising		0.1	%
Aerospace & defense		0.1
Agriculture		0.7
Airlines		0.2
Apparel		0.0	†
Auto manufacturers		1.7
Banks		10.1
Beverages		0.1
Biotechnology		0.2
Chemicals		1.9
Commercial services		0.1
Computers		0.2
Diversified financial services		0.1
Electric		2.8
Engineering & construction		0.5
Food		0.2
Gas		1.5
Insurance		2.7
Machinery-diversified		0.2
Media		0.9
Mining		0.1
Miscellaneous manufacturers		0.4
Oil & gas		1.3
Pharmaceuticals		1.7
Pipelines		0.7
Real estate		0.3
Real estate investment trusts		0.9
Retail		0.0	†
Semiconductors		0.2
Software		0.1
Telecommunications		0.3
Transportation		0.1
Water		1.1
Total corporate bonds		31.5	%
Mortgage-backed securities		0.0	†
Non-U.S. government agency obligations		15.2
U.S. Treasury obligations		13.3
Exchange traded funds		4.2
Short-term investments		0.5
Short-term U.S. Treasury obligations		24.5
Investment of cash collateral from securities loaned		3.4
Total investments		92.6	%
Other assets in excess of liabilities		7.4
Net assets		100.0	%

†	Amount represents less than 0.05% or (0.05)%.
1	Figures represent the breakdown of direct investments of UBS Dynamic Alpha Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2	The Fund’s portfolio is actively managed and its composition will vary over time.

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—31.5%
Australia—1.3%
APT Pipelines Ltd.
4.200%, due 03/23/252		15,000		16,552
Aurizon Network Pty Ltd., MTN
4.000%, due 06/21/242	AUD	30,000		23,200
Ausgrid Finance Pty Ltd., MTN
3.750%, due 10/30/242	AUD	30,000		23,568
Commonwealth Bank of Australia
(fixed, converts to FRN on 10/03/24),
1.936%, due 10/03/292	EUR	100,000		120,809
Glencore Funding LLC
4.875%, due 03/12/293		40,000		46,762
Origin Energy Finance Ltd.
5.450%, due 10/14/212		45,000		46,969
Scentre Group Trust 1/Scentre Group Trust2
2.375%, due 04/28/212		45,000		45,290
Westpac Banking Corp.
2.000%, due 01/13/23		30,000		31,097
(fixed, converts to FRN on 09/01/27),
5.000%, due 09/21/274		80,000		81,436
			435,683
Belgium—0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.150%, due 01/23/25		25,000		28,225
RESA SA
1.000%, due 07/22/262	EUR	100,000		120,384
			148,609
Bermuda—0.1%
XLIT Ltd.
5.250%, due 12/15/43		30,000		41,514
Canada—0.6%
Canadian Natural Resources Ltd.
2.950%, due 01/15/23		35,000		36,404
3.850%, due 06/01/27		35,000		37,704
Cenovus Energy, Inc.
4.250%, due 04/15/27		35,000		31,828
Royal Bank of Canada
1.650%, due 07/15/21	CAD	85,000		64,491
Suncor Energy, Inc.
3.100%, due 05/15/25		15,000		16,111

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Canada—(concluded)
TELUS Corp.
3.750%, due 01/17/25	CAD	15,000		12,377
			198,915
China—0.8%
CNAC HK Finbridge Co. Ltd.
4.625%, due 03/14/232		200,000		211,815
CNOOC Petroleum North America ULC
6.400%, due 05/15/37		35,000		51,100
			262,915
Czech Republic—0.3%
NET4GAS sro
2.500%, due 07/28/212	EUR	100,000		119,111
France—3.6%
AXA SA
(fixed, converts to FRN on 05/08/29),
3.250%, due 05/28/492	EUR	100,000		131,209
BNP Paribas SA
1.000%, due 04/17/242	EUR	100,000		120,623
BPCE SA
1.375%, due 03/23/262	EUR	100,000		123,171
Credit Agricole SA
1.375%, due 03/13/252	EUR	100,000		122,851
Credit Logement SA
3 mo. Euribor + 1.150%,
0.666%, due 12/16/202,4,5	EUR	100,000		98,959
Electricite de France SA
(fixed, converts to FRN on 01/22/24),
5.625%, due 01/22/242,4		100,000		104,750
SCOR SE
(fixed, converts to FRN on 03/13/29),
5.250%, due 03/13/292,4		200,000		201,900
TDF Infrastructure SASU
2.875%, due 10/19/222	EUR	100,000		120,924
Terega SA
2.200%, due 08/05/252	EUR	100,000		127,070

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
France—(concluded)
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 01/25/26),
2.875%, due 01/25/262,4	EUR	100,000		102,354
			1,253,811
Germany—0.8%
Volkswagen International Finance N.V.
4.125%, due 11/16/382	EUR	100,000		157,659
Series NC6,
(fixed, converts to FRN on 06/27/24),
3.375%, due 06/27/242,4	EUR	100,000		118,038
			275,697
Guernsey—0.3%
Globalworth Real Estate Investments Ltd.
3.000%, due 03/29/252	EUR	100,000		117,603
Israel—0.5%
Teva Pharmaceutical Finance IV BV
3.650%, due 11/10/21		20,000		19,888
Teva Pharmaceutical Finance Netherlands II BV
1.125%, due 10/15/242	EUR	100,000		101,234
Teva Pharmaceutical Finance Netherlands III BV
2.800%, due 07/21/23		40,000		37,812
			158,934
Japan—0.1%
Mitsubishi UFJ Financial Group, Inc.
2.665%, due 07/25/22		25,000		25,917
Luxembourg—0.3%
ADO Properties SA
1.500%, due 07/26/242	EUR	100,000		112,172
Mexico—1.4%
Mexico City Airport Trust
5.500%, due 07/31/472		200,000		162,554
Orbia Advance Corp. SAB de CV
5.500%, due 01/15/483,6		200,000		224,250

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Mexico—(concluded)
Petroleos Mexicanos
3.750%, due 02/21/242	EUR	100,000		110,682
			497,486
Netherlands—0.8%
ING Groep N.V.
1.125%, due 02/14/252	EUR	100,000		121,997
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.700%, due 05/01/253		5,000		5,292
3.150%, due 05/01/273		15,000		16,244
Volkswagen International Finance N.V.
1.125%, due 10/02/232	EUR	100,000		119,828
			263,361
Poland—0.3%
Tauron Polska Energia SA
2.375%, due 07/05/272	EUR	100,000		118,784
Portugal—0.3%
Galp Gas Natural Distribuicao SA
1.375%, due 09/19/232	EUR	100,000		120,228
Singapore—0.6%
DBS Group Holdings Ltd., GMTN
(fixed, converts to FRN on 09/07/21),
3.600%, due 09/07/212,4		200,000		201,000
Spain—1.9%
Banco Santander SA
3.250%, due 04/04/262	EUR	100,000		129,305
4.000%, due 01/19/232	AUD	200,000		149,878
Canal de Isabel II Gestion SA
1.680%, due 02/26/252	EUR	100,000		124,372
Iberdrola International BV
(fixed, converts to FRN on 03/26/24),
2.625%, due 03/26/242,4	EUR	100,000		121,490

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
Spain—(concluded)
Redexis Gas Finance BV
1.875%, due 04/27/272	EUR	100,000		123,682
			648,727
Switzerland—0.4%
Argentum Netherlands BV for Swiss Life AG
(fixed, converts to FRN on 06/16/25),
4.375%, due 06/16/252,4	EUR	100,000		130,198
United Kingdom—4.4%
Anglian Water Services Financing PLC
4.500%, due 02/22/262	GBP	100,000		142,320
Barclays Bank PLC
9.500%, due 08/07/212	GBP	40,000		55,123
Barclays PLC
(fixed, converts to FRN on 10/06/22),
2.375%, due 10/06/232	GBP	100,000		131,728
(fixed, converts to FRN on 11/11/20),
2.625%, due 11/11/252	EUR	100,000		117,327
BAT Capital Corp.
3.557%, due 08/15/27		35,000		37,816
BAT International Finance PLC
0.875%, due 10/13/232	EUR	100,000		119,363
Lloyds Banking Group PLC
2.250%, due 10/16/242	GBP	100,000		133,420
Natwest Group PLC
(fixed, converts to FRN on 06/25/23),
4.519%, due 06/25/24		200,000		215,550
6.100%, due 06/10/23		40,000		44,252
Phoenix Group Holdings PLC
4.125%, due 07/20/222	GBP	150,000		200,753
Reynolds American, Inc.
4.450%, due 06/12/25		25,000		28,128
Virgin Money UK PLC, GMTN
(fixed, converts to FRN on 04/24/25),
3.375%, due 04/24/262	GBP	100,000		129,293
WPP Finance 2010
3.750%, due 09/19/24		25,000		27,439

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
Yorkshire Water Finance PLC
(fixed, converts to FRN on 03/22/23),
3.750%, due 03/22/462	GBP	100,000		132,726
			1,515,238
United States—12.3%
3M Co.
2.650%, due 04/15/25		20,000		21,727
AbbVie, Inc.
2.125%, due 06/01/293	EUR	100,000		131,331
3.450%, due 03/15/223		25,000		25,900
4.250%, due 11/14/28		35,000		41,589
4.750%, due 03/15/453		15,000		18,089
Air Products and Chemicals, Inc.
2.050%, due 05/15/30		20,000		21,072
Albemarle Corp.
5.450%, due 12/01/44		50,000		54,799
Altria Group, Inc.
4.400%, due 02/14/26		25,000		28,782
American Airlines Pass-Through Trust
Series 2014-1, Class B, 4.375%, due 10/01/22		45,861		32,479
Apache Corp.
4.250%, due 01/15/446		60,000		51,000
Archer-Daniels-Midland Co.
2.750%, due 03/27/25		15,000		16,296
AT&T, Inc.
4.350%, due 03/01/296		70,000		82,163
Bank of America Corp.
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23		90,000		94,493
Bank of America Corp. MTN
3.875%, due 08/01/25		100,000		113,525
Biogen, Inc.
2.250%, due 05/01/30		55,000		56,097
Bristol-Myers Squibb Co.
3.875%, due 08/15/25		70,000		79,907
Broadcom, Inc.
3.150%, due 11/15/25		35,000		37,750
Charter Communications Operating LLC/Charter Communications Operating Capital
4.500%, due 02/01/24		50,000		55,433
Chevron Corp.
1.141%, due 05/11/236		10,000		10,193

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United States—(continued)
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.300%, due 05/01/233		120,000	127,320
5.125%, due 04/01/253		25,000	29,398
Cigna Corp.
3.400%, due 09/17/21		25,000	25,728
4.375%, due 10/15/28		45,000	53,444
Citigroup, Inc.
3.875%, due 10/25/23		130,000	142,349
4.600%, due 03/09/26		30,000	34,342
Comcast Corp.
3.950%, due 10/15/25		45,000	51,605
Conagra Brands, Inc.
3.800%, due 10/22/21		15,000	15,510
Costco Wholesale Corp.
1.600%, due 04/20/30		10,000	10,187
CVS Health Corp.
2.625%, due 08/15/24		45,000	47,957
3.350%, due 03/09/21		17,000	17,222
Dell International LLC/EMC Corp.
5.300%, due 10/01/293		60,000	68,730
Diamondback Energy, Inc.
3.250%, due 12/01/26		50,000	50,062
Enable Midstream Partners LP
3.900%, due 05/15/247		25,000	24,612
Energy Transfer Operating LP
4.500%, due 04/15/24		35,000	37,068
EnLink Midstream Partners LP
4.400%, due 04/01/24		40,000	36,029
ERAC USA Finance LLC
5.625%, due 03/15/423		35,000	45,734
Exelon Corp.
3.400%, due 04/15/26		15,000	16,791
Ford Motor Credit Co. LLC
3.021%, due 03/06/24	EUR	100,000	114,754
General Electric Co.
3.450%, due 05/01/27		10,000	10,570
3.625%, due 05/01/30		10,000	10,370
General Electric Co., GMTN
3.150%, due 09/07/22		30,000	31,330
General Motors Financial Co., Inc.
4.350%, due 04/09/25		90,000	97,616

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United States—(continued)
Georgia Power Co.,
Series A,
2.100%, due 07/30/23		25,000	26,096
Goldman Sachs Group, Inc./The
1.625%, due 07/27/262	EUR	50,000	62,433
3.375%, due 03/27/252	EUR	35,000	46,382
3.500%, due 04/01/256		120,000	132,402
Healthpeak Properties, Inc.
3.875%, due 08/15/24		35,000	38,795
Illinois Tool Works, Inc.
2.650%, due 11/15/26		45,000	49,891
JPMorgan Chase & Co.
3.200%, due 01/25/23		260,000	276,225
3.625%, due 12/01/276		60,000	67,129
Kinder Morgan, Inc.
3.150%, due 01/15/23		35,000	36,738
5.625%, due 11/15/233		35,000	39,433
Kraft Heinz Foods Co.
5.000%, due 06/04/42		45,000	49,219
Liberty Mutual Group, Inc.
4.569%, due 02/01/293		25,000	30,216
Lincoln National Corp.
3.800%, due 03/01/28		70,000	80,545
Marathon Oil Corp.
3.850%, due 06/01/25		35,000	35,923
Morgan Stanley, GMTN
2.500%, due 04/21/21		115,000	116,392
4.000%, due 07/23/25		85,000	95,910
4.350%, due 09/08/26		50,000	57,793
MPLX LP
4.250%, due 12/01/27		30,000	33,709
National Rural Utilities Cooperative Finance Corp.
3.700%, due 03/15/29		15,000	17,600
NIKE, Inc.
2.400%, due 03/27/25		10,000	10,751
Noble Energy, Inc.
3.850%, due 01/15/28		20,000	22,700
Oncor Electric Delivery Co. LLC
3.700%, due 11/15/28		25,000	29,404
Oracle Corp.
2.500%, due 04/01/25		20,000	21,431

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United States—(continued)
Otis Worldwide Corp.
2.565%, due 02/15/30		50,000	53,700
PacifiCorp.
2.700%, due 09/15/30		5,000	5,512
PPL Capital Funding, Inc.
4.700%, due 06/01/43		60,000	73,359
Raytheon Technologies Corp.
3.950%, due 08/16/25		25,000	28,420
Southern California Edison Co.,
Series E,
3.700%, due 08/01/25		20,000	22,242
Southern Co./The
3.250%, due 07/01/26		35,000	39,039
Southwestern Electric Power Co.
6.200%, due 03/15/40		50,000	68,653
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/423		30,000	37,049
TWDC Enterprises 18 Corp., MTN
1.850%, due 07/30/26		10,000	10,482
United Airlines Pass-Through Trust
Series 2016-1, Class B, 3.650%, due 01/07/26		39,294	29,918
Valero Energy Corp.
2.850%, due 04/15/25		10,000	10,475
Verizon Communications, Inc.
3.376%, due 02/15/25		25,000	27,836
ViacomCBS, Inc.
4.750%, due 05/15/25		75,000	86,045
Virginia Electric and Power Co.,
Series A,
3.800%, due 04/01/28		20,000	23,500
Visa, Inc.
1.900%, due 04/15/27		25,000	26,524
Wells Fargo & Co.
3.069%, due 01/24/23		60,000	61,883
Wells Fargo & Co. MTN
2.625%, due 07/22/22		70,000	72,615
Williams Cos., Inc./The
4.300%, due 03/04/24		35,000	38,288

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1			Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Xcel Energy, Inc.
4.800%, due 09/15/41		80,000		99,949
			4,263,959
Total corporate bonds (cost—$10,369,779)			10,909,862
Mortgage-backed securities—0.0%†
Cayman Islands—0.0%†
LNR CDO IV Ltd.,
Series 2006-1A, Class FFX,
7.592%, due 05/28/433,8,9		8,000,000		0
United States—0.0%†
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-7, Class B11,
3.203%, due 04/25/355		29,738		379
Total mortgage-backed securities (cost—$8,097,895)			379
Non-U.S. government agency obligations—15.2%
Australia—1.2%
Australia Government Bond,
Series 149,
2.250%, due 05/21/282	AUD	520,000		417,614
Canada—1.6%
Canadian Government Bond
1.500%, due 09/01/24	CAD	690,000		542,678
France—0.9%
French Republic Government Bond OAT
0.010%, due 03/25/252	EUR	260,000		313,235
Germany—3.2%
Bundesobligation,
Series 181,
0.010%, due 04/11/252	EUR	910,000		1,102,513
Ireland—1.8%
Ireland Government Bond
1.000%, due 05/15/262	EUR	490,000		622,293

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Japan—3.9%
Japan Government Ten Year Bond,
Series 338,
0.400%, due 03/20/25	JPY	70,000,000		679,391
Japan Government Two Year Bond,
Series 412,
0.100%, due 05/01/22	JPY	47,000,000		447,731
Japanese Government CPI Linked Bond,
Series 24,
0.100%, due 03/10/29	JPY	23,045,310		218,184
				1,345,306
New Zealand—2.0%
New Zealand Government Bond,
Series 0930,
3.000%, due 09/20/302	NZD	724,746		714,782
Spain—0.6%
Spain Government Bond
1.600%, due 04/30/252,3	EUR	180,000		229,418
Total non-U.S. government agency obligations (cost—$5,046,756)				5,287,839
U.S. Treasury obligations—13.3%
United States—13.3%
U.S. Treasury Notes
0.250%, due 05/31/25		1,130,000		1,129,823
0.375%, due 04/30/25		560,000		563,216
1.375%, due 09/30/23		320,000		331,613
1.500%, due 02/28/23		210,000		216,858
1.875%, due 07/31/22		1,010,000		1,042,115
2.000%, due 02/15/22		1,290,000		1,322,804
Total U.S. Treasury obligations (cost—$4,594,818)				4,606,429

	Number of shares
Exchange traded funds—4.2%
United States—4.2%
iShares MSCI USA Value Factor ETF 6		4,011	295,932
iShares MSCI International Value Factor ETF		21,871	428,015

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Exchange traded funds—(concluded)
United States—(concluded)
iShares MSCI Europe Small-Cap ETF6		14,512		748,321
Total exchange traded funds (cost—$1,459,180)				1,472,268
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund, 0.07%10 (cost—$170,289)		170,289		170,289

	Face amount1
Short-term U.S. Treasury obligations—24.5%
United States—24.5%
U.S. Treasury Bills
0.173%, due 10/15/2011		7,300,000	7,299,517
0.361%, due 12/03/2011		1,200,000	1,199,255
Total short-term U.S. Treasury obligations (cost—$8,498,772)			8,498,772

	Number of shares
Investment of cash collateral from securities loaned—3.4%
Money market funds—3.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%10 (cost—$1,183,500)		1,183,500		1,183,500
Total investments    (cost—$39,420,989)12— 92.6%				32,129,338
Other assets in excess of liabilities—7.4%				2,550,253
Net assets—100.0%			$	34,679,591

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
1	AUD	ASX SPI 200 Index Futures	December 2020		105,290		103,892		(1,398	)
2	CAD	S&P TSX 60 Index Futures	December 2020		288,996		288,836		(160	)
130	EUR	EURO STOXX 600 Bank Index Futures	December 2020		684,046		629,488		(54,558	)
6	EUR	FTSE MIB Index Futures	December 2020		694,694		667,065		(27,629	)
5	GBP	FTSE 100 Index Futures	December 2020		388,047		376,879		(11,168	)
2	JPY	TOPIX Index Futures	December 2020		304,184		308,254		4,070
56	USD	Mini MSCI Emerging Markets (EM) Index Futures	December 2020		3,073,106		3,047,800		(25,306	)
18	USD	S&P 500 E-Mini Index Futures	December 2020		2,997,264		3,016,800		19,536
Interest rate futures buy contracts:
3	CAD	Canada Government Bond 10 Year Futures	December 2020		342,260		342,030		(230	)
U.S. Treasury futures buy contracts:
26	USD	U.S. Treasury Note 2 Year Futures	December 2020		5,743,601		5,744,985		1,384
17	USD	U.S. Treasury Note 5 Year Futures	December 2020		2,138,173		2,142,531		4,358
Total					16,759,661		16,668,560		(91,101	)

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
34	EUR	EURO STOXX 600 Index Futures	December 2020		(731,927	)		(717,738	)		14,189
11	USD	MSCI World Index Futures	December 2020		(779,016	)		(776,710	)		2,306
10	USD	Russell 2000 Mini Index Futures	December 2020		(751,100	)		(752,200	)		(1,100	)
Interest rate futures sell contracts:
5	EUR	German Euro Bund Futures	December 2020		(1,020,964	)		(1,023,080	)		(2,116	)
1	EUR	German Euro Buxl 30 Year Futures	December 2020		(258,641	)		(261,081	)		(2,440	)
5	GBP	United Kingdom Long Gilt Bond Futures	December 2020		(875,949	)		(878,147	)		(2,198	)
U.S. Treasury futures sell contracts:
13	USD	U.S. Treasury Note 10 Year Futures	December 2020		(1,814,293	)		(1,813,906	)		387
2	USD	U.S. Ultra Long Treasury Bond Futures	December 2020		(443,185	)		(443,625	)		(440	)
4	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2020		(636,745	)		(639,688	)		(2,943	)
Total					(7,311,820	)		(7,306,175	)		5,645
Net unrealized appreciation (depreciation)											(85,456	)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio13(%)		Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation)($)
CDX North American High Yield Series 35 Index	USD	1,160	12/20/25	Quarterly		5.000		(49,703	)		49,541		(162	)
iTraxx Europe Crossover Series 34 Index	EUR	400	12/20/25	Quarterly		5.000		(38,795	)		34,139		(4,656	)
Total								(88,498	)		83,680		(4,818	)

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	HKD	365,000	USD	47,089	11/24/20		1
BB	MXN	11,971,164	USD	540,000	11/24/20		1,896
BB	NZD	1,600,000	CAD	1,403,159	11/24/20		(4,493	)
BB	USD	2,064,633	MXN	46,280,000	11/24/20		15,652
BOA	EUR	5,175,000	USD	6,129,751	11/24/20		55,673
BOA	USD	1,191,175	JPY	126,200,000	11/24/20		6,130
CITI	USD	1,350,092	BRL	7,390,000	11/24/20		(36,150	)
CITI	USD	831,719	CLP	669,600,000	11/24/20		21,658
CITI	USD	2,201,355	COP	8,364,289,000	11/24/20		(21,771	)
GS	CHF	481,536	GBP	415,000	11/24/20		12,051
GSI	CLP	212,714,100	USD	270,000	11/24/20		(1,095	)
GSI	USD	609,243	MYR	2,564,000	11/24/20		6,570
HSBC	AUD	755,000	ZAR	9,370,683	11/24/20		15,115
HSBC	EUR	455,000	GBP	411,238	11/24/20		(3,271	)
HSBC	HUF	162,800,000	USD	520,705	11/24/20		(3,943	)
HSBC	THB	69,380,000	USD	2,202,652	11/24/20		13,346
HSBC	TWD	7,600,000	USD	263,249	11/24/20		814
HSBC	USD	810,000	BRL	4,520,043	11/24/20		(6,336	)
HSBC	USD	513,464	RUB	40,686,600	11/24/20		7,247
JPMCB	GBP	2,910,000	USD	3,809,349	11/24/20		53,459
JPMCB	NZD	2,615,000	USD	1,710,922	11/24/20		(18,966	)
JPMCB	TWD	16,200,000	USD	555,822	11/24/20		(3,579	)
JPMCB	USD	4,335,456	NOK	38,790,000	11/24/20		(176,489	)
JPMCB	USD	534,120	ZAR	9,340,000	11/24/20		20,015
MSCI	CHF	2,475,000	USD	2,718,444	11/24/20		27,336
MSCI	USD	525,061	AUD	745,000	11/24/20		8,615
MSCI	USD	541,079	PLN	2,010,000	11/24/20		(21,017	)
MSCI	USD	2,187,755	SEK	19,120,000	11/24/20		(51,674	)
SSC	AUD	4,185,000	USD	2,994,991	11/24/20		(2,908	)
SSC	CAD	5,440,000	USD	4,112,105	11/24/20		25,985
SSC	JPY	21,000,000	USD	197,485	11/24/20		(1,750	)
SSC	KRW	953,000,000	USD	806,230	11/24/20		(8,669	)
SSC	USD	193,443	AUD	265,000	11/24/20		(3,612	)
SSC	USD	140,171	CAD	185,000	11/24/20		(1,213	)
SSC	USD	71,306	MXN	1,580,000	11/24/20		(285	)
Net unrealized appreciation (depreciation)							(75,658	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2020 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—			10,909,862			—		10,909,862
Mortgage-backed securities		—			379			0		379
Non-U.S. government agency obligations		—			5,287,839			—		5,287,839
U.S. Treasury obligations		—			4,606,429			—		4,606,429
Exchange traded funds		1,472,268			—			—		1,472,268
Short-term investments		—			170,289			—		170,289
Short-term U.S. Treasury obligations		—			8,498,772			—		8,498,772
Investment of cash collateral from securities loaned		—			1,183,500			—		1,183,500
Futures contracts		46,230			—			—		46,230
Swap agreements		—			83,680			—		83,680
Forward foreign currency contracts		—			291,563			—		291,563
Total		1,518,498			31,032,313			0		32,550,811
Liabilities
Futures contracts		(131,686	)		—			—		(131,686	)
Forward foreign currency contracts		—			(367,221	)		—		(367,221	)
Total		(131,686	)		(367,221	)		—		(498,907	)

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
1	In U.S. dollars unless otherwise indicated.
2	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,075,166, represented 3.1% of the Fund's net assets at period end.
4	Perpetual investment. Date shown reflects the next call date.
5	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
6	Security, or portion thereof, was on loan at the period end.
7	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
8	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
9	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
10	Rates shown reflect yield at September 30, 2020.
11	Rate shown is the discount rate at the date of purchase unless otherwise noted.
12	Includes $1,162,509 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $1,183,500.
13	Payments made or received are based on the notional amount.
14	If the Fund  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

UBS Global Allocation Fund

Industry diversification – September 30, 2020 (unaudited)^1,2

Common stocks	Percentage of net assets
Airlines	0.9	%
Auto components	0.6
Automobiles	0.2
Banks	1.7
Beverages	0.3
Biotechnology	1.8
Capital markets	0.6
Chemicals	1.9
Commercial services & supplies	0.5
Communications equipment	0.2
Consumer finance	0.3
Diversified financial services	0.4
Diversified telecommunication services	0.6
Electric utilities	0.6
Electrical equipment	0.5
Electronic equipment, instruments & components	0.8
Entertainment	1.0
Equity real estate investment trusts	0.9
Food products	1.3
Health care equipment & supplies	1.6
Health care providers & services	1.0
Hotels, restaurants & leisure	0.5
Household durables	0.6
Insurance	2.5
Interactive media & services	1.2
Internet & direct marketing retail	2.3
IT services	1.0
Life sciences tools & services	1.4
Machinery	0.9
Media	0.3
Metals & mining	0.4
Multiline retail	0.9
Oil, gas & consumable fuels	1.2
Personal products	0.5
Pharmaceuticals	1.4
Professional services	0.4
Road & rail	0.1
Semiconductors & semiconductor equipment	2.1
Software	4.1
Specialty retail	0.4

UBS Global Allocation Fund

Industry diversification – September 30, 2020 (unaudited)^1,2

Common stocks	Percentage of net assets
Technology hardware, storage & peripherals	1.5
Textiles, apparel & luxury goods	0.1
Tobacco	0.9
Trading companies & distributors	1.1
Wireless telecommunication services	0.4
Total common stocks	43.9	%
Preferred stocks	0.5
Exchange traded funds	27.2
Investment companies	7.5
Asset-backed securities	4.5
Mortgage-backed securities	3.3
Non-U.S. government agency obligations	4.2
U.S. government agency obligations	2.3
U.S. Treasury obligations	3.3
Short-term investments	4.0
Investment of cash collateral from securities loaned	25.4
Total investments	126.1	%
Liabilities in excess of other assets	(26.1	)
Net assets	100.0	%

1	Figures represent the breakdown of direct investments of UBS Global Allocation Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.
2	The Fund’s portfolio is actively managed and its composition will vary over time.

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—43.9%
Austria—0.4%
Erste Group Bank AG*	39,784	833,775
Belgium—0.1%
Galapagos N.V.*	2,031	288,607
Canada—0.8%
Canadian Natural Resources Ltd.	44,588	714,587
Royal Bank of Canada	14,698	1,031,967
Zymeworks, Inc.*	3,069	142,954
		1,889,508
China—0.6%
Alibaba Group Holding Ltd., ADR*	1,139	334,843
Prosus N.V.*	12,246	1,129,961
		1,464,804
Denmark—0.4%
Genmab A/S*	2,343	848,659
Finland—0.6%
Sampo Oyj, A Shares	33,797	1,338,938
Germany—1.1%
Continental AG	4,830	523,708
HUGO BOSS AG	14,355	359,836
LANXESS AG	14,126	810,711
SAP SE	5,740	893,457
		2,587,712
Hong Kong—0.5%
AIA Group Ltd.	118,117	1,156,777
India—0.4%
HDFC Bank Ltd., ADR*	20,018	1,000,099
Ireland—0.4%
Ryanair Holdings PLC, ADR*	11,092	906,882
Italy—0.3%
Prysmian SpA	27,707	806,929

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—4.1%
Hoya Corp.	7,100	798,426
ITOCHU Corp.1	48,300	1,229,654
Keyence Corp.	1,400	650,187
Nippon Telegraph & Telephone Corp.	37,400	762,433
ORIX Corp.	77,900	963,917
Shin-Etsu Chemical Co. Ltd.	6,400	830,456
SoftBank Group Corp.	14,100	864,864
Sony Corp.	18,000	1,370,844
Takeda Pharmaceutical Co. Ltd.	29,000	1,029,498
TechnoPro Holdings, Inc.	15,100	933,504
		9,433,783
Netherlands—0.6%
NXP Semiconductors N.V.	5,177	646,141
Royal Dutch Shell PLC, A Shares	62,180	773,375
		1,419,516
South Africa—0.4%
Anglo American PLC	34,349	831,396
South Korea—0.3%
SK Hynix, Inc.	8,615	618,777
Sweden—0.8%
Hexpol AB*	94,475	846,555
Swedish Match AB	13,476	1,102,655
		1,949,210
Switzerland—1.0%
Alcon, Inc.*	16,111	914,831
Novartis AG	14,897	1,292,459
		2,207,290
United Kingdom—2.4%
Ashtead Group PLC	31,177	1,126,418
British American Tobacco PLC	28,977	1,038,520
BT Group PLC	509,941	647,342
Sage Group PLC/The	81,645	759,367
Spectris PLC	20,770	653,129

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
United Kingdom—(concluded)
Unilever N.V.	20,039	1,209,978
		5,434,754
United States—28.7%
10X Genomics, Inc., Class A*	2,220	276,790
Abbott Laboratories	4,358	474,281
AbbVie, Inc.	19,629	1,719,304
Adobe, Inc.*	497	243,744
Advanced Micro Devices, Inc.*	4,120	337,799
AGCO Corp.	12,342	916,640
Alexion Pharmaceuticals, Inc.*	4,057	464,243
Alphabet, Inc., Class A*	1,354	1,984,422
Amazon.com, Inc.*	978	3,079,458
Ameriprise Financial, Inc.	8,712	1,342,606
Amgen, Inc.	1,554	394,965
Apache Corp.	33,298	315,332
Apple, Inc.	25,935	3,003,532
Aptiv PLC	9,841	902,223
Arista Networks, Inc.*	2,083	431,035
Autodesk, Inc.*	3,057	706,198
Bio-Rad Laboratories, Inc., Class A*	3,609	1,860,295
Booking Holdings, Inc.*	394	674,008
Boston Scientific Corp.*	15,271	583,505
Bunge Ltd.	31,427	1,436,214
Carnival Corp. 1	28,520	432,934
CF Industries Holdings, Inc.	22,198	681,701
Constellation Brands, Inc., Class A	1,218	230,823
Cooper Cos., Inc./The	1,031	347,571
Coupa Software, Inc.*	1,591	436,316
Cree, Inc.*	9,118	581,181
Crown Castle International Corp.	2,210	367,965
Dollar General Corp.	3,058	641,018
Dollar Tree, Inc.*	15,562	1,421,433
Elanco Animal Health, Inc.*	35,086	979,952
Facebook, Inc., Class A*	1,247	326,589
Fidelity National Information Services, Inc.	3,320	488,737
FMC Corp.	3,099	328,215
HubSpot, Inc.*	1,807	528,060
IAA, Inc.*	7,012	365,115
IAC/InterActiveCorp*	1,612	193,085
Incyte Corp.*	4,721	423,663

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
United States—(continued)
Ingersoll Rand, Inc.*	32,089	1,142,368
IQVIA Holdings, Inc.*	3,107	489,756
Jabil, Inc.	15,424	528,426
Laboratory Corp. of America Holdings*	8,573	1,614,039
LivaNova PLC*	13,400	605,814
Lowe's Cos., Inc.	5,036	835,271
Madison Square Garden Entertainment Corp.*	4,621	316,492
Marsh & McLennan Cos., Inc.	6,072	696,458
Marvell Technology Group Ltd.	12,808	508,478
Mastercard, Inc., Class A	1,228	415,273
Match Group, Inc.*	3,479	384,951
MetLife, Inc.	25,189	936,275
Micron Technology, Inc.*	17,573	825,228
Microsoft Corp.	14,261	2,999,516
Mondelez International, Inc., Class A	26,764	1,537,592
Netflix, Inc.*	697	348,521
NextEra Energy, Inc.	4,953	1,374,755
NVIDIA Corp.	663	358,829
ON Semiconductor Corp.*	19,879	431,176
PepsiCo, Inc.	2,643	366,320
PPD, Inc.*	14,960	553,370
Progressive Corp./The	16,805	1,590,929
Prologis, Inc.	16,100	1,619,982
Qorvo, Inc.*	2,649	341,747
Rockwell Automation, Inc.	1,459	321,972
Salesforce.com, Inc.*	4,222	1,061,073
ServiceNow, Inc.*	1,683	816,255
Southwest Airlines Co.	28,687	1,075,762
Splunk, Inc.*	3,121	587,154
Starbucks Corp.	8,185	703,255
Stericycle, Inc.*,1	14,275	900,182
Synchrony Financial	26,709	698,975
Take-Two Interactive Software, Inc.*	9,384	1,550,424
Tesla, Inc.*	991	425,149
Trade Desk, Inc./The, Class A*	723	375,078
Union Pacific Corp.	1,706	335,860
United Rentals, Inc.*	1,363	237,844
UnitedHealth Group, Inc.	2,009	626,346
Universal Display Corp.	1,683	304,185
ViacomCBS, Inc., Class B	27,526	771,003
Visa, Inc., A Shares	6,770	1,353,797

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
United States—(concluded)
Wells Fargo & Co.	41,370	972,609
Western Digital Corp.	10,808	395,032
Westlake Chemical Corp.	14,600	923,012
Williams Cos., Inc./The	48,210	947,327
		66,124,812
Total common stocks (cost—$85,186,510)		101,142,228
Preferred stocks—0.5%
Germany—0.5%
Henkel AG & Co. KGaA   (cost—$964,921)	9,929	1,039,797
Exchange traded funds—27.2%
United States—27.2%
iShares iBoxx $ High Yield Corporate Bond ETF1	223,170	18,723,963
iShares iBoxx $ Investment Grade Corporate Bond ETF1	103,790	13,981,551
iShares JPMorgan USD Emerging Markets Bond ETF1	212,340	23,546,382
Vanguard Emerging Markets Government Bond ETF	81,100	6,398,790
Total exchange traded funds (cost—$62,281,498)		62,650,686
Investment companies—7.5%
UBS Emerging Markets Equity Opportunity Fund2 (cost—$17,297,484)	1,701,516	17,287,405

	Face amount($)
Asset-backed securities—4.5%
United States—4.5%
American Credit Acceptance Receivables Trust,
Series 2018-1, Class D,
3.930%, due 04/10/243	250,000	254,769
American Express Credit Account Master Trust,
Series 2017-5, Class A,
1 mo. USD LIBOR + 0.380%, FRN,
0.532%, due 02/18/254	250,000	250,623

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(continued)
United States—(continued)
AmeriCredit Automobile Receivables Trust,
Series 2020-1, Class A2A,
1.100%, due 03/20/23		94,072		94,396
Series 2020-2, Class B,
0.970%, due 02/18/26		100,000		100,303
BMW Floorplan Master Owner Trust,
Series 2018-1, Class A1,
3.150%, due 05/15/233		750,000		763,056
Capital Auto Receivables Asset Trust,
Series 2017-1, Class A4,
2.220%, due 03/21/223		151,735		152,259
Series 2018-1, Class A4,
2.930%, due 06/20/223		125,000		126,388
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/273		100,000		100,683
CF Hippolyta LLC,
Series 2020-1, Class A1,
1.690%, due 07/15/603		100,000		101,112
CPS Auto Receivables Trust,
Series 2018-A, Class D,
3.660%, due 12/15/233		100,000		102,302
Series 2018-D, Class C,
3.830%, due 09/15/233		240,000		244,834
Series 2019-B, Class B,
3.090%, due 04/17/233		200,000		201,981
Dell Equipment Finance Trust,
Series 2018-1, Class D,
3.850%, due 06/24/243		100,000		101,826
Series 2020-2, Class C,
1.370%, due 01/22/243		100,000		99,984
Series 2020-2, Class D,
1.920%, due 03/23/263		100,000		99,969
Drive Auto Receivables Trust,
Series 2018-2, Class C,
3.630%, due 08/15/24		119,923		120,475
Series 2018-3, Class C,
3.720%, due 09/16/24		334,767		337,679
Series 2018-4, Class C,
3.660%, due 11/15/24		210,456		213,082
DT Auto Owner Trust,
Series 2017-2A, Class D,
3.890%, due 01/15/233		45,399		45,716
Series 2017-2A, Class E,
6.030%, due 01/15/243		100,000		103,227

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(continued)
United States—(continued)
Series 2018-1A, Class D,
3.810%, due 12/15/233		250,000		254,559
Series 2018-2A, Class C,
3.670%, due 03/15/243		171,497		172,635
Series 2018-3A, Class B,
3.560%, due 09/15/223		172,468		173,269
Series 2019-3A, Class C,
2.740%, due 04/15/253		235,000		239,100
Exeter Automobile Receivables Trust,
Series 2016-1A, Class D,
8.200%, due 02/15/233		69,555		69,750
Series 2016-2A, Class D,
8.250%, due 04/17/233		174,651		177,302
Series 2018-1A, Class C,
3.030%, due 01/17/233		176,651		177,721
Series 2018-3A, Class D,
4.350%, due 06/17/243		100,000		104,347
Series 2018-4A, Class C,
3.970%, due 09/15/233		100,000		101,701
Flagship Credit Auto Trust,
Series 2016-2, Class C,
6.220%, due 09/15/223		46,098		46,715
Series 2016-4, Class C,
2.710%, due 11/15/223		127,435		127,991
Series 2017-1, Class C,
3.220%, due 05/15/233		266,309		267,576
Ford Credit Auto Owner Trust,
Series 2018-1, Class A,
3.190%, due 07/15/313		600,000		660,905
Ford Credit Floorplan Master Owner Trust,
Series 2019-2, Class A,
3.060%, due 04/15/26		500,000		541,112
GM Financial Automobile Leasing Trust,
Series 2020-2, Class A4,
1.010%, due 07/22/24		75,000		75,961
Ocwen Master Advance Receivables Trust,
Series 2020-T1, Class AT1,
1.277%, due 08/15/523		100,000		100,367
OneMain Direct Auto Receivables Trust,
Series 2017-2A, Class C,
2.820%, due 07/15/243		239,663		239,867
Series 2018-1A, Class C,
3.850%, due 10/14/253		216,000		221,654

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—continued)
United States—(continued)
Series 2018-1A, Class D,
4.400%, due 01/14/283		216,000		222,716
Series 2019-1A, Class A,
3.630%, due 09/14/273		120,000		131,068
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/353		100,000		101,199
Santander Drive Auto Receivables Trust,
Series 2018-1, Class C,
2.960%, due 03/15/24		557,935		562,066
Series 2018-2, Class C,
3.350%, due 07/17/23		534,297		540,492
Series 2018-4, Class B,
3.270%, due 01/17/23		32,424		32,468
Series 2018-5, Class B,
3.520%, due 12/15/22		94,499		94,613
Series 2020-2, Class B,
0.960%, due 11/15/24		100,000		100,321
Sofi Consumer Loan Program LLC,
Series 2017-3, Class A,
2.770%, due 05/25/263		285,095		286,672
Series 2017-4, Class B,
3.590%, due 05/26/263,5		100,000		102,364
Sofi Consumer Loan Program Trust,
Series 2018-1, Class A2,
3.140%, due 02/25/273		275,411		277,216
Series 2018-2, Class A2,
3.350%, due 04/26/273		86,008		86,456
Series 2019-3, Class A,
2.900%, due 05/25/283		57,551		58,220
World Omni Auto Receivables Trust,
Series 2016-B, Class B,
1.730%, due 07/15/23		300,000		300,494

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(concluded)
United States—(concluded)
World Omni Automobile Lease Securitization Trust,
Series 2018-A, Class A4,
2.940%, due 05/15/23		21,630		21,653
Total asset-backed securities
(cost—$10,074,268)				10,285,214
Mortgage-backed securities—3.3%
United States — 3.3%
Angel Oak Mortgage Trust,
Series 2020-4, Class A1,
1.469%, due 06/25/653,5		142,096		142,589
Series 2020-6, Class A1,
1.261%, due 05/25/653,5		97,248		97,238
Angel Oak Mortgage Trust LLC,
Series 2020-5, Class A1,
1.373%, due 05/25/653,5		96,291		96,343
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF1, Class B,
3.719%, due 05/15/533,5		500,000		549,003
BANK,
Series 2018-BN14, Class A4,
4.231%, due 09/15/605		275,000		326,471
BBCMS Trust,
Series 2015-SRCH, Class A2,
4.197%, due 08/10/353		210,000		236,854
BX Commercial Mortgage Trust,
Series 2018-BIOA, Class A,
1 mo. USD LIBOR + 0.671%, FRN,
0.823%, due 03/15/37 3,4		470,000		468,839
Series 2018-IND, Class B,
1 mo. USD LIBOR + 0.900%, FRN,
1.052%, due 11/15/35 3,4		70,000		69,692
Series 2020-VKNG, Class C,
1 mo. USD LIBOR + 1.400%, FRN,
1.600%, due 10/15/37 3,4,8		100,000		100,063
CGDBB Commercial Mortgage Trust,
Series 2017-BIOC, Class A,
1 mo. USD LIBOR + 0.790%, FRN,
0.942%, due 07/15/32 3,4		91,354		91,340
Series 2017-BIOC, Class D,
1 mo. USD LIBOR + 1.600%, FRN,
1.752%, due 07/15/32 3,4		141,599		141,428

UBS Global Allocation Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A4,
3.038%, due 11/10/52		200,000		223,955
Series 2019-SMRT, Class C,
4.682%, due 01/10/363		345,000		362,795
COLT Mortgage Loan Trust,
Series 2019-2, Class A1,
3.337%, due 05/25/493,5		51,336		51,806
Series 2020-1R, Class A1,
1.255%, due 09/25/653,5,8		100,000		99,999
Series 2020-2, Class A1,
1.853%, due 03/25/653,5		86,874		87,508
Series 2020-3, Class A1,
1.506%, due 04/27/653,5		93,743		94,215
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/653,6,8		350,000		349,994
DBGS Mortgage Trust,
Series 2018-BIOD, Class A,
1 mo. USD LIBOR + 0.803%, FRN,
0.955%, due 05/15/353,4		92,814		92,580
Deephaven Residential Mortgage Trust,
Series 2020-1, Class A1,
2.339%, due 01/25/603,5		163,554		165,056
Series 2020-2, Class A1,
1.692%, due 05/25/653		88,581		89,024
GS Mortgage Securities Trust,
Series 2017-GS5, Class B,
4.047%, due 03/10/505		100,000		110,543
Series 2019-GC40, Class A4,
3.160%, due 07/10/52		500,000		563,422
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/603,5		96,769		96,981
MAD Mortgage Trust,
Series 2017-330M, Class B,
3.478%, due 08/15/343,5		125,000		128,729
Series 2017-330M, Class C,
3.600%, due 08/15/343,5		150,000		154,020
Morgan Stanley Capital I Trust,
Series 2019-L3, Class A4,
3.127%, due 11/15/52		400,000		447,602

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
MSCG Trust,
Series 2018-SELF, Class A,
1 mo. USD LIBOR + 0.900%, FRN,
1.052%, due 10/15/373,4		690,000		689,890
New Residential Mortgage Loan Trust,
Series 2018-NQM1, Class A1,
3.986%, due 11/25/483,5		88,982		91,250
Series 2019-NQM2, Class A1,
3.600%, due 04/25/493,5		166,473		168,407
Series 2020-NQM2, Class A1,
1.650%, due 05/24/603,5		95,561		96,032
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/603,5,7,8		95,241		95,824
Verus Securitization Trust,
Series 2019-2, Class A1,
3.211%, due 05/25/593,5		157,376		160,917
Series 2019-4, Class A1,
2.642%, due 11/25/593,6		96,071		97,944
Series 2020-4, Class A1,
1.502%, due 05/25/653,6		96,395		96,748
Vista Point Securitization Trust,
Series 2020-1, Class A1,
1.763%, due 03/25/653,5,7,8		93,064		93,548
Series 2020-2, Class A1,
1.475%, due 04/25/653,5		97,189		97,252
Wells Fargo Commercial Mortgage Trust,
Series 2018-BXI, Class A,
1 mo. USD LIBOR + 0.731%, FRN,
0.884%, due 12/15/36 3,4		258,249		258,141
Series 2018-BXI, Class C,
1 mo. USD LIBOR + 1.156%, FRN,
1.309%, due 12/15/36 3,4		86,083		85,425
Series 2018-C45, Class AS,
4.405%, due 06/15/515		130,000		152,924
Total mortgage-backed securities (cost—$7,475,091)				7,622,391
Non-U.S. government agency obligations—4.2%
Australia—0.1%
Australia Government Bond,
Series 138,
3.250%, due 04/21/299	AUD	310,000		268,758

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(continued)
Austria—0.1%
Republic of Austria Government Bond
1.200%, due 10/20/253,9	EUR	37,000		47,463
3.150%, due 06/20/443,9	EUR	55,000		111,837
				159,300
Belgium—0.1%
Kingdom of Belgium Government Bond,
Series 71,
3.750%, due 06/22/459	EUR	83,000		177,091
Canada—0.5%
Canadian Government Bond
1.500%, due 09/01/24	CAD	1,040,000		817,949
2.250%, due 06/01/25	CAD	221,000		180,606
2.750%, due 12/01/64	CAD	54,000		63,934
				1,062,489
Finland—0.0%†
Finland Government Bond,
Series 30Y,
1.375%, due 04/15/473,9	EUR	20,000		31,662
France—0.3%
French Republic Government Bond OAT
0.500%, due 05/25/269	EUR	220,000		273,467
0.500%, due 05/25/403,9	EUR	100,000		124,507
2.500%, due 05/25/309	EUR	132,000		197,263
3.250%, due 05/25/459	EUR	93,000		186,168
				781,405
Ireland—0.1%
Ireland Government Bond
1.500%, due 05/15/509	EUR	110,000		166,407
2.000%, due 02/18/459	EUR	48,000		78,502
				244,909
Italy—0.4%
Italy Buoni Poliennali Del Tesoro
1.650%, due 03/01/323,9	EUR	60,000		75,656
3.000%, due 08/01/299	EUR	240,000		336,284
4.000%, due 02/01/373,9	EUR	129,000		210,239

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(continued)
Italy—(concluded)
Series CPI,
2.550%, due 09/15/413,9	EUR	170,651		272,368
				894,547
Japan—0.5%
Japan Government Forty Year Bond,
Series 12,
0.500%, due 03/20/59	JPY	20,000,000		182,020
Japan Government Thirty Year Bond,
Series 51,
0.300%, due 06/20/46	JPY	11,100,000		99,686
Japan Government Twenty Year Bond,
Series 156,
0.400%, due 03/20/36	JPY	83,550,000		807,646
				1,089,352
Netherlands—0.0%†
Netherlands Government Bond
2.750%, due 01/15/473,9	EUR	40,000		82,273
New Zealand—1.2%
New Zealand Government Inflation Linked Bond,
Series 0925,
2.000%, due 09/20/259,10	NZD	3,485,932		2,889,127
Spain—0.6%
Spain Government Bond
1.450%, due 10/31/273,9	EUR	165,000		213,725
1.500%, due 04/30/273,9	EUR	325,000		421,542
3.450%, due 07/30/663,9	EUR	10,000		20,325
4.200%, due 01/31/373,9	EUR	44,000		80,512
4.800%, due 01/31/243,9	EUR	296,000		407,398
5.150%, due 10/31/443,9	EUR	69,000		155,295
				1,298,797
United Kingdom—0.3%
United Kingdom Gilt
1.000%, due 04/22/249	GBP	90,000		120,652
1.500%, due 07/22/479	GBP	114,000		173,272
1.625%, due 10/22/289	GBP	144,000		208,742

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount		Value ($)
Non-U.S. government agency obligations—(concluded)
United Kingdom—(concluded)
3.500%, due 01/22/459	GBP	60,000		124,568
				627,234
Total non-U.S. government agency obligations (cost—$8,397,368)				9,606,944
U.S. government agency obligations—2.3%
United States—2.3%
GNMA II TBA
2.500%	$	600,000		629,953
UMBS TBA
2.500%		2,425,000		2,543,408
2.000%		2,150,000		2,225,883
Total U.S. government agency obligations (cost—$5,399,226)				5,399,244
U.S. Treasury obligations—3.3%
United States—3.3%
U.S. Treasury Bonds
2.500%, due 02/15/46		302,000		372,840
2.750%, due 11/15/42		201,000		257,366
2.750%, due 08/15/47		328,000		425,721
2.875%, due 05/15/43		717,000		936,189
3.000%, due 11/15/45		47,000		63,142
U.S. Treasury Notes
1.250%, due 03/31/21		325,000		326,815
1.375%, due 09/30/23		971,000		1,006,237
1.500%, due 02/28/23		226,000		233,380
1.625%, due 08/15/22		186,000		191,195
1.625%, due 11/30/26		760,000		817,089
1.625%, due 08/15/29		196,000		213,334
1.750%, due 05/15/23		345,000		359,380
1.875%, due 07/31/22		294,000		303,348
1.875%, due 10/31/22		680,000		704,517
2.000%, due 11/30/22		528,000		549,203
2.500%, due 05/15/24		321,000		347,696

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
2.750%, due 07/31/23		459,000		492,582
Total U.S. Treasury obligations (cost—$6,934,978)				7,600,034

	Number of shares
Short-term investments—4.0%
Investment companies—4.0%
State Street Institutional U.S. Government Money Market Fund, 0.07%11 (cost — $9,327,439)	9,327,439		9,327,439
Investment of cash collateral from securities loaned—25.4%
Money market funds—25.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%11 (cost—$58,398,803)	58,398,803		58,398,803
Total investments (cost—$271,737,586)12—126.1%			290,360,185
Liabilities in excess of other assets—(26.1)%			(60,038,001	)
Net assets—100.0%		$	230,322,184

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

Futures contracts
Number of contracts	Currency		Expiration date	Current notional amount($)	Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
302	EUR	EURO STOXX SM Index Futures	December 2020	4,712,103		4,592,416		(119,687	)
16	GBP	FTSE 100 Index Futures	December 2020	1,241,748		1,206,012		(35,736	)
20	JPY	TOPIX Index Futures	December 2020	3,041,838		3,082,539		40,701
171	USD	Mini MSCI Emerging Markets (EM) Index Futures	December 2020	9,331,937		9,306,675		(25,262	)
49	USD	S&P 500 E-Mini Index Futures	December 2020	8,159,218		8,212,400		53,182
Interest rate futures buy contracts:
185	AUD	Australian Bond 10 Year Futures	December 2020	19,618,417		19,795,476		177,059
144	CAD	Canada Government Bond 10 Year Futures	December 2020	16,421,962		16,417,438		(4,524	)
U.S. Treasury futures buy contracts:
139	USD	U.S. Treasury Note 2 Year Futures	December 2020	30,704,000		30,713,570		9,570
Total				93,231,223		93,326,526		95,303

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
58	AUD	ASX SPI 200 Index Futures	December 2020		(6,120,832	)		(6,025,738	)		95,094
25	CAD	S&P TSX 60 Index Futures	December 2020		(3,612,391	)		(3,610,454	)		1,937
15	EUR	EURO STOXX 50 Index Futures	December 2020		(546,047	)		(561,720	)		(15,673	)
62	USD	Russell 2000 Value E-Mini Index Futures	December 2020		(4,699,343	)		(4,663,640	)		35,703
Interest rate futures sell contracts:
92	EUR	German Euro Bund Futures	December 2020		(18,749,220	)		(18,824,666	)		(75,446	)
20	GBP	United Kingdom Long Gilt Bond Futures	December 2020		(3,497,862	)		(3,512,589	)		(14,727	)
86	JPY	JGB MINI 10 Year Futures	December 2020		(12,365,171	)		(12,403,603	)		(38,432	)
U.S. Treasury futures sell contracts:
135	USD	U.S. Treasury Note 10 Year Futures	December 2020		(18,798,553	)		(18,836,719	)		(38,166	)
29	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2020		(4,625,458	)		(4,637,734	)		(12,276	)
Total					(73,014,877	)		(73,076,863	)		(61,986	)
Net unrealized appreciation (depreciation)											33,317

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁴   

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio(%)13			Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation)($)
CDX North American High Yield 35 Index	USD	4,750	12/20/25	Quarterly		5.000	%		(203,526	)		202,863		(663	)

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

Forward foreign currency contracts  

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	CHF	2,150,000	USD	2,366,187	11/24/20		28,456
BB	USD	5,303,002	MXN	118,870,000	11/24/20		40,202
BOA	AUD	6,455,000	ZAR	77,832,202	11/24/20		(6,280	)
BOA	USD	14,189,104	EUR	11,975,000	11/24/20		(133,626	)
BOA	USD	12,360,094	JPY	1,309,500,000	11/24/20		63,609
BOA	USD	474,277	SGD	650,000	11/24/20		1,925
CITI	USD	4,371,814	BRL	23,930,000	11/24/20		(117,060	)
CITI	USD	5,284,320	CLP	4,254,300,000	11/24/20		137,607
CITI	USD	5,442,241	COP	20,678,395,000	11/24/20		(53,823	)
GS	CLP	1,818,800,000	USD	2,355,074	11/24/20		37,090
HSBC	USD	1,806,918	CNY	12,615,000	11/24/20		39,739
JPMCB	CNY	12,615,000	USD	1,856,922	11/24/20		10,265
JPMCB	GBP	1,835,000	USD	2,402,115	11/24/20		33,710
JPMCB	NZD	10,630,000	USD	6,954,913	11/24/20		(77,099	)
JPMCB	TWD	243,900,000	USD	8,368,215	11/24/20		(53,877	)
JPMCB	USD	2,360,996	CAD	3,100,000	11/24/20		(32,509	)
JPMCB	USD	7,388,404	NOK	66,130,000	11/24/20		(298,110	)
MSCI	CHF	7,285,000	USD	8,001,562	11/24/20		80,461
SSC	AUD	3,810,000	USD	2,726,623	11/24/20		(2,647	)
SSC	CAD	15,285,000	USD	11,553,956	11/24/20		73,012
SSC	KRW	5,609,000,000	USD	4,727,070	11/24/20		(69,115	)
Net unrealized appreciation (depreciation)							(298,070	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's  investments. In the event a Fund  holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

UBS Global Allocation Fund

Portfolio of investments – September 30, 2020 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		100,853,621			288,607			—		101,142,228
Preferred stocks		1,039,797			—			—		1,039,797
Exchange traded funds		62,650,686			—			—		62,650,686
Investment companies		17,287,405			—			—		17,287,405
Asset-backed securities		—			10,285,214			—		10,285,214
Mortgage-backed securities		—			7,622,391			—		7,622,391
Non-U.S. government agency obligations		—			9,606,944			—		9,606,944
U.S. government agency obligations		—			5,399,244			—		5,399,244
U.S. Treasury obligations		—			7,600,034			—		7,600,034
Short-term investments		—			9,327,439			—		9,327,439
Investment of cash collateral from securities loaned		—			58,398,803			—		58,398,803
Futures contracts		413,246			—			—		413,246
Swap agreements		—			202,863			—		202,863
Forward foreign currency contracts		—			546,076			—		546,076
Total		182,244,755			109,277,615			—		291,522,370
Liabilities
Futures contracts		(379,929	)		—			—		(379,929	)
Forward foreign currency contracts		—			(844,146	)		—		(844,146	)
Total		(379,929	)		(844,146	)		—		(1,224,075	)

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes  

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, was on loan at the period end.
2	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. Advisor does not earn a management fee on the assets invested into the affiliated UBS Fund.

Security description	Value 06/30/2020		Purchases during the period ended 09/30/2020		Sales during the period ended 09/30/2020		Net realized gain (loss) during the period ended 09/30/2020			Change in net unrealized appreciation (depreciation) during the period ended 09/30/2020		Value 09/30/2020		Shares 09/30/2020
UBS Emerging Markets Equity Opportunity Fund	$	12,599,338	$	5,800,000	$	2,100,000	$	(14,803	)	$	1,002,870	$	17,287,405		1,701,516

3	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $14,951,752, represented 6.5% of the Fund's net assets at period end.
4	Variable or floating rate security. The interest rate shown is the current rate as of September 30, 2020 and changes periodically.
5	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
6	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
7	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
8	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
9	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.
10	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.
11	Rates shown reflect yield at September 30, 2020.
12	Includes $58,084,049 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $757,325 and cash collateral of $58,398,803.
13	Payments made or received are based on the notional amount.
14	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

UBS Emerging Markets Equity Opportunity Fund

Industry diversification – September 30, 2020 (unaudited)¹

Common stocks	Percentage of net asset
Automobiles		3.1	%
Banks		15.1
Beverages		4.0
Diversified consumer services		5.9
Entertainment		3.0
Household durables		2.4
Insurance		3.6
Interactive media & services		8.3
Internet & direct marketing retail		17.6
IT services		4.3
Metals & mining		1.6
Oil, gas & consumable fuels		3.7
Pharmaceuticals		3.4
Real estate management & development		1.7
Semiconductors & semiconductor equipment		14.8
Technology hardware, storage & peripherals		4.5
Total common stocks		97.0	%
Short-term investments		1.9
Investment of cash collateral from securities loaned		0.8
Total investments		99.7	%
Other assets in excess of liabilities		0.3
Net assets		100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—97.0%
Argentina—3.8%
MercadoLibre, Inc.*	19,898		21,539,187
Brazil—3.5%
Petroleo Brasileiro SA, ADR1	783,900		5,518,656
Petroleo Brasileiro SA, ADR	751,500		5,350,680
Vale SA	867,204		9,127,732
			19,997,068
China—40.9%
Alibaba Group Holding Ltd.*	271,000		9,637,047
Alibaba Group Holding Ltd., ADR*	153,643		45,167,969
China Jinmao Holdings Group Ltd.	17,700,000		9,752,066
China Merchants Bank Co. Ltd., Class H	3,343,000		15,765,918
Gree Electric Appliances, Inc. of Zhuhai, Class A	1,788,689		13,998,344
Jiangsu Hengrui Medicine Co. Ltd., Class A	1,481,657		19,540,486
Kweichow Moutai Co. Ltd., Class A	93,267		22,849,087
NetEase, Inc.	95,500		1,699,273
NetEase, Inc., ADR	33,650		15,299,645
New Oriental Education & Technology Group, Inc., ADR*	67,373		10,072,263
Ping An Insurance Group Co. of China Ltd., H Shares	1,980,500		20,315,966
TAL Education Group, ADR*	309,800		23,557,192
Tencent Holdings Ltd.	392,100		25,878,433
			233,533,689
Hungary—1.7%
OTP Bank Nyrt*	325,218		9,798,085
India—8.8%
Eicher Motors Ltd.	165,656		4,945,880
HDFC Bank Ltd.*	1,443,587		21,103,998
Tata Consultancy Services Ltd.	719,828		24,315,903
			50,365,781
Indonesia—4.9%
Astra International Tbk. PT	42,543,800		12,751,704
Bank Mandiri Persero Tbk. PT	46,158,700		15,386,233
			28,137,937
Mexico—1.9%
Grupo Financiero Banorte SAB de CV, Class O*	3,131,200		10,850,125

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
Russia—8.0%
LUKOIL PJSC, ADR	1,854		107,310
LUKOIL PJSC, ADR	176,503		10,133,037
Sberbank of Russia PJSC*	4,599,319		13,495,202
Yandex N.V., Class A*,1	334,300		21,813,075
			45,548,624
South Africa—4.2%
Naspers Ltd., N Shares	136,047		24,041,738
South Korea—9.0%
Samsung Electronics Co. Ltd.	512,235		25,491,301
SK Hynix, Inc.	357,767		25,696,818
			51,188,119
Taiwan—10.3%
Nanya Technology Corp.	4,678,000		9,287,515
Taiwan Semiconductor Manufacturing Co. Ltd.	3,326,000		49,725,778
			59,013,293
Total common stocks (cost—$488,763,638)			554,013,646
Short-term investments—1.9%
Investment companies—1.9%
State Street Institutional U.S. Government Money Market Fund, 0.07% 2 (cost—$10,733,434)	10,733,434		10,733,434
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% 2 (cost—$4,611,819)	4,611,819		4,611,819
Total investments (cost—$504,108,891)3—99.7%			569,358,899
Other assets in excess of liabilities—0.3%			1,947,149
Net assets—100.0%		$	571,306,048

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

UBS Emerging Markets Equity Opportunity Fund
Portfolio of investments – September 30, 2020 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		554,013,646		—		—		554,013,646
Short-term investments		—		10,733,434		—		10,733,434
Investment of cash collateral from securities loaned		—		4,611,819		—		4,611,819
Total		554,013,646		15,345,253		—		569,358,899

At September 30, 2020, 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 September 30, 2020.
3	Includes $4,534,003 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $57,846 and cash collateral of $4,611,819.

UBS Engage For Impact Fund

Industry Diversification – September 30, 2020 (unaudited)¹

Common stocks	Percentage of net assets
Auto components		4.9	%
Banks		5.7
Biotechnology		8.6
Building products		3.4
Chemicals		7.5
Commercial services & supplies		5.5
Distributors		2.4
Diversified consumer services		1.9
Electrical equipment		3.0
Electronic equipment, instruments & components		7.1
Equity real estate investment trusts		2.3
Food & staples retailing		2.7
Food products		6.1
Health care equipment & supplies		6.1
Health care technology		0.9
Life sciences tools & services		3.6
Machinery		3.8
Oil, gas & consumable fuels		3.1
Pharmaceuticals		3.9
Road & rail		1.7
Semiconductors & semiconductor equipment		7.4
Software		4.9
Total common stocks		96.5	%
Preferred stocks		2.1
Short-term investments		2.0
Total investments		100.6	%
Liabilities in excess of other assets		(0.6	)
Net assets		100.0	%

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

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—96.5%
Australia—1.8%
Brambles Ltd.		72,384		543,854
Austria—1.6%
Erste Group Bank AG*		23,343		489,212
Canada—0.5%
Zymeworks, Inc.*		2,954		137,597
China—3.6%
China Mengniu Dairy Co. Ltd.		108,000		505,855
New Oriental Education & Technology Group, Inc., ADR*		3,700		553,150
				1,059,005
Denmark—3.2%
Genmab A/S*		1,810		655,601
H Lundbeck A/S		8,589		283,374
				938,975
Germany—5.7%
Continental AG		5,633		610,776
Infineon Technologies AG		38,347		1,084,209
				1,694,985
Indonesia—2.0%
Bank Mandiri Persero Tbk. PT		1,769,400		589,800
Ireland—1.6%
Kingspan Group PLC*		5,391		491,117
Italy—3.0%
Prysmian SpA		31,025		903,561
Japan—5.0%
Sumitomo Mitsui Financial Group, Inc.		22,500		622,422
Takeda Pharmaceutical Co. Ltd.		24,753		878,730
				1,501,152
Netherlands—2.7%
Koninklijke Ahold Delhaize N.V.		27,115		802,722

UBS Engage For Impact Fund 

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
New Zealand—1.1%
Fisher & Paykel Healthcare Corp. Ltd.		14,535		319,912
Norway—2.1%
Equinor ASA		42,975		611,855
Portugal—1.0%
Galp Energia SGPS SA		33,108		307,124
Switzerland—1.7%
Alcon, Inc.*		9,038		513,205
United Kingdom—5.6%
Linde PLC		3,872		922,039
Spectris PLC		24,127		758,693
				1,680,732
United States—54.3%
Abbott Laboratories		5,434		591,382
AGCO Corp.		9,689		719,602
American Well Corp., Class A*		9,196		272,570
Aptiv PLC		9,275		850,332
Avantor, Inc.*		22,260		500,627
Bunge Ltd.		10,117		462,347
CF Industries Holdings, Inc.		18,733		575,290
Conagra Brands, Inc.		23,799		849,862
Digital Realty Trust, Inc.		4,641		681,113
Donaldson Co., Inc.		8,920		414,066
Ecolab, Inc.		3,745		748,401
IGM Biosciences, Inc.*		1,511		111,527
Incyte Corp.*		6,490		582,413
IPG Photonics Corp.*		2,810		477,616
Ironwood Pharmaceuticals, Inc.*		56,861		511,465
LivaNova PLC*		8,835		399,430
LKQ Corp.*		26,310		729,576
Lyft, Inc., Class A*		17,929		493,944
Masco Corp.		9,191		506,700
Micron Technology, Inc.*		9,424		442,551
Mirati Therapeutics, Inc.*		2,045		339,572
Montrose Environmental Group, Inc.*		24,126		574,681
PPD, Inc.*		15,320		566,687
Prelude Therapeutics, Inc.*		7,250		218,443
Stericycle, Inc.*		8,424		531,218

UBS Engage For Impact Fund 

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Trimble, Inc.*		17,784		866,081
Universal Display Corp.		3,672		663,677
VMware, Inc., Class A*,1		5,505		790,903
Zendesk, Inc.*		6,630		682,360
				16,154,436
Total common stocks (cost—$25,972,929)				28,739,244
Preferred stocks—2.1%
Germany—2.1%
Henkel AG & Co. KGaA   (cost—$582,363)		5,817		609,175
Short-term investments—2.0%
Investment companies—2.0%
State Street Institutional U.S. Government Money Market Fund, 0.07% 2 (cost—$606,305)		606,305		606,305
Total investments (cost—$27,161,597)3 —100.6%				29,954,724
Liabilities in excess of other assets—(0.6)%				(180,742	)
Net assets—100.0%			$	29,773,982

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		28,739,244		—		—		28,739,244
Preferred stocks		609,175		—		—		609,175
Short-term investments		—		606,305		—		606,305
Total		29,348,419		606,305		—		29,954,724

At September 30, 2020, there were no transfers in or out of Level 3.

UBS Engage For Impact Fund 

Portfolio of investments – September 30, 2020 (unaudited)

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at September 30, 2020.
3	Includes $285,650 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $291,405.

UBS International Sustainable Equity Fund

Industry diversification – September 30, 2020 (unaudited)¹

	Percentage of
Common stocks	net assets
Auto components		1.9	%
Automobiles		2.2
Banks		5.4
Biotechnology		2.2
Capital markets		0.7
Chemicals		4.7
Commercial services & supplies		1.0
Construction & engineering		1.4
Construction materials		1.2
Diversified financial services		2.3
Diversified telecommunication services		3.9
Electrical equipment		0.9
Electronic equipment, instruments & components		1.3
Energy equipment & services		0.4
Entertainment		4.5
Equity real estate investment trusts		1.2
Food & staples retailing		2.3
Food products		2.3
Health care equipment & supplies		4.7
Household durables		2.5
Insurance		8.1
Internet & direct marketing retail		5.8
IT services		0.8
Machinery		2.2
Oil, gas & consumable fuels		3.8
Paper & forest products		1.0
Personal products		5.1
Pharmaceuticals		4.8
Real estate management & development		1.0
Semiconductors & semiconductor equipment		6.2
Software		3.7
Specialty retail		0.9
Textiles, apparel & luxury goods		0.4
Trading companies & distributors		3.1
Wireless telecommunication services		2.5
Total common stocks		96.4	%
Preferred stocks		1.2
Short-term investments		1.5
Investment of cash collateral from securities loaned		1.2
Total investments		100.3	%
Liabilities in excess of other assets		(0.3	)
Net assets		100.0	%

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

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—96.4%
Australia—2.2%
Brambles Ltd.	326,394		2,452,348
Mirvac Group	1,761,746		2,750,834
			5,203,182
Austria—0.8%
Erste Group Bank AG*	93,395		1,957,329
Belgium—1.9%
Galapagos N.V.*	13,618		1,935,130
KBC Group N.V.	52,609		2,639,348
			4,574,478
China—8.3%
Alibaba Group Holding Ltd., ADR*	28,004		8,232,616
China Mobile Ltd.	318,000		2,029,032
Ping An Insurance Group Co. of China Ltd., Class H	456,500		4,682,776
Prosus N.V.*	27,345		2,523,172
Zhongsheng Group Holdings Ltd.	359,500		2,242,802
			19,710,398
Denmark—2.6%
Genmab A/S*	9,407		3,407,314
H Lundbeck A/S	86,172		2,843,042
			6,250,356
Finland—3.1%
Neste Oyj	91,875		4,844,115
Sampo Oyj, A Shares	60,755		2,406,936
			7,251,051
France—2.0%
Ubisoft Entertainment SA*	52,038		4,701,580
Germany—5.4%
Continental AG	21,953		2,380,323
HUGO BOSS AG	35,760		896,395
Infineon Technologies AG	167,622		4,739,282

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Germany—(concluded)
SAP SE	31,255		4,864,979
			12,880,979
Hong Kong—1.7%
Hong Kong Exchanges & Clearing Ltd.	36,500		1,703,950
Sun Hung Kai Properties Ltd.	192,000		2,447,675
			4,151,625
India—2.7%
Axis Bank Ltd., GDR*	72,304		2,125,738
Infosys Ltd., ADR	139,399		1,925,100
Mahindra & Mahindra Ltd., GDR	277,832		2,267,109
			6,317,947
Indonesia—3.8%
Astra International Tbk. PT	10,022,200		3,003,966
Bank Central Asia Tbk. PT	2,121,400		3,863,571
Bank Mandiri Persero Tbk. PT	6,593,900		2,197,967
			9,065,504
Italy—3.8%
Banca Mediolanum SpA	473,552		3,414,578
Infrastrutture Wireless Italiane SpA1	301,228		3,333,969
Prysmian SpA	77,539		2,258,219
			9,006,766
Japan—19.3%
Hoya Corp.	40,000		4,498,175
ITOCHU Corp. 2	113,300		2,884,469
Kao Corp.	56,100		4,195,332
Kissei Pharmaceutical Co. Ltd.	55,282		1,242,816
Nabtesco Corp.	101,700		3,678,808
Nintendo Co. Ltd.	10,500		5,939,696
Nippon Telegraph & Telephone Corp.	133,600		2,723,557
ORIX Corp.	163,200		2,019,400
Shin-Etsu Chemical Co. Ltd.	32,500		4,217,157
SoftBank Group Corp.	65,100		3,993,096
Sony Corp.	78,800		6,001,248

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Japan—(concluded)
Takeda Pharmaceutical Co. Ltd.	122,361		4,343,807
			45,737,561
Mexico—1.2%
Cemex SAB de CV, ADR	754,900		2,868,620
Netherlands—5.5%
ASML Holding N.V.	14,247		5,256,715
Koninklijke Ahold Delhaize N.V.	183,059		5,419,344
NXP Semiconductors N.V.	18,267		2,279,904
			12,955,963
New Zealand—1.1%
Fisher & Paykel Healthcare Corp. Ltd.	117,298		2,581,701
Norway—1.8%
Equinor ASA	167,521		2,385,075
Mowi ASA	102,242		1,817,940
			4,203,015
Portugal—0.7%
Galp Energia SGPS SA	181,688		1,685,415
South Africa—1.3%
Naspers Ltd., N Shares	17,082		3,018,670
South Korea—5.7%
LG Chem Ltd.	8,592		4,804,761
LG Household & Health Care Ltd.	2,540		3,144,865
Samsung Engineering Co. Ltd.*	360,802		3,254,777
SK Hynix, Inc.	32,956		2,367,083
			13,571,486
Sweden—0.9%
Hexpol AB*	229,504		2,056,499
Switzerland—4.3%
Alcon, Inc.*	51,598		2,929,890
Nestle SA (Registered)	30,207		3,585,944

UBS International Sustainable Equity Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares			Value ($)
Common stocks—(concluded)
Switzerland—(concluded)
Zurich Insurance Group AG		10,819		3,767,063
				10,282,897
United Kingdom—12.6%
Ashtead Group PLC		122,021		4,408,592
BT Group PLC		2,427,185		3,081,179
GlaxoSmithKline PLC		158,740		2,974,132
Mondi PLC		106,862		2,260,695
Prudential PLC		264,494		3,784,902
Sage Group PLC/The		422,860		3,932,952
Spectris PLC		95,336		2,997,918
Unilever N.V.		80,162		4,840,275
Weir Group PLC/The		98,837		1,597,366
				29,878,011
United States—3.7%
Aon PLC, Class A		22,376		4,616,169
Aptiv PLC		21,968		2,014,026
LivaNova PLC*		25,800		1,166,418
Schlumberger N.V.		65,106		1,013,049
				8,809,662
Total common stocks (cost—$211,999,396)				228,720,695
Preferred stocks—1.2%
Germany—1.2%
Henkel AG & Co. KGaA       (cost—$2,624,205)		26,187		2,742,387
Short-term investments—1.5%
Investment companies—1.5%
State Street Institutional U.S. Government Money Market Fund, 0.07%3 (cost—$3,568,157)		3,568,157		3,568,157
Investment of cash collateral from securities loaned—1.2%
Money market funds—1.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%3 (cost—$2,830,200)		2,830,200		2,830,200
Total investments (cost—$221,021,958)4—100.3%				237,861,439
Liabilities in excess of other assets—(0.3)%				(657,155	)
Net assets—100.0%			$	237,204,284

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

 

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Common stocks		227,977,223	743,472	—	228,720,695
Preferred stocks		2,742,387	—	—	2,742,387
Short-term investments		—	3,568,157	—	3,568,157
Investment of cash collateral from securities loaned		—	2,830,200	—	2,830,200
Total		230,719,610	7,141,829	—	237,861,439

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,333,969, represented 1.4% of the Fund's net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	Rates shown reflect yield at September 30, 2020.
4	Includes $2,852,407 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $162,210 and cash collateral of $ 2,830,200.

UBS US Dividend Ruler Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—96.9%
Aerospace & defense—4.6%
Lockheed Martin Corp.	1,379	528,543
Raytheon Technologies Corp.	4,377	251,853
		780,396
Banks—4.0%
JPMorgan Chase & Co.	4,651	447,752
Truist Financial Corp.	5,959	226,740
		674,492
Beverages—6.8%
Coca-Cola Co./The	13,621	672,469
Diageo PLC	3,456	475,753
		1,148,222
Biotechnology—2.0%
Amgen, Inc.	1,354	344,133
Capital markets—2.5%
BlackRock, Inc.	763	429,989
Chemicals—3.5%
Linde PLC	2,517	599,373
Commercial services & supplies—1.7%
Republic Services, Inc.	3,142	293,306
Communications equipment—2.9%
Cisco Systems, Inc.	12,440	490,011
Electric utilities—3.5%
American Electric Power Co., Inc.	3,525	288,098
NextEra Energy, Inc.	1,063	295,046
		583,144
Electrical equipment—2.1%
Rockwell Automation, Inc.	1,607	354,633
Health care equipment & supplies—3.8%
Medtronic PLC	6,150	639,108

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Hotels, restaurants & leisure—3.5%
McDonald's Corp.	2,733		599,866
Household products—4.0%
Procter & Gamble Co./The	4,889		679,522
Insurance—5.4%
Chubb Ltd.	3,457		401,427
Marsh & McLennan Cos., Inc.	4,387		503,189
			904,616
IT services—3.9%
Accenture PLC, Class A	2,905		656,501
Machinery—0.9%
Crane Co.	2,914		146,079
Media—4.3%
Comcast Corp., Class A	15,686		725,634
Oil, gas & consumable fuels—3.0%
Chevron Corp.	3,824		275,328
Phillips 66	4,439		230,118
			505,446
Pharmaceuticals—7.3%
Johnson & Johnson	4,801		714,773
Novartis AG, ADR	5,950		517,412
			1,232,185
Road & rail—3.6%
Union Pacific Corp.	3,111		612,462
Semiconductors & semiconductor equipment—7.7%
Intel Corp.	13,483		698,150
Texas Instruments, Inc.	4,238		605,144
			1,303,294
Software—8.5%
Microsoft Corp.	6,874		1,445,808

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
Specialty retail—4.7%
Home Depot, Inc./The	2,855		792,862
Textiles, apparel & luxury goods—2.7%
VF Corp.	6,492		456,063
Total common stocks (cost—$16,489,181)			16,397,145
Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 0.07% 1 (cost—$180,047)	180,047		180,047
Total investments (cost—$16,669,228)—97.9%			16,577,192
Other assets in excess of liabilities—2.1%			350,625
Net assets—100.0%		$	16,927,817

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's  investments. In the event a Fund  holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:  

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		16,397,145		—		—		16,397,145
Short-term investments		—		180,047		—		180,047
Total		16,397,145		180,047		—		16,577,192

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

1 Rates shown reflect yield at September 30, 2020.

UBS US Quality Growth at Reasonable Price Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—97.5%
Capital markets—3.7%
Ameriprise Financial, Inc.	4,852		747,742
Intercontinental Exchange, Inc.	5,321		532,366
			1,280,108
Chemicals—1.8%
Sherwin-Williams Co./The	897		624,976
Electrical equipment—0.9%
Rockwell Automation, Inc.	1,463		322,855
Equity real estate investment trusts—2.3%
American Tower Corp.	3,328		804,477
Food & staples retailing—1.2%
Costco Wholesale Corp.	1,122		398,310
Food products—2.1%
Mondelez International, Inc., Class A	12,340		708,933
Health care equipment & supplies—5.4%
Danaher Corp.	4,294		924,627
Medtronic PLC	8,857		920,419
			1,845,046
Health care providers & services—4.7%
UnitedHealth Group, Inc.	5,126		1,598,133
Industrial conglomerates—2.6%
Honeywell International, Inc.	5,411		890,705
Interactive media & services—13.0%
Alphabet, Inc., Class A*	1,576		2,309,786
Facebook, Inc., Class A*	8,248		2,160,151
			4,469,937
Internet & direct marketing retail—9.5%
Amazon.com, Inc.*	1,033		3,252,638
IT services—9.2%
Accenture PLC, Class A	4,879		1,102,605
Fidelity National Information Services, Inc.	5,676		835,564

UBS US Quality Growth at Reasonable Price Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
IT services—(concluded)
Visa, Inc., Class A	6,204		1,240,614
			3,178,783
Life sciences tools & services—3.4%
Thermo Fisher Scientific, Inc.	2,680		1,183,274
Machinery—1.5%
Parker-Hannifin Corp.	2,599		525,882
Media—2.2%
Comcast Corp., Class A	16,301		754,084
Multiline retail—1.4%
Dollar General Corp.	2,323		486,947
Personal products—0.9%
Estee Lauder Cos., Inc./The, Class A	1,472		321,264
Software—16.2%
Adobe, Inc.*	2,775		1,360,943
Microsoft Corp.	16,204		3,408,187
Salesforce.com, Inc.*	3,170		796,685
			5,565,815
Specialty retail—9.5%
Home Depot, Inc./The	2,681		744,541
Lowe's Cos., Inc.	4,854		805,084
O'Reilly Automotive, Inc.*	1,741		802,740

UBS US Quality Growth at Reasonable Price Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Specialty retail—(concluded)
TJX Cos., Inc./The		16,273		905,593
				3,257,958
Technology hardware, storage & peripherals—6.0%
Apple, Inc.		17,798		2,061,186
Total common stocks (cost—$33,500,903)				33,531,311
Short-term investments—2.8%
Investment companies—2.8%
State Street Institutional U.S. Government Money Market Fund, 0.07%1 (cost—$960,123)		960,123		960,123
Total investments (cost—$34,461,026)—100.3%				34,491,434
Liabilities in excess of other assets—(0.3)%				(112,951	)
Net assets—100.0%			$	34,378,483

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		33,531,311		—		—		33,531,311
Short-term investments		—		960,123		—		960,123
Total		33,531,311		960,123		—		34,491,434

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non-income producing security.
1	Rates shown reflect yield at September 30, 2020.

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—96.4%
Aerospace & defense—1.3%
Mercury Systems, Inc.*		22,980		1,780,031
Banks—1.1%
National Bank Holdings Corp., Class A		30,437		798,971
Webster Financial Corp.		27,148		716,979
				1,515,950
Biotechnology—18.4%
ADC Therapeutics SA*,1		9,854		325,083
Adverum Biotechnologies, Inc.*		66,244		682,313
Allogene Therapeutics, Inc.*,1		18,978		715,660
Arena Pharmaceuticals, Inc.*		11,667		872,575
Argenx SE, ADR*		3,047		799,898
Atreca, Inc., Class A*,1		35,280		492,862
Avrobio, Inc.*		30,807		401,107
Bridgebio Pharma, Inc.*,1		21,852		819,887
CareDx, Inc.*		42,865		1,626,298
Castle Biosciences, Inc.*		29,426		1,513,968
CRISPR Therapeutics AG*,1		8,300		694,212
Dicerna Pharmaceuticals, Inc.*		33,517		602,971
Fate Therapeutics, Inc.*		22,447		897,207
IGM Biosciences, Inc.*		10,550		778,696
Immunomedics, Inc.*		18,236		1,550,607
Iovance Biotherapeutics, Inc.*		18,677		614,847
Magenta Therapeutics, Inc.*,1		71,969		489,389
MeiraGTx Holdings PLC*		44,317		586,757
PMV Pharmaceuticals, Inc.*		44,729		1,587,880
Poseida Therapeutics, Inc.*		33,635		298,342
Prelude Therapeutics, Inc.*		22,715		684,403
Relay Therapeutics, Inc.*		30,299		1,290,434
Repare Therapeutics, Inc.*		22,829		702,448
Sage Therapeutics, Inc.*		17,661		1,079,440
Taysha Gene Therapies, Inc.*,1		25,528		571,827
Twist Bioscience Corp.*		13,900		1,055,983
Vir Biotechnology, Inc.*,1		15,317		525,833
Xencor, Inc.*,1		21,269		825,025
Xenon Pharmaceuticals, Inc.*		44,671		494,508

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited) 

	Number of shares		Value ($)
Common stocks—(continued)
Biotechnology—(concluded)
Zymeworks, Inc.*		18,212		848,315
				24,428,775
Building products—0.3%
AZEK Co., Inc./The*		12,900		449,049
Chemicals—0.5%
Ingevity Corp.*		14,138		698,983
Commercial services & supplies—2.7%
Casella Waste Systems, Inc., Class A*		29,962		1,673,378
IAA, Inc.*		36,235		1,886,756
				3,560,134
Construction & engineering—1.1%
MasTec, Inc.*,1		34,007		1,435,095
Distributors—1.3%
Pool Corp.		5,227		1,748,641
Diversified consumer services—1.8%
Chegg, Inc.*		34,042		2,431,960
Diversified telecommunication services—0.9%
Vonage Holdings Corp.*		113,670		1,162,844
Electrical equipment—3.7%
Generac Holdings, Inc.*		17,194		3,329,446
Regal Beloit Corp.		17,021		1,597,761
				4,927,207
Entertainment—0.7%
Glu Mobile, Inc.*		118,921		912,719
Equity real estate investment trusts—1.8%
QTS Realty Trust, Inc., Class A		29,364		1,850,519
Ryman Hospitality Properties, Inc.		14,958		550,455
				2,400,974

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Food & staples retailing—4.1%
BJ's Wholesale Club Holdings, Inc.*		39,427		1,638,192
Grocery Outlet Holding Corp.*		49,852		1,960,181
Performance Food Group Co.*		54,465		1,885,578
				5,483,951
Food products—2.2%
Vital Farms, Inc.*		71,457		2,896,152
Health care equipment & supplies—5.7%
AtriCure, Inc.*		31,789		1,268,381
Outset Medical, Inc.*		2,818		140,900
Silk Road Medical, Inc.*		34,524		2,320,358
Staar Surgical Co.*		36,077		2,040,515
Tandem Diabetes Care, Inc.*		15,562		1,766,287
				7,536,441
Health care providers & services—1.7%
LHC Group, Inc.*		10,763		2,287,783
Health care technology—4.0%
Inspire Medical Systems, Inc.*		18,678		2,410,396
Livongo Health, Inc.*		13,966		1,955,938
Tabula Rasa HealthCare, Inc.*,1		23,815		970,938
				5,337,272
Hotels, restaurants & leisure—3.7%
Churchill Downs, Inc.		11,012		1,803,986
Planet Fitness, Inc., Class A*		16,277		1,002,989
Wendy's Co./The		57,540		1,282,854
Wingstop, Inc.		5,558		759,501
				4,849,330
Household durables—1.7%
TopBuild Corp.*		13,080		2,232,625
Insurance—0.4%
Selectquote, Inc.*,1		25,263		511,576
Internet & direct marketing retail—0.7%
Magnite, Inc.*,1		127,580		886,043

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—1.8%
Shift4 Payments, Inc., Class A*		17,901		865,693
Wix.com Ltd.*		5,912		1,506,673
				2,372,366
Life sciences tools & services—6.2%
Adaptive Biotechnologies Corp.*		17,618		856,763
Medpace Holdings, Inc.*		15,681		1,752,352
NanoString Technologies, Inc.*		51,471		2,300,754
NeoGenomics, Inc.*		43,019		1,586,971
Repligen Corp.*		11,480		1,693,759
				8,190,599
Machinery—3.8%
Altra Industrial Motion Corp.		40,026		1,479,761
Astec Industries, Inc.		32,771		1,777,827
Chart Industries, Inc.*		26,283		1,846,906
				5,104,494
Multiline retail—1.0%
Ollie's Bargain Outlet Holdings, Inc.*		14,328		1,251,551
Paper & forest products—1.2%
Boise Cascade Co.		40,774		1,627,698
Road & rail—1.2%
Werner Enterprises, Inc.		36,730		1,542,293
Semiconductors & semiconductor equipment—6.0%
Brooks Automation, Inc.		32,915		1,522,648
Enphase Energy, Inc.*		22,758		1,879,583
Lattice Semiconductor Corp.*		42,346		1,226,340
Monolithic Power Systems, Inc.		5,762		1,611,113
Universal Display Corp.		9,736		1,759,685
				7,999,369
Software—10.0%
Alteryx, Inc., Class A*,1		10,664		1,210,897
Avalara, Inc.*		12,881		1,640,266
Cloudflare, Inc., Class A*		44,943		1,845,360
Duck Creek Technologies, Inc.*		17,263		784,258
Everbridge, Inc.*,1		12,148		1,527,368

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Software—(concluded)
JFrog Ltd.*		2,553		216,111
LivePerson, Inc.*,1		29,015		1,508,490
Rapid7, Inc.*		27,971		1,712,944
Sumo Logic, Inc.*,1		44,641		973,174
Tenable Holdings, Inc.*		49,285		1,860,509
				13,279,377
Specialty retail—1.9%
National Vision Holdings, Inc.*		50,380		1,926,531
Vroom, Inc.*		11,193		579,574
				2,506,105
Textiles, apparel & luxury goods—1.4%
PVH Corp.		30,568		1,823,075
Thrifts & mortgage finance—0.6%
Essent Group Ltd.		23,044		852,858
Trading companies & distributors—1.5%
Herc Holdings, Inc.*		51,295		2,031,795
Total common stocks (cost—$92,946,371)				128,055,115
Exchange traded funds—1.7%
iShares Russell 2000 Growth ETF1 (cost—$2,255,938)		9,970		2,208,555
Short-term investments—2.3%
Investment companies—2.3%
State Street Institutional U.S. Government Money Market Fund, 0.07%2 (cost—$3,054,746)		3,054,746		3,054,746
Investment of cash collateral from securities loaned—5.6%
Money market funds—5.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%2 (cost—$7,507,869)		7,507,869		7,507,869
Total investments (cost—$105,764,924)3—106.0%				140,826,285
Liabilities in excess of other assets—(6.0)%				(7,948,062	)
Net assets—100.0%			$	132,878,223

UBS U.S. Small Cap Growth Fund
Portfolio of investments – September 30, 2020 (unaudited)

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's  investments. In the event a Fund  holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		128,055,115		—		—		128,055,115
Exchange traded funds		2,208,555		—		—		2,208,555
Short-term investments		—		3,054,746		—		3,054,746
Investment of cash collateral from securities loaned		—		7,507,869		—		7,507,869
Total		130,263,670		10,562,615		—		140,826,285

At September 30, 2020, 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 September 30, 2020.
3	Includes $12,510,869 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $7,507,869 and non-cash collateral of $5,364,414.

UBS U.S. Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—97.9%
Airlines—2.4%
Southwest Airlines Co.		17,482		655,575
Auto components—2.7%
Aptiv PLC		7,963		730,048
Biotechnology—5.3%
AbbVie, Inc.		9,711		850,587
Incyte Corp.*		6,445		578,374
				1,428,961
Building products—1.0%
Trane Technologies PLC		2,299		278,754
Capital markets—2.6%
Ameriprise Financial, Inc.		4,545		700,430
Chemicals—2.7%
Ecolab, Inc.		1,658		331,335
Linde PLC		1,638		390,057
				721,392
Commercial services & supplies—5.1%
Montrose Environmental Group, Inc.*		9,666		230,244
MSA Safety, Inc.		8,399		1,126,894
				1,357,138
Consumer finance—1.8%
Synchrony Financial		18,474		483,465
Distributors—2.5%
LKQ Corp.*		23,737		658,227
Electronic equipment, instruments & components—3.1%
Trimble, Inc.*		16,849		820,546
Entertainment—3.4%
Take-Two Interactive Software, Inc.*		5,479		905,240
Equity real estate investment trusts—3.9%
Prologis, Inc.		10,300		1,036,386

UBS U.S. Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Food & staples retailing—3.7%
Costco Wholesale Corp.		2,785		988,675
Health care equipment & supplies—1.5%
Medtronic PLC		3,800		394,896
Health care providers & services—5.8%
Laboratory Corp. of America Holdings*		2,857		537,887
UnitedHealth Group, Inc.		3,267		1,018,553
				1,556,440
Health care technology—0.8%
American Well Corp., Class A*		6,988		207,124
Hotels, restaurants & leisure—4.8%
Starbucks Corp.		11,758		1,010,247
Vail Resorts, Inc.		1,252		267,891
				1,278,138
Household products—2.6%
Procter & Gamble Co./The		4,931		685,360
Insurance—5.2%
Marsh & McLennan Cos., Inc.		7,944		911,177
Prudential Financial, Inc.		7,745		491,962
				1,403,139
IT services—6.8%
LiveRamp Holdings, Inc.*		12,827		664,054
Visa, Inc., A Shares		5,853		1,170,424
				1,834,478
Life sciences tools & services—3.6%
Bio-Rad Laboratories, Inc., Class A*		1,891		974,735
Machinery—2.7%
AGCO Corp.		9,648		716,557
Semiconductors & semiconductor equipment—6.5%
Lam Research Corp.		2,100		696,675
NXP Semiconductors N.V.		6,637		828,364

UBS U.S. Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Semiconductors & semiconductor equipment—(concluded)
SolarEdge Technologies, Inc.*		963		229,531
				1,754,570
Software—11.2%
Microsoft Corp.		7,869		1,655,087
Salesforce.com, Inc.*		1,198		301,081
VMware, Inc., Class A*,1		7,314		1,050,803
				3,006,971
Specialty retail—2.9%
Best Buy Co., Inc.		6,968		775,469
Technology hardware, storage & peripherals—2.0%
Western Digital Corp.		14,670		536,188
Water utilities—1.3%
American Water Works Co., Inc.		2,314		335,252
Total common stocks (cost—$24,109,379)				26,224,154
Short-term investments—2.4%
Investment companies—2.4%
State Street Institutional U.S. Government Money Market Fund, 0.07%2 (cost—$649,559)		649,559		649,559
Total investments (cost—$24,758,938)3—100.3%				26,873,713
Liabilities in excess of other assets—(0.3)%				(87,919	)
Net assets—100.0%			$	26,785,794

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market Fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

UBS U.S. Sustainable Equity Fund

Portfolio of investments – September 30, 2020 (unaudited)

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		26,224,154		—		—		26,224,154
Short-term investments		—		649,559		—		649,559
Total		26,224,154		649,559		—		26,873,713

At September 30, 2020, 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 September 30, 2020.
	3	Includes $43,576 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes non-cash collateral of $44,454.

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—101.1%
California—1.8%
California Municipal Finance Authority (Chevron USA - Recovery Zone Bonds) Revenue Bonds
0.090%, due 11/01/35		300,000		300,000
Irvine Improvement Bond Act 1915 (Reassessment District No. 85-7)
0.090%, due 09/02/32		300,000		300,000
State of California, GO Bonds
5.000%, due 03/01/35		1,000,000		1,315,100
Series A3,
0.100%, due 05/01/34		300,000		300,000
				2,215,100
Connecticut—6.0%
State of Connecticut Special Tax Revenue, Transportation Infrastructure Revenue Bonds, Series A,
5.000%, due 01/01/30		1,665,000		2,094,320
State of Connecticut, GO Bonds,
Series A,
5.000%, due 04/15/25		1,250,000		1,494,875
Series C,
5.000%, due 06/15/23		1,000,000		1,126,740
Series F,
5.000%, due 09/15/25		2,140,000		2,593,616
				7,309,551
District of Columbia—1.6%
District of Columbia Revenue Bonds,
Series A,
5.000%, due 03/01/31		1,465,000		1,958,837
Florida—10.0%
Central Florida Expressway Authority, Senior Lien Revenue Bonds,
Series B,
5.000%, due 07/01/34		1,000,000		1,205,660
Miami-Dade County Revenue Bonds
5.000%, due 10/01/26		1,000,000		1,236,870
Miami-Dade County, Transit System Revenue Bonds,
Series A,
5.000%, due 07/01/43		1,000,000		1,295,850
School Board of St. Lucie County, Sales Tax Revenue Bonds, AGM
5.000%, due 10/01/26		1,020,000		1,237,392
School Board of Volusia County, Master Lease Program, COP,
Series B,
5.000%, due 08/01/31		1,000,000		1,150,960

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Florida—(concluded)
School District of Broward County, COP,
Series B,
5.000%, due 07/01/30		2,000,000		2,356,800
School District of Palm Beach County, COP,
Series B,
5.000%, due 08/01/31		1,000,000		1,197,810
South Florida Water Management District, COP
5.000%, due 10/01/34		1,000,000		1,191,370
The School Board of Miami-Dade County, COP,
Series A,
5.000%, due 05/01/31		1,000,000		1,179,760
				12,052,472
Georgia—1.6%
Brookhaven Development Authority, Children's Healthcare of Atlanta Revenue Bonds,
Series A,
5.000%, due 07/01/29		1,500,000		1,992,285
Illinois—6.8%
Chicago O’Hare International Airport Revenue Bonds,
Series B,
5.000%, due 01/01/30		1,000,000		1,163,500
Series B,
5.000%, due 01/01/31		1,050,000		1,218,357
County of Cook, GO Bonds,
Series A,
5.000%, due 11/15/26		1,500,000		1,826,145
Illinois Finance Authority, Clean Water Initiative Revolving Fund Revenue Bonds
5.000%, due 07/01/37		1,000,000		1,292,620
Illinois State Toll Highway Authority Revenue Bonds,
Series B,
5.000%, due 01/01/27		1,000,000		1,238,180
Railsplitter Tobacco Settlement Authority Revenue Bonds
5.000%, due 06/01/25		1,235,000		1,471,774
				8,210,576
Maryland—4.5%
County of Anne Arundel MD, Consolidated Water and Sewer, GO Bonds,
Series B,
5.000%, due 10/01/38		1,000,000		1,305,980
Montgomery County, GO Bonds,
Series E,
0.120%, due 11/01/37		1,500,000		1,500,000

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Maryland—(concluded)
State of Maryland, GO Bonds,
Series A,
5.000%, due 08/01/30		1,000,000		1,347,760
Washington Suburban Sanitary Commission, Consolidated Public Improvement Revenue Bonds
5.000%, due 06/01/29		1,000,000		1,314,760
				5,468,500
Massachusetts—6.9%
The Commonwealth of Massachusetts, GO Bonds,
Series 2020,
5.000%, due 07/01/45		4,000,000		5,154,480
Series A,
5.000%, due 01/01/40		1,500,000		1,856,520
Series B,
5.000%, due 07/01/36		1,000,000		1,280,290
				8,291,290
Michigan—2.9%
Michigan Finance Authority, Trinity Health Credit Group, Hospital Revenue Bonds,
Series A,
5.000%, due 12/01/35		1,000,000		1,225,670
Michigan State Building Authority Revenue Bonds,
Series I,
5.000%, due 10/15/29		1,800,000		2,236,914
				3,462,584
Minnesota—3.8%
State of Minnesota, GO Bonds,
Series A,
5.000%, due 08/01/33		1,350,000		1,786,401
Series A,
5.000%, due 08/01/33		1,080,000		1,466,489
Series A,
5.000%, due 08/01/36		1,000,000		1,308,150
				4,561,040
Missouri—0.8%
Missouri State Health & Educational Facilities Authority Educational Facilities (Washington University) Revenue Bonds,
Series B,
0.130%, due 03/01/40		700,000		700,000

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Missouri—(concluded)
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue (Washington University) Revenue Bonds,
Series B,
0.100%, due 09/01/30		300,000		300,000
				1,000,000
Nevada—1.9%
County of Clark Department of Aviation, Las Vegas-McCarran International Airport Revenue Bonds,
Series C,
5.000%, due 07/01/27		1,815,000		2,254,411
New Jersey—3.1%
New Jersey Transportation Trust Fund Authority Revenue Bonds,
Series AA,
5.000%, due 06/15/27		1,500,000		1,619,745
New Jersey Turnpike Authority Revenue Bonds,
Series A, 5.000%, due 01/01/27		1,000,000		1,150,320
Series E,
5.000%, due 01/01/34		860,000		989,396
				3,759,461
New York—18.0%
City of New York, GO Bonds,
Series B-1,
5.000%, due 10/01/42		1,200,000		1,462,488
Subseries F-1,
5.000%, due 04/01/40		1,000,000		1,196,910
Metropolitan Transportation Authority Dedicated Tax Fund Revenue Bonds,
Series A-1,
0.110%, due 11/01/31		500,000		500,000
Metropolitan Transportation Authority Revenue Bonds,
Subseries B-2A,
5.000%, due 05/15/21		1,060,000		1,073,992
New York City Municipal Water Finance Authority, Water & Sewer System Revenue Bonds,
Series EE,
5.000%, due 06/15/33		1,000,000		1,244,570
Series EE,
5.000%, due 06/15/40		1,000,000		1,233,410
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution Revenue Bonds,
Series DD-2,
0.130%, due 06/15/43		500,000		500,000

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
New York—(concluded)
Series EE2,
5.000%, due 06/15/40		1,200,000		1,520,064
Series FF,
5.000%, due 06/15/39		2,000,000		2,497,180
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
Series A-2,
5.000%, due 08/01/38		1,000,000		1,225,960
Series A-4,
0.130%, due 08/01/43		100,000		100,000
Series E-4,
0.130%, due 02/01/45		400,000		400,000
New York State Dormitory Authority, State Sales Tax Revenue Bonds,
Series A,
5.000%, due 03/15/43		1,500,000		1,816,275
New York State Urban Development Corp., Sales Tax Revenue Bonds,
Series A,
5.000%, due 03/15/41		4,060,000		5,090,225
New York State Urban Development Corp., State Personal Income Tax Revenue Bonds,
Series A,
5.000%, due 03/15/36		1,500,000		1,859,970
				21,721,044
Ohio—1.3%
State of Ohio, GO Bonds,
Series A
5.000%, due 06/15/30		1,110,000		1,527,649
Oregon—1.5%
Tri-County Metropolitan Transportation District of Oregon Revenue Bonds,
Series A,
5.000%, due 09/01/43		1,500,000		1,837,110
Pennsylvania—5.4%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds
5.000%, due 06/01/24		1,625,000		1,884,659
Pennsylvania Turnpike Commission Revenue Bonds,
2nd Series,
5.000%, due 12/01/30		1,750,000		2,145,535
Series 2017-3,
5.000%, due 12/01/28		1,000,000		1,237,740

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(continued)
Pennsylvania—(concluded)
Series A-2,
5.000%, due 12/01/28		1,000,000		1,265,680
				6,533,614
South Carolina—2.0%
South Carolina Public Service Authority (Escrowed to Maturity) Revenue Bonds,
Series B,
5.000%, due 12/01/201		555,000		559,373
South Carolina Public Service Authority Revenue Bonds,
Series A,
5.000%, due 12/01/26		1,010,000		1,197,830
South Carolina Public Service Authority-Unrefunded Balance Revenue Bonds,
Series B,
5.000%, due 12/01/20		690,000		695,051
				2,452,254
Texas—16.8%
County of Williamson TX, GO Bonds
5.000%, due 02/15/29		1,000,000		1,333,840
Dallas and Fort Worth International Airport Revenue Bonds,
Series A,
5.000%, due 11/01/29		1,100,000		1,447,446
Harris County Health Facilities Development Corp., Methodist Hospital Revenue Bonds,
Series A-1,
0.140%, due 12/01/41		5,400,000		5,400,000
Series A-2,
0.140%, due 12/01/41		700,000		700,000
Lower Colorado River Authority LCRA Transmission Services Revenue Bonds
5.000%, due 05/15/31		1,000,000		1,299,060
North Texas Tollway Authority Revenue Bonds,
Series A,
5.000%, due 01/01/27		3,030,000		3,450,625
North Texas Tollway Authority Second Tier Revenue Bonds,
Series B,
5.000%, due 01/01/29		1,140,000		1,475,422
State of Texas, Transitional Revenue Bonds
4.000%, due 08/26/21		3,840,000		3,971,558

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(concluded)
Texas—(concluded)
The University of Texas System Revenue Bonds,
Series A,
5.000%, due 08/15/38		1,000,000		1,294,660
				20,372,611
Virginia—1.1%
County of Fairfax VA, GO Bonds,
Series A,
5.000%, due 10/01/29		1,000,000		1,275,320
Washington—3.3%
State of Washington, GO Bonds,
Series A,
5.000%, due 08/01/33		1,340,000		1,804,766
Series D,
5.000%, due 06/01/38		1,725,000		2,243,707
				4,048,473
Total municipal bonds (cost—$117,022,383)				122,304,182

	Number of shares
Short-term investments—0.2%
Investment companies—0.2%
State Street Institutional U.S. Government Money Market Fund, 0.07%2 (cost—$228,095)	228,095		228,095
Total investments (cost—$117,250,478)—101.3%			122,532,277
Liabilities in excess of other assets—(1.3)%			(1,568,895	)
Net assets—100.0%		$	120,963,382

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

UBS Municipal Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Municipal bonds		—		122,304,182		—		122,304,182
Short-term investments		—		228,095		—		228,095
Total		—		122,532,277		—		122,532,277

At September 30, 2020, there were no transfers in or out of Level 3.

Portfolio footnotes

1	Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.
2	Rates shown reflect yield at September 30, 2020.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—97.6%
Supranationals—97.6%
African Development Bank
0.750%, due 04/03/23		200,000		202,437
(Series GDIF),
1.250%, due 07/26/21		500,000		504,194
3.000%, due 09/20/23		500,000		540,033
Agence Francaise de Developpement, EMTN
2.750%, due 03/22/211		800,000		809,200
2.750%, due 01/22/221		200,000		206,159
Asian Development Bank, GMTN
1.750%, due 09/19/29		500,000		538,841
1.875%, due 01/24/30		450,000		491,076
2.500%, due 11/02/27		100,000		112,621
2.750%, due 01/19/28		240,000		275,561
3.125%, due 09/26/28		400,000		474,737
Asian Infrastructure Investment Bank/The
0.500%, due 05/28/25		450,000		450,495
2.250%, due 05/16/24		1,400,000		1,495,339
Corp. Andina de Fomento
2.125%, due 09/27/21		125,000		126,564
4.375%, due 06/15/22		300,000		316,878
Council Of Europe Development Bank
1.375%, due 02/27/25		400,000		416,372
2.500%, due 02/27/24		650,000		696,861
European Bank for Reconstruction & Development
0.500%, due 05/19/25		400,000		400,435
1.625%, due 09/27/24		100,000		105,021
European Bank for Reconstruction & Development, GMTN
1.500%, due 02/13/25		750,000		780,627
2.750%, due 03/07/23		550,000		583,068
European Investment Bank
0.625%, due 07/25/25		100,000		100,923
1.875%, due 02/10/25		1,200,000		1,277,657
2.625%, due 03/15/242		425,000		458,985
IDB Trust Services Ltd.
2.843%, due 04/25/241		400,000		427,619
3.389%, due 09/26/231		800,000		862,202
IDB Trust Services Ltd., EMTN
2.393%, due 04/12/221		200,000		205,240
Inter-American Development Bank
0.625%, due 07/15/25		150,000		151,335
0.625%, due 09/16/27		150,000		149,879
0.875%, due 04/03/25		400,000		408,003

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2020 (unaudited) 

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
Supranationals—(concluded)
2.000%, due 07/23/26		450,000		486,514
2.125%, due 01/15/25		500,000		536,385
2.250%, due 06/18/29		2,942,000		3,294,929
2.375%, due 07/07/27		1,135,000		1,263,804
3.125%, due 09/18/28		1,700,000		2,012,803
Inter-American Development Bank, GMTN
1.750%, due 03/14/25		850,000		899,946
2.000%, due 06/02/26		950,000		1,026,646
Inter-American Investment Corp.
1.750%, due 10/02/241		700,000		733,525
International Bank for Reconstruction & Development
0.750%, due 08/26/30		1,650,000		1,633,190
0.875%, due 05/14/30		1,900,000		1,902,777
(Series GDIF),
1.750%, due 10/23/29		2,060,000		2,226,695
(Series GDIF),
1.875%, due 10/27/26		1,550,000		1,674,984
(Series GDIF),
2.500%, due 07/29/25		550,000		604,401
(Series GDIF),
2.500%, due 11/22/27		1,893,000		2,137,367
International Development Association
(Series GDIF),
0.750%, due 06/10/271		650,000		653,427
2.750%, due 04/24/231		825,000		876,251
International Finance Corp.
0.750%, due 08/27/30		350,000		346,497
International Finance Corp., GMTN
0.375%, due 07/16/25		400,000		399,436
1.375%, due 10/16/24		400,000		416,422
2.125%, due 04/07/26		775,000		843,270
Kreditanstalt fuer Wiederaufbau
0.750%, due 09/30/30		350,000		347,216
2.000%, due 05/02/252		600,000		643,846
2.875%, due 04/03/28		784,000		912,041
Nordic Investment Bank
2.250%, due 05/21/24		200,000		213,900
2.875%, due 07/19/232		1,350,000		1,447,735
Total corporate bonds (cost—$39,076,847)				41,102,369

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2020 (unaudited) 

	Number of shares		Value ($)
Short-term investments—1.1%
Investment companies—1.1%
State Street Institutional U.S. Government Money Market Fund, 0.07%3     (cost—$460,206)		460,206		460,206
Investment of cash collateral from securities loaned—2.4%
Money market funds—2.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%3 (cost—$1,013,745)		1,013,745		1,013,745
Total investments (cost—$40,550,798)4—101.1%				42,576,320
Liabilities in excess of other assets—(1.1)%				(444,742	)
Net assets—100.0%			$	42,131,578

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund's  investments. In the event a Fund  holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—		41,102,369		—		41,102,369
Short-term investments		—		460,206		—		460,206
Investment of cash collateral from securities loaned		—		1,013,745		—		1,013,745
Total		—		42,576,320		—		42,576,320

At September 30, 2020, there were no transfers in or out of Level 3.  

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

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 September 30, 2020.
4	Includes $991,518 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,013,745.

Industry diversification – September 30, 2020 (unaudited)¹

Corporate bonds	Percentage of net assets
Agriculture		0.1	%
Airlines		0.3
Auto manufacturers		0.5
Banks		10.7
Beverages		0.5
Biotechnology		1.0
Chemicals		1.6
Commercial services		0.6
Computers		0.7
Diversified financial services		2.6
Electric		2.4
Food		0.3
Healthcare-products		0.1
Insurance		1.8
Internet		0.4
Lodging		0.5
Media		1.5
Mining		0.2
Miscellaneous manufacturers		1.0
Oil & gas		2.4
Pharmaceuticals		1.2
Pipelines		1.8
Real estate investment trust		0.6
Retail		0.5
Semiconductors		1.1
Software		1.6
Telecommunications		1.9
Transportation		0.3
Total Corporate bonds		38.2	%
Asset-backed securities		15.5
Mortgage-backed securities		15.9
Municipal bonds		1.6
Non-U.S. government agency obligations		2.4
U.S. government agency obligations		18.0
U.S. Treasury obligations		6.8
Short-term investments		9.1
Investment of cash collateral from securities loaned		0.8
Option purchased		0.0	†
Total investments		108.3	%
Liabilities in excess of other assets		(8.3	)
Net assets		100.0	%

†	Amount represents less than 0.05% or (0.05)%.
1	The Fund’s portfolio is actively managed and its composition will vary over time.

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)1		Value ($)
Asset-backed securities—15.5%
United States—15.5%
American Credit Acceptance Receivables Trust,
Series 2018-1, Class C,
3.550%, due 04/10/242		116,225		116,409
Series 2018-1, Class D,
3.930%, due 04/10/242		100,000		101,908
AmeriCredit Automobile Receivables Trust,
Series 2018-1, Class D,
3.820%, due 03/18/24		100,000		105,179
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/272		150,000		151,025
CPS Auto Receivables Trust,
Series 2019-B, Class B,
3.090%, due 04/17/232		50,000		50,495
CPS Auto Trust,
Series 2018-C, Class D,
4.400%, due 06/17/242		150,000		155,301
Dell Equipment Finance Trust,
Series 2018-1, Class D,
3.850%, due 06/24/242		120,000		122,191
Series 2020-2, Class D,
1.920%, due 03/23/262		150,000		149,954
Drive Auto Receivables Trust,
Series 2017-1, Class D,
3.840%, due 03/15/23		38,695		39,174
Series 2018-1, Class D,
3.810%, due 05/15/24		202,011		206,522
Series 2018-2, Class D,
4.140%, due 08/15/24		200,000		207,662
Series 2018-3, Class D,
4.300%, due 09/16/24		300,000		313,394
Series 2018-4, Class D,
4.090%, due 01/15/26		150,000		156,656
DT Auto Owner Trust,
Series 2018-1A, Class D,
3.810%, due 12/15/232		100,000		101,824
Series 2018-3A, Class B,
3.560%, due 09/15/222		55,635		55,893
Exeter Automobile Receivables Trust,
Series 2018-1A, Class D,
3.530%, due 11/15/232		100,000		102,978
Series 2018-2A, Class C,
3.690%, due 03/15/232		254,251		256,312

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)	Value ($)
Asset-backed securities—(continued)
United States—(continued)
Flagship Credit Auto Trust,
Series 2016-3, Class C,
2.720%, due 07/15/222	22,736	22,782
HPEFS Equipment Trust,
Series 2019-1A, Class D,
2.720%, due 09/20/292	200,000	204,258
Series 2020-1A, Class D,
2.260%, due 02/20/302	200,000	201,090
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
1.401%, due 03/17/372,3	100,000	100,062
Series 2018-SFR2, Class D,
1 mo. USD LIBOR + 1.450%,
1.602%, due 06/17/372,3	150,000	149,719
New Residential Advance Receivables Trust Advance Receivables Backed,
Series 2019-T5, Class AT5,
2.425%, due 10/15/512	300,000	298,752
OneMain Direct Auto Receivables Trust,
Series 2018-1A, Class C,
3.850%, due 10/14/252	300,000	307,853
OneMain Financial Issuance Trust,
Series 2020-2A, Class A,
2.620%, due 09/14/352	100,000	100,729
Series 2020-2A, Class B,
2.210%, due 09/14/352	150,000	151,799
PSNH Funding LLC,
Series 2018-1, Class A3,
3.814%, due 02/01/35	175,000	208,657
Santander Consumer Auto Receivables Trust,
Series 2020-BA, Class B,
0.770%, due 12/15/252	275,000	275,670
Santander Drive Auto Receivables Trust,
Series 2017-2, Class D,
3.490%, due 07/17/23	94,745	96,233
Series 2017-3, Class D,
3.200%, due 11/15/23	225,000	230,150
Series 2018-4, Class D,
3.980%, due 12/15/25	225,000	235,763
Sofi Consumer Loan Program Trust,
Series 2017-6, Class B,
3.520%, due 11/25/262	225,000	230,660
Series 2018-1, Class B,
3.650%, due 02/25/272	100,000	102,791

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Asset-backed securities—(concluded)
United States—(concluded)
Series 2018-2, Class A2,
3.350%, due 04/26/272		52,812		53,087
Series 2018-2, Class B,
3.790%, due 04/26/272		125,000		128,190
Series 2018-3, Class B,
4.020%, due 08/25/272		125,000		126,984
Tesla Auto Lease Trust,
Series 2020-A, Class B,
1.180%, due 01/22/242		100,000		100,584
Series 2020-A, Class D,
2.330%, due 02/20/242		100,000		101,487
Total asset-backed securities (cost—$5,686,427)				5,820,177
Corporate bonds—38.2%
Belgium—0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		165,000		204,532
Brazil—0.8%
Petrobras Global Finance BV
7.375%, due 01/17/27		250,000		295,150
British Virgin Islands—0.5%
Fortune Star BVI Ltd.
6.875%, due 01/31/214		200,000		201,100
Canada—0.9%
Cenovus Energy, Inc.
5.400%, due 06/15/47		80,000		67,476
NOVA Chemicals Corp.
5.250%, due 08/01/232		210,000		206,850
Rogers Communications, Inc.
5.000%, due 03/15/44		60,000		78,336
				352,662
Colombia—0.2%
Ecopetrol SA
5.375%, due 06/26/26		70,000		77,055

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Germany—0.4%
Deutsche Bank AG
4.250%, due 02/04/21		150,000		151,592
Israel—0.2%
Teva Pharmaceutical Finance IV BV
3.650%, due 11/10/21		57,000		56,679
Luxembourg—0.5%
INEOS Group Holdings SA
5.625%, due 08/01/242,5		200,000		202,042
Netherlands—0.2%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/262		65,000		72,821
Peru—0.2%
Southern Copper Corp.
6.750%, due 04/16/405		40,000		57,537
United Kingdom—2.4%
Barclays PLC
4.836%, due 05/09/28		200,000		214,821
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		135,609
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		220,018
Natwest Group PLC
3.875%, due 09/12/23		250,000		268,490
Reynolds American, Inc.
7.250%, due 06/15/37		35,000		46,117
				885,055
United States—31.4%
Abbott Laboratories
3.750%, due 11/30/26		45,000		52,204
ADT Security Corp./The
3.500%, due 07/15/22		140,000		142,100
AEP Texas, Inc.,
Series E,
6.650%, due 02/15/33		50,000		69,066
Series G,
4.150%, due 05/01/49		50,000		59,910

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Alabama Power Co.
6.000%, due 03/01/39		100,000		145,488
Allstate Corp./The,
Series B,
(fixed, converts to FRN on 08/15/23),
5.750%, due 08/15/53		25,000		25,969
Ally Financial, Inc.
4.125%, due 02/13/22		100,000		103,750
4.625%, due 05/19/22		100,000		105,045
American International Group, Inc.
2.500%, due 06/30/25		50,000		53,435
Amgen, Inc.
4.663%, due 06/15/51		50,000		65,154
Aon PLC
4.750%, due 05/15/45		50,000		65,003
Apple, Inc.
4.650%, due 02/23/46		100,000		139,248
AT&T, Inc.
4.300%, due 02/15/30		316,000		374,128
Bank of America Corp.
5.700%, due 01/24/22		350,000		374,163
6.110%, due 01/29/37		125,000		176,357
Bank of America Corp. MTN
4.200%, due 08/26/24		150,000		167,018
Bank of New York Mellon Corp./The, MTN
1.600%, due 04/24/25		100,000		103,815
Berkshire Hathaway Energy Co.
4.450%, due 01/15/49		100,000		127,226
Biogen, Inc.
4.050%, due 09/15/25		100,000		114,109
5.200%, due 09/15/45		50,000		65,934
Boston Properties LP, REIT
2.750%, due 10/01/26		210,000		224,948
BP Capital Markets America, Inc.
3.017%, due 01/16/27		50,000		54,912
Bristol-Myers Squibb Co.
3.200%, due 06/15/26		150,000		169,080
4.125%, due 06/15/39		50,000		62,820
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.125%, due 01/15/25		30,000		31,997
Burlington Northern Santa Fe LLC
5.150%, due 09/01/43		50,000		68,731

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Burlington Resources LLC
7.200%, due 08/15/31		100,000		144,302
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/262		150,000		156,375
Citigroup, Inc.
4.125%, due 07/25/28		50,000		57,476
5.500%, due 09/13/25		300,000		354,787
6.675%, due 09/13/43		25,000		38,395
Comcast Corp.
3.969%, due 11/01/47		88,000		104,236
4.600%, due 10/15/38		50,000		63,658
4.700%, due 10/15/48		50,000		66,168
CVS Health Corp.
4.300%, due 03/25/28		120,000		140,378
Dell International LLC/EMC Corp.
4.420%, due 06/15/212		25,000		25,591
Delta Air Lines, Inc.
7.000%, due 05/01/252		100,000		109,782
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		100,000		126,212
DuPont de Nemours, Inc.
4.725%, due 11/15/28		100,000		119,975
Eaton Corp.
2.750%, due 11/02/22		190,000		199,109
Energy Transfer Operating LP
5.500%, due 06/01/27		50,000		54,531
Enterprise Products Operating LLC
2.850%, due 04/15/215		105,000		106,169
EOG Resources, Inc.
3.900%, due 04/01/35		50,000		55,972
Exelon Corp.
3.400%, due 04/15/26		150,000		167,910
4.450%, due 04/15/46		50,000		60,608
Fiserv, Inc.
3.200%, due 07/01/26		60,000		66,647
4.400%, due 07/01/49		50,000		62,374
Fox Corp.
3.050%, due 04/07/25		25,000		27,370
5.576%, due 01/25/49		50,000		69,090
GE Capital International Funding Co. Unlimited Co.
2.342%, due 11/15/20		200,000		200,448
3.373%, due 11/15/25		200,000		213,287

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
General Electric Co.,
Series D,
(fixed, converts to FRN on 01/21/21),
5.000%, due 01/21/216		99,000		78,880
General Motors Co.
6.600%, due 04/01/36		170,000		206,635
Gilead Sciences, Inc.
3.650%, due 03/01/26		75,000		84,684
4.750%, due 03/01/46		50,000		64,648
Goldman Sachs Group, Inc./The
5.150%, due 05/22/45		80,000		103,943
5.750%, due 01/24/22		305,000		325,567
Home Depot, Inc./The
2.125%, due 09/15/26		100,000		107,678
Illinois Tool Works, Inc.
2.650%, due 11/15/26		80,000		88,695
International Lease Finance Corp.
5.875%, due 08/15/22		120,000		128,399
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/29		150,000		168,632
3.875%, due 09/10/24		350,000		387,131
Series I,
3 mo. USD LIBOR + 3.470%,
3.738%, due 10/30/203,6		97,000		92,864
Kinder Morgan, Inc.
4.300%, due 03/01/28		100,000		113,689
5.550%, due 06/01/45		40,000		47,547
Kroger Co./The
6.900%, due 04/15/38		25,000		36,640
Liberty Mutual Group, Inc.
4.250%, due 06/15/232		45,000		49,190
4.569%, due 02/01/292		155,000		187,339
LYB International Finance BV
4.875%, due 03/15/44		50,000		59,135
Marathon Petroleum Corp.
4.750%, due 09/15/44		70,000		72,931
McDonald's Corp. MTN
4.875%, due 12/09/45		75,000		97,176
MetLife, Inc.
6.400%, due 12/15/36		110,000		136,712
Microsoft Corp.
2.375%, due 02/12/22		250,000		256,496

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
2.525%, due 06/01/50		60,000		62,591
Morgan Stanley
4.300%, due 01/27/45		50,000		63,359
4.875%, due 11/01/22		350,000		378,377
Morgan Stanley, GMTN
4.350%, due 09/08/26		140,000		161,819
MPLX LP
4.875%, due 06/01/25		70,000		79,345
Nabors Industries, Inc.
4.625%, due 09/15/21		150,000		118,080
Netflix, Inc.
5.500%, due 02/15/22		140,000		146,650
Oncor Electric Delivery Co. LLC
3.750%, due 04/01/45		50,000		59,609
Oracle Corp.
2.800%, due 04/01/27		100,000		109,712
4.000%, due 11/15/47		50,000		59,146
Prudential Financial, Inc. MTN
6.625%, due 06/21/40		50,000		75,496
QUALCOMM, Inc.
3.250%, due 05/20/27		60,000		67,238
Quicken Loans LLC
5.750%, due 05/01/252		110,000		113,245
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		200,000		225,024
Seagate HDD Cayman
5.750%, due 12/01/345		80,000		90,833
Shire Acquisitions Investments Ireland DAC
2.400%, due 09/23/21		27,000		27,487
Smithfield Foods, Inc.
3.350%, due 02/01/222		80,000		80,844
Sunoco Logistics Partners Operations LP
5.400%, due 10/01/47		50,000		47,129
Synchrony Financial
4.500%, due 07/23/25		90,000		99,331
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/472		60,000		70,133
Texas Instruments, Inc.
1.850%, due 05/15/22		220,000		225,428
Union Pacific Corp.
4.050%, due 11/15/45		40,000		47,645

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Verizon Communications, Inc.
5.250%, due 03/16/37		190,000		262,723
Virginia Electric and Power Co.
4.600%, due 12/01/48		50,000		68,113
Walt Disney Co./The
4.950%, due 10/15/45		50,000		64,580
Wells Fargo & Co. MTN
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27		70,000		75,982
Yale University,
Series 2020,
1.482%, due 04/15/30		100,000		101,121
				11,808,111
Total corporate bonds (cost—$13,393,999)				14,364,336
Mortgage-backed securities—15.9%
United States—15.9%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1,
2.593%, due 10/25/492,7		133,079		134,746
Series 2020-4, Class A1,
1.469%, due 06/25/652,7		189,462		190,119
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1,
3.649%, due 09/25/482,7		77,548		79,170
Series 2019-4, Class A1,
2.993%, due 07/26/492,7		166,730		169,016
Angel Oak Mortgage Trust LLC,
Series 2020-5, Class A1,
1.373%, due 05/25/652,7		120,364		120,429
BANK,
Series 2018-BN15, Class A4,
4.407%, due 11/15/617		150,000		180,089
BBCMS Trust,
Series 2015-SRCH, Class B,
4.498%, due 08/10/352		135,000		152,119
BENCHMARK Mortgage Trust,
Series 2018-B5, Class A3,
3.944%, due 07/15/51		100,000		117,250
Series 2019-B10, Class C,
3.750%, due 03/15/62		200,000		197,141

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
CHT Mortgage Trust,
Series 2017-CSMO, Class E,
1 mo. USD LIBOR + 3.000%,
3.152%, due 11/15/362,3		475,000		444,028
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/652,7		86,874		87,508
Series 2020-3, Class A1,
1.506%, due 04/27/652,7		93,743		94,215
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/652,8		225,000		224,996
Deephaven Residential Mortgage Trust,
Series 2018-3A, Class A1,
3.789%, due 08/25/582,7		98,969		99,279
FREMF Mortgage Trust,
Series 2017-K64, Class B,
4.117%, due 05/25/502,7		50,000		56,077
GB Trust,
Series 2020-FLIX, Class C,
1 mo. USD LIBOR + 1.600%,
1.752%, due 08/15/372,3		125,000		125,305
GS Mortgage Securities Trust,
Series 2017-GS5, Class B,
4.047%, due 03/10/507		200,000		221,086
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/602,7		120,961		121,226
Hilton USA Trust,
Series 2016-SFP, Class E,
5.519%, due 11/05/352		125,000		123,891
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS,
3.800%, due 01/15/48		200,000		217,218
Series 2015-C30, Class A5,
3.822%, due 07/15/48		170,000		190,855
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class A4,
3.732%, due 05/15/48		100,000		111,576
Series 2015-C24, Class AS,
4.036%, due 05/15/487		75,000		83,121
Series 2016-C32, Class AS,
3.994%, due 12/15/497		273,000		306,848

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
Series 2017-C34, Class C,
4.324%, due 11/15/527		100,000		97,035
New Residential Mortgage Loan Trust,
Series 2020-NQM2, Class A1,
1.650%, due 05/24/602,7		95,561		96,032
Residential Mortgage Loan Trust,
Series 2019-3, Class A1,
2.633%, due 09/25/592,7		142,280		144,973
Series 2020-2, Class A1,
1.654%, due 05/25/602,7		119,051		119,780
RETL,
Series 2019-RVP, Class C,
1 mo. USD LIBOR + 2.100%,
2.252%, due 03/15/362,3		200,000		183,418
Rosslyn Portfolio Trust,
Series 2017-ROSS, Class E,
1 mo. USD LIBOR + 3.000%,
3.989%, due 06/15/332,3		234,620		223,418
Starwood Retail Property Trust,
Series 2014-STAR, Class C,
1 mo. USD LIBOR + 2.750%,
2.902%, due 11/15/272,3		125,000		7,500
Verus Securitization Trust,
Series 2019-1, Class A1,
3.836%, due 02/25/592,7		105,952		107,391
Series 2019-3, Class A1,
2.784%, due 07/25/592,8		112,336		114,549
Series 2019-4, Class A1,
2.642%, due 11/25/592,8		110,851		113,012
Series 2020-4, Class A1,
1.502%, due 05/25/652,8		96,395		96,748
Vista Point Securitization Trust,
Series 2020-1, Class A1,
1.763%, due 03/25/652,7,9,10		93,064		93,548
Series 2020-2, Class A1,
1.475%, due 04/25/652,7		97,189		97,252
VNDO Mortgage Trust,
Series 2013-PENN, Class D,
4.079%, due 12/13/292,7		500,000		495,920

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C,
4.996%, due 05/15/517		150,000		145,505
Total mortgage-backed securities (cost—$6,076,185)				5,983,389
Municipal bonds—1.6%
California—1.1%
State of California, GO Bonds
7.300%, due 10/01/39		250,000		410,565
Hawaii—0.2%
State of Hawaii, GO Bonds,
Series FZ,
2.245%, due 08/01/38		75,000		75,399
Texas—0.3%
Texas Transportation Commission, GO Bonds
2.472%, due 10/01/44		100,000		101,720
Total municipal bonds (cost—$536,482)				587,684
Non-U.S. government agency obligations—2.4%
Colombia—0.5%
Colombia Government International Bond
8.125%, due 05/21/24		155,000		187,473
Ecuador—0.3%
Ecuador Government International Bond
11.694%, due 07/31/302,11		10,700		4,976
0.500%, due 07/31/302,8		37,800		25,609
0.500%, due 07/31/352,8		99,060		55,226
0.500%, due 07/31/402,8		45,400		22,814
				108,625
Indonesia—0.4%
Indonesia Government International Bond
6.625%, due 02/17/372		100,000		140,500

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Mexico—0.4%
Mexico Government International Bond, MTN
4.750%, due 03/08/44		150,000		164,625
Panama—0.2%
Panama Government International Bond
3.870%, due 07/23/60		50,000		57,328
Turkey—0.2%
Turkey Government International Bond
6.875%, due 03/17/36		100,000		93,875
Uruguay—0.4%
Uruguay Government International Bond
7.625%, due 03/21/36		100,000		155,531
Total non-U.S. government agency obligations (cost—$870,003)				907,957
U.S. government agency obligations—18.0%
United States—18.0%
FHLMC
3.500%, due 08/01/47		224,014		237,201
3.500%, due 11/01/47		250,298		264,681
4.000%, due 01/01/46		83,988		92,894
4.000%, due 05/01/47		94,375		101,581
4.000%, due 10/01/47		55,082		58,986
4.500%, due 04/01/46		83,665		93,916
FNMA
3.000%, due 02/01/33		177,108		186,035
3.000%, due 02/01/43		57,508		62,431
3.000%, due 05/01/43		66,201		71,463
3.000%, due 07/01/43		85,997		91,873
3.000%, due 09/01/43		123,172		135,012
3.000%, due 05/01/46		108,226		113,760
3.500%, due 04/01/32		72,851		80,586
3.500%, due 06/01/45		93,465		103,068
3.500%, due 06/01/46		161,007		177,952
3.500%, due 11/01/47		298,369		315,452
4.000%, due 09/01/40		97,081		106,476
4.000%, due 03/01/41		31,205		34,365
4.000%, due 12/01/43		143,834		162,777
4.000%, due 02/01/45		101,645		114,773
4.500%, due 02/01/44		20,066		22,981

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. government agency obligations—(concluded)
United States—(concluded)
4.500%, due 04/01/44		97,204		111,326
4.500%, due 12/01/44		18,534		20,859
4.500%, due 02/01/45		30,786		34,325
4.500%, due 06/01/46		138,507		158,394
4.500%, due 08/01/46		18,081		20,357
4.500%, due 05/01/47		55,540		61,063
4.500%, due 02/01/49		96,947		105,611
5.500%, due 03/01/33		27,825		32,374
5.500%, due 09/01/34		90,935		103,953
5.500%, due 11/01/34		24,622		28,938
6.000%, due 11/01/28		27,956		31,732
GNMA
6.500%, due 05/15/29		7,163		8,237
GNMA II
3.000%, due 09/20/44		57,730		60,743
3.500%, due 02/20/43		13,827		15,144
4.000%, due 06/20/44		9,686		10,494
4.000%, due 09/20/44		38,103		41,478
4.000%, due 05/20/45		9,573		10,371
5.000%, due 08/20/48		18,569		20,228
GNMA II TBA
2.500%		225,000		236,232
3.000%		400,000		418,813
4.000%		100,000		106,250
UMBS TBA
2.000%		1,175,000		1,214,922
2.500%		850,000		891,504
3.000%		400,000		419,016
Total U.S. government agency obligations (cost—$6,612,211)				6,790,627
U.S. Treasury obligations—6.8%
United States—6.8%
U.S. Treasury Bonds
1.250%, due 05/15/50		105,000		99,504
2.000%, due 02/15/50		35,000		39,588
U.S. Treasury Notes
0.125%, due 04/30/22		375,000		374,956
0.625%, due 05/15/30		565,000		562,970
0.625%, due 08/15/30		825,000		820,230
1.625%, due 08/15/29		200,000		217,688

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
1.750%, due 12/31/24		185,000		196,866
2.375%, due 05/15/29		200,000		230,117
Total U.S. Treasury obligations (cost—$2,503,193)				2,541,919

	Number of shares
Short-term investments—9.1%
Investment companies—9.1%
State Street Institutional U.S. Government Money Market Fund, 0.07%12 (cost—$3,416,980)	3,416,980	3,416,980
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%12 (cost—$301,693)	301,693	301,693

	Number of contracts	Notional amount
Option purchased—0.0%†
Call options—0.0%†
U.S. Bond Future Option Futures, strike @ $180.00, expires 10/23/20 (cost—$10,000)	16	2,880,000		3,500
Total investments    (cost—$39,407,173)13—108.3%				40,718,262
Liabilities in excess of other assets—(8.3)%				(3,109,013	)
Net assets—100.0%			$	37,609,249

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

Futures contracts
Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
4	USD	U.S. Treasury Note 10 Year Futures	December 2020	558,006		558,125		119
9	USD	U.S. Treasury Note 2 Year Futures	December 2020	1,988,099		1,988,648		549
5	USD	U.S. Treasury Note 5 Year Futures	December 2020	629,851		630,156		305
11	USD	U.S. Ultra Long Treasury Bond Futures	December 2020	2,481,290		2,439,938		(41,352	)
8	USD	U.S. Ultra Treasury Note 10 Year Futures	December 2020	1,277,980		1,279,375		1,395
Total				6,935,226		6,896,242		(38,984	)
Interest rate futures sell contracts:
2	EUR	German Euro Bund Futures	December 2020	(408,151	)	(409,232	)	(1,081	)
3	GBP	United Kingdom Long Gilt Bond Futures	December 2020	(527,621	)	(526,888	)	733
Total				(935,772	)	(936,120	)	(348	)
Net unrealized appreciation (depreciation)								(39,332	)

Centrally cleared credit default swap agreements on credit indices—buy protection14
Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio15(%)	Upfront payments received (made)($)		Value($)		Unrealized appreciation (depreciation)($)
CDX North American High Yield 34 Index	USD	1,840	06/20/25	Quarterly	5.000	(7,268	)	(92,344	)	(99,612	)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	THB	12,000,000	USD	383,334	12/17/20		4,670
BOA	EUR	55,000	USD	65,451	12/17/20		856
CITI	AUD	120,000	USD	87,770	12/17/20		1,803
JPMCB	GBP	20,000	USD	25,756	12/17/20		(63	)
JPMCB	USD	782,114	INR	58,000,000	12/17/20		(1,855	)
Net unrealized appreciation (depreciation)							5,411

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2020 in valuing the Fund’s investments. In the event a Fund holds investments (other than a money market fund)  for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets
Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Asset-backed securities		—			5,820,177			—		5,820,177
Corporate bonds		—			14,364,336			—		14,364,336
Mortgage-backed securities		—			5,983,389			—		5,983,389
Municipal bonds		—			587,684			—		587,684
Non-U.S. government agency obligations		—			907,957			—		907,957
U.S. government agency obligations		—			6,790,627			—		6,790,627
U.S. Treasury obligations		—			2,541,919			—		2,541,919
Short-term investments		—			3,416,980			—		3,416,980
Investment of cash collateral from securities loaned		—			301,693			—		301,693
Option purchased		3,500			—			—		3,500
Futures contracts		3,101			—			—		3,101
Forward foreign currency contracts		—			7,329			—		7,329
Total		6,601			40,722,091			—		40,728,692
Liabilities
Futures contracts		(42,433	)		—			—		(42,433	)
Swap agreements		—			(92,344	)		—		(92,344	)
Forward foreign currency contracts		—			(1,918	)		—		(1,918	)
Total		(42,433	)		(94,262	)		—		(136,695	)

At September 30, 2020, 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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $9,659,789, represented 25.5% of the Fund's net assets at period end.
3	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
4	Security 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	Security, or portion thereof, was on loan at the period end.
6	Perpetual investment. Date shown reflects the next call date.

UBS Total Return Bond Fund

Portfolio of investments – September 30, 2020 (unaudited)

7	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
8	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
9	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
10	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
11	Rate shown reflects annualized yield at the period end on zero coupon bond.
12	Rates shown reflect yield at September 30, 2020.
13	Includes $356,039 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes non-cash collateral of $59,822 and cash collateral of $301,693.
14	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
15	Payments made or received are based on the notional amount.

September 30, 2020
Portfolio acronyms
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal Corporation
CDO	Collateralized Debt Obligation
COP	Certificate of Participation
CSI	Credit Suisse International
DAC	Designated Activity Company
EMTN	Euro Medium-Term Notes
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GDR	Global Depositary Receipt
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
GO	General Obligation
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
OAT	Obligation Assimilables du Trésor (French Government Bonds)
PJSC	Private Joint Stock Company
REIT	Real Estate Investment Trust
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities
Counterparty acronyms
BB	Barclays Bank PLC
BOA	Bank of America NA
CITI	Citibank NA
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
SSC	State Street Bank and Trust Co.
Currency abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
USD	United States Dollar

Valuation of investments

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

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

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

Certain investments in which the Funds invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Fund’s net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Fund’s investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

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

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

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

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds’ custodian.

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

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

The Board has delegated to the Equities, Fixed Income and Multi-Asset Valuation Committee (“VC”) the responsibility for making fair value determinations with respect to the Funds’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

US generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of each Fund’s investments. These inputs are summarized into the three broad levels listed below:

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

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

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

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

For more information regarding the Funds’ other significant accounting policies, please refer to the Funds’ Annual report to shareholders dated June 30, 2020.