# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001410368-25-031054
**Filing Date:** 2025-11
**Character Count:** 232326
**Document Hash:** 554f0dfc37b3b879a80eab17a9ac67e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031054.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001410368-25-031054

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS FUNDS
- **CENTRAL INDEX KEY:** 0000886244

**ORGANIZATION NAME:**
- **EIN:** 367056204
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06637
- **FILM NUMBER:** 251521535

**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 Multi Income Bond Fund (Series ID: S000053041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166868 | Class A      | UTBAX           |
| C000166870 | Class P      | UTBPX           |
| C000237722 | Class P2     | UTBTX           |

## Nport-Ex

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—34.0%** |  |  |
| **Australia—0.1%** |  |  |
| Glencore PLC \*<sup>,1</sup> | 27720 | $127668 |
| **Austria—0.2%** |  |  |
| BAWAG Group AG<sup>2</sup> | 1112 | 146598 |
| Erste Group Bank AG | 1598 | 157088 |
|  |  | 303686 |
| **Brazil—0.1%** |  |  |
| Gerdau SA, ADR | 20263 | 62815 |
| MercadoLibre, Inc.\* | 39 | 91141 |
|  |  | 153956 |
| **Canada—0.5%** |  |  |
| Canadian Pacific Kansas City Ltd. | 2222 | 165489 |
| Paramount Resources Ltd., Class A | 3464 | 55929 |
| Restaurant Brands International, Inc.<sup>1</sup> | 1290 | 82756 |
| Shopify, Inc., Class A\* | 2476 | 367958 |
| Tourmaline Oil Corp.<sup>1</sup> | 2505 | 108033 |
|  |  | 780165 |
| **France—0.2%** |  |  |
| Danone SA | 1965 | 171217 |
| LVMH Moet Hennessy Louis Vuitton SE | 217 | 133538 |
|  |  | 304755 |
| **Germany—0.4%** |  |  |
| Daimler Truck Holding AG | 3032 | 125378 |
| Deutsche Boerse AG | 396 | 106045 |
| Infineon Technologies AG | 4044 | 158647 |
| Knorr-Bremse AG | 1853 | 174346 |
|  |  | 564416 |
| **Hong Kong—0.1%** |  |  |
| AIA Group Ltd. | 13217 | 126671 |
| **India—0.1%** |  |  |
| HDFC Bank Ltd., ADR | 4058 | 138621 |
| **Ireland—0.2%** |  |  |
| Accenture PLC, Class A | 172 | 42415 |
| AIB Group PLC | 24879 | 226816 |
|  |  | 269231 |
| **Japan—0.6%** |  |  |
| Chugai Pharmaceutical Co. Ltd. | 1800 | 79802 |
| ITOCHU Corp. | 2600 | 147936 |
| Keyence Corp. | 300 | 111768 |
| OBIC Business Consultants Co. Ltd. | 2200 | 135343 |
| Shin-Etsu Chemical Co. Ltd. | 3500 | 114602 |
| Sony Financial Group, Inc.\* | 8300 | 9204 |
| Sony Group Corp. | 8300 | 238598 |
|  |  | 837253 |
| **Jersey—0.3%** |  |  |
| Aptiv PLC \* | 4762 | 410580 |
| **Netherlands—0.4%** |  |  |
| ASML Holding NV | 241 | 235020 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Netherlands—(continued)** |  |  |
| Koninklijke Philips NV<sup>1</sup> | 6656 | $182335 |
| NXP Semiconductors NV | 69 | 15713 |
| Universal Music Group NV<sup>1</sup> | 5050 | 145932 |
|  |  | 579000 |
| **Portugal—0.1%** |  |  |
| Galp Energia SGPS SA<sup>1</sup> | 5788 | 109681 |
| **Spain—0.1%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 12197 | 235032 |
| **Switzerland—0.1%** |  |  |
| Sandoz Group AG | 2863 | 170757 |
| TE Connectivity PLC | 81 | 17782 |
|  |  | 188539 |
| **United Kingdom—0.6%** |  |  |
| Admiral Group PLC | 1900 | 85753 |
| AstraZeneca PLC | 995 | 152435 |
| BAE Systems PLC | 4257 | 118500 |
| British American Tobacco PLC | 3721 | 197910 |
| Klarna Group PLC\* | 2231 | 81766 |
| Legal & General Group PLC | 41351 | 132816 |
| Wise PLC, Class A\* | 6078 | 84729 |
|  |  | 853909 |
| **United States—29.9%** |  |  |
| 3M Co. | 159 | 24674 |
| A.O. Smith Corp. | 41 | 3010 |
| Abbott Laboratories | 463 | 62014 |
| AbbVie, Inc. | 469 | 108592 |
| Adobe, Inc.\* | 118 | 41625 |
| Advanced Drainage Systems, Inc. | 1806 | 250492 |
| Advanced Micro Devices, Inc.\* | 1901 | 307563 |
| AES Corp. | 409 | 5382 |
| Aflac, Inc. | 148 | 16532 |
| Agilent Technologies, Inc. | 77 | 9883 |
| Airbnb, Inc., Class A\* | 114 | 13842 |
| Akamai Technologies, Inc.\* | 42 | 3182 |
| Alcon AG | 1864 | 140200 |
| Align Technology, Inc.\* | 18 | 2254 |
| Allegion PLC | 25 | 4434 |
| Alliant Energy Corp. | 155 | 10449 |
| Allstate Corp. | 81 | 17387 |
| Alphabet, Inc., Class C | 1382 | 336586 |
| Alphabet, Inc., Class A | 7809 | 1898368 |
| Amazon.com, Inc.\* | 10120 | 2222048 |
| Ameren Corp. | 155 | 16179 |
| American Electric Power Co., Inc. | 327 | 36788 |
| American Express Co. | 168 | 55803 |
| American International Group, Inc. | 169 | 13273 |
| American Water Works Co., Inc. | 122 | 16981 |
| Ameriprise Financial, Inc. | 28 | 13755 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| AMETEK, Inc. | 69 | $12972 |
| Amgen, Inc. | 143 | 40355 |
| Amphenol Corp., Class A | 337 | 41704 |
| Analog Devices, Inc. | 724 | 177887 |
| Aon PLC, Class A | 70 | 24961 |
| APA Corp. | 68 | 1651 |
| Apollo Global Management, Inc.<sup>1</sup> | 1889 | 251747 |
| Apple, Inc. | 11324 | 2883430 |
| Applied Materials, Inc. | 224 | 45862 |
| AppLovin Corp., Class A\* | 371 | 266578 |
| Arch Capital Group Ltd. | 112 | 10162 |
| Arista Networks, Inc.\* | 2853 | 415711 |
| Arthur J Gallagher & Co. | 83 | 25708 |
| Assurant, Inc. | 13 | 2816 |
| AT&T, Inc. | 2125 | 60010 |
| Atlassian Corp., Class A\* | 410 | 65477 |
| Atmos Energy Corp. | 84 | 14343 |
| Autodesk, Inc.\* | 59 | 18743 |
| Automatic Data Processing, Inc. | 118 | 34633 |
| AutoZone, Inc.\* | 4 | 17161 |
| Axon Enterprise, Inc.\* | 23 | 16506 |
| Baker Hughes Co. | 169 | 8234 |
| Bank of America Corp. | 2093 | 107978 |
| Bank of New York Mellon Corp. | 215 | 23426 |
| Baxter International, Inc. | 143 | 3256 |
| Becton Dickinson & Co. | 77 | 14412 |
| Berkshire Hathaway, Inc., Class B\* | 1764 | 886833 |
| Best Buy Co., Inc. | 53 | 4008 |
| Biogen, Inc.\* | 38 | 5323 |
| Bio-Rad Laboratories, Inc., Class A\* | 1067 | 299176 |
| Bio-Techne Corp. | 47 | 2615 |
| Blackrock, Inc. | 375 | 437201 |
| Blackstone, Inc. | 229 | 39125 |
| Block, Inc.\* | 164 | 11852 |
| Boeing Co.\* | 1209 | 260938 |
| Booking Holdings, Inc. | 8 | 43194 |
| Boston Scientific Corp.\* | 2515 | 245539 |
| Bristol-Myers Squibb Co. | 9952 | 448835 |
| Broadcom, Inc. | 3447 | 1137200 |
| Broadridge Financial Solutions, Inc. | 33 | 7860 |
| Brown & Brown, Inc. | 97 | 9098 |
| Builders FirstSource, Inc.\* | 32 | 3880 |
| Burlington Stores, Inc.\* | 858 | 218361 |
| Cadence Design Systems, Inc.\* | 75 | 26345 |
| Capital One Financial Corp. | 3183 | 676642 |
| Cardinal Health, Inc. | 65 | 10202 |
| CarMax, Inc.\* | 43 | 1929 |
| Carnival Corp.\* | 278 | 8037 |
| Carrier Global Corp. | 239 | 14268 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| Caterpillar, Inc. | 138 | $65847 |
| Cboe Global Markets, Inc. | 34 | 8339 |
| CDW Corp. | 36 | 5734 |
| Celsius Holdings, Inc.\* | 2843 | 163444 |
| Cencora, Inc. | 46 | 14376 |
| Centene Corp.\* | 96 | 3425 |
| CenterPoint Energy, Inc. | 426 | 16529 |
| CH Robinson Worldwide, Inc. | 34 | 4502 |
| Charles River Laboratories International, Inc.\* | 13 | 2034 |
| Charles Schwab Corp. | 526 | 50217 |
| Charter Communications, Inc., Class A\* | 30 | 8253 |
| Chevron Corp. | 326 | 50625 |
| Chipotle Mexican Grill, Inc.\* | 360 | 14108 |
| Chubb Ltd. | 114 | 32177 |
| Cigna Group | 70 | 20178 |
| Cincinnati Financial Corp. | 49 | 7747 |
| Cintas Corp. | 102 | 20937 |
| Cisco Systems, Inc. | 1075 | 73552 |
| Citigroup, Inc. | 565 | 57348 |
| Citizens Financial Group, Inc. | 124 | 6592 |
| CME Group, Inc. | 112 | 30261 |
| CMS Energy Corp. | 201 | 14725 |
| Cognizant Technology Solutions Corp., Class A | 140 | 9390 |
| Coinbase Global, Inc., Class A\* | 68 | 22949 |
| Comcast Corp., Class A | 1088 | 34185 |
| ConocoPhillips | 213 | 20148 |
| Consolidated Edison, Inc. | 221 | 22215 |
| Constellation Energy Corp. | 191 | 62852 |
| Cooper Cos., Inc.\* | 3850 | 263956 |
| Copart, Inc.\* | 268 | 12052 |
| Corning, Inc. | 216 | 17718 |
| Corpay, Inc.\* | 22 | 6337 |
| Coterra Energy, Inc. | 136 | 3216 |
| Crowdstrike Holdings, Inc., Class A\* | 69 | 33836 |
| CSX Corp. | 568 | 20170 |
| Cummins, Inc. | 40 | 16895 |
| CVS Health Corp. | 336 | 25331 |
| Danaher Corp. | 170 | 33704 |
| Darden Restaurants, Inc. | 30 | 5711 |
| Datadog, Inc., Class A\* | 89 | 12674 |
| DaVita, Inc.\* | 11 | 1462 |
| Dayforce, Inc.\* | 49 | 3376 |
| Deckers Outdoor Corp.\* | 41 | 4156 |
| Deere & Co. | 74 | 33837 |
| Dell Technologies, Inc., Class C | 82 | 11625 |
| Delta Air Lines, Inc. | 192 | 10896 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| Devon Energy Corp. | 6639 | $232763 |
| Dexcom, Inc.\* | 106 | 7133 |
| Diamondback Energy, Inc. | 30 | 4293 |
| Dollar General Corp. | 2630 | 271811 |
| Dominion Energy, Inc. | 529 | 32359 |
| Domino's Pizza, Inc. | 8 | 3454 |
| DoorDash, Inc., Class A\* | 96 | 26111 |
| Dover Corp. | 44 | 7341 |
| DR Horton, Inc. | 67 | 11354 |
| DTE Energy Co. | 115 | 16264 |
| Duke Energy Corp. | 472 | 58410 |
| Dynatrace, Inc.\* | 5437 | 263423 |
| Eaton Corp. PLC | 115 | 43039 |
| eBay, Inc. | 122 | 11096 |
| Edison International | 248 | 13709 |
| Edwards Lifesciences Corp.\* | 158 | 12288 |
| Electronic Arts, Inc. | 66 | 13312 |
| Elevance Health, Inc. | 61 | 19710 |
| Eli Lilly & Co. | 903 | 688989 |
| EMCOR Group, Inc. | 11 | 7145 |
| Emerson Electric Co. | 167 | 21907 |
| Entergy Corp. | 275 | 25627 |
| EOG Resources, Inc. | 91 | 10203 |
| EPAM Systems, Inc.\* | 13 | 1960 |
| EQT Corp. | 108 | 5878 |
| Equifax, Inc. | 36 | 9235 |
| Erie Indemnity Co., Class A | 6 | 1909 |
| Everest Group Ltd. | 10 | 3502 |
| Evergy, Inc. | 135 | 10263 |
| Eversource Energy | 230 | 16362 |
| Exelon Corp. | 625 | 28131 |
| Expand Energy Corp. | 3448 | 366316 |
| Expedia Group, Inc. | 31 | 6626 |
| Expeditors International of Washington, Inc. | 40 | 4904 |
| Exxon Mobil Corp. | 1724 | 194381 |
| F5, Inc.\* | 14 | 4525 |
| FactSet Research Systems, Inc. | 10 | 2865 |
| Fair Isaac Corp.\* | 6 | 8979 |
| Fastenal Co. | 361 | 17703 |
| FedEx Corp. | 64 | 15092 |
| Fidelity National Information Services, Inc. | 151 | 9957 |
| Fifth Third Bancorp | 204 | 9088 |
| First Citizens BancShares, Inc., Class A | 124 | 221856 |
| First Horizon Corp. | 13854 | 313239 |
| First Solar, Inc.\* | 725 | 159884 |
| FirstEnergy Corp. | 337 | 15441 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| Fiserv, Inc.\* | 169 | $21789 |
| Ford Motor Co. | 1004 | 12008 |
| Fortinet, Inc.\* | 178 | 14966 |
| Fortive Corp. | 110 | 5389 |
| Fox Corp., Class A | 71 | 4477 |
| Fox Corp., Class B | 43 | 2463 |
| Franklin Resources, Inc. | 115 | 2660 |
| Garmin Ltd. | 40 | 9849 |
| Gartner, Inc.\* | 19 | 4995 |
| Gates Industrial Corp. PLC\* | 7372 | 182973 |
| GE HealthCare Technologies, Inc. | 124 | 9312 |
| GE Vernova, Inc. | 80 | 49192 |
| Gen Digital, Inc. | 166 | 4713 |
| Generac Holdings, Inc.\* | 17 | 2846 |
| General Dynamics Corp. | 74 | 25234 |
| General Electric Co. | 313 | 94157 |
| General Motors Co. | 251 | 15303 |
| Genuine Parts Co. | 37 | 5128 |
| Gilead Sciences, Inc. | 332 | 36852 |
| Global Payments, Inc. | 81 | 6729 |
| Globe Life, Inc. | 26 | 3717 |
| GoDaddy, Inc., Class A\* | 39 | 5336 |
| Goldman Sachs Group, Inc. | 94 | 74857 |
| Haleon PLC | 21306 | 95881 |
| Halliburton Co. | 157 | 3862 |
| Hartford Insurance Group, Inc. | 94 | 12539 |
| Hasbro, Inc. | 35 | 2655 |
| HCA Healthcare, Inc. | 46 | 19605 |
| Henry Schein, Inc.\* | 37 | 2456 |
| Hewlett Packard Enterprise Co. | 363 | 8915 |
| Hilton Worldwide Holdings, Inc. | 63 | 16345 |
| Hologic, Inc.\* | 61 | 4117 |
| Home Depot, Inc. | 261 | 105755 |
| Honeywell International, Inc. | 182 | 38311 |
| Howmet Aerospace, Inc. | 119 | 23351 |
| HP, Inc. | 268 | 7298 |
| Hubbell, Inc. | 15 | 6455 |
| HubSpot, Inc.\* | 313 | 146421 |
| Humana, Inc. | 32 | 8325 |
| Huntington Bancshares, Inc. | 483 | 8341 |
| Huntington Ingalls Industries, Inc. | 10 | 2879 |
| IDEX Corp. | 19 | 3092 |
| IDEXX Laboratories, Inc.\* | 21 | 13417 |
| Illinois Tool Works, Inc. | 77 | 20079 |
| Incyte Corp.\* | 44 | 3732 |
| Ingersoll Rand, Inc. | 5281 | 436316 |
| Insulet Corp.\* | 18 | 5557 |
| Intel Corp.\* | 1197 | 40159 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| Interactive Brokers Group, Inc., Class A | 136 | $9358 |
| Intercontinental Exchange, Inc. | 179 | 30158 |
| International Business Machines Corp. | 255 | 71951 |
| International Flavors & Fragrances, Inc. | 3605 | 221852 |
| Interpublic Group of Cos., Inc. | 123 | 3433 |
| Intuit, Inc. | 77 | 52584 |
| Intuitive Surgical, Inc.\* | 95 | 42487 |
| Invesco Ltd. | 156 | 3579 |
| IQVIA Holdings, Inc.\* | 43 | 8167 |
| Jabil, Inc. | 29 | 6298 |
| Jack Henry & Associates, Inc. | 21 | 3128 |
| Jacobs Solutions, Inc. | 34 | 5095 |
| JB Hunt Transport Services, Inc. | 21 | 2818 |
| Johnson & Johnson | 639 | 118483 |
| Johnson Controls International PLC | 3018 | 331829 |
| JPMorgan Chase & Co. | 850 | 268116 |
| KeyCorp | 331 | 6186 |
| Keysight Technologies, Inc.\* | 47 | 8221 |
| Kinder Morgan, Inc. | 331 | 9371 |
| KKR & Co., Inc. | 211 | 27419 |
| KLA Corp. | 35 | 37751 |
| Kraft Heinz Co. | 9698 | 252536 |
| L3Harris Technologies, Inc. | 56 | 17103 |
| Labcorp Holdings, Inc. | 21 | 6028 |
| Lam Research Corp. | 356 | 47668 |
| Las Vegas Sands Corp. | 91 | 4895 |
| Leidos Holdings, Inc. | 37 | 6992 |
| Lennar Corp., Class A | 48 | 6050 |
| Lennox International, Inc. | 8 | 4235 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 2804 | 292878 |
| Live Nation Entertainment, Inc.\* | 51 | 8333 |
| LKQ Corp. | 70 | 2138 |
| Lockheed Martin Corp. | 61 | 30452 |
| Loews Corp. | 64 | 6425 |
| Lowe's Cos., Inc. | 148 | 37194 |
| Lululemon Athletica, Inc.\* | 29 | 5160 |
| Lyft, Inc., Class A\* | 5535 | 121825 |
| M&T Bank Corp. | 49 | 9683 |
| Marathon Petroleum Corp. | 51 | 9830 |
| Marriott International, Inc., Class A | 60 | 15626 |
| Marsh & McLennan Cos., Inc. | 1416 | 285366 |
| Marvell Technology, Inc. | 3102 | 260785 |
| Masco Corp. | 70 | 4927 |
| Mastercard, Inc., Class A | 1243 | 707031 |
| Match Group, Inc. | 84 | 2967 |
| McDonald's Corp. | 187 | 56827 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| McKesson Corp. | 33 | $25494 |
| Medtronic PLC | 328 | 31239 |
| Merck & Co., Inc. | 651 | 54638 |
| Meta Platforms, Inc., Class A | 1924 | 1412947 |
| MetLife, Inc. | 169 | 13921 |
| Mettler-Toledo International, Inc.\* | 4 | 4910 |
| MGM Resorts International\* | 62 | 2149 |
| Microchip Technology, Inc. | 150 | 9633 |
| Micron Technology, Inc. | 2067 | 345850 |
| Microsoft Corp. | 6674 | 3456798 |
| Moderna, Inc.\*<sup>,1</sup> | 93 | 2402 |
| Mohawk Industries, Inc.\* | 13 | 1676 |
| Molina Healthcare, Inc.\*<sup>,1</sup> | 14 | 2679 |
| Monolithic Power Systems, Inc. | 13 | 11968 |
| Moody's Corp. | 50 | 23824 |
| Morgan Stanley | 374 | 59451 |
| Motorola Solutions, Inc. | 46 | 21035 |
| MSCI, Inc. | 25 | 14185 |
| Nasdaq, Inc. | 128 | 11322 |
| Nestle SA, Registered Shares | 1498 | 137569 |
| NetApp, Inc. | 57 | 6752 |
| Netflix, Inc.\* | 126 | 151064 |
| News Corp., Class A | 140 | 4299 |
| News Corp., Class B<sup>1</sup> | 46 | 1589 |
| NextEra Energy, Inc. | 8192 | 618414 |
| NIKE, Inc., Class B | 2234 | 155777 |
| NiSource, Inc. | 298 | 12903 |
| Nordson Corp. | 11 | 2496 |
| Norfolk Southern Corp. | 66 | 19827 |
| Northern Trust Corp. | 63 | 8480 |
| Northrop Grumman Corp. | 602 | 366811 |
| Norwegian Cruise Line Holdings Ltd.\* | 121 | 2980 |
| NRG Energy, Inc. | 122 | 19758 |
| NVIDIA Corp. | 20767 | 3874707 |
| NVR, Inc.\* | 1 | 8035 |
| Occidental Petroleum Corp. | 128 | 6048 |
| Old Dominion Freight Line, Inc. | 55 | 7743 |
| Omnicom Group, Inc. | 64 | 5218 |
| ON Semiconductor Corp.\* | 118 | 5819 |
| ONEOK, Inc. | 108 | 7881 |
| Oracle Corp. | 2269 | 638134 |
| O'Reilly Automotive, Inc.\* | 230 | 24796 |
| Otis Worldwide Corp. | 107 | 9783 |
| PACCAR, Inc. | 155 | 15240 |
| Palantir Technologies, Inc., Class A\* | 626 | 114195 |
| Palo Alto Networks, Inc.\* | 183 | 37262 |
| Parker-Hannifin Corp. | 37 | 28052 |
| Paychex, Inc. | 98 | 12422 |
| Paycom Software, Inc. | 13 | 2706 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| PayPal Holdings, Inc.\* | 292 | $19582 |
| Pentair PLC | 52 | 5760 |
| Pfizer, Inc. | 1505 | 38347 |
| PG&E Corp. | 1368 | 20629 |
| Philip Morris International, Inc. | 1843 | 298935 |
| Phillips 66 | 68 | 9249 |
| Pinnacle West Capital Corp. | 63 | 5649 |
| PNC Financial Services Group, Inc. | 126 | 25317 |
| Pool Corp. | 8 | 2481 |
| PPL Corp. | 439 | 16313 |
| Principal Financial Group, Inc. | 68 | 5638 |
| Progressive Corp. | 1206 | 297822 |
| Prologis, Inc. | 2370 | 271412 |
| Prudential Financial, Inc. | 112 | 11619 |
| PTC, Inc.\* | 33 | 6700 |
| Public Service Enterprise Group, Inc. | 307 | 25622 |
| PulteGroup, Inc. | 55 | 7267 |
| QUALCOMM, Inc. | 299 | 49742 |
| Quanta Services, Inc. | 43 | 17820 |
| Quest Diagnostics, Inc. | 29 | 5527 |
| Ralph Lauren Corp. | 9 | 2822 |
| Raymond James Financial, Inc. | 60 | 10356 |
| Regal Rexnord Corp. | 1934 | 277413 |
| Regeneron Pharmaceuticals, Inc. | 27 | 15181 |
| Regions Financial Corp. | 255 | 6724 |
| Republic Services, Inc. | 60 | 13769 |
| ResMed, Inc. | 39 | 10675 |
| Revvity, Inc. | 33 | 2892 |
| Robinhood Markets, Inc., Class A\* | 246 | 35222 |
| Rockwell Automation, Inc. | 32 | 11185 |
| Rollins, Inc. | 94 | 5522 |
| Roper Technologies, Inc. | 335 | 167061 |
| Ross Stores, Inc. | 86 | 13106 |
| Royal Caribbean Cruises Ltd. | 65 | 21033 |
| RTX Corp. | 394 | 65928 |
| S&P Global, Inc. | 413 | 201011 |
| Salesforce, Inc. | 264 | 62568 |
| Schlumberger NV | 251 | 8627 |
| Seagate Technology Holdings PLC | 58 | 13691 |
| Sempra | 401 | 36082 |
| ServiceNow, Inc.\* | 57 | 52456 |
| Skyworks Solutions, Inc. | 42 | 3233 |
| Snap-on, Inc. | 11 | 3812 |
| Solventum Corp.\* | 36 | 2628 |
| Southern Co. | 680 | 64444 |
| Southwest Airlines Co. | 169 | 5393 |
| Spotify Technology SA\* | 408 | 284784 |
| Stanley Black & Decker, Inc. | 46 | 3419 |
| Starbucks Corp. | 300 | 25380 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** |  |  |
| State Street Corp. | 94 | $10905 |
| STERIS PLC | 25 | 6186 |
| Stryker Corp. | 90 | 33270 |
| Super Micro Computer, Inc.\*<sup>,1</sup> | 142 | 6807 |
| Synchrony Financial | 109 | 7744 |
| Synopsys, Inc.\* | 51 | 25163 |
| T. Rowe Price Group, Inc. | 75 | 7698 |
| Take-Two Interactive Software, Inc.\* | 1877 | 484942 |
| Tapestry, Inc. | 55 | 6227 |
| Targa Resources Corp. | 36 | 6031 |
| Teledyne Technologies, Inc.\* | 10 | 5860 |
| Teradyne, Inc. | 45 | 6194 |
| Tesla, Inc.\* | 1303 | 579470 |
| Texas Instruments, Inc. | 250 | 45933 |
| Texas Pacific Land Corp. | 2 | 1867 |
| Textron, Inc. | 59 | 4985 |
| Thermo Fisher Scientific, Inc. | 287 | 139201 |
| TJX Cos., Inc. | 294 | 42495 |
| TKO Group Holdings, Inc. | 20 | 4039 |
| T-Mobile U.S., Inc. | 1396 | 334174 |
| Tractor Supply Co. | 142 | 8076 |
| Trade Desk, Inc., Class A\* | 146 | 7155 |
| Trane Technologies PLC | 65 | 27427 |
| TransDigm Group, Inc. | 15 | 19770 |
| Travelers Cos., Inc. | 69 | 19266 |
| Trimble, Inc.\* | 69 | 5634 |
| Truist Financial Corp. | 397 | 18151 |
| Tyler Technologies, Inc.\* | 10 | 5232 |
| U.S. Bancorp | 469 | 22667 |
| Uber Technologies, Inc.\* | 614 | 60154 |
| Ulta Beauty, Inc.\* | 11 | 6014 |
| Union Pacific Corp. | 168 | 39710 |
| United Airlines Holdings, Inc.\* | 95 | 9168 |
| United Parcel Service, Inc., Class B | 216 | 18042 |
| United Rentals, Inc. | 19 | 18139 |
| UnitedHealth Group, Inc. | 1090 | 376377 |
| Universal Health Services, Inc., Class B | 15 | 3067 |
| Valero Energy Corp. | 52 | 8854 |
| Veralto Corp. | 74 | 7889 |
| VeriSign, Inc. | 22 | 6151 |
| Verisk Analytics, Inc. | 40 | 10060 |
| Verizon Communications, Inc. | 1255 | 55157 |
| Vertex Pharmaceuticals, Inc.\* | 68 | 26632 |
| Viatris, Inc. | 311 | 3079 |
| Visa, Inc., Class A | 524 | 178883 |
| Vistra Corp. | 196 | 38400 |
| Voya Financial, Inc. | 3307 | 247364 |
| Vulcan Materials Co. | 779 | 239636 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** |  |  |
| W.R. Berkley Corp. | 89 | $6819 |
| Walmart, Inc. | 2442 | 251673 |
| Walt Disney Co. | 3379 | 386896 |
| Warner Bros Discovery, Inc.\* | 725 | 14159 |
| Waste Management, Inc. | 954 | 210672 |
| Waters Corp.\* | 15 | 4497 |
| WEC Energy Group, Inc. | 199 | 22803 |
| Wells Fargo & Co. | 4853 | 406778 |
| Welltower, Inc. | 981 | 174755 |
| West Pharmaceutical Services, Inc. | 18 | 4722 |
| Western Digital Corp. | 97 | 11646 |
| Westinghouse Air Brake Technologies Corp. | 50 | 10024 |
| Westlake Corp. | 1957 | 150806 |
| Williams Cos., Inc. | 3935 | 249282 |
| Williams-Sonoma, Inc. | 32 | 6254 |
| Willis Towers Watson PLC | 32 | 11054 |
| Workday, Inc., Class A\* | 60 | 14444 |
| WW Grainger, Inc. | 12 | 11436 |
| Wynn Resorts Ltd. | 23 | 2950 |
| Xcel Energy, Inc. | 364 | 29357 |
| Xylem, Inc. | 72 | 10620 |
| Yum! Brands, Inc. | 74 | 11248 |
| Zebra Technologies Corp., Class A\* | 12 | 3566 |
| Zimmer Biomet Holdings, Inc. | 54 | 5319 |
| Zoetis, Inc. | 114 | 16680 |
| Zscaler, Inc.\* | 987 | 295764 |
|  |  | 44657302 |
| **Total common stocks**<br> (cost—$42,854,098) |  | **50640465** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | |
| **Asset-backed securities: 0.9%** | **Asset-backed securities: 0.9%** | **Asset-backed securities: 0.9%** |
| **Cayman Islands: 0.2%** |  |  |
| OHA Credit Partners XV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-15A, Class D2R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.826%, due 04/20/37<sup>2,4</sup> | 250000 | 251625 |
| **United States: 0.7%** |  |  |
| CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.420%, due 07/16/29<sup>2</sup> | 135000 | 134970 |
| Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.770%, due 01/22/29<sup>2</sup> | 100000 | 100663 |
| Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 04/22/30<sup>2</sup> | 107733 | 108441 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | **Value** |
| **Asset-backed securities—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 10/16/28 | 175000 | $177264 |
| HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.730%, due 04/20/28<sup>2</sup> | 31213 | 31232 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.180%, due 05/20/31<sup>2</sup> | 250000 | 251203 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;4.990%, due 03/21/33<sup>2</sup> | 100000 | 100908 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A<sup>2</sup>, |  |  |
| &nbsp;&nbsp;&nbsp;5.410%, due 07/15/27 | 19446 | 19455 |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 09/15/31 | 100000 | 100558 |
|  |  | 1024694 |
| **Total asset-backed securities**<br> (cost—$1,276,643) |  | **1276319** |
| **Corporate bonds: 13.6%** |  |  |
| **United States: 13.6%** |  |  |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 02/01/28 | 750000 | 763549 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.299%, due 07/21/32<sup>4</sup> | 1450000 | 1286154 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 11/15/32 | 900000 | 888376 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 02/01/30<sup>4</sup> | 850000 | 882483 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 07/15/28 | 750000 | 696925 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 06/01/29 | 400000 | 419757 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>3</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29 | 810000 | $807405 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/11/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.449%, due 06/11/35<sup>4</sup> | 1075000 | 1114751 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/34 | 375000 | 394529 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/15/30 | 1250000 | 1154757 |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 02/01/29 | 750000 | 750231 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 10/15/29 | 810000 | 836614 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/25/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.727%, due 04/25/30<sup>4</sup> | 1250000 | 1307803 |
| HEICO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 08/01/33 | 550000 | 570576 |
| JB Hunt Transport Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 03/15/30 | 550000 | 561289 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 12/01/27 | 810000 | 803588 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 11/01/32 | 550000 | 577187 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/32), |  |  |
| &nbsp;&nbsp;&nbsp;4.889%, due 07/20/33<sup>4</sup> | 1250000 | 1269242 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>3</sup>** | **Value** |
| **Corporate bonds—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/09/32 | 750000 | $815023 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 07/01/30 | 750000 | 744790 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/31<sup>2</sup> | 750000 | 764760 |
| San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 04/15/35 | 550000 | 567994 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/01/27 | 630000 | 646393 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/15/31 | 540000 | 513668 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series WI, 4.054%, due 03/15/29 | 350000 | 337750 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;4.897%, due 07/25/33<sup>4</sup> | 820000 | 833061 |
| **Total Corporate bonds** <br> (cost—$19,674,400) |  | **20308655** |
| **Mortgage-backed securities: 0.6%** |  |  |
| **United States: 0.6%** |  |  |
| Bank, Series 2022-BNK39, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;2.928%, due 02/15/55<sup>4</sup> | 200000 | 181491 |
| Benchmark Mortgage Trust, Series 2021-B29, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;2.388%, due 09/15/5<sup>4</sup> | 275000 | 243520 |
| CENT Trust, Series 2025-CITY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.091%, due 07/10/402<sup>,4</sup> | 100000 | 101131 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | **Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.228%, due 06/10/51<sup>4</sup> | 100000 | $99513 |
| Flagstar Mortgage Trust, Series 2018-5, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/25/482<sup>,4</sup> | 32143 | 30273 |
| Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.835%, due 08/10/38<sup>2</sup> | 120000 | 117940 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-NQM3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.014%, due 01/26/652<sup>,4</sup> | 10883 | 10342 |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.153%, due 04/25/652<sup>,4</sup> | 15648 | 14739 |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;4.405%, due 06/15/51<sup>4</sup> | 130000 | 127902 |
| **Total mortgage-backed securities**<br> (cost—$917,783) |  | **926851** |
| **U.S. government agency obligations: 6.9%** |  |  |
| **United States: 6.9%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/01/51 | 277790 | 213688 |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/01/51 | 160954 | 130814 |
| &nbsp;&nbsp;&nbsp;2.000%, due 05/01/51 | 253100 | 205617 |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/51 | 373825 | 302911 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/50 | 166581 | 144138 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/52 | 103759 | 91803 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/52 | 228228 | $211417 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/52 | 179211 | 174705 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/52 | 217039 | 211582 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/50 | 232724 | 189467 |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/01/51 | 207150 | 169849 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/52 | 170462 | 138659 |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/01/52 | 285949 | 231904 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/50 | 534780 | 456104 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/50 | 519308 | 443044 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/52 | 201919 | 173725 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/50 | 384065 | 344901 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 | 295336 | 263857 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/49 | 363539 | 337881 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/51 | 345762 | 330872 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 | 515922 | 502791 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/53 | 572417 | 569247 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/53 | 488033 | 493522 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/53 | 479557 | 496244 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/20/52 | 415201 | 343671 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/20/51 | 457753 | 394228 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/20/45 | 57347 | 52058 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/20/45 | 65828 | 59757 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/20/52 | 188270 | 168210 |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | **Value** |
| **U.S. government agency obligations—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/20/50 | 173049 | $159755 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/20/52 | 214782 | 214930 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/20/52 | 173672 | 175985 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;4.000% | 525000 | 493640 |
| &nbsp;&nbsp;&nbsp;4.500% | 100000 | 96969 |
| &nbsp;&nbsp;&nbsp;5.000% | 75000 | 74594 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% | 325000 | 261950 |
| &nbsp;&nbsp;&nbsp;3.000% | 125000 | 119776 |
| &nbsp;&nbsp;&nbsp;3.500% | 125000 | 121147 |
| &nbsp;&nbsp;&nbsp;4.000% | 275000 | 259171 |
| &nbsp;&nbsp;&nbsp;5.000% | 200000 | 198342 |
| &nbsp;&nbsp;&nbsp;5.500% | 250000 | 252105 |
| **Total U.S. government agency obligations**<br> (cost—$10,273,564) |  | **10275030** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Exchange traded funds: 15.9%** |  |  |
| Invesco China Technology ETF | 58646 | 3460700 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>1</sup> | 49613 | 4722662 |
| iShares MSCI Global Gold Miners ETF<sup>1</sup> | 81660 | 5284219 |
| SPDR Bloomberg Emerging Markets Local Bond ETF<sup>1</sup> | 274954 | 5873017 |
| SPDR Portfolio High Yield Bond ETF<sup>1</sup> | 184181 | 4409293 |
| **Total exchange traded funds**<br> (cost—$20,877,055) |  | **23749891** |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment companies: 22.7%** |  |  |
| PACE High Yield Investments<sup>5</sup> | 853583 | $7810291 |
| PACE International Equity Investments<sup>5</sup> | 846432 | 17665035 |
| UBS Emerging Markets Equity Opportunity Fund<sup>5</sup> | 829928 | 8390570 |
| **Total investment companies**<br> (cost—$29,817,535) |  | **33865896** |
| **Short-term investments: 2.8%** |  |  |
| **Investment companies: 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>6</sup><br> (cost $881,313) | 881313 | 881313 |
|  | **Face <br> amount** |  |
| **Short-term U.S. Treasury obligations: 2.2%** |  |  |
| **United States: 2.2%** |  |  |
| U.S. Treasury Bills |  |  |
| 3.851%, due 02/19/26<sup>6</sup> | $1900000 | 1872203 |
| 3.990%, due 04/16/26<sup>6</sup> | 1500000 | 1468521 |
| **Total short-term U.S. treasury obligations**<br> (Cost—$3,340,724) |  | **3340724** |
| **Total Short-term investments**<br> (Cost—$4,222,037) |  | **4222037** |
|  | **Number of <br> shares** |  |
| **Investment of cash collateral from securities loaned—3.0%** |  |  |
| **Money market funds—3.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.130%<sup>6</sup><br> (cost $4,464,024) | 4464024 | 4464024 |
| **Total investments**<br> (cost $134,377,139)<sup>7</sup>—100.4% |  | **149729168** |
| Liabilities in excess of other assets—(0.4)% |  | (545701) |
| **Net assets—100.0%** |  | $**149183467** |

---

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** – **September 30, 2025 (unaudited)**

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 41 | EUR | Euro High Yield Bond Index Futures | December 2025 | $2961498 | $2961139 | $(359) |
| 349 | EUR | EURO STOXX Banks Index Futures | December 2025 | 4740509 | 4763270 | 22761 |
| 71 | USD | MSCI Emerging Markets Index Futures | December 2025 | 4779894 | 4826935 | 47041 |
| 60 | USD | Russell 1000 Value Index Futures | December 2025 | 6002217 | 6051600 | 49383 |
| 27 | USD | S&P 500 E-Mini Index Futures | December 2025 | 9084696 | 9097313 | 12617 |
| 2 | CAD | S&P 60 Index Futures | December 2025 | 497582 | 509535 | 11953 |
| 35 | JPY | TSE TOPIX Index Futures | December 2025 | 7378940 | 7433817 | 54877 |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 83 | AUD | Australian Bond 10 Year Futures | December 2025 | $6235521 | $6225397 | $(10124) |
| 94 | EUR | Euro Bund 10 Year Futures | December 2025 | 14117455 | 14189083 | 71628 |
| 133 | GBP | United Kingdom Long Gilt Bond Futures | December 2025 | 16170248 | 16248699 | 78451 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 33 | USD | U.S. Treasury Note 10 Year Futures | December 2025 | $3693988 | $3712500 | $18512 |
| 64 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | 6979846 | 6988500 | 8654 |
| **Total** |  |  |  | $**82642394** | $**83007788** | $**365394** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 70 | AUD | ASX SPI 200 Index Futures | December 2025 | $(10310029) | $(10274711) | $35318 |
| 65 | EUR | EURO STOXX 50 Index Futures | December 2025 | (4158111) | (4228520) | (70409) |
| 38 | GBP | FTSE 100 Index Futures | December 2025 | (4755254) | (4807814) | (52560) |
| 13 | USD | MSCI Europe USD NTR Index Futures | December 2025 | (1528990) | (1523340) | 5650 |
| 8 | USD | MSCI World USD NTR Index Futures | December 2025 | (1107658) | (1106400) | 1258 |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 141 | CAD | Canadian Bond 10 Year Futures | December 2025 | $(12134642) | $(12407027) | $(272385) |
| 39 | EUR | German Euro Buxl 30 Year Futures | December 2025 | (5121240) | (5241808) | (120568) |
| **Total** |  |  |  | $**(39115924)** | $**(39589620)** | $**(473696)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(108302)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 277412 | SEK | 2590000 | 10/20/25 | $(1976) |
| CITI | CHF | 220000 | USD | 277031 | 10/20/25 | 64 |
| HSBC | CNH | 11705000 | USD | 1647434 | 10/20/25 | 4113 |
| HSBC | GBP | 1110000 | USD | 1490684 | 10/20/25 | (2306) |
| HSBC | KRW | 232000000 | USD | 166938 | 10/20/25 | 1446 |
| HSBC | TWD | 27200000 | USD | 898906 | 10/20/25 | 5196 |
| HSBC | USD | 5613276 | BRL | 30520000 | 10/20/25 | 95915 |
| HSBC | USD | 17812889 | EUR | 15175000 | 10/20/25 | 22869 |
| HSBC | USD | 6205424 | INR | 549360000 | 10/20/25 | (24129) |
| HSBC | USD | 4783082 | JPY | 704600000 | 10/20/25 | (9526) |
| JPMCB | AUD | 2460000 | USD | 1635496 | 10/20/25 | 7286 |
| JPMCB | GBP | 6850000 | USD | 9271130 | 10/20/25 | 57636 |
| MSCI | KRW | 1287000000 | USD | 935773 | 10/20/25 | 17720 |
| SSB | USD | 806445 | CAD | 1115000 | 10/20/25 | (4536) |
| SSB | USD | 993175 | EUR | 845000 | 10/20/25 | (14) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**169758** |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $45933854 | $4706611 | $— | $50640465 |
| Exchange traded funds | 23749891 |  |  | 23749891 |
| Investment companies | 33865896 |  |  | 33865896 |
| Asset-backed securities |  | 1276319 |  | 1276319 |
| Corporate bonds |  | 20308655 |  | 20308655 |
| Mortgage-backed securities |  | 926851 |  | 926851 |
| U.S. government agency obligations |  | 10275030 |  | 10275030 |
| Short-term investments | 881313 |  |  | 881313 |
| Short-term U.S. Treasury obligations |  | 3340724 |  | 3340724 |
| Investment of cash collateral from securities loaned | 4464024 |  |  | 4464024 |
| Futures contracts | 357576 | 60527 |  | 418103 |
| Forward foreign currency contracts |  | 212245 |  | 212245 |
| **Total** | $**109252554** | $**41106962** | $**—** | $**150359516** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(473845) | $(52560) | $— | $(526405) |
| Forward foreign currency contracts |  | (42487) |  | (42487) |
| **Total** | $**(473845)** | $**(95047)** | $**—** | $**(568892)** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,164,825, represented 1.5% of the Fund's net assets at period end. |
| 3 | In U.S. dollars unless otherwise indicated. |
| 4 | Floating or variable rate securities. The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |

---

**UBS Global Allocation Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | |
|:---|:---|
| 5 | The table below details the Fund's investment in a fund advised by the same Advisor as the Fund. The Fund does not pay advisory fees that are retained by the Advisor in connection with its investment in other investment companies advised by the Advisor, but may pay other expenses associated with such investments (such as sub-advisory fees paid to other parties, if any). |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security description** | **Value<br> 06/30/25** | **Purchases<br> during the<br> year ended<br> 09/30/25** | **Sales<br> during the<br> year ended<br> 09/30/25** | **Net realized<br> gain (loss)<br> during the<br> year ended<br> 09/30/25** | **Change in<br> net unrealized<br> appreciation<br> (depreciation)<br> during the<br> year ended<br> 09/30/25** | **Value<br> 09/30/25** | **Net income<br> earned from<br> affiliate for the<br> year ended<br> 09/30/25** | **Shares<br> 09/30/25** |
| UBS Emerging Markets Equity Opportunity Fund | $6611428 | $1230000 | $475000 | $(80771) | $1104913 | $8390570 | $— | 829928 |
| PACE High Yield Investments | 7588050 | 112095 |  |  | 110146 | 7810291 | 112095 | 853584 |
| PACE International Equity Investments | 17428297 |  | 699999 | 133154 | 803583 | 17665035 |  | 846432 |
| PACE International Emerging Markets Equity Investments | 3045881 |  | 3167717 | 743009 | (621173) |  |  |  |
|  | $**34673656** | $**1342095** | $**4342716** | $**795392** | $**1397469** | $**33865896** | $**112095** |  |

---

---

| | |
|:---|:---|
| 6 | Rate shown reflects yield at September 30, 2025. |
| 7 | Includes $6,483,662 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,464,024 and non-cash collateral of $2,205,289. |

---

**UBS Emerging Markets Equity Opportunity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—99.7%** | **Common stocks—99.7%** | **Common stocks—99.7%** |
| **Brazil—7.4%** |  |  |
| Banco BTG Pactual SA | 942000 | $8541673 |
| Embraer SA, ADR | 125600 | 7592520 |
| Petroleo Brasileiro SA - Petrobras, ADR | 470820 | 5960582 |
| Vale SA | 609800 | 6597263 |
|  |  | 28692038 |
| **China—38.8%** |  |  |
| Alibaba Group Holding Ltd. | 895200 | 20020343 |
| Alibaba Group Holding Ltd., ADR | 17162 | 3067364 |
| China CITIC Bank Corp. Ltd., Class H | 8444000 | 7250572 |
| China Mengniu Dairy Co. Ltd. | 3180000 | 6115287 |
| China Resources Beer Holdings Co. Ltd. | 2212000 | 7782662 |
| Contemporary Amperex Technology Co. Ltd., Class A | 269693 | 15295215 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 782717 | 8080361 |
| PDD Holdings, Inc., ADR\* | 32999 | 4361478 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1648000 | 11211491 |
| Sany Heavy Industry Co. Ltd., Class A | 2779100 | 9087164 |
| Tencent Holdings Ltd. | 435100 | 37074694 |
| Xiaomi Corp., Class B\*<sup>,1</sup> | 1409400 | 9795254 |
| Zijin Mining Group Co. Ltd., Class H2 | 2843000 | 11886642 |
|  |  | 151028527 |
| **Hong Kong—0.0%†** |  |  |
| Zijin Gold International Co. Ltd. \*<sup>,2</sup> | 8104 | 125591 |
| **Hungary—2.2%** |  |  |
| OTP Bank Nyrt | 98679 | 8536064 |
| **India—11.5%** |  |  |
| DLF Ltd. | 473980 | 3808708 |
| Eicher Motors Ltd. | 114932 | 9074942 |
| HDFC Bank Ltd. | 1302580 | 13959355 |
| InterGlobe Aviation Ltd.<sup>1</sup> | 92501 | 5815227 |
| Reliance Industries Ltd. | 779127 | 11967237 |
|  |  | 44625469 |
| **Malaysia—1.4%** |  |  |
| CIMB Group Holdings Bhd. | 3238500 | 5658778 |
| **Mexico—4.6%** |  |  |
| Cemex SAB de CV, ADR | 1156100 | 10393339 |

---

**UBS Emerging Markets Equity Opportunity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Mexico—(concluded)** |  |  |
| Grupo Financiero Banorte SAB de CV, Class O | 743699 | $7491610 |
|  |  | 17884949 |
| **Poland—2.0%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 396837 | 7710811 |
| **Russia—0.0%†** |  |  |
| Sberbank of Russia PJSC \*<sup>,3,4</sup> | 3568865 | 0 |
| **Saudi Arabia—2.0%** |  |  |
| Saudi National Bank | 768321 | 8023534 |
| **Singapore—1.9%** |  |  |
| Singapore Telecommunications Ltd. | 2288400 | 7316167 |
| **South Korea—11.2%** |  |  |
| Hanwha Aerospace Co. Ltd. | 10985 | 8687326 |
| KB Financial Group, Inc. | 84285 | 6956534 |
| Samsung Electronics Co. Ltd. | 272346 | 16327225 |
| SK Hynix, Inc. | 46390 | 11499982 |
|  |  | 43471067 |
| **Taiwan—14.7%** |  |  |
| Hon Hai Precision Industry Co. Ltd. | 1271000 | 9075118 |
| MediaTek, Inc. | 216000 | 9367859 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 891000 | 38703092 |
|  |  | 57146069 |
| **United Arab Emirates—2.0%** |  |  |
| Aldar Properties PJSC | 2957725 | 7640010 |
| **Total common stocks**<br> (cost—$329,974,124) |  | **387859074** |
| **Short-term investments: 0.1%** | **Short-term investments: 0.1%** | **Short-term investments: 0.1%** |
| **Investment companies: 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>5</sup><br> (cost $492,187) | 492187 | 492187 |
| **Total investments**<br> (cost $330,466,311)—99.8% |  | **388351261** |
| Other assets in excess of liabilities—0.2% |  | 900382 |
| **Net assets—100.0%** |  | $**389251643** |

---

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** – **September 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $54131420 | $333727654 | $0 | $387859074 |
| Short-term investments | 492187 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 492187 |
| **Total** | $**54623607** | $**333727654** | $**0** | $**388351261** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $15,610,481, represented 4.0% of the Fund's net assets at period end. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | Rate shown reflects yield at September 30, 2025. |

---

**UBS Engage For Impact Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.1%** | **Common stocks—98.1%** | **Common stocks—98.1%** |
| **Brazil—1.4%** |  |  |
| MercadoLibre, Inc. \* | 293 | $684724 |
| **Canada—1.3%** |  |  |
| Canadian Pacific Kansas City Ltd.<sup>1</sup> | 9000 | 670295 |
| **China—1.1%** |  |  |
| China Mengniu Dairy Co. Ltd. | 287000 | 551914 |
| **France—4.2%** |  |  |
| Danone SA | 24356 | 2122217 |
| **Germany—2.6%** |  |  |
| Infineon Technologies AG | 33665 | 1320684 |
| **India—2.6%** |  |  |
| HDFC Bank Ltd., ADR | 39078 | 1334905 |
| **Ireland—3.7%** |  |  |
| AIB Group PLC | 203881 | 1858730 |
| **Japan—5.6%** |  |  |
| Chugai Pharmaceutical Co. Ltd. | 26000 | 1152696 |
| Recruit Holdings Co. Ltd. | 18900 | 1016137 |
| Shimano, Inc. | 6000 | 670551 |
|  |  | 2839384 |
| **Jersey—2.3%** |  |  |
| Aptiv PLC \* | 13515 | 1165263 |
| **Mexico—1.5%** |  |  |
| Grupo Financiero Banorte SAB de CV, Class O | 73230 | 737678 |
| **Netherlands—1.9%** |  |  |
| Aalberts NV<sup>1</sup> | 29735 | 980351 |
| **Singapore—1.0%** |  |  |
| Singapore Telecommunications Ltd. | 165500 | 529115 |
| **Spain—5.2%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 49889 | 961343 |
| Iberdrola SA<sup>1</sup> | 86700 | 1641174 |
|  |  | 2602517 |
| **Switzerland—4.5%** |  |  |
| DSM-Firmenich AG | 9770 | 833560 |
| Sandoz Group AG | 24435 | 1457368 |
|  |  | 2290928 |
| **Taiwan—2.8%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5100 | 1424379 |
| **United Kingdom—5.0%** |  |  |
| AstraZeneca PLC | 11029 | 1689654 |
| Wise PLC, Class A\* | 60165 | 838718 |
|  |  | 2528372 |
| **United States—51.4%** |  |  |
| Advanced Drainage Systems, Inc. | 9107 | 1263141 |

---

**UBS Engage For Impact Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Alcon AG | 18505 | $1391850 |
| Autodesk, Inc.\* | 5562 | 1766880 |
| BellRing Brands, Inc.\* | 17889 | 650265 |
| Bio-Rad Laboratories, Inc., Class A\* | 2269 | 636205 |
| Broadcom, Inc. | 7773 | 2564390 |
| Capital One Financial Corp. | 5688 | 1209155 |
| Dexcom, Inc.\* | 8059 | 542290 |
| Digital Realty Trust, Inc. | 5611 | 970030 |
| Ecolab, Inc. | 3606 | 987539 |
| First Horizon Corp. | 48914 | 1105946 |
| Ingersoll Rand, Inc. | 9220 | 761756 |
| Linde PLC | 2663 | 1264925 |
| Micron Technology, Inc. | 6684 | 1118367 |
| Microsoft Corp. | 6091 | 3154833 |
| Montrose Environmental Group, Inc.\* | 14452 | 396852 |
| Pure Storage, Inc., Class A\* | 9534 | 799045 |
| Regal Rexnord Corp. | 7214 | 1034776 |
| Rivian Automotive, Inc., Class A\*<sup>,1</sup> | 18029 | 264666 |
| Roper Technologies, Inc. | 2069 | 1031790 |
| ServiceNow, Inc.\* | 1517 | 1396065 |
| Sprouts Farmers Market, Inc.\* | 5979 | 650515 |
| Trimble, Inc.\* | 12675 | 1034914 |
|  |  | 25996195 |
| **Total common stocks**<br> (cost—$40,829,315) |  | **49637651** |
| **Short-term investments: 1.9%** |  |  |
| **Investment companies: 1.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>2</sup><br> (cost $953,905) | 953905 | 953905 |
| **Investment of cash collateral from securities loaned—3.8%** |  |  |
| **Money market funds—3.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.130%<sup>2</sup><br> (cost $1,910,672) | 1910672 | 1910672 |
| **Total investments**<br> (cost $43,693,892)<sup>3</sup>—103.8% |  | **52502228** |
| Liabilities in excess of other assets—(3.8)% |  | (1937396) |
| **Net assets—100.0%** |  | $**50564832** |

---

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** – **September 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $30621589 | $19016062 | $— | $49637651 |
| Short-term investments | 953905 |  |  | 953905 |
| Investment of cash collateral from securities loaned | 1910672 |  |  | 1910672 |
| **Total** | $**33486166** | $**19016062** | $**—** | $**52502228** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at September 30, 2025. |
| 3 | Includes $2,092,383 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,910,672 and non-cash collateral of $280,726. |

---

**UBS International Sustainable Equity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—97.7%** | **Common stocks—97.7%** | **Common stocks—97.7%** |
| **Austria—3.2%** |  |  |
| BAWAG Group AG<sup>1</sup> | 24529 | $3233733 |
| Erste Group Bank AG | 17517 | 1721966 |
|  |  | 4955699 |
| **Brazil—0.6%** |  |  |
| MercadoLibre, Inc. \* | 430 | 1004884 |
| **Canada—6.0%** |  |  |
| Canadian Pacific Kansas City Ltd. | 28587 | 2129081 |
| Restaurant Brands International, Inc.<sup>2</sup> | 39750 | 2550032 |
| Shopify, Inc., Class A\* | 19296 | 2867579 |
| Tourmaline Oil Corp.<sup>2</sup> | 44913 | 1936968 |
|  |  | 9483660 |
| **Chile—1.1%** |  |  |
| Lundin Mining Corp. | 112022 | 1671033 |
| **China—1.3%** |  |  |
| Ping An Insurance Group Co. of China Ltd., Class H | 292000 | 1986502 |
| **France—2.7%** |  |  |
| Cie Generale des Etablissements Michelin SCA | 24296 | 874990 |
| Danone SA | 38088 | 3318731 |
|  |  | 4193721 |
| **Germany—7.3%** |  |  |
| Daimler Truck Holding AG | 63105 | 2609489 |
| Deutsche Boerse AG | 5171 | 1384747 |
| Infineon Technologies AG | 56283 | 2207991 |
| Knorr-Bremse AG | 31477 | 2961634 |
| SAP SE | 8456 | 2264241 |
|  |  | 11428102 |
| **Ireland—3.2%** |  |  |
| AIB Group PLC | 557733 | 5084706 |
| **Italy—3.2%** |  |  |
| Infrastrutture Wireless Italiane SpA<sup>1,2</sup> | 153816 | 1807559 |
| PRADA SpA | 185300 | 1115618 |
| Prysmian SpA<sup>2</sup> | 20992 | 2089156 |
|  |  | 5012333 |
| **Japan—21.4%** |  |  |
| Chugai Pharmaceutical Co. Ltd. | 52900 | 2345294 |
| FANUC Corp. | 78600 | 2258724 |
| Fujitsu Ltd. | 87600 | 2054949 |
| ITOCHU Corp. | 77300 | 4398243 |
| Keyence Corp. | 5700 | 2123595 |
| Mitsubishi UFJ Financial Group, Inc. | 251000 | 4048974 |
| OBIC Business Consultants Co. Ltd. | 55400 | 3408179 |
| Recruit Holdings Co. Ltd. | 33800 | 1817217 |
| Shin-Etsu Chemical Co. Ltd. | 65100 | 2131603 |
| Sony Financial Group, Inc.\* | 226600 | 251292 |
| Sony Group Corp. | 226600 | 6514003 |
| Toyota Motor Corp. | 77800 | 1494263 |

---

**UBS International Sustainable Equity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** |  |  |
| Yamaha Motor Co. Ltd.<sup>2</sup> | 92500 | $692572 |
|  |  | 33538908 |
| **Jersey—1.2%** |  |  |
| Aptiv PLC \* | 21968 | 1894081 |
| **Luxembourg—1.6%** |  |  |
| Eurofins Scientific SE<sup>2</sup> | 33816 | 2466080 |
| **Netherlands—7.0%** |  |  |
| ASML Holding NV | 3994 | 3894897 |
| ASR Nederland NV<sup>2</sup> | 26836 | 1826171 |
| Koninklijke Philips NV<sup>2</sup> | 96344 | 2639254 |
| Universal Music Group NV<sup>2</sup> | 89151 | 2576237 |
|  |  | 10936559 |
| **Norway—2.8%** |  |  |
| Equinor ASA | 104320 | 2543958 |
| Norsk Hydro ASA | 268017 | 1822279 |
|  |  | 4366237 |
| **Portugal—1.3%** |  |  |
| Galp Energia SGPS SA<sup>2</sup> | 104356 | 1977521 |
| **Spain—5.2%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 269604 | 5195173 |
| Iberdrola SA<sup>2</sup> | 153410 | 2903950 |
|  |  | 8099123 |
| **Switzerland—4.7%** |  |  |
| Cie Financiere Richemont SA, Class A<sup>2</sup> | 7939 | 1524021 |
| DSM-Firmenich AG | 27122 | 2314003 |
| Sandoz Group AG | 60027 | 3580170 |
|  |  | 7418194 |
| **United Kingdom—15.1%** |  |  |
| Admiral Group PLC | 52654 | 2376443 |
| Ashtead Group PLC | 48945 | 3282316 |
| AstraZeneca PLC | 30361 | 4651335 |
| Drax Group PLC | 159928 | 1508292 |
| Legal & General Group PLC | 1023866 | 3288569 |
| NatWest Group PLC | 243759 | 1721755 |
| St. James's Place PLC | 75656 | 1294890 |
| Unilever PLC | 59598 | 3539909 |
| Wise PLC, Class A\* | 137536 | 1917293 |
|  |  | 23580802 |
| **United States—8.8%** |  |  |
| Alcon AG | 40813 | 3069743 |
| Aon PLC, Class A | 3209 | 1144265 |
| Atlassian Corp., Class A\* | 12363 | 1974371 |
| Gates Industrial Corp. PLC\* | 79351 | 1969492 |
| Nestle SA, Registered Shares | 29484 | 2707670 |

---

**UBS International Sustainable Equity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Schneider Electric SE | 10475 | $2948422 |
|  |  | 13813963 |
| **Total common stocks**<br> (cost—$126,593,588) |  | **152912108** |
| **Short-term investments: 1.8%** |  |  |
| **Investment companies: 1.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>3</sup><br> (cost $2,775,159) | 2775159 | 2775159 |
| **Investment of cash collateral from securities loaned—9.9%** |  |  |
| **Money market funds—9.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.130%<sup>3</sup><br> (cost $15,491,602) | 15491602 | 15491602 |
| **Total investments**<br> (cost $144,860,349)<sup>4</sup>—109.4% |  | **171178869** |
| Liabilities in excess of other assets—(9.4)% |  | (14668490) |
| **Net assets—100.0%** |  | $**156510379** |

---

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 September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $19393078 | $133519030 | $— | $152912108 |
| Short-term investments | 2775159 |  |  | 2775159 |
| Investment of cash collateral from securities loaned | 15491602 |  |  | 15491602 |
| **Total** | $**37659839** | $**133519030** | $**—** | $**171178869** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**UBS International Sustainable Equity Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,041,292, represented 3.2% of the Fund's net assets at period end. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Rate shown reflects yield at September 30, 2025. |
| 4 | Includes $15,184,963 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $15,491,602 and non-cash collateral of $428,255. |

---

**UBS US Dividend Ruler Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 98.5%** |  |  |
| **Aerospace & defense: 3.2%** |  |  |
| RTX Corp. | 54976 | $9199134 |
| **Banks: 4.7%** |  |  |
| JPMorgan Chase & Co. | 43411 | 13693132 |
| **Beverages: 2.3%** |  |  |
| Coca-Cola Co. | 99968 | 6629878 |
| **Biotechnology: 2.8%** |  |  |
| AbbVie, Inc. | 35598 | 8242361 |
| **Building products: 2.0%** |  |  |
| Trane Technologies PLC | 13776 | 5812921 |
| **Capital markets: 6.8%** |  |  |
| Blackrock, Inc. | 7877 | 9183558 |
| Morgan Stanley | 66032 | 10496447 |
|  |  | 19680005 |
| **Chemicals: 3.1%** |  |  |
| Linde PLC | 18787 | 8923825 |
| **Commercial services & supplies: 0.9%** |  |  |
| Republic Services, Inc. | 11438 | 2624792 |
| **Consumer finance: 2.9%** |  |  |
| American Express Co. | 25815 | 8574710 |
| **Electric utilities: 2.8%** |  |  |
| NextEra Energy, Inc. | 107209 | 8093207 |
| **Electrical equipment: 3.0%** |  |  |
| Eaton Corp. PLC | 23565 | 8819201 |
| **Ground transportation: 2.6%** |  |  |
| Union Pacific Corp. | 32634 | 7713699 |
| **Health care equipment & supplies: 2.7%** |  |  |
| Abbott Laboratories | 57971 | 7764636 |
| **Hotels, restaurants & leisure: 2.4%** |  |  |
| McDonald's Corp. | 22571 | 6859101 |

---

**UBS US Dividend Ruler Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Household products: 2.1%** |  |  |
| Procter & Gamble Co. | 40190 | $6175193 |
| **Industrial REITs: 2.5%** |  |  |
| Prologis, Inc. | 64048 | 7334777 |
| **Insurance: 4.5%** |  |  |
| Chubb Ltd. | 25511 | 7200480 |
| Marsh & McLennan Cos., Inc. | 29686 | 5982619 |
|  |  | 13183099 |
| **IT services: 0.9%** |  |  |
| Accenture PLC, Class A | 10825 | 2669445 |
| **Oil, gas & consumable fuels: 2.4%** |  |  |
| Exxon Mobil Corp. | 61518 | 6936154 |
| **Pharmaceuticals: 2.7%** |  |  |
| Johnson & Johnson | 42653 | 7908719 |
| **Professional services: 1.9%** |  |  |
| Automatic Data Processing, Inc. | 18535 | 5440023 |
| **Semiconductors & semiconductor equipment: 16.6%** |  |  |
| Analog Devices, Inc. | 29488 | 7245202 |
| Broadcom, Inc. | 61279 | 20216555 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 49317 | 13773745 |
| Texas Instruments, Inc. | 37713 | 6929009 |
|  |  | 48164511 |
| **Software: 15.5%** |  |  |
| Microsoft Corp. | 62604 | 32425742 |
| Oracle Corp. | 44950 | 12641738 |
|  |  | 45067480 |
| **Specialty retail: 7.2%** |  |  |
| Home Depot, Inc. | 27434 | 11115983 |

---

**UBS US Dividend Ruler Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** |  |  |
| **Specialty retail—(concluded)** |  |  |
| TJX Cos., Inc. | 68480 | $9898099 |
|  |  | 21014082 |
| **Total common stocks**<br> (cost—$214,853,913) |  | **286524085** |
| **Short-term investments—1.6%** |  |  |
| **Investment companies: 1.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>1</sup><br> (cost $4,547,394) | 4547394 | 4547394 |
| **Total investments**<br> (cost—$219,401,307)—100.1% |  | **291071479** |
| Liabilities in excess of other assets—(0.1)% |  | (151669) |
| **Net assets—100.0%** |  | $**290919810** |

---

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 September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $286524085 | $— | $— | $286524085 |
| Short-term investments | 4547394 |  |  | 4547394 |
| **Total** | $**291071479** | $**—** | $**—** | $**291071479** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

1 Rate shown reflects yield at September 30, 2025.

**UBS US Quality Growth At Reasonable Price Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 98.5%** |  |  |
| **Aerospace & defense: 1.1%** |  |  |
| TransDigm Group, Inc. | 3048 | $4017325 |
| **Broadline retail: 7.2%** |  |  |
| Amazon.com, Inc.\* | 116715 | 25627113 |
| **Capital markets: 2.4%** |  |  |
| Intercontinental Exchange, Inc. | 17364 | 2925487 |
| S&P Global, Inc. | 11782 | 5734417 |
|  |  | 8659904 |
| **Chemicals: 1.4%** |  |  |
| Sherwin-Williams Co. | 14127 | 4891615 |
| **Communications equipment: 1.2%** |  |  |
| Arista Networks, Inc.\* | 28146 | 4101154 |
| **Entertainment: 1.4%** |  |  |
| Netflix, Inc.\* | 4245 | 5089415 |
| **Financial services: 5.7%** |  |  |
| Mastercard, Inc., Class A | 15685 | 8921785 |
| Visa, Inc., Class A | 32827 | 11206481 |
|  |  | 20128266 |
| **Health care equipment & supplies: 4.6%** |  |  |
| Boston Scientific Corp.\* | 67497 | 6589732 |
| Intuitive Surgical, Inc.\* | 10442 | 4669976 |
| Stryker Corp. | 14017 | 5181664 |
|  |  | 16441372 |
| **Hotels, restaurants & leisure: 1.5%** |  |  |
| Chipotle Mexican Grill, Inc.\* | 138869 | 5442276 |
| **Insurance: 1.2%** |  |  |
| Progressive Corp. | 17866 | 4412009 |

---

**UBS US Quality Growth At Reasonable Price Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Interactive media & services: 10.9%** |  |  |
| Alphabet, Inc., Class A | 72020 | $17508062 |
| Meta Platforms, Inc., Class A | 28880 | 21208894 |
|  |  | 38716956 |
| **Machinery: 1.4%** |  |  |
| Parker-Hannifin Corp. | 6641 | 5034874 |
| **Pharmaceuticals: 4.1%** |  |  |
| Eli Lilly & Co. | 19063 | 14545069 |
| **Semiconductors & semiconductor equipment: 20.9%** |  |  |
| Broadcom, Inc. | 62034 | 20465637 |
| NVIDIA Corp. | 267246 | 49862759 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 14500 | 4049705 |
|  |  | 74378101 |
| **Software: 20.5%** |  |  |
| Intuit, Inc. | 9591 | 6549790 |
| Microsoft Corp. | 92900 | 48117555 |
| Oracle Corp. | 40428 | 11369971 |
| Palo Alto Networks, Inc.\* | 33959 | 6914731 |
|  |  | 72952047 |
| **Specialized REITs: 1.9%** |  |  |
| American Tower Corp. | 35533 | 6833707 |
| **Specialty retail: 3.4%** |  |  |
| O'Reilly Automotive, Inc.\* | 34586 | 3728717 |
| TJX Cos., Inc. | 59108 | 8543470 |
|  |  | 12272187 |

---

**UBS US Quality Growth At Reasonable Price Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** |  |  |
| **Technology hardware, storage & peripherals: 7.7%** |  |  |
| Apple, Inc. | 107154 | $27284623 |
| **Total common stocks**<br> (cost—$238,916,596) |  | **350828013** |
| **Short-term investments—1.1%** |  |  |
| **Investment companies: 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>1</sup><br> (cost $3,837,227) | 3837227 | 3837227 |
| **Total investments**<br> (cost—$242,753,823)—99.6% |  | **354665240** |
| Other assets in excess of liabilities—0.4% |  | 1481000 |
| **Net assets—100.0%** |  | $**356146240** |

---

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 September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $350828013 | $— | $— | $350828013 |
| Short-term investments | 3837227 |  |  | 3837227 |
| **Total** | $**354665240** | $**—** | $**—** | $**354665240** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non–income producing security. <br> 1 Rate shown reflects yield at September 30, 2025.

**UBS Sustainable Development Bank Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Non-U.S. government agency obligations: 99.3%** |  |  |
| **Supranationals: 99.3%** |  |  |
| African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/18/30 | $1200000 | $1211101 |
| &nbsp;&nbsp;&nbsp;4.375%, due 11/03/27 | 200000 | 202724 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/14/28 | 1300000 | 1320739 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/12/35 | 1050000 | 1073351 |
| Agence Francaise de Developpement EPIC |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 01/22/26<sup>1</sup> | 200000 | 197852 |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/16/30<sup>1</sup> | 800000 | 826476 |
| Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/04/31 | 700000 | 619880 |
| &nbsp;&nbsp;&nbsp;3.125%, due 04/27/32 | 100000 | 95176 |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/28/32 | 500000 | 496496 |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/14/33 | 350000 | 346049 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/12/33 | 300000 | 299660 |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/12/34 | 800000 | 801662 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/22/35 | 1000000 | 1015540 |
| Asian Infrastructure Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/14/27 | 300000 | 300366 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/18/28 | 700000 | 704557 |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/18/29 | 900000 | 912528 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/13/34 | 1200000 | 1212120 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/16/30 | 600000 | 617544 |
| Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 09/22/26 | 1100000 | 1068712 |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/24/29 | 200000 | 202540 |

---

**UBS Sustainable Development Bank Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |
| **Supranationals—(continued)** |  |  |
| European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/25/29 | $400000 | $405265 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/13/34 | 2100000 | 2118005 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/09/28 | 950000 | 964912 |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 02/14/31 | 800000 | 700808 |
| &nbsp;&nbsp;&nbsp;3.625%, due 07/15/30 | 650000 | 645714 |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/14/33 | 1500000 | 1476581 |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/12/35 | 600000 | 621572 |
| Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 07/20/28 | 400000 | 373136 |
| &nbsp;&nbsp;&nbsp;1.125%, due 01/13/31 | 5100000 | 4444049 |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/18/29 | 1450000 | 1376724 |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/18/28 | 350000 | 344589 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/14/29 | 1700000 | 1685428 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/12/33 | 2050000 | 1973102 |
| &nbsp;&nbsp;&nbsp;3.625%, due 09/17/31 | 300000 | 295465 |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/14/30 | 600000 | 599256 |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/29 | 1400000 | 1418660 |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/17/34 | 1800000 | 1832372 |
| Series GMTN, 4.375%, due 07/16/35 | 2800000 | 2834889 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/30 | 800000 | 823714 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/13/33 | 1200000 | 1234101 |
| Inter-American Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 02/10/26<sup>1</sup> | 400000 | 395026 |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/28 | 400000 | 402985 |

---

**UBS Sustainable Development Bank Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |
| **Supranationals—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/14/29 | $500000 | $506557 |
| International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/26/30 | 2200000 | 1902896 |
| &nbsp;&nbsp;&nbsp;0.875%, due 05/14/30 | 800000 | 702333 |
| &nbsp;&nbsp;&nbsp;1.250%, due 02/10/31 | 2350000 | 2056427 |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/03/31 | 1800000 | 1577103 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/29/32 | 2000000 | 1834725 |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/28/34 | 1950000 | 1913096 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/25/30 | 1050000 | 1059863 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/10/31 | 350000 | 352627 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/06/32 | 1100000 | 1102044 |
| &nbsp;&nbsp;&nbsp;4.125%, due 03/20/30 | 300000 | 304442 |
| &nbsp;&nbsp;&nbsp;4.375%, due 08/27/35 | 1100000 | 1114572 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/10/31 | 150000 | 154733 |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/28 | 300000 | 307593 |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/32 | 3300000 | 3425155 |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/14/33 | 1400000 | 1463473 |
| International Development Association |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/10/27<sup>1</sup> | 700000 | 665923 |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/03/30<sup>1</sup> | 1750000 | 1518902 |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/12/31<sup>1</sup> | 700000 | 692888 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/12/35<sup>1</sup> | 900000 | 918203 |
| International Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 10/08/26 | 400000 | 387678 |

---

**UBS Sustainable Development Bank Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** |  |  |
| **Supranationals—(concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/27/30 | $1150000 | $994278 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/27 | 500000 | 503540 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/21/28 | 1600000 | 1628738 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/13/28 | 100000 | 102134 |
| Isdb Trust Services No. 2 SARL |  |  |
| &nbsp;&nbsp;&nbsp;1.262%, due 03/31/26<sup>1</sup> | 200000 | 197162 |
| &nbsp;&nbsp;&nbsp;4.598%, due 03/14/28<sup>1</sup> | 1650000 | 1678364 |
| &nbsp;&nbsp;&nbsp;4.754%, due 05/15/29<sup>1</sup> | 1400000 | 1441272 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/33 | 200000 | 200928 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/18/30 | 1900000 | 1968882 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/29/30 | 700000 | 730785 |
| Nordic Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 09/08/27 | 1800000 | 1788720 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/09/30 | 600000 | 599626 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/14/28 | 1200000 | 1218870 |
| **Total non-U.S. government agency obligations**<br> (cost—$77,638,370) |  | **77505958** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments: 0.3%** | **Short-term investments: 0.3%** | **Short-term investments: 0.3%** |
| **Investment companies: 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>2</sup><br> (cost $232,419) | 232419 | 232419 |
| **Total investments**<br> (cost $77,870,789)—99.6% |  | **77738377** |
| Other assets in excess of liabilities—0.4% |  | 349164 |
| **Net assets—100.0%** |  | $**78087541** |

---

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 Sustainable Development Bank Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Non-U.S. government agency obligations | $— | $77505958 | $— | $77505958 |
| Short-term investments | 232419 |  |  | 232419 |
| **Total** | $**232419** | $**77505958** | $**—** | $**77738377** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| 1 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 2 | Rate shown reflects yield at September 30, 2025. |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Asset-backed securities: 15.1%** | **Asset-backed securities: 15.1%** | **Asset-backed securities: 15.1%** |
| **Cayman Islands: 4.3%** |  |  |
| Dryden 102 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-102A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;7.218%, due 10/15/36<sup>2,3</sup> | 250000 | $250000 |
| Elmwood CLO 22 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.800%, |  |  |
| &nbsp;&nbsp;&nbsp;7.122%, due 04/17/38<sup>2,3</sup> | 250000 | 251745 |
| GoldenTree Loan Management U.S. CLO 7 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-7A, Class DRR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.800%, |  |  |
| &nbsp;&nbsp;&nbsp;7.126%, due 04/20/34<sup>2,3</sup> | 490000 | 491705 |
| OCP CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-25A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.420%, |  |  |
| &nbsp;&nbsp;&nbsp;5.746%, due 07/20/37<sup>2,3</sup> | 500000 | 501641 |
| OHA Credit Partners XV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-15A, Class D2R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.826%, due 04/20/37<sup>2,3</sup> | 250000 | 251625 |
| Sixth Street CLO XVIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-18A, Class D1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.910%, due 10/17/38<sup>2,3</sup> | 500000 | 501024 |
| Wellfleet CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.962%, |  |  |
| &nbsp;&nbsp;&nbsp;8.279%, due 04/15/33<sup>2,3</sup> | 250000 | 249801 |
|  |  | 2497541 |
| **Jersey: 2.1%** |  |  |
| AGL CLO 25 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-25A, Class D1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;7.223%, due 07/21/38<sup>2,3</sup> | 250000 | 252916 |
| Dryden 108 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-108A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.360%, |  |  |
| &nbsp;&nbsp;&nbsp;5.689%, due 07/18/37<sup>2,3</sup> | 500000 | 501763 |
| Venture 46 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-46A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.450%, |  |  |
| &nbsp;&nbsp;&nbsp;5.776%, due 10/20/37<sup>2,3</sup> | 500000 | 501643 |
|  |  | 1256322 |
| **United States: 8.7%** |  |  |
| CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 03/17/31 | 500000 | 506851 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.320%, due 08/15/29 | 700000 | $718611 |
| &nbsp;&nbsp;&nbsp;Series 2024-5A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.480%, due 04/16/29 | 330000 | 330439 |
| Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.920%, due 02/15/36<sup>2</sup> | 300000 | 313204 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 10/16/28 | 400000 | 405176 |
| GMF Floorplan Owner Revolving Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.920%, due 11/15/28<sup>2</sup> | 250000 | 251918 |
| HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.180%, due 05/20/31<sup>2</sup> | 500000 | 502407 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, due 05/20/31<sup>2</sup> | 100000 | 100763 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/32<sup>2</sup> | 250000 | 255837 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;4.990%, due 03/21/33<sup>2</sup> | 150000 | 151362 |
| Nissan Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.110%, due 06/15/29 | 500000 | 506440 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 03/17/31 | 400000 | 406118 |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 09/15/31 | 150000 | 150837 |
| Verizon Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.940%, due 01/21/31 | 500000 | 507859 |
|  |  | 5107822 |
| **Total asset-backed securities** <br> (cost—$8,851,175) |  | **8861685** |
| **Corporate bonds: 63.8%** |  |  |
| **Belgium: 0.4%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 02/01/46 | 265000 | 248260 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Brazil: 1.0%** |  |  |  |
| Minerva Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/18/31<sup>4</sup> |  | 400000 | $366500 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/17/27 |  | 200000 | 207166 |
|  |  |  | 573666 |
| **Canada: 0.7%** |  |  |  |
| Canadian Pacific Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.100%, due 12/02/51 |  | 250000 | 169040 |
| NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/27<sup>2</sup> |  | 250000 | 250720 |
|  |  |  | 419760 |
| **Chile: 1.2%** |  |  |  |
| Corp. Nacional del Cobre de Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/02/33<sup>4</sup> |  | 400000 | 400408 |
| Latam Airlines Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>4</sup> |  | 260000 | 270835 |
|  |  |  | 671243 |
| **China: 0.0%†** |  |  |  |
| Agile Group Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/02/25<sup>4,5</sup> |  | 200000 | 10000 |
| **Czech Republic: 0.4%** |  |  |  |
| Czechoslovak Group AS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/10/31<sup>4</sup> | EUR | 200000 | 244203 |
| **Ireland: 1.4%** |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/28 |  | 550000 | 530031 |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/03/26 |  | 300000 | 299965 |
|  |  |  | 829996 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Mexico: 1.1%** |  |  |
| Grupo Aeromexico SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/29<sup>4</sup> | 250000 | $248775 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/3<sup>2</sup> | 400000 | 396500 |
|  |  | 645275 |
| **Netherlands: 0.4%** |  |  |
| LYB Finance Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;8.100%, due 03/15/27<sup>2</sup> | 150000 | 157181 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/18/26 | 65000 | 64862 |
|  |  | 222043 |
| **Peru: 0.4%** |  |  |
| Banco de Credito del Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/30/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 09/30/31<sup>3,4</sup> | 220000 | 215514 |
| **Qatar: 0.4%** |  |  |
| QNB Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/12/27<sup>4</sup> | 250000 | 244500 |
| **Saudi Arabia: 0.4%** |  |  |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/16/49<sup>2</sup> | 300000 | 252012 |
| **United Arab Emirates: 0.5%** |  |  |
| MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/28/33<sup>4</sup> | 240000 | 255576 |
| **United Kingdom: 1.8%** |  |  |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.836%, due 05/09/28 | 200000 | 201107 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/13/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.692%, due 09/13/34<sup>3</sup> | 400000 | 442561 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/37 | 200000 | 217863 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United Kingdom—(continued)** |  |  |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.582%, due 12/10/25 | 200000 | $200039 |
|  |  | 1061570 |
| **United States: 53.7%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/14/35 | 200000 | 196260 |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series E, 6.650%, due 02/15/33 | 50000 | 55026 |
| &nbsp;&nbsp;&nbsp;Series G, 4.150%, due 05/01/49 | 50000 | 39051 |
| Allegiant Travel Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/27<sup>2</sup> | 300000 | 303730 |
| Allegion U.S. Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 05/29/34 | 300000 | 313118 |
| Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/27<sup>2</sup> | 250000 | 248295 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/20/25 | 250000 | 250148 |
| ARES Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 03/21/32 | 650000 | 671571 |
| ASGN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>2</sup> | 300000 | 294485 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 12/01/57 | 58000 | 41357 |
| &nbsp;&nbsp;&nbsp;4.300%, due 02/15/30 | 300000 | 300653 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/28<sup>2</sup> | 275000 | 270506 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/10/30<sup>2</sup> | 200000 | 203034 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/31<sup>2</sup> | 200000 | 203105 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.110%, due 01/29/37 | 225000 | $242700 |
| &nbsp;&nbsp;&nbsp;Series FF, (fixed, converts to FRN on 03/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/28<sup>3,6</sup> | 300000 | 303077 |
| &nbsp;&nbsp;&nbsp;Series RR, (fixed, converts to FRN on 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/27/27<sup>3,6</sup> | 315000 | 309831 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/31 | 220000 | 204737 |
| Blue Owl Technology Finance Corp.7, |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/04/29 | 620000 | 639663 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>2</sup> | 150000 | 155540 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.528%, due 05/01/34 | 550000 | 608006 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, due 11/15/35<sup>2</sup> | 300000 | 259550 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 07/28/26 | 300000 | 298799 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/30/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.624%, due 10/30/31<sup>3</sup> | 500000 | 565496 |
| &nbsp;&nbsp;&nbsp;Series M, (fixed, converts to FRN on 09/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.950%, due 09/01/26<sup>3,6</sup> | 310000 | 304319 |
| Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.722%, due 02/15/30 | 250000 | 234296 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/26<sup>2</sup> | 75000 | $74911 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.879%, due 07/15/32 | 500000 | 510905 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/31 | 675000 | 581454 |
| CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/15/34 | 600000 | 605494 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/15/28 | 350000 | 348398 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/32 | 400000 | 443693 |
| &nbsp;&nbsp;&nbsp;6.675%, due 09/13/43 | 140000 | 158137 |
| &nbsp;&nbsp;&nbsp;Series AA, (fixed, converts to FRN on 11/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 11/15/28<sup>3,6</sup> | 250000 | 262464 |
| &nbsp;&nbsp;&nbsp;Series X, (fixed, converts to FRN on 02/18/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/18/26<sup>3,6</sup> | 310000 | 307136 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 07/01/28<sup>2</sup> | 150000 | 155482 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.887%, due 11/01/51 | 64000 | 39422 |
| &nbsp;&nbsp;&nbsp;2.937%, due 11/01/56 | 67000 | 39758 |
| &nbsp;&nbsp;&nbsp;3.969%, due 11/01/47 | 38000 | 29694 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Concentrix Corp.7, |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 08/02/33 | 400000 | $415128 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.758%, due 03/15/42 | 100000 | 82064 |
| Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/28 | 550000 | 546518 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 02/01/49 | 50000 | 41800 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;Series A, (fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>3,6</sup> | 125000 | 121359 |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/31/29<sup>2</sup> | 300000 | 287718 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 10/01/47 | 200000 | 183070 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 10/01/27 | 277000 | 275221 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/15/46 | 150000 | 127723 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 02/15/28 | 250000 | 247833 |
| Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 02/01/34 | 850000 | 874685 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 04/01/46<sup>2</sup> | 100000 | 83810 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.730%, due 09/05/30 | 600000 | 604938 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> | 325000 | $325052 |
| GE Capital International Funding Co. Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.373%, due 11/15/25 | 200000 | 199689 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/01/36 | 550000 | 593636 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/15/32 | 600000 | 613912 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 05/22/45 | 380000 | 358609 |
| &nbsp;&nbsp;&nbsp;Series Q, (fixed, converts to FRN on 08/10/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.379%, due 02/10/26<sup>3,6</sup> | 265000 | 267588 |
| &nbsp;&nbsp;&nbsp;Series V, (fixed, converts to FRN on 11/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/10/26<sup>3,6</sup> | 325000 | 319586 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/29 | 250000 | 241419 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/33 | 550000 | 571417 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/26 | 123000 | 122855 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/31<sup>2</sup> | 100000 | 104889 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/20/31<sup>2</sup> | 200000 | $202854 |
| Jones Lang LaSalle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/01/28 | 250000 | 268396 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;3.509%, due 01/23/29<sup>3</sup> | 300000 | 296048 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/01/29<sup>3,6</sup> | 300000 | 315977 |
| &nbsp;&nbsp;&nbsp;Series KK, (fixed, converts to FRN on 06/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 06/01/26<sup>3,6</sup> | 325000 | 321436 |
| KB Home |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/30 | 200000 | 206238 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 10/29/25 | 75000 | 74974 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 03/01/28 | 150000 | 150646 |
| &nbsp;&nbsp;&nbsp;5.550%, due 06/01/45 | 500000 | 485650 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, due 04/15/38 | 450000 | 516133 |
| Kyndryl Holdings, Inc.<sup>7</sup>, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/20/34 | 650000 | 694587 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.569%, due 02/01/29<sup>2</sup> | 155000 | 156005 |
| LYB International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/15/44 | 50000 | 42861 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/44 | 170000 | $146319 |
| Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 02/15/28 | 400000 | 376221 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/15/29<sup>2</sup> | 250000 | 243373 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 12/15/36 | 510000 | 536680 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 01/27/45 | 250000 | 219292 |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/08/26 | 140000 | 140294 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/32), |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 10/18/33<sup>3</sup> | 165000 | 181342 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/15/27<sup>2</sup> | 196000 | 198961 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/26 | 450000 | 455145 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/28<sup>2</sup> | 150000 | 147759 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 09/15/36 | 250000 | 265667 |
| Olin Corp.<sup>7</sup>, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/30 | 400000 | 390731 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 11/15/28<sup>2</sup> | 200000 | 209900 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/27 | 200000 | 195464 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 | 200000 | 203704 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 03/25/28 | 100000 | 95608 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/47 | 600000 | 464997 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 02/15/30 | 600000 | $636179 |
| Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/01/29<sup>2</sup> | 150000 | 141070 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 08/01/30<sup>2</sup> | 250000 | 256580 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/15/26<sup>2</sup> | 300000 | 293859 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27 | 100000 | 100605 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/01/27<sup>2</sup> | 119000 | 120704 |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/15/29<sup>2</sup> | 31000 | 29958 |
| Science Applications International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/01/28<sup>2</sup> | 150000 | 148482 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/25), |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/15/25<sup>3,6</sup> | 270000 | 269946 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/01/26<sup>2</sup> | 250000 | 246550 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>2</sup> | 200000 | 200064 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/23/34 | 200000 | 208226 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/15/34 | 575000 | 588211 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/29<sup>2</sup> | 200000 | $196938 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/15/28 | 100000 | 99695 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/15/30 | 200000 | 202320 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/01/26<sup>2</sup> | 200000 | 199236 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 09/15/28<sup>3,6</sup> | 300000 | 321126 |
| &nbsp;&nbsp;&nbsp;Series BB, (fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 03/15/26<sup>3,6</sup> | 325000 | 321844 |
|  |  | 31468675 |
| **Total corporate bonds**<br> (cost—$37,223,374) |  | **37362293** |
| **Mortgage-backed securities: 4.0%** |  |  |
| **United States: 4.0%** |  |  |
| Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.511%, due 10/15/54<sup>2</sup> | 150000 | 129568 |
| BBCMS Trust, Series 2015-SRCH, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.498%, due 08/10/35<sup>2</sup> | 135000 | 130600 |
| BX Mortgage Trust, Series 2021-PAC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.413%, |  |  |
| &nbsp;&nbsp;&nbsp;5.563%, due 10/15/36<sup>2,3</sup> | 175000 | 174344 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| **United States—(concluded)** |  |  |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-LGCY, Class D, 1 mo. USD Term SOFR + 1.416%, |  |  |
| &nbsp;&nbsp;&nbsp;5.567%, due 10/15/36<sup>2,3</sup> | 400000 | $398500 |
| &nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class C, 1 mo. USD Term SOFR + 1.543%, |  |  |
| &nbsp;&nbsp;&nbsp;5.693%, due 03/15/30<sup>2,3</sup> | 124514 | 124203 |
| CENT Trust, Series 2025-CITY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.091%, due 07/10/40<sup>2,3</sup> | 400000 | 404524 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.364%, |  |  |
| &nbsp;&nbsp;&nbsp;6.515%, due 07/15/38<sup>2,3</sup> | 295147 | 295147 |
| FREMF Mortgage Trust, Series 2017-K64, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.137%, due 05/25/50<sup>2,3</sup> | 50000 | 49548 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/15/42<sup>2,3</sup> | 500000 | 499062 |
| MILE Trust, Series 2025-STNE, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 07/15/42<sup>2,3</sup> | 125000 | 125039 |
| **Total mortgage-backed securities**<br> (cost—$2,359,802) |  | **2330535** |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Municipal bonds: 0.3%** |  |  |  |
| **California: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;State of California, GO Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 09/01/35<br> (cost—$198,695) |  | 200000 | $207105 |
| **Non-U.S. government agency obligations: 11.8%** |  |  |  |
| **Argentina: 0.2%** |  |  |  |
| Argentina Republic Government International Bonds, |  |  |  |
| Multiple Steps Up Thereafter (4.750% - 5.000%), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/09/35 |  | 250000 | 131000 |
| **Azerbaijan: 0.6%** |  |  |  |
| Republic of Azerbaijan International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32<sup>4</sup> |  | 370000 | 343638 |
| **Brazil: 3.8%** |  |  |  |
| Brazil Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 01/01/35 | BRL | 14335000 | 2203967 |
| **Chile: 0.4%** |  |  |  |
| Chile Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 01/31/31 |  | 230000 | 208380 |
| **Colombia: 0.6%** |  |  |  |
| Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 04/22/32 |  | 400000 | 338800 |
| **Egypt: 0.4%** |  |  |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/31/27<sup>4</sup> |  | 250000 | 253125 |
| **Guatemala: 0.4%** |  |  |  |
| Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 10/07/33<sup>4</sup> |  | 250000 | 222000 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Hungary: 0.5%** | **Hungary: 0.5%** | **Hungary: 0.5%** | **Hungary: 0.5%** |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/29/41 |  | 250000 | $296375 |
| **Ivory Coast: 0.4%** | **Ivory Coast: 0.4%** | **Ivory Coast: 0.4%** | **Ivory Coast: 0.4%** |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 01/30/33<sup>4</sup> |  | 200000 | 208000 |
| **Mexico: 2.0%** | **Mexico: 2.0%** | **Mexico: 2.0%** | **Mexico: 2.0%** |
| Mexico Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/13/42 | MXN | 2250000 | 106580 |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/21/36 | MXN | 15615000 | 804100 |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/08/44 |  | 150000 | 125137 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/27/34 |  | 100000 | 109275 |
|  |  |  | 1145092 |
| **Panama: 0.1%** | **Panama: 0.1%** | **Panama: 0.1%** | **Panama: 0.1%** |
| Panama Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.870%, due 07/23/60 |  | 50000 | 32400 |
| &nbsp;&nbsp;&nbsp;9.375%, due 04/01/29 |  | 50000 | 56994 |
|  |  |  | 89394 |
| **Paraguay: 0.4%** | **Paraguay: 0.4%** | **Paraguay: 0.4%** | **Paraguay: 0.4%** |
| Paraguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/09/36<sup>4</sup> |  | 200000 | 212400 |
| **Peru: 0.5%** | **Peru: 0.5%** | **Peru: 0.5%** | **Peru: 0.5%** |
| Peru Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.783%, due 01/23/31 |  | 325000 | 299731 |
| **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** | **Poland: 0.4%** |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/32 |  | 230000 | 245743 |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** |  |  |
| **Romania: 0.4%** |  |  |
| Romania Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 01/30/34<sup>4</sup> | 250000 | $253267 |
| **Serbia: 0.4%** |  |  |
| Serbia International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/12/34<sup>4</sup> | 250000 | 260375 |
| **Supranationals: 0.3%** |  |  |
| Africa Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/17/26<sup>4</sup> | 200000 | 198990 |
| **Total non-U.S. government agency obligations**<br> (cost—$6,716,778) |  | **6910277** |
| **U.S. Treasury obligations: 0.2%** |  |  |
| **United States: 0.2%** |  |  |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/15/35 | 125000 | 129902 |
| &nbsp;&nbsp;&nbsp;(cost—$126,389) |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments: 1.0%** |  |  |
| **Investment companies: 1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>8</sup><br> (cost $575,116) | 575116 | $575116 |
| **Investment of cash collateral from securities loaned—4.0%** |  |  |
| **Money market funds—4.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.130%<sup>8</sup><br> (cost $2,334,650) | 2334650 | 2334650 |
| **Total investments**<br> (cost $58,385,979)<sup>9</sup>—100.2% |  | **58711563** |
| Liabilities in excess of other assets—(0.2)% |  | (116927) |
| **Net assets—100.0%** |  | $**58594636** |

---

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** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 24 | USD | U.S. Long Bond Futures | December 2025 | $2737536 | $2798250 | $60714 |
| 97 | USD | U.S. Treasury Note 10 Year Futures | December 2025 | 10883815 | 10912500 | 28685 |
| 21 | USD | U.S. Treasury Note 2 Year Futures | December 2025 | 4374266 | 4376367 | 2101 |
| 80 | USD | U.S. Treasury Note 5 Year Futures | December 2025 | 8752122 | 8735625 | (16497) |
| 6 | USD | Ultra U.S. Treasury Bond Futures | December 2025 | 729758 | 720375 | (9383) |
| 72 | USD | Ultra U.S. Treasury Note 10 Year Futures | December 2025 | 8263301 | 8285625 | 22324 |
| **Total** |  |  |  | $**35740798** | $**35828742** | $**87944** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**87944** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>10</sup>** | **Payments<br> received by<br> the portfolio<sup>10</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1100 | 04/17/35 | Annual | 3.820% | 1 day USD SOFR | $(14009) | $(14009) |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>10</sup>** | **Payments<br> received by<br> the portfolio<sup>10</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 900 | 04/21/35 | Annual | 3.815% | 1 day USD SOFR | $(11076) | $(11076) |
| USD | 900 | 04/23/35 | Annual | 3.842 | 1 day USD SOFR | (13180) | (13180) |
| USD | 850 | 06/04/35 | Annual | 3.907 | 1 day USD SOFR | (17398) | (17398) |
| USD | 700 | 06/09/35 | Annual | 3.842 | 1 day USD SOFR | (10486) | (10486) |
| USD | 1700 | 09/12/35 | Annual | 3.515 | 1 day USD SOFR | 20130 | 20130 |
| USD | 650 | 04/25/45 | Annual | 4.035 | 1 day USD SOFR | (5878) | (5878) |
| USD | 600 | 04/28/45 | Annual | 4.028 | 1 day USD SOFR | (4838) | (4838) |
| USD | 700 | 05/14/45 | Annual | 4.132 | 1 day USD SOFR | (16043) | (16043) |
| USD | 450 | 06/16/45 | Annual | 4.086 | 1 day USD SOFR | (7453) | (7453) |
| USD | 700 | 08/05/45 | Annual | 4.055 | 1 day USD SOFR | (8759) | (8759) |
| **Total** | **Total** |  |  |  |  | $**(88990)** | $**(88990)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | CAD | 50000 | USD | 36355 | 10/20/25 | $394 |
| JPMCB | JPY | 13200000 | USD | 90118 | 10/20/25 | 690 |
| JPMCB | USD | 27260 | GBP | 20000 | 10/20/25 | (359) |
| JPMCB | USD | 11946 | NZD | 20000 | 10/20/25 | (343) |
| MSCI | EUR | 400000 | USD | 472710 | 10/20/25 | 2575 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**2957** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 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 market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Asset-backed securities | $— | $8861685 | $— | $8861685 |
| Corporate bonds |  | 37362293 |  | 37362293 |
| Mortgage-backed securities |  | 2330535 |  | 2330535 |
| Municipal bonds |  | 207105 |  | 207105 |
| Non-U.S. government agency obligations |  | 6910277 |  | 6910277 |
| U.S. Treasury obligations |  | 129902 |  | 129902 |
| Short-term investments | 575116 |  |  | 575116 |
| Investment of cash collateral from securities loaned | 2334650 |  |  | 2334650 |
| Futures contracts | 113824 |  |  | 113824 |
| Swap agreements |  | 20130 |  | 20130 |
| Forward foreign currency contracts |  | 3659 |  | 3659 |
| **Total** | $**3023590** | $**55825586** | $**—** | $**58849176** |

---

**UBS Multi Income Bond Fund**

**Portfolio of investments** – **September 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(25880) | $— | $— | $(25880) |
| Swap agreements |  | (109120) |  | (109120) |
| Forward foreign currency contracts |  | (702) |  | (702) |
| **Total** | $**(25880)** | $**(109822)** | $**—** | $**(135702)** |

---

At September 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $14,282,202, represented 24.4% of the Fund's net assets at period end. |
| 3 | Floating or variable rate securities. The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 4 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 5 | Bond interest in default. |
| 6 | Perpetual investment. Date shown reflects the next call date. |
| 7 | Security, or portion thereof, was on loan at the period end. |
| 8 | Rate shown reflects yield at September 30, 2025. |
| 9 | Includes $2,283,853 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,334,650 and non-cash collateral of $0. |
| 10 | Payments made or received are based on the notional amount. |

---

The UBS Funds

Glossary of terms used in the Portfolio of investments

September 30, 2025 (unaudited)

**Portfolio acronyms:**

---

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

---

The UBS Funds

Glossary of terms used in the Portfolio of investments

September 30, 2025 (unaudited)

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

**Currency type abbreviations:**

---

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

---

**Counterparty acronyms:**

---

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

---

The UBS Funds

Glossary of terms used in the Portfolio of investments

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| RBC | Royal Bank of Canada |
| RBS | Royal Bank of Scotland PLC |
| SCB | Standard Chartered Bank |
| SG | Societe Generale |
| SSB | State Street Bank and Trust Co. |
| TD | Toronto-Dominion Bank |
| WBC | Westpac Banking Corp. |

---

See accompanying notes to financial statements.

**Valuation of investments**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For more information regarding the Funds' other significant accounting policies, please refer to the Funds' annual report to shareholders dated June 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** UBS FUNDS

- **b. Investment Company Act file number:** 811-06637

- **c. CIK number of Registrant:** 0000886244

- **d. LEI of Registrant:** 549300N85N4CCOEZQJ49

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE NORTH WACKER DR.

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-525-7100

**Item A.2. Information about the Series.**

- **a. Name of Series:** UBS Multi Income Bond Fund

- **b. EDGAR series identifier (if any):** S000053041

- **c. LEI of Series:** 549300OHZ6UI1RKLNQ71

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $62912306.91

**Total Liabilities:** $4377873.82

**Net Assets:** $58534433.09

**Cash Not Reported:** $1493928.96

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -110.94000000 | **1-Year:** -2422.86000000 | **5-Year:** -7494.07000000 | **10-Year:** -7082.97000000 | **30-Year:** -1888.11000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -99.02000000 | **1-Year:** -1025.21000000 | **5-Year:** -1758.54000000 | **10-Year:** -681.68000000 | **30-Year:** -70.59000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237722 | -0.36%               | 1.66%                | 0.95%                |
| Class ID C000166868 | -0.45%               | 1.59%                | 0.94%                |
| Class ID C000166870 | -0.35%               | 1.61%                | 0.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7086.68                 | $-202236.65                                |
| Month 2  | $-14537.13               | $326455.87                                 |
| Month 3  | $-28208.40               | $332430.70                                 |

**Designated Index Information**

- **Index Name:** 50% BARCLAYS US INTERMEDIATE CORP 25% BARCLAYS US CORP HY 25% BARCLAYS GLOB EM HARD CCY Agg hUSD

- **Index Identifier:** 50% BARCLAYS US INTERMEDIATE CORP 25% BARCLAYS US CORP HY 25% BARCLAYS GLOB EM HARD CCY Agg hUSD

### Schedule of Portfolio Investments

| Name                                               | Title                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   1700000 | OU      | $19641.80     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds               | Egypt Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    250000 | PA      | $253125.00    | 0.43%             | 2027-01-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | Purchased USD / Sold JPY                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $690.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds             | Hungary Government International Bonds                                        | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    250000 | PA      | $296375.00    | 0.51%             | 2041-03-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                           | Allison Transmission, Inc.                                                    | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248294.73    | 0.42%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                                | Allegiant Travel Co.                                                          | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303729.80    | 0.52%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                                 | Ally Financial, Inc.                                                          | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250148.34    | 0.43%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co.                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315977.10    | 0.54%             | 2029-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                           | AT&T, Inc.                                                                    | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     58000 | PA      | $41356.76     | 0.07%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HCA INC                                            | HCA, Inc.                                                                     | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    550000 | PA      | $571416.67    | 0.98%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 40444MAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255837.50    | 0.44%             | 2032-04-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    600000 | OU      | $-5609.82     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                | JPMorgan Chase & Co.                                                          | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296047.94    | 0.51%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                     | NCR Voyix Corp.                                                               | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147758.70    | 0.25%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 22 Ltd                                 | Elmwood CLO 22 Ltd.                                                           | CUSIP: 29001YAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251745.00    | 0.43%             | 2038-04-17      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                        | MetLife, Inc.                                                                 | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    510000 | PA      | $536680.14    | 0.92%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 403963AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100763.47    | 0.17%             | 2031-05-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                  | Purchased USD / Sold CAD                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $394.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup, Inc.                                                               | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    310000 | PA      | $307136.19    | 0.52%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD                           | Agile Group Holdings Ltd.                                                     | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $10000.00     | 0.02%             | 2025-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                              | Sixth Street CLO XVIII Ltd.                                                   | CUSIP: 83012HAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501024.00    | 0.86%             | 2038-10-17      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                       | Comcast Corp.                                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     64000 | PA      | $39422.14     | 0.07%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                               | Edison International                                                          | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121358.74    | 0.21%             | 2026-03-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    325000 | PA      | $319585.79    | 0.55%             | 2026-11-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                | Avantor Funding, Inc.                                                         | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    275000 | PA      | $270505.81    | 0.46%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                  | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485649.66    | 0.83%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                       | Barclays PLC                                                                  | CUSIP: 06738EAW5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201106.82    | 0.34%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                | Meritage Homes Corp.                                                          | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243372.88    | 0.42%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom, Inc.                                                                | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259549.69    | 0.44%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| QNB FINANCE LTD                                    | QNB Finance Ltd.                                                              | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $244500.00    | 0.42%             | 2027-02-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| General Motors                                     | GMF Floorplan Owner Revolving Trust                                           | CUSIP: 361886DM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251918.18    | 0.43%             | 2028-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                           | Brazil Notas do Tesouro Nacional                                              | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  14335000 | PA      | $2203966.69   | 3.77%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                               | Paraguay Government International Bonds                                       | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $212400.00    | 0.36%             | 2036-02-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                     | Rocket Cos., Inc.                                                             | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $256580.00    | 0.44%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                           | Banco de Credito del Peru SA                                                  | CUSIP: 05971V2D6<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    220000 | PA      | $215514.20    | 0.37%             | 2031-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                | NOVA Chemicals Corp.                                                          | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $250719.68    | 0.43%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                        | Exelon Corp.                                                                  | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127722.87    | 0.22%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                           | EQT Corp.                                                                     | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    277000 | PA      | $275220.86    | 0.47%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                              | Guatemala Government Bonds                                                    | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    250000 | PA      | $222000.00    | 0.38%             | 2033-10-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                  | Expedia Group, Inc.                                                           | CUSIP: 30212PAP0<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247833.49    | 0.42%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                         | FedEx Corp.                                                                   | CUSIP: 31428XCU8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83810.01     | 0.14%             | 2046-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                           | Lloyds Banking Group PLC                                                      | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200038.51    | 0.34%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                | Carrier Global Corp.                                                          | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234296.28    | 0.40%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust                                        | CUSIP: 80288DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406117.60    | 0.69%             | 2031-03-17      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Swap                                                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | US        |   1100000 | OU      | $-16585.47    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                              | Nabors Industries, Inc.                                                       | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    196000 | PA      | $198961.17    | 0.34%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds               | Chile Government International Bonds                                          | CUSIP: 168863DP0<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    230000 | PA      | $208380.00    | 0.36%             | 2031-01-31      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                     | Solventum Corp.                                                               | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208225.88    | 0.36%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                      | Citigroup, Inc.                                                               | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    140000 | PA      | $158136.71    | 0.27%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL, Inc.                                                              | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     31000 | PA      | $29958.36     | 0.05%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                            | Mexico Bonos                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2250000 | PA      | $106579.68    | 0.18%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds              | Mexico Government International Bonds                                         | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    150000 | PA      | $125137.50    | 0.21%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                       | State Street Navigator Securities Lending Government Money Market Portfolio   | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   2334650 | NS      | $2334650.00   | 3.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    850000 | OU      | $-18580.32    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MILE Trust                                         | MILE Trust                                                                    | CUSIP: 59918AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $125039.06    | 0.21%             | 2042-07-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA, Inc.                                                            | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    575000 | PA      | $588210.69    | 1.00%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        21 | NC      | $2101.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB INTL FINANCE BV                                | LYB International Finance BV                                                  | CUSIP: 50247VAC3<br>LEI: 549300J6QSW38QNOJK61 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $42860.54     | 0.07%             | 2044-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                 | Regal Rexnord Corp.                                                           | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    600000 | PA      | $636179.41    | 1.09%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         6 | NC      | $-9383.16     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                           | Petrobras Global Finance BV                                                   | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207166.00    | 0.35%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                         | AbbVie, Inc.                                                                  | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196259.97    | 0.34%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                              | INTOWN Mortgage Trust                                                         | CUSIP: 46117WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499062.50    | 0.85%             | 2042-03-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden 102 CLO Ltd.                                                           | CUSIP: 26253TAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.43%             | 2036-10-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD             | GoldenTree Loan Management U.S. CLO 7 Ltd.                                    | CUSIP: 38138LBC1<br>LEI: 549300DO8S88M0JNL340 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $491705.20    | 0.84%             | 2034-04-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | Petroleos Mexicanos                                                           | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $396500.00    | 0.68%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                  | General Motors Co.                                                            | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    550000 | PA      | $593636.35    | 1.01%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| JONES LANG LASALLE INC                             | Jones Lang LaSalle, Inc.                                                      | CUSIP: 48020QAB3<br>LEI: 6SYKCME112RT8TQUO411 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268395.86    | 0.46%             | 2028-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust                                                                      | CUSIP: 12434DAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $398500.00    | 0.68%             | 2036-10-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                             | Extra Space Storage LP                                                        | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    850000 | PA      | $874684.60    | 1.49%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State of California                                | State of California                                                           | CUSIP: 13063EHV1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207105.30    | 0.35%             | 2035-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    900000 | OU      | $-15120.90    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MASCO CORP                                         | Masco Corp.                                                                   | CUSIP: 574599BS4<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $376220.56    | 0.64%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | Purchased NZD / Sold USD                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |         1 | NC      | $-343.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KROGER CO                                          | Kroger Co.                                                                    | CUSIP: 501044CK5<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    450000 | PA      | $516133.16    | 0.88%             | 2038-04-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds              | Mexico Government International Bonds                                         | CUSIP: 91086QAS7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $109275.00    | 0.19%             | 2034-09-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OHA Credit Partners XV Ltd.                                                   | CUSIP: 67707BAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251624.75    | 0.43%             | 2037-04-20      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                             | Goodyear Tire & Rubber Co.                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241418.60    | 0.41%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                | Peru Government International Bonds                                           | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    325000 | PA      | $299731.25    | 0.51%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                            | CarMax Auto Owner Trust                                                       | CUSIP: 14290FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506850.70    | 0.87%             | 2031-03-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                | Africa Finance Corp.                                                          | CUSIP: 000000000<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $198990.00    | 0.34%             | 2026-04-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                           | Olympus Water U.S. Holding Corp.                                              | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209900.00    | 0.36%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                           | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.                           | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $293858.74    | 0.50%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                              | Minerva Luxembourg SA                                                         | CUSIP: 000000000<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $366500.00    | 0.63%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 403963AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502406.70    | 0.86%             | 2031-05-20      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        72 | NC      | $22323.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co.                                                             | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    325000 | PA      | $321843.76    | 0.55%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust                                                                      | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124514 | PA      | $124203.09    | 0.21%             | 2030-03-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust                            | CUSIP: 38013JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $405175.60    | 0.69%             | 2028-10-16      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                           | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100604.68    | 0.17%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                            | United Rentals North America, Inc.                                            | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99694.74     | 0.17%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                            | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $248259.91    | 0.42%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                              | Continental Resources, Inc.                                                   | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    550000 | PA      | $546518.28    | 0.93%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                               | FREMF Mortgage Trust                                                          | CUSIP: 30296CAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     50000 | PA      | $49548.11     | 0.08%             | 2050-05-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                          | Olin Corp.                                                                    | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390730.72    | 0.67%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    650000 | OU      | $-6707.87     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                    | Concentrix Corp.                                                              | CUSIP: 20602DAC5<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    400000 | PA      | $415127.59    | 0.71%             | 2033-08-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| OCCIDENTAL PETROLEUM COR                           | Occidental Petroleum Corp.                                                    | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265666.75    | 0.45%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                | Global Payments, Inc.                                                         | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    600000 | PA      | $613911.70    | 1.05%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                           | Canadian Pacific Railway Co.                                                  | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $169040.42    | 0.29%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                | United Airlines, Inc.                                                         | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196937.75    | 0.34%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $299965.34    | 0.51%             | 2026-04-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                      | Boeing Co.                                                                    | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    550000 | PA      | $608006.39    | 1.04%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                           | Smyrna Ready Mix Concrete LLC                                                 | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200063.60    | 0.34%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                      | Citigroup, Inc.                                                               | CUSIP: 172967BL4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    400000 | PA      | $443693.02    | 0.76%             | 2032-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    700000 | OU      | $-16564.52    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds             | Romania Government International Bonds                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    250000 | PA      | $253267.30    | 0.43%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC             | Purchased USD / Sold EUR                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $2574.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CODELCO INC                                        | Corp. Nacional del Cobre de Chile                                             | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    400000 | PA      | $400408.00    | 0.68%             | 2033-02-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                               | Reworld Holding Corp.                                                         | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141070.16    | 0.24%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                                  | Wellfleet CLO Ltd.                                                            | CUSIP: 94949GAJ0<br>LEI: 2549001JCRYETQY84B65 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249801.25    | 0.43%             | 2033-04-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    900000 | OU      | $-13150.08    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                             | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74911.41     | 0.13%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                             | Energizer Holdings, Inc.                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    300000 | PA      | $287718.03    | 0.49%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                             | ConocoPhillips Co.                                                            | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82064.50     | 0.14%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        24 | NC      | $60713.76     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KYNDRYL HOLDINGS INC                               | Kyndryl Holdings, Inc.                                                        | CUSIP: 50155QAN0<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    650000 | PA      | $694587.51    | 1.19%             | 2034-02-20      | Fixed         | 6.35%                 | No            |                  2 | On Loan: —       |
| BX Trust                                           | BX Mortgage Trust                                                             | CUSIP: 05609PAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $174343.75    | 0.30%             | 2036-10-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                        | Extended Stay America Trust                                                   | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295147 | PA      | $295146.64    | 0.50%             | 2038-07-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp.                                                         | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    315000 | PA      | $309830.57    | 0.53%             | 2027-01-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                                | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219292.05    | 0.37%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds  | Argentina Republic Government International Bonds                             | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    250000 | PA      | $131000.00    | 0.22%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                       | Comcast Corp.                                                                 | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     67000 | PA      | $39758.44     | 0.07%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                 | Panama Government International Bonds                                         | CUSIP: 698299AK0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $56994.00     | 0.10%             | 2029-04-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| arbor multifamily mortgage securities trust        | Arbor Multifamily Mortgage Securities Trust                                   | CUSIP: 03882KAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $129567.66    | 0.22%             | 2054-10-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| KB HOME                                            | KB Home                                                                       | CUSIP: 48666KBA6<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206238.40    | 0.35%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                                | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140294.43    | 0.24%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                    | Venture 46 CLO Ltd.                                                           | CUSIP: 92326CBA4<br>LEI: 549300O7L2XN74VSK595 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $501643.50    | 0.86%             | 2037-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                           | Liberty Mutual Group, Inc.                                                    | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156004.58    | 0.27%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                       | AGL CLO 25 Ltd.                                                               | CUSIP: 00120NAU8<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $252915.75    | 0.43%             | 2038-07-21      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC        | BBCMS Trust                                                                   | CUSIP: 05547HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $130599.69    | 0.22%             | 2035-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust                                           | CUSIP: 30168CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $718611.46    | 1.23%             | 2029-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                       | Centene Corp.                                                                 | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    675000 | PA      | $581454.45    | 0.99%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds            | Colombia Government International Bonds                                       | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    400000 | PA      | $338800.00    | 0.58%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                           | Science Applications International Corp.                                      | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148481.70    | 0.25%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    550000 | PA      | $530030.87    | 0.91%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 40446EAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151361.73    | 0.26%             | 2033-03-21      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co.                                                             | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $321126.00    | 0.55%             | 2028-09-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                                 | Czechoslovak Group AS                                                         | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $244202.54    | 0.42%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lyb Finance Co Bv                                  | LYB Finance Co. BV                                                            | CUSIP: 61238QAA6<br>LEI: 549300BBGA3CFHX0KS75 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $157181.41    | 0.27%             | 2027-03-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        80 | NC      | $-16496.39    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                                | Sirius XM Radio LLC                                                           | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246550.30    | 0.42%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group, Inc.                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    380000 | PA      | $358608.84    | 0.61%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                          | Block, Inc.                                                                   | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    220000 | PA      | $204736.99    | 0.35%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                       | State Street Institutional US Government Money Market Fund                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    575116 | NS      | $575116.18    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Ohio Inc                               | Duke Energy Ohio, Inc.                                                        | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41800.02     | 0.07%             | 2049-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                               | Bank of America Corp.                                                         | CUSIP: 59022CAJ2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    225000 | PA      | $242700.46    | 0.41%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298798.61    | 0.51%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust                                                          | CUSIP: 92348KDT7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507859.25    | 0.87%             | 2031-01-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                           | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $129902.34    | 0.22%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                           | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $348397.56    | 0.60%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden 108 CLO Ltd.                                                           | CUSIP: 26253MAN0<br>LEI: 5493004WJFSUXXJ5FA29 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $501763.00    | 0.86%             | 2037-07-18      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KeyCorp                                                                       | CUSIP: 49326EEH2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74974.46     | 0.13%             | 2025-10-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds                             | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    230000 | PA      | $245742.74    | 0.42%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                        | Oracle Corp.                                                                  | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $464996.65    | 0.79%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                             | VICI Properties LP/VICI Note Co., Inc.                                        | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $199235.67    | 0.34%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co.                                                          | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    325000 | PA      | $321436.31    | 0.55%             | 2026-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                            | JetBlue Airways Corp./JetBlue Loyalty LP                                      | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $202854.40    | 0.35%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | Sempra                                                                        | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269946.00    | 0.46%             | 2025-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP CLO Ltd.                                                                  | CUSIP: 67115CAL8<br>LEI: 254900V271655KJK1382 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501641.00    | 0.86%             | 2037-07-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | Purchased GBP / Sold USD                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |         1 | NC      | $-359.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                               | Grupo Aeromexico SAB de CV                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    250000 | PA      | $248775.00    | 0.43%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    450000 | OU      | $-7784.19     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Inc                                  | CF Industries, Inc.                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    600000 | PA      | $605493.74    | 1.03%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                           | ARES Strategic Income Fund                                                    | CUSIP: 04020EAJ6<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    650000 | PA      | $671570.60    | 1.15%             | 2032-03-21      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                            | FTAI Aviation Investors LLC                                                   | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    325000 | PA      | $325051.69    | 0.56%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup, Inc.                                                               | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262464.00    | 0.45%             | 2028-11-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL INTL FUNDING                            | GE Capital International Funding Co. Unlimited Co.                            | CUSIP: 36164Q6M5<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $199689.38    | 0.34%             | 2025-11-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                             | Allegion U.S. Holding Co., Inc.                                               | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $313117.64    | 0.53%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                             | NXP BV/NXP Funding LLC/NXP USA, Inc.                                          | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     65000 | PA      | $64861.55     | 0.11%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    700000 | OU      | $-11564.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        97 | NC      | $28685.25     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group, Inc.                                                     | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    265000 | PA      | $267588.26    | 0.46%             | 2026-02-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                            | Latam Airlines Group SA                                                       | CUSIP: 000000000<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    260000 | PA      | $270835.50    | 0.46%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit           | Ford Credit Auto Owner Trust                                                  | CUSIP: 34535CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $313203.60    | 0.54%             | 2036-02-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                           | Ford Motor Credit Co. LLC                                                     | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    600000 | PA      | $604938.44    | 1.03%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                       | Comcast Corp.                                                                 | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     38000 | PA      | $29694.46     | 0.05%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                            | Jane Street Group/JSG Finance, Inc.                                           | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104889.23    | 0.18%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                            | Nissan Auto Lease Trust                                                       | CUSIP: 65479XAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506440.05    | 0.87%             | 2029-06-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    165000 | PA      | $181341.84    | 0.31%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | Celanese U.S. Holdings LLC                                                    | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510905.50    | 0.87%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                      | AEP Texas, Inc.                                                               | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39051.48     | 0.07%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co                               | Saudi Arabian Oil Co.                                                         | CUSIP: 80414L2F1<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    300000 | PA      | $252012.00    | 0.43%             | 2049-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                 | VICI Properties LP                                                            | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    200000 | PA      | $202319.75    | 0.35%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                               | Bank of America Corp.                                                         | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303076.80    | 0.52%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Ivory Coast Government International Bonds         | Ivory Coast Government International Bonds                                    | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $208000.00    | 0.36%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                         | CENT Trust                                                                    | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $404524.12    | 0.69%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED                                  | ASGN, Inc.                                                                    | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294484.77    | 0.50%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds              | Panama Government International Bonds                                         | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $32400.00     | 0.06%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                           | Blue Racer Midstream LLC/Blue Racer Finance Corp.                             | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155539.81    | 0.27%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    310000 | PA      | $304319.33    | 0.52%             | 2026-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                  | MDGH GMTN RSC Ltd.                                                            | CUSIP: 000000000<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |    240000 | PA      | $255576.00    | 0.44%             | 2033-04-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust                                           | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $330439.03    | 0.56%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FIN                            | Blue Owl Technology Finance Corp.                                             | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    620000 | PA      | $639663.42    | 1.09%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| BARCLAYS PLC                                       | Barclays PLC                                                                  | CUSIP: 06738ECL7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $442561.48    | 0.76%             | 2034-09-13      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust                                        | CUSIP: 80288JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150836.67    | 0.26%             | 2031-09-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                  | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150645.69    | 0.26%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan International Bonds         | Republic of Azerbaijan International Bonds                                    | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |    370000 | PA      | $343637.50    | 0.59%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                               | OneMain Finance Corp.                                                         | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195464.52    | 0.33%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                            | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183070.12    | 0.31%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                              | Civitas Resources, Inc.                                                       | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155482.35    | 0.27%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                               | OneMain Finance Corp.                                                         | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203704.20    | 0.35%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                         | Serbia International Bonds                                                    | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    250000 | PA      | $260375.00    | 0.44%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                       | Navient Corp.                                                                 | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    450000 | PA      | $455144.85    | 0.78%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                           | AT&T, Inc.                                                                    | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300653.13    | 0.51%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                            | Marathon Petroleum Corp.                                                      | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    170000 | PA      | $146318.68    | 0.25%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                        | Avient Corp.                                                                  | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203104.69    | 0.35%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    700000 | OU      | $-9062.97     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC Holdings PLC                                                             | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $217863.19    | 0.37%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                        | Oracle Corp.                                                                  | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95608.33     | 0.16%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                      | AEP Texas, Inc.                                                               | CUSIP: 0010EPAF5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $55026.23     | 0.09%             | 2033-02-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                              | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $122854.65    | 0.21%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                             | Aviation Capital Group LLC                                                    | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203034.07    | 0.35%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL, Inc.                                                              | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120704.11    | 0.21%             | 2027-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                            | Mexico Bonos                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  15615000 | PA      | $804099.81    | 1.37%             | 2036-02-21      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $565496.28    | 0.97%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** UBS FUNDS

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer