UBS All China Equity Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

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

Common stocks
Banks	12.3	%
Beverages	14.0
Broadline retail	3.0
Capital markets	1.7
Chemicals	2.3
Construction materials	0.7
Diversified consumer services	0.6
Entertainment	11.4
Financial services	1.5
Food products	3.7
Hotels, restaurants & leisure	3.0
Household durables	0.5
Insurance	5.5
Interactive media & services	10.7
IT services	1.0
Life sciences tools & services	4.4
Pharmaceuticals	8.3
Real estate management & development	5.7
Semiconductors & semiconductor equipment	1.4
Tobacco	0.4
Transportation infrastructure	1.7
Total common stocks	93.8
Short-term investments	2.8
Total investments	96.6
Other assets in excess of liabilities	3.4
Net assets	100.0	%

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

The UBS Funds

UBS All China Equity Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks: 93.8%
China: 88.2%
Alibaba Group Holding Ltd.*		5,400	$	68,394
Anhui Conch Cement Co. Ltd., Class H		6,500		22,527
Anhui Gujing Distillery Co. Ltd., Class B		5,200		92,854
China Jinmao Holdings Group Ltd.		82,000		15,963
China Merchants Bank Co. Ltd., Class H		56,500		286,908
China Resources Land Ltd.		22,000		100,184
Chinasoft International Ltd.*		52,000		32,943
Country Garden Services Holdings Co. Ltd.		13,000		22,413
CSPC Pharmaceutical Group Ltd.		96,000		94,110
Far East Horizon Ltd.1		56,000		50,288
Hainan Meilan International Airport Co. Ltd., Class H*		23,000		55,873
Hangzhou Silan Microelectronics Co. Ltd., Class A		8,500		45,855
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		21,600		91,371
JD.com, Inc., Class A		1,509		32,951
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		7,500		46,727
Joinn Laboratories China Co. Ltd., Class H1,2		14,480		56,510
Kingsoft Corp. Ltd.		3,000		14,748
Kweichow Moutai Co. Ltd., Class A*		1,300		343,407
Longfor Group Holdings Ltd.2		18,000		50,767
Meituan, Class B*,2		5,590		101,415
Midea Group Co. Ltd., Class A		2,100		16,432
NetEase, Inc.		21,000		370,710
Ping An Bank Co. Ltd., Class A*		70,000		127,557
Ping An Insurance Group Co. of China Ltd., Class H		22,500		145,557
Smoore International Holdings Ltd.1,2		11,000		14,082
TAL Education Group, ADR*		3,168		20,307
Tencent Holdings Ltd.		7,400		361,633
Wanhua Chemical Group Co. Ltd., Class A*		1,400		19,513
Wuliangye Yibin Co. Ltd., Class A		1,300		37,141
WuXi AppTec Co. Ltd., Class H2		5,600		58,648
Wuxi Biologics Cayman, Inc.*,2		5,500		33,891
Yihai International Holding Ltd.*		12,000		35,258
Yunnan Baiyao Group Co. Ltd., Class A		6,020		47,915
Yunnan Energy New Material Co. Ltd., Class A		3,400		56,419
				2,971,271
Hong Kong: 5.6%
AIA Group Ltd.		4,000		41,949
Hong Kong Exchanges & Clearing Ltd.		1,300		57,622
SSY Group Ltd.		148,000		89,239
				188,810
Total common stocks (cost—$3,982,743)				3,160,081

The UBS Funds

UBS All China Equity Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Short-term investments: 2.8%
Investment companies: 2.8%
State Street Institutional U.S. Government Money Market Fund, 4.700%3 (cost $93,178)		93,178	$	93,178
Total investments (cost $4,075,921)4—96.6%				3,253,259
Other assets in excess of liabilities—3.4%				113,480
Net assets—100.0%			$	3,366,739

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 March 31, 2023 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	20,307	$	3,139,774	$	—	$	3,160,081
Short-term investments		—		93,178		—		93,178
Total	$	20,307	$	3,232,952	$	—	$	3,253,259

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

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $315,313, represented 9.4% of the Fund’s net assets at period end.
3	Rates shown reflect yield at March 31, 2023.
4	Includes $114,379 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $0 and non-cash collateral of $120,471.

UBS Dynamic Alpha Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

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

Corporate bonds
Advertising	0.1	%
Aerospace & defense	0.1
Agriculture	0.8
Airlines	0.1
Apparel	0.1
Auto manufacturers	0.8
Auto parts & equipment	0.2
Banks	5.5
Biotechnology	0.5
Chemicals	0.8
Commercial services	0.4
Computers	0.3
Diversified financial services	1.4
Electric	3.1
Engineering & construction	0.7
Entertainment	0.5
Gas	1.0
Healthcare-products	0.2
Insurance	2.2
Media	0.2
Miscellaneous manufacturers	0.2
Oil & gas	1.2
Pharmaceuticals	0.2
Pipelines	0.6
Real estate investment trusts	0.8
Retail	0.0	†
Semiconductors	0.1
Software	0.3
Telecommunications	0.4
Transportation	0.4
Total corporate bonds	23.2
Mortgage-backed securities	0.0	†
Non-U.S. government agency obligations	24.3
U.S. government agency obligations	0.1
U.S. Treasury obligations	33.7
Exchange traded funds	5.7
Investment of cash collateral from securities loaned	0.5
Total investments	87.5
Other assets in excess of liabilities	12.5
Net assets	100.0	%

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

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

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Corporate bonds: 23.2%
Australia: 0.7%
APA Infrastructure Ltd.,
4.200%, due 03/23/252		15,000	$	14,694
Aurizon Network Pty Ltd.,
4.000%, due 06/21/242	AUD	30,000		19,930
Ausgrid Finance Pty Ltd.,
3.750%, due 10/30/242		30,000		19,895
Commonwealth Bank of Australia,
(fixed, converts to FRN on 10/03/24), 1.936%, due 10/03/292,3	EUR	100,000		103,626
				158,145
Belgium: 0.4%
Resa SA,
1.000%, due 07/22/262	EUR	100,000		99,195
Bermuda: 0.1%
XL Group Ltd.,
5.250%, due 12/15/43		20,000		20,336
Canada: 0.8%
Bank of Montreal,
5.200%, due 12/12/24		75,000		75,094
Bank of Nova Scotia,
5.250%, due 12/06/24		30,000		30,069
Canadian Pacific Railway Co.,
1.350%, due 12/02/24		60,000		56,531
TELUS Corp.,
3.750%, due 01/17/25	CAD	15,000		10,885
				172,579
France: 2.8%
AXA SA,
(fixed, converts to FRN on 05/28/29), 3.250%, due 05/28/492,3	EUR	100,000		96,640
Electricite de France SA,
(fixed, converts to FRN on 01/22/24), 5.625%, due 01/22/242,4		100,000		96,403
SCOR SE,
(fixed, converts to FRN on 03/13/29), 5.250%, due 03/13/292,3,4		200,000		145,000
Terega SA,
2.200%, due 08/05/252	EUR	100,000		105,452
TotalEnergies SE,
(fixed, converts to FRN on 02/26/25), 2.625%, due 02/26/252,3,4	EUR	100,000		102,386
Unibail-Rodamco-Westfield SE,
(fixed, converts to FRN on 04/25/26), 2.875%, due 01/25/262,3,4	EUR	100,000		82,964
				628,845
Germany: 0.6%
Kreditanstalt fuer Wiederaufbau,
3.750%, due 02/15/28		20,000		20,016

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Corporate bonds—(continued)
Germany—(continued)
Volkswagen International Finance NV,
1.125%, due 10/02/232	EUR	100,000	$	107,191
				127,207
Ireland: 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.650%, due 10/29/24		300,000		280,632
Italy: 0.2%
Autostrade per l'Italia SpA,
4.375%, due 09/16/252	EUR	50,000		54,407
Mexico: 1.1%
Mexico City Airport Trust,
5.500%, due 07/31/472		200,000		152,760
Petroleos Mexicanos,
3.750%, due 02/21/242		100,000		106,403
				259,163
New Zealand: 0.5%
BNZ International Funding Ltd.,
0.500%, due 07/03/242	EUR	100,000		104,299
Poland: 0.8%
Globalworth Real Estate Investments Ltd.,
3.000%, due 03/29/252	EUR	100,000		93,694
Tauron Polska Energia SA,
2.375%, due 07/05/272	EUR	100,000		89,017
				182,711
Spain: 0.9%
Iberdrola International BV,
(fixed, converts to FRN on 03/26/24), 2.625%, due 12/26/232,3,4		100,000		106,213
Redexis Gas Finance BV,
1.875%, due 04/27/272	EUR	100,000		99,873
				206,086
Switzerland: 0.5%
Argentum Netherlands BV for Swiss Life AG,
(fixed, converts to FRN on 06/16/25), 4.375%, due 06/16/252,3,4	EUR	100,000		103,930
United Kingdom: 3.3%
AstraZeneca PLC,
3.500%, due 08/17/23		30,000		29,806
BAT Capital Corp.,
3.557%, due 08/15/27		25,000		23,241
BAT International Finance PLC,
0.875%, due 10/13/232	EUR	100,000		106,822
Lloyds Banking Group PLC,
2.250%, due 10/16/242,5	GBP	100,000		117,220
M&G PLC,
(fixed, converts to FRN on 07/20/2024), 3.875%, due 07/20/492,3	GBP	100,000		119,239

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Corporate bonds—(continued)
United Kingdom—(continued)
NatWest Group PLC,
(fixed, converts to FRN on 06/25/23), 4.519%, due 06/25/243		200,000	$	199,032
Reynolds American, Inc.,
4.450%, due 06/12/25		25,000		24,548
Virgin Money U.K. PLC,
(fixed, converts to FRN on 04/24/25), 3.375%, due 04/24/262,3	GBP	100,000		114,181
WPP Finance 2010,
3.750%, due 09/19/24		25,000		24,401
				758,490
United States: 9.3%
Air Products and Chemicals, Inc.,
2.050%, due 05/15/30		20,000		17,255
Albemarle Corp.,
5.450%, due 12/01/44		30,000		28,366
Altria Group, Inc.,
4.400%, due 02/14/26		13,000		12,898
Amgen, Inc.
5.150%, due 03/02/28		35,000		35,736
5.250%, due 03/02/25		40,000		40,440
Apache Corp.,
4.250%, due 01/15/44		60,000		43,732
Aptiv PLC/Aptiv Corp.,
2.396%, due 02/18/25		50,000		47,628
AT&T, Inc.,
4.350%, due 03/01/29		40,000		39,162
Bank of America Corp.,
3.875%, due 08/01/25		80,000		78,190
Baxter International, Inc.,
2.600%, due 08/15/26		30,000		27,985
Broadcom, Inc.,
3.150%, due 11/15/25		35,000		33,488
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
3.300%, due 05/01/236		120,000		119,839
5.125%, due 04/01/256		25,000		25,149
Citigroup, Inc.
3.875%, due 10/25/23		110,000		109,083
4.600%, due 03/09/26		20,000		19,583
Comcast Corp.,
3.950%, due 10/15/25		35,000		34,606
Consumers Energy Co.,
4.650%, due 03/01/28		60,000		60,447
Costco Wholesale Corp.,
1.600%, due 04/20/30		10,000		8,489
CVS Health Corp.,
2.625%, due 08/15/24		25,000		24,235
Dell International LLC/EMC Corp.,
5.300%, due 10/01/29		60,000		60,453

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Enterprise Products Operating LLC,
3.900%, due 02/15/24		20,000	$	19,761
EQT Corp.,
3.900%, due 10/01/27		20,000		18,798
Eversource Energy,
2.900%, due 03/01/27		60,000		55,963
Exelon Corp.,
3.400%, due 04/15/26		15,000		14,413
Fiserv, Inc.,
3.200%, due 07/01/26		20,000		18,983
General Motors Financial Co., Inc.,
4.350%, due 04/09/25		60,000		58,748
Georgia Power Co.,
Series A, 2.100%, due 07/30/23		25,000		24,726
Gilead Sciences, Inc.,
2.500%, due 09/01/23		20,000		19,772
Goldman Sachs Group, Inc.
0.250%, due 01/26/282	GBP	50,000		45,182
3.375%, due 03/27/252	GBP	25,000		26,911
3.500%, due 04/01/25		70,000		67,970
Illinois Tool Works, Inc.,
2.650%, due 11/15/26		45,000		42,708
JPMorgan Chase & Co.,
3.625%, due 12/01/27		50,000		47,795
Kinder Morgan, Inc.,
5.625%, due 11/15/236		35,000		34,967
Liberty Mutual Group, Inc.,
4.569%, due 02/01/296		25,000		24,074
Mastercard, Inc.,
2.000%, due 03/03/25		20,000		19,133
Morgan Stanley
4.000%, due 07/23/25		75,000		73,413
4.350%, due 09/08/26		20,000		19,481
MPLX LP,
4.250%, due 12/01/27		30,000		29,050
National Rural Utilities Cooperative Finance Corp.,
3.700%, due 03/15/29		15,000		14,249
NIKE, Inc.,
2.400%, due 03/27/25		20,000		19,352
Oncor Electric Delivery Co. LLC,
3.700%, due 11/15/28		25,000		24,201
Oracle Corp.
2.500%, due 04/01/25		20,000		19,150
4.500%, due 05/06/28		20,000		19,759
Paramount Global,
4.750%, due 05/15/25		33,000		32,593
Quanta Services, Inc.,
0.950%, due 10/01/24		50,000		46,634

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Raytheon Technologies Corp.,
3.950%, due 08/16/25	25,000		$	24,710
Santander Holdings USA, Inc.,
(fixed, converts to FRN on 03/09/28),
6.499%, due 03/09/293	25,000			24,977
Southern California Edison Co.,
Series E, 3.700%, due 08/01/25	20,000			19,489
Southern Co.,
3.250%, due 07/01/26	35,000			33,372
Thermo Fisher Scientific, Inc.,
1.215%, due 10/18/24	20,000			18,983
TWDC Enterprises 18 Corp.,
1.850%, due 07/30/26	10,000			9,232
United Airlines Pass-Through Trust,
Series 2016-1, Class B,
3.650%, due 01/07/26	28,588			26,654
Verizon Communications, Inc.,
3.376%, due 02/15/25	25,000			24,487
Virginia Electric & Power Co.,
Series A, 3.800%, due 04/01/28	20,000			19,375
Visa, Inc.,
1.900%, due 04/15/27	25,000			22,996
Warnermedia Holdings, Inc.
3.755%, due 03/15/276	50,000			47,086
6.412%, due 03/15/26	65,000			65,328
Williams Cos., Inc.,
4.300%, due 03/04/24	35,000			34,641
Xcel Energy, Inc.,
4.000%, due 06/15/28	20,000			19,433
				2,095,313
Total corporate bonds (cost—$5,669,687)				5,251,338
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
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-7, Class B11,
4.680%, due 04/25/353	61,605			5,948
Total mortgage-backed securities (cost—$8,101,315)				5,948
Non-U.S. government agency obligations: 24.3%
Australia: 1.8%
Australia Government Bonds
2.250%, due 05/21/282	AUD	420,000		270,141
2.750%, due 11/21/272	AUD	200,000		132,118
				402,259

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Non-U.S. government agency obligations—(continued)
Canada: 2.7%
Canada Government Bonds
1.500%, due 09/01/24	CAD	650,000	$	464,927
3.750%, due 02/01/25	CAD	100,000		73,997
Canada Housing Trust No. 1,
2.350%, due 09/15/236	CAD	100,000		73,271
				612,195
Colombia: 0.1%
Colombia Government International Bonds,
8.125%, due 05/21/24		30,000		30,812
France: 2.3%
Caisse d'Amortissement de la Dette Sociale,
1.375%, due 11/25/242	EUR	100,000		105,326
French Republic Government Bonds OAT
0.000%, due 03/25/252	EUR	260,000		266,887
1.750%, due 05/25/232	EUR	130,000		140,748
				512,961
Germany: 4.9%
Bundesobligation,
0.000%, due 04/11/252	EUR	910,000		935,462
Bundesschatzanweisungen,
0.000%, due 06/16/232	EUR	150,000		161,774
				1,097,236
Ireland: 2.1%
Ireland Government Bonds,
1.000%, due 05/15/262	EUR	460,000		474,201
Japan: 3.1%
Japan Bank for International Cooperation
0.625%, due 05/22/23		200,000		198,838
3.125%, due 02/15/28	EUR	100,000		107,708
Japan Government CPI Linked Bonds,
0.100%, due 03/10/28	JPY	28,565,730		222,566
Japan Government Ten Year Bonds,
Series 350,
0.100%, due 03/20/28	JPY	24,000,000		180,748
				709,860
Mexico: 0.1%
Mexico Government International Bonds,
6.750%, due 02/06/24	GBP	20,000		24,882
Netherlands: 0.6%
Netherlands Government Bonds,
1.750%, due 07/15/232,6	EUR	130,000		140,523
New Zealand: 2.4%
New Zealand Government Bonds,
0.500%, due 05/15/26	NZD	450,000		249,684

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
Non-U.S. government agency obligations—(continued)
New Zealand—(continued)
New Zealand Government Bonds Inflation-Linked,
3.000%, due 09/20/302	NZD	450,432	$	300,801
				550,485
Poland: 0.4%
Republic of Poland Government International Bonds,
0.000%, due 02/10/252	EUR	90,000		90,791
Romania: 0.4%
Romania Government International Bonds,
2.750%, due 02/26/262	EUR	80,000		81,489
South Korea: 0.9%
Korea Water Resources Corp.,
3.875%, due 05/15/232		200,000		199,766
Spain: 0.8%
Spain Government Bonds,
1.600%, due 04/30/252,6	EUR	170,000		179,624
Supranationals: 1.2%
Corp. Andina de Fomento,
4.500%, due 06/05/252	AUD	35,000		23,121
European Financial Stability Facility,
0.500%, due 07/11/252	EUR	100,000		102,399
European Investment Bank,
3.875%, due 03/15/28		40,000		40,318
European Stability Mechanism,
0.125%, due 04/22/242	EUR	70,000		73,532
European Union,
3.000%, due 09/04/262	EUR	30,000		32,573
				271,943
United Kingdom: 0.5%
Bank of England Euro Notes,
0.500%, due 04/28/232		40,000		39,895
United Kingdom Gilt,
0.750%, due 07/22/232	GBP	60,000		73,289
				113,184
Total non-U.S. government agency obligations (cost—$6,017,012)				5,492,211
U.S. government agency obligations: 0.1%
United States: 0.1%
Tennessee Valley Authority,
0.750%, due 05/15/25
(cost—$27,907)		30,000		27,772

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount1		Value
U.S. Treasury obligations: 33.7%
United States: 33.7%
U.S. Treasury Bills
4.507%, due 06/15/239		2,500,000	$	2,477,393
4.679%, due 08/10/239		2,400,000		2,360,583
U.S. Treasury Notes
0.250%, due 06/15/23		150,000		148,677
0.250%, due 05/31/25		970,000		895,052
0.375%, due 04/30/25		530,000		491,575
1.375%, due 09/30/23		300,000		295,148
1.500%, due 02/29/24		150,000		145,799
1.625%, due 04/30/23		300,000		299,305
1.875%, due 02/28/27		440,000		410,558
2.750%, due 11/15/23		100,000		98,746
Total U.S. Treasury obligations (cost—$7,741,401)				7,622,836

	Number of shares
Exchange traded funds: 5.7%
iShares MSCI International Value Factor ETF		43,319		1,073,878
iShares MSCI USA Value Factor ETF		2,255		208,791
Total exchange traded funds (cost—$1,049,057)				1,282,669
Investment of cash collateral from securities loaned: 0.5%
Money market funds: 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%9 (cost $119,920)		119,920		119,920
Total investments (cost $28,726,299)10—87.5%				19,802,694
Other assets in excess of liabilities—12.5%				2,829,682
Net assets—100.0%			$	22,632,376

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.

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

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	June 2023	$	117,748		$	120,171		$	2,423
116	EUR	Eurex STOXX 600 Bank Index Futures	June 2023		943,898			899,799			(44,099	)
5	EUR	EURO STOXX 600 Index Futures	June 2023		120,613			123,226			2,613
6	EUR	FTSE MIB Index Futures	June 2023		855,037			867,253			12,216
8	GBP	FTSE 100 Index Futures	June 2023		751,370			753,877			2,507
3	JPY	TSE TOPIX Index Futures	June 2023		454,499			452,683			(1,816	)
32	USD	Mini MSCI Emerging Markets Index Futures	June 2023		1,534,461			1,592,800			58,339
16	USD	MSCI World Energy Index Futures	June 2023		698,430			700,513			2,083
8	USD	MSCI World Small Cap Index Futures	June 2023		463,903			475,760			11,857
1	USD	S&P 500 E-Mini Index Futures	June 2023		194,542			206,888			12,346
Interest rate futures buy contracts
7	AUD	Australian Bond 10 Year Futures	June 2023	$	561,185		$	575,004		$	13,819
6	CAD	Canadian Bond 10 Year Futures	June 2023		537,455			560,088			22,633
U.S. Treasury futures buy contracts
4	USD	U.S. Treasury Note 10 Year Futures	June 2023	$	447,318		$	459,687		$	12,369
9	USD	U.S. Treasury Note 5 Year Futures	June 2023		966,528			985,570			19,042
Total				$	8,646,987		$	8,773,319		$	126,332
Index futures sell contracts
1	EUR	CAC 40 Index Futures	April 2023	$	(79,292	)	$	(79,537	)	$	(245	)
20	EUR	EURO STOXX 50 Index Futures	June 2023		(892,597	)		(924,211	)		(31,614	)
5	USD	MSCI World Index Futures	June 2023		(417,210	)		(433,000	)		(15,790	)
Interest rate futures sell contracts
2	EUR	German Euro BOBL Futures	June 2023	$	(249,780	)	$	(255,682	)	$	(5,902	)
2	GBP	Long Gilt Bond Futures	June 2023		(248,988	)		(254,985	)		(5,997	)
U.S. Treasury futures sell contracts
1	USD	U.S. Treasury Note 10 Year Futures	June 2023	$	(135,444	)	$	(141,125	)	$	(5,681	)
9	USD	U.S. Treasury Note 10 Year Futures	June 2023		(1,004,612	)		(1,034,297	)		(29,685	)
4	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		(468,744	)		(484,562	)		(15,818	)
Total				$	(3,496,667	)	$	(3,607,399	)	$	(110,732	)
Net unrealized appreciation (depreciation)										$	15,600

Centrally cleared credit default swap agreements on credit indices—sell protection¹²

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio11			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
iTraxx Europe Crossover S39	EUR	400	06/20/28	Quarterly		5.000	%	$	(4,347	)	$	12,063		$	7,716
CDX.EM.S39	USD	1,300	06/20/28	Quarterly		1.000			87,208			(74,716	)		12,492
CDX.NA.HY.S40	USD	625	06/20/28	Quarterly		5.000			(3,592	)		10,269			6,677
Total								$	79,269		$	(52,384	)	$	26,885

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	377,182	CLP	302,900,000	04/13/23	$	3,421
BB	USD	1,453,661	COP	6,928,453,000	04/13/23		31,910
BOA	KRW	248,000,000	USD	190,589	04/13/23		(8	)
CIBC	CAD	2,970,000	USD	2,147,088	04/13/23		(50,768	)
CIBC	CNY	13,160,000	USD	1,895,344	04/13/23		(21,190	)
CIBC	NZD	4,610,000	USD	2,814,371	04/13/23		(68,386	)
CIBC	USD	684,605	EUR	635,000	04/13/23		4,393
CIBC	USD	2,502,034	JPY	341,000,000	04/13/23		69,521
CITI	GBP	2,460,000	USD	2,950,617	04/13/23		(84,602	)
GSI	CHF	120,000	USD	129,622	04/13/23		(1,659	)
HSBC	HKD	865,000	USD	110,344	04/13/23		93
HSBC	INR	17,680,000	USD	215,899	04/13/23		873
HSBC	TWD	7,300,000	USD	239,203	04/13/23		(709	)
HSBC	USD	690,000	IDR	10,639,206,600	04/13/23		19,350
MSCI	AUD	170,000	USD	112,107	04/13/23		(1,566	)
MSCI	EUR	5,990,000	USD	6,351,856	04/13/23		(147,506	)
MSCI	USD	1,357,076	BRL	7,080,000	04/13/23		37,965
MSCI	USD	2,718,949	NOK	28,980,000	04/13/23		50,169
SSC	JPY	17,300,000	GBP	106,446	04/13/23		873
SSC	KRW	899,896,620	USD	690,000	04/13/23		(1,603	)
SSC	USD	193,366	EUR	180,000	04/13/23		1,940
Net unrealized appreciation (depreciation)						$	(157,489	)

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Corporate bonds		—		5,251,338		—		5,251,338
Mortgage-backed securities		—		5,948		0		5,948
Non-U.S. government agency obligations		—		5,492,211		—		5,492,211
U.S. government agency obligations		—		27,772		—		27,772
U.S. Treasury obligations		—		7,622,836		—		7,622,836
Exchange traded funds		1,282,669		—		—		1,282,669
Investment of cash collateral from securities loaned		—		119,920		—		119,920
Futures contracts		152,488		19,759		—		172,247
Swap agreements		—		22,332		—		22,332
Forward foreign currency contracts		—		220,508		—		220,508
Total	$	1,435,157	$	18,782,624	$	0	$	20,217,781

The UBS Funds

UBS Dynamic Alpha Fund

Portfolio of investments (unaudited) 

March 31, 2023 

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Liabilities
Futures contracts	$	(79,118	)	$	77,529		$	—	$	(156,647	)
Swap agreements		—			(74,716	)		—		(74,716	)
Forward foreign currency contracts		—			(377,997	)		—		(377,997	)
Total	$	(79,118	)	$	(530,242	)	$	—	$	(609,360.00	)

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
1	In U.S. dollars unless otherwise indicated.
2	Security 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	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
4	Perpetual investment. Date shown reflects the next call date.
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 registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $644,533, represented 2.8% of the Funds 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 March 31, 2023.
10	Includes $118,511 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $119,920 and non-cash collateral of $0.
11	Payments made or received are based on the notional amount.
12	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

UBS Global Allocation Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

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

Common stocks
Aerospace & defense	0.5	%
Automobile components	0.7
Automobiles	0.3
Banks	1.9
Beverages	1.1
Biotechnology	1.8
Broadline retail	0.8
Capital markets	1.0
Chemicals	1.0
Consumer finance	0.4
Consumer staples distribution & retail	0.7
Diversified telecommunication services	0.6
Electric utilities	0.4
Electrical equipment	0.5
Electronic equipment, instruments & components	0.6
Entertainment	1.1
Financial services	1.0
Food products	1.0
Ground transportation	0.6
Health care equipment & supplies	1.5
Health care providers & services	0.9
Hotels, restaurants & leisure	1.0
Household durables	0.4
Industrial conglomerates	0.2
Industrial REITs	0.4
Insurance	1.1
Interactive media & services	0.7
Leisure products	0.2
Life sciences tools & services	0.6
Machinery	1.0
Media	0.5
Metals & mining	0.2
Oil, gas & consumable fuels	2.0
Passenger airlines	0.2
Personal products	0.7
Pharmaceuticals	1.2
Professional services	0.4
Semiconductors & semiconductor equipment	2.0
Software	3.7
Specialized REITs	0.2
Specialty retail	0.4
Technology hardware, storage & peripherals	1.4
Textiles, apparel & luxury goods	0.8
Tobacco	0.3
Trading companies & distributors	0.8
Wireless telecommunication services	0.2
Total common stocks	39.0
Investment companies	15.0
Asset-backed securities	1.3

UBS Global Allocation Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

Corporate bonds
Pipelines	0.4	%
Semiconductors	0.5
Media	1.3
Banks	3.2
Electric	1.3
Telecommunications	0.3
Commercial services	0.2
Oil & gas	0.4
Diversified financial services	0.9
Auto manufacturers	0.5
Software	0.5
Machinery-diversified	0.4
Total corporate bonds	9.9
Mortgage-backed securities	1.0
Non-U.S. government agency obligations	4.4
U.S. government agency obligations	8.3
U.S. Treasury obligations	5.7
Short-term investments	14.3
Investment of cash collateral from securities loaned	0.7
Total investments	99.6
Other assets in excess of liabilities	0.4
Net assets	100.0	%

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

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks: 39.0%
Australia: 0.2%
Glencore PLC,		67,380	$	387,719
Austria: 0.3%
BAWAG Group AG,*,2		10,906		529,694
Canada: 0.4%
Canadian Pacific Railway Ltd.,3		9,593		738,693
Denmark: 0.3%
Genmab A/S,*		1,240		468,726
France: 0.6%
Cie Generale des Etablissements Michelin SCA		13,631		416,676
Pernod Ricard SA		2,209		500,186
Ubisoft Entertainment SA*		4,914		130,973
				1,047,835
Germany: 1.2%
CTS Eventim AG & Co. KGaA*		7,476		467,369
Infineon Technologies AG		15,066		618,688
Knorr-Bremse AG		5,854		389,940
SAP SE		4,779		603,446
				2,079,443
Hong Kong: 0.5%
AIA Group Ltd.,		81,617		855,946
Iceland: 0.1%
Marel HF,2		44,247		180,927
India: 0.4%
HDFC Bank Ltd.,ADR		9,668		644,566
Ireland: 0.5%
AIB Group PLC,3		195,617		791,768
Italy: 0.4%
PRADA SpA,		101,300		718,325
Japan: 2.3%
ITOCHU Corp.3		18,600		605,736
JTOWER, Inc.*,3		7,300		272,236
Keyence Corp.		1,000		490,108
Nippon Telegraph & Telephone Corp.		25,000		747,068
Shin-Etsu Chemical Co. Ltd.		17,000		551,837
SoftBank Group Corp.		7,500		294,851
Sony Group Corp.		7,000		637,584
TechnoPro Holdings, Inc.		14,300		396,625
				3,996,045
Netherlands: 1.6%
Heineken Holding NV		4,119		377,910
Koninklijke Philips NV		29,263		537,470
OCI NV3		10,058		340,965
Shell PLC		49,931		1,422,962
				2,679,307
South Korea: 0.2%
Samsung Electronics Co. Ltd.,		6,912		341,805
Spain: 0.3%
Banco de Sabadell SA,3		496,687		534,157

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
Sweden: 0.3%
Hexpol AB,		45,192	$		559,791
Switzerland: 1.1%
Alcon, Inc.		8,664		615,036
Novartis AG		8,664		795,516
Wizz Air Holdings PLC*,2		11,850		435,163
				1,845,715
United Kingdom: 1.7%
Ashtead Group PLC		9,648		592,434
British American Tobacco PLC		15,282		535,701
London Stock Exchange Group PLC		7,689		746,830
Ocado Group PLC*,3		16,095		106,572
Spectris PLC		9,470		429,666
Unilever PLC		10,919		565,231
				2,976,434
United States: 26.6%
Abbott Laboratories		3,093		313,197
AbbVie, Inc.		11,922		1,900,009
Advanced Micro Devices, Inc.*		4,934		483,581
AGCO Corp.		1,369		185,089
Airbnb, Inc., Class A*		120		14,928
Allstate Corp.		3,801		421,189
Alphabet, Inc., Class A*		10,385		1,077,236
Amazon.com, Inc.*		13,784		1,423,749
American Express Co.		1,461		240,992
Ameriprise Financial, Inc.		2,890		885,785
APA Corp.		14,593		526,224
Apple, Inc.		12,511		2,063,064
Aptiv PLC*		8,396		941,947
Bio-Rad Laboratories, Inc., Class A*		1,614		773,138
BJ's Wholesale Club Holdings, Inc.*		4,309		327,786
Broadcom, Inc.		951		610,105
Brunswick Corp.		3,902		319,964
Bunge Ltd.		9,672		923,869
CF Industries Holdings, Inc.		4,192		303,878
Chipotle Mexican Grill, Inc.*		134		228,911
Comcast Corp., Class A		20,999		796,072
Constellation Brands, Inc., Class A		1,411		318,731
Cooper Cos., Inc.		919		343,118
Crown Castle, Inc.		1,934		258,847
Dexcom, Inc.*		2,345		272,442
Dollar Tree, Inc.*		5,029		721,913
Eli Lilly & Co.		3,570		1,226,009
EOG Resources, Inc.		2,130		244,162
Expedia Group, Inc.*		3,399		329,805
Exxon Mobil Corp.		2,263		248,161
Fidelity National Information Services, Inc.		3,657		198,685
Haleon PLC		186,058		739,103
Honeywell International, Inc.		1,553		296,809

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
HubSpot, Inc.*		641	$	274,829
Ingersoll Rand, Inc.		17,645		1,026,586
IQVIA Holdings, Inc.*		1,806		359,195
Laboratory Corp. of America Holdings		3,039		697,207
Las Vegas Sands Corp.*		16,297		936,263
LivaNova PLC*		6,100		265,838
Lowe's Cos., Inc.		2,035		406,939
Lululemon Athletica, Inc.*		1,025		373,295
Marsh & McLennan Cos., Inc.		3,873		645,048
Mastercard, Inc., Class A		2,631		956,132
McDonald's Corp.		1,112		310,926
Micron Technology, Inc.		7,628		460,274
Microsoft Corp.		8,512		2,454,010
Mondelez International, Inc., Class A		12,302		857,695
Monster Beverage Corp.*		5,258		283,985
MSCI, Inc.		436		244,025
Netflix, Inc.*		1,651		570,387
NextEra Energy, Inc.		9,768		752,917
NIKE, Inc., Class B		3,124		383,127
NVIDIA Corp.		3,610		1,002,750
Oracle Corp.		5,454		506,786
Palo Alto Networks, Inc.*		2,237		446,818
PepsiCo, Inc.		1,715		312,644
Prologis, Inc.		5,400		673,758
Regal Rexnord Corp.		4,969		699,287
Salesforce, Inc.*		2,789		557,186
ServiceNow, Inc.*		935		434,513
Shoals Technologies Group, Inc., Class A*		7,830		178,446
SLM Corp.		37,531		465,009
Snap, Inc., Class A*		16,451		184,416
Spirit AeroSystems Holdings, Inc., Class A		8,804		304,002
Splunk, Inc.*		5,412		518,903
Take-Two Interactive Software, Inc.*		6,040		720,572
Tesla, Inc.*		2,380		493,755
TJX Cos., Inc.		4,766		373,464
TransDigm Group, Inc.		695		512,250
Union Pacific Corp.		1,763		354,821
United Rentals, Inc.		999		395,364
UnitedHealth Group, Inc.		1,722		813,800
Verisk Analytics, Inc.		1,482		284,337
Vertex Pharmaceuticals, Inc.*		1,929		607,770
VMware, Inc., Class A*		4,098		511,635
Voya Financial, Inc.3		8,399		600,193
Wells Fargo & Co.		18,738		700,426
Williams Cos., Inc.		32,290		964,179
				45,834,260
Total common stocks (cost—$58,550,687)				67,211,156

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Investment companies: 15.0%
PACE High Yield Investments4		1,019,646	$	8,524,242
PACE International Emerging Markets Equity Investments4		332		4,063
UBS All China Equity Fund4		453,914		2,410,285
UBS Emerging Markets Equity Opportunity Fund4		2,026,485		14,854,132
Total investment companies (cost—$32,371,656)				25,792,722

	Face
	amount1
Asset-backed securities: 1.3%
Cayman Islands: 0.2%
Dryden 60 CLO Ltd.,
Series 2018-60A, Class A, 3 mo. USD
LIBOR + 1.050%, 5.842%, due 07/15/312,5		250,000	245,744
United States: 1.1%
American Credit Acceptance Receivables Trust,
Series 2020-3, Class C, 1.850%, due 06/15/262		147,701	146,631
CPS Auto Receivables Trust,
Series 2021-A, Class C, 0.830%, due 09/15/262		65,278	64,698
Drive Auto Receivables Trust
Series 2019-2, Class D, 3.690%, due 08/17/26		198,163	197,393
Series 2020-2, Class C, 2.280%, due 08/17/26		56,025	55,655
DT Auto Owner Trust
Series 2019-1A, Class D, 3.870%, due 11/15/242		13,952	13,945
Series 2021-1A, Class D, 1.160%, due 11/16/262		100,000	92,709
Enterprise Fleet Financing LLC,
Series 2020-1, Class A2, 1.780%, due 12/22/252		17,762	17,706
Exeter Automobile Receivables Trust
Series 2020-2A, Class C, 3.280%, due 05/15/252		48,269	48,160
Series 2020-3A, Class C, 1.320%, due 07/15/25		143,255	142,383
Series 2021-1A, Class D, 1.080%, due 11/16/26		125,000	118,729
Series 2022-5A, Class A2, 5.290%, due 01/15/25		435,543	435,397
HPEFS Equipment Trust,
Series 2020-2A, Class C, 2.000%, due 07/22/302		22,888	22,845
OneMain Financial Issuance Trust,
Series 2020-2A, Class B, 2.210%, due 09/14/352		100,000	87,824
Santander Drive Auto Receivables Trust
Series 2019-2, Class D, 3.220%, due 07/15/25		167,991	167,096

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
Asset-backed securities—(continued)
United States—(continued)
Series 2020-2, Class C, 1.460%, due 09/15/25		6,605	$	6,593
Series 2020-2, Class D, 2.220%, due 09/15/26		225,000		220,015
Westlake Automobile Receivables Trust
Series 2019-3A, Class D, 2.720%, due 11/15/242		79,664		79,316
Series 2020-1A, Class C, 2.520%, due 04/15/252		24,070		24,040
Series 2020-3A, Class B, 0.780%, due 11/17/252		16,379		16,349
				1,957,484
Total asset-backed securities
(cost—$2,232,806)				2,203,228
Corporate bonds: 9.9%
Canada: 0.5%
Canadian Imperial Bank of Commerce,
3.945%, due 08/04/25		810,000		787,296
Japan: 0.2%
Mitsubishi UFJ Financial Group, Inc.,
3.677%, due 02/22/273		450,000		432,558
United States: 9.2%
Air Lease Corp.,
5.300%, due 02/01/28		750,000		740,284
American Express Co.,
3.950%, due 08/01/25		810,000		794,249
Bank of America Corp.,
(fixed, converts to FRN on 07/21/31), 2.299%, due 07/21/325		1,000,000		805,897
Broadcom, Inc.,
4.300%, due 11/15/32		900,000		829,208
Charter Communications
Operating LLC/Charter Communications Operating Capital,
4.908%, due 07/23/25		810,000		801,917
Cheniere Energy Partners LP,
4.500%, due 10/01/29		810,000		752,499
Citigroup, Inc.,
(fixed, converts to FRN on 04/24/24), 3.352%, due 04/24/255		810,000		789,427
Comcast Corp.,
5.250%, due 11/07/25		540,000		551,759
Discovery Communications LLC,
3.625%, due 05/15/30		900,000		798,125
DTE Energy Co.,
4.220%, due 11/01/246,7		810,000		800,880
General Motors Co.,
5.400%, due 10/15/29		810,000		802,619
Goldman Sachs Group, Inc.,
3.850%, due 01/26/27		810,000		781,359
John Deere Capital Corp.,
4.800%, due 01/09/26		650,000		659,937

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
Corporate bonds—(continued)
United States—(continued)
JPMorgan Chase & Co.,
3.625%, due 12/01/27		810,000	$	774,278
Morgan Stanley,
(fixed, converts to FRN on 07/22/24), 2.720%, due 07/22/255		810,000		780,698
Oracle Corp.,
6.250%, due 11/09/32		750,000		806,664
Pacific Gas & Electric Co.,
4.550%, due 07/01/30		750,000		702,817
PayPal Holdings, Inc.,
1.650%, due 06/01/25		450,000		422,437
Southern California Edison Co.,
5.850%, due 11/01/27		630,000		663,803
Southwestern Energy Co.,
5.375%, due 02/01/29		750,000		706,875
T-Mobile USA, Inc.,
3.500%, due 04/15/31		540,000		485,551
Wells Fargo & Co.,
(fixed, converts to FRN on 05/19/24), 0.805%, due 05/19/255		630,000		598,180
				15,849,463
Total corporate bonds
(cost—$17,139,039)				17,069,317
Mortgage-backed securities: 1.0%
United States: 1.0%
Angel Oak Mortgage Trust
Series 2020-4, Class A1, 1.469%, due 06/25/652,7		32,056		28,809
Series 2020-R1, Class A1, 0.990%, due 04/25/532,7		37,210		33,638
Series 2021-2, Class A1, 0.985%, due 04/25/662,7		42,765		35,767
BANK, Series 2022-BNK39, Class A4,
2.928%, due 02/15/55		200,000		168,448
BBCMS Mortgage Trust, Series 2021-C9, Class A5,
2.299%, due 02/15/54		200,000		163,302
BMO Mortgage Trust, Series 2023-C4, Class A5,
5.117%, due 02/15/567		150,000		149,473
Citigroup Commercial Mortgage Trust, Series
2019-SMRT, Class C,
4.682%, due 01/10/362		345,000		336,088
COLT Mortgage Loan Trust, Series 2020-2, Class A1,
1.853%, due 03/25/652,7		8,895		8,743
CSMC Trust, Series 2020-NQM1, Class A1,
1.208%, due 05/25/652,6,7		83,565		75,226

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
Mortgage-backed securities—(continued)
United States—(continued)
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
6.935%, due 07/15/382,5	146,429		$	139,451
Flagstar Mortgage Trust,
Series 2018-5, Class A2, 4.000%, due 09/25/482,7	58,780		55,202
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1, 1.382%, due 09/27/602,7	21,804		19,832
J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2021-2NU, Class D, 2.077%, due 01/05/402,7	125,000		88,817
MFA Trust
Series 2020-NQM3, Class A1, 1.014%, due 01/26/652,7	24,543		22,530
Series 2021-NQM1, Class A1, 1.153%, due 04/25/652,7	31,839		27,929
New Residential Mortgage Loan Trust,
Series 2021-NQ2R, Class A1, 0.941%, due 10/25/582,7	60,896		54,611
Residential Mortgage Loan Trust,
Series 2020-2, Class A1, 1.654%, due 05/25/602,7	37,587		36,585
Verus Securitization Trust
Series 2019-4, Class A1, 2.642%, due 11/25/592,6,7	11,728		11,152
Series 2020-4, Class A1, 1.502%, due 05/25/652,6,7	25,832		23,683
Series 2020-5, Class A1, 1.218%, due 05/25/652,6,7	32,460		29,529
Series 2021-R2, Class A1, 0.918%, due 02/25/642,7	43,621		37,291
Series 2021-R3, Class A1, 1.020%, due 04/25/642,7	58,379		51,810
Vista Point Securitization Trust,
Series 2020-2, Class A1, 1.475%, due 04/25/652,7	25,799		22,914
Wells Fargo Commercial Mortgage Trust,
Series 2018-C45, Class AS, 4.405%, due 06/15/517	130,000		120,541
Total mortgage-backed securities
(cost—$1,905,077)			1,741,371
Non-U.S. government agency obligations: 4.4%
Australia: 0.1%
Australia Government Bonds,
3.250%, due 04/21/298	AUD	310,000	208,851

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
Non-U.S. government agency obligations—(continued)
Austria: 0.0%†
Republic of Austria Government Bonds,
3.150%, due 06/20/448	EUR	55,000	$	60,827
Belgium: 0.1%
Kingdom of Belgium Government Bonds,
3.750%, due 06/22/458	EUR	83,000	95,954
Canada: 0.1%
Canada Government Bonds
1.500%, due 09/01/24	CAD	120,000	85,833
2.000%, due 12/01/51	CAD	50,000	29,588
2.500%, due 12/01/32	CAD	150,000	107,253
			222,674
Finland: 0.0%†
Finland Government Bonds,
1.375%, due 04/15/478	EUR	20,000	16,038
France: 0.5%
French Republic Government Bonds OAT
0.000%, due 11/25/318	EUR	810,000	695,070
0.500%, due 05/25/408	EUR	100,000	70,535
3.250%, due 05/25/458	EUR	93,000	101,520
			867,125
Germany: 0.1%
Bundesrepublik Deutschland Bundesanleihe,
2.500%, due 07/04/448	EUR	150,000	165,327
Ireland: 0.1%
Ireland Government Bonds
1.500%, due 05/15/508	EUR	240,000	180,561
2.000%, due 02/18/458	EUR	48,000	42,296
			222,857
Italy: 0.4%
Italy Buoni Poliennali Del Tesoro
0.950%, due 12/01/318	EUR	170,000	144,505
1.650%, due 03/01/328	EUR	60,000	54,081
3.000%, due 08/01/298	EUR	240,000	250,361
3.250%, due 09/01/468	EUR	75,000	68,526
4.000%, due 02/01/378	EUR	129,000	136,574
			654,047
Japan: 0.7%
Japan Government CPI Linked Bonds,
0.005%, due 03/10/31	JPY	52,690,500	412,317
Japan Government Forty Year Bonds,
0.500%, due 03/20/59	JPY	20,000,000	115,471
Japan Government Thirty Year Bonds,
0.300%, due 06/20/46	JPY	11,100,000	69,499

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
Non-U.S. government agency obligations—(continued)
Japan—(continued)
Japan Government Twenty Year Bonds,
0.400%, due 03/20/36	JPY	83,550,000	$	610,093
			1,207,380
New Zealand: 1.5%
New Zealand Government Bonds Inflation-Linked,
2.000%, due 09/20/258,9	NZD	3,972,143	2,502,821
Spain: 0.5%
Spain Government Bonds
1.450%, due 10/31/278	EUR	165,000	167,603
1.500%, due 04/30/278	EUR	215,000	220,582
3.450%, due 07/30/668	EUR	10,000	9,907
4.200%, due 01/31/378	EUR	44,000	50,992
4.800%, due 01/31/248	EUR	296,000	325,371
5.150%, due 10/31/448	EUR	69,000	90,410
			864,865
United Kingdom: 0.3%
United Kingdom Gilt
1.000%, due 04/22/248	GBP	90,000	107,615
1.000%, due 01/31/328	GBP	120,000	120,531
1.250%, due 07/31/518	GBP	145,000	99,694
1.625%, due 10/22/288	GBP	144,000	162,092
3.500%, due 01/22/458	GBP	90,000	104,682
			594,614
Total non-U.S. government agency obligations
(cost—$9,018,390)			7,683,380
U.S. government agency obligations: 8.3%
United States: 8.3%
FHLMC
1.500%, due 10/01/51		320,080	251,972
1.500%, due 12/01/99	550,000		431,785
2.000%, due 02/01/51	907,146		753,808
2.000%, due 12/01/51	507,696		420,245
2.000%, due 01/01/52	333,260		276,137
2.500%, due 11/01/50	216,500		190,101
3.000%, due 01/01/52	131,484		117,969
4.500%, due 08/01/52	216,105		211,608
4.500%, due 12/01/52	288,254		282,255
FNMA
2.000%, due 04/01/51	254,055		211,265
2.000%, due 05/01/51	734,283		609,394
2.000%, due 10/01/51	707,783		585,633
2.000%, due 03/01/52	734,268		607,785
2.500%, due 08/01/51	403,583		348,648
2.500%, due 08/01/51	254,225		220,010
2.500%, due 11/01/51	503,470		437,117

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
U.S. government agency obligations—(continued)
United States—(continued)
2.500%, due 03/01/52		525,074	$	452,388
3.000%, due 08/01/50		488,119	445,367
3.000%, due 12/01/51		490,735	440,788
3.000%, due 03/01/52		407,564	369,589
3.500%, due 02/01/49		462,455	435,345
3.500%, due 07/01/51		462,608	434,114
3.500%, due 05/01/52		136,869	127,057
4.000%, due 05/01/51		445,380	432,046
4.000%, due 08/01/52		242,087	231,369
4.500%, due 01/01/53		445,191	435,925
GNMA
2.000%, due 03/20/51		272,096	231,921
2.500%, due 08/20/51		790,912	697,747
3.000%, due 12/20/51		561,579	512,544
GNMA II
2.000%, due 01/20/52		510,363	433,428
3.000%, due 10/20/45		73,818	68,320
3.000%, due 12/20/45		84,367	78,083
3.000%, due 04/20/52		237,479	216,259
GNMA II, TBA,
3.500%		225,000	210,949
UMBS TBA
2.000%,		600,000	495,756
2.500%,		250,000	215,407
3.500%,		725,000	673,123
4.000%,		750,000	716,937
Total U.S. government agency obligations
(cost—$14,461,796)			14,310,194
U.S. Treasury obligations: 5.7%
United States: 5.7%
U.S. Treasury Bills,
4.679%, due 08/10/2310		2,070,000	2,036,089
U.S. Treasury Bonds
1.125%, due 08/15/40		70,000	46,268
2.500%, due 02/15/46		302,000	239,854
2.750%, due 11/15/42		421,000	357,028
2.750%, due 08/15/47		168,000	139,643
2.875%, due 05/15/43		717,000	619,505
3.000%, due 11/15/45		47,000	40,896
4.375%, due 02/15/38		110,000	120,450
U.S. Treasury Inflation Indexed Bonds (TIPS),
0.750%, due 02/15/45		53,346	45,408
U.S. Treasury Notes
0.375%, due 12/31/25		250,000	227,871
0.625%, due 08/15/30		1,270,000	1,034,901
0.875%, due 06/30/26		400,000	364,734
1.250%, due 08/15/31		200,000	167,758
1.375%, due 09/30/23		971,000	955,297
1.500%, due 09/30/24		750,000	719,619

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face
	amount1		Value
U.S. Treasury obligations—(continued)
United States—(continued)
1.625%, due 11/30/26		1,160,000	$	1,076,398
1.625%, due 08/15/29		196,000	174,823
1.625%, due 05/15/31		350,000	304,186
1.750%, due 05/15/23		45,000	44,843
2.500%, due 05/15/24		321,000	313,928
2.750%, due 07/31/23		369,000	366,564
2.750%, due 08/15/32		370,000	348,205
4.125%, due 11/15/32		100,000	105,078
Total U.S. Treasury obligations
(cost—$10,529,938)			9,849,346

	Number of shares
Short-term investments: 14.3%
Investment companies: 14.3%
State Street Institutional U.S. Government
Money Market Fund, 4.700%10
(cost $24,596,317)		24,596,317		24,596,317
Investment of cash collateral from securities loaned: 0.7%
Money market funds: 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%10
(cost $1,270,768)		1,270,768		1,270,768
Total investments
(cost $172,076,474)11—99.6%			171,727,799
Other assets in excess of liabilities—0.4%			642,086
Net assets—100.0%			$	172,369,885

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.

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts
77	EUR	EURO STOXX 50 Index Futures	June 2023	$	3,367,340		$	3,558,212		$	190,872
564	EUR	EURO STOXX Bank Index Futures	June 2023		3,187,931			3,029,236			(158,695	)
48	GBP	FTSE 100 Index Futures	June 2023		4,478,369			4,523,263			44,894
3	JPY	TSE TOPIX Index Futures	June 2023		431,676			452,683			21,007
23	USD	E-mini Russell 1000 Index Futures	June 2023		1,669,269			1,739,030			69,761
105	USD	E-mini Russell 2000 Index Futures	June 2023		9,238,157			9,520,875			282,718
168	USD	MSCI China Index Futures	June 2023		4,008,967			4,267,200			258,233
Interest rate futures buy contracts
35	AUD	Australian Bond 10 Year Futures	June 2023		2,805,709			2,875,021			69,312
178	CAD	Canadian Bond 10 Year Futures	June 2023		15,944,510			16,615,967			671,457
86	EUR	Italian Government Bond Futures	June 2023		10,382,571			10,758,347			375,776
U.S. Treasury futures buy contracts
21	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		2,457,523			2,543,953			86,430
Total				$	57,580,059		$	59,883,787		$	1,911,765
Index futures sell contracts
10	AUD	ASX SPI 200 Index Futures	June 2023		(1,177,465	)		(1,201,706	)		(24,241	)
36	USD	MSCI Emerging Markets Index Futures	June 2023		(1,726,411	)		(1,791,900	)		(65,489	)
69	USD	S&P 500 E-Mini Index Futures	June 2023		(13,422,939	)		(14,275,238	)		(852,299	)
Interest rate futures sell contracts
91	EUR	German Euro Bund Futures	June 2023		(12,932,175	)		(13,405,980	)		(473,805	)
26	JPY	MINI JGB 10 Year Futures Index	June 2023		(2,846,414	)		(2,894,611	)		(48,197	)
U.S. Treasury futures sell contracts
176	USD	U.S. Treasury Note 10 Year Futures	June 2023		(19,645,743	)		(20,226,250	)		(580,507	)
Total				$	(51,406,909	)	$	(53,795,685	)	$	(2,044,538	)
Net unrealized appreciation (depreciation)										$	(132,773	)

The UBS Funds 

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio12		Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CDX.NA.HY.S4	USD	8,600	06/20/28	Quarterly	5.000	%	$	35,223	$	(112,641	)	$	(77,418	)

OTC Total return swap agreements

Counterparty

Notional amount (000)

Maturity Date

Payment frequency

Payment made by the Portfolio12

Payments received by the Portfolio12

Upfront payments received (made)

Value

Unrealized appreciation (depreciation)

JPMCB

USD

37

05/15/23

Quarterly

J.P. Morgan EMBI Global Core Index

12 Month SOFR

$

—

$

(7,502

)

$

(7,502

)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	KRW	292,000,000	USD	228,688	05/23/23	$	3,724
BOA	USD	15,768,392	JPY	2,098,700,000	05/23/23	150,562
BOA	USD	511,278	TWD	15,300,000	05/23/23	(6,303		)
CIBC	USD	4,745,524	BRL	24,970,000	05/23/23	138,491
GSI	MXN	17,020,000	USD	914,331	05/23/23	(21,247		)
HSBC	KRW	4,583,959,900	USD	3,485,000	05/23/23	(46,599		)
HSBC	USD	5,504,308	NOK	56,650,000	05/23/23	(81,337		)
JPMCB	AUD	5,150,000	USD	3,423,128	05/23/23	(25,459		)
JPMCB	USD	6,752,351	EUR	6,235,000	05/23/23	28,188
JPMCB	USD	1,691,258	GBP	1,375,000	05/23/23	6,635
JPMCB	USD	896,238	HKD	7,005,000	05/23/23	(1,692		)
MSCI	CNY	49,230,000	USD	7,182,869	05/23/23	(10,989		)
MSCI	EUR	5,925,000	USD	6,339,725	05/23/23	(103,691		)
MSCI	GBP	13,905,000	USD	16,641,201	05/23/23	(529,131		)
MSCI	IDR	15,528,800,000	USD	1,019,291	05/23/23	(14,934		)
MSCI	INR	84,040,000	USD	1,014,167	05/23/23	(5,538		)
MSCI	NOK	53,771,107	GBP	4,140,000	05/23/23	(35,179		)
MSCI	NZD	18,085,000	USD	11,216,516	05/23/23	(92,580		)
MSCI	USD	10,810,182	AUD	15,785,000	05/23/23	(240,098		)
MSCI	USD	1,144,145	CNY	7,840,000	05/23/23	1,495

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	1,885,273	GBP	1,550,000	05/23/23	$	28,716
MSCI	USD	351,319	JPY	46,100,000	05/23/23	(1,643		)
MSCI	USD	262,713	MYR	1,152,000	05/23/23	(818		)
SSC	CHF	370,000	USD	401,128	05/23/23	(5,407		)
SSC	KRW	6,905,154,000	USD	5,340,000	05/23/23	20,095
SSC	MXN	62,359,523	USD	3,360,000	05/23/23	(67,861		)
SSC	USD	2,157,157	CAD	2,910,000	05/23/23	(2,321		)
SSC	USD	479,601	CHF	440,000	05/23/23	3,847
SSC	USD	2,390,720	EUR	2,220,000	05/23/23	23,522
SSC	USD	1,645,158	GBP	1,340,000	05/23/23	9,517
SSC	USD	379,606	JPY	49,600,000	05/23/23	(3,383		)
SSC	USD	9,135,825	MXN	173,130,000	05/23/23	381,015
SSC	USD	1,026,577	SEK	10,750,000	05/23/23	11,893
SSC	USD	486,269	SGD	650,000	05/23/23	2,908
Net unrealized appreciation (depreciation)						$	(485,602	)

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	46,478,416		$	20,732,740		$	—	$	67,211,156
Investment companies		25,792,722			—			—		25,792,722
Asset-backed securities		—			2,203,228			—		2,203,228
Corporate bonds		—			17,069,317			—		17,069,317
Mortgage-backed securities		—			1,741,371			—		1,741,371
Non-U.S. government agency obligations		—			7,683,380			—		7,683,380
U.S. government agency obligations		—			14,310,194			—		14,310,194
U.S. Treasury obligations		—			9,849,346			—		9,849,346
Short-term investments		—			24,596,317			—		24,596,317
Investment of cash collateral from securities loaned		—			1,270,768			—		1,270,768
Futures contracts		1,813,687			256,773			—		2,070,460
Forward foreign currency contracts		—			810,608			—		810,608
Total	$	74,084,825		$	100,524,042		$	—	$	174,608,867
Liabilities
Futures contracts	$	(1,972,100	)	$	(231,133	)	$	—	$	(2,203,233	)
Swap agreements		—			(120,143	)		—		(120,143	)
Forward foreign currency contracts		—			(1,296,210	)		—		(1,296,210	)
Total	$	(1,972,100	)	$	(1,647,486	)	$	—	$	(3,619,586	)

The UBS Funds

UBS Global Allocation Fund

Portfolio of investments (unaudited) 

March 31, 2023 

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,145,358, represented 1.8% of the Fund’s net assets at period end.
3	Security, or portion thereof, was on loan at the period end.
4	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any).

Security description	Value 06/30/22		Purchases during the period ended 03/31/2023		Sales during the period ended 03/31/2023		Net realized gain (loss) during the period ended 03/31/2023			Change in net unrealized appreciation (depreciation) during the period ended 03/31/2023			Value 03/31/2023		Net income earned from affiliate for the period ended 03/31/2023		Shares 03/31/2023
PACE High Yield Investments	$	19,261,865	$	769,171	$	12,000,000	$	(2,209,219	)	$	2,702,425		$	8,524,242	$	1,538,342		1,019,646
UBS All China Equity Fund		3,195,894		45,620		370,000		24,195			(485,424	)		2,410,285		91,240		453,914
UBS Emerging Markets Equity Opportunity Fund		14,689,532		799,900		-		-			(635,300	)		14,854,132		1,069,802		2,026,485
PACE International Emerging Markets Equity Investments		-		4,000		-		-			63			4,063		-		332
	$	37,147,291	$	1,618,691	$	12,370,000	$	(2,185,024	)	$	1,581,764		$	25,792,722	$	2,699,384

5	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
6	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date
7	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
8	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 Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities’ principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.

10	Rates shown reflect yield at March 31, 2023.
11	Includes $3,847,377 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,270,768 and non-cash collateral of $2,763,123.
12	Payments made or received are based on the notional amount.

¹³ 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.

UBS Emerging Markets Equity Opportunity Fund

Portfolio statistics and industry diversification – (unaudited)¹

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

Common stocks
Automobiles	2.9	%
Banks	21.8
Beverages	4.8
Broadline retail	16.2
Electronic equipment, instruments & components	3.3
Financial services	1.1
Food products	3.7
Hotels, restaurants & leisure	2.7
Household durables	2.0
Insurance	5.2
Interactive media & services	3.8
Metals & mining	3.3
Oil, gas & consumable fuels	10.0
Paper & forest products	1.1
Pharmaceuticals	1.1
Semiconductors & semiconductor equipment	23.6
Technology hardware, storage & peripherals	6.9
Wireless telecommunication services	1.2
Total common stocks	114.7
Preferred stocks
Banks	2.4
Short-term investments	4.0
Investment of cash collateral from securities loaned	0.1
Total investments	121.2
Liabilities in excess of other assets	(21.2	)
Net assets	100.0	%

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

The UBS Funds

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments (unaudited) 

March 31, 2023

	Number of shares		Value
Common stocks: 114.7%
Brazil: 7.5%
Hypera SA		744,100	$	5,534,743
MercadoLibre, Inc.*		11,417		15,048,291
Petroleo Brasileiro SA, ADR		946,620		9,873,247
Suzano SA		631,200		5,180,661
				35,636,942
China: 35.0%
Alibaba Group Holding Ltd.*		1,338,900		16,957,821
China Mengniu Dairy Co. Ltd.*		4,305,000		17,648,108
China Merchants Bank Co. Ltd., Class H		2,185,500		11,098,006
JD.com, Inc., Class A		542,971		11,856,420
Kweichow Moutai Co. Ltd., Class A*		86,067		22,735,414
LONGi Green Energy Technology Co. Ltd., Class A*		2,008,824		11,820,510
Meituan, Class B*,1		701,270		12,722,590
Midea Group Co. Ltd., Class A		1,189,946		9,311,038
PDD Holdings, Inc., ADR*		109,264		8,293,138
Ping An Insurance Group Co. of China Ltd., Class H		3,782,000		24,466,561
Tencent Holdings Ltd.		369,100		18,037,657
				164,947,263
Hungary: 1.5%
OTP Bank Nyrt		252,894		7,219,993
India: 12.3%
Eicher Motors Ltd.		373,474		13,419,439
HDFC Bank Ltd.		1,088,271		21,405,023
Reliance Industries Ltd.		809,804		23,026,428
				57,850,890
Indonesia: 7.0%
Bank Central Asia Tbk. PT		38,646,700		22,610,024
Bank Mandiri Persero Tbk. PT		15,003,800		10,332,313
				32,942,337
Mexico: 4.0%
Grupo Financiero Banorte SAB de CV		2,232,500		18,818,913
Russia: 0.0%†
Sberbank of Russia PJSC*,2,3		3,568,865		0
Yandex NV, Class A*,2,3		257,600		0
				0
Saudi Arabia: 2.4%
Saudi National Bank		934,618		11,445,087
South Africa: 10.7%
Anglo American PLC		465,076		15,469,120
FirstRand Ltd.4		1,472,065		4,989,415

The UBS Funds

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments (unaudited) 

March 31, 2023

	Number of shares		Value
Common stocks—(continued)
South Africa—(continued)
MTN Group Ltd.*,4		787,686	$	5,643,338
Naspers Ltd., N Shares		130,545		24,189,236
				50,291,109
South Korea: 14.2%
Samsung Electronics Co. Ltd.		659,059		32,591,098
Samsung SDI Co. Ltd.		27,428		15,580,165
SK Hynix, Inc.		271,922		18,608,959
				66,780,222
Taiwan: 17.1%
MediaTek, Inc.		696,000		18,044,576
Nanya Technology Corp.		5,085,000		11,153,019
Taiwan Semiconductor Manufacturing Co. Ltd.		2,933,000		51,399,669
				80,597,264
Thailand: 3.0%
PTT Exploration & Production PCL		3,217,900		14,140,477
Total common stocks (cost—$656,190,032)				540,670,497
Preferred stocks: 2.4%
Brazil: 2.4%
Banco Bradesco SA
(cost—$15,204,513)		4,375,159		11,368,533
Short-term investments: 4.0%
Investment companies: 4.0%
State Street Institutional U.S. Government Money Market Fund, 4.700%5 (cost $18,859,982)		18,859,982		18,859,982
Investment of cash collateral from securities loaned: 0.1%
Money market funds: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%5 (cost $333,490)		333,489		333,490
Total investments (cost $690,588,017)6—121.2%				571,232,502
Liabilities in excess of other assets—(21.2)%				(99,752,316	)
Net assets—100.0%			$	471,480,186

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.

The UBS Funds

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments (unaudited) 

March 31, 2023

Fair valuation summary

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

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Asset
Common stocks	$	62,748,993	$	499,270,637	$	0	$	540,670,497
Preferred stocks		11,368,533		477,921,504		—		11,368,533
Short-term investments		—		18,859,982		—		18,859,982
Investment of cash collateral from securities loaned		—		333,490		—		333,490
Total	$	74,117,526	$	497,114,976.00	$	0	$	571,232,502

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $12,722,590, represented 2.7% of the Funds net assets at period end.
2	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Security, or portion thereof, was on loan at the period end.
5	Rates shown reflect yield at March 31, 2023.
6	Includes $8,289,776 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $333,490 and non-cash collateral of $8,663,758.

UBS Engage For Impact Fund 

Portfolio statistics and industry diversification – (unaudited)¹ 

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

Common stocks
Automobile Components	2.6	%
Banks	10.0
Beverages	2.7
Biotechnology	4.7
Chemicals	8.5
Commercial services & supplies	0.9
Consumer finance	1.8
Consumer Staples Distribution & Retail	1.4
Diversified consumer services	0.8
Diversified telecommunication services	1.6
Electric utilities	2.3
Electrical equipment	3.6
Electronic equipment, instruments & components	6.2
Food products	10.0
Ground Transportation	2.0
Health care equipment & supplies	5.1
Health care technology	0.4
Hotels, restaurants & leisure	0.3
IT services	0.6
Life sciences tools & services	1.9
Machinery	4.4
Oil, gas & consumable fuels	2.4
Paper & forest products	2.4
Pharmaceuticals	1.4
Professional services	0.7
Semiconductors & semiconductor equipment	5.8
Software	8.2
Specialized REITs	1.3
Technology hardware, storage & peripherals	0.8
Textiles, apparel & luxury goods	1.3
Wireless telecommunication services	1.6
Total common stocks	97.7
Short-term investments	1.8
Investment of cash collateral from securities loaned	0.1
Total investments	99.6
Other assets in excess of liabilities	0.4
Net assets	100.0	%

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

The UBS Funds 

UBS Engage For Impact Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Common stocks: 97.7%
Austria: 3.0%
Erste Group Bank AG		46,806	$	1,550,652
Brazil: 2.4%
Suzano SA		149,700		1,229,037
Canada: 2.0%
Canadian Pacific Railway Ltd.1		13,645		1,050,710
China: 2.3%
China Mengniu Dairy Co. Ltd.*		297,000		1,217,535
Denmark: 2.6%
Genmab A/S*		3,594		1,358,551
France: 4.7%
Danone SA		39,172		2,437,423
Germany: 3.1%
Infineon Technologies AG		39,483		1,621,376
Indonesia: 3.9%
Bank Mandiri Persero Tbk. PT		2,907,300		2,002,102
Ireland: 3.1%
AIB Group PLC1		394,767		1,597,836
Japan: 3.7%
Chugai Pharmaceutical Co. Ltd.		28,200		696,332
JTOWER, Inc.*,1		22,600		842,813
Recruit Holdings Co. Ltd.		13,900		382,375
				1,921,520
Mexico: 1.6%
America Movil SAB de CV		770,000		808,885
Portugal: 2.4%
Galp Energia SGPS SA		110,581		1,251,254
Spain: 2.3%
Iberdrola SA		97,260		1,211,645
Switzerland: 3.6%
Alcon, Inc.		26,507		1,881,665
United Kingdom: 4.6%
Spectris PLC		52,796		2,395,423
United States: 52.4%
AbbVie, Inc.		6,939		1,105,869
American Well Corp., Class A*		85,353		201,433
Aptiv PLC*		11,828		1,326,983
Autodesk, Inc.*		7,445		1,549,751
Bio-Rad Laboratories, Inc., Class A*		2,019		967,141
Bunge Ltd.		16,505		1,576,558

The UBS Funds 

UBS Engage For Impact Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
CF Industries Holdings, Inc.		13,070	$	947,444
Coursera, Inc.*		34,660		399,283
Digital Realty Trust, Inc.		6,888		677,159
Ecolab, Inc.		8,423		1,394,259
Ingersoll Rand, Inc.		39,427		2,293,863
Linde PLC		5,772		2,051,600
LivaNova PLC*		17,729		772,630
Micron Technology, Inc.		23,518		1,419,076
Montrose Environmental Group, Inc.*		13,063		465,957
NIKE, Inc., Class B		5,512		675,992
Primo Water Corp.		90,326		1,386,504
Pure Storage, Inc., Class A*		16,056		409,589
Regal Rexnord Corp.		13,449		1,892,678
Roper Technologies, Inc.		2,145		945,280
SLM Corp.		75,569		936,300
Snowflake, Inc., Class A*		2,136		329,564
Sprouts Farmers Market, Inc.*		20,666		723,930
Sweetgreen, Inc., Class A*,1		17,500		137,200
Trimble, Inc.*		15,948		835,994
VMware, Inc., Class A*		14,272		1,781,859
				27,203,896
Total common stocks (cost—$51,989,978)				50,739,510
Short-term investments: 1.8%
Investment companies: 1.8%
State Street Institutional U.S. Government Money Market Fund, 4.700%2 (cost $955,156)		955,156		955,156
Investment of cash collateral from securities loaned: 0.1%
Money market funds: 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%2 (cost $30,723)		30,723		30,723
Total investments (cost $52,975,857)3—99.6%				51,725,389
Other assets in excess of liabilities—0.4%				190,896
Net assets—100.0%			$	51,916,285

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.

The UBS Funds 

UBS Engage For Impact Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	30,292,528	$	20,446,982	$	—	$	50,739,510
Short-term investments		—		955,156		—		955,156
Investment of cash collateral from securities loaned		—		30,723		—		30,723
Total	$	30,292,528	$	21,432,861	$	—	$	51,725,389

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

Portfolio footnotes

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at March 31, 2023.
3	Includes $2,381,596 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $30,723 and non-cash collateral of $2,464,917.

UBS International Sustainable Equity Fund 

Portfolio statistics and industry diversification – (unaudited)¹ 

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

Common stocks
Automobile components	2.5	%
Automobiles	3.4
Banks	10.8
Biotechnology	1.3
Broadline retail	2.7
Capital markets	2.5
Chemicals	4.0
Commercial services & supplies	1.4
Construction & engineering	1.9
Diversified telecommunication services	2.9
Electrical equipment	1.2
Electronic equipment, instruments & components	1.6
Energy equipment & services	2.6
Entertainment	2.9
Food products	6.5
Ground transportation	1.2
Health care equipment & supplies	3.9
Hotels, restaurants & leisure	1.1
Household durables	2.1
Industrial conglomerates	1.0
Insurance	7.2
IT services	1.8
Leisure products	0.4
Life sciences tools & services	1.4
Machinery	3.0
Oil, gas & consumable fuels	1.3
Paper & forest products	1.2
Personal products	2.0
Pharmaceuticals	4.7
Professional services	1.3
Semiconductors & semiconductor equipment	5.4
Software	4.4
Specialty retail	0.8
Textiles, apparel & luxury goods	1.5
Trading companies & distributors	3.1
Wireless telecommunication services	1.1
Total common stocks	98.1
Short-term investments	1.2
Investment of cash collateral from securities loaned	3.1
Total investments	102.4
Liabilities in excess of other assets	(2.4	)
Net assets	100.0	%

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

The UBS Funds 

UBS International Sustainable Equity Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Common stocks: 98.1%
Australia: 1.4%
Brambles Ltd.		249,303	$	2,247,777
Brazil: 3.1%
Banco Bradesco SA, ADR1		294,890		772,612
MercadoLibre, Inc.*		1,654		2,180,071
Suzano SA		243,500		1,998,560
				4,951,243
Canada: 3.3%
Canadian Pacific Railway Ltd.1		23,585		1,816,124
Royal Bank of Canada		34,744		3,322,724
				5,138,848
China: 7.5%
Alibaba Group Holding Ltd., ADR*		20,382		2,082,633
China Mengniu Dairy Co. Ltd.*		377,000		1,545,490
Li Auto, Inc., ADR*		49,571		1,236,796
Meituan, Class B*,2		94,960		1,722,785
NXP Semiconductors NV		8,528		1,590,259
Ping An Insurance Group Co. of China Ltd., Class H		377,500		2,442,127
Zhongsheng Group Holdings Ltd.		239,500		1,180,107
				11,800,197
Denmark: 1.3%
Genmab A/S*		5,505		2,080,919
Finland: 2.0%
Metso Outotec Oyj		290,492		3,171,992
France: 7.5%
AXA SA		122,398		3,735,290
Cie Generale des Etablissements Michelin SCA		82,139		2,510,847
Danone SA		61,340		3,816,796
Ubisoft Entertainment SA*		66,111		1,762,067
				11,825,000
Germany: 5.7%
CTS Eventim AG & Co. KGaA*		45,806		2,863,601
Infineon Technologies AG		44,275		1,818,160
Knorr-Bremse AG		22,936		1,527,789
LANXESS AG		23,009		946,659
SAP SE		14,677		1,853,272
				9,009,481
Hong Kong: 1.6%
Prudential PLC		189,151		2,589,785
India: 3.9%
Axis Bank Ltd., GDR3		12,823		664,608
Axis Bank Ltd., GDR3		30,299		1,569,488
Infosys Ltd., ADR		93,299		1,627,135
Mahindra & Mahindra Ltd., GDR		165,983		2,323,762
				6,184,993
Indonesia: 4.3%
Bank Central Asia Tbk. PT		5,958,700		3,486,102

The UBS Funds 

UBS International Sustainable Equity Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
Indonesia—(continued)
Bank Mandiri Persero Tbk. PT		4,721,900	$	3,251,720
				6,737,822
Ireland: 1.8%
AIB Group PLC1		715,088		2,894,348
Italy: 3.9%
Infrastrutture Wireless Italiane SpA2		145,060		1,905,844
PRADA SpA		327,300		2,320,905
Prysmian SpA		46,071		1,934,554
				6,161,303
Japan: 11.8%
ITOCHU Corp.1		67,300		2,191,722
Mitsubishi UFJ Financial Group, Inc.		177,500		1,137,539
NEC Corp.		32,800		1,266,249
Nippon Telegraph & Telephone Corp.		93,000		2,779,093
OBIC Business Consultants Co. Ltd.		61,000		2,310,895
Shin-Etsu Chemical Co. Ltd.		69,000		2,239,811
SoftBank Group Corp.		45,900		1,804,489
Sony Group Corp.		35,900		3,269,893
Toyota Motor Corp.		118,400		1,685,471
				18,685,162
Luxembourg: 1.4%
Eurofins Scientific SE1		32,273		2,160,989
Netherlands: 3.2%
ASML Holding NV		2,597		1,769,720
Koninklijke Philips NV		178,705		3,282,253
				5,051,973
Norway: 2.1%
Equinor ASA		69,609		1,978,872
Mowi ASA		71,455		1,321,631
				3,300,503
South Korea: 4.7%
LG Chem Ltd.		5,692		3,126,009
Samsung Engineering Co. Ltd.*		123,199		3,010,880
SK Hynix, Inc.		19,962		1,366,098
				7,502,987
Switzerland: 5.9%
Alcon, Inc.		30,732		2,181,587
Barry Callebaut AG		1,733		3,671,827
Novartis AG		38,659		3,549,612
				9,403,026
Taiwan: 1.8%
Merida Industry Co. Ltd.		118,000		656,481
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		23,600		2,195,272
				2,851,753
United Kingdom: 14.3%
Ashtead Group PLC		44,690		2,744,183
AstraZeneca PLC		27,990		3,878,134

The UBS Funds 

UBS International Sustainable Equity Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
United Kingdom—(continued)
DCC PLC		27,395	$		1,596,889
London Stock Exchange Group PLC		39,677			3,853,814
RELX PLC		63,347			2,051,613
Sage Group PLC		276,195			2,650,485
Spectris PLC		56,723			2,573,596
Unilever PLC		62,025			3,210,775
					22,559,489
United States: 5.6%
Aon PLC, Class A		8,670			2,733,564
Aptiv PLC*		13,185			1,479,225
LivaNova PLC*		15,423			672,134
Schlumberger NV		82,384			4,045,055
					8,929,978
Total common stocks (cost—$167,495,269)					155,239,568
Short-term investments: 1.2%
Investment companies: 1.2%
State Street Institutional U.S. Government Money Market Fund, 4.700%4 (cost $1,899,210)		1,899,210			1,899,210
Investment of cash collateral from securities loaned: 3.1%
Money market funds: 3.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%4 (cost $4,942,146)		4,942,146		$	4,942,146
Total investments (cost $174,336,625)5—102.4%					162,080,924
Liabilities in excess of other assets—(2.4)%					(3,811,632	)
Net assets—100.0%				$	158,269,292

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 March 31, 2023 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	31,645,414	$	123,594,154	$	—	$	155,239,568
Short-term investments		—		1,899,210		—		1,899,210
Investment of cash collateral from securities loaned		—		4,942,146		—		4,942,146
Total	$	31,645,414	$	130,435,510	$	—	$	162,080,924

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,628,629, represented 2.3% of the Funds net assets at period end.
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	Rates shown reflect yield at March 31, 2023.
5	Includes $8,663,878 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,942,146 and non-cash collateral of $4,196,366.

UBS US Dividend Ruler Fund 

Portfolio statistics and industry diversification—(unaudited)¹

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

Common stocks
Aerospace & defense	3.1	%
Air freight & logistics	2.5
Banks	2.2
Beverages	4.9
Biotechnology	3.9
Capital markets	2.7
Chemicals	2.2
Commercial services & supplies	1.3
Consumer finance	0.6
Electric utilities	4.9
Ground transportation	2.1
Health care equipment & supplies	2.4
Health care providers & services	3.5
Hotels, restaurants & leisure	5.0
Household products	2.6
Industrial conglomerates	1.8
Industrial REITs	2.7
Insurance	4.6
IT services	2.8
Oil, gas & consumable fuels	6.9
Pharmaceuticals	2.8
Professional services	2.2
Semiconductors & semiconductor equipment	8.3
Software	11.8
Specialty retail	1.9
Total common stocks	89.7
Short-term investments	1.6
Total investments	91.3
Other assets in excess of liabilities	8.7
Net assets	100.0	%

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

The UBS Funds 

UBS US Dividend Ruler Fund 

Portfolio of investments (unaudited)  

March 31, 2023

	Number of shares		Value
Common stocks: 89.7%
Aerospace & defense: 3.1%
Raytheon Technologies Corp.		46,368	$	4,540,818
Air freight & logistics: 2.5%
United Parcel Service, Inc. ,Class B		18,859		3,658,457
Banks: 2.2%
JPMorgan Chase & Co.		24,666		3,214,226
Beverages: 4.9%
Coca-Cola Co.		61,176		3,794,747
Diageo PLC ,ADR		18,328		3,320,667
				7,115,414
Biotechnology: 3.9%
AbbVie, Inc.		26,151		4,167,685
Amgen, Inc.		6,536		1,580,078
				5,747,763
Capital markets: 2.7%
BlackRock, Inc.		3,214		2,150,552
Morgan Stanley		19,455		1,708,149
				3,858,701
Chemicals: 2.2%
Linde PLC		9,136		3,247,300
Commercial services & supplies: 1.3%
Republic Services, Inc.		13,999		1,892,945
Consumer finance: 0.6%
Discover Financial Services		8,958		885,409
Electric utilities: 4.9%
American Electric Power Co., Inc.		32,964		2,999,394
NextEra Energy, Inc.		53,081		4,091,484
				7,090,878
Ground transportation: 2.1%
Union Pacific Corp.		15,073		3,033,592
Health care equipment & supplies: 2.4%
Abbott Laboratories		34,877		3,531,645
Health care providers & services: 3.5%
UnitedHealth Group, Inc.		10,811		5,109,171
Hotels, restaurants & leisure: 5.0%
McDonald's Corp.		12,840		3,590,192
Starbucks Corp.		35,335		3,679,434
				7,269,626
Household products: 2.6%
Procter & Gamble Co.		25,856		3,844,529
Industrial conglomerates: 1.8%
Honeywell International, Inc.		13,728		2,623,695
Industrial REITs: 2.7%
Prologis, Inc.		31,581		3,940,361

The UBS Funds 

UBS US Dividend Ruler Fund 

Portfolio of investments (unaudited)  

March 31, 2023

	Number of shares		Value
Common stocks—(continued)
Insurance: 4.6%
Chubb Ltd.		19,649	$	3,815,443
Marsh & McLennan Cos., Inc.		17,067		2,842,509
				6,657,952
IT services: 2.8%
Accenture PLC ,Class A		14,503		4,145,102
Oil, gas & consumable fuels: 6.9%
EOG Resources, Inc.		22,801		2,613,679
Exxon Mobil Corp.		49,225		5,398,013
Phillips 66		20,125		2,040,273
				10,051,965
Pharmaceuticals: 2.8%
Johnson & Johnson		26,449		4,099,595
Professional services: 2.2%
Automatic Data Processing, Inc.		14,421		3,210,547
Semiconductors & semiconductor equipment: 8.3%
Analog Devices, Inc.		18,679		3,683,873
Broadcom, Inc.		7,665		4,917,404
Texas Instruments, Inc.		19,206		3,572,508
				12,173,785
Software: 11.8%
Microsoft Corp.		44,319		12,777,168
Oracle Corp.		47,535		4,416,952
				17,194,120
Specialty retail: 1.9%
Home Depot, Inc.		9,529		2,812,198
Total common stocks (cost—$125,373,166)				130,949,794
Short term investments: 1.6%
Investment companies: 1.6%
State Street Institutional U.S. Government Money Market Fund, 4.700%1 (cost—$2,384,979)		2,384,979		2,384,979
Total Investments (cost—$127,758,145)—91.3%				133,334,773
Other assets in excess of liabilities—8.7%				12,756,381
Net Assets—100.0%			$	146,091,154

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.

The UBS Funds 

UBS US Dividend Ruler Fund 

Portfolio of investments (unaudited) 

March 31, 2023

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	130,949,794	$	—	$	—	$	130,949,794
Short-term investments		—		2,384,979		—		2,384,979
Total	$	130,949,794	$	2,384,979	$	—	$	133,334,773

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

Portfolio footnotes

1 Rates shown reflect yield at March 31, 2023.

The UBS Funds

UBS US Quality Growth at Reasonable Price Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks: 98.2%
Beverages: 2.4%
Coca-Cola Co.		68,565	$	4,253,087
Broadline retail: 6.5%
Amazon.com, Inc.*		113,531		11,726,617
Capital markets: 2.9%
Ameriprise Financial, Inc.		8,859		2,715,283
S&P Global, Inc.		7,336		2,529,233
				5,244,516
Chemicals: 2.0%
Sherwin-Williams Co.		15,938		3,582,384
Consumer staples distribution & retail: 3.9%
Costco Wholesale Corp.		9,167		4,554,807
Dollar General Corp.		12,214		2,570,559
				7,125,366
Electrical equipment: 1.1%
Rockwell Automation, Inc.		6,757		1,982,842
Energy equipment & services: 1.6%
Schlumberger NV		59,714		2,931,957
Financial services: 4.3%
Visa, Inc. ,Class A		34,469		7,771,381
Ground transportation: 1.8%
Union Pacific Corp.		16,158		3,251,959
Health care equipment & supplies: 5.3%
Abbott Laboratories		28,610		2,897,048
Boston Scientific Corp.*		65,891		3,296,527
Intuitive Surgical, Inc.*		13,110		3,349,212
				9,542,787
Health care providers & services: 4.1%
UnitedHealth Group, Inc.		15,528		7,338,377
Household products: 2.1%
Procter & Gamble Co.		25,142		3,738,364
Industrial conglomerates: 1.5%
Honeywell International, Inc.		14,025		2,680,458
Interactive media & services: 6.3%
Alphabet, Inc. ,Class A*		108,975		11,303,977
IT services: 2.1%
Accenture PLC ,Class A		13,074		3,736,680
Life sciences tools & services: 3.7%
Danaher Corp.		12,257		3,089,254
Thermo Fisher Scientific, Inc.		6,142		3,540,065
				6,629,319
Machinery: 1.2%
Parker-Hannifin Corp.		6,414		2,155,810

The UBS Funds

UBS US Quality Growth at Reasonable Price Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
Personal products: 1.2%
Estee Lauder Cos., Inc. ,Class A		9,079	$	2,237,610
Pharmaceuticals: 2.5%
Eli Lilly & Co.		13,398		4,601,141
Semiconductors & semiconductor equipment: 4.2%
Applied Materials, Inc.		37,816		4,644,939
Texas Instruments, Inc.		15,763		2,932,076
				7,577,015
Software: 20.5%
Intuit, Inc.		6,658		2,968,336
Microsoft Corp.		90,049		25,961,127
Palo Alto Networks, Inc.*		21,754		4,345,144
Salesforce, Inc.*		18,436		3,683,144
				36,957,751
Specialized REITs: 2.4%
American Tower Corp.		21,192		4,330,373
Specialty retail: 4.2%
O'Reilly Automotive, Inc.*		3,955		3,357,716
TJX Cos., Inc.		53,518		4,193,670
				7,551,386
Technology hardware, storage & peripherals: 8.0%
Apple, Inc.		87,940		14,501,306
Textiles, apparel & luxury goods: 2.4%
NIKE, Inc. ,Class B		35,670		4,374,569
Total common stocks (cost—$179,636,661)				177,127,032
Short term investments: 2.0%
Investment companies: 2.0%
State Street Institutional U.S. Government Money Market Fund, 4.700%1 (cost—$3,681,266)		3,681,266		3,681,266
Total Investments (cost—$183,317,927)—100.2%				180,808,298
Liabilities in excess of other assets—(0.2)%				(429,929	)
Net Assets—100.0%			$	180,378,369

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.

The UBS Funds

UBS US Quality Growth at Reasonable Price Fund

Portfolio of investments (unaudited) 

March 31, 2023 

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	177,127,032	$	—	$	—	$	177,127,032
Short-term investments		—		3,681,266		—		3,681,266
Total	$	177,127,032	$	3,681,266	$	—	$	180,808,298

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

Portfolio footnotes

*	Non–income producing security.
1	Rates shown reflect yield at March 31, 2023.

The UBS Funds

UBS U.S. Small Cap Growth Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks: 97.4%
Air freight & logistics: 1.7%
Forward Air Corp.		19,828	$	2,136,665
Automobile components: 2.4%
Visteon Corp.*		19,160		3,004,863
Banks: 4.2%
First Bancorp.		48,166		1,710,856
National Bank Holdings Corp. ,Class A		30,672		1,026,285
Texas Capital Bancshares, Inc.*		20,587		1,007,940
Webster Financial Corp.		35,776		1,410,290
				5,155,371
Beverages: 0.9%
Duckhorn Portfolio, Inc.*		73,169		1,163,387
Biotechnology: 5.5%
Allogene Therapeutics, Inc.*,1		57,016		281,659
Deciphera Pharmaceuticals, Inc.*		55,630		859,483
IGM Biosciences, Inc.*,1		16,660		228,908
Immunocore Holdings PLC ,ADR*,1		17,400		860,256
Insmed, Inc.*		32,578		555,455
Intellia Therapeutics, Inc.*		10,307		384,142
Kymera Therapeutics, Inc.*		23,036		682,557
MeiraGTx Holdings PLC*		36,953		191,047
Nurix Therapeutics, Inc.*		32,765		290,953
Relay Therapeutics, Inc.*		42,629		702,100
Rhythm Pharmaceuticals, Inc.*		24,195		431,639
Xencor, Inc.*		31,119		867,909
Zentalis Pharmaceuticals, Inc.*		29,870		513,764
				6,849,872
Broadline retail: 1.2%
Ollie's Bargain Outlet Holdings, Inc.*		24,711		1,431,755
Building products: 1.2%
Simpson Manufacturing Co., Inc.		13,175		1,444,507
Chemicals: 0.3%
Aspen Aerogels, Inc.*		44,516		331,644
Construction & engineering: 3.1%
Ameresco, Inc. ,Class A*,1		32,740		1,611,463
MasTec, Inc.*		23,133		2,184,680
				3,796,143
Consumer staples distribution & retail: 2.8%
Performance Food Group Co.*		58,443		3,526,451
Containers & packaging: 1.4%
Graphic Packaging Holding Co.		66,890		1,705,026
Electrical equipment: 2.4%
Regal Rexnord Corp.		16,349		2,300,795
Shoals Technologies Group, Inc. ,Class A*		31,322		713,828
				3,014,623
Energy equipment & services: 1.8%
Weatherford International PLC*		38,092		2,260,760
Financial services: 2.9%
Essent Group Ltd.		21,044		842,812

The UBS Funds

UBS U.S. Small Cap Growth Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
Financial services—(continued)
Shift4 Payments, Inc. ,Class A*,1		36,851	$	2,793,306
				3,636,118
Health care equipment & supplies: 6.4%
AtriCure, Inc.*		33,732		1,398,192
Inspire Medical Systems, Inc.*		9,005		2,107,800
Silk Road Medical, Inc.*		31,571		1,235,373
STAAR Surgical Co.*		24,962		1,596,320
Treace Medical Concepts, Inc.*		65,264		1,644,000
				7,981,685
Health care providers & services: 3.3%
Castle Biosciences, Inc.*		20,006		454,536
NeoGenomics, Inc.*		37,916		660,118
R1 RCM, Inc.*		92,072		1,381,080
Surgery Partners, Inc.*		47,049		1,621,779
				4,117,513
Hotel & resort REITs: 2.6%
Ryman Hospitality Properties, Inc.		35,911		3,222,294
Hotels, restaurants & leisure: 9.2%
Bloomin' Brands, Inc.		66,620		1,708,803
Churchill Downs, Inc.		7,761		1,994,965
Dave & Buster's Entertainment, Inc.*		33,695		1,239,639
Papa John's International, Inc.		19,349		1,449,821
Planet Fitness, Inc. ,Class A*		24,863		1,931,109
Six Flags Entertainment Corp.*		58,068		1,550,996
Wyndham Hotels & Resorts, Inc.		21,828		1,481,030
				11,356,363
Household durables: 1.1%
TopBuild Corp.*		6,293		1,309,825
IT services: 2.8%
DigitalOcean Holdings, Inc.*,1		37,667		1,475,416
Wix.com Ltd.*		19,350		1,931,130
				3,406,546
Life sciences tools & services: 4.4%
Azenta, Inc.*		28,826		1,286,216
Medpace Holdings, Inc.*		11,162		2,099,014
NanoString Technologies, Inc.*		24,850		246,015
Repligen Corp.*		10,468		1,762,393
				5,393,638
Machinery: 4.6%
Astec Industries, Inc.		11,704		482,790
Chart Industries, Inc.*		18,511		2,321,279
Evoqua Water Technologies Corp.*		58,120		2,889,727
				5,693,796
Media: 0.6%
Magnite, Inc.*		75,305		697,324
Oil, gas & consumable fuels: 3.5%
Chesapeake Energy Corp.		19,779		1,503,995
Matador Resources Co.		25,405		1,210,548

The UBS Funds

UBS U.S. Small Cap Growth Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(continued)
PDC Energy, Inc.		25,077	$	1,609,442
				4,323,985
Pharmaceuticals: 1.1%
Arvinas, Inc.*		18,898		516,294
Intra-Cellular Therapies, Inc.*		15,868		859,252
				1,375,546
Professional services: 1.8%
KBR, Inc.1		32,033		1,763,417
Sterling Check Corp.*		42,507		473,953
				2,237,370
Semiconductors & semiconductor equipment: 5.5%
Lattice Semiconductor Corp.*		26,297		2,511,364
MaxLinear, Inc.*		45,107		1,588,217
Universal Display Corp.		17,497		2,714,310
				6,813,891
Software: 12.3%
Alteryx, Inc. ,Class A*		32,315		1,901,415
Clearwater Analytics Holdings, Inc. ,Class A*,1		72,063		1,150,125
CyberArk Software Ltd.*		12,003		1,776,204
Elastic NV*		23,115		1,338,358
HashiCorp, Inc. ,Class A*		9,400		275,326
Jamf Holding Corp.*		64,847		1,259,329
PowerSchool Holdings, Inc. ,Class A*		68,732		1,362,268
Sumo Logic, Inc.*		208,467		2,497,435
Tenable Holdings, Inc.*		43,288		2,056,613
Varonis Systems, Inc.*		62,717		1,631,269
				15,248,342
Specialty retail: 1.3%
Children's Place, Inc.*		18,678		751,790
National Vision Holdings, Inc.*		45,875		864,285
				1,616,075
Technology hardware, storage & peripherals: 1.4%
Pure Storage, Inc. ,Class A*		69,218		1,765,751
Textiles, apparel & luxury goods: 1.0%
Tapestry, Inc.		29,622		1,277,005
Trading companies & distributors: 2.7%
Boise Cascade Co.		24,892		1,574,419
Herc Holdings, Inc.		15,267		1,738,911
				3,313,330
Total common stocks (cost—$125,077,405)				120,607,464
Short term investments: 2.7%
Investment companies: 2.7%
State Street Institutional U.S. Government Money Market Fund, 4.700%2 (cost—$3,358,965)		3,358,965		3,358,965
Investment of cash collateral from securities loaned: 3.6%
Money market funds: 3.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%2 (cost $4,454,518)		4,454,518		4,454,518
Total Investments (cost—$132,890,888)3—103.7%				128,420,947
Liabilities in excess of other assets—(3.7)%				(4,593,902	)
Net Assets—100.0%			$	123,827,045

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.

The UBS Funds

UBS U.S. Small Cap Growth Fund

Portfolio of investments (unaudited) 

March 31, 2023 

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	120,607,464	$	—	$	—	$	120,607,464
Short-term investments		—		3,358,965		—		3,358,965
Investment of cash collateral from securities loaned		—		4,454,518		—		4,454,518
Total	$	120,607,464	$	7,813,483	$	—	$	128,420,947

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
*	Non–income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Rates shown reflect yield at March 31, 2023.
3	Includes $7,580,576 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,454,518 and non-cash collateral of $3,322,605.

The UBS Funds

UBS Sustainable Development Bank Bond Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount		Value
Non-U.S. government agency obligations: 99.7%
Supranationals: 99.7%
African Development Bank
0.750%, due 04/03/23	$	300,000	$	300,000
0.875%, due 03/23/26		500,000		457,299
0.875%, due 07/22/26		2,400,000		2,168,827
4.375%, due 11/03/27		500,000		512,135
4.375%, due 03/14/28		800,000		821,657
Agence Francaise de Developpement EPIC,
0.625%, due 01/22/261		2,400,000		2,172,975
Asian Development Bank
0.750%, due 10/08/30		600,000		485,611
1.500%, due 03/04/31		1,300,000		1,109,115
1.750%, due 09/19/29		600,000		532,953
1.875%, due 01/24/30		700,000		622,118
3.875%, due 09/28/32		500,000		507,138
4.000%, due 01/12/33		700,000		716,413
Asian Infrastructure Investment Bank
0.500%, due 10/30/24		600,000		563,998
0.500%, due 05/28/25		900,000		831,972
0.500%, due 01/27/26		1,600,000		1,447,099
3.750%, due 09/14/27		1,000,000		990,092
Council of Europe Development Bank
0.875%, due 09/22/26		1,500,000		1,354,120
1.375%, due 02/27/25		1,300,000		1,233,310
2.500%, due 02/27/24		650,000		636,889
European Bank for Reconstruction & Development
0.500%, due 05/19/25		400,000		370,832
0.500%, due 11/25/25		500,000		456,722
0.500%, due 01/28/26		2,000,000		1,816,405
1.500%, due 02/13/25		600,000		571,482
4.375%, due 03/09/28		750,000		771,751
European Investment Bank
0.375%, due 03/26/26		100,000		90,279
0.625%, due 07/25/25		250,000		231,709
0.625%, due 10/21/27		600,000		522,372
1.250%, due 02/14/31		1,400,000		1,184,866
1.875%, due 02/10/25		700,000		671,615
2.625%, due 03/15/24		225,000		220,888
3.750%, due 02/14/33		400,000		404,626
IDB Trust Services Ltd.
0.908%, due 06/25/251		400,000		370,748
1.809%, due 02/26/25		400,000		382,480
2.843%, due 04/25/241		1,600,000		1,565,280
3.389%, due 09/26/231		800,000		792,384
Inter-American Development Bank
0.625%, due 07/15/25		200,000		185,305
0.625%, due 09/16/27		1,100,000		959,380

The UBS Funds

UBS Sustainable Development Bank Bond Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
0.875%, due 04/20/26	$	200,000	$	182,698
1.125%, due 07/20/28		2,600,000		2,274,012
1.125%, due 01/13/31		7,250,000		6,004,028
1.500%, due 01/13/27		700,000		642,252
2.000%, due 06/02/26		800,000		753,484
2.000%, due 07/23/26		630,000		593,390
2.250%, due 06/18/29		4,500,000		4,135,860
2.375%, due 07/07/27		535,000		504,737
3.000%, due 10/04/23		300,000		297,055
3.125%, due 09/18/28		2,450,000		2,376,514
3.500%, due 09/14/29		1,050,000		1,036,791
4.000%, due 01/12/28		600,000		606,786
Inter-American Investment Corp.
0.625%, due 02/10/261		1,300,000		1,173,365
1.750%, due 10/02/241		900,000		863,108
International Bank for Reconstruction & Development
0.750%, due 11/24/27		1,000,000		873,499
0.750%, due 08/26/30		2,500,000		2,022,074
0.875%, due 05/14/30		2,500,000		2,056,822
1.125%, due 09/13/28		1,900,000		1,657,344
1.250%, due 02/10/31		4,550,000		3,807,866
Series GDIF, 1.375%, due 04/20/28		800,000		714,513
1.625%, due 11/03/31		3,600,000		3,066,857
Series GDIF, 1.750%, due 10/23/29		3,400,000		3,013,701
Series GDIF, 2.500%, due 11/22/27		400,000		378,964
2.500%, due 03/29/32		2,000,000		1,823,986
3.625%, due 09/21/29		500,000		497,534
3.875%, due 02/14/30		700,000		705,963
International Development Association
Series GDIF, 0.750%, due 06/10/271		1,700,000		1,492,874
0.875%, due 04/28/261		200,000		181,616
1.000%, due 12/03/301		2,100,000		1,711,437
2.750%, due 04/24/23		250,000		249,692
International Finance Corp.
0.375%, due 07/16/25		600,000		553,116
0.750%, due 10/08/26		1,600,000		1,439,699
0.750%, due 08/27/30		1,250,000		1,014,163
1.375%, due 10/16/24		100,000		95,559
2.125%, due 04/07/26		875,000		830,952
Kreditanstalt fuer Wiederaufbau
2.000%, due 05/02/25		100,000		95,830
2.875%, due 04/03/28		1,300,000		1,250,342

The UBS Funds

UBS Sustainable Development Bank Bond Fund

Portfolio of investments (unaudited) 

March 31, 2023 

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
Nordic Investment Bank
0.500%, due 01/21/26	$	800,000	$	727,121
2.875%, due 07/19/23		300,000		298,164
3.375%, due 09/08/27		2,800,000		2,755,564
Total non-U.S. government agency obligations (cost—$90,356,694)				83,792,177

	Number of
	shares
Short-term investments: 0.3%
Investment companies: 0.3%
State Street Institutional U.S. Government Money Market Fund, 4.700%3 (cost $282,620)		282,620		282,620
Investment of cash collateral from securities loaned: 4.0%
Money market funds: 4.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%3 (cost $3,353,988)		3,353,988		3,353,988
Total investments (cost $93,993,302)4—104.0%				87,428,785
Liabilities in excess of other assets—(4.0)%				(3,357,010	)
Net assets—100.0%			$	84,071,775

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 March 31, 2023 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Non-U.S. government agency obligations	$	—	$	83,792,177		—	$	83,792,177
Short-term investments		—		282,620		—		282,620
Investment of cash collateral from securities loaned		—		3,353,988		—		3,353,988
Total	$	—	$	87,428,785	$	—	$	87,428,785

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

Portfolio footnotes

1	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
2	Security, or portion thereof, was on loan at the period end.
3	Rates shown reflect yield at March 31, 2023.
4	Includes $3,290,973 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $3,353,988 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 March 31, 2023

Corporate bonds
Airlines	1.9	%
Auto manufacturers	6.0
Banks	11.9
Beverages	0.7
Biotechnology	0.5
Building Materials	1.4
Chemicals	2.4
Commercial services	3.0
Computers	1.7
Diversified financial services	6.6
Electric	1.8
Electrical components & equipment	1.0
Entertainment	0.9
Environmental control	0.5
Food	0.1
Healthcare-products	1.4
Healthcare-services	0.8
Home builders	1.0
Housewares	0.8
Insurance	1.3
Internet	1.0
Leisure time	1.2
Lodging	0.8
Media	3.4
Mining	2.5
Miscellaneous manufacturers	2.1
Oil & gas	7.4
Packaging & containers	0.8
Pharmaceuticals	1.0
Pipelines	4.9
Real estate	1.6
Real estate investment trusts	0.8
Retail	1.2
Semiconductors	1.4
Software	1.6
Telecommunications	4.9
Transportation	0.3
Total corporate bonds	82.6
Mortgage-backed securities	9.0
Municipal bonds	2.3
Non-U.S. government agency obligations	3.4
Option Purchased
Put options	0.0
Short-term investments	1.1
Investment of cash collateral from securities loaned	2.2
Total investments	100.6
Liabilities in excess of other assets	(0.6	)
Net assets	100.0	%

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

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds: 82.6%
Australia: 0.4%
Glencore Funding LLC,
4.000%, due 04/16/251	$	100,000	$	97,567
Belgium: 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.900%, due 02/01/46		165,000		161,257
Brazil: 0.8%
Petrobras Global Finance BV,
7.375%, due 01/17/27		200,000		206,100
Canada: 2.3%
NOVA Chemicals Corp.,
5.250%, due 06/01/271		250,000		227,935
Rogers Communications, Inc.,
5.000%, due 03/15/44		60,000		54,112
Teck Resources Ltd.,
3.900%, due 07/15/30		300,000		275,596
				557,643
China: 2.3%
Agile Group Holdings Ltd.,
5.750%, due 01/02/252		200,000		106,000
BOC Aviation Ltd.,
3.250%, due 04/29/252		250,000		239,668
NXP BV/NXP Funding LLC/NXP USA, Inc.,
3.875%, due 06/18/26		65,000		62,632
RKPF Overseas 2019 A Ltd.,
6.000%, due 09/04/252		200,000		158,000
				566,300
Colombia: 1.2%
Ecopetrol SA
4.125%, due 01/16/25		250,000		240,750
5.375%, due 06/26/26		70,000		66,972
				307,722
Germany: 3.3%
BMW US Capital LLC,
2.800%, due 04/11/261		400,000		380,594
Volkswagen Group of America Finance LLC
3.950%, due 06/06/251		250,000		245,210
4.625%, due 11/13/251		200,000		198,360
				824,164
Ireland: 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.450%, due 04/03/26		300,000		288,134
Avolon Holdings Funding Ltd.,
2.875%, due 02/15/251		50,000		46,910
				335,044
Mexico: 0.5%
Petroleos Mexicanos,
6.700%, due 02/16/32		150,000		118,920

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds—(continued)
Norway: 1.3%
Aker BP ASA,
2.875%, due 01/15/261	$	350,000	$	331,016
Qatar: 0.9%
QNB Finance Ltd.,
2.750%, due 02/12/272		250,000		230,203
United Kingdom: 2.9%
Barclays PLC,
4.836%, due 05/09/28		200,000		188,542
HSBC Holdings PLC,
6.500%, due 09/15/37		100,000		102,535
Lloyds Banking Group PLC,
4.582%, due 12/10/25		200,000		188,762
NatWest Group PLC,
3.875%, due 09/12/23		250,000		247,072
				726,911
United States: 64.6%
Abbott Laboratories,
3.750%, due 11/30/26		95,000		94,315
AbbVie, Inc.,
4.500%, due 05/14/35		100,000		96,935
AEP Texas, Inc.
Series G, 4.150%, due 05/01/49		50,000		41,296
Series E, 6.650%, due 02/15/33		50,000		54,634
Air Lease Corp.,
2.875%, due 01/15/26		50,000		46,609
American International Group, Inc.,
2.500%, due 06/30/25		33,000		31,217
Apple, Inc.,
4.650%, due 02/23/46		100,000		100,700
Arconic Corp.,
6.000%, due 05/15/251		250,000		250,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.250%, due 04/30/251		200,000		197,000
Asbury Automotive Group, Inc.,
4.500%, due 03/01/28		150,000		136,500
AT&T, Inc.
3.800%, due 12/01/57		58,000		43,060
4.300%, due 02/15/30		300,000		291,516
Avantor Funding, Inc.,
4.625%, due 07/15/281		275,000		260,562
Bank of America Corp.
4.200%, due 08/26/24		250,000		245,620
6.110%, due 01/29/37		125,000		131,510
Series DD, (fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/263,4,5		110,000		109,863
Bank of New York Mellon Corp.,
1.600%, due 04/24/25		100,000		92,947
Boyd Gaming Corp.,
4.750%, due 12/01/273		200,000		191,820

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds—(continued)
United States—(continued)
BP Capital Markets America, Inc.,
3.017%, due 01/16/27	$	50,000	$	47,491
Bristol-Myers Squibb Co.
3.200%, due 06/15/26		99,000		95,672
4.125%, due 06/15/39		50,000		46,542
Broadcom, Inc.,
3.137%, due 11/15/351		300,000		230,718
Capital One Financial Corp.,
3.750%, due 07/28/26		300,000		272,765
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.500%, due 05/01/261		75,000		72,938
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
4.200%, due 03/15/28		350,000		331,258
Citigroup, Inc.
5.500%, due 09/13/25		300,000		299,451
6.675%, due 09/13/43		50,000		55,773
Comcast Corp.
2.887%, due 11/01/51		64,000		43,693
2.937%, due 11/01/56		67,000		44,599
3.969%, due 11/01/47		38,000		31,944
ConocoPhillips Co.,
3.758%, due 03/15/42		250,000		212,479
Continental Resources, Inc.,
4.375%, due 01/15/28		250,000		235,675
Covanta Holding Corp.,
4.875%, due 12/01/291		150,000		133,461
DCP Midstream Operating LP,
5.375%, due 07/15/25		250,000		248,770
Dell International LLC/EMC Corp.,
5.850%, due 07/15/25		250,000		254,099
Delta Air Lines, Inc.,
7.000%, due 05/01/251		300,000		307,537
Duke Energy Ohio, Inc.,
4.300%, due 02/01/49		50,000		42,689
DuPont de Nemours, Inc.,
4.725%, due 11/15/28		100,000		100,921
Enact Holdings, Inc.,
6.500%, due 08/15/251		250,000		243,750
Energy Transfer LP
5.400%, due 10/01/47		50,000		44,446
5.500%, due 06/01/27		50,000		50,536
EQT Corp.,
3.900%, due 10/01/27		370,000		347,770
Exelon Corp.
3.400%, due 04/15/26		250,000		240,210
4.450%, due 04/15/46		50,000		43,016

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds—(continued)
United States—(continued)
Expedia Group, Inc.,
3.800%, due 02/15/28	$	250,000	$	236,740
FedEx Corp.,
4.550%, due 04/01/46		50,000		44,001
Ford Motor Credit Co. LLC,
4.542%, due 08/01/26		300,000		284,400
Fox Corp.
3.050%, due 04/07/25		25,000		24,045
5.576%, due 01/25/49		25,000		23,888
GE Capital International Funding Co. Unlimited Co.,
3.373%, due 11/15/25		200,000		193,453
General Electric Co.,
Series D, 3 Mo. USD LIBOR + 3.330%,
8.196%, due 06/15/233,4,5		45,000		44,955
General Motors Co.
6.125%, due 10/01/25		100,000		101,888
6.600%, due 04/01/36		300,000		308,852
Gilead Sciences, Inc.
3.650%, due 03/01/26		75,000		73,416
4.750%, due 03/01/46		50,000		48,074
GLP Capital LP/GLP Financing II, Inc.,
5.250%, due 06/01/25		200,000		195,252
Goldman Sachs Group, Inc.
3.750%, due 02/25/26		200,000		194,415
5.150%, due 05/22/45		30,000		28,416
Harley-Davidson Financial Services, Inc.,
3.350%, due 06/08/251		300,000		286,480
HCA, Inc.,
5.250%, due 06/15/26		200,000		200,182
Hillenbrand, Inc.,
5.750%, due 06/15/25		200,000		199,500
Home Depot, Inc.,
2.125%, due 09/15/26		100,000		93,748
Illinois Tool Works, Inc.,
2.650%, due 11/15/26		80,000		75,925
International Game Technology PLC,
6.500%, due 02/15/251		214,000		216,243
JPMorgan Chase & Co.
(fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/295		150,000		140,348
3.875%, due 09/10/24		350,000		344,029
Series S, (fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/243,4,5		100,000		100,348
Kinder Morgan, Inc.
4.300%, due 03/01/28		350,000		343,917
5.550%, due 06/01/45		40,000		37,834
Kroger Co.,
6.900%, due 04/15/38		25,000		28,550

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds—(continued)
United States—(continued)
Level 3 Financing, Inc.,
10.500%, due 05/15/301	$	184,000	$	175,720
Liberty Mutual Group, Inc.
4.250%, due 06/15/231		45,000		44,750
4.569%, due 02/01/291		155,000		149,259
LYB International Finance BV,
4.875%, due 03/15/44		50,000		44,132
Marathon Petroleum Corp.,
4.750%, due 09/15/44		70,000		60,311
Masco Corp.,
1.500%, due 02/15/28		400,000		340,576
McDonald's Corp.,
4.875%, due 12/09/45		75,000		72,654
MetLife, Inc.,
6.400%, due 12/15/36		110,000		106,440
Microsoft Corp.,
2.525%, due 06/01/50		100,000		70,758
Morgan Stanley
4.300%, due 01/27/45		50,000		44,203
4.350%, due 09/08/26		140,000		136,368
Series M, (fixed, converts to FRN on 09/15/26), 5.875%, due 09/15/264,5		105,000		103,163
MPLX LP,
4.875%, due 06/01/25		70,000		69,487
Newell Brands, Inc.,
4.875%, due 06/01/25		200,000		194,972
Newmark Group, Inc.,
6.125%, due 11/15/23		150,000		148,676
Olin Corp.,
5.125%, due 09/15/27		200,000		191,817
OneMain Finance Corp.,
6.875%, due 03/15/25		200,000		193,801
Oracle Corp.
2.800%, due 04/01/27		300,000		278,923
4.000%, due 11/15/47		50,000		38,138
QUALCOMM, Inc.,
3.250%, due 05/20/27		60,000		58,048
Quanta Services, Inc.,
0.950%, due 10/01/24		400,000		373,075
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.,
2.875%, due 10/15/261		300,000		268,500
Sabine Pass Liquefaction LLC,
5.000%, due 03/15/27		400,000		398,564
Seagate HDD Cayman,
5.750%, due 12/01/343		80,000		73,018
Sirius XM Radio, Inc.,
3.125%, due 09/01/261		250,000		225,500
Southwest Airlines Co.,
3.000%, due 11/15/26		200,000		185,242

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Corporate bonds—(continued)
United States—(continued)
Sprint LLC,
7.125%, due 06/15/24	$	250,000	$	254,143
Toll Brothers Finance Corp.,
4.875%, due 03/15/27		250,000		242,470
Union Pacific Corp.,
4.050%, due 11/15/45		40,000		34,413
United Rentals North America, Inc.,
5.500%, due 05/15/27		300,000		297,153
Verizon Communications, Inc.,
4.329%, due 09/21/28		400,000		395,421
Walt Disney Co.,
4.950%, due 10/15/45		50,000		49,551
WESCO Distribution, Inc.,
7.125%, due 06/15/251		250,000		254,112
Yale University,
Series 2020, 1.482%, due 04/15/30		100,000		83,795
				16,020,359
Total corporate bonds (cost—$21,372,357)				20,483,206
Mortgage-backed securities: 9.0%
United States: 9.0%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF3, Class B,
2.511%, due 10/15/541		150,000		109,395
BAMLL Commercial Mortgage Securities
Trust, Series 2015-200P, Class D,
3.596%, due 04/14/331,6		100,000		87,895
BBCMS Trust, Series 2015-SRCH, Class B,
4.498%, due 08/10/351		135,000		125,936
BX Mortgage Trust, Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
5.983%, due 10/15/361,5		175,000		160,997
BX Trust, Series 2021-LGCY, Class D,
1 mo. USD LIBOR + 1.302%,
5.986%, due 10/15/361,5		400,000		369,743
Extended Stay America Trust, Series
2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
6.935%, due 07/15/381,5		341,667		325,386
FREMF Mortgage Trust, Series 2017-K64,
Class B,
3.997%, due 05/25/501,6		50,000		47,579
GS Mortgage Securities Trust, Series
2017-GS5, Class B,
4.047%, due 03/10/506		200,000		180,429
Med Trust, Series 2021-MDLN, Class D,
1 mo. USD LIBOR + 2.000%,
6.685%, due 11/15/381,5		299,112		284,647

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Mortgage-backed securities—(continued)
United States—(continued)
ONE Mortgage Trust, Series 2021-PARK,
Class C,
1 mo. USD Term SOFR + 1.214%,
6.042%, due 03/15/361,5		375,000	$	343,322
SLG Office Trust, Series 2021-OVA, Class C,
2.851%, due 07/15/411		100,000		76,371
Starwood Retail Property Trust, Series
2014-STAR, Class C,
1 mo. USD LIBOR + 2.750%,
7.435%, due 11/15/271,5		125,000		312
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C,
4.824%, due 05/15/516		150,000		127,458
Total mortgage-backed securities (cost—$2,633,645)				2,239,470
Municipal bonds: 2.3%
Hawaii: 0.2%
State of Hawaii, GO Bonds, Series FZ,
2.245%, due 08/01/38	$	75,000		53,629
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		137,312
New York State Urban Development Corp., Personal Income Tax, Refunding, Revenue
Bonds, Series D-1,
3.150%, due 03/15/27		70,000		67,169
Texas: 1.0%
City of Houston TX, Refunding, GO Bonds,
Series A,
6.290%, due 03/01/32		50,000		53,302
City of San Antonio TX Electric & Gas Systems, Revenue Bonds,
5.808%, due 02/01/41		105,000		115,802
Texas Transportation Commission, Taxable Refunding, GO Bonds,
2.472%, due 10/01/44		100,000		70,668
Washington: 0.3%
State of Washington, GO Bonds,
5.140%, due 08/01/40		70,000		71,932
Total municipal bonds (cost—$632,476)				569,814
Non-U.S. government agency obligations: 3.4%
Colombia: 0.7%
Colombia Government International Bonds,
8.125%, due 05/21/24		155,000		159,195

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Face
	amount		Value
Non-U.S. government agency obligations—(continued)
Indonesia: 0.5%
Indonesia Government International Bonds,
6.625%, due 02/17/371	$	100,000	$	114,761
Mexico: 0.5%
Mexico Government International Bonds,
4.750%, due 03/08/44		150,000		127,341
Panama: 0.1%
Panama Government International Bonds,
3.870%, due 07/23/60		50,000		32,650
Peru: 0.9%
Peruvian Government International Bonds,
7.350%, due 07/21/25		200,000		210,725
Poland: 0.4%
Republic of Poland Government International Bonds,
5.750%, due 11/16/32		100,000		106,755
Turkey: 0.3%
Turkey Government International Bonds,
6.875%, due 03/17/36		100,000		84,750
Total non-U.S. government agency obligations (cost—$908,547)				836,177

	Number of shares
Short-term investments: 1.1%
Investment companies: 1.1%
State Street Institutional U.S. Government Money Market Fund, 4.700%7 (cost $272,260)		272,260	272,260

	Number of contracts		Notional amount
Options Purchased: 0.0%†
Put options: 0.0%†
5 Year U.S. Treasury Notes, strike @ 107.50, expires 04/21/2023 (Counterparty BOA)		24,000		2,580,000	$	1,875
5 Year U.S. Treasury Notes, strike @ 108.50, expires 04/21/2023 (Counterparty BOA)		24,000		2,604,000		6,188
Total options purchased (cost—$27,392)						8,063

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

	Number of shares		Value
Investment of cash collateral from securities loaned: 2.2%
Money market funds: 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%7 (cost $531,988)		531,988	$	531,987
Total investments (cost $26,378,665)8—100.6%				24,940,977
Liabilities in excess of other assets—(0.6)%				(152,615	)
Net assets—100.0%			$	24,788,362

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.

Options written

Notional amount (000)		Number of contracts		Call options		Counterparty	Expiration date		Premiums received			Current Value			Unrealized appreciation (depreciation)
USD	1,302,000		12,000		5 Year U.S. Treasury Notes, strike @ 108.50	BOA		04/21/23	$	8,159		$	(16,125	)	$	(7,966	)
USD	1,314,000		12,000		5 Year U.S. Treasury Notes, strike @ 109.50	BOA		04/21/23		10,688			(8,438	)		2,250
Total									$	(18,847	)	$	(24,563	)	$	(5,716	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts
5	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023	$	587,642		$	605,703		$	18,061
Interest rate futures sell contracts
1	JPY	Japan Government Bond 10 Year Futures	June 2023		(1,120,842	)	$	(1,115,571	)	$	5,271
U.S. Treasury futures sell contracts
11	USD	U.S. Treasury Note 5 Year Futures	June 2023		(1,207,257	)	$	(1,204,585	)	$	2,672
Total				$	(2,328,099	)	$	(2,320,156	)	$	7,943
Net unrealized appreciation (depreciation)										$	26,004

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

Centrally cleared interest rate swap agreements

Notional amount (000)	Maturity date	Payment frequency	Payments made by the portfolio9	Payments received by the portfolio9	Value		Unrealized appreciation (depreciation)
CNY 4,100	02/02/28	Quarterly	3 Month USD LIBOR	2.900	$	7,793	$	7,793

OTC Total return swap agreements

Counterparty

Notional amount (000)

Maturity Date

Payment frequency

Payment made by the Portfolio9

Payments received by the Portfolio9

Upfront payments received (made)

Value

Unrealized appreciation (depreciation)

GS

USD

4

09/20/23

Quarterly

3 Month USD LIBOR

Markit iBoxx USD Liquid High Yield Index

$

—

$

42,933

$

42,933

Forward foreign currency contracts

Counterparty	Sell	Purchase		Settlement date		Unrealized appreciation (depreciation)
BB	USD 64,447	EUR	60,000		04/18/23	$	673
BOA	USD 124,564	KRW	164,000,000		04/18/23		1,518
BOA	USD 183,187	NOK	1,930,000		04/18/23		1,273
CITI	USD 66,483	MXN	1,250,000		04/18/23		2,694
MSCI	EUR 85,000	USD	90,840		04/18/23		(1,414	)
MSCI	USD 189,492	BRL	990,000		04/18/23		5,403
MSCI	USD 129,066	IDR	2,000,000,000		04/18/23		4,263
Net unrealized appreciation (depreciation)						$	14,410

Fair valuation summary

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

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Corporate bonds		—		20,483,206		—		20,483,206
Mortgage-backed securities		—		2,239,470		—		2,239,470
Municipal bonds		—		569,814		—		569,814
Non-U.S. government agency obligations		—		836,177		—		836,177
Short-term investments		—		272,260		—		272,260

The UBS Funds 

UBS Multi Income Bond Fund 

Portfolio of investments (unaudited)  

March 31, 2023 

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Options purchased		8,063			—			—		8,063
Investment of cash collateral from securities loaned		—			531,987			—		531,987
Futures contracts		26,004			—			—		26,004
Swap agreements		—			50,726			—		50,726
Forward foreign currency contracts		—			15,824			—		15,824
Total	$	34,067		$	24,999,464		$	—	$	25,033,531
Liabilities
Options written	$	(24,563	)	$	—		$	—	$	(24,563	)
Forward foreign currency contracts		—			(1,414	)		—		(1,414	)
Total	$	(24,563	)	$	(1,414	)	$	—	$	(25,977	)

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

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $6,890,466, represented 27.8% of the Funds net assets at period end.
2	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
3	Security, or portion thereof, was on loan at the period end.
4	Perpetual investment. Date shown reflects the next call date.
5	Variable or floating rate security. The interest rate shown is the rate in effect as of period end 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	Rates shown reflect yield at March 31, 2023.
8	Includes $526,088 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $531,988 and non-cash collateral of $0.
9	Payments made or received are based on the notional amount.

The UBS Funds 

Glossary of terms used in the Portfolio of investments 

March 31, 2023 (unaudited)

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

The UBS Funds 

Glossary of terms used in the Portfolio of investments 

March 31, 2023 (unaudited)

Currency type abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	Great Britain Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Counterparty acronyms:
ANZ	Australia and New Zealand Banking Group
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
CSI	Credit Suisse International
DB	Deutsche Bank AG
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
NAT	National Westminster
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland PLC
SCB	Standard Chartered Bank
SG	Societe Generale
SSC	State Street Bank and Trust Co.
TD	Toronto-Dominion Bank
WBC	Westpac Banking Corp.

See accompanying notes to financial statements.

Valuation of investments

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

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

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

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

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

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

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

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

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

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

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBSAM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third party pricing services. UBS AM has the Equities, Fixed Income and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

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

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

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

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

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

For more information regarding the Funds’ other significant accounting policies, please refer to the Funds’ semiannual report to shareholders dated December 31, 2022.