UBS All China Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Common stocks
Automobiles	0.5	%
Banks	12.7
Beverages	15.2
Capital markets	3.3
Chemicals	3.4
Construction materials	0.7
Diversified consumer services	0.4
Diversified financial services	1.3
Entertainment	11.0
Food products	4.2
Household durables	0.5
Insurance	4.9
Interactive media & services	9.0
Internet & direct marketing retail	6.5
IT services	1.1
Life sciences tools & services	4.8
Pharmaceuticals	8.0
Real estate management & development	5.8
Semiconductors & semiconductor equipment	1.7
Textiles, apparel & luxury goods	0.6
Tobacco	0.4
Transportation infrastructure	1.9
Total common stocks	97.9
Investment of cash collateral from securities loaned	0.5
Total investments	98.4
Other assets in excess of liabilities	1.6
Net assets	100.0	%

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

UBS All China Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—97.9%
China—91.4%
Alibaba Group Holding Ltd.*	5,400	53,888
Anhui Conch Cement Co. Ltd., Class H	6,500	20,545
Anhui Gujing Distillery Co. Ltd., Class B	5,200	76,813
China Jinmao Holdings Group Ltd.	82,000	16,680
China Merchants Bank Co. Ltd., Class H	56,500	261,474
China Resources Land Ltd.	22,000	86,171
Chinasoft International Ltd.*	52,000	31,764
Country Garden Services Holdings Co. Ltd.	13,000	18,980
CSPC Pharmaceutical Group Ltd.	96,000	95,153
Far East Horizon Ltd.1	56,000	37,753
Hainan Meilan International Airport Co. Ltd., Class H*	23,000	54,953
Hangzhou Silan Microelectronics Co. Ltd., Class A	8,500	38,123
Inner Mongolia Yili Industrial Group Co. Ltd., Class A	21,600	100,221
JD.com, Inc., Class A	1,509	38,069
Jiangsu Hengrui Medicine Co. Ltd., Class A	7,500	36,965
Joinn Laboratories China Co. Ltd., Class H2	14,980	56,877
Kingsoft Corp. Ltd.	3,000	7,938
Kweichow Moutai Co. Ltd., Class A	1,300	342,135
Li Auto, Inc., ADR*	682	15,693
Li Ning Co. Ltd.	2,500	18,970
Longfor Group Holdings Ltd.2	18,000	51,598
LONGi Green Energy Technology Co. Ltd., Class A	1,640	11,003
Meituan, Class B*,2	4,800	100,879
Midea Group Co. Ltd., Class A	2,100	14,558
NetEase, Inc.	21,000	316,878
Ping An Bank Co. Ltd., Class A	70,000	116,635
Ping An Insurance Group Co. of China Ltd., Class H	22,500	112,248
Smoore International Holdings Ltd.1,2	11,000	13,050
TAL Education Group, ADR*	2,198	10,858
Tencent Holdings Ltd.	7,900	266,833
Wanhua Chemical Group Co. Ltd., Class A	1,400	18,109
Wuliangye Yibin Co. Ltd., Class A	1,300	30,924
Wuxi AppTec Co. Ltd. Class H2	5,600	44,725
Wuxi Biologics Cayman, Inc.*,2	7,000	41,670
Yihai International Holding Ltd.*	12,000	25,270
Yunnan Baiyao Group Co. Ltd., Class A	6,020	44,373
Yunnan Energy New Material Co. Ltd., Class A	3,400	83,181
		2,711,957
Hong Kong—6.5%
AIA Group Ltd.	4,000	33,304

UBS All China Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—(concluded)
Hong Kong—(concluded)
Hong Kong Exchanges & Clearing Ltd.	2,900		99,129
SSY Group Ltd.	148,000		61,901
			194,334
Total common stocks (cost—$4,155,359)			2,906,291
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%3 (cost—$13,585)	13,585		13,585
Total investments (cost—$4,168,944)4—98.4%			2,919,876
Other assets in excess of liabilities—1.6%			48,440
Net assets—100.0%		$	2,968,316

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Common stocks	26,551	2,879,740	—	2,906,291
Investment of cash collateral from securities loaned	—	13,585	—	13,585
Total	26,551	2,893,325	—	2,919,876

At September 30, 2022, there were no transfers in or out of Level 3.

UBS All China Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

Portfolio footnotes

*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $308,799, represented 10.3% of the Fund's net assets at period end.
3	Rates shown reflect yield at September 30, 2022.
4	Includes $48,419 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $13,585 and non-cash collateral of $37,857.

UBS Dynamic Alpha Fund

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

As a percentage of net assets as of September 30, 2022 

Corporate bonds
Advertising	0.1	%
Aerospace & defense	0.1
Agriculture	0.6
Airlines	0.2
Apparel	0.0	†
Auto manufacturers	1.3
Auto parts & equipment	0.2
Banks	7.4
Biotechnology	0.1
Chemicals	0.7
Commercial services	0.4
Computers	0.2
Diversified financial services	1.3
Electric	2.6
Engineering & construction	0.5
Entertainment	0.2
Gas	0.8
Healthcare-products	0.2
Insurance	1.9
Media	0.3
Miscellaneous manufacturers	0.3
Oil & gas	1.0
Pharmaceuticals	0.3
Pipelines	0.5
Real estate	0.2
Real estate investment trusts	0.6
Retail	0.0	†
Semiconductors	0.2
Software	0.1
Sovereign	0.4
Supranationals	1.1
Telecommunications	0.4
Transportation	0.3
Water	0.4
Total corporate bonds	24.9
Mortgage-backed securities	0.0	†
Non-U.S. government agency obligations	21.1
U.S. Treasury obligations	8.2
Exchange traded funds	4.8
Short-term investments	1.5
Short-term U.S. Treasury obligations	25.4
Investment of cash collateral from securities loaned	1.2
Swaptions purchased	0.0	†
Total investments	87.1
Other assets in excess of liabilities	12.9
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 portfolio is actively managed and its composition will vary over time.

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—24.9%
Australia—0.9%
APA Infrastructure Ltd.
4.200%, due 03/23/252		15,000	14,364
Aurizon Network Pty Ltd.
4.000%, due 06/21/242	AUD	30,000	18,841
Ausgrid Finance Pty Ltd.
3.750%, due 10/30/242	AUD	30,000	18,704
Commonwealth Bank of Australia
(fixed, converts to FRN on 10/03/24),
1.936%, due 10/03/292	EUR	100,000	91,989
Westpac Banking Corp.
2.000%, due 01/13/23		30,000	29,815
(fixed, converts to FRN on 09/21/27),
5.000%, due 09/21/273		80,000	66,404
			240,117
Belgium—0.3%
Resa SA
1.000%, due 07/22/262	EUR	100,000	88,979
Bermuda—0.1%
XLIT Ltd.
5.250%, due 12/15/43		20,000	19,079
Canada—0.4%
Bank of Nova Scotia
3.450%, due 04/11/25		30,000	28,734
Canadian Pacific Railway Co.
1.350%, due 12/02/24		60,000	55,483
TELUS Corp.
3.750%, due 01/17/25	CAD	15,000	10,550
			94,767
Cayman Islands—0.8%
Amber Circle Funding Ltd.
3.250%, due 12/04/222		200,000	199,584
China—0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.700%, due 05/01/25		5,000	4,626

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
China—(concluded)
3.150%, due 05/01/27		15,000	13,361
			17,987
France—2.3%
AXA SA
(fixed, converts to FRN on 05/28/29),
3.250%, due 05/28/492	EUR	100,000	85,043
Electricite de France SA
(fixed, converts to FRN on 01/22/24),
5.625%, due 01/22/242,4		100,000	89,775
SCOR SE
(fixed, converts to FRN on 03/13/29),
5.250%, due 03/13/292,3		200,000	138,500
Terega SA
2.200%, due 08/05/252	EUR	100,000	93,978
TotalEnergies SE
(fixed, converts to FRN on 02/26/25),
2.625%, due 02/26/252,3	EUR	100,000	89,620
Unibail-Rodamco-Westfield SE
(fixed, converts to FRN on 04/25/26),
2.875%, due 01/25/262,3	EUR	100,000	75,710
			572,626
Germany—1.0%
ADLER Group SA
1.500%, due 07/26/242,5	EUR	100,000	59,538
Volkswagen International Finance NV
1.125%, due 10/02/232	EUR	100,000	95,893
Series NC6,
(fixed, converts to FRN on 06/27/24),
3.375%, due 06/27/242,3	EUR	100,000	91,674
			247,105
Guernsey—0.3%
Globalworth Real Estate Investments Ltd.
3.000%, due 03/29/252	EUR	100,000	85,497
Ireland—1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.650%, due 10/29/24		300,000	274,076

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
Italy—0.2%
Autostrade per l'Italia SpA
4.375%, due 09/16/252	EUR	50,000	47,614
Mexico—0.9%
Mexico City Airport Trust
5.500%, due 07/31/472		200,000	123,940
Petroleos Mexicanos
3.750%, due 02/21/242	EUR	100,000	93,491
			217,431
Poland—0.3%
Tauron Polska Energia SA
2.375%, due 07/05/272	EUR	100,000	75,635
Spain—1.2%
Banco Santander SA
4.000%, due 01/19/232	AUD	200,000	127,710
Iberdrola International BV
(fixed, converts to FRN on 03/26/24),
2.625%, due 12/26/232,3	EUR	100,000	93,203
Redexis Gas Finance BV
1.875%, due 04/27/272	EUR	100,000	86,626
			307,539
Supranationals—1.4%
Asian Development Bank
1.625%, due 01/24/23		150,000	148,955
Corp. Andina de Fomento
4.500%, due 06/05/252	AUD	35,000	21,814
European Financial Stability Facility
0.500%, due 07/11/252	EUR	100,000	92,852
European Investment Bank
2.000%, due 12/15/22		100,000	99,700
			363,321
Switzerland—0.4%
Argentum Netherlands BV for Swiss Life AG
(fixed, converts to FRN on 06/16/25),
4.375%, due 06/16/252,3	EUR	100,000	91,340
United Kingdom—3.7%
AstraZeneca PLC
3.500%, due 08/17/23		30,000	29,753

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
Barclays PLC
(fixed, converts to FRN on 10/06/22),
2.375%, due 10/06/232	GBP	100,000	111,640
BAT Capital Corp.
3.557%, due 08/15/27		25,000	21,954
BAT International Finance PLC
0.875%, due 10/13/232	EUR	100,000	95,408
Lloyds Banking Group PLC
2.250%, due 10/16/242	GBP	100,000	102,538
M&G PLC
(fixed, converts to FRN on 07/20/2024),
3.875%, due 07/20/492	GBP	100,000	103,850
Natwest Group PLC
(fixed, converts to FRN on 06/25/23),
4.519%, due 06/25/24		200,000	197,621
Reynolds American, Inc.
4.450%, due 06/12/25		25,000	24,153
Virgin Money UK PLC
(fixed, converts to FRN on 04/24/25),
3.375%, due 04/24/262	GBP	100,000	98,409
WPP Finance 2010
3.750%, due 09/19/24		25,000	24,244
Yorkshire Water Finance PLC
(fixed, converts to FRN on 03/22/23),
3.750%, due 03/22/462	GBP	100,000	110,324
			919,894
United States—9.5%
3M Co.
2.650%, due 04/15/25		20,000	18,838
Air Products and Chemicals, Inc.
2.050%, due 05/15/30		20,000	16,355
Albemarle Corp.
5.450%, due 12/01/44		30,000	26,051
Altria Group, Inc.
4.400%, due 02/14/265		13,000	12,510
American Airlines Pass-Through Trust,
Series 2014-1, Class B,
4.375%, due 10/01/22		31,614	31,613
Apache Corp.
4.250%, due 01/15/44		60,000	42,466
Aptiv PLC/Aptiv Corp.
2.396%, due 02/18/25		50,000	46,657

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United States—(continued)
AT&T, Inc.
4.350%, due 03/01/29		60,000	56,095
Bank of America Corp.
(fixed, converts to FRN on 12/20/22),
3.004%, due 12/20/23		90,000	89,522
3.875%, due 08/01/25		80,000	77,439
Baxter International, Inc.
2.600%, due 08/15/26		30,000	27,138
Broadcom, Inc.
3.150%, due 11/15/25		35,000	32,852
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.300%, due 05/01/236		120,000	119,025
5.125%, due 04/01/256		25,000	25,065
Citigroup, Inc.
3.875%, due 10/25/23		110,000	108,643
4.600%, due 03/09/26		20,000	19,498
Comcast Corp.
3.950%, due 10/15/25		35,000	34,001
Costco Wholesale Corp.
1.600%, due 04/20/30		10,000	8,018
CVS Health Corp.
2.625%, due 08/15/24		25,000	23,982
Dell International LLC/EMC Corp.
5.300%, due 10/01/29		60,000	55,904
Enterprise Products Operating LLC
3.900%, due 02/15/24		20,000	19,640
EQT Corp.
3.900%, due 10/01/27		20,000	18,200
Eversource Energy
2.900%, due 03/01/27		80,000	72,597
Exelon Corp.
3.400%, due 04/15/26		15,000	14,120
Ford Motor Credit Co. LLC
3.021%, due 03/06/24	EUR	100,000	93,595
General Electric Co.,
Series A,
6.750%, due 03/15/32		6,000	6,483
General Motors Financial Co., Inc.
4.350%, due 04/09/25		60,000	57,936
Georgia Power Co.,
Series A,
2.100%, due 07/30/23		25,000	24,449

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(continued)
United States—(continued)
Gilead Sciences, Inc.
2.500%, due 09/01/23		20,000	19,584
Goldman Sachs Group, Inc.
1.625%, due 07/27/262	EUR	30,000	26,914
3.375%, due 03/27/252	EUR	25,000	24,357
3.500%, due 04/01/25		80,000	76,416
Illinois Tool Works, Inc.
2.650%, due 11/15/265		45,000	41,766
Johnson & Johnson
2.050%, due 03/01/23		30,000	29,751
JPMorgan Chase & Co.
3.200%, due 01/25/23		220,000	219,296
3.625%, due 12/01/27		60,000	54,374
Kinder Morgan, Inc.
5.625%, due 11/15/236		35,000	35,013
Liberty Mutual Group, Inc.
4.569%, due 02/01/296		25,000	23,027
Mastercard, Inc.
2.000%, due 03/03/25		20,000	18,828
Morgan Stanley
4.000%, due 07/23/25		85,000	82,271
4.350%, due 09/08/26		20,000	19,049
MPLX LP
4.250%, due 12/01/27		30,000	27,929
National Rural Utilities Cooperative Finance Corp.
3.700%, due 03/15/29		15,000	13,726
NIKE, Inc.
2.400%, due 03/27/25		10,000	9,482
Oncor Electric Delivery Co. LLC
3.700%, due 11/15/28		25,000	23,181
Oracle Corp.
2.500%, due 04/01/25		20,000	18,637
Paramount Global
4.750%, due 05/15/255		33,000	32,444
Quanta Services, Inc.
0.950%, due 10/01/24		50,000	45,653
Raytheon Technologies Corp.
3.950%, due 08/16/25		25,000	24,396
Southern California Edison Co.,
Series E,
3.700%, due 08/01/25		20,000	19,231

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Southern Co.
3.250%, due 07/01/26		35,000	32,424
Swiss Re Treasury U.S. Corp.
4.250%, due 12/06/426		30,000	25,435
Thermo Fisher Scientific, Inc.
1.215%, due 10/18/24		20,000	18,599
TWDC Enterprises 18 Corp.
1.850%, due 07/30/26		10,000	8,914
United Airlines Pass-Through Trust,
Series 2016-1, Class B,
3.650%, due 01/07/26		30,729	26,932
Verizon Communications, Inc.
3.376%, due 02/15/25		25,000	24,202
Virginia Electric and Power Co.,
Series A,
3.800%, due 04/01/285		20,000	18,766
Visa, Inc.
1.900%, due 04/15/27		25,000	22,214
Warnermedia Holdings, Inc.
3.755%, due 03/15/276		50,000	44,735
Williams Cos., Inc.
4.300%, due 03/04/24		35,000	34,507
Xcel Energy, Inc.
4.800%, due 09/15/41		80,000	69,266
			2,390,011
Total corporate bonds (cost—$7,249,474)			6,252,602
Mortgage-backed securities—0.0%†
United States—0.0%†
LNR CDO IV Ltd.,
Series 2006-1A, Class FFX,
7.592%, due 05/28/436,7,8		8,000,000	0

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-7, Class B11,
3.603%, due 04/25/354		61,621	5,020
Total mortgage-backed securities (cost—$8,100,261)			5,020
Non-U.S. government agency obligations—21.1%
Australia—2.7%
Australia Government Bonds
2.250%, due 11/21/22	AUD	480,000	306,778
2.250%, due 05/21/282	AUD	420,000	248,692
2.750%, due 11/21/272	AUD	200,000	122,248
			677,718
Canada—2.3%
Canada Government Bonds
1.500%, due 09/01/24	CAD	690,000	478,927
Canada Housing Trust No. 1
2.350%, due 09/15/236	CAD	120,000	85,522
			564,449
China—1.2%
China Development Bank
1.250%, due 01/21/232	GBP	100,000	110,455
2.750%, due 11/16/222		200,000	199,610
			310,065
Colombia—0.1%
Colombia Government International Bonds
8.125%, due 05/21/24		30,000	30,587
France—1.4%
Caisse d'Amortissement de la Dette Sociale
1.375%, due 11/25/242	EUR	100,000	96,046

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(continued)
France—(concluded)
French Republic Government Bond OAT
0.000%, due 03/25/252	EUR	260,000	242,584
			338,630
Germany—3.4%
Bundesobligation
0.000%, due 04/11/252	EUR	910,000	853,915
Ireland—1.8%
Ireland Government Bonds
1.000%, due 05/15/262	EUR	490,000	462,024
Japan—3.9%
Japan Bank for International Cooperation
0.625%, due 05/22/23		200,000	195,318
Japan Government CPI Linked Bonds
0.100%, due 03/10/26	JPY	48,971,650	353,253
Japan Government Ten Year Bonds
0.400%, due 03/20/25	JPY	63,000,000	440,047
			988,618
Mexico—0.1%
Mexico Government International Bonds
6.750%, due 02/06/24	GBP	20,000	22,328
New Zealand—2.5%
New Zealand Government Bonds
0.500%, due 05/15/26	NZD	500,000	244,853
New Zealand Government Bonds Inflation-Linked
3.000%, due 09/20/302	NZD	554,622	391,708
			636,561
Poland—0.3%
Republic of Poland Government International Bonds
0.000%, due 02/10/252	EUR	90,000	81,220
Romania—0.4%
Romania Government International Bonds
2.750%, due 02/26/262	EUR	100,000	88,682
Spain—0.7%
Spain Government Bonds
1.600%, due 04/30/252,6	EUR	180,000	173,505

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Non-U.S. government agency obligations—(concluded)
Supranationals—0.1%
European Union
3.000%, due 09/04/262	EUR	30,000	29,817
United Kingdom—0.2%
Bank of England Euro Notes
0.500%, due 04/28/232		40,000	39,197
Total non-U.S. government agency obligations (cost—$6,451,750)			5,297,316
U.S. Treasury obligations—8.2%
United States—8.2%
U.S. Treasury Notes
0.250%, due 05/31/25		1,030,000	926,437
0.375%, due 04/30/25		560,000	507,259
1.375%, due 09/30/23		320,000	310,950
1.500%, due 02/28/23		210,000	208,039
2.750%, due 11/15/23		100,000	98,270
Total U.S. Treasury obligations (cost—$2,224,766)			2,050,955
	Number of shares
Exchange traded funds—4.8%
United States—4.8%
iShares MSCI USA Value Factor ETF		2,255	184,594
iShares MSCI International Value Factor ETF5		52,125	1,029,469
Total exchange traded funds (cost—$1,227,531)			1,214,063
Short-term investments—1.5%
Investment companies—1.5%
State Street Institutional U.S. Government Money Market Fund, 2.940%9 (cost—$381,122)		381,122	381,122

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount1		Value ($)
Short-term U.S. Treasury obligations—25.4%
U.S. Treasury Bills
2.739%, due 01/26/239		3,400,000	3,370,585
1.620%, due 12/01/229		3,000,000	2,991,943
Total short-term U.S. Treasury obligations (cost—$6,362,528)			6,362,528
	Number of shares
Investment of cash collateral from securities loaned—1.2%
Money market funds—1.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%9 (cost—$287,975)		287,975	287,975

	Number of contracts	Notional amount
Swaptions purchased—0.0%†
Put swaptions—0.0%†
Call JPY vs. Put USD strike @ 99.844% expires 12/20/22 (cost—$7,607)	780,000	USD	780,000	5,842
Total investments (cost—$32,293,014)10—87.1%				21,857,423
Other assets in excess of liabilities—12.9%				3,230,178
Net assets—100.0%				$	25,087,601

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

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
1	AUD	ASX SPI 200 Index Futures	December 2022		111,843		103,399		(8,444	)
1	CAD	S&P TSX 60 Index Futures	December 2022		173,011		161,581		(11,430	)
129	EUR	EURO STOXX 600 Banks Index Futures	December 2022		834,345		751,289		(83,056	)
13	EUR	EURO STOXX 600 Index Futures	December 2022		268,421		246,850		(21,571	)
5	EUR	FTSE MIB Index Futures	December 2022		544,185		502,986		(41,199	)
9	GBP	FTSE 100 Index Futures	December 2022		743,481		694,835		(48,646	)
12	HKD	Hang Seng Index Futures	October 2022		473,091		452,046		(21,045	)
4	JPY	TSE TOPIX Index Futures	December 2022		531,539		507,428		(24,111	)
9	USD	MSCI China A 50 Connect Index Futures	October 2022		509,265		484,470		(24,795	)
16	USD	MSCI World Energy Index Futures	December 2022		669,230		611,017		(58,213	)
11	USD	MSCI World Materials Index Futures	December 2022		538,290		487,409		(50,881	)
18	USD	MSCI World Small Cap Index Futures	December 2022		1,029,967		938,880		(91,087	)
3	USD	S&P 500 E-Mini Index Futures	December 2022		612,966		540,225		(72,741	)
18	USD	U.S. MSCI Emerging Markets Index Futures	December 2022		864,664		784,350		(80,314	)
Interest rate futures buy contracts:
2	CAD	Canadian Bond 10 Year Futures	December 2022		180,637		178,941		(1,696	)
U.S. Treasury futures buy contracts:
13	USD	U.S. Treasury Note 5 Year Futures	December 2022		1,446,473		1,397,602		(48,871	)
8	USD	U.S. Treasury Note 10 Year Futures	December 2022		940,199		896,500		(43,699	)
Total					10,471,607		9,739,808		(731,799	)

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
52	EUR	EURO STOXX 50 Index Futures	December 2022		(1,858,799	)		(1,689,410	)		169,389
13	USD	MSCI World Index Futures	December 2022		(1,051,825	)		(969,410	)		82,415
Interest rate futures sell contracts:
2	EUR	1 Year Mid-Curve 3 Month Eurodollar Option Futures	December 2022		(240,267	)		(234,722	)		5,545
6	EUR	Euro BUND 10 Year Futures	December 2022		(851,109	)		(814,363	)		36,746
3	GBP	United Kingdom Long Gilt Bond Futures	December 2022		(365,914	)		(322,906	)		43,008
U.S. Treasury futures sell contracts:
1	USD	U.S. Treasury Ultra Bond Futures	December 2022		(149,655	)		(137,000	)		12,655
4	USD	Ultra U.S. Treasury Note 10 Year Futures	December 2022		(504,244	)		(473,938	)		30,306
Total					(5,021,813	)		(4,641,749	)		380,064
Net unrealized appreciation (depreciation)											(351,735	)

Centrally cleared credit default swap agreements on corporate issues—sell protection¹¹  

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio12(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

iTraxx Europe Crossover Series 38

EUR

400

12/20/27

Quarterly

5.000

16,441

(20,272

)

(3,831

)

Centrally cleared credit default swap agreements on credit indices—sell protection¹¹  

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio12(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America High Yield Series 39

USD

1,160

12/20/27

Quarterly

5.000

58,054

(46,484

)

11,570

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

Forward foreign currency contracts  

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	CLP	379,063,230	USD	390,000	10/18/22		(880	)
BB	USD	1,508,984	COP	6,658,405,000	10/18/22		(68,559	)
BOA	USD	390,000	BRL	2,050,055	10/18/22		(11,299	)
CIBC	USD	2,405,105	NOK	24,250,000	10/18/22		(177,903	)
HSBC	CNY	7,560,000	USD	1,084,886	10/18/22		18,531
JPMCB	HKD	865,000	USD	110,285	10/18/22		54
MSCI	EUR	5,960,000	USD	5,976,199	10/18/22		129,502
MSCI	PHP	67,100,000	USD	1,178,392	10/18/22		34,202
MSCI	USD	1,204,221	BRL	6,310,000	10/18/22		(38,593	)
MSCI	USD	771,642	CLP	681,900,000	10/18/22		(68,485	)
SSC	AUD	1,795,000	USD	1,208,923	10/18/22		60,594
SSC	CAD	4,205,000	USD	3,194,369	10/18/22		150,353
SSC	CHF	120,000	USD	125,197	10/18/22		3,430
SSC	GBP	2,260,000	USD	2,610,902	10/18/22		86,737
SSC	NZD	5,070,000	USD	3,040,702	10/18/22		203,127
SSC	USD	655,182	CAD	900,000	10/18/22		(3,668	)
SSC	USD	50,954	HKD	400,000	10/03/22		3
SSC	USD	1,917,414	JPY	274,100,000	10/18/22		(21,102	)
Net unrealized appreciation (depreciation)							296,044

UBS Dynamic Alpha Fund

Portfolio of investments – September 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund’s  investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Corporate bonds		—			6,252,602			—		6,252,602
Mortgage-backed securities		—			5,020			0		5,020
Non-U.S. government agency obligations		—			5,297,316			—		5,297,316
U.S. Treasury obligations		—			2,050,955			—		2,050,955
Exchange traded funds		1,214,063			—			—		1,214,063
Short-term investments		—			381,122			—		381,122
Short-term U.S. Treasury obligations		—			6,362,528			—		6,362,528
Investment of cash collateral from securities loaned		—			287,975			—		287,975
Swaptions purchased		—			5,842			—		5,842
Futures contracts		380,064			—			—		380,064
Forward foreign currency contracts		—			686,533			—		686,533
Total		1,594,127			21,329,893			0		22,924,020
Liabilities
Futures contracts		(731,799	)		—			—		(731,799	)
Swap agreements		—			(66,756	)		—		(66,756	)
Forward foreign currency contracts		—			(390,489	)		—		(390,489	)
Total		(731,799	)		(457,245	)		—		(1,189,044	)

At September 30, 2022, there were no transfers in or out of Level 3.

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
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	Perpetual investment. Date shown reflects the next call date.
4	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.
5	Security, or portion thereof, was on loan at the period end.
6	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 $531,327, represented 2.2% of the Fund's net assets at period end.
7	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
8	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
9	Rates shown reflect yield at September 30, 2022.
10	Includes $562,364 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $287,975 and non-cash collateral of $298,965.
11	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.
12	Payments made or received are based on the notional amount.

UBS Global Allocation Fund 

Portfolio statistics and industry diversification—(unaudited)¹ 

As a percentage of net assets as of September 30, 2022

Common stocks
Aerospace & defense	0.4	%
Airlines	0.1
Auto components	0.4
Automobiles	0.7
Banks	2.5
Beverages	0.8
Biotechnology	1.9
Capital markets	1.1
Chemicals	1.4
Consumer finance	0.2
Diversified financial services	0.7
Diversified telecommunication services	0.9
Electric utilities	0.5
Electrical equipment	0.4
Electronic equipment, instruments & components	0.4
Entertainment	0.9
Equity real estate investment trusts	0.5
Food & staples retailing	0.1
Food products	0.9
Health care equipment & supplies	1.3
Health care providers & services	0.7
Hotels, restaurants & leisure	1.0
Household durables	0.4
Industrial conglomerates	0.2
Insurance	1.0
Interactive media & services	1.1
Internet & direct marketing retail	1.2
IT services	1.2
Leisure products	0.1
Life sciences tools & services	0.7
Machinery	0.8
Media	0.3
Metals & mining	0.3
Multiline retail	0.6
Oil, gas & consumable fuels	2.2
Personal products	0.4
Pharmaceuticals	1.2
Professional services	0.4
Road & rail	0.7
Semiconductors & semiconductor equipment	1.6
Software	3.3
Specialty retail	0.3
Technology hardware, storage & peripherals	1.3
Textiles, apparel & luxury goods	0.6
Tobacco	0.5
Trading companies & distributors	0.9
Wireless telecommunication services	0.2
Total common stocks	39.3
Exchange traded funds	1.8
Investment companies	18.6
Asset-backed securities	4.2
Mortgage-backed securities	1.3
Non-U.S. government agency obligations	4.1
U.S. government agency obligations	6.4
U.S. Treasury obligations	4.0
Short-term investments	16.8
Short-term U.S. Treasury obligations	4.5
Investment of cash collateral from securities loaned	0.7
Total investments	101.7
Liabilities in excess of other assets	(1.7	)
Net assets	100.0	%

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

UBS Global Allocation Fund 

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—39.3%
Australia—0.3%
Glencore PLC		100,016		525,585
Austria—0.3%
Erste Group Bank AG		25,788		565,329
Belgium—0.1%
Galapagos NV*		2,217		95,053
Canada—1.0%
Canadian Pacific Railway Ltd.1		13,083		873,336
Royal Bank of Canada		10,673		960,945
				1,834,281
China—0.1%
Prosus NV*		4,602		239,426
Denmark—0.4%
Genmab A/S*		2,181		701,635
France—0.7%
Cie Generale des Etablissements Michelin SCA		16,772		375,788
Pernod Ricard SA		3,255		597,143
Ubisoft Entertainment SA*		7,383		202,904
				1,175,835
Germany—1.0%
BioNTech SE, ADR		1,400		188,832
CTS Eventim AG & Co. KGaA*		9,655		397,225
Infineon Technologies AG		22,128		484,250
Knorr-Bremse AG		6,563		281,836
SAP SE		5,568		453,765
				1,805,908
Hong Kong—0.5%
AIA Group Ltd.		99,917		831,899
India—0.4%
HDFC Bank Ltd., ADR		12,268		716,697
Ireland—0.5%
AIB Group PLC		352,773		858,508

UBS Global Allocation Fund
Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Italy—0.3%
PRADA SpA		113,600		526,808
Japan—3.0%
ITOCHU Corp.		27,400		661,379
JTOWER, Inc.*,1		11,200		505,326
Keyence Corp.		900		297,504
Nippon Telegraph & Telephone Corp.		38,300		1,033,040
ORIX Corp.		52,800		739,678
Shin-Etsu Chemical Co. Ltd.		4,300		425,514
SoftBank Group Corp.		11,100		376,191
Sony Group Corp.		12,300		792,297
TechnoPro Holdings, Inc.		21,100		449,462
				5,280,391
Netherlands—2.1%
Heineken Holding NV		6,129		419,583
Koninklijke Philips NV1		24,806		381,925
OCI NV		28,080		1,028,053
Shell PLC		73,363		1,819,984
				3,649,545
South Korea—0.2%
SK Hynix, Inc.		6,169		352,868
Sweden—0.2%
Hexpol AB		37,774		309,818
Switzerland—1.2%
Alcon, Inc.		13,999		813,138
Novartis AG, Registered Shares		14,499		1,105,359
Wizz Air Holdings PLC*,2		9,998		173,913
				2,092,410
United Kingdom—2.1%
Ashtead Group PLC		11,417		512,735
British American Tobacco PLC		22,384		802,635
London Stock Exchange Group PLC		9,275		783,263
Ocado Group PLC*,1		15,741		81,687
Sage Group PLC		55,161		425,103
Spectris PLC		13,973		422,234

UBS Global Allocation Fund
Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United Kingdom—(concluded)
Unilever PLC		17,875		786,792
				3,814,449
United States—24.9%
AbbVie, Inc.		13,421		1,801,232
AGCO Corp.		2,978		286,394
Agilent Technologies, Inc.		2,448		297,554
Airbnb, Inc., Class A*		120		12,605
Akamai Technologies, Inc.*		9,014		724,005
Allstate Corp.		3,761		468,357
Alphabet, Inc., Class A*		14,423		1,379,560
Amazon.com, Inc.*		16,787		1,896,931
Ameriprise Financial, Inc.		3,138		790,619
APA Corp.		15,912		544,031
Apple, Inc.		14,816		2,047,571
Aptiv PLC*		5,019		392,536
Bank OZK		11,998		474,641
Bio-Rad Laboratories, Inc., Class A*		1,244		518,922
Block, Inc.*		2,860		157,271
Broadcom, Inc.		1,083		480,863
Brunswick Corp.		3,510		229,730
Bunge Ltd.		10,562		872,104
Centene Corp.*		2,062		160,444
CF Industries Holdings, Inc.		8,083		777,989
Charles Schwab Corp.		4,949		355,685
Chipotle Mexican Grill, Inc.*		267		401,237
Comcast Corp., Class A		15,653		459,103
Constellation Brands, Inc., Class A		1,842		423,071
Cooper Cos., Inc.		1,089		287,387
Crown Castle, Inc.		1,700		245,735
Dexcom, Inc.*		3,840		309,274
Dollar Tree, Inc.*		7,204		980,464
Eli Lilly & Co.		2,867		927,044
EOG Resources, Inc.		2,012		224,801
EQT Corp.		2,873		117,075
Expedia Group, Inc.*		2,394		224,294
Exxon Mobil Corp.		2,518		219,847
Fidelity National Information Services, Inc.		9,794		740,133
Ford Motor Co.		39,732		444,998
Fortinet, Inc.*		5,801		285,003
Honeywell International, Inc.		1,626		271,493

UBS Global Allocation Fund
Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
United States—(continued)
HubSpot, Inc.*		1,179		318,472
Ingersoll Rand, Inc.		19,262		833,274
IQVIA Holdings, Inc.*		2,460		445,604
Laboratory Corp. of America Holdings		2,666		546,023
Lam Research Corp.		1,051		384,666
Las Vegas Sands Corp.*		20,510		769,535
LivaNova PLC*		9,100		462,007
Lowe's Cos., Inc.		2,665		500,514
Lululemon Athletica, Inc.*		1,618		452,328
Marsh & McLennan Cos., Inc.		3,188		475,937
Marvell Technology, Inc.		8,329		357,397
Mastercard, Inc., Class A		1,709		485,937
McDonald's Corp.		1,574		363,185
Meta Platforms, Inc., Class A*		4,269		579,218
Micron Technology, Inc.		8,317		416,682
Microsoft Corp.		8,287		1,930,042
Mondelez International, Inc., Class A		14,374		788,126
Netflix, Inc.*		1,292		304,188
NextEra Energy, Inc.		10,664		836,164
NVIDIA Corp.		2,111		256,254
Oracle Corp.		8,487		518,301
Palo Alto Networks, Inc.*		1,473		241,263
Prologis, Inc.		5,900		599,440
Regal Rexnord Corp.		5,421		760,892
Salesforce, Inc.*		3,041		437,417
ServiceNow, Inc.*		1,015		383,274
Spirit AeroSystems Holdings, Inc., Class A		14,395		315,538
Splunk, Inc.*		5,216		392,243
Synchrony Financial		11,043		311,302
Take-Two Interactive Software, Inc.*		6,261		682,449
Tesla, Inc.*		2,814		746,414
TransDigm Group, Inc.		792		415,657
Union Pacific Corp.		2,269		442,047
United Rentals, Inc.*		1,229		331,978
UnitedHealth Group, Inc.		1,053		531,807
Universal Display Corp.		848		80,009
Verisk Analytics, Inc.		1,397		238,230
Vertex Pharmaceuticals, Inc.*		2,105		609,482
VMware, Inc., Class A		4,956		527,616
Voya Financial, Inc.		8,500		514,250
Walmart, Inc.		1,106		143,448

UBS Global Allocation Fund
Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Wells Fargo & Co.		19,412		780,751
Western Digital Corp.*		7,644		248,812
Williams Cos., Inc.		35,271		1,009,809
				43,997,985
Total common stocks (cost—$72,363,237)				69,374,430
Exchange traded funds—1.8%
Energy Select Sector SPDR Fund ETF (cost—$2,517,785)		43,098		3,103,918
Investment companies—18.6%
PACE High Yield Investments 3		2,221,369		17,526,598
UBS All China Equity Fund *,3		445,073		2,122,999
UBS Emerging Markets Equity Opportunity Fund 3		1,912,700		13,178,500
Total investment companies (cost—$43,271,226)				32,828,097
	Face amount4
Asset-backed securities—4.2%
Cayman Islands—0.5%
Ares XLI CLO Ltd.,
Series 2016-41A, Class CR,
3 mo. USD LIBOR + 1.800%,
4.312%, due 04/15/342,5		250,000		223,688
CIFC Funding Ltd.,
Series 2017-5A, Class B,
3 mo. USD LIBOR + 1.850%,
4.590%, due 11/16/302,5		300,000		280,983
Dryden 60 CLO Ltd.,
Series 2018-60A, Class A,
3 mo. USD LIBOR + 1.050%,
3.562%, due 07/15/312,5		250,000		243,224

UBS Global Allocation Fund
Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Asset-backed securities—(continued)
Cayman Islands—(concluded)
Venture XXX CLO Ltd.,
Series 2017-30A, Class C,
3 mo. USD LIBOR + 1.950%,
4.462%, due 01/15/312,5		200,000		179,600
				927,495
United States—3.7%
American Credit Acceptance Receivables Trust,
Series 2018-4, Class D,
4.400%, due 01/13/252		9,803		9,803
Series 2019-1, Class D,
3.810%, due 04/14/252		56,782		56,772
Americredit Automobile Receivables Trust,
Series 2018-2, Class C,
3.590%, due 06/18/24		296,537		296,545
CCG Receivables Trust,
Series 2019-1, Class B,
3.220%, due 09/14/262		124,575		124,551
Series 2019-2, Class A2,
2.110%, due 03/15/272		401,695		400,638
CPS Auto Receivables Trust,
Series 2018-D, Class D,
4.340%, due 09/16/242		389,281		389,455
Series 2021-A, Class B,
0.610%, due 02/18/252		120,508		120,347
Series 2021-A, Class C,
0.830%, due 09/15/262		150,000		147,316
Dell Equipment Finance Trust,
Series 2020-1, Class B,
2.980%, due 04/24/232		225,000		224,932
DLL LLC,
Series 2019-MT3, Class A4,
2.150%, due 09/21/262		86,687		86,446
Drive Auto Receivables Trust,
Series 2019-1, Class D,
4.090%, due 06/15/26		330,739		329,867
Series 2019-3, Class C,
2.900%, due 08/15/25		169,814		169,672
Series 2019-4, Class C,
2.510%, due 11/17/25		90,991		90,938
Series 2020-2, Class C,
2.280%, due 08/17/26		132,803		131,982

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Asset-backed securities—(continued)
United States—(continued)
DT Auto Owner Trust,
Series 2018-3A, Class D,
4.190%, due 07/15/242		283,000		283,107
Series 2019-1A, Class D,
3.870%, due 11/15/242		305,054		304,910
Series 2019-4A, Class C,
2.730%, due 07/15/252		172,502		172,279
Series 2021-1A, Class D,
1.160%, due 11/16/262		100,000		92,321
Series 2021-2A, Class A,
0.410%, due 03/17/252		175,102		174,040
Enterprise Fleet Financing LLC,
Series 2019-3, Class A2,
2.060%, due 05/20/252		87,673		87,489
Series 2020-1, Class A2,
1.780%, due 12/22/252		82,839		82,244
Exeter Automobile Receivables Trust,
Series 2020-2A, Class C,
3.280%, due 05/15/252		84,559		84,348
Series 2021-1A, Class B,
0.500%, due 02/18/25		10,489		10,477
Series 2021-1A, Class D,
1.080%, due 11/16/26		125,000		117,376
Series 2021-3A, Class A3,
0.350%, due 02/18/25		147,805		147,377
Flagship Credit Auto Trust,
Series 2019-1, Class C,
3.600%, due 02/18/252		106,043		105,983
Ford Credit Auto Lease Trust,
Series 2020-B, Class C,
1.700%, due 02/15/25		50,000		49,750
GM Financial Automobile Leasing Trust,
Series 2020-2, Class B,
1.560%, due 07/22/24		425,000		422,333
HPEFS Equipment Trust,
Series 2020-2A, Class B,
1.200%, due 07/22/302		70,996		70,813
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/352		100,000		84,389
Santander Drive Auto Receivables Trust,
Series 2020-2, Class C,
1.460%, due 09/15/25		425,095		422,956

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Asset-backed securities—(concluded)
United States—(concluded)
Tesla Auto Lease Trust,
Series 2019-A, Class C,
2.680%, due 01/20/232		300,000		299,702
Series 2021-A, Class D,
1.340%, due 03/20/252		425,000		393,619
Westlake Automobile Receivables Trust,
Series 2020-1A, Class C,
2.520%, due 04/15/252		263,055		261,718
Series 2020-2A, Class B,
1.320%, due 07/15/252		48,369		48,280
Westlake Automobile Receivables Trust 2020-3,
Series 2020-3A, Class B,
0.780%, due 11/17/252		150,000		148,781
				6,443,556
Total asset-backed securities (cost—$7,510,923)				7,371,051
Mortgage-backed securities—1.3%
United States—1.3%
Angel Oak Mortgage Trust,
Series 2020-4, Class A1,
1.469%, due 06/25/652,6		34,663		31,969
Series 2020-5, Class A1,
1.373%, due 05/25/652,6		44,986		40,140
Series 2020-R1, Class A1,
0.990%, due 04/25/532,6		44,440		41,750
Series 2021-1, Class A1,
0.909%, due 01/25/662,6		71,091		60,697
Series 2021-2, Class A1,
0.985%, due 04/25/662,6		46,102		39,144
Arbor Multifamily Mortgage Securities Trust,
Series 2022-MF4, Class B,
3.403%, due 02/15/552,6		200,000		157,120
BX Commercial Mortgage Trust,
Series 2020-VKNG, Class C,
1 mo. USD LIBOR + 1.400%,
4.218%, due 10/15/372,5		74,504		70,860
BX Mortgage Trust,
Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
4.116%, due 10/15/362,5		100,000		91,767
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class C,
4.682%, due 01/10/362		345,000		333,564

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Mortgage-backed securities—(continued)
United States—(continued)
COLT Funding LLC,
Series 2021-3R, Class A1,
1.051%, due 12/25/642,6		65,590		57,647
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/652,6		14,099		13,812
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/652,7		91,560		83,708
DBGS Mortgage Trust,
Series 2018-BIOD, Class A,
1 mo. USD LIBOR + 0.803%,
3.508%, due 05/15/352,5		91,376		89,538
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
5.068%, due 07/15/382,5		149,082		142,732
Flagstar Mortgage Trust,
Series 2018-5, Class A2,
4.000%, due 09/25/482,6		65,360		62,223
GS Mortgage Securities Trust,
Series 2017-FARM, Class A,
3.659%, due 01/10/432,6		100,000		88,570
GS Mortgage-Backed Securities Corp. Trust,
Series 2021-NQM1, Class A1,
1.017%, due 07/25/612,6		67,988		58,184
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/602,6		25,110		22,901
J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2021-2NU, Class D,
2.146%, due 01/05/402,6		125,000		92,734
MAD Mortgage Trust,
Series 2017-330M, Class C,
3.600%, due 08/15/342,6		150,000		138,548
MFA Trust,
Series 2020-NQM3, Class A1,
1.014%, due 01/26/652,6		27,681		25,322
Series 2021-NQM1, Class A1,
1.153%, due 04/25/652,6		34,782		32,006
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1,
2.492%, due 09/25/592,6		27,290		25,010

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Series 2021-NQ2R, Class A1,
0.941%, due 10/25/582,6		69,589	65,107
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/602,6		50,818	49,960
Verus Securitization Trust,
Series 2019-4, Class A1,
2.642%, due 11/25/592,7		13,523	13,154
Series 2020-4, Class A1,
1.502%, due 05/25/652,7		28,617	27,172
Series 2020-5, Class A1,
1.218%, due 05/25/652,7		37,196	34,354
Series 2021-R2, Class A1,
0.918%, due 02/25/642,6		47,944	43,840
Series 2021-R3, Class A1,
1.020%, due 04/25/642,6		65,332	60,053
Vista Point Securitization Trust,
Series 2020-2, Class A1,
1.475%, due 04/25/652,6		29,328	27,405
Wells Fargo Commercial Mortgage Trust,
Series 2018-C45, Class AS,
4.405%, due 06/15/516		130,000	119,427
Total mortgage-backed securities (cost—$2,502,210)			2,240,418
Non-U.S. government agency obligations—4.1%
Australia—0.1%
Australia Government Bonds
3.250%, due 04/21/298	AUD	310,000	192,325
Austria—0.0%†
Republic of Austria Government Bonds
3.150%, due 06/20/448	EUR	55,000	56,387
Belgium—0.1%
Kingdom of Belgium Government Bonds
3.750%, due 06/22/458	EUR	83,000	89,202
Canada—0.1%
Canada Government Bonds
1.500%, due 09/01/24	CAD	120,000	83,292

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Non-U.S. government agency obligations—(continued)
Canada—(concluded)
2.000%, due 12/01/51	CAD	50,000		28,552
				111,844
Finland—0.0%†
Finland Government Bonds
1.375%, due 04/15/478	EUR	20,000		15,030
France—0.4%
French Republic Government Bonds OAT
0.000%, due 11/25/318	EUR	580,000		450,901
0.500%, due 05/25/408	EUR	100,000		64,284
3.250%, due 05/25/458	EUR	93,000		94,626
				609,811
Ireland—0.1%
Ireland Government Bonds
1.500%, due 05/15/508	EUR	240,000		168,394
2.000%, due 02/18/458	EUR	48,000		39,303
				207,697
Italy—0.4%
Italy Buoni Poliennali Del Tesoro
0.950%, due 12/01/318	EUR	170,000		124,009
1.650%, due 03/01/328	EUR	60,000		46,763
3.000%, due 08/01/298	EUR	240,000		221,317
3.250%, due 09/01/468	EUR	210,000		171,460
4.000%, due 02/01/378	EUR	129,000		120,736
				684,285
Japan—0.6%
Japan Government CPI Linked Bonds
0.005%, due 03/10/31	JPY	51,577,000		378,105
Japan Government Forty Year Bonds
0.500%, due 03/20/59	JPY	20,000,000		102,346
Japan Government Thirty Year Bonds
0.300%, due 06/20/46	JPY	11,100,000		62,810

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
Non-U.S. government agency obligations—(concluded)
Japan—(concluded)
Japan Government Twenty Year Bonds
0.400%, due 03/20/36	JPY	83,550,000		561,459
				1,104,720
New Zealand—1.5%
New Zealand Government Bonds Inflation-Linked
2.000%, due 09/20/258	NZD	3,827,696		2,624,137
Spain—0.5%
Spain Government Bonds
1.450%, due 10/31/278	EUR	165,000		152,417
1.500%, due 04/30/278	EUR	325,000		303,549
3.450%, due 07/30/668	EUR	10,000		9,190
4.200%, due 01/31/378	EUR	44,000		46,809
4.800%, due 01/31/248	EUR	296,000		300,260
5.150%, due 10/31/448	EUR	69,000		84,206
				896,431
United Kingdom—0.3%
United Kingdom Gilt
1.000%, due 04/22/248	GBP	90,000		95,660
1.000%, due 01/31/328	GBP	170,000		143,100
1.250%, due 07/31/518	GBP	145,000		90,423
1.625%, due 10/22/288	GBP	144,000		138,201
3.500%, due 01/22/458	GBP	90,000		93,938
				561,322
Total non-U.S. government agency obligations (cost—$8,908,512)				7,153,191
U.S. government agency obligations—6.4%
United States—6.4%
FHLMC
2.000%, due 01/01/52		340,742		276,380
FNMA
2.500%, due 08/01/51		257,776		217,151

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
U.S. government agency obligations—(concluded)
United States—(concluded)
GNMA II
3.000%, due 10/20/45		78,139		70,189
3.000%, due 12/20/45		89,048		79,989
GNMA II TBA
3.000%		250,000		220,451
UMBS TBA
2.000%		5,525,000		4,466,609
2.500%		4,025,000		3,377,120
3.000%		1,150,000		999,064
3.500%		1,825,000		1,640,149
Total U.S. government agency obligations (cost—$11,909,462)				11,347,102
U.S. Treasury obligations—4.0%
United States—4.0%
U.S. Treasury Bonds
1.125%, due 08/15/40		70,000		43,362
2.500%, due 02/15/46		302,000		229,296
2.750%, due 11/15/42		201,000		162,834
2.750%, due 08/15/47		168,000		134,229
2.875%, due 05/15/43		717,000		590,937
3.000%, due 11/15/45		47,000		39,223
4.375%, due 02/15/38		110,000		117,055
U.S. Treasury Notes
0.625%, due 08/15/30		1,270,000		995,114
1.250%, due 08/15/31		200,000		161,633
1.375%, due 09/30/23		971,000		943,539
1.500%, due 02/28/23		226,000		223,890
1.625%, due 11/30/26		760,000		687,503
1.625%, due 08/15/29		196,000		169,027
1.625%, due 05/15/31		350,000		293,781
1.750%, due 05/15/23		345,000		340,095
1.875%, due 10/31/22		440,000		439,692
2.000%, due 11/30/22		528,000		526,990
2.500%, due 05/15/24		321,000		311,796
2.750%, due 07/31/23		459,000		453,693

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount4		Value ($)
U.S. Treasury obligations—(concluded)
United States—(concluded)
2.750%, due 08/15/32		180,000		164,588
Total U.S. Treasury obligations (cost—$7,895,926)				7,028,277
	Number of shares
Short-term investments—16.8%
Investment companies—16.8%
State Street Institutional U.S. Government Money Market Fund, 2.940% 9 (cost—$29,626,202)		29,626,202		29,626,202
	Face amount4
Short-term U.S. Treasury obligations—4.5%
U.S. Treasury Bills
2.880%, due 01/26/239 (cost—$7,996,605)		8,070,000		7,996,605
	Number of shares
Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030% 9 (cost—$1,314,487)		1,314,487		1,314,487
Total investments (cost—$195,816,575) 10—101.7%				179,383,778
Liabilities in excess of other assets—(1.7)%				(2,985,787	)
Net assets—100.0%			$	176,397,991

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

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
Index futures buy contracts:
2	AUD	ASX SPI 200 Index Futures	December 2022		223,752		206,799		(16,953	)
101	GBP	FTSE 100 Index Futures	December 2022		8,343,508		7,797,588		(545,920	)
36	USD	E-mini Energy Select Sector Index Futures	December 2022		2,993,469		2,712,600		(280,869	)
56	USD	E-mini Russell 2000 Index Futures	December 2022		5,357,657		4,675,440		(682,217	)
34	USD	MSCI China A 50 Connect Index Futures	October 2022		1,923,740		1,830,220		(93,520	)
203	USD	MSCI World Health Care Index Futures	December 2022		9,284,639		8,958,390		(326,249	)
75	USD	MSCI World IT Index Futures	December 2022		3,823,155		3,454,500		(368,655	)
130	USD	U.S. MSCI USA Minimum Volatility GTR Index Futures	December 2022		7,461,207		6,907,680		(553,527	)
Interest rate futures buy contracts:
69	CAD	Canadian Bond 10 Year Futures	December 2022		6,253,974		6,173,461		(80,513	)
135	EUR	Euro Schatz 10 Year Futures	December 2022		14,321,012		14,178,654		(142,358	)
23	EUR	German Euro Bund Futures	December 2022		3,128,422		3,121,724		(6,698	)
U.S. Treasury futures buy contracts:
40	USD	U.S. Treasury Note 10 Year Futures	December 2022		4,691,115		4,482,500		(208,615	)
21	USD	Ultra U.S. Treasury Note 10 Year Futures	December 2022		2,633,726		2,488,172		(145,554	)
Total					70,439,376		66,987,728		(3,451,648	)

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts—(concluded)
Index futures sell contracts:
2	CAD	S&P TSX 60 Index Futures	December 2022		(346,014	)		(323,162	)		22,852
352	EUR	EURO STOXX 50 Index Futures	December 2022		(12,426,332	)		(11,436,009	)		990,323
58	USD	S&P 500 E-Mini Index Futures	December 2022		(11,743,898	)		(10,444,350	)		1,299,548
117	USD	U.S. MSCI Emerging Markets Index Futures	December 2022		(5,614,071	)		(5,098,275	)		515,796
Interest rate futures sell contracts:
42	GBP	United Kingdom Long Gilt Bond Futures	December 2022		(4,516,874	)		(4,520,687	)		(3,813	)
26	JPY	Japan Government Bond 10 Year Futures	December 2022		(2,666,086	)		(2,668,804	)		(2,718	)
U.S. Treasury futures sell contracts:
9	USD	U.S. Treasury Note 5 Year Futures	December 2022		(1,000,533	)		(967,570	)		32,963
Total					(38,313,808	)		(35,458,857	)		2,854,951
Net unrealized appreciation (depreciation)											(596,697	)

Centrally cleared credit default swap agreements on credit indices—buy protection¹¹

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio12(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX Emerging Markets Series 38

USD

13,100

12/20/27

Quarterly

1.000

(1,078,367

)

1,302,595

224,228

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

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio12(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America Investment Grade Series 39

USD

7,750

12/20/27

Quarterly

1.000

12,180

(26,222

)

(38,402

)

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)	Payments received by the Portfolio(%)	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
JPMCB	USD	23	10/18/22	Quarterly	3 Month SOFR rate +0.4%	J.P. Morgan Emerging Markets Bond Index Global Core	—	(352,962	)	(352,962	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
BB	USD	1,818,796	BRL	9,690,000	11/18/22	(40,933	)
BOA	GBP	7,290,000	USD	8,781,883	11/18/22	636,372
BOA	IDR	15,528,800,000	USD	1,041,083	11/18/22	22,780
BOA	KRW	7,223,000,000	USD	5,523,311	11/18/22	469,757
CIBC	NZD	18,575,000	USD	11,092,269	11/18/22	694,856
CIBC	USD	2,980,000	JPY	427,160,292	11/18/22	(15,476	)
GSI	TWD	209,000,000	USD	7,020,019	11/18/22	419,510
HSBC	TWD	115,400,000	USD	3,691,619	11/18/22	47,127
JPMCB	CNY	100,395,000	USD	15,073,193	11/18/22	894,581
JPMCB	EUR	1,855,000	USD	1,859,842	11/18/22	36,192
JPMCB	INR	77,030,000	USD	959,063	11/18/22	16,395
JPMCB	USD	7,389,701	AUD	11,030,000	11/18/22	(330,315	)
JPMCB	USD	1,945,000	BRL	10,232,645	11/18/22	(67,575	)
JPMCB	USD	7,748,333	MXN	156,910,000	11/18/22	(21,296	)
MSCI	NZD	19,755,000	USD	12,114,343	11/18/22	1,056,421
MSCI	PHP	870,650,000	USD	15,433,090	11/18/22	596,612
MSCI	USD	9,535,647	AUD	13,605,000	11/18/22	(828,217	)
MSCI	USD	259,595	MYR	1,152,000	11/18/22	(10,832	)
MSCI	USD	1,838,241	NOK	18,800,000	11/18/22	(110,479	)
SSC	CHF	370,000	USD	392,098	11/18/22	15,554
SSC	EUR	980,000	USD	999,480	11/18/22	36,043
SSC	JPY	225,800,000	USD	1,696,858	11/18/22	129,789
SSC	USD	1,223,044	CAD	1,580,000	11/18/22	(79,270	)
SSC	USD	1,289,057	CNY	9,200,000	11/18/22	10,243
SSC	USD	4,730,221	NOK	45,970,000	11/18/22	(505,474	)
SSC	USD	1,316,293	SEK	13,630,000	11/18/22	(85,424	)
SSC	USD	471,198	SGD	650,000	11/18/22	(18,418	)
Net unrealized appreciation (depreciation)						2,968,523

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund's  investments. In the event a Fund  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		46,737,795			22,636,635			—		69,374,430
Exchange traded funds		3,103,918			—			—		3,103,918
Investment companies		32,828,097			—			—		32,828,097
Asset-backed securities		—			7,371,051			—		7,371,051
Mortgage-backed securities		—			2,240,418			—		2,240,418
Non-U.S. government agency obligations		—			7,153,191			—		7,153,191
U.S. government agency obligations		—			11,347,102			—		11,347,102
U.S. Treasury obligations		—			7,028,277			—		7,028,277
Short-term investments		—			29,626,202			—		29,626,202
Short-term U.S. Treasury obligations		—			7,996,605			—		7,996,605
Investment of cash collateral from securities loaned		—			1,314,487			—		1,314,487
Futures contracts		2,861,482			—			—		2,861,482
Swap agreements		—			1,302,595			—		1,302,595
Forward foreign currency contracts		—			5,082,232			—		5,082,232
Total		85,531,292			103,098,795			—		188,630,087
Liabilities
Futures contracts		(3,458,179	)		—			—		(3,458,179	)
Swap agreements		—			(379,184	)		—		(379,184	)
Forward foreign currency contracts		—			(2,113,709	)		—		(2,113,709	)
Total		(3,458,179	)		(2,492,893	)		—		(5,951,072	)

At September 30, 2022, there were no transfers in or out of Level 3.  

Portfolio footnotes

*	Non-income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $7,476,682, represented 4.2% of the Fund's net assets at period end.
3	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any).

UBS Global Allocation Fund

Portfolio of investments – September 30, 2022 (unaudited)

Security description	Value 06/30/22		Purchases during the year ended 09/30/22		Sales during the year ended 09/30/22		Net realized gain (loss) during the year ended 09/30/22			Change in net unrealized appreciation (depreciation) during the year ended 09/30/22			Value 09/30/22		Net income earned from affiliate for the year ended 09/30/22		Shares 09/30/22
PACE High Yield Investments	$	19,261,865	$	286,708	$	1,600,000	$	(377,665	)	$	(44,310	)	$	17,526,598	$	286,708		2,221,369
UBS All China Equity Fund		3,195,894		—		370,001		24,195			(727,089	)		2,122,999		—		445,073
UBS Emerging Markets Equity Opportunity Fund		14,689,532		—		—		—			(1,511,032	)		13,178,500		—		1,912,700
	$	37,147,291	$	286,708	$	1,970,001	$	(353,470	)	$	(2,282,431	)	$	32,828,097	$	286,708

4	In U.S. dollars unless otherwise indicated.
5	Variable or floating rate security. The interest rate shown is the current rate as of September 30, 2022 and changes periodically.
6	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
7	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
8	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
9	Rates shown reflect yield at September 30, 2022.
10	Includes $1,811,329 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $1,314,487 and non-cash collateral of $606,059.
11	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.
12	Payments made or received are based on the notional amount.
13	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

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Common stocks
Automobiles	3.9	%
Banks	21.2
Beverages	3.7
Diversified financial services	0.9
Food products	3.2
Household durables	1.9
Insurance	2.9
Interactive media & services	2.7
Internet & direct marketing retail	12.8
Metals & mining	2.8
Oil, gas & consumable fuels	9.5
Personal products	3.8
Real estate management & development	1.0
Semiconductors & semiconductor equipment	16.4
Technology hardware, storage & peripherals	4.3
Wireless telecommunication services	0.7
Total common stocks	91.7
Preferred stocks	2.6
Short-term investments	2.7
Investment of cash collateral from securities loaned	1.1
Total investments	98.1
Other assets in excess of liabilities	1.9
Net assets	100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—91.7%
Brazil—5.7%
MercadoLibre, Inc.*	17,749	14,692,267
Petroleo Brasileiro SA, ADR	1,121,138	13,834,843
		28,527,110
China—27.6%
China Mengniu Dairy Co. Ltd.*	4,114,000	16,263,067
China Merchants Bank Co. Ltd., Class H	3,472,500	16,070,236
Country Garden Services Holdings Co. Ltd.1	3,306,000	4,826,834
JD.com, Inc., Class A	656,821	16,570,400
Kweichow Moutai Co. Ltd., Class A	71,067	18,703,495
LONGi Green Energy Technology Co. Ltd., Class A	1,942,664	13,033,269
Meituan, Class B*,2	762,200	16,018,732
Midea Group Co. Ltd., Class A	1,399,146	9,699,377
Ping An Insurance Group Co. of China Ltd., Class H	2,875,500	14,345,278
Tencent Holdings Ltd.	398,600	13,463,237
		138,993,925
Hungary—0.9%
OTP Bank Nyrt	244,613	4,462,492
India—15.9%
Eicher Motors Ltd.	432,536	19,377,363
HDFC Bank Ltd.	1,068,708	18,515,892
Hindustan Unilever Ltd.	586,625	19,346,471
Reliance Industries Ltd.	788,720	22,890,291
		80,130,017
Indonesia—8.5%
Bank Central Asia Tbk. PT	39,241,400	21,906,093
Bank Mandiri Persero Tbk. PT	33,761,200	20,730,735
		42,636,828
Mexico—2.8%
Grupo Financiero Banorte SAB de CV, Class O	2,174,700	13,964,213
Russia—0.0%†
Sberbank of Russia PJSC*,3,4	3,568,865	0

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Russia—(concluded)
Yandex NV, Class A*,3,4	257,600		0
			0
Saudi Arabia—2.2%
Saudi National Bank	673,294		11,234,230
South Africa—7.9%
Anglo American PLC	464,905		13,959,155
FirstRand Ltd.	1,402,615		4,682,289
MTN Group Ltd.	555,377		3,664,372
Naspers Ltd., N Shares	140,098		17,375,450
			39,681,266
South Korea—7.1%
Samsung Electronics Co. Ltd.	587,072		21,556,839
SK Hynix, Inc.	248,109		14,191,879
			35,748,718
Taiwan—11.0%
MediaTek, Inc.	683,000		11,786,125
Nanya Technology Corp.	4,974,000		7,622,475
Taiwan Semiconductor Manufacturing Co. Ltd.	2,709,000		35,908,854
			55,317,454
Thailand—2.2%
PTT Exploration and Production PCL, NVDR	2,636,000		11,240,460
Total common stocks (cost—$674,076,324)			461,936,713
Preferred stocks—2.6%
Brazil—2.6%
Banco Bradesco SA (cost—$13,786,826)	3,621,659		13,320,180
Short-term investments—2.7%
Investment companies—2.7%
State Street Institutional U.S. Government Money Market Fund, 2.940%5 (cost—$13,515,503)		13,515,503		13,515,503

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Investment of cash collateral from securities loaned—1.0%
Money market funds—1.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%5 (cost—$4,868,085)		4,868,085		4,868,085
Total investments (cost—$706,246,738)6—98.1%				493,640,481
Other assets in excess of liabilities—1.9%				9,800,993
Net assets—100.0%			$	503,441,474

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

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Assets
Common stocks	42,491,323	419,445,390	0	461,936,713
Preferred stocks	13,320,180	—	—	13,320,180
Short-term investments	—	13,515,503	—	13,515,503
Investment of cash collateral from securities loaned	—	4,868,085	—	4,868,085
Total	55,811,503	437,828,978	0	493,640,481

At September 30, 2022, there were no transfers in or out of Level 3.

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – September 30, 2022 (unaudited)

Portfolio footnotes

* Non-income producing security.

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

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

2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $16,018,732, represented 3.2% of the Fund's net assets at period end.

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

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

5 Rates shown reflect yield at September 30, 2022.

6 Includes $4,625,120 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $4,868,085 and non-cash collateral of $0.

UBS Engage For Impact Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Common stocks
Auto components	2.0	%
Banks	9.0
Beverages	2.5
Biotechnology	2.6
Chemicals	9.6
Commercial services & supplies	0.8
Construction & engineering	2.4
Consumer finance	2.3
Diversified consumer services	0.8
Electric utilities	2.0
Electrical equipment	4.2
Electronic equipment, instruments & components	5.3
Equity real estate investment trusts	1.5
Food & staples retailing	1.3
Food products	11.4
Health care equipment & supplies	5.4
Health care technology	0.7
Hotels, restaurants & leisure	1.7
IT services	0.8
Life sciences tools & services	2.5
Machinery	3.8
Oil, gas & consumable fuels	2.3
Paper & forest products	2.7
Pharmaceuticals	1.6
Professional services	0.9
Road & rail	2.0
Semiconductors & semiconductor equipment	4.5
Software	8.3
Technology hardware, storage & peripherals	0.8
Textiles, apparel & luxury goods	0.5
Total common stocks	96.2
Short-term investments	2.8
Investment of cash collateral from securities loaned	6.2
Total investments	105.2
Liabilities in excess of other assets	(5.2	)
Net assets	100.0	%

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

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—96.2%
Austria—2.3%
Erste Group Bank AG		46,806		1,026,089
Brazil—2.7%
Suzano SA, ADR		149,700		1,235,025
Canada—2.0%
Canadian Pacific Railway Ltd.1		13,645		910,852
China—3.3%
China Mengniu Dairy Co. Ltd.*		374,000		1,478,461
Denmark—2.6%
Genmab A/S*		3,594		1,156,202
France—3.9%
Danone SA		37,303		1,763,883
Germany—1.9%
Infineon Technologies AG		39,483		864,047
Indonesia—4.4%
Bank Mandiri Persero Tbk. PT		3,228,300		1,982,306
Ireland—2.3%
AIB Group PLC		432,445		1,052,397
Japan—4.9%
Chugai Pharmaceutical Co. Ltd.		28,200		704,523
JTOWER, Inc.*,1		24,500		1,105,401
Recruit Holdings Co. Ltd.		13,900		400,398
				2,210,322
Norway—1.2%
Mowi ASA		43,990		559,532
Portugal—2.3%
Galp Energia SGPS SA1		110,581		1,063,943
Spain—2.0%
Iberdrola SA		95,666		892,007

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Switzerland—3.9%
Alcon, Inc.		26,507		1,539,671
On Holding AG, Class A*		14,400		231,120
				1,770,791
United Kingdom—7.2%
Linde PLC		5,772		1,556,073
Spectris PLC		55,452		1,675,640
				3,231,713
United States—49.3%
American Well Corp., Class A*,1		85,353		306,417
Aptiv PLC*		11,828		925,068
Autodesk, Inc.*		6,906		1,290,041
Bio-Rad Laboratories, Inc., Class A*		1,827		762,115
Bunge Ltd.		16,505		1,362,818
CF Industries Holdings, Inc.		13,070		1,257,987
Coursera, Inc.*		34,660		373,635
Digital Realty Trust, Inc.		6,888		683,152
Diversey Holdings Ltd.*		62,075		301,684
Ecolab, Inc.		8,423		1,216,450
Ingersoll Rand, Inc.		39,427		1,705,612
LivaNova PLC*		17,729		900,101
Maravai LifeSciences Holdings, Inc., Class A*		13,824		352,927
Micron Technology, Inc.		23,518		1,178,252
Montrose Environmental Group, Inc.*		10,158		341,817
Primo Water Corp.		90,326		1,133,591
Pure Storage, Inc., Class A*		13,000		355,810
Regal Rexnord Corp.		13,449		1,887,702
Roper Technologies, Inc.		2,145		771,428
SLM Corp.		75,569		1,057,210
Snowflake, Inc., Class A*		2,136		363,034
Sprouts Farmers Market, Inc.*		20,666		573,481
Sweetgreen, Inc., Class A*,1		42,300		782,550
Trimble, Inc.*		13,147		713,488

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
VMware, Inc., Class A		15,656		1,666,738
				22,263,108
Total common stocks (cost—$53,076,948)				43,460,678
Short-term investments—2.8%
Investment companies—2.8%
State Street Institutional U.S. Government Money Market Fund, 2.940%2 (cost—$1,251,883)		1,251,883		1,251,883
Investment of cash collateral from securities loaned—6.2%
Money market funds—6.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%2 (cost—$2,806,082)		2,806,082		2,806,082
Total investments (cost—$57,134,913)3—105.2%				47,518,643
Liabilities in excess of other assets—(5.2)%				(2,363,069	)
Net assets—100.0%			$	45,155,574

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		26,196,179		17,264,499		—		43,460,678
Short-term investments		—		1,251,883		—		1,251,883
Investment of cash collateral from securities loaned		—		2,806,082		—		2,806,082
Total		26,196,179		21,322,464		—		47,518,643

At September 30, 2022, there were no transfers in or out of Level 3.

UBS Engage For Impact Fund

Portfolio of investments – September 30, 2022 (unaudited)

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 Rates shown reflect yield at September 30, 2022.

3 Includes $3,748,028 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,806,082 and non-cash collateral of $1,140,034.

UBS International Sustainable Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Common stocks
Auto components	2.3	%
Automobiles	4.2
Banks	11.3
Biotechnology	2.3
Capital markets	2.5
Chemicals	3.3
Commercial services & supplies	1.4
Construction & engineering	1.5
Diversified financial services	1.1
Diversified telecommunication services	3.0
Electrical equipment	1.0
Electronic equipment, instruments & components	1.4
Energy equipment & services	2.2
Entertainment	2.9
Food products	6.6
Health care equipment & supplies	2.9
Household durables	1.9
Industrial conglomerates	1.1
Insurance	7.0
Interactive media & services	1.0
Internet & direct marketing retail	3.7
IT services	2.1
Leisure products	0.5
Machinery	2.3
Oil, gas & consumable fuels	4.1
Paper & forest products	1.6
Personal products	2.2
Pharmaceuticals	4.8
Professional services	1.2
Road & rail	1.1
Semiconductors & semiconductor equipment	4.6
Software	4.2
Specialty retail	0.5
Textiles, apparel & luxury goods	1.5
Trading companies & distributors	2.9
Wireless telecommunication services	1.3
Total common stocks	99.5
Investment of cash collateral from securities loaned	4.2	%
Total investments	103.7
Liabilities in excess of other assets	(3.7	)
Net assets	100.0	%

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

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—99.5%
Australia—1.4%
Brambles Ltd.		348,215		2,547,346
Belgium—0.9%
Galapagos NV*		36,815		1,583,053
Brazil—3.5%
Banco Bradesco SA, ADR		414,490		1,525,323
MercadoLibre, Inc.*		2,319		1,919,622
Suzano SA		342,000		2,821,285
				6,266,230
Canada—3.5%
Canadian Pacific Railway Ltd.1		27,985		1,868,098
Royal Bank of Canada		48,558		4,371,925
				6,240,023
China—8.5%
Alibaba Group Holding Ltd., ADR*		28,558		2,284,354
China Mengniu Dairy Co. Ltd.*		438,000		1,731,459
Li Auto, Inc., ADR*		69,700		1,603,797
Meituan, Class B*,2		114,800		2,412,688
NXP Semiconductors NV		11,961		1,764,367
Ping An Insurance Group Co. of China Ltd., Class H		536,000		2,673,994
Tencent Holdings Ltd.		51,200		1,729,347
Zhongsheng Group Holdings Ltd.		227,000		900,131
				15,100,137
Denmark—1.4%
Genmab A/S*		7,735		2,488,376
Finland—1.7%
Metso Outotec Oyj		453,520		3,007,550
France—7.3%
AXA SA		171,860		3,752,203
Cie Generale des Etablissements Michelin SCA		115,385		2,585,281
Danone SA		86,139		4,073,108

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
France—(concluded)
Ubisoft Entertainment SA*		92,991		2,555,627
				12,966,219
Germany—4.4%
CTS Eventim AG & Co. KGaA*		64,330		2,646,657
Infineon Technologies AG		62,263		1,362,565
Knorr-Bremse AG		25,645		1,101,279
LANXESS AG		32,357		941,648
SAP SE		20,634		1,681,571
				7,733,720
Hong Kong—1.5%
Prudential PLC		267,340		2,616,626
India—4.8%
Axis Bank Ltd., GDR		60,416		2,713,735
Infosys Ltd., ADR		130,699		2,217,962
Mahindra & Mahindra Ltd., GDR		232,511		3,627,172
				8,558,869
Indonesia—4.9%
Bank Central Asia Tbk. PT		8,362,500		4,668,277
Bank Mandiri Persero Tbk. PT		6,511,100		3,998,077
				8,666,354
Ireland—1.6%
AIB Group PLC		1,124,067		2,735,527
Italy—2.8%
Infrastrutture Wireless Italiane SpA2		203,987		1,779,690
PRADA SpA		300,400		1,393,072
Prysmian SpA		64,763		1,855,063
				5,027,825
Japan—12.3%
ITOCHU Corp.		95,400		2,302,757
NEC Corp.		46,600		1,492,144
Nippon Telegraph & Telephone Corp.		130,600		3,522,585
OBIC Business Consultants Co. Ltd.		88,700		2,737,776
ORIX Corp.		137,400		1,924,844
Shin-Etsu Chemical Co. Ltd.		19,700		1,949,449
SoftBank Group Corp.		65,800		2,230,033
Sony Group Corp.		51,200		3,298,018

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Japan—(concluded)
Toyota Motor Corp.		169,800		2,219,361
				21,676,967
Netherlands—1.7%
ASML Holding NV		3,652		1,512,946
Koninklijke Philips NV1		94,754		1,458,879
				2,971,825
Norway—2.3%
Equinor ASA		84,374		2,782,546
Mowi ASA		100,414		1,277,219
				4,059,765
Portugal—2.5%
Galp Energia SGPS SA1		455,971		4,387,074
South Korea—4.1%
LG Chem Ltd.		7,904		2,918,436
Samsung Engineering Co. Ltd.*		171,722		2,703,216
SK Hynix, Inc.		27,740		1,586,733
				7,208,385
Switzerland—7.1%
Alcon, Inc.		43,414		2,521,721
Barry Callebaut AG		2,447		4,612,628
Novartis AG, Registered Shares		54,578		4,160,859
On Holding AG, Class A*		76,400		1,226,220
				12,521,428
Taiwan—1.6%
Merida Industry Co. Ltd.		166,000		938,398
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		26,700		1,830,552
				2,768,950
United Kingdom—14.2%
Ashtead Group PLC		63,173		2,837,087
AstraZeneca PLC		39,511		4,343,421
DCC PLC		38,772		2,013,530
London Stock Exchange Group PLC		51,679		4,364,233
RELX PLC		89,609		2,189,662
Sage Group PLC		390,463		3,009,136
Spectris PLC		80,206		2,423,652
Unilever PLC		87,180		3,837,343
				25,018,064
United States—5.5%
Aon PLC, Class A		12,145		3,253,281

UBS International Sustainable Equity Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
United States—(concluded)
Aptiv PLC*		18,497		1,446,650
LivaNova PLC*		21,699		1,101,658
Schlumberger NV		108,504		3,895,294
				9,696,883
Total common stocks (cost—$239,316,339)				175,847,196
Investment of cash collateral from securities loaned—4.2%
Money market funds—4.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%3,4 (cost—$7,552,825)		7,552,825		7,552,825
Total investments (cost—$246,869,164)4—103.7%				183,400,021
Liabilities in excess of other assets—(3.7)%				(6,626,855	)
Net assets—100.0%			$	176,773,166

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		38,899,245		136,947,951		—		175,847,196
Investment of cash collateral from securities loaned		—		7,552,825		—		7,552,825
Total		38,899,245		144,500,776		—		183,400,021

At September 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non-income producing security.

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

2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,192,378, represented 2.3% of the Fund's net assets at period end.

3 Rates shown reflect yield at September 30, 2022.

4 Includes $7,243,529 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $7,552,825 and non-cash collateral of $0.

UBS US Dividend Ruler Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Common stocks
Aerospace & defense	3.2	%
Air freight & logistics	2.1
Banks	4.6
Beverages	5.8
Biotechnology	5.0
Capital markets	3.5
Chemicals	3.0
Commercial services & supplies	1.9
Communications equipment	1.6
Consumer finance	1.6
Electric utilities	4.1
Equity real estate investment trusts	1.8
Health care equipment & supplies	2.2
Health care providers & services	3.9
Hotels, restaurants & leisure	6.0
Household products	3.1
Industrial conglomerates	2.0
Insurance	5.0
IT services	4.1
Oil, gas & consumable fuels	5.9
Pharmaceuticals	4.1
Road & rail	2.0
Semiconductors & semiconductor equipment	7.5
Software	10.4
Specialty retail	2.6
Total common stocks	97.0
Short-term investments	2.3
Total investments	99.3
Other assets in excess of liabilities	0.7
Net assets	100.0	%

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

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—97.0%
Aerospace & defense—3.2%
Raytheon Technologies Corp.		44,073		3,607,816
Air freight & logistics—2.1%
United Parcel Service, Inc., Class B		14,986		2,420,838
Banks—4.6%
JPMorgan Chase & Co.		24,657		2,576,657
Truist Financial Corp.		60,873		2,650,410
				5,227,067
Beverages—5.8%
Coca-Cola Co.		65,493		3,668,918
Diageo PLC, ADR		17,028		2,891,525
				6,560,443
Biotechnology—5.0%
AbbVie, Inc.		27,631		3,708,357
Amgen, Inc.		8,743		1,970,672
				5,679,029
Capital markets—3.5%
BlackRock, Inc.		4,075		2,242,391
Morgan Stanley		22,565		1,782,861
				4,025,252
Chemicals—3.0%
Linde PLC		12,861		3,467,197
Commercial services & supplies—1.9%
Republic Services, Inc.		16,345		2,223,574
Communications equipment—1.6%
Cisco Systems, Inc.		45,339		1,813,560
Consumer finance—1.6%
Discover Financial Services		19,957		1,814,490
Electric utilities—4.1%
American Electric Power Co., Inc.		22,205		1,919,622

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electric utilities—(concluded)
NextEra Energy, Inc.		35,889		2,814,057
				4,733,679
Equity real estate investment trusts—1.8%
Prologis, Inc.		20,000		2,032,000
Health care equipment & supplies—2.2%
Abbott Laboratories		26,370		2,551,561
Health care providers & services—3.9%
UnitedHealth Group, Inc.		8,743		4,415,565
Hotels, restaurants & leisure—6.0%
McDonald's Corp.		16,361		3,775,137
Starbucks Corp.		35,751		3,012,379
				6,787,516
Household products—3.1%
Procter & Gamble Co.		27,705		3,497,756
Industrial conglomerates—2.0%
Honeywell International, Inc.		13,549		2,262,277
Insurance—5.0%
Chubb Ltd.		17,488		3,180,717
Marsh & McLennan Cos., Inc.		17,120		2,555,845
				5,736,562
IT services—4.1%
Accenture PLC, Class A		10,840		2,789,132
Automatic Data Processing, Inc.		8,273		1,871,270
				4,660,402
Oil, gas & consumable fuels—5.9%
EOG Resources, Inc.		34,347		3,837,590
Phillips 66		35,189		2,840,456
				6,678,046
Pharmaceuticals—4.1%
Johnson & Johnson		28,561		4,665,725

UBS US Dividend Ruler Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Road & rail—2.0%
Union Pacific Corp.		11,761		2,291,278
Semiconductors & semiconductor equipment—7.5%
Analog Devices, Inc.		18,417		2,566,225
Broadcom, Inc.		6,898		3,062,781
Texas Instruments, Inc.		18,939		2,931,378
				8,560,384
Software—10.4%
Microsoft Corp.		39,741		9,255,679
Oracle Corp.		42,737		2,609,948
				11,865,627
Specialty retail—2.6%
Home Depot, Inc.		10,567		2,915,858
Total common stocks (cost—$120,996,564)				110,493,502
Short-term investments—2.3%
Investment companies—2.3%
State Street Institutional U.S. Government Money Market Fund, 2.940%1 (cost—$2,561,179)		2,561,179		2,561,179
Total investments (cost—$123,557,743)—99.3%				113,054,681
Other assets in excess of liabilities—0.7%				852,763
Net assets—100.0%			$	113,907,444

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 US Dividend Ruler Fund

Portfolio of investments – September 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Assets
Common stocks		110,493,502		—		—		110,493,502
Short-term investments		—		2,561,179		—		2,561,179
Total		110,493,502		2,561,179		—		113,054,681

At September 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

1 Rates shown reflect yield at September 30, 2022.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—97.7%
Capital markets—2.8%
Ameriprise Financial, Inc.		10,566		2,662,104
S&P Global, Inc.		6,355		1,940,499
				4,602,603
Chemicals—1.6%
Sherwin-Williams Co.		12,779		2,616,500
Electrical equipment—0.9%
Rockwell Automation, Inc.		6,947		1,494,369
Energy equipment & services—1.4%
Schlumberger NV		61,548		2,209,573
Equity real estate investment trusts—2.0%
American Tower Corp.		15,527		3,333,647
Food & staples retailing—2.8%
Costco Wholesale Corp.		9,513		4,492,704
Health care equipment & supplies—6.6%
Abbott Laboratories		39,914		3,862,079
Boston Scientific Corp.*		106,374		4,119,865
Intuitive Surgical, Inc.*		14,916		2,795,855
				10,777,799
Health care providers & services—3.9%
UnitedHealth Group, Inc.		12,564		6,345,323
Hotels, restaurants & leisure—1.3%
Booking Holdings, Inc.*		1,277		2,098,379
Household products—1.5%
Procter & Gamble Co.		19,779		2,497,099
Industrial conglomerates—1.9%
Honeywell International, Inc.		18,901		3,155,900
Interactive media & services—8.5%
Alphabet, Inc., Class A*		145,438		13,911,145
Internet & direct marketing retail—8.2%
Amazon.com, Inc.*		118,022		13,336,486

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—6.1%
Fidelity National Information Services, Inc.		38,256		2,891,006
Visa, Inc., Class A		40,017		7,109,020
				10,000,026
Life sciences tools & services—3.6%
Danaher Corp.		12,794		3,304,562
Thermo Fisher Scientific, Inc.		5,025		2,548,630
				5,853,192
Machinery—1.6%
Parker-Hannifin Corp.		10,744		2,603,379
Multiline retail—1.5%
Dollar General Corp.		10,304		2,471,517
Personal products—1.6%
Estee Lauder Cos., Inc., Class A		12,198		2,633,548
Pharmaceuticals—1.4%
Eli Lilly & Co.		6,804		2,200,073
Road & rail—2.0%
Union Pacific Corp.		16,673		3,248,234
Semiconductors & semiconductor equipment—4.7%
Applied Materials, Inc.		43,185		3,538,147
Texas Instruments, Inc.		26,466		4,096,408
				7,634,555
Software—17.2%
Microsoft Corp.		89,818		20,918,612
Palo Alto Networks, Inc.*		18,589		3,044,692
Salesforce, Inc.*		27,914		4,015,150
				27,978,454
Specialty retail—5.9%
Home Depot, Inc.		11,626		3,208,078
O'Reilly Automotive, Inc.*		4,127		2,902,726

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Specialty retail—(concluded)
TJX Cos., Inc.		55,300		3,435,236
				9,546,040
Technology hardware, storage & peripherals—7.2%
Apple, Inc.		84,525		11,681,355
Textiles, apparel & luxury goods—1.5%
Nike, Inc., Class B		29,338		2,438,575
Total common stocks (cost—$188,407,799)				159,160,475
Short-term investments—2.2%
Investment companies—2.2%
State Street Institutional U.S. Government Money Market Fund, 2.940%1 (cost—$3,675,635)		3,675,635		3,675,635
Total investments (cost—$192,083,434)—99.9%				162,836,110
Other assets in excess of liabilities—0.1%				137,047
Net assets—100.0%			$	162,973,157

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

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)		Unobservable inputs (Level 3) ($)		Total ($)
Assets
Common stocks		159,160,475		—		—		159,160,475
Short-term investments		—		3,675,635		—		3,675,635
Total		159,160,475		3,675,635		—		162,836,110

At September 30, 2022, there were no transfers in or out of Level 3.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – September 30, 2022 (unaudited)

Portfolio footnotes

* Non-income producing security.

1 Rates shown reflect yield at September 30, 2022.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—95.6%
Air freight & logistics—1.6%
Forward Air Corp.	21,937	1,980,034
Auto components—1.8%
Visteon Corp.*	21,215	2,250,063
Banks—6.3%
First Bancorp/Southern Pines NC	53,268	1,948,544
National Bank Holdings Corp., Class A	33,957	1,256,069
Texas Capital Bancshares, Inc.*	22,773	1,344,290
Veritex Holdings, Inc.	58,657	1,559,690
Webster Financial Corp.	39,481	1,784,541
		7,893,134
Beverages—0.9%
Duckhorn Portfolio, Inc.*,1	80,582	1,162,798
Biotechnology—6.6%
Allogene Therapeutics, Inc.*,1	64,931	701,255
Argenx SE, ADR*	2,390	843,790
IGM Biosciences, Inc.*,1	18,019	409,752
Immunocore Holdings PLC, ADR*	14,242	668,519
Insmed, Inc.*	36,151	778,693
Intellia Therapeutics, Inc.*	11,302	632,460
Kymera Therapeutics, Inc.*	25,248	549,649
MeiraGTx Holdings PLC*	41,126	345,870
Nurix Therapeutics, Inc.*,1	36,949	481,445
PMV Pharmaceuticals, Inc.*,1	23,641	281,328
Relay Therapeutics, Inc.*	32,808	733,915
Repare Therapeutics, Inc.*,1	21,002	254,754
Xencor, Inc.*	33,728	876,253
Zentalis Pharmaceuticals, Inc.*	33,689	729,704
		8,287,387
Building products—0.9%
Simpson Manufacturing Co., Inc.	14,553	1,140,955
Chemicals—0.4%
Aspen Aerogels, Inc.*	49,285	454,408
Construction & engineering—3.2%
Ameresco, Inc., Class A*	36,300	2,413,224

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Construction & engineering—(concluded)
MasTec, Inc.*	25,599	1,625,537
		4,038,761
Electrical equipment—2.6%
Regal Rexnord Corp.	18,074	2,536,867
Shoals Technologies Group, Inc., Class A*	35,152	757,525
		3,294,392
Equity real estate investment trusts—2.4%
Ryman Hospitality Properties, Inc.	39,694	2,921,081
Food & staples retailing—2.5%
Performance Food Group Co.*	71,538	3,072,557
Health care equipment & supplies—5.4%
AtriCure, Inc.*	37,239	1,456,045
Inspire Medical Systems, Inc.*	9,940	1,763,058
Silk Road Medical, Inc.*	34,648	1,559,160
STAAR Surgical Co.*	27,240	1,921,782
		6,700,045
Health care providers & services—4.4%
Castle Biosciences, Inc.*	22,173	578,272
LHC Group, Inc.*	10,827	1,771,947
R1 RCM, Inc.*	103,372	1,915,483
Surgery Partners, Inc.*	52,117	1,219,538
		5,485,240
Hotels, restaurants & leisure—6.6%
Bloomin' Brands, Inc.	73,623	1,349,510
Churchill Downs, Inc.	8,568	1,577,797
Dave & Buster's Entertainment, Inc.*	37,228	1,155,185
Planet Fitness, Inc., Class A*	27,872	1,607,100
Six Flags Entertainment Corp.*	63,075	1,116,427
Wyndham Hotels & Resorts, Inc.	24,151	1,481,664
		8,287,683
Household durables—0.9%
TopBuild Corp.*	6,909	1,138,465

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
IT services—5.2%
DigitalOcean Holdings, Inc.*	42,287	1,529,521
Jack Henry & Associates, Inc.	14,431	2,630,338
Shift4 Payments, Inc., Class A*	41,212	1,838,467
Wix.com Ltd.*	5,595	437,697
		6,436,023
Life sciences tools & services—5.4%
Azenta, Inc.	31,945	1,369,163
Medpace Holdings, Inc.*	15,784	2,480,771
NanoString Technologies, Inc.*	28,056	358,275
NeoGenomics, Inc.*	41,850	360,328
Repligen Corp.*	11,560	2,162,992
		6,731,529
Machinery—5.5%
Astec Industries, Inc.	13,045	406,873
Chart Industries, Inc.*	23,556	4,342,549
Evoqua Water Technologies Corp.*	64,943	2,147,665
		6,897,087
Media—0.4%
Magnite, Inc.*	82,200	540,054
Multiline retail—1.1%
Ollie's Bargain Outlet Holdings, Inc.*	26,883	1,387,163
Oil, gas & consumable fuels—4.3%
Chesapeake Energy Corp.1	21,917	2,064,800
Matador Resources Co.	28,076	1,373,478
Ovintiv, Inc.	41,966	1,930,436
		5,368,714
Pharmaceuticals—1.4%
Arvinas, Inc.*	21,332	949,061
Intra-Cellular Therapies, Inc.*	17,704	823,767
		1,772,828
Professional services—1.9%
KBR, Inc.	35,953	1,553,889

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Professional services—(concluded)
Sterling Check Corp.*,1	47,465		837,282
			2,391,171
Semiconductors & semiconductor equipment—4.4%
Lattice Semiconductor Corp.*	41,807		2,057,323
MaxLinear, Inc.*	49,886		1,627,281
Universal Display Corp.	19,375		1,828,031
			5,512,635
Software—10.9%
Alteryx, Inc., Class A*	35,722		1,994,716
Clearwater Analytics Holdings, Inc., Class A*,1	40,289		676,452
CyberArk Software Ltd.*	13,303		1,994,652
Elastic NV*	25,486		1,828,366
ForgeRock, Inc., Class A*	30,900		448,977
HashiCorp, Inc., Class A*,1	10,700		344,433
Jamf Holding Corp.*,1	71,442		1,583,155
Sumo Logic, Inc.*	229,833		1,723,748
Tenable Holdings, Inc.*	47,803		1,663,544
Varonis Systems, Inc.*	52,463		1,391,319
			13,649,362
Specialty retail—1.9%
Children's Place, Inc.*	20,891		645,323
National Vision Holdings, Inc.*	50,899		1,661,852
			2,307,175
Technology hardware, storage & peripherals—2.3%
Pure Storage, Inc., Class A*	103,035		2,820,068
Textiles, apparel & luxury goods—1.0%
Tapestry, Inc.	44,890		1,276,223
Thrifts & mortgage finance—0.7%
Essent Group Ltd.	23,274		811,564
Trading companies & distributors—2.7%
Boise Cascade Co.		27,527		1,636,755

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Trading companies & distributors—(concluded)
Herc Holdings, Inc.		17,120		1,778,426
				3,415,181
Total common stocks (cost—$134,108,143)				119,423,780
Exchange traded funds—0.6%
iShares Russell 2000 Growth ETF   (cost—$782,648)		3,800		785,042
Short-term investments—3.9%
Investment companies—3.9%
State Street Institutional U.S. Government Money Market Fund, 2.940%2 (cost—$4,861,781)		4,861,781		4,861,781
Investment of cash collateral from securities loaned—2.3%
Money market funds—2.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%2 (cost—$2,872,221)		2,872,221		2,872,221
Total investments (cost—$142,624,793)3—102.4%				127,942,824
Liabilities in excess of other assets—(2.4)%				(3,057,984	)
Net assets—100.0%			$	124,884,840

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

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Common stocks	119,423,780	—	—	119,423,780
Exchange traded funds	785,042	—	—	785,042
Short-term investments	—	4,861,781	—	4,861,781
Investment of cash collateral from securities loaned	—	2,872,221	—	2,872,221
Total	120,208,822	7,734,002	—	127,942,824

At September 30, 2022, there were no transfers in or out of Level 3.

UBS U.S. Small Cap Growth Fund

Portfolio of investments – September 30, 2022 (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, 2022.

3 Includes $6,502,710 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,872,221 and non-cash collateral of $3,784,552.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—2.7%
Supranationals—2.7%
Inter-American Development Bank
3.500%, due 09/14/29		150,000		144,012
Nordic Investment Bank
3.375%, due 09/08/27		1,900,000		1,837,761
Total corporate bonds (cost—$1,992,882)				1,981,773
Non-U.S. government agency obligations—96.1%
Germany—2.9%
Kreditanstalt fuer Wiederaufbau
0.625%, due 01/22/26		750,000		664,860
2.000%, due 05/02/25		100,000		94,205
2.875%, due 04/03/28		1,500,000		1,402,590
				2,161,655
Supranationals—93.2%
African Development Bank
0.750%, due 04/03/23		300,000		295,050
7.375%, due 04/06/23		300,000		304,444
Series GDIF,
0.875%, due 03/23/26		500,000		443,485
Series GDIF,
0.875%, due 07/22/26		2,500,000		2,199,910
Series GDIF,
2.125%, due 11/16/22		200,000		199,710
Agence Francaise de Developpement EPIC
0.625%, due 01/22/261		3,000,000		2,647,739
Asian Development Bank
0.750%, due 10/08/30		600,000		464,454
1.500%, due 03/04/31		1,300,000		1,067,198
1.750%, due 09/19/29		700,000		600,494
1.875%, due 03/15/29		300,000		261,909
1.875%, due 01/24/30		700,000		601,165
3.125%, due 09/26/28		400,000		375,512
Asian Infrastructure Investment Bank
0.500%, due 05/28/25		1,300,000		1,169,840
0.500%, due 01/27/26		1,600,000		1,398,861
Council of Europe Development Bank
0.875%, due 09/22/26		1,500,000		1,310,264
1.375%, due 02/27/25		1,300,000		1,211,379
2.500%, due 02/27/24		650,000		633,821

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
European Bank for Reconstruction & Development
0.500%, due 05/19/25		400,000		361,781
0.500%, due 11/25/25		500,000		442,341
0.500%, due 01/28/26		2,000,000		1,760,363
1.500%, due 02/13/25		600,000		561,597
2.750%, due 03/07/23		200,000		198,976
European Investment Bank
0.375%, due 03/26/26		100,000		87,380
0.625%, due 07/25/25		250,000		225,568
0.625%, due 10/21/27		600,000		503,633
1.250%, due 02/14/312		900,000		729,495
1.875%, due 02/10/25		700,000		661,751
2.625%, due 03/15/242		225,000		219,537
IDB Trust Services Ltd.
0.908%, due 06/25/251		400,000		362,020
1.809%, due 02/26/251		400,000		375,688
2.843%, due 04/25/241		1,800,000		1,755,562
3.389%, due 09/26/231		800,000		791,834
Inter-American Development Bank
0.625%, due 07/15/25		850,000		766,815
0.625%, due 09/16/27		1,100,000		923,934
0.875%, due 04/20/26		200,000		177,262
1.125%, due 07/20/28		2,600,000		2,189,460
1.125%, due 01/13/31		4,800,000		3,825,506
1.500%, due 01/13/27		500,000		447,064
2.000%, due 06/02/26		1,700,000		1,565,156
2.000%, due 07/23/26		630,000		578,875
2.250%, due 06/18/29		3,800,000		3,380,024
2.375%, due 07/07/27		1,285,000		1,183,059
3.000%, due 10/04/23		300,000		296,639
3.125%, due 09/18/28		2,650,000		2,494,020
Inter-American Investment Corp.
0.625%, due 02/10/261		500,000		440,180
1.750%, due 10/02/241		1,400,000		1,329,430
International Bank for Reconstruction & Development
0.750%, due 11/24/27		2,200,000		1,850,266
0.750%, due 08/26/30		2,500,000		1,935,650
0.875%, due 05/14/30		2,400,000		1,894,224
1.125%, due 09/13/28		1,900,000		1,591,934
1.250%, due 02/10/31		2,300,000		1,852,215
1.625%, due 11/03/31		2,700,000		2,216,411
2.500%, due 03/29/32		2,100,000		1,850,074

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

 

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Supranationals—(concluded)
Series GDIF,
1.375%, due 04/20/28		800,000		686,936
Series GDIF,
1.750%, due 10/23/29		3,760,000		3,227,629
Series GDIF,
2.500%, due 11/22/27		1,000,000		921,181
International Development Association
0.875%, due 04/28/261		200,000		177,941
1.000%, due 12/03/301		2,200,000		1,732,691
2.750%, due 04/24/231		250,000		247,933
Series GDIF,
0.750%, due 06/10/271		1,500,000		1,280,927
International Finance Corp.
0.375%, due 07/16/25		600,000		537,888
0.750%, due 10/08/26		1,100,000		956,010
0.750%, due 08/27/30		1,250,000		978,212
1.375%, due 10/16/24		100,000		94,255
2.125%, due 04/07/26		875,000		811,440
Nordic Investment Bank
0.500%, due 01/21/26		800,000		710,670
2.875%, due 07/19/23		300,000		296,457
				69,671,129
Total non-U.S. government agency obligations (cost—$81,564,906)				71,832,784

	Number of shares
Short-term investments—1.2%
Investment companies—1.2%
State Street Institutional U.S. Government Money Market Fund, 2.940%  (cost—$873,938)		873,938		873,938
Investment of cash collateral from securities loaned—1.1%
Money market funds—1.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%3 (cost—$860,125)		860,125		860,125
Total investments (cost—$85,291,851)4—101.1%				75,548,620
Liabilities in excess of other assets—(1.1)%				(830,160	)
Net assets—100.0%			$	74,718,460

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

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund's  investments. In the event a Fund  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)	Other significant observable inputs (Level 2) ($)	Unobservable inputs (Level 3) ($)	Total ($)
Corporate bonds	—	1,981,773	—	1,981,773
Non-U.S. government agency obligations	—	71,832,784	—	71,832,784
Short-term investments	—	873,938	—	873,938
Investment of cash collateral from securities loaned	—	860,125	—	860,125
Total	—	75,548,620	—	75,548,620

At September 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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

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, 2022.

4 Includes $855,674 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $873,938 and non-cash collateral of $0.

UBS Multi Income Bond Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of September 30, 2022

Corporate bonds
Airlines	1.9	%
Auto manufacturers	6.7
Banks	11.2
Beverages	0.6
Biotechnology	0.4
Building materials	1.3
Chemicals	2.0
Commercial services	2.8
Computers	1.6
Diversified financial services	6.0
Electric	1.6
Electrical components & equipment	1.0
Entertainment	1.2
Environmental control	0.5
Food	0.1
Healthcare-products	1.3
Healthcare-services	0.7
Home builders	0.9
Housewares	0.7
Insurance	1.3
Internet	0.9
Lodging	0.7
Media	3.1
Mining	2.5
Miscellaneous manufacturers	2.1
Oil & gas	6.5
Packaging & containers	0.7
Pharmaceuticals	0.9
Pipelines	4.4
Real estate	0.2
Real estate investment trusts	1.5
Retail	1.1
Semiconductors	1.3
Software	0.7
Telecommunications	4.6
Transportation	0.3
Total corporate bonds	75.3
Asset-backed security	0.4	%
Mortgage-backed securities	11.0
Municipal bonds	3.8
Non-U.S. government agency obligations	3.1
U.S. Treasury obligations	4.1
Short-term investments	1.0
Investment of cash collateral from securities loaned	1.8
Total investments	100.5
Liabilities in excess of other assets	(0.5	)
Net assets	100.0	%

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

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Asset-backed security—0.4%
United States—0.4%
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
4.243%, due 03/17/371,2
(cost—$99,986)		99,986		98,394
Corporate bonds—75.3%
Australia—0.4%
Glencore Funding LLC
4.000%, due 04/16/251		100,000		96,520
Belgium—0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		165,000		143,398
Brazil—0.8%
Petrobras Global Finance BV
7.375%, due 01/17/27		200,000		205,250
Canada—2.0%
NOVA Chemicals Corp.
5.250%, due 06/01/271		250,000		212,500
Rogers Communications, Inc.
5.000%, due 03/15/44		60,000		49,206
Teck Resources Ltd.
3.900%, due 07/15/30		300,000		255,198
				516,904
China—0.5%
Agile Group Holdings Ltd.
5.750%, due 01/02/253		200,000		59,163
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26		65,000		60,775
				119,938
Colombia—1.1%
Ecopetrol SA
4.125%, due 01/16/25		250,000		227,703

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Colombia—(concluded)
5.375%, due 06/26/26		70,000		63,276
				290,979
Germany—3.1%
BMW US Capital LLC
2.800%, due 04/11/261		400,000		370,158
Volkswagen Group of America Finance LLC
3.950%, due 06/06/251		250,000		240,142
4.625%, due 11/13/251		200,000		195,549
				805,849
Ireland—1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.450%, due 04/03/26		300,000		279,870
Avolon Holdings Funding Ltd.
2.875%, due 02/15/251		50,000		45,230
				325,100
Norway—1.2%
Aker BP ASA
2.875%, due 01/15/261		350,000		317,856
Peru—0.2%
Southern Copper Corp.
6.750%, due 04/16/40		40,000		41,100
Qatar—0.9%
QNB Finance Ltd.
2.750%, due 02/12/273		250,000		225,203
Singapore—0.9%
BOC Aviation Ltd.
3.250%, due 04/29/253		250,000		235,516
United Kingdom—2.7%
Barclays PLC
4.836%, due 05/09/28		200,000		174,341
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		94,248
Lloyds Banking Group PLC
4.582%, due 12/10/254		200,000		188,678

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United Kingdom—(concluded)
NatWest Group PLC
3.875%, due 09/12/23		250,000		246,422
				703,689
United States—59.7%
Abbott Laboratories
3.750%, due 11/30/264		95,000		92,136
AbbVie, Inc.
4.500%, due 05/14/35		100,000		88,965
AEP Texas, Inc.,
Series E,
6.650%, due 02/15/33		50,000		50,415
Series G,
4.150%, due 05/01/49		50,000		37,895
Air Lease Corp.
2.875%, due 01/15/26		50,000		44,758
American International Group, Inc.
2.500%, due 06/30/25		50,000		46,650
Apple, Inc.
4.650%, due 02/23/46		100,000		93,511
Arconic Corp.
6.000%, due 05/15/251		250,000		240,641
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250%, due 04/30/251		200,000		187,121
Asbury Automotive Group, Inc.
4.500%, due 03/01/28		150,000		126,750
AT&T, Inc.
3.800%, due 12/01/57		58,000		39,182
4.300%, due 02/15/30		300,000		274,102
Avantor Funding, Inc.
4.625%, due 07/15/281		275,000		244,735
Bank of America Corp.
4.200%, due 08/26/24		250,000		245,902
6.110%, due 01/29/37		125,000		120,309
Series DD,
(fixed, converts to FRN on 03/10/26),
6.300%, due 03/10/265		110,000		108,053
Bank of New York Mellon Corp.
1.600%, due 04/24/25		100,000		92,363
Boyd Gaming Corp.
4.750%, due 12/01/274		200,000		177,002
BP Capital Markets America, Inc.
3.017%, due 01/16/27		50,000		45,665

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Bristol-Myers Squibb Co.
3.200%, due 06/15/26		99,000		93,692
4.125%, due 06/15/39		50,000		43,699
Broadcom, Inc.
3.137%, due 11/15/351		300,000		210,210
Capital One Financial Corp.
3.750%, due 07/28/26		300,000		277,361
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/261		75,000		71,062
Charter Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		350,000		314,225
Citigroup, Inc.
5.500%, due 09/13/25		300,000		299,533
6.675%, due 09/13/43		25,000		25,457
Comcast Corp.
2.887%, due 11/01/51		64,000		40,079
2.937%, due 11/01/56		67,000		39,991
3.969%, due 11/01/47		38,000		29,055
ConocoPhillips Co.
3.758%, due 03/15/421		250,000		201,449
Continental Resources, Inc.
4.375%, due 01/15/28		250,000		224,369
Covanta Holding Corp.
4.875%, due 12/01/291		150,000		121,239
DCP Midstream Operating LP
5.375%, due 07/15/25		250,000		242,785
Dell International LLC/EMC Corp.
5.850%, due 07/15/25		250,000		251,920
Delta Air Lines, Inc.
7.000%, due 05/01/251		300,000		301,936
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		50,000		40,377
DuPont de Nemours, Inc.
4.725%, due 11/15/284		100,000		95,097
Enact Holdings, Inc.
6.500%, due 08/15/251		250,000		238,922
Energy Transfer LP
5.400%, due 10/01/47		50,000		40,484
5.500%, due 06/01/27		50,000		48,705
EQT Corp.
3.900%, due 10/01/27		370,000		336,699
Exelon Corp.
3.400%, due 04/15/26		250,000		235,326

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
4.450%, due 04/15/46		50,000		40,812
Expedia Group, Inc.
3.800%, due 02/15/28		250,000		222,022
FedEx Corp.
4.550%, due 04/01/46		50,000		39,557
Ford Motor Credit Co. LLC
4.542%, due 08/01/26		300,000		267,119
Fox Corp.
3.050%, due 04/07/25		25,000		23,812
5.576%, due 01/25/49		25,000		21,379
GE Capital International Funding Co. Unlimited Co.
3.373%, due 11/15/25		200,000		190,550
General Electric Co.,
Series D,
3 mo. USD LIBOR + 3.330%,
6.623%, due 12/15/222,5		99,000		92,583
General Motors Co.
6.125%, due 10/01/25		100,000		100,043
6.600%, due 04/01/36		300,000		280,478
Gilead Sciences, Inc.
3.650%, due 03/01/26		75,000		71,289
4.750%, due 03/01/46		50,000		43,516
GLP Capital LP/GLP Financing II, Inc.
5.250%, due 06/01/25		200,000		193,316
Goldman Sachs Group, Inc.
3.750%, due 02/25/26		200,000		189,438
5.150%, due 05/22/45		30,000		25,033
Harley-Davidson Financial Services, Inc.
3.350%, due 06/08/251		300,000		281,081
HCA, Inc.
5.250%, due 06/15/26		200,000		193,267
Hillenbrand, Inc.
5.750%, due 06/15/25		200,000		195,000
Home Depot, Inc.
2.125%, due 09/15/26		100,000		90,669
Illinois Tool Works, Inc.
2.650%, due 11/15/264		80,000		74,251
International Game Technology PLC
6.500%, due 02/15/251		300,000		299,250
iStar, Inc.
4.750%, due 10/01/24		200,000		197,240

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/29		150,000		132,686
3.875%, due 09/10/24		350,000		342,281
Series I,
3 mo. USD LIBOR + 3.470%,
6.276%, due 01/30/232,5		97,000		96,999
Kinder Morgan, Inc.
4.300%, due 03/01/28		350,000		327,547
5.550%, due 06/01/45		40,000		34,848
Kroger Co.
6.900%, due 04/15/38		25,000		26,844
Liberty Mutual Group, Inc.
4.250%, due 06/15/231		45,000		44,579
4.569%, due 02/01/291		155,000		142,766
Lumen Technologies, Inc.
5.625%, due 04/01/25		200,000		194,000
LYB International Finance BV
4.875%, due 03/15/44		50,000		40,657
Marathon Petroleum Corp.
4.750%, due 09/15/44		70,000		56,152
Masco Corp.
1.500%, due 02/15/28		400,000		322,754
McDonald's Corp.
4.875%, due 12/09/45		75,000		66,383
MetLife, Inc.
6.400%, due 12/15/36		110,000		106,070
Microsoft Corp.
2.525%, due 06/01/50		100,000		65,334
Morgan Stanley
4.300%, due 01/27/45		50,000		39,577
4.350%, due 09/08/26		140,000		133,339
Series M,
3 mo. USD LIBOR + 4.435%,
5.875%, due 09/15/262,5		105,000		101,424
MPLX LP
4.875%, due 06/01/25		70,000		68,597
Newell Brands, Inc.
4.875%, due 06/01/25		200,000		193,340
Olin Corp.
5.125%, due 09/15/27		200,000		180,724
OneMain Finance Corp.
6.875%, due 03/15/25		200,000		187,970

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
United States—(continued)
Oracle Corp.
2.800%, due 04/01/27		100,000		88,255
4.000%, due 11/15/47		50,000		33,502
QUALCOMM, Inc.
3.250%, due 05/20/27		60,000		56,179
Quanta Services, Inc.
0.950%, due 10/01/24		400,000		365,223
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
2.875%, due 10/15/261		300,000		246,000
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		400,000		383,752
Seagate HDD Cayman
5.750%, due 12/01/34		80,000		63,531
Sirius XM Radio, Inc.
3.125%, due 09/01/261		250,000		219,556
Southwest Airlines Co.
3.000%, due 11/15/26		200,000		181,814
Sprint Corp.
7.125%, due 06/15/24		250,000		253,740
Toll Brothers Finance Corp.
4.875%, due 03/15/27		250,000		229,467
Union Pacific Corp.
4.050%, due 11/15/45		40,000		31,631
United Rentals North America, Inc.
5.500%, due 05/15/27		300,000		289,906
Verizon Communications, Inc.
4.329%, due 09/21/284		400,000		376,369
Walt Disney Co.
4.950%, due 10/15/45		50,000		45,206
WESCO Distribution, Inc.
7.125%, due 06/15/251		250,000		250,137

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(concluded)
United States—(concluded)
Yale University,
Series 2020,
1.482%, due 04/15/30		100,000		80,047
				15,410,718
Total corporate bonds (cost—$21,097,288)				19,438,020
Mortgage-backed securities—11.0%
United States—11.0%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF3, Class B,
2.511%, due 10/15/541		150,000		111,574
BAMLL Commercial Mortgage Securities Trust,
Series 2015-200P, Class D,
3.716%, due 04/14/331,6		100,000		89,148
BBCMS Trust,
Series 2015-SRCH, Class B,
4.498%, due 08/10/351		135,000		120,836
BX Commercial Mortgage Trust,
Series 2021-SOAR, Class D,
1 mo. USD LIBOR + 1.400%,
4.218%, due 06/15/381,2		148,872		139,919
BX Mortgage Trust,
Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
4.116%, due 10/15/361,2		175,000		160,593
BX Trust,
Series 2021-LGCY, Class D,
1 mo. USD LIBOR + 1.302%,
4.120%, due 10/15/231,2		400,000		367,194
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
5.068%, due 07/15/381,2		347,859		333,041
FREMF Mortgage Trust,
Series 2017-K64, Class B,
4.131%, due 05/25/501,6		50,000		46,657
GS Mortgage Securities Corp. II,
Series 2018-GS10, Class C,
4.555%, due 07/10/516		100,000		86,382
GS Mortgage Securities Trust,
Series 2017-GS5, Class B,
4.047%, due 03/10/506		200,000		179,284

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Mortgage-backed securities—(concluded)
United States—(concluded)
Med Trust,
Series 2021-MDLN, Class D,
1 mo. USD LIBOR + 2.000%,
4.818%, due 11/15/381,2		300,000		283,842
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class D,
1 mo. USD LIBOR + 1.601%,
4.419%, due 04/15/381,2		300,000		284,222
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2017-C34, Class C,
4.315%, due 11/15/526		100,000		85,667
ONE Mortgage Trust,
Series 2021-PARK, Class C,
1 mo. USD LIBOR + 1.100%,
3.918%, due 03/15/361,2		375,000		352,749
SLG Office Trust,
Series 2021-OVA, Class C,
2.851%, due 07/15/411		100,000		75,113
Starwood Retail Property Trust,
Series 2014-STAR, Class C,
1 mo. USD LIBOR + 2.750%,
5.568%, due 11/15/271,2		125,000		312
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C,
4.993%, due 05/15/516		150,000		128,540
Total mortgage-backed securities (cost—$3,300,274)				2,845,073
Municipal bonds—3.8%
California—1.1%
State of California, GO Bonds
7.300%, due 10/01/39		250,000		299,225
Hawaii—0.2%
State of Hawaii, GO Bonds, Series FZ,
2.245%, due 08/01/38		75,000		50,683
Illinois—0.2%
State of Illinois, GO Bonds
6.630%, due 02/01/35		50,000		50,779

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Municipal bonds—(concluded)
Michigan—0.3%
Michigan Finance Authority Hospital, Trinity Health Corp Obligated Group, Refunding, Revenue Bonds,
Series T,
3.084%, due 12/01/34		100,000		83,083
New York—0.8%
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds,
Series F,
2.657%, due 02/15/28		150,000		134,050
New York State Urban Development Corp., Personal Income Tax, Refunding, Revenue Bonds,
Series D-1,
3.150%, due 03/15/27		70,000		65,959
				200,009
Texas—0.9%
City of Houston TX, Refunding, GO Bonds,
Series A,
6.290%, due 03/01/32		55,000		57,767
City of San Antonio TX Electric & Gas Systems, Revenue Bonds
5.808%, due 02/01/41		105,000		109,814
Texas Transportation Commission, Taxable Refunding, GO Bonds
2.472%, due 10/01/44		100,000		65,438
				233,019
Washington—0.3%
State of Washington, GO Bonds
5.140%, due 08/01/40		70,000		72,392
Total municipal bonds (cost—$1,140,885)				989,190
Non-U.S. government agency obligations—3.1%
Colombia—0.6%
Colombia Government International Bonds
8.125%, due 05/21/24		155,000		158,032
Indonesia—0.4%
Indonesia Government International Bonds
6.625%, due 02/17/371		100,000		103,925
Mexico—0.4%
Mexico Government International Bonds
4.750%, due 03/08/44		150,000		114,825

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Panama—0.1%
Panama Government International Bonds
3.870%, due 07/23/60		50,000		29,600
Peru—0.8%
Peruvian Government International Bonds
7.350%, due 07/21/25		200,000		209,475
Turkey—0.3%
Turkey Government International Bonds
6.875%, due 03/17/36		100,000		72,250
Uruguay—0.5%
Uruguay Government International Bonds
7.625%, due 03/21/36		100,000		119,925
Total non-U.S. government agency obligations (cost—$940,725)				808,032
U.S. Treasury obligations—4.1%
United States—4.1%
U.S. Treasury Inflation Indexed Notes (TIPS)
0.125%, due 07/15/31		591,400		515,645
U.S. Treasury Notes
4.125%, due 09/30/27		545,000		546,788
Total U.S. Treasury obligations (cost—$1,068,526)				1,062,433

	Number of shares
Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 2.940%7 (cost—$242,078)	242,078		242,078
Investment of cash collateral from securities loaned—1.8%
Money market funds—1.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.030%7 (cost—$466,998)	466,998		466,998
Total investments8 (cost—$28,356,760)—100.5%			25,950,218
Liabilities in excess of other assets—(0.5)%			(127,021	)
Net assets—100.0%		$	25,823,197

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 Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

Futures contracts

Number of contracts		Currency	Expiration date	Current notional amount($)		Value($)		Unrealized appreciation (depreciation)($)
U.S. Treasury futures buy contracts:
6	USD	U.S. Treasury Note 2 Year Futures	December 2022	1,230,056		1,232,344		2,288
U.S. Treasury futures sell contracts:
2	USD	U.S. Long Bond Futures	December 2022	(274,013	)	(252,813	)	21,200
16	USD	U.S. Treasury Note 5 Year Futures	December 2022	(1,778,602	)	(1,720,125	)	58,477
1	USD	U.S. Treasury Ultra Bond Futures	December 2022	(143,842	)	(137,000	)	6,842
6	USD	Ultra U.S. Treasury Note 10 Year Futures	December 2022	(736,669	)	(710,906	)	25,763
Total				(2,933,126	)	(2,820,844	)	112,282
Net unrealized appreciation (depreciation)								114,570

OTC Total return swap agreements
Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio(%)	Payments received by the Portfolio(%)	Upfront payments received (made)($)	Value($)		Unrealized appreciation (depreciation)($)
BOA	USD	5	12/20/22	Quarterly	Markit iBoxx USD Liquid High Yield Index	3 Months SOFR + 2.98%	—	(59,511	)	(59,511	)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)($)
CITI	USD	296,468	NZD	520,000	10/31/22	(5,430	)
MSCI	NZD	520,000	USD	291,379	10/31/22	341
Net unrealized appreciation (depreciation)						(5,089	)

UBS Multi Income Bond Fund

Portfolio of investments – September 30, 2022 (unaudited)

Fair valuation summary  

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund's  investments. In the event a Fund  holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)		Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Assets
Asset-backed security		—		98,394			—		98,394
Corporate bonds		—		19,438,020			—		19,438,020
Mortgage-backed securities		—		2,845,073			—		2,845,073
Municipal bonds		—		989,190			—		989,190
Non-U.S. government agency obligations		—		808,032			—		808,032
U.S. Treasury obligations		—		1,062,433			—		1,062,433
Short-term investments		—		242,078			—		242,078
Investment of cash collateral from securities loaned		—		466,998			—		466,998
Futures contracts		114,570		—			—		114,570
Forward foreign currency contracts		—		341			—		341
Total		114,570		25,950,559			—		26,065,129
Liabilities
Swap agreements		—		(59,511	)		—		(59,511	)
Forward foreign currency contracts		—		(5,430	)		—		(5,430	)
Total		—		(64,941	)		—		(64,941	)

At September 30, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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 $7,346,158, represented 28.4% of the Fund's net assets at period end.
2	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
3	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
4	Security, or portion thereof, was on loan at the period end.
5	Perpetual investment. Date shown reflects the next call date.
6	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
7	Rates shown reflect yield at September 30, 2022.
8	Includes $$553,925 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $466,998 and non-cash collateral of $100,154.

September 30, 2022
Portfolio acronyms
ADR	American Depositary Receipt
AGM	Assured Guaranty Municipal Corporation
CDO	Collateralized Debt Obligation
COP	Certificate of Participation
CPI	Consumer Pricing Index
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
GO	General Obligation
LIBOR	London Interbank Offered Rate
OAT	Obligation Assimilables du Trésor (French Government Bonds)
PJSC	Private Joint Stock Company
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities
Counterparty abbreviations
BB	Barclays Bank PLC
BOA	Bank of America NA
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
SSC	State Street Bank and Trust Co.
Currency abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
INR	Indian Rupee

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

Valuation of investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For more information regarding the Funds’ other significant accounting policies, please refer to the Funds’ annual report to shareholders dated June 30, 2022.