UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—33.7%
Australia—0.1%
Glencore PLC *		24,265	$	183,780

Austria—0.2%
BAWAG Group AG¹		972		147,771
Erste Group Bank AG		1,172		126,605
				274,376
Brazil—0.1%
Gerdau SA, ADR		17,814		64,308
MercadoLibre, Inc.*		42		72,619
				136,927
Canada—0.4%
Canadian Pacific Kansas City Ltd.		1,941		152,743
Paramount Resources Ltd., Class A²		3,005		64,178
Restaurant Brands International, Inc.		1,347		99,677
Shopify, Inc., Class A*		885		104,979
Tourmaline Oil Corp.²		2,525		120,850
				542,427
France—0.2%
Danone SA		1,717		137,200
LVMH Moet Hennessy Louis Vuitton SE		189		103,317
				240,517
Germany—0.5%
Daimler Truck Holding AG		2,631		129,566
Deutsche Boerse AG		450		131,825
Infineon Technologies AG		3,165		143,584
Knorr-Bremse AG		1,619		184,974
SAP SE		580		98,880
				688,829
Hong Kong—0.1%
AIA Group Ltd.		11,717		130,191

India—0.1%
HDFC Bank Ltd., ADR		3,655		90,936

Ireland—0.1%
AIB Group PLC		17,630		188,202

Japan—0.6%
Chugai Pharmaceutical Co. Ltd.²		1,600		88,238
ITOCHU Corp.		11,100		141,197
Keyence Corp.		400		142,363
Mitsubishi UFJ Financial Group, Inc.²		5,200		88,056
Nintendo Co. Ltd.		1,200		66,350
OBIC Business Consultants Co. Ltd.		2,000		79,891
Shin-Etsu Chemical Co. Ltd.		3,600		146,588
Sony Group Corp.		7,100		147,983
				900,666
Netherlands—0.3%
ASML Holding NV		176		234,037
Koninklijke Philips NV²		5,817		159,108
NXP Semiconductors NV		69		13,584

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Netherlands—(continued)
Universal Music Group NV²		4,414	$	85,679
				492,408
Portugal—0.1%
Galp Energia SGPS SA		5,016		120,272

Spain—0.1%
Banco Bilbao Vizcaya Argentaria SA		8,435		182,192

Switzerland—0.2%
DSM-Firmenich AG		679		48,565
Sandoz Group AG		1,888		147,926
TE Connectivity PLC		81		16,931
				213,422
United Kingdom—0.4%
Admiral Group PLC		2,311		96,659
AstraZeneca PLC		752		147,046
BAE Systems PLC		3,727		109,270
British American Tobacco PLC		2,901		168,429
Klarna Group PLC*		27		354
Wise PLC, Class A*		7,666		92,315
				614,073
United States—30.2%
3M Co.		118		17,137
A.O. Smith Corp.		19		1,253
Abbott Laboratories		339		34,805
AbbVie, Inc.		347		75,469
Accenture PLC, Class A		167		33,114
Adobe, Inc.*		110		26,739
Advanced Drainage Systems, Inc.		1,638		224,619
Advanced Micro Devices, Inc.*		2,369		481,926
AES Corp.		314		4,424
Aflac, Inc.		134		14,701
Agilent Technologies, Inc.		56		6,383
Air Products & Chemicals, Inc.		130		37,764
Airbnb, Inc., Class A*		103		13,007
Akamai Technologies, Inc.*		42		4,824
Albemarle Corp.		69		12,388
Alcon AG		1,623		122,683
Align Technology, Inc.*		18		3,086
Allegion PLC		25		3,632
Alliant Energy Corp.		116		8,324
Allstate Corp.		74		15,343
Alphabet, Inc., Class A		7,745		2,227,152
Alphabet, Inc., Class C		1,205		345,666
Altria Group, Inc.		78		5,147
Amazon.com, Inc.*		10,140		2,111,858
Amcor PLC		289		11,488
Ameren Corp.		141		15,499
American Electric Power Co., Inc.		263		34,474
American Express Co.		147		44,465

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
American International Group, Inc.		150	$	11,287
American Tower Corp.		55		9,492
American Water Works Co., Inc.		99		13,473
Ameriprise Financial, Inc.		25		11,110
AMETEK, Inc.		51		10,932
Amgen, Inc.		106		37,296
Amphenol Corp., Class A		326		41,190
Analog Devices, Inc.		131		41,676
Aon PLC, Class A		61		19,690
APA Corp.		122		5,178
Apollo Global Management, Inc.		1,725		192,199
Apple, Inc.		11,238		2,852,092
Applied Materials, Inc.		1,172		400,578
AppLovin Corp., Class A*		73		29,054
Aptiv PLC*		4,334		300,953
Arch Capital Group Ltd.*		97		9,311
Archer-Daniels-Midland Co.		27		1,963
ARES Management Corp., Class A		51		5,564
Arista Networks, Inc.*		2,555		313,703
Arthur J Gallagher & Co.		76		16,460
Assurant, Inc.		13		2,832
AT&T, Inc.		1,769		51,283
Atlassian Corp., Class A*		357		24,365
Atmos Energy Corp.		84		15,516
Autodesk, Inc.*		59		14,125
Automatic Data Processing, Inc.		91		18,489
AutoZone, Inc.*		4		13,511
AvalonBay Communities, Inc.		11		1,797
Avery Dennison Corp.		33		5,698
Axon Enterprise, Inc.*		17		7,220
Baker Hughes Co.		244		14,896
Ball Corp.		137		8,098
Bank of America Corp.		1,833		89,359
Bank of New York Mellon Corp.		196		23,251
Baxter International, Inc.		72		1,210
Becton Dickinson & Co.		58		9,119
Berkshire Hathaway, Inc., Class B*		1,309		627,273
Best Buy Co., Inc.		53		3,403
Biogen, Inc.*		30		5,500
Bio-Rad Laboratories, Inc., Class A*		971		270,666
Bio-Techne Corp.		25		1,307
Blackrock, Inc.		313		301,015
Blackstone, Inc.		206		23,688
Block, Inc.*		140		8,425
Boeing Co.*		1,464		291,380
Booking Holdings, Inc.		8		33,683
Boston Scientific Corp.*		3,319		208,267
Bristol-Myers Squibb Co.		8,974		544,273
Broadcom, Inc.		3,604		1,115,474

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Broadridge Financial Solutions, Inc.		33	$	5,362
Brown & Brown, Inc.		77		5,021
Builders FirstSource, Inc.*		32		2,635
Burlington Stores, Inc.*		549		178,634
Cadence Design Systems, Inc.*		75		20,840
Capital One Financial Corp.		2,991		545,648
Cardinal Health, Inc.		46		9,720
Carnival Corp.		278		7,195
Carrier Global Corp.		164		9,235
Carvana Co.*		36		11,318
Caterpillar, Inc.		105		74,388
Cboe Global Markets, Inc.		29		8,151
CBRE Group, Inc., Class A*		31		4,199
CDW Corp.		36		4,357
Celsius Holdings, Inc.*		2,805		99,521
Cencora, Inc.		36		11,309
Centene Corp.*		96		3,143
CenterPoint Energy, Inc.		316		13,639
CF Industries Holdings, Inc.		91		11,815
CH Robinson Worldwide, Inc.		26		4,318
Charles River Laboratories International, Inc.*		13		2,243
Charles Schwab Corp.		456		42,855
Charter Communications, Inc., Class A*		23		4,965
Chevron Corp.		466		96,415
Chipotle Mexican Grill, Inc.*		323		10,339
Chubb Ltd.		100		32,593
Ciena Corp.*		35		13,588
Cigna Group		52		13,871
Cincinnati Financial Corp.		49		7,710
Cintas Corp.		81		13,700
Cisco Systems, Inc.		3,763		291,971
Citigroup, Inc.		484		54,890
Citizens Financial Group, Inc.		124		7,436
CME Group, Inc.		98		28,944
CMS Energy Corp.		143		11,094
Coca-Cola Co.		186		14,145
Cognizant Technology Solutions Corp., Class A		123		7,546
Coherent Corp.*		48		11,434
Coinbase Global, Inc., Class A*		61		10,651
Colgate-Palmolive Co.		45		3,835
Comcast Corp., Class A		892		25,609
Comfort Systems USA, Inc.		7		9,653
ConocoPhillips		307		40,524
Consolidated Edison, Inc.		182		20,599
Constellation Energy Corp.		155		43,284
Cooper Cos., Inc.*		3,430		245,245
Copart, Inc.*		183		6,076

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Corning, Inc.		216	$	29,370
Corpay, Inc.*		22		6,402
Corteva, Inc.		392		32,814
CoStar Group, Inc.*		45		1,815
Costco Wholesale Corp.		20		19,929
Coterra Energy, Inc.		190		6,677
CRH PLC		395		41,522
Crowdstrike Holdings, Inc., Class A*		66		25,767
Crown Castle, Inc.		50		4,066
CSX Corp.		399		16,379
Cummins, Inc.		31		16,679
CVS Health Corp.		250		17,955
Danaher Corp.		124		23,510
Darden Restaurants, Inc.		30		5,881
Datadog, Inc., Class A*		89		10,506
DaVita, Inc.*		11		1,691
Deckers Outdoor Corp.*		41		4,104
Deere & Co.		57		32,108
Dell Technologies, Inc., Class C		82		13,459
Delta Air Lines, Inc.		146		9,706
Devon Energy Corp.		6,081		305,996
Dexcom, Inc.*		2,988		187,646
Diamondback Energy, Inc.		42		8,307
Digital Realty Trust, Inc.		38		6,848
Dollar General Corp.		1,745		207,184
Dollar Tree, Inc.*		12		1,314
Dominion Energy, Inc.		418		25,841
Domino's Pizza, Inc.		8		2,870
DoorDash, Inc., Class A*		1,112		166,967
Dover Corp.		29		6,045
Dow, Inc.		432		17,993
DR Horton, Inc.		67		9,194
DTE Energy Co.		105		15,353
Duke Energy Corp.		387		50,674
DuPont de Nemours, Inc.		251		11,496
Eaton Corp. PLC		926		331,202
eBay, Inc.		122		11,104
EchoStar Corp., Class A^*,2		32		3,746
Ecolab, Inc.		145		38,573
Edison International		191		13,977
Edwards Lifesciences Corp.*		112		8,969
Electronic Arts, Inc.		58		11,824
Elevance Health, Inc.		43		12,588
Eli Lilly & Co.		683		628,203
EMCOR Group, Inc.		11		8,121
Emerson Electric Co.		1,308		171,374
Entergy Corp.		219		24,607
EOG Resources, Inc.		133		19,228
EPAM Systems, Inc.*		13		1,760

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
EQT Corp.		145	$	9,228
Equifax, Inc.		29		5,222
Equinix, Inc.		11		10,783
Equity Residential		50		2,958
Erie Indemnity Co., Class A		6		1,508
Essex Property Trust, Inc.		6		1,452
Estee Lauder Cos., Inc., Class A		13		933
Everest Group Ltd.		10		3,269
Evergy, Inc.		108		8,847
Eversource Energy		189		13,094
Exelon Corp.		516		25,294
Expand Energy Corp.		3,166		347,563
Expedia Group, Inc.		31		7,158
Expeditors International of Washington, Inc.		30		4,297
Extra Space Storage, Inc.		22		2,885
Exxon Mobil Corp.		1,033		175,259
F5, Inc.*		14		4,051
FactSet Research Systems, Inc.		10		2,170
Fair Isaac Corp.*		6		6,405
Fastenal Co.		236		10,950
FedEx Corp.		50		17,809
Fidelity National Information Services, Inc.		151		7,083
Fifth Third Bancorp		237		11,011
First Citizens BancShares, Inc., Class A		144		271,391
First Horizon Corp.		12,599		286,753
First Solar, Inc.*		29		5,721
FirstEnergy Corp.		274		13,881
Fiserv, Inc.*		144		8,035
Ford Motor Co.		1,004		11,586
Fortinet, Inc.*		178		14,546
Fortive Corp.		53		2,930
Fox Corp., Class A		49		2,862
Fox Corp., Class B		43		2,283
Franklin Resources, Inc.		50		1,181
Freeport-McMoRan, Inc.		845		49,669
Garmin Ltd.		40		9,280
Gartner, Inc.*		19		3,008
Gates Industrial Corp. PLC*		10,344		233,878
GE HealthCare Technologies, Inc.		88		6,264
GE Vernova, Inc.		61		53,247
Gen Digital, Inc.		166		3,126
Generac Holdings, Inc.*		17		3,321
General Dynamics Corp.		60		20,593
General Electric Co.		237		67,253
General Mills, Inc.		44		1,638
General Motors Co.		233		17,358
Genuine Parts Co.		37		3,913

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Gilead Sciences, Inc.		243	$	33,867
Global Payments, Inc.		64		4,307
Globe Life, Inc.		26		3,618
GoDaddy, Inc., Class A*		39		3,224
Goldman Sachs Group, Inc.		83		70,217
Haleon PLC		18,559		91,848
Halliburton Co.		214		8,344
Hartford Insurance Group, Inc.		71		9,601
Hasbro, Inc.		35		3,276
HCA Healthcare, Inc.		31		14,670
Healthpeak Properties, Inc.		94		1,544
Henry Schein, Inc.*		17		1,253
Hershey Co.		7		1,455
Hewlett Packard Enterprise Co.		363		8,643
Hilton Worldwide Holdings, Inc.		58		17,637
Hologic, Inc.*		41		3,099
Home Depot, Inc.		253		83,209
Honeywell International, Inc.		146		33,000
Host Hotels & Resorts, Inc.		85		1,629
Howmet Aerospace, Inc.		93		21,433
HP, Inc.		268		5,148
Hubbell, Inc.		15		7,361
Humana, Inc.		23		3,988
Huntington Bancshares, Inc.		483		7,559
Huntington Ingalls Industries, Inc.		10		3,799
IDEX Corp.		19		3,601
IDEXX Laboratories, Inc.*		16		8,990
Illinois Tool Works, Inc.		56		14,576
Incyte Corp.*		29		2,729
Ingersoll Rand, Inc.		4,819		386,098
Insulet Corp.*		18		3,777
Intel Corp.*		1,259		55,560
Interactive Brokers Group, Inc., Class A		136		9,122
Intercontinental Exchange, Inc.		161		25,322
International Business Machines Corp.		250		60,597
International Flavors & Fragrances, Inc.		3,948		286,427
International Paper Co.		317		11,317
Intuit, Inc.		75		32,428
Intuitive Surgical, Inc.*		69		31,808
Invesco Ltd.		101		2,453
Invitation Homes, Inc.		79		1,963
IQVIA Holdings, Inc.*		35		5,969
Iron Mountain, Inc.		34		3,473
Jabil, Inc.		29		7,703
Jack Henry & Associates, Inc.		1,156		182,694
Jacobs Solutions, Inc.		34		4,328
JB Hunt Transport Services, Inc.		21		4,450
Johnson & Johnson		472		115,376
Johnson Controls International PLC		2,047		268,055

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
JPMorgan Chase & Co.		746	$	219,443
Kenvue, Inc.		99		1,707
Keurig Dr. Pepper, Inc.		84		2,212
KeyCorp		245		4,912
Keysight Technologies, Inc.*		47		13,271
Kimberly-Clark Corp.		20		1,929
Kimco Realty Corp.		99		2,225
Kinder Morgan, Inc.		463		15,524
KKR & Co., Inc.		196		18,130
KLA Corp.		35		51,534
Kraft Heinz Co.		9,007		202,567
Kroger Co.		33		2,388
L3Harris Technologies, Inc.		41		14,151
Labcorp Holdings, Inc.		16		4,269
Lam Research Corp.		343		73,285
Las Vegas Sands Corp.		69		3,718
Leidos Holdings, Inc.		28		4,355
Lennar Corp., Class A		48		4,168
Lennox International, Inc.		8		3,713
Liberty Media Corp.-Liberty Formula One, Class C*		2,390		203,198
Linde PLC		273		135,342
Live Nation Entertainment, Inc.*		41		6,253
Lockheed Martin Corp.		46		27,802
Loews Corp.		49		5,230
Lowe's Cos., Inc.		142		33,552
Lululemon Athletica, Inc.*		29		4,440
Lumentum Holdings, Inc.*		19		13,352
Lyft, Inc., Class A*		5,077		67,524
LyondellBasell Industries NV, Class A		145		11,681
M&T Bank Corp.		49		10,129
Marathon Petroleum Corp.		69		16,848
Marriott International, Inc., Class A		60		19,624
Marsh & McLennan Cos., Inc.		1,623		281,509
Martin Marietta Materials, Inc.		32		18,838
Marvell Technology, Inc.		2,139		211,868
Masco Corp.		45		2,717
Mastercard, Inc., Class A		1,218		608,586
McDonald's Corp.		182		56,564
McKesson Corp.		24		20,769
Medtronic PLC		248		21,489
Merck & Co., Inc.		488		58,702
Meta Platforms, Inc., Class A		1,854		1,060,729
MetLife, Inc.		148		10,467
Mettler-Toledo International, Inc.*		4		5,045
MGM Resorts International*		62		2,295
Microchip Technology, Inc.		2,327		150,347
Micron Technology, Inc.		998		337,164
Microsoft Corp.		5,577		2,064,438

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Moderna, Inc.^*,2		58	$	2,946
Mondelez International, Inc., Class A		79		4,554
Monolithic Power Systems, Inc.		13		14,214
Monster Beverage Corp.*		37		2,681
Moody's Corp.		44		19,195
Morgan Stanley		334		54,966
Mosaic Co.		173		4,412
Motorola Solutions, Inc.		46		19,963
MSCI, Inc.		22		11,858
Nasdaq, Inc.		128		10,866
Nestle SA, Registered Shares		1,304		127,911
NetApp, Inc.		57		5,836
Netflix, Inc.*		5,266		506,326
Newmont Corp.		642		69,496
News Corp., Class A		83		2,069
News Corp., Class B²		46		1,311
NextEra Energy, Inc.		4,362		405,143
NIKE, Inc., Class B		283		14,948
NiSource, Inc.		233		10,872
Nordson Corp.		11		2,927
Norfolk Southern Corp.		51		14,637
Northern Trust Corp.		53		7,397
Northrop Grumman Corp.		394		268,803
Norwegian Cruise Line Holdings Ltd.*		121		2,263
NRG Energy, Inc.		96		14,029
Nucor Corp.		132		22,321
NVIDIA Corp.		21,174		3,692,746
NVR, Inc.*		1		6,590
Occidental Petroleum Corp.		5,367		348,855
Old Dominion Freight Line, Inc.		39		7,621
Omnicom Group, Inc.		87		6,552
ON Semiconductor Corp.*		118		7,307
ONEOK, Inc.		165		14,914
Oracle Corp.		2,663		391,754
O'Reilly Automotive, Inc.*		214		19,754
Otis Worldwide Corp.		90		6,937
Owens Corning		2,366		256,049
PACCAR, Inc.		119		13,744
Packaging Corp. of America		48		10,187
Palantir Technologies, Inc., Class A*		618		90,401
Palo Alto Networks, Inc.*		210		33,667
Paramount Skydance Corp., Class B		95		857
Parker-Hannifin Corp.		29		25,962
Paychex, Inc.		66		6,080
PayPal Holdings, Inc.		256		11,579
Pentair PLC		36		3,136
PepsiCo, Inc.		65		10,094
Pfizer, Inc.		1,134		31,843
PG&E Corp.		1,086		19,081

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Philip Morris International, Inc.		1,439	$	237,924
Phillips 66		91		16,578
Pinnacle West Capital Corp.		63		6,347
PNC Financial Services Group, Inc.		113		23,514
Pool Corp.		8		1,619
PPG Industries, Inc.		125		13,360
PPL Corp.		388		14,822
Principal Financial Group, Inc.		53		4,776
Procter & Gamble Co.		109		15,744
Progressive Corp.		1,592		315,598
Prologis, Inc.		1,828		241,625
Prudential Financial, Inc.		97		9,476
PTC, Inc.*		33		4,702
Public Service Enterprise Group, Inc.		245		19,833
Public Storage		17		4,605
PulteGroup, Inc.		43		5,057
Qnity Electronics, Inc.		44		5,077
QUALCOMM, Inc.		2,123		273,400
Quanta Services, Inc.		36		19,765
Quest Diagnostics, Inc.		22		4,312
Ralph Lauren Corp.		9		3,096
Raymond James Financial, Inc.		51		7,384
Realty Income Corp.		126		7,709
Regal Rexnord Corp.		1,198		224,337
Regency Centers Corp.		19		1,438
Regeneron Pharmaceuticals, Inc.		20		15,453
Regions Financial Corp.		255		6,661
Republic Services, Inc.		47		10,294
ResMed, Inc.		28		6,285
Revvity, Inc.²		19		1,665
Robinhood Markets, Inc., Class A*		217		15,038
Rockwell Automation, Inc.		28		10,049
Rollins, Inc.		69		3,685
Roper Technologies, Inc.		718		254,071
Ross Stores, Inc.		79		17,114
Royal Caribbean Cruises Ltd.		65		17,887
RTX Corp.		305		58,834
S&P Global, Inc.		85		36,154
Salesforce, Inc.		1,218		227,364
Sandisk Corp.*		40		25,414
SBA Communications Corp.		8		1,377
Seagate Technology Holdings PLC		58		22,722
Sempra		321		31,192
ServiceNow, Inc.*		285		29,797
Sherwin-Williams Co.		131		41,992
Simon Property Group, Inc.		38		7,088
Skyworks Solutions, Inc.		42		2,249
SLB Ltd.		356		18,295
Smurfit Westrock PLC		297		11,835

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Snap-on, Inc.		11	$	3,995
Snowflake, Inc.*		1,070		161,377
Solventum Corp.*		36		2,351
Southern Co.		547		52,796
Southwest Airlines Co.		123		4,621
Stanley Black & Decker, Inc.		46		3,269
Starbucks Corp.		283		25,354
State Street Corp.		83		10,504
Steel Dynamics, Inc.		77		13,860
STERIS PLC		19		4,201
Stryker Corp.		67		22,016
Super Micro Computer, Inc.*		142		3,233
Synchrony Financial		88		5,986
Synopsys, Inc.*		51		20,220
Sysco Corp.		22		1,569
T. Rowe Price Group, Inc.		61		5,499
Take-Two Interactive Software, Inc.*		49		9,678
Tapestry, Inc.		55		7,761
Targa Resources Corp.		52		13,038
Target Corp.		26		3,151
Teledyne Technologies, Inc.*		10		6,050
Teradyne, Inc.		45		13,341
Tesla, Inc.*		1,285		477,699
Texas Instruments, Inc.		242		46,982
Texas Pacific Land Corp.		13		6,169
Textron, Inc.		41		3,590
Thermo Fisher Scientific, Inc.		74		36,373
TJX Cos., Inc.		274		43,758
TKO Group Holdings, Inc.		20		4,033
T-Mobile U.S., Inc.		1,529		321,136
Tractor Supply Co.		142		6,433
Trade Desk, Inc., Class A*		118		2,677
Trane Technologies PLC		50		20,837
TransDigm Group, Inc.		13		15,066
Travelers Cos., Inc.		59		17,209
Trimble, Inc.*		69		4,501
Truist Financial Corp.		338		15,538
Tyler Technologies, Inc.*		10		3,424
Tyson Foods, Inc., Class A		23		1,474
U.S. Bancorp		420		21,844
Uber Technologies, Inc.*		464		33,376
UDR, Inc.		41		1,385
Ulta Beauty, Inc.*		11		5,750
Union Pacific Corp.		135		32,754
United Airlines Holdings, Inc.*		67		6,169
United Parcel Service, Inc., Class B		167		16,429
United Rentals, Inc.		15		10,928
UnitedHealth Group, Inc.		1,245		336,885
Universal Health Services, Inc., Class B		15		2,685

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Valero Energy Corp.		71	$	17,543
Ventas, Inc.		59		4,825
Veralto Corp.		59		5,217
VeriSign, Inc.		22		5,464
Verisk Analytics, Inc.		33		6,262
Verizon Communications, Inc.		1,094		54,919
Vertex Pharmaceuticals, Inc.*		457		204,069
Vertiv Holdings Co., Class A		85		21,299
Viatris, Inc.		207		2,797
VICI Properties, Inc.		139		3,797
Visa, Inc., Class A		463		139,937
Vistra Corp.		157		23,602
Voya Financial, Inc.		3,473		237,275
Vulcan Materials Co.		868		236,356
W.R. Berkley Corp.		89		5,899
Walmart, Inc.		2,174		270,185
Walt Disney Co.		3,699		356,510
Warner Bros Discovery, Inc.*		635		17,437
Waste Management, Inc.		1,204		276,667
Waters Corp.*		18		5,360
WEC Energy Group, Inc.		158		18,292
Wells Fargo & Co.		3,701		294,637
Welltower, Inc.		1,059		209,375
West Pharmaceutical Services, Inc.		18		4,512
Western Digital Corp.		95		25,697
Westinghouse Air Brake Technologies Corp.		37		9,247
Westlake Corp.²		1,797		209,926
Weyerhaeuser Co.		94		2,296
Williams Cos., Inc.		313		22,780
Williams-Sonoma, Inc.		32		5,835
Willis Towers Watson PLC		28		8,140
Workday, Inc., Class A*		60		7,795
WW Grainger, Inc.		11		11,999
Wynn Resorts Ltd.		23		2,336
Xcel Energy, Inc.		288		22,879
Xylem, Inc.		49		5,856
Yum! Brands, Inc.		74		11,506
Zebra Technologies Corp., Class A*		12		2,509
Zimmer Biomet Holdings, Inc.		37		3,346
Zoetis, Inc.		88		10,402
Zscaler, Inc.*		1,010		141,693
				42,389,914
Total common stocks (cost—$43,429,896)				47,389,132

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face
	amount³		Value
Asset-backed securities—0.5%
Cayman Islands—0.2%
OHA Credit Partners XV Ltd.,
Series 2017-15A, Class D2R,
3 mo. USD Term SOFR + 4.500%,
8.168%, due 04/20/37^1,4		250,000	$	249,430

United States—0.3%
Enterprise Fleet Financing LLC,
Series 2023-2, Class A2,
5.560%, due 04/22/30¹		47,510		47,692
GM Financial Consumer Automobile Receivables Trust,
Series 2023-1, Class C,
5.320%, due 10/16/28		175,000		176,152
HPEFS Equipment Trust,
Series 2025-1A, Class D,
4.990%, due 03/21/33¹		100,000		100,230
Santander Drive Auto Receivables Trust,
Series 2025-3, Class C,
4.680%, due 09/15/31		100,000		100,142
				424,216
Total asset-backed securities
(cost—$678,941)				673,646

Corporate bonds—8.7%
United States—8.7%
Air Lease Corp.
5.300%, due 02/01/28		500,000		505,591
Bank of America Corp.
(fixed, converts to FRN on 07/21/31),
2.299%, due 07/21/32⁴		800,000		706,187
Broadcom, Inc.
4.300%, due 11/15/32		600,000		584,248
Capital One Financial Corp.
(fixed, converts to FRN on 02/01/29),
5.700%, due 02/01/30⁴		550,000		564,254
Centene Corp.
2.450%, due 07/15/28		400,000		372,519
Charter Communications Operating LLC/Charter Communications Operating Capital
6.100%, due 06/01/29		250,000		258,963
Cheniere Energy Partners LP
4.500%, due 10/01/29		510,000		507,769
Citigroup, Inc.
(fixed, converts to FRN on 06/11/34),
5.449%, due 06/11/35⁴		725,000		735,082

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount³		Value
Corporate bonds—(continued)
United States—(continued)
Consolidated Edison Co. of New York, Inc.
5.500%, due 03/15/34		225,000	$	233,382
Discovery Communications LLC
3.625%, due 05/15/30		700,000		650,808
Discovery Global Holdings, Inc.
4.054%, due 03/15/29		250,000		241,875
Expand Energy Corp.
5.375%, due 02/01/29		500,000		499,556
General Motors Co.
5.400%, due 10/15/29		510,000		521,484
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 04/25/29),
5.727%, due 04/25/30⁴		650,000		670,599
HEICO Corp.
5.350%, due 08/01/33		350,000		356,090
JB Hunt Transport Services, Inc.
4.900%, due 03/15/30		350,000		354,154
JPMorgan Chase & Co.
3.625%, due 12/01/27		260,000		257,086
Micron Technology, Inc.
5.650%, due 11/01/32		200,000		211,126
Morgan Stanley
(fixed, converts to FRN on 07/20/32),
4.889%, due 07/20/33⁴		800,000		794,893
Oracle Corp.
6.250%, due 11/09/32		500,000		513,057
Pacific Gas & Electric Co.
4.550%, due 07/01/30		500,000		493,223
Royal Caribbean Cruises Ltd.
5.625%, due 09/30/31¹		500,000		504,929
San Diego Gas & Electric Co.
5.400%, due 04/15/35		350,000		355,932
Southern California Edison Co.
5.850%, due 11/01/27		430,000		437,946
T-Mobile USA, Inc.
3.500%, due 04/15/31		340,000		321,565

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face
	amount³		Value
Corporate bonds—(continued)
United States—(continued)
Wells Fargo & Co.
(fixed, converts to FRN on 07/25/32),
4.897%, due 07/25/33⁴		520,000	$	517,341
Total corporate bonds
(cost—$11,965,063)				12,169,659

Mortgage-backed securities—0.6%
United States—0.6%
Bank, Series 2022-BNK39,
Class A4,
2.928%, due 02/15/55⁴		200,000		180,687
Benchmark Mortgage Trust, Series 2021-B29,
Class A5,
2.388%, due 09/15/54		275,000		242,955
CENT, Series 2025-CITY,
Class A,
4.920%, due 07/10/40^1,4		100,000		100,717
Citigroup Commercial Mortgage Trust, Series
2018-C5, Class A4,
4.228%, due 06/10/51⁴		100,000		99,261
Flagstar Mortgage Trust, Series 2018-5,
Class A2,
4.000%, due 09/25/48^1,4		25,228		23,722
Hudson Yards Mortgage Trust, Series
2016-10HY, Class A,
2.835%, due 08/10/38¹		120,000		119,085
MFA Trust
Series 2020-NQM3,
Class A1,
1.014%, due 01/26/65^1,4		8,801		8,448
Series 2021-NQM1,
Class A1,
1.153%, due 04/25/65^1,4		14,195		13,352
Wells Fargo Commercial Mortgage Trust, Series
2018-C45, Class AS,
4.405%, due 06/15/51⁴		130,000		127,754
Total mortgage-backed securities
(cost—$908,306)				915,981

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount³		Value
U.S. government agency obligations—6.8%
Federal Home Loan Mortgage Corp.
1.500%, due 10/01/51		267,319	$	206,707
2.000%, due 04/01/51		155,757		126,547
2.000%, due 05/01/51		244,852		198,848
2.000%, due 11/01/51		361,204		292,583
2.500%, due 11/01/50		157,227		135,913
3.000%, due 01/01/52		99,098		87,694
3.500%, due 11/01/52		216,415		200,522
4.500%, due 08/01/52		172,103		166,797
4.500%, due 08/01/52		209,520		203,060
Federal National Mortgage Association
2.000%, due 11/01/50		225,787		183,761
2.000%, due 04/01/51		197,269		161,652
2.000%, due 01/01/52		165,460		134,547
2.000%, due 06/01/52		275,808		223,603
2.500%, due 01/01/50		516,868		441,414
2.500%, due 04/01/50		499,514		426,320
2.500%, due 02/01/52		192,844		165,874
3.000%, due 08/01/50		368,875		331,710
3.000%, due 03/01/52		281,735		251,475
3.500%, due 02/01/49		345,769		320,940
4.000%, due 05/01/51		329,357		314,337
4.500%, due 10/01/52		495,157		479,798
5.000%, due 10/01/53		542,739		537,260
5.500%, due 08/01/53		442,155		446,220
6.000%, due 12/01/53		434,535		449,664
Government National Mortgage Association
2.000%, due 01/20/52		398,857		329,115
2.500%, due 08/20/51		438,305		377,007
3.000%, due 10/20/45		54,539		49,498
3.000%, due 12/20/45		62,603		56,817
3.000%, due 04/20/52		179,800		160,526
3.500%, due 01/20/50		164,851		153,849
5.000%, due 11/20/52		202,282		201,709
5.500%, due 09/20/52		157,458		159,803
Government National Mortgage Association, TBA
4.000%		525,000		491,349
4.500%		100,000		96,513
5.000%		75,000		74,229
Uniform Mortgage-Backed Security, TBA
3.000%		125,000		119,364
3.500%		125,000		120,417
4.000%		275,000		259,381
5.000%		200,000		197,176
5.500%		250,000		251,117
Total U.S. government agency obligations (cost—$9,592,114)				9,585,116

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Exchange traded funds—6.7%
Invesco China Technology ETF		35,709	$	1,643,328
iShares J.P. Morgan USD Emerging Markets Bond ETF²		59,322		5,572,115
iShares MSCI Global Gold Miners ETF²		28,007		2,211,993
Total exchange traded funds (cost—$8,965,500)				9,427,436

Investment companies—22.1%
PACE High Yield Investments⁵		790,666		7,076,461
PACE International Equity Investments⁵		847,981		16,569,555
UBS Emerging Markets Equity Opportunity Fund⁵		681,568		7,381,380
Total investment companies (cost—$27,992,011)				31,027,396

Short-term investments—18.2%
Investment companies—1.1%
State Street Institutional U.S. Government Money Market Fund, 3.602%⁶ (cost—$1,586,696)		1,586,696		1,586,696

		Face amount
Short-term U.S. Treasury obligations—17.1%
U.S. Treasury Bills
3.770%, due 04/16/26⁶	$	2,200,000	2,196,676
3.625%, due 06/04/26⁶		1,300,000	1,291,844
3.654%, due 04/16/26⁶		100,000	108,493
3.689%, due 04/16/26⁶		2,000,000	1,988,344
3.812%, due 05/21/26⁶		2,100,000	2,089,418

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount		Value
Short-term investments—(continued)
Short-term U.S. Treasury obligations—(continued)
3.649%, due 05/21/26⁶	$	200,000	$	207,569
3.666%, due 05/21/26⁶		2,000,000		1,981,491
3.653%, due 06/18/26⁶		2,500,000		2,480,516
3.658%, due 06/18/26⁶		2,000,000		1,984,552
3.631%, due 07/16/26⁶		4,000,000		3,941,580
3.658%, due 07/16/26⁶		500,000		511,610
3.717%, due 08/20/26⁶		700,000		702,005
3.620%, due 08/20/26⁶		2,200,000		2,160,989
3.671%, due 08/20/26⁶		2,400,000		2,363,399
Total short-term U.S. treasury obligations (Cost—$24,008,890)				24,008,486
Total Short-term investments (Cost—$25,595,586)				25,595,182
Investment of cash collateral from securities loaned—4.7%
Money market funds—4.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%⁶ (cost—$6,580,159)		6,580,159		6,580,159
Total investments—102.0% (cost—$135,707,576)⁷				143,363,707
Liabilities in excess of other assets—(2.0)%				(2,826,840	)
Net assets—100.0%			$	140,536,867

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (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)
Index futures buy contracts:
10	EUR	Euro High Yield Bond Index Futures	June 2026	$	712,252		$	703,081		$	(9,171	)
351	EUR	EURO STOXX Banks Index Futures	June 2026		4,954,413			4,739,630			(214,783	)
119	USD	MSCI Emerging Markets Index Futures	June 2026		9,077,665			8,654,870			(422,795	)
2	USD	MSCI World USD NTR Index Futures	June 2026		285,981			273,480			(12,501	)
57	USD	Russell 1000 E-Mini Value Index Futures	June 2026		6,126,871			6,031,455			(95,416	)
13	USD	S&P 500 E-Mini Index Futures	June 2026		4,402,477			4,270,987			(131,490	)
2	CAD	S&P/TSX 60 Index Futures	June 2026		544,021			548,573			4,552
28	JPY	TSE TOPIX Index Futures	June 2026		6,480,364			6,182,036			(298,328	)
Interest rate futures buy contracts:
62	AUD	Australian Bond 10 Year Futures	June 2026	$	4,633,260		$	4,609,374		$	(23,886	)
9	JPY	Japan Government Bond 10 Year Futures	June 2026		7,466,189			7,389,748			(76,441	)
105	GBP	United Kingdom Long Gilt Bond Futures	June 2026		12,836,105			12,200,883			(635,222	)
U.S. Treasury futures buy contracts:
36	USD	U.S. Treasury Note 10 Year Futures	June 2026	$	4,077,617		$	3,997,688		$	(79,929	)
Total				$	61,597,215		$	59,601,805		$	(1,995,410	)
Index futures sell contracts:
31	AUD	ASX SPI 200 Index Futures	June 2026	$	(4,617,737	)	$	(4,551,998	)	$	65,739
105	EUR	EURO STOXX 50 Index Futures	June 2026		(6,993,471	)		(6,668,967	)		324,504
3	GBP	FTSE 100 Index Futures	June 2026		(414,429	)		(404,982	)		9,447
13	USD	MSCI Europe USD NTR Index Futures	June 2026		(1,632,209	)		(1,574,115	)		58,094
Interest rate futures sell contracts:
10	EUR	Euro Bund 10 Year Futures	June 2026	$	(1,476,126	)	$	(1,449,321	)	$	26,805
Total				$	(15,133,972	)	$	(14,649,383	)	$	484,589
Net unrealized appreciation (depreciation)										$	(1,510,821	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	8,710,349	EUR	7,530,400	04/13/26	$	(1,830	)
BOA	USD	149,110	KRW	219,000,000	04/13/26		(6,084	)
CIBC	USD	810,791	EUR	700,000	04/13/26		(1,277	)
CIBC	USD	1,015,789	GBP	765,000	04/13/26		(3,255	)
GSI	AUD	2,360,000	USD	1,655,061	04/13/26		27,005
GSI	GBP	7,449,100	USD	9,929,799	04/13/26		70,366
HSBC	CNH	11,705,000	USD	1,694,300	04/13/26		(6,522	)
HSBC	INR	62,690,000	USD	680,673	04/13/26		20,214
HSBC	KRW	1,519,000,000	USD	1,022,166	04/13/26		30,122
HSBC	TWD	27,200,000	USD	853,424	04/13/26		1,931
MSCI	BRL	4,440,000	USD	842,361	04/13/26		(13,104	)
SSB	CHF	220,000	USD	283,446	04/13/26		7,975
SSB	EUR	185,000	USD	214,241	04/13/26		298
SSB	GBP	460,000	USD	615,439	04/13/26		6,595

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSB	JPY	37,100,000	USD	235,722	04/13/26	$	1,737
SSB	JPY	28,200,000	USD	177,789	04/13/26		(65	)
SSB	USD	477,648	AUD	675,000	04/13/26		(11,997	)
SSB	USD	5,700,251	BRL	30,520,000	04/13/26		180,109
SSB	USD	1,134,950	CAD	1,534,700	04/13/26		(31,134	)
SSB	USD	154,907	EUR	135,000	04/13/26		1,214
SSB	USD	193,192	GBP	145,000	04/13/26		(1,274	)
SSB	USD	5,502,412	JPY	869,312,400	04/13/26		(19,759	)
SSB	USD	280,264	SEK	2,590,000	04/13/26		(6,514	)
Net unrealized appreciation (depreciation)						$	244,751

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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	$	42,848,631		$	4,540,501		$	—	$	47,389,132
Exchange traded funds		9,427,436			—			—		9,427,436
Investment companies		31,027,396			—			—		31,027,396
Asset-backed securities		—			673,646			—		673,646
Corporate bonds		—			12,169,659			—		12,169,659
Mortgage-backed securities		—			915,981			—		915,981
U.S. government agency obligations		—			9,585,116			—		9,585,116
Short-term investments		1,586,696			—			—		1,586,696
Short-term U.S. Treasury obligations		—			24,008,486			—		24,008,486
Investment of cash collateral from securities loaned		6,580,159			—			—		6,580,159
Futures contracts		421,600			67,541			—		489,141
Forward foreign currency contracts		—			347,566			—		347,566
Total	$	91,891,918		$	52,308,496		$	—	$	144,200,414

Liabilities
Futures contracts	$	(1,701,634	)	$	(298,328	)	$	—	$	(1,999,962	)
Forward foreign currency contracts		—			(102,815	)		—		(102,815	)
Total	$	(1,701,634	)	$	(401,143	)	$	—	$	(2,102,777	)

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

UBS Global Allocation Fund

Portfolio of investments – March 31, 2026 (unaudited)

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 $1,315,376, represented 0.9% of the Fund’s net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	In U.S. dollars unless otherwise indicated.
4	Floating or variable rate securities. The rates disclosed are as of March 31, 2026. 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	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 06/30/25		Purchases during the period ended 03/31/26		Sales during the period ended 03/31/26		Net realized gain (loss) during the period ended 03/31/26			Change in net unrealized appreciation (depreciation) during the period ended 03/31/26			Value 03/31/26		Net income earned from affiliate for the period ended 03/31/26		Shares 03/31/26
UBS Emerging Markets Equity Opportunity Fund	$	6,611,428	$	1,385,771	$	2,250,000	$	(6,685	)	$	1,640,866		$	7,381,380	$	155,771		681,568
PACE High Yield Investments		7,588,050		333,567		790,000		(22,036	)		(33,120	)		7,076,461		333,567		790,666
PACE International Equity Investments		17,428,297		1,914,892		2,710,000		538,446			(602,080	)		16,569,555		1,914,892		847,981
PACE International Emerging Markets Equity Investments		3,045,881		—		3,167,717		743,009			(621,173	)		—		—		—
	$	34,673,656	$	3,634,230	$	8,917,717	$	1,252,734		$	384,493		$	31,027,396	$	2,404,230

6	Rate shown reflects yield at March 31, 2026.
7	Includes $6,621,001 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,580,159 and non-cash collateral of $163,078.

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—97.5%
Australia—1.3%
Anglogold Ashanti PLC		52,596	$	5,249,707

Brazil—9.2%
Banco BTG Pactual SA		810,500		8,807,793
Embraer SA, ADR		115,909		6,878,040
Petroleo Brasileiro SA - Petrobras, ADR		551,990		11,453,793
Vale SA		555,800		8,850,137
				35,989,763
China—28.8%
Alibaba Group Holding Ltd., ADR		1,900		238,374
Alibaba Group Holding Ltd.		910,700		14,274,753
Baidu, Inc., Class A^*		390,550		5,459,179
China CITIC Bank Corp. Ltd., Class H		7,587,000		7,684,987
China Mengniu Dairy Co. Ltd.		2,962,000		6,543,954
China Resources Beer Holdings Co. Ltd.		1,403,500		4,644,809
Contemporary Amperex Technology Co. Ltd., Class A		247,493		14,643,185
Fuyao Glass Industry Group Co. Ltd., Class A		723,817		6,037,663
PDD Holdings, Inc., ADR^*		29,391		3,003,172
Ping An Insurance Group Co. of China Ltd., Class H¹		1,507,000		11,587,642
Sany Heavy Industry Co. Ltd., Class A		3,843,015		10,794,319
Tencent Holdings Ltd.		288,400		18,190,062
Zijin Mining Group Co. Ltd., Class H¹		2,241,000		10,081,127
				113,183,226
Hungary—2.4%
OTP Bank Nyrt		86,874		9,315,313

India—9.0%
DLF Ltd.		449,211		2,414,855
Eicher Motors Ltd.		106,186		7,434,981
HDFC Bank Ltd.		938,848		7,354,035
Reliance Industries Ltd.		718,597		10,334,548
State Bank of India		745,512		7,775,066
				35,313,485
Malaysia—1.2%
CIMB Group Holdings Bhd.		2,586,400		4,851,610

Mexico—4.7%
Cemex SAB de CV, ADR		867,631		9,925,699
Grupo Financiero Banorte SAB de CV, Class O¹		766,685		8,503,132
				18,428,831

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Poland—2.3%
Powszechna Kasa Oszczednosci Bank Polski SA		388,910	$	9,199,276

Russia—0.0%^†
Sberbank of Russia PJSC ^*,2,3		3,568,865		0

Saudi Arabia—1.6%
Saudi National Bank		540,491		6,101,509

Singapore—2.1%
Singapore Telecommunications Ltd.		2,122,700		8,173,290

South Korea—18.2%
Hanwha Aerospace Co. Ltd.		10,972		9,355,897
KB Financial Group, Inc.		77,863		7,643,846
Samsung Electronics Co. Ltd.		293,876		34,372,117
Samsung Fire & Marine Insurance Co. Ltd.		11,560		3,462,583
SK Hynix, Inc.		29,012		16,460,386
				71,294,829
Taiwan—16.7%
Hon Hai Precision Industry Co. Ltd.		1,801,937		11,014,816
MediaTek, Inc.		197,000		9,449,132
Taiwan Semiconductor Manufacturing Co. Ltd.		779,657		45,091,092
				65,555,040
Total common stocks (cost—$316,173,702)				382,655,879

Short-term investments—2.5%
Investment companies—2.5%
State Street Institutional U.S. Government Money Market Fund, 3.602%⁴ (cost—$9,847,775)		9,847,775		9,847,775

Investment of cash collateral from securities loaned—0.2%
Money market funds—0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%⁴ (cost—$640,478)		640,478		640,478
Total investments—100.2% (cost—$326,661,955)⁵				393,144,132
Liabilities in excess of other assets—(0.2)%				(645,830	)
Net assets—100.0%			$	392,498,302

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments – March 31, 2026 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	57,660,140	$	324,995,739	$	0	$	382,655,879
Short-term investments		9,847,775		—		—		9,847,775
Investment of cash collateral from securities loaned		640,478		—		—		640,478
Total	$	68,148,393	$	324,995,739	$	0	$	393,144,132

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*	Non–income producing security.
1	Security, or portion thereof, was on loan at the 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	Rate shown reflects yield at March 31, 2026.
5	Includes $17,045,695 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $640,478 and non-cash collateral of $17,302,223.

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—99.1%
Brazil—2.2%
Gerdau SA, ADR		76,680	$	276,815
MercadoLibre, Inc.^*		152		262,811
				539,626
China—2.5%
China Mengniu Dairy Co. Ltd.		139,000		307,093
Contemporary Amperex Technology Co. Ltd., Class A		4,900		289,914
				597,007
France—2.5%
Danone SA		7,520		600,902

Germany—5.4%
Infineon Technologies AG		16,308		739,830
Knorr-Bremse AG		4,956		566,232
				1,306,062
India—1.9%
HDFC Bank Ltd., ADR		18,950		471,476

Ireland—3.0%
AIB Group PLC		67,224		717,624

Japan—4.1%
Recruit Holdings Co. Ltd.		9,100		396,486
Shimano, Inc.¹		3,300		344,529
Sony Group Corp.		12,000		250,113
				991,128
Mexico—1.6%
Grupo Financiero Banorte SAB de CV, Class O¹		35,749		396,484

Netherlands—3.6%
Aalberts NV¹		14,405		501,677
Koninklijke Philips NV¹		13,655		373,495
				875,172
Singapore—1.3%
Singapore Telecommunications Ltd.		80,300		309,189

Spain—4.6%
Banco Bilbao Vizcaya Argentaria SA		20,990		453,375
Iberdrola SA		28,522		652,987
				1,106,362
Switzerland—3.3%
DSM-Firmenich AG		5,630		402,680
Sandoz Group AG		5,098		399,433
				802,113
Taiwan—4.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,963		1,001,346

United Kingdom—4.8%
AstraZeneca PLC		4,211		823,419
Wise PLC, Class A^*,1		29,144		350,957
				1,174,376

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—54.2%
Advanced Drainage Systems, Inc.		4,102	$	562,507
AECOM		4,443		376,855
Alcon AG		8,966		677,742
Amazon.com, Inc.^*		3,272		681,460
Aptiv PLC^*		6,547		454,624
Autodesk, Inc.^*		2,694		644,944
Bio-Rad Laboratories, Inc., Class A^*		1,191		331,991
Broadcom, Inc.		3,777		1,169,019
Capital One Financial Corp.		2,968		541,452
CF Industries Holdings, Inc.		3,056		396,791
Dexcom, Inc.^*		4,653		292,208
Ecolab, Inc.		1,748		465,003
Eli Lilly & Co.		592		544,504
Everpure, Inc., Class A^*		6,934		409,383
First Horizon Corp.		23,708		539,594
Ingersoll Rand, Inc.		5,083		407,250
International Flavors & Fragrances, Inc.		5,789		419,992
Linde PLC		1,291		640,026
Micron Technology, Inc.		1,438		485,814
Microsoft Corp.		3,081		1,140,494
Montrose Environmental Group, Inc.^*		7,006		153,361
Owens Corning		2,106		227,911
Rivian Automotive, Inc., Class A^*,1		8,725		131,311
Roper Technologies, Inc.		1,197		423,571
ServiceNow, Inc.^*		4,145		433,360
Sprouts Farmers Market, Inc.^*		4,236		326,723
Zoom Communications, Inc.^*		3,294		264,805
				13,142,695
Total common stocks (cost—$21,364,492)				24,031,562

Short-term investments—0.6%
Investment companies—0.6%
State Street Institutional U.S. Government Money Market Fund, 3.602%² (cost—$151,426)		151,426		151,426

Investment of cash collateral from securities loaned—6.4%
Money market funds—6.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%² (cost—$1,543,132)		1,543,132		1,543,132
Total investments—106.1% (cost—$23,059,050)³				25,726,120
Liabilities in excess of other assets—(6.1)%				(1,479,858	)
Net assets—100.0%			$	24,246,262

UBS Engage For Impact Fund

Portfolio of investments – March 31, 2026 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	14,873,885	$	9,157,677	$	—	$	24,031,562
Short-term investments		151,426		—		—		151,426
Investment of cash collateral from securities loaned		1,543,132		—		—		1,543,132
Total	$	16,568,443	$	9,157,677	$	—	$	25,726,120

For the period ended March 31, 2026, 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, 2026.
3	Includes $1,622,959 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,543,132 and non-cash collateral of $130,846.

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—96.4%
Austria—2.9%
BAWAG Group AG1		15,334	$	2,331,190
Erste Group Bank AG		14,430		1,558,805
				3,889,995
Brazil—0.9%
MercadoLibre, Inc.^*		680		1,175,734

Canada—4.6%
Restaurant Brands International, Inc.²		33,099		2,449,293
Shopify, Inc., Class A^*		14,137		1,676,931
Tourmaline Oil Corp.²		43,165		2,065,937
				6,192,161
Chile—1.2%
Lundin Mining Corp.		66,939		1,669,264

China—1.4%
Ping An Insurance Group Co. of China Ltd., Class H		242,500		1,864,634

France—2.0%
Cie Generale des Etablissements Michelin SCA		32,854		1,125,541
Danone SA		19,957		1,594,707
				2,720,248
Germany—10.0%
BioNTech SE, ADR^*		13,846		1,230,633
Daimler Truck Holding AG		52,149		2,568,119
Deutsche Boerse AG		7,866		2,304,308
Deutsche Telekom AG, Registered Shares		37,520		1,400,369
Infineon Technologies AG		45,692		2,072,869
Knorr-Bremse AG		21,789		2,489,432
SAP SE		9,005		1,535,196
				13,600,926
Ireland—2.9%
AIB Group PLC		364,333		3,889,296

Italy—3.1%
Infrastrutture Wireless Italiane SpA^1,2		185,165		1,477,672
PRADA SpA		152,900		728,821
Prysmian SpA		17,311		2,044,275
				4,250,768
Japan—19.7%
Chugai Pharmaceutical Co. Ltd.²		37,100		2,046,007
FANUC Corp.		73,400		2,558,499
Fujitsu Ltd.		52,700		1,077,750
ITOCHU Corp.		258,500		3,288,244
Keyence Corp.		5,300		1,886,308
Mitsubishi UFJ Financial Group, Inc.		221,800		3,755,943
Nintendo Co. Ltd.²		20,300		1,158,838
OBIC Business Consultants Co. Ltd.		45,900		1,833,497
Shimano, Inc.²		7,900		824,782
Shin-Etsu Chemical Co. Ltd.		70,400		2,866,602
Sony Group Corp.		173,500		3,616,212

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Toyota Motor Corp.		88,300	$	1,835,521
				26,748,203
Luxembourg—1.3%
Eurofins Scientific SE		24,369		1,778,181

Netherlands—6.8%
ASML Holding NV		2,989		3,974,641
ASR Nederland NV		22,074		1,519,724
Koninklijke Philips NV²		79,565		2,176,281
Universal Music Group NV²		83,278		1,616,493
				9,287,139
Norway—4.8%
Equinor ASA		97,955		4,173,311
Norsk Hydro ASA		219,729		2,341,959
				6,515,270
Portugal—1.8%
Galp Energia SGPS SA		101,426		2,431,950

Spain—4.6%
Banco Bilbao Vizcaya Argentaria SA		188,746		4,076,830
Iberdrola SA		95,686		2,190,650
				6,267,480
Sweden—1.0%
Assa Abloy AB, Class B		35,805		1,294,274

Switzerland—3.7%
Cie Financiere Richemont SA, Class A, Registered Shares		6,416		1,132,848
DSM-Firmenich AG		25,195		1,802,048
Sandoz Group AG		26,405		2,068,855
				5,003,751
United Kingdom—12.6%
Admiral Group PLC		43,683		1,827,074
AstraZeneca PLC		21,091		4,124,133
Drax Group PLC		131,907		1,558,846
Legal & General Group PLC		840,171		2,761,081
NatWest Group PLC		200,102		1,482,344
St. James's Place PLC		63,201		997,225
Unilever PLC		45,610		2,575,122
Wise PLC, Class A^*,2		144,170		1,736,122
				17,061,947
United States—11.1%
Alcon AG		33,210		2,510,351
Aon PLC, Class A		2,761		891,196
Aptiv PLC^*		15,233		1,057,780
Atlassian Corp., Class A^*		12,431		848,416
Nestle SA, Registered Shares		31,189		3,059,360
Schneider Electric SE		9,434		2,569,648
Sunbelt Rentals Holdings, Inc.		40,410		2,577,808

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Waste Connections, Inc.		9,378	$	1,523,697
				15,038,256
Total common stocks (cost—$108,106,664)				130,679,477

Preferred stocks—1.0%
Brazil—1.0%
Gerdau SA (cost $1,423,627)		375,100		1,375,889

Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 3.602%³ (cost—$1,348,026)		1,348,026		1,348,026

Investment of cash collateral from securities loaned—5.1%
Money market funds—5.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%³ (cost—$6,941,004)		6,941,004		6,941,004
Total investments—103.5% (cost—$117,819,321)⁴				140,344,396
Liabilities in excess of other assets—(3.5)%				(4,806,773	)
Net assets—100.0%			$	135,537,623

UBS International Sustainable Equity Fund

Portfolio of investments – March 31, 2026 (unaudited)

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	14,588,881	$	116,090,596	$	—	$	130,679,477
Preferred stocks		1,375,889		—		—		1,375,889
Short-term investments		1,348,026		—		—		1,348,026
Investment of cash collateral from securities loaned		6,941,004		—		—		6,941,004
Total	$	24,253,800	$	116,090,596	$	—	$	140,344,396

For the period ended March 31, 2026, 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 $3,808,862, represented 2.8% of the Fund’s net assets at period end.
2	Security, or portion thereof, was on loan at the period end.
3	Rate shown reflects yield at March 31, 2026.
4	Includes $8,463,420 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,941,004 and non-cash collateral of $1,989,107.

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—99.0%
Aerospace & defense—3.8%
RTX Corp.		44,074	$	8,501,875

Banks—5.0%
JPMorgan Chase & Co.		29,823		8,772,734
PNC Financial Services Group, Inc.		11,526		2,398,445
				11,171,179
Beverages—2.7%
Coca-Cola Co.		79,738		6,064,075

Biotechnology—3.2%
AbbVie, Inc.		33,057		7,189,567

Building products—3.2%
Trane Technologies PLC		16,792		6,997,898

Capital markets—6.0%
Blackrock, Inc.		7,231		6,954,125
Morgan Stanley		37,883		6,234,405
				13,188,530
Chemicals—4.0%
Linde PLC		17,881		8,864,684

Commercial services & supplies—1.1%
Republic Services, Inc.		11,566		2,533,185

Communications equipment—3.3%
Cisco Systems, Inc.		95,307		7,394,870

Consumer finance—2.7%
American Express Co.		19,568		5,918,929

Electric utilities—3.0%
NextEra Energy, Inc.		70,940		6,588,907

Electrical equipment—3.5%
Eaton Corp. PLC		21,673		7,751,782

Ground transportation—2.8%
Union Pacific Corp.		25,667		6,227,327

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—1.8%
Abbott Laboratories		38,106	$	3,912,343

Hotels, restaurants & leisure—3.1%
McDonald's Corp.		21,857		6,792,937

Industrial REITs—3.5%
Prologis, Inc.		59,323		7,841,314

Insurance—3.5%
Chubb Ltd.		14,928		4,865,483
Marsh & McLennan Cos., Inc.		16,759		2,906,849
				7,772,332
Oil, gas & consumable fuels—2.2%
Exxon Mobil Corp.		28,847		4,894,182

Pharmaceuticals—3.7%
Johnson & Johnson		33,374		8,157,941

Professional services—1.3%
Automatic Data Processing, Inc.		14,415		2,928,840

Semiconductors & semiconductor equipment—18.2%
Analog Devices, Inc.		27,271		8,675,996
Broadcom, Inc.		47,755		14,780,650
Taiwan Semiconductor Manufacturing Co.Ltd., ADR		33,097		11,185,131
Texas Instruments, Inc.		29,418		5,711,211
				40,352,988
Software—10.8%
Microsoft Corp.		48,922		18,109,456
Oracle Corp.		39,216		5,769,066
				23,878,522
Specialty retail—6.6%
Home Depot, Inc.		21,388		7,034,300

UBS US Dividend Ruler Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Specialty retail—(continued)
TJX Cos., Inc.		47,829	$	7,638,291
				14,672,591
Total common stocks (cost—$182,152,429)				219,596,798

Short-term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund, 3.602%¹ (cost—$1,866,521)		1,866,521		1,866,521
Total investments—99.9% (cost—$184,018,950)				221,463,319
Other assets in excess of liabilities—0.1%				267,024
Net assets—100.0%			$	221,730,343

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	219,596,798	$	—	$	—	$	219,596,798
Short-term investments		1,866,521		—		—		1,866,521
Total	$	221,463,319	$	—	$	—	$	221,463,319

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

1	Rate shown reflects yield at March 31, 2026.

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—98.4%
Aerospace & defense—1.1%
TransDigm Group, Inc.		2,631	$	3,049,224


Broadline retail—5.5%
Amazon.com, Inc.^*		72,684		15,137,897


Capital markets—3.5%
Intercontinental Exchange, Inc.		25,320		3,982,330
S&P Global, Inc.		13,029		5,541,755
				9,524,085
Chemicals—2.8%
Linde PLC		10,150		5,031,964
Sherwin-Williams Co.		7,908		2,534,909
				7,566,873
Communications equipment—1.6%
Arista Networks, Inc.^*		35,973		4,416,765


Electronic equipment, instruments & components—1.6%
Amphenol Corp., Class A		34,001		4,296,026


Entertainment—3.0%
Netflix, Inc.^*		85,503		8,221,113


Financial services—5.5%
Mastercard, Inc., Class A		13,272		6,631,487
Visa, Inc., Class A		28,065		8,482,366
				15,113,853
Health care equipment & supplies—4.7%
Boston Scientific Corp.^*		78,643		4,934,848
Intuitive Surgical, Inc.^*		8,882		4,094,513
Stryker Corp.		11,869		3,900,035
				12,929,396
Insurance—1.1%
Progressive Corp.		15,069		2,987,279

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Interactive media & services—10.3%
Alphabet, Inc., Class A		54,872	$	15,778,992
Meta Platforms, Inc., Class A		21,898		12,528,503
				28,307,495
Machinery—1.8%
Parker-Hannifin Corp.		5,621		5,032,144

Pharmaceuticals—4.6%
Eli Lilly & Co.		13,697		12,598,090

Semiconductors & semiconductor equipment—24.3%
Applied Materials, Inc.		10,152		3,469,852
Broadcom, Inc.		44,844		13,879,666
NVIDIA Corp.		226,632		39,524,621
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		28,706		9,701,193
				66,575,332
Software—14.4%
Intuit, Inc.		10,527		4,551,664
Microsoft Corp.		71,734		26,553,775
Oracle Corp.		15,867		2,334,194
Palo Alto Networks, Inc.^*		36,924		5,919,656
				39,359,289
Specialty retail—4.2%
O'Reilly Automotive, Inc.^*		50,391		4,651,593
TJX Cos., Inc.		43,439		6,937,209
				11,588,802

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Technology hardware, storage & peripherals—8.4%
Apple, Inc.		90,951	$	23,082,454
Total common stocks (cost—$222,632,396)				269,786,117

Short-term investments—1.6%
Investment companies—1.6%
State Street Institutional U.S. Government Money Market Fund, 3.602%¹ (cost—$4,339,737)		4,339,737		4,339,737
Total investments—100.0% (cost—$226,972,133)				274,125,854
Liabilities in excess of other assets—(0.0)%^†				(77,432	)
Net assets—100.0%			$	274,048,422

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	269,786,117	$	—	$	—	$	269,786,117
Short-term investments		4,339,737		—		—		4,339,737
Total	$	274,125,854	$	—	$	—	$	274,125,854

For the period ended March 31, 2026, 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	Rate shown reflects yield at March 31, 2026.

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—99.1%
Supranationals—99.1%
African Development Bank
3.625%, due 03/03/31	$	300,000	$	294,919
4.000%, due 03/18/30		500,000		501,350
4.125%, due 01/22/36		650,000		636,940
4.500%, due 06/12/35		2,150,000		2,174,616
Asian Development Bank
1.750%, due 09/19/29		100,000		93,198
3.125%, due 04/27/32		100,000		94,819
3.875%, due 09/28/32		400,000		394,058
3.875%, due 06/14/33		350,000		343,163
4.000%, due 01/12/33		300,000		297,187
4.125%, due 01/12/34		800,000		794,311
4.250%, due 01/14/36		700,000		695,065
4.375%, due 03/22/35		1,000,000		1,005,938
Asian Infrastructure Investment Bank
3.750%, due 09/14/27		300,000		299,676
4.000%, due 01/18/28		500,000		501,400
4.125%, due 01/18/29		1,100,000		1,107,821
4.250%, due 03/13/34		1,000,000		999,610
4.500%, due 01/16/30		500,000		510,675
Council of Europe Development Bank
0.875%, due 09/22/26¹		700,000		690,320
4.125%, due 01/24/29		200,000		201,366
European Bank for Reconstruction & Development
4.125%, due 01/25/29		500,000		503,580
4.250%, due 03/13/34		2,600,000		2,598,423
4.375%, due 03/09/28		550,000		555,644
European Investment Bank
1.250%, due 02/14/31		400,000		352,524
3.750%, due 02/14/33		2,200,000		2,146,928
3.875%, due 10/15/30		200,000		199,536
4.625%, due 02/12/35		600,000		614,609

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
Inter-American Development Bank
1.125%, due 07/20/28	$	400,000	$	376,430
1.125%, due 01/13/31		2,400,000		2,106,196
2.250%, due 06/18/29		1,450,000		1,380,234
3.125%, due 09/18/28		450,000		442,679
3.500%, due 09/14/29		1,300,000		1,284,175
3.500%, due 04/12/33		1,650,000		1,577,250
3.625%, due 09/17/31		700,000		685,926
3.750%, due 06/14/30		900,000		894,181
4.125%, due 02/15/29		1,300,000		1,309,962
4.125%, due 01/23/36		2,100,000		2,059,122
4.375%, due 07/17/34		1,600,000		1,611,365
4.375%, due 07/16/35		2,700,000		2,708,201
4.500%, due 02/15/30		1,100,000		1,123,536
4.500%, due 09/13/33		1,300,000		1,323,202
Inter-American Investment Corp.
3.625%, due 11/20/28		500,000		496,545
4.125%, due 02/15/28		400,000		401,661
4.250%, due 02/14/29		500,000		504,399
4.250%, due 04/01/30		800,000		806,337
International Bank for Reconstruction & Development
0.750%, due 08/26/30		1,000,000		872,473
0.875%, due 05/14/30		300,000		265,626
1.250%, due 02/10/31		1,550,000		1,365,681
1.625%, due 11/03/31		1,800,000		1,584,372
2.500%, due 03/29/32		1,700,000		1,559,328
3.500%, due 10/28/30		200,000		196,363
3.875%, due 08/28/34		1,950,000		1,896,365
4.000%, due 07/25/30		650,000		651,706
4.000%, due 01/10/31		350,000		350,562
4.000%, due 05/06/32		2,400,000		2,390,471
4.375%, due 08/27/35		2,575,000		2,583,912
4.500%, due 04/10/31		150,000		153,537
4.625%, due 01/15/32		3,300,000		3,396,059
4.750%, due 11/14/33		1,400,000		1,448,195
International Development Association
0.750%, due 06/10/27²		400,000		385,437
1.000%, due 12/03/30²		1,750,000		1,527,510
3.750%, due 09/12/31²		700,000		688,905
4.000%, due 06/11/30²		400,000		400,664
4.500%, due 02/12/35²		700,000		708,217

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
International Finance Corp.
0.750%, due 08/27/30	$	950,000	$	828,273
3.875%, due 07/02/30		400,000		399,185
4.250%, due 07/02/29		500,000		505,705
4.375%, due 01/15/27		200,000		200,792
4.500%, due 01/21/28		1,600,000		1,618,655
4.500%, due 07/13/28		100,000		101,466
Isdb Trust Services No. 2 SARL
4.246%, due 06/25/30²		600,000		602,076
4.598%, due 03/14/28²		1,650,000		1,667,275
4.754%, due 05/15/29²		1,100,000		1,121,670
Kreditanstalt fuer Wiederaufbau
4.125%, due 07/15/33		500,000		498,499
4.625%, due 03/18/30		1,800,000		1,848,347
4.750%, due 10/29/30		700,000		723,647
Nordic Investment Bank
3.375%, due 09/08/27		1,400,000		1,390,264
3.750%, due 05/09/30		1,000,000		992,780
4.375%, due 03/14/28		1,000,000		1,010,175

Total non-U.S. government agency obligations (cost $75,975,910)				75,633,269

UBS Sustainable Development Bank Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Number of shares		Value
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund, 3.602%³ (cost—$377,796)		377,796	$	377,796


Investment of cash collateral from securities loaned—0.9%
Money market funds—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%³ (cost—$705,250)		705,250		705,250
Total investments—100.5% (cost—$77,058,956)⁴				76,716,315
Liabilities in excess of other assets—(0.5)%				(385,324	)
Net assets—100.0%			$	76,330,991

Fair valuation summary

Description	Unadjusted quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Non-U.S. government agency obligations	$	—	$	75,633,269	$	—	$	75,633,269
Short-term investments		377,796		—		—		377,796
Investment of cash collateral from securities loaned		705,250		—		—		705,250
Total	$	1,083,046	$	75,633,269	$	—	$	76,716,315

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

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

2	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
3	Rate shown reflects yield at March 31, 2026.
4	Includes $690,453 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $705,250 and non-cash collateral of $0.

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Asset-backed securities—17.0%
Cayman Islands—2.7%
CIFC Funding Ltd.,
Series 2025-1A, Class C,
3 mo. USD Term SOFR + 1.700%,
5.371%, due 04/23/38^2,3		500,000	$	500,277
Elmwood CLO 22 Ltd.,
Series 2023-1A, Class D1R,
3 mo. USD Term SOFR + 2.800%,
6.468%, due 04/17/38^2,3		250,000		249,656
LCM 42 Ltd.,
Series 42A, Class B,
3 mo. USD Term SOFR + 1.800%,
5.472%, due 01/15/38^2,3		500,000		499,684
OCP CLO Ltd.,
Series 2022-25A, Class A1R,
3 mo. USD Term SOFR + 1.420%,
5.088%, due 07/20/37^2,3		500,000		500,096
Octagon Investment Partners 48 Ltd.,
Series 2020-3A, Class CR2,
3 mo. USD Term SOFR + 2.000%,
5.672%, due 01/15/39^2,3		500,000		500,338
OHA Credit Partners XV Ltd.,
Series 2017-15A, Class D2R,
3 mo. USD Term SOFR + 4.500%,
8.168%, due 04/20/37^2,3		250,000		249,430
Sixth Street CLO XVIII Ltd.,
Series 2021-18A, Class D1R,
3 mo. USD Term SOFR + 2.700%,
6.368%, due 10/17/38^2,3		500,000		489,400
				2,988,881

Jersey—1.6%
AGL CLO 25 Ltd.,
Series 2023-25A, Class D1R,
3 mo. USD Term SOFR + 2.900%,
6.570%, due 07/21/38^2,3		250,000		243,765
ARES LXVII CLO Ltd.,
Series 2022-67A, Class CR,
3 mo. USD Term SOFR + 1.700%,
5.368%, due 01/25/38^2,3		500,000		494,770
Dryden 108 CLO Ltd.,
Series 2022-108A, Class A1R,
3 mo. USD Term SOFR + 1.360%,
5.028%, due 07/18/37^2,3		500,000		500,002
Venture 46 CLO Ltd.,
Series 2022-46A, Class A1R,
3 mo. USD Term SOFR + 1.450%,
5.118%, due 10/20/37^2,3		500,000		498,197
				1,736,734

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Asset-backed securities—(continued)
United States—12.7%
CarMax Auto Owner Trust,
Series 2025-3, Class B,
4.680%, due 03/17/31		500,000	$	503,606
Enterprise Fleet Financing LLC,
Series 2025-4, Class A4,
4.280%, due 06/20/32²		579,000		575,180
Exeter Automobile Receivables Trust
Series 2023-2A, Class D,
6.320%, due 08/15/29		700,000		711,251
Series 2024-5A, Class B,
4.480%, due 04/16/29		325,434		325,797
First National Master Notes Trust,
Series 2025-1, Class A,
4.850%, due 02/15/30		500,000		506,186
Ford Credit Auto Owner Trust
Series 2023-2, Class B,
5.920%, due 02/15/36²		800,000		825,027
Series 2024-C, Class B,
4.400%, due 08/15/30		150,000		150,536
Ford Credit Floorplan Master Owner Trust A,
Series 2025-2, Class B,
4.330%, due 09/15/30		697,000		692,798
GM Financial Consumer Automobile Receivables Trust
Series 2023-1, Class C,
5.320%, due 10/16/28		400,000		402,634
Series 2024-2, Class C,
5.430%, due 12/17/29		430,000		436,224
GMF Floorplan Owner Revolving Trust,
Series 2024-3A, Class B,
4.920%, due 11/15/28²		250,000		250,917
GreatAmerica Leasing Receivables Funding LLC
Series 2024-1, Class C,
5.430%, due 12/15/31²		330,000		334,931
Series 2024-2, Class C,
5.280%, due 05/17/32²		550,000		558,087
HPEFS Equipment Trust
Series 2024-1A, Class B,
5.180%, due 05/20/31²		500,000		500,777
Series 2024-1A, Class C,
5.330%, due 05/20/31²		100,000		100,340
Series 2024-2A, Class D,
5.820%, due 04/20/32²		250,000		253,207
Series 2025-1A, Class D,
4.990%, due 03/21/33²		150,000		150,345
Hyundai Auto Receivables Trust,
Series 2025-B, Class C,
4.920%, due 07/15/32		500,000		503,842

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Asset-backed securities—(continued)
United States—(continued)
NextGear Floorplan Master Owner Trust,
Series 2024-2A, Class A2,
4.420%, due 09/15/29²		975,000	$	975,573
Nissan Auto Lease Trust
Series 2025-A, Class C,
5.110%, due 06/15/29		500,000		502,824
Series 2026-A, Class C,
4.290%, due 06/17/30		500,000		494,000
Santander Drive Auto Receivables Trust
Series 2024-1, Class C,
5.450%, due 03/15/30		500,000		504,506
Series 2024-4, Class B,
4.930%, due 09/17/29		500,000		502,916
Series 2025-1, Class C,
5.040%, due 03/17/31		400,000		403,636
Series 2025-3, Class C,
4.680%, due 09/15/31		150,000		150,214
Series 2026-1, Class C,
4.260%, due 04/15/32		500,000		493,500
SCF Equipment Leasing LLC,
Series 2025-2A, Class A3,
4.330%, due 06/20/36²		500,000		497,529
Verizon Master Trust
Series 2023-3, Class B,
4.880%, due 04/21/31²		500,000		504,565
Series 2024-5, Class C,
5.490%, due 06/21/32²		700,000		718,666
Series 2025-1, Class B,
4.940%, due 01/21/31		500,000		505,186
				14,034,800
Total asset-backed securities (cost—$18,878,010)				18,760,415

Corporate bonds—63.7%
Belgium—0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%, due 02/01/46		265,000		238,811

Brazil—0.7%
Minerva Luxembourg SA
4.375%, due 03/18/31⁴		600,000		543,930
Petrobras Global Finance BV
7.375%, due 01/17/27		200,000		203,172
				747,102
Canada—2.0%
Canadian Pacific Railway Co.
3.100%, due 12/02/51		750,000		489,753

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Canada—(continued)
Gildan Activewear, Inc.
5.400%, due 10/07/35²		1,500,000	$	1,462,323
NOVA Chemicals Corp.
5.250%, due 06/01/27²		250,000		249,619
				2,201,695
Chile—0.6%
Latam Airlines Group SA
7.875%, due 04/15/30⁴		700,000		705,460

China—0.0%†
Agile Group Holdings Ltd.
5.750%, due 01/02/25^4,5		200,000		7,750

Czech Republic—0.4%
Czechoslovak Group AS
5.250%, due 01/10/31⁴	EUR	400,000		473,610

Ireland—1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		550,000		529,421
4.750%, due 01/15/33		800,000		777,568
				1,306,989
Mexico—1.0%
Grupo Aeromexico SAB de CV
8.250%, due 11/15/29⁴		450,000		433,260
Petroleos Mexicanos
6.700%, due 02/16/32		650,000		636,187
				1,069,447
Netherlands—0.2%
LYB Finance Co. BV
8.100%, due 03/15/27²		150,000		155,062
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26		65,000		64,946
				220,008
Peru—0.5%
Banco de Credito del Peru SA
(fixed, converts to FRN on 09/30/26),
3.250%, due 09/30/31^3,4		500,000		492,983

Qatar—0.4%
QNB Finance Ltd.
2.750%, due 02/12/27⁴		450,000		441,243

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
Saudi Arabia—0.5%
Saudi Arabian Oil Co.
4.375%, due 04/16/49²		700,000	$	546,504

South Africa—0.4%
Anglo American Capital PLC
5.000%, due 03/15/31⁴	EUR	400,000		483,210

United Arab Emirates—0.4%
MDGH GMTN RSC Ltd.
5.500%, due 04/28/33⁴		440,000		445,377

United Kingdom—1.9%
Barclays PLC
4.836%, due 05/09/28		200,000		200,019
(fixed, converts to FRN on 09/13/33),
6.692%, due 09/13/34³		900,000		972,524
HSBC Holdings PLC
6.500%, due 09/15/37		800,000		854,146
				2,026,689
United States—53.3%
AbbVie, Inc.
4.500%, due 05/14/35		200,000		193,418
AEP Texas, Inc.
Series E, 6.650%, due 02/15/33		50,000		54,193
Series G, 4.150%, due 05/01/49		50,000		37,768
Allegiant Travel Co.
7.250%, due 08/15/27²		431,000		431,410
Allegion U.S. Holding Co., Inc.
5.600%, due 05/29/34		300,000		306,170
Allison Transmission, Inc.
4.750%, due 10/01/27²		250,000		248,450
Ally Financial, Inc.
(fixed, converts to FRN on 01/03/29),
6.848%, due 01/03/30³		1,750,000		1,825,297
ARES Strategic Income Fund
6.200%, due 03/21/32		1,000,000		980,108
Arthur J Gallagher & Co.
5.000%, due 02/15/32		250,000		250,595
ASGN, Inc.
4.625%, due 05/15/28²		600,000		580,853
AT&T, Inc.
3.800%, due 12/01/57		58,000		39,166
4.300%, due 02/15/30		300,000		298,097
4.500%, due 05/15/35		1,500,000		1,421,795
Avantor Funding, Inc.
4.625%, due 07/15/28²		275,000		268,404

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Aviation Capital Group LLC
5.125%, due 04/10/30²		200,000	$	201,042
Avient Corp.
6.250%, due 11/01/31²		200,000		201,397
Bank of America Corp.
6.110%, due 01/29/37		425,000		445,703
Series FF, (fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/28^3,6,7		600,000		600,513
Series RR, (fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/27^3,7		520,000		513,687
Block, Inc.
3.500%, due 06/01/31		420,000		381,925
Blue Owl Technology Finance Corp.
6.125%, due 01/23/31⁶		450,000		424,431
6.750%, due 04/04/29⁶		1,000,000		984,095
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.000%, due 07/15/29²		350,000		361,575
Boeing Co.
6.528%, due 05/01/34		550,000		599,138
Booz Allen Hamilton, Inc.
5.950%, due 04/15/35		800,000		806,523
Brink's Co.
6.500%, due 06/15/29²		400,000		406,192
Broadcom, Inc.
3.137%, due 11/15/35²		1,300,000		1,104,462
Capital One Financial Corp.
3.750%, due 07/28/26		300,000		299,307
(fixed, converts to FRN on 10/30/30),
7.624%, due 10/30/31³		1,000,000		1,104,497
Series M, (fixed, converts to FRN on 09/01/26),
3.950%, due 09/01/26^3,6,7		600,000		591,336
Carrier Global Corp.
2.722%, due 02/15/30		250,000		233,479
3.577%, due 04/05/50		200,000		142,939
Celanese U.S. Holdings LLC
7.379%, due 07/15/32		650,000		678,440

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Centene Corp.
2.500%, due 03/01/31		1,075,000	$	902,090
CenterPoint Energy Houston Electric LLC
Series AF, 3.350%, due 04/01/51		750,000		512,124
CF Industries, Inc.
5.150%, due 03/15/34		600,000		596,252
Charter Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		350,000		346,943
6.384%, due 10/23/35		950,000		964,709
Citigroup, Inc.
6.625%, due 06/15/32		400,000		434,696
6.675%, due 09/13/43		140,000		149,690
Series AA, (fixed, converts to FRN on 11/15/28),
7.625%, due 11/15/28^3,7		600,000		620,495
Comcast Corp.
2.887%, due 11/01/51		64,000		36,996
2.937%, due 11/01/56		67,000		37,116
3.969%, due 11/01/47		38,000		27,962
Commercial Metals Co.
5.750%, due 11/15/33²		400,000		395,795
Concentrix Corp.
6.850%, due 08/02/33⁶		900,000		834,489
ConocoPhillips Co.
3.758%, due 03/15/42		100,000		80,494
Continental Resources, Inc.
4.375%, due 01/15/28		550,000		546,273
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		50,000		39,940
Energizer Holdings, Inc.
4.375%, due 03/31/29²		800,000		761,211
Energy Transfer LP
5.400%, due 10/01/47		200,000		177,720
EQT Corp.
3.900%, due 10/01/27		108,000		106,684
Exelon Corp.
4.450%, due 04/15/46		1,750,000		1,435,819
Expedia Group, Inc.
3.800%, due 02/15/28		250,000		246,619
Extra Space Storage LP
5.400%, due 02/01/34		1,450,000		1,461,893
FedEx Corp.
4.550%, due 04/01/46		100,000		83,290

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Ford Motor Credit Co. LLC
5.730%, due 09/05/30		1,500,000	$	1,498,486
Freeport-McMoRan, Inc.
5.400%, due 11/14/34		400,000		405,869
FTAI Aviation Investors LLC
5.500%, due 05/01/28²		325,000		324,885
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35		550,000		527,380
General Electric Co.
4.350%, due 05/01/50		200,000		167,839
General Motors Co.
6.600%, due 04/01/36		1,350,000		1,435,530
Global Payments, Inc.
5.400%, due 08/15/32⁶		1,400,000		1,388,409
Goldman Sachs Group, Inc.
5.150%, due 05/22/45		380,000		339,834
Series X, (fixed, converts to FRN on 05/10/29),
7.500%, due 05/10/29^3,7		600,000		628,584
Goodyear Tire & Rubber Co.
5.000%, due 07/15/29		700,000		662,418
HCA, Inc.
5.500%, due 06/01/33		950,000		968,945
Jane Street Group/JSG Finance, Inc.
6.750%, due 05/01/33²		250,000		253,642
7.125%, due 04/30/31²		650,000		668,171
JetBlue Airways Corp./JetBlue Loyalty LP
9.875%, due 09/20/31^2,6		200,000		189,012
Jones Lang LaSalle, Inc.
6.875%, due 12/01/28		250,000		263,944
JPMorgan Chase & Co. (fixed, converts to FRN on 01/23/28),
3.509%, due 01/23/29³		300,000		295,152
Series NN, (fixed, converts to FRN on 06/01/29),
6.875%, due 06/01/29^3,7		650,000		674,375

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
KB Home
7.250%, due 07/15/30		200,000	$	203,721
Kinder Morgan, Inc.
4.300%, due 03/01/28		150,000		149,809
5.550%, due 06/01/45		900,000		858,443
Kroger Co.
6.900%, due 04/15/38		1,300,000		1,472,544
Liberty Mutual Group, Inc.
4.569%, due 02/01/29²		655,000		651,637
LYB International Finance BV
4.875%, due 03/15/44		50,000		41,049
Marathon Petroleum Corp.
4.750%, due 09/15/44		170,000		144,535
Masco Corp.
1.500%, due 02/15/28		400,000		378,553
Meritage Homes Corp.
3.875%, due 04/15/29²		250,000		243,297
MetLife, Inc.
6.400%, due 12/15/36		1,660,000		1,694,923
Morgan Stanley
4.300%, due 01/27/45		250,000		206,721
4.350%, due 09/08/26		140,000		140,015
(fixed, converts to FRN on 10/18/32),
6.342%, due 10/18/33³		750,000		802,480
Navient Corp.
6.750%, due 06/15/26		450,000		451,067
NCR Voyix Corp.
5.000%, due 10/01/28²		150,000		144,529
Occidental Petroleum Corp.
6.450%, due 09/15/36		500,000		534,250
Olin Corp.
5.000%, due 02/01/30		650,000		622,626
OneMain Finance Corp.
3.500%, due 01/15/27		200,000		196,223
6.750%, due 03/15/32		400,000		388,095
Oracle Corp.
2.300%, due 03/25/28		100,000		95,256
4.000%, due 11/15/47		1,700,000		1,125,050
Phinia, Inc.
6.750%, due 04/15/29²		300,000		305,416
Plains All American Pipeline LP/PAA Finance Corp.
4.700%, due 06/15/44		1,000,000		844,927

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
PNC Financial Services Group, Inc.
Series V, (fixed, converts to FRN on 09/15/27),
6.200%, due 09/15/27^3,7		600,000	$	601,332
Regal Rexnord Corp.
6.300%, due 02/15/30		900,000		942,995
Reworld Holding Corp.
4.875%, due 12/01/29²		150,000		140,619
Rocket Cos., Inc.
6.125%, due 08/01/30²		500,000		504,614
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
2.875%, due 10/15/26²		300,000		296,755
Royal Caribbean Cruises Ltd.
5.250%, due 02/27/38		1,000,000		951,315
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		100,000		100,187
Sabre GLBL, Inc.
10.750%, due 11/15/29²		14,000		11,959
10.750%, due 03/15/30²		55,000		46,227
Science Applications International Corp.
4.875%, due 04/01/28²		500,000		492,063
SM Energy Co.
8.375%, due 07/01/28²		400,000		411,009
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/28²		400,000		396,983
Solventum Corp.
5.600%, due 03/23/34		200,000		204,462
T-Mobile USA, Inc.
5.150%, due 04/15/34		1,000,000		1,007,321
United Airlines, Inc.
4.625%, due 04/15/29²		600,000		588,674
United Rentals North America, Inc.
4.875%, due 01/15/28		100,000		99,566
VICI Properties LP
4.950%, due 02/15/30		400,000		399,360
VICI Properties LP/VICI Note Co., Inc.
4.250%, due 12/01/26²		200,000		199,453

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Corporate bonds—(continued)
United States—(continued)
Wayfair LLC
7.250%, due 10/31/29²		400,000	$	408,314
Wells Fargo & Co.
(fixed, converts to FRN on 09/15/28),
7.625%, due 09/15/28^3,7		580,000		609,280
				58,615,834
Total corporate bonds (cost—$71,420,020)				70,022,712

Mortgage-backed securities—1.6%
United States—1.6%
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class B,
2.511%, due 10/15/54²		150,000		128,680
BBCMS Mortgage Trust, Series 2015-SRCH, Class B,
4.498%, due 08/10/35²		135,000		128,329
BX Mortgage Trust, Series 2021-PAC, Class D,
1 mo. USD Term SOFR + 1.413%,
5.086%, due 10/15/36^2,3		175,000		174,125
BX Trust, Series 2021-LGCY, Class D,
1 mo. USD Term SOFR + 1.416%,
5.090%, due 10/15/36^2,3		400,000		399,625
CENT, Series 2025-CITY, Class A,
4.920%, due 07/10/40^2,3		400,000		402,869
FREMF Mortgage Trust, Series 2017-K64, Class B,
4.003%, due 05/25/50^2,3		50,000		49,601

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Mortgage-backed securities—(continued)
United States—(continued)
INTOWN Mortgage Trust, Series 2025-STAY, Class B,
1 mo. USD Term SOFR + 1.750%,
5.423%, due 03/15/42^2,3		500,000	$	499,062
Total mortgage-backed securities (cost—$1,815,143)				1,782,291

Non-U.S. government agency obligations—14.4%
Argentina—0.1%
Argentina Republic Government International Bonds,
Multiple Steps Up Thereafter (4.750% - 5.000%),
4.125%, due 07/09/35		250,000		180,750

Azerbaijan—0.5%
Republic of Azerbaijan International Bonds
3.500%, due 09/01/32⁴		600,000		549,671

Brazil—2.9%
Brazil Notas do Tesouro Nacional
10.000%, due 01/01/35	BRL	12,735,000		1,999,306
10.000%, due 01/01/37	BRL	7,760,000		1,187,273
				3,186,579
Chile—0.6%
Chile Government International Bonds
2.450%, due 01/31/31		750,000		685,770

Colombia—1.7%
Colombia Government International Bonds
3.250%, due 04/22/32		1,000,000		834,000

Colombia TES
6.250%, due 07/09/36	COP	6,060,000,000		1,042,332
				1,876,332
Egypt—0.8%
Egypt Government International Bonds
7.500%, due 01/31/27⁴		850,000		853,374

El Salvador—0.3%
El Salvador Government International Bonds
7.650%, due 06/15/35⁴		300,000		293,700

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Guatemala—0.7%
Guatemala Government Bonds
3.700%, due 10/07/33⁴		850,000	$	741,200

Hungary—0.6%
Hungary Government International Bonds
7.625%, due 03/29/41		620,000		701,654

Mexico—2.7%
Mexico Bonos
7.750%, due 11/13/42	MXN	33,220,000		1,538,378
8.000%, due 02/21/36	MXN	19,215,000		980,612
Mexico Government International Bonds
6.750%, due 09/27/34		400,000		424,600
				2,943,590
Pakistan—0.3%
Pakistan Government International Bonds
8.875%, due 04/08/51⁴		400,000		355,372

Paraguay—0.4%
Paraguay Government International Bonds
6.000%, due 02/09/36⁴		400,000		415,600

Peru—0.4%
Peru Government International Bonds
2.783%, due 01/23/31		500,000		456,488

Poland—0.5%
Republic of Poland Government International Bonds
5.750%, due 11/16/32		500,000		525,670

Romania—0.8%
Romania Government International Bonds
6.375%, due 01/30/34⁴		850,000		844,900

Serbia—0.8%
Serbia International Bonds
6.000%, due 06/12/34⁴		850,000		850,000

Sri Lanka—0.1%
Sri Lanka Government International Bonds,
Multiple Steps Up Thereafter (3.850% - 9.500%),
3.600%, due 05/15/36⁴		200,000		176,750

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

	Face amount¹		Value
Non-U.S. government agency obligations—(continued)
Supranationals—0.2%
Africa Finance Corp.
4.375%, due 04/17/26⁴		200,000	$	199,580
Total non-U.S. government agency obligations (cost—$16,046,425)				15,836,980

U.S. government agency obligations—16.3%
Government National Mortgage Association, TBA
4.000%		1,925,000		1,801,611
4.500%		2,700,000		2,605,854
Uniform Mortgage-Backed Security, TBA
4.000%		400,000		377,282
4.500%		3,775,000		3,640,082
5.000%		4,775,000		4,707,577
5.500%		4,750,000		4,771,232
Total U.S. government agency obligations (cost—$18,055,038)				17,903,638

	Number of shares
Short-term investments—0.5%
Investment companies—0.5%
State Street Institutional U.S. Government Money Market Fund, 3.602%⁸ (cost—$542,574)		542,574		542,574

Investment of cash collateral from securities loaned—3.5%
Money market funds—3.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.763%⁸ (cost—$3,847,928)		3,847,928		3,847,928
Total investments—117.0% (cost—$130,605,138)⁹				128,696,538
Liabilities in excess of other assets—(17.0)%				(18,725,295	)
Net assets—100.0%			$	109,971,243

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
48	AUD	Australian Bond 10 Year Futures	June 2026	$	3,632,807		$	3,568,547		$	(64,260	)
U.S. Treasury futures buy contracts:
50	USD	U.S. Treasury Note 2 Year Futures	June 2026	$	10,387,183		$	10,372,266		$	(14,917	)
67	USD	U.S. Treasury Note 5 Year Futures	June 2026		7,232,899			7,248,039			15,140
74	USD	U.S. Treasury Note 10 Year Futures	June 2026		8,214,869			8,217,469			2,600
31	USD	U.S. Treasury Note 10 Year Futures	June 2026		3,533,718			3,518,984			(14,734	)
Total				$	33,001,476		$	32,925,305		$	(76,171	)
Interest rate futures sell contracts:
8	EUR	EURO Bobl 5 Year Future	June 2026	$	(1,066,989	)	$	(1,067,358	)	$	(369	)
28	EUR	Euro Bund 10 Year Futures	June 2026		(4,111,320	)		(4,058,098	)		53,222
2	JPY	Japan Government Bond 10 Year Futures	June 2026		(1,651,933	)		(1,642,166	)		9,767
U.S. Treasury futures sell contracts:
9	USD	U.S. Long Bond Futures	June 2026	$	(1,011,656	)	$	(1,024,875	)	$	(13,219	)
Total				$	(7,841,898	)	$	(7,792,497	)	$	49,401
Net unrealized appreciation (depreciation)										$	(26,770	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio¹⁰			Payments received by the portfolio¹⁰	Value		Unrealized appreciation (depreciation)
GBP	20,000	03/19/28	Annual		4.272	%	1 day GBP SONIA	$	38,373	$	38,766
Total								$	38,373	$	38,766

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	EUR	1,010,000	USD	1,173,727	04/13/26	$	5,714
CITI	USD	1,038,514	ARS	1,510,000,000	04/13/26		47,896
CITI	USD	1,719,207	COP	6,600,000,000	04/13/26		74,126
CITI	USD	1,015,625	EGP	52,000,000	04/14/26		(74,895	)
GSI	AUD	260,000	USD	186,185	04/13/26		6,823
JPMCB	USD	1,067,435	TRY	48,500,000	04/13/26		9,937
MSCI	USD	1,676,274	CLP	1,550,000,000	04/13/26		(2,506	)
Net unrealized appreciation (depreciation)						$	67,095

Fair valuation summary

UBS Multi Income Bond Fund

Portfolio of investments – March 31, 2026 (unaudited)

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	$	—		$	18,760,415		$	—	$	18,760,415
Corporate bonds		—			70,022,712			—		70,022,712
Mortgage-backed securities		—			1,782,291			—		1,782,291
Non-U.S. government agency obligations		—			15,836,980			—		15,836,980
U.S. government agency obligations		—			17,903,638			—		17,903,638
Short-term investments		542,574			—			—		542,574
Investment of cash collateral from securities loaned		3,847,928			—			—		3,847,928
Futures contracts		80,729			—			—		80,729
Swap agreements		—			38,373			—		38,373
Forward foreign currency contracts		—			144,496			—		144,496
Total	$	4,471,231		$	124,488,905		$	—	$	128,960,136

Liabilities
Futures contracts	$	(107,499	)	$	—		$	—	$	(107,499	)
Forward foreign currency contracts		—			(77,401	)		—		(77,401	)
Total	$	(107,499	)	$	(77,401	)	$	—	$	(184,900	)

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $26,404,608, represented 24.0% of the Fund’s net assets at period end.
3	Floating or variable rate securities. The rates disclosed are as of March 31, 2026. 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 was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
5	Bond interest in default.
6	Security, or portion thereof, was on loan at the period end.
7	Perpetual investment. Date shown reflects the next call date.
8	Rate shown reflects yield at March 31, 2026.
9	Includes $3,781,546 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $3,847,928 and non-cash collateral of $0.
10	Payments made or received are based on the notional amount.

The UBS Funds

Glossary of terms used in the Portfolio of investments

March 31, 2026 (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 America 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
SCH BD GTY	School Bond Guaranty
SIFMA	Municipal Swap Index Yield
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
SPDR	Standard and Poor’s Depository Receipts
ST APPROP	State Appropriation
STRIP	Separate Trading of Registered Interest and Principal of Securities
TBA	To-Be-Announced Security

The UBS Funds

Glossary of terms used in the Portfolio of investments

March 31, 2026 (unaudited)

TIPS	Treasury inflation protected securities
UMBS	Uniform Mortgage-Backed Securities
VRD	Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

Currency type abbreviations:

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi Offshore
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Counterparty acronyms:

ANZ	Australia and New Zealand Banking Group
BB	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CIBC	Canadian Imperial Bank of Commerce
CITI	Citibank NA
CSI	Credit Suisse International
DB	Deutsche Bank AG
GS	Goldman Sachs
GSI	Goldman Sachs International
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley & Co. International PLC
NAT	National Westminster

The UBS Funds

Glossary of terms used in the Portfolio of investments

March 31, 2026 (unaudited)

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. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third party pricing services. UBS AM has 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’ semi-annual report to shareholders dated December 31, 2025.