# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001104659-23-031807
**Filing Date:** 2023-3
**Character Count:** 555127
**Document Hash:** 28346283adfb5ce31dc4981bbc2efdec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-031807.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001104659-23-031807

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS FUNDS
- **CENTRAL INDEX KEY:** 0000886244
- **IRS NUMBER:** 367056204
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06637
- **FILM NUMBER:** 23727868

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-525-7100

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRINSON FUNDS INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### UBS GLOBAL ALLOCATION FUND (Series ID: S000002979)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008182 | CLASS A      | BNGLX           |
| C000008185 | CLASS P      | BPGLX           |

### UBS International Sustainable Equity Fund (Series ID: S000002980)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008186 | CLASS A      | BNIEX           |
| C000008189 | CLASS P      | BNUEX           |
| C000222877 | Class P2     | ESPTX           |

### UBS U.S. SMALL CAP GROWTH FUND (Series ID: S000002985)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008206 | CLASS A      | BNSCX           |
| C000008209 | CLASS P      | BISCX           |

### UBS Emerging Markets Equity Opportunity Fund (Series ID: S000003134)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008502 | CLASS P      | UEMPX           |
| C000200986 | CLASS P2     | EMPTX           |

### UBS DYNAMIC ALPHA FUND (Series ID: S000003135)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008503 | CLASS A      | BNAAX           |
| C000008506 | CLASS P      | BNAYX           |

### UBS Multi Income Bond Fund (Series ID: S000053041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166868 | Class A      | UTBAX           |
| C000166870 | Class P      | UTBPX           |

### UBS Engage For Impact Fund (Series ID: S000063381)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205441 | Class P      | UEIPX           |
| C000225935 | Class P2     | EIPTX           |

### UBS Sustainable Development Bank Bond Fund (Series ID: S000063382)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205443 | Class P2     | UDBTX           |
| C000205444 | Class P      | UDBPX           |

### UBS All China Equity Fund (Series ID: S000065858)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212770 | Class P2     | ACPTX           |
| C000212772 | Class P      | UACPX           |

### UBS US Dividend Ruler Fund (Series ID: S000068969)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220414 | Class P      | DVRUX           |

### UBS US Quality Growth At Reasonable Price Fund (Series ID: S000068970)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220415 | Class P      | QGRPX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06637

The UBS Funds

(Exact name of registrant as specified in charter)

One North Wacker Drive, Chicago, IL 60606-2807

(Address of principal executive offices) (Zip code)

---

| |
|:---|
| Keith A. Weller, Esq.<br> UBS Asset Management<br> One North Wacker Drive<br> Chicago, IL 60606 |
| (Name and address of agent for service) |
| Copy to: |
| Jana L. Cresswell, Esq.<br> Stradley Ronon Stevens & Young, LLP<br> 2500 Market Street, Suite 2600<br> Philadelphia, PA 19103-7098 |

---

Registrant's telephone number, including area code: 888-793 8637

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

**<u>Item 1. Reports to Stockholders.</u>**

![](j2314562_aa001.jpg)

The UBS Funds

Semiannual Report \| December 31, 2022

------

---

| | |
|:---|:---|
| **Table of contents** | **Page** |
| **President's letter** | **1** |
| **Market commentary** | **2** |
| UBS All China Equity Fund | 4 |
| UBS Dynamic Alpha Fund | 10 |
| UBS Global Allocation Fund | 22 |
| UBS Emerging Markets Equity Opportunity Fund | 35 |
| UBS Engage For Impact Fund | 40 |
| UBS International Sustainable Equity Fund | 47 |
| UBS US Dividend Ruler Fund | 55 |
| UBS US Quality Growth At Reasonable Price Fund | 61 |
| UBS U.S. Small Cap Growth Fund | 67 |
| UBS Sustainable Development Bank Bond Fund | 75 |
| UBS Multi Income Bond Fund | 80 |
| **Glossary of terms used in the Portfolio of investments** | **90** |
| **Explanation of expense disclosure** | **91** |
| **Statement of assets and liabilities** | **94** |
| **Statement of operations** | **99** |
| **Statement of changes in net assets** | **103** |
| **Financial highlights** | **109** |
| **Notes to financial statements** | **121** |
| **General information** | **152** |

---

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President's letter

February 27, 2023

Dear Shareholder,

In the second half of 2022, markets remained volatile, and investors remained wary. Central banks across the globe continued to combat inflation, leading to increases in interest rates across major markets. After hitting a four decade high of 9.1% annualized in June, total US inflation for the 12 months ending in December dropped to 6.5%. Unlike the first half of the year, inflation moderated, mostly driven by falling energy and food prices and fading supply chain pressures. The US Federal Reserve while still on the quest to reduce inflation, continued to hike interest rates and reduce the size of its balance sheet, although speed of rate hikes moderated.

On the growth front, in the US, while manufacturing retreated according to the Institute for Supply Management (ISM), consumer spending has been resilient, and job and wage growth has been persistently strong. US Treasury Secretary Janet Yellen said recently the economy remains "strong and resilient," and that "you don't have a recession when you have 500,000 jobs added in a month and the lowest unemployment rate in more than 50 years."

US stocks (measured by the S&P 500 Index) toggled in and out of bear market territory throughout 2022, reaching a low point in early October 2022 and recovering somewhat as the year drew to a close. While we saw improvement in the performance of equity markets in the fourth quarter, they still present a challenge to navigate; for instance, the shift in performance and opportunity between value and growth equities. Growth had been dominant for over ten years, but with the high inflation and rising interest rates, performance turned around, and value became resurgent.

Meanwhile fixed income broadly saw extensive repricing in 2022 as rates rose. All longer-term US fixed income assets, including Treasurys, experienced negative returns in 2022, given a sizable shift in US interest rates. Coming into 2023 we see opportunity in fixed income, particularly for active managers, because the higher yields are far more attractive even in the face of potential future rate increases.

These kinds of market shifts and reversals underscore the importance of diversification, particularly in an environment where macroeconomic uncertainty and market volatility continue to run high. As active managers, we aim to take advantage of these challenges and market mis-pricings that may occur along the way to seek value for our clients.

As always, we thank you for being a part of the UBS family of funds.

Sincerely,

![](j2314562_ca002.jpg)

Igor Lasun<br>President<br>The UBS Funds<br>Managing Director<br>UBS Asset Management (Americas) Inc.

------

The markets in review

**Economic headwinds increase**

The global economy faced several headwinds during the reporting period, leading to expectations for weaker growth and perhaps a recession. In its October 2022 *World Economic Outlook Update*, the International Monetary Fund ("IMF") lowered its expectation for gross domestic product ("GDP") in 2022, saying, "The global economy is experiencing a number of turbulent challenges. Inflation higher than seen in several decades, tightening financial conditions in most regions, Russia's invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. The normalization of monetary and fiscal policies that delivered unprecedented support during the pandemic has dampened demand, as policymakers aim to lower inflation back to target." For 2022, the IMF projects US GDP to grow 1.6% versus 5.7% in 2021, 3.1% in the eurozone versus 5.2% in 2021, 3.6% in the UK compared to 7.4% in 2021, and 1.7% in Japan—unchanged from 2021.

With US inflation hitting a 40-year high in May 2022, the Federal Reserve Board ("the Fed") continued to aggressively raise interest rates over the reporting period. After raising rates three times during the first half of 2022, the Fed hiked rates four additional times over the six months ended December 31, 2022. In total for the year, the Fed raised rates 4.25%, the most since 1980. At the end of 2022, the federal funds rate was in a range between 4.25% and 4.50%, the highest since 2007. Elsewhere, the Bank of England ("BoE") and the European Central Bank ("ECB") raised rates a total of 3.50% and 2.50%, respectively, in 2022. At the end of the year, rates in both regions were the highest since 2008. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy. However, in December 2022, the BoJ raised the target range for its 10-year bond from 0.25% to 0.50%, which could be its first step to ending its accommodative monetary stance. Elsewhere, with inflation remaining elevated in emerging market countries, their central backs also pushed rates higher.

**Global equities produce mixed results**

Global equities were weak during the third quarter of 2022 against a backdrop of elevated inflation and aggressive monetary policy tightening. The repercussions from the war in Ukraine and several geopolitical issues also weighed on investor sentiment. The market then rallied in the fourth quarter. This was due to several factors, including signs of moderating inflation, hopes that the Fed would be less aggressive in terms of rate hikes in 2023, and that the central bank could orchestrate a "soft landing" for the economy. For the six-months ended December 31, 2022, the S&P 500 Index<sup>1</sup> returned 2.31%, but fell 18.11% in 2022. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),<sup>2</sup> gained 6.36% during the reporting period and -14.45% in 2022. Emerging markets equities were weak, as the MSCI Emerging Markets Index (net)<sup>3</sup> returned -2.99% during the reporting period and -20.09% in 2022.

<sup>1</sup> The S&P 500 Index is an unmanaged, weighted index composed of 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>2</sup> The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>3</sup> The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

------

The markets in review

**The overall fixed income market declines**

The overall global fixed income market declined, as most central banks continued to aggressively raise interest rates in an attempt to bring down inflation. In the US, short- and long-term US Treasury yields moved sharply higher. For the six months ended December 31, 2022, the yield on the US 10-year Treasury rose from 2.98% to 3.88%. 10-year government bond yields outside the US also moved higher. (Bond yields and prices tend to move in the opposite direction.) For the six-month reporting period as a whole, the overall US bond market, as measured by the Bloomberg US Aggregate Index,<sup>4</sup> returned -2.97%. In contrast, riskier fixed income securities generated positive returns. High yield bonds, as measured by the ICE BofAML US High Yield Index,<sup>5</sup> gained 3.28%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),<sup>6</sup> rose 2.93% during the reporting period.

<sup>4</sup> The Bloomberg US Aggregate Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>5</sup> The ICE BofAML US High Yield Index is an unmanaged index that tracks the performance of US dollar denominated, below investment-grade rated corporate debt publicly issued in the US domestic market.

<sup>6</sup> The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index which is designed to track total returns for US dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans and Eurobonds. Investors should note that indices do not reflect the deduction of fees and expenses.

------

UBS All China Equity Fund

**Portfolio performance**

For the six months ended December 31, 2022, the UBS All China Equity Fund (the "Fund") returned -15.60%. The Fund's benchmark, the MSCI China All Shares Index (net) (the "Index"), returned -13.41% over the same time period. (Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was driven primarily by stock selection decisions.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

**• In terms of stock selection, CSPC Pharmaceutical Group was the top contributor to performance.** The company is seeing its traditional drug business stabilize, while its COVID-related mRNA vaccine is on the path to being the first domestically approved vaccine and can potentially enter a multibillion dollar market space.

**• Several other stock selection decisions benefited performance during the reporting period.**

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Ping An Insurance** rallied after the Chinese government announced easing of COVID restrictions and more concrete support measures to support the property sector. This would enable more face-to-face meetings with customers. The stock had been overly penalized on its risk exposure to the property market.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **SSY Group** outperformed as investor sentiment improved on expectations that price pressures from its centralized procurement negotiations may be easing. The company expects to see growing revenue from its bulk pharmaceuticals business and approval for multiple products from the National Medical Products Administration.

&nbsp;&nbsp;&nbsp;&nbsp;– **Anhui Gujing Distillery** was additive for performance. The company is expected to execute better on its sales and marketing with the introduction of an incentive program. This would translate into better longer-term revenues. Towards the end of the year, the Chinese government announced easing of COVID restrictions, which should drive a rebound in consumer spending, including social gatherings and dining in and, therefore, improve demand.

&nbsp;&nbsp;&nbsp;&nbsp;– Our decision to underweight **Alibaba** contributed to relative performance. Alibaba faces continued regulatory concerns and weaker performance due to COVID lockdowns during much of the reporting period.

**What didn't work:**

**• Certain stock selection decisions detracted from performance during the six-month period.**

&nbsp;&nbsp;&nbsp;&nbsp;– The Fund's investment in **Yunnan Energy New Material** negatively impacted returns. Its shares fell after news that its two founders were under 'residential surveillance' and an investigation related to their supply of materials to the tobacco industry. Though the tobacco industry is a small part of its business, this development weighed on market sentiment. We are monitoring the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **NetEase** detracted from performance despite its recent rally given to the pivot of the country's zero-COVID policy. For the reporting period as a whole, shares of NetEase were down due to previous expectations that the weak economy caused by lockdowns may impact its revenue growth as gaming spending is more of a discretionary item. We continue to hold the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Hangzhou Silan** fell due to investor concerns about the spillover effect of the weakness in the electronics space and low consumer demand. We continue to hold the stock.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, see page 2.

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UBS All China Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Country Garden Services** underperformed during the reporting period despite the recent rally brought about by more supportive measures for the real estate sector. The company had been acquiring other property management companies and assets and investors were concerned if those could be successfully integrated. There were also concerns whether the company's affiliate, Country Garden Holdings, might face debt distress. We continue to hold the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Jinke Smart Services** declined during the reporting period, as the company posted disappointing results and potentially will have to increase impairment provision from its parent company Jinke Property. As a result, we sold our position in the company.

**Portfolio highlights**

• **Tencent** is the leading company in China's PC/mobile internet market, and provides services such as instant messaging, online gaming, social community, news and online music. Tencent has established several powerful online service platforms and accumulated a huge number of loyal customers. With its current strong position, we expect the company to ride on the mature business models and consistently grow its business going forward. Fast-growing online games—along with newly emerging mobile games, which is one of the largest revenue-generating segments—will likely contribute most to the company going forward.

• **Kweichow Moutai** engages in the manufacture and distribution of Moutai liquor series products. Moutai is a Chinese premium liquor brand with strong pricing power and growth visibility. The share price is attractively valued, and the company offers the potential to benefit from state-owned enterprise (SOE) reform.

• **China Merchants Bank** has the leading retail banking franchise in China. This was built up over many years due to an early focus on the segment, while large state-owned enterprise banks were focusing on corporations. We believe China Merchants Bank is well-positioned to benefit from China's growing wealth, which would drive demand for wealth management products and financial advice.

• **NetEase** is a leading online game company in China. It has a good track record for delivering blockbuster games, and has posted healthy growth for more than 10 years. We believe that NetEase continues to have a strong game pipeline and will be able to deliver new revenue streams. We believe the company is well-positioned as a leading player in China's online entertainment sectors, particularly online games and music.

• **Alibaba** is a large e-commerce company. We believe that e-commerce penetration will continue to grow in China, even in the midst of a retail slowdown. Thus, we consider it a more defensive part of retail sales, and we believe Alibaba has the strongest position in China's e-commerce space.

**• The Fund did not invest in derivatives during the reporting period.**

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

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UBS All China Equity Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

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| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception** |
| Class P<sup>1,3</sup> | (15.60)% | (24.96)% | (28.46)% |
| Class P2<sup>2,3</sup> | (15.23) | N/A | (11.64) |
| MSCI China All Shares Index (net)<sup>4</sup> | (13.41) | (23.61) | (23.22) |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—19.96% and 1.11% and Class P2—7.66% and 0.31%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 28, 2023, do not exceed 1.10% for Class P shares. The Advisor has also entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and retained administration fees, and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses), through the period ending October 28, 2023, do not exceed 0.30% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P is February 24, 2021.

<sup>2</sup> Inception date of Class P2 is April 21, 2022.

<sup>3</sup> Class P and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>4</sup> The MSCI China All Shares Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes,using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of the oldest share class: February 24, 2021.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

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UBS All China Equity Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings** 

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 10.1% |
| Kweichow Moutai Co. Ltd., Class A | 9.7 |
| China Merchants Bank Co. Ltd., Class H | 9.5 |
| NetEase, Inc. | 9.2 |
| Ping An Insurance Group Co. of China Ltd., Class H | 4.5 |
| Ping An Bank Co. Ltd., Class A | 4.0 |
| Hong Kong Exchanges & Clearing Ltd. | 3.7 |
| Meituan, Class B | 3.2 |
| CSPC Pharmaceutical Group Ltd. | 3.0 |
| China Resources Land Ltd. | 3.0 |
| **Total** | **59.9%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| China | 90.7% |
| Hong Kong | 7.5 |
| United States | 2.3 |
| **Total** | **100.6%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Automobiles | 0.4% |
| Banks | 13.4 |
| Beverages | 13.2 |
| Capital markets | 3.7 |
| Chemicals | 2.5 |
| Construction materials | 0.7 |
| Diversified consumer services | 0.7 |
| Diversified financial services | 1.3 |
| Entertainment | 9.5 |
| Food products | 4.1 |
| Household durables | 0.5 |
| Insurance | 5.8 |
| Interactive media & services | 10.1 |
| Internet & direct marketing retail | 6.3 |
| IT services | 1.4 |
| Life sciences tools & services | 5.7 |
| Pharmaceuticals | 8.1 |
| Real estate management & development | 6.2 |
| Semiconductors & semiconductor equipment | 1.5 |
| Textiles, apparel & luxury goods | 0.6 |
| Tobacco | 0.5 |
| Transportation infrastructure | 2.1 |
| **Total common stocks** | **98.3** |
| Short-term investments | 2.2 |
| **Total investments** | **100.5** |
| Liabilities in excess of other assets | (0.5) |
| **Net assets** | **100.0%** |

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<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

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UBS All China Equity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

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| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks: 98.3%**  | **Common stocks: 98.3%**  | **Common stocks: 98.3%**  |
| **China: 90.8%** | **China: 90.8%** | **China: 90.8%** |
| Alibaba Group Holding Ltd.\* | 5400 | $59670 |
| Anhui Conch Cement Co. Ltd., Class H | 6500 | 22734 |
| Anhui Gujing Distillery Co. Ltd., Class B | 5200 | 83275 |
| China Jinmao Holdings Group Ltd. | 82000 | 17649 |
| China Merchants Bank Co. Ltd., Class H | 56500 | 315962 |
| China Resources Land Ltd. | 22000 | 100763 |
| Chinasoft International Ltd.\* | 52000 | 45235 |
| Country Garden Services Holdings Co. Ltd. | 13000 | 32377 |
| CSPC Pharmaceutical Group Ltd. | 96000 | 100853 |
| Far East Horizon Ltd.<sup>1</sup> | 56000 | 43764 |
| Hainan Meilan International Airport Co. Ltd., Class H\* | 23000 | 69983 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | 8500 | 40093 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 21600 | 96322 |
| JD.com, Inc., Class A | 1509 | 42570 |
| Jiangsu Hengrui Medicine Co. Ltd., Class A | 7500 | 41569 |
| Joinn Laboratories China Co. Ltd., Class H<sup>2</sup> | 14980 | 76671 |
| Kingsoft Corp. Ltd. | 3000 | 10031 |
| Kweichow Moutai Co. Ltd., Class A | 1300 | 322957 |
| Li Auto, Inc., ADR\* | 682 | 13913 |
| Li Ning Co. Ltd. | 2500 | 21700 |
| Longfor Group Holdings Ltd.<sup>1,2</sup> | 18000 | 56038 |
| LONGi Green Energy Technology Co. Ltd., Class A | 1640 | 9970 |
| Meituan, Class B\*<sup>,2</sup> | 4800 | 107433 |
| Midea Group Co. Ltd., Class A | 2100 | 15648 |
| NetEase, Inc. | 21000 | 308054 |
| Ping An Bank Co. Ltd., Class A | 70000 | 132514 |
| Ping An Insurance Group Co. of China Ltd., Class H | 22500 | 148886 |
| Smoore International Holdings Ltd.<sup>1,2</sup> | 11000 | 17080 |
| TAL Education Group, ADR\* | 3168 | 22334 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| Tencent Holdings Ltd. | 7900 | $338046 |
| Wanhua Chemical Group Co. Ltd., Class A | 1400 | 18659 |
| Wuliangye Yibin Co. Ltd., Class A | 1300 | 33790 |
| Wuxi AppTec Co. Ltd. Class H<sup>2</sup> | 5600 | 59154 |
| Wuxi Biologics Cayman, Inc.\*<sup>,2</sup> | 7000 | 53674 |
| Yihai International Holding Ltd.\* | 12000 | 42432 |
| Yunnan Baiyao Group Co. Ltd., Class A | 6020 | 47074 |
| Yunnan Energy New Material Co. Ltd., Class A | 3400 | 64213 |
|  |  | 3033090 |
| **Hong Kong: 7.5%** | **Hong Kong: 7.5%** | **Hong Kong: 7.5%** |
| AIA Group Ltd. | 4000 | 44482 |
| Hong Kong Exchanges & Clearing Ltd. | 2900 | 125282 |
| SSY Group Ltd. | 148000 | 81722 |
|  |  | 251486 |
| **Total common stocks**<br> (cost $4,160,178) |  | **3284576** |
| **Short-term investments: 2.2%**  | **Short-term investments: 2.2%**  | **Short-term investments: 2.2%**  |
| **Investment companies: 2.2%** | **Investment companies: 2.2%** | **Investment companies: 2.2%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>3</sup>(cost $75,443) | 75443 | 75443 |
| **Total investments: 100.5%**<br> (cost $4,235,621) |  | **3360019** |
| Liabilities in excess of other assets: (0.5%) |  | (17965) |
| **Net assets: 100.0%** |  | $**3342054** |

---

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.

------

UBS All China Equity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in <br>active markets for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $1403878 | $1880698 | $— | $3284576 |
| Short-term investments |  | 75443 |  | 75443 |
| **Total** | $**1403878** | $**1956141** | $**—** | $**3360019** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $370,050, represented 11.1% of the Fund's net assets at period end.

<sup>3</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>9

------

UBS Dynamic Alpha Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class A shares of UBS Dynamic Alpha Fund (the "Fund`") returned 0.65% (Class A shares returned -4.96% after the deduction of the maximum sales charge), while Class P shares returned 0.91%. For purposes of comparison, the ICE BofA US Treasury 1-5 Year Index returned -1.35% during the same time period, the MSCI World Index (net) returned 2.97%, and the FTSE One-Month US Treasury Bill Index returned 1.36%. (Class P shares have lower expenses than other share classes of the Fund.) Returns for all share classes over various time periods are shown on page 12; (please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

Overall, the Fund delivered positive absolute returns in a challenging market environment of highly volatile but, on average, flat equity markets and rising yields. The strategy was in-line with its cash plus objective over the reporting period.

**Portfolio performance summary<sup>1</sup>**

**• The portfolio's strategic allocation to equities was additive, while fixed income detracted from performance.**

&nbsp;&nbsp;&nbsp;&nbsp;– Our strategic allocation to global equities delivered marginally positive returns over the reporting period, with steep to moderate drawdowns during summer and a recovery during the fourth quarter of 2022. In terms of the latter, falling inflation expectations and hopes for less aggressive monetary tightening drove the market higher.

&nbsp;&nbsp;&nbsp;&nbsp;– Fixed income was a slight detractor overall as yields rose over the reporting period. An exception was high-yield corporate bonds, which were additive for returns due to narrowing credit spreads.

**• Overall, market allocation decisions contributed to results.**

&nbsp;&nbsp;&nbsp;&nbsp;– We maintained an equity underweight for most of the reporting period to limit portfolio drawdowns. Over the six months ended December 31, 2022, this decision slightly detracted from performance as the underweight was more pronounced during the fourth quarter of the year when equities rallied.

&nbsp;&nbsp;&nbsp;&nbsp;– Within equities, we assumed a pro-cyclical value position for most of the reporting period, with the rationale of further earnings upside from a reopening of the global economy. Most of the trades within this category contributed significantly to performance, such as long Stoxx600 Banks versus Eurostoxx50, long FTSE MIB Italy versus Stoxx50 and long MSCI World Value versus the market positions.

&nbsp;&nbsp;&nbsp;&nbsp;– Trades that detracted from performance were more defensively minded, such as a long UK versus EuroStoxx50 position and a long Topix versus MSCI World trade, the latter of which performed well during the prior reporting period, but was pressured by a sharp rise in the Japanese yen towards the end of the year.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS Dynamic Alpha Fund

**• Overall, active currency positions contributed to results.**

&nbsp;&nbsp;&nbsp;&nbsp;– The largest contributor to performance was a short Great Britain pound versus euro trade, which benefited from ongoing headwinds to pan-European growth expectations. Both currencies were supported by hawkish central banks, but weaker growth in the UK and the more pro-cyclical tilt of the Great Britain pound caused it to underperform. Other positive trades were the long Brazilian real versus the US dollar, and a long Mexican peso versus the US dollar. These trades benefited from increasing yield differentials and the expectation of a Chinese reopening supporting emerging market currencies. Slight detractors were a long Japanese yen versus US dollar and short New Zealand dollar versus US dollar positions. We used derivatives, specifically futures and forwards, for risk management purposes and as a tool to help enhance returns across various strategies. Derivatives were just one tool, among others, that we used to implement our market allocation strategy. The use of derivatives contributed to Fund performance.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS Dynamic Alpha Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **5 years** | **10 years** |
| **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** |
| Class A<sup>1</sup> | 0.65% | (5.42)% | 0.90% | 0.83% |
| Class P<sup>2</sup> | 0.91 | (5.17) | 1.16 | 1.08 |
| **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** |
| Class A<sup>1</sup> | (4.96)% | (10.67)% | (0.23)% | 0.27% |
| ICE BofAML US Treasury 1-5 Year Index<sup>3</sup> | (1.35) | (5.24) | 0.66 | 0.71 |
| MSCI World Index (net)<sup>4</sup> | 2.97 | (18.14) | 6.14 | 8.85 |
| FTSE One-Month US Treasury Bill Index<sup>5</sup> | 1.36 | 1.48 | 1.20 | 0.71 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class A—2.33% and 1.37%; Class P—2.11% and 1.12%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 1.35% for Class A shares and 1.10% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The ICE BofA US Treasury 1-5 Year Index is an unmanaged index designed to track US Treasury securities with maturities between 1 and 5 years. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>4</sup> The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>5</sup> The FTSE One-Month US Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last one month Treasury Bill issue. Investors should note that indices do not reflect the deduction of fees and expenses.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS Dynamic Alpha Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1,2</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings**

---

| | |
|:---|:---|
| U.S. Treasury Bills, <br>2.739% due 01/26/23 | 14.2% |
| U.S. Treasury Bills, <br>4.507% due 06/15/23 | 12.3 |
| U.S. Treasury Notes, <br>0.250% due 05/31/25 | 3.9 |
| Bundesobligation, <br>0.010% due 04/11/25 | 3.8 |
| U.S. Treasury Notes, <br>0.375% due 04/30/25 | 2.1 |
| Ireland Government Bonds, <br>1.000% due 05/15/26 | 2.1 |
| Canada Government Bonds, <br>1.500% due 09/01/24 | 2.0 |
| Japan Government Ten Year Bonds, <br>0.400% due 03/20/25 | 2.0 |
| U.S. Treasury Notes, <br>1.875% due 02/28/27 | 1.8 |
| Japan Government CPI Linked Bonds, <br>0.100% due 03/10/26 | 1.7 |
| **Total** | **45.9%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| United States | 52.8% |
| Germany | 5.0 |
| Japan | 4.5 |
| France | 4.1 |
| United Kingdom | 3.8 |
| **Total** | **70.2%** |

---

---

| | | |
|:---|:---|:---|
| **Corporate bonds** | **Corporate bonds** | **Corporate bonds** |
| Advertising | 0.1 | % |
| Aerospace & defense | 0.1 |  |
| Agriculture | 0.7 |  |
| Airlines | 0.1 |  |
| Apparel | 0.1 |  |
| Auto manufacturers | 0.7 |  |
| Auto parts & equipment | 0.2 |  |
| Banks | 6.7 |  |
| Biotechnology | 0.1 |  |
| Chemicals | 0.8 |  |
| Commercial services | 0.4 |  |
| Computers | 0.2 |  |
| Diversified financial services | 1.3 |  |
| Electric | 3.0 |  |
| Engineering & construction | 0.6 |  |
| Entertainment | 0.2 |  |
| Gas | 0.9 |  |
| Healthcare-products | 0.2 |  |
| Insurance | 2.1 |  |
| Media | 0.3 |  |
| Miscellaneous manufacturers | 0.2 |  |
| Oil & gas | 1.1 |  |
| Pharmaceuticals | 0.4 |  |
| Pipelines | 0.5 |  |
| Real estate investment trusts | 0.7 |  |
| Retail | 0.0 | <sup>†</sup> |
| Semiconductors | 0.1 |  |
| Software | 0.1 |  |
| Telecommunications | 0.5 |  |
| Transportation | 0.3 |  |
| Water | 0.5 |  |
| **Total corporate bonds** | **23.2** |  |
| Mortgage-backed securities | 0.0 | <sup>†</sup> |
| Non-U.S. government agency obligations | 24.3 |  |
| U.S. Treasury obligations | 38.2 |  |
| Exchange traded funds | 5.1 |  |
| Short-term investments | 0.4 |  |
| Investment of cash collateral from securities loaned | 4.8 |  |
| **Total investments** | **96.0** |  |
| Other assets in excess of liabilities | 4.0 |  |
| **Net assets** | **100.0** | **%** |

---

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

<sup>2</sup> Figures represent the breakdown of direct investments of UBS Dynamic Alpha Fund. Figures would be different if a breakdown of the underlying investment companies and exchange traded funds was included.

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds: 23.2%** | **Corporate bonds: 23.2%** | **Corporate bonds: 23.2%** | **Corporate bonds: 23.2%** |
| **Australia: 1.1%** | **Australia: 1.1%** | **Australia: 1.1%** | **Australia: 1.1%** |
| APA Infrastructure Ltd.<br>4.200%, due 03/23/25<sup>2</sup> |  | 15000 | $14483 |
| Aurizon Network Pty Ltd.<br>4.000%, due 06/21/24<sup>2</sup> | AUD | 30000 | 20110 |
| Ausgrid Finance Pty Ltd.<br>3.750%, due 10/30/24<sup>2</sup> | AUD | 30000 | 19993 |
| Commonwealth Bank of Australia<br>(fixed, converts to FRN on 10/03/24),<br>1.936%, due 10/03/29<sup>2,3</sup> | EUR | 100000 | 100799 |
| Westpac Banking Corp.<br>2.000%, due 01/13/23 |  | 30000 | 29982 |
| (fixed, converts to FRN on 09/21/27),<br>5.000%, due 09/21/27 <sup>3,4</sup> |  | 80000 | 69600 |
|  |  |  | 254967 |
| **Belgium: 0.4%** | **Belgium: 0.4%** | **Belgium: 0.4%** | **Belgium: 0.4%** |
| Resa SA<br>1.000%, due 07/22/26<sup>2</sup> | EUR | 100000 | 96534 |
| **Bermuda: 0.1%** | **Bermuda: 0.1%** | **Bermuda: 0.1%** | **Bermuda: 0.1%** |
| XLIT Ltd.<br>5.250%, due 12/15/43 |  | 20000 | 19423 |
| **Canada: 0.4%** | **Canada: 0.4%** | **Canada: 0.4%** | **Canada: 0.4%** |
| Bank of Nova Scotia<br>5.250%, due 12/06/24 |  | 30000 | 30055 |
| Canadian Pacific Railway Co.<br>1.350%, due 12/02/24 |  | 60000 | 55926 |
| TELUS Corp.<br>3.750%, due 01/17/25 | CAD | 15000 | 10788 |
|  |  |  | 96769 |
| **France: 2.6%** | **France: 2.6%** | **France: 2.6%** | **France: 2.6%** |
| AXA SA<br>(fixed, converts to FRN on 05/28/29),<br>3.250%, due 05/28/49<sup>2,3</sup> | EUR | 100000 | 94855 |
| Electricite de France SA<br>(fixed, converts to FRN on 01/22/24), <br>5.625%, due 01/22/24<sup>2,4</sup> |  | 100000 | 94527 |
| SCOR SE<br>(fixed, converts to FRN on 03/13/29),<br>5.250%, due 03/13/29<sup>2,3,4</sup> |  | 200000 | 153000 |
| Terega SA<br>2.200%, due 08/05/25<sup>2</sup> | EUR | 100000 | 103008 |
| TotalEnergies SE<br>(fixed, converts to FRN on 02/26/25),<br>2.625%, due 02/26/25<sup>2,3,4</sup> | EUR | 100000 | 100131 |
| Unibail-Rodamco-Westfield SE<br>(fixed, converts to FRN on 04/25/26),<br>2.875%, due 01/25/26<sup>2,3,4</sup> | EUR | 100000 | 80171 |
|  |  |  | 625692 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** |
| Volkswagen International Finance NV<br>1.125%, due 10/02/23<sup>2</sup> | EUR | 100000 | $105429 |
| **Guernsey: 0.4%** | **Guernsey: 0.4%** | **Guernsey: 0.4%** | **Guernsey: 0.4%** |
| Globalworth Real Estate Investments Ltd.<br>3.000%, due 03/29/25<sup>2</sup> | EUR | 100000 | 92982 |
| **Ireland: 1.2%** | **Ireland: 1.2%** | **Ireland: 1.2%** | **Ireland: 1.2%** |
| AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>1.650%, due 10/29/24 |  | 300000 | 277011 |
| **Italy: 0.2%** | **Italy: 0.2%** | **Italy: 0.2%** | **Italy: 0.2%** |
| Autostrade per l'Italia SpA<br>4.375%, due 09/16/25<sup>2</sup> | EUR | 50000 | 53100 |
| **Mexico: 1.1%** | **Mexico: 1.1%** | **Mexico: 1.1%** | **Mexico: 1.1%** |
| Mexico City Airport Trust<br>5.500%, due 07/31/47<sup>2</sup> |  | 200000 | 154000 |
| Petroleos Mexicanos<br>3.750%, due 02/21/24<sup>2</sup> | EUR | 100000 | 104690 |
|  |  |  | 258690 |
| **New Zealand: 0.4%** | **New Zealand: 0.4%** | **New Zealand: 0.4%** | **New Zealand: 0.4%** |
| BNZ International Funding Ltd.<br>0.500%, due 07/03/24<sup>2</sup> | EUR | 100000 | 102424 |
| **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** |
| Tauron Polska Energia SA<br>2.375%, due 07/05/27<sup>2</sup> | EUR | 100000 | 85823 |
| **Spain: 1.4%** | **Spain: 1.4%** | **Spain: 1.4%** | **Spain: 1.4%** |
| Banco Santander SA<br>4.000%, due 01/19/23<sup>2</sup> | AUD | 200000 | 136150 |
| Iberdrola International BV<br>(fixed, converts to FRN on 03/26/24),<br>2.625%, due 12/26/23<sup>2,3,4</sup> | EUR | 100000 | 103943 |
| Redexis Gas Finance BV<br>1.875%, due 04/27/27<sup>2</sup> | EUR | 100000 | 96048 |
|  |  |  | 336141 |
| **Switzerland: 0.4%** | **Switzerland: 0.4%** | **Switzerland: 0.4%** | **Switzerland: 0.4%** |
| Argentum Netherlands BV for Swiss Life AG<br>(fixed, converts to FRN on 06/16/25),<br>4.375%, due 06/16/25<sup>2,3,4</sup> | EUR | 100000 | 103760 |
| **United Kingdom: 3.6%** | **United Kingdom: 3.6%** | **United Kingdom: 3.6%** | **United Kingdom: 3.6%** |
| AstraZeneca PLC<br>3.500%, due 08/17/23 |  | 30000 | 29745 |
| BAT Capital Corp.<br>3.557%, due 08/15/27 |  | 25000 | 22839 |
| BAT International Finance PLC<br>0.875%, due 10/13/23<sup>2</sup> | EUR | 100000 | 104928 |
| Lloyds Banking Group PLC<br>2.250%, due 10/16/24<sup>2</sup> | GBP | 100000 | 114691 |

---

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| M&G PLC<br>(fixed, converts to FRN on 07/20/24),<br>3.875%, due 07/20/49<sup>2,3</sup> | GBP | 100000 | $| 116370 |
| Natwest Group PLC<br>(fixed, converts to FRN on 06/25/23),<br>4.519%, due 06/25/24<sup>3</sup> |  | 200000 |  | 198141 |
| Reynolds American, Inc.<br>4.450%, due 06/12/25 |  | 25000 |  | 24456 |
| Virgin Money UK PLC<br>(fixed, converts to FRN on 04/24/25),<br>3.375%, due 04/24/26<sup>2,3</sup> | GBP | 100000 |  | 111433 |
| WPP Finance 2010<br>3.750%, due 09/19/24 |  | 25000 |  | 24209 |
| Yorkshire Water Finance PLC<br>(fixed, converts to FRN on 03/22/23),<br>3.750%, due 03/22/46<sup>2,3</sup> | GBP | 100000 |  | 120220 |
|  |  |  |  | 867032 |
| **United States: 9.1%** | **United States: 9.1%** | **United States: 9.1%** | **United States: 9.1%** | **United States: 9.1%** |
| Air Products and Chemicals, Inc.<br>2.050%, due 05/15/30 |  | 20000 |  | 16741 |
| Albemarle Corp.<br>5.450%, due 12/01/44<sup>5</sup> |  | 30000 |  | 27109 |
| Altria Group, Inc.<br>4.400%, due 02/14/26 |  | 13000 |  | 12726 |
| Apache Corp.<br>4.250%, due 01/15/44 |  | 60000 |  | 41966 |
| Aptiv PLC/Aptiv Corp.<br>2.396%, due 02/18/25 |  | 50000 |  | 47150 |
| AT&T, Inc.<br>4.350%, due 03/01/29 |  | 40000 |  | 38039 |
| Bank of America Corp.<br>3.875%, due 08/01/25 |  | 80000 |  | 77871 |
| Baxter International, Inc.<br>2.600%, due 08/15/26 |  | 30000 |  | 27707 |
| Broadcom, Inc.<br>3.150%, due 11/15/25 |  | 35000 |  | 33153 |
| Chevron Phillips Chemical Co. LLC/Chevron <br>Phillips Chemical Co. LP<br>3.300%, due 05/01/23<sup>6</sup> |  | 120000 |  | 119212 |
| 5.125%, due 04/01/25<sup>6</sup> |  | 25000 |  | 24962 |
| Citigroup, Inc.<br>3.875%, due 10/25/23 |  | 110000 |  | 109049 |
| 4.600%, due 03/09/26 |  | 20000 |  | 19644 |
| Comcast Corp.<br>3.950%, due 10/15/25 |  | 35000 |  | 34276 |
| Costco Wholesale Corp.<br>1.600%, due 04/20/30 |  | 10000 |  | 8193 |
| CVS Health Corp.<br>2.625%, due 08/15/24 |  | 25000 |  | 24015 |
| Dell International LLC/EMC Corp.<br>5.300%, due 10/01/29 |  | 60000 |  | 58680 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Duke Energy Carolinas LLC<br>2.500%, due 03/15/23 |  | 35000 | $34906 |
| Enterprise Products Operating LLC<br>3.900%, due 02/15/24 |  | 20000 | 19693 |
| EQT Corp.<br>3.900%, due 10/01/27 |  | 20000 | 18463 |
| Eversource Energy<br>2.900%, due 03/01/27 |  | 60000 | 55242 |
| Exelon Corp.<br>3.400%, due 04/15/26 |  | 15000 | 14242 |
| General Motors Financial Co., Inc.<br>4.350%, due 04/09/25 |  | 60000 | 58370 |
| Georgia Power Co.,<br>Series A,<br>2.100%, due 07/30/23 |  | 25000 | 24565 |
| Gilead Sciences, Inc.<br>2.500%, due 09/01/23 |  | 20000 | 19669 |
| Goldman Sachs Group, Inc.<br>0.250%, due 01/26/28<sup>2</sup> | EUR | 50000 | 43845 |
| 3.375%, due 03/27/25<sup>2</sup> | EUR | 25000 | 26604 |
| 3.500%, due 04/01/25 |  | 70000 | 67315 |
| Illinois Tool Works, Inc.<br>2.650%, due 11/15/26 |  | 45000 | 41791 |
| Johnson & Johnson<br>2.050%, due 03/01/23 |  | 30000 | 29890 |
| JPMorgan Chase & Co.<br>3.200%, due 01/25/23 |  | 220000 | 219830 |
| 3.625%, due 12/01/27 |  | 50000 | 46223 |
| Kinder Morgan, Inc.<br>5.625%, due 11/15/23<sup>6</sup> |  | 35000 | 35020 |
| Liberty Mutual Group, Inc.<br>4.569%, due 02/01/29<sup>6</sup> |  | 25000 | 23368 |
| Mastercard, Inc.<br>2.000%, due 03/03/25 |  | 20000 | 18919 |
| Morgan Stanley<br>4.000%, due 07/23/25 |  | 75000 | 73237 |
| 4.350%, due 09/08/26 |  | 20000 | 19405 |
| MPLX LP<br>4.250%, due 12/01/27 |  | 30000 | 28348 |
| National Rural Utilities Cooperative <br>Finance Corp.<br>3.700%, due 03/15/29 |  | 15000 | 13796 |
| NIKE, Inc.<br>2.400%, due 03/27/25 |  | 20000 | 19103 |
| Oncor Electric Delivery Co. LLC<br>3.700%, due 11/15/28 |  | 25000 | 23577 |
| Oracle Corp.<br>2.500%, due 04/01/25 |  | 20000 | 18857 |
| Paramount Global<br>4.750%, due 05/15/25 |  | 33000 | 32488 |
| Quanta Services, Inc.<br>0.950%, due 10/01/24 |  | 50000 | 46046 |

---

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Raytheon Technologies Corp.<br>3.950%, due 08/16/25 |  | 25000 | $| 24423 |
| Southern California Edison Co.,<br>Series E,<br>3.700%, due 08/01/25 |  | 20000 |  | 19350 |
| Southern Co.<br>3.250%, due 07/01/26 |  | 35000 |  | 32910 |
| Thermo Fisher Scientific, Inc.<br>1.215%, due 10/18/24 |  | 20000 |  | 18770 |
| TWDC Enterprises 18 Corp.<br>1.850%, due 07/30/26 |  | 10000 |  | 9037 |
| United Airlines Pass-Through Trust,<br>Series 2016-1, Class B,<br>3.650%, due 01/07/26 |  | 30729 |  | 27803 |
| Verizon Communications, Inc.<br>3.376%, due 02/15/25 |  | 25000 |  | 24222 |
| 3.500%, due 02/17/23<sup>2</sup> | AUD | 60000 |  | 40825 |
| Virginia Electric and Power Co.,<br>Series A,<br>3.800%, due 04/01/28 |  | 20000 |  | 18842 |
| Visa, Inc.<br>1.900%, due 04/15/27 |  | 25000 |  | 22514 |
| Warnermedia Holdings, Inc.<br>3.755%, due 03/15/27<sup>6</sup> |  | 50000 |  | 45026 |
| Williams Cos., Inc.<br>4.300%, due 03/04/24 |  | 35000 |  | 34577 |
| Xcel Energy, Inc.<br>4.800%, due 09/15/41 |  | 80000 |  | 69896 |
|  |  |  |  | 2181500 |
| **Total corporate bonds**<br> (cost $6,097,419) |  |  |  | **5557277** |
| **Mortgage-backed securities: 0.0%<sup>†</sup>**  | **Mortgage-backed securities: 0.0%<sup>†</sup>**  | **Mortgage-backed securities: 0.0%<sup>†</sup>**  | **Mortgage-backed securities: 0.0%<sup>†</sup>**  | **Mortgage-backed securities: 0.0%<sup>†</sup>**  |
| **United States: 0.0%<sup>†</sup>** | **United States: 0.0%<sup>†</sup>** | **United States: 0.0%<sup>†</sup>** | **United States: 0.0%<sup>†</sup>** | **United States: 0.0%<sup>†</sup>** |
| LNR CDO IV Ltd.,<br>Series 2006-1A, Class FFX,<br>7.592%, due 05/28/43<sup>6,7,8</sup> |  | 8000000 |  | 0 |
| Structured Adjustable Rate Mortgage <br>Loan Trust,<br>Series 2005-7, Class B11,<br>4.071%, due 04/25/35<sup>9</sup> |  | 61615 |  | 5857 |
| **Total mortgage-backed securities**<br> (cost $8,100,804) |  |  |  | **5857** |
| **Non-U.S. government agency obligations: 24.3%**  | **Non-U.S. government agency obligations: 24.3%**  | **Non-U.S. government agency obligations: 24.3%**  | **Non-U.S. government agency obligations: 24.3%**  | **Non-U.S. government agency obligations: 24.3%**  |
| **Australia: 1.7%** | **Australia: 1.7%** | **Australia: 1.7%** | **Australia: 1.7%** | **Australia: 1.7%** |
| Australia Government Bonds<br>2.250%, due 05/21/28<sup>2</sup> | AUD | 420000 |  | 265405 |
| 2.750%, due 11/21/27<sup>2</sup> | AUD | 200000 |  | 130477 |
|  |  |  |  | 395882 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Canada: 2.4%** | **Canada: 2.4%** | **Canada: 2.4%** | **Canada: 2.4%** |
| Canada Government Bonds<br>1.500%, due 09/01/24 | CAD | 690000 | $488809 |
| Canada Housing Trust No. 1<br>2.350%, due 09/15/23<sup>6</sup> | CAD | 120000 | 87260 |
|  |  |  | 576069 |
| **China: 0.5%** | **China: 0.5%** | **China: 0.5%** | **China: 0.5%** |
| China Development Bank<br>1.250%, due 01/21/23<sup>2</sup> | GBP | 100000 | 120708 |
| **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| Colombia Government International Bonds<br>8.125%, due 05/21/24 |  | 30000 | 30728 |
| **France: 1.5%** | **France: 1.5%** | **France: 1.5%** | **France: 1.5%** |
| Caisse d'Amortissement de la Dette Sociale<br>1.375%, due 11/25/24<sup>2</sup> | EUR | 100000 | 103347 |
| French Republic Government Bonds OAT<br>0.010%, due 03/25/25<sup>2</sup> | EUR | 260000 | 261591 |
|  |  |  | 364938 |
| **Germany: 4.5%** | **Germany: 4.5%** | **Germany: 4.5%** | **Germany: 4.5%** |
| Bundesobligation<br>0.010%, due 04/11/25<sup>2</sup> | EUR | 910000 | 920114 |
| Bundesschatzanweisungen<br>0.010%, due 06/16/23<sup>2</sup> | EUR | 150000 | 159194 |
|  |  |  | 1079308 |
| **Ireland: 2.1%** | **Ireland: 2.1%** | **Ireland: 2.1%** | **Ireland: 2.1%** |
| Ireland Government Bonds<br>1.000%, due 05/15/26<sup>2</sup> | EUR | 490000 | 497097 |
| **Japan: 4.5%** | **Japan: 4.5%** | **Japan: 4.5%** | **Japan: 4.5%** |
| Japan Bank for International Cooperation<br>0.625%, due 05/22/23 |  | 200000 | 196729 |
| Japan Government CPI Linked Bonds<br>0.100%, due 03/10/26 | JPY | 49550220 | 391713 |
| Japan Government Ten Year Bonds<br>0.400%, due 03/20/25 | JPY | 63000000 | 483718 |
|  |  |  | 1072160 |
| **Mexico: 0.1%** | **Mexico: 0.1%** | **Mexico: 0.1%** | **Mexico: 0.1%** |
| Mexico Government International Bonds<br>6.750%, due 02/06/24 | GBP | 20000 | 24421 |
| **New Zealand: 2.8%** | **New Zealand: 2.8%** | **New Zealand: 2.8%** | **New Zealand: 2.8%** |
| New Zealand Government Bonds<br>0.500%, due 05/15/26 | NZD | 500000 | 276499 |
| New Zealand Government Bonds <br>Inflation-Linked<br>3.000%, due 09/20/30<sup>2</sup> | NZD | 467020 | 381856 |
|  |  |  | 658355 |

---

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** |
| Republic of Poland Government <br>International Bonds<br>0.010%, due 02/10/25<sup>2</sup> | EUR | 90000 | $89735 |
| **Romania: 0.3%** | **Romania: 0.3%** | **Romania: 0.3%** | **Romania: 0.3%** |
| Romania Government International Bonds<br>2.750%, due 02/26/26<sup>2</sup> | EUR | 80000 | 80648 |
| **South Korea: 0.8%** | **South Korea: 0.8%** | **South Korea: 0.8%** | **South Korea: 0.8%** |
| Korea Water Resources Corp.<br>3.875%, due 05/15/23<sup>2</sup> |  | 200000 | 199172 |
| **Spain: 0.8%** | **Spain: 0.8%** | **Spain: 0.8%** | **Spain: 0.8%** |
| Spain Government Bonds<br>1.600%, due 04/30/25<sup>2,6</sup> | EUR | 180000 | 187113 |
| **Supranationals: 1.6%** | **Supranationals: 1.6%** | **Supranationals: 1.6%** | **Supranationals: 1.6%** |
| Asian Development Bank<br>1.625%, due 01/24/23 |  | 150000 | 149740 |
| Corp. Andina de Fomento<br>4.500%, due 06/05/25<sup>2</sup> | AUD | 35000 | 23301 |
| European Financial Stability Facility<br>0.500%, due 01/20/23<sup>2</sup> | EUR | 80000 | 85587 |
| 0.500%, due 07/11/25<sup>2</sup> | EUR | 100000 | 100714 |
| European Union<br>3.000%, due 09/04/26<sup>2</sup> | EUR | 30000 | 32154 |
|  |  |  | 391496 |
| **United Kingdom: 0.2%** | **United Kingdom: 0.2%** | **United Kingdom: 0.2%** | **United Kingdom: 0.2%** |
| Bank of England Euro Notes<br>0.500%, due 04/28/23<sup>2</sup> |  | 40000 | 39485 |
| **Total non-U.S. government agency obligations**<br> (cost $6,547,551) |  |  | **5807315** |
| **U.S. Treasury obligations: 38.2%**  | **U.S. Treasury obligations: 38.2%**  | **U.S. Treasury obligations: 38.2%**  | **U.S. Treasury obligations: 38.2%**  |
| **United States: 38.2%** | **United States: 38.2%** | **United States: 38.2%** | **United States: 38.2%** |
| U.S. Treasury Bills<br>2.739%, due 01/26/23<sup>10</sup> |  | 3400000 | 3393715 |
| 4.507%, due 06/15/23<sup>10</sup> |  | 3000000 | 2940318 |
| U.S. Treasury Notes<br>0.250%, due 05/31/25 |  | 1030000 | 935047 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| 0.375%, due 04/30/25 | 560000 | $511087 |
| 1.375%, due 09/30/23 | 320000 | 312200 |
| 1.500%, due 02/28/23 | 210000 | 209036 |
| 1.625%, due 04/30/23 | 310000 | 307118 |
| 1.875%, due 02/28/27 | 460000 | 421295 |
| 2.750%, due 11/15/23 | 100000 | 98297 |
| **Total U.S. Treasury obligations**<br> (cost $9,289,328) |  | **9128113** |
|  | **Number of<br>shares** |  |
| **Exchange traded funds: 5.1%**  | **Exchange traded funds: 5.1%**  | **Exchange traded funds: 5.1%**  |
| **United States: 5.1%** | **United States: 5.1%** | **United States: 5.1%** |
| iShares MSCI USA Value Factor ETF | 2255 | 205521 |
| iShares MSCI International Value Factor ETF<sup>5</sup> | 43319 | 1003701 |
| **Total exchange traded funds**<br> (cost $1,049,057) |  | **1209222** |
| **Short-term investments: 0.4%**  | **Short-term investments: 0.4%**  | **Short-term investments: 0.4%**  |
| **Investment companies: 0.4%** | **Investment companies: 0.4%** | **Investment companies: 0.4%** |
| State Street Institutional <br>U.S. Government Money <br>Market Fund, 4.120%<sup>10</sup>(cost $99,795) | 99795 | 99795 |
| **Investment of cash collateral from securities loaned: 4.8%**  | **Investment of cash collateral from securities loaned: 4.8%**  | **Investment of cash collateral from securities loaned: 4.8%**  |
| **Money market funds: 4.8%** | **Money market funds: 4.8%** | **Money market funds: 4.8%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.320%<sup>10</sup>(cost $1,141,725) | 1141725 | 1141725 |
| **Total investments: 96.0%**<br> (cost $32,325,679) |  | **22949304** |
| Other assets in excess of liabilities: 4.0% |  | 958469 |
| **Net assets: 100.0%** |  | $**23907773** |

---

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.

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 1 | AUD | ASX SPI 200 Index Futures | March 2023 | $121755 | $119013 | $(2742) |
| 1 | CAD | S&P TSX 60 Index Futures | March 2023 | 179244 | 172806 | (6438) |
| 129 | EUR | Eurex STOXX 600 Banks Index Futures | March 2023 | 958255 | 964545 | 6290 |
| 13 | EUR | EURO STOXX 600 Index Futures | March 2023 | 306928 | 295085 | (11843) |
| 7 | EUR | FTSE MIB Index Futures | March 2023 | 924299 | 888238 | (36061) |
| 11 | GBP | FTSE 100 Index Futures | March 2023 | 988486 | 992862 | 4376 |
| 1 | JPY | TSE TOPIX Index Futures | March 2023 | 147747 | 144125 | (3622) |
| 16 | USD | MSCI Emerging Markets Index Futures | March 2023 | 779070 | 767520 | (11550) |
| 16 | USD | MSCI World Energy Index Futures | March 2023 | 722660 | 721018 | (1642) |
| 18 | USD | MSCI World Small Cap Index Futures | March 2023 | 1067047 | 1022940 | (44107) |
| 6 | USD | S&P 500 E-Mini Index Futures | March 2023 | 1207318 | 1158300 | (49018) |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 7 | AUD | Australian Bond 10 Year Futures | March 2023 | 582176 | 551332 | (30844) |
| 6 | CAD | Canadian Bond 10 Year Futures | March 2023 | 557571 | 543058 | (14513) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 9 | USD | U.S. Treasury Note 5 Year Futures | March 2023 | 973841 | 971367 | (2474) |
| **Total** |  |  |  | $**9516397** | $**9312209** | $**(204188)** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 46 | EUR | EURO STOXX 50 Index Futures | March 2023 | $(1937808) | $(1863760) | $74048 |
| 13 | USD | MSCI World Index Futures | March 2023 | (1097520) | (1042600) | 54920 |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 2 | EUR | German Euro BOBL Futures | March 2023 | (256135) | (247809) | 8326 |
| 2 | GBP | Long Gilt Bond Futures | March 2023 | (255909) | (241548) | 14361 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 4 | USD | U.S. Treasury Note 10 Year Futures | March 2023 | (451668) | (449188) | 2480 |
| 1 | USD | U.S. Treasury Ultra Bond Futures | March 2023 | (137271) | (134312) | 2959 |
| 4 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2023 | (478025) | (473125) | 4900 |
| **Total** |  |  |  | $**(4614336)** | $**(4452342)** | $**161994** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(42194)** |

---

**Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>11</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>received<br>by the<br>Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| iTraxx Europe Crossover Series 38 Index | EUR | 400 | 12/20/27 | Quarterly | 5.000% | $15619 | $4850 | $20469 |

---

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>11</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>received<br>by the<br>Portfolio<sup>12</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CDX North America High Yield 39 Index | USD | 1160 | 12/20/27 | Quarterly | 5.000% | $55252 | $9477 | $64729 |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | COP | 657463000 | USD | 137949 | 01/12/23 | $2530 |
| BB | USD | 380000 | BRL | 2046300 | 01/12/23 | 6909 |
| BB | USD | 1559665 | COP | 7585916000 | 01/12/23 | 2816 |
| BOA | EUR | 5830000 | USD | 6104202 | 01/12/23 | (140024) |
| BOA | USD | 1420103 | BRL | 7690000 | 01/12/23 | 33901 |
| BOA | USD | 2282557 | NOK | 22680000 | 01/12/23 | 33277 |
| CIBC | NZD | 5070000 | USD | 3128735 | 01/12/23 | (90513) |
| CIBC | USD | 59114 | CAD | 80000 | 01/12/23 | (28) |
| CITI | USD | 333132 | CLP | 302900000 | 01/12/23 | 23679 |
| GSI | INR | 10510000 | USD | 129721 | 01/12/23 | 2738 |
| HSBC | CHF | 120000 | USD | 128645 | 01/12/23 | (1245) |
| HSBC | GBP | 305000 | AUD | 553246 | 01/12/23 | 7993 |
| HSBC | HKD | 865000 | USD | 110591 | 01/12/23 | (257) |
| JPMCB | GBP | 625000 | NOK | 7554713 | 01/12/23 | 15651 |
| JPMCB | USD | 1980350 | JPY | 274100000 | 01/12/23 | 110179 |
| MSCI | AUD | 1795000  | USD | 1218012 | 01/12/23 | (4514) |
| MSCI | CAD | 3305000 | USD | 2495330 | 01/12/23 | 54306 |
| MSCI | CNY | 7560000 | USD | 1070880 | 01/12/23 | (17315) |
| MSCI | EUR | 355000 | AUD | 555778 | 01/12/23 | (1697) |
| MSCI | GBP | 2260000 | USD | 2694566 | 01/12/23 | (38239) |
| MSCI | PHP | 67100000 | USD | 1172155 | 01/12/23 | (31460) |
| SSC | JPY | 19500000 | USD | 143499 | 01/12/23 | (5225) |
| SSC | NOK | 1260000 | GBP | 104859 | 01/12/23 | (1861) |
| SSC | USD | 357801 | AUD | 520000 | 01/12/23 | (3643) |
| SSC | USD | 106770 | CNY | 740000 | 01/12/23 | (253) |
| SSC | USD | 197128 | EUR | 185000 | 01/12/23 | 1017 |
| SSC | USD | 139174 | GBP | 115000 | 01/12/23 | (116) |
| SSC | USD | 608814 | GBP | 515000 | 01/12/23 | 13927 |
| SSC | USD | 282611 | JPY | 38000000 | 01/12/23 | 7211 |
| SSC | USD | 177360 | NZD | 290000 | 01/12/23 | 6778 |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(13478)** |

---

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Corporate bonds | $— | $5557277 | $— | $5557277 |
| Mortgage-backed securities |  | 5857 | 0 | 5857 |
| Non-U.S. government agency obligations |  | 5807315 |  | 5807315 |
| U.S. Treasury obligations |  | 9128113 |  | 9128113 |
| Exchange traded funds | 1209222 |  |  | 1209222 |
| Short-term investments |  | 99795 |  | 99795 |
| Investment of cash collateral from securities loaned |  | 1141725 |  | 1141725 |
| Futures contracts | 172660 |  |  | 172660 |
| Swap agreements |  | 14327 |  | 14327 |
| Forward foreign currency contracts |  | 322912 |  | 322912 |
| **Total** | $**1381882** | $**22077321** | $**0** | $**23459203** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(214854) | $— | $— | $(214854) |
| Forward foreign currency contracts |  | (336390) |  | (336390) |
| **Total** | $**(214854)** | $**(336390)** | $**—** | $**(551244)** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> In U.S. dollars unless otherwise indicated.

<sup>2</sup> 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.

<sup>3</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>4</sup> Perpetual investment. Date shown reflects the next call date.

<sup>5</sup> Security, or portion thereof, was on loan at the period end.

<sup>6</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $521,961, represented 2.2% of the Fund's net assets at period end.

<sup>7</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>8</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>9</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>10</sup> Rates shown reflect yield at December 31, 2022.

------

UBS Dynamic Alpha Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

<sup>11</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

<sup>12</sup> Payments made or received are based on the notional amount.

See accompanying notes to financial statements.<br>21

------

UBS Global Allocation Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class A shares of UBS Global Allocation Fund (the "Fund") returned -0.68% (Class A shares returned -6.14% after the deduction of the maximum sales charge), while Class P shares returned -0.66%. For comparison purposes, the Fund's benchmark, MSCI All Country World Index (net) returned 2.28% and the FTSE World Government Bond Index (hedged in USD), a secondary benchmark returned -4.16%. In contrast, the Fund's secondary benchmark, the 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (hedged in USD), returned -0.18% during the same time period. (Class P shares have lower expenses than other share classes of the Fund. Returns for all share classes over various time periods are shown on page 23; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund produced a negative total return during the reporting period. Both tactical asset allocation and security selection detracted from performance.

During the review period, we used derivatives for risk management purposes and as a tool to help enhance returns in the portfolio. We used a variety of equity and fixed income options, futures and swaps to implement our tactical asset allocation strategy.

**Portfolio performance summary**

**• Bottom-up security selection detracted from performance.**

&nbsp;&nbsp;&nbsp;&nbsp;– US Large-Cap Value and International Equity strategies contributed to performance. This was offset by the negative impact from Emerging Markets Equity Opportunity and US Large Cap Growth strategies.

**• Active asset allocation decisions detracted from performance.**

&nbsp;&nbsp;&nbsp;&nbsp;– Overall, tactical asset allocation in equities detracted from returns, while fixed income and currency decisions contributed to results.

&nbsp;&nbsp;&nbsp;&nbsp;– Within equities, the largest detractor was an overweight to Brazil over emerging market equities due to fiscal risk with the new Brazilin President Lula da Silva. In addition, an overweight to Chinese equities detracted from returns due to the country's economic slowdown from stringent COVID-19 measures. However, an overweight to energy over world equities contributed to returns on the news of China's reopening, along with supply constraints driving energy prices higher.

&nbsp;&nbsp;&nbsp;&nbsp;– Within currency, long positions in the Japanese yen and Mexican peso versus the US dollar contributed to returns. In addition, a short position in more cyclical Asian currencies contributed to returns.

&nbsp;&nbsp;&nbsp;&nbsp;– Within fixed income, a broad duration underweight contributed to returns over the reporting period. In addition, an overweight to German bunds over UK gilts contributed to performance, as investors focused on rising central bank rate hikes and inflation, in addition to the UK's economic outlook.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS Global Allocation Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **5 years** | **10 years** |
| **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** |
| Class A<sup>1</sup> | (0.68)% | (16.99)% | 2.20% | 4.24% |
| Class P<sup>2</sup> | (0.66) | (16.80) | 2.43 | 4.50 |
| **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** |
| Class A<sup>1</sup> | (6.14)% | (21.56)% | 1.05% | 3.65% |
| MSCI All Country World Index (net)<sup>3</sup> | 2.28 | (18.36) | 5.23 | 7.98 |
| FTSE World Government Bond Index (Hedged in USD)<sup>4</sup> | (4.16) | (12.86) | (0.06) | 1.52 |
| 60% MSCI All Country World Index (net)/40% FTSE World <br>Government Bond Index (Hedged in USD)<sup>5</sup> | (0.18) | (15.94) | 3.46 | 5.61 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class A—1.48% and 1.29%; Class P—1.20% and 1.04%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 1.20% for Class A shares and 0.95% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The MSCI All Country World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>4</sup> The FTSE World Government Bond Index (Hedged in USD) is an unmanaged market capitalization-weighted index designed to measure the performance of fixed-rate, local currency, investment-grade sovereign bonds with a one-year minimum maturity and is hedged back to the US dollar. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>5</sup> The 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) is a unmanaged blended benchmark compiled by the Advisor. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Fund made during the specified holding period.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS Global Allocation Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten fixed income holdings**

---

| | |
|:---|:---|
| U.S. Treasury Bills, 2.880% due 01/26/23 | 4.6% |
| New Zealand Government Bonds Inflation-Linked, <br>2.000% due 09/20/25 | 1.7 |
| UMBS TBA, 2.500% | 0.9 |
| UMBS TBA, 3.500% | 0.7 |
| UMBS TBA, 2.000% | 0.7 |
| UMBS TBA, 3.000% | 0.7 |
| U.S. Treasury Notes, 1.625% due 11/30/26 | 0.6 |
| U.S. Treasury Notes, 0.625% due 08/15/30 | 0.6 |
| U.S. Treasury Notes, 1.375% due 09/30/23 | 0.5 |
| FHLMC, 2.000% due 02/01/51 | 0.4 |
| **Total** | **11.4%** |

---

**Top ten equity holdings**

---

| | |
|:---|:---|
| Energy Select Sector SPDR Fund ETF | 1.6% |
| AbbVie, Inc. | 1.3 |
| Microsoft Corp. | 1.1 |
| Apple, Inc. | 1.1 |
| Shell PLC | 1.1 |
| Amazon.com, Inc. | 0.8 |
| Alphabet, Inc., Class A | 0.7 |
| AIA Group Ltd. | 0.7 |
| Williams Cos., Inc. | 0.6 |
| Novartis AG, Registered Shares | 0.6 |
| **Total** | **9.6%** |

---

**Top five issuer breakdown by country or territory of origin<sup>2</sup>**

---

| | |
|:---|:---|
| United States | 60.9% |
| Japan | 3.9 |
| United Kingdom | 2.5 |
| Netherlands | 1.9 |
| New Zealand | 1.7 |
| **Total** | **70.9%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

<sup>2</sup> Figures represent the direct investments of UBS Global Allocation Fund. If a breakdown of the underlying investment companies and exchange traded funds was included, the country or territory of origin breakdown would be as follows: United States: 56.0%, Canada: 10.2%, United Kingdom: 8.1%, Japan: 4.9%, and China: 4.8%.

------

UBS Global Allocation Fund

**Portfolio statistics and industry diversification—(unaudited)**

As a percentage of net assets as of December 31, 2022

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Aerospace & defense | 0.4% |
| Airlines | 0.2 |
| Auto components | 0.8 |
| Automobiles | 0.2 |
| Banks | 2.6 |
| Beverages | 1.0 |
| Biotechnology | 2.0 |
| Capital markets | 1.1 |
| Chemicals | 1.2 |
| Consumer finance | 0.3 |
| Diversified financial services | 0.8 |
| Diversified telecommunication services | 0.8 |
| Electric utilities | 0.5 |
| Electrical equipment | 0.5 |
| Electronic equipment, instruments & components | 0.4 |
| Entertainment | 1.1 |
| Equity real estate investment trusts | 0.5 |
| Food & staples retailing | 0.3 |
| Food products | 1.0 |
| Health care equipment & supplies | 1.5 |
| Health care providers & services | 1.0 |
| Hotels, restaurants & leisure | 1.0 |
| Household durables | 0.4 |
| Industrial conglomerates | 0.2 |
| Insurance | 1.3 |
| Interactive media & services | 0.8 |
| Internet & direct marketing retail | 0.8 |
| IT services | 1.2 |
| Leisure products | 0.2 |
| Life sciences tools & services | 0.8 |
| Machinery | 0.9 |
| Media | 0.4 |
| Metals & mining | 0.3 |
| Multiline retail | 0.4 |
| Oil, gas & consumable fuels | 2.4 |
| Personal products | 1.0 |
| Pharmaceuticals | 1.1 |
| Professional services | 0.4 |
| Road & rail | 0.8 |
| Semiconductors & semiconductor equipment | 1.5 |
| Software | 3.3 |
| Specialty retail | 0.5 |
| Technology hardware, storage & peripherals | 1.3 |
| Textiles, apparel & luxury goods | 0.8 |
| Tobacco | 0.5 |
| Trading companies & distributors | 1.1 |
| Wireless telecommunication services | 0.2 |
| **Total common stocks** | **41.8** |

---

---

| | |
|:---|:---|
| Exchange traded funds | 1.6% |
| Investment companies | 20.1 |
| Asset-backed securities | 2.7 |
| Mortgage-backed securities | 0.8 |
| Non-U.S. government agency obligations | 4.7 |
| U.S. government agency obligations | 6.8 |
| U.S. Treasury obligations | 8.4 |
| Short-term investments | 14.3 |
| Investment of cash collateral from securities loaned | 1.2 |
| **Total investments** | **102.4** |
| Liabilities in excess of other assets | (2.4) |
| **Net assets** | **100.0%** |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks: 41.8%** | **Common stocks: 41.8%** | **Common stocks: 41.8%** |
| **Australia: 0.3%** | **Australia: 0.3%** | **Australia: 0.3%** |
| Glencore PLC | 91552 | $610528 |
| **Austria: 0.4%** | **Austria: 0.4%** | **Austria: 0.4%** |
| BAWAG Group AG\*<sup>,1</sup> | 14726 | 784752 |
| **Canada: 0.5%** | **Canada: 0.5%** | **Canada: 0.5%** |
| Canadian Pacific Railway Ltd.<sup>2</sup> | 12026 | 896621 |
| **Denmark: 0.4%** | **Denmark: 0.4%** | **Denmark: 0.4%** |
| Genmab A/S\* | 1676 | 708604 |
| **France: 0.7%** | **France: 0.7%** | **France: 0.7%** |
| Cie Generale des Etablissements Michelin SCA | 18443 | 513772 |
| Pernod Ricard SA | 2991 | 588397 |
| Ubisoft Entertainment SA\* | 6744 | 190523 |
|  |  | 1292692 |
| **Germany: 1.3%** | **Germany: 1.3%** | **Germany: 1.3%** |
| CTS Eventim AG & Co. KGaA\* | 8870 | 563058 |
| Infineon Technologies AG | 20377 | 619295 |
| Knorr-Bremse AG | 7901 | 429833 |
| SAP SE | 6443 | 665180 |
|  |  | 2277366 |
| **Hong Kong: 0.7%** | **Hong Kong: 0.7%** | **Hong Kong: 0.7%** |
| AIA Group Ltd. | 106217 | 1172995 |
| **India: 0.5%** | **India: 0.5%** | **India: 0.5%** |
| HDFC Bank Ltd., ADR | 12968 | 887141 |
| **Ireland: 0.6%** | **Ireland: 0.6%** | **Ireland: 0.6%** |
| AIB Group PLC<sup>2</sup> | 263358 | 1010874 |
| **Italy: 0.4%** | **Italy: 0.4%** | **Italy: 0.4%** |
| PRADA SpA | 136400 | 765723 |
| **Japan: 3.2%** | **Japan: 3.2%** | **Japan: 3.2%** |
| ITOCHU Corp.<sup>2</sup> | 25200 | 790593 |
| JTOWER, Inc.\*<sup>,2</sup> | 10100 | 461884 |
| Keyence Corp. | 800 | 310596 |
| Nippon Telegraph & Telephone Corp. | 35200 | 1003851 |
| ORIX Corp. | 54800 | 877165 |
| Shin-Etsu Chemical Co. Ltd. | 4000 | 488449 |
| SoftBank Group Corp. | 10200 | 431388 |
| Sony Group Corp. | 9500 | 724105 |
| TechnoPro Holdings, Inc.<sup>2</sup> | 19400 | 516491 |
|  |  | 5604522 |
| **Netherlands: 1.9%** | **Netherlands: 1.9%** | **Netherlands: 1.9%** |
| Heineken Holding NV | 5597 | 432259 |
| Koninklijke Philips NV | 30613 | 460640 |
| OCI NV<sup>2</sup> | 13669 | 488700 |
| Shell PLC | 67456 | 1901640 |
|  |  | 3283239 |
| **South Korea: 0.2%** | **South Korea: 0.2%** | **South Korea: 0.2%** |
| Samsung Electronics Co. Ltd. | 9362 | 410928 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Spain: 0.4%** | **Spain: 0.4%** | **Spain: 0.4%** |
| Banco de Sabadell SA | 783919 | $736855 |
| **Sweden: 0.4%** | **Sweden: 0.4%** | **Sweden: 0.4%** |
| Hexpol AB | 61295 | 654016 |
| **Switzerland: 1.3%** | **Switzerland: 1.3%** | **Switzerland: 1.3%** |
| Alcon, Inc. | 11683 | 801675 |
| Novartis AG, Registered Shares | 11681 | 1057100 |
| Wizz Air Holdings PLC\*<sup>,1,2</sup> | 15980 | 365395 |
|  |  | 2224170 |
| **United Kingdom: 2.1%** | **United Kingdom: 2.1%** | **United Kingdom: 2.1%** |
| Ashtead Group PLC | 13079 | 742949 |
| British American Tobacco PLC | 20656 | 817113 |
| London Stock Exchange Group PLC | 8525 | 732478 |
| Ocado Group PLC\*<sup>,2</sup> | 22115 | 164160 |
| Spectris PLC | 12835 | 464969 |
| Unilever PLC | 14719 | 738552 |
|  |  | 3660221 |
| **United States: 26.5%** | **United States: 26.5%** | **United States: 26.5%** |
| Abbott Laboratories | 2371 | 260312 |
| AbbVie, Inc. | 13628 | 2202421 |
| Advanced Micro Devices, Inc.\* | 6282 | 406885 |
| AGCO Corp. | 1369 | 189867 |
| Agilent Technologies, Inc. | 1811 | 271016 |
| Airbnb, Inc., Class A\* | 120 | 10260 |
| Akamai Technologies, Inc.\* | 6981 | 588498 |
| Albemarle Corp. | 562 | 121875 |
| Allstate Corp. | 3451 | 467956 |
| Alphabet, Inc., Class A\* | 13353 | 1178135 |
| Amazon.com, Inc.\* | 16558 | 1390872 |
| Ameriprise Financial, Inc. | 2767 | 861561 |
| APA Corp. | 14593 | 681201 |
| Apple, Inc. | 14646 | 1902955 |
| Aptiv PLC\* | 9606 | 894607 |
| Bio-Rad Laboratories, Inc., Class A\* | 1525 | 641247 |
| BJ's Wholesale Club Holdings, Inc.\* | 4574 | 302616 |
| Block, Inc.\* | 2809 | 176518 |
| Broadcom, Inc. | 1072 | 599387 |
| Brunswick Corp. | 3902 | 281256 |
| Bunge Ltd. | 9672 | 964975 |
| Centene Corp.\* | 2024 | 165988 |
| CF Industries Holdings, Inc. | 4192 | 357158 |
| Charles Schwab Corp. | 4893 | 407391 |
| Chipotle Mexican Grill, Inc.\* | 267 | 370460 |
| Comcast Corp., Class A | 20999 | 734335 |
| Constellation Brands, Inc., Class A | 1818 | 421321 |
| Cooper Cos., Inc. | 1068 | 353156 |
| Crown Castle, Inc. | 1600 | 217024 |
| Dexcom, Inc.\* | 1907 | 215949 |
| Dollar Tree, Inc.\* | 5029 | 711302 |
| Eli Lilly & Co. | 2625 | 960330 |
| EOG Resources, Inc. | 1823 | 236115 |
| EQT Corp. | 3695 | 125002 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Expedia Group, Inc.\* | 2365 | $207174 |
| Exxon Mobil Corp. | 1289 | 142177 |
| Fidelity National Information Services, Inc. | 3657 | 248127 |
| Fortinet, Inc.\* | 5732 | 280237 |
| Haleon PLC\* | 250926 | 992818 |
| HealthEquity, Inc.\* | 2476 | 152621 |
| Honeywell International, Inc. | 1830 | 392169 |
| HubSpot, Inc.\* | 1164 | 336547 |
| Ingersoll Rand, Inc. | 17645 | 921951 |
| IQVIA Holdings, Inc.\* | 2434 | 498702 |
| Laboratory Corp. of America Holdings | 3039 | 715624 |
| Las Vegas Sands Corp.\* | 16297 | 783397 |
| LivaNova PLC\* | 8300 | 460982 |
| Lowe's Cos., Inc. | 2187 | 435738 |
| Lululemon Athletica, Inc.\* | 1020 | 326788 |
| Marsh & McLennan Cos., Inc. | 3597 | 595232 |
| Marvell Technology, Inc. | 9566 | 354325 |
| Mastercard, Inc., Class A | 2710 | 942348 |
| McDonald's Corp. | 1291 | 340217 |
| Meta Platforms, Inc., Class A\* | 1110 | 133577 |
| Micron Technology, Inc. | 7628 | 381247 |
| Microsoft Corp. | 8190 | 1964126 |
| Mondelez International, Inc., Class A | 12302 | 819928 |
| MongoDB, Inc.\* | 652 | 128340 |
| Netflix, Inc.\* | 1651 | 486847 |
| NextEra Energy, Inc. | 9768 | 816605 |
| Nike, Inc., Class B | 3124 | 365539 |
| NVIDIA Corp. | 1614 | 235870 |
| Oracle Corp. | 7192 | 587874 |
| Palo Alto Networks, Inc.\* | 1455 | 203031 |
| PepsiCo, Inc. | 1992 | 359875 |
| Prologis, Inc. | 5400 | 608742 |
| Regal Rexnord Corp. | 4969 | 596181 |
| Salesforce, Inc.\* | 2789 | 369793 |
| ServiceNow, Inc.\* | 919 | 356820 |
| Shoals Technologies Group, Inc., Class A\* | 10577 | 260935 |
| SLM Corp. | 32657 | 542106 |
| Snap, Inc., Class A\* | 16451 | 147236 |
| Spirit AeroSystems Holdings, Inc., Class A | 8804 | 260598 |
| Splunk, Inc.\* | 5412 | 465919 |
| SVB Financial Group\* | 1614 | 371446 |
| Take-Two Interactive Software, Inc.\* | 6489 | 675700 |
| Tesla, Inc.\* | 2770 | 341209 |
| TJX Cos., Inc. | 4766 | 379374 |
| TransDigm Group, Inc. | 780 | 491127 |
| Union Pacific Corp. | 2232 | 462180 |
| United Rentals, Inc.\* | 1090 | 387408 |
| UnitedHealth Group, Inc. | 1471 | 779895 |
| Universal Display Corp. | 848 | 91618 |
| Verisk Analytics, Inc. | 1371 | 241872 |
| Vertex Pharmaceuticals, Inc.\* | 1929 | 557057 |
| VMware, Inc., Class A\* | 4545 | 557944 |
| Voya Financial, Inc. | 7797 | 479437 |
| Walmart, Inc. | 695 | 98544 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Wells Fargo & Co. | 17782 | $| 734219 |
| Williams Cos., Inc. | 32290 |  | 1062341 |
|  |  |  | 46599685 |
| **Total common stocks**<br> (cost $68,778,464) |  |  | **73580932** |
| **Exchange traded funds: 1.6%** | **Exchange traded funds: 1.6%** | **Exchange traded funds: 1.6%** | **Exchange traded funds: 1.6%** |
| Energy Select Sector SPDR Fund ETF<br>(cost $1,887,609) | 32311 |  | 2826243 |
| **Investment companies: 20.1%**  | **Investment companies: 20.1%**  | **Investment companies: 20.1%**  | **Investment companies: 20.1%**  |
| PACE High Yield Investments<sup>3</sup> | 2255749 |  | 18474585 |
| UBS All China Equity Fund<sup>3</sup> | 453914 |  | 2392128 |
| UBS Emerging Markets Equity Opportunity Fund<sup>3</sup> | 2026485 |  | 14448835 |
| **Total investment companies**<br> (cost $44,394,305) |  |  | **35315548** |
|  | **Face<br>amount<sup>4</sup>** |  |  |
| **Asset-backed securities: 2.7%**  | **Asset-backed securities: 2.7%**  | **Asset-backed securities: 2.7%**  | **Asset-backed securities: 2.7%**  |
| **Cayman Islands: 0.2%** | **Cayman Islands: 0.2%** | **Cayman Islands: 0.2%** | **Cayman Islands: 0.2%** |
| Dryden 60 CLO Ltd.,<br>Series 2018-60A, Class A,<br>3 mo. USD LIBOR + 1.050%,<br>5.129%, due 07/15/31<sup>1,5</sup> | 250000 |  | 245966 |
| **United States: 2.5%** | **United States: 2.5%** | **United States: 2.5%** | **United States: 2.5%** |
| American Credit Acceptance Receivables Trust,<br>Series 2019-1, Class D,<br>3.810%, due 04/14/25<sup>1</sup> | 8778 |  | 8774 |
| Series 2020-3, Class C,<br>1.850%, due 06/15/26<sup>1</sup> | 237764 |  | 235937 |
| CCG Receivables Trust,<br>Series 2019-2, Class A2,<br>2.110%, due 03/15/27<sup>1</sup> | 136031 |  | 135833 |
| CPS Auto Receivables Trust,<br>Series 2021-A, Class C,<br>0.830%, due 09/15/26<sup>1</sup> | 111039 |  | 109637 |
| DLL LLC,<br>Series 2019-MT3, Class A4,<br>2.150%, due 09/21/26<sup>1</sup> | 5554 |  | 5545 |
| Drive Auto Receivables Trust,<br>Series 2018-5, Class D,<br>4.300%, due 04/15/26 | 72024 |  | 71959 |
| Series 2019-1, Class D,<br>4.090%, due 06/15/26 | 254152 |  | 253531 |
| Series 2019-2, Class D,<br>3.690%, due 08/17/26 | 259370 |  | 257427 |
| Series 2020-2, Class C,<br>2.280%, due 08/17/26 | 90654 |  | 90108 |
| DT Auto Owner Trust,<br>Series 2019-1A, Class D,<br>3.870%, due 11/15/24<sup>1</sup> | 158690 |  | 158524 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Series 2019-4A, Class C,<br>2.730%, due 07/15/25<sup>1</sup> | 2021 | $2019 |
| Series 2021-1A, Class D,<br>1.160%, due 11/16/26<sup>1</sup> | 100000 | 92094 |
| Series 2021-2A, Class A,<br>0.410%, due 03/17/25<sup>1</sup> | 60345 | 60169 |
| Enterprise Fleet Financing LLC,<br>Series 2019-3, Class A2,<br>2.060%, due 05/20/25<sup>1</sup> | 28970 | 28915 |
| Series 2020-1, Class A2,<br>1.780%, due 12/22/25<sup>1</sup> | 42189 | 41998 |
| Exeter Automobile Receivables Trust,<br>Series 2020-2A, Class C,<br>3.280%, due 05/15/25<sup>1</sup> | 123286 | 122746 |
| Series 2020-3A, Class C,<br>1.320%, due 07/15/25 | 265078 | 262084 |
| Series 2021-1A, Class D,<br>1.080%, due 11/16/26 | 125000 | 116862 |
| Series 2022-5A, Class A2,<br>5.290%, due 01/15/25 | 525000 | 524935 |
| Flagship Credit Auto Trust,<br>Series 2019-1, Class C,<br>3.600%, due 02/18/25<sup>1</sup> | 29517 | 29501 |
| Ford Credit Auto Lease Trust,<br>Series 2020-B, Class C,<br>1.700%, due 02/15/25 | 23903 | 23880 |
| GLS Auto Receivables Issuer Trust,<br>Series 2021-1A, Class B,<br>0.820%, due 04/15/25<sup>1</sup> | 35948 | 35894 |
| GLS Auto Receivables Trust,<br>Series 2018-3A, Class C,<br>4.180%, due 07/15/24<sup>1</sup> | 38158 | 38147 |
| GM Financial Automobile Leasing Trust,<br>Series 2020-2, Class B,<br>1.560%, due 07/22/24 | 160702 | 160425 |
| HPEFS Equipment Trust,<br>Series 2020-2A, Class C,<br>2.000%, due 07/22/30<sup>1</sup> | 166240 | 165444 |
| OneMain Financial Issuance Trust,<br>Series 2020-2A, Class B,<br>2.210%, due 09/14/35<sup>1</sup> | 100000 | 84673 |
| Santander Drive Auto Receivables Trust,<br>Series 2019-2, Class D,<br>3.220%, due 07/15/25 | 254706 | 253101 |
| Series 2020-2, Class C,<br>1.460%, due 09/15/25 | 198963 | 198325 |
| Tesla Auto Lease Trust,<br>Series 2021-A, Class D,<br>1.340%, due 03/20/25<sup>1</sup> | 425000 | 402457 |
| Westlake Automobile Receivables Trust,<br>Series 2019-3A, Class D,<br>2.720%, due 11/15/24<sup>1</sup> | 148908 | 147936 |
| Series 2020-1A, Class C,<br>2.520%, due 04/15/25<sup>1</sup> | 136196 | 135744 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Series 2020-3A, Class B,<br>0.780%, due 11/17/25<sup>1</sup> | 216590 | $ | 215464 |
|  |  |  | 4470088 |
| **Total asset-backed securities**<br> (cost $4,774,941) |  |  | **4716054** |
| **Mortgage-backed securities: 0.8%**  | **Mortgage-backed securities: 0.8%**  | **Mortgage-backed securities: 0.8%**  | **Mortgage-backed securities: 0.8%**  |
| **United States: 0.8%** | **United States: 0.8%** | **United States: 0.8%** | **United States: 0.8%** |
| Angel Oak Mortgage Trust,<br>Series 2020-4, Class A1,<br>1.469%, due 06/25/65<sup>1,6</sup> | 33274 |  | 29699 |
| Series 2020-R1, Class A1,<br>0.990%, due 04/25/53<sup>1,6</sup> | 39288 |  | 36547 |
| Series 2021-1, Class A1,<br>0.909%, due 01/25/66<sup>1,6</sup> | 70296 |  | 57389 |
| Series 2021-2, Class A1,<br>0.985%, due 04/25/66<sup>1,6</sup> | 44013 |  | 36125 |
| Citigroup Commercial Mortgage Trust,<br>Series 2019-SMRT, Class C,<br>4.682%, due 01/10/36<sup>1</sup> | 345000 |  | 334986 |
| COLT Funding LLC,<br>Series 2021-3R, Class A1,<br>1.051%, due 12/25/64<sup>1,6</sup> | 61580 |  | 52685 |
| COLT Mortgage Loan Trust,<br>Series 2020-2, Class A1,<br>1.853%, due 03/25/65<sup>1,6</sup> | 11214 |  | 10966 |
| CSMC Trust,<br>Series 2020-NQM1, Class A1,<br>1.208%, due 05/25/65<sup>1,7</sup> | 85015 |  | 77074 |
| Extended Stay America Trust,<br>Series 2021-ESH, Class D,<br>1 mo. USD LIBOR + 2.250%,<br>6.568%, due 07/15/38<sup>1,5</sup> | 146429 |  | 140185 |
| Flagstar Mortgage Trust,<br>Series 2018-5, Class A2,<br>4.000%, due 09/25/48<sup>1,6</sup> | 63383 |  | 59793 |
| GS Mortgage-Backed Securities Corp. Trust,<br>Series 2021-NQM1, Class A1,<br>1.017%, due 07/25/61<sup>1,6</sup> | 63060 |  | 51720 |
| GS Mortgage-Backed Securities Trust,<br>Series 2020-NQM1, Class A1,<br>1.382%, due 09/27/60<sup>1,6</sup> | 22737 |  | 19814 |
| J.P. Morgan Chase Commercial Mortgage <br>Securities Trust,<br>Series 2021-2NU, Class D,<br>2.077%, due 01/05/40<sup>1,6</sup> | 125000 |  | 87974 |
| MFA Trust,<br>Series 2020-NQM3, Class A1,<br>1.014%, due 01/26/65<sup>1,6</sup> | 25816 |  | 23547 |
| Series 2021-NQM1, Class A1,<br>1.153%, due 04/25/65<sup>1,6</sup> | 33026 |  | 28494 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| New Residential Mortgage Loan Trust,<br>Series 2019-NQM4, Class A1,<br>2.492%, due 09/25/59<sup>1,6</sup> |  | 26777 | $| 24123 |
| Series 2021-NQ2R, Class A1,<br>0.941%, due 10/25/58<sup>1,6</sup> |  | 65537 |  | 56654 |
| Residential Mortgage Loan Trust,<br>Series 2020-2, Class A1,<br>1.654%, due 05/25/60<sup>1,6</sup> |  | 43319 |  | 42496 |
| Verus Securitization Trust,<br>Series 2019-4, Class A1,<br>2.642%, due 11/25/59<sup>1,7</sup> |  | 12301 |  | 11668 |
| Series 2020-4, Class A1,<br>1.502%, due 05/25/65<sup>1,7</sup> |  | 26989 |  | 24056 |
| Series 2020-5, Class A1,<br>1.218%, due 05/25/65<sup>1,7</sup> |  | 34380 |  | 31190 |
| Series 2021-R2, Class A1,<br>0.918%, due 02/25/64<sup>1,6</sup> |  | 45070 |  | 40855 |
| Series 2021-R3, Class A1,<br>1.020%, due 04/25/64<sup>1,6</sup> |  | 60705 |  | 52317 |
| Vista Point Securitization Trust,<br>Series 2020-2, Class A1,<br>1.475%, due 04/25/65<sup>1,6</sup> |  | 28428 |  | 24807 |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2018-C45, Class AS,<br>4.405%, due 06/15/51<sup>6</sup> |  | 130000 |  | 119594 |
| **Total mortgage-backed securities**<br> (cost $1,664,101) |  |  |  | **1474758** |
| **Non-U.S. government agency obligations: 4.7%** | **Non-U.S. government agency obligations: 4.7%** | **Non-U.S. government agency obligations: 4.7%** | **Non-U.S. government agency obligations: 4.7%** | **Non-U.S. government agency obligations: 4.7%** |
| **Australia: 0.1%** | **Australia: 0.1%** | **Australia: 0.1%** | **Australia: 0.1%** | **Australia: 0.1%** |
| Australia Government Bonds<br>3.250%, due 04/21/29<sup>8</sup> | AUD | 310000 |  | 204324 |
| **Austria: 0.0%<sup>†</sup>** | **Austria: 0.0%<sup>†</sup>** | **Austria: 0.0%<sup>†</sup>** | **Austria: 0.0%<sup>†</sup>** | **Austria: 0.0%<sup>†</sup>** |
| Republic of Austria Government Bonds<br>3.150%, due 06/20/44<sup>8</sup> | EUR | 55000 |  | 58494 |
| **Belgium: 0.1%** | **Belgium: 0.1%** | **Belgium: 0.1%** | **Belgium: 0.1%** | **Belgium: 0.1%** |
| Kingdom of Belgium Government Bonds<br>3.750%, due 06/22/45<sup>8</sup> | EUR | 83000 |  | 94204 |
| **Canada: 0.1%** | **Canada: 0.1%** | **Canada: 0.1%** | **Canada: 0.1%** | **Canada: 0.1%** |
| Canada Government Bonds<br>1.500%, due 09/01/24 | CAD | 120000 |  | 85011 |
| 2.000%, due 12/01/51 | CAD | 50000 |  | 28053 |
|  |  |  |  | 113064 |
| **Finland: 0.0%<sup>†</sup>** | **Finland: 0.0%<sup>†</sup>** | **Finland: 0.0%<sup>†</sup>** | **Finland: 0.0%<sup>†</sup>** | **Finland: 0.0%<sup>†</sup>** |
| Finland Government Bonds<br>1.375%, due 04/15/47<sup>8</sup> | EUR | 20000 |  | 15734 |
| **France: 0.5%** | **France: 0.5%** | **France: 0.5%** | **France: 0.5%** | **France: 0.5%** |
| French Republic Government Bonds OAT<br>0.000%, due 11/25/31<sup>8</sup> | EUR | 870000 |  | 719247 |
| 0.500%, due 05/25/40<sup>8</sup> | EUR | 100000 |  | 67892 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **France—(concluded)** | **France—(concluded)** | **France—(concluded)** | **France—(concluded)** | **France—(concluded)** |
| 3.250%, due 05/25/45<sup>8</sup> | EUR | 93000 | $ | 98997 |
|  |  |  |  | 886136 |
| **Germany: 0.1%** | **Germany: 0.1%** | **Germany: 0.1%** | **Germany: 0.1%** | **Germany: 0.1%** |
| Bundesrepublik Deutschland <br>Bundesanleihe<br>2.500%, due 07/04/44<sup>8</sup> | EUR | 150000 |  | 160407 |
| **Ireland: 0.1%** | **Ireland: 0.1%** | **Ireland: 0.1%** | **Ireland: 0.1%** | **Ireland: 0.1%** |
| Ireland Government Bonds<br>1.500%, due 05/15/50<sup>8</sup> | EUR | 240000 |  | 177610 |
| 2.000%, due 02/18/45<sup>8</sup> | EUR | 48000 |  | 41134 |
|  |  |  |  | 218744 |
| **Italy: 0.4%** | **Italy: 0.4%** | **Italy: 0.4%** | **Italy: 0.4%** | **Italy: 0.4%** |
| Italy Buoni Poliennali Del Tesoro<br>0.950%, due 12/01/31<sup>8</sup> | EUR | 170000 |  | 135772 |
| 1.650%, due 03/01/32<sup>8</sup> | EUR | 60000 |  | 50951 |
| 3.000%, due 08/01/29<sup>8</sup> | EUR | 240000 |  | 240401 |
| 3.250%, due 09/01/46<sup>8</sup> | EUR | 75000 |  | 64335 |
| 4.000%, due 02/01/37<sup>8</sup> | EUR | 129000 |  | 128969 |
|  |  |  |  | 620428 |
| **Japan: 0.7%** | **Japan: 0.7%** | **Japan: 0.7%** | **Japan: 0.7%** | **Japan: 0.7%** |
| Japan Government CPI Linked Bonds<br>0.005%, due 03/10/31 | JPY | 52187000 |  | 412955 |
| Japan Government Forty Year Bonds<br>0.500%, due 03/20/59 | JPY | 20000000 |  | 105754 |
| Japan Government Thirty Year Bonds<br>0.300%, due 06/20/46 | JPY | 11100000 |  | 65779 |
| Japan Government Twenty Year Bonds<br>0.400%, due 03/20/36 | JPY | 83550000 |  | 597913 |
|  |  |  |  | 1182401 |
| **New Zealand: 1.7%** | **New Zealand: 1.7%** | **New Zealand: 1.7%** | **New Zealand: 1.7%** | **New Zealand: 1.7%** |
| New Zealand Government Bonds <br>Inflation-Linked<br>2.000%, due 09/20/25<sup>8,9</sup> | NZD | 3901651 |  | 3053122 |
| **Spain: 0.5%** | **Spain: 0.5%** | **Spain: 0.5%** | **Spain: 0.5%** | **Spain: 0.5%** |
| Spain Government Bonds<br>1.450%, due 10/31/27<sup>8</sup> | EUR | 165000 |  | 163659 |
| 1.500%, due 04/30/27<sup>8</sup> | EUR | 325000 |  | 326452 |
| 3.450%, due 07/30/66<sup>8</sup> | EUR | 10000 |  | 9542 |
| 4.200%, due 01/31/37<sup>8</sup> | EUR | 44000 |  | 49349 |
| 4.800%, due 01/31/24<sup>8</sup> | EUR | 296000 |  | 323797 |
| 5.150%, due 10/31/44<sup>8</sup> | EUR | 69000 |  | 87907 |
|  |  |  |  | 960706 |
| **United Kingdom: 0.4%** | **United Kingdom: 0.4%** | **United Kingdom: 0.4%** | **United Kingdom: 0.4%** | **United Kingdom: 0.4%** |
| United Kingdom Gilt<br>1.000%, due 04/22/24<sup>8</sup> | GBP | 90000 |  | 105201 |
| 1.000%, due 01/31/32<sup>8</sup> | GBP | 170000 |  | 162771 |
| 1.250%, due 07/31/51<sup>8</sup> | GBP | 145000 |  | 94801 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| 1.625%, due 10/22/28<sup>8</sup> | GBP | 144000 | $| 156429 |
| 3.500%, due 01/22/45<sup>8</sup> | GBP | 90000 |  | 100174 |
|  |  |  |  | 619376 |
| **Total non-U.S. government agency obligations**<br> (cost $9,126,877) |  |  |  | **8187140** |
| **U.S. government agency obligations: 6.8%** | **U.S. government agency obligations: 6.8%** | **U.S. government agency obligations: 6.8%** | **U.S. government agency obligations: 6.8%** | **U.S. government agency obligations: 6.8%** |
| **United States: 6.8%** | **United States: 6.8%** | **United States: 6.8%** | **United States: 6.8%** | **United States: 6.8%** |
| FHLMC<br>1.500%, due 10/01/51 |  | 323019 |  | 249011 |
| 2.000%, due 02/01/51 |  | 919515 |  | 752611 |
| 2.000%, due 12/01/51 |  | 511961 |  | 417141 |
| 2.000%, due 01/01/52 |  | 335558 |  | 273687 |
| 2.500%, due 11/01/50 |  | 222148 |  | 191706 |
| FNMA<br>2.000%, due 10/01/51 |  | 715956 |  | 583816 |
| 2.500%, due 08/01/51 |  | 255712 |  | 217385 |
| 2.500%, due 11/01/51 |  | 509992 |  | 435331 |
| 2.500%, due 03/01/52 |  | 528188 |  | 447253 |
| 3.000%, due 12/01/51 |  | 502668 |  | 442908 |
| GNMA<br>2.000%, due 03/20/51 |  | 277154 |  | 232929 |
| 2.500%, due 08/20/51 |  | 804876 |  | 697278 |
| 3.000%, due 12/20/51 |  | 572332 |  | 510491 |
| GNMA II<br>3.000%, due 10/20/45 |  | 75346 |  | 68200 |
| GNMA II<br>2.000%, due 01/20/52 |  | 518066 |  | 433368 |
| 3.000%, due 12/20/45 |  | 86050 |  | 77888 |
| 3.000%, due 04/20/52 |  | 241313 |  | 215088 |
| GNMA, TBA<br>3.500% |  | 450000 |  | 412659 |
| UMBS TBA<br>2.000% |  | 1475000 |  | 1200296 |
| 2.500% |  | 1950000 |  | 1649318 |
| UMBS, TBA<br>3.000% |  | 1350000 |  | 1183742 |
| 3.500% |  | 1375000 |  | 1248158 |
| **Total U.S. government agency obligations**<br> (cost $12,307,622) |  |  |  | **11940264** |
| **U.S. Treasury obligations: 8.4%** | **U.S. Treasury obligations: 8.4%** | **U.S. Treasury obligations: 8.4%** | **U.S. Treasury obligations: 8.4%** | **U.S. Treasury obligations: 8.4%** |
| **United States: 8.4%** | **United States: 8.4%** | **United States: 8.4%** | **United States: 8.4%** | **United States: 8.4%** |
| U.S. Treasury Bills<br>2.880%, due 01/26/23<sup>10</sup> |  | 8070000 |  | 8054317 |
| U.S. Treasury Bonds<br>1.125%, due 08/15/40 |  | 70000 |  | 43471 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| 2.500%, due 02/15/46 | 302000 | $225957 |
| 2.750%, due 11/15/42 | 421000 | 337458 |
| 2.750%, due 08/15/47 | 168000 | 131073 |
| 2.875%, due 05/15/43 | 717000 | 585223 |
| 3.000%, due 11/15/45 | 47000 | 38661 |
| 4.375%, due 02/15/38 | 110000 | 115169 |
| U.S. Treasury Inflation Indexed Bonds (TIPS)<br>0.750%, due 02/15/45 | 53146 | 42944 |
| U.S. Treasury Notes<br>0.625%, due 08/15/30 | 1270000 | 999679 |
| 1.250%, due 08/15/31 | 200000 | 162172 |
| 1.375%, due 09/30/23 | 971000 | 947332 |
| 1.500%, due 02/28/23 | 226000 | 224962 |
| 1.625%, due 11/30/26 | 1160000 | 1057820 |
| 1.625%, due 08/15/29 | 196000 | 170084 |
| 1.625%, due 05/15/31 | 350000 | 294342 |
| 1.750%, due 05/15/23 | 345000 | 341388 |
| 2.500%, due 05/15/24 | 321000 | 311571 |
| 2.750%, due 07/31/23 | 459000 | 454016 |
| 2.750%, due 08/15/32 | 370000 | 336931 |
| **Total U.S. Treasury obligations**<br> (cost $15,749,156) |  | **14874570** |
|  | **Number of<br>shares** |  |
| **Short-term investments: 14.3%**  | **Short-term investments: 14.3%**  | **Short-term investments: 14.3%**  |
| **Investment companies: 14.3%** | **Investment companies: 14.3%** | **Investment companies: 14.3%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>10</sup>(cost $25,221,373) | 25221373 | 25221373 |
| **Investment of cash collateral from securities loaned: 1.2%** | **Investment of cash collateral from securities loaned: 1.2%** | **Investment of cash collateral from securities loaned: 1.2%** |
| **Money market funds: 1.2%** | **Money market funds: 1.2%** | **Money market funds: 1.2%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 4.320%<sup>10</sup>(cost $2,173,745) | 2173745 | 2173745 |
| **Total investments: 102.4%** <br> (cost $186,078,193) |  | **180310627** |
| Liabilities in excess of other assets: (2.4%) |  | (4146221) |
| **Net assets: 100.0%** |  | $**176164406** |

---

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.

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Number of<br>contracts** | **<br>Currency** | | **<br>Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 47 | GBP | FTSE 100 Index Futures | March 2023 | $4223533 | $4242230 | $18697 |
| 29 | JPY | TSE TOPIX Index Futures | March 2023 | 4276731 | 4179633 | (97098) |
| 49 | USD | CME E-mini Russell Index Futures | March 2023 | 4493910 | 4338705 | (155205) |
| 20 | USD | E-mini Energy Select Sector Index Futures | March 2023 | 1773438 | 1840800 | 67362 |
| 112 | USD | MSCI China Index Futures | March 2023 | 2747652 | 2701440 | (46212) |
| 130 | USD | MSCI USA Minimum Volatility GTR Index Futures | March 2023 | 7865312 | 7600190 | (265122) |
| 189 | USD | MSCI World Health Care Index Futures | March 2023 | 9632461 | 9327150 | (305311) |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 35 | AUD | Australian Bond 10 Year Futures | March 2023 | 2910880 | 2756661 | (154219) |
| 178 | CAD | Canadian Bond 10 Year Futures | March 2023 | 16540831 | 16110709 | (430122) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 21 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2023 | 2520030 | 2483906 | (36124) |
| **Total** |  |  |  | $**56984778** | $**55581424** | $**(1403354)** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 10 | AUD | ASX SPI 200 Index Futures | March 2023 | $(1220925) | $(1190126) | $30799 |
| 2 | CAD | S&P TSX 60 Index Futures | March 2023 | (357420) | (345613) | 11807 |
| 130 | EUR | EURO STOXX 50 Index Futures | March 2023 | (5476413) | (5267147) | 209266 |
| 84 | USD | MSCI Emerging Markets Index Futures | March 2023 | (4096436) | (4029480) | 66956 |
| 75 | USD | S&P 500 E-Mini Index Futures | March 2023 | (14875699) | (14478750) | 396949 |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 23 | EUR | German Euro Bund Futures | March 2023 | (3468981) | (3272781) | 196200 |
| 26 | JPY | Japan Government Bond 10 Year Futures | March 2023 | (2934583) | (2881911) | 52672 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 85 | USD | U.S. Treasury Note 10 Year Futures | March 2023 | (9644720) | (9545235) | 99485 |
| 9 | USD | U.S. Treasury Note 5 Year Futures | March 2023 | (975221) | (971367) | 3854 |
| **Total** |  |  |  | $**(43050398)** | $**(41982410)** | $**1067988** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(335366)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>12</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>received<br>by the<br>Portfolio<sup>11</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation <br>(depreciation)** |
| CDX.NA.IG.S39 | USD | 7750 | 12/20/27 | Quarterly | 1.000% | $(11592) | $66566 | $54974 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made<br>by the<br>Portfolio<sup>11</sup>** | **Payments<br>received<br>by the<br>Portfolio<sup>11</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 21<br>| 02/17/23 | Quarterly | J.P. Morgan <br>EMBI Global <br>Core Index | <br>12 Month<br>SOFR |  | $20857 | $20857 |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | PHP | 448500000 | USD | 7823539 | 02/22/23 | $(212039) |
| BB | USD | 895847 | HKD | 7005000 | 02/22/23 | 2491 |
| BB | USD | 205054 | KRW | 271000000 | 02/22/23 | 9505 |
| BOA | CNY | 64885000 | USD | 9228631 | 02/22/23 | (140464) |
| BOA | GBP | 5505000 | USD | 6575770 | 02/22/23 | (87741) |
| BOA | TWD | 266600000 | USD | 8789977 | 02/22/23 | 73265 |
| BOA | USD | 2017238 | BRL | 11000000 | 02/22/23 | 47329 |
| BOA | USD | 6530277 | NOK | 64770000 | 02/22/23 | 94426 |
| CIBC | EUR | 5790000 | USD | 6082060 | 02/22/23 | (136297) |
| CIBC | USD | 1880141 | JPY | 250500000 | 02/22/23 | 40806 |
| CIBC | USD | 475715 | SGD | 650000 | 02/22/23 | 9957 |
| CITI | IDR | 15528800000 | USD | 996330 | 02/22/23 | (576) |
| CITI | USD | 2125237 | BRL | 11200000 | 02/22/23 | (23132) |
| CITI | USD | 2229379 | BRL | 11990000 | 02/22/23 | 21000 |
| GSI | USD | 2894624 | CNY | 20190000 | 02/22/23 | 20719 |
| HSBC | CHF | 370000 | USD | 398415 | 02/22/23 | (3860) |
| HSBC | CNY | 7030000 | USD | 1015013 | 02/22/23 | (87) |
| HSBC | NOK | 8129112 | NZD | 1300000 | 02/22/23 | (5548) |
| HSBC | USD | 6397796 | CNY | 44695000 | 02/22/23 | 55957 |
| HSBC | USD | 1038901 | SEK | 10750000 | 02/22/23 | (5856) |
| JPMCB | USD | 3520522 | AUD | 5180000 | 02/22/23 | 13190 |
| JPMCB | USD | 6738035 | JPY | 893954592 | 02/22/23 | 117214 |
| MSCI | GBP | 5825000 | AUD | 10603545 | 02/22/23 | 182713 |
| MSCI | NZD | 16610000 | USD | 10271009 | 02/22/23 | (281463) |
| MSCI | USD | 1193395 | CAD | 1580000 | 02/22/23 | (26080) |
| MSCI | USD | 3615000 | JPY | 489101836 | 02/22/23 | 135654 |
| MSCI | USD | 251199 | MYR | 1152000 | 02/22/23 | 10857 |
| MSCI | USD | 3703355 | NZD | 5785000 | 02/22/23 | (28095) |
| MSCI | USD | 1019212 | PHP | 56500000 | 02/22/23 | (6926) |
| MSCI | USD | 9279131 | TWD | 281900000 | 02/22/23 | (62173) |
| SSC | CNY | 13590000 | USD | 1964232 | 02/22/23 | 1898 |
| SSC | CNY | 9105000 | USD | 1309900 | 02/22/23 | (4820) |
| SSC | EUR | 735000 | USD | 781257 | 02/22/23 | (8119) |
| SSC | USD | 991646 | CAD | 1330000 | 02/22/23 | (9034) |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Forward foreign currency contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SSC | USD | 620183 | EUR | 600000 | 02/22/23 | $24206 |
| SSC | USD | 476645 | GBP | 400000 | 02/22/23 | 7534 |
| SSC | USD | 7069927 | MXN | 139320000 | 02/22/23 | 16605 |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(156984)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $47390629 | $26190303 | $— | $73580932 |
| Exchange traded funds | 2826243 |  |  | 2826243 |
| Investment companies | 35315548 |  |  | 35315548 |
| Asset-backed securities |  | 4716054 |  | 4716054 |
| Mortgage-backed securities |  | 1474758 |  | 1474758 |
| Non-U.S. government agency obligations |  | 8187140 |  | 8187140 |
| U.S. government agency obligations |  | 11940264 |  | 11940264 |
| U.S. Treasury obligations |  | 14874570 |  | 14874570 |
| Short-term investments |  | 25221373 |  | 25221373 |
| Investment of cash collateral from securities loaned |  | 2173745 |  | 2173745 |
| Futures contracts | 895285 | 258762 |  | 1154047 |
| Swap agreements |  | 87423 |  | 87423 |
| Forward foreign currency contracts |  | 885326 |  | 885326 |
| **Total** | $**86427705** | $**96009718** | $**—** | $**182437423** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(1392315) | $(97098) | $— | $(1489413) |
| Forward foreign currency contracts |  | (1042310) |  | (1042310) |
| **Total** | $**(1392315)** | $**(1139408)** | $**—** | $**(2531723)** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Portfolio footnotes**

\* Non-income producing security.

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,008,728, represented 2.8% of the Fund's net assets at period end.

<sup>2</sup> Security, or portion thereof, was on loan at the period end.

<sup>3</sup> 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<br>06/30/22** | **Purchases<br>during the<br>year<br>ended<br>12/31/22** | **Sales<br>during the<br>year<br>ended<br>12/31/22** | **Net<br>realized<br>gain (loss)<br>during the<br>year<br>ended<br>12/31/22** | **Change in<br>net unrealized<br>appreciation<br>(depreciation)<br>during the<br>year<br>ended<br>12/31/22** | **Value<br>12/31/22** | **Net income<br>earned from<br>affiliate for the<br>year<br>ended<br>12/31/22** | **Shares<br>12/31/22** |
| PACE High Yield Investments | $19261865 | $564266 | $1600000 | $(377665) | $626119 | $18474585 | $— | 2255749 |
| UBS All China Equity Fund | 3195894 | 45619 | 370000 | 24195 | (503580) | 2392128 | 45620 | 453914 |
| UBS Emerging Markets Equity <br>Opportunity Fund | 14689532 | 799901 |  |  | (1040598) | 14448835 | 534901 | 2026485 |
|  | $37147291 | $1409786 | $1970000 | $(353470) | $(918059) | $35315548 | $580521 | 4736148 |

---

<sup>4</sup> In U.S. dollars unless otherwise indicated.

<sup>5</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>6</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>7</sup> Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

<sup>8</sup> 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.

<sup>9</sup> Debt security whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the securities is fixed, while the principal value rises or falls based on changes in an index. Thus, if inflation occurs, the principal and interest payments on the securities are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the securities' principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the securities generally pay lower interest rates than typical government securities from the issuer's country. Only if inflation occurs will securities offer a higher real yield than a conventional security of the same maturity.

<sup>10</sup> Rates shown reflect yield at December 31, 2022.

<sup>11</sup> Payments made or received are based on the notional amount.

<sup>12</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

See accompanying notes to financial statements.<br>34

------

UBS Emerging Markets Equity Opportunity Fund

**Portfolio performance**

For the six months ended December 31, 2022, Class P2 shares of UBS Emerging Markets Equity Opportunity Fund (the "Fund") returned -3.63%, while Class P shares returned -4.03%. The Fund's benchmark, the MSCI Emerging Markets Index (net) (the "Index"), returned -2.99%. Please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.

The Fund posted a negative return and underperformed its benchmark during the reporting period.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

• On a sector level, stock selection in consumer discretionary, financials and energy were key contributors.

• On a stock level, our overweight in **Bank Mandiri** (Indonesia, financials) and **MercadoLibre** (Brazil, consumer discretionary) were among the top contributors to performance over the reporting period. Bank Mandiri outperformed as Indonesia stands to benefit from the rise in commodity prices and as investors looked toward the country's reopening. Catalysts for the sector include consistent low cost of funds, non-performing loans/provision staying within range of guidance, a small but promising pick-up in credit demand, and limited impact of Federal Reserve taper on system liquidity. MercadoLibre outperformed on better than expected quarterly results. Margin improvement was better than expected.

**What didn't work:**

• On a sector level, stock selection within information technology, real estate and consumer staples detracted from performance.

• On a stock level, overweights in **LONGi** (China, information technology) and **Country Garden Services** (China, real estate) were among the main headwinds for results over the reporting period. LONGi's underperformance followed a drop in prices of polysilicon, wafer, cell and module, due to market concerns of more downside ahead, driven by new supply. The first quarter is usually a weak season for solar panel installation and prices across the supply chain would typically see downward pressure due to low shipments. Looking ahead, we believe that lower module prices could boost installation demand. For Country Garden Services (CGS), despite the recent rally brought about by more supportive measures for the real estate sector, the company still ended the reporting period posting a negative return due to weak sentiments towards the real estate industry could boost installation demand and we continue to own the stock. CGS had been acquiring other property management companies and assets and investors were concerned if those could be successfully integrated. There were also concerns whether CGS' affiliate, Country Garden Holdings, might face debt distress. We have since exited from the stock.

**This letter is intended to assist shareholders in understanding how the Fund performed during the period from the six months ended December 31, 2022. The views and opinions in the letter were current as of [date]. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS Emerging Markets Equity Opportunity Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception<sup>1</sup>** |
| Class P2<sup>2</sup> | (3.63)% | (25.39)% | (2.93)% |
| Class P<sup>4</sup> | (4.03) | (26.00) | (1.54) |
| MSCI Emerging Markets Index (net)<sup>3</sup> | (2.99) | (20.09) | (1.45) |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—1.15% and 1.00%; Class P2—1.13% and 0.19%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 1.00% for Class P shares and 0.40% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P2 of UBS Emerging Markets Equity Opportunity Fund is June 4, 2018. Benchmark's inception return is based on Class P2 inception date.

<sup>2</sup> Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>4</sup> Inception date of Class P of UBS Emerging Markets Equity Opportunity Fund is January 31, 2019.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS Emerging Markets Equity Opportunity Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings** 

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| Samsung Electronics Co. Ltd. | 5.2 |
| Meituan, Class B | 4.7 |
| Ping An Insurance Group Co. of China Ltd., Class H | 4.5 |
| Reliance Industries Ltd. | 4.4 |
| Anglo American PLC | 4.3 |
| Naspers Ltd., N Shares | 4.3 |
| JD.com, Inc., Class A | 4.1 |
| HDFC Bank Ltd. | 3.9 |
| Kweichow Moutai Co. Ltd., Class A | 3.8 |
| **Total** | **46.9%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| China | 28.5% |
| India | 14.7 |
| Taiwan | 11.7 |
| South Africa | 10.3 |
| South Korea | 8.1 |
| **Total** | **73.3%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Automobiles | 3.1% |
| Banks | 18.7 |
| Beverages | 3.8 |
| Diversified financial services | 0.9 |
| Food products | 3.5 |
| Household durables | 1.9 |
| Insurance | 4.4 |
| Interactive media & services | 1.7 |
| Internet & direct marketing retail | 15.9 |
| Metals & mining | 4.3 |
| Oil, gas & consumable fuels | 9.2 |
| Paper & forest products | 0.8 |
| Personal products | 3.3 |
| Semiconductors & semiconductor equipment | 16.8 |
| Technology hardware, storage & peripherals | 5.2 |
| Wireless telecommunication services | 0.8 |
| **Total common stocks** | **94.3** |
| Preferred stocks | 1.9 |
| Short-term investments | 3.1 |
| **Total investments** | **99.3** |
| Other assets in excess of liabilities | 0.7 |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 94.3%**  | **Common stocks: 94.3%**  | **Common stocks: 94.3%**  |
| **Brazil: 5.4%** | **Brazil: 5.4%** | **Brazil: 5.4%** |
| MercadoLibre, Inc.\* | 15415 | $13044789 |
| Petroleo Brasileiro SA, ADR | 810320 | 8629908 |
| Suzano SA | 438900 | 4052403 |
|  |  | 25727100 |
| **China: 28.5%** | **China: 28.5%** | **China: 28.5%** |
| China Mengniu Dairy Co. Ltd.\* | 3686000 | 16620581 |
| China Merchants Bank Co. Ltd., Class H | 1843000 | 10198889 |
| JD.com, Inc., Class A | 693971 | 19373324 |
| Kweichow Moutai Co. Ltd., Class A | 73667 | 18223455 |
| LONGi Green Energy Technology Co. Ltd., Class A | 1687704 | 10219689 |
| Meituan, Class B\*<sup>,1</sup> | 1017500 | 22543558 |
| Midea Group Co. Ltd., Class A | 1189946 | 8830933 |
| Ping An Insurance Group Co. of China Ltd., Class H | 3219000 | 21147991 |
| Tencent Holdings Ltd. | 195700 | 8297751 |
|  |  | 135456171 |
| **Hungary: 1.3%** | **Hungary: 1.3%** | **Hungary: 1.3%** |
| OTP Bank Nyrt | 217952 | 5921994 |
| **India: 14.7%** | **India: 14.7%** | **India: 14.7%** |
| Eicher Motors Ltd. | 376440 | 14639443 |
| HDFC Bank Ltd. | 939718 | 18431205 |
| Hindustan Unilever Ltd. | 510813 | 15780777 |
| Reliance Industries Ltd. | 685544 | 21046619 |
|  |  | 69898044 |
| **Indonesia: 6.3%** | **Indonesia: 6.3%** | **Indonesia: 6.3%** |
| Bank Central Asia Tbk. PT | 33159400 | 18182558 |
| Bank Mandiri Persero Tbk. PT | 18414400 | 11742754 |
|  |  | 29925312 |
| **Mexico: 2.9%** | **Mexico: 2.9%** | **Mexico: 2.9%** |
| Grupo Financiero Banorte SAB de CV, Class O | 1894900 | 13605087 |
| **Russia: 0.0%<sup>†</sup>** | **Russia: 0.0%<sup>†</sup>** | **Russia: 0.0%<sup>†</sup>** |
| Sberbank of Russia PJSC\*<sup>,2,3</sup> | 3568865 | 0 |
| Yandex NV, Class A\*<sup>,2,3</sup> | 257600 | 0 |
|  |  | 0 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Saudi Arabia: 2.2%** | **Saudi Arabia: 2.2%** | **Saudi Arabia: 2.2%** |
| Saudi National Bank | 785033 | $10566173 |
| **South Africa: 10.3%** | **South Africa: 10.3%** | **South Africa: 10.3%** |
| Anglo American PLC | 521310 | 20414433 |
| FirstRand Ltd. | 1215009 | 4414234 |
| MTN Group Ltd. | 504555 | 3768393 |
| Naspers Ltd., N Shares | 121934 | 20375864 |
|  |  | 48972924 |
| **South Korea: 8.1%** | **South Korea: 8.1%** | **South Korea: 8.1%** |
| Samsung Electronics Co. Ltd. | 560649 | 24608703 |
| SK Hynix, Inc. | 232243 | 13856546 |
|  |  | 38465249 |
| **Taiwan: 11.7%** | **Taiwan: 11.7%** | **Taiwan: 11.7%** |
| MediaTek, Inc. | 595000 | 12030260 |
| Nanya Technology Corp. | 4239000 | 7039525 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2517000 | 36555546 |
|  |  | 55625331 |
| **Thailand: 2.9%** | **Thailand: 2.9%** | **Thailand: 2.9%** |
| PTT Exploration and Production PCL, NVDR | 2715000 | 13826456 |
| **Total common stocks**<br> (cost $580,984,569) |  | **447989841** |
| **Preferred stocks: 1.9%**  | **Preferred stocks: 1.9%**  | **Preferred stocks: 1.9%**  |
| **Brazil: 1.9%** | **Brazil: 1.9%** | **Brazil: 1.9%** |
| Banco Bradesco SA<br>(cost $11,824,365) | 3129759 | 8927597 |
| **Short-term investments: 3.1%**  | **Short-term investments: 3.1%**  | **Short-term investments: 3.1%**  |
| **Investment companies: 3.1%** | **Investment companies: 3.1%** | **Investment companies: 3.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>4</sup>(cost $14,806,227) | 14806227 | 14806227 |
| **Total investments: 99.3%**<br> (cost $607,615,161) |  | **471723665** |
| Other assets in excess of liabilities: 0.7% |  | 3126436 |
| **Net assets: 100.0%** |  | $**474850101** |

---

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.

------

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $35279784 | $412710057 | $0 | $447989841 |
| Preferred stocks |  | 8927597 |  | 8927597 |
| Short-term investments |  | 14806227 |  | 14806227 |
| **Total** | $**35279784** | $**436443881** | $**0** | $**471723665** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>†</sup> Amount represents less than 0.05% or (0.05)%.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $22,543,558, represented 4.7% of the Fund's net assets at period end.

<sup>2</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>3</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>4</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>39

------

UBS Engage For Impact Fund

**Portfolio performance**

For the six months ended December 31, 2022, Class P shares of UBS Engage For Impact Fund (the "Fund") returned 4.60%, while the Class P2 shares returned 4.89%. The Fund's benchmark, the MSCI All Country World Index (net) (the "Index"), returned 2.28% over the same time period. (Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was driven primarily by stock selection.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

**• Stock selection within the financials and information technology sectors contributed to performance during the reporting period.**

**• Several individual stock positions were positive for performance, with the largest contributors being:**

&nbsp;&nbsp;&nbsp;&nbsp;– **AIB Group's** share price recorded positive performance as investors expect interest rates to stay higher for longer. In addition, the market recognized the resilience of the Irish economy as it performed well relative to Europe. The concentration of the Irish banking market allows AIB Group to improve its return on equity (ROE).

&nbsp;&nbsp;&nbsp;&nbsp;– **Ingersoll Rand** performed well over the period as the company posted revenues and adjusted earnings before interest, taxes, depreciation, and amortization (EBIDTA) ahead of expectations and slightly raised guidance, supported by demand which continues to be robust.

&nbsp;&nbsp;&nbsp;&nbsp;– **Bank Mandiri's** share price benefited from recent interest rate hikes and a relatively cleaned up cost of funds. Overall, the company has shown strong loan growth in retail, as well as investment loans, highlighting the strength of the post-COVID recovery in Indonesia.

&nbsp;&nbsp;&nbsp;&nbsp;– **Genmab's** shares traded up following the advancement of a key pipeline drug with submission for US Food & Drug Administration (FDA) approval.

&nbsp;&nbsp;&nbsp;&nbsp;– **Erste Group Bank's** share price increased on the back of solid earnings, showing confidence in their 2024 target, lower cost-to-income ratio, and 20% net interest income (NII) growth in 2022. Also, fears in early 2022 that the Russia-Ukraine conflict would spill over into Erste's markets has not materialized yet. In general, banks' share prices adjusted for expectations of interest rates staying higher for longer.

**What didn't work:**

**• Stock selection in the health care and consumer staples sectors were the largest detractors from performance during the period.** The largest individual detractors were:

&nbsp;&nbsp;&nbsp;&nbsp;– **Mowi's** shares fell following the announcement that the Norwegian parliament would review a proposed 40% resource tax on salmon and trout farming in the country, which could impact the company's profitability in the future. The proposal is currently out for consultation and historically, we have typically seen such taxes come in much smaller in the end. To weigh in on the argument, Mowi and its other two major peers announced in early October 2022 the cancellation of their biomass growth purchases. We eliminated the position during the reporting period.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS Engage For Impact Fund

&nbsp;&nbsp;&nbsp;&nbsp;– **China Mengniu Dairy's** shares were weighed down by its results showing a year-over-year decline in adjusted net profit, despite strong growth in core product categories. We maintain our position in the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Digital Realty Trust** detracted from performance as rising interest rates dampened data infrastructure demand and guidance was trimmed on foreign currency headwinds. We maintain our position in the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Maravai LifeSciences Holdings** shares detracted from returns after results revealed a decline in revenue versus the previous year. Management guided down fiscal year 2022 revenue due to a slowdown in the uptake for boosters within the CleanCap segment and concerns over weakness in China. We eliminated the position during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;– **Trimble's** share price decreased after it announced the planned acquisition of Transporeon, a transport logistic firm for €1.88 billion. In the current environment, investors are wary of companies raising debt and skeptical of Trimble's ability to de-lever in less than two years. We maintain our position in the stock.

**The Fund did not use derivatives during the reporting period.**

**Portfolio highlights**

The **UBS Engage For Impact Fund** is a high conviction, impactful portfolio invested in companies that we believe have an important role to play in achieving the United Nations Sustainable Development Goals (SDGs)—not just through the products and services they sell, but also through improvements in their operations and supply chains. The portfolio invests across five impact themes aligned with the SDGs, which are Climate, Health, Food, Water and Empowerment.

As of December 31, 2022, the portfolio's largest exposure was to SDG 3—Good Health and Well-being (22%), SDG 7—Affordability and Clean Energy (18%), and SDG 2—Zero Hunger (15%).

The Fund's top three overweights and their impact case as of December 31, 2022 were:

**Ingersoll Rand**

Impact Theme: Climate

Product Impact: SDG 3 (Good Health and Well-being) and 12 (Responsible Consumption and Production)

Ingersoll Rand is a diversified industrial machinery company involved in industrial technologies & services (mission-critical flow creation, such as compression, blowers, vacuums, pumps, etc) and precision & science tech (medical applications). The company has eliminated its exposure to the upstream oil and gas industry. An important growth driver for Ingersoll Rand is its push into medical end markets, where they manufacture a broad range of highly specialized gas, liquid and precision syringe pumps and compressors that are specified by medical and lab equipment suppliers and integrated into their equipment for final use (oxygen therapy, blood dialysis, patient monitoring, lab sterilization and wound treatment). We have had a very constructive dialogue over the years as the company reshaped its portfolio of assets, practices and approach to sustainability. We continue to engage with the business to set more ambitious sustainability goals, especially as it relates to climate (in line with SDG 12 and 13).

------

UBS Engage For Impact Fund

**Spectris**

Impact Theme: Climate

Product Impact: SDG 12 (Responsible Consumption and Production)

Spectris is a leader in niche markets in precision instruments, test & measurement, control and process technology, enabling efficiencies in production processes, saving energy, water, molecules and food across a variety of manufacturing applications, from semiconductors to biopharma. Our engagement focused on encouraging the company to set diversity targets, in support of SDG 5 and 10 (targets 5.5 and 10.2, 10.3 and 10.4). The company is working on a three-year diversity and inclusion plan supported by an external consultant. The plan draws from best practices identified in the US, with Spectris' Omega division leaders having been active supporters of Pride and Black History Months, and organizing events to celebrate cultural differences, which is reflected in employees' diversity at all seniority levels. Their primary objective is that employees feel safe and supported regardless of their race and gender, and this goal is being assessed by Spectris's first group-wide employee survey. For now, the company has not set objectives in terms of recruitment, promotion and representation of minorities and genders.

**Danone**

Impact Theme: Food

Product Impact: SDG 2 (Zero Hunger)

Danone is the smallest of the three large European food and beverage companies and has a leading position in plant-based products, as well as attractive specialist nutrition businesses. The company currently estimates that 90% of its sales by volume is derived from healthy products, and Danone is among the three top-performing companies according to the Global Access to Nutrition Index. With management renewal, the recently announced organic transformation plan will likely drive improvements at the company through a simplification and delayering of the organization, by giving local management more control, and by breaking down silos between categories. Our engagement focus on encouraging this industry leader to raise the bar in terms of nutrition, product transparency and marketing to influence its competitors, in support of SDG 2, zero hunger, target 2.2 and SDG 17 on partnership for the goals. This is in collaboration with other investors, as part of the Healthy Markets Coalition.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS Engage For Impact Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception<sup>1</sup>** |
| Class P<sup>2</sup> | 4.60% | (22.35)% | 4.78% |
| Class P2<sup>4</sup> | 4.89 | (21.92) | (7.21) |
| MSCI All Country World Index (net)<sup>3</sup> | 2.28 | (18.36) | 7.70 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—1.44% and 0.85%; Class P2—1.42% and 0.25%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 0.85% for Class P shares and 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P of UBS Engage For Impact Fund is October 24, 2018. Benchmark's inception return is based on Class P inception date.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The MSCI All Country World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>4</sup> Inception date of Class P2 of UBS Engage For Impact Fund is February 23, 2021.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS Engage For Impact Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings** 

---

| | |
|:---|:---|
| Ingersoll Rand, Inc. | 4.2% |
| Spectris PLC | 4.1 |
| Danone SA | 4.0 |
| VMware, Inc., Class A | 3.9 |
| Linde PLC | 3.8 |
| Bank Mandiri Persero Tbk. PT | 3.8 |
| Alcon, Inc. | 3.7 |
| AIB Group PLC | 3.4 |
| Bunge Ltd. | 3.4 |
| Regal Rexnord Corp. | 3.3 |
| **Total** | **37.6%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| United States | 48.7% |
| United Kingdom | 7.9 |
| Japan | 4.5 |
| Switzerland | 4.2 |
| France | 4.0 |
| **Total** | **69.3%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Auto components | 2.2% |
| Banks | 10.2 |
| Beverages | 2.9 |
| Biotechnology | 5.4 |
| Chemicals | 8.6 |
| Commercial services & supplies | 0.9 |
| Consumer finance | 2.6 |
| Diversified consumer services | 0.8 |
| Diversified telecommunication services | 2.1 |
| Electric utilities | 2.3 |
| Electrical equipment | 3.3 |
| Electronic equipment, instruments & components | 5.4 |
| Equity real estate investment trusts | 1.4 |
| Food & staples retailing | 1.4 |
| Food products | 9.8 |
| Health care equipment & supplies | 5.7 |
| Health care technology | 0.5 |
| Hotels, restaurants & leisure | 0.7 |
| IT services | 0.6 |
| Life sciences tools & services | 1.7 |
| Machinery | 4.2 |
| Oil, gas & consumable fuels | 3.0 |
| Paper & forest products | 2.8 |
| Pharmaceuticals | 1.5 |
| Professional services | 0.9 |
| Road & rail | 2.1 |
| Semiconductors & semiconductor equipment | 4.8 |
| Software | 8.4 |
| Technology hardware, storage & peripherals | 0.9 |
| Textiles, apparel & luxury goods | 0.5 |
| Wireless telecommunication services | 1.4 |
| **Total common stocks** | **99.0** |
| Short-term investments | 0.6 |
| Investment of cash collateral from securities loaned | 0.3 |
| **Total investments** | **99.9** |
| Other assets in excess of liabilities | 0.1 |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS Engage For Impact Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 99.0%**  | **Common stocks: 99.0%**  | **Common stocks: 99.0%**  |
| **Austria: 3.0%** | **Austria: 3.0%** | **Austria: 3.0%** |
| Erste Group Bank AG | 46806 | $1497568 |
| **Brazil: 2.8%** | **Brazil: 2.8%** | **Brazil: 2.8%** |
| Suzano SA, ADR | 149700 | 1383228 |
| **Canada: 2.1%** | **Canada: 2.1%** | **Canada: 2.1%** |
| Canadian Pacific Railway Ltd.<sup>1</sup> | 13645 | 1017328 |
| **China: 2.4%** | **China: 2.4%** | **China: 2.4%** |
| China Mengniu Dairy Co. Ltd.\* | 266000 | 1199423 |
| **Denmark: 3.1%** | **Denmark: 3.1%** | **Denmark: 3.1%** |
| Genmab A/S\* | 3594 | 1519524 |
| **France: 4.0%** | **France: 4.0%** | **France: 4.0%** |
| Danone SA | 37303 | 1966079 |
| **Germany: 2.4%** | **Germany: 2.4%** | **Germany: 2.4%** |
| Infineon Technologies AG | 39483 | 1199963 |
| **Indonesia: 3.8%** | **Indonesia: 3.8%** | **Indonesia: 3.8%** |
| Bank Mandiri Persero Tbk. PT | 2907300 | 1853968 |
| **Ireland: 3.4%** | **Ireland: 3.4%** | **Ireland: 3.4%** |
| AIB Group PLC<sup>1</sup> | 432445 | 1659899 |
| **Japan: 4.5%** | **Japan: 4.5%** | **Japan: 4.5%** |
| Chugai Pharmaceutical Co. Ltd. | 28200 | 719290 |
| JTOWER, Inc.\*<sup>,1</sup> | 22600 | 1033523 |
| Recruit Holdings Co. Ltd. | 13900 | 435098 |
|  |  | 2187911 |
| **Mexico: 1.4%** | **Mexico: 1.4%** | **Mexico: 1.4%** |
| America Movil SAB de CV, Series L | 770000 | 698617 |
| **Portugal: 3.0%** | **Portugal: 3.0%** | **Portugal: 3.0%** |
| Galp Energia SGPS SA | 110581 | 1491806 |
| **Spain: 2.3%** | **Spain: 2.3%** | **Spain: 2.3%** |
| Iberdrola SA | 95666 | 1116756 |
| **Switzerland: 4.2%** | **Switzerland: 4.2%** | **Switzerland: 4.2%** |
| Alcon, Inc. | 26507 | 1818883 |
| On Holding AG, Class A\*<sup>,1</sup> | 14400 | 247104 |
|  |  | 2065987 |
| **United Kingdom: 7.9%** | **United Kingdom: 7.9%** | **United Kingdom: 7.9%** |
| Linde PLC | 5772 | 1882711 |
| Spectris PLC | 55452 | 2008839 |
|  |  | 3891550 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States: 48.7%** | **United States: 48.7%** | **United States: 48.7%** |
| AbbVie, Inc. | 6939 | $1121412 |
| American Well Corp., Class A\*<sup>,1</sup> | 85353 | 241549 |
| Aptiv PLC\* | 11828 | 1101542 |
| Autodesk, Inc.\* | 6906 | 1290524 |
| Bio-Rad Laboratories, Inc., Class A\* | 2019 | 848969 |
| Bunge Ltd. | 16505 | 1646704 |
| CF Industries Holdings, Inc. | 13070 | 1113564 |
| Coursera, Inc.\* | 34660 | 410028 |
| Digital Realty Trust, Inc. | 6888 | 690660 |
| Ecolab, Inc. | 8423 | 1226052 |
| Ingersoll Rand, Inc. | 39427 | 2060061 |
| LivaNova PLC\* | 17729 | 984669 |
| Micron Technology, Inc. | 23518 | 1175430 |
| Montrose Environmental Group, Inc.\* | 10158 | 450914 |
| Primo Water Corp. | 90326 | 1403666 |
| Pure Storage, Inc., Class A\* | 16056 | 429659 |
| Regal Rexnord Corp. | 13449 | 1613611 |
| Roper Technologies, Inc. | 2145 | 926833 |
| SLM Corp. | 75569 | 1254445 |
| Snowflake, Inc., Class A\* | 2136 | 306601 |
| Sprouts Farmers Market, Inc.\* | 20666 | 668958 |
| Sweetgreen, Inc., Class A\*<sup>,1</sup> | 42300 | 362511 |
| Trimble, Inc.\* | 13147 | 664712 |
| VMware, Inc., Class A\* | 15656 | 1921930 |
|  |  | 23915004 |
| **Total common stocks**<br> (cost $52,318,602) |  | **48664611** |
| **Short-term investments: 0.6%**  | **Short-term investments: 0.6%**  | **Short-term investments: 0.6%**  |
| **Investment companies: 0.6%** | **Investment companies: 0.6%** | **Investment companies: 0.6%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>2</sup>(cost $325,875) | 325875 | 325875 |
| **Investment of cash collateral from securities loaned: 0.3%**  | **Investment of cash collateral from securities loaned: 0.3%**  | **Investment of cash collateral from securities loaned: 0.3%**  |
| **Money market funds: 0.3%** | **Money market funds: 0.3%** | **Money market funds: 0.3%** |
| State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.320%<sup>2</sup>(cost $130,208) | 130208 | 130208 |
| **Total investments: 99.9%**<br> (cost $52,774,685) |  | **49120694** |
| Other assets in excess of liabilities: 0.1% |  | 31233 |
| **Net assets: 100.0%** |  | $**49151927** |

---

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.

------

UBS Engage For Impact Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $29143992 | $19520619 | $— | $48664611 |
| Short-term investments |  | 325875 |  | 325875 |
| Investment of cash collateral from securities loaned |  | 130208 |  | 130208 |
| **Total** | $**29143992** | $**19976702** | $**—** | $**49120694** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>46

------

UBS International Sustainable Equity Fund

**Portfolio performance**

For the six months ended December 31, 2022, Class A shares of UBS International Sustainable Equity Fund (the "Fund") returned 3.84% (Class A shares returned -1.87% after the deduction of the maximum sales charge), while Class P shares returned 4.02% and Class P2 shares returned 4.38%. The Fund's benchmark, MSCI ACWI ex-US Index (the "Index"), returned 2.96%. (Class P2 shares have lower expenses than the other share classes in the series. Returns for all share classes over various time periods are shown on page 50; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was due primarily to stock selection.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

**• Stock selection in the financials and energy sectors added the most value relative to the benchmark.**

**• Several individual stock positions were positive for performance during the six-month period. The largest contributors were:**

&nbsp;&nbsp;&nbsp;&nbsp;– **SLB** (previously known as Schlumberger) was the top contributor over the period on the back of commodity prices which continue to be elevated.

&nbsp;&nbsp;&nbsp;&nbsp;– **AIB Group's** share price recorded positive performance as investors expect interest rates to stay higher for longer. In addition, the market recognized the resilience of the Irish economy as it performed well relative to Europe. The concentration of the Irish banking market allows AIB Group to improve its return on equity (ROE).

&nbsp;&nbsp;&nbsp;&nbsp;– **Metso Outotec's** shares continued to trade well on the back of recent earnings which demonstrated strong operational performance with a full order book, acceleration in sales growth, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins that rose year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Axis Bank** rose as earnings were better than expected, driven by sharply falling credit costs and strong year-over-year core operating profit growth.

&nbsp;&nbsp;&nbsp;&nbsp;– In spite of supply chain constraints, inflation, and broad economic uncertainty, **Ashtead Group** delivered strong revenues which were up from the previous year and ahead of consensus. In addition, operating profit exceeded previous expectations. The company increased its guidance for group rental growth on the back of signs of momentum in end markets which remain supportive.

**What didn't work:**

**• Stock selection in the consumer discretionary and consumer staples sectors detracted the most relative to the benchmark. The largest individual detractors were:**

&nbsp;&nbsp;&nbsp;&nbsp;– **Ubisoft Entertainment** was the main detractor as its shares sharply declined following the announcement that Tencent increased its ownership indirectly through an agreement with the founders. This was interpreted by investors as decreasing the likelihood that the company would be acquired in the near term. While Tencent's partnership with Ubisoft Entertainment supports the deployment of new games on mobile devices, especially in China, there were concerns over how this deal could benefit all shareholders. We maintain our position in the stock.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

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UBS International Sustainable Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;– **Li Auto** posted disappointing guidance and a decline in revenues. Chinese stocks were hit by COVID lockdowns and supply chain bottlenecks, dampening their earnings outlook. However, we believe that the longer-term secular trends shaping the electric vehicle (EV) market remain intact, which should benefit companies like Li Auto. We maintain our position in the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Barry Callebaut's** shares lagged the broader market as the company expects a weaker first quarter 2023 due to a combination of challenging comparisons, destocking by their customers, and some disruptions at one of their large factories. We maintain our position in the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Koninklijke Philips** detracted from returns as supply chain and inflationary headwinds limited near term margins and the Dreamstation recall issues persisted. We maintain our position in the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Mowi's** shares fell following the announcement that the Norwegian parliament would review a proposed 40% resource tax on salmon and trout farming in the country, which could impact the company's profitability in the future. The proposal is currently out for consultation and historically, we have typically seen such taxes come in much smaller in the end. To weigh in on the argument, Mowi and its other two major peers announced in early October 2022 the cancellation of their biomass growth purchases. We maintain our position in the stock.

**The Fund did not have any exposure to derivatives during the reporting period.**

**Portfolio highlights**

Our investment philosophy combines our bottom-up fundamental research with rigorous sustainability analysis. We look for companies that are attractively valued and integrate sustainability factors into their business models to build a competitive advantage.

The investment process for the International Sustainable Equity strategy is driven by a combination of fundamental, ESG (Environmental, Social and Governance) and thematic factors. Through this process, we aim to identify our best investment ideas across sectors and geographies from a stock-specific standpoint.

Please see below for summaries on the top three active weights in the portfolio, as of December 31, 2022:

**Galp Energia**

We believe Galp Energia is the best managed integrated major energy company in Europe with a high quality portfolio of high return assets, made of upstream energy (70% of 2020 revenues) and downstream activities (28%). While Galp Energia is involved in carbon intensive activities, it is one of the most efficient players, with 9.9 kg CO2e/boe (kilograms of carbon dioxide equivalent) for its upstream assets in comparison to 18.8 kgCO2e/boe for the industry average. The company embraces the energy transition with plans to direct half of its capital expenditures to low carbon projects and 30% towards renewables by 2025, limiting upstream spending. The company aims to reduce absolute greenhouse gas emissions from operations by 40% by 2030 (versus its 2017 level) and become net carbon neutral by 2050. This includes a large project to improve its Sines refinery hub in terms of energy efficiency (halve operation emissions by 2030) and allow crude sourcing flexibility and adapt for biofuels production. In terms of energy assets, in 2030 the company will have 12GW of renewable operating capacity. Finally, Galp Energia is building exposure to green hydrogen, with a first plan for 100Mw capacity by 2025.

------

UBS International Sustainable Equity Fund

**SLB**

SLB is an offshore drilling company that also provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry—including software and seismic technology, integrated asset performance solutions, and reservoir productivity and performance optimization tools. The company's ESG profile appears better than its energy services peers, highlighted by industry-leading commitments (including scope 1, 2, and 3 net zero by 2050), sustainable development goals (SDG) alignment (11/17), and business strategy with new energy focus. In the short-term, SLB sees momentum in driving customer emissions' reduction efforts while, in the medium- to longer-term, a New Energy unit that is already in investing mode across numerous technologies, products, and geographies. We think the advantage for global services companies with scale is the reach into many assets of industry throughout the world (SLB operates in roughly 120 nations), with few better situated than SLB—already leveraging expertise in carbon capture and storage (CCS) (60 projects globally) and geothermal (participating in 70% of all such projects globally), but also participating in hydrogen and lithium projects. SLB has long-standing efforts in low carbon solutions and provides the platform to build out new business models driven by less carbon-intensive digital offerings and transition growth. Its focus on technology supports relatively low emission intensity compared to peers. Lastly, the company has strong disclosure on social engagements, diverse hiring, and health & safety and added a Chief Strategy & Sustainability Officer in 2021.

**Barry Callebaut**

Barry Callebaut is the world's leading manufacturer of high-quality chocolate and cocoa products and has been dedicated to this business for more than 150 years. The company operates out of more than 40 countries, runs about 60 production facilities, employs a global workforce of more than 12,000 people, and generates annual sales of about 6.9 billion Swiss francs (approximately $7.1 billion). We see long-term structural growth coming from outsourcing and volume growth, complemented by margin growth through leverage. The company is globally diversified, which gives them a competitive edge over smaller local players and allows for more capacity in innovation. We believe Barry Callebaut has a strong management team that is focused on long term margin expansion and top line growth with sustainability embedded in the corporate culture DNA. While the shutdown of restaurants/hotels has created short term headwinds for their Gourmet segment, we believe post crisis will be an opportunity to gain market share with a solid pipeline in food manufacturing. Overall, we view Barry Callebaut as being a recovery winner post-lockdown. In 2016, the company launched Forever Chocolate, with a plan to make sustainable chocolate the norm by 2025 and drive a sustainable cocoa and chocolate supply chain. It aims to have more than 500,000 cocoa farmers lifted out of poverty and have 100% sustainable ingredients in all their products. In its fourth annual progress report, Barry Callebaut reported 143,233 cocoa farmers in their supply chain are out of poverty and also reported a 8.1% reduction in their carbon footprint.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS International Sustainable Equity Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **5 years** | **10 years or<br>Since<br>inception<sup>1</sup>** |
| **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** |
| Class A<sup>1</sup> | 3.84% | (14.38)% | 0.21% | 4.61% |
| Class P<sup>2</sup> | 4.02 | (14.10) | 0.47 | 4.87 |
| Class P2<sup>4</sup> | 4.38 | (13.43) |  | 3.39 |
| **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** |
| Class A<sup>1</sup> | (1.87)% | (19.06)% | (0.91)% | 4.03% |
| MSCI ACWI ex-US Index<sup>3</sup> | 2.96 | (16.00) | 0.88 | 3.80 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class A—1.37% and 1.25%; Class P—1.11% and 1.00%; Class P2—1.12% and 0.25%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), has agreed irrevocably to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) do not exceed 1.25% for Class A shares, 1.00% for Class P shares. This fee waiver and expense arrangement may only be amended or terminated by shareholders. The Advisor has also entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, does not exceed 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 25 Emerging Markets (EM) countries\*. With 2,336 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

<sup>4</sup> Inception date of Class P2 of UBS International Sustainable Equity Fund is October 30, 2020.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS International Sustainable Equity Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings** 

---

| | |
|:---|:---|
| Galp Energia SGPS SA | 2.9% |
| Schlumberger Ltd. | 2.8 |
| AstraZeneca PLC | 2.5 |
| Novartis AG, Registered Shares | 2.4 |
| Barry Callebaut AG | 2.3 |
| AXA SA | 2.3 |
| Metso Outotec Oyj | 2.2 |
| Bank Central Asia Tbk. PT | 2.2 |
| Royal Bank of Canada | 2.2 |
| Danone SA | 2.2 |
| **Total** | **24.0%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| United Kingdom | 13.6% |
| Japan | 11.9 |
| China | 8.2 |
| France | 7.3 |
| United States | 7.0 |
| **Total** | **48.0%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Auto components | 2.4% |
| Automobiles | 3.5 |
| Banks | 10.6 |
| Biotechnology | 2.3 |
| Capital markets | 2.1 |
| Chemicals | 3.6 |
| Commercial services & supplies | 1.4 |
| Construction & engineering | 1.5 |
| Diversified financial services | 1.0 |
| Diversified telecommunication services | 2.8 |
| Electrical equipment | 1.1 |
| Electronic equipment, instruments & components | 1.4 |
| Energy equipment & services | 2.8 |
| Entertainment | 3.2 |
| Food products | 6.2 |
| Health care equipment & supplies | 2.7 |
| Household durables | 1.9 |
| Industrial conglomerates | 0.9 |
| Insurance | 7.5 |
| Interactive media & services | 1.0 |
| Internet & direct marketing retail | 3.4 |
| IT services | 1.9 |
| Leisure products | 0.4 |
| Machinery | 2.9 |
| Oil, gas & consumable fuels | 4.4 |
| Paper & forest products | 1.5 |
| Personal products | 2.1 |
| Pharmaceuticals | 4.9 |
| Professional services | 1.2 |
| Road & rail | 1.0 |
| Semiconductors & semiconductor equipment | 4.5 |
| Software | 4.1 |
| Specialty retail | 0.6 |
| Textiles, apparel & luxury goods | 1.4 |
| Trading companies & distributors | 3.1 |
| Wireless telecommunication services | 1.3 |
| **Total common stocks** | **98.6** |
| Short-term investments | 1.1 |
| Investment of cash collateral from securities loaned | 3.6 |
| **Total investments** | **103.3** |
| Liabilities in excess of other assets | (3.3) |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

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UBS International Sustainable Equity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 98.6%**  | **Common stocks: 98.6%**  | **Common stocks: 98.6%**  |
| **Australia: 1.4%** | **Australia: 1.4%** | **Australia: 1.4%** |
| Brambles Ltd. | 289345 | $2372804 |
| **Belgium: 0.8%** | **Belgium: 0.8%** | **Belgium: 0.8%** |
| Galapagos NV\* | 25973 | 1149645 |
| Galapagos NV\*<sup>,1</sup> | 4699 | 208548 |
|  |  | 1358193 |
| **Brazil: 3.0%** | **Brazil: 3.0%** | **Brazil: 3.0%** |
| Banco Bradesco SA, ADR | 344090 | 990979 |
| MercadoLibre, Inc.\* | 1926 | 1629858 |
| Suzano SA | 284200 | 2624044 |
|  |  | 5244881 |
| **Canada: 3.2%** | **Canada: 3.2%** | **Canada: 3.2%** |
| Canadian Pacific Railway Ltd.<sup>1</sup> | 23248 | 1733298 |
| Royal Bank of Canada<sup>1</sup> | 40459 | 3803863 |
|  |  | 5537161 |
| **China: 8.2%** | **China: 8.2%** | **China: 8.2%** |
| Alibaba Group Holding Ltd., ADR\* | 23727 | 2090111 |
| China Mengniu Dairy Co. Ltd.\* | 364000 | 1641316 |
| Li Auto, Inc., ADR\* | 57871 | 1180568 |
| Meituan, Class B\*<sup>,2</sup> | 95500 | 2115882 |
| NXP Semiconductors NV | 9935 | 1570028 |
| Ping An Insurance Group Co. of China Ltd., Class H | 446500 | 2933389 |
| Tencent Holdings Ltd. | 42600 | 1806256 |
| Zhongsheng Group Holdings Ltd. | 188500 | 965516 |
|  |  | 14303066 |
| **Denmark: 1.6%** | **Denmark: 1.6%** | **Denmark: 1.6%** |
| Genmab A/S\* | 6428 | 2717725 |
| **Finland: 2.2%** | **Finland: 2.2%** | **Finland: 2.2%** |
| Metso Outotec Oyj | 377147 | 3883657 |
| **France: 7.3%** | **France: 7.3%** | **France: 7.3%** |
| AXA SA | 142847 | 3979075 |
| Cie Generale des Etablissements Michelin SCA | 95885 | 2671094 |
| Danone SA | 71595 | 3773462 |
| Ubisoft Entertainment SA\* | 77263 | 2182742 |
|  |  | 12606373 |
| **Germany: 5.2%** | **Germany: 5.2%** | **Germany: 5.2%** |
| CTS Eventim AG & Co. KGaA\* | 53466 | 3393963 |
| Infineon Technologies AG | 51819 | 1574877 |
| Knorr-Bremse AG | 21393 | 1163829 |
| LANXESS AG | 26928 | 1080531 |
| SAP SE | 17142 | 1769752 |
|  |  | 8982952 |
| **Hong Kong: 1.7%** | **Hong Kong: 1.7%** | **Hong Kong: 1.7%** |
| Prudential PLC | 222174 | 3029406 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **India: 4.4%** | **India: 4.4%** | **India: 4.4%** |
| Axis Bank Ltd., GDR | 50307 | $2854516 |
| Infosys Ltd., ADR | 108599 | 1955868 |
| Mahindra & Mahindra Ltd., GDR | 193227 | 2908067 |
|  |  | 7718451 |
| **Indonesia: 4.2%** | **Indonesia: 4.2%** | **Indonesia: 4.2%** |
| Bank Central Asia Tbk. PT | 6953600 | 3812923 |
| Bank Mandiri Persero Tbk. PT | 5414500 | 3452795 |
|  |  | 7265718 |
| **Ireland: 2.1%** | **Ireland: 2.1%** | **Ireland: 2.1%** |
| AIB Group PLC<sup>1</sup> | 934249 | 3586026 |
| **Italy: 2.9%** | **Italy: 2.9%** | **Italy: 2.9%** |
| Infrastrutture Wireless Italiane SpA<sup>2</sup> | 169654 | 1711504 |
| PRADA SpA | 249800 | 1402329 |
| Prysmian SpA | 53807 | 1999226 |
|  |  | 5113059 |
| **Japan: 11.9%** | **Japan: 11.9%** | **Japan: 11.9%** |
| ITOCHU Corp.<sup>1</sup> | 79200 | 2484722 |
| NEC Corp. | 38800 | 1360686 |
| Nippon Telegraph & Telephone Corp. | 108600 | 3097110 |
| OBIC Business Consultants Co. Ltd. | 73700 | 2399205 |
| ORIX Corp. | 114100 | 1826359 |
| Shin-Etsu Chemical Co. Ltd. | 16400 | 2002639 |
| SoftBank Group Corp. | 54600 | 2309194 |
| Sony Group Corp. | 42600 | 3247039 |
| Toyota Motor Corp. | 141100 | 1924963 |
|  |  | 20651917 |
| **Netherlands: 1.6%** | **Netherlands: 1.6%** | **Netherlands: 1.6%** |
| ASML Holding NV<sup>1</sup> | 3034 | 1654293 |
| Koninklijke Philips NV | 78773 | 1185314 |
|  |  | 2839607 |
| **Norway: 2.3%** | **Norway: 2.3%** | **Norway: 2.3%** |
| Equinor ASA | 70114 | 2519914 |
| Mowi ASA | 83496 | 1422797 |
|  |  | 3942711 |
| **Portugal: 2.9%** | **Portugal: 2.9%** | **Portugal: 2.9%** |
| Galp Energia SGPS SA | 379025 | 5113282 |
| **South Korea: 4.1%** | **South Korea: 4.1%** | **South Korea: 4.1%** |
| LG Chem Ltd. | 6569 | 3136890 |
| Samsung Engineering Co. Ltd.\* | 143698 | 2542125 |
| SK Hynix, Inc. | 23039 | 1374599 |
|  |  | 7053614 |
| **Switzerland: 6.7%** | **Switzerland: 6.7%** | **Switzerland: 6.7%** |
| Alcon, Inc. | 36075 | 2475429 |
| Barry Callebaut AG | 2034 | 4016642 |

---

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UBS International Sustainable Equity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Switzerland—(concluded)** | **Switzerland—(concluded)** | **Switzerland—(concluded)** | **Switzerland—(concluded)** |
| Novartis AG | 45365 | $| 4105415 |
| On Holding AG, Class A\*<sup>,1</sup> | 63500 |  | 1089660 |
|  |  |  | 11687146 |
| **Taiwan: 1.4%** | **Taiwan: 1.4%** | **Taiwan: 1.4%** | **Taiwan: 1.4%** |
| Merida Industry Co. Ltd. | 138000 |  | 747892 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 22200 |  | 1653678 |
|  |  |  | 2401570 |
| **United Kingdom: 13.6%** | **United Kingdom: 13.6%** | **United Kingdom: 13.6%** | **United Kingdom: 13.6%** |
| Ashtead Group PLC | 52500 |  | 2982249 |
| AstraZeneca PLC | 32874 |  | 4448488 |
| DCC PLC | 32206 |  | 1583631 |
| London Stock Exchange Group PLC | 42954 |  | 3690659 |
| RELX PLC | 74452 |  | 2058451 |
| Sage Group PLC | 324495 |  | 2921981 |
| Spectris PLC | 66648 |  | 2414432 |
| Unilever PLC | 72425 |  | 3634050 |
|  |  |  | 23733941 |
| **United States: 5.9%** | **United States: 5.9%** | **United States: 5.9%** | **United States: 5.9%** |
| Aon PLC, Class A | 10093 |  | 3029313 |
| Aptiv PLC\* | 15362 |  | 1430663 |
| LivaNova PLC\* | 18023 |  | 1000998 |
| Schlumberger Ltd. | 90192 |  | 4821664 |
|  |  |  | 10282638 |
| **Total common stocks**<br> (cost $199,595,961) |  |  | **171425898** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments: 1.1%** | **Short-term investments: 1.1%** | **Short-term investments: 1.1%** |
| **Investment companies: 1.1%** | **Investment companies: 1.1%** | **Investment companies: 1.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>3</sup>(cost $1,855,974) | 1855974 | $1855974 |
| **Investment of cash collateral from securities loaned: 3.6%**  | **Investment of cash collateral from securities loaned: 3.6%**  | **Investment of cash collateral from securities loaned: 3.6%**  |
| **Money market funds: 3.6%** | **Money market funds: 3.6%** | **Money market funds: 3.6%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 4.320%<sup>3</sup>(cost $6,349,238) | 6349238 | 6349238 |
| **Total investments: 103.3%**<br> (cost $207,801,173) |  | **179631110** |

---

---

| | |
|:---|:---|
| Liabilities in excess of other assets: (3.3%) | (5695032 |
| **Net assets: 100.0%** | $**173936078** |

---

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.

------

UBS International Sustainable Equity Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted <br>quoted prices in <br>active markets for <br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $33017707 | $138408191 | $— | $171425898 |
| Short-term investments |  | 1855974 |  | 1855974 |
| Investment of cash collateral from securities loaned |  | 6349238 |  | 6349238 |
| **Total** | $**33017707** | $**146613403** | $**—** | $**179631110** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,827,386, represented 2.2% of the Fund's net assets at period end.

<sup>3</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>54

------

UBS US Dividend Ruler Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class P shares of UBS US Dividend Ruler Fund (the "Fund") returned 7.71%. For comparison purposes, the S&P 500 Index (the "Index") returned 2.31%. Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.

**Fund overview**

The Fund's investment goal is to maximize total return, consisting of capital appreciation by focusing on fundamentally attractive dividend-paying stocks.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

• In terms of stock selection, holdings in the information technology and consumer discretionary sectors were most additive to performance relative to the S&P 500.

• In terms of sector allocation, the portfolio's underweight to the communication services sector and overweight to energy were the largest contributors to relative performance.

• A number of individual holdings were beneficial for absolute performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;– Energy stocks such as **Phillips 66** and **EOG Resources** were among the strongest performers given tight oil markets and energy sector outperformance. Phillips 66's diversified business model across refining, chemicals, midstream, and marketing helps provide earnings stability through the cycle. Rebuilding of refined product inventories and shortage of global refining capacity should support elevated margins. EOG Resources is a high-quality, low-cost exploration and production company, with a strong track record of consistent execution and top-tier returns.

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of **Starbucks** rallied following a positive September 2022 Investor Day, where the company outlined its reinvention plan aimed to improve both partner and customer experiences. The company expects to drive 10-12% annualized sales growth and margin expansion over the next three years. Additionally, Starbucks' shares benefited from continued strength in US store sales and prospects of economic reopening in its largest growth market, China.

**What didn't work:**

• Stock selection within the industrials sector detracted most from relative performance.

• In terms of sector allocation, no sectors detracted from relative performance.

• Several individual fund holdings weighed on absolute performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;– **Microsoft's** stock faltered on decelerating growth in its cloud business, Azure, and concerns of a weakening enterprise spending environment amid an economic slowdown. While the operating environment has proven challenging, we remain constructive on the long-term outlook for the company. Microsoft remains one of the dominant cloud service providers, in a market that remains underpenetrated. In additional, Microsoft's Windows and Office 365 platforms remain consumer and corporate staples. We continue to hold the stock.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS US Dividend Ruler Fund

&nbsp;&nbsp;&nbsp;&nbsp;– Shares of super-regional bank **Truist Financial** underperformed. Higher investments and delays in cost savings from the company's merger of equals (between SunTrust and BB&T) overshadowed higher net interest income and a pickup in loan growth. We continue to hold the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Comcast's** shares declined given lowered expectations for broadband subscriber growth and increasing competition from telecom providers. We removed Comcast from the portfolio in September 2022.

**The Fund did not invest in derivatives during the reporting period.**

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS US Dividend Ruler Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception<sup>1</sup>** |
| Class P<sup>2</sup> | 7.71% | (6.93)% | 11.97% |
| S&P 500 Index<sup>3</sup> | 2.31 | (18.11) | 9.97 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—0.83% and 0.50%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P is July 9, 2020.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held.

<sup>3</sup> The S&P 500 Index is an unmanaged, weighted index comprising 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is shown as of the inception date of Class P: July 9, 2020.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS US Dividend Ruler Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings** 

---

| | |
|:---|:---|
| Microsoft Corp. | 8.1% |
| Johnson & Johnson | 4.4 |
| UnitedHealth Group, Inc. | 3.8 |
| Exxon Mobil Corp. | 3.6 |
| McDonald's Corp. | 3.5 |
| Broadcom, Inc. | 3.2 |
| AbbVie, Inc. | 3.2 |
| Raytheon Technologies Corp. | 3.0 |
| Procter & Gamble Co. | 3.0 |
| Chubb Ltd. | 3.0 |
| **Total** | **38.8%** |

---

**Top issuer breakdown by country or territory of origin** 

---

| | |
|:---|:---|
| United States | 96.0% |
| United Kingdom | 4.8 |
| **Total** | **100.8%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Aerospace & defense | 3.0% |
| Air freight & logistics | 2.5 |
| Banks | 4.1 |
| Beverages | 5.1 |
| Biotechnology | 4.5 |
| Capital markets | 3.2 |
| Chemicals | 2.7 |
| Commercial services & supplies | 1.4 |
| Communications equipment | 1.2 |
| Consumer finance | 0.9 |
| Electric utilities | 5.0 |
| Equity real estate investment trusts | 2.3 |
| Health care equipment & supplies | 2.9 |
| Health care providers & services | 3.8 |
| Hotels, restaurants & leisure | 5.6 |
| Household products | 3.0 |
| Industrial conglomerates | 2.3 |
| Insurance | 5.2 |
| IT services | 3.5 |
| Oil, gas & consumable fuels | 7.5 |
| Pharmaceuticals | 4.4 |
| Road & rail | 2.4 |
| Semiconductors & semiconductor equipment | 8.0 |
| Software | 11.1 |
| Specialty retail | 2.3 |
| **Total common stocks** | **97.9** |
| Short-term investments | 2.9 |
| **Total investments** | **100.8** |
| Liabilities in excess of other assets | (0.8) |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS US Dividend Ruler Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 97.9%** | **Common stocks: 97.9%** | **Common stocks: 97.9%** |
| **Aerospace & defense: 3.0%** | **Aerospace & defense: 3.0%** | **Aerospace & defense: 3.0%** |
| Raytheon Technologies Corp. | 39894 | $4026102 |
| **Air freight & logistics: 2.5%** | **Air freight & logistics: 2.5%** | **Air freight & logistics: 2.5%** |
| United Parcel Service, Inc., Class B | 19115 | 3322952 |
| **Banks: 4.1%** | **Banks: 4.1%** | **Banks: 4.1%** |
| JPMorgan Chase & Co. | 25347 | 3399033 |
| Truist Financial Corp. | 46645 | 2007134 |
|  |  | 5406167 |
| **Beverages: 5.1%** | **Beverages: 5.1%** | **Beverages: 5.1%** |
| Coca-Cola Co. | 61976 | 3942294 |
| Diageo PLC, ADR | 15528 | 2766934 |
|  |  | 6709228 |
| **Biotechnology: 4.5%** | **Biotechnology: 4.5%** | **Biotechnology: 4.5%** |
| AbbVie, Inc. | 26478 | 4279110 |
| Amgen, Inc. | 6589 | 1730535 |
|  |  | 6009645 |
| **Capital markets: 3.2%** | **Capital markets: 3.2%** | **Capital markets: 3.2%** |
| BlackRock, Inc. | 3233 | 2291001 |
| Morgan Stanley | 23222 | 1974334 |
|  |  | 4265335 |
| **Chemicals: 2.7%** | **Chemicals: 2.7%** | **Chemicals: 2.7%** |
| Linde PLC | 11130 | 3630383 |
| **Commercial services & supplies: 1.4%** | **Commercial services & supplies: 1.4%** | **Commercial services & supplies: 1.4%** |
| Republic Services, Inc. | 14562 | 1878352 |
| **Communications equipment: 1.2%** | **Communications equipment: 1.2%** | **Communications equipment: 1.2%** |
| Cisco Systems, Inc. | 32633 | 1554636 |
| **Consumer finance: 0.9%** | **Consumer finance: 0.9%** | **Consumer finance: 0.9%** |
| Discover Financial Services | 12204 | 1193917 |
| **Electric utilities: 5.0%** | **Electric utilities: 5.0%** | **Electric utilities: 5.0%** |
| American Electric Power Co., Inc. | 29948 | 2843563 |
| NextEra Energy, Inc. | 44884 | 3752302 |
|  |  | 6595865 |
| **Equity real estate investment trusts: 2.3%** | **Equity real estate investment trusts: 2.3%** | **Equity real estate investment trusts: 2.3%** |
| Prologis, Inc. | 26518 | 2989374 |
| **Health care equipment & supplies: 2.9%** | **Health care equipment & supplies: 2.9%** | **Health care equipment & supplies: 2.9%** |
| Abbott Laboratories | 35335 | 3879430 |
| **Health care providers & services: 3.8%** | **Health care providers & services: 3.8%** | **Health care providers & services: 3.8%** |
| UnitedHealth Group, Inc. | 9466 | 5018684 |
| **Hotels, restaurants & leisure: 5.6%** | **Hotels, restaurants & leisure: 5.6%** | **Hotels, restaurants & leisure: 5.6%** |
| McDonald's Corp. | 16808 | 4429412 |
| Starbucks Corp. | 29474 | 2923821 |
|  |  | 7353233 |
| **Household products: 3.0%** | **Household products: 3.0%** | **Household products: 3.0%** |
| Procter & Gamble Co. | 26193 | 3969811 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Industrial conglomerates: 2.3%** | **Industrial conglomerates: 2.3%** | **Industrial conglomerates: 2.3%** |
| Honeywell International, Inc. | 13934 | $2986056 |
| **Insurance: 5.2%** | **Insurance: 5.2%** | **Insurance: 5.2%** |
| Chubb Ltd. | 17972 | 3964623 |
| Marsh & McLennan Cos., Inc. | 17596 | 2911786 |
|  |  | 6876409 |
| **IT services: 3.5%** | **IT services: 3.5%** | **IT services: 3.5%** |
| Accenture PLC, Class A | 11026 | 2942178 |
| Automatic Data Processing, Inc. | 7137 | 1704744 |
|  |  | 4646922 |
| **Oil, gas & consumable fuels: 7.5%** | **Oil, gas & consumable fuels: 7.5%** | **Oil, gas & consumable fuels: 7.5%** |
| EOG Resources, Inc. | 23140 | 2997093 |
| Exxon Mobil Corp. | 43788 | 4829816 |
| Phillips 66 | 20857 | 2170797 |
|  |  | 9997706 |
| **Pharmaceuticals: 4.4%** | **Pharmaceuticals: 4.4%** | **Pharmaceuticals: 4.4%** |
| Johnson & Johnson | 32983 | 5826447 |
| **Road & rail: 2.4%** | **Road & rail: 2.4%** | **Road & rail: 2.4%** |
| Union Pacific Corp. | 15286 | 3165272 |
| **Semiconductors & semiconductor equipment: 8.0%** | **Semiconductors & semiconductor equipment: 8.0%** | **Semiconductors & semiconductor equipment: 8.0%** |
| Analog Devices, Inc. | 18937 | 3106236 |
| Broadcom, Inc. | 7682 | 4295237 |
| Texas Instruments, Inc. | 19472 | 3217164 |
|  |  | 10618637 |
| **Software: 11.1%** | **Software: 11.1%** | **Software: 11.1%** |
| Microsoft Corp. | 44821 | 10748972 |
| Oracle Corp. | 48133 | 3934392 |
|  |  | 14683364 |
| **Specialty retail: 2.3%** | **Specialty retail: 2.3%** | **Specialty retail: 2.3%** |
| Home Depot, Inc. | 9719 | 3069843 |
| **Total common stocks**<br> (cost $126,193,794) |  | **129673770** |
| **Short-term investments: 2.9%**  | **Short-term investments: 2.9%**  | **Short-term investments: 2.9%**  |
| **Investment companies: 2.9%** | **Investment companies: 2.9%** | **Investment companies: 2.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>1</sup>(cost $3,838,515) | 3838515 | 3838515 |
| **Total investments: 100.8%**<br> (cost $130,032,309) |  | **133512285** |
| Liabilities in excess of other assets: (0.8%) |  | (1020626) |
| **Net assets: 100.0%** |  | $**132491659** |

---

------

UBS US Dividend Ruler Fund

Portfolio of investments

**December 31, 2022 (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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br> active markets for<br> identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $129673770 | $— | $— | $129673770 |
| Short-term investments |  | 3838515 |  | 3838515 |
| **Total** | $**129673770** | $**3838515** | $**—** | $**133512285** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>60

------

UBS US Quality Growth At Reasonable Price Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class P shares of UBS US Quality Growth At Reasonable Price Fund (the "Fund") returned -0.12%. For comparison purposes, the Russell 1000 Growth Index (the "Index") returned -1.48%. Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.

**Fund overview**

The Fund's investment goal is to provide capital appreciation by seeking exposure to attractively valued, high quality growth stocks.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

• Stock selection within the consumer discretionary and energy sectors was a meaningful contributor to performance relative to the Russell 1000 Growth Index.

• Within sectors, our overweight allocation to health care was a modest contributor to performance.

• A number of individual holdings were beneficial for absolute performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;– Amidst a worsening economic environment with still elevated inflation, shares of **TJX Companies** outperformed as consumers traded down to off-price retailers. Elevated inventory at traditional retailers presented a strong buying environment for TJX Companies. Moreover, its pricing initiative helped drive a recovery in margins.

&nbsp;&nbsp;&nbsp;&nbsp;– We added **SLB** (previously known as Schlumberger) to the portfolio in late July 2022 (and subsequently increased our position in September) on the thesis that the underinvestment in oil supplies over the past few years should drive "higher for longer" oil prices and ultimately a pickup in international drilling and development activity. Third quarter 2022 results for the company topped consensus expectations, with quarterly earnings per share and pretax operating margins reaching seven-year highs.

&nbsp;&nbsp;&nbsp;&nbsp;– **Intuitive Surgical** shares rallied on better-than-expected DaVinci systems shipments and healthy 20% procedure volume growth in its third quarter earnings results.

**What didn't work:**

• Stock selection in the information technology sector was a notable detractor from relative performance.

• In terms of sector allocation, our overweight to communication services modestly detracted from performance.

• Several individual holdings weighed on absolute performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;– **Alphabet's** shares fell on decelerating revenue growth in its core Search and YouTube businesses. While not immune to a cyclical slowdown in global advertising spending, Alphabet shares ended 2022 trading at 17 times consensus 2023 earnings estimates — a 20% discount to the Russell 1000 Growth Index. Longer-term, we view Alphabet as a leader in digital advertising, as well as global cloud infrastructure. We continue to hold the stock.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS US Quality Growth At Reasonable Price Fund

&nbsp;&nbsp;&nbsp;&nbsp;– **Amazon.com's** shares declined due to fears of consumer weakness, decelerating growth in its AWS cloud business, and higher-than-expected costs (shipping, labor, warehousing) weighing on quarterly earnings results and forward-looking guidance. While these issues may linger in the near-term, we remain positive on the company's long-term prospects. Amazon.com has more recently decided to rein in investments in new capacity and appears poised to deliver improved profitability. Amazon.com remains the market leader in e-commerce and cloud computing — two significant secular growth drivers. We continue to hold the stock.

&nbsp;&nbsp;&nbsp;&nbsp;– **Microsoft's** stock faltered on decelerating growth in its cloud business, Azure, and concerns of a weakening enterprise spending environment amid an economic slowdown. While the operating environment has proven challenging, we remain constructive on the long-term outlook for the company. Microsoft remains one of the dominant cloud service providers, in a market that remains underpenetrated. In additional, Microsoft's Windows and Office 365 platforms remain dominant in their categories and essentials for both consumers and businesses. We continue to hold the stock.

**The Fund did not invest in derivatives during the reporting period.**

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS US Quality Growth At Reasonable Price Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception<sup>1</sup>** |
| Class P<sup>2</sup> | (0.12)% | (25.56)% | 4.01% |
| Russell 1000 Growth Index<sup>3</sup> | (1.48) | (29.14) | 3.39 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—0.79% and 0.50%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P is July 9, 2020.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992. Inception return for the Index is shown as of the inception date of Class P: July 9, 2020.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS US Quality Growth At Reasonable Price Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings**

---

| | |
|:---|:---|
| Microsoft Corp. | 12.6% |
| Alphabet, Inc., Class A | 7.5 |
| Apple, Inc. | 6.4 |
| Amazon.com, Inc. | 5.8 |
| Visa, Inc., Class A | 4.4 |
| UnitedHealth Group, Inc. | 3.9 |
| Boston Scientific Corp. | 2.9 |
| TJX Cos., Inc. | 2.6 |
| Texas Instruments, Inc. | 2.5 |
| Costco Wholesale Corp. | 2.5 |
| **Total** | **51.1%** |

---

**Issuer breakdown by country or territory of origin**

---

| | | |
|:---|:---|:---|
| United States | 100.1 | % |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Beverages | 2.1% |
| Capital markets | 3.2 |
| Chemicals | 2.3 |
| Electrical equipment | 1.1 |
| Energy equipment & services | 1.9 |
| Equity real estate investment trusts | 2.2 |
| Food & staples retailing | 2.5 |
| Health care equipment & supplies | 7.3 |
| Health care providers & services | 3.9 |
| Household products | 2.3 |
| Industrial conglomerates | 1.8 |
| Interactive media & services | 7.5 |
| Internet & direct marketing retail | 5.8 |
| IT services | 4.4 |
| Life sciences tools & services | 4.0 |
| Machinery | 1.3 |
| Multiline retail | 1.5 |
| Personal products | 1.8 |
| Pharmaceuticals | 2.4 |
| Road & rail | 2.0 |
| Semiconductors & semiconductor equipment | 5.0 |
| Software | 16.3 |
| Specialty retail | 6.7 |
| Technology hardware, storage & peripherals | 6.4 |
| Textiles, apparel & luxury goods | 2.0 |
| **Total common stocks** | **97.7** |
| Short-term investments | 2.4 |
| **Total investments** | **100.1** |
| Liabilities in excess of other assets | (0.1) |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 97.7%** | **Common stocks: 97.7%** | **Common stocks: 97.7%** |
| **Beverages: 2.1%** | **Beverages: 2.1%** | **Beverages: 2.1%** |
| Coca-Cola Co. | 53075 | $3376101 |
| **Capital markets: 3.2%** | **Capital markets: 3.2%** | **Capital markets: 3.2%** |
| Ameriprise Financial, Inc. | 8701 | 2709230 |
| S&P Global, Inc. | 7217 | 2417262 |
|  |  | 5126492 |
| **Chemicals: 2.3%** | **Chemicals: 2.3%** | **Chemicals: 2.3%** |
| Sherwin-Williams Co. | 15648 | 3713740 |
| **Electrical equipment: 1.1%** | **Electrical equipment: 1.1%** | **Electrical equipment: 1.1%** |
| Rockwell Automation, Inc. | 6555 | 1688371 |
| **Energy equipment & services: 1.9%** | **Energy equipment & services: 1.9%** | **Energy equipment & services: 1.9%** |
| Schlumberger Ltd. | 57937 | 3097312 |
| **Equity real estate investment trusts: 2.2%** | **Equity real estate investment trusts: 2.2%** | **Equity real estate investment trusts: 2.2%** |
| American Tower Corp. | 16614 | 3519842 |
| **Food & staples retailing: 2.5%** | **Food & staples retailing: 2.5%** | **Food & staples retailing: 2.5%** |
| Costco Wholesale Corp. | 8955 | 4087958 |
| **Health care equipment & supplies: 7.3%** | **Health care equipment & supplies: 7.3%** | **Health care equipment & supplies: 7.3%** |
| Abbott Laboratories | 30974 | 3400636 |
| Boston Scientific Corp.\* | 100105 | 4631858 |
| Intuitive Surgical, Inc.\* | 14038 | 3724983 |
|  |  | 11757477 |
| **Health care providers & services: 3.9%** | **Health care providers & services: 3.9%** | **Health care providers & services: 3.9%** |
| UnitedHealth Group, Inc. | 11822 | 6267788 |
| **Household products: 2.3%** | **Household products: 2.3%** | **Household products: 2.3%** |
| Procter & Gamble Co. | 24673 | 3739440 |
| **Industrial conglomerates: 1.8%** | **Industrial conglomerates: 1.8%** | **Industrial conglomerates: 1.8%** |
| Honeywell International, Inc. | 13790 | 2955197 |
| **Interactive media & services: 7.5%** | **Interactive media & services: 7.5%** | **Interactive media & services: 7.5%** |
| Alphabet, Inc., Class A\* | 136850 | 12074276 |
| **Internet & direct marketing retail: 5.8%** | **Internet & direct marketing retail: 5.8%** | **Internet & direct marketing retail: 5.8%** |
| Amazon.com, Inc.\* | 111056 | 9328704 |
| **IT services: 4.4%** | **IT services: 4.4%** | **IT services: 4.4%** |
| Visa, Inc., Class A | 33741 | 7010030 |
| **Life sciences tools & services: 4.0%** | **Life sciences tools & services: 4.0%** | **Life sciences tools & services: 4.0%** |
| Danaher Corp. | 12041 | 3195922 |
| Thermo Fisher Scientific, Inc. | 6029 | 3320110 |
|  |  | 6516032 |
| **Machinery: 1.3%** | **Machinery: 1.3%** | **Machinery: 1.3%** |
| Parker-Hannifin Corp. | 7386 | 2149326 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Multiline retail: 1.5%** | **Multiline retail: 1.5%** | **Multiline retail: 1.5%** |
| Dollar General Corp. | 9697 | $2387886 |
| **Personal products: 1.8%** | **Personal products: 1.8%** | **Personal products: 1.8%** |
| Estee Lauder Cos., Inc., Class A | 11481 | 2848551 |
| **Pharmaceuticals: 2.4%** | **Pharmaceuticals: 2.4%** | **Pharmaceuticals: 2.4%** |
| Eli Lilly & Co. | 10719 | 3921439 |
| **Road & rail: 2.0%** | **Road & rail: 2.0%** | **Road & rail: 2.0%** |
| Union Pacific Corp. | 15691 | 3249135 |
| **Semiconductors & semiconductor equipment: 5.0%** | **Semiconductors & semiconductor equipment: 5.0%** | **Semiconductors & semiconductor equipment: 5.0%** |
| Applied Materials, Inc. | 40641 | 3957621 |
| Texas Instruments, Inc. | 24905 | 4114804 |
|  |  | 8072425 |
| **Software: 16.3%** | **Software: 16.3%** | **Software: 16.3%** |
| Microsoft Corp. | 84514 | 20268147 |
| Palo Alto Networks, Inc.\* | 17500 | 2441950 |
| Salesforce, Inc.\* | 26269 | 3483007 |
|  |  | 26193104 |
| **Specialty retail: 6.7%** | **Specialty retail: 6.7%** | **Specialty retail: 6.7%** |
| Home Depot, Inc. | 10941 | 3455824 |
| O'Reilly Automotive, Inc.\* | 3876 | 3271460 |
| TJX Cos., Inc. | 52041 | 4142464 |
|  |  | 10869748 |
| **Technology hardware, storage & peripherals: 6.4%** | **Technology hardware, storage & peripherals: 6.4%** | **Technology hardware, storage & peripherals: 6.4%** |
| Apple, Inc. | 79535 | 10333983 |
| **Textiles, apparel & luxury goods: 2.0%** | **Textiles, apparel & luxury goods: 2.0%** | **Textiles, apparel & luxury goods: 2.0%** |
| Nike, Inc., Class B | 27610 | 3230646 |
| **Total common stocks**<br> (cost $175,556,824) |  | **157515003** |
| **Short-term investments: 2.4%**  | **Short-term investments: 2.4%**  | **Short-term investments: 2.4%**  |
| **Investment companies: 2.4%** | **Investment companies: 2.4%** | **Investment companies: 2.4%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>1</sup> <br>(cost $3,875,193) | 3875193 | 3875193 |
| **Total investments: 100.1%**<br> (cost $179,432,017) |  | **161390196** |
| Liabilities in excess of other assets: (0.1%) |  | (184665) |
| **Net assets: 100.0%** |  | $**161205531** |

---

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.

------

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in <br>active markets for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $157515003 | $— | $— | $157515003 |
| Short-term investments |  | 3875193 |  | 3875193 |
| **Total** | $**157515003** | $**3875193** | $**—** | $**161390196** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>66

------

UBS U.S. Small Cap Growth Fund

**Portfolio performance**

For the six months ended December 31, 2022, Class A shares of UBS U.S. Small Cap Growth Fund (the "Fund") returned 4.49% (Class A shares returned -1.25% after the deduction of the maximum sales charge), while Class P shares returned 4.62%. The Fund's benchmark, the Russell 2000 Growth Index (the "Index"), returned 4.38% over the same time period. (Class P shares have lower expenses than other share classes of the Fund. Returns for all share classes over various time periods are shown on page 70; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

The Fund's performance was driven primarily by stock selection decisions.

**Portfolio performance summary<sup>1</sup>**

**What worked:**

**• Within stock selection, Shift4 Payments was the top contributor to performance.**

– **Shift4 Payments** is a provider of integrated payment processing and technology solutions for merchants. The stock rallied on investor optimism regarding the outlook for the company to continue to shift gateway customers to end-to-end payment agreements, as well as the company's diversification of customer segments away from restaurants and hospitality to other areas, including sports, events, and travel.

**• Several other stock selection decisions benefited performance.**

– **Performance Food Group** is a leading distributor of food and related products. The stock rose on continued investor enthusiasm that the company's planned sales force expansion should translate into new accounts and increased sales over the next several quarters.

– **Medpace** is a full-service clinical research organization that serves numerous therapeutic and specialty areas. The company's shares surged higher after reporting quarterly results and providing initial guidance for 2023 that exceeded consensus estimates.

– **Lattice Semiconductor** designs, develops, and markets programmable logic devices. The stock rallied strongly after posting strong quarterly results and raising its guidance for the fourth quarter of 2022. The company also launched Avant, a new platform of midrange Field-Programmable Gate Arrays (FPGAs), in early December. The new product offering is expected to drive material addressable market expansion for the company.

– **Herc** is an equipment rental company to a variety of industrial markets. After several months of underperformance, the stock rose on sentiment that the company will benefit from declining interest rates.

• **Within sector allocation**,the Fund's underweight positions in communications services and utilities contributed to returns over the reporting period.

**What didn't work:**

**• Certain stock selection decisions detracted from the Fund's returns during the reporting period.**

– **R1 RCM** operates a revenue cycle management company for healthcare providers. The company reported disappointing third quarter 2022 results and provided guidance for 2023 that was below consensus expectations. This was due in part to elongated payment cycles and slower than expected customer integrations. Furthermore, at that time the company announced that the Chief Executive Officer would be stepping down at the end of 2022. We continue to own the stock.

<sup>1</sup> For a detailed commentary on the market environment in general during the reporting period, page 2.

------

UBS U.S. Small Cap Growth Fund

– **Chart Industries** is a leading provider of technology, equipment and services related to liquefied natural gas (LNG), hydrogen, biogas, and carbon dioxide capture amongst other applications. The stock declined sharply following the company's announcement that it is acquiring Howden Group for $4.4 billon. The transaction will increase the company's debt levels and is expected to close in the first half of 2023. We continue to own the stock.

– **DigitalOcean** is a cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses. The stock underperformed as investors rotated out of year-to-date winners and higher multiple software stocks. We continue to own the stock.

– **Azenta** provides life sciences solutions including cold-chain sample management solutions and genomic services across areas such as drug development, clinical research, and advanced cell therapies. The company reported quarterly results that were below expectations. This was due in part to foreign exchange headwinds, lockdowns in China and the roll-off of certain COVID-related revenues. We continue to own the stock.

– **STAAR Surgical** is a developer and manufacturer of implantable collamer lenses for vision correction. The stock declined after management lowered its 2022 revenue guidance due to the combined impacts of lockdowns in China, European headwinds, and currency factors. We continue to own the stock.

• **Within sector allocation**, the Fund's underweight position in energy detracted from returns.

**• The Fund did not invest in derivatives during the reporting period.**

**Portfolio highlights**

**Performance Food Group** markets and distributes food and food-related products to a variety of customers including restaurants, schools, business, hospitals, convenience stores and theaters. The company operates in the US and Canada, offering foods such as meats, fruits, vegetables and desserts, as well as paper products, including pizza boxes, disposable napkins, plates, and cups. We believe the company has an opportunity to grow sales both organically and through mergers and acquisitions as it consolidates smaller companies in the industry.

**Ryman Hospitality Properties** specializes in group-oriented and destination hotel assets in urban and resort markets. We believe the company should benefit from increased demand for corporate meetings and events after several years of limited activity during the early stages of the COVID-19 pandemic. Additionally, the company has been making investments in its existing properties to increase the number of rooms available, which can help drive growth over time.

**Pure Storage** is a leading provider of flash storage arrays for high performance workloads, including server consolidation, desktop virtualization, database and cloud computing. We believe the company is positioned to continue to gain share in the enterprise all-flash array market. The company is also seeking to enable hyperscalers' ambitions and has a partnership with Meta to power its AI/Metaverse ambitions.

**Lattice Semiconductor** is a leading provider of Field Programmable Gate Arrays (FPGAs). The company's integrated circuits (ICs) can be programmed and re-programmed via software to adapt to the evolving needs of larger systems. We believe the company's FPGA technology will continue to benefit from the rise of fast-growing applications, including edge computing, artificial intelligence, system security, 5G, factory automation and robotics. The company should also benefit from continued new product introductions increasing their addressable market, as well as margin expansion opportunities through pricing power and scale.

------

UBS U.S. Small Cap Growth Fund

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS U.S. Small Cap Growth Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **5 years** | **10 years** |
| **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** |
| Class A<sup>1</sup> | 4.49% | (28.31)% | 8.28% | 11.21% |
| Class P<sup>2</sup> | 4.62 | (28.12) | 8.55 | 11.51 |
| **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** |
| Class A<sup>1</sup> | (1.25)% | (32.25)% | 7.06% | 10.59% |
| Russell 2000 Growth Index<sup>3</sup> | 4.38 | (26.36) | 3.51 | 9.20 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class A—1.46% and 1.24%; Class P—1.21% and 0.99%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc. the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 1.24% for Class A shares and 0.99% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

The Fund invests in IPOs which may have a magnified impact on performance.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS U.S. Small Cap Growth Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings**

---

| | |
|:---|:---|
| Performance Food Group Co. | 3.2% |
| Ryman Hospitality Properties, Inc. | 2.5 |
| Visteon Corp. | 2.1 |
| Pure Storage, Inc., Class A | 2.1 |
| Lattice Semiconductor Corp. | 2.1 |
| Medpace Holdings, Inc. | 2.0 |
| Evoqua Water Technologies Corp. | 2.0 |
| Jack Henry & Associates, Inc. | 2.0 |
| Inspire Medical Systems, Inc. | 1.9 |
| Chart Industries, Inc. | 1.8 |
| **Total** | **21.7%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| United States | 98.2% |
| Israel | 1.3 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| Canada | 0.2 |
| **Total** | **101.2%** |

---

---

| | |
|:---|:---|
| **Common stocks** | **Common stocks** |
| Air freight & logistics | 1.8% |
| Auto components | 2.1 |
| Banks | 6.6 |
| Beverages | 1.0 |
| Biotechnology | 5.9 |
| Building products | 1.0 |
| Chemicals | 0.4 |
| Construction & engineering | 3.2 |
| Electrical equipment | 2.3 |
| Energy equipment & services | 1.7 |
| Equity real estate investment trusts | 2.5 |
| Food & staples retailing | 3.2 |
| Health care equipment & supplies | 5.6 |
| Health care providers & services | 2.7 |
| Hotels, restaurants & leisure | 7.6 |
| Household durables | 0.8 |
| IT services | 5.8 |
| Life sciences tools & services | 5.1 |
| Machinery | 4.2 |
| Media | 0.7 |
| Multiline retail | 1.0 |
| Oil, gas & consumable fuels | 4.4 |
| Pharmaceuticals | 1.3 |
| Professional services | 2.0 |
| Semiconductors & semiconductor equipment | 5.0 |
| Software | 10.0 |
| Specialty retail | 2.1 |
| Technology hardware, storage & peripherals | 2.1 |
| Textiles, apparel & luxury goods | 1.3 |
| Thrifts & mortgage finance | 0.7 |
| Trading companies & distributors | 3.2 |
| **Total common stocks** | **97.3** |
| Short-term investments | 3.9 |
| Investment of cash collateral from securities loaned | 0.2 |
| **Total investments** | **101.4** |
| Liabilities in excess of other assets | (1.4) |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS U.S. Small Cap Growth Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks: 97.3%** | **Common stocks: 97.3%** | **Common stocks: 97.3%** |
| **Air freight & logistics: 1.8%** | **Air freight & logistics: 1.8%** | **Air freight & logistics: 1.8%** |
| Forward Air Corp. | 21642 | $2270029 |
| **Auto components: 2.1%** | **Auto components: 2.1%** | **Auto components: 2.1%** |
| Visteon Corp.\* | 20872 | 2730684 |
| **Banks: 6.6%** | **Banks: 6.6%** | **Banks: 6.6%** |
| First Bancorp/Southern Pines NC | 52530 | 2250385 |
| National Bank Holdings Corp., Class A | 33957 | 1428571 |
| Texas Capital Bancshares, Inc.\* | 22773 | 1373440 |
| Veritex Holdings, Inc. | 58657 | 1647088 |
| Webster Financial Corp. | 38914 | 1842189 |
|  |  | 8541673 |
| **Beverages: 1.0%** | **Beverages: 1.0%** | **Beverages: 1.0%** |
| Duckhorn Portfolio, Inc.\* | 79791 | 1322137 |
| **Biotechnology: 5.9%** | **Biotechnology: 5.9%** | **Biotechnology: 5.9%** |
| Allogene Therapeutics, Inc.\* | 63219 | 397648 |
| Argenx SE, ADR\* | 2390 | 905404 |
| IGM Biosciences, Inc.\* | 18019 | 306503 |
| Immunocore Holdings PLC, ADR\* | 18900 | 1078623 |
| Insmed, Inc.\* | 36151 | 722297 |
| Intellia Therapeutics, Inc.\* | 10960 | 382394 |
| Kymera Therapeutics, Inc.\* | 24718 | 616961 |
| MeiraGTx Holdings PLC\* | 41126 | 268142 |
| Nurix Therapeutics, Inc.\* | 36949 | 405700 |
| PMV Pharmaceuticals, Inc.\* | 23641 | 205677 |
| Relay Therapeutics, Inc.\* | 32808 | 490152 |
| Repare Therapeutics, Inc.\* | 21002 | 308939 |
| Xencor, Inc.\* | 33247 | 865752 |
| Zentalis Pharmaceuticals, Inc.\* | 33003 | 664680 |
|  |  | 7618872 |
| **Building products: 1.0%** | **Building products: 1.0%** | **Building products: 1.0%** |
| Simpson Manufacturing Co., Inc. | 14553 | 1290269 |
| **Chemicals: 0.4%** | **Chemicals: 0.4%** | **Chemicals: 0.4%** |
| Aspen Aerogels, Inc.\* | 49285 | 581070 |
| **Construction & engineering: 3.2%** | **Construction & engineering: 3.2%** | **Construction & engineering: 3.2%** |
| Ameresco, Inc., Class A\* | 36085 | 2061897 |
| MasTec, Inc.\* | 25067 | 2138967 |
|  |  | 4200864 |
| **Electrical equipment: 2.3%** | **Electrical equipment: 2.3%** | **Electrical equipment: 2.3%** |
| Regal Rexnord Corp. | 17966 | 2155560 |
| Shoals Technologies Group, Inc., Class A\* | 34616 | 853977 |
|  |  | 3009537 |
| **Energy equipment & services: 1.7%** | **Energy equipment & services: 1.7%** | **Energy equipment & services: 1.7%** |
| Weatherford International PLC\* | 41983 | 2137774 |
| **Equity real estate investment trusts: 2.5%** | **Equity real estate investment trusts: 2.5%** | **Equity real estate investment trusts: 2.5%** |
| Ryman Hospitality Properties, Inc. | 39542 | 3233745 |
| **Food & staples retailing: 3.2%** | **Food & staples retailing: 3.2%** | **Food & staples retailing: 3.2%** |
| Performance Food Group Co.\* | 71314 | 4164024 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care equipment & supplies: 5.6%** | **Health care equipment & supplies: 5.6%** | **Health care equipment & supplies: 5.6%** |
| AtriCure, Inc.\* | 36927 | $1638820 |
| Inspire Medical Systems, Inc.\* | 9940 | 2503687 |
| Silk Road Medical, Inc.\* | 34019 | 1797904 |
| STAAR Surgical Co.\* | 27018 | 1311454 |
|  |  | 7251865 |
| **Health care providers & services: 2.7%** | **Health care providers & services: 2.7%** | **Health care providers & services: 2.7%** |
| Castle Biosciences, Inc.\* | 21599 | 508441 |
| NeoGenomics, Inc.\* | 41850 | 386694 |
| R1 RCM, Inc.\* | 102172 | 1118783 |
| Surgery Partners, Inc.\* | 51071 | 1422838 |
|  |  | 3436756 |
| **Hotels, restaurants & leisure: 7.6%** | **Hotels, restaurants & leisure: 7.6%** | **Hotels, restaurants & leisure: 7.6%** |
| Bloomin' Brands, Inc. | 72984 | 1468438 |
| Churchill Downs, Inc. | 8568 | 1811532 |
| Dave & Buster's Entertainment, Inc.\* | 36843 | 1305716 |
| Planet Fitness, Inc., Class A\* | 27433 | 2161721 |
| Six Flags Entertainment Corp.\* | 62461 | 1452218 |
| Wyndham Hotels & Resorts, Inc. | 23551 | 1679422 |
|  |  | 9879047 |
| **Household durables: 0.8%** | **Household durables: 0.8%** | **Household durables: 0.8%** |
| TopBuild Corp.\* | 6826 | 1068201 |
| **IT services: 5.8%** | **IT services: 5.8%** | **IT services: 5.8%** |
| DigitalOcean Holdings, Inc.\* | 41818 | 1065105 |
| Jack Henry & Associates, Inc. | 14356 | 2520339 |
| Shift4 Payments, Inc., Class A\* | 40288 | 2253308 |
| Wix.com Ltd.\* | 21195 | 1628412 |
|  |  | 7467164 |
| **Life sciences tools & services: 5.1%** | **Life sciences tools & services: 5.1%** | **Life sciences tools & services: 5.1%** |
| Azenta, Inc.\* | 31945 | 1859838 |
| Medpace Holdings, Inc.\* | 12212 | 2593951 |
| NanoString Technologies, Inc.\* | 26275 | 209412 |
| Repligen Corp.\* | 11404 | 1930811 |
|  |  | 6594012 |
| **Machinery: 4.2%** | **Machinery: 4.2%** | **Machinery: 4.2%** |
| Astec Industries, Inc. | 13045 | 530410 |
| Chart Industries, Inc.\* | 20267 | 2335366 |
| Evoqua Water Technologies Corp.\* | 63791 | 2526124 |
|  |  | 5391900 |
| **Media: 0.7%** | **Media: 0.7%** | **Media: 0.7%** |
| Magnite, Inc.\* | 82200 | 870498 |
| **Multiline retail: 1.0%** | **Multiline retail: 1.0%** | **Multiline retail: 1.0%** |
| Ollie's Bargain Outlet Holdings, Inc.\* | 26620 | 1246881 |
| **Oil, gas & consumable fuels: 4.4%** | **Oil, gas & consumable fuels: 4.4%** | **Oil, gas & consumable fuels: 4.4%** |
| Chesapeake Energy Corp.<sup>1</sup> | 21780 | 2055379 |
| Matador Resources Co. | 27626 | 1581312 |
| Ovintiv, Inc. | 41388 | 2098785 |
|  |  | 5735476 |

---

------

UBS U.S. Small Cap Growth Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Pharmaceuticals: 1.3%** | **Pharmaceuticals: 1.3%** | **Pharmaceuticals: 1.3%** |
| Arvinas, Inc.\* | 20787 | $711123 |
| Intra-Cellular Therapies, Inc.\* | 17704 | 936896 |
|  |  | 1648019 |
| **Professional services: 2.0%** | **Professional services: 2.0%** | **Professional services: 2.0%** |
| KBR, Inc. | 35373 | 1867694 |
| Sterling Check Corp.\* | 47465 | 734284 |
|  |  | 2601978 |
| **Semiconductors & semiconductor equipment: 5.0%** | **Semiconductors & semiconductor equipment: 5.0%** | **Semiconductors & semiconductor equipment: 5.0%** |
| Lattice Semiconductor Corp.\* | 41231 | 2675067 |
| MaxLinear, Inc.\* | 49886 | 1693630 |
| Universal Display Corp. | 19183 | 2072531 |
|  |  | 6441228 |
| **Software: 10.0%** | **Software: 10.0%** | **Software: 10.0%** |
| Alteryx, Inc., Class A\* | 35135 | 1780290 |
| Clearwater Analytics Holdings, Inc., Class A\* | 78989 | 1481044 |
| CyberArk Software Ltd.\* | 13003 | 1685839 |
| Elastic NV\* | 25256 | 1300684 |
| HashiCorp, Inc., Class A\*<sup>,1</sup> | 10700 | 292538 |
| Jamf Holding Corp.\*<sup>,1</sup> | 70858 | 1509275 |
| Sumo Logic, Inc.\* | 228239 | 1848736 |
| Tenable Holdings, Inc.\* | 47465 | 1810790 |
| Varonis Systems, Inc.\* | 52463 | 1255964 |
|  |  | 12965160 |
| **Specialty retail: 2.1%** | **Specialty retail: 2.1%** | **Specialty retail: 2.1%** |
| Children's Place, Inc.\* | 20501 | 746646 |
| National Vision Holdings, Inc.\* | 50093 | 1941605 |
|  |  | 2688251 |
| **Technology hardware, storage & peripherals: 2.1%** | **Technology hardware, storage & peripherals: 2.1%** | **Technology hardware, storage & peripherals: 2.1%** |
| Pure Storage, Inc., Class A\* | 101485 | 2715739 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Textiles, apparel & luxury goods: 1.3%** | **Textiles, apparel & luxury goods: 1.3%** | **Textiles, apparel & luxury goods: 1.3%** |
| Tapestry, Inc. | 44032 | $1676739 |
| **Thrifts & mortgage finance: 0.7%** | **Thrifts & mortgage finance: 0.7%** | **Thrifts & mortgage finance: 0.7%** |
| Essent Group Ltd. | 22915 | 890935 |
| **Trading companies & distributors: 3.2%** | **Trading companies & distributors: 3.2%** | **Trading companies & distributors: 3.2%** |
| Boise Cascade Co. | 27527 | 1890279 |
| Herc Holdings, Inc. | 16869 | 2219454 |
|  |  | 4109733 |
| **Total common stocks**<br> (cost $134,170,272) |  | **125780260** |
| **Short-term investments: 3.9%**  | **Short-term investments: 3.9%**  | **Short-term investments: 3.9%**  |
| **Investment companies: 3.9%** | **Investment companies: 3.9%** | **Investment companies: 3.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>2</sup>(cost $5,011,057) | 5011057 | 5011057 |
| **Investment of cash collateral from securities loaned: 0.2%**  | **Investment of cash collateral from securities loaned: 0.2%**  | **Investment of cash collateral from securities loaned: 0.2%**  |
| **Money market funds: 0.2%** | **Money market funds: 0.2%** | **Money market funds: 0.2%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.320%<sup>2</sup>(cost $296,925) | 296925 | 296925 |
| **Total investments: 101.4%**<br> (cost $139,478,254) |  | **131088242** |
| Liabilities in excess of other assets: (1.4%) |  | (1834218) |
| **Net assets: 100.0%** |  | $**129254024** |

---

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.

------

UBS U.S. Small Cap Growth Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $125780260 | $— | $— | $125780260 |
| Short-term investments |  | 5011057 |  | 5011057 |
| Investment of cash collateral from securities loaned |  | 296925 |  | 296925 |
| **Total** | $**125780260** | $**5307982** | $**—** | $**131088242** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, was on loan at the period end.

<sup>2</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>74

------

UBS Sustainable Development Bank Bond Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class P shares of UBS Sustainable Development Bank Bond Fund (the "Fund") returned -3.12% while Class P2 shares returned -3.05%. For comparison purposes, the Bloomberg U.S. Treasury Index (the "Index") returned -3.66%. The Fund's secondary benchmark, the Solactive UBS Global Multilateral Development Bank Bond USD 40% 1-5 Year 60% 5-10 Year Total Return Index, returned -3.03% during the reporting period. Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.

**Fund overview**

The Fund seeks capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds and/or instruments that provide exposure to bonds issued by development banks. Development banks are financial organizations formed by government entities to promote economic and social development.

The development bank bond market typically follows high-quality US government bonds. As each of the global Multilateral Development Banks ("MDB") are supranational entities backed by multiple member governments, MDBs historically have a similar credit profile to major sovereign issuers, such as the US government. Consequently, MDB bonds have generally delivered comparable returns to US Treasurys.

**Market review**

During the reporting period the financial markets were still dominated by inflation worries and its challenge for central banks. Central banks needed to balance the impacts of high inflation, a tight labor market and a weakening but still resilient economy. The US Federal Reserve continued hiking and raised its target rate three times by 75 basis points (0.75%) and once by 50 basis points (0.50%) during the reporting period. US yields also kept rising and the interest rate curve kept flattening. The yield of 2-year US Treasurys rose by roughly 1.65%, whereas the yield of 10-year Treasurys rose "only" around 1%, which caused the yield curve to invert.

In this environment, US Treasurys outperformed riskier parts of the US fixed income markets. Sustainable development banks (SDB) showed some resiliency to rising credit spreads and performed in-line with US Treasurys.

**Portfolio performance summary**

The Fund seeks to minimize tracking error relative to its secondary benchmark (before fees and expenses), which is constructed from a blend of two market indexes designed to measure the performance of the US dollar-denominated multilateral development bank bond market. During the reporting period, the Fund modestly underperformed its secondary benchmark. Transaction costs associated with the management of the Fund's portfolio, as well as fees and expenses, were headwinds for results, and did not totally offset the positive impact from sector positioning. Additionally, US duration positioning was a small detractor from returns. The Fund did not invest in derivatives during the reporting period.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.**

------

UBS Sustainable Development Bank Bond Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **Since<br>inception<sup>1</sup>** |
| Class P<sup>2</sup> | (3.12)% | (10.41)% | 0.44% |
| Class P2<sup>5</sup> | (3.05) | (10.27) | (5.76) |
| Bloomberg U.S. Treasury Index<sup>3</sup> | (3.66) | (12.46) | 0.36 |
| Solactive UBS Global Multilateral Development Bank Bond <br>USD 40% 1-5 Year 60% 5-10 Year Total Return Index.<sup>4</sup> | (3.03) | (10.20) | 0.70 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2022 prospectuses were as follows: Class P—0.56% and 0.25%; Class P2—0.56% and 0.15%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 28, 2023, do not exceed 0.25% for Class P shares and 0.15% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class P of UBS Sustainable Development Bank Bond Fund is October 24, 2018. Benchmark's inception return is based on Class P inception date.

<sup>2</sup> Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>4</sup> The Solactive UBS Global Multilateral Development Bank Bond USD 40% 1-5 Year 60% 5-10 Year Total Return Index is a composite index, constructed from a blend of two market indexes designed to measure the performance of the US dollar denominated multilateral development bank bond market. Investors should note that indices do not reflect the deduction of fees and expenses.

<sup>5</sup> Inception date of Class P2 of UBS Sustainable Development Bank Bond Fund is October 30, 2020.

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

------

UBS Sustainable Development Bank Bond Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings**

<br> ---

| | |
|:---|:---|
| Inter-American Development Bank, <br>1.125% due 01/13/31 | 6.4% |
| International Bank for Reconstruction & Development, <br>1.250% due 02/10/31 | 4.7 |
| Inter-American Development Bank, <br>2.250% due 06/18/29 | 4.5 |
| International Bank for Reconstruction & Development, <br>1.625% due 11/03/31 | 3.9 |
| International Bank for Reconstruction & Development, <br>1.750% due 10/23/29 | 3.9 |
| Inter-American Development Bank, <br>3.125% due 09/18/28 | 3.1 |
| Nordic Investment Bank, <br>3.375% due 09/08/27 | 3.1 |
| African Development Bank, <br>0.875% due 07/22/26 | 2.9 |
| Inter-American Development Bank, <br>1.125% due 07/20/28 | 2.9 |
| Agence Francaise de Developpement EPIC, <br>0.625% due 01/22/26 | 2.8 |
| **Total** | **38.2%** |
| **Sector allocation** | **Sector allocation** |
| Non-U.S. government agency obligations | 99.0% |
| Short-term investments | 1.4 |
| Investments of cash collateral from securities loaned | 6.4 |
| **Total investment** | **106.8** |
| Liabilities in excess of other assets | (6.8) |
| **Net asset** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Non-U.S. government agency obligations: 99.0%**  | **Non-U.S. government agency obligations: 99.0%**  | **Non-U.S. government agency obligations: 99.0%**  |
| **Supranationals: 99.0%** | **Supranationals: 99.0%** | **Supranationals: 99.0%** |
| African Development Bank<br>0.750%, due 04/03/23 | $300000 | $297107 |
| 4.375%, due 11/03/27 | 200000 | 200943 |
| 7.375%, due 04/06/23 | 300000 | 301815 |
| Series GDIF,<br>0.875%, due 03/23/26 | 500000 | 447094 |
| Series GDIF,<br>0.875%, due 07/22/26 | 2500000 | 2214927 |
| Agence Francaise de Developpement EPIC<br>0.625%, due 01/22/26<sup>1</sup> | 2400000 | 2134990 |
| Asian Development Bank<br>0.750%, due 10/08/30 | 600000 | 467253 |
| 1.500%, due 03/04/31 | 1300000 | 1068444 |
| 1.750%, due 09/19/29 | 700000 | 602449 |
| 1.875%, due 03/15/29 | 300000 | 262679 |
| 1.875%, due 01/24/30 | 700000 | 601142 |
| 3.125%, due 09/26/28 | 200000 | 188275 |
| 3.875%, due 09/28/32 | 400000 | 393320 |
| Asian Infrastructure Investment Bank<br>0.500%, due 10/30/24<sup>2</sup> | 600000 | 555897 |
| 0.500%, due 05/28/25 | 1100000 | 999229 |
| 0.500%, due 01/27/26 | 1600000 | 1412607 |
| 3.750%, due 09/14/27 | 500000 | 486764 |
| Council of Europe Development Bank<br>0.875%, due 09/22/26<sup>2</sup> | 1500000 | 1321148 |
| 1.375%, due 02/27/25 | 1300000 | 1217220 |
| 2.500%, due 02/27/24 | 650000 | 633355 |
| European Bank for Reconstruction & Development<br>0.500%, due 05/19/25 | 400000 | 364856 |
| 0.500%, due 11/25/25 | 500000 | 447023 |
| 0.500%, due 01/28/26<sup>2</sup> | 2000000 | 1779914 |
| 1.500%, due 02/13/25 | 600000 | 564000 |
| 2.750%, due 03/07/23 | 200000 | 199342 |
| European Investment Bank<br>0.375%, due 03/26/26 | 100000 | 88276 |
| 0.625%, due 07/25/25 | 250000 | 227490 |
| 0.625%, due 10/21/27 | 600000 | 508938 |
| 1.250%, due 02/14/31<sup>2</sup> | 900000 | 731355 |
| 1.875%, due 02/10/25 | 700000 | 663796 |
| 2.625%, due 03/15/24 | 225000 | 219251 |
| IDB Trust Services Ltd.<br>0.908%, due 06/25/25<sup>1</sup> | 400000 | 364436 |
| 1.809%, due 02/26/25<sup>1</sup> | 400000 | 377412 |
| 2.843%, due 04/25/24<sup>1</sup> | 1400000 | 1359456 |
| 3.389%, due 09/26/23<sup>1</sup> | 800000 | 789355 |
| Inter-American Development Bank<br>0.625%, due 07/15/25 | 200000 | 182066 |
| 0.625%, due 09/16/27 | 1100000 | 933452 |
| 0.875%, due 04/20/26 | 200000 | 178940 |
| 1.125%, due 07/20/28 | 2600000 | 2207617 |
| 1.125%, due 01/13/31 | 6000000 | 4792740 |
| 1.500%, due 01/13/27 | 700000 | 629939 |
| 2.000%, due 06/02/26 | 1300000 | 1204137 |
| 2.000%, due 07/23/26 | 630000 | 582152 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** |
| 2.250%, due 06/18/29 | $| 3800000 | $| 3394468 |
| 2.375%, due 07/07/27 |  | 1285000 |  | 1188368 |
| 3.000%, due 10/04/23 |  | 300000 |  | 295617 |
| 3.125%, due 09/18/28 |  | 2450000 |  | 2317625 |
| 3.500%, due 09/14/29 |  | 650000 |  | 624628 |
| Inter-American Investment Corp.<br>0.625%, due 02/10/26<sup>1</sup> |  | 1100000 |  | 975957 |
| 1.750%, due 10/02/24<sup>1</sup> |  | 500000 |  | 475072 |
| International Bank for Reconstruction & <br>Development<br>0.750%, due 11/24/27 |  | 1000000 |  | 849690 |
| 0.750%, due 08/26/30 |  | 2500000 |  | 1950026 |
| 0.875%, due 05/14/30 |  | 2400000 |  | 1906631 |
| 1.125%, due 09/13/28 |  | 1900000 |  | 1608230 |
| 1.250%, due 02/10/31 |  | 4350000 |  | 3510682 |
| 1.625%, due 11/03/31 |  | 3600000 |  | 2946632 |
| 2.500%, due 03/29/32 |  | 2000000 |  | 1755480 |
| Series GDIF,<br>1.375%, due 04/20/28 |  | 800000 |  | 694943 |
| Series GDIF,<br>1.750%, due 10/23/29 |  | 3400000 |  | 2923184 |
| Series GDIF,<br>2.500%, due 11/22/27 |  | 400000 |  | 370680 |
| International Development Association<br>0.875%, due 04/28/26<sup>1</sup> |  | 200000 |  | 179205 |
| 1.000%, due 12/03/30<sup>1</sup> |  | 2200000 |  | 1732870 |
| 2.750%, due 04/24/23<sup>1</sup> |  | 250000 |  | 248497 |
| Series GDIF,<br>0.750%, due 06/10/27<sup>1</sup> |  | 1500000 |  | 1290441 |
| International Finance Corp.<br>0.375%, due 07/16/25 |  | 600000 |  | 542546 |
| 0.750%, due 10/08/26 |  | 1100000 |  | 964104 |
| 0.750%, due 08/27/30 |  | 1250000 |  | 973967 |
| 1.375%, due 10/16/24 |  | 100000 |  | 94430 |
| 2.125%, due 04/07/26 |  | 875000 |  | 817094 |
| Kreditanstalt fuer Wiederaufbau<br>2.000%, due 05/02/25 |  | 100000 |  | 94604 |
| 2.875%, due 04/03/28 |  | 1500000 |  | 1410345 |
| Nordic Investment Bank<br>0.500%, due 01/21/26<sup>2</sup> |  | 800000 |  | 718251 |
| 2.875%, due 07/19/23 |  | 300000 |  | 296898 |
| 3.375%, due 09/08/27 |  | 2400000 |  | 2317613 |
| **Total non-U.S. government agency obligations**<br> (cost $83,456,640) |  |  |  | **74671379** |
|  | **Number of<br>shares** | **Number of<br>shares** |  |  |
| **Short-term investments: 1.4%**  | **Short-term investments: 1.4%**  | **Short-term investments: 1.4%**  | **Short-term investments: 1.4%**  | **Short-term investments: 1.4%**  |
| **Investment companies: 1.4%** | **Investment companies: 1.4%** | **Investment companies: 1.4%** | **Investment companies: 1.4%** | **Investment companies: 1.4%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>3</sup>(cost $1,069,669) |  | 1069669 |  | 1069669 |

---

------

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment of cash collateral from securities loaned: 6.4%**  | **Investment of cash collateral from securities loaned: 6.4%**  | **Investment of cash collateral from securities loaned: 6.4%**  |
| **Money market funds: 6.4%** | **Money market funds: 6.4%** | **Money market funds: 6.4%** |
| State Street Navigator Securities Lending Government <br>Money Market Portfolio, 4.320%<sup>3</sup>(cost $4,800,337) | 4800337 | $4800337 |
| **Total investments: 106.8%**<br> (cost $89,326,646) |  | **80541385** |
| Liabilities in excess of other assets: (6.8%) |  | (5148242) |
| **Net assets: 100.0%** |  | $**75393143** |

---

**** 

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.

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Non-U.S. government agency obligations | $— | $74671379 | $— | $74671379 |
| Short-term investments |  | 1069669 |  | 1069669 |
| Investment of cash collateral from securities loaned |  | 4800337 |  | 4800337 |
| **Total** | $**—** | $**80541385** | $**—** | $**80541385** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> 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.

<sup>2</sup> Security, or portion thereof, was on loan at the period end.

<sup>3</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>79

------

UBS Multi Income Bond Fund

**Portfolio performance**

For the six months ended December 31, 2022 (the "reporting period"), Class A shares of UBS Multi Income Bond Fund (the "Fund") returned 1.71% (Class A shares returned -2.13% after the deduction of the maximum sales charge), while Class P shares returned 1.84%. For comparison purposes, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned -2.97%. (Class P shares have lower expenses than the other share class of the Fund. Returns for all share classes over various time periods are shown on page 82; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.)

During the reporting period, we used derivatives for risk management purposes and as a tool to help enhance returns across various strategies. A number of credit derivatives, including index (CDX) options, were used to manage the Fund's credit exposure. For active currency management, we utilized foreign exchange (FX) forwards. For managing interest rate exposure, we utilized interest rate futures during the reporting period. Derivatives were just one tool, among others, that we used to implement our overall strategy. Looking at the impact of derivatives in isolation is not very meaningful and could potentially be misleading, as oftentimes they are used as a complement or risk mitigant to other existing positions in the portfolio. The Fund is formerly known as UBS Total Return Bond Fund and was repositioned to the current strategy on June 13, 2022.

**Portfolio performance summary**

**What worked:**

• **Active Duration Management:** The strategy follows a flexible approach to duration management and the Fund was strategically underweight duration against the benchmark. Duration management tools, including interest rate derivatives, were particularly additive in this environment

• **Overweight Corporate Bonds:** Transitioning from an underweight to an overweight position vs. benchmark was additive in a period in which credit spreads moved tighter, particularly during the latter part of the reporting period. Issuer selection in both investment-grade and high-yield corporates also benefited performance.

• **Underweight Mortgage-Backed Securities (MBS):** An underweight vs. benchmark contributed positively to returns as MBS spreads widened over the reporting period.

• **Treasury Inflation-Protected Securities (TIPS) Allocation:** The allocation and overweight to US TIPS vs. benchmark had periods of strong performance during the reporting period.

**What didn't work:**

• **Commercial Mortgage-Backed Security (CMBS) Allocation:** The allocation to CMBS detracted from returns as their spreads widened over the reporting period.

**Market outlook**

We added back some duration during the latter part of the reporting period but remain strategically underweight, maintaining discipline by adding exposure when rates hit upper bounds of our expected ranges. We're still apt to seek opportunities to add duration as early 2023 progresses, and are actively looking for attractive entries in rates markets provided our conditions are satisfied. In our view, the 10-year Treasury is likely to remain rangebound in the near term, still hemmed in by the need to maintain tighter financial conditions for a prolonged period in order to combat inflation.

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UBS Multi Income Bond Fund

We've also partially unwound long TIPS positions in the portfolio, taking profits while likely looking to continue reducing exposure. This changing tact has been driven by expectations of a decline in the Consumer Price Index (CPI), the probability of a lower positive carry (incremental yield) environment, already lessened liquidity in the space, and an unsupportive technical backdrop.

Corporates have traded in a range to finish the year, buoyed by a dearth of supply and modest appetite for yield on the one hand, but caution on economic prospects and in turn corporate profits on the other. A structural shortage of workers in the US has lent to persistently low unemployment and strong wages, continuing to offset tightening financial conditions. This represents a major market theme as we enter 2023 and one market participants are keenly aware of.

Still, measures of investor derivative positioning at year-end suggests a calming credit market that expects a more positive environment in the short-term. With imminent recession unlikely, and probability of a severe recession low, our core view and positioning related to credit remains unchanged—maintaining only a slight overweight sourced predominantly on the short-end of the credit curve. Fourth quarter 2022 earnings announcements will be closely watched for any wavering on forward outlook.

**This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2022. The views and opinions in the letter were current as of February 23, 2023. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.**

**Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at (800) 647-1568 or by visiting our website at www.ubs.com/am-us.**

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UBS Multi Income Bond Fund

**Average annual total returns for periods ended 12/31/22 (unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **1 year** | **5 years** | **10 years or <br>Since<br>inception** |
| **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** | **Before deducting maximum sales charge** |
| Class A<sup>1</sup> | 1.71% | (11.97)% | (0.20)% | 0.06% |
| Class P<sup>2</sup> | 1.84 | (11.74) | 0.06 | 0.69 |
| **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** | **After deducting maximum sales charge** |
| Class A<sup>3</sup> | (2.13)% | (15.26)% | (0.96)% | (0.54)% |
| Bloomberg US Aggregate Bond Index<sup>4</sup> | (2.97) | (13.01) | 0.02 | 1.06 |

---

**The annualized gross and net expense ratios as in the October 28, 2022 prospectuses were as follows: Class A—1.93% and 0.91%; Class P—1.72% and 0.66%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2023, do not exceed 0.90% for Class A shares and 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.**

<sup>1</sup> Inception date of Class A is September 29, 2016.

<sup>2</sup> Class P shares acquired the assets and liabilities of Fort Dearborn Income Securities, Inc., a closed-end fund ("the Predecessor Fund"), prior to the opening of business on May 23, 2016 (the "Reorganization"). The Predecessor Fund was also managed by the Advisor, and day-to-day management of, and investment decisions for, the Fund and the Predecessor Fund were made by the same portfolio management team until the June 2022 Fund repositioning. The Funds had generally similar investment objectives and strategies until the June 2022 Fund repositioning from a Core Plus to a Multi Income Bond strategy. Therefore the information shown above reflects the historical performance of the Predecessor Fund for periods prior to the Reorganization and may not be representative of performance of the Fund. Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

<sup>3</sup> Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees.

<sup>4</sup> The Bloomberg US Aggregate Bond Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses. Inception return for the Index is for the 10 years ended.

**A temporary redemption fee of 2% was imposed on sales of Class P shares of the Fund between May 23, and August 22, 2016.**

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.**

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UBS Multi Income Bond Fund

**Portfolio statistics and industry diversification—(unaudited)<sup>1</sup>**

As a percentage of net assets as of December 31, 2022

**Top ten holdings**

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Notes (TIPS), <br>0.125% due 07/15/31 | 1.8% |
| Sabine Pass Liquefaction LLC, <br>5.000% due 03/15/27 | 1.5 |
| Verizon Communications, Inc., <br>4.329% due 09/21/28 | 1.5 |
| BMW US Capital LLC, <br>2.800% due 04/11/26 | 1.5 |
| BX Trust, <br>5.620% due 10/15/36 | 1.4 |
| Quanta Services, Inc., <br>0.950% due 10/01/24 | 1.4 |
| ONE Mortgage Trust, <br>5.551% due 03/15/36 | 1.3 |
| JPMorgan Chase & Co., <br>3.875% due 09/10/24 | 1.3 |
| EQT Corp., <br>3.900% due 10/01/27 | 1.3 |
| Kinder Morgan, Inc., <br>4.300% due 03/01/28 | 1.3 |
| **Total** | **14.3%** |

---

**Top five issuer breakdown by country or territory of origin**

---

| | |
|:---|:---|
| United States | 79.1% |
| Germany | 3.1 |
| United Kingdom | 2.8 |
| Canada | 2.1 |
| Colombia | 1.8 |
| **Total** | **88.9%** |

---

---

| | |
|:---|:---|
| **Corporate bonds** | **Corporate bonds** |
| Airlines | 1.9% |
| Auto manufacturers | 5.8 |
| Banks | 11.5 |
| Beverages | 0.6 |
| Biotechnology | 0.4 |
| Building materials | 1.3 |
| Chemicals | 2.1 |
| Commercial services | 2.9 |
| Computers | 1.6 |
| Diversified financial services | 6.2 |
| Electric | 1.6 |
| Electrical components & equipment | 1.0 |
| Entertainment | 1.2 |
| Environmental control | 0.5 |
| Food | 0.1 |
| Healthcare-products | 1.3 |
| Healthcare-services | 0.8 |
| Home builders | 0.9 |
| Housewares | 0.7 |
| Insurance | 1.3 |
| Internet | 0.9 |
| Leisure Time | 1.1 |
| Lodging | 0.7 |
| Media | 3.2 |
| Mining | 2.4 |
| Miscellaneous manufacturers | 2.2 |
| Oil & gas | 6.7 |
| Packaging & containers | 0.7 |
| Pharmaceuticals | 0.9 |
| Pipelines | 4.5 |
| Real estate | 1.0 |
| Real estate investment trusts | 1.5 |
| Retail | 1.1 |
| Semiconductors | 1.3 |
| Software | 1.5 |
| Telecommunications | 4.7 |
| Transportation | 0.3 |
| **Total corporate bonds** | **78.4** |
| Mortgage-backed securities | 9.0 |
| Municipal bonds | 3.3 |
| Non-U.S. government agency obligations | 3.3 |
| U.S. Treasury obligations | 3.7 |
| Short-term investments | 0.7 |
| Investment of cash collateral from securities loaned | 2.5 |
| **Total investments** | **100.9** |
| Liabilities in excess of other assets | (0.9) |
| **Net assets** | **100.0%** |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

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UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds: 78.4%** | **Corporate bonds: 78.4%** | **Corporate bonds: 78.4%** |
| **Australia: 0.4%** | **Australia: 0.4%** | **Australia: 0.4%** |
| Glencore Funding LLC<br>4.000%, due 04/16/25<sup>1</sup> | $100000 | $96737 |
| **Belgium: 0.6%** | **Belgium: 0.6%** | **Belgium: 0.6%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br>InBev Worldwide, Inc.<br>4.900%, due 02/01/46 | 165000 | 149997 |
| **Brazil: 0.8%** | **Brazil: 0.8%** | **Brazil: 0.8%** |
| Petrobras Global Finance BV<br>7.375%, due 01/17/27 | 200000 | 208220 |
| **Canada: 2.1%** | **Canada: 2.1%** | **Canada: 2.1%** |
| NOVA Chemicals Corp.<br>5.250%, due 06/01/27<sup>1</sup> | 250000 | 224556 |
| Rogers Communications, Inc.<br>5.000%, due 03/15/44 | 60000 | 51402 |
| Teck Resources Ltd.<br>3.900%, due 07/15/30 | 300000 | 268285 |
|  |  | 544243 |
| **China: 0.6%** | **China: 0.6%** | **China: 0.6%** |
| Agile Group Holdings Ltd.<br>5.750%, due 01/02/25<sup>2</sup> | 200000 | 104966 |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br>3.875%, due 06/18/26 | 65000 | 61973 |
|  |  | 166939 |
| **Colombia: 1.2%** | **Colombia: 1.2%** | **Colombia: 1.2%** |
| Ecopetrol SA<br>4.125%, due 01/16/25<sup>3</sup> | 250000 | 237625 |
| 5.375%, due 06/26/26 | 70000 | 66021 |
|  |  | 303646 |
| **Germany: 3.1%** | **Germany: 3.1%** | **Germany: 3.1%** |
| BMW US Capital LLC<br>2.800%, due 04/11/26<sup>1</sup> | 400000 | 373688 |
| Volkswagen Group of America Finance LLC<br>3.950%, due 06/06/25<sup>1</sup> | 250000 | 241929 |
| 4.625%, due 11/13/25<sup>1</sup> | 200000 | 196722 |
|  |  | 812339 |
| **Ireland: 1.3%** | **Ireland: 1.3%** | **Ireland: 1.3%** |
| AerCap Ireland Capital DAC/AerCap Global <br>Aviation Trust<br>4.450%, due 04/03/26 | 300000 | 286331 |
| Avolon Holdings Funding Ltd.<br>2.875%, due 02/15/25<sup>1</sup> | 50000 | 46188 |
|  |  | 332519 |
| **Norway: 1.3%** | **Norway: 1.3%** | **Norway: 1.3%** |
| Aker BP ASA<br>2.875%, due 01/15/26<sup>1</sup> | 350000 | 323330 |

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---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Qatar: 0.9%** | **Qatar: 0.9%** | **Qatar: 0.9%** |
| QNB Finance Ltd.<br>2.750%, due 02/12/27<sup>2</sup> | $250000 | $229422 |
| **Singapore: 0.9%** | **Singapore: 0.9%** | **Singapore: 0.9%** |
| BOC Aviation Ltd.<br>3.250%, due 04/29/25<sup>2</sup> | 250000 | 236178 |
| **United Kingdom: 2.8%** | **United Kingdom: 2.8%** | **United Kingdom: 2.8%** |
| Barclays PLC<br>4.836%, due 05/09/28 | 200000 | 184399 |
| HSBC Holdings PLC<br>6.500%, due 09/15/37 | 100000 | 101960 |
| Lloyds Banking Group PLC<br>4.582%, due 12/10/25 | 200000 | 193660 |
| NatWest Group PLC<br>3.875%, due 09/12/23 | 250000 | 247415 |
|  |  | 727434 |
| **United States: 62.4%** | **United States: 62.4%** | **United States: 62.4%** |
| Abbott Laboratories<br>3.750%, due 11/30/26 | 95000 | 92485 |
| AbbVie, Inc.<br>4.500%, due 05/14/35 | 100000 | 92631 |
| AEP Texas, Inc.,<br>Series E,<br>6.650%, due 02/15/33 | 50000 | 51749 |
| Series G,<br>4.150%, due 05/01/49 | 50000 | 38995 |
| Air Lease Corp.<br>2.875%, due 01/15/26 | 50000 | 46263 |
| American International Group, Inc.<br>2.500%, due 06/30/25 | 33000 | 31066 |
| Apple, Inc.<br>4.650%, due 02/23/46 | 100000 | 94672 |
| Arconic Corp.<br>6.000%, due 05/15/25<sup>1</sup> | 250000 | 245774 |
| Ardagh Packaging Finance PLC/Ardagh <br>Holdings USA, Inc.<br>5.250%, due 04/30/25<sup>1,3</sup> | 200000 | 190348 |
| Asbury Automotive Group, Inc.<br>4.500%, due 03/01/28 | 150000 | 132060 |
| AT&T, Inc.<br>3.800%, due 12/01/57 | 58000 | 40016 |
| 4.300%, due 02/15/30 | 300000 | 282479 |
| Avantor Funding, Inc.<br>4.625%, due 07/15/28<sup>1</sup> | 275000 | 249876 |
| Bank of America Corp.<br>4.200%, due 08/26/24 | 250000 | 246132 |
| 6.110%, due 01/29/37 | 125000 | 126420 |
| Series DD,<br>(fixed, converts to FRN on 03/10/26),<br>6.300%, due 03/10/26<sup>4</sup> | 110000 | 109183 |
| Bank of New York Mellon Corp.<br>1.600%, due 04/24/25 | 100000 | 92919 |

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UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Boyd Gaming Corp.<br>4.750%, due 12/01/27<sup>3</sup> | $200000 | $186276 |
| BP Capital Markets America, Inc.<br>3.017%, due 01/16/27 | 50000 | 46553 |
| Bristol-Myers Squibb Co.<br>3.200%, due 06/15/26 | 99000 | 94382 |
| 4.125%, due 06/15/39 | 50000 | 44488 |
| Broadcom, Inc.<br>3.137%, due 11/15/35<sup>1</sup> | 300000 | 220580 |
| Capital One Financial Corp.<br>3.750%, due 07/28/26 | 300000 | 282453 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>5.500%, due 05/01/26<sup>1</sup> | 75000 | 72608 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital<br>4.200%, due 03/15/28 | 350000 | 321690 |
| Citigroup, Inc.<br>5.500%, due 09/13/25 | 300000 | 301836 |
| 6.675%, due 09/13/43 | 50000 | 53436 |
| Comcast Corp.<br>2.887%, due 11/01/51 | 64000 | 41104 |
| 2.937%, due 11/01/56 | 67000 | 41435 |
| 3.969%, due 11/01/47 | 38000 | 30357 |
| ConocoPhillips Co.<br>3.758%, due 03/15/42 | 250000 | 207328 |
| Continental Resources, Inc.<br>4.375%, due 01/15/28 | 250000 | 229065 |
| Covanta Holding Corp.<br>4.875%, due 12/01/29<sup>1</sup> | 150000 | 122891 |
| DCP Midstream Operating LP<br>5.375%, due 07/15/25 | 250000 | 247675 |
| Dell International LLC/EMC Corp.<br>5.850%, due 07/15/25 | 250000 | 252658 |
| Delta Air Lines, Inc.<br>7.000%, due 05/01/25<sup>1</sup> | 300000 | 306582 |
| Duke Energy Ohio, Inc.<br>4.300%, due 02/01/49 | 50000 | 40759 |
| DuPont de Nemours, Inc.<br>4.725%, due 11/15/28 | 100000 | 98604 |
| Enact Holdings, Inc.<br>6.500%, due 08/15/25<sup>1</sup> | 250000 | 245340 |
| Energy Transfer LP<br>5.400%, due 10/01/47 | 50000 | 42353 |
| 5.500%, due 06/01/27 | 50000 | 49645 |
| EQT Corp.<br>3.900%, due 10/01/27 | 370000 | 341571 |
| Exelon Corp.<br>3.400%, due 04/15/26 | 250000 | 237371 |
| 4.450%, due 04/15/46 | 50000 | 42235 |
| Expedia Group, Inc.<br>3.800%, due 02/15/28 | 250000 | 229500 |
| FedEx Corp.<br>4.550%, due 04/01/46 | 50000 | 40563 |

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---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Ford Motor Credit Co. LLC<br>4.542%, due 08/01/26 | $300000 | $276421 |
| Fox Corp.<br>3.050%, due 04/07/25 | 25000 | 23899 |
| 5.576%, due 01/25/49 | 25000 | 22305 |
| GE Capital International Funding Co. Unlimited Co.<br>3.373%, due 11/15/25 | 200000 | 191307 |
| General Electric Co.,<br>Series D,<br>3 mo. USD LIBOR + 3.330%,<br>8.099%, due 03/15/23<sup>4,5</sup> | 99000 | 97262 |
| General Motors Co.<br>6.125%, due 10/01/25 | 100000 | 101771 |
| 6.600%, due 04/01/36 | 300000 | 293819 |
| Gilead Sciences, Inc.<br>3.650%, due 03/01/26 | 75000 | 72305 |
| 4.750%, due 03/01/46 | 50000 | 44996 |
| GLP Capital LP/GLP Financing II, Inc.<br>5.250%, due 06/01/25 | 200000 | 196603 |
| Goldman Sachs Group, Inc.<br>3.750%, due 02/25/26 | 200000 | 192511 |
| 5.150%, due 05/22/45 | 30000 | 26947 |
| Harley-Davidson Financial Services, Inc.<br>3.350%, due 06/08/25<sup>1</sup> | 300000 | 279608 |
| HCA, Inc.<br>5.250%, due 06/15/26 | 200000 | 197586 |
| Hillenbrand, Inc.<br>5.750%, due 06/15/25 | 200000 | 199000 |
| Home Depot, Inc.<br>2.125%, due 09/15/26 | 100000 | 91506 |
| Illinois Tool Works, Inc.<br>2.650%, due 11/15/26 | 80000 | 74296 |
| International Game Technology PLC<br>6.500%, due 02/15/25<sup>1</sup> | 300000 | 301827 |
| iStar, Inc.<br>4.750%, due 10/01/24 | 200000 | 198498 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 01/23/28),<br>3.509%, due 01/23/29 | 150000 | 136130 |
| 3.875%, due 09/10/24 | 350000 | 342604 |
| Series S,<br>(fixed, converts to FRN on 02/01/24),<br>6.750%, due 02/01/24<sup>4</sup> | 100000 | 99614 |
| Kinder Morgan, Inc.<br>4.300%, due 03/01/28 | 350000 | 335275 |
| 5.550%, due 06/01/45 | 40000 | 36472 |
| Kroger Co.<br>6.900%, due 04/15/38 | 25000 | 27365 |
| Liberty Mutual Group, Inc.<br>4.250%, due 06/15/23<sup>1</sup> | 45000 | 44680 |
| 4.569%, due 02/01/29<sup>1</sup> | 155000 | 144881 |
| Lumen Technologies, Inc.<br>5.625%, due 04/01/25 | 200000 | 191937 |

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UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| LYB International Finance BV<br>4.875%, due 03/15/44 | $50000 | $41674 |
| Marathon Petroleum Corp.<br>4.750%, due 09/15/44 | 70000 | 58450 |
| Masco Corp.<br>1.500%, due 02/15/28 | 400000 | 331157 |
| McDonald's Corp.<br>4.875%, due 12/09/45 | 75000 | 69311 |
| MetLife, Inc.<br>6.400%, due 12/15/36 | 110000 | 106381 |
| Microsoft Corp.<br>2.525%, due 06/01/50 | 100000 | 65805 |
| Morgan Stanley<br>4.300%, due 01/27/45 | 50000 | 42617 |
| 4.350%, due 09/08/26 | 140000 | 135834 |
| Series M,<br>(fixed, converts to FRN on 09/15/26),<br>5.875%, due 09/15/26<sup>4</sup> | 105000 | 102635 |
| MPLX LP<br>4.875%, due 06/01/25 | 70000 | 68927 |
| Newell Brands, Inc.<br>4.875%, due 06/01/25 | 200000 | 194500 |
| Newmark Group, Inc.<br>6.125%, due 11/15/23 | 150000 | 148577 |
| Olin Corp.<br>5.125%, due 09/15/27 | 200000 | 189000 |
| OneMain Finance Corp.<br>6.875%, due 03/15/25 | 200000 | 192135 |
| Oracle Corp.<br>2.800%, due 04/01/27 | 300000 | 272998 |
| 4.000%, due 11/15/47 | 50000 | 36545 |
| QUALCOMM, Inc.<br>3.250%, due 05/20/27 | 60000 | 57057 |
| Quanta Services, Inc.<br>0.950%, due 10/01/24 | 400000 | 368368 |
| Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc.<br>2.875%, due 10/15/26<sup>1</sup> | 300000 | 257149 |
| Sabine Pass Liquefaction LLC<br>5.000%, due 03/15/27 | 400000 | 392210 |
| Seagate HDD Cayman<br>5.750%, due 12/01/34 | 80000 | 67830 |
| Sirius XM Radio, Inc.<br>3.125%, due 09/01/26<sup>1</sup> | 250000 | 221985 |
| Southwest Airlines Co.<br>3.000%, due 11/15/26 | 200000 | 183913 |
| Sprint LLC<br>7.125%, due 06/15/24 | 250000 | 254885 |
| Toll Brothers Finance Corp.<br>4.875%, due 03/15/27 | 250000 | 238709 |
| Union Pacific Corp.<br>4.050%, due 11/15/45 | 40000 | 33006 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| United Rentals North America, Inc.<br>5.500%, due 05/15/27 | $| 300000 | $| 296160 |
| Verizon Communications, Inc.<br>4.329%, due 09/21/28 |  | 400000 |  | 384594 |
| Walt Disney Co.<br>4.950%, due 10/15/45 |  | 50000 |  | 46875 |
| WESCO Distribution, Inc.<br>7.125%, due 06/15/25<sup>1</sup> |  | 250000 |  | 253128 |
| Yale University,<br>Series 2020,<br>1.482%, due 04/15/30 |  | 100000 |  | 80052 |
|  |  |  |  | 16068298 |
| **Total corporate bonds**<br> (cost $21,410,371) |  |  |  | **20199302** |
| **Mortgage-backed securities: 9.0%**  | **Mortgage-backed securities: 9.0%**  | **Mortgage-backed securities: 9.0%**  | **Mortgage-backed securities: 9.0%**  | **Mortgage-backed securities: 9.0%**  |
| **United States: 9.0%** | **United States: 9.0%** | **United States: 9.0%** | **United States: 9.0%** | **United States: 9.0%** |
| Arbor Multifamily Mortgage Securities Trust,<br>Series 2021-MF3, Class B,<br>2.511%, due 10/15/54<sup>1</sup> |  | 150000 |  | 106194 |
| BAMLL Commercial Mortgage Securities Trust,<br>Series 2015-200P, Class D,<br>3.596%, due 04/14/33<sup>1,6</sup> |  | 100000 |  | 88433 |
| BBCMS Trust,<br>Series 2015-SRCH, Class B,<br>4.498%, due 08/10/35<sup>1</sup> |  | 135000 |  | 124691 |
| BX Mortgage Trust,<br>Series 2021-PAC, Class D,<br>1 mo. USD LIBOR + 1.298%,<br>5.616%, due 10/15/36<sup>1,5</sup> |  | 175000 |  | 162821 |
| BX Trust,<br>Series 2021-LGCY, Class D,<br>1 mo. USD LIBOR + 1.302%,<br>5.620%, due 10/15/36<sup>1,5</sup> |  | 400000 |  | 372162 |
| Extended Stay America Trust,<br>Series 2021-ESH, Class D,<br>1 mo. USD LIBOR + 2.250%,<br>6.568%, due 07/15/38<sup>1,5</sup> |  | 341667 |  | 327097 |
| FREMF Mortgage Trust,<br>Series 2017-K64, Class B,<br>3.997%, due 05/25/50<sup>1,6</sup> |  | 50000 |  | 46517 |
| GS Mortgage Securities Corp. II,<br>Series 2018-GS10, Class C,<br>4.408%, due 07/10/51<sup>6</sup> |  | 100000 |  | 83354 |
| GS Mortgage Securities Trust,<br>Series 2017-GS5, Class B,<br>4.047%, due 03/10/50<sup>6</sup> |  | 200000 |  | 174557 |
| Med Trust,<br>Series 2021-MDLN, Class D,<br>1 mo. USD LIBOR + 2.000%,<br>6.318%, due 11/15/38<sup>1,5</sup> |  | 300000 |  | 283449 |

---

------

UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| ONE Mortgage Trust,<br>Series 2021-PARK, Class C,<br>1 Month CME Term SOFR Rates + 1.214%,<br>5.551%, due 03/15/36<sup>1,5</sup> | $| 375000 | $| 344618 |
| SLG Office Trust,<br>Series 2021-OVA, Class C,<br>2.851%, due 07/15/41<sup>1</sup> |  | 100000 |  | 76152 |
| Starwood Retail Property Trust,<br>Series 2014-STAR, Class C,<br>1 mo. USD LIBOR + 2.750%,<br>7.068%, due 11/15/27<sup>1,5</sup> |  | 125000 |  | 313 |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2018-C44, Class C,<br>4.832%, due 05/15/51<sup>6</sup> |  | 150000 |  | 124668 |
| **Total mortgage-backed securities**<br> (cost $2,744,863) |  |  |  | **2315026** |
| **Municipal bonds: 3.3%**  | **Municipal bonds: 3.3%**  | **Municipal bonds: 3.3%**  | **Municipal bonds: 3.3%**  | **Municipal bonds: 3.3%**  |
| **California: 1.2%** | **California: 1.2%** | **California: 1.2%** | **California: 1.2%** | **California: 1.2%** |
| State of California, GO Bonds<br>7.300%, due 10/01/39 |  | 250000 |  | 303719 |
| **Hawaii: 0.2%** | **Hawaii: 0.2%** | **Hawaii: 0.2%** | **Hawaii: 0.2%** | **Hawaii: 0.2%** |
| State of Hawaii, GO Bonds,<br>Series FZ,<br>2.245%, due 08/01/38 |  | 75000 |  | 51168 |
| **New York: 0.7%** | **New York: 0.7%** | **New York: 0.7%** | **New York: 0.7%** | **New York: 0.7%** |
| New York State Dormitory Authority, Personal <br>Income Tax, Refunding, Revenue Bonds,<br>Series F,<br>2.657%, due 02/15/28 |  | 150000 |  | 132789 |
| New York State Urban Development Corp., <br>Personal Income Tax, Refunding, Revenue Bonds,<br>Series D-1,<br>3.150%, due 03/15/27 |  | 70000 |  | 65843 |
|  |  |  |  | 198632 |
| **Texas: 0.9%** | **Texas: 0.9%** | **Texas: 0.9%** | **Texas: 0.9%** | **Texas: 0.9%** |
| City of Houston TX, Refunding, GO Bonds,<br>Series A,<br>6.290%, due 03/01/32 |  | 55000 |  | 57514 |
| City of San Antonio TX Electric & Gas Systems, <br>Revenue Bonds<br>5.808%, due 02/01/41 |  | 105000 |  | 111873 |
| Texas Transportation Commission, <br>Taxable Refunding, GO Bonds<br>2.472%, due 10/01/44 |  | 100000 |  | 68221 |
|  |  |  |  | 237608 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **Washington: 0.3%** | **Washington: 0.3%** | **Washington: 0.3%** |
| State of Washington, GO Bonds<br>5.140%, due 08/01/40 | $70000 | $70681 |
| **Total municipal bonds**<br> (cost $989,757) |  | **861808** |
| **Non-U.S. government agency obligations: 3.3%**  | **Non-U.S. government agency obligations: 3.3%**  | **Non-U.S. government agency obligations: 3.3%**  |
| **Colombia: 0.6%** | **Colombia: 0.6%** | **Colombia: 0.6%** |
| Colombia Government International Bonds<br>8.125%, due 05/21/24 | 155000 | 158759 |
| **Indonesia: 0.5%** | **Indonesia: 0.5%** | **Indonesia: 0.5%** |
| Indonesia Government International Bonds<br>6.625%, due 02/17/37<sup>1</sup> | 100000 | 113011 |
| **Mexico: 0.5%** | **Mexico: 0.5%** | **Mexico: 0.5%** |
| Mexico Government International Bonds<br>4.750%, due 03/08/44 | 150000 | 120872 |
| **Panama: 0.1%** | **Panama: 0.1%** | **Panama: 0.1%** |
| Panama Government International Bonds<br>3.870%, due 07/23/60 | 50000 | 32212 |
| **Peru: 0.8%** | **Peru: 0.8%** | **Peru: 0.8%** |
| Peruvian Government International Bonds<br>7.350%, due 07/21/25 | 200000 | 209225 |
| **Turkey: 0.3%** | **Turkey: 0.3%** | **Turkey: 0.3%** |
| Turkey Government International Bonds<br>6.875%, due 03/17/36 | 100000 | 83000 |
| **Uruguay: 0.5%** | **Uruguay: 0.5%** | **Uruguay: 0.5%** |
| Uruguay Government International Bonds<br>7.625%, due 03/21/36 | 100000 | 126650 |
| **Total non-U.S. government agency obligations**<br> (cost $937,154) |  | **843729** |
| **U.S. Treasury obligations: 3.7%** | **U.S. Treasury obligations: 3.7%** | **U.S. Treasury obligations: 3.7%** |
| **United States: 3.7%** | **United States: 3.7%** | **United States: 3.7%** |
| U.S. Treasury Inflation Indexed Notes (TIPS)<br>0.125%, due 04/15/27 | 316605 | 295044 |
| 0.125%, due 07/15/31 | 528081 | 466593 |
| U.S. Treasury Notes<br>4.125%, due 09/30/27 | 25000 | 25094 |
| 4.125%, due 11/15/32 | 155000 | 158173 |
| **Total U.S. Treasury obligations**<br> (cost $951,482) |  | **944904** |
|  | **Number of<br>shares** |  |
| **Short-term investments: 0.7%**  | **Short-term investments: 0.7%**  | **Short-term investments: 0.7%**  |
| **Investment companies: 0.7%** | **Investment companies: 0.7%** | **Investment companies: 0.7%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.120%<sup>7</sup>(cost $179,022) | 179022 | 179022 |

---

------

UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment of cash collateral from securities loaned: 2.5%**  | **Investment of cash collateral from securities loaned: 2.5%**  | **Investment of cash collateral from securities loaned: 2.5%**  |
| **Money market funds: 2.5%** | **Money market funds: 2.5%** | **Money market funds: 2.5%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 4.320%<sup>7</sup>(cost $636,125) | 636125 | $636125 |
| **Total investments: 100.9%**<br> (cost $27,848,774) |  | **25979916** |

---

---

| | |
|:---|:---|
| Liabilities in excess of other assets: (0.9%) | (232774 |
| **Net assets: 100.0%** | $**25747142** |

---

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<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **U.S. Treasury futures buy contracts:** | | | | | | |
| 8 | USD | U.S. Treasury Note 2 Year Futures | March 2023 | $1638516 | $1640625 | $2109 |
| 6 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2023 | 729914 | 709687 | (20227) |
| **Total** |  |  |  | $**2368430** | $**2350312** | $**(18118)** |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 5 | EUR | German Euro Bund Futures | March 2023 | $(760938) | $(711474) | $49464 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 2 | USD | U.S. Treasury Ultra Bond Futures | March 2023 | $(270138) | $(268625) | $1513 |
| **Total** |  |  |  | $**(1031076)** | $**(980099)** | $**50977** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**32859** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made<br>by the<br>Portfolio** | **Payments<br>received<br>by the<br>Portfolio** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | USD | 4<br>| 03/20/23 | Quarterly | Markit iBoxx<br> USD Liquid <br>High Yield Index | <br>12 Month<br>SOFR % | $— | $(25762) | $(25762) |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA | EUR | 85000 | USD | 90617 | 01/17/23 | $(451) |

---

------

UBS Multi Income Bond Fund <br>Portfolio of investments

**December 31, 2022 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Corporate bonds | $— | $20199302 | $— | $20199302 |
| Mortgage-backed securities |  | 2315026 |  | 2315026 |
| Municipal bonds |  | 861808 |  | 861808 |
| Non-U.S. government agency obligations |  | 843729 |  | 843729 |
| U.S. Treasury obligations |  | 944904 |  | 944904 |
| Short-term investments |  | 179022 |  | 179022 |
| Investment of cash collateral from securities loaned |  | 636125 |  | 636125 |
| Futures contracts | 3622 | 49464 |  | 53086 |
| **Total** | $**3622** | $**26029380** | $**—** | $**26033002** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(20227) | $— | $— | $(20227) |
| Swap agreements |  | (25762) |  | (25762) |
| Forward foreign currency contracts |  | (451) |  | (451) |
| **Total** | $**(20227)** | $**(26213)** | $**—** | $**(46440)** |

---

At December 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $6,705,865, represented 26.0% of the Fund's net assets at period end.

<sup>2</sup> 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.

<sup>3</sup> Security, or portion thereof, was on loan at the period end.

<sup>4</sup> Perpetual investment. Date shown reflects the next call date.

<sup>5</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>6</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>7</sup> Rates shown reflect yield at December 31, 2022.

See accompanying notes to financial statements.<br>89

------

The UBS Funds

Glossary of terms used in the Portfolio of investments <br>December 31, 2022 (unaudited)

**Portfolio acronyms:**

ABS Asset-backed Security

ADR American Depositary Receipt

AGM Assured Guaranty Municipal

AID Anticipation Certificates of Indebtedness

AMBAC American Municipal Bond Assurance Corporation

AMT Alternative Minimum Tax

ARM Adjustable Rate Mortgage

BAM Build Americal Mutual

BBSW Bank Bill Swap Rate

BOBL Bundesobligationen

CDO Collateralized Debt Obligation

CJSC Closed Joint Stock Company

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

COFI Cost of Funds Index

COP Certificate of Participation

CPI Consumer Price Index

DAC Designated Activity Company

DIP Debtor-in-possession

ETF Exchange Traded Fund

EURIBOR Euro Interbank Offered Rate

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRN Floating Rate Note

GDR Global Depositary Receipt

GMAC General Motors Acceptance Corporation

GNMA Government National Mortgage Association

GO General Obligation

GSAMP Goldman Sachs Asset Mortgage Passthrough

GTD Guaranteed

IO Interest Only

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

MGIC Mortgage Guaranty Insurance Corporation

MTA Monthly Treasury Average Index

NVDR Non-Voting Depository Receipt

OAT Obligation Assimilables du Trésor (French Government Bonds)

OBFR Overnight Bank Funding Rate

OTC Over The Counter

PJSC Private Joint Stock Company

PO Principal Only

PSF Permanent School Fund

RASC Retirement Administration Service Center

RBA IOCR RBA Interbank Overnight Cash Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

RPI Retail Price Index

SARL

SBA Small Business Administration

SIFMA Municipal Swap Index Yield

SOFR Secured Overnight Financing Rate

SONIA Sterling Overnight Index Average

SPDR Standard and Poor's Depository Receipts

STRIP Separate Trading of Registered Interest and Principal of Securities

TBA To-Be-Announced Security

TIPS Treasury inflation protected securities

UMBS Uniform Mortgage-Backed Securities

VRD Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

**Currency type abbreviations:**

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP Great Britain Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

**Counterparty acronyms:**

ANZ Australia and New Zealand Banking Group

BB Barclays Bank PLC

BNP BNP Paribas

BOA Bank of America

CIBC Canadian Imperial Bank of Commerce

CITI Citibank NA

CSI Credit Suisse International

DB Deutsche Bank AG

GS Goldman Sachs

GSI Goldman Sachs International

HSBC HSBC Bank PLC

JPMCB JPMorgan Chase Bank

MSCI Morgan Stanley & Co. International PLC

NAT National Westminster

RBC Royal Bank of Canada

RBS Royal Bank of Scotland PLC

SCB Standard Chartered Bank

SG Societe Generale

SSC State Street Bank and Trust Co.

TD Toronto-Dominion Bank

WBC Westpac Banking Corp.

See accompanying notes to financial statements.<br>90

------

The UBS Funds

**December 31, 2022 (unaudited)**

**Explanation of expense disclosure**

As a shareholder of the Funds, you incur two types of costs: (1) transactional costs (as applicable); including sales charges (loads); and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022 (unless otherwise noted).

**Actual expenses**

The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes**

The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on that Fund's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Fund's actual return for each class of shares. The hypo- thetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads). Therefore, the second line in the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

------

The UBS Funds

**December 31, 2022 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Beginning<br>account value<br>July 1, 2022** | **Ending<br>account value<br>December 31, 2022** | **Expenses paid<br>during period<sup>1</sup>** | **Expense<br>ratio during<br>the period** |
| **UBS All China Equity Fund** | **UBS All China Equity Fund** | **UBS All China Equity Fund** | **UBS All China Equity Fund** | **UBS All China Equity Fund** | **UBS All China Equity Fund** |
| **Class P** | Actual | $1000.00 | $844.00 | $5.11 | 1.10% |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.66 | 5.60 | 1.10 |
| **Class P2** | Actual | 1000.00 | 847.70 | 1.37 | 0.30 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1023.69 | 1.53 | 0.30 |
| **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| **Class A** | Actual | 1000.00 | 1006.50 | 6.83 | 1.35 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.40 | 6.87 | 1.35 |
| **Class P** | Actual | 1000.00 | 1009.10 | 5.57 | 1.10 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.66 | 5.60 | 1.10 |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| **Class A** | Actual | 1000.00 | 993.20 | 6.03 | 1.20 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.16 | 6.11 | 1.20 |
| **Class P** | Actual | 1000.00 | 993.40 | 4.77 | 0.95 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.42 | 4.84 | 0.95 |
| **UBS Emerging Markets Equity Opportunity Fund** | **UBS Emerging Markets Equity Opportunity Fund** | **UBS Emerging Markets Equity Opportunity Fund** | **UBS Emerging Markets Equity Opportunity Fund** | **UBS Emerging Markets Equity Opportunity Fund** | **UBS Emerging Markets Equity Opportunity Fund** |
| **Class P** | Actual | 1000.00 | 959.70 | 4.94 | 1.00 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.16 | 5.09 | 1.00 |
| **Class P2** | Actual | 1000.00 | 963.70 | 1.04 | 0.21 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1024.15 | 1.07 | 0.21 |
| **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** |
| **Class P** | Actual | 1000.00 | 1046.00 | 4.38 | 0.85 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.92 | 4.33 | 0.85 |
| **Class P2** | Actual | 1000.00 | 1048.90 | 1.29 | 0.25 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1023.94 | 1.28 | 0.25 |
| **UBS International Sustainable Equity Fund** | **UBS International Sustainable Equity Fund** | **UBS International Sustainable Equity Fund** | **UBS International Sustainable Equity Fund** | **UBS International Sustainable Equity Fund** | **UBS International Sustainable Equity Fund** |
| **Class A** | Actual | 1000.00 | 1038.40 | 6.42 | 1.25 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 | 1.25 |
| **Class P** | Actual | 1000.00 | 1040.20 | 5.14 | 1.00 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.16 | 5.09 | 1.00 |
| **Class P2** | Actual | 1000.00 | 1043.80 | 1.29 | 0.25 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1023.94 | 1.28 | 0.25 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

------

The UBS Funds

**December 31, 2022 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Beginning<br>account value<br>July 1, 2022** | **Ending<br>account value<br>December 31, 2022** | **Expenses paid<br>during period<sup>1</sup>** | **Expense<br>ratio during<br>the period** |
| **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** |
| **Class P** | Actual | $1000.00 | $1077.10 | $2.62 | 0.50% |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1022.68 | 2.55 | 0.50 |
| **UBS US Quality Growth At Reasonable Price Fund** | **UBS US Quality Growth At Reasonable Price Fund** | **UBS US Quality Growth At Reasonable Price Fund** | **UBS US Quality Growth At Reasonable Price Fund** | **UBS US Quality Growth At Reasonable Price Fund** | **UBS US Quality Growth At Reasonable Price Fund** |
| **Class P** | Actual | 1000.00 | 998.80 | 2.52 | 0.50 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1022.68 | 2.55 | 0.50 |
| **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** |
| **Class A** | Actual | 1000.00 | 1044.90 | 6.39 | 1.24 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.95 | 6.31 | 1.24 |
| **Class P** | Actual | 1000.00 | 1046.20 | 5.11 | 0.99 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.21 | 5.04 | 0.99 |
| **UBS Sustainable Development Bank Bond Fund** | **UBS Sustainable Development Bank Bond Fund** | **UBS Sustainable Development Bank Bond Fund** | **UBS Sustainable Development Bank Bond Fund** | **UBS Sustainable Development Bank Bond Fund** | **UBS Sustainable Development Bank Bond Fund** |
| **Class P** | Actual | 1000.00 | 968.80 | 1.24 | 0.25 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1023.94 | 1.28 | 0.25 |
| **Class P2** | Actual | 1000.00 | 969.50 | 0.74 | 0.15 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1024.45 | 0.77 | 0.15 |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| **Class A** | Actual | 1000.00 | 1017.10 | 4.07 | 0.80 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1021.17 | 4.08 | 0.80 |
| **Class P** | Actual | 1000.00 | 1018.40 | 2.80 | 0.55 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1022.43 | 2.80 | 0.55 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

------

The UBS Funds

**Financial statements<br>Statement of assets and liabilities—December 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>All China <br>Equity Fund** | **UBS<br>Dynamic<br> Alpha Fund** | **UBS<br>Global <br>Allocation Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $4235621 | $32325679 | $141683888 |
| Affiliated issuers |  |  | 44394305 |
| Foreign currency | 16049 | 964646 | 1347787 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $3360019 | $22949304 | $144995079 |
| Affiliated issuers |  |  | 35315548 |
| Foreign currency | 16134 | 974356 | 1363006 |
| Cash |  | 35196 |  |
| Cash collateral on futures |  | 519981 | 3027301 |
| Cash collateral on swap agreements |  | 146291 | 367500 |
| Cash collateral for forward foreign currency contracts |  | 30000 | 100000 |
| Due from broker |  | 537966 | 325950 |
| Receivable for investments sold |  | 204058 |  |
| Receivable for fund shares sold |  | 2829 | 3345 |
| Receivable for interest and dividends | 970 | 101085 | 235599 |
| Receivable for foreign tax reclaims |  |  | 145126 |
| Receivable from affiliate | 20263 | 341 |  |
| Receivable for variation margin on centrally cleared swap agreements |  | 49695 | 65573 |
| OTC swap agreements, at value<sup>2</sup> |  |  | 20857 |
| Unrealized appreciation on forward foreign currency contracts |  | 322912 | 885326 |
| Other assets | 16225 | 23657 | 16467 |
| **Total assets** | **3413611** | **25897671** | **186866677** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Due to broker |  | 4278 | 275 |
| Payable for cash collateral from securities loaned |  | 1141725 | 2173745 |
| Payable for investments purchased |  | 35196 | 6445141 |
| Payable for fund shares redeemed |  | 313944 | 431369 |
| Payable to affiliate |  |  | 91656 |
| Payable to Trustees | 5380 | 9316 | 12167 |
| Payable to custodian | 1482 | 9391 | 24262 |
| Payable for foreign withholding taxes and foreign capital gains taxes |  |  | 617 |
| Payable for variation margin on futures contracts |  | 41897 | 334506 |
| Unrealized depreciation on forward foreign currency contracts |  | 336390 | 1042310 |
| Accrued expenses and other liabilities | 64695 | 97761 | 146223 |
| **Total liabilities** | **71557** | **1989898** | **10702271** |
| **Net assets** | $**3342054** | $**23907773** | $**176164406** |

---

<sup>1</sup> Includes $88,483; $1,234,518 and $3,745,823, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Net upfront payments received by UBS Dynamic Alpha Fund was $70,871. Net upfront payment made by UBS Global Allocation Fund was $11,592.

See accompanying notes to financial statements<br>94

------

The UBS Funds

**Financial statements<br>Statement of assets and liabilities—December 31, 2022 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>All China <br>Equity Fund** | **UBS<br>Dynamic<br> Alpha Fund** | **UBS<br>Global <br>Allocation Fund** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $4506202 | $70484045 | $192864300 |
| Distributable earnings (accumulated losses) | (1164148) | (46576272) | (16699894) |
| **Net assets** | $**3342054** | $**23907773** | $**176164406** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $— | $14929084 | $135735432 |
| Shares outstanding |  | 2742408 | 13669433 |
| Net asset value and redemption proceeds per share | $— | $5.44 | $9.93 |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $— | $5.76 | $10.51 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $949203 | $8978689 | $40428974 |
| Shares outstanding | 179399 | 1600470 | 3936004 |
| Net asset value, offering price and redemption value per share | $5.29 | $5.61 | $10.27 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $2392851 | $— | $— |
| Shares outstanding | 453914 |  |  |
| Net asset value and offering price per share<sup>3</sup> | $5.27 | $— | $— |

---

<sup>3</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements<br>95

------

The UBS Funds

**Financial statements<br>Statement of assets and liabilities—December 31, 2022 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>Emerging <br>Markets Equity <br>Opportunity Fund** | **UBS <br>Engage for <br>Impact Fund** | **UBS <br>International <br>Sustainable <br>Equity Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $607615161 | $52774685 | $207801173 |
| Foreign currency | 2441817 | 48300 | 283556 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $471723665 | $49120694 | $179631110 |
| Foreign currency | 2450183 | 50561 | 286232 |
| Receivable for investments sold | 634522 |  |  |
| Receivable for fund shares sold | 2859542 | 130617 | 423170 |
| Receivable for interest and dividends | 750651 | 83481 | 64119 |
| Receivable for foreign tax reclaims | 37265 | 42772 | 640737 |
| Receivable from affiliate |  | 12068 |  |
| Other assets | 20169 | 27339 | 27334 |
| **Total assets** | **478475997** | **49467532** | **181072702** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned |  | 130208 | 6349238 |
| Payable for investments purchased | 1246937 |  |  |
| Payable for fund shares redeemed | 1223722 | 119815 | 539548 |
| Payable to affiliate | 77851 |  | 72195 |
| Payable to Trustees | 30199 | 6945 | 15639 |
| Payable to custodian | 180321 | 5891 | 46604 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 794738 | 1091 | 8350 |
| Accrued expenses and other liabilities | 72128 | 51655 | 105050 |
| **Total liabilities** | **3625896** | **315605** | **7136624** |
| **Net assets** | $**474850101** | $**49151927** | $**173936078** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $690250510 | $54017871 | $214716172 |
| Distributable earnings (accumulated losses) | (215400409) | (4865944) | (40780094) |
| **Net assets** | $**474850101** | $**49151927** | $**173936078** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $— | $— | $3923472 |
| Shares outstanding |  |  | 470785 |
| Net asset value and redemption proceeds per share | $— | $— | $8.33 |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $— | $— | $8.81 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $86038440 | $7861399 | $129127874 |
| Shares outstanding | 12052409 | 761098 | 15503372 |
| Net asset value, offering price and redemption value per share | $7.14 | $10.33 | $8.33 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $388811661 | $41290528 | $40884732 |
| Shares outstanding | 54566170 | 3996972 | 4927811 |
| Net asset value and offering price per share<sup>2</sup> | $7.13 | $10.33 | $8.30 |

---

<sup>1</sup> Includes $0; $2,775,989 and $10,632,580, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements<br>96

------

The UBS Funds

**Financial statements<br>Statement of assets and liabilities—December 31, 2022 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>US Dividend <br>Ruler Fund** | **UBS <br>US Quality <br>Growth At <br>Reasonable <br>Price Fund** | **UBS <br>U.S. Small Cap <br>Growth Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $130032309 | $179432017 | $139478254 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $133512285 | $161390196 | $131088242 |
| Receivable for fund shares sold | 177883 | 114871 | 7819 |
| Receivable for interest and dividends | 41532 | 57112 | 55739 |
| Other assets | 10130 | 11559 | 22821 |
| **Total assets** | **133741830** | **161573738** | **131174621** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned |  |  | 296925 |
| Payable for investments purchased | 1067457 |  |  |
| Payable for fund shares redeemed | 91310 | 244581 | 1443778 |
| Payable to affiliate | 26961 | 29371 | 68353 |
| Payable to Trustees | 8592 | 10187 | 12137 |
| Payable to custodian | 2709 | 3553 | 4220 |
| Accrued expenses and other liabilities | 53142 | 80515 | 95184 |
| **Total liabilities** | **1250171** | **368207** | **1920597** |
| **Net assets** | $**132491659** | $**161205531** | $**129254024** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $128053594 | $186479845 | $140964943 |
| Distributable earnings (accumulated losses) | 4438065 | (25274314) | (11710919) |
| **Net assets** | $**132491659** | $**161205531** | $**129254024** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $— | $— | $16970229 |
| Shares outstanding |  |  | 1179772 |
| Net asset value and redemption proceeds per share | $— | $— | $14.38 |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $— | $— | $15.22 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $132491659 | $161205531 | $112283795 |
| Shares outstanding | 10655286 | 15268762 | 6456706 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $12.43 | $10.56 | $17.39 |

---

<sup>1</sup> Includes $0; $0 and $3,442,475, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements<br>97

------

The UBS Funds

**Financial statements<br>Statement of assets and liabilities—December 31, 2022 (unaudited)** (concluded)

---

| | | |
|:---|:---|:---|
| | **UBS <br>Sustainable <br>Development Bank <br>Bond Fund** | **UBS <br>Multi Income <br>Bond Fund** |
| **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $89326646 | $27848774 |
| Foreign currency |  | 21337 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $80541385 | $25979916 |
| Foreign currency |  | 21239 |
| Cash collateral on futures |  | 175047 |
| Cash collateral on swap agreements |  | 508 |
| Receivable for investments sold | 1447622 |  |
| Receivable for fund shares sold | 156540 |  |
| Receivable for interest and dividends | 396124 | 291834 |
| Receivable from affiliate | 14520 | 29866 |
| Receivable for variation margin on futures contracts |  | 32880 |
| Other assets | 24455 | 31189 |
| **Total assets** | **82580646** | **26562479** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 4800338 | 636125 |
| Payable for investments purchased | 2109571 |  |
| Payable for fund shares redeemed | 216126 | 59106 |
| Payable to Trustees | 7913 | 6299 |
| Payable to custodian | 1901 | 7819 |
| Payable for variation margin on futures contracts |  | 1 |
| OTC swap agreements, at value |  | 25762 |
| Unrealized depreciation on forward foreign currency contracts |  | 451 |
| Accrued expenses and other liabilities | 51654 | 79774 |
| **Total liabilities** | **7187503** | **815337** |
| **Net assets** | $**75393143** | $**25747142** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $86674129 | $32084630 |
| Distributable earnings (accumulated losses) | (11280986) | (6337488) |
| **Net assets** | $**75393143** | $**25747142** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $— | $535855 |
| Shares outstanding |  | 40386 |
| Net asset value and redemption proceeds per share | $— | $13.27 |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $— | $13.79 |
| **Class P** | **Class P** | **Class P** |
| Net assets | $8846125 | $25211287 |
| Shares outstanding | 957683 | 1899038 |
| Net asset value, offering price and redemption value per share | $9.24 | $13.28 |
| **Class P2** | **Class P2** | **Class P2** |
| Net assets | $66547018 | $— |
| Shares outstanding | 7211566 |  |
| Net asset value and offering price per share<sup>2</sup> | $9.23 | $— |

---

<sup>1</sup> Includes $4,699,424 and $622,148, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements<br>98

------

The UBS Funds

**Statement of operations<br>For the six months ended December 31, 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br> All China <br>Equity Fund** | **UBS <br>Dynamic <br>Alpha Fund** | **UBS<br>Global<br>Allocation Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Unaffiliated dividends | $36993 | $18912 | $1302095 |
| Affiliated dividends |  |  | 580521 |
| Interest | 660 | 220811 | 901852 |
| Securities lending | 144 | 5847 | 4696 |
| Foreign tax withheld | (2367) |  | (16072) |
| **Total income** | **35430** | **245570** | **2773092** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment management and administration fees | 15104 | 119984 | 817573 |
| Service and distribution fees—Class A |  | 19630 | 179706 |
| Transfer agency and related services fees—Class A |  | 8796 | 51586 |
| Transfer agency and related services fees—Class P | 4537 | 7099 | 9290 |
| Transfer agency and related services fees—Class P2 | 10 |  |  |
| Custody and fund accounting fees | 5832 | 33036 | 43256 |
| Trustees fees | 11102 | 15835 | 24340 |
| Professional services fees | 74795 | 86051 | 87818 |
| Printing and shareholder report fees | 1269 | 9243 | 29841 |
| Federal and state registration fees | 10935 | 15224 | 17625 |
| Insurance expense | 46 | 1014 | 7834 |
| Other expenses | 18722 | 24341 | 34655 |
| **Total expenses** | **142352** | **340253** | **1303524** |
| Fee waivers and/or expense reimbursements by Advisor | (133752) | (177939) | (236167) |
| **Net expenses** | **8600** | **162314** | **1067357** |
| **Net investment income (loss)** | **26830** | **83256** | **1705735** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated | (93028) | (82835) | 417824 |
| Investments in affiliated issuers |  |  | (353470) |
| Options and swaptions written |  | (21094) |  |
| Futures contracts |  | (256933) | (5377559) |
| Swap agreements |  | (16406) | (1852168) |
| Forward foreign currency contracts |  | 201911 | 845050 |
| Foreign currency transactions | (110) | (127800) | (27000) |
| Net realized gain (loss) | (93138) | (303157) | (6347323) |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers | (542316) | 119663 | 2372205 |
| Investments in affiliated issuers |  |  | (918059) |
| Futures contracts |  | 96680 | 339182 |
| Swap agreements |  | 141497 | 1106844 |
| Forward foreign currency contracts |  | 37855 | 276091 |
| Translation of other assets and liabilities denominated in foreign currency | 83 | 21568 | 162280 |
| Net change in unrealized appreciation (depreciation) | (542233) | 417263 | 3338543 |
| Net realized and unrealized gain (loss) | (635371) | 114106 | (3008780) |
| **Net increase (decrease) in net assets resulting from operations** | $**(608541)** | $**197362** | $**(1303045)** |

---

See accompanying notes to financial statements<br>99

------

The UBS Funds

**Statement of operations<br>For the six months ended December 31, 2022 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>Emerging <br>Markets Equity <br>Opportunity Fund** | **UBS<br>Engage for<br>Impact Fund** | **UBS<br>International<br>Sustainable<br>Equity Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Unaffiliated dividends | $8379572 | $267383 | $1384034 |
| Interest | 252486 | 12981 | 26462 |
| Securities lending | 1107 | 9693 | 17233 |
| Foreign tax withheld | (643082) | (10251) | (144662) |
| **Total income** | **7990083** | **279806** | **1283067** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment management and administration fees | 2528827 | 201636 | 859373 |
| Service and distribution fees—Class A |  |  | 5238 |
| Transfer agency and related services fees—Class A |  |  | 2120 |
| Transfer agency and related services fees—Class P | 10771 | 1201 | 74646 |
| Transfer agency and related services fees—Class P2 | 14750 | 8756 | 9476 |
| Custody and fund accounting fees | 292849 | 10378 | 52907 |
| Trustees fees | 54067 | 14108 | 26902 |
| Professional services fees | 70465 | 71687 | 74985 |
| Printing and shareholder report fees | 15810 | 6768 | 22090 |
| Federal and state registration fees | 24164 | 18770 | 28638 |
| Insurance expense | 28700 | 1721 | 11888 |
| Interest expense | 1102 | 209 | 3738 |
| Other expenses | 34189 | 20300 | 41821 |
| **Total expenses** | **3075694** | **355534** | **1213822** |
| Fee waivers and/or expense reimbursements by Advisor | (2058558) | (272445) | (374216) |
| **Net expenses** | **1017136** | **83089** | **839606** |
| **Net investment income (loss)** | **6972947** | **196717** | **443461** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated issuers (including foreign capital gain tax expense of <br>$434,473; $0 and $0, respectively) | (62491933) | (1103446) | (7567683) |
| Foreign currency transactions | (763406) | (25370) | (8405) |
| Net realized gain (loss) | (63255339) | (1128816) | (7576088) |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers (net of change in deferred foreign capital <br>gain taxes of $(643583); $0 and $0, respectively) | 31200283 | 3136213 | 14313690 |
| Translation of other assets and liabilities denominated in foreign currency | 91284 | 5095 | 49386 |
| Net change in unrealized appreciation (depreciation) | 31291567 | 3141308 | 14363076 |
| Net realized and unrealized gain (loss) | (31963772) | 2012492 | 6786988 |
| **Net increase (decrease) in net assets resulting from operations** | $**(24990825)** | $**2209209** | $**7230449** |

---

See accompanying notes to financial statements<br>100

------

The UBS Funds

**Statement of operations<br>For the six months ended December 31, 2022 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>US Dividend <br>Ruler Fund** | **UBS<br>US Quality <br>Growth At <br>Reasonable <br>Price Fund** | **UBS<br>U.S. Small <br>Cap Growth Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Unaffiliated dividends | $1557168 | $835521 | $460118 |
| Interest | 36817 | 45701 | 74810 |
| Securities lending |  |  | 7306 |
| **Total income** | **1593985** | **881222** | **542234** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment management and administration fees | 360978 | 507700 | 632942 |
| Service and distribution fees—Class A |  |  | 22833 |
| Transfer agency and related services fees—Class A |  |  | 12372 |
| Transfer agency and related services fees—Class P | 30260 | 44618 | 65239 |
| Custody and fund accounting fees | 9687 | 12786 | 10175 |
| Trustees fees | 18617 | 21856 | 21944 |
| Professional services fees | 64393 | 90527 | 71824 |
| Printing and shareholder report fees | 11486 | 15755 | 19961 |
| Federal and state registration fees | 13854 | 15873 | 16284 |
| Insurance expense | 3204 | 4689 | 6148 |
| Interest expense |  | 236 |  |
| Other expenses | 13155 | 18701 | 15521 |
| **Total expenses** | **525634** | **732741** | **895243** |
| Fee waivers and/or expense reimbursements by Advisor | (211740) | (291026) | (194991) |
| **Net expenses** | **313894** | **441715** | **700252** |
| **Net investment income (loss)** | **1280091** | **439507** | **(158018)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated | 281027 | (5329049) | (1029771) |
| Net realized gain (loss) | 281027 | (5329049) | (1029771) |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers | 7878521 | 4594598 | 7149561 |
| Net change in unrealized appreciation (depreciation) | 7878521 | 4594598 | 7149561 |
| Net realized and unrealized gain (loss) | 8159548 | (734451) | 6119790 |
| **Net increase (decrease) in net assets resulting from operations** | $**9439639** | $**(294944)** | $**5961772** |

---

See accompanying notes to financial statements<br>101

------

The UBS Funds

**Statement of operations<br>For the six months ended December 31, 2022 (unaudited)** (concluded)

---

| | | |
|:---|:---|:---|
| | **UBS <br>Sustainable <br>Development <br>Bank Bond Fund** | **UBS<br>Multi Income <br>Bond Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** |
| Interest | 661006 | 650734 |
| Securities lending | 2948 | 1148 |
| **Total income** | **663954** | **651882** |
| **Expenses:** | **Expenses:** | **Expenses:** |
| Investment management and administration fees | 85937 | 76740 |
| Service and distribution fees—Class A |  | 706 |
| Transfer agency and related services fees—Class A |  | 137 |
| Transfer agency and related services fees—Class P | 1590 | 13898 |
| Transfer agency and related services fees—Class P2 | 9548 |  |
| Custody and fund accounting fees | 7322 | 13387 |
| Trustees fees | 16234 | 12799 |
| Professional services fees | 64593 | 95947 |
| Printing and shareholder report fees | 7291 | 26140 |
| Federal and state registration fees | 17247 | 22139 |
| Insurance expense | 2687 | 1168 |
| Other expenses | 18596 | 15632 |
| **Total expenses** | **231045** | **278693** |
| Fee waivers and/or expense reimbursements by Advisor | (169760) | (204444) |
| **Net expenses** | **61285** | **74249** |
| **Net investment income (loss)** | **602669** | **577633** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated | (852838) | (246575) |
| Options and swaptions written |  | 37575 |
| Futures contracts |  | 228707 |
| Swap agreements |  | 34636 |
| Forward foreign currency contracts |  | 22035 |
| Foreign currency transactions | 5 | (2465) |
| Net realized gain (loss) | (852833) | 73913 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers | (2186972) | (286214) |
| Futures contracts |  | 130370 |
| Swap agreements |  | (25762) |
| Forward foreign currency contracts |  | (451) |
| Translation of other assets and liabilities denominated in foreign currency |  | 731 |
| Net change in unrealized appreciation (depreciation) | (2186972) | (181326) |
| Net realized and unrealized gain (loss) | (3039805) | (107413) |
| **Net increase (decrease) in net assets resulting from operations** | $**(2437136)** | $**470220** |

---

See accompanying notes to financial statements<br>102

------

The UBS Funds

**Statement of changes in net assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS All China Equity Fund** | **UBS All China Equity Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $26830 | $27051 | $83256 | $37139 |
| Net realized gain (loss) | (93138) | (85034) | (303157) | 1360965 |
| Net change in unrealized appreciation (depreciation) | (542233) | (199484) | 417263 | (3137818) |
| Net increase (decrease) in net assets resulting from operations | (608541) | (257467) | 197362 | (1739714) |
| Total distributions—Class A |  |  | (927527) | (1987394) |
| Total distributions—Class P | (9184) | (10340) | (581464) | (1304338) |
| Total distributions—Class P2 | (45620) |  |  |  |
| **Total distributions** | **(54804)** | **(10340)** | **(1508991)** | **(3291732)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold |  | 4255000 | 759451 | 1925223 |
| Cost of shares redeemed | (370000) | (1430000) | (4289225) | (6532257) |
| Shares issued on reinvestment of dividends and distributions | 51202 |  | 1368433 | 2946277 |
| Net increase (decrease) in net assets from beneficial interest transactions | (318798) | 2825000 | (2161341) | (1660757) |
| **Net increase (decrease) in net assets** | **(982143)** | **2557193** | **(3472970)** | **(6692203)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4324197 | 1767004 | 27380743 | 34072946 |
| End of period | $3342054 | $4324197 | $23907773 | $27380743 |

---

See accompanying notes to financial statements<br>103

------

The UBS Funds

**Statement of changes in net assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Emerging Markets Equity <br>Opportunity Fund** | **UBS Emerging Markets Equity <br>Opportunity Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1705735 | $2027084 | $6972947 | $21316190 |
| Net realized gain (loss) | (6347323) | 8068873 | (63255339) | 8271828 |
| Net change in unrealized appreciation (depreciation) | 3338543 | (41564505) | 31291567 | (321943724) |
| Net increase (decrease) in net assets resulting from operations | (1303045) | (31468548) | (24990825) | (292355706) |
| Total distributions—Class A | (6280248) | (30550894) |  |  |
| Total distributions—Class P | (1825896) | (8853140) | (2089531) | (21255044) |
| Total distributions—Class P2 |  |  | (14412684) | (57727189) |
| **Total distributions** | **(8106144)** | **(39404034)** | **(16502215)** | **(78982233)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 803238 | 1953100 | 139840572 | 310594064 |
| Cost of shares redeemed | (13635187) | (25414029) | (210859461) | (463631845) |
| Shares issued on reinvestment of dividends and distributions | 7496051 | 36087640 | 9740921 | 65976764 |
| Net increase (decrease) in net assets from beneficial interest transactions | (5335898) | 12626711 | (61277968) | (87061017) |
| **Net increase (decrease) in net assets** | **(14745087)** | **(58245871)** | **(102771008)** | **(458398956)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 190909493 | 249155364 | 577621109 | 1036020065 |
| End of period | $176164406 | $190909493 | $474850101 | $577621109 |

---

See accompanying notes to financial statements<br>104

------

The UBS Funds

**Statement of changes in net assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS Engage for Impact Fund** | **UBS Engage for Impact Fund** | **UBS International Sustainable <br>Equity Fund** | **UBS International Sustainable <br>Equity Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $196717 | $837356 | $443461 | $2925998 |
| Net realized gain (loss) | (1128816) | 1072502 | (7576088) | 36260509 |
| Net change in unrealized appreciation (depreciation) | 3141308 | (14331491) | 14363076 | (98820788) |
| Net increase (decrease) in net assets resulting from operations | 2209209 | (12421633) | 7230449 | (59634281) |
| Total distributions—Class A |  |  | (478922) | (730948) |
| Total distributions—Class P | (73680) | (942904) | (17852715) | (30035006) |
| Total distributions—Class P2 | (580604) | (5632936) | (5506793) | (4530273) |
| **Total distributions** | **(654284)** | **(6575840)** | **(23838430)** | **(35296227)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 6992164 | 20155900 | 22154350 | 140515070 |
| Cost of shares redeemed | (6302247) | (11354056) | (62092252) | (300448590) |
| Shares issued on reinvestment of dividends and distributions | 588987 | 6005611 | 21042606 | 32668089 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1278904 | 14807455 | (18895296) | (127265431) |
| **Net increase (decrease) in net assets** | **2833829** | **(4190018)** | **(35503277)** | **(222195939)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 46318098 | 50508116 | 209439355 | 431635294 |
| End of period | $49151927 | $46318098 | $173936078 | $209439355 |

---

See accompanying notes to financial statements<br>105

------

The UBS Funds

**Statement of changes in net assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS US Quality Growth At <br>Reasonable Price Fund** | **UBS US Quality Growth At <br>Reasonable Price Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1280091 | $1963818 | $439507 | $461267 |
| Net realized gain (loss) | 281027 | 2252143 | (5329049) | 1074362 |
| Net change in unrealized appreciation (depreciation) | 7878521 | (12377406) | 4594598 | (37564158) |
| Net increase (decrease) in net assets resulting from operations | 9439639 | (8161445) | (294944) | (36028529) |
| Total distributions—Class P | (3137305) | (3293706) | (1657283) | (4820744) |
| **Total distributions** | **(3137305)** | **(3293706)** | **(1657283)** | **(4820744)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 23143238 | 71850798 | 31648489 | 138717101 |
| Cost of shares redeemed | (18626545) | (26430377) | (37009301) | (51795876) |
| Shares issued on reinvestment of dividends and distributions | 2843290 | 2883002 | 1539152 | 4369581 |
| Net increase (decrease) in net assets from beneficial interest transactions | 7359983 | 48303423 | (3821660) | 91290806 |
| **Net increase (decrease) in net assets** | **13662317** | **36848272** | **(5773887)** | **50441533** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 118829342 | 81981070 | 166979418 | 116537885 |
| End of period | $132491659 | $118829342 | $161205531 | $166979418 |

---

See accompanying notes to financial statements<br>106

------

The UBS Funds

**Statement of changes in net assets** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS U.S. Small Cap Growth Fund** | **UBS U.S. Small Cap Growth Fund** | **UBS Sustainable Development<br>Bank Bond Fund** | **UBS Sustainable Development<br>Bank Bond Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the <br>year <br>ended<br>June 30, <br>2022** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $(158018) | $(618055) | $602669 | $956017 |
| Net realized gain (loss) | (1029771) | 20275446 | (852833) | (1498327) |
| Net change in unrealized appreciation (depreciation) | 7149561 | (84066582) | (2186972) | (7101603) |
| Net increase (decrease) in net assets resulting from operations | 5961772 | (64409191) | (2437136) | (7643913) |
| Total distributions—Class A | (988041) | (6291832) |  |  |
| Total distributions—Class P | (5504921) | (29326529) | (70375) | (178495) |
| Total distributions—Class P2 |  |  | (628677) | (894069) |
| **Total distributions** | **(6492962)** | **(35618361)** | **(699052)** | **(1072564)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 8042191 | 26374812 | 13437917 | 47284643 |
| Cost of shares redeemed | (12785470) | (46610413) | (12528802) | (45692038) |
| Shares issued on reinvestment of dividends and distributions | 6261965 | 34291276 | 651061 | 924285 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1518686 | 14055675 | 1560176 | 2516890 |
| **Net increase (decrease) in net assets** | **987496** | **(85971877)** | **(1576012)** | **(6199587)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 128266528 | 214238405 | 76969155 | 83168742 |
| End of period | $129254024 | $128266528 | $75393143 | $76969155 |

---

See accompanying notes to financial statements<br>107

------

The UBS Funds

**Statement of changes in net assets** (concluded)

---

| | | |
|:---|:---|:---|
| | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| | **For the<br>six months <br>ended<br>December 31, <br>2022<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $577633 | $670375 |
| Net realized gain (loss) | 73913 | (2291236) |
| Net change in unrealized appreciation (depreciation) | (181326) | (2858175) |
| Net increase (decrease) in net assets resulting from operations | 470220 | (4479036) |
| Total distributions—Class A | (9327) | (10938) |
| Total distributions—Class P | (470242) | (578263) |
| **Total distributions** | **(479569)** | **(589201)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 82902 | 244295 |
| Cost of shares redeemed | (1960197) | (3661135) |
| Shares issued on reinvestment of dividends and distributions | 362655 | 446620 |
| Net increase (decrease) in net assets from beneficial interest transactions | (1514640) | (2970220) |
| **Net increase (decrease) in net assets** | **(1523989)** | **(8038457)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 27271131 | 35309588 |
| End of period | $25747142 | $27271131 |

---

See accompanying notes to financial statements<br>108

------

UBS All China Equity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Year ended<br>June 30, 2022** | **Period ended<br>June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**6.33** | $**8.84** | $**10.00** |
| Net investment income (loss)<sup>3</sup> | 0.03 | 0.03 | 0.03 |
| Net realized and unrealized gain (loss) | (1.02) | (2.49) | (1.19) |
| Net increase (decrease) from operations | (0.99) | (2.46) | (1.16) |
| Dividends from net investment income | (0.05) | (0.05) |  |
| **Net asset value, end of period** | $**5.29** | $**6.33** | $**8.84** |
| **Total investment return<sup>4</sup>** | **(15.60)%** | **(27.86)%** | **(11.60)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 9.43%<sup>5</sup> | 19.95% | 20.92%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.10%<sup>5</sup> | 1.10% | 1.10%<sup>5</sup> |
| Net investment income (loss) | 1.00%<sup>5</sup> | 0.46% | 1.06%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $949 | $1128 | $1767 |
| Portfolio turnover | 0%<sup>6</sup> | 13% | 6% |

---

**Class P2**

---

| | | |
|:---|:---|:---|
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Period ended<br>June 30, 2022<sup>2</sup>** |
| **Net asset value, beginning of period** | $**6.34** | $**5.86** |
| Net investment income (loss)<sup>3</sup> | 0.05 | 0.05 |
| Net realized and unrealized gains (losses) | (1.02) | 0.43 |
| Net increase (decrease) from operations | (0.97) | 0.48 |
| Dividends from net investment income | (0.10) |  |
| **Net asset value, end of period** | $**5.27** | $**6.34** |
| **Total investment return<sup>4</sup>** | **(15.23)%** | **8.19%** |
| Expenses before fee waivers and/or expense reimbursements | 8.44%<sup>5</sup> | 7.65%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.30%<sup>5</sup> | 0.30%<sup>5</sup> |
| Net investment income (loss) | 1.90%<sup>5</sup> | 4.50%<sup>5</sup> |
| Net assets, end of period (000's) | $2393 | $3196 |
| Portfolio turnover | 0%<sup>6</sup> | 13% |

---

<sup>1</sup> For the period from February 23, 2021 (commencement of operations) through June 30, 2021.

<sup>2</sup> For the period from April 21, 2022 (commencement of operations) through June 30, 2022.

<sup>3</sup> Calculated using the average share method.

<sup>4</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>5</sup> Annualized.

<sup>6</sup> Amount represents less than 0.05% or (0.05)%.

See accompanying notes to financial statements.

------

UBS Dynamic Alpha Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**5.76** | $**6.83** | $**5.98** | $**6.36** | $**6.38** | $**6.52** |
| Net investment income (loss)<sup>1</sup> | 0.02 |  | (0.02) | 0.07 | 0.08 | 0.04 |
| Net realized and unrealized gain (loss) | 0.01 | (0.37) | 0.87 | (0.15) | (0.04) | (0.18) |
| Net increase (decrease) from operations | 0.03 | (0.37) | 0.85 | (0.08) | 0.04 | (0.14) |
| Dividends from net investment income | (0.35) | (0.70) |  | (0.30) | (0.06) |  |
| **Net asset value, end of period** | $**5.44** | $**5.76** | $**6.83** | $**5.98** | $**6.36** | $**6.38** |
| **Total investment return<sup>2</sup>** | **0.65%** | **(5.92)%** | **14.21%** | **(1.45)%** | **0.60%** | **(2.15)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 2.71%<sup>3</sup> | 2.31%<sup>4</sup> | 2.29%<sup>4</sup> | 2.00%<sup>4</sup> | 2.02%<sup>4</sup> | 1.69% |
| Expenses after fee waivers and/or expense reimbursements | 1.35%<sup>3</sup> | 1.35%<sup>4</sup> | 1.35%<sup>4</sup> | 1.35%<sup>4</sup> | 1.35%<sup>4</sup> | 1.35% |
| Net investment income (loss) | 0.55%<sup>3</sup> | 0.02% | (0.36)% | 1.06% | 1.29% | 0.57% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $14929 | $16570 | $20671 | $21273 | $30025 | $31066 |
| Portfolio turnover | 5% | 9% | 27% | 62% | 32% | 31% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**5.93** | $**7.02** | $**6.13** | $**6.52** | $**6.53** | $**6.66** |
| Net investment income (loss)<sup>1</sup> | 0.02 | 0.02 | (0.01) | 0.08 | 0.10 | 0.06 |
| Net realized and unrealized gain (loss) | 0.03 | (0.39) | 0.90 | (0.15) | (0.04) | (0.19) |
| Net increase (decrease) from operations | 0.05 | (0.37) | 0.89 | (0.07) | 0.06 | (0.13) |
| Dividends from net investment income | (0.37) | (0.72) |  | (0.32) | (0.07) |  |
| **Net asset value, end of period** | $**5.61** | $**5.93** | $**7.02** | $**6.13** | $**6.52** | $**6.53** |
| **Total investment return<sup>2</sup>** | **0.91%** | **(5.78)%** | **14.52%** | **(1.28)%** | **0.83%** | **(1.80)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 2.49%<sup>3</sup> | 2.09%<sup>4</sup> | 2.06%<sup>4</sup> | 1.75%<sup>4</sup> | 1.70%<sup>4</sup> | 1.43% |
| Expenses after fee waivers and/or expense reimbursements | 1.10%<sup>3</sup> | 1.10%<sup>4</sup> | 1.10%<sup>4</sup> | 1.10%<sup>4</sup> | 1.10%<sup>4</sup> | 1.10% |
| Net investment income (loss) | 0.80%<sup>3</sup> | 0.27% | (0.11)% | 1.31% | 1.52% | 0.94% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $8979 | $10811 | $13402 | $14283 | $19357 | $30647 |
| Portfolio turnover | 5% | 9% | 27% | 62% | 32% | 31% |

---

<sup>1</sup> Calculated using the average share method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

------

UBS Global Allocation Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**10.48** | $**14.61** | $**11.82** | $**12.56** | $**12.08** | $**11.52** |
| Net investment income (loss)<sup>1</sup> | 0.09 | 0.11 | 0.12 | 0.12 | 0.12 | 0.05 |
| Net realized and unrealized gain (loss) | (0.16) | (1.83) | 2.89 | 0.02 | 0.36 | 0.68 |
| Net increase (decrease) from operations | (0.07) | (1.72) | 3.01 | 0.14 | 0.48 | 0.73 |
| Dividends from net investment income |  | (0.16) | (0.07) | (0.35) |  | (0.17) |
| Distributions from net realized gains | (0.48) | (2.25) | (0.15) | (0.53) |  |  |
| Total dividends and distributions | (0.48) | (2.41) | (0.22) | (0.88) |  | (0.17) |
| **Net asset value, end of period** | $**9.93** | $**10.48** | $**14.61** | $**11.82** | $**12.56** | $**12.08** |
| **Total investment return<sup>2</sup>** | **(0.68)%** | **(14.05)%** | **25.58%** | **0.79%** | **3.97**<br>**%<sup>3</sup>** | **6.34%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.46%<sup>5</sup> | 1.39% | 1.41% | 1.42%<sup>4</sup> | 1.40%<sup>4</sup> | 1.40% |
| Expenses after fee waivers and/or expense reimbursements | 1.20%<sup>5</sup> | 1.20% | 1.20% | 1.20%<sup>4</sup> | 1.20%<sup>4</sup> | 1.20% |
| Net investment income (loss) | 1.77%<sup>5</sup> | 0.82% | 0.85% | 1.01% | 1.04% | 0.39% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $135735 | $146850 | $192772 | $174159 | $209407 | $159678 |
| Portfolio turnover | 74% | 125% | 128% | 120% | 35% | 54% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**10.82** | $**15.00** | $**12.13** | $**12.87** | $**12.34** | $**11.78** |
| Net investment income (loss)<sup>1</sup> | 0.11 | 0.14 | 0.15 | 0.16 | 0.16 | 0.08 |
| Net realized and unrealized gain (loss) | (0.18) | (1.87) | 2.97 | 0.02 | 0.37 | 0.68 |
| Net increase (decrease) from operations | (0.07) | (1.73) | 3.12 | 0.18 | 0.53 | 0.76 |
| Dividends from net investment income |  | (0.20) | (0.10) | (0.39) |  | (0.20) |
| Distributions from net realized gains | (0.48) | (2.25) | (0.15) | (0.53) |  |  |
| Total dividends and distributions | (0.48) | (2.45) | (0.25) | (0.92) |  | (0.20) |
| **Net asset value, end of period** | $**10.27** | $**10.82** | $**15.00** | $**12.13** | $**12.87** | $**12.34** |
| **Total investment return<sup>2</sup>** | **(0.66)%** | **(13.78)%** | **25.88%** | **1.02%** | **4.21**<br>**%<sup>3</sup>** | **6.56%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.18%<sup>5</sup> | 1.11% | 1.14% | 1.14%<sup>4</sup> | 1.13%<sup>4</sup> | 1.14% |
| Expenses after fee waivers and/or expense reimbursements | 0.95%<sup>5</sup> | 0.95% | 0.95% | 0.95%<sup>4</sup> | 0.95%<sup>4</sup> | 0.95% |
| Net investment income (loss) | 2.02%<sup>5</sup> | 1.07% | 1.10% | 1.27% | 1.27% | 0.64% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $40429 | $44059 | $56383 | $51311 | $57803 | $64009 |
| Portfolio turnover | 74% | 125% | 128% | 120% | 35% | 54% |

---

<sup>1</sup> Calculated using the average share method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>3</sup> During the year, the Fund recorded a gain of $263,116 from affiliated funds that were previously liquidated. If this gain had been excluded, the total return of Class A and Class P would have been 3.89% and 4.13%, respectively.

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> Annualized.

See accompanying notes to financial statements.

------

UBS Emerging Markets Equity Opportunity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **Period ended**<br>**June 30, 2019<sup>1</sup>** |
| **Net asset value, beginning of period** | $**7.61** | $**12.39** | $**9.23** | $**9.28** | $**8.92** |
| Net investment income (loss)<sup>2</sup> | 0.08 | 0.20 | 0.09 | 0.19 | 0.21 |
| Net realized and unrealized gain (loss) | (0.38) | (3.92) | 3.18 | 0.00<sup>3</sup> | 0.15 |
| Net increase (decrease) from operations | (0.30) | (3.72) | 3.27 | 0.19 | 0.36 |
| Dividends from net investment income | (0.17) | (0.12) | (0.11) | (0.24) |  |
| Distributions from net realized gains |  | (0.94) |  |  |  |
| Total dividends and distributions | (0.17) | (1.06) | (0.11) | (0.24) |  |
| **Net asset value, end of period** | $**7.14** | $**7.61** | $**12.39** | $**9.23** | $**9.28** |
| **Total investment return<sup>4</sup>** | **(4.03)%** | **(31.71)%** | **35.51%** | **1.84%** | **4.04%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.18%<sup>5,6</sup> | 1.15%<sup>6</sup> | 1.08% | 1.19% | 1.22%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.00%<sup>5,6</sup> | 1.00%<sup>6</sup> | 1.00% | 1.04% | 1.15%<sup>5</sup> |
| Net investment income (loss) | 2.10%<sup>5</sup> | 1.98% | 0.73% | 2.14% | 5.73%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $86038 | $132423 | $274359 | $100543 | $38465 |
| Portfolio turnover | 26% | 57% | 41% | 50% | 52% |

---

**Class P2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **Period ended**<br>**June 30, 2018<sup>7</sup>** |
| **Net asset value, beginning of period** | $**7.68** | $**12.52** | $**9.30** | $**9.31** | $**9.40** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.10 | 0.30 | 0.18 | 0.26 | 0.19 | 0.03 |
| Net realized and unrealized gains (losses) | (0.38) | (3.96) | 3.22 | 0.00<sup>3</sup> | (0.23)<sup>8</sup> | (0.63) |
| Net increase (decrease) from operations | (0.28) | (3.66) | 3.40 | 0.26 | (0.04) | (0.60) |
| Dividends from net investment income | (0.27) | (0.24) | (0.18) | (0.27) | (0.05) |  |
| Distributions from net realized gains |  | (0.94) |  |  |  |  |
| Total dividends and distributions | (0.27) | (1.18) | (0.18) | (0.27) | (0.05) |  |
| **Net asset value, end of period** | $**7.13** | $**7.68** | $**12.52** | $**9.30** | $**9.31** | $**9.40** |
| **Total investment return<sup>4</sup>** | **(3.63)%** | **(31.10)%** | **36.66%** | **2.66%** | **(0.46)%** | **(5.90)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.17%<sup>5,6</sup> | 1.13%<sup>6</sup> | 1.06% | 1.17% | 1.42% | 4.39%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.21%<sup>5,6</sup> | 0.19%<sup>6</sup> | 0.12% | 0.22% | 0.40% | 0.44%<sup>5</sup> |
| Net investment income (loss) | 2.80%<sup>5</sup> | 2.90% | 1.56% | 2.88% | 2.16% | 4.05%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $388812 | $445198 | $761661 | $375791 | $186941 | $94349 |
| Portfolio turnover | 26% | 57% | 41% | 50% | 52% | 0% |

---

<sup>1</sup> For the period February 1, 2019 (commencement of operations) through June 30, 2019.

<sup>2</sup> Calculated using the average share method.

<sup>3</sup> Amount represents less than $0.005 per share.

<sup>4</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense representing less than 0.005%.

<sup>7</sup> For the period June 4, 2018 (commencement of operations) through June 30, 2018.

<sup>8</sup> The amount of net realized and unrealized gain per share does not correspond with the net realized and unrealized gain reported within the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values.

See accompanying notes to financial statements

------

UBS Engage For Impact Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019<sup>1</sup>** |
| **Net asset value, beginning of period** | $**9.97** | $**14.26** | $**10.14** | $**10.81** | $**10.00** |
| Net investment income (loss)<sup>3</sup> | 0.02 | 0.14 | 0.03 | 0.08 | 0.15 |
| Net realized and unrealized gain (loss) | 0.44 | (2.82) | 4.19 | (0.45) | 0.67 |
| Net increase (decrease) from operations | 0.46 | (2.68) | 4.22 | (0.37) | 0.82 |
| Dividends from net investment income |  | (0.08) | (0.02) | (0.11) | (0.01) |
| Distributions from net realized gains | (0.10) | (1.53) | (0.08) | (0.19) |  |
| Total dividends and distributions | (0.10) | (1.61) | (0.10) | (0.30) | (0.01) |
| **Net asset value, end of period** | $**10.33** | $**9.97** | $**14.26** | $**10.14** | $**10.81** |
| **Total investment return<sup>4</sup>** | **4.60%** | **(21.28)%** | **41.70%** | **(3.77)%** | **8.27%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.45%<sup>5,6</sup> | 1.44% | 1.69% | 2.27% | 3.87%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.85%<sup>5,6</sup> | 0.85% | 0.85% | 0.85% | 0.85%<sup>5</sup> |
| Net investment income (loss) | 0.31%<sup>5</sup> | 1.04% | 0.27% | 0.75% | 2.13%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $7861 | $6312 | $7816 | $26241 | $15918 |
| Portfolio turnover | 9% | 39% | 78% | 43% | 67% |

---

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022<sup>1</sup>**<br>**(unaudited)** | **2022** | **2021<sup>2</sup>** |
| **Net asset value, beginning of period** | $**9.99** | $**14.29** | $**13.64** |
| Net investment income (loss)<sup>3</sup> | 0.05 | 0.22 | 0.09 |
| Net realized and unrealized gain (loss) | 0.44 | (2.82) | 0.56 |
| Net increase (decrease) from operations | 0.49 | (2.60) | 0.65 |
| Dividends from net investment income | (0.05) | (0.17) |  |
| Distributions from net realized gains | (0.10) | (1.53) |  |
| Total dividends and distributions | (0.15) | (1.70) |  |
| **Net asset value, end of period** | $**10.33** | $**9.99** | $**14.29** |
| **Total investment return<sup>4</sup>** | **4.89%** | **(20.77)%** | **4.77%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.46%<sup>5,6</sup> | 1.42% | 2.24%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>5,6</sup> | 0.25% | 0.25%<sup>5,6</sup> |
| Net investment income (loss) | 0.89%<sup>5</sup> | 1.64% | 1.80%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $41291 | $40006 | $42692 |
| Portfolio turnover | 9% | 39% | 78% |

---

<sup>1</sup> For the period October 24, 2018 (commencement of operations) through June 30, 2019

<sup>2</sup> For the period February 23 2021 (commencement of operations) through June 30, 2021.

<sup>3</sup> Calculated using the average share method.

<sup>4</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

UBS International Sustainable Equity Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**9.12** | $**12.48** | $**9.62** | $**10.01** | $**10.20** | $**9.58** |
| Net investment income (loss)<sup>2</sup> | 0.00<sup>3</sup> | 0.08 | 0.05 | 0.16 | 0.13 | 0.08 |
| Net realized and unrealized gain (loss) | 0.35 | (2.38) | 2.93 | (0.42) | (0.16)<sup>4</sup> | 0.66 |
| Net increase (decrease) from operations | 0.35 | (2.30) | 2.98 | (0.26) | (0.03) | 0.74 |
| Dividends from net investment income | (0.01) | (0.12) | (0.12) | (0.13) | (0.06) | (0.12) |
| Distributions from net realized gains | (1.13) | (0.94) |  |  | (0.10) |  |
| Total dividends and distributions | (1.14) | (1.06) | (0.12) | (0.13) | (0.16) | (0.12) |
| **Net asset value, end of period** | $**8.33** | $**9.12** | $**12.48** | $**9.62** | $**10.01** | $**10.20** |
| **Total investment return<sup>5</sup>** | **3.84%** | **(19.68)%** | **31.09%** | **(2.73)%** | **(0.14)%** | **7.67%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.49%<sup>6,7</sup> | 1.37%<sup>6</sup> | 1.33% | 1.41%<sup>6</sup> | 1.53% | 2.02% |
| Expenses after fee waivers and/or expense reimbursements | 1.25%<sup>6,7</sup> | 1.25%<sup>6</sup> | 1.25% | 1.25%<sup>6</sup> | 1.25% | 1.25% |
| Net investment income (loss) | 0.04%<sup>7</sup> | 0.70% | 0.45% | 1.60% | 1.38% | 0.79% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $3923 | $4754 | $9081 | $7442 | $9769 | $8049 |
| Portfolio turnover | 2% | 53% | 52% | 41% | 57% | 43% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**9.15** | $**12.53** | $**9.66** | $**10.04** | $**10.23** | $**9.61** |
| Net investment income (loss)<sup>2</sup> | 0.01 | 0.09 | 0.09 | 0.18 | 0.17 | 0.14 |
| Net realized and unrealized gain (loss) | 0.35 | (2.37) | 2.93 | (0.41) | (0.18)<sup>4</sup> | 0.63 |
| Net increase (decrease) from operations | 0.36 | (2.28) | 3.02 | (0.23) | (0.01) | 0.77 |
| Dividends from net investment income | (0.05) | (0.16) | (0.15) | (0.15) | (0.08) | (0.15) |
| Distributions from net realized gains | (1.13) | (0.94) |  |  | (0.10) |  |
| Total dividends and distributions | (1.18) | (1.10) | (0.15) | (0.15) | (0.18) | (0.15) |
| **Net asset value, end of period** | $**8.33** | $**9.15** | $**12.53** | $**9.66** | $**10.04** | $**10.23** |
| **Total investment return<sup>5</sup>** | **4.02%** | **(19.50)%** | **31.40%** | **(2.40)%** | **0.10%** | **7.94%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.24%<sup>6,7</sup> | 1.11%<sup>6</sup> | 1.05% | 1.12%<sup>6</sup> | 1.26% | 1.70% |
| Expenses after fee waivers and/or expense reimbursements | 1.00%<sup>6,7</sup> | 1.00%<sup>6</sup> | 0.99% | 1.00%<sup>6</sup> | 1.00% | 1.00% |
| Net investment income (loss) | 0.30%<sup>7</sup> | 0.74% | 0.79% | 1.82% | 1.80% | 1.37% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $129128 | $164377 | $380983 | $203078 | $146616 | $65750 |
| Portfolio turnover | 2% | 53% | 52% | 41% | 57% | 43% |

---

<sup>1</sup> For the period October 30, 2020 (commencement of operations) through June 30, 2021.

<sup>2</sup> Calculated using the average share method.

<sup>3</sup> Amount represents less than $0.005 per share.

<sup>4</sup> The amount of net realized and unrealized gain per share does not correspond with the net realized and unrealized gain reported within the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values.

<sup>5</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

------

UBS International Sustainable Equity Fund

Financial highlights

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2022<br>(unaudited)** | **Years ended <br>June 30, 2022** | **Period ended <br>June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**9.18** | $**12.59** | $**10.05** |
| Net investment income (loss)<sup>2</sup> | 0.05 | 0.20 | 0.14 |
| Net realized and unrealized gains (losses) | 0.36 | (2.41) | 2.55 |
| Net increase (decrease) from operations | 0.41 | (2.21) | 2.69 |
| Dividends from net investment income | (0.16) | (0.26) | (0.15) |
| Distributions from net realized gains | (1.13) | (0.94) |  |
| Total dividends and distributions | (1.29) | (1.20) | (0.15) |
| **Net asset value, end of period** | $**8.30** | $**9.18** | $**12.59** |
| **Total investment return<sup>5</sup>** | **4.38%** | **(18.84)%** | **26.90%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.19%<sup>6,7</sup> | 1.12%<sup>6</sup> | 1.08%<sup>7</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>6,7</sup> | 0.25%<sup>6</sup> | 0.22%<sup>7</sup> |
| Net investment income (loss) | 1.05%<sup>7</sup> | 1.76% | 1.78%<sup>7</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $40885 | $40308 | $41571 |
| Portfolio turnover | 2% | 53% | 52% |

---

<sup>6</sup> Includes interest expense representing less than 0.005%.

<sup>7</sup> Annualized.

See accompanying notes to financial statements

------

UBS US Dividend Ruler Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2022 <br>(unaudited)** | **Year ended<br>June 30, 2022** | **Period ended<br>June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**11.83** | $**12.82** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.13 | 0.23 | 0.20 |
| Net realized and unrealized gain (loss) | 0.78 | (0.84) | 2.72 |
| Net increase (decrease) from operations | 0.91 | (0.61) | 2.92 |
| Dividends from net investment income | (0.16) | (0.16) | (0.05) |
| Distributions from net realized gains | (0.15) | (0.22) | (0.05) |
| Total dividends and distributions | (0.31) | (0.38) | (0.10) |
| **Net asset value, end of period** | $**12.43** | $**11.83** | $**12.82** |
| **Total investment return<sup>3</sup>** | **7.71%** | **(5.01)%** | **29.37%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.84%<sup>4</sup> | 0.83% | 1.57%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.50%<sup>4</sup> | 0.50% | 0.50%<sup>4</sup> |
| Net investment income (loss) | 2.04%<sup>4</sup> | 1.76% | 1.72%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $132492 | $118829 | $81981 |
| Portfolio turnover | 22% | 29% | 24% |

---

<sup>1</sup> For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

<sup>2</sup> Calculated using the average share method.

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>4</sup> Annualized.

See accompanying notes to financial statements

------

UBS US Quality Growth At Reasonable Price Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2022 <br>(unaudited)** | **Year ended<br>June 30, 2022** | **Period ended<br>June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**10.68** | $**13.10** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.03 | 0.04 | 0.04 |
| Net realized and unrealized gain (loss) | (0.04) | (2.05) | 3.10 |
| Net increase (decrease) from operations | (0.01) | (2.01) | 3.14 |
| Dividends from net investment income |  | (0.03) | (0.01) |
| Distributions from net realized gains | (0.11) | (0.38) | (0.03) |
| Total dividends and distributions | (0.11) | (0.41) | (0.04) |
| **Net asset value, end of period** | $**10.56** | $**10.68** | $**13.10** |
| **Total investment return<sup>3</sup>** | **(0.12)%** | **(16.06)%** | **31.49%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.83%<sup>4,5</sup> | 0.79% | 1.23%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.50%<sup>4,5</sup> | 0.50% | 0.50%<sup>4</sup> |
| Net investment income (loss) | 0.50%<sup>4</sup> | 0.28% | 0.32%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $161206 | $166979 | $116538 |
| Portfolio turnover | 19% | 30% | 29% |

---

<sup>1</sup> For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

<sup>2</sup> Calculated using the average share method.

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>4</sup> Annualized.

<sup>5</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

UBS U.S. Small Cap Growth Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**14.62** | $**28.15** | $**19.74** | $**19.49** | $**20.74** | $**21.26** |
| Net investment income (loss)<sup>1</sup> | (0.04) | (0.13) | (0.25) | (0.11) | (0.10) | (0.17) |
| Net realized and unrealized gain (loss) | 0.68 | (7.78) | 11.88 | 1.79 | 0.80 | 4.92 |
| Net increase (decrease) from operations | 0.64 | (7.91) | 11.63 | 1.68 | 0.70 | 4.75 |
| Distributions from net realized gains | (0.88) | (5.62) | (3.22) | (1.43) | (1.95) | (5.27) |
| **Net asset value, end of period** | $**14.38** | $**14.62** | $**28.15** | $**19.74** | $**19.49** | $**20.74** |
| **Total investment return<sup>2</sup>** | **4.49%** | **(33.31)%** | **59.94%** | **9.33%** | **5.95%** | **26.17%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.55%<sup>4</sup> | 1.46% | 1.43% | 1.60%<sup>3</sup> | 1.57% | 1.66% |
| Expenses after fee waivers and/or expense reimbursements | 1.24%<sup>4</sup> | 1.24% | 1.24% | 1.24%<sup>3</sup> | 1.24% | 1.24% |
| Net investment income (loss) | (0.45)%<sup>4</sup> | (0.57)% | (0.98)% | (0.63)% | (0.53)% | (0.83)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $16970 | $17387 | $35268 | $22909 | $26114 | $26498 |
| Portfolio turnover | 7% | 40% | 63% | 79% | 54% | 67% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**17.47** | $**32.44** | $**22.37** | $**21.84** | $**22.89** | $**22.92** |
| Net investment income (loss)<sup>1</sup> | (0.02) | (0.08) | (0.22) | (0.08) | (0.06) | (0.13) |
| Net realized and unrealized gain (loss) | 0.82 | (9.21) | 13.51 | 2.04 | 0.96 | 5.37 |
| Net increase (decrease) from operations | 0.80 | (9.29) | 13.29 | 1.96 | 0.90 | 5.24 |
| Dividends from net investment income |  | (0.06) |  |  |  |  |
| Distributions from net realized gains | (0.88) | (5.62) | (3.22) | (1.43) | (1.95) | (5.27) |
| Total dividends and distributions | (0.88) | (5.68) | (3.22) | (1.43) | (1.95) | (5.27) |
| **Net asset value, end of period** | $**17.39** | $**17.47** | $**32.44** | $**22.37** | $**21.84** | $**22.89** |
| **Total investment return<sup>2</sup>** | **4.62%** | **(33.13)%** | **60.29%** | **9.62%** | **6.24%** | **26.50%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.27%<sup>4</sup> | 1.20% | 1.16% | 1.29%<sup>3</sup> | 1.30% | 1.34% |
| Expenses after fee waivers and/or expense reimbursements | 0.99%<sup>4</sup> | 0.99% | 0.99% | 0.99%<sup>3</sup> | 0.99% | 0.99% |
| Net investment income (loss) | (0.20)%<sup>4</sup> | (0.31)% | (0.74)% | (0.37)% | (0.27)% | (0.58)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $112284 | $110879 | $178971 | $92754 | $96485 | $88845 |
| Portfolio turnover | 7% | 40% | 63% | 79% | 54% | 67% |

---

<sup>1</sup> Calculated using the average share method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

<sup>4</sup> Annualized.

See accompanying notes to financial statements

------

UBS Sustainable Development Bank Bond Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended <br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **Period ended**<br>**June 30, 2019<sup>1</sup>** |
| **Net asset value, beginning of period** | $**9.62** | $**10.60** | $**11.17** | $**10.58** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.07 | 0.10 | 0.13 | 0.21 | 0.19 |
| Net realized and unrealized gain (loss) | (0.37) | (0.97) | (0.31) | 0.63 | 0.58 |
| Net increase (decrease) from operations | (0.30) | (0.87) | (0.18) | 0.84 | 0.77 |
| Dividends from net investment income | (0.08) | (0.10) | (0.12) | (0.21) | (0.19) |
| Distributions from net realized gains |  | (0.01) | (0.27) | (0.04) |  |
| Total dividends and distributions | (0.08) | (0.11) | (0.39) | (0.25) | (0.19) |
| **Net asset value, end of period** | $**9.24** | $**9.62** | $**10.60** | $**11.17** | $**10.58** |
| **Total investment return<sup>3</sup>** | **(3.12)%** | **(8.13)%** | **(1.70)%** | **8.03%** | **7.75%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.62%<sup>5</sup> | 0.56% | 0.80% | 1.07%<sup>4</sup> | 2.19%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>5</sup> | 0.25% | 0.25% | 0.25%<sup>4</sup> | 0.25%<sup>5</sup> |
| Net investment income (loss) | 1.49%<sup>5</sup> | 1.01% | 1.18% | 1.94% | 2.67%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $8846 | $8052 | $17510 | $37414 | $25235 |
| Portfolio turnover | 47% | 47% | 16% | 80% | 20% |

---

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2022 <br>(unaudited)** | **Year ended<br>June 30, 2022** | **Period ended<br>June 30, 2021<sup>6</sup>** |
| **Net asset value, beginning of period** | $**9.61** | $**10.59** | $**11.09** |
| Net investment income (loss)<sup>2</sup> | 0.08 | 0.12 | 0.08 |
| Net realized and unrealized gain (loss) | (0.37) | (0.97) | (0.23) |
| Net increase (decrease) from operations | (0.29) | (0.85) | (0.15) |
| Dividends from net investment income | (0.09) | (0.12) | (0.08) |
| Distributions from net realized gains |  | (0.01) | (0.27) |
| Total dividends and distributions | (0.09) | (0.13) | (0.35) |
| **Net asset value, end of period** | $**9.23** | $**9.61** | $**10.59** |
| **Total investment return<sup>3</sup>** | **(3.05)%** | **(8.08)%** | **(1.34)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.60%<sup>5</sup> | 0.56% | 0.68%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.15%<sup>5</sup> | 0.15% | 0.15%<sup>5</sup> |
| Net investment income (loss) | 1.59%<sup>5</sup> | 1.15% | 1.09%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $66547 | $68917 | $65659 |
| Portfolio turnover | 47% | 47% | 16% |

---

<sup>1</sup> For the period October 24, 2018 (commencement of operations) through June 30, 2019

<sup>2</sup> Calculated using the average share method.

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>4</sup> Includes interest expense representing less than 0.005%.

<sup>5</sup> Annualized.

<sup>6</sup> For the period October 30, 2020 (commencement of operations) through June 30, 2021.

See accompanying notes to financial statements

------

UBS Multi Income Bond Fund

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**13.27** | $**15.66** | $**15.64** | $**15.09** | $**14.40** | $**14.94** |
| Net investment income (loss)<sup>1</sup> | 0.27 | 0.27 | 0.30 | 0.41 | 0.45 | 0.47 |
| Net realized and unrealized gain (loss) | (0.03) | (2.42) | (0.02) | 0.50 | 0.65 | (0.65) |
| Net increase (decrease) from operations | 0.24 | (2.15) | 0.28 | 0.91 | 1.10 | (0.18) |
| Dividends from net investment income | (0.24) | (0.24) | (0.26) | (0.36) | (0.41) | (0.36) |
| **Net asset value, end of period** | $**13.27** | $**13.27** | $**15.66** | $**15.64** | $**15.09** | $**14.40** |
| **Total investment return<sup>2</sup>** | **1.71%** | **(13.91)%** | **1.83%** | **6.14%** | **7.63%** | **(1.12)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 2.28%<sup>3</sup> | 1.92% | 1.73% | 1.59%<sup>4</sup> | 1.68%<sup>4</sup> | 1.45% |
| Expenses after fee waivers and/or expense reimbursements | 0.80%<sup>3</sup> | 0.75% | 0.75% | 0.75%<sup>4</sup> | 0.75%<sup>4</sup> | 0.75% |
| Net investment income (loss) | 4.08%<sup>3</sup> | 1.80% | 1.90% | 2.66% | 3.10% | 3.22% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $536 | $570 | $681 | $650 | $488 | $108 |
| Portfolio turnover | 16% | 248% | 169% | 209% | 234% | 236% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**13.28** | $**15.67** | $**15.65** | $**15.10** | $**14.41** | $**14.94** |
| Net investment income (loss)<sup>1</sup> | 0.29 | 0.31 | 0.34 | 0.45 | 0.49 | 0.49 |
| Net realized and unrealized gain (loss) | (0.05) | (2.43) | (0.02) | 0.50 | 0.64 | (0.63) |
| Net increase (decrease) from operations | 0.24 | (2.12) | 0.32 | 0.95 | 1.13 | (0.14) |
| Dividends from net investment income | (0.24) | (0.27) | (0.30) | (0.40) | (0.44) | (0.39) |
| **Net asset value, end of period** | $**13.28** | $**13.28** | $**15.67** | $**15.65** | $**15.10** | $**14.41** |
| **Total investment return<sup>2</sup>** | **1.84%** | **(13.68)%** | **2.07%** | **6.40%** | **7.95%** | **(0.88)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 2.08%<sup>3</sup> | 1.71% | 1.52% | 1.38%<sup>4</sup> | 1.45%<sup>4</sup> | 1.30% |
| Expenses after fee waivers and/or expense reimbursements | 0.55%<sup>3</sup> | 0.50% | 0.50% | 0.50%<sup>4</sup> | 0.50%<sup>4</sup> | 0.50% |
| Net investment income (loss) | 4.33%<sup>3</sup> | 2.06% | 2.15% | 2.92% | 3.35% | 3.29% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $25211 | $26702 | $34629 | $37048 | $38949 | $41245 |
| Portfolio turnover | 16% | 248% | 169% | 209% | 234% | 236% |

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<sup>1</sup> Calculated using the average share method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>3</sup> Annualized.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

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The UBS Funds

Notes to financial statements (unaudited)

**Organization and significant accounting policies**

The UBS Funds (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"), as amended, currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized on August 13, 1993. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has eleven Funds available for investment, each having its own investment objectives and policies: UBS All China Equity Fund, UBS Dynamic Alpha Fund, UBS Global Allocation Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS International Sustainable Equity Fund, UBS US Dividend Ruler Fund, UBS US Quality Growth At Reasonable Price Fund, UBS U.S. Small Cap Growth Fund, UBS Municipal Bond Fund, UBS Sustainable Development Bank Bond Fund, and UBS Multi Income Bond Fund (formerly, UBS Total Return Bond Fund), (each a "Fund", and collectively, the "Funds"). Each of the Funds is classified as a diversified investment company with the exception of UBS Dynamic Alpha Fund, and UBS Sustainable Development Bank Bond Fund, which are classified as non-diversified for purposes of the 1940 Act.

UBS Asset Management (Americas) Inc. ("UBS AM" or the "Advisor") serves as the investment advisor and administrator for the Funds. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Funds. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Funds currently offer Class A and Class P shares, with the exception of (1) UBS All China Equity Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS International Sustainable Equity Fund and UBS Sustainable Development Bank Bond Fund, which currently also offer Class P2 shares and (2) UBS US Dividend Ruler Fund and UBS US Quality Growth At Reasonable Price Fund, which currently only offer Class P shares. Each class represents interests in the same assets of the applicable Fund and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges, fee waiver/expense cap/expense reimbursement arrangements and certain transfer agency and related services expenses. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class P and Class P2 shares have no service or distribution plan.

The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them on a pro rata basis.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Under certain circumstances, shareholders of the Funds may receive payment for redemptions in securities rather than in cash.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

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The UBS Funds

Notes to financial statements (unaudited)

In December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

The following is a summary of significant accounting policies:

**Investment transactions, investment income and expenses:** Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Fund , using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

**Dividends and distributions:** Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Foreign currency translation:** The books and records of the Funds are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Funds do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Funds do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

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The UBS Funds

Notes to financial statements (unaudited)

**Concentration of risk:** Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Funds in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

The ability of the issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). LIBOR is widely used in financial markets. In July 2017, the United Kingdom's financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect a Fund's performance or NAV. Certain LIBOR tenors were discontinued by the end of 2021, while the discontinuation of others have been extended to June 2023.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Funds' investments. The extent of the impact to the financial performance of the Funds will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

The conflict between Ukraine and the Russian Federation has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions

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The UBS Funds

Notes to financial statements (unaudited)

to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

**Valuation of investments**

Each Fund generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. The Fund calculates net asset value 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 Fund does not price its shares, on most national holidays and Good Friday. To the extent that the 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, the 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 the 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 Fund normally obtains market values for its 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 U.S. 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 Fund invests 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 the Fund's net asset value. However, if the Fund determines 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, Level 2 and Level 3 of the fair valuation hierarchy at the end of the reporting period.

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The UBS Funds

Notes to financial statements (unaudited)

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 Fund's 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 U.S. dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Fund's 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 with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

US 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:

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The UBS Funds

Notes to financial statements (unaudited)

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.

**Investments**

**Asset-backed securities:** Certain Funds may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

**Mortgage-backed securities:** Certain Funds may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and

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The UBS Funds

Notes to financial statements (unaudited)

decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

**Real estate investment trusts:** Certain Funds may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Fund estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Fund updates its accounting and/or tax books and records.

**Restricted securities:** The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Fund's portfolio footnotes.

**Securities traded on to-be-announced basis:** Certain Funds may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Fund , normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**Short sales:** UBS Dynamic Alpha Fund, UBS U.S. Small Cap Growth Fund and UBS Multi Income Bond Fund may engage in short sale transactions in which the Fund sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Fund must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Fund will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security, and the Fund will realize a gain if the security declines in price between those same dates. The Fund segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. The Fund incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Fund.

Because a Fund's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Fund's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the

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The UBS Funds

Notes to financial statements (unaudited)

Fund's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Fund.

For the period ended December 31, 2022, UBS Dynamic Alpha Fund, UBS U.S. Small Cap Growth Fund and UBS Multi Income Bond Fund did not engage in short sale transactions.

**Treasury Inflation Protected Securities:** The Funds may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

**Derivative instruments**

**Purchased options:** Certain Funds may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Funds pay a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Fund of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

**Option writing:** Certain Funds may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Fund writes a call or a put option, an amount equal to the premium received by the Fund is included on the Fund's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Fund has written either expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Fund has written, is exercised, the Fund recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Fund has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Fund purchases upon exercise of the option.

In writing an option, a Fund bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Fund could result in the Fund selling or buying a derivative instrument, security or currency at a price different from current market value.

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The UBS Funds

Notes to financial statements (unaudited)

In the normal course of trading activities, the Fund trades and holds certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Fund will be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Fund will be obligated to enter into a swap agreement. The maximum payout for these contracts is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event.

Written options, if any, are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in options and swaptions written, at value. At December 31, 2022, the Funds did not hold any written options.

**Futures contracts:** Certain Funds may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Fund is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Fund , depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss.

Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

**Swap agreements:** Certain Funds may engage in swap agreements, including, but not limited to, interest rate, credit default and total return swap agreements. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the portfolio's duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Funds accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain or loss on swap agreements, in addition to realized gain or loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

Certain Funds may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are

------

The UBS Funds

Notes to financial statements (unaudited)

usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Fund would make periodic payments to the counterparty, and the Fund would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Fund typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Fund would receive periodic payments from the counterparty, and the Fund would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Fund will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Fund typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Fund had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Fund is the seller of protection are disclosed under the section "Credit default swap agreements on credit indices—sell protection" in the Portfolio of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received

------

The UBS Funds

Notes to financial statements (unaudited)

from the settlement of buy protection credit default swap agreements entered into, if any, by a Fund for the same referenced entity or entities..

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Fund will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Fund's risk of loss will consist of the net amount of interest or other payments that the Fund is contractually entitled to receive. Therefore, the Fund would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin receivable or payable, if any.

Swap agreements, if any, are shown as portfolio holdings within the Portfolio of investments.

**Forward foreign currency contracts:** Certain Funds may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

**Derivatives by underlying risk:** Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge

------

The UBS Funds

Notes to financial statements (unaudited)

accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Fund's portfolio of investments is representative of the volume of derivatives outstanding during the period ended December 31, 2022.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Funds may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Fund's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of December 31, 2022 is reflected in the Statement of assets and liabilities.

At December 31, 2022, the Fund had the following derivatives categorized by underlying risk:

**Asset derivatives<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| Futures contracts | $33026 | $— | $— | $139634 | $172660 |
| Swap agreements |  |  | 14327 |  | 14327 |
| Forward foreign currency contracts |  | 322912 |  |  | 322912 |
| Total value | $33026 | $322912 | $14327 | $139634 | $509899 |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $352211 | $— | $— | $801836 | $1154047 |
| Swap agreements |  |  | 66566 | 20857 | 87423 |
| Forward foreign currency contracts |  | 885326 |  |  | 885326 |
| Total value | $352211 | $885326 | $66566 | $822693 | $2126796 |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $53086 | $— | $— | $— | $53086 |

---

<sup>1</sup> In the Statement of assets and liabilities, options and swaptions purchased are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown using unrealized appreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

**Liability derivatives<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| Futures contracts | $(47831) | $— | $— | $(167023) | $(214854) |
| Forward foreign currency contracts |  | (336390) |  |  | (336390) |
| Total | $(47831) | $(336390) | $— | $(167023) | $(551244) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $(620465) | $— | $— | $(868948) | $(1489413) |
| Forward foreign currency contracts |  | (1042310) |  |  | (1042310) |
| Total | $(620465) | $(1042310) | $— | $(868948) | $(2531723) |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $(20227) | $— | $— | $— | $(20227) |
| Swap agreements |  |  |  | (25762) | (25762) |
| Forward foreign currency contracts |  | (451) |  |  | (451) |
| Total | $(20227) | $(451) | $— | $(25762) | $(46440) |

---

<sup>1</sup> In the Statement of assets and liabilities, options and swaptions written are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

During the period ended December 31, 2022, net realized gain (loss) from derivatives were as follows:

**Realized gain (loss)<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total** |
| **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| Options and swaptions purchased | $— | $34949 | $— | $— | $34949 |
| Options and swaptions written |  | (21094) |  |  | (21094) |
| Futures contracts | 44974 |  |  | (301907) | (256933) |
| Swap agreements |  |  | (16406) |  | (16406) |
| Forward foreign currency contracts |  | 201911 |  |  | 201911 |
| Total net realized gains (loss) | $44974 | $215766 | $(16406) | $(301907) | $(57573) |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Options and swaptions purchased | $— | $— | $— | $856895 | $856895 |
| Futures contracts | (1741621) |  |  | (3635938) | (5377559) |
| Swap agreements |  |  | 201710 | (2053878) | (1852168) |
| Forward foreign currency contracts |  | 845050 |  |  | 845050 |
| Total net realized gains (loss) | $(1741621) | $845050 | $201710 | $(4832921) | $(5527782) |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Options and swaptions purchased | $(65025) | $— | $— | $— | $(65025) |
| Options and swaptions written | 37575 |  |  |  | 37575 |
| Futures contracts | 228707 |  |  |  | 228707 |
| Swap agreements |  |  |  | 34636 | 34636 |
| Forward foreign currency contracts |  | 22035 |  |  | 22035 |
| Total net realized gains (loss) | $201257 | $22035 | $— | $34636 | $257928 |

---

<sup>1</sup> The net realized gain (loss) is shown in the Statement of operations in net realized gain (loss) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gain (loss) on investments.

------

The UBS Funds

Notes to financial statements (unaudited)

During the period ended December 31, 2022, net unrealized appreciation (depreciation) from derivatives were as follows:

**Net change in unrealized appreciation (depreciation)<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total** |
| **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** | **UBS Dynamic Alpha Fund** |
| Futures contracts | $37959 | $— | $— | $58721 | $96680 |
| Swap agreements |  |  | 141497 |  | 141497 |
| Foreign forward currency contracts |  | 37855 |  |  | 37855 |
| Net change in appreciation (depreciation) | $37959 | $37855 | $141497 | $58721 | $276032 |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $121159 | $— | $— | $218023 | $339182 |
| Swap agreements |  |  | (116668) | 1223512 | 1106844 |
| Foreign forward currency contracts |  | 276091 |  |  | 276091 |
| Net change in appreciation (depreciation) | $121159 | $276091 | $(116668) | $1441535 | $1722117 |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $130370 | $— | $— | $— | $130370 |
| Swap agreements |  |  |  | (25762) | (25762) |
| Foreign forward currency contracts |  | (451) |  |  | (451) |
| Net change in appreciation (depreciation) | $130370 | $(451) | $— | $(25762) | $104157 |

---

<sup>1</sup> The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

**Offsetting of certain derivatives:** The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At December 31, 2022, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**UBS Dynamic Alpha Fund**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $509899 | $(551244) |
| Derivatives not subject to a MNA or similar agreements<sup>1</sup> | (186987) | 214854 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $322912 | $(336390) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount<br>of assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $12255 | $— | $— | $12255 |
| BOA | 67178 | (67178) |  |  |
| CITI | 23679 |  |  | 23679 |
| GSI | 2738 |  |  | 2738 |
| HSBC | 7993 | (1502) |  | 6491 |
| JPMCB | 125830 |  | (125830) |  |
| MSCI | 54306 | (54306) |  |  |
| SSC | 28933 | (11098) |  | 17835 |
| Total | $322912 | $(134084) | $(125830) | $62998 |
| **Counterparty** | **Gross amount<br>of liabilities** | **Financial<br>instruments<br>and derivatives<br>available for <br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount <br>of liabilities** |
| BOA | $(140024) | $67178 | $— | $(72846) |
| CIBC | (90541) |  |  | (90541) |
| HSBC | (1502) | 1502 |  |  |
| MSCI | (93225) | 54306 |  | (38919) |
| SSC | (11098) | 11098 |  |  |
| Total | $(336390) | $134084 | $— | $(202306) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

**UBS Global Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $2126796 | $(2531723) |
| Derivatives not subject to a MNA or similar agreements<sup>1</sup> | (1220613) | 1489413 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $906183 | $(1042310) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount<br>of assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $11996 | $(11996) | $— | $— |
| BOA | 215020 | (215020) |  |  |
| CIBC | 50763 | (50763) |  |  |
| CITI | 21000 | (21000) |  |  |
| GSI | 20719 |  |  | 20719 |
| HSBC | 55957 | (15351) |  | 40606 |
| JPMCB | 151261 |  |  | 151261 |
| MSCI | 329224 | (329224) |  |  |
| SSC | 50243 | (21973) |  | 28270 |
| Total | $906183 | $(665327) | $— | $240856  |
| **Counterparty** | **Gross amount<br>of liabilities** | **Financial<br>instruments<br>and derivatives<br>available for <br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount <br>of liabilities** |
| BB | $(212039) | $11996 | $— | $(200043) |
| BOA | (228205) | 215020 |  | (13185) |
| CIBC | (136297) | 50763 |  | (85534) |
| CITI | (23708) | 21000 |  | (2708) |
| HSBC | (15351) | 15351 |  |  |
| MSCI | (404737) | 329224 |  | (75513) |
| SSC | (21973) | 21973 |  |  |
| Total | $(1042310) | $665327 | $— | $(376983) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

**UBS Multi Income Bond Fund**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $53086 | $(46440) |
| Derivatives not subject to a MNA or similar agreements<sup>1</sup> | (53086) | 20227 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $(26213) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount <br>of liabilities** | **Financial<br>instruments<br>and derivatives<br>available for <br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(25762) | $— | $— | $(25762) |
| BOA | (451) |  |  | (451) |
| Total | $(26213) | $— | $— | $(26213) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

**Investment advisory fees and other transactions with affiliates**

The Advisor, a registered investment advisor, provides the Funds with investment management services. As compensation for these services, each Fund pays the Advisor a monthly fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets in accordance with the following per annum schedule:

---

| | |
|:---|:---|
| **Fund** | **Annual rate as a percentage of <br>each Fund's average daily net assets** |
| UBS All China Equity Fund | 0.850% up to $250 million<br>0.825% above $250 million up to $500 million<br>0.800% above $500 million up to $750 million<br>0.775% above $750 million up to $1 billion<br>0.750% above $1 billion |
| UBS Dynamic Alpha Fund | 0.850% up to $500 million<br>0.800% above $500 million up to $1 billion<br>0.750% above $1 billion up to $1.5 billion<br>0.725% above $1.5 billion up to $2 billion<br>0.700% above $2 billion up to $4 billion<br>0.680% above $4 billion |
| UBS Global Allocation Fund | 0.800% up to $500 million<br>0.750% above $500 million up to $1 billion<br>0.700% above $1 billion up to $1.5 billion<br>0.675% above $1.5 billion up to $2 billion<br>0.650% above $2 billion up to $3 billion<br>0.630% above $3 billion up to $6 billion<br>0.610% above $6 billion |
| UBS Emerging Markets Equity Opportunity Fund | 0.900% up to $250 million<br>0.875% above $250 million up to $500 million<br>0.850% above $500 million up to $750 million<br>0.825% above $750 million up to $1 billion<br>0.750% above $1 billion |
| UBS Engage For Impact Fund | 0.750% up to $250 million<br>0.725% above $250 million |

---

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| **Fund** | **Annual rate as a percentage of <br>each Fund's average daily net assets** |
| UBS International Sustainable Equity Fund | 0.800% up to $250 million<br>0.775% above $250 million up to $500 million<br>0.750% above $500 million up to $750 million<br>0.725% above $750 million up to $1 billion<br>0.675% above $1 billion up to $1.5 billion<br>0.650% above $2 billion |
| UBS US Dividend Ruler Fund | 0.500% all assets |
| UBS US Quality Growth At Reasonable Price Fund | 0.500% all assets |
| UBS U.S. Small Cap Growth Fund\* | 0.150% up to $250 million<br>0.145% above $250 million up to $500 million<br>0.140% above $500 million up to $750 million<br>0.135% above $750 million up to $1 billion<br>0.130% above $1 billion |
| UBS Sustainable Development Bank Bond Fund | 0.800% up to $500 million<br>0.775% above $500 million |
| UBS Multi Income Bond Fund\*\* | 0.500% up to $250 million<br>0.490% above $250 million up to $500 million<br>0.480% above $500 million up to $750 million<br>0.470% above $750 million |

---

\* Prior to June 13, 2022, the investment advisory fee payable to the Advisor, before fee waivers and/or expense reimbursements, by the Fund was: 0.850% on the first $1 billion assets under management and 0.825% on assets under management above $1 billion.

\*\* Prior to June 13, 2022, the investment advisory fee payable to the Advisor, before fee waivers and/or expense reimbursements, by the Fund was: 0.50% on all assets under management.

For UBS All China Equity Fund, UBS Global Allocation Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS Dynamic Alpha Fund, UBS US Dividend Ruler Fund, UBS US Quality Growth At Reasonable Price Fund, UBS U.S. Small Cap Growth Fund, UBS Sustainable Development Bank Bond Fund, and UBS Multi Income Bond Fund, the Advisor has agreed to waive its fees and/or reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses) to the extent necessary so that the Funds' ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy related expenses) do not exceed the expense limit of each class of shares as indicated in the following table. For UBS International Sustainable Equity Fund, the Advisor has agreed to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) do not exceed limit of each class of shares as indicated in the following table. The contractual fee waiver and/or expense reimbursement agreement for each Fund, except UBS International Sustainable Equity Fund, will remain in place through the period ending October 28, 2022. The fee waiver and/or expense reimbursement agreement for UBS International Sustainable Equity Fund is irrevocable. Investment advisory fees, including the dollar amount waived or reimbursed, for the period ended December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A <br>expense cap** | **Class P <br>expense cap** | **Class P2<br>expense cap** | **Amount<br>due to<br>(due from)<br>Advisor** | **Advisory<br>fees<br>incurred** | **Fees waived/<br>expenses<br>reimbursed** |
| UBS All China Equity Fund | 1.35% | 1.10% | 0.30% | $(20470) | $13879 | $(133752) |
| UBS Dynamic Alpha Fund | 1.35 | 1.10 |  | (5072) | 110256 | (177939) |
| UBS Global Allocation Fund | 1.20 | 0.95 |  | 51115 | 747495 | (236167) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A <br>expense cap** | **Class P <br>expense cap** | **Class P2<br>expense cap** | **Amount<br>due to<br>(due from)<br>Advisor** | **Advisory<br>fees<br>incurred** | **Fees waived/<br>expenses<br>reimbursed** |
| UBS Emerging Markets Equity Opportunity Fund | 1.25% | 1.00% | 0.40% | $67972 | $2331329 | $(1924418) |
| UBS Engage For Impact Fund | 1.10 | 0.85 | 0.25 | (15256) | 183306 | (272445) |
| UBS International Sustainable Equity Fund | 1.25 | 1.00 | 0.25 | 62691 | 785712 | (364981) |
| UBS US Dividend Ruler Fund | N/A | 0.50 |  | 18620 | 313894 | (211740) |
| UBS US Quality Growth At Reasonable Price Fund | N/A | 0.50 |  | 18671 | 441479 | (291026) |
| UBS U.S. Small Cap Growth Fund | 1.24 | 0.99 |  | 56286 | 581622 | (194991) |
| UBS Sustainable Development Bank Bond Fund | 0.35 | 0.25 | 0.15 | (19354) | 57291 | (169760) |
| UBS Multi Income Bond Fund | 0.75 | 0.50 |  | (31635) | 66730 | (204444) |

---

For UBS All China Equity Fund Class P2, UBS Emerging Markets Equity Opportunity Fund Class P2, UBS Engage For Impact Fund Class P2, UBS International Sustainable Equity Fund Class P2, and UBS Sustainable Development Bank Bond Fund P2, the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive all or a portion of its retained management fees. For the period ended December 31, 2022, the advisory fees waived were $9,947, $1,822,582, $156,083, $161,611 and $51,300, respectively. In addition these waivers are included within the fees waived/expenses reimbursed amount disclosed in the table above.

Each Fund, except for UBS International Sustainable Equity Fund and UBS Emerging Markets Equity Opportunity Fund Class P2, will reimburse the Advisor for expenses it waives or reimburses for a period of three years following such expense waivers or reimbursements, provided that the reimbursement by a Fund of the Advisor will not cause the total operating expense ratio to exceed the contractual limit as then may be in effect for the Fund. The expenses waived or reimbursed for the period ended December 31, 2022 are subject to repayment through June 30, 2026.

At December 31, 2022, the following Funds had remaining fee waivers and expense reimbursements subject to repayment to the Advisor and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fee waivers/<br>expense<br>reimbursements<br>subject to <br>repayment** | **Expires<br>June 30,<br>2023** | **Expires<br>June 30,<br>2024** | **Expires<br>June 30,<br>2025** | **Expires<br>June 30,<br>2026** |
| UBS All China Equity Fund—Class P | $418496 | $— | $126792<sup>1</sup> | $253147 | $38557 |
| UBS All China Equity Fund—Class P2 | 115451 |  |  | 30203<sup>2</sup> | 85248 |
| UBS Dynamic Alpha Fund—Class A | 652988 | 163867 | 200016 | 182227 | 106878 |
| UBS Dynamic Alpha Fund—Class P | 434856 | 109524 | 131326 | 122945 | 71061 |
| UBS Global Allocation Fund—Class A | 1324881 | 409362 | 397866 | 331216 | 186437 |
| UBS Global Allocation Fund—Class P | 343241 | 103031 | 103690 | 86790 | 49730 |
| UBS Emerging Markets Equity Opportunity Fund—Class P | 688115 | 129108 | 152268 | 304903 | 101836 |
| UBS Engage For Impact Fund—Class P | 492056 | 295800 | 127379 | 47256 | 21621 |
| UBS Engage For Impact Fund—Class P2 | 407944 |  | 121244<sup>3</sup> | 191959 | 94741 |
| UBS US Dividend Ruler Fund—Class P | 1003733 |  | 420243<sup>4</sup> | 371750 | 211740 |
| UBS US Quality Growth At Reasonable Price Fund—Class P | 1220026 |  | 457635<sup>4</sup> | 471365 | 291026 |
| UBS U.S. Small Cap Growth Fund—Class A | 227760 | 80713 | 59658 | 59364 | 28025 |
| UBS U.S. Small Cap Growth Fund—Class P | 1010654 | 268927 | 250475 | 324286 | 166966 |
| UBS Sustainable Development Bank Bond Fund—Class P | 508715 | 296902 | 146863 | 50356 | 14594 |
| UBS Sustainable Development Bank Bond Fund—Class P2 | 394116 |  | 111841<sup>5</sup> | 178409 | 103866 |
| UBS Multi Income Bond Fund—Class A | 24104 | 5271 | 6484 | 8184 | 4165 |
| UBS Multi Income Bond Fund—Class P | 1289608 | 333503 | 368549 | 387277 | 200279 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

<sup>1</sup> For the period from February 23, 2021 (commencement of operations) through June 30, 2021.

<sup>2</sup> For the period from April 21, 2022 (commencement of operations) through June 30, 2022.

<sup>3</sup> For the period from February 24, 2021 (commencement of operations) through June 30, 2021.

<sup>4</sup> For the period from July 9, 2020 (commencement of operations) through June 30, 2021.

<sup>5</sup> For the period from October 30, 2020 (commencement of operations) through June 30, 2021.

Each Fund pays UBS AM a monthly administration fee that is accrued daily and paid monthly at an annual rate of 0.075% of the average daily net assets of such Fund. For the period ended December 31, 2022, the Funds owed and incurred administrative fees as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Administrative<br>fees owed** | **Administrative<br>fees incurred** |
| UBS All China Equity Fund | $207 | $1225 |
| UBS Dynamic Alpha Fund | 1562 | 9728 |
| UBS Global Allocation Fund | 11488 | 70078 |
| UBS Emerging Markets Equity Opportunity Fund | 9879 | 197498 |
| UBS Engage For Impact Fund | 3188 | 18330 |
| UBS International Sustainable Equity Fund | 9504 | 73661 |
| UBS US Dividend Ruler Fund | 8341 | 47084 |
| UBS US Quality Growth At Reasonable Price Fund | 10700 | 66221 |
| UBS U.S. Small Cap Growth Fund | 8492 | 51320 |
| UBS Sustainable Development Bank Bond Fund | 4834 | 28646 |
| UBS Multi Income Bond Fund | 1664 | 10010 |

---

For UBS Emerging Markets Equity Opportunity Fund Class P2 and UBS International Sustainable Equity Fund P2, the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive its retained administration fees. For the period ended December 31, 2022, the administration fees waived were $134,140 and $9,235, respectively and such amounts are not subject to future recoupment.

The Funds may invest in shares of certain affiliated investment companies also advised or managed by the Advisor. Investments in affiliated investment companies for the period ended December 31, 2022 have been included near the end of each Fund's Portfolio of investments.

During the period ended December 31, 2022, the Funds listed below paid broker commissions to affiliates of the investment advisor as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within investments at cost of unaffiliated issuers, and the Statement of operations within net realized gain (loss) on, and/or change in net unrealized appreciation (depreciation) on investments and/or futures contracts.

---

| | |
|:---|:---|
| **Fund** | **UBS Group AG** |
| UBS Emerging Markets Equity Opportunity Fund | $10941 |
| UBS Engage For Impact Fund | 22 |
| UBS International Sustainable Equity Fund | 910 |

---

During the period ended, December 31, 2022, some of the Funds engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated and each trade was approved by the Board.

**Service and distribution plans**

UBS AM (US) is the principal underwriter of each Fund's shares. The Trust has adopted distribution and/or service plans ("the Plans") pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plans govern payments

------

The UBS Funds

Notes to financial statements (unaudited)

made for the expenses incurred in the service and/or distribution of Class A shares. Annual fees under the Plans as a percentage of the average daily net assets of each representative class of each of the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class A** |
| UBS All China Equity Fund | 0.25% |
| UBS Dynamic Alpha Fund | 0.25 |
| UBS Global Allocation Fund | 0.25 |
| UBS Emerging Markets Equity Opportunity Fund | 0.25 |
| UBS Engage For Impact Fund | 0.25 |
| UBS International Sustainable Equity Fund | 0.25 |
| UBS U.S. Small Cap Growth Fund | 0.25 |
| UBS Sustainable Development Bank Bond Fund | 0.25 |
| UBS Multi Income Bond Fund | 0.25 |

---

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchases of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares. At December 31, 2022, certain Funds owed UBS AM (US) service and distribution fees, and for the period ended December 31, 2022, certain Funds were informed by UBS AM (US) that it had earned sales charges as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Service and<br>distribution<br>fees owed** | **Sales<br>charges<br>earned by<br>distributor** |
| UBS Dynamic Alpha Fund—Class A | $3169 | $1109 |
| UBS Global Allocation Fund—Class A | 29053 | 118 |
| UBS U.S. Small Cap Growth Fund—Class A | 3575 |  |
| UBS Multi Income Bond Fund—Class A | 105 |  |

---

**Transfer agency and related services fees**

UBS Financial Services Inc. provides certain services to the Funds pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Funds' transfer agent, and is compensated for these services by BNY Mellon, not the Funds.

For the period ended December 31, 2022, UBS Financial Services Inc. received from BNY Mellon, not the Funds, total delegated service fees as follows:

---

| | |
|:---|:---|
| **Fund** | **Delegated services<br>Fund fees earned** |
| UBS All China Equity Fund | $1 |
| UBS Dynamic Alpha Fund | 6550 |
| UBS Global Allocation Fund | 23640 |
| UBS Emerging Markets Equity Opportunity Fund | 13370 |
| UBS Engage For Impact Fund | 5019 |
| UBS International Sustainable Equity Fund | 9722 |
| UBS US Dividend Ruler Fund | 17803 |
| UBS US Quality Growth At Reasonable Price Fund | 25464 |
| UBS U.S. Small Cap Growth Fund | 2693 |
| UBS Sustainable Development Bank Bond Fund | 5547 |
| UBS Multi Income Bond Fund | 457 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**Securities lending**

Each Fund may lend securities up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% of the market value for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

Each Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, each Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Fund, which is included in the Fund's Portfolio of investments. State Street Bank and Trust Company serves as the Fund's lending agent.

At December 31, 2022, the following Funds had securities on loan at value, cash collateral and non-cash collateral as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value of<br>securities on loan** | **Cash<br>collateral** | **Non-cash<br>collateral\*** | **Total<br>collateral** | **Security types<br>held as non-cash collateral** |
| UBS All China Equity Fund | $88483 | $— | $93385 | $93385 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Dynamic Alpha Fund | 1234518 | 1141725 | 136474 | 1278199 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Global Allocation Fund | 3745823 | 2173745 | 1776492 | 3950237 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Engage For Impact Fund | 2775989 | 130208 | 2765715 | 2895923 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS International Sustainable Equity Fund | 10632580 | 6349238 | 4844974 | 11194212 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS U.S. Small Cap Growth Fund | 3442475 | 296925 | 3235136 | 3532061 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Sustainable Development Bank Bond Fund | 4699424 | 4800338 |  | 4800338 |  |
| UBS Multi Income Bond Fund | 622148 | 636125 |  | 636125 |  |

---

\* These securities are held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

The table below represents the disaggregation at December 31, 2022 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of securities loaned** | **Type of securities loaned** | |
|<br>**Fund** | **Equity<br>securities** | **Corporate<br>bonds** | **Total gross<br>amount of<br>recognized**<br>**liabilities for<br>securities<br>lending <br>transactions** |
| UBS Dynamic Alpha Fund | $— | $1141725 | $1141725 |
| UBS Global Allocation Fund | 2173745 |  | 2173745 |
| UBS US Engage for Impact fund | 130208 |  | 130208 |
| UBS International Sustainable Equity Fund | 6349238 |  | 6349238 |
| UBS U.S. Small Cap Growth Fund | 296925 |  | 296925 |
| UBS Sustainable Development Bank Bond Fund | 4800338 |  | 4800338 |
| UBS Multi Income Bond Fund |  | 636125 | 636125 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**Bank line of credit** 

The Fund participates with other funds managed by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Fund at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The funds covered by the Committed Credit Facility have agreed to pay commitment fees on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the funds in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of funds and the other 50% of the allocation is based on utilization.

For the period ended December 31, 2022, the following Funds had borrowings as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average daily<br>amount of<br>borrowing<br>outstanding** | **Days<br>outstanding** | **Interest<br>expense** | **Weighted average<br>annualized<br>interest rate** |
| UBS Emerging Markets Equity Opportunity Fund | $3830795 | 2 | $1102 | 5.180% |
| UBS Engage For Impact Fund | 565931 | 3 | 209 | 4.430 |
| UBS International Sustainable Equity Fund | 1866813 | 13 | 3738 | 5.545 |
| UBS US Quality Growth At Reasonable Price Fund | 547555 | 3 | 236 | 5.180 |

---

**Commission recapture program**

Certain Funds participate in a brokerage commission recapture program. These Funds have established commission recapture arrangements with certain participating brokers or dealers. If a Fund's investment manager chooses to execute a transaction through a participating broker subject to best price and execution, the broker will rebate a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. For the period ended December 31, 2022, there were no recaptured commissions on the Funds. The commission recapture arrangement was terminated on August 10, 2022.

**Purchases and sales of securities**

For the period December 31, 2022, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| UBS All China Equity Fund | $13829 | $307072 |
| UBS Dynamic Alpha Fund | 794741 | 2204581 |
| UBS Global Allocation Fund | 111862130 | 126981578 |
| UBS Emerging Markets Equity Opportunity Fund | 130073643 | 198358710 |
| UBS Engage For Impact Fund | 19001380 | 15601663 |
| UBS International Sustainable Equity Fund | 4052539 | 44622342 |
| UBS US Dividend Ruler Fund | 31048938 | 26758049 |
| UBS US Quality Growth At Reasonable Price Fund | 31710512 | 36801858 |
| UBS U.S. Small Cap Growth Fund | 9489066 | 12976439 |
| UBS Sustainable Development Bank Bond Fund | 36794216 | 39879299 |
| UBS Multi Income Bond Fund | 4372781 | 3927539 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**Shares of beneficial interest**

There is an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Funds for the period ended December 31, 2022 were as follows:

**UBS All China Equity Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares repurchased |  |  | (59011) | (370000) |
| Dividends reinvested | 1077 | 5582 | 8841 | 45620 |
| Net increase (decrease) | 1077 | $5582 | (50170) | $(324380) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2<sup>1</sup>** | **Class P2<sup>1</sup>** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 178322 | $1275000 | 504084 | $2980000 |
| Shares repurchased | (200000) | (1430000) |  |  |
| Net increase (decrease) | (21678) | $(155000) | 504084 | $2980000 |

---

<sup>1</sup> For the period from April 21, 2022 (commencement of operations) through June 30, 2022.

**UBS Dynamic Alpha Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 71430 | $407860 | 59233 | $351591 |
| Shares repurchased | (359288) | (2060380) | (380328) | (2228845) |
| Dividends reinvested | 152111 | 819878 | 98661 | 548555 |
| Net increase (decrease) | (135747) | $(832642) | (222434) | $(1328699) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 25484 | $152596 | 271541 | $1772627 |
| Shares repurchased | (455607) | (2900779) | (555499) | (3631478) |
| Dividends reinvested | 282505 | 1714805 | 197351 | 1231472 |
| Net increase (decrease) | (147618) | $(1033378) | (86607) | $(627379) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS Global Allocation Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 19331 | $192589 | 56232 | $610649 |
| Shares repurchased | (941850) | (9792775) | (359374) | (3842412) |
| Dividends reinvested | 586059 | 5801983 | 165436 | 1694068 |
| Net increase (decrease) | (336460) | $(3798203) | (137706) | $(1537695) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 25173 | $310380 | 121149 | $1642720 |
| Shares repurchased | (1506522) | (19240423) | (457828) | (6173606) |
| Dividends reinvested | 2292309 | 27920324 | 650782 | 8167316 |
| Net increase (decrease) | 810960 | $8990281 | 314103 | $3636430 |

---

**UBS Emerging Markets Equity Opportunity Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1372410 | $9671414 | 17518387 | $130169158 |
| Shares repurchased | (6971415) | (51018192) | (22065369) | (159841269) |
| Dividends reinvested | 243790 | 1760164 | 1108438 | 7980757 |
| Net increase (decrease) | (5355215) | $(39586614) | (3438544) | $(21691354) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4726455 | $46248143 | 27267167 | $264345921 |
| Shares repurchased | (11409617) | (107816815) | (35026698) | (355815030) |
| Dividends reinvested | 1943668 | 18562033 | 4939035 | 47414731 |
| Net increase (decrease) | (4739494) | $(43006639) | (2820496) | $(44054378) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS Engage For Impact Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 171397 | $1762651 | 505747 | $5229513 |
| Shares repurchased | (44457) | (458110) | (570085) | (5844137) |
| Dividends reinvested | 1104 | 11327 | 56357 | 577660 |
| Net increase (decrease) | 128044 | $1315868 | (7981) | $(36964) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 360518 | $4551757 | 1197563 | $15604143 |
| Shares repurchased | (305970) | (3636503) | (620152) | (7717553) |
| Dividends reinvested | 30309 | 387354 | 440302 | 5618257 |
| Net increase (decrease) | 84857 | $1302608 | 1017713 | $13504847 |

---

**UBS International Sustainable Equity Fund**<br> For the six months ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6142 | $54071 | 1898442 | $16722428 | 593209 | $5377851 |
| Shares repurchased | (109663) | (979011) | (6185896) | (54636945) | (717983) | (6476296) |
| Dividends reinvested | 53124 | 440395 | 1826515 | 15123541 | 664081 | 5478670 |
| Net increase (decrease) | (50397) | $(484545) | (2460939) | $(22790976) | 539307 | $4380225 |

---

For the year ended June 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 38267 | $437024 | 10793404 | $124410780 | 1375046 | $15667266 |
| Shares repurchased | (307592) | (3041390) | (25816229) | (289810243) | (711334) | (7596957) |
| Dividends reinvested | 62958 | 671131 | 2573269 | 27482511 | 422701 | 4514447 |
| Net increase (decrease) | (206367) | $(1933235) | (12449556) | $(137916952) | 1086413 | $12584756 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS US Dividend Ruler Fund**<br> For the six months ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 1892547 | $23143238 |
| Shares repurchased | (1511150) | (18626545) |
| Dividends reinvested | 230974 | 2843290 |
| Net increase (decrease) | 612371 | $7359983 |

---

For the year ended June 30, 2022:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 5501344 | $71850798 |
| Shares repurchased | (2070716) | (26430377) |
| Dividends reinvested | 219574 | 2883002 |
| Net increase (decrease) | 3650202 | $48303423 |

---

**UBS US Quality Growth At Reasonable Price Fund**<br> For the six months ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 2858565 | $31648489 |
| Shares repurchased | (3367124) | (37009301) |
| Dividends reinvested | 146866 | 1539152 |
| Net increase (decrease) | (361693) | $(3821660) |

---

For the year ended June 30, 2022:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 10682864 | $138717101 |
| Shares repurchased | (4268432) | (51795876) |
| Dividends reinvested | 317326 | 4369581 |
| Net increase (decrease) | 6731758 | $91290806 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS U.S. Small Cap Growth Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 42621 | $664350 | 395299 | $7377841 |
| Shares repurchased | (112646) | (1777146) | (599305) | (11008324) |
| Dividends reinvested | 60544 | 857906 | 315473 | 5404059 |
| Net increase (decrease) | (9481) | $(254890) | 111467 | $1773576 |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 81350 | $1691411 | 1061835 | $24683401 |
| Shares repurchased | (418020) | (9272176) | (1434370) | (37338237) |
| Dividends reinvested | 272963 | 5486549 | 1200697 | 28804727 |
| Net increase (decrease) | (63707) | $(2094216) | 828162 | $16149891 |

---

**UBS Sustainable Development Bank Bond Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 349986 | $3281564 | 1084079 | $10156353 |
| Shares repurchased | (231875) | (2210246) | (1108787) | (10318556) |
| Dividends reinvested | 2528 | 23595 | 67249 | 627466 |
| Net increase (decrease) | 120639 | $1094913 | 42541 | $465263 |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 588463 | $6151254 | 4009512 | $41133389 |
| Shares repurchased | (1407212) | (14065763) | (3126652) | (31626275) |
| Dividends reinvested | 3173 | 32486 | 87553 | 891799 |
| Net increase (decrease) | (815576) | $(7882023) | 970413 | $10398913 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS Multi Income Bond Fund**<br> For the six months ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5691 | $76022 | 514 | $6880 |
| Shares repurchased | (8780) | (116138) | (139072) | (1844059) |
| Dividends reinvested | 560 | 7412 | 26812 | 355243 |
| Net increase (decrease) | (2529) | $(32704) | (111746) | $(1481936) |

---

For the year ended June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9201 | $143666 | 6595 | $100629 |
| Shares repurchased | (10326) | (155121) | (235785) | (3506014) |
| Dividends reinvested | 573 | 8521 | 29410 | 438099 |
| Net increase (decrease) | (552) | $(2934) | (199780) | $(2967286) |

---

**Federal tax status**

It is each Fund's policy to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax. Accordingly, no federal income tax provision was required.

The tax character of distributions paid during the fiscal year ended June 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Distributions paid<br>from tax-exempt<br>income** | **Distributions<br>paid from<br>ordinary income** | **Distributions<br>paid from<br>long term<br>realized<br>capital gains** | **Total <br>distributions<br>paid** |
| UBS All China Equity Fund | $— | $10340 | $— | $10340 |
| UBS Dynamic Alpha Fund |  | 3291732 |  | 3291732 |
| UBS Global Allocation Fund |  | 16691643 | 22712391 | 39404034 |
| UBS Emerging Markets Equity Opportunity Fund |  | 22612292 | 56369941 | 78982233 |
| UBS Engage For Impact Fund |  | 3471448 | 3104392 | 6575840 |
| UBS International Sustainable Equity Fund |  | 6376593 | 28919634 | 35296227 |
| UBS US Dividend Ruler Fund |  | 2912679 | 381027 | 3293706 |
| UBS US Quality Growth At Reasonable Price Fund |  | 4282213 | 538531 | 4820744 |
| UBS U.S. Small Cap Growth Fund |  | 14968009 | 20650352 | 35618361 |
| UBS Sustainable Development Bank Bond Fund |  | 955117 | 117447 | 1072564 |
| UBS Multi Income Bond Fund |  | 589201 |  | 589201 |

---

The tax character of distributions paid and components of accumulated earnings (deficit) on a tax basis current fiscal year will be determined after the Trust's fiscal year ending June 30, 2023.

------

The UBS Funds

Notes to financial statements (unaudited)

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of investments** | **Gross unrealized<br>appreciation** | **Gross unrealized<br>depreciation** | **Net unrealized<br>appreciation<br>(depreciation)<br>on investments** |
| UBS All China Equity Fund | $4235621 | $40398 | $916000 | $(875602) |
| UBS Dynamic Alpha Fund | 37196492 | 784072 | 10130921 | (9346849) |
| UBS Global Allocation Fund | 200438425 | 14303150 | 20487234 | (6184084) |
| UBS Emerging Markets Equity Opportunity Fund | 607615160 | 7489110 | 143380606 | (135891496) |
| UBS Engage For Impact Fund | 52774684 | 3855009 | 7509000 | (3653991) |
| UBS International Sustainable Equity Fund | 207801173 | 10294231 | 38464294 | (28170063) |
| UBS US Dividend Ruler Fund | 130032309 | 8174175 | 4694199 | 3479976 |
| UBS US Quality Growth At Reasonable Price Fund | 179432017 | 5038674 | 23080495 | (18041821) |
| UBS U.S. Small Cap Growth Fund | 139478254 | 17154835 | 25544847 | (8390012) |
| UB Sustainable Development Bank Bond Fund | 89326646 |  | 8785261 | (8785261) |
| UBS Multi Income Bond Fund | 29201083 | 95633 | 1957846 | (1862213) |

---

Net capital losses recognized by the Funds, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. These carryforwards are available as a reduction, to the extent provided in regulations, of future realized capital gains. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed.

At June 30, 2022, the following Funds had net capital losses that will be carried forward indefinitely, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term losses** | **Long-term losses** | **Net capital losses** |
| UBS All China Equity Fund | $179338 | $13189 | $192527 |
| UBS Dynamic Alpha Fund | 18514209 | 13563387 | 32077596 |
| UBS Sustainable Development Bank Bond Fund | 248799 | 904420 | 1153219 |
| UBS Multi Income Bond Fund | 3241266 | 1842112 | 5083378 |

---

Qualified late year losses are deemed to arise on the first business day of a Fund's next table year. For the fiscal year ended June 30, 2022, the following Funds incurred and elected to defer qualified late year losses of the following:

---

| | | | |
|:---|:---|:---|:---|
| | | **Post October capital loss** | **Post October capital loss** |
|<br>**Fund** |<br>**Late year ordinary <br>loss** | **Short-term <br>losses** | **Long-term <br>losses** |
| UBS Global Allocation Fund | $— | $7306457 | $— |
| UBS Emerging Markets Equity Opportunity Fund |  | 26966905 | (16388816) |
| UBS US Quality Growth At Reasonable Price Fund |  | 1279949 |  |
| UBS U.S. Small Cap Growth Fund | 291155 | 1463526 |  |

---

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded, as of December 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Fund's policy to record any significant foreign tax exposures in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended December 31, 2022, the Funds did not incur any interest or penalties.

------

The UBS Funds

Notes to financial statements (unaudited)

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes that will be paid by the Funds.

Each of the tax years in the four year fiscal period ended June 30, 2022 or since inception in the case of UBS All China Equity Fund, UBS US Dividend Ruler Fund and UBS US Quality Growth At Reasonable Price Fund remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

The UBS Funds

General information (unaudited)

**Quarterly portfolio schedule**

The Funds filed its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. (Please note that on the SEC's Web site, the "filing type" designation for this information may be "NPORT-EX.") Additionally, you may obtain copies of such portfolio holdings schedules for the first and third quarters of each fiscal year from the funds upon request by calling 1-800-647 1568.

**Proxy voting policies, procedures and record**

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

PRESORTED <br>STANDARD <br>U.S. POSTAGE <br>PAID<br>COMPUTERSHARE

![](j2314562_za003.jpg)

**UBS Asset Management (Americas) Inc.**

787 Seventh Avenue

New York, NY 10019-6028

S1627

------

**<u>Item 2. Code of Ethics.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Schedule of Investments.</u>**

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

The Nominating Committee will consider nominees recommended by Qualifying Fund Shareholders if an Independent Trustee vacancy on the Board occurs. A Qualifying Fund Shareholder is a shareholder that: (i) owns of record, or beneficially through a financial intermediary, 1/2 of 1% or more of the Trust's outstanding shares and (ii) has been a shareholder of at least 1/2 of 1% of the Trust's total outstanding shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. In order to recommend a nominee, a Qualifying Fund Shareholder should send a letter to the chairperson of the Nominating Committee, Ms. Adela Cepeda, care of Keith Weller, Secretary of The UBS Funds, at UBS Asset Management, One North Wacker Drive, Chicago, Illinois 60606, and indicate on the envelope "Nominating Committee." The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each class and series of shares of the Trust which are owned of record and beneficially by such Qualifying Fund Shareholder and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that
the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of
this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes
in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 13. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Code of Ethics – Form N-CSR disclosure requirement not applicable to this filing of
a semi-annual report.

[(a)](tm231456d1_ex99-cert.htm) [(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.CERT.](tm231456d1_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company
Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – not
applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Change in the registrant's independent public accountant
- not applicable to the registrant.

[(b)](tm231456d1_ex99-906cert.htm) [Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.906CERT.](tm231456d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The UBS Funds

---

| | |
|:---|:---|
| By: | /s/ Igor Lasun |
|  | Igor Lasun |
|  | President |

---

Date: <u>March 13, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

The UBS Funds

---

| | |
|:---|:---|
| By: | /s/ Igor Lasun |
|  | Igor Lasun |
|  | President |

---

Date: <u>March 13, 2023</u>

---

| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

---

Date: <u>March 13, 2023</u>

## Ex-99.Cert

Exhibit EX-99.CERT

**<u>Certifications</u>**

I, Igor Lasun, President of The UBS Funds, certify that:

1. I have reviewed this report on Form N-CSR of The UBS Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Igor Lasun |
|  | Igor Lasun |
|  | President |

---

Date: <u>March 13, 2023</u>

I, Joanne M. Kilkeary, Vice President, Treasurer and Principal Accounting Officer of The UBS Funds, certify that:

1. I have reviewed this report on Form N-CSR of The UBS Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

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Date: <u>March 13, 2023</u>

## Exhibit 99.906

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of The UBS Funds (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

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| | |
|:---|:---|
| By: | /s/ Igor Lasun |
|  | Igor Lasun |
|  | President |

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Dated: <u>March 13, 2023</u>

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| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

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Dated: <u>March 13, 2023</u>

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.