UBS All China Equity Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

As a percentage of net assets as of March 31, 2024

Common stocks
Banks	8.0	%
Beverages	14.8
Broadline retail	2.5
Capital markets	4.0
Chemicals	1.3
Construction materials	0.5
Diversified consumer services	1.3
Entertainment	16.3
Financial services	1.5
Food products	3.9
Hotels, restaurants & leisure	2.5
Household durables	2.8
Insurance	5.6
Interactive media & services	10.5
IT services	1.2
Life sciences tools & services	2.3
Pharmaceuticals	9.6
Real estate management & development	3.8
Semiconductors & semiconductor equipment	0.8
Tobacco	0.3
Trading companies & distributors	0.0	†
Transportation infrastructure	0.8
Total common stocks	94.3
Short-term investments	5.0
Total investments	99.3
Other assets in excess of liabilities	0.7
Net assets	100.0	%

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

UBS All China Equity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—94.3%
China—84.4%
Alibaba Group Holding Ltd.		5,400	$	48,467
Anhui Conch Cement Co. Ltd., Class H		6,500		13,520
Anhui Gujing Distillery Co. Ltd., Class B		5,200		73,147
China Jinmao Holdings Group Ltd.		82,000		5,867
China Merchants Bank Co. Ltd., Class H		55,500		219,464
China Resources Land Ltd.		22,000		69,568
Chinasoft International Ltd.1		52,000		31,358
Country Garden Services Holdings Co. Ltd.1		7,000		4,481
CSPC Pharmaceutical Group Ltd.		96,000		75,432
Far East Horizon Ltd.		56,000		41,498
Hainan Meilan International Airport Co. Ltd., Class H*,1		23,000		20,658
Hangzhou Silan Microelectronics Co. Ltd., Class A		8,500		23,039
Horizon Construction Development Ltd.*,1		2,074		522
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		21,600		83,113
JD.com, Inc., Class A		1,509		20,803
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		7,500		47,953
Joinn Laboratories China Co. Ltd., Class H2		20,272		23,751
Kingsoft Corp. Ltd.		3,000		9,237
Kweichow Moutai Co. Ltd., Class A		1,300		306,074
Longfor Group Holdings Ltd.1,2		18,000		25,435
Meituan, Class B*,2		5,590		69,135
Midea Group Co. Ltd., Class A		8,700		77,738
NetEase, Inc.		21,000		436,801
Ping An Insurance Group Co. of China Ltd., Class H		21,500		90,786
Smoore International Holdings Ltd.1,2		11,000		9,360
TAL Education Group, ADR*		3,168		35,957
Tencent Holdings Ltd.		7,400		287,230
Wanhua Chemical Group Co. Ltd., Class A		1,400		15,584
Wuliangye Yibin Co. Ltd., Class A		1,300		27,538
WuXi AppTec Co. Ltd., Class H2		6,100		28,914
Wuxi Biologics Cayman, Inc.*,2		5,500		10,049
WuXi XDC Cayman, Inc.*		11		26
Yihai International Holding Ltd.1		12,000		22,722
Yunnan Baiyao Group Co. Ltd., Class A		6,020		42,063
Yunnan Energy New Material Co. Ltd., Class A		3,400		19,175
				2,316,465
Hong Kong—9.9%
AIA Group Ltd.		9,400		63,112
Hong Kong Exchanges & Clearing Ltd.		3,800		110,598
SSY Group Ltd.		148,000		97,571
				271,281
Total common stocks (cost—$3,954,507)				2,587,746

UBS All China Equity Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Short-term investments: 5.0%
Investment companies: 5.0%
State Street Institutional U.S. Government Money Market Fund, 5.256%3 (cost $138,141)		138,141	$	138,141
Total investments (cost $4,092,648)4—99.3%				2,725,887
Other assets in excess of liabilities—0.7%				19,482
Net assets—100.0%			$	2,745,369

*	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 $166,644, represented 6.1% of the Fund’s net assets at period end.
3	Rate shown reflects yield at March 31, 2024.
4	Includes $108,819 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 $115,107.

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, 2024 in valuing the Fund’s investments. In the event the Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	2,587,746	$	—	$	—	$	2,587,746
Short-term investments		—		138,141		—		138,141
Total	$	2,587,746	$	138,141	$	—	$	2,725,887

At March 31, 2024, there were no transfers in or out of Level 3.

UBS Global Allocation Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

As a percentage of net assets as of March 31, 2024

Common stocks
Aerospace & defense	0.2	%
Automobile components	0.4
Automobiles	0.1
Banks	1.5
Beverages	0.6
Biotechnology	0.6
Broadline retail	0.7
Building products	0.2
Capital markets	0.8
Chemicals	0.6
Consumer finance	0.2
Consumer staples distribution & retail	0.4
Diversified consumer services	0.1
Diversified telecommunication services	0.4
Electric utilities	0.3
Electrical equipment	0.3
Electronic equipment, instruments & components	0.6
Entertainment	0.6
Financial services	1.1
Food products	0.6
Ground transportation	0.6
Health care equipment & supplies	0.8
Health care providers & services	0.7
Hotels, restaurants & leisure	0.3
Household durables	0.2
Industrial conglomerates	0.1
Industrial REITs	0.2
Insurance	0.7
Interactive media & services	1.3
IT services	0.2
Leisure products	0.2
Life sciences tools & services	0.5
Machinery	0.7
Media	0.2
Metals & mining	0.2
Oil, gas & consumable fuels	1.3
Passenger airlines	0.1
Personal care products	0.4
Pharmaceuticals	1.0
Semiconductors & semiconductor equipment	2.1
Software	2.2
Specialty retail	0.2
Technology hardware, storage & peripherals	0.8
Textiles, apparel & luxury goods	0.6
Tobacco	0.2
Trading companies & distributors	0.5
Wireless telecommunication services	0.4
Total common stocks	27.0

UBS Global Allocation Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

Exchange traded funds	7.5	%
Investment companies	29.3
Corporate bonds
Auto manufacturers	0.5
Banks	3.1
Diversified financial services	1.0
Electric	1.1
Healthcare-services	0.1
Machinery-diversified	0.4
Media	1.3
Oil & gas	0.5
Pipelines	0.5
Semiconductors	0.5
Software	0.5
Telecommunications	0.3
Total corporate bonds	9.8
Asset-backed securities	1.8
Mortgage-backed securities	0.6
Non-U.S. government agency obligations	4.3
U.S. government agency obligations	5.6
U.S. Treasury obligations	7.8
Short-term investments	2.6
Short-term U.S. Treasury obligations	1.3
Investment of cash collateral from securities loaned	0.3
Total investments	97.9
Other assets in excess of liabilities	2.1
Net assets	100.0	%

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

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—27.0%
Australia—0.2%
Glencore PLC		62,932	$	345,757
Austria—0.3%
BAWAG Group AG1		6,633		420,058
Canada—0.5%
Canadian Pacific Kansas City Ltd.2		5,685		501,244
Shopify, Inc., Class A*		3,100		239,227
				740,471
Denmark—0.2%
Genmab AS*		899		273,160
France—0.3%
Cie Generale des Etablissements Michelin SCA		6,132		234,983
Pernod Ricard SA		1,970		318,694
				553,677
Germany—0.5%
Infineon Technologies AG		10,695		363,629
Knorr-Bremse AG		5,540		418,976
				782,605
Hong Kong—0.2%
AIA Group Ltd.		45,417		304,931
India—0.2%
HDFC Bank Ltd., ADR		6,089		340,801
Ireland—0.3%
AIB Group PLC		90,465		459,102
Italy—0.4%
PRADA SpA		51,900		411,120
Wizz Air Holdings PLC*,1		7,836		212,244
				623,364
Japan—1.6%
ITOCHU Corp.2		10,300		439,815
JTOWER, Inc.*		7,700		203,970
Keyence Corp.		700		324,105
Nippon Telegraph & Telephone Corp.		346,400		411,891
Shin-Etsu Chemical Co. Ltd.		9,400		410,202
SoftBank Group Corp.		5,100		301,930
Sony Group Corp.		4,600		392,905
				2,484,818
Netherlands—0.6%
Heineken Holding NV		3,415		275,583
Koninklijke Philips NV		21,604		433,659
Universal Music Group NV2		9,635		289,805
				999,047
Portugal—0.3%
Galp Energia SGPS SA		33,851		559,306
South Korea—0.2%
Samsung Electronics Co. Ltd.		5,929		355,850
Spain—0.3%
Banco de Sabadell SA		275,379		432,270

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Sweden—0.2%
Hexpol AB		23,538	$	287,188
Switzerland—0.7%
Alcon, Inc.		4,863		403,017
Novartis AG, Registered Shares		5,443		527,311
Sandoz Group AG*		8,460		255,249
				1,185,577
United Kingdom—1.0%
Ashtead Group PLC		5,722		407,322
British American Tobacco PLC		8,470		257,211
Legal & General Group PLC		82,307		264,280
London Stock Exchange Group PLC		3,711		444,496
Spectris PLC		6,404		267,299
				1,640,608
United States—19.0%
AbbVie, Inc.		3,556		647,548
Adobe, Inc.*		414		208,904
Advanced Micro Devices, Inc.*		1,348		243,301
Airbnb, Inc., Class A*		120		19,795
Allstate Corp.		1,761		304,671
Alphabet, Inc., Class A*		8,277		1,249,248
Amazon.com, Inc.*		6,497		1,171,929
American Express Co.		1,131		257,517
Ameriprise Financial, Inc.		796		348,998
APA Corp.		8,011		275,418
Apple, Inc.		5,303		909,358
Aptiv PLC*		5,694		453,527
Berkshire Hathaway, Inc., Class B*		1,570		660,216
Bio-Rad Laboratories, Inc., Class A*		1,673		578,640
BlackRock, Inc.		463		386,003
Bristol-Myers Squibb Co.		9,104		493,710
Broadcom, Inc.		405		536,791
Brunswick Corp.		2,855		275,565
Bunge Global SA		4,917		504,091
Centene Corp.*		5,045		395,932
CF Industries Holdings, Inc.		2,917		242,724
Chegg, Inc.*		31,161		235,889
Chipotle Mexican Grill, Inc.*		79		229,635
Comcast Corp., Class A		6,937		300,719
Constellation Brands, Inc., Class A		853		231,811
Cooper Cos., Inc.		1,712		173,700
Devon Energy Corp.		6,762		339,317
Dexcom, Inc.*		1,339		185,719
Dollar Tree, Inc.*		3,578		476,411
Dynatrace, Inc.*		3,128		145,264
Eli Lilly & Co.		452		351,638
EOG Resources, Inc.		994		127,073
Exact Sciences Corp.*		1,587		109,598
Exxon Mobil Corp.		1,410		163,898

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Fidelity National Information Services, Inc.		7,233	$	536,544
General Electric Co.		1,300		228,189
Haleon PLC		135,751		570,727
Hayward Holdings, Inc.*		15,709		240,505
HubSpot, Inc.*		383		239,972
IAC, Inc.*		3,395		181,089
Ingersoll Rand, Inc.		6,872		652,496
Intel Corp.		5,381		237,679
IQVIA Holdings, Inc.*		776		196,243
Keysight Technologies, Inc.*		2,501		391,106
Las Vegas Sands Corp.		4,549		235,183
Live Nation Entertainment, Inc.*		2,123		224,550
Lululemon Athletica, Inc.*		695		271,502
Lyft, Inc., Class A*		15,411		298,203
Marsh & McLennan Cos., Inc.		1,249		257,269
Marvell Technology, Inc.		2,392		169,545
Mastercard, Inc., Class A		1,249		601,481
Meta Platforms, Inc., Class A		1,309		635,624
Micron Technology, Inc.		3,041		358,503
Microsoft Corp.		4,783		2,012,304
Mondelez International, Inc., Class A		6,302		441,140
Monster Beverage Corp.*		2,108		124,962
MSCI, Inc.		207		116,013
NextEra Energy, Inc.		7,324		468,077
NIKE, Inc., Class B		2,671		251,021
NVIDIA Corp.		1,503		1,358,051
ON Semiconductor Corp.*		1,506		110,766
Oracle Corp.		2,279		286,265
Palo Alto Networks, Inc.*		737		209,404
Prologis, Inc.		2,776		361,491
Regal Rexnord Corp.		2,545		458,354
ServiceNow, Inc.*		250		190,600
Shoals Technologies Group, Inc., Class A*		3,689		41,243
Take-Two Interactive Software, Inc.*		3,190		473,683
Tesla, Inc.*		1,127		198,115
T-Mobile U.S., Inc.		1,757		286,778
TransDigm Group, Inc.		193		237,699
Ulta Beauty, Inc.*		472		246,799
Union Pacific Corp.		832		204,614
UnitedHealth Group, Inc.		1,303		644,594
Walmart, Inc.		3,618		217,695
Wells Fargo & Co.		12,473		722,935
Williams Cos., Inc.		16,548		644,876

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Zoom Video Communications, Inc., Class A*		2,902	$	189,704
				30,258,151
Total common stocks (cost—$34,256,998)				43,046,741

 

	Face amount3
Asset-backed securities: 1.8%
Cayman Islands: 0.2%
Dryden 60 CLO Ltd.,
Series 2018-60A, Class A, 3 mo.
USD Term SOFR +1.312%,
6.626%, due 07/15/311,4		240,574	240,830
United States: 1.6%
AmeriCredit Automobile Receivables Trust
Series 2020-2, Class C,
1.480%, due 02/18/26		214,938	212,248
Series 2022-1, Class A3,
2.450%, due 11/18/26		85,900	84,447
BMW Vehicle Lease Trust,
Series 2024-1, Class A3,
4.980%, due 03/25/27		100,000	99,853
Drive Auto Receivables Trust
Series 2021-1, Class D,
1.450%, due 01/16/29		100,000	96,886
Series 2024-1, Class A3,
5.350%, due 02/15/28		100,000	99,904
DT Auto Owner Trust,
Series 2021-1A, Class D,
1.160%, due 11/16/261		100,000	96,386
Exeter Automobile Receivables Trust
Series 2021-1A, Class D,
1.080%, due 11/16/26		101,860	99,333
Series 2022-2A, Class B,
3.650%, due 10/15/26		47,356	47,217
Series 2023-2A, Class A2,
5.870%, due 11/17/25		64,422	64,432
Series 2023-4A, Class A2,
6.070%, due 12/15/25		174,295	174,393
GLS Auto Receivables Issuer Trust,
Series 2020-2A, Class C,
4.570%, due 04/15/261		60,963	60,827
HPEFS Equipment Trust
Series 2022-1A, Class B,
1.790%, due 05/21/291		200,000	197,428
Series 2024-1A, Class D,
5.820%, due 11/20/311		100,000	100,079

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Asset-backed securities—(continued)
United States—(continued)
Hyundai Auto Receivables Trust,
Series 2024-A, Class C,
5.270%, due 07/15/31		100,000	$	99,643
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/351		100,000		89,437
Santander Drive Auto Receivables Trust
Series 2020-2, Class D,
2.220%, due 09/15/26		48,710		48,412
Series 2020-4, Class D,
1.480%, due 01/15/27		147,997		145,407
Series 2023-2, Class A3,
5.210%, due 07/15/27		100,000		99,687
Series 2023-3, Class A2,
6.080%, due 08/17/26		148,273		148,447
Series 2023-4, Class A2,
6.180%, due 02/16/27		216,537		216,925
Series 2023-6, Class A2,
6.080%, due 05/17/27		89,153		89,385
SFS Auto Receivables Securitization Trust,
Series 2024-1A, Class A2,
5.350%, due 06/21/271		100,000		99,845
Synchrony Card Funding LLC,
Series 2024-A1, Class A,
5.040%, due 03/15/30		100,000		99,997
				2,570,618
Total asset-backed securities (cost—$2,815,295)				2,811,448
Corporate bonds: 9.8%
Canada: 0.5%
Canadian Imperial Bank of Commerce
3.945%, due 08/04/25		810,000		795,508
United States: 9.3%
Air Lease Corp.
5.300%, due 02/01/28		750,000		750,407
American Express Co.
3.950%, due 08/01/25		810,000		795,884
Bank of America Corp.
(fixed, converts to FRN on 07/21/31),
2.299%, due 07/21/324		1,000,000		818,309

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Corporate bonds—(continued)
United States—(continued)
Broadcom, Inc.
4.300%, due 11/15/32		900,000	$	845,648
Centene Corp.
2.450%, due 07/15/28		250,000		221,678
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, due 07/23/25		810,000		800,142
Cheniere Energy Partners LP
4.500%, due 10/01/29		810,000		770,915
Citigroup, Inc.
(fixed, converts to FRN on 04/24/24),
3.352%, due 04/24/254		810,000		808,655
Comcast Corp.
5.250%, due 11/07/25		540,000		542,185
Consolidated Edison Co. of New York, Inc.
5.500%, due 03/15/34		375,000		387,386
Discovery Communications LLC
3.625%, due 05/15/30		900,000		804,936
General Motors Co.
5.400%, due 10/15/29		810,000		812,206
John Deere Capital Corp.
4.800%, due 01/09/26		650,000		648,108
JPMorgan Chase & Co.
3.625%, due 12/01/27		810,000		771,287
Morgan Stanley
(fixed, converts to FRN on 07/20/32),
4.889%, due 07/20/334		900,000		872,893

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Corporate bonds—(continued)
United States—(continued)
Oracle Corp.
6.250%, due 11/09/32		750,000	$	802,456
Pacific Gas & Electric Co.
4.550%, due 07/01/30		750,000		712,891
Southern California Edison Co.
5.850%, due 11/01/27		630,000		646,740
Southwestern Energy Co.
5.375%, due 02/01/29		750,000		728,426
T-Mobile USA, Inc.
3.500%, due 04/15/31		540,000		487,662
Wells Fargo & Co.
(fixed, converts to FRN on 07/25/32),
4.897%, due 07/25/334		900,000		867,292
				14,896,106
Total corporate bonds (cost—$15,613,501)				15,691,614
Mortgage-backed securities: 0.6%
United States: 0.6%
Bank, Series
2022-BNK39, Class A4,
2.928%, due 02/15/554		200,000		172,431
BWAY Mortgage Trust, Series
2013-1515,Class A2,
3.454%, due 03/10/331		100,000		94,987
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4,
4.228%, due 06/10/514		100,000		95,932

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Mortgage-backed securities—(continued)
United States—(continued)
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD Term SOFR + 2.364%,
7.690%, due 07/15/381,4		137,138	$	136,967
Flagstar Mortgage Trust,
Series 2018-5, Class A2,
4.000%, due 09/25/481,4		44,613		41,228
Hudson Yards Mortgage Trust,
Series 2016-10HY, Class A,
2.835%, due 08/10/381		100,000		93,401
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2021-2NU, Class D,
2.077%, due 01/05/401,4		125,000		91,302
MFA Trust
Series 2020-NQM3, Class A1,
1.014%, due 01/26/651,4		19,423		17,653
Series 2021-NQM1, Class A1,
1.153%, due 04/25/651,4		23,438		21,296
New Residential Mortgage Loan Trust,
Series 2021-NQ2R, Class A1,
0.941%, due 10/25/581,4		45,274		41,075
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/601,4		15,964		15,773
Verus Securitization Trust

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Mortgage-backed securities—(continued)
United States—(continued)
Series 2019-4, Class A1,
3.642%, due 11/25/591,4		8,857	$	8,570
Series 2020-5, Class A1,
1.218%, due 05/25/651,4		24,509		22,953
Series 2021-R2, Class A1,
0.918%, due 02/25/641,4		36,270		32,072
Series 2021-R3, Class A1,
1.020%, due 04/25/641,4		47,849		42,450
Wells Fargo Commercial Mortgage Trust,
Series 2018-C45, Class AS,
4.405%, due 06/15/514		130,000		123,528
Total mortgage-backed securities (cost—$1,119,790)				1,051,618
Non-U.S. government agency obligations: 4.3%
Australia: 0.2%
Australia Government Bonds Series 138,
3.250%, due 04/21/295	AUD	455,000		291,113
Austria: 0.0%†
Republic of Austria Government Bonds
3.150%, due 06/20/445	EUR	45,000		49,499
Belgium: 0.1%
Kingdom of Belgium Government Bonds Series 71,
3.750%, due 06/22/455	EUR	73,000		84,724
Canada: 0.2%
Canada Government Bonds
1.000%, due 06/01/27	CAD	320,000		217,897

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Non-U.S. government agency obligations—(continued)
Canada—(continued)
Series WL43,
5.750%, due 06/01/29	CAD	180,000	$	147,367
				365,264
Finland: 0.0%†
Finland Government Bonds Series 30Y,
1.375%, due 04/15/475	EUR	20,000		15,941
France: 0.4%
French Republic Government Bonds OAT
0.000%, due 11/25/315,6	EUR	485,000		427,698
0.000%, due 05/25/325,6	EUR	75,000		65,140
0.500%, due 05/25/405	EUR	85,000		61,784
3.250%, due 05/25/455	EUR	95,000		103,524
				658,146
Germany: 0.3%
Bundesrepublik Deutschland Bundesanleihe
0.000%, due 11/15/285,6	EUR	300,000		291,377
2.500%, due 07/04/445	EUR	146,000		157,806
				449,183
Ireland: 0.1%
Ireland Government Bonds
1.500%, due 05/15/505	EUR	261,000		205,047
Italy: 0.4%
Italy Buoni Poliennali Del Tesoro
Series 10Y,0.950%, due 12/01/315	EUR	195,000		176,042
Series 17Y,1.650%, due 03/01/325	EUR	30,000		28,444
Series 10Y,3.000%, due 08/01/295	EUR	140,000		149,621
Series 31Y,3.250%, due 09/01/465	EUR	85,000		80,991
Series 31Y,4.000%, due 02/01/375	EUR	118,000		130,093
				565,191

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Non-U.S. government agency obligations—(continued)
Japan: 0.6%
Japan Government CPI-Linked Bonds Series 26,
0.005%, due 03/10/31	JPY	53,784,500	$	379,810
Japan Government Forty Year Bonds Series 12,
0.500%, due 03/20/59	JPY	18,000,000		79,197
Japan Government Thirty Year Bonds Series 51,
0.300%, due 06/20/46	JPY	7,600,000		38,518
Japan Government Twenty Year Bonds Series 156,
0.400%, due 03/20/36	JPY	77,500,000		483,907
				981,432
New Zealand: 1.3%
New Zealand Government Bonds Inflation-Linked Series 0925,
2.000%, due 09/20/255,7	NZD	3,319,000		1,968,785
Spain: 0.3%
Spain Government Bonds
1.450%, due 10/31/275	EUR	155,000		159,406
1.500%, due 04/30/275	EUR	97,000		100,448
2.350%, due 07/30/335	EUR	57,000		57,939
3.450%, due 07/30/665	EUR	10,000		10,030
4.200%, due 01/31/375	EUR	44,000		51,808
5.150%, due 10/31/445	EUR	79,000		104,264
				483,895
United Kingdom: 0.4%
U.K. Gilts
1.000%, due 01/31/325	GBP	149,000		152,477

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
Non-U.S. government agency obligations—(continued)
United Kingdom—(continued)
1.250%, due 07/31/515	GBP	274,000	$	174,747
1.625%, due 10/22/285	GBP	234,000		269,117
3.500%, due 01/22/455	GBP	40,000		44,364
3.750%, due 10/22/535	GBP	40,000		45,049
				685,754
Total non-U.S. government agency obligations (cost—$7,983,201)				6,803,974
U.S. government agency obligations: 5.6%
United States: 5.6%
Federal Home Loan Mortgage Corp.
1.500%, due 10/01/51		303,758		229,258
2.000%, due 02/01/51		851,693		678,497
2.000%, due 01/01/52		312,915		249,816
2.500%, due 11/01/50		195,401		165,097
3.000%, due 01/01/52		121,936		105,215
4.500%, due 08/01/52		203,654		194,174
Federal National Mortgage Association
2.000%, due 03/01/51		559,504		452,480
2.000%, due 04/01/51		235,105		188,466
2.500%, due 08/01/51		376,475		312,544
2.500%, due 08/01/51		225,782		188,571
2.500%, due 11/01/51		466,715		388,983
2.500%, due 02/01/52		232,733		196,032
3.000%, due 08/01/50		445,479		391,207
3.000%, due 03/01/52		362,172		315,955
3.500%, due 02/01/49		422,645		384,586
4.000%, due 05/01/51		401,001		377,357

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
U.S. government agency obligations—(continued)
United States—(continued)
4.500%, due 01/01/53		426,331	$	406,010
Government National Mortgage Association
2.000%, due 01/20/52		472,859		387,485
2.500%, due 08/20/51		528,585		450,707
3.000%, due 10/20/45		66,789		59,773
3.000%, due 12/20/45		76,112		68,117
3.000%, due 04/20/52		219,376		193,389
3.500%, due 01/20/50		202,488		185,944
Government National Mortgage Association, TBA
5.500%		275,000		274,764
6.000%		100,000		100,860
Uniform Mortgage-Backed Security, TBA
2.000%		150,000		118,768
2.500%		225,000		186,095
3.500%		125,000		111,918
4.000%		625,000		578,899
4.500%		250,000		238,076
5.000%		850,000		829,436
Total U.S. government agency obligations (cost—$9,367,439)				9,008,479
U.S. Treasury obligations: 7.8%
United States: 7.8%
U.S. Treasury Bonds
1.125%, due 08/15/40		310,000		191,897
1.250%, due 05/15/50		360,000		184,120
2.500%, due 02/15/46		180,000		130,177
2.750%, due 11/15/42		170,000		133,058
2.750%, due 08/15/47		133,000		99,532
2.875%, due 05/15/43		617,000		490,250
3.000%, due 11/15/45		100,000		79,426
4.375%, due 02/15/38		110,000		112,209

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount3		Value
U.S. Treasury obligations—(continued)
United States—(continued)
U.S. Treasury Inflation-Indexed Notes,
1.375%, due 07/15/33		5,787,381	$	5,554,027
U.S. Treasury Notes
0.375%, due 12/31/25		250,000		231,875
0.625%, due 08/15/30		1,110,000		888,911
0.750%, due 03/31/26		250,000		235,126
0.875%, due 06/30/26		650,000		599,320
1.125%, due 02/15/31		450,000		369,018
1.250%, due 03/31/28		40,000		35,539
1.250%, due 06/30/28		540,000		476,761
1.250%, due 09/30/28		270,000		236,893
1.250%, due 08/15/31		200,000		162,914
1.625%, due 11/30/26		858,000		797,136
1.625%, due 08/15/29		196,000		172,028
1.625%, due 05/15/31		350,000		294,957
2.000%, due 02/15/25		70,000		68,139
2.125%, due 05/15/25		70,000		67,837
2.750%, due 08/15/32		200,000		179,383
3.875%, due 08/15/33		256,000		249,200
4.125%, due 11/15/32		300,000		297,949
4.625%, due 02/28/25		120,000		119,513
Total U.S. Treasury obligations (cost—$12,970,540)				12,457,195

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Exchange traded funds: 7.5%
iShares J.P. Morgan USD Emerging Markets Bond ETF2		53,620	$	4,808,105
SPDR Portfolio High Yield Bond ETF		306,000		7,178,760
Total exchange traded funds (cost—$11,365,090)				11,986,865
Investment companies: 29.3%
PACE High Yield Investments8		1,025,437		8,982,829
PACE International Emerging Markets Equity Investments8		818,042		10,421,861
PACE International Equity Investments8		830,178		14,976,410
UBS All China Equity Fund8		468,854		1,973,876
UBS Emerging Markets Equity Opportunity Fund8		1,364,155		10,367,576
Total investment companies (cost—$49,352,909)				46,722,552
Short-term investments: 2.6%
Investment companies: 2.6%
State Street Institutional U.S. Government Money Market Fund, 5.256%9
(cost $4,099,352)		4,099,352		4,099,352

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face Amount		Value
Short-term U.S. Treasury obligations: 1.3%
U.S. Treasury Bills
5.361%, due 05/16/249	$	900,000	$	894,125
5.302%, due 08/08/249		1,100,000		1,079,779
Total short-term U.S. Treasury obligations (Cost—$1,973,904)				1,973,904
	Number of shares
Investment of cash collateral from securities loaned—0.3%
Money market funds—0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%9 (cost $532,579)		532,579		532,579
Total investments (cost $151,450,598)10—97.9%				156,186,321
Other assets in excess of liabilities—2.1%				3,423,544
Net assets—100.0%			$	159,609,865

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

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
23	USD	E-mini Russell 2000 Index Futures	June 2024	$	2,406,317		$	2,467,785		$	61,468
684	EUR	Eurex EURO STOXX Banks Index Futures	June 2024		4,616,511			4,995,809			379,298
128	EUR	Euro High Yield Bond Index Futures	June 2024		7,787,734			7,733,748			(53,986	)
13	EUR	FTSE/MIB Index Futures	June 2024		2,328,860			2,399,055			70,195
119	USD	S&P 500 Index Futures	June 2024		30,859,675			31,585,575			725,900
35	JPY	TSE TOPIX Index Futures	June 2024		6,203,609			6,404,413			200,804
Interest rate futures buy contracts:
79	AUD	Australian Bond 10 Year Futures	June 2024		5,981,512			6,001,364			19,852
59	GBP	United Kingdom Long Gilt Bond Futures	June 2024		7,269,870			7,442,215			172,345
Total				$	67,454,088		$	69,029,964		$	1,575,876
Index futures sell contracts:
37	EUR	Eurex EURO STOXX 50 Futures	June 2024	$	(1,970,524	)	$	(2,013,835	)	$	(43,311	)
49	GBP	FTSE 100 Index Futures	June 2024		(4,810,331	)		(4,940,206	)		(129,875	)
36	USD	MSCI Europe USD NTR Futures	June 2024		(3,444,300	)		(3,439,800	)		4,500
28	AUD	S&P ASX Share Price Index 200 Futures	June 2024		(3,528,815	)		(3,626,888	)		(98,073	)
2	CAD	S&P TSX 60 Index Futures	June 2024		(389,369	)		(396,117	)		(6,748	)

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
252	USD	U.S. MSCI Emerging Markets Index Futures	June 2024		(13,339,870	)		(13,217,400	)	$	122,470
Interest rate futures sell contracts:
26	JPY	Japan Government Bond 10 Year Futures	June 2024		(2,501,048	)		(2,501,414	)		(366	)
U.S. Treasury futures sell contracts:
49	USD	U.S. Treasury Note 10 Year Futures	June 2024	$	(5,396,051	)	$	(5,429,047	)	$	(32,996	)
Total				$	(35,380,308	)	$	(35,564,707	)	$	(184,399	)
Net unrealized appreciation (depreciation)										$	1,391,477

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	EUR	990,000	USD	1,079,478	04/24/24	$	10,522
BOA	USD	445,342	TWD	13,900,000	04/24/24		(9,829	)
CIBC	USD	799,845	EUR	730,000	04/24/24		(11,625	)
CIBC	USD	6,054,143	MXN	105,470,000	04/24/24		268,504
CITI	USD	2,604,057	COP	10,474,166,000	04/24/24		95,308
GSI	CHF	705,000	CNH	5,759,725	04/24/24		10,034
GSI	USD	1,189,542	EUR	1,100,000	04/24/24		(1,812	)
GSI	USD	246,575	MYR	1,152,000	04/24/24		(2,821	)
HSBC	AUD	610,000	USD	398,315	04/24/24		570
HSBC	CAD	535,000	USD	397,532	04/24/24		2,434
HSBC	CNH	91,565,000	USD	12,789,769	04/24/24		173,868
HSBC	GBP	4,530,000	USD	5,747,041	04/24/24		28,847
HSBC	KRW	290,000,000	USD	218,526	04/24/24		2,850
HSBC	USD	821,063	GBP	650,000	04/24/24		(572	)
HSBC	USD	798,040	JPY	117,900,000	04/24/24		(16,588	)
HSBC	USD	5,241,795	NOK	54,740,000	04/24/24		(196,936	)
MSCI	EUR	5,440,000	USD	5,943,019	04/24/24		69,156
MSCI	IDR	5,720,300,000	USD	365,363	04/24/24		4,811
MSCI	NZD	14,355,000	USD	8,782,576	04/24/24		205,964
MSCI	USD	5,049,120	BRL	25,030,000	04/24/24		(69,628	)
SSB	AUD	240,000	USD	155,815	04/24/24		(675	)
SSB	CAD	1,795,000	USD	1,333,547	04/24/24		7,938
SSB	CAD	355,000	USD	262,065	04/24/24		(103	)
SSB	CHF	2,106,586	GBP	1,885,000	04/24/24		38,139
SSB	CHF	550,000	USD	639,284	04/24/24		28,008
SSB	EUR	850,000	USD	924,197	04/24/24		6,405
SSB	EUR	95,000	USD	102,145	04/24/24		(432	)
SSB	JPY	62,400,000	USD	424,593	04/24/24		11,000
SSB	MXN	26,930,000	USD	1,586,391	04/24/24		(27,991	)
SSB	USD	788,402	BRL	3,940,000	04/24/24		(4,575	)
SSB	USD	43,252	CHF	38,000	04/24/24		(1,018	)
SSB	USD	301,580	GBP	240,000	04/24/24		1,370
SSB	USD	795,852	GBP	630,000	04/24/24		(606	)
SSB	USD	1,257,624	JPY	183,600,000	04/24/24		(40,707	)
SSB	USD	3,979,378	NZD	6,480,000	04/24/24		(107,805	)

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSB	USD	486,540	SGD	650,000	04/24/24	$	(4,656	)
Net unrealized appreciation (depreciation)						$	467,349

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 in valuing the Fund’s investments. In the event the 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	$	43,046,741		$	—		$	—	$	43,046,741
Exchange traded funds		11,986,865			—			—		11,986,865
Investment companies		46,722,552			—			—		46,722,552
Asset-backed securities		—			2,811,448			—		2,811,448
Corporate bonds		—			15,691,614			—		15,691,614
Mortgage-backed securities		—			1,051,618			—		1,051,618
Non-U.S. government agency obligations		—			6,803,974			—		6,803,974
U.S. government agency obligations		—			9,008,479			—		9,008,479
U.S. Treasury obligations		—			12,457,195			—		12,457,195
Short-term investments		—			4,099,352			—		4,099,352
Short-term U.S. Treasury obligations		—			1,973,904			—		1,973,904
Investment of cash collateral from securities loaned		—			532,579			—		532,579
Futures contracts		1,756,832			—			—		1,756,832
Forward foreign currency contracts		—			965,728			—		965,728
Total	$	103,512,990		$	55,395,891		$	—	$	158,908,881
Liabilities
Futures contracts	$	(365,355	)	$	—		$	—	$	(365,355	)
Forward foreign currency contracts		—			(498,379	)		—		(498,379	)
Total	$	(365,355	)	$	(498,379	)	$	—	$	(863,734	)

At March 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

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

*	Non–income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,176,861, represented 1.4% of the Fund’s net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	In U.S. dollars unless otherwise indicated.

UBS Global Allocation Fund

Portfolio of investments – March 31, 2024 (unaudited) 

4	Floating or variable rate securities. The rates disclosed are as of March 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
5	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
6	Zero coupon bond.
7	Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities’ principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer’s country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.
8	The table below details the Fund’s investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any):

Security description	Value 06/30/23		Purchases during the period ended 03/31/24		Sales during the period ended 03/31/24		Net realized gain (loss) during the period ended 03/31/24			Change in net unrealized appreciation (depreciation) during the period ended 03/31/24			Value 03/31/24		Net income earned from affiliate for the period ended 03/31/24		Shares 03/31/24
UBS Emerging Markets Equity Opportunity Fund	$	10,907,589	$	318,195	$	1,140,000	$	(391,356	)	$	673,148		$	10,367,576	$	318,196		1,364,155
PACE High Yield Investments		8,669,888		389,632		460,000		(52,335	)		435,644			8,982,829		389,633		1,025,437
PACE International Equity Investments		18,861,873		591,279		5,585,700		146,420			962,538			14,976,410		591,278		830,178
PACE International Emerging Markets Equity Investments		11,349,594		134,952		1,250,000		12,945			174,370			10,421,861		134,952		818,042
UBS All China Equity Fund		2,215,101		64,093		—		—			(305,318	)		1,973,876		64,093		468,854
	$	52,004,045	$	1,498,151	$	8,435,700	$	(284,326	)	$	1,940,382		$	46,722,552	$	1,498,152

9	Rate shown reflects yield at March 31, 2024.
10	Includes $5,808,394 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $532,579 and non-cash collateral of $5,726,423.

UBS Emerging Markets Equity Opportunity Fund

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of March 31, 2024

Common stocks
Automobiles	3.6	%
Banks	20.5
Beverages	4.6
Broadline retail	7.4
Electronic equipment, instruments & components	2.0
Food products	2.3
Household durables	3.9
Insurance	2.7
Interactive media & services	6.0
Metals & mining	2.5
Oil, gas & consumable fuels	8.2
Paper & forest products	2.8
Pharmaceuticals	1.5
Semiconductors & semiconductor equipment	18.2
Technology hardware, storage & peripherals	8.2
Wireless telecommunication services	1.4
Total common stocks	95.8
Preferred stocks
Banks	2.1
Short-term investments	1.5
Total investments	99.4
Other assets in excess of liabilities	0.6
Net assets	100.0	%

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—95.8%
Brazil—8.0%
Hypera SA		1,074,900	$	7,057,554
MercadoLibre, Inc.*		5,647		8,538,038
Petroleo Brasileiro SA, ADR		584,220		8,885,986
Suzano SA		1,052,762		13,429,779
				37,911,357
China—23.1%
China Mengniu Dairy Co. Ltd.		5,065,000		10,871,737
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,382,200		7,496,730
Kweichow Moutai Co. Ltd., Class A		91,661		21,580,782
Midea Group Co. Ltd., Class A		1,244,446		11,119,596
PDD Holdings, Inc., ADR*		150,542		17,500,507
Ping An Insurance Group Co. of China Ltd., Class H		2,986,500		12,610,845
Tencent Holdings Ltd.		731,300		28,385,305
				109,565,502
Hungary—2.0%
OTP Bank Nyrt		206,675		9,512,234
India—13.4%
Axis Bank Ltd.		812,070		10,196,334
Bandhan Bank Ltd.1		1,561,643		3,370,351
Eicher Motors Ltd.		216,375		10,427,458
HDFC Bank Ltd.		999,624		17,353,863
Reliance Industries Ltd.		622,588		22,183,325
				63,531,331
Indonesia—3.6%
Bank Central Asia Tbk. PT		26,623,500		16,917,803
Mexico—4.5%
Grupo Financiero Banorte SAB de CV, Class O		2,008,867		21,336,963
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—2.2%
Saudi National Bank		962,009		10,465,263

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
South Africa—5.8%
Anglo American PLC		477,568	$	11,764,716
MTN Group Ltd.4		1,332,625		6,595,579
Naspers Ltd., Class N		51,586		9,144,803
				27,505,098
South Korea—16.5%
KB Financial Group, Inc.		147,927		7,724,619
Kia Corp.		81,978		6,820,083
Samsung Electronics Co. Ltd.		645,028		38,713,658
Samsung SDI Co. Ltd.		26,774		9,496,442
SK Hynix, Inc.		116,121		15,370,668
				78,125,470
Taiwan—15.0%
ASE Technology Holding Co. Ltd.		1,545,000		7,482,775
MediaTek, Inc.		346,000		12,541,128
Taiwan Semiconductor Manufacturing Co. Ltd.		2,120,000		50,940,679
				70,964,582
Thailand—1.7%
PTT Exploration & Production PCL, NVDR		1,933,600		7,896,030
Total common stocks (cost—$505,345,993)				453,731,633
Preferred stocks—2.1%
Brazil—2.1%
Banco Bradesco SA (cost $11,651,435)		3,411,459		9,699,606
Short-term investments: 1.5%
Investment companies: 1.5%
State Street Institutional U.S. Government Money Market Fund, 5.256%5 (cost $7,253,787)		7,253,787		7,253,787
Total investments (cost $524,251,215)6—99.4%				470,685,026
Other assets in excess of liabilities—0.6%				2,975,590
Net assets—100.0%			$	473,660,616

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

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 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	$	432,394,670	$	21,336,963	$	0	$	453,731,633
Preferred stocks		9,699,606		—		—		9,699,606
Short-term investments		—		7,253,787		—		7,253,787
Total	$	442,094,276	$	28,590,750	$	0	$	470,685,026

At March 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
1	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,370,351, represented 0.7% of the Fund’s net assets at period end.
2	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Security, or portion thereof, was on loan at the period end.
5	Rate shown reflects yield at March 31, 2024.
6	Includes $5,076,961 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 $5,326,241.

UBS Engage For Impact Fund 

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of March 31, 2024

Common stocks
Automobile components	1.5	%
Automobiles	0.7
Banks	7.5
Beverages	2.6
Chemicals	8.5
Commercial services & supplies	1.3
Consumer finance	1.7
Consumer staples distribution & retail	2.1
Diversified consumer services	0.9
Diversified telecommunication services	1.1
Electric utilities	2.0
Electrical equipment	3.2
Electronic equipment, instruments & components	5.4
Food products	5.9
Ground transportation	1.9
Health care equipment & supplies	5.3
Leisure products	1.3
Life sciences tools & services	1.4
Machinery	4.1
Oil, gas & consumable fuels	2.9
Paper & forest products	3.1
Pharmaceuticals	8.2
Professional services	2.3
Semiconductors & semiconductor equipment	10.8
Software	7.2
Specialized REITs	1.6
Technology hardware, storage & peripherals	1.5
Textiles, apparel & luxury goods	1.8
Wireless telecommunication services	1.2
Total common stocks	99.0
Short-term investments	0.5
Investment of cash collateral from securities loaned	0.6
Total investments	100.1
Liabilities in excess of other assets	(0.1	)
Net assets	100.0	%

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—99.0%
Brazil—3.1%
Suzano SA, ADR		132,169	$	1,689,120
Canada—1.9%
Canadian Pacific Kansas City Ltd.1		11,976		1,055,918
China—1.0%
China Mengniu Dairy Co. Ltd.		263,000		564,515
France—4.1%
Danone SA		34,599		2,235,521
Germany—2.2%
Infineon Technologies AG		34,707		1,180,036
Indonesia—4.3%
Bank Mandiri Persero Tbk. PT		5,153,800		2,356,673
Ireland—3.2%
AIB Group PLC		345,630		1,754,041
Japan—7.3%
Chugai Pharmaceutical Co. Ltd.		38,200		1,455,022
JTOWER, Inc.*,1		21,900		580,123
Recruit Holdings Co. Ltd.		28,600		1,252,407
Shimano, Inc.		4,700		701,833
				3,989,385
Mexico—1.2%
America Movil SAB de CV		687,800		642,164
Netherlands—2.1%
Aalberts NV		11,927		573,759
OCI NV		19,831		543,211
				1,116,970
Portugal—2.9%
Galp Energia SGPS SA		97,156		1,605,268
Spain—2.5%
Befesa SA2		6,917		237,902
Iberdrola SA		88,279		1,094,781
				1,332,683
Switzerland—5.6%
Alcon, Inc.		24,625		2,040,775
Sandoz Group AG*		34,400		1,037,893
				3,078,668
United Kingdom—7.0%
AstraZeneca PLC		14,595		1,967,003
Spectris PLC		44,597		1,861,447
				3,828,450
United States—50.6%
Aptiv PLC*		10,381		826,847
Autodesk, Inc.*		7,401		1,927,369
Bio-Rad Laboratories, Inc., Class A*		2,167		749,500
Broadcom, Inc.		1,424		1,887,384

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Bunge Global SA		3,906	$	400,443
CF Industries Holdings, Inc.		11,495		956,499
Coursera, Inc.*		34,261		480,339
Digital Realty Trust, Inc.		6,124		882,101
Ecolab, Inc.		5,993		1,383,784
Ingersoll Rand, Inc.		17,782		1,688,401
Linde PLC		3,823		1,775,095
LivaNova PLC*		15,538		869,196
Micron Technology, Inc.		24,206		2,853,645
Montrose Environmental Group, Inc.*		11,612		454,842
NIKE, Inc., Class B		10,520		988,670
Primo Water Corp.		79,301		1,444,071
Pure Storage, Inc., Class A*		15,312		796,071
Regal Rexnord Corp.		9,599		1,728,780
Rivian Automotive, Inc., Class A*,1		33,280		364,416
Roper Technologies, Inc.		1,882		1,055,501
SLM Corp.		42,284		921,368
Sprouts Farmers Market, Inc.*		18,061		1,164,573
Trimble, Inc.*		16,862		1,085,238
Zoom Video Communications, Inc., Class A*		14,575		952,768
				27,636,901
Total common stocks (cost—$47,614,821)				54,066,313
Short-term investments: 0.5%
Investment companies: 0.5%
State Street Institutional U.S. Government Money Market Fund, 5.256%3 (cost $261,984)		261,984		261,984
Investment of cash collateral from securities loaned—0.6%
Money market funds—0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%3 (cost $319,669)		319,669		319,669
Total investments (cost $48,196,474)4—100.1%				54,647,966
Liabilities in excess of other assets—(0.1)%				(28,396	)
Net assets—100.0%			$	54,619,570

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

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2024 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 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	$	53,424,149	$	642,164	$	—	$	54,066,313
Short-term investments		—		261,984		—		261,984
Investment of cash collateral from securities loaned		—		319,669		—		319,669
Total	$	53,424,149	$	1,223,817	$	—	$	54,647,966

At March 31, 2024, 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 $237,902, represented 0.4% of the Fund’s net assets at period end.
3	Rate shown reflects yield at March 31, 2024.
4	Includes $1,758,342 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $319,669 and non-cash collateral of $1,520,365.

UBS International Sustainable Equity Fund

Portfolio statistics and industry diversification – (unaudited)¹ 

As a percentage of net assets as of March 31, 2024

Common stocks
Automobile components	2.9	%
Automobiles	3.0
Banks	8.7
Biotechnology	1.0
Capital markets	2.7
Chemicals	5.0
Commercial services & supplies	1.5
Construction materials	2.0
Diversified telecommunication services	2.8
Electrical equipment	2.3
Electronic equipment, instruments & components	3.6
Energy equipment & services	2.1
Entertainment	2.5
Food products	4.1
Ground transportation	2.4
Health care equipment & supplies	3.6
Household durables	3.1
Industrial conglomerates	1.1
Insurance	7.2
IT services	3.8
Life sciences tools & services	1.4
Machinery	3.4
Oil, gas & consumable fuels	1.8
Paper & forest products	1.5
Personal care products	2.4
Pharmaceuticals	5.5
Semiconductors & semiconductor equipment	6.3
Software	2.2
Textiles, apparel & luxury goods	3.4
Trading companies & distributors	4.0
Wireless telecommunication services	1.2
Total common stocks	98.5
Short-term investments	1.0
Investment of cash collateral from securities loaned	8.7
Total investments	108.2
Liabilities in excess of other assets	(8.2	)
Net assets	100.0	%

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

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—98.5%
Australia—1.5%
Brambles Ltd.		235,608	$	2,479,573
Brazil—1.5%
Suzano SA		189,941		2,423,022
Canada—6.5%
Canadian Pacific Kansas City Ltd.1		32,081		2,828,566
Gildan Activewear, Inc.1		76,052		2,822,439
Royal Bank of Canada		40,631		4,098,045
Shopify, Inc., Class A*		13,500		1,041,795
				10,790,845
China—1.3%
China Mengniu Dairy Co. Ltd.		317,000		680,422
Ping An Insurance Group Co. of China Ltd., Class H		356,500		1,505,363
				2,185,785
Denmark—1.0%
Genmab AS*		5,254		1,596,421
Finland—0.8%
Metso OYJ1		118,295		1,404,486
France—7.2%
AXA SA		93,826		3,524,120
Cie Generale des Etablissements Michelin SCA		77,986		2,988,482
Danone SA		58,127		3,755,720
Ubisoft Entertainment SA*		81,181		1,708,289
				11,976,611
Germany—2.3%
Infineon Technologies AG		52,110		1,771,738
Knorr-Bremse AG		27,306		2,065,081
				3,836,819
Hong Kong—0.9%
Prudential PLC		154,483		1,448,706
India—0.8%
Infosys Ltd., ADR		69,678		1,249,326
Ireland—2.1%
AIB Group PLC		683,657		3,469,498
Italy—3.7%
Infrastrutture Wireless Italiane SpA1,2		138,464		1,572,991
PRADA SpA		363,400		2,878,637
Prysmian SpA		33,477		1,747,685
				6,199,313
Japan—23.7%
FANUC Corp.		79,800		2,224,574
ITOCHU Corp.1		85,800		3,663,702
Keyence Corp.		8,000		3,704,056
Mitsubishi UFJ Financial Group, Inc.		324,200		3,287,403
NEC Corp.		54,500		3,965,633
Nippon Telegraph & Telephone Corp.		2,656,800		3,159,096
OBIC Business Consultants Co. Ltd.		76,800		3,594,451

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Shin-Etsu Chemical Co. Ltd.		56,900	$	2,483,032
SoftBank Group Corp.		32,400		1,918,145
Sony Group Corp.		60,700		5,184,641
Toyota Motor Corp.		154,300		3,879,415
West Japan Railway Co.		57,600		1,198,573
Yamaha Motor Co. Ltd.		125,300		1,150,115
				39,412,836
Luxembourg—1.4%
Eurofins Scientific SE1		36,181		2,306,121
Netherlands—6.4%
ASML Holding NV		2,436		2,344,772
Koninklijke Philips NV		180,839		3,629,996
OCI NV		82,360		2,256,005
Universal Music Group NV		81,487		2,450,993
				10,681,766
Norway—1.0%
Equinor ASA		65,260		1,732,660
Portugal—0.7%
Galp Energia SGPS SA		73,546		1,215,170
South Korea—2.3%
LG Chem Ltd.		4,165		1,361,263
SK Hynix, Inc.		18,785		2,486,527
				3,847,790
Spain—2.1%
Banco de Sabadell SA		2,272,198		3,566,730
Switzerland—7.6%
Alcon, Inc.		29,380		2,434,841
Barry Callebaut AG, Registered Shares		1,655		2,402,168
DSM-Firmenich AG		19,383		2,204,056
Novartis AG, Registered Shares		33,485		3,243,981
Sandoz Group AG*		80,398		2,425,713
				12,710,759
Taiwan—2.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		29,057		3,953,205
United Kingdom—13.2%
Ashtead Group PLC		42,213		3,004,943
AstraZeneca PLC		26,451		3,564,863
DCC PLC		26,273		1,910,043
Legal & General Group PLC		859,206		2,758,832
London Stock Exchange Group PLC		38,229		4,578,994
Spectris PLC		53,553		2,235,264
Unilever PLC		79,968		4,013,442
				22,066,381
United States—8.1%
Aon PLC, Class A		8,213		2,740,842
Aptiv PLC*		23,117		1,841,269
James Hardie Industries PLC, CDI*		82,635		3,317,643

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Schlumberger NV		64,599	$	3,540,671
Schneider Electric SE		9,081		2,053,949
				13,494,374
Total common stocks (cost—$157,855,571)				164,048,197
Short-term investments: 1.0%
Investment companies: 1.0%
State Street Institutional U.S. Government Money Market Fund, 5.256%3 (cost $1,638,484)		1,638,484		1,638,484

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Investment of cash collateral from securities loaned—8.7%
Money market funds—8.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%3 (cost $14,567,609)		14,567,609	$	14,567,609
Total investments (cost $174,061,664)4—108.2%				180,254,290
Liabilities in excess of other assets—(8.2)%				(13,714,650	)
Net assets—100.0%			$	166,539,640

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.

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSB	NOK	770,000	USD	71,309	04/02/24	$	384
Net unrealized appreciation (depreciation)						$	384

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 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	$	164,048,197	$	—	$	—	$	164,048,197
Short-term investments		—		1,638,484		—		1,638,484
Investment of cash collateral from securities loaned		—		14,567,609		—		14,567,609
Forward foreign currency contracts		—		384		—		384
Total	$	164,048,197	$	16,206,477	$	—	$	180,254,674

At March 31, 2024, 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 $1,572,991, represented 0.9% of the Fund’s net assets at period end.
3	Rate shown reflects yield at March 31, 2024.
4	Includes $13,982,154 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $14,567,609 and non-cash collateral of $98,904.

UBS US Dividend Ruler Fund 

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of March 31, 2024

Common stocks
Air freight & logistics	2.5	%
Banks	3.5
Beverages	2.7
Biotechnology	3.1
Building products	1.1
Capital markets	6.2
Chemicals	2.8
Commercial services & supplies	1.4
Electric utilities	2.3
Ground transportation	3.1
Health care equipment & supplies	2.9
Health care providers & services	3.6
Hotels, restaurants & leisure	5.1
Household products	2.3
Industrial conglomerates	2.2
Industrial REITs	2.5
Insurance	4.1
IT services	3.6
Oil, gas & consumable fuels	5.4
Pharmaceuticals	2.6
Professional services	3.0
Semiconductors & semiconductor equipment	13.1
Software	15.6
Specialty retail	3.3
Total common stocks	98.0
Short-term investments	1.7
Total investments	99.7
Other assets in excess of liabilities	0.3
Net assets	100.0	%

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

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks: 98.0%
Air freight & logistics: 2.5%
United Parcel Service, Inc., Class B		32,509	$	4,831,813
Banks: 3.5%
JPMorgan Chase & Co.		32,948		6,599,484
Beverages: 2.7%
Coca-Cola Co.		85,676		5,241,658
Biotechnology: 3.1%
AbbVie, Inc.		32,121		5,849,234
Building products: 1.1%
Trane Technologies PLC		7,300		2,191,460
Capital markets: 6.2%
BlackRock, Inc.		6,576		5,482,411
Morgan Stanley		67,145		6,322,373
				11,804,784
Chemicals: 2.8%
Linde PLC		11,395		5,290,926
Commercial services & supplies: 1.4%
Republic Services, Inc.		14,318		2,741,038
Electric utilities: 2.3%
American Electric Power Co., Inc.		11,880		1,022,868
NextEra Energy, Inc.		53,556		3,422,764
				4,445,632
Ground transportation: 3.1%
Union Pacific Corp.		23,794		5,851,659
Health care equipment & supplies: 2.9%
Abbott Laboratories		49,600		5,637,536
Health care providers & services: 3.6%
UnitedHealth Group, Inc.		13,832		6,842,690

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure: 5.1%
McDonald's Corp.		15,053	$	4,244,193
Starbucks Corp.		59,499		5,437,614
				9,681,807
Household products: 2.3%
Procter & Gamble Co.		27,628		4,482,643
Industrial conglomerates: 2.2%
Honeywell International, Inc.		20,085		4,122,446
Industrial REITs: 2.5%
Prologis, Inc.		37,258		4,851,737
Insurance: 4.1%
Chubb Ltd.		18,025		4,670,818
Marsh & McLennan Cos., Inc.		15,815		3,257,574
				7,928,392
IT services: 3.6%
Accenture PLC, Class A		19,688		6,824,058
Oil, gas & consumable fuels: 5.4%
EOG Resources, Inc.		15,186		1,941,378
Exxon Mobil Corp.		44,991		5,229,754
Phillips 66		19,834		3,239,686
				10,410,818
Pharmaceuticals: 2.6%
Johnson & Johnson		30,986		4,901,675
Professional services: 3.0%
Automatic Data Processing, Inc.		23,134		5,777,485
Semiconductors & semiconductor equipment: 13.1%
Analog Devices, Inc.		34,417		6,807,338
Broadcom, Inc.		7,367		9,764,296

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(continued)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		62,200	$	8,462,310
				25,033,944
Software: 15.6%
Microsoft Corp.		51,913		21,840,838
Oracle Corp.		63,071		7,922,348
				29,763,186
Specialty retail: 3.3%
Home Depot, Inc.		16,245		6,231,582
Total common stocks (cost—$155,782,003)				187,337,687

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Short-term investments—1.7%
Investment companies: 1.7%
State Street Institutional U.S. Government Money Market Fund, 5.256%1 (cost $3,298,347)		3,298,347	$	3,298,347
Total investments (cost—$159,080,350)—99.7%				190,636,034
Other assets in excess of liabilities—0.3%				599,661
Net assets—100.0%			$	191,235,695

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, 2024 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	$	187,337,687	$	—	$	—	$	187,337,687
Short-term investments		—		3,298,347		—		3,298,347
Total	$	187,337,687	$	3,298,347	$	—	$	190,636,034

At March 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

¹  Rate shown reflects yield at March 31, 2024.

UBS US Quality Growth At Reasonable Price Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks: 97.9%
Aerospace & defense: 1.4%
TransDigm Group, Inc.		3,026	$	3,726,822
Beverages: 1.8%
Coca-Cola Co.		79,986		4,893,544
Broadline retail: 8.2%
Amazon.com, Inc.*		120,489		21,733,806
Capital markets: 2.8%
Ameriprise Financial, Inc.		9,453		4,144,573
S&P Global, Inc.		7,831		3,331,699
				7,476,272
Chemicals: 2.0%
Sherwin-Williams Co.		14,942		5,189,805
Electrical equipment: 0.4%
Rockwell Automation, Inc.		3,524		1,026,647
Energy equipment & services: 0.8%
Schlumberger NV		38,373		2,103,224
Financial services: 5.6%
Mastercard, Inc., Class A		12,362		5,953,168
Visa, Inc., Class A		32,061		8,947,584
				14,900,752
Ground transportation: 1.6%
Union Pacific Corp.		17,713		4,356,158
Health care equipment & supplies: 3.9%
Abbott Laboratories		25,081		2,850,707
Boston Scientific Corp.*		50,506		3,459,156
Intuitive Surgical, Inc.*		10,146		4,049,167
				10,359,030

UBS US Quality Growth At Reasonable Price Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Health care providers & services: 2.5%
UnitedHealth Group, Inc.		13,256	$	6,557,743
Hotels, restaurants & leisure: 2.0%
Chipotle Mexican Grill, Inc.*		1,826		5,307,762
Interactive media & services: 13.0%
Alphabet, Inc., Class A*		123,716		18,672,456
Meta Platforms, Inc., Class A		32,516		15,789,119
				34,461,575
IT services: 2.3%
Accenture PLC, Class A		17,245		5,977,289
Life sciences tools & services: 2.7%
Danaher Corp.		8,908		2,224,506
Thermo Fisher Scientific, Inc.		8,352		4,854,266
				7,078,772
Machinery: 1.7%
Parker-Hannifin Corp.		7,957		4,422,421
Pharmaceuticals: 4.1%
Eli Lilly & Co.		14,143		11,002,688
Semiconductors & semiconductor equipment: 8.4%
Advanced Micro Devices, Inc.*		35,499		6,407,214
Applied Materials, Inc.		21,545		4,443,225
ASML Holding NV, Registered Shares		4,848		4,704,839
Broadcom, Inc.		5,051		6,694,646
				22,249,924
Software: 20.6%
Adobe, Inc.*		7,088		3,576,605

UBS US Quality Growth At Reasonable Price Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Intuit, Inc.		9,299	$	6,044,350
Microsoft Corp.		84,049		35,361,095
Palo Alto Networks, Inc.*		7,443		2,114,779
Salesforce, Inc.		24,371		7,340,058
				54,436,887
Specialized REITs: 1.4%
American Tower Corp.		18,703		3,695,526
Specialty retail: 4.1%
O'Reilly Automotive, Inc.*		4,515		5,096,893
TJX Cos., Inc.		56,466		5,726,782
				10,823,675

UBS US Quality Growth At Reasonable Price Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Technology hardware, storage & peripherals: 5.5%
Apple, Inc.		84,639	$	14,513,896
Textiles, apparel & luxury goods: 1.1%
NIKE, Inc., Class B		30,961		2,909,715
Total common stocks (cost—$200,130,289)				259,203,933
Short-term investments—2.2%
Investment companies: 2.2%
State Street Institutional U.S. Government Money Market Fund, 5.256%1 (cost $5,809,946)	$	5,809,946		5,809,946
Total investments (cost—$205,940,235)—100.1%				265,013,879
Liabilities in excess of other assets—(0.1)%				(176,941	)
Net assets—100.0%			$	264,836,938

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, 2024 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	$	259,203,933	$	—	$	—	$	259,203,933
Short-term investments		—		5,809,946		—		5,809,946
Total	$	259,203,933	$	5,809,946	$	—	$	265,013,879

At March 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
1	Rate shown reflects yield at March 31, 2024.

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks: 95.7%
Aerospace & defense: 2.7%
AeroVironment, Inc.*		12,811	$	1,963,670
BWX Technologies, Inc.		17,398		1,785,383
				3,749,053
Air freight & logistics: 1.0%
GXO Logistics, Inc.*		25,284		1,359,268
Banks: 2.3%
Columbia Banking System, Inc.		44,008		851,555
First Bancorp/Southern Pines NC		32,675		1,180,221
Prosperity Bancshares, Inc.		17,951		1,180,817
				3,212,593
Biotechnology: 11.4%
Arcellx, Inc.*		13,670		950,748
Arcturus Therapeutics Holdings, Inc.*		22,387		756,009
Arrowhead Pharmaceuticals, Inc.*		25,011		715,315
Crinetics Pharmaceuticals, Inc.*		20,950		980,669
Deciphera Pharmaceuticals, Inc.*		49,172		773,476
Ideaya Biosciences, Inc.*		21,567		946,360
Immunocore Holdings PLC, ADR*		13,501		877,565
Immunovant, Inc.*		18,351		592,921
Insmed, Inc.*		34,256		929,365

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(continued)
Kymera Therapeutics, Inc.*		20,169	$	810,794
Kyverna Therapeutics, Inc.*		15,200		377,568
Nuvalent, Inc., Class A*		10,600		795,954
Protagonist Therapeutics, Inc.*		37,826		1,094,306
Prothena Corp. PLC*		10,547		261,249
RAPT Therapeutics, Inc.*		38,054		341,725
Rhythm Pharmaceuticals, Inc.*		21,573		934,758
Viking Therapeutics, Inc.*		38,200		3,132,400
Xencor, Inc.*		26,822		593,571
				15,864,753
Broadline retail: 1.4%
Global-e Online Ltd.*		52,000		1,890,200
Building products: 3.9%
AZEK Co., Inc.*		60,675		3,047,098
Simpson Manufacturing Co., Inc.		11,749		2,410,660
				5,457,758
Construction & engineering: 2.6%
Comfort Systems USA, Inc.		5,402		1,716,269
MasTec, Inc.*		20,207		1,884,303
				3,600,572
Consumer staples distribution & retail: 1.8%
Performance Food Group Co.*		33,428		2,495,066

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Containers & packaging: 1.2%
Graphic Packaging Holding Co.		58,369	$	1,703,208
Diversified consumer services: 1.6%
Duolingo, Inc.*		10,349		2,282,783
Electrical equipment: 2.1%
Regal Rexnord Corp.		14,453		2,602,985
Shoals Technologies Group, Inc., Class A*		27,706		309,753
				2,912,738
Energy equipment & services: 1.5%
Weatherford International PLC*		18,625		2,149,698
Financial services: 3.1%
Essent Group Ltd.		18,625		1,108,374
Flywire Corp.*		57,088		1,416,353
Shift4 Payments, Inc., Class A*		26,576		1,755,876
				4,280,603
Ground transportation: 0.6%
Werner Enterprises, Inc.		21,380		836,386
Health care equipment & supplies: 1.4%
AtriCure, Inc.*		29,704		903,595
CONMED Corp.		13,484		1,079,799
				1,983,394
Health care providers & services: 4.0%
NeoGenomics, Inc.*		33,440		525,677
R1 RCM, Inc.*		81,817		1,053,803
RadNet, Inc.*		50,376		2,451,296
Surgery Partners, Inc.*		50,768		1,514,409
				5,545,185

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Hotel & resort REITs: 2.6%
Ryman Hospitality Properties, Inc.		31,707	$	3,665,646
Hotels, restaurants & leisure: 6.9%
Bloomin' Brands, Inc.		58,146		1,667,627
Churchill Downs, Inc.		13,748		1,701,315
Dave & Buster's Entertainment, Inc.*		29,415		1,841,379
First Watch Restaurant Group, Inc.*		77,200		1,900,664
Shake Shack, Inc., Class A*		24,382		2,536,460
				9,647,445
Household durables: 1.7%
TopBuild Corp.*		5,475		2,412,997
IT services: 4.0%
Couchbase, Inc.*		74,998		1,973,198
DigitalOcean Holdings, Inc.*		34,202		1,305,832
Wix.com Ltd.*		16,884		2,321,212
				5,600,242
Life sciences tools & services: 3.6%
Medpace Holdings, Inc.*		9,762		3,945,312
Repligen Corp.*		5,818		1,070,047
				5,015,359
Machinery: 1.0%
Chart Industries, Inc.*		8,874		1,461,725
Metals & mining: 1.4%
ATI, Inc.*		37,567		1,922,303
Oil, gas & consumable fuels: 2.2%
Chesapeake Energy Corp.		17,510		1,555,413

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(continued)
Matador Resources Co.		22,278	$	1,487,502
				3,042,915
Personal care products: 1.5%
BellRing Brands, Inc.*		36,462		2,152,352
Pharmaceuticals: 1.3%
Arvinas, Inc.*		18,930		781,430
Intra-Cellular Therapies, Inc.*		14,125		977,450
				1,758,880
Professional services: 0.4%
Sterling Check Corp.*		37,866		608,885
Semiconductors & semiconductor equipment: 3.6%
Astera Labs, Inc.*		1,500		111,285
Impinj, Inc.*		18,492		2,374,558
Universal Display Corp.		15,315		2,579,812
				5,065,655
Software: 14.8%
Appfolio, Inc., Class A*		8,766		2,162,923
Braze, Inc., Class A*		36,719		1,626,652
Clearwater Analytics Holdings, Inc., Class A*		32,666		577,862
Confluent, Inc., Class A*		69,836		2,131,395
CyberArk Software Ltd.*		10,465		2,779,818
DoubleVerify Holdings, Inc.*		55,092		1,937,035
Elastic NV*		20,118		2,016,628
Gitlab, Inc., Class A*		32,668		1,905,198

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Jamf Holding Corp.*		57,010	$	1,046,133
PowerSchool Holdings, Inc., Class A*		26,604		566,399
Sprout Social, Inc., Class A*		31,992		1,910,242
Varonis Systems, Inc.*		41,136		1,940,385
				20,600,670
Technology hardware, storage & peripherals: 5.6%
Pure Storage, Inc., Class A*		61,350		3,189,587
Super Micro Computer, Inc.*		4,613		4,659,268
				7,848,855
Textiles, apparel & luxury goods: 0.9%
Tapestry, Inc.		25,861		1,227,880
Trading companies & distributors: 1.6%
Boise Cascade Co.		14,406		2,209,448
Total common stocks (cost—$102,220,206)				133,564,515
Exchange traded funds: 0.2%
iShares Russell 2000 Growth ETF1	$	900		243,720
Total exchange traded funds (cost—$214,749)				243,720
Short-term investments—4.1%
Investment companies: 4.1%
State Street Institutional U.S. Government Money Market Fund, 5.256%2 (cost $5,754,014)		5,754,014		5,754,014

UBS U.S. Small Cap Growth Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Number of shares		Value
Investment of cash collateral from securities loaned—0.2%
Money market funds: 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%2 (cost—$223,486)		223,486	$	223,486
Total investments (cost—$108,412,455)3—100.2%				139,785,735
Liabilities in excess of other assets—(0.2)%				(290,040	)
Net assets—100.0%			$	139,495,695

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, 2024 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	$	133,564,515	$	—	$	—	$	133,564,515
Exchange traded funds		243,720		—		—		243,720
Short-term investments		—		5,754,014		—		5,754,014
Investment of cash collateral from securities loaned		—		223,486		—		223,486
Total	$	133,808,235	$	5,977,500	$	—	$	139,785,735

At March 31, 2024, 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	Rate shown reflects yield at March 31, 2024.
3	Includes $219,077 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $223,486 and non-cash collateral of $0.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount		Value
Non-U.S. government agency obligations: 99.2%
Supranationals: 99.2%
African Development Bank
0.875%, due 07/22/26	$	1,700,000	$	1,560,314
4.375%, due 11/03/27		600,000		597,653
4.375%, due 03/14/28		1,600,000		1,593,755
Agence Francaise de Developpement EPIC
0.625%, due 01/22/261		2,000,000		1,853,663
Asian Development Bank
1.500%, due 03/04/31		800,000		664,755
1.750%, due 09/19/29		1,000,000		873,874
1.875%, due 01/24/30		700,000		610,407
3.875%, due 09/28/32		500,000		482,683
3.875%, due 06/14/33		450,000		433,196
4.000%, due 01/12/33		600,000		583,781
4.125%, due 01/12/34		100,000		98,079
Asian Infrastructure Investment Bank
0.500%, due 05/28/25		1,100,000		1,043,955
0.500%, due 01/27/26		1,400,000		1,296,148
3.750%, due 09/14/27		500,000		487,790
4.000%, due 01/18/28		200,000		196,730
4.125%, due 01/18/29		200,000		197,984
4.250%, due 03/13/34		700,000		691,642
Council of Europe Development Bank
0.875%, due 09/22/26		1,300,000		1,186,979
1.375%, due 02/27/25		1,300,000		1,255,971
European Bank for Reconstruction & Development
0.500%, due 11/25/25		400,000		372,897

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
0.500%, due 01/28/26	$	1,700,000	$	1,572,810
4.125%, due 01/25/29		600,000		594,171
4.250%, due 03/13/34		600,000		593,842
4.375%, due 03/09/28		750,000		747,966
European Investment Bank
1.250%, due 02/14/31		800,000		657,133
1.750%, due 03/15/29		500,000		442,870
3.625%, due 07/15/30		750,000		721,415
3.750%, due 02/14/33		2,100,000		2,013,234
IDB Trust Services Ltd.
0.908%, due 06/25/251		400,000		379,028
1.809%, due 02/26/251		400,000		386,860
2.843%, due 04/25/241		1,600,000		1,595,187
Inter-American Development Bank
1.125%, due 07/20/28		2,400,000		2,096,857
1.125%, due 01/13/31		5,950,000		4,834,912
2.250%, due 06/18/29		4,600,000		4,151,408
3.125%, due 09/18/28		2,550,000		2,421,595
3.500%, due 09/14/29		1,800,000		1,725,627
3.500%, due 04/12/33		2,700,000		2,522,970
4.500%, due 09/13/33		2,500,000		2,522,635
Inter-American Investment Corp.
0.625%, due 02/10/261		1,500,000		1,386,070
1.750%, due 10/02/241		700,000		686,856
4.125%, due 02/15/28		100,000		98,261

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
International Bank for Reconstruction & Development
0.750%, due 08/26/30	$	2,500,000	$	2,000,748
0.875%, due 05/14/30		2,500,000		2,034,300
1.250%, due 02/10/31		4,550,000		3,719,867
1.625%, due 11/03/31		4,000,000		3,301,206
1.750%, due 10/23/29		3,200,000		2,789,287
2.500%, due 03/29/32		2,000,000		1,753,829
3.625%, due 09/21/29		600,000		578,880
3.875%, due 02/14/30		1,400,000		1,364,778
4.000%, due 07/25/30		1,050,000		1,029,684
4.000%, due 01/10/31		350,000		342,117
4.750%, due 11/14/33		1,300,000		1,339,896
International Development Association
0.750%, due 06/10/271		2,200,000		1,954,388
1.000%, due 12/03/301		2,400,000		1,931,422
International Finance Corp.
0.375%, due 07/16/25		600,000		566,049
0.750%, due 10/08/26		1,200,000		1,092,201
0.750%, due 08/27/30		1,150,000		921,013
2.125%, due 04/07/26		675,000		641,665
3.625%, due 09/15/25		200,000		196,461
4.375%, due 01/15/27		200,000		199,183
4.500%, due 07/13/28		200,000		201,077

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
Isdb Trust Services No. 2 SARL 4.598%, due 03/14/281	$	500,000	$	499,375
Kreditanstalt fuer Wiederaufbau
2.000%, due 05/02/25		100,000		96,809
4.125%, due 07/15/33		700,000		687,562
4.750%, due 10/29/30		700,000		717,162
Nordic Investment Bank
3.375%, due 09/08/27		2,800,000		2,699,836
4.375%, due 03/14/28		900,000		897,136
Total non-U.S. government agency obligations (cost—$87,512,509)				81,789,894

	Number of shares
Short-term investments: 0.4%
Investment companies: 0.4%
State Street Institutional U.S. Government Money Market Fund, 5.256%3 (cost $332,853)		332,853		332,853
Investment of cash collateral from securities loaned—0.3%
Money market funds—0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%3 (cost $202,500)		202,500		202,500
Total investments (cost $88,047,862)4—99.9%				82,325,247
Other assets in excess of liabilities—0.1%				112,930
Net assets—100.0%			$	82,438,177

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

UBS Sustainable Development Bank Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 in valuing the Fund’s investments. In the event the 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	$	—	$	81,789,894	$	—	$	81,789,894
Short-term investments		—		332,853		—		332,853
Investment of cash collateral from securities loaned		—		202,500		—		202,500
Total	$	—	$	82,325,247	$	—	$	82,325,247

At March 31, 2024, 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	Rate shown reflects yield at March 31, 2024.
4	Includes $198,169 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $202,500 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, 2024

Corporate bonds
Airlines	0.7	%
Auto manufacturers	3.1
Banks	12.5
Beverages	0.7
Biotechnology	0.2
Building Materials	2.1
Chemicals	2.2
Coal	1.3
Commercial services	2.5
Computers	2.7
Diversified financial services	7.6
Electric	1.7
Entertainment	1.0
Environmental control	0.6
Food	0.1
Healthcare-products	1.2
Healthcare-services	0.9
Housewares	0.9
Insurance	1.3
Internet	1.1
Leisure time	1.4
Lodging	0.9
Media	3.9
Mining	1.4
Miscellaneous manufacturers	1.9
Oil & gas	6.7
Packaging & containers	0.9
Pharmaceuticals	0.5
Pipelines	3.0
Real estate	0.2
Real estate investment trusts	0.9
Semiconductors	1.5
Software	0.9
Telecommunications	3.6
Transportation	0.2
Total corporate bonds	72.3
Asset-backed securities	6.0
Mortgage-backed securities	5.5
Non-U.S. government agency obligations	11.7
Short-term investments	0.6
Investment of cash collateral from securities loaned	7.3
Total investments	103.4
Liabilities in excess of other assets	(3.4	)
Net assets	100.0	%

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

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Asset-backed securities: 6.0%
Cayman Islands: 3.5%
ARES LVIII CLO Ltd.,
Series 2020-58A, Class DR, 3 mo.
USD Term SOFR +3.200%,
8.514%, due 01/15/352,3		250,000	$	246,391
Sixth Street CLO XVIII Ltd.,
Series 2021-18A, Class D, 3 mo.
USD Term SOFR +3.162%,
8.479%, due 04/20/342,3		250,000		248,793
Wellfleet CLO Ltd.,
Series 2020-58A, Class C, 3 mo.
USD Term SOFR +3.962%,
9.276%, due 04/15/332,3		250,000		247,450
				742,634
United States: 2.5%
AmeriCredit Automobile Receivables Trust,
Series 2020-2, Class C,
1.480%, due 02/18/26		143,292		141,499
Drive Auto Receivables Trust,
Series 2020-2, Class D,
3.050%, due 05/15/28		147,883		146,871
Exeter Automobile Receivables Trust,
Series 2022-2A, Class B,
3.650%, due 10/15/26		59,195		59,021
GLS Auto Receivables Issuer Trust,
Series 2021-4A, Class B,
1.530%, due 04/15/262		60,877		60,637
Santander Drive Auto Receivables Trust,
Series 2020-4, Class D,
1.480%, due 01/15/27		121,089		118,969
				526,997
Total asset-backed securities (cost—$1,262,929)				1,269,631
Corporate bonds: 72.3%
Australia: 0.5%
Glencore Funding LLC
4.000%, due 04/16/252		100,000		98,370
Belgium: 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		165,000		156,801

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
Brazil: 1.0%
Petrobras Global Finance BV
7.375%, due 01/17/27		200,000	$	207,536
Canada: 2.4%
NOVA Chemicals Corp.
5.250%, due 06/01/272		250,000		235,449
Teck Resources Ltd.
3.900%, due 07/15/304		300,000		276,549
				511,998
Chile: 0.9%
Corp. Nacional del Cobre de Chile
5.125%, due 02/02/335		200,000		189,938
China: 1.6%
Agile Group Holdings Ltd.
5.750%, due 01/02/255		200,000		34,000
BOC Aviation Ltd.
3.250%, due 04/29/255		250,000		243,555
NXP BV/NXP
Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26		65,000		63,195
				340,750
Colombia: 0.6%
Ecopetrol SA
5.375%, due 06/26/26		120,000		117,485
Germany: 0.9%
Volkswagen Group of America Finance LLC
4.625%, due 11/13/252		200,000		197,540

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
Ireland: 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.450%, due 04/03/26		300,000	$	295,023
Mexico: 0.6%
Petroleos Mexicanos
6.700%, due 02/16/32		150,000		124,875
Qatar: 1.1%
QNB Finance Ltd.
2.750%, due 02/12/275		250,000		233,575
United Kingdom: 2.3%
Barclays PLC
4.836%, due 05/09/28		200,000		194,212
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		106,491
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		196,092
				496,795
United States: 58.3%
AbbVie, Inc.
4.500%, due 05/14/35		100,000		96,134
AEP Texas, Inc.
Series E,6.650%, due 02/15/33		50,000		53,334
Series G,4.150%, due 05/01/49		50,000		39,651
Air Lease Corp.
2.875%, due 01/15/26		50,000		47,813
Allison Transmission, Inc.
4.750%, due 10/01/272		150,000		144,353
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.250%, due 04/30/252,4		200,000		193,206

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
ASGN, Inc.
4.625%, due 05/15/282		150,000	$	141,101
AT&T, Inc.
3.800%, due 12/01/57		58,000		41,993
4.300%, due 02/15/30		300,000		288,321
Avantor Funding, Inc.
4.625%, due 07/15/282		275,000		260,594
Bank of America Corp.
4.200%, due 08/26/24		100,000		99,399
6.110%, due 01/29/37		125,000		132,762
Series DD,(fixed, converts to FRN on 03/10/26),
6.300%, due 03/10/263,6		110,000		110,099
Series Z,(fixed, converts to FRN on 10/23/24),
6.500%, due 10/23/243,4,6		100,000		100,085
Boyd Gaming Corp.
4.750%, due 12/01/274		200,000		192,667
Broadcom, Inc.
3.137%, due 11/15/352		300,000		242,370
Capital One Financial Corp.
3.750%, due 07/28/26		300,000		289,016
CCO
Holdings LLC/CCO Holdings Capital Corp.
5.500%, due 05/01/262		75,000		73,855
Charter
Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		350,000		329,885

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Citigroup, Inc.
5.500%, due 09/13/25		300,000	$	299,863
6.675%, due 09/13/43		50,000		55,857
Series P,(fixed, converts to FRN on 05/15/25),
5.950%, due 05/15/253,6		100,000		99,850
Series T,(fixed, converts to FRN on 08/15/26),
6.250%, due 08/15/263,4,6		100,000		100,257
Civitas Resources, Inc.
8.375%, due 07/01/282		100,000		105,271
Comcast Corp.
2.887%, due 11/01/51		64,000		41,544
2.937%, due 11/01/56		67,000		42,184
3.969%, due 11/01/47		38,000		30,544
ConocoPhillips Co.
3.758%, due 03/15/42		250,000		207,698
Continental Resources, Inc.
4.375%, due 01/15/28		250,000		241,588
Covanta Holding Corp.
4.875%, due 12/01/292,4		150,000		134,438
DCP Midstream Operating LP
5.375%, due 07/15/25		159,000		158,403
Dell International LLC/EMC Corp.
5.850%, due 07/15/25		250,000		251,260
Delta Air Lines, Inc.
7.000%, due 05/01/252		150,000		151,968

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		50,000	$	41,664
Edison International
Series A,(fixed, converts to FRN on 03/15/26),
5.375%, due 03/15/263,6		95,000		91,930
Enact Holdings, Inc.
6.500%, due 08/15/252		250,000		249,950
Energy Transfer LP
5.400%, due 10/01/47		50,000		46,143
5.500%, due 06/01/27		50,000		50,310
EQT Corp.
3.900%, due 10/01/27		370,000		351,698
Exelon Corp.
4.450%, due 04/15/46		50,000		42,677
Expedia Group, Inc.
3.800%, due 02/15/28		250,000		237,810
FedEx Corp.
4.550%, due 04/01/46		50,000		43,123
Fifth Third Bank NA
3.950%, due 07/28/25		200,000		195,966
Fox Corp.
5.576%, due 01/25/49		25,000		23,280
GE Capital
International Funding Co. Unlimited Co.
3.373%, due 11/15/25		200,000		193,544
General Motors Co.
6.600%, due 04/01/36		300,000		318,917
Gilead Sciences, Inc.
4.750%, due 03/01/46		50,000		45,920

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
GLP Capital LP/GLP Financing II, Inc.
5.250%, due  06/01/25		200,000	$	198,712
Goldman Sachs Group, Inc.
5.150%, due  05/22/45		30,000		29,005
Series Q,(fixed,  converts to FRN on  08/10/24),
5.500%, due  08/10/243,6		100,000		99,145
Harley-Davidson  Financial Services,  Inc.
3.350%, due  06/08/252		300,000		290,997
HCA, Inc.
5.250%, due  06/15/26		200,000		199,417
Hillenbrand, Inc.
5.750%, due  06/15/25		200,000		199,702
International Game  Technology PLC
6.500%, due  02/15/252		214,000		214,705
JPMorgan Chase & Co.
(fixed, converts to  FRN on 01/23/28),
3.509%, due  01/23/293		150,000		141,890
Series S,3 mo. USD Term SOFR +  4.042%,
9.348%, due  05/01/243,6		100,000		100,114
KeyCorp
4.150%, due  10/29/25		75,000		72,947
Kinder Morgan, Inc.
4.300%, due  03/01/28		150,000		146,388
5.550%, due  06/01/45		40,000		38,167
Kroger Co.
6.900%, due  04/15/38		25,000		28,153

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Level 3 Financing, Inc.
10.500%, due 05/15/302		184,000	$	188,140
Liberty Mutual Group, Inc.
4.569%, due 02/01/292		155,000		150,944
LYB International Finance BV
4.875%, due 03/15/44		50,000		44,259
Marathon Petroleum Corp.
4.750%, due 09/15/44		70,000		62,284
Masco Corp.
1.500%, due 02/15/28		400,000		350,232
MetLife, Inc.
6.400%, due 12/15/36		110,000		112,636
Morgan Stanley
4.300%, due 01/27/45		50,000		43,905
4.350%, due 09/08/26		140,000		136,978
Series M, 5.875%, due 09/15/263,6		105,000		102,936
Newell Brands, Inc.
4.875%, due 06/01/25		200,000		197,042
Olin Corp.
5.125%, due 09/15/27		200,000		195,375
OneMain Finance Corp.
6.875%, due 03/15/25		200,000		202,091
Oracle Corp.
2.800%, due 04/01/27		150,000		140,677
4.000%, due 11/15/47		50,000		39,033
Quanta Services, Inc.
0.950%, due 10/01/244		400,000		390,287

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Corporate bonds—(continued)
United States—(continued)
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.875%, due 10/15/262		300,000	$	277,177
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		200,000		199,415
Sabre GLBL, Inc.
8.625%, due 06/01/272		100,000		87,752
Science Applications International Corp.
4.875%, due 04/01/282		100,000		95,487
Seagate HDD Cayman
5.750%, due 12/01/34		80,000		78,258
Sempra
(fixed, converts to FRN on 10/15/25),
4.875%, due 10/15/253,6		95,000		92,952
Sirius XM Radio, Inc.
3.125%, due 09/01/262		250,000		234,181
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/282		100,000		97,736
Sprint LLC
7.125%, due 06/15/24		250,000		250,428
United Rentals North America, Inc.
4.875%, due 01/15/284		50,000		48,658
Walt Disney Co.
4.950%, due 10/15/45		50,000		47,612
				12,356,112
Total corporate bonds (cost—$15,905,208)				15,326,798

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Mortgage-backed securities: 5.5%
United States: 5.5%
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class B,
2.511%, due 10/15/542		150,000	$	121,947
BBCMS Trust, Series 2015-SRCH, Class B,
4.498%, due 08/10/352		135,000		120,308
BX Mortgage Trust, Series 2021-PAC, Class D,
1 mo. USD Term SOFR + 1.413%,
6.738%, due 10/15/362,3		175,000		170,789
BX Trust, Series 2021-LGCY, Class D,
1 mo. USD Term SOFR + 1.416%,
6.742%, due 10/15/362,3		400,000		389,000
Extended Stay America Trust, Series 2021-ESH, Class D,
1 mo. USD Term SOFR + 2.364%,
7.690%, due 07/15/382,3		319,989		319,589
FREMF Mortgage Trust, Series 2017-K64, Class B,
3.998%, due 05/25/502,3		50,000		48,022
Starwood Retail Property Trust, Series 2014-STAR, Class C,
U.S. (Fed) Prime Rate,
8.500%, due 11/15/272,3		125,000		313
Total mortgage-backed securities (cost—$1,361,337)				1,169,968

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Non-U.S. government agency obligations: 11.7%
Brazil: 3.4%
Brazil Notas do Tesouro Nacional Series NTNF,
10.000%, due 01/01/33	BRL	3,850,000	$	728,129
Indonesia: 0.5%
Indonesia Government International Bonds
6.625%, due 02/17/372		100,000		112,938
Mexico: 4.3%
Mexico Bonos Series M,
7.500%, due 05/26/33	MXN	4,515,000		242,265
Mexico Cetes Series BI,
0.000%, due 07/25/247	MXN	9,400,000		545,414
Mexico Government International Bonds
4.750%, due 03/08/44		150,000		125,437
				913,116
Panama: 0.1%
Panama Government International Bonds
3.870%, due 07/23/60		50,000		28,750
Peru: 1.0%
Peru Government International Bonds
7.350%, due 07/21/25		200,000		204,937
Poland: 0.5%
Republic of Poland Government International Bonds
5.750%, due 11/16/32		100,000		104,691

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

	Face amount1		Value
Non-U.S. government agency obligations—(continued)
Supranationals: 0.9%
Africa Finance Corp.
4.375%, due 04/17/265		200,000	$	193,437
Turkey: 1.0%
Turkiye Government Bonds
12.600%, due 10/01/25	TRY	3,000,000		63,446
20.900%, due 04/17/24	TRY	1,500,000		45,538
Turkiye Government International Bonds
6.875%, due 03/17/36		100,000		94,125
				203,109
Total non-U.S. government agency obligations (cost—$2,553,531)				2,489,107

	Number of shares
Short-term investments: 0.6%
Investment companies: 0.6%
State Street Institutional U.S. Government Money Market Fund, 5.256%8 (cost $130,695)		130,695		130,695
Investment of cash collateral from securities loaned—7.3%
Money market funds—7.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 5.293%8 (cost $1,553,125)		1,553,125		1,553,125
Total investments (cost $22,766,825)9—103.4%				21,939,324
Liabilities in excess of other assets—(3.4)%				(724,272	)
Net assets—100.0%			$	21,215,052

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2024 (unaudited) 

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

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
28	USD	U.S. Treasury Note 10 Year Futures	February 2031	$	3,087,416		$	3,102,312		$	14,896
38	USD	U.S. Treasury Note 5 Year Futures	June 2024		4,072,421			4,066,594			(5,827	)
23	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2024		2,610,157			2,636,016			25,859
Total				$	9,769,994		$	9,804,922		$	34,928
Interest rate futures sell contracts:
7	EUR	Euro Bund 10 Year Futures	June 2024	$	(1,004,251	)	$	(1,007,279	)	$	(3,028	)
16	EUR	EURO Schatz 2 Year Index Futures	June 2024		(1,824,879	)		(1,824,551	)		328
1	JPY	Japan Government Bond 10 Year Futures	June 2024		(962,872	)		(962,280	)		592
Total				$	(3,792,002	)	$	(3,794,110	)	$	(2,108	)
Net unrealized appreciation (depreciation)										$	32,820

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio	Payments received by the portfolio	Value		Unrealized appreciation (depreciation)
NZD	2,500	02/19/27	Quarterly	3 mo. NZD Bank Bill	4.805	$	8,923	$	8,923
NZD	1,000	06/15/33	Quarterly	3 mo. NZD Bank Bill	4.456		11,472		11,472
NZD	400	07/18/33	Quarterly	3 mo. NZD Bank Bill	4.520		2,575		2,575
Total						$	22,970	$	22,970

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	198,383	BRL	990,000	04/16/24	$	(1,275	)
BOA	EUR	100,000	USD	109,363	04/16/24		1,422
BOA	USD	83,596	JPY	12,300,000	04/16/24		(2,170	)
BOA	USD	76,958	NZD	125,000	04/16/24		(2,275	)
CITI	USD	21,728	EUR	20,000	04/16/24		(140	)
JPMCB	BRL	990,000	USD	198,111	04/16/24		1,003
Net unrealized appreciation (depreciation)						$	(3,435	)

UBS Multi Income Bond Fund 

Portfolio of investments – March 31, 2024 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2024 in valuing the Fund’s investments. In the event the 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
Asset-backed securities	$	—		$	1,269,631		$	—	$	1,269,631
Corporate bonds		—			15,326,798			—		15,326,798
Mortgage-backed securities		—			1,169,968			—		1,169,968
Non-U.S. government agency obligations		—			2,489,107			—		2,489,107
Short-term investments		—			130,695			—		130,695
Investment of cash collateral from securities loaned		—			1,553,125			—		1,553,125
Futures contracts		41,675			—			—		41,675
Swap agreements		—			22,970			—		22,970
Forward foreign currency contracts		—			2,425			—		2,425
Total	$	41,675		$	21,964,719		$	—	$	22,006,394
Liabilities
Futures contracts	$	(8,855	)	$	—		$	—	$	(8,855	)
Forward foreign currency contracts		—			(5,860	)		—		(5,860	)
Total	$	(8,855	)	$	(5,860	)	$	—	$	(14,715	)

At March 31, 2024, there were no transfers in or out of Level 3.

Portfolio footnotes

1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,951,761, represented 28.1% of the Fund’s net assets at period end.
3	Floating or variable rate securities. The rates disclosed are as of March 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
4	Security, or portion thereof, was on loan at the period end.
5	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
6	Perpetual investment. Date shown reflects the next call date.
7	Zero coupon bond.
8	Rate shown reflects yield at March 31, 2024.
9	Includes $1,521,530 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,553,125 and non-cash collateral of $0.

The UBS Funds

Glossary of terms used in the Portfolio of investments
March 31, 2024 (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, 2024 (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	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Counterparty acronyms:
ANZ	Australia and New Zealand Banking Group
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
CSI	Credit Suisse International
DB	Deutsche Bank AG
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
NAT	National Westminster
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland PLC
SCB	Standard Chartered Bank
SG	Societe Generale
SSB	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, 2023.