# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001104659-26-025121
**Filing Date:** 2026-3
**Character Count:** 363142
**Document Hash:** 2d7b14c1156dd5b378e1f441585ff451
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025121.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025121

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06637
- **FILM NUMBER:** 26734271

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### 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           |

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220414 | Class P      | DVRUX           |
| C000241422 | Class P2     | DVRPX           |

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06637

The UBS Funds

(Exact name of registrant as specified in charter)

One North Wacker Drive, Chicago, IL 60606-2807

(Address of principal executive offices) (Zip code)

---

| |
|:---|
| &nbsp;&nbsp;Keith A. Weller, Esq.<br> UBS Asset Management<br> One North Wacker Drive<br> Chicago, IL 60606 |
| &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Copy to: |
| &nbsp;&nbsp; Jana L. Cresswell, Esq.<br> Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103-7098 |

---

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;Copy of the report transmitted to shareholders:

**TABLE OF CONTENTS**

---

| |
|:---|
|  [UBS Global Allocation Fund](#classnamedecbc298-a44e-48f4-94b3-bf2413c978fd)<br> **[Class A - BNGLX](#classnamedecbc298-a44e-48f4-94b3-bf2413c978fd)**  |
|  [UBS Global Allocation Fund](#classnamede05bce5-df5a-4c99-b856-3d336207405c)<br> **[Class P - BPGLX](#classnamede05bce5-df5a-4c99-b856-3d336207405c)**  |
|  [UBS Multi Income Bond Fund](#classname32ac9dc0-9267-493b-b9cf-590e725d4aae)<br> **[Class A - UTBAX](#classname32ac9dc0-9267-493b-b9cf-590e725d4aae)**  |
|  [UBS Multi Income Bond Fund](#classname301d1013-33bc-42a0-abcd-5da56595736b)<br> **[Class P - UTBPX](#classname301d1013-33bc-42a0-abcd-5da56595736b)**  |
|  [UBS Multi Income Bond Fund](#classnamedee2cca9-5397-4c9a-bb5e-225eb535bff8)<br> **[Class P2 - UTBTX](#classnamedee2cca9-5397-4c9a-bb5e-225eb535bff8)**  |
|  [UBS Emerging Markets Equity Opportunity Fund](#classnamec348e012-85c3-43cd-9ef1-32e4e02b4631)<br> **[Class P - UEMPX](#classnamec348e012-85c3-43cd-9ef1-32e4e02b4631)**  |
|  [UBS Emerging Markets Equity Opportunity Fund](#classnamefd2f7a67-554d-4fe1-bd27-d928d844c25e)<br> **[Class P2 - EMPTX](#classnamefd2f7a67-554d-4fe1-bd27-d928d844c25e)**  |
|  [UBS Engage For Impact Fund](#classname2a8d2f3d-839f-4138-a82e-a21954c46b18)<br> **[Class P - UEIPX](#classname2a8d2f3d-839f-4138-a82e-a21954c46b18)**  |
|  [UBS Engage For Impact Fund](#classname5493dde2-6865-41b5-82f0-a2d189dd5fa8)<br> **[Class P2 - EIPTX](#classname5493dde2-6865-41b5-82f0-a2d189dd5fa8)**  |
|  [UBS International Sustainable Equity Fund](#classnameb9e74d65-6232-4d18-9f74-20dd3e1aeefa)<br> **[Class A - BNIEX](#classnameb9e74d65-6232-4d18-9f74-20dd3e1aeefa)**  |
|  [UBS International Sustainable Equity Fund](#classnameeb84cbd1-a80a-4d68-bc5b-91ada9e2f66b)<br> **[Class P - BNUEX](#classnameeb84cbd1-a80a-4d68-bc5b-91ada9e2f66b)**  |
|  [UBS International Sustainable Equity Fund](#classname87917568-202a-42e0-b118-30a3840a9891)<br> **[Class P2 - ESPTX](#classname87917568-202a-42e0-b118-30a3840a9891)**  |
|  [UBS Sustainable Development Bank Bond Fund](#classname70371216-8f64-4801-9f72-d53b2640d63b)<br> **[Class P - UDBPX](#classname70371216-8f64-4801-9f72-d53b2640d63b)**  |
|  [UBS Sustainable Development Bank Bond Fund](#classnamed5dec1cb-72ed-4284-b4c2-bf8a2a3e73cb)<br> **[Class P2 - UDBTX](#classnamed5dec1cb-72ed-4284-b4c2-bf8a2a3e73cb)**  |
|  [UBS US Dividend Ruler Fund](#classnamea0b144f8-9c0d-4c4a-a947-240abbb90b27)<br> **[Class P - DVRUX](#classnamea0b144f8-9c0d-4c4a-a947-240abbb90b27)**  |
|  [UBS US Dividend Ruler Fund](#classnamef794fcab-99f1-4fcd-ae8e-9ef1378cf5fb)<br> **[Class P2 - DVRPX](#classnamef794fcab-99f1-4fcd-ae8e-9ef1378cf5fb)**  |
|  [UBS US Quality Growth At Reasonable Price Fund](#classname68283445-c27d-4216-8deb-633c6bfe5a0e)<br> **[Class P - QGRPX](#classname68283445-c27d-4216-8deb-633c6bfe5a0e)**  |

---

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Global Allocation Fund

# Class A

# BNGLX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Global Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $147805191 |
| # of Portfolio Holdings | 638 |
| Portfolio Turnover Rate | 39% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| PACE International Equity Investments, Class P2 | 11.9% |
| UBS Emerging Markets Equity Opportunity Fund, Class P2 | 5.4 |
| PACE High Yield Investments, Class P2 | 5.4 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.0 |
| State Street SPDR Portfolio High Yield Bond ETF | 2.9 |

---

UBS Global Allocation Fund

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. government agency obligations | 6.9% |
| Exchange traded funds | 11.9% |
| Corporate bonds | 13.7% |
| Investment companies | 22.7% |
| Common stocks | 33.9% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Global Allocation Fund

S1872

Class A

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Global Allocation Fund

# Class P

# BPGLX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Global Allocation Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $51 | 0.95% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $147805191 |
| # of Portfolio Holdings | 638 |
| Portfolio Turnover Rate | 39% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| PACE International Equity Investments, Class P2 | 11.9% |
| UBS Emerging Markets Equity Opportunity Fund, Class P2 | 5.4 |
| PACE High Yield Investments, Class P2 | 5.4 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.0 |
| State Street SPDR Portfolio High Yield Bond ETF | 2.9 |

---

UBS Global Allocation Fund

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. government agency obligations | 6.9% |
| Exchange traded funds | 11.9% |
| Corporate bonds | 13.7% |
| Investment companies | 22.7% |
| Common stocks | 33.9% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Global Allocation Fund

S1873

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Multi Income Bond Fund

# Class A

# UTBAX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Multi Income Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $46 | 0.90% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $87716614 |
| # of Portfolio Holdings | 235 |
| Portfolio Turnover Rate | 23% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.000% | 4.5% |
| Uniform Mortgage-Backed Security, TBA, 5.500% | 4.3 |
| Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/35 | 3.5 |
| Uniform Mortgage-Backed Security, TBA, 4.500% | 3.0 |
| Ally Financial, Inc., 6.848%, due 01/03/30 | 1.5 |

---

UBS Multi Income Bond Fund

Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 2.3% |
| U.S. government agency obligations | 11.8% |
| Non-U.S. government agency obligations | 13.7% |
| Asset-backed securities | 13.8% |
| Corporate bonds | 64.7% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Multi Income Bond Fund

S1877

Class A

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Multi Income Bond Fund

# Class P

# UTBPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Multi Income Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $33 | 0.65% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $87716614 |
| # of Portfolio Holdings | 235 |
| Portfolio Turnover Rate | 23% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.000% | 4.5% |
| Uniform Mortgage-Backed Security, TBA, 5.500% | 4.3 |
| Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/35 | 3.5 |
| Uniform Mortgage-Backed Security, TBA, 4.500% | 3.0 |
| Ally Financial, Inc., 6.848%, due 01/03/30 | 1.5 |

---

UBS Multi Income Bond Fund

Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 2.3% |
| U.S. government agency obligations | 11.8% |
| Non-U.S. government agency obligations | 13.7% |
| Asset-backed securities | 13.8% |
| Corporate bonds | 64.7% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Multi Income Bond Fund

S1878

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Multi Income Bond Fund

# Class P2

# UTBTX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Multi Income Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $10 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $87716614 |
| # of Portfolio Holdings | 235 |
| Portfolio Turnover Rate | 23% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.000% | 4.5% |
| Uniform Mortgage-Backed Security, TBA, 5.500% | 4.3 |
| Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/35 | 3.5 |
| Uniform Mortgage-Backed Security, TBA, 4.500% | 3.0 |
| Ally Financial, Inc., 6.848%, due 01/03/30 | 1.5 |

---

UBS Multi Income Bond Fund

Class P2

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 2.3% |
| U.S. government agency obligations | 11.8% |
| Non-U.S. government agency obligations | 13.7% |
| Asset-backed securities | 13.8% |
| Corporate bonds | 64.7% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Multi Income Bond Fund

S1879

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Emerging Markets Equity Opportunity Fund

# Class P

# UEMPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Emerging Markets Equity Opportunity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $56 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $395451597 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 17% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Tencent Holdings Ltd. | 7.8 |
| Samsung Electronics Co. Ltd. | 5.5 |
| SK Hynix, Inc. | 4.5 |
| Alibaba Group Holding Ltd. | 4.2 |

---

UBS Emerging Markets Equity Opportunity Fund

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 9.7% |
| Consumer Discretionary | 9.8% |
| Industrials | 10.0% |
| Financials | 22.3% |
| Information Technology | 27.1% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Emerging Markets Equity Opportunity Fund

S1870

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Emerging Markets Equity Opportunity Fund

# Class P2

# EMPTX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Emerging Markets Equity Opportunity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $16 | 0.28% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $395451597 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 17% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Tencent Holdings Ltd. | 7.8 |
| Samsung Electronics Co. Ltd. | 5.5 |
| SK Hynix, Inc. | 4.5 |
| Alibaba Group Holding Ltd. | 4.2 |

---

UBS Emerging Markets Equity Opportunity Fund

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 9.7% |
| Consumer Discretionary | 9.8% |
| Industrials | 10.0% |
| Financials | 22.3% |
| Information Technology | 27.1% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Emerging Markets Equity Opportunity Fund

S1871

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Engage For Impact Fund

# Class P

# UEIPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Engage For Impact Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $44 | 0.85% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $48025034 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 19% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 5.1 |
| AstraZeneca PLC | 4.1 |
| AIB Group PLC | 3.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5 |

---

UBS Engage For Impact Fund

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 7.9% |
| Industrials | 12.7% |
| Health Care | 15.8% |
| Financials | 16.1% |
| Information Technology | 31.8% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Engage For Impact Fund

S1865

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Engage For Impact Fund

# Class P2

# EIPTX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Engage For Impact Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $13 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $48025034 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 19% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 5.1 |
| AstraZeneca PLC | 4.1 |
| AIB Group PLC | 3.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5 |

---

UBS Engage For Impact Fund

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 7.9% |
| Industrials | 12.7% |
| Health Care | 15.8% |
| Financials | 16.1% |
| Information Technology | 31.8% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Engage For Impact Fund

S1866

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS International Sustainable Equity Fund

# Class A

# BNIEX

## Fund Overview
This semi-annual shareholder report contains important information about UBS International Sustainable Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 1.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $153805820 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 18% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| AstraZeneca PLC | 3.4% |
| Sony Group Corp. | 3.3 |
| Banco Bilbao Vizcaya Argentaria SA | 3.3 |
| AIB Group PLC | 3.1 |
| ITOCHU Corp. | 2.9 |

---

UBS International Sustainable Equity Fund

Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 10.8% |
| Health Care | 11.8% |
| Information Technology | 13.1% |
| Industrials | 18.1% |
| Financials | 23.5% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS International Sustainable Equity Fund

S1874

Class A

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS International Sustainable Equity Fund

# Class P

# BNUEX

## Fund Overview
This semi-annual shareholder report contains important information about UBS International Sustainable Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $53 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $153805820 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 18% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| AstraZeneca PLC | 3.4% |
| Sony Group Corp. | 3.3 |
| Banco Bilbao Vizcaya Argentaria SA | 3.3 |
| AIB Group PLC | 3.1 |
| ITOCHU Corp. | 2.9 |

---

UBS International Sustainable Equity Fund

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 10.8% |
| Health Care | 11.8% |
| Information Technology | 13.1% |
| Industrials | 18.1% |
| Financials | 23.5% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS International Sustainable Equity Fund

S1875

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS International Sustainable Equity Fund

# Class P2

# ESPTX

## Fund Overview
This semi-annual shareholder report contains important information about UBS International Sustainable Equity Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $13 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $153805820 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 18% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| AstraZeneca PLC | 3.4% |
| Sony Group Corp. | 3.3 |
| Banco Bilbao Vizcaya Argentaria SA | 3.3 |
| AIB Group PLC | 3.1 |
| ITOCHU Corp. | 2.9 |

---

UBS International Sustainable Equity Fund

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 10.8% |
| Health Care | 11.8% |
| Information Technology | 13.1% |
| Industrials | 18.1% |
| Financials | 23.5% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS International Sustainable Equity Fund

S1876

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Sustainable Development Bank Bond Fund

# Class P

# UDBPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Sustainable Development Bank Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $13 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $79585377 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 17% |

---

## What is the Fund's investment objective?
The Fund seeks current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Inter-American Development Bank, 1.125%, due 01/13/31 | 5.1% |
| International Bank for Reconstruction & Development, 4.625%, due 01/15/32 | 4.0 |
| Inter-American Development Bank, 4.375%, due 07/16/35 | 3.2 |
| European Bank for Reconstruction & Development, 4.250%, due 03/13/34 | 2.7 |
| Inter-American Development Bank, 3.500%, due 04/12/33 | 2.5 |

---

UBS Sustainable Development Bank Bond Fund

Class P

## Asset Class Allocation (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term investments | 0.7% |
| Non-U.S. government agency obligations | 98.2% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Sustainable Development Bank Bond Fund

S1868

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS Sustainable Development Bank Bond Fund

# Class P2

# UDBTX

## Fund Overview
This semi-annual shareholder report contains important information about UBS Sustainable Development Bank Bond Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $8 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $79585377 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 17% |

---

## What is the Fund's investment objective?
The Fund seeks current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Inter-American Development Bank, 1.125%, due 01/13/31 | 5.1% |
| International Bank for Reconstruction & Development, 4.625%, due 01/15/32 | 4.0 |
| Inter-American Development Bank, 4.375%, due 07/16/35 | 3.2 |
| European Bank for Reconstruction & Development, 4.250%, due 03/13/34 | 2.7 |
| Inter-American Development Bank, 3.500%, due 04/12/33 | 2.5 |

---

UBS Sustainable Development Bank Bond Fund

Class P2

## Asset Class Allocation (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term investments | 0.7% |
| Non-U.S. government agency obligations | 98.2% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS Sustainable Development Bank Bond Fund

S1869

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS US Dividend Ruler Fund

# Class P

# DVRUX

## Fund Overview
This semi-annual shareholder report contains important information about UBS US Dividend Ruler Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $29 | 0.55% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $287365260 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 13% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 10.5% |
| Broadcom, Inc. | 7.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.2 |
| JPMorgan Chase & Co. | 4.8 |
| RTX Corp. | 4.1 |

---

UBS US Dividend Ruler Fund

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.4% |
| Health Care | 9.4% |
| Industrials | 14.6% |
| Financials | 18.1% |
| Information Technology | 34.1% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS US Dividend Ruler Fund

S1880

Class P

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS US Dividend Ruler Fund

# Class P2

# DVRPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS US Dividend Ruler Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $9 | 0.17% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $287365260 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 13% |

---

## What is the Fund's investment objective?
The Fund seeks to maximize total return, consisting of capital appreciation and current income.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 10.5% |
| Broadcom, Inc. | 7.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.2 |
| JPMorgan Chase & Co. | 4.8 |
| RTX Corp. | 4.1 |

---

UBS US Dividend Ruler Fund

Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.4% |
| Health Care | 9.4% |
| Industrials | 14.6% |
| Financials | 18.1% |
| Information Technology | 34.1% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS US Dividend Ruler Fund

S1881

Class P2

![Image](tm262918d1_tsrimg009.jpg)

Semi-Annual Shareholder Report

December 31, 2025

# UBS US Quality Growth At Reasonable Price Fund

# Class P

# QGRPX

## Fund Overview
This semi-annual shareholder report contains important information about UBS US Quality Growth At Reasonable Price Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $29 | 0.55% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $333496951 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 14% |

---

## What is the Fund's investment objective?
The Fund seeks to provide capital appreciation.

### Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.8% |
| Microsoft Corp. | 12.5 |
| Apple, Inc. | 8.1 |
| Alphabet, Inc., Class A | 7.4 |
| Broadcom, Inc. | 6.9 |

---

UBS US Quality Growth At Reasonable Price Fund

Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm262918d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 9.3% |
| Consumer Discretionary | 10.1% |
| Financials | 10.4% |
| Communication Services | 13.2% |
| Information Technology | 52.2% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund.html

• For shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

UBS US Quality Growth At Reasonable Price Fund

S1882

Class P

(b) Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

**<u>Item 2. Code of Ethics.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Investments.</u>**

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

**<u>UBS Funds Form N-CSR Information Items 7 through 11</u>**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) Copy of the most recent financial statements:

------

![](j2629182_ac001.jpg)

The UBS Funds

Semiannual Financial Statements \| December 31, 2025

------

---

| | |
|:---|:---|
| **Table of contents** | **Page** |
| [UBS Global Allocation Fund](#UBSglobalallocationfund-2) | 1 |
| [UBS Emerging Markets Equity Opportunity Fund](#UBSemergingmarketsequityopportunityfund-2) | 11 |
| [UBS Engage For Impact Fund](#UBSengageforimpactfund-2) | 13 |
| [UBS International Sustainable Equity Fund](#UBSinternationalsustainableequityfund-2) | 15 |
| [UBS US Dividend Ruler Fund](#UBSusdividendrulerfund-2) | 17 |
| [UBS US Quality Growth At Reasonable Price Fund](#UBSusqualitygrowthatreasonablepricefund-2) | 19 |
| [UBS Sustainable Development Bank Bond Fund](#UBSsustainabledevelopmentbankbondfund-2) | 21 |
| [UBS Multi Income Bond Fund](#UBSmultiincomebondfund-2) | 23 |
| [**Glossary of terms used in the Portfolio of investments**](#glossaryoftermsusedintheportfolioofinvestments-2) | **31** |
| [**Statement of assets and liabilities**](#statementofassetsandliabilities-2) | **32** |
| [**Statement of operations**](#statementofoperations-2) | **38** |
| [**Statement of changes in net assets**](#statementofchangesinnetassets-2) | **41** |
| [**Financial highlights**](#financialhighlights-2) | **45** |
| [**Notes to financial statements**](#notestofinancialstatements-2) | **56** |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—33.9%** | **Common stocks—33.9%** | **Common stocks—33.9%** |
| **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** |
| Glencore PLC\* | 26133 | $143211 |
| **Austria—0.2%** | **Austria—0.2%** | **Austria—0.2%** |
| BAWAG Group AG<sup>1</sup> | 1075 | 162971 |
| Erste Group Bank AG | 1545 | 186834 |
|  |  | 349805 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Gerdau SA, ADR | 19106 | 70501 |
| MercadoLibre, Inc.\* | 45 | 90642 |
|  |  | 161143 |
| **Canada—0.4%** | **Canada—0.4%** | **Canada—0.4%** |
| Canadian Pacific Kansas City Ltd. | 2107 | 155122 |
| Paramount Resources Ltd., Class A<sup>2</sup> | 3282 | 57842 |
| Restaurant Brands International, Inc.<sup>2</sup> | 1449 | 98877 |
| Shopify, Inc., Class A\* | 954 | 153565 |
| Tourmaline Oil Corp.<sup>2</sup> | 2744 | 123091 |
|  |  | 588497 |
| **France—0.2%** | **France—0.2%** | **France—0.2%** |
| Danone SA | 1851 | 167019 |
| LVMH Moet Hennessy Louis Vuitton SE | 205 | 155391 |
|  |  | 322410 |
| **Germany—0.4%** | **Germany—0.4%** | **Germany—0.4%** |
| Daimler Truck Holding AG | 2933 | 128637 |
| Deutsche Boerse AG | 511 | 134338 |
| Infineon Technologies AG | 3909 | 173326 |
| Knorr-Bremse AG | 1790 | 200158 |
|  |  | 636459 |
| **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** |
| AIA Group Ltd. | 12517 | 128504 |
| **India—0.1%** | **India—0.1%** | **India—0.1%** |
| HDFC Bank Ltd., ADR | 3783 | 138231 |
| **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| AIB Group PLC | 21833 | 236055 |
| **Japan—0.6%** | **Japan—0.6%** | **Japan—0.6%** |
| Chugai Pharmaceutical Co. Ltd.<sup>2</sup> | 1800 | 94723 |
| ITOCHU Corp.<sup>2</sup> | 12500 | 157607 |
| Keyence Corp. | 400 | 144740 |
| OBIC Business Consultants Co. Ltd. | 2100 | 113325 |
| Shin-Etsu Chemical Co. Ltd. | 4000 | 124438 |
| Sony Group Corp. | 7800 | 200378 |
|  |  | 835211 |
| **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** |
| ASML Holding NV | 227 | 245802 |
| Koninklijke Philips NV | 6270 | 171244 |
| NXP Semiconductors NV | 69 | 14977 |
| Universal Music Group NV | 4751 | 124119 |
|  |  | 556142 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Portugal—0.1%** | **Portugal—0.1%** | **Portugal—0.1%** |
| Galp Energia SGPS SA<sup>2</sup> | 5458 | $93840 |
| **Spain—0.2%** | **Spain—0.2%** | **Spain—0.2%** |
| Banco Bilbao Vizcaya Argentaria SA | 10710 | 252357 |
| **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** |
| Sandoz Group AG | 2695 | 196792 |
| TE Connectivity PLC | 81 | 18428 |
|  |  | 215220 |
| **United Kingdom—0.4%** | **United Kingdom—0.4%** | **United Kingdom—0.4%** |
| Admiral Group PLC | 2512 | 107541 |
| AstraZeneca PLC | 938 | 174358 |
| BAE Systems PLC | 4005 | 92531 |
| British American Tobacco PLC | 3500 | 198809 |
| Klarna Group PLC\* | 27 | 781 |
| Wise PLC, Class A\* | 8339 | 100153 |
|  |  | 674173 |
| **United States—30.3%** | **United States—30.3%** | **United States—30.3%** |
| 3M Co. | 138 | 22094 |
| A.O. Smith Corp. | 19 | 1271 |
| Abbott Laboratories | 451 | 56506 |
| AbbVie, Inc. | 461 | 105334 |
| Accenture PLC, Class A | 167 | 44806 |
| Adobe, Inc.\* | 110 | 38499 |
| Advanced Drainage Systems, Inc. | 1693 | 245197 |
| Advanced Micro Devices, Inc.\* | 2327 | 498350 |
| AES Corp. | 409 | 5865 |
| Aflac, Inc. | 134 | 14776 |
| Agilent Technologies, Inc. | 77 | 10477 |
| Air Products & Chemicals, Inc. | 21 | 5187 |
| Airbnb, Inc., Class A\* | 114 | 15472 |
| Akamai Technologies, Inc.\* | 42 | 3664 |
| Albemarle Corp. | 12 | 1697 |
| Alcon AG | 1763 | 140844 |
| Align Technology, Inc.\* | 18 | 2811 |
| Allegion PLC | 25 | 3980 |
| Alliant Energy Corp. | 155 | 10077 |
| Allstate Corp. | 81 | 16860 |
| Alphabet, Inc., Class C | 1362 | 427396 |
| Alphabet, Inc., Class A | 7826 | 2449538 |
| Amazon.com, Inc.\* | 9951 | 2296890 |
| Amcor PLC | 200 | 1668 |
| Ameren Corp. | 155 | 15478 |
| American Electric Power Co., Inc. | 311 | 35861 |
| American Express Co. | 164 | 60672 |
| American International Group, Inc. | 169 | 14458 |
| American Water Works Co., Inc. | 122 | 15921 |
| Ameriprise Financial, Inc. | 28 | 13730 |
| AMETEK, Inc. | 58 | 11908 |
| Amgen, Inc. | 138 | 45169 |
| Amphenol Corp., Class A | 326 | 44056 |
| Analog Devices, Inc. | 131 | 35527 |
| Aon PLC, Class A | 65 | 22937 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| APA Corp. | 68 | $1663 |
| Apollo Global Management, Inc. | 1779 | 257528 |
| Apple, Inc. | 10865 | 2953759 |
| Applied Materials, Inc. | 217 | 55767 |
| AppLovin Corp., Class A\* | 354 | 238532 |
| Aptiv PLC\* | 4521 | 344003 |
| Arch Capital Group Ltd.\* | 112 | 10743 |
| ARES Management Corp., Class A | 51 | 8243 |
| Arista Networks, Inc.\* | 2431 | 318534 |
| Arthur J Gallagher & Co. | 83 | 21480 |
| Assurant, Inc. | 13 | 3131 |
| AT&T, Inc. | 2066 | 51319 |
| Atlassian Corp., Class A\* | 390 | 63235 |
| Atmos Energy Corp. | 84 | 14081 |
| Autodesk, Inc.\* | 59 | 17465 |
| Automatic Data Processing, Inc. | 104 | 26752 |
| AutoZone, Inc.\* | 4 | 13566 |
| Axon Enterprise, Inc.\* | 20 | 11359 |
| Baker Hughes Co. | 169 | 7696 |
| Ball Corp. | 36 | 1907 |
| Bank of America Corp. | 2055 | 113025 |
| Bank of New York Mellon Corp. | 215 | 24959 |
| Baxter International, Inc. | 143 | 2733 |
| Becton Dickinson & Co. | 77 | 14943 |
| Berkshire Hathaway, Inc., Class B\* | 1464 | 735880 |
| Best Buy Co., Inc. | 53 | 3547 |
| Biogen, Inc.\* | 38 | 6688 |
| Bio-Rad Laboratories, Inc., Class A\* | 1004 | 304202 |
| Bio-Techne Corp. | 47 | 2764 |
| Blackrock, Inc. | 328 | 351072 |
| Blackstone, Inc. | 219 | 33757 |
| Block, Inc.\* | 164 | 10675 |
| Boeing Co.\* | 1411 | 306356 |
| Booking Holdings, Inc. | 8 | 42843 |
| Boston Scientific Corp.\* | 2397 | 228554 |
| Bristol-Myers Squibb Co. | 9400 | 507036 |
| Broadcom, Inc. | 3476 | 1203044 |
| Broadridge Financial Solutions, Inc. | 33 | 7365 |
| Brown & Brown, Inc. | 97 | 7731 |
| Builders FirstSource, Inc.\* | 32 | 3292 |
| Burlington Stores, Inc.\* | 817 | 235990 |
| Cadence Design Systems, Inc.\* | 75 | 23443 |
| Capital One Financial Corp. | 3019 | 731685 |
| Cardinal Health, Inc. | 65 | 13357 |
| Carnival Corp.\* | 278 | 8490 |
| Carrier Global Corp. | 213 | 11255 |
| Carvana Co.\* | 36 | 15193 |
| Caterpillar, Inc. | 118 | 67599 |
| Cboe Global Markets, Inc. | 34 | 8534 |
| CDW Corp. | 36 | 4903 |
| Celsius Holdings, Inc.\* | 2694 | 123224 |
| Cencora, Inc. | 46 | 15536 |
| Centene Corp.\* | 96 | 3950 |
| CenterPoint Energy, Inc. | 388 | 14876 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| CF Industries Holdings, Inc. | 19 | $1469 |
| CH Robinson Worldwide, Inc. | 34 | 5466 |
| Charles River Laboratories | Charles River Laboratories | Charles River Laboratories |
| International, Inc.\* | 13 | 2593 |
| Charles Schwab Corp. | 510 | 50954 |
| Charter Communications, Inc., | Charter Communications, Inc., | Charter Communications, Inc., |
| Class A\* | 30 | 6262 |
| Chevron Corp. | 336 | 51210 |
| Chipotle Mexican Grill, Inc.\* | 323 | 11951 |
| Chubb Ltd. | 114 | 35582 |
| Cigna Group | 70 | 19266 |
| Cincinnati Financial Corp. | 49 | 8003 |
| Cintas Corp. | 89 | 16738 |
| Cisco Systems, Inc. | 1053 | 81113 |
| Citigroup, Inc. | 548 | 63946 |
| Citizens Financial Group, Inc. | 124 | 7243 |
| CME Group, Inc. | 112 | 30585 |
| CMS Energy Corp. | 172 | 12028 |
| Cognizant Technology Solutions Corp., Class A | 123 | 10209 |
| Coinbase Global, Inc., Class A\* | 68 | 15378 |
| Comcast Corp., Class A | 1036 | 30966 |
| Comfort Systems USA, Inc. | 7 | 6533 |
| ConocoPhillips | 214 | 20033 |
| Consolidated Edison, Inc. | 206 | 20460 |
| Constellation Energy Corp. | 184 | 65002 |
| Cooper Cos., Inc.\* | 3677 | 301367 |
| Copart, Inc.\* | 226 | 8848 |
| Corning, Inc. | 216 | 18913 |
| Corpay, Inc.\* | 22 | 6620 |
| Corteva, Inc. | 73 | 4893 |
| Coterra Energy, Inc. | 136 | 3580 |
| CRH PLC | 70 | 8736 |
| Crowdstrike Holdings, Inc., Class A\* | 66 | 30938 |
| CSX Corp. | 472 | 17110 |
| Cummins, Inc. | 36 | 18376 |
| CVS Health Corp. | 336 | 26665 |
| Danaher Corp. | 163 | 37314 |
| Darden Restaurants, Inc. | 30 | 5521 |
| Datadog, Inc., Class A\* | 89 | 12103 |
| DaVita, Inc.\* | 11 | 1250 |
| Dayforce, Inc.\* | 49 | 3389 |
| Deckers Outdoor Corp.\* | 41 | 4250 |
| Deere & Co. | 66 | 30728 |
| Dell Technologies, Inc., Class C | 82 | 10322 |
| Delta Air Lines, Inc. | 167 | 11590 |
| Devon Energy Corp. | 6213 | 227582 |
| Dexcom, Inc.\* | 106 | 7035 |
| Diamondback Energy, Inc. | 30 | 4510 |
| Dollar General Corp. | 2507 | 332854 |
| Dominion Energy, Inc. | 504 | 29529 |
| Domino's Pizza, Inc. | 8 | 3335 |
| DoorDash, Inc., Class A\* | 1077 | 243919 |
| Dover Corp. | 36 | 7029 |
| Dow, Inc. | 71 | 1660 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| DR Horton, Inc. | 67 | $9650 |
| DTE Energy Co. | 115 | 14833 |
| Duke Energy Corp. | 455 | 53331 |
| DuPont de Nemours, Inc. | 43 | 1729 |
| Eaton Corp. PLC | 892 | 284111 |
| eBay, Inc. | 122 | 10626 |
| Ecolab, Inc. | 24 | 6300 |
| Edison International | 221 | 13264 |
| Edwards Lifesciences Corp.\* | 141 | 12020 |
| Electronic Arts, Inc. | 66 | 13486 |
| Elevance Health, Inc. | 57 | 19981 |
| Eli Lilly & Co. | 868 | 932822 |
| EMCOR Group, Inc. | 11 | 6730 |
| Emerson Electric Co. | 143 | 18979 |
| Entergy Corp. | 259 | 23939 |
| EOG Resources, Inc. | 91 | 9556 |
| EPAM Systems, Inc.\* | 13 | 2663 |
| EQT Corp. | 108 | 5789 |
| Equifax, Inc. | 29 | 6292 |
| Erie Indemnity Co., Class A | 6 | 1720 |
| Everest Group Ltd. | 10 | 3394 |
| Evergy, Inc. | 135 | 9786 |
| Eversource Energy | 230 | 15486 |
| Exelon Corp. | 591 | 25762 |
| Expand Energy Corp. | 3270 | 360877 |
| Expedia Group, Inc. | 31 | 8783 |
| Expeditors International of Washington, Inc. | 30 | 4470 |
| Exxon Mobil Corp. | 1682 | 202412 |
| F5, Inc.\* | 14 | 3574 |
| FactSet Research Systems, Inc. | 10 | 2902 |
| Fair Isaac Corp.\* | 6 | 10144 |
| Fastenal Co. | 288 | 11557 |
| FedEx Corp. | 58 | 16754 |
| Fidelity National Information Services, Inc. | 151 | 10035 |
| Fifth Third Bancorp | 204 | 9549 |
| First Citizens BancShares, Inc., Class A | 149 | 319781 |
| First Horizon Corp. | 13045 | 311775 |
| First Solar, Inc.\* | 29 | 7576 |
| FirstEnergy Corp. | 297 | 13297 |
| Fiserv, Inc.\* | 169 | 11352 |
| Ford Motor Co. | 1004 | 13172 |
| Fortinet, Inc.\* | 178 | 14135 |
| Fortive Corp. | 79 | 4362 |
| Fox Corp., Class A | 71 | 5188 |
| Fox Corp., Class B | 43 | 2792 |
| Franklin Resources, Inc. | 50 | 1195 |
| Freeport-McMoRan, Inc. | 142 | 7212 |
| Garmin Ltd. | 40 | 8114 |
| Gartner, Inc.\* | 19 | 4793 |
| Gates Industrial Corp. PLC\* | 8672 | 186188 |
| GE HealthCare Technologies, Inc. | 124 | 10170 |
| GE Vernova, Inc. | 70 | 45750 |
| Gen Digital, Inc. | 166 | 4514 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Generac Holdings, Inc.\* | 17 | $2318 |
| General Dynamics Corp. | 66 | 22220 |
| General Electric Co. | 268 | 82552 |
| General Motors Co. | 233 | 18948 |
| Genuine Parts Co. | 37 | 4550 |
| Gilead Sciences, Inc. | 319 | 39154 |
| Global Payments, Inc. | 64 | 4954 |
| Globe Life, Inc. | 26 | 3636 |
| GoDaddy, Inc., Class A\* | 39 | 4839 |
| Goldman Sachs Group, Inc. | 92 | 80868 |
| Haleon PLC | 19955 | 100815 |
| Halliburton Co. | 157 | 4437 |
| Hartford Insurance Group, Inc. | 82 | 11300 |
| Hasbro, Inc. | 35 | 2870 |
| HCA Healthcare, Inc. | 40 | 18674 |
| Henry Schein, Inc.\* | 37 | 2796 |
| Hewlett Packard Enterprise Co. | 363 | 8719 |
| Hilton Worldwide Holdings, Inc. | 58 | 16660 |
| Hologic, Inc.\* | 41 | 3054 |
| Home Depot, Inc. | 253 | 87057 |
| Honeywell International, Inc. | 161 | 31409 |
| Howmet Aerospace, Inc. | 105 | 21527 |
| HP, Inc. | 268 | 5971 |
| Hubbell, Inc. | 15 | 6662 |
| Humana, Inc. | 32 | 8196 |
| Huntington Bancshares, Inc. | 483 | 8380 |
| Huntington Ingalls Industries, Inc. | 10 | 3401 |
| IDEX Corp. | 19 | 3381 |
| IDEXX Laboratories, Inc.\* | 21 | 14207 |
| Illinois Tool Works, Inc. | 65 | 16009 |
| Incyte Corp.\* | 44 | 4346 |
| Ingersoll Rand, Inc. | 4997 | 395862 |
| Insulet Corp.\* | 18 | 5116 |
| Intel Corp.\* | 1197 | 44169 |
| Interactive Brokers Group, Inc., Class A | 136 | 8746 |
| Intercontinental Exchange, Inc. | 170 | 27533 |
| International Business Machines Corp. | 250 | 74052 |
| International Flavors & Fragrances, Inc. | 3955 | 266527 |
| International Paper Co. | 56 | 2206 |
| Intuit, Inc. | 75 | 49681 |
| Intuitive Surgical, Inc.\* | 92 | 52105 |
| Invesco Ltd. | 156 | 4098 |
| IQVIA Holdings, Inc.\* | 43 | 9693 |
| Jabil, Inc. | 29 | 6613 |
| Jack Henry & Associates, Inc. | 1197 | 218429 |
| Jacobs Solutions, Inc. | 34 | 4504 |
| JB Hunt Transport Services, Inc. | 21 | 4081 |
| Johnson & Johnson | 621 | 128516 |
| Johnson Controls International PLC | 1954 | 233991 |
| JPMorgan Chase & Co. | 835 | 269054 |
| KeyCorp | 245 | 5057 |
| Keysight Technologies, Inc.\* | 47 | 9550 |
| Kinder Morgan, Inc. | 331 | 9099 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| KKR & Co., Inc. | 211 | $26898 |
| KLA Corp. | 35 | 42528 |
| Kraft Heinz Co. | 9251 | 224337 |
| L3Harris Technologies, Inc. | 49 | 14385 |
| Labcorp Holdings, Inc. | 21 | 5268 |
| Lam Research Corp. | 334 | 57174 |
| Las Vegas Sands Corp. | 69 | 4491 |
| Leidos Holdings, Inc. | 37 | 6675 |
| Lennar Corp., Class A | 48 | 4934 |
| Lennox International, Inc. | 8 | 3885 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 2017 | 198695 |
| Linde PLC | 44 | 18761 |
| Live Nation Entertainment, Inc.\* | 51 | 7267 |
| Lockheed Martin Corp. | 53 | 25635 |
| Loews Corp. | 49 | 5160 |
| Lowe's Cos., Inc. | 142 | 34245 |
| Lululemon Athletica, Inc.\* | 29 | 6026 |
| Lyft, Inc., Class A\* | 5260 | 101886 |
| LyondellBasell Industries NV, Class A | 34 | 1472 |
| M&T Bank Corp. | 49 | 9873 |
| Marathon Petroleum Corp. | 51 | 8294 |
| Marriott International, Inc., Class A | 60 | 18614 |
| Marsh & McLennan Cos., Inc. | 1341 | 248782 |
| Martin Marietta Materials, Inc. | 4 | 2491 |
| Marvell Technology, Inc. | 2008 | 170640 |
| Masco Corp. | 45 | 2856 |
| Mastercard, Inc., Class A | 1195 | 682202 |
| Match Group, Inc. | 84 | 2712 |
| McDonald's Corp. | 182 | 55625 |
| McKesson Corp. | 33 | 27070 |
| Medtronic PLC | 328 | 31508 |
| Merck & Co., Inc. | 636 | 66945 |
| Meta Platforms, Inc., Class A | 1862 | 1229088 |
| MetLife, Inc. | 169 | 13341 |
| Mettler-Toledo International, Inc.\* | 4 | 5577 |
| MGM Resorts International\* | 62 | 2262 |
| Microchip Technology, Inc. | 150 | 9558 |
| Micron Technology, Inc. | 1238 | 353338 |
| Microsoft Corp. | 6238 | 3016822 |
| Moderna, Inc.\*<sup>,2</sup> | 93 | 2743 |
| Molina Healthcare, Inc.\* | 14 | 2430 |
| Monolithic Power Systems, Inc. | 13 | 11783 |
| Moody's Corp. | 47 | 24010 |
| Morgan Stanley | 374 | 66396 |
| Motorola Solutions, Inc. | 46 | 17633 |
| MSCI, Inc. | 22 | 12622 |
| Nasdaq, Inc. | 128 | 12433 |
| Nestle SA, Registered Shares | 1405 | 139666 |
| NetApp, Inc. | 57 | 6104 |
| Netflix, Inc.\* | 1240 | 116262 |
| Newmont Corp. | 110 | 10983 |
| News Corp., Class A | 83 | 2168 |
| News Corp., Class B<sup>2</sup> | 46 | 1363 |
| NextEra Energy, Inc. | 5745 | 461209 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| NIKE, Inc., Class B | 2129 | $135639 |
| NiSource, Inc. | 298 | 12444 |
| Nordson Corp. | 11 | 2645 |
| Norfolk Southern Corp. | 57 | 16457 |
| Northern Trust Corp. | 63 | 8605 |
| Northrop Grumman Corp. | 567 | 323309 |
| Norwegian Cruise Line Holdings Ltd.\* | 121 | 2701 |
| NRG Energy, Inc. | 112 | 17835 |
| Nucor Corp. | 23 | 3752 |
| NVIDIA Corp. | 20406 | 3805719 |
| NVR, Inc.\* | 1 | 7293 |
| Occidental Petroleum Corp. | 5483 | 225461 |
| Old Dominion Freight Line, Inc. | 46 | 7213 |
| Omnicom Group, Inc. | 87 | 7025 |
| ON Semiconductor Corp.\* | 118 | 6390 |
| ONEOK, Inc. | 108 | 7938 |
| Oracle Corp. | 2551 | 497215 |
| O'Reilly Automotive, Inc.\* | 214 | 19519 |
| Otis Worldwide Corp. | 90 | 7861 |
| Owens Corning | 2128 | 238144 |
| PACCAR, Inc. | 136 | 14893 |
| Palantir Technologies, Inc., Class A\* | 607 | 107894 |
| Palo Alto Networks, Inc.\* | 183 | 33709 |
| Paramount Skydance Corp., Class B | 95 | 1273 |
| Parker-Hannifin Corp. | 32 | 28127 |
| Paychex, Inc. | 81 | 9087 |
| Paycom Software, Inc. | 13 | 2072 |
| PayPal Holdings, Inc. | 292 | 17047 |
| Pentair PLC | 52 | 5415 |
| Pfizer, Inc. | 1444 | 35956 |
| PG&E Corp. | 1274 | 20473 |
| Philip Morris International, Inc. | 1755 | 281502 |
| Phillips 66 | 68 | 8775 |
| Pinnacle West Capital Corp. | 63 | 5588 |
| PNC Financial Services Group, Inc. | 119 | 24839 |
| Pool Corp. | 8 | 1830 |
| PPG Industries, Inc. | 16 | 1639 |
| PPL Corp. | 439 | 15374 |
| Principal Financial Group, Inc. | 68 | 5998 |
| Progressive Corp. | 1307 | 297630 |
| Prologis, Inc. | 2247 | 286852 |
| Prudential Financial, Inc. | 112 | 12643 |
| PTC, Inc.\* | 33 | 5749 |
| Public Service Enterprise Group, Inc. | 288 | 23126 |
| PulteGroup, Inc. | 43 | 5042 |
| Qnity Electronics, Inc., Class W/I | 44 | 3593 |
| QUALCOMM, Inc. | 2010 | 343810 |
| Quanta Services, Inc. | 39 | 16460 |
| Quest Diagnostics, Inc. | 29 | 5032 |
| Ralph Lauren Corp. | 9 | 3182 |
| Raymond James Financial, Inc. | 60 | 9635 |
| Regal Rexnord Corp. | 1824 | 255944 |
| Regeneron Pharmaceuticals, Inc. | 27 | 20840 |
| Regions Financial Corp. | 255 | 6910 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Republic Services, Inc. | 53 | $11232 |
| ResMed, Inc. | 39 | 9394 |
| Revvity, Inc.<sup>2</sup> | 33 | 3193 |
| Robinhood Markets, Inc., Class A\* | 235 | 26578 |
| Rockwell Automation, Inc. | 28 | 10894 |
| Rollins, Inc. | 69 | 4141 |
| Roper Technologies, Inc. | 431 | 191851 |
| Ross Stores, Inc. | 86 | 15492 |
| Royal Caribbean Cruises Ltd. | 65 | 18130 |
| RTX Corp. | 338 | 61989 |
| S&P Global, Inc. | 394 | 205900 |
| Salesforce, Inc. | 258 | 68347 |
| Sandisk Corp.\* | 34 | 8071 |
| Seagate Technology Holdings PLC | 58 | 15973 |
| Sempra | 385 | 33992 |
| ServiceNow, Inc.\* | 285 | 43659 |
| Sherwin-Williams Co. | 23 | 7453 |
| Skyworks Solutions, Inc. | 42 | 2663 |
| SLB Ltd. | 251 | 9633 |
| Smurfit WestRock PLC | 57 | 2204 |
| Snap-on, Inc. | 11 | 3791 |
| Solventum Corp.\* | 36 | 2853 |
| Southern Co. | 644 | 56157 |
| Southwest Airlines Co. | 123 | 5084 |
| Spotify Technology SA\* | 389 | 225896 |
| Stanley Black & Decker, Inc. | 46 | 3417 |
| Starbucks Corp. | 283 | 23831 |
| State Street Corp. | 94 | 12127 |
| Steel Dynamics, Inc. | 12 | 2033 |
| STERIS PLC | 25 | 6338 |
| Stryker Corp. | 90 | 31632 |
| Super Micro Computer, Inc.\*<sup>,2</sup> | 142 | 4156 |
| Synchrony Financial | 109 | 9094 |
| Synopsys, Inc.\* | 51 | 23956 |
| T. Rowe Price Group, Inc. | 61 | 6245 |
| Take-Two Interactive Software, Inc.\* | 1414 | 362026 |
| Tapestry, Inc. | 55 | 7027 |
| Targa Resources Corp. | 36 | 6642 |
| Teledyne Technologies, Inc.\* | 10 | 5107 |
| Teradyne, Inc. | 45 | 8710 |
| Tesla, Inc.\* | 1258 | 565748 |
| Texas Instruments, Inc. | 242 | 41985 |
| Texas Pacific Land Corp. | 6 | 1723 |
| Textron, Inc. | 41 | 3574 |
| Thermo Fisher Scientific, Inc. | 97 | 56207 |
| TJX Cos., Inc. | 283 | 43472 |
| TKO Group Holdings, Inc. | 20 | 4180 |
| T-Mobile U.S., Inc. | 1326 | 269231 |
| Tractor Supply Co. | 142 | 7101 |
| Trade Desk, Inc., Class A\* | 118 | 4479 |
| Trane Technologies PLC | 58 | 22574 |
| TransDigm Group, Inc. | 15 | 19948 |
| Travelers Cos., Inc. | 69 | 20014 |
| Trimble, Inc.\* | 69 | 5406 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Truist Financial Corp. | 365 | $17962 |
| Tyler Technologies, Inc.\* | 10 | 4539 |
| U.S. Bancorp | 472 | 25186 |
| Uber Technologies, Inc.\* | 537 | 43878 |
| Ulta Beauty, Inc.\* | 11 | 6655 |
| Union Pacific Corp. | 153 | 35392 |
| United Airlines Holdings, Inc.\* | 82 | 9169 |
| United Parcel Service, Inc., Class B | 182 | 18053 |
| United Rentals, Inc. | 17 | 13758 |
| UnitedHealth Group, Inc. | 1041 | 343645 |
| Universal Health Services, Inc., Class B | 15 | 3270 |
| Valero Energy Corp. | 52 | 8465 |
| Veralto Corp. | 59 | 5887 |
| VeriSign, Inc. | 22 | 5345 |
| Verisk Analytics, Inc. | 33 | 7382 |
| Verizon Communications, Inc. | 1218 | 49609 |
| Vertex Pharmaceuticals, Inc.\* | 65 | 29468 |
| Viatris, Inc. | 311 | 3872 |
| Visa, Inc., Class A | 517 | 181317 |
| Vistra Corp. | 188 | 30330 |
| Voya Financial, Inc. | 3589 | 267345 |
| Vulcan Materials Co. | 758 | 216197 |
| W.R. Berkley Corp. | 89 | 6241 |
| Walmart, Inc. | 2324 | 258917 |
| Walt Disney Co. | 3538 | 402518 |
| Warner Bros Discovery, Inc.\* | 725 | 20894 |
| Waste Management, Inc. | 1147 | 252007 |
| Waters Corp.\* | 15 | 5697 |
| WEC Energy Group, Inc. | 199 | 20987 |
| Wells Fargo & Co. | 3899 | 363387 |
| Welltower, Inc. | 933 | 173174 |
| West Pharmaceutical Services, Inc. | 18 | 4953 |
| Western Digital Corp. | 89 | 15332 |
| Westinghouse Air Brake Technologies Corp. | 43 | 9178 |
| Westlake Corp. | 1882 | 139155 |
| Williams Cos., Inc. | 208 | 12503 |
| Williams-Sonoma, Inc. | 32 | 5715 |
| Willis Towers Watson PLC | 32 | 10515 |
| Workday, Inc., Class A\* | 60 | 12887 |
| WW Grainger, Inc. | 12 | 12109 |
| Wynn Resorts Ltd. | 23 | 2768 |
| Xcel Energy, Inc. | 346 | 25556 |
| Xylem, Inc. | 61 | 8307 |
| Yum! Brands, Inc. | 74 | 11195 |
| Zebra Technologies Corp., Class A\* | 12 | 2914 |
| Zimmer Biomet Holdings, Inc. | 54 | 4856 |
| Zoetis, Inc. | 114 | 14343 |
| Zscaler, Inc.\* | 943 | 212100 |
|  |  | 44788174 |
| **Total common stocks**<br> (cost $42,209,690) |  | **50119432** |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>3</sup>** | **Value** |
| **Asset-backed securities—0.8%** | **Asset-backed securities—0.8%** | **Asset-backed securities—0.8%** |
| **Cayman Islands—0.2%** | **Cayman Islands—0.2%** | **Cayman Islands—0.2%** |
| OHA Credit Partners XV Ltd.,<br>Series 2017-15A, Class D2R, <br>3 mo. USD Term SOFR + 4.500%,<br>8.384%, due 04/20/37<sup>1,4</sup> | 250000 | $251901 |
| **United States—0.6%** | **United States—0.6%** | **United States—0.6%** |
| CCG Receivables Trust,<br>Series 2022-1, Class B,<br>4.420%, due 07/16/29<sup>1</sup> | 100737 | 100736 |
| Dell Equipment Finance Trust,<br>Series 2023-2, Class B,<br>5.770%, due 01/22/29<sup>1</sup> | 100000 | 100418 |
| Enterprise Fleet Financing LLC,<br>Series 2023-2, Class A2,<br>5.560%, due 04/22/30<sup>1</sup> | 82017 | 82473 |
| GM Financial Consumer Automobile <br>Receivables Trust,<br>Series 2023-1, Class C,<br>5.320%, due 10/16/28 | 175000 | 176792 |
| HPEFS Equipment Trust<br>Series 2024-1A, Class B,<br>5.180%, due 05/20/31<sup>1</sup> | 250000 | 250921 |
| Series 2025-1A, Class D,<br>4.990%, due 03/21/33<sup>1</sup> | 100000 | 100861 |
| Santander Drive Auto Receivables Trust,<br>Series 2025-3, Class C,<br>4.680%, due 09/15/31 | 100000 | 100610 |
|  |  | 912811 |
| **Total asset-backed securities**<br> (cost $1,165,656) |  | **1164712** |
| **Corporate bonds—13.7%** | **Corporate bonds—13.7%** | **Corporate bonds—13.7%** |
| **United States—13.7%** | **United States—13.7%** | **United States—13.7%** |
| Air Lease Corp.<br>5.300%, due 02/01/28 | 750000 | 763760 |
| Bank of America Corp.<br>(fixed, converts to FRN on 07/21/31),<br>2.299%, due 07/21/32<sup>4</sup> | 1450000 | 1296529 |
| Broadcom, Inc.<br>4.300%, due 11/15/32 | 900000 | 887777 |
| Capital One Financial Corp.<br>(fixed, converts to FRN on 02/01/29),<br>5.700%, due 02/01/30<sup>4</sup> | 850000 | 883746 |
| Centene Corp.<br>2.450%, due 07/15/28 | 750000 | 702254 |
| Charter Communications Operating LLC/<br>Charter Communications Operating Capital<br>6.100%, due 06/01/29 | 400000 | 417472 |
| Cheniere Energy Partners LP<br>4.500%, due 10/01/29 | 810000 | 811703 |
| Citigroup, Inc.<br>(fixed, converts to FRN on 06/11/34),<br>5.449%, due 06/11/35<sup>4</sup> | 1075000 | 1113259 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>3</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Consolidated Edison Co. of New York, Inc.<br>5.500%, due 03/15/34 | 375000 | $| 393446 |
| Discovery Communications LLC<br>3.625%, due 05/15/30 | 1250000 |  | 1150791 |
| Expand Energy Corp.<br>5.375%, due 02/01/29 | 750000 |  | 750015 |
| General Motors Co.<br>5.400%, due 10/15/29 | 810000 |  | 838931 |
| Goldman Sachs Group, Inc.<br>(fixed, converts to FRN on 04/25/29),<br>5.727%, due 04/25/30<sup>4</sup> | 1250000 |  | 1305902 |
| HEICO Corp.<br>5.350%, due 08/01/33 | 550000 |  | 569734 |
| JB Hunt Transport Services, Inc.<br>4.900%, due 03/15/30 | 550000 |  | 561906 |
| JPMorgan Chase & Co.<br>3.625%, due 12/01/27 | 810000 |  | 805868 |
| Micron Technology, Inc.<br>5.650%, due 11/01/32 | 550000 |  | 578129 |
| Morgan Stanley<br>(fixed, converts to FRN on 07/20/32),<br>4.889%, due 07/20/33<sup>4</sup> | 1250000 |  | 1267997 |
| Oracle Corp.<br>6.250%, due 11/09/32 | 750000 |  | 781808 |
| Pacific Gas & Electric Co.<br>4.550%, due 07/01/30 | 750000 |  | 746778 |
| Royal Caribbean Cruises Ltd.<br>5.625%, due 09/30/31<sup>1</sup> | 750000 |  | 766738 |
| San Diego Gas & Electric Co.<br>5.400%, due 04/15/35 | 550000 |  | 569285 |
| Southern California Edison Co.<br>5.850%, due 11/01/27 | 630000 |  | 647341 |
| T-Mobile USA, Inc.<br>3.500%, due 04/15/31 | 540000 |  | 516272 |
| Warnermedia Holdings, Inc.<br>4.054%, due 03/15/29 | 350000 |  | 338730 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 07/25/32),<br>4.897%, due 07/25/33<sup>4</sup> | 820000 |  | 832755 |
| **Total corporate bonds**<br> (cost $19,698,476) |  |  | **20298926** |
| **Mortgage-backed securities—0.6%** | **Mortgage-backed securities—0.6%** | **Mortgage-backed securities—0.6%** | **Mortgage-backed securities—0.6%** |
| **United States—0.6%** | **United States—0.6%** | **United States—0.6%** | **United States—0.6%** |
| Bank, <br>Series 2022-BNK39, Class A4,<br>2.928%, due 02/15/55<sup>4</sup> | 200000 |  | 182386 |
| Benchmark Mortgage Trust, <br>Series 2021-B29, Class A5,<br>2.388%, due 09/15/54 | 275000 |  | 244704 |
| CENT, <br>Series 2025-CITY, Class A,<br>4.920%, due 07/10/40<sup>1,4</sup> | 100000 |  | 101216 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>3</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Citigroup Commercial Mortgage Trust,<br>Series 2018-C5, Class A4,<br>4.228%, due 06/10/51<sup>4</sup> | 100000 | $| 99857 |
| Flagstar Mortgage Trust, <br>Series 2018-5, Class A2,<br>4.000%, due 09/25/48<sup>1,4</sup> | 29260 |  | 27590 |
| Hudson Yards Mortgage Trust,<br>Series 2016-10HY, Class A,<br>2.835%, due 08/10/38<sup>1</sup> | 120000 |  | 118743 |
| MFA Trust<br>Series 2020-NQM3, Class A1,<br>1.014%, due 01/26/65<sup>1,4</sup> | 10048 |  | 9600 |
| Series 2021-NQM1, Class A1,<br>1.153%, due 04/25/65<sup>1,4</sup> | 15218 |  | 14400 |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2018-C45, Class AS,<br>4.405%, due 06/15/51<sup>4</sup> | 130000 |  | 128372 |
| **Total mortgage-backed securities**<br> (cost $914,116) |  |  | **926868** |
| **U.S. government agency obligations—6.9%** | **U.S. government agency obligations—6.9%** | **U.S. government agency obligations—6.9%** | **U.S. government agency obligations—6.9%** |
| **United States—6.9%** | **United States—6.9%** | **United States—6.9%** | **United States—6.9%** |
| Federal Home Loan Mortgage Corp.<br>1.500%, due 10/01/51 | 274555 |  | 212567 |
| 2.000%, due 04/01/51 | 158209 |  | 129169 |
| 2.000%, due 05/01/51 | 248702 |  | 203201 |
| 2.000%, due 11/01/51 | 368208 |  | 299722 |
| 2.500%, due 11/01/50 | 161865 |  | 140736 |
| 3.000%, due 01/01/52 | 101068 |  | 89963 |
| 3.500%, due 11/01/52 | 222059 |  | 207831 |
| 4.500%, due 08/01/52 | 175198 |  | 171924 |
| 4.500%, due 08/01/52 | 214746 |  | 210732 |
| Federal National Mortgage Association<br>2.000%, due 11/01/50 | 229288 |  | 187338 |
| 2.000%, due 04/01/51 | 202170 |  | 166511 |
| 2.000%, due 01/01/52 | 167779 |  | 136965 |
| 2.000%, due 06/01/52 | 280516 |  | 228536 |
| 2.500%, due 01/01/50 | 525461 |  | 450150 |
| 2.500%, due 04/01/50 | 509106 |  | 436487 |
| 2.500%, due 02/01/52 | 196516 |  | 169817 |
| 3.000%, due 08/01/50 | 376742 |  | 341081 |
| 3.000%, due 03/01/52 | 289770 |  | 260455 |
| 3.500%, due 02/01/49 | 354153 |  | 331993 |
| 4.000%, due 05/01/51 | 337062 |  | 324618 |
| 4.500%, due 10/01/52 | 507117 |  | 497481 |
| 5.000%, due 10/01/53 | 557904 |  | 558398 |
| 5.500%, due 08/01/53 | 465078 |  | 472833 |
| 6.000%, due 12/01/53 | 460994 |  | 479325 |
| Government National Mortgage Association<br>2.000%, due 01/20/52 | 406482 |  | 336801 |
| 2.500%, due 08/20/51 | 447552 |  | 386500 |
| 3.000%, due 10/20/45 | 56004 |  | 51143 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>3</sup>** | **Value** |
| **U.S. government agency obligations—(concluded)** | | |
| **United States—(concluded)** | | |
| 3.000%, due 12/20/45 | 64305 | $58724 |
| 3.000%, due 04/20/52 | 183782 | 165398 |
| 3.500%, due 01/20/50 | 168492 | 156327 |
| 5.000%, due 11/20/52 | 208332 | 209199 |
| 5.500%, due 09/20/52 | 164967 | 167616 |
| Government National Mortgage Association, TBA<br>4.000% | 525000 | 495500 |
| 4.500% | 100000 | 97412 |
| 5.000% | 75000 | 74793 |
| Uniform Mortgage-Backed Security, TBA<br>2.000% | 325000 | 262832 |
| 2.500% | 125000 | 118259 |
| 3.500% | 125000 | 121545 |
| 4.000% | 275000 | 260835 |
| 5.000% | 200000 | 199465 |
| 5.500% | 250000 | 253475 |
| **Total U.S. government agency obligations**<br> (cost $10,054,540) |  | **10123657** |
|  | **Number of<br>shares** |  |
| **Exchange traded funds—11.9%** |  |  |
| Invesco China Technology ETF | 67932 | 3532464 |
| iShares J.P. Morgan USD Emerging<br>Markets Bond ETF | 61500 | 5921220 |
| iShares MSCI Global Gold Miners ETF | 50511 | 3719630 |
| State Street SPDR Portfolio High Yield Bond ETF | 184181 | 4359565 |
| **Total exchange traded funds**<br> (cost $16,021,301) |  | **17532879** |
| **Investment companies—22.7%** |  |  |
| PACE High Yield Investments<sup>5</sup> | 869441 | 7911910 |
| PACE International Equity Investments<sup>5</sup> | 896844 | 17622992 |
| UBS Emerging Markets Equity <br>Opportunity Fund<sup>5</sup> | 760986 | 8005575 |
| **Total investment companies**<br> (cost $30,360,663) |  | **33540477** |
| **Short-term investments—7.5%** |  |  |
| **Investment companies—1.6%** |  |  |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>6</sup>(cost $2,331,629) | 2331629 | 2331629 |
|  | **Face<br>amount<sup>3</sup>** |  |
| **Short-term U.S. Treasury obligations—5.9%** |  |  |
| **United States—5.9%** |  |  |
| U.S. Treasury Bills<br>3.809%, due 03/19/26<sup>6</sup> | 2200000 | 2183621 |
| 3.796%, due 04/16/26<sup>6</sup> | 2200000 | 2177603 |
| 3.857%, due 01/22/26<sup>6</sup> | 2100000 | 2095854 |
| 3.910%, due 01/06/26<sup>6</sup> | 200000 | 199894 |
| 3.866%, due 02/19/26<sup>6</sup> | 200000 | 199050 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>3</sup>** | **Value** |
| **Short-term U.S. Treasury obligations—(concluded)** | **Short-term U.S. Treasury obligations—(concluded)** | **Short-term U.S. Treasury obligations—(concluded)** |
| 3.764%, due 02/19/26<sup>6</sup> | 1300000 | $1293506 |
| 3.851%, due 02/19/26<sup>6</sup> | 600000 | 596949 |
| **Total short-term U.S. treasury obligations**<br> (Cost $8,743,606) |  | **8746477** |
| **Total Short-term investments**<br> (Cost $11,075,235) |  | **11078106** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment of cash collateral from securities loaned—0.3%** | **Investment of cash collateral from securities loaned—0.3%** | **Investment of cash collateral from securities loaned—0.3%** |
| **Money market funds—0.3%** | **Money market funds—0.3%** | **Money market funds—0.3%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>6</sup>(cost $513,164) | 513164 | $513164 |
| **Total investments—98.3%**<br> (cost $132,012,841) |  | **145298221** |

---

---

| | |
|:---|:---|
| Other assets in excess of liabilities—1.7% | 2506970 |
| **Net assets—100.0%** | $**147805191** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 58 | USD | E-mini Russell 1000 Value Index Futures | March 2026 | $6076711 | $6036350 | $(40361) |
| 41 | EUR | Euro High Yield Bond Index Futures | March 2026 | 2979815 | 2995260 | 15445 |
| 248 | EUR | EURO STOXX Banks Index Futures | March 2026 | 3763620 | 3877737 | 114117 |
| 50 | USD | iBoxx iShares $ High Yield Corporate Bond Index Futures | March 2026 | 8945034 | 9015750 | 70716 |
| 71 | USD | MSCI Emerging Markets Index Futures | March 2026 | 4866205 | 5010470 | 144265 |
| 22 | USD | S&P 500 E-Mini Index Futures | March 2026 | 7568627 | 7581750 | 13123 |
| 2 | CAD | S&P/TSX 60 Index Futures | March 2026 | 540187 | 542611 | 2424 |
| 42 | JPY | TSE TOPIX Index Futures | March 2026 | 9084003 | 9152643 | 68640 |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 84 | AUD | Australian Bond 10 Year Futures | March 2026 | $6117478 | $6137392 | $19914 |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 45 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | $5096318 | $5059687 | $(36631) |
| 116 | GBP | United Kingdom Long Gilt Bond Futures | March 2026 | 14214930 | 14286820 | 71890 |
| **Total** |  |  |  | $**69252928** | $**69696470** | $**443542** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 66 | AUD | ASX SPI 200 Index Futures | March 2026 | $(9539005) | $(9553383) | $(14378) |
| 39 | EUR | EURO STOXX 50 Index Futures | March 2026 | (2639686) | (2677094) | (37408) |
| 3 | GBP | FTSE 100 Index Futures | March 2026 | (394312) | (401999) | (7687) |
| 13 | USD | MSCI Europe USD NTR Index Futures | March 2026 | (1596784) | (1626690) | (29906) |
| 8 | USD | MSCI World USD NTR Index Futures | March 2026 | (1139937) | (1156800) | (16863) |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 15 | EUR | Euro Bund 10 Year Futures | March 2026 | $(2267297) | $(2248804) | $18493 |
| **Total** |  |  |  | $**(17577021)** | $**(17664770)** | $**(87749)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**355793** |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | EUR | 1264809 | USD | 1470000 | 01/13/26 | $(16968) |
| BB | USD | 4390000 | HUF | 1453864396 | 01/13/26 | 53384 |
| CITI | USD | 6177429 | INR | 549360000 | 01/13/26 | (69776) |
| GSI | AUD | 2745000 | USD | 1805370 | 01/13/26 | (26622) |
| GSI | JPY | 227442569 | USD | 1465000 | 01/13/26 | 12048 |
| GSI | USD | 276400 | SEK | 2590000 | 01/13/26 | 5040 |
| HSBC | CHF | 220000 | USD | 278456 | 01/13/26 | 502 |
| HSBC | CNH | 11705000 | USD | 1655032 | 01/13/26 | (23670) |
| HSBC | INR | 612050000 | USD | 6836592 | 01/13/26 | 31967 |
| HSBC | KRW | 1519000000 | USD | 1038448 | 01/13/26 | (16268) |
| HSBC | TWD | 27200000 | USD | 880245 | 01/13/26 | 14056 |
| HSBC | USD | 799374 | CAD | 1115000 | 01/13/26 | 13395 |
| JPMCB | GBP | 7960000 | USD | 10472255 | 01/13/26 | (257352) |
| JPMCB | USD | 18675275 | EUR | 16020000 | 01/13/26 | 158568 |
| MSCI | CAD | 10030229 | AUD | 11000000 | 01/13/26 | 29873 |
| MSCI | USD | 5675816 | BRL | 30520000 | 01/13/26 | (117771) |
| SSB | GBP | 2228706 | USD | 2925000 | 01/13/26 | (79163) |
| SSB | USD | 169341 | AUD | 255000 | 01/13/26 | 844 |
| SSB | USD | 149027 | CAD | 205000 | 01/13/26 | 406 |
| SSB | USD | 1539566 | EUR | 1332000 | 01/13/26 | 26395 |
| SSB | USD | 635152 | GBP | 475000 | 01/13/26 | 5120 |
| SSB | USD | 288390 | JPY | 45300000 | 01/13/26 | 996 |
| SSB | USD | 1599496 | JPY | 245700000 | 01/13/26 | (29912) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(284908)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $50119432 | $— | $— | $50119432 |
| Exchange traded funds | 17532879 |  |  | 17532879 |
| Investment companies | 33540477 |  |  | 33540477 |
| Asset-backed securities |  | 1164712 |  | 1164712 |
| Corporate bonds |  | 20298926 |  | 20298926 |
| Mortgage-backed securities |  | 926868 |  | 926868 |
| U.S. government agency obligations |  | 10123657 |  | 10123657 |
| Short-term investments | 2331629 |  |  | 2331629 |

---

------

UBS Global Allocation Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Fair valuation summary—(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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—(concluded)** | **Assets—(concluded)** | **Assets—(concluded)** | **Assets—(concluded)** | **Assets—(concluded)** |
| Short-term U.S. Treasury obligations | $— | $8746477 | $— | $8746477 |
| Investment of cash collateral from securities loaned | 513164 |  |  | 513164 |
| Futures contracts | 539027 |  |  | 539027 |
| Forward foreign currency contracts |  | 352594 |  | 352594 |
| **Total** | $**104576608** | $**41613234** | $**—** | $**146189842** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(183234) | $— | $— | $(183234) |
| Forward foreign currency contracts |  | (637502) |  | (637502) |
| **Total** | $**(183234)** | $**(637502)** | $**—** | $**(820736)** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,088,568, represented 1.4% of the Fund's net assets at period end.

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

<sup>3</sup> In U.S. dollars unless otherwise indicated.

<sup>4</sup> Floating or variable rate securities. The rates disclosed are as of December 31, 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.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security description** | **Value<br>06/30/25** | **Purchases<br>during the<br>period <br>ended<br>12/31/25** | **Sales<br>during the<br>period <br>ended<br>12/31/25** | **Net<br>realized<br>gain (loss)<br>during the<br>period <br>ended<br>12/31/25** | **Change in<br>net unrealized<br>appreciation<br>(depreciation)<br>during the<br>period <br>ended<br>12/31/25** | **Value<br>12/31/25** | **Net income<br>earned from<br>affiliate for the<br>period<br>ended<br>12/31/25** | **Shares<br>12/31/25** |
| UBS Emerging Markets Equity <br>Opportunity Fund | $6611428 | $1385772 | $1350000 | $(81529) | $1439904 | $8005575 | $155771 | 760986 |
| PACE High Yield Investments | 7588050 | 256079 |  |  | 67781 | 7911910 | 256079 | 869441 |
| PACE International Equity <br>Investments | 17428297 | 1913376 | 1700000 | 338909 | (357590) | 17622992 | 476687 | 896844 |
| PACE International <br>Emerging Markets Equity<br>Investments | 3045881 |  | 3167717 | 743009 | (621173) |  |  |  |
|  | $**34673656** | $**3555227** | $**6217717** | $**1000389** | $**528922** | $**33540477** | $**888537** |  |

---

<sup>6</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.7%** | **Common stocks—98.7%** | **Common stocks—98.7%** |
| **Australia—1.2%** | **Australia—1.2%** | **Australia—1.2%** |
| Anglogold Ashanti PLC | 54829 | $4745059 |
| **Brazil—7.1%** | **Brazil—7.1%** | **Brazil—7.1%** |
| Banco BTG Pactual SA | 788800 | 7556601 |
| Embraer SA, ADR | 121053 | 7792182 |
| Petroleo Brasileiro SA—Petrobras, ADR | 435902 | 5165439 |
| Vale SA | 578600 | 7554819 |
|  |  | 28069041 |
| **China—32.7%** | **China—32.7%** | **China—32.7%** |
| Alibaba Group Holding Ltd. | 895200 | 16425477 |
| Alibaba Group Holding Ltd., ADR | 17162 | 2515606 |
| China CITIC Bank Corp. Ltd., Class H | 7961000 | 7098994 |
| China Mengniu Dairy Co. Ltd. | 3065000 | 5871889 |
| China Resources Beer Holdings Co. Ltd. | 2130000 | 7175993 |
| Contemporary Amperex Technology Co. Ltd., Class A | 220393 | 11582684 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 754217 | 6990496 |
| PDD Holdings, Inc., ADR\* | 31514 | 3573373 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1570500 | 13146861 |
| Sany Heavy Industry Co. Ltd., Class A | 2689600 | 8132517 |
| Tencent Holdings Ltd. | 399000 | 30709265 |
| Xiaomi Corp., Class B\*<sup>,1</sup> | 1062800 | 5366780 |
| Zijin Mining Group Co. Ltd., Class H<sup>2</sup> | 2325000 | 10653051 |
|  |  | 129242986 |
| **Hungary—2.2%** | **Hungary—2.2%** | **Hungary—2.2%** |
| OTP Bank Nyrt | 82464 | 8850843 |
| **India—11.2%** | **India—11.2%** | **India—11.2%** |
| DLF Ltd. | 449211 | 3435577 |
| Eicher Motors Ltd. | 111324 | 9057212 |
| HDFC Bank Ltd. | 1246016 | 13741203 |
| InterGlobe Aviation Ltd.<sup>1</sup> | 89367 | 5030656 |
| Reliance Industries Ltd. | 751063 | 13122799 |
|  |  | 44387447 |
| **Malaysia—2.1%** | **Malaysia—2.1%** | **Malaysia—2.1%** |
| CIMB Group Holdings Bhd. | 4118500 | 8372998 |
| **Mexico—5.1%** | **Mexico—5.1%** | **Mexico—5.1%** |
| Cemex SAB de CV, ADR | 1102904 | 12672367 |
| Grupo Financiero Banorte SAB de CV, Class O<sup>2</sup> | 786885 | 7294882 |
|  |  | 19967249 |
| **Poland—2.4%** | **Poland—2.4%** | **Poland—2.4%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | 401225 | 9517638 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** |
| Sberbank of Russia PJSC\*<sup>,3,4</sup> | 3568865 | $0 |
| **Saudi Arabia—1.4%** | **Saudi Arabia—1.4%** | **Saudi Arabia—1.4%** |
| Saudi National Bank | 558422 | 5639607 |
| **Singapore—2.0%** | **Singapore—2.0%** | **Singapore—2.0%** |
| Singapore Telecommunications Ltd. | 2182000 | 7723744 |
| **South Korea—13.6%** | **South Korea—13.6%** | **South Korea—13.6%** |
| Hanwha Aerospace Co. Ltd. | 10588 | 6916322 |
| KB Financial Group, Inc. | 81629 | 7066146 |
| Samsung Electronics Co. Ltd. | 262062 | 21811970 |
| SK Hynix, Inc. | 39621 | 17905155 |
|  |  | 53699593 |
| **Taiwan—15.7%** | **Taiwan—15.7%** | **Taiwan—15.7%** |
| Hon Hai Precision Industry Co. Ltd. | 1749937 | 12837494 |
| MediaTek, Inc. | 205000 | 9329896 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 811657 | 40039731 |
|  |  | 62207121 |
| **United Arab Emirates—2.0%** | **United Arab Emirates—2.0%** | **United Arab Emirates—2.0%** |
| Aldar Properties PJSC | 3273925 | 7755264 |
| **Total common stocks**<br> (cost $321,922,057) |  | **390178590** |
| **Short-term investments—0.4%** | **Short-term investments—0.4%** | **Short-term investments—0.4%** |
| **Investment companies—0.4%** | **Investment companies—0.4%** | **Investment companies—0.4%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>5</sup>(cost $1,680,620) | 1680620 | 1680620 |
| **Investment of cash collateral from securities loaned—0.9%** | **Investment of cash collateral from securities loaned—0.9%** | **Investment of cash collateral from securities loaned—0.9%** |
| **Money market funds—0.9%** | **Money market funds—0.9%** | **Money market funds—0.9%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>5</sup>(cost $3,727,542) | 3727542 | 3727542 |
| **Total investments—100.0%**<br> (cost $327,330,219) |  | **395586752** |
| Liabilities in excess of other assets—(0.0%)<sup>†</sup> |  | (135155) |
| **Net assets—100.0%** |  | $**395451597** |

---

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

------

UBS Emerging Markets Equity Opportunity Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $375067170 | $15111420 | $0 | $390178590 |
| Short-term investments | 1680620 |  |  | 1680620 |
| Investment of cash collateral from securities loaned | 3727542 |  |  | 3727542 |
| **Total** | $**380475332** | $**15111420** | $**0** | $**395586752** |

---

For the period ended December 31, 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**

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

\* Non-income producing security.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $10,397,436, represented 2.6% of the Fund's net assets at period end.

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

<sup>3</sup> Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

<sup>4</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>5</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS Engage For Impact Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—99.8%** | **Common stocks—99.8%** | **Common stocks—99.8%** |
| **Brazil—2.3%** | **Brazil—2.3%** | **Brazil—2.3%** |
| Gerdau SA, ADR<sup>1</sup> | 143671 | $530146 |
| MercadoLibre, Inc.\* | 285 | 574064 |
|  |  | 1104210 |
| **China—1.1%** | **China—1.1%** | **China—1.1%** |
| China Mengniu Dairy Co. Ltd. | 272000 | 521094 |
| **France—2.8%** | **France—2.8%** | **France—2.8%** |
| Danone SA | 14825 | 1337687 |
| **Germany—5.4%** | **Germany—5.4%** | **Germany—5.4%** |
| Infineon Technologies AG | 31986 | 1418269 |
| Knorr-Bremse AG | 10503 | 1174448 |
|  |  | 2592717 |
| **India—2.7%** | **India—2.7%** | **India—2.7%** |
| HDFC Bank Ltd., ADR | 35474 | 1296220 |
| **Ireland—3.5%** | **Ireland—3.5%** | **Ireland—3.5%** |
| AIB Group PLC | 155607 | 1682398 |
| **Japan—3.5%** | **Japan—3.5%** | **Japan—3.5%** |
| Recruit Holdings Co. Ltd. | 17900 | 1010989 |
| Shimano, Inc.<sup>1</sup> | 6500 | 686143 |
|  |  | 1697132 |
| **Mexico—1.3%** | **Mexico—1.3%** | **Mexico—1.3%** |
| Grupo Financiero Banorte SAB de CV, Class O<sup>1</sup> | 66949 | 620656 |
| **Netherlands—3.5%** | **Netherlands—3.5%** | **Netherlands—3.5%** |
| Aalberts NV<sup>1</sup> | 28260 | 931905 |
| Koninklijke Philips NV | 26819 | 732471 |
|  |  | 1664376 |
| **Singapore—1.2%** | **Singapore—1.2%** | **Singapore—1.2%** |
| Singapore Telecommunications Ltd. | 157000 | 555742 |
| **Spain—5.4%** | **Spain—5.4%** | **Spain—5.4%** |
| Banco Bilbao Vizcaya Argentaria SA | 47410 | 1117110 |
| Iberdrola SA | 67447 | 1463605 |
|  |  | 2580715 |
| **Switzerland—4.2%** | **Switzerland—4.2%** | **Switzerland—4.2%** |
| DSM-Firmenich AG | 11006 | 889359 |
| Sandoz Group AG | 15790 | 1153003 |
|  |  | 2042362 |
| **Taiwan—3.5%** | **Taiwan—3.5%** | **Taiwan—3.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5535 | 1682031 |
| **United Kingdom—5.5%** | **United Kingdom—5.5%** | **United Kingdom—5.5%** |
| AstraZeneca PLC | 10486 | 1949163 |
| Wise PLC, Class A\* | 57156 | 686457 |
|  |  | 2635620 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—53.9%** | **United States—53.9%** | **United States—53.9%** |
| Advanced Drainage Systems, Inc. | 8255 | $1195572 |
| AECOM | 7354 | 701057 |
| Alcon AG | 17592 | 1405406 |
| Aptiv PLC\* | 12243 | 931570 |
| Autodesk, Inc.\* | 5038 | 1491298 |
| BellRing Brands, Inc.\* | 16240 | 434095 |
| Bio-Rad Laboratories, Inc., Class A\* | 2221 | 672941 |
| Broadcom, Inc. | 7062 | 2444158 |
| Capital One Financial Corp. | 5150 | 1248154 |
| Dexcom, Inc.\* | 7315 | 485497 |
| Ecolab, Inc. | 3274 | 859490 |
| Eli Lilly & Co. | 1106 | 1188596 |
| First Horizon Corp. | 44371 | 1060467 |
| Ingersoll Rand, Inc. | 9504 | 752907 |
| International Flavors & Fragrances, Inc. | 7268 | 489790 |
| Linde PLC | 2418 | 1031011 |
| Micron Technology, Inc. | 4634 | 1322590 |
| Microsoft Corp. | 5559 | 2688444 |
| Montrose Environmental Group, Inc.\*<sup>,1</sup> | 12946 | 321449 |
| Pure Storage, Inc., Class A\* | 10084 | 675729 |
| Rivian Automotive, Inc., Class A\* | 16138 | 318080 |
| Roper Technologies, Inc. | 1970 | 876906 |
| ServiceNow, Inc.\* | 6874 | 1053028 |
| Sprouts Farmers Market, Inc.\* | 7924 | 631305 |
| Trimble, Inc.\* | 11492 | 900398 |
| Zoom Communications, Inc.\* | 8310 | 717070 |
|  |  | 25897008 |
| **Total common stocks**<br> (cost $39,544,661) |  | **47909968** |
| **Short-term investments—2.0%** | **Short-term investments—2.0%** | **Short-term investments—2.0%** |
| **Investment companies—2.0%** | **Investment companies—2.0%** | **Investment companies—2.0%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>2</sup>(cost $973,443) | 973443 | 973443 |
| **Investment of cash collateral from securities loaned—3.5%** | **Investment of cash collateral from securities loaned—3.5%** | **Investment of cash collateral from securities loaned—3.5%** |
| **Money market funds—3.5%** | **Money market funds—3.5%** | **Money market funds—3.5%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>2</sup>(cost $1,674,606) | 1674606 | 1674606 |
| **Total investments—105.3%**<br> (cost $42,192,710) |  | **50558017** |
| Liabilities in excess of other assets—(5.3%) |  | (2532983) |
| **Net assets—100.0%** |  | $**48025034** |

---

------

UBS Engage For Impact Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

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

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $47909968 | $— | $— | $47909968 |
| Short-term investments | 973443 |  |  | 973443 |
| Investment of cash collateral from securities loaned | 1674606 |  |  | 1674606 |
| **Total** | $**50558017** | $**—** | $**—** | $**50558017** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

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

<sup>2</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS International Sustainable Equity Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.4%** | **Common stocks—98.4%** | **Common stocks—98.4%** |
| **Austria—3.0%** | **Austria—3.0%** | **Austria—3.0%** |
| BAWAG Group AG<sup>1</sup> | 17194 | $2606624 |
| Erste Group Bank AG | 16273 | 1967863 |
|  |  | 4574487 |
| **Brazil—1.0%** | **Brazil—1.0%** | **Brazil—1.0%** |
| MercadoLibre, Inc. \* | 756 | 1522781 |
| **Canada—6.2%** | **Canada—6.2%** | **Canada—6.2%** |
| Canadian Pacific Kansas City Ltd. | 26582 | 1957022 |
| Restaurant Brands International, Inc.<sup>2</sup> | 36920 | 2519345 |
| Shopify, Inc., Class A\* | 17934 | 2886836 |
| Tourmaline Oil Corp.<sup>2</sup> | 48462 | 2173914 |
|  |  | 9537117 |
| **Chile—1.2%** | **Chile—1.2%** | **Chile—1.2%** |
| Lundin Mining Corp.<sup>2</sup> | 86716 | 1863773 |
| **China—1.5%** | **China—1.5%** | **China—1.5%** |
| Ping An Insurance Group Co. of China Ltd., Class H | 271500 | 2272762 |
| **France—2.1%** | **France—2.1%** | **France—2.1%** |
| Cie Generale des Etablissements Michelin SCA | 37218 | 1238239 |
| Danone SA | 22370 | 2018487 |
|  |  | 3256726 |
| **Germany—9.0%** | **Germany—9.0%** | **Germany—9.0%** |
| Daimler Truck Holding AG | 58605 | 2570325 |
| Deutsche Boerse AG | 8774 | 2306617 |
| Deutsche Telekom AG, Registered Shares | 43219 | 1404878 |
| Infineon Technologies AG | 51584 | 2287250 |
| Knorr-Bremse AG | 24517 | 2741498 |
| SAP SE | 10141 | 2483053 |
|  |  | 13793621 |
| **Ireland—3.1%** | **Ireland—3.1%** | **Ireland—3.1%** |
| AIB Group PLC | 439534 | 4752171 |
| **Italy—3.0%** | **Italy—3.0%** | **Italy—3.0%** |
| Infrastrutture Wireless Italiane SpA<sup>1,2</sup> | 172809 | 1601326 |
| PRADA SpA | 172400 | 996826 |
| Prysmian SpA | 19517 | 1981245 |
|  |  | 4579397 |
| **Japan—20.9%** | **Japan—20.9%** | **Japan—20.9%** |
| Chugai Pharmaceutical Co. Ltd.<sup>2</sup> | 49200 | 2589093 |
| FANUC Corp. | 82800 | 3216006 |
| Fujitsu Ltd. | 70100 | 1937327 |
| ITOCHU Corp.<sup>2</sup> | 359500 | 4532766 |
| Keyence Corp. | 5200 | 1881614 |
| Mitsubishi UFJ Financial Group, Inc.<sup>2</sup> | 233400 | 3714672 |
| OBIC Business Consultants Co. Ltd. | 51500 | 2779172 |
| Recruit Holdings Co. Ltd. | 31400 | 1773467 |
| Shimano, Inc.<sup>2</sup> | 8900 | 939489 |
| Shin-Etsu Chemical Co. Ltd. | 70500 | 2193223 |
| Sony Group Corp. | 195500 | 5022293 |
| Toyota Motor Corp.<sup>2</sup> | 71800 | 1538310 |
|  |  | 32117432 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Luxembourg—1.3%** | **Luxembourg—1.3%** | **Luxembourg—1.3%** |
| Eurofins Scientific SE | 27370 | $2007110 |
| **Netherlands—6.9%** | **Netherlands—6.9%** | **Netherlands—6.9%** |
| ASML Holding NV | 3713 | 4020545 |
| ASR Nederland NV | 24927 | 1775815 |
| Koninklijke Philips NV | 89492 | 2444174 |
| Magnum Ice Cream Co. NV\* | 11651 | 186434 |
| Universal Music Group NV | 81406 | 2126707 |
|  |  | 10553675 |
| **Norway—2.7%** | **Norway—2.7%** | **Norway—2.7%** |
| Equinor ASA | 97237 | 2286227 |
| Norsk Hydro ASA | 248982 | 1931587 |
|  |  | 4217814 |
| **Portugal—1.1%** | **Portugal—1.1%** | **Portugal—1.1%** |
| Galp Energia SGPS SA<sup>2</sup> | 96508 | 1659279 |
| **Spain—4.7%** | **Spain—4.7%** | **Spain—4.7%** |
| Banco Bilbao Vizcaya Argentaria SA | 212591 | 5009231 |
| Iberdrola SA<sup>2</sup> | 106539 | 2311903 |
|  |  | 7321134 |
| **Sweden—1.0%** | **Sweden—1.0%** | **Sweden—1.0%** |
| Assa Abloy AB, Class B | 40500 | 1578825 |
| **Switzerland—4.4%** | **Switzerland—4.4%** | **Switzerland—4.4%** |
| Cie Financiere Richemont SA, Class A | 7327 | 1591479 |
| DSM-Firmenich AG | 28346 | 2290548 |
| Sandoz Group AG | 40336 | 2945378 |
|  |  | 6827405 |
| **United Kingdom—15.7%** | **United Kingdom—15.7%** | **United Kingdom—15.7%** |
| Admiral Group PLC | 48928 | 2094652 |
| Ashtead Group PLC | 45447 | 3115699 |
| AstraZeneca PLC | 28217 | 5245043 |
| Drax Group PLC | 147900 | 1668659 |
| Legal & General Group PLC | 950708 | 3356268 |
| NatWest Group PLC | 226345 | 1988654 |
| St. James's Place PLC | 71352 | 1331598 |
| Unilever PLC | 51784 | 3389710 |
| Wise PLC, Class A\* | 163051 | 1958281 |
|  |  | 24148564 |
| **United States—9.6%** | **United States—9.6%** | **United States—9.6%** |
| Alcon AG | 37316 | 2981134 |
| Aon PLC, Class A | 2951 | 1041349 |
| Aptiv PLC\* | 17177 | 1306998 |
| Atlassian Corp., Class A\* | 11486 | 1862340 |
| Nestle SA, Registered Shares | 31421 | 3123456 |
| Schneider Electric SE | 10608 | 2928386 |
| Waste Connections, Inc. | 8427 | 1477941 |
|  |  | 14721604 |
| **Total common stocks**<br> (cost $121,137,791) |  | **151305677** |

---

------

UBS International Sustainable Equity Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—1.1%** | **Short-term investments—1.1%** | **Short-term investments—1.1%** |
| **Investment companies—1.1%** | **Investment companies—1.1%** | **Investment companies—1.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>3</sup>(cost $1,787,533) | 1787533 | $1787533 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment of cash collateral from securities loaned—11.6%** | **Investment of cash collateral from securities loaned—11.6%** | **Investment of cash collateral from securities loaned—11.6%** |
| **Money market funds—11.6%** | **Money market funds—11.6%** | **Money market funds—11.6%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>3</sup>(cost $17,857,113) | 17857113 | $17857113 |
| **Total investments—111.1%**<br> (cost $140,782,437) |  | **170950323** |

---

---

| | |
|:---|:---|
| Liabilities in excess of other assets—(11.1%) | (17144503 |
| **Net assets—100.0%** | $**153805820** |

---

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

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $151305677 | $— | $— | $151305677 |
| Short-term investments | 1787533 |  |  | 1787533 |
| Investment of cash collateral from securities loaned | 17857113 |  |  | 17857113 |
| **Total** | $**170950323** | $**—** | $**—** | $**170950323** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,207,950, represented 2.7% of the Fund's net assets at period end.

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

<sup>3</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS US Dividend Ruler Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.8%** | **Common stocks—98.8%** | **Common stocks—98.8%** |
| **Aerospace & defense—4.1%** | **Aerospace & defense—4.1%** | **Aerospace & defense—4.1%** |
| RTX Corp. | 63752 | $11692117 |
| **Banks—4.8%** | **Banks—4.8%** | **Banks—4.8%** |
| JPMorgan Chase & Co. | 43050 | 13871571 |
| **Beverages—2.4%** | **Beverages—2.4%** | **Beverages—2.4%** |
| Coca-Cola Co. | 99934 | 6986386 |
| **Biotechnology—2.8%** | **Biotechnology—2.8%** | **Biotechnology—2.8%** |
| AbbVie, Inc. | 35351 | 8077350 |
| **Building products—2.4%** | **Building products—2.4%** | **Building products—2.4%** |
| Trane Technologies PLC | 17336 | 6747171 |
| **Capital markets—7.0%** | **Capital markets—7.0%** | **Capital markets—7.0%** |
| Blackrock, Inc. | 9201 | 9848198 |
| Morgan Stanley | 57462 | 10201229 |
|  |  | 20049427 |
| **Chemicals—3.4%** | **Chemicals—3.4%** | **Chemicals—3.4%** |
| Linde PLC | 22692 | 9675642 |
| **Commercial services & supplies—0.9%** | **Commercial services & supplies—0.9%** | **Commercial services & supplies—0.9%** |
| Republic Services, Inc. | 11438 | 2424055 |
| **Communications equipment—2.7%** | **Communications equipment—2.7%** | **Communications equipment—2.7%** |
| Cisco Systems, Inc. | 102090 | 7863993 |
| **Consumer finance—3.3%** | **Consumer finance—3.3%** | **Consumer finance—3.3%** |
| American Express Co. | 25490 | 9430026 |
| **Electric utilities—2.5%** | **Electric utilities—2.5%** | **Electric utilities—2.5%** |
| NextEra Energy, Inc. | 90471 | 7263012 |
| **Electrical equipment—3.1%** | **Electrical equipment—3.1%** | **Electrical equipment—3.1%** |
| Eaton Corp. PLC | 27465 | 8747877 |
| **Ground transportation—2.6%** | **Ground transportation—2.6%** | **Ground transportation—2.6%** |
| Union Pacific Corp. | 32551 | 7529697 |
| **Health care equipment & supplies—3.0%** | **Health care equipment & supplies—3.0%** | **Health care equipment & supplies—3.0%** |
| Abbott Laboratories | 68731 | 8611307 |
| **Hotels, restaurants & leisure—2.9%** | **Hotels, restaurants & leisure—2.9%** | **Hotels, restaurants & leisure—2.9%** |
| McDonald's Corp. | 27524 | 8412160 |
| **Industrial REITs—3.3%** | **Industrial REITs—3.3%** | **Industrial REITs—3.3%** |
| Prologis, Inc. | 75055 | 9581521 |
| **Insurance—3.0%** | **Insurance—3.0%** | **Insurance—3.0%** |
| Chubb Ltd. | 14731 | 4597840 |
| Marsh & McLennan Cos., Inc. | 21460 | 3981259 |
|  |  | 8579099 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Oil, gas & consumable fuels—1.5%** | **Oil, gas & consumable fuels—1.5%** | **Oil, gas & consumable fuels—1.5%** |
| Exxon Mobil Corp. | 36631 | $4408175 |
| **Pharmaceuticals—3.6%** | **Pharmaceuticals—3.6%** | **Pharmaceuticals—3.6%** |
| Johnson & Johnson | 50336 | 10417035 |
| **Professional services—1.7%** | **Professional services—1.7%** | **Professional services—1.7%** |
| Automatic Data | Automatic Data | Automatic Data |
| Processing, Inc. | 18418 | 4737662 |
| **Semiconductors & semiconductor equipment—17.5%** | **Semiconductors & semiconductor equipment—17.5%** | **Semiconductors & semiconductor equipment—17.5%** |
| Analog Devices, Inc. | 29230 | 7927176 |
| Broadcom, Inc. | 60678 | 21000656 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 48901 | 14860525 |
| Texas Instruments, Inc. | 37530 | 6511079 |
|  |  | 50299436 |
| **Software—13.8%** | **Software—13.8%** | **Software—13.8%** |
| Microsoft Corp. | 62104 | 30034737 |
| Oracle Corp. | 49832 | 9712755 |
|  |  | 39747492 |
| **Specialty retail—6.5%** | **Specialty retail—6.5%** | **Specialty retail—6.5%** |
| Home Depot, Inc. | 27223 | 9367434 |
| TJX Cos., Inc. | 60511 | 9295095 |
|  |  | 18662529 |
| **Total common stocks**<br> (cost $218,970,275) |  | **283814740** |
| **Short-term investments—1.4%** | **Short-term investments—1.4%** | **Short-term investments—1.4%** |
| **Investment companies—1.4%** | **Investment companies—1.4%** | **Investment companies—1.4%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>1</sup>(cost $4,143,580) | 4143580 | 4143580 |
| **Total investments—100.2%**<br> (cost $223,113,855) |  | **287958320** |
| Liabilities in excess of other assets—(0.2%) |  | (593060) |
| **Net assets—100.0%** |  | $**287365260** |

---

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

------

UBS US Dividend Ruler Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $283814740 | $— | $— | $283814740 |
| Short-term investments | 4143580 |  |  | 4143580 |
| **Total** | $**287958320** | $**—** | $**—** | $**287958320** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—99.2%** | **Common stocks—99.2%** | **Common stocks—99.2%** |
| **Aerospace & defense—1.1%** | **Aerospace & defense—1.1%** | **Aerospace & defense—1.1%** |
| TransDigm Group, Inc. | 2868 | $3814010 |
| **Broadline retail—6.5%** | **Broadline retail—6.5%** | **Broadline retail—6.5%** |
| Amazon.com, Inc.\* | 94414 | 21792640 |
| **Capital markets—3.6%** | **Capital markets—3.6%** | **Capital markets—3.6%** |
| Intercontinental | Intercontinental | Intercontinental |
| Exchange, Inc. | 27513 | 4456006 |
| S&P Global, Inc. | 14275 | 7459972 |
|  |  | 11915978 |
| **Chemicals—1.3%** | **Chemicals—1.3%** | **Chemicals—1.3%** |
| Sherwin-Williams Co. | 13001 | 4212714 |
| **Communications equipment—1.5%** | **Communications equipment—1.5%** | **Communications equipment—1.5%** |
| Arista Networks, Inc.\* | 38950 | 5103619 |
| **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** |
| Amphenol Corp., Class A | 36817 | 4975449 |
| **Entertainment—2.0%** | **Entertainment—2.0%** | **Entertainment—2.0%** |
| Netflix, Inc.\* | 69657 | 6531040 |
| **Financial services—5.7%** | **Financial services—5.7%** | **Financial services—5.7%** |
| Mastercard, Inc., Class A | 14461 | 8255496 |
| Visa, Inc., Class A | 30423 | 10669650 |
|  |  | 18925146 |
| **Health care equipment & supplies—4.8%** | **Health care equipment & supplies—4.8%** | **Health care equipment & supplies—4.8%** |
| Boston Scientific Corp.\* | 62068 | 5918184 |
| Intuitive Surgical, Inc.\* | 9620 | 5448383 |
| Stryker Corp. | 12885 | 4528691 |
|  |  | 15895258 |
| **Insurance—1.1%** | **Insurance—1.1%** | **Insurance—1.1%** |
| Progressive Corp. | 16475 | 3751687 |
| **Interactive media & services—11.2%** | **Interactive media & services—11.2%** | **Interactive media & services—11.2%** |
| Alphabet, Inc., Class A | 78382 | 24533566 |
| Meta Platforms, Inc., Class A | 19478 | 12857233 |
|  |  | 37390799 |
| **Machinery—1.6%** | **Machinery—1.6%** | **Machinery—1.6%** |
| Parker-Hannifin Corp. | 6085 | 5348472 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Pharmaceuticals—4.6%** | **Pharmaceuticals—4.6%** | **Pharmaceuticals—4.6%** |
| Eli Lilly & Co. | 14161 | $15218543 |
| **Semiconductors & semiconductor equipment—22.5%** | **Semiconductors & semiconductor equipment—22.5%** | **Semiconductors & semiconductor equipment—22.5%** |
| Broadcom, Inc. | 66820 | 23126402 |
| NVIDIA Corp. | 246803 | 46028759 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 19067 | 5794271 |
|  |  | 74949432 |
| **Software—18.6%** | **Software—18.6%** | **Software—18.6%** |
| Intuit, Inc. | 11404 | 7554238 |
| Microsoft Corp. | 85854 | 41520711 |
| Oracle Corp. | 37500 | 7309125 |
| Palo Alto Networks, Inc.\* | 31205 | 5747961 |
|  |  | 62132035 |
| **Specialty retail—3.5%** | **Specialty retail—3.5%** | **Specialty retail—3.5%** |
| O'Reilly Automotive, Inc.\* | 49629 | 4526661 |
| TJX Cos., Inc. | 47515 | 7298779 |
|  |  | 11825440 |
| **Technology hardware, storage & peripherals—8.1%** | **Technology hardware, storage & peripherals—8.1%** | **Technology hardware, storage & peripherals—8.1%** |
| Apple, Inc. | 98988 | 26910878 |
| **Total common stocks**<br> (cost $229,334,018) |  | **330693140** |
| **Short-term investments—0.7%** | **Short-term investments—0.7%** | **Short-term investments—0.7%** |
| **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>1</sup>(cost $2,309,446) | 2309446 | 2309446 |
| **Total investments—99.9%**<br> (cost $231,643,464) |  | **333002586** |
| Other assets in excess of liabilities—0.1% |  | 494365 |
| **Net assets—100.0%** |  | $**333496951** |

---

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

------

UBS US Quality Growth At Reasonable Price Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Common stocks | $330693140 | $— | $— | $330693140 |
| Short-term investments | 2309446 |  |  | 2309446 |
| **Total** | $**333002586** | $**—** | $**—** | $**333002586** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non-income producing security.

<sup>1</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Non-U.S. government agency obligations—98.2%** | **Non-U.S. government agency obligations—98.2%** | **Non-U.S. government agency obligations—98.2%** |
| **Supranationals—98.2%** | **Supranationals—98.2%** | **Supranationals—98.2%** |
| African Development Bank<br>4.000%, due 03/18/30 | $1000000 | $1009515 |
| 4.375%, due 03/14/28 | 1300000 | 1321205 |
| 4.500%, due 06/12/35 | 1450000 | 1478628 |
| Asian Development Bank<br>1.500%, due 03/04/31 | 700000 | 624576 |
| 3.125%, due 04/27/32 | 100000 | 95314 |
| 3.875%, due 09/28/32 | 700000 | 694970 |
| 3.875%, due 06/14/33 | 350000 | 345950 |
| 4.000%, due 01/12/33 | 300000 | 299495 |
| 4.125%, due 01/12/34 | 800000 | 800512 |
| 4.375%, due 03/22/35 | 900000 | 912318 |
| Asian Infrastructure Investment Bank<br>3.750%, due 09/14/27 | 300000 | 300876 |
| 4.000%, due 01/18/28 | 700000 | 705635 |
| 4.125%, due 01/18/29 | 900000 | 913302 |
| 4.250%, due 03/13/34 | 1200000 | 1212996 |
| 4.500%, due 01/16/30 | 500000 | 514780 |
| Council of Europe Development Bank<br>0.875%, due 09/22/26<sup>1</sup> | 1000000 | 979928 |
| 4.125%, due 01/24/29 | 200000 | 202706 |
| European Bank for Reconstruction & Development<br>4.125%, due 01/25/29 | 500000 | 506964 |
| 4.250%, due 03/13/34 | 2100000 | 2113796 |
| 4.375%, due 03/09/28 | 1150000 | 1168442 |
| European Investment Bank<br>1.250%, due 02/14/31 | 800000 | 705562 |
| 3.625%, due 07/15/30 | 650000 | 646359 |
| 3.750%, due 02/14/33 | 1500000 | 1475088 |
| 3.875%, due 10/15/30 | 200000 | 200891 |
| 4.625%, due 02/12/35 | 600000 | 619939 |
| Inter-American Development Bank<br>1.125%, due 07/20/28 | 400000 | 376166 |
| 1.125%, due 01/13/31 | 4600000 | 4037290 |
| 2.250%, due 06/18/29 | 1450000 | 1384215 |
| 3.125%, due 09/18/28 | 450000 | 444571 |
| 3.500%, due 09/14/29 | 1200000 | 1193086 |
| 3.500%, due 04/12/33 | 2050000 | 1976597 |
| 3.625%, due 09/17/31 | 300000 | 296031 |
| 3.750%, due 06/14/30 | 900000 | 899693 |
| 4.125%, due 02/15/29 | 1400000 | 1420420 |
| 4.375%, due 07/17/34 | 1900000 | 1928942 |
| 4.375%, due 07/16/35 | 2500000 | 2527888 |
| 4.500%, due 02/15/30 | 1600000 | 1646517 |
| 4.500%, due 09/13/33 | 1300000 | 1335511 |
| Inter-American Investment Corp.<br>4.125%, due 02/15/28 | 400000 | 403496 |
| 4.250%, due 02/14/29 | 500000 | 507519 |
| 4.250%, due 04/01/30 | 800000 | 812214 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Supranationals—(concluded)** | **Supranationals—(concluded)** | **Supranationals—(concluded)** |
| International Bank for Reconstruction & Development<br>0.750%, due 08/26/30 | $1600000 | $1395234 |
| 0.875%, due 05/14/30 | 800000 | 708046 |
| 1.250%, due 02/10/31 | 2150000 | 1895620 |
| 1.625%, due 11/03/31 | 1800000 | 1588110 |
| 2.500%, due 03/29/32 | 2000000 | 1840297 |
| 3.500%, due 10/28/30 | 200000 | 197619 |
| 3.875%, due 08/28/34 | 1950000 | 1910880 |
| 4.000%, due 07/25/30 | 1050000 | 1060033 |
| 4.000%, due 01/10/31 | 350000 | 352939 |
| 4.000%, due 05/06/32 | 1200000 | 1201830 |
| 4.125%, due 03/20/30 | 700000 | 710417 |
| 4.375%, due 08/27/35 | 1575000 | 1593160 |
| 4.500%, due 04/10/31 | 150000 | 154750 |
| 4.625%, due 08/01/28 | 200000 | 205068 |
| 4.625%, due 01/15/32 | 3100000 | 3213102 |
| 4.750%, due 11/14/33 | 1400000 | 1461307 |
| International Development Association<br>0.750%, due 06/10/27<sup>2</sup> | 700000 | 672479 |
| 1.000%, due 12/03/30<sup>2</sup> | 1750000 | 1531772 |
| 3.750%, due 09/12/31<sup>2</sup> | 600000 | 595676 |
| 4.500%, due 02/12/35<sup>2</sup> | 900000 | 918540 |
| International Finance Corp.<br>0.750%, due 08/27/30 | 1150000 | 1002682 |
| 3.875%, due 07/02/30 | 400000 | 401933 |
| 4.375%, due 01/15/27 | 500000 | 503545 |
| 4.500%, due 01/21/28 | 1600000 | 1629158 |
| 4.500%, due 07/13/28 | 100000 | 102190 |
| Isdb Trust Services No. 2 SARL<br>4.246%, due 06/25/30<sup>2</sup> | 600000 | 609186 |
| 4.598%, due 03/14/28<sup>2</sup> | 1650000 | 1677852 |
| 4.754%, due 05/15/29<sup>2</sup> | 1400000 | 1437772 |
| Kreditanstalt fuer Wiederaufbau<br>4.125%, due 07/15/33 | 200000 | 201093 |
| 4.625%, due 03/18/30 | 1900000 | 1967153 |
| 4.750%, due 10/29/30 | 700000 | 730196 |
| Nordic Investment Bank<br>3.375%, due 09/08/27 | 1400000 | 1394880 |
| 3.750%, due 05/09/30 | 1000000 | 999946 |
| 4.375%, due 03/14/28 | 1200000 | 1219046 |
| **Total non-U.S. government agency obligations**<br> (cost $78,117,060) |  | **78123414** |

---

------

UBS Sustainable Development Bank Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—0.7%** | **Short-term investments—0.7%** | **Short-term investments—0.7%** |
| **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>3</sup>(cost $562,228) | 562228 | $562228 |
| **Investment of cash collateral from securities loaned—0.1%** | **Investment of cash collateral from securities loaned—0.1%** | **Investment of cash collateral from securities loaned—0.1%** |
| **Money market funds—0.1%** | **Money market funds—0.1%** | **Money market funds—0.1%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>3</sup>(cost $120,300) | 120300 | 120300 |
| **Total investments—99.0%**<br> (cost $78,799,588) |  | **78805942** |
| Other assets in excess of liabilities—1.0% |  | 779435 |
| **Net assets—100.0%** |  | $**79585377** |

---

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

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Non-U.S. government agency obligations | $— | $78123414 | $— | $78123414 |
| Short-term investments | 562228 |  |  | 562228 |
| Investment of cash collateral from securities loaned | 120300 |  |  | 120300 |
| **Total** | $**682528** | $**78123414** | $**—** | $**78805942** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

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

<sup>2</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

<sup>3</sup> Rate shown reflects yield at December 31, 2025.

See accompanying notes to financial statements.

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—13.8%** | **Asset-backed securities—13.8%** | **Asset-backed securities—13.8%** |
| **Cayman Islands—2.9%** | **Cayman Islands—2.9%** | **Cayman Islands—2.9%** |
| Elmwood CLO 22 Ltd.,<br>Series 2023-1A, Class D1R, <br>3 mo. USD Term SOFR + 2.800%,<br>6.682%, due 04/17/38<sup>2,3</sup> | 250000 | $251642 |
| LCM 42 Ltd.,<br>Series 42A, Class B, <br>3 mo. USD Term SOFR + 1.800%,<br>5.705%, due 01/15/38<sup>2,3</sup> | 500000 | 500988 |
| OCP CLO Ltd.,<br>Series 2022-25A, Class A1R, <br>3 mo. USD Term SOFR + 1.420%,<br>5.304%, due 07/20/37<sup>2,3</sup> | 500000 | 501336 |
| Octagon Investment Partners 48 Ltd.,<br>Series 2020-3A, Class CR2, <br>3 mo. USD Term SOFR + 2.000%,<br>5.905%, due 01/15/39<sup>2,3</sup> | 500000 | 501312 |
| OHA Credit Partners XV Ltd.,<br>Series 2017-15A, Class D2R, <br>3 mo. USD Term SOFR + 4.500%,<br>8.384%, due 04/20/37<sup>2,3</sup> | 250000 | 251901 |
| Sixth Street CLO XVIII Ltd.,<br>Series 2021-18A, Class D1R, <br>3 mo. USD Term SOFR + 2.700%,<br>6.582%, due 10/17/38<sup>2,3</sup> | 500000 | 501903 |
|  |  | 2509082 |
| **Jersey—1.4%** | **Jersey—1.4%** | **Jersey—1.4%** |
| AGL CLO 25 Ltd.,<br>Series 2023-25A, Class D1R, <br>3 mo. USD Term SOFR + 2.900%,<br>6.770%, due 07/21/38<sup>2,3</sup> | 250000 | 250278 |
| Dryden 108 CLO Ltd.,<br>Series 2022-108A, Class A1R, <br>3 mo. USD Term SOFR + 1.360%,<br>5.244%, due 07/18/37<sup>2,3</sup> | 500000 | 500771 |
| Venture 46 CLO Ltd.,<br>Series 2022-46A, Class A1R, <br>3 mo. USD Term SOFR + 1.450%,<br>5.334%, due 10/20/37<sup>2,3</sup> | 500000 | 501126 |
|  |  | 1252175 |
| **United States—9.5%** | **United States—9.5%** | **United States—9.5%** |
| CarMax Auto Owner Trust,<br>Series 2025-3, Class B,<br>4.680%, due 03/17/31 | 500000 | 506023 |
| Exeter Automobile Receivables Trust<br>Series 2023-2A, Class D,<br>6.320%, due 08/15/29 | 700000 | 714002 |
| Series 2024-5A, Class B,<br>4.480%, due 04/16/29 | 330000 | 330235 |
| Ford Credit Auto Owner Trust,<br>Series 2023-2, Class B,<br>5.920%, due 02/15/36<sup>2</sup> | 300000 | 312213 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Ford Credit Floorplan Master Owner Trust A,<br>Series 2025-2, Class B,<br>4.330%, due 09/15/30 | 697000 | $| 698191 |
| GM Financial Consumer Automobile<br>Receivables Trust,<br>Series 2023-1, Class C,<br>5.320%, due 10/16/28 | 400000 |  | 404096 |
| GMF Floorplan Owner Revolving Trust,<br>Series 2024-3A, Class B,<br>4.920%, due 11/15/28<sup>2</sup> | 250000 |  | 251689 |
| HPEFS Equipment Trust<br>Series 2024-1A, Class B,<br>5.180%, due 05/20/31<sup>2</sup> | 500000 |  | 501842 |
| Series 2024-1A, Class C,<br>5.330%, due 05/20/31<sup>2</sup> | 100000 |  | 100565 |
| Series 2024-2A, Class D,<br>5.820%, due 04/20/32<sup>2</sup> | 250000 |  | 255322 |
| Series 2025-1A, Class D,<br>4.990%, due 03/21/33<sup>2</sup> | 150000 |  | 151291 |
| Hyundai Auto Receivables Trust,<br>Series 2025-B, Class C,<br>4.920%, due 07/15/32 | 500000 |  | 509766 |
| Nissan Auto Lease Trust,<br>Series 2025-A, Class C,<br>5.110%, due 06/15/29 | 500000 |  | 506516 |
| Santander Drive Auto Receivables Trust<br>Series 2024-1, Class C,<br>5.450%, due 03/15/30 | 500000 |  | 505971 |
| Series 2024-4, Class B,<br>4.930%, due 09/17/29 | 500000 |  | 503761 |
| Series 2025-1, Class C,<br>5.040%, due 03/17/31 | 400000 |  | 404799 |
| Series 2025-3, Class C,<br>4.680%, due 09/15/31 | 150000 |  | 150916 |
| SCF Equipment Leasing LLC,<br>Series 2025-2A, Class A3,<br>4.330%, due 06/20/36<sup>2</sup> | 500000 |  | 501528 |
| Verizon Master Trust<br>Series 2023-3, Class B,<br>4.880%, due 04/21/31<sup>2</sup> | 500000 |  | 507816 |
| Series 2025-1, Class B,<br>4.940%, due 01/21/31 | 500000 |  | 507751 |
|  |  |  | 8324293 |
| **Total asset-backed securities**<br> (cost $12,085,620) |  |  | **12085550** |
| **Corporate bonds—64.7%** | **Corporate bonds—64.7%** | **Corporate bonds—64.7%** | **Corporate bonds—64.7%** |
| **Belgium—0.3%** | **Belgium—0.3%** | **Belgium—0.3%** | **Belgium—0.3%** |
| Anheuser-Busch Cos. LLC/Anheuser-<br>Busch InBev Worldwide, Inc.<br>4.900%, due 02/01/46 | 265000 |  | 245096 |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Brazil—0.9%** | **Brazil—0.9%** | **Brazil—0.9%** |
| Minerva Luxembourg SA<br>4.375%, due 03/18/31<sup>4</sup> | 600000 | $557100 |
| Petrobras Global Finance BV<br>7.375%, due 01/17/27 | 200000 | 206330 |
|  |  | 763430 |
| **Canada—1.6%** | **Canada—1.6%** | **Canada—1.6%** |
| Canadian Pacific Railway Co.<br>3.100%, due 12/02/51 | 500000 | 331704 |
| Gildan Activewear, Inc.<br>5.400%, due 10/07/35<sup>2</sup> | 800000 | 797708 |
| NOVA Chemicals Corp.<br>5.250%, due 06/01/27<sup>2</sup> | 250000 | 251529 |
|  |  | 1380941 |
| **Chile—1.0%** | **Chile—1.0%** | **Chile—1.0%** |
| Corp. Nacional del Cobre de Chile<br>5.125%, due 02/02/33<sup>4</sup> | 400000 | 402000 |
| Latam Airlines Group SA<br>7.875%, due 04/15/30<sup>4</sup> | 490000 | 514142 |
|  |  | 916142 |
| **China—0.0%<sup>†</sup>** | **China—0.0%<sup>†</sup>** | **China—0.0%<sup>†</sup>** |
| Agile Group Holdings Ltd.<br>5.750%, due 01/02/25<sup>4,5</sup> | 200000 | 9000 |
| **Czech Republic—0.6%** | **Czech Republic—0.6%** | **Czech Republic—0.6%** |
| Czechoslovak Group AS<br>5.250%, due 01/10/31<sup>4</sup> | 400000 | 486533 |
| **Ireland—0.9%** | **Ireland—0.9%** | **Ireland—0.9%** |
| AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>3.000%, due 10/29/28 | 550000 | 533219 |
| 4.450%, due 04/03/26 | 300000 | 300026 |
|  |  | 833245 |
| **Mexico—1.0%** | **Mexico—1.0%** | **Mexico—1.0%** |
| Grupo Aeromexico SAB de CV<br>8.250%, due 11/15/29<sup>4</sup> | 250000 | 255328 |
| Petroleos Mexicanos<br>6.700%, due 02/16/32 | 650000 | 648134 |
|  |  | 903462 |
| **Netherlands—0.3%** | **Netherlands—0.3%** | **Netherlands—0.3%** |
| LYB Finance Co. BV<br>8.100%, due 03/15/27<sup>2</sup> | 150000 | 156436 |
| NXP BV/NXP<br>Funding LLC/NXP | NXP BV/NXP<br>Funding LLC/NXP | NXP BV/NXP<br>Funding LLC/NXP |
| USA, Inc.<br>3.875%, due 06/18/26 | 65000 | 64922 |
|  |  | 221358 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Peru—0.6%** | **Peru—0.6%** | **Peru—0.6%** | **Peru—0.6%** |
| Banco de Credito del Peru SA<br>(fixed, converts to FRN on 09/30/26),<br>3.250%, due 09/30/31<sup>3,4</sup> |  | 500000 | $493280 |
| **Qatar—0.5%** | **Qatar—0.5%** | **Qatar—0.5%** | **Qatar—0.5%** |
| QNB Finance Ltd.<br>2.750%, due 02/12/27<sup>4</sup> |  | 450000 | 441918 |
| **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |
| Saudi Arabian Oil Co.<br>4.375%, due 04/16/49<sup>2</sup> |  | 700000 | 576692 |
| **South Africa—0.6%** | **South Africa—0.6%** | **South Africa—0.6%** | **South Africa—0.6%** |
| Anglo American Capital PLC<br>5.000%, due 03/15/31<sup>4</sup> | EUR | 400000 | 501777 |
| **United Arab Emirates—0.5%** | **United Arab Emirates—0.5%** | **United Arab Emirates—0.5%** | **United Arab Emirates—0.5%** |
| MDGH GMTN RSC Ltd.<br>5.500%, due 04/28/33<sup>4</sup> |  | 440000 | 464614 |
| **United Kingdom—1.2%** | **United Kingdom—1.2%** | **United Kingdom—1.2%** | **United Kingdom—1.2%** |
| Barclays PLC<br>4.836%, due 05/09/28 |  | 200000 | 201708 |
| (fixed, converts to FRN on 09/13/33),<br>6.692%, due 09/13/34<sup>3</sup> |  | 400000 | 442798 |
| HSBC Holdings PLC<br>6.500%, due 09/15/37 |  | 400000 | 438790 |
|  |  |  | 1083296 |
| **United States—54.0%** | **United States—54.0%** | **United States—54.0%** | **United States—54.0%** |
| AbbVie, Inc.<br>4.500%, due 05/14/35 |  | 200000 | 196278 |
| AEP Texas, Inc.<br>Series E, 6.650%, due 02/15/33 |  | 50000 | 54498 |
| Series G, 4.150%, due 05/01/49 |  | 50000 | 38437 |
| Allegiant Travel Co.<br>7.250%, due 08/15/27<sup>2</sup> |  | 431000 | 437019 |
| Allegion U.S. Holding Co., Inc.<br>5.600%, due 05/29/34 |  | 300000 | 313130 |
| Allison Transmission, Inc.<br>4.750%, due 10/01/27<sup>2</sup> |  | 250000 | 249659 |
| Ally Financial, Inc.<br>(fixed, converts to FRN on 01/03/29),<br>6.848%, due 01/03/30<sup>3</sup> |  | 1250000 | 1326249 |
| ARES Strategic Income Fund<br>6.200%, due 03/21/32 |  | 850000 | 871695 |
| Arthur J Gallagher & Co.<br>5.000%, due 02/15/32 |  | 250000 | 255574 |
| ASGN, Inc.<br>4.625%, due 05/15/28<sup>2</sup> |  | 600000 | 589563 |
| AT&T, Inc.<br>3.800%, due 12/01/57 |  | 58000 | 39895 |
| 4.300%, due 02/15/30 |  | 300000 | 300379 |
| 4.500%, due 05/15/35 |  | 900000 | 864518 |
| Avantor Funding, Inc.<br>4.625%, due 07/15/28<sup>2</sup> |  | 275000 | 273506 |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Aviation Capital Group LLC<br>5.125%, due 04/10/30<sup>2</sup> | 200000 | $203068 |
| Avient Corp.<br>6.250%, due 11/01/31<sup>2</sup> | 200000 | 205571 |
| Bank of America Corp.<br>6.110%, due 01/29/37 | 425000 | 458100 |
| Series FF, (fixed, converts to FRN on 03/15/28),<br>5.875%, due 03/15/28<sup>3,6,7</sup> | 505000 | 513637 |
| Series RR, (fixed, converts to FRN on 01/27/27),<br>4.375%, due 01/27/27<sup>3,7</sup> | 520000 | 514368 |
| Block, Inc.<br>3.500%, due 06/01/31<sup>6</sup> | 220000 | 206781 |
| Blue Owl Technology Finance Corp.<br>6.750%, due 04/04/29<sup>6</sup> | 1000000 | 1022789 |
| Blue Racer Midstream LLC/Blue <br>Racer Finance Corp.<br>7.000%, due 07/15/29<sup>2</sup> | 350000 | 365020 |
| Boeing Co.<br>6.528%, due 05/01/34 | 550000 | 608497 |
| Boost Newco Borrower LLC<br>7.500%, due 01/15/31<sup>2</sup> | 300000 | 318855 |
| Brink's Co.<br>6.500%, due 06/15/29<sup>2</sup> | 400000 | 414158 |
| Broadcom, Inc.<br>3.137%, due 11/15/35<sup>2</sup> | 800000 | 688949 |
| Capital One Financial Corp.<br>3.750%, due 07/28/26 | 300000 | 299372 |
| (fixed, converts to FRN on 10/30/30),<br>7.624%, due 10/30/31<sup>3</sup> | 1000000 | 1130146 |
| Series M, (fixed, converts to FRN on 09/01/26),<br>3.950%, due 09/01/26<sup>3,6,7</sup> | 500000 | 493990 |
| Carrier Global Corp.<br>2.722%, due 02/15/30 | 250000 | 235366 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>5.500%, due 05/01/26<sup>2</sup> | 75000 | 75124 |
| Celanese U.S. Holdings LLC Steps to <br>7.379% on 01/15/26,<br>6.879%, due 07/15/32 | 650000 | 676406 |
| Centene Corp.<br>2.500%, due 03/01/31 | 1075000 | 928339 |
| CF Industries, Inc.<br>5.150%, due 03/15/34 | 600000 | 602676 |
| Charter Communications Operating LLC/Charter<br>Communications Operating Capital<br>4.200%, due 03/15/28 | 350000 | 348258 |
| 6.384%, due 10/23/35 | 700000 | 722439 |
| Citigroup, Inc.<br>6.625%, due 06/15/32 | 400000 | 443251 |
| 6.675%, due 09/13/43 | 140000 | 155639 |
| Series AA, (fixed, converts to FRN on 11/15/28),<br>7.625%, due 11/15/28<sup>3,7</sup> | 490000 | 513774 |
| Series X, (fixed, converts to FRN on 02/18/26),<br>3.875%, due 02/18/26<sup>3,7</sup> | 400000 | 398605 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Civitas Resources, Inc.<br>8.375%, due 07/01/28<sup>2</sup> | 400000 | $412157 |
| Comcast Corp.<br>2.887%, due 11/01/51 | 64000 | 37427 |
| 2.937%, due 11/01/56 | 67000 | 37646 |
| 3.969%, due 11/01/47 | 38000 | 28462 |
| Commercial Metals Co.<br>5.750%, due 11/15/33<sup>2</sup> | 400000 | 409013 |
| Concentrix Corp.<br>6.850%, due 08/02/33<sup>6</sup> | 900000 | 915817 |
| ConocoPhillips Co.<br>3.758%, due 03/15/42 | 100000 | 81445 |
| Continental Resources, Inc.<br>4.375%, due 01/15/28 | 550000 | 548923 |
| Duke Energy Ohio, Inc.<br>4.300%, due 02/01/49 | 50000 | 40866 |
| Energizer Holdings, Inc. <br>4.375%, due 03/31/29<sup>2</sup> | 600000 | 573303 |
| Energy Transfer LP<br>5.400%, due 10/01/47 | 200000 | 179729 |
| EQT Corp.<br>3.900%, due 10/01/27 | 277000 | 275738 |
| Exelon Corp.<br>4.450%, due 04/15/46 | 1000000 | 838887 |
| Expedia Group, Inc.<br>3.800%, due 02/15/28 | 250000 | 248619 |
| Extra Space Storage LP<br>5.400%, due 02/01/34 | 850000 | 872295 |
| FedEx Corp.<br>4.550%, due 04/01/46 | 100000 | 84091 |
| Ford Motor Credit Co. LLC<br>5.730%, due 09/05/30 | 600000 | 609238 |
| Freeport-McMoRan, Inc.<br>5.400%, due 11/14/34 | 400000 | 412418 |
| FTAI Aviation Investors LLC<br>5.500%, due 05/01/28<sup>2</sup> | 325000 | 325284 |
| GE Capital International Funding Co. Unlimited Co.<br>4.418%, due 11/15/35 | 550000 | 536712 |
| General Motors Co.<br>6.600%, due 04/01/36 | 550000 | 598573 |
| Global Payments, Inc.<br>5.400%, due 08/15/32<sup>6</sup> | 600000 | 610220 |
| Goldman Sachs Group, Inc.<br>5.150%, due 05/22/45 | 380000 | 356833 |
| Series V, (fixed, converts to FRN on 11/10/26),<br>4.125%, due 11/10/26<sup>3,7</sup> | 520000 | 515004 |
| Series X, (fixed, converts to FRN on 05/10/29),<br>7.500%, due 05/10/29<sup>3,7</sup> | 480000 | 508107 |
| Goodyear Tire & Rubber Co.<br>5.000%, due 07/15/29<sup>6</sup> | 600000 | 592833 |
| HCA, Inc.<br>5.500%, due 06/01/33 | 550000 | 572209 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. <br>6.250%, due 05/15/26 | 123000 | 122915 |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Jane Street Group/JSG Finance, Inc.<br>7.125%, due 04/30/31<sup>2</sup> | 650000 | $682998 |
| JetBlue Airways Corp./JetBlue Loyalty LP<br>9.875%, due 09/20/31<sup>2,6</sup> | 200000 | 201492 |
| Jones Lang LaSalle, Inc. <br>6.875%, due 12/01/28 | 250000 | 267536 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 01/23/28),<br>3.509%, due 01/23/29<sup>3</sup> | 300000 | 297153 |
| Series KK, (fixed, converts to FRN on 06/01/26),<br>3.650%, due 06/01/26<sup>3,7</sup> | 420000 | 417633 |
| Series NN, (fixed, converts to FRN on 06/01/29),<br>6.875%, due 06/01/29<sup>3,6,7</sup> | 485000 | 514350 |
| KB Home<br>7.250%, due 07/15/30 | 200000 | 206604 |
| Kinder Morgan, Inc.<br>4.300%, due 03/01/28 | 150000 | 150732 |
| 5.550%, due 06/01/45 | 700000 | 676775 |
| Kroger Co.<br>6.900%, due 04/15/38 | 650000 | 746440 |
| Kyndryl Holdings, Inc. <br>6.350%, due 02/20/34<sup>6</sup> | 1000000 | 1060160 |
| Liberty Mutual Group, Inc. <br>4.569%, due 02/01/29<sup>2</sup> | 155000 | 155709 |
| LYB International Finance BV<br>4.875%, due 03/15/44 | 50000 | 41493 |
| Marathon Petroleum Corp. <br>4.750%, due 09/15/44 | 170000 | 145307 |
| Masco Corp. <br>1.500%, due 02/15/28 | 400000 | 378601 |
| Meritage Homes Corp.<br>3.875%, due 04/15/29<sup>2</sup> | 250000 | 245546 |
| MetLife, Inc.<br>6.400%, due 12/15/36 | 1260000 | 1321976 |
| Morgan Stanley<br>4.300%, due 01/27/45 | 250000 | 216360 |
| 4.350%, due 09/08/26 | 140000 | 140239 |
| (fixed, converts to FRN on 10/18/32),<br>6.342%, due 10/18/33<sup>3</sup> | 400000 | 438389 |
| Navient Corp.<br>6.750%, due 06/15/26 | 450000 | 454725 |
| NCR Voyix Corp.<br>5.000%, due 10/01/28<sup>2</sup> | 150000 | 148931 |
| Occidental Petroleum Corp. <br>6.450%, due 09/15/36 | 500000 | 532863 |
| Olin Corp.<br>5.000%, due 02/01/30<sup>6</sup> | 650000 | 639125 |
| OneMain Finance Corp.<br>3.500%, due 01/15/27 | 200000 | 198048 |
| 6.750%, due 03/15/32 | 400000 | 410766 |
| Oracle Corp.<br>2.300%, due 03/25/28 | 100000 | 95359 |
| 4.000%, due 11/15/47 | 900000 | 618023 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Phinia, Inc.<br>6.750%, due 04/15/29<sup>2</sup> | 300000 | $| 310495 |
| Regal Rexnord Corp.<br>6.300%, due 02/15/30 | 900000 |  | 953876 |
| Reworld Holding Corp. <br>4.875%, due 12/01/29<sup>2</sup> | 150000 |  | 144177 |
| Rocket Cos., Inc.<br>6.125%, due 08/01/30<sup>2</sup> | 250000 |  | 258420 |
| Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc.<br>2.875%, due 10/15/26<sup>2</sup> | 300000 |  | 295624 |
| Sabine Pass Liquefaction LLC<br>5.000%, due 03/15/27 | 100000 |  | 100672 |
| Sabre GLBL, Inc.<br>10.750%, due 11/15/29<sup>2</sup> | 14000 |  | 11905 |
| 10.750%, due 03/15/30<sup>2</sup> | 55000 |  | 45228 |
| Science Applications International Corp.<br>4.875%, due 04/01/28<sup>2</sup> | 500000 |  | 498673 |
| Sirius XM Radio LLC<br>3.125%, due 09/01/26<sup>2</sup> | 250000 |  | 247802 |
| Smyrna Ready Mix Concrete LLC<br>6.000%, due 11/01/28<sup>2</sup> | 400000 |  | 401849 |
| Solventum Corp.<br>5.600%, due 03/23/34 | 200000 |  | 208098 |
| T-Mobile USA, Inc.<br>5.150%, due 04/15/34 | 800000 |  | 817780 |
| United Airlines, Inc.<br>4.625%, due 04/15/29<sup>2</sup> | 200000 |  | 199133 |
| United Rentals North America, Inc.<br>4.875%, due 01/15/28 | 100000 |  | 100009 |
| VICI Properties LP<br>4.950%, due 02/15/30 | 200000 |  | 202401 |
| VICI Properties LP/VICI Note Co., Inc.<br>4.250%, due 12/01/26<sup>2</sup> | 200000 |  | 199966 |
| Wayfair LLC<br>7.250%, due 10/31/29<sup>2</sup> | 400000 |  | 417468 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 09/15/28),<br>7.625%, due 09/15/28<sup>3,7</sup> | 480000 |  | 511972 |
| Series BB, (fixed, converts to FRN on 03/15/26),<br>3.900%, due 03/15/26<sup>3,7</sup> | 360000 |  | 358880 |
|  |  |  | 47386103 |
| **Total corporate bonds**<br> (cost $56,649,489) |  |  | **56706887** |
| **Mortgage-backed securities—2.0%** | **Mortgage-backed securities—2.0%** | **Mortgage-backed securities—2.0%** | **Mortgage-backed securities—2.0%** |
| **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** |
| Arbor Multifamily Mortgage Securities Trust, <br>Series 2021-MF3, Class B,<br>2.511%, due 10/15/54<sup>2</sup> | 150000 |  | 130156 |
| BBCMS Trust, <br>Series 2015-SRCH, Class B,<br>4.498%, due 08/10/35<sup>2</sup> | 135000 |  | 131308 |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| BX Mortgage Trust, <br>Series 2021-PAC, Class D,<br>1 mo. USD Term SOFR + 1.413%,<br>5.163%, due 10/15/36<sup>2,3</sup> | 175000 | 174127 |
| BX Trust, <br>Series 2021-LGCY, Class D,<br>1 mo. USD Term SOFR + 1.416%,<br>5.167%, due 10/15/36<sup>2,3</sup> | 400000 | 398681 |
| CENT, Series 2025-CITY, Class A,<br>4.920%, due 07/10/40<sup>2,3</sup> | 400000 | 404865 |
| FREMF Mortgage Trust, <br>Series 2017-K64, Class B,<br>4.001%, due 05/25/50<sup>2,3</sup> | 50000 | 49683 |
| INTOWN Mortgage Trust, <br>Series 2025-STAY, Class B,<br>1 mo. USD Term SOFR + 1.750%,<br>5.500%, due 03/15/42<sup>2,3</sup> | 500000 | 500312 |
| **Total mortgage-backed securities**<br> (cost $1,815,179) |  | **1789132** |
| **Municipal bonds—0.2%** | **Municipal bonds—0.2%** | **Municipal bonds—0.2%** |
| **California—0.2%** | **California—0.2%** | **California—0.2%** |
| State of California, GO Bonds,<br>5.100%, due 09/01/35 <br>(cost $198,721) | 200000 | 207450 |
| **Non-U.S. government agency obligations—13.7%** | **Non-U.S. government agency obligations—13.7%** | **Non-U.S. government agency obligations—13.7%** |
| **Argentina—0.2%** | **Argentina—0.2%** | **Argentina—0.2%** |
| Argentina Republic Government International <br>Bonds, Multiple Steps Up Thereafter <br>(4.750%-5.000%),<br>4.125%, due 07/09/35 | 250000 | 186000 |
| **Azerbaijan—0.6%** | **Azerbaijan—0.6%** | **Azerbaijan—0.6%** |
| Republic of Azerbaijan International Bonds<br>3.500%, due 09/01/32<sup>4</sup> | 600000 | 563814 |
| **Brazil—3.5%** | **Brazil—3.5%** | **Brazil—3.5%** |
| Brazil Notas do Tesouro Nacional<br>10.000%, due 01/01/35 | 20335000 | 3045492 |
| **Chile—0.8%** | **Chile—0.8%** | **Chile—0.8%** |
| Chile Government International Bonds<br>2.450%, due 01/31/31 | 750000 | 685875 |
| **Colombia—0.6%** | **Colombia—0.6%** | **Colombia—0.6%** |
| Colombia Government International Bonds<br>3.250%, due 04/22/32 | 600000 | 505500 |
| **Costa Rica—0.6%** | **Costa Rica—0.6%** | **Costa Rica—0.6%** |
| Costa Rica Government International Bonds<br>6.550%, due 04/03/34<sup>4</sup> | 450000 | 489848 |
| **Egypt—0.5%** | **Egypt—0.5%** | **Egypt—0.5%** |
| Egypt Government International Bonds<br>7.500%, due 01/31/27<sup>4</sup> | 450000 | 461381 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Guatemala—0.7%** | **Guatemala—0.7%** | **Guatemala—0.7%** |
| Guatemala Government Bonds<br>3.700%, due 10/07/33<sup>4</sup> | 650000 | $580534 |
| **Hungary—0.7%** | **Hungary—0.7%** | **Hungary—0.7%** |
| Hungary Government International Bonds<br>7.625%, due 03/29/41 | 500000 | 584725 |
| **Mexico—2.1%** | **Mexico—2.1%** | **Mexico—2.1%** |
| Mexico Bonos<br>7.750%, due 11/13/42 | 9145000 | 433885 |
| 8.000%, due 02/21/36 | 15615000 | 803242 |
| Mexico Government International Bonds<br>4.750%, due 03/08/44 | 150000 | 123525 |
| 6.750%, due 09/27/34 | 400000 | 432900 |
|  |  | 1793552 |
| **Pakistan—0.2%** | **Pakistan—0.2%** | **Pakistan—0.2%** |
| Pakistan Government International Bonds<br>8.875%, due 04/08/51<sup>4</sup> | 200000 | 196356 |
| **Paraguay—0.5%** | **Paraguay—0.5%** | **Paraguay—0.5%** |
| Paraguay Government International Bonds <br>6.000%, due 02/09/36<sup>4</sup> | 400000 | 429600 |
| **Peru—0.5%** | **Peru—0.5%** | **Peru—0.5%** |
| Peru Government International Bonds<br>2.783%, due 01/23/31 | 500000 | 462750 |
| **Poland—0.6%** | **Poland—0.6%** | **Poland—0.6%** |
| Republic of Poland Government <br>International Bonds<br>5.750%, due 11/16/32 | 500000 | 535350 |
| **Romania—0.7%** | **Romania—0.7%** | **Romania—0.7%** |
| Romania Government International Bonds<br>6.375%, due 01/30/34<sup>4</sup> | 600000 | 624186 |
| **Serbia—0.5%** | **Serbia—0.5%** | **Serbia—0.5%** |
| Serbia International Bonds<br>6.000%, due 06/12/34<sup>4</sup> | 450000 | 464625 |
| **Sri Lanka—0.2%** | **Sri Lanka—0.2%** | **Sri Lanka—0.2%** |
| Sri Lanka Government International <br>Bonds, Multiple Steps Up Thereafter <br>(3.850%-9.500%),<br>3.600%, due 05/15/36<sup>4</sup> | 200000 | 181250 |
| **Supranationals—0.2%** | **Supranationals—0.2%** | **Supranationals—0.2%** |
| Africa Finance Corp.<br>4.375%, due 04/17/26<sup>4</sup> | 200000 | 199602 |
| **Total non-U.S. government agency obligations**<br> (cost $11,851,806) |  | **11990440** |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—11.8%** | **U.S. government agency obligations—11.8%** | **U.S. government agency obligations—11.8%** |
| **United States—11.8%** | **United States—11.8%** | **United States—11.8%** |
| Uniform Mortgage-Backed Security, TBA<br>4.500% | 2675000 | $2610495 |
| 5.000% | 4000000 | 3989304 |
| 5.500% | 3725000 | 3776777 |
| **Total U.S. government agency obligations**<br> (cost $10,335,413) |  | **10376576** |
| **U.S. Treasury obligations—2.3%** | **U.S. Treasury obligations—2.3%** | **U.S. Treasury obligations—2.3%** |
| **United States—2.3%** | **United States—2.3%** | **United States—2.3%** |
| U.S. Treasury Inflation-Indexed Notes,<br>1.875%, due 07/15/35 | 953113 | 950561 |
| U.S. Treasury Notes,<br>4.250%, due 08/15/35 | 1065000 | 1072655 |
| **Total U.S. Treasury obligations**<br> (cost $2,037,523) |  | **2023216** |
|  | **Number of<br>shares** |  |
| **Short-term investments—1.1%** | **Short-term investments—1.1%** | **Short-term investments—1.1%** |
| **Investment companies—0.9%** | **Investment companies—0.9%** | **Investment companies—0.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>8</sup>(cost $815,500) | 815500 | 815500 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Short-term U.S. Treasury obligations—0.2%** | **Short-term U.S. Treasury obligations—0.2%** | **Short-term U.S. Treasury obligations—0.2%** |
| **United States—0.2%** | **United States—0.2%** | **United States—0.2%** |
| U.S. Treasury Bills,<br>3.865%, due 01/20/26 | 155000 | $154690 |
| **Total short-term U.S. treasury obligations**<br> (Cost $154,690) |  | **154690** |
| **Total Short-term investments**<br> (Cost $970,190) |  | **970190** |
|  | **Number of<br>shares** |  |
| **Investment of cash collateral from securities loaned—6.1%** | **Investment of cash collateral from securities loaned—6.1%** | **Investment of cash collateral from securities loaned—6.1%** |
| **Money market funds—6.1%** | **Money market funds—6.1%** | **Money market funds—6.1%** |
| State Street Navigator Securities Lending <br>Government Money Market <br>Portfolio, 3.793%<sup>8</sup>(cost $5,326,333) | 5326333 | 5326333 |
| **Total investments—115.7%**<br> (cost $101,270,274) |  | **101475774** |
| Liabilities in excess of other assets—(15.7%) |  | (13759160) |
| **Net assets—100.0%** |  | $**87716614** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Interest rate futures buy contracts:** | | | | | | |
| 43 | AUD | Australian Bond 10 Year Futures | March 2026 | $3168212 | $3141760 | $(26452) |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 33 | USD | U.S. Long Bond Futures | March 2026 | $3829537 | $3814594 | $(14943) |
| 19 | USD | U.S. Treasury Note 2 Year Futures | March 2026 | 3969549 | 3966992 | (2557) |
| 52 | USD | U.S. Treasury Note 5 Year Futures | March 2026 | 5715786 | 5683844 | (31942) |
| 22 | USD | U.S. Treasury Note 10 Year Futures | March 2026 | 2492484 | 2473625 | (18859) |
| 61 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2026 | 7078998 | 7015953 | (63045) |
| **Total** |  |  |  | $**26254566** | $**26096768** | $**(157798)** |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 20 | EUR | Euro Bund 10 Year Futures | March 2026 | $(3040924) | $(2998405) | $42519 |
| **Total** |  |  |  | $**(3040924)** | $**(2998405)** | $**42519** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(115279)** |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**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 <br>by the<br>portfolio<sup>9</sup>** | **Payments<br>received <br>by the<br>portfolio<sup>9</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1100 | 04/17/35 | Annual | 3.820% | 1 day USD SOFR | $(2828) | $(2828) |
| USD | 900 | 04/21/35 | Annual | 3.815 | 1 day USD SOFR | (1897) | (1897) |
| USD | 900 | 04/23/35 | Annual | 3.842 | 1 day USD SOFR | (4011) | (4011) |
| USD | 850 | 06/04/35 | Annual | 3.907 | 1 day USD SOFR | (8567) | (8567) |
| USD | 700 | 06/09/35 | Annual | 3.842 | 1 day USD SOFR | (3167) | (3167) |
| USD | 1700 | 09/12/35 | Annual | 3.515 | 1 day USD SOFR | 38905 | 38905 |
| USD | 600 | 04/28/45 | Annual | 4.028 | 1 day USD SOFR | 11075 | 11075 |
| USD | 700 | 05/14/45 | Annual | 4.132 | 1 day USD SOFR | 2622 | 2622 |
| USD | 450 | 06/16/45 | Annual | 4.086 | 1 day USD SOFR | 4618 | 4618 |
| USD | 700 | 08/05/45 | Annual | 4.055 | 1 day USD SOFR | 10210 | 10210 |
| USD | 850 | 10/08/45 | Annual | 3.991 | 1 day USD SOFR | 19807 | 19817 |
| **Total** | **Total** |  |  |  |  | $**66767** | $**66777** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | JPY | 223615222 | USD | 1450403 | 01/13/26 | $21901 |
| BB | USD | 755000 | JPY | 118419002 | 01/13/26 | 1486 |
| BB | USD | 760000 | JPY | 118396220 | 01/13/26 | (3659) |
| CITI | EUR | 315000 | USD | 368452 | 01/13/26 | (1877) |
| GSI | AUD | 160000 | USD | 104436 | 01/13/26 | (2347) |
| GSI | CAD | 50000 | USD | 35756 | 01/13/26 | (691) |
| GSI | JPY | 13200000 | USD | 85815 | 01/13/26 | 1491 |
| GSI | USD | 11371 | NZD | 20000 | 01/13/26 | 147 |
| MSCI | AUD | 100000 | USD | 65895 | 01/13/26 | (844) |
| MSCI | EUR | 695000 | USD | 808863 | 01/13/26 | (8211) |
| MSCI | USD | 26350 | GBP | 20000 | 01/13/26 | 609 |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**8005** |

---

------

UBS Multi Income Bond Fund

Portfolio of investments

**December 31, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Asset-backed securities | $— | $12085550 | $— | $12085550 |
| Corporate bonds |  | 56706887 |  | 56706887 |
| Mortgage-backed securities |  | 1789132 |  | 1789132 |
| Municipal bonds |  | 207450 |  | 207450 |
| Non-U.S. government agency obligations |  | 11990440 |  | 11990440 |
| U.S. government agency obligations |  | 10376576 |  | 10376576 |
| U.S. Treasury obligations |  | 2023216 |  | 2023216 |
| Short-term investments | 815500 |  |  | 815500 |
| Short-term U.S. Treasury obligations |  | 154690 |  | 154690 |
| Investment of cash collateral from securities loaned | 5326333 |  |  | 5326333 |
| Futures contracts | 42519 |  |  | 42519 |
| Swap agreements |  | 87237 |  | 87237 |
| Forward foreign currency contracts |  | 25634 |  | 25634 |
| **Total** | $**6184352** | $**95446812** | $**—** | $**101631164** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(157798) | $— | $— | $(157798) |
| Swap agreements |  | (20470) |  | (20470) |
| Forward foreign currency contracts |  | (17629) |  | (17629) |
| **Total** | $**(157798)** | $**(38099)** | $**—** | $**(195897)** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

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

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

<sup>2</sup> Security 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 $19,920,685, represented 22.7% of the Fund's net assets at period end.

<sup>3</sup> Floating or variable rate securities. The rates disclosed are as of December 31, 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.

<sup>4</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

<sup>5</sup> Bond interest in default.

<sup>6</sup> Security, or portion thereof, was on loan at the period end.

<sup>7</sup> Perpetual investment. Date shown reflects the next call date.

<sup>8</sup> Rate shown reflects yield at December 31, 2025.

<sup>9</sup> Payments made or received are based on the notional amount.

See accompanying notes to financial statements.

------

The UBS Funds

Glossary of terms used in the Portfolio of investments

December 31, 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

TIPS Treasury inflation protected securities

UMBS Uniform Mortgage-Backed Securities

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

**Currency type abbreviations:**

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

**Counterparty acronyms:**

ANZ Australia and New Zealand Banking Group

BB Barclays Bank PLC

BNP BNP Paribas

BOA Bank of America

CIBC Canadian Imperial Bank of Commerce

CITI Citibank NA

CSI Credit Suisse International

DB Deutsche Bank AG

GS Goldman Sachs

GSI Goldman Sachs International

HSBC HSBC Bank PLC

JPMCB JPMorgan Chase Bank

MSCI Morgan Stanley & Co. International PLC

NAT National Westminster

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.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Global<br>Allocation Fund** | **UBS<br>Emerging<br>Markets Equity<br>Opportunity Fund** | **UBS<br>Engage For<br>Impact Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $101652178 | $327330219 | $42192710 |
| Affiliated issuers | 30360663 |  |  |
| Foreign currency | 974417 | 5180888 | 47589 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $111757744 | $395586752 | $50558017 |
| Affiliated issuers | 33540477 |  |  |
| Foreign currency | 979754 | 5207937 | 47298 |
| Cash | 300067 |  |  |
| Cash collateral on futures | 3266751 |  |  |
| Receivable for investments sold | 92009 |  | 1341108 |
| Receivable for fund shares sold | 188 | 464092 |  |
| Receivable for interest and dividends | 324281 | 1176112 | 24864 |
| Receivable for foreign tax reclaims | 107905 | 33414 | 69325 |
| Receivable from affiliate |  |  | 44270 |
| Receivable for variation margin on futures contracts | 538187 |  |  |
| Receivable for variation margin on swap agreements  | 344 |  |  |
| Unrealized appreciation on forward foreign currency contracts | 352594 |  |  |
| Other assets | 31230 | 49428 | 29220 |
| **Total assets** | **151291531** | **402517735** | **52114102** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 513164 | 3727542 | 1674606 |
| Payable for investments purchased | 1875210 |  |  |
| Payable for fund shares redeemed | 119773 | 159086 | 2268322 |
| Payable to affiliate | 51678 | 109998 |  |
| Payable to Trustees | 13981 | 27669 | 9359 |
| Payable to custodian | 38116 | 279147 | 10366 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 374 | 2543647 | 1774 |
| Unrealized depreciation on forward foreign currency contracts | 637502 |  |  |
| Accrued expenses and other liabilities | 236542 | 219049 | 124641 |
| **Total liabilities** | **3486340** | **7066138** | **4089068** |
| **Net assets** | $**147805191** | $**395451597** | $**48025034** |

---

<sup>1</sup> Includes $491,371; $13,662,207 and $1,586,090, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Global<br>Allocation Fund** | **UBS<br>Emerging<br>Markets Equity<br>Opportunity Fund** | **UBS<br>Engage For<br>Impact Fund** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $121473188 | $452544983 | $38475374 |
| Distributable earnings (accumulated losses) | 26332003 | (57093386) | 9549660 |
| **Net assets** | $**147805191** | $**395451597** | $**48025034** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $112993421 | $— | $— |
| Shares outstanding | 8594848 |  |  |
| Net asset value and redemptions proceeds per share | $13.15 | $— | $— |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $13.92 | $— | $— |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $34811770 | $61925327 | $4794586 |
| Shares outstanding | 2551202 | 5957696 | 358745 |
| Net asset value, offering price and redemption value per share | $13.65 | $10.39 | $13.36 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $— | $333526270 | $43230448 |
| Shares outstanding |  | 31707618 | 3194268 |
| Net asset value and offering price per share<sup>2</sup> | $— | $10.52 | $13.53 |

---

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

See accompanying notes to financial statements.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>International<br>Sustainable<br>Equity Fund** | **UBS<br>US Dividend<br>Ruler Fund** | **UBS<br>US Quality Growth<br>At Reasonable<br>Price Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $140782437 | $223113855 | $231643464 |
| Foreign currency | 52225 |  |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $170950323 | $287958320 | $333002586 |
| Foreign currency | 52425 |  |  |
| Cash |  | 12890 |  |
| Receivable for investments sold |  |  | 21117139 |
| Receivable for fund shares sold | 11715 | 342270 | 243578 |
| Receivable for interest and dividends | 91194 | 95617 | 44459 |
| Receivable for foreign tax reclaims | 852278 |  |  |
| Other assets | 37987 | 45823 | 43821 |
| **Total assets** | **171995922** | **288454920** | **354451583** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 17857113 |  |  |
| Payable for fund shares redeemed | 72568 | 802680 | 20609763 |
| Payable to affiliate | 47207 | 91842 | 142256 |
| Payable to Trustees | 13951 | 12772 | 17380 |
| Payable to custodian | 28454 | 5404 | 4708 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 9008 | 8212 | 3390 |
| Accrued expenses and other liabilities | 161801 | 168750 | 177135 |
| **Total liabilities** | **18190102** | **1089660** | **20954632** |
| **Net assets** | $**153805820** | $**287365260** | $**333496951** |

---

<sup>1</sup> Includes $17,179,251; $0 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>International<br>Sustainable<br>Equity Fund** | **UBS<br>US Dividend<br>Ruler Fund** | **UBS<br>US Quality Growth<br>At Reasonable<br>Price Fund** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares | $126666440 | $220774243 | $223498499 |
| Distributable earnings (accumulated losses) | 27139380 | 66591017 | 109998452 |
| **Net assets** | $**153805820** | $**287365260** | $**333496951** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $4123366 | $— | $— |
| Shares outstanding | 325991 |  |  |
| Net asset value and redemptions proceeds per share | $12.65 | $— | $— |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $13.39 | $— | $— |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $104110724 | $237877983 | $333496951 |
| Shares outstanding | 8220623 | 13932576 | 17808033 |
| Net asset value, offering price and redemption value per share | $12.66 | $17.07 | $18.73 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $45571730 | $49487277 | $— |
| Shares outstanding | 3558287 | 2882878 |  |
| Net asset value and offering price per share<sup>2</sup> | $12.81 | $17.17 | $— |

---

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

See accompanying notes to financial statements.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)** (continued)

---

| | | |
|:---|:---|:---|
| | **UBS<br>Sustainable <br>Development Bank<br>Bond Fund** | **UBS<br>Multi Income<br>Bond Fund** |
| **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Unaffiliated issuers | $78799588 | $101270274 |
| Foreign currency |  | 160117 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Unaffiliated issuers<sup>1</sup> | $78805942 | $101475774 |
| Foreign currency |  | 163835 |
| Cash | 416751 | 242598 |
| Cash collateral on futures |  | 541336 |
| Receivable for investments sold | 104581 |  |
| Receivable for fund shares sold | 291951 | 428368 |
| Receivable for interest and dividends | 868389 | 1185932 |
| Receivable for foreign tax reclaims |  | 4103 |
| Receivable from affiliate | 44570 | 35611 |
| Receivable for variation margin on futures contracts |  | 110741 |
| Receivable for variation margin on swap agreements |  | 681233 |
| Unrealized appreciation on forward foreign currency contracts |  | 25634 |
| Other assets | 29388 | 32242 |
| **Total assets** | **80561572** | **104927407** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 120300 | 5326333 |
| Payable for investments purchased | 623285 | 11692215 |
| Payable for fund shares redeemed | 83994 | 3800 |
| Payable to Trustees | 9907 | 6503 |
| Payable to custodian | 4011 | 27306 |
| Unrealized depreciation on forward foreign currency contracts |  | 17629 |
| Accrued expenses and other liabilities | 134698 | 137007 |
| **Total liabilities** | **976195** | **17210793** |
| **Net assets** | $**79585377** | $**87716614** |

---

<sup>1</sup> Includes $117,884 and $5,219,776, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.

------

The UBS Funds

**Financial statements Statement of assets and liabilities—December 31, 2025 (unaudited)** (concluded)

---

| | | |
|:---|:---|:---|
| | **UBS<br>Sustainable <br>Development Bank<br>Bond Fund** | **UBS<br>Multi Income<br>Bond Fund** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $87596135 | $92918597 |
| Distributable earnings (accumulated losses) | (8010758) | (5201983) |
| **Net assets** | $**79585377** | $**87716614** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $— | $300493 |
| Shares outstanding |  | 22152 |
| Net asset value and redemptions proceeds per share | $— | $13.56 |
| Maximum offering price per share (NAV per share plus maximum sales charge) | $— | $14.09 |
| **Class P** | **Class P** | **Class P** |
| Net assets | $11772926 | $17656602 |
| Shares outstanding | 1216931 | 1301084 |
| Net asset value, offering price and redemption value per share | $9.67 | $13.57 |
| **Class P2** | **Class P2** | **Class P2** |
| Net assets | $67812451 | $69759519 |
| Shares outstanding | 7025186 | 5073814 |
| Net asset value and offering price per share<sup>2</sup> | $9.65 | $13.75 |

---

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

See accompanying notes to financial statements.

------

The UBS Funds

**Statement of operations For the six months ended December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Global<br>Allocation Fund** | **UBS<br>Emerging<br>Markets Equity<br>Opportunity Fund** | **UBS<br>Engage For<br>Impact Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Unaffiliated dividends | $841292 | $5026069 | $277941 |
| Affiliated dividends | 888537 |  |  |
| Interest | 999777 | 62610 | 13428 |
| Securities lending | 10909 | 7006 | 1912 |
| Foreign tax withheld | (3382) | (579853) | (10802) |
| **Total income** | **2737133** | **4515832** | **282479** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 648745 | 1890031 | 211254 |
| Service fees—Class A | 142190 |  |  |
| Transfer agency and related services fees—Class A | 36384 |  |  |
| Transfer agency and related services fees—Class P | 6033 | 3328 | 367 |
| Transfer agency and related services fees—Class P2 |  | 21530 | 6736 |
| Custody and fund accounting fees | 32303 | 194926 | 11719 |
| Trustees fees | 30591 | 53680 | 21677 |
| Professional services fees | 122101 | 102355 | 103065 |
| Printing and shareholder report fees | 20074 | 15928 | 7879 |
| Federal and state registration fees | 24913 | 26914 | 25474 |
| Insurance expense | 6260 | 17782 | 2166 |
| Interest expense |  | 13946 |  |
| Other expenses | 54359 | 79685 | 30234 |
| **Total expenses** | **1123953** | **2420105** | **420571** |
| Fee waivers and/or expense reimbursements by Advisor\* | (277411) | (1645510) | (341338) |
| **Net expenses** | **846542** | **774595** | **79233** |
| **Net investment income (loss)** | **1890591** | **3741237** | **203246** |
| **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated issuers (including foreign capital gain tax expense of <br>$0, $109,615 and $0, respectively) | 6433544 | 29610200 | 4339730 |
| Investments in affiliated issuers | 1000389 |  |  |
| Received as distribution from affiliated issuers | 1436688 |  |  |
| Futures contracts | 3529539 |  |  |
| Swap agreements | (247212) |  |  |
| Forward foreign currency contracts | 351227 |  |  |
| Foreign currency transactions | 75055 | (365437) | 1944 |
| Net realized gain (loss) | 12579230 | 29244763 | 4341674 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers (net of change in deferred foreign capital <br>gain taxes of $0, $339,775 and $0, respectively) | 1295990 | 42593119 | (1554318) |
| Investments in affiliated issuers | 528922 |  |  |
| Futures contracts | (608986) |  |  |
| Swap agreements | 237958 |  |  |
| Forward foreign currency contracts | (680136) |  |  |
| Translation of other assets and liabilities denominated in foreign currency | (67956) | (128847) | (98) |
| Net change in unrealized appreciation (depreciation) | 705792 | 42464272 | (1554416) |
| Net realized and unrealized gain (loss) | 13285022 | 71709035 | 2787258 |
| **Net increase (decrease) in net assets resulting from operations** | $**15175613** | $**75450272** | $**2990504** |

---

\* Refer to note **Investment advisory fees and other transactions with affiliates** for additional details.

See accompanying notes to financial statements.

------

The UBS Funds

**Statement of operations For the six months ended December 31, 2025 (unaudited)** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>International<br>Sustainable<br>Equity Fund** | **UBS<br>US Dividend<br>Ruler Fund** | **UBS<br>US Quality <br>Growth At <br>Reasonable<br>Price Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Unaffiliated dividends | $1665303 | $2475632 | $1115157 |
| Interest | 47700 | 95826 | 86597 |
| Securities lending | 15945 |  |  |
| Foreign tax withheld | (91315) | (18368) | (5893) |
| **Total income** | **1637633** | **2553090** | **1195861** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 689549 | 818563 | 1016135 |
| Service fees—Class A | 5006 |  |  |
| Transfer agency and related services fees—Class A | 1514 |  |  |
| Transfer agency and related services fees—Class P | 15590 | 39451 | 57538 |
| Transfer agency and related services fees—Class P2 | 8193 | 3146 |  |
| Custody and fund accounting fees | 30171 | 20917 | 24302 |
| Trustees fees | 31397 | 39263 | 46126 |
| Professional services fees | 104507 | 96710 | 96675 |
| Printing and shareholder report fees | 18461 | 12707 | 12234 |
| Federal and state registration fees | 31225 | 26675 | 22056 |
| Insurance expense | 6491 | 9217 | 12512 |
| Interest expense | 805 |  |  |
| Other expenses | 36521 | 26159 | 26170 |
| **Total expenses** | **979430** | **1092808** | **1313748** |
| Fee waivers and/or expense reimbursements by Advisor\* | (357214) | (398225) | (336822) |
| **Net expenses** | **622216** | **694583** | **976926** |
| **Net investment income (loss)** | **1015417** | **1858507** | **218935** |
| **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated issuers | 10194615 | 9984786 | 18286037 |
| Foreign currency transactions | 11884 |  |  |
| Net realized gain (loss) | 10206499 | 9984786 | 18286037 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers | 4041062 | 6737253 | 6083298 |
| Translation of other assets and liabilities denominated in foreign currency | (10297) |  |  |
| Net change in unrealized appreciation (depreciation) | 4030765 | 6737253 | 6083298 |
| Net realized and unrealized gain (loss) | 14237264 | 16722039 | 24369335 |
| **Net increase (decrease) in net assets resulting from operations** | $**15252681** | $**18580546** | $**24588270** |

---

\* Refer to note **Investment advisory fees and other transactions with affiliates** for additional details.

See accompanying notes to financial statements.

------

The UBS Funds

**Statement of operations For the six months ended December 31, 2025 (unaudited)** (concluded)

---

| | | |
|:---|:---|:---|
| | **UBS<br>Sustainable <br>Development<br>Bank Bond Fund** | **UBS<br>Multi Income<br>Bond Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** |
| Interest | $1474684 | $1684170 |
| Securities lending | 351 | 8508 |
| **Total income** | **1475035** | **1692678** |
| **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 88022 | 176781 |
| Service fees—Class A |  | 375 |
| Transfer agency and related services fees—Class A |  | 61 |
| Transfer agency and related services fees—Class P | 920 | 9394 |
| Transfer agency and related services fees—Class P2 | 7391 | 609 |
| Custody and fund accounting fees | 7056 | 18788 |
| Trustees fees | 23384 | 20123 |
| Professional services fees | 96673 | 104062 |
| Printing and shareholder report fees | 6665 | 11518 |
| Federal and state registration fees | 25922 | 27767 |
| Insurance expense | 2874 | 999 |
| Other expenses | 33663 | 23360 |
| **Total expenses** | **292570** | **393837** |
| Fee waivers and/or expense reimbursements by Advisor\* | (227980) | (290619) |
| **Net expenses** | **64590** | **103218** |
| **Net investment income (loss)** | **1410445** | **1589460** |
| **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** | **Net realized and unrealized gains (loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments in unaffiliated issuers | (354649) | (16743) |
| Futures contracts |  | 511331 |
| Swap agreements |  | 14061 |
| Forward foreign currency contracts |  | (16940) |
| Foreign currency transactions |  | 6459 |
| Net realized gain (loss) | (354649) | 498168 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments in unaffiliated issuers | 798572 | 352498 |
| Futures contracts |  | (569428) |
| Swap agreements |  | 157965 |
| Forward foreign currency contracts |  | (7030) |
| Translation of other assets and liabilities denominated in foreign currency |  | (6167) |
| Net change in unrealized appreciation (depreciation) | 798572 | (72162) |
| Net realized and unrealized gain (loss) | 443923 | 426006 |
| **Net increase (decrease) in net assets resulting from operations** | $**1854368** | $**2015466** |

---

\* Refer to note **Investment advisory fees and other transactions with affiliates** for additional details.

See accompanying notes to financial statements.

------

The UBS Funds

**Statement of changes in net assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Emerging Markets Equity<br>Opportunity Fund** | **UBS Emerging Markets Equity<br>Opportunity Fund** |
| | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1890591 | $2938661 | $3741237 | $9671444 |
| Net realized gain (loss) | 12579230 | 3796182 | 29244763 | (23377379 |
| Net change in unrealized appreciation (depreciation) | 705792 | 8579872 | 42464272 | 65684957 |
| Net increase (decrease) in net assets resulting from operations | 15175613 | 15314715 | 75450272 | 51979022 |
| Total distributions—Class A | (2266345) | (2030909) |  |  |
| Total distributions—Class P | (723296) | (699989) | (1212062) | (2749948) |
| Total distributions—Class P2 |  |  | (6288704) | (10254966) |
| **Total distributions** | **(2989641)** | **(2730898)** | **(7500766)** | **(13004914)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 564434 | 847719 | 26292551 | 107167442 |
| Cost of shares redeemed | (14022390) | (23013699) | (112595866) | (206913976) |
| Shares issued on reinvestment of dividends and distributions | 2697969 | 2489026 | 5102646 | 10267055 |
| Net increase (decrease) in net assets from beneficial interest transactions | (10759987) | (19676954) | (81200669) | (89479479) |
| **Net increase (decrease) in net assets** | **1425985** | **(7093137)** | **(13251163)** | **(50505371)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 146379206 | 153472343 | 408702760 | 459208131 |
| End of period | $147805191 | $146379206 | $395451597 | $408702760 |

---

See accompanying notes to financial statements.

------

The UBS Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS Engage For Impact Fund** | **UBS Engage For Impact Fund** | **UBS <br>International <br>Sustainable Equity Fund** | **UBS <br>International <br>Sustainable Equity Fund** |
| | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $203246 | $597296 | $1015417 | $3092835 |
| Net realized gain (loss) | 4341674 | 4230921 | 10206499 | 8700409 |
| Net change in unrealized appreciation (depreciation) | (1554416) | 4756132 | 4030765 | 16483949 |
| Net increase (decrease) in net assets resulting from operations | 2990504 | 9584349 | 15252681 | 28277193 |
| Total distributions—Class A |  |  | (74440) | (52743) |
| Total distributions—Class P | (626124) | (250144) | (2081188) | (1682894) |
| Total distributions—Class P2 | (5381118) | (2094035) | (855937) | (661064) |
| **Total distributions** | **(6007242)** | **(2344179)** | **(3011565)** | **(2396701)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 141282 | 5461122 | 5608030 | 16401345 |
| Cost of shares redeemed | (6661630) | (14459588) | (26636138) | (40540581) |
| Shares issued on reinvestment of dividends and distributions | 5449705 | 2123446 | 2743876 | 2091627 |
| Net increase (decrease) in net Assets from beneficial interest transactions | (1070643) | (6875020) | (18284232) | (22047609) |
| **Net increase (decrease) in net assets** | **(4087381)** | **365150** | **(6043116)** | **3832883** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 52112415 | 51747265 | 159848936 | 156016053 |
| End of period | $48025034 | $52112415 | $153805820 | $159848936 |

---

See accompanying notes to financial statements.

------

The UBS Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **UBS US Dividend Ruler Fund** | **UBS US Dividend Ruler Fund** | **UBS <br>US Quality Growth <br>At Reasonable Price Fund** | **UBS <br>US Quality Growth <br>At Reasonable Price Fund** |
| | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1858507 | $3340906 | $218935 | $542639 |
| Net realized gain (loss) | 9984786 | 14156957 | 18286037 | 21183032 |
| Net change in unrealized appreciation (depreciation) | 6737253 | 24753741 | 6083298 | 23641380 |
| Net increase (decrease) in net assets resulting from operations | 18580546 | 42251604 | 24588270 | 45367051 |
| Total distributions—Class A |  |  |  |  |
| Total distributions—Class P | (17193481) | (9912818) | (20512956) | (11183757) |
| Total distributions—Class P2 | (3629900) | (1294873) |  |  |
| **Total distributions** | **(20823381)** | **(11207691)** | **(20512956)** | **(11183757)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 29304459 | 77278680 | 25003320 | 78650066 |
| Cost of shares redeemed | (25496844) | (50871673) | (51113670) | (74660562) |
| Shares issued on reinvestment of dividends and distributions | 18798740 | 10214738 | 19432967 | 10642373 |
| Net increase (decrease) in net Assets from beneficial interest transactions | 22606355 | 36621745 | (6677383) | 14631877 |
| **Net increase (decrease) in net assets** | **20363520** | **67665658** | **(2602069)** | **48815171** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 267001740 | 199336082 | 336099020 | 287283849 |
| End of period | $287365260 | $267001740 | $333496951 | $336099020 |

---

See accompanying notes to financial statements.

------

The UBS Funds

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS <br>Sustainable Development <br>Bank Bond Fund** | **UBS <br>Sustainable Development <br>Bank Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** | **For the<br>six months<br>ended<br>December 31,<br>2025<br>(unaudited)** | **For the<br>year<br>ended<br>June 30,<br>2025** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1410445 | $2254705 | $1589460 | $1591782 |
| Net realized gain (loss) | (354649) | (2375807) | 498168 | (1031758) |
| Net change in unrealized appreciation (depreciation) | 798572 | 4730114 | (72162) | 1195490 |
| Net increase (decrease) in net assets resulting from operations | 1854368 | 4609012 | 2015466 | 1755514 |
| Total distributions—Class A |  |  | (6349) | (13746) |
| Total distributions—Class P | (206050) | (405653) | (405153) | (901831) |
| Total distributions—Class P2 | (1204815) | (1848660) | (975542) | (419925) |
| **Total distributions** | **(1410865)** | **(2254313)** | **(1387044)** | **(1335502)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 12381113 | 26890573 | 48186015 | 24874005 |
| Cost of shares redeemed | (11413698) | (33560793) | (4040577) | (3975281) |
| Shares issued on reinvestment of dividends and distributions | 1281816 | 1962396 | 507587 | 796881 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2249231 | (4707824) | 44653025 | 21695605 |
| **Net increase (decrease) in net assets** | **2692734** | **(2353125)** | **45281447** | **22115617** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 76892643 | 79245768 | 42435167 | 20319550 |
| End of period | $79585377 | $76892643 | $87716614 | $42435167 |

---

See accompanying notes to financial statements.

------

UBS Global Allocation Fund

Financial highlights

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

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**12.11** | $**11.11** | $**10.38** | $**10.48** | $**14.61** | $**11.82** |
| Net investment income (loss)<sup>1</sup> | 0.16 | 0.22 | 0.23 | 0.17 | 0.11 | 0.12 |
| Net realized and unrealized gain (loss) | 1.15 | 0.99 | 0.73 | 0.21 | (1.83) | 2.89 |
| Net increase (decrease) from operations | 1.31 | 1.21 | 0.96 | 0.38 | (1.72) | 3.01 |
| Dividends from net investment income | (0.26) | (0.21) | (0.23) |  | (0.16) | (0.07) |
| Distributions from net realized gain | (0.01) |  |  | (0.48) | (2.25) | (0.15) |
| Total dividends and distributions | (0.27) | (0.21) | (0.23) | (0.48) | (2.41) | (0.22) |
| **Net asset value, end of period** | $**13.15** | $**12.11** | $**11.11** | $**10.38** | $**10.48** | $**14.61** |
| **Total investment return<sup>2</sup>** | **10.92%** | **10.76%** | **9.51%** | **3.82%** | **(14.05)%** | **25.58%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.58%<sup>3</sup> | 1.67%<sup>4</sup> | 1.54% | 1.48% | 1.39% | 1.41% |
| Expenses after fee waivers and/or expense reimbursements | 1.20%<sup>3</sup> | 1.25%<sup>4</sup> | 1.21% | 1.21% | 1.20% | 1.20% |
| Net investment income (loss) | 2.48%<sup>3</sup> | 1.92% | 2.15% | 1.61% | 0.82% | 0.85% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $112993 | $111676 | $117335 | $132855 | $146850 | $192772 |
| Portfolio turnover | 39% | 112% | 82% | 148% | 125% | 128% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**12.55** | $**11.52** | $**10.75** | $**10.82** | $**15.00** | $**12.13** |
| Net investment income (loss)<sup>1</sup> | 0.19 | 0.26 | 0.26 | 0.20 | 0.14 | 0.15 |
| Net realized and unrealized gains (losses) | 1.20 | 1.01 | 0.77 | 0.21 | (1.87) | 2.97 |
| Net increase (decrease) from operations | 1.39 | 1.27 | 1.03 | 0.41 | (1.73) | 3.12 |
| Dividends from net investment income | (0.28) | (0.24) | (0.26) |  | (0.20) | (0.10) |
| Distributions from net realized gains | (0.01) |  |  | (0.48) | (2.25) | (0.15) |
| Total dividends and distributions | (0.29) | (0.24) | (0.26) | (0.48) | (2.45) | (0.25) |
| **Net asset value, end of period** | $**13.65** | $**12.55** | $**11.52** | $**10.75** | $**10.82** | $**15.00** |
| **Total investment return<sup>2</sup>** | **11.06%** | **11.10%** | **9.74%** | **3.99%** | **(13.78)%** | **25.88%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.30%<sup>3</sup> | 1.38%<sup>4</sup> | 1.26% | 1.20% | 1.11% | 1.14% |
| Expenses after fee waivers and/or expense reimbursements | 0.95%<sup>3</sup> | 1.00%<sup>4</sup> | 0.96% | 0.96% | 0.95% | 0.95% |
| Net investment income (loss) | 2.77%<sup>3</sup> | 2.18% | 2.38% | 1.86% | 1.07% | 1.10% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $34812 | $34703 | $36138 | $38980 | $44059 | $56383 |
| Portfolio turnover | 39% | 112% | 82% | 148% | 125% | 128% |

---

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

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

<sup>3</sup> Annualized.

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

See accompanying notes to financial statements.

------

UBS Emerging Markets Equity Opportunity Fund

Financial highlights

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

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.74** | $**7.99** | $**7.38** | $**7.61** | $**12.39** | $**9.23** |
| Net investment income (loss)<sup>1</sup> | 0.07 | 0.12 | 0.12 | 0.18 | 0.20 | 0.09 |
| Net realized and unrealized gains (losses) | 1.78 | 0.89 | 0.66 | (0.24) | (3.92) | 3.18 |
| Net increase (decrease) from operations | 1.85 | 1.01 | 0.78 | (0.06) | (3.72) | 3.27 |
| Dividends from net investment income | (0.20) | (0.26) | (0.17) | (0.17) | (0.12) | (0.11) |
| Distributions from net realized gains |  |  |  |  | (0.94) |  |
| Total dividends and distributions | (0.20) | (0.26) | (0.17) | (0.17) | (1.06) | (0.11) |
| **Net asset value, end of period** | $**10.39** | $**8.74** | $**7.99** | $**7.38** | $**7.61** | $**12.39** |
| **Total investment return<sup>2</sup>** | **21.30%** | **13.10%** | **10.76%** | **(0.80)%** | **(31.71)%** | **31.51%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 1.24%<sup>3,4</sup> | 1.28% | 1.20%<sup>4</sup> | 1.18% | 1.15%<sup>4</sup> | 1.08% |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 1.01%<sup>3,4</sup> | 1.02% | 1.01%<sup>4</sup> | 1.02% | 1.00%<sup>4</sup> | 1.00% |
| Net investment income (loss) | 1.34%<sup>3</sup> | 1.59% | 1.61% | 2.47% | 1.98% | 0.73% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $61925 | $54420 | $90926 | $103168 | $132423 | $274359 |
| Portfolio turnover | 17% | 57% | 42% | 65% | 57% | 41% |

---

**Class P2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.81** | $**7.99** | $**7.40** | $**7.68** | $**12.52** | $**9.30** |
| Net investment income (loss)<sup>1</sup> | 0.10 | 0.21 | 0.18 | 0.23 | 0.30 | 0.18 |
| Net realized and unrealized gains (losses) | 1.81 | 0.86 | 0.65 | (0.24) | (3.96) | 3.22 |
| Net increase (decrease) from operations | 1.91 | 1.07 | 0.83 | (0.01) | (3.66) | 3.40 |
| Dividends from net investment income | (0.20) | (0.25) | (0.24) | (0.27) | (0.24) | (0.18) |
| Distributions from net realized gains |  |  |  |  | (0.94) |  |
| Total dividends and distributions | (0.20) | (0.25) | (0.24) | (0.27) | (1.18) | (0.18) |
| **Net asset value, end of period** | $**10.52** | $**8.81** | $**7.99** | $**7.40** | $**7.68** | $**12.52** |
| **Total investment return<sup>2</sup>** | **21.78%** | **13.95%** | **11.51%** | **0.02%** | **(31.10)%** | **36.66%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, <br>including interest expense | 1.24%<sup>3,4</sup> | 1.29% | 1.20%<sup>4</sup> | 1.17% | 1.13%<sup>4</sup> | 1.06% |
| Expenses after fee waivers and/or expense reimbursements, <br>including interest expense | 0.29%<sup>3,4</sup> | 0.34% | 0.25%<sup>4</sup> | 0.22% | 0.19%<sup>4</sup> | 0.12% |
| Net investment income (loss) | 2.02%<sup>3</sup> | 2.58% | 2.38% | 3.14% | 2.90% | 1.56% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $333526 | $354283 | $368282 | $346908 | $445198 | $761661 |
| Portfolio turnover | 17% | 57% | 42% | 65% | 57% | 41% |

---

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

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

<sup>3</sup> Annualized.

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

See accompanying notes to financial statements.

------

UBS Engage For Impact Fund

Financial highlights

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

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**14.40** | $**12.59** | $**11.15** | $**9.97** | $**14.26** | $**10.14** |
| Net investment income (loss)<sup>1</sup> | 0.02 | 0.08 | 0.10 | 0.09 | 0.14 | 0.03 |
| Net realized and unrealized gains (losses) | 0.76 | 2.35 | 1.42 | 1.19 | (2.82) | 4.19 |
| Net increase (decrease) from operations | 0.78 | 2.43 | 1.52 | 1.28 | (2.68) | 4.22 |
| Dividends from net investment income | (0.20) | (0.16) | (0.08) |  | (0.08) | (0.02) |
| Distributions from net realized gains | (1.62) | (0.46) |  | (0.10) | (1.53) | (0.08) |
| Total dividends and distributions | (1.82) | (0.62) | (0.08) | (0.10) | (1.61) | (0.10) |
| **Net asset value, end of period** | $**13.36** | $**14.40** | $**12.59** | $**11.15** | $**9.97** | $**14.26** |
| **Total investment return<sup>2</sup>** | **5.71%** | **19.79%** | **13.67%** | **12.90%** | **(21.28)%** | **41.70%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.63%<sup>3</sup> | 1.65% | 1.55% | 1.53% | 1.44% | 1.69% |
| Expenses after fee waivers and/or expense reimbursements | 0.85%<sup>3</sup> | 0.85% | 0.88% | 0.87% | 0.85% | 0.85% |
| Net investment income (loss) | 0.25%<sup>3</sup> | 0.61% | 0.82% | 0.86% | 1.04% | 0.27% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $4795 | $5050 | $5133 | $5776 | $6312 | $7816 |
| Portfolio turnover | 19% | 29% | 28% | 21% | 39% | 78% |

---

**Class P2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period ended**<br>**June 30, 2021<sup>4</sup>** |
| **Net asset value, beginning of period** | $**14.50** | $**12.59** | $**11.19** | $**9.99** | $**14.29** | $**13.64** |
| Net investment income (loss)<sup>1</sup> | 0.06 | 0.16 | 0.17 | 0.16 | 0.22 | 0.09 |
| Net realized and unrealized gains (losses) | 0.78 | 2.36 | 1.41 | 1.19 | (2.82) | 0.56 |
| Net increase (decrease) from operations | 0.84 | 2.52 | 1.58 | 1.35 | (2.60) | 0.65 |
| Dividends from net investment income | (0.19) | (0.15) | (0.18) | (0.05) | (0.17) |  |
| Distributions from net realized gains | (1.62) | (0.46) |  | (0.10) | (1.53) |  |
| Total dividends and distributions | (1.81) | (0.61) | (0.18) | (0.15) | (1.70) |  |
| **Net asset value, end of period** | $**13.53** | $**14.50** | $**12.59** | $**11.19** | $**9.99** | $**14.29** |
| **Total investment return<sup>2</sup>** | **6.09%** | **20.51%** | **14.29%** | **13.62%** | **(20.77)%** | **4.77%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.64%<sup>3</sup> | 1.68% | 1.58% | 1.56% | 1.42% | 2.24%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>3</sup> | 0.25% | 0.28% | 0.28% | 0.25% | 0.25%<sup>3</sup> |
| Net investment income (loss) | 0.85%<sup>3</sup> | 1.23% | 1.42% | 1.51% | 1.64% | 1.80%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $43230 | $47063 | $46614 | $44976 | $40006 | $42692 |
| Portfolio turnover | 19% | 29% | 28% | 21% | 39% | 78% |

---

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

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

<sup>3</sup> Annualized.

<sup>4</sup> For the period February 23, 2021 (commencement of operations) through June 30, 2021.

See accompanying notes to financial statements.

------

UBS International Sustainable Equity Fund

Financial highlights

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

**Class A**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.71** | $**9.97** | $**9.28** | $**9.12** | $**12.48** | $**9.62** |
| Net investment income (loss)<sup>1</sup> | 0.05 | 0.15 | 0.09 | 0.07 | 0.08 | 0.05 |
| Net realized and unrealized gain (losses) | 1.12 | 1.73 | 0.66 | 1.23 | (2.38) | 2.93 |
| Net increase (decrease) from operations | 1.17 | 1.88 | 0.75 | 1.30 | (2.30) | 2.98 |
| Dividends from net investment income | (0.23) | (0.14) | (0.06) | (0.01) | (0.12) | (0.12) |
| Distributions from net realized gain |  |  |  | (1.13) | (0.94) |  |
| Total dividends and distributions | (0.23) | (0.14) | (0.06) | (1.14) | (1.06) | (0.12) |
| **Net asset value, end of period** | $**12.65** | $**11.71** | $**9.97** | $**9.28** | $**9.12** | $**12.48** |
| **Total investment return<sup>2</sup>** | **10.04%** | **19.04%** | **8.14%** | **15.68%** | **(19.68)%** | **31.09%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.53%<sup>3,4</sup> | 1.59%<sup>4</sup> | 1.50%<sup>4</sup> | 1.49%<sup>4</sup> | 1.37%<sup>4</sup> | 1.33% |
| Expenses after fee waivers and/or expense reimbursements | 1.25%<sup>3,4</sup> | 1.26%<sup>4</sup> | 1.26%<sup>4</sup> | 1.26%<sup>4</sup> | 1.25%<sup>4</sup> | 1.25% |
| Net investment income (loss) | 0.82%<sup>3</sup> | 1.46% | 0.95% | 0.82% | 0.70% | 0.45% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $4123 | $3884 | $3921 | $4103 | $4754 | $9081 |
| Portfolio turnover | 18% | 45% | 47% | 7% | 53% | 52% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.72** | $**9.98** | $**9.29** | $**9.15** | $**12.53** | $**9.66** |
| Net investment income (loss)<sup>1</sup> | 0.07 | 0.19 | 0.12 | 0.09 | 0.09 | 0.09 |
| Net realized and unrealized gains (losses) | 1.12 | 1.71 | 0.65 | 1.23 | (2.37) | 2.93 |
| Net increase (decrease) from operations | 1.19 | 1.90 | 0.77 | 1.32 | (2.28) | 3.02 |
| Dividends from net investment income | (0.25) | (0.16) | (0.08) | (0.05) | (0.16) | (0.15) |
| Distributions from net realized gains |  |  |  | (1.13) | (0.94) |  |
| Total dividends and distributions | (0.25) | (0.16) | (0.08) | (1.18) | (1.10) | (0.15) |
| **Net asset value, end of period** | $**12.66** | $**11.72** | $**9.98** | $**9.29** | $**9.15** | $**12.53** |
| **Total investment return<sup>2</sup>** | **10.16%** | **19.32%** | **8.36%** | **16.00%** | **19.50%** | **31.40%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.23%<sup>3,4</sup> | 1.25%<sup>4</sup> | 1.18%<sup>4</sup> | 1.27%<sup>4</sup> | 1.11%<sup>4</sup> | 1.05% |
| Expenses after fee waivers and/or expense reimbursements | 1.00%<sup>3,4</sup> | 1.01%<sup>4</sup> | 1.01%<sup>4</sup> | 1.01%<sup>4</sup> | 1.00%<sup>4</sup> | 0.99% |
| Net investment income (loss) | 1.07%<sup>3</sup> | 1.78% | 1.25% | 0.97% | 0.74% | 0.79% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $104111 | $110021 | $107246 | $107863 | $164377 | $380983 |
| Portfolio turnover | 18% | 45% | 47% | 7% | 53% | 52% |

---

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

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

<sup>3</sup> Annualized.

See accompanying notes to financial statements.

------

UBS International Sustainable Equity Fund

Financial highlights

**Class P2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period ended**<br>**June 30, 2021<sup>5</sup>** |
| **Net asset value, beginning of period** | $**11.80** | $**9.96** | $**9.29** | $**9.18** | $**12.59** | $**10.05** |
| Net investment income (loss)<sup>1</sup> | 0.11 | 0.26 | 0.19 | 0.17 | 0.20 | 0.14 |
| Net realized and unrealized gains (losses) | 1.14 | 1.73 | 0.64 | 1.23 | (2.41) | 2.55 |
| Net increase (decrease) from operations | 1.25 | 1.99 | 0.83 | 1.40 | (2.21) | 2.69 |
| Dividends from net investment income | (0.24) | (0.15) | (0.16) | (0.16) | (0.26) | (0.15) |
| Distributions from net realized gains |  |  |  | (1.13) | (0.94) |  |
| Total dividends and distributions | (0.24) | (0.15) | (0.16) | (1.29) | (1.20) | (0.15) |
| **Net asset value, end of period** | $**12.81** | $**11.80** | $**9.96** | $**9.29** | $**9.18** | $**12.59** |
| **Total investment return<sup>2</sup>** | **10.66%** | **20.26%** | **9.08%** | **16.83%** | **(18.84)%** | **26.90%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.24%<sup>3,4</sup> | 1.27%<sup>4</sup> | 1.23%<sup>4</sup> | 1.22%<sup>4</sup> | 1.12%<sup>4</sup> | 1.08%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>3,4</sup> | 0.26%<sup>4</sup> | 0.26%<sup>4</sup> | 0.26%<sup>4</sup> | 0.25%<sup>4</sup> | 0.22%<sup>3</sup> |
| Net investment income (loss) | 1.83%<sup>3</sup> | 2.49% | 1.98% | 1.88% | 1.76% | 1.78%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $45572 | $45943 | $44849 | $44800 | $40308 | $41571 |
| Portfolio turnover | 18% | 45% | 47% | 7% | 53% | 52% |

---

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

<sup>5</sup> For the period October 30, 2020 (commencement of operations) through June 30, 2021

See accompanying notes to financial statements.

------

UBS US Dividend Ruler Fund

Financial highlights

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

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period ended**<br>**June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**17.23** | $**15.20** | $**13.34** | $**11.83** | $**12.82** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.11 | 0.23 | 0.24 | 0.25 | 0.23 | 0.20 |
| Net realized and unrealized gains (losses) | 1.06 | 2.62 | 2.02 | 1.57 | (0.84) | 2.72 |
| Net increase (decrease) from operations | 1.17 | 2.85 | 2.26 | 1.82 | (0.61) | 2.92 |
| Dividends from net investment income | (0.23) | (0.23) | (0.30) | (0.16) | (0.16) | (0.05) |
| Distributions from net realized gains | (1.10) | (0.59) | (0.10) | (0.15) | (0.22) | (0.05) |
| Total dividends and distributions | (1.33) | (0.82) | (0.40) | (0.31) | (0.38) | (0.10) |
| **Net asset value, end of period** | $**17.07** | $**17.23** | $**15.20** | $**13.34** | $**11.83** | $**12.82** |
| **Total investment return<sup>3</sup>** | **6.82%** | **19.16%** | **17.31%** | **15.60%** | **(5.01)%** | **29.37%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.77%<sup>4</sup> | 0.85% | 0.87% | 0.94% | 0.83% | 1.57%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.55%<sup>4</sup> | 0.52% | 0.51% | 0.51% | 0.50% | 0.50%<sup>4</sup> |
| Net investment income (loss) | 1.24%<sup>4</sup> | 1.41% | 1.75% | 1.98% | 1.76% | 1.72%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $237878 | $223434 | $175102 | $137806 | $118829 | $81981 |
| Portfolio turnover | 13% | 35% | 26% | 34% | 29% | 24% |

---

**Class P2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **Period ended**<br>**June 30, 2023<sup>5</sup>** |
| **Net asset value, beginning of period** | $**17.28** | $**15.19** | $**13.35** | $**12.10** |
| Net investment income (loss)<sup>2</sup> | 0.15 | 0.28 | 0.29 | 0.08 |
| Net realized and unrealized gains (losses) | 1.07 | 2.63 | 2.02 | 1.17 |
| Net increase (decrease) from operations | 1.22 | 2.91 | 2.31 | 1.25 |
| Dividends from net investment income | (0.23) | (0.23) | (0.37) |  |
| Distributions from net realized gains | (1.10) | (0.59) | (0.10) |  |
| Total dividends and distributions | (1.33) | (0.82) | (0.47) |  |
| **Net asset value, end of period** | $**17.17** | $**17.28** | $**15.19** | $**13.35** |
| **Total investment return<sup>3</sup>** | **7.07%** | **19.55%** | **17.74%** | **10.33%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.75%<sup>4</sup> | 0.84% | 0.85% | 1.18%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.17%<sup>4</sup> | 0.18% | 0.16% | 0.18%<sup>4</sup> |
| Net investment income (loss) | 1.63%<sup>4</sup> | 1.76% | 2.10% | 2.16%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $49487 | $43567 | $24234 | $14250 |
| Portfolio turnover | 13% | 35% | 26% | 34% |

---

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

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

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

<sup>4</sup> Annualized.

<sup>5</sup> For the period March 15, 2023 (commencement of operations) through June 30, 2023.

See accompanying notes to financial statements.

------

UBS US Quality Growth At Reasonable Price Fund

Financial highlights

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

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period ended**<br>**June 30, 2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $**18.57** | $**16.63** | $**12.75** | $**10.68** | $**13.10** | $**10.00** |
| Net investment income (loss)<sup>2</sup> | 0.01 | 0.03 | 0.06 | 0.06 | 0.04 | 0.04 |
| Net realized and unrealized gains (losses) | 1.30 | 2.53 | 3.88 | 2.12 | (2.05) | 3.10 |
| Net increase (decrease) from operations | 1.31 | 2.56 | 3.94 | 2.18 | (2.01) | 3.14 |
| Dividends from net investment income |  | (0.07) | (0.06) |  | (0.03) | (0.01) |
| Distributions from net realized gains | (1.15) | (0.55) |  | (0.11) | (0.38) | (0.03) |
| Total dividends and distributions | (1.15) | (0.62) | (0.06) | (0.11) | (0.41) | (0.04) |
| **Net asset value, end of period** | $**18.73** | $**18.57** | $**16.63** | $**12.75** | $**10.68** | $**13.10** |
| **Total investment return<sup>3</sup>** | **7.29%** | **15.58%** | **30.98%** | **20.59%** | **(16.06)%** | **31.49%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.74%<sup>4</sup> | 0.81% | 0.80% | 0.84% | 0.79% | 1.23%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.55%<sup>4</sup> | 0.52% | 0.51% | 0.51% | 0.50% | 0.50%<sup>4</sup> |
| Net investment income (loss) | 0.12%<sup>4</sup> | 0.18% | 0.38% | 0.54% | 0.28% | 0.32%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $333497 | $336099 | $287284 | $186544 | $166979 | $116538 |
| Portfolio turnover | 14% | 30% | 27% | 41% | 30% | 29% |

---

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

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

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

<sup>4</sup> Annualized.

See accompanying notes to financial statements.

------

UBS Sustainable Development Bank Bond Fund

Financial highlights

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

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**9.62** | $**9.32** | $**9.28** | $**9.62** | $**10.60** | $**11.17** |
| Net investment income (loss)<sup>1</sup> | 0.17 | 0.30 | 0.24 | 0.17 | 0.10 | 0.13 |
| Net realized and unrealized gains (losses) | 0.05 | 0.30 | 0.03 | (0.34) | (0.97) | (0.31) |
| Net increase (decrease) from operations | 0.22 | 0.60 | 0.27 | (0.17) | (0.87) | (0.18) |
| Dividends from net investment income | (0.17) | (0.30) | (0.23) | (0.16) | (0.10) | (0.12) |
| Distributions from net realized gains |  |  |  |  | (0.01) | (0.27) |
| Return of capital |  |  |  | (0.01) |  |  |
| Total dividends, distributions and return of capital | (0.17) | (0.30) | (0.23) | (0.17) | (0.11) | (0.39) |
| **Net asset value, end of period** | $**9.67** | $**9.62** | $**9.32** | $**9.28** | $**9.62** | $**10.60** |
| **Total investment return<sup>2</sup>** | **2.31%** | **6.53%** | **2.99%** | **(1.75)%** | **(8.13)%** | **(1.70)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.74%<sup>3</sup> | 0.82% | 0.69%<sup>4</sup> | 0.68% | 0.56% | 0.80% |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>3</sup> | 0.25% | 0.27%<sup>4</sup> | 0.27% | 0.25% | 0.25% |
| Net investment income (loss) | 3.52%<sup>3</sup> | 3.15% | 2.55% | 1.78% | 1.01% | 1.18% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $11773 | $12143 | $14517 | $14937 | $8052 | $17510 |
| Portfolio turnover | 17% | 49% | 28% | 22% | 47% | 16% |

---

**Class P2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period ended**<br>**June 30, 2021<sup>5</sup>** |
| **Net asset value, beginning of period** | $**9.60** | $**9.30** | $**9.27** | $**9.61** | $**10.59** | $**11.09** |
| Net investment income (loss)<sup>1</sup> | 0.18 | 0.31 | 0.24 | 0.17 | 0.12 | 0.08 |
| Net realized and unrealized gains (losses) | 0.05 | 0.30 | 0.04 | (0.33) | (0.97) | (0.23) |
| Net increase (decrease) from operations | 0.23 | 0.61 | 0.28 | (0.16) | (0.85) | (0.15) |
| Dividends from net investment income | (0.18) | (0.31) | (0.25) | (0.17) | (0.12) | (0.08) |
| Distributions from net realized gains |  |  |  |  | (0.01) | (0.27) |
| Return of capital |  |  |  | (0.01) |  |  |
| Total dividends, distributions and return of capital | (0.18) | (0.31) | (0.25) | (0.18) | (0.13) | (0.35) |
| **Net asset value, end of period** | $**9.65** | $**9.60** | $**9.30** | $**9.27** | $**9.61** | $**10.59** |
| **Total investment return<sup>2</sup>** | **2.39%** | **6.70%** | **3.04%** | **(1.62)%** | **(8.08)%** | **(1.34)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.75%<sup>3</sup> | 0.84% | 0.70%<sup>4</sup> | 0.66% | 0.56% | 0.68%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.15%<sup>3</sup> | 0.15% | 0.17%<sup>4</sup> | 0.16% | 0.15% | 0.15%<sup>3</sup> |
| Net investment income (loss) | 3.62%<sup>3</sup> | 3.25% | 2.64% | 1.83% | 1.15% | 1.09%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $67812 | $64750 | $64729 | $71059 | $68917 | $65659 |
| Portfolio turnover | 17% | 49% | 28% | 22% | 47% | 16% |

---

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

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

<sup>3</sup> Annualized.

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

<sup>5</sup> For the period October 30, 2020 (commencement of operations) through June 30, 2021.

See accompanying notes to financial statements.

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UBS Multi Income Bond Fund

Financial highlights

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

**Class A**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**13.43** | $**13.30** | $**13.38** | $**13.27** | $**15.66** | $**15.64** |
| Net investment income (loss)<sup>1</sup> | 0.32 | 0.71 | 0.62 | 0.55 | 0.27 | 0.30 |
| Net realized and unrealized gain (losses) | 0.10 | 0.02 | (0.20) |  | (2.42) | (0.02) |
| Net increase (decrease) from operations | 0.42 | 0.73 | 0.42 | 0.55 | (2.15) | 0.28 |
| Dividends from net investment income | (0.29) | (0.60) | (0.50) | (0.44) | (0.24) | (0.26) |
| **Net asset value, end of period** | $**13.56** | $**13.43** | $**13.30** | $**13.38** | $**13.27** | $**15.66** |
| **Total investment return<sup>2</sup>** | **3.30%** | **5.52%** | **3.24%** | **4.25%** | **(13.91)%** | **1.83%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.57%<sup>3</sup> | 2.45% | 2.63%<sup>4</sup> | 2.22% | 1.92% | 1.73% |
| Expenses after fee waivers and/or expense reimbursements | 0.90%<sup>3</sup> | 0.90% | 0.97%<sup>4</sup> | 0.89% | 0.75% | 0.75% |
| Net investment income (loss) | 4.64%<sup>3</sup> | 5.29% | 4.66% | 4.09% | 1.80% | 1.90% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $300 | $293 | $287 | $501 | $570 | $681 |
| Portfolio turnover | 23% | 58% | 32% | 24% | 248% | 169% |

---

**Class P**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** | **Years ended June 30,** |
| | **Six months ended<br>December 31, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**13.43** | $**13.30** | $**13.39** | $**13.28** | $**15.67** | $**15.65** |
| Net investment income (loss)<sup>1</sup> | 0.33 | 0.74 | 0.66 | 0.58 | 0.31 | 0.34 |
| Net realized and unrealized gains (losses) | 0.12 | 0.02 | (0.21) | 0.01 | (2.43) | (0.02) |
| Net increase (decrease) from operations | 0.45 | 0.76 | 0.45 | 0.59 | (2.12) | 0.32 |
| Dividends from net investment income | (0.31) | (0.63) | (0.54) | (0.48) | (0.27) | (0.30) |
| **Net asset value, end of period** | $**13.57** | $**13.43** | $**13.30** | $**13.39** | $**13.28** | $**15.67** |
| **Total investment return<sup>2</sup>** | **3.43%** | **5.78%** | **3.42%** | **4.51%** | **(13.68)%** | **2.07%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.39%<sup>3</sup> | 2.24% | 2.45%<sup>4</sup> | 2.04% | 1.71% | 1.52% |
| Expenses after fee waivers and/or expense reimbursements | 0.65%<sup>3</sup> | 0.65% | 0.73%<sup>4</sup> | 0.64% | 0.50% | 0.50% |
| Net investment income (loss) | 4.89%<sup>3</sup> | 5.53% | 4.99% | 4.34% | 2.06% | 2.15% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $17657 | $18115 | $20031 | $23437 | $26702 | $34629 |
| Portfolio turnover | 23% | 58% | 32% | 24% | 248% | 169% |

---

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

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

<sup>3</sup> Annualized.

See accompanying notes to financial statements.

------

UBS Multi Income Bond Fund

Financial highlights

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>December 31, 2025<br>(unaudited)** | **Years ended<br>June 30, 2025** | **Period ended<br>June 30, 2024<sup>5</sup>** |
| **Net asset value, beginning of period** | $**13.57** | $**13.34** | $**12.93** |
| Net investment income (loss)<sup>1</sup> | 0.37 | 0.79 | 0.53 |
| Net realized and unrealized gains (losses) | 0.11 | 0.06 | 0.29 |
| Net increase (decrease) from operations | 0.48 | 0.85 | 0.82 |
| Dividends from net investment income | (0.30) | (0.62) | (0.41) |
| **Net asset value, end of period** | $**13.75** | $**13.57** | $**13.34** |
| **Total investment return<sup>2</sup>** | **3.66%** | **6.23%** | **6.65%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.23%<sup>3</sup> | 2.12% | 3.84%<sup>3,4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.20%<sup>3</sup> | 0.20% | 0.26%<sup>3,4</sup> |
| Net investment income (loss) | 5.29%<sup>3</sup> | 5.91% | 5.56%<sup>3</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $69760 | $24027 | $1 |
| Portfolio turnover | 23% | 58% | 32% |

---

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

<sup>5</sup> For the period from October 11, 2023 (commencement of operations) through June 30, 2024.

See accompanying notes to financial statements.

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The UBS Funds

Notes to financial statements (unaudited)

**Organization and significant accounting policies**

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

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

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

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

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

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

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

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

------

The UBS Funds

Notes to financial statements (unaudited)

The Funds adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07").* Adoption of the new standard impacts financial statement disclosures only and does not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' portfolio management teams act as the Funds' CODM. Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

The following is a summary of significant accounting policies:

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

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

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

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

The Funds do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Funds do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denomi-

------

The UBS Funds

Notes to financial statements (unaudited)

nated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

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

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

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

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

The conflict between Ukraine and the Russian Federation has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

**Valuation of investments**

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

Each Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable invest-

------

The UBS Funds

Notes to financial statements (unaudited)

ments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on U.S. and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by UBS AM as the valuation designee appointed by Trust's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act. 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 the Funds' net asset value. However, if the Funds determine that such developments are so significant that they will materially affect the value of the Funds' investments, the Funds 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 UBS AM 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 U.S. 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 UBS Funds

Notes to financial statements (unaudited)

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 engaged the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Fund's portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

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

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

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

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

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

**Investments**

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

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The UBS Funds

Notes to financial statements (unaudited)

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

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

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

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

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

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

------

The UBS Funds

Notes to financial statements (unaudited)

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

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

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

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

Because a Fund's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Fund's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Fund's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Fund.

For the period ended December 31, 2025, UBS Multi Income Bond Fund did not engage in short sale transactions.

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

**Derivative instruments**

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

------

The UBS Funds

Notes to financial statements (unaudited)

attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Funds pay a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value. At December 31, 2025, the Funds did not hold any purchased options.

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

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

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

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

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

Written options, if any, are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in options and swaptions written, at value. At December 31, 2025, the Funds did not hold any written options.

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

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The UBS Funds

Notes to financial statements (unaudited)

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

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

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

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

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

Certain Funds may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

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

------

The UBS Funds

Notes to financial statements (unaudited)

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

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

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

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

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Fund will be different than if it had used ordinary

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The UBS Funds

Notes to financial statements (unaudited)

portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Fund's risk of loss will consist of the net amount of interest or other payments that the Fund is contractually entitled to receive. Therefore, the Fund would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

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

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

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

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

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

**Derivatives by underlying risk:** Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Although certain of a Fund's investments in derivatives may be intended to hedge risk from a portfolio implementation/economic perspective, derivatives are considered to be "non hedge transactions" for purposes of disclosure under US GAAP as reflected in the Fund's financial reports.

The volume of derivatives as disclosed in each Fund's Portfolio of investments is representative of the volume of derivatives outstanding during the period ended December 31, 2025.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Funds may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Fund's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of December 31, 2025 is reflected in the Statement of assets and liabilities.

------

The UBS Funds

Notes to financial statements (unaudited)

At December 31, 2025, the Funds had the following derivatives categorized by underlying risk:

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $110297 | $— | $— | $428730 | $539027 |
| Forward foreign currency contracts |  | 352594 |  |  | 352594 |
| Total value | $110297 | $352594 | $— | $428730 | $891621 |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $42519 | $— | $— | $— | $42519 |
| Swap contracts | 87237 |  |  |  | 87237 |
| Forward foreign currency contracts |  | 25634 |  |  | 25634 |
| Total value | $129756 | $25634 | $— | $— | $155390 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $(36631) | $— | $— | $(146603) | $(183234) |
| Forward foreign currency contracts |  | (637502) |  |  | (637502) |
| Total | $(36631) | $(637502) | $— | $(146603) | $(820736) |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $(157798) | $— | $— | $— | $(157798) |
| Swap contracts | (20470) |  |  |  | (20470) |
| Forward foreign currency contracts |  | (17629) |  |  | (17629) |
| Total | $(178268) | $(17629) | $— | $— | $(195897) |

---

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

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The UBS Funds

Notes to financial statements (unaudited)

During the period ended December 31, 2025, net realized gain (loss) from derivatives were as follows:

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Options and swaptions purchased | $— | $— | $— | $240045 | $240045 |
| Futures contracts | (58763) |  |  | 3588302 | 3529539 |
| Swap contracts |  |  | (247212) |  | (247212) |
| Forward foreign currency contracts |  | 351227 |  |  | 351227 |
| Total net realized gains (loss) | $(58763) | $351227 | $(247212) | $3828347 | $3873599 |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $511331 | $— | $— | $— | $511331 |
| Swap contracts | 14061 |  |  |  | 14061 |
| Forward foreign currency contracts |  | (16940) |  |  | (16940) |
| Total net realized gains (loss) | $525392 | $(16940) | $— | $— | $508452 |

---

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

During the period ended December 31, 2025, net unrealized appreciation (depreciation) from derivatives were as follows:

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit risk** | **Equity risk** | **Total value** |
| **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** | **UBS Global Allocation Fund** |
| Futures contracts | $(24140) | $— | $— | $(584846) | $(608986) |
| Swap contracts |  |  | 237958 |  | 237958 |
| Forward foreign currency contracts |  | (680136) |  |  | (680136) |
| Net change in appreciation (depreciation) | $(24140) | $(680136) | $237958 | $(584846) | $(1051164) |
| **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** | **UBS Multi Income Bond Fund** |
| Futures contracts | $(569428) | $— | $— | $— | $(569428) |
| Swap contracts | 157965 |  |  |  | 157965 |
| Forward foreign currency contracts |  | (7030) |  |  | (7030) |
| Net change in appreciation (depreciation) | $(411463) | $(7030) | $— | $— | $(418493) |

---

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

**Offsetting of certain derivatives:** The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an

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The UBS Funds

Notes to financial statements (unaudited)

ISDA Master Agreement, the Funds typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At December 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**UBS Global Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $891621 | $(820736) |
| Derivatives not subject to a MNA or similar agreements | (539027) | 183234 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $352594 | $(637502) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount<br>of assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $53384 | $(16968) | $— | $36416 |
| GSI | 17088 | (17088) |  |  |
| HSBC | 59920 | (39938) |  | 19982 |
| JPMCB | 158568 | (158568) |  |  |
| MSCI | 29873 | (29873) |  |  |
| SSB | 33761 | (33761) |  |  |
| Total | $352594 | $(296196) | $— | $56398 |
| **Counterparty** | **Gross amount<br>of liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(16968) | $16968 | $— | $— |
| CITI | (69776) |  |  | (69776) |
| GSI | (26622) | 17088 |  | (9534) |
| HSBC | (39938) | 39938 |  |  |
| JPMCB | (257352) | 158568 |  | (98784) |
| MSCI | (117771) | 29873 |  | (87898) |
| SSB | (109075) | 33761 |  | (75314) |
| Total | $(637502) | $296196 | $— | $(341306) |

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

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

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The UBS Funds

Notes to financial statements (unaudited)

**UBS Multi Income Bond Fund**

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| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $155390 | $(195897) |
| Derivatives not subject to a MNA or similar agreements | (129756) | 178268 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $25634 | $(17629) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount<br>of assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $23387 | $(3659) | $— | $19728 |
| GSI | 1638 | (1638) |  |  |
| MSCI | 609 | (609) |  |  |
| Total | $25634 | $(5906) | $— | $19728 |
| **Counterparty** | **Gross amount<br>of liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(3659) | $3659 | $— | $— |
| CITI | (1877) |  |  | (1877) |
| GSI | (3038) | 1638 |  | (1400) |
| MSCI | (9055) | 609 |  | (8446) |
| Total | $(17629) | $5906 | $— | $(11723) |

---

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

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

**Investment advisory fees and other transactions with affiliates**

The Advisor, a registered investment advisor, provides the Funds with investment management services. As compensation for these services, each Fund pays the Advisor a monthly fee, accrued daily and paid monthly, based on each Fund's respective average daily net assets in accordance with the following per annum schedule:

---

| | |
|:---|:---|
| **Fund** | **Annual rate as a percentage of <br>each Fund's average daily net assets** |
| UBS Global Allocation Fund | 0.800% up to $500 million<br>0.750% above $500 million up to $1 billion<br>0.700% above $1 billion up to $1.5 billion<br>0.675% above $1.5 billion up to $2 billion<br>0.650% above $2 billion up to $3 billion<br>0.630% above $3 billion up to $6 billion<br>0.610% above $6 billion |

---

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | |
|:---|:---|
| **Fund** | **Annual rate as a percentage of <br>each Fund's average daily net assets** |
| UBS Emerging Markets Equity Opportunity Fund | 0.900% up to $250 million<br>0.875% above $250 million up to $500 million<br>0.850% above $500 million up to $750 million<br>0.825% above $750 million up to $1 billion<br>0.750% above $1 billion |
| UBS Engage For Impact Fund | 0.750% up to $250 million<br>0.725% above $250 million |
| UBS International Sustainable Equity Fund | 0.800% up to $250 million<br>0.775% above $250 million up to $500 million<br>0.750% above $500 million up to $750 million<br>0.725% above $750 million up to $1 billion<br>0.675% above $1 billion up to $2 billion<br>0.650% above $2 billion |
| UBS US Dividend Ruler Fund | 0.5000% up to $250 million<br>0.4875% above $250 million up to $500 million<br>0.4750% above $500 million up to $750 million<br>0.4625% above $750 million up to $1 billion<br>0.4500% above $1 billion up to $2 billion<br>0.4375% above $2 billion |
| UBS US Quality Growth At Reasonable Price Fund | 0.500% all assets |
| UBS Sustainable Development Bank Bond Fund | 0.150% up to $250 million<br>0.145% above $250 million up to $500 million<br>0.140% above $500 million up to $750 million<br>0.135% above $750 million up to $1 billion<br>0.130% above $1 billion |
| UBS Multi Income Bond Fund | 0.500% up to $250 million<br>0.490% above $250 million up to $500 million<br>0.480% above $500 million up to $750 million<br>0.470% above $750 million |

---

For UBS Global Allocation Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS US Dividend Ruler Fund, UBS US Quality Growth At Reasonable Price Fund, UBS Sustainable Development Bank Bond Fund, and UBS Multi Income Bond Fund, the Advisor has agreed to waive its fees and/or reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses) to the extent necessary so that the Funds' operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy related expenses) do not exceed the expense limit of each class of shares as indicated in the following table.

For UBS International Sustainable Equity Fund, the Advisor has agreed to waive its fees and reimburse expenses(excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses) so that the Fund's ordinary operating expenses(excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy related expenses) do not exceed the limit of each class of shares as indicated in the following table. The contractual fee waiver and/or expense reimbursement agreement for each Fund, except UBS International Sustainable Equity Fund, will remain in place through the period ending December 31, 2025. The fee waiver and/or expense reimbursement agreement for UBS International Sustainable

------

The UBS Funds

Notes to financial statements (unaudited)

Equity Fund is irrevocable. Investment advisory fees, including the dollar amount waived or reimbursed, for the period ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A<br>expense cap** | **Class P<br>expense cap** | **Class P2<br>expense cap** | **Amount<br>due to<br>(due from) <br>advisor** | **Advisory<br>fees<br>incurred** | **Fees waived/ <br>expenses<br>reimbursed** |
| UBS Global Allocation Fund | 1.20% | 0.95% | —% | $18714 | $593138 | $(277411) |
| UBS Emerging Markets Equity Opportunity Fund | 1.25 | 1.00 | 0.40 | 95669 | 1743305 | (1645510) |
| UBS Engage For Impact Fund | 1.10 | 0.85 | 0.25 | (50255) | 192049 | (341338) |
| UBS International Sustainable Equity Fund | 1.25 | 1.00 | 0.25 | 38549 | 630445 | (357214) |
| UBS US Dividend Ruler Fund<sup>1</sup> | N/A | 0.65 | 0.30 | 75756 | 711522 | (398225) |
| UBS US Quality Growth At Reasonable Price Fund<sup>2</sup> | N/A | 0.65 |  | 119729 | 883596 | (336822) |
| UBS Sustainable Development Bank Bond Fund | 0.35 | 0.25 | 0.15 | (54302) | 58681 | (227980) |
| UBS Multi Income Bond Fund | 0.90 | 0.65 | 0.20 | (44000) | 153723 | (290619) |

---

<sup>1</sup> Prior to October 28, 2025, the expense cap was 0.50% and 0.15%, respectively for Class P and Class P2.

<sup>2</sup> Prior to October 28, 2025, the expense cap was 0.50% for Class P.

For UBS Emerging Markets Opportunity Fund Class P2, UBS Engage For Impact Fund Class P2, UBS International Sustainable Equity Fund Class P2, UBS US Dividend Ruler Fund Class P2, UBS Sustainable Development Bank Bond Fund Class P2 and UBS Multi Income Bond Fund Class P2, the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive all or portion of management fees. For the period ended December 31, 2025, the advisory fees waived was $1,476,890, $173,027, $183,094, $121,397, $49,818 and $107,773. In addition, these waivers are included within the fees waived/expenses reimbursed amount disclosed in the table above.

Each Fund, except for UBS International Sustainable Equity Fund and UBS Emerging Markets Equity Opportunity Fund Class P2, will reimburse the Advisor for expenses it waives or reimburses for a period of three years following such expense waivers or reimbursements, provided that the reimbursement by a Fund of the Advisor will not cause the total operating expense ratio to exceed the contractual limit as then may be in effect for the Fund. The expenses waived or reimbursed for the period ended December 31, 2025 are subject to repayment through June 30, 2029.

At December 31, 2025, the following Funds had remaining fee waivers and expense reimbursements subject to repayment to the Advisor and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>June 30,<br>2026** | **Expires<br>June 30,<br>2027** | **Expires<br>June 30,<br>2028** | **Expires<br>June 30,<br>2029** |
| UBS Global Allocation Fund—Class A | $1468512 | $374509 | $403715 | $473606 | $216682 |
| UBS Global Allocation Fund—Class P | 408261 | 100697 | 109875 | 136960 | 60729 |
| UBS Emerging Markets Equity Opportunity Fund—Class P | 627884 | 177843 | 185085 | 196723 | 68233 |
| UBS Engage For Impact Fund—Class P | 145270 | 48590 | 35669 | 41265 | 19746 |
| UBS Engage For Impact Fund—Class P2 | 942573 | 227885 | 252774 | 313349 | 148565 |
| UBS International Sustainable Equity Fund—Class A | 37523 | 9453 | 9649 | 12831 | 5590 |
| UBS International Sustainable Equity Fund—Class P | 910721 | 340367 | 182590 | 262553 | 125211 |
| UBS International Sustainable Equity Fund—Class P2 | 216317 | 47393 | 56651 | 77726 | 34547 |
| UBS US Dividend Ruler Fund—Class P | 1999715 | 554617 | 533249 | 655645 | 256204 |
| UBS US Dividend Ruler Fund—Class P2 | 85462 | 16441<sup>1</sup> | 30566 | 31278 | 7177 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>June 30,<br>2026** | **Expires<br>June 30,<br>2027** | **Expires<br>June 30,<br>2028** | **Expires<br>June 30,<br>2029** |
| UBS US Quality Growth At Reasonable Price Fund—Class P | $2476435 | $593538 | $675835 | $870240 | $336822 |
| UBS Sustainable Development Bank Bond Fund—Class P | 208413 | 40688 | 64767 | 73854 | 29104 |
| UBS Sustainable Development Bank Bond Fund—Class P2 | 944663 | 242235 | 247296 | 306206 | 148926 |
| UBS Multi Income Bond Fund—Class A | 19101 | 7160 | 6108 | 4826 | 1007 |
| UBS Multi Income Bond Fund—Class P | 1097354 | 351145 | 374185 | 305345 | 66679 |
| UBS Multi Income Bond Fund—Class P2 | 237805 |  | 23<sup>2</sup> | 122907 | 114875 |

---

<sup>1</sup> For the period March 15, 2023 (commencement of operations) through June 30, 2023.

<sup>2</sup> For the period from October 11, 2023 (commencement of operations) through June 30, 2024.

Each Fund pays UBS AM a monthly administration fee that is accrued daily and paid monthly at an annual rate of 0.075% of the average daily net assets of such Fund. As of and for the period ended December 31, 2025, the Funds owed and incurred administrative fees as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Administrative<br>fees owed** | **Administrative<br>fees incurred** |
| UBS Global Allocation Fund | $9457 | $55607 |
| UBS Emerging Markets Equity Opportunity Fund | 14329 | 146726 |
| UBS Engage For Impact Fund | 5985 | 19205 |
| UBS International Sustainable Equity Fund | 9379 | 59104 |
| UBS US Dividend Ruler Fund | 16086 | 107041 |
| UBS US Quality Growth At Reasonable Price Fund | 22527 | 132539 |
| UBS Sustainable Development Bank Bond Fund | 9732 | 29341 |
| UBS Multi Income Bond Fund | 8338 | 23058 |

---

For UBS Emerging Markets Equity Opportunity Fund Class P2, UBS International Sustainable Equity Fund Class P2, UBS US Dividend Ruler Fund Class P2, UBS Sustainable Development Bank Bond Fund Class P2 and UBS Multi Income Bond Fund Class P2, the Advisor has entered into a written agreement pursuant to which the Advisor has agreed to waive its retained administration fees. For the period ended December 31, 2025, the administration fees waived were $100,387, $8,772, $13,447, $132 and $285, respectively and such amounts are not subject to future recoupment.

The Funds may invest in shares of certain affiliated investment companies also advised or managed by the Advisor. Investments in affiliated investment companies for the period ended December 31, 2025 have been included near the end of each Fund's Portfolio of investments.

During the period ended December 31, 2025, the Funds listed below paid broker commissions to affiliates of the investment advisor as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within investments at cost of unaffiliated issuers, and the Statement of operations within net realized gain(loss) on, and/or change in net unrealized appreciation (depreciation) on investments and/or futures contracts.

---

| | |
|:---|:---|
| **Fund** | **UBS Group AG** |
| UBS Emerging Markets Equity Opportunity Fund | $360 |
| UBS Engage For Impact Fund | 40 |
| UBS International Sustainable Equity Fund | 300 |

---

During the period ended, December 31, 2025, some of the Funds engaged in purchase and sale transactions where an affiliate was underwriter.

------

The UBS Funds

Notes to financial statements (unaudited)

**Service and distribution plans**

UBS AM (US) is the principal underwriter of each Fund's shares. The Trust has adopted distribution and/or service plans ("the Plans") pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plans govern payments made for the expenses incurred in the service and/or distribution of Class A shares. Annual fees under the Plans as a percentage of the average daily net assets of each representative class of each of the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class A** |
| UBS Global Allocation Fund | 0.25% |
| UBS International Sustainable Equity Fund | 0.25 |
| UBS Multi Income Bond Fund | 0.25 |

---

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchases of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares. At December 31, 2025, certain Funds owed UBS AM (US) service and distribution fees, and for the period ended December 31, 2025, certain Funds were informed by UBS AM (US) that it had earned sales charges as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Service fees<br>owed** | **Sales charges<br>earned by<br>distributor** |
| UBS Global Allocation Fund—Class A | $23507 | $369 |
| UBS Multi Income Bond Fund—Class A | 51 |  |

---

**Transfer agency and related services fees**

UBS Financial Services Inc. provides certain services to the Funds pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Funds' transfer agent, and is compensated for these services by BNY Mellon, not the Funds.

For the period ended December 31, 2025, UBS Financial Services Inc. received from BNY Mellon, not the Funds, total delegated service fees as follows:

---

| | |
|:---|:---|
| **Fund** | **Delegated service<br>fees earned** |
| UBS Global Allocation Fund | $15157  |
| UBS Emerging Markets Equity Opportunity Fund | 15158 |
| UBS Engage For Impact Fund | 3969 |
| UBS International Sustainable Equity Fund | 6719 |
| UBS US Dividend Ruler Fund | 26105 |
| UBS US Quality Growth At Reasonable Price Fund | 35329 |
| UBS Sustainable Development Bank Bond Fund | 4693 |
| UBS Multi Income Bond Fund | 746 |

---

**Securities lending**

Each Fund may lend securities up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% of the market value for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

------

The UBS Funds

Notes to financial statements (unaudited)

Each Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, each Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Fund, which is included in the Fund's Portfolio of investments. State Street Bank and Trust Company serves as the Fund's lending agent.

At December 31, 2025, the following Funds had securities on loan at value, cash collateral and non-cash collateral as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Fund** | **Value of<br>securities on loan** | **Cash<br>collateral** | **Non-cash<br>collateral\*** | **Total<br>collateral** | **Security types<br>held as non-cash collateral** |
| UBS Global Allocation Fund | $491371 | $513164 | $4685 | $517849 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Emerging Markets Equity Opportunity Fund | 13662207 | 3727542 | 10676955 | 14404497 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Engage For Impact Fund | 1586090 | 1674606 |  | 1674606 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS International Sustainable Equity Fund | 17179251 | 17857113 | 247685 | 18104798 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Sustainable Development Bank Bond Fund | 117884 | 120300 |  | 120300 | U.S. Treasury Notes and U.S. Treasury Bills |
| UBS Multi Income Bond Fund | 5219776 | 5326333 |  | 5326333 | U.S. Treasury Notes and U.S. Treasury Bills |

---

\* These securities are held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

The table below represents the disaggregation at December 31, 2025 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of securities loaned** | **Type of securities loaned** | |
|<br>**Fund** | **Equity<br>securities** | **Corporate<br>bonds** | **Total gross<br>amount of<br>recognized**<br>**liabilities for<br>securities<br>lending<br>transactions** |
| UBS Global Allocation Fund | $513164 | $— | $513164 |
| UBS Emerging Markets Equity Opportunity Fund | 3727542 |  | 3727542 |
| UBS Engage for Impact Fund | 1674606 |  | 1674606 |
| UBS International Sustainable Equity Fund | 17857113 |  | 17857113 |
| UBS Sustainable Development Bank Bond Fund | 120300 |  | 120300 |
| UBS Multi Income Bond Fund |  | 5326333 | 5326333 |

---

**Bank line of credit**

The Fund participates with other funds managed by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the participating fund at the request of shareholders and other temporary or emergency purposes. The expiration date of the line of credit agreement was March 31, 2025 and was renewed on April 1, 2025 with the same fees and terms expiring March 30, 2026.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The funds covered by the Committed Credit Facility have agreed to pay an annual 25 basis point commitment fee (i.e.,

------

The UBS Funds

Notes to financial statements (unaudited)

0.25%) on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the funds in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of funds, and the other 50% of the allocation is based on utilization.

For the period ended December 31, 2025, the following Funds had borrowings as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average daily<br>amount of<br>borrowing<br>outstanding** | **Days<br>outstanding** | **Interest<br>expense** | **Weighted average<br>annualized<br>interest rate** |
| UBS Emerging Markets Equity Opportunity Fund | $3280474 | 27 | $13946 | 5.668% |
| UBS International Sustainable Equity Fund | 1427698 | 4 | 805 | 5.073 |

---

**Purchases and sales of securities**

For the period ended December 31, 2025, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| UBS Global Allocation Fund | $52757239 | $66412275 |
| UBS Emerging Markets Equity Opportunity Fund | 64928410 | 147142633 |
| UBS Engage For Impact Fund | 9524225 | 15949386 |
| UBS International Sustainable Equity Fund | 27873484 | 45685973 |
| UBS US Dividend Ruler Fund | 40231271 | 36942708 |
| UBS US Quality Growth At Reasonable Price Fund | 47254344 | 72573070 |
| UBS Sustainable Development Bank Bond Fund | 14426827 | 12665700 |
| UBS Multi Income Bond Fund | 69216425 | 13997900 |

---

**Shares of beneficial interest**

There is an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Funds were as follows:

**UBS Global Allocation Fund** For the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1866 | $23929 | 40259 | $540505 |
| Shares repurchased | (788960) | (10089560) | (303358) | (3932830) |
| Dividends reinvested | 156618 | 2026646 | 49987 | 671323 |
| Net increase (decrease) | (630476) | $(8038985) | (213112) | $(2721002) |

---

For the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8337 | $96019 | 63353 | $751700 |
| Shares repurchased | (1499435) | (17162101) | (491193) | (5851598) |
| Dividends reinvested | 159060 | 1833959 | 54863 | 655067 |
| Net increase (decrease) | (1332038) | $(15232123) | (372977) | $(4444831) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS Emerging Markets Equity Opportunity Fund** For the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 82450 | $790379 | 2619154 | $25502172 |
| Shares repurchased | (437849) | (4299110) | (11542543) | (108296756) |
| Dividends reinvested | 88681 | 889471 | 415091 | 4213175 |
| Net increase (decrease) | (266718) | $(2619260) | (8508298) | $(78581409) |

---

For the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 421897 | $3281896 | 13464978 | $103885546 |
| Shares repurchased | (5880411) | (46759768) | (20387094) | (160154208) |
| Dividends reinvested | 301067 | 2273057 | 1054617 | 7993998 |
| Net increase (decrease) | (5157447) | $(41204815) | (5867499) | $(48274664) |

---

**UBS Engage For Impact Fund** For the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8989 | $124749 | 1079 | $16533 |
| Shares repurchased | (9819) | (143017) | (455206) | (6518613) |
| Dividends reinvested | 8854 | 115721 | 403478 | 5333984 |
| Net increase (decrease) | 8024 | $97453 | (50649) | $(1168096) |

---

For the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 24614 | $325695 | 400371 | $5135427 |
| Shares repurchased | (85497) | (1115214) | (1014955) | (13344374) |
| Dividends reinvested | 3822 | 49960 | 157920 | 2073486 |
| Net increase (decrease) | (57061) | $(739559) | (456664) | $(6135461) |

---

**UBS International Sustainable Equity Fund** For the six months ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 37176 | $451577 | 424135 | $5139861 | 1296 | $16592 |
| Shares repurchased | (47666) | (579362) | (1739467) | (21099860) | (403159) | (4956916) |
| Dividends reinvested | 4677 | 58093 | 147962 | 1839166 | 67352 | 846617 |
| Net increase (decrease) | (5813) | $(69692) | (1167370) | $(14120833) | (334511) | $(4093707) |

---

------

The UBS Funds

Notes to financial statements (unaudited)

For the year ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 17194 | $181882 | 1048746 | $10966781 | 504871 | $5252682 |
| Shares repurchased | (82938) | (884614) | (2545382) | (27205661) | (1176945) | (12450306) |
| Dividends reinvested | 4104 | 41860 | 136894 | 1396321 | 63876 | 653446 |
| Net increase (decrease) | (61640) | $(660872) | (1359742) | $(14842559) | (608198) | $(6544178) |

---

**UBS US Dividend Ruler Fund** For the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1091676 | $19648564 | 538045 | $9655895 |
| Shares repurchased | (1078236) | (19528038) | (334940) | (5968806) |
| Dividends reinvested | 955022 | 16101671 | 159119 | 2697069 |
| Net increase (decrease) | 968462 | $16222197 | 362224 | $6384158 |

---

For the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3514661 | $56029546 | 1415228 | $21249134 |
| Shares repurchased | (2648137) | (42237323) | (546086) | (8634350) |
| Dividends reinvested | 576798 | 9315280 | 55660 | 899458 |
| Net increase (decrease) | 1443322 | $23107503 | 924802 | $13514242 |

---

**UBS US Quality Growth At Reasonable Price Fund** For the six months ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 1285234 | $25003320 |
| Shares repurchased | (2652515) | (51113670) |
| Dividends reinvested | 1072460 | 19432967 |
| Net increase (decrease) | (294821) | $(6677383) |

---

For the year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 4635142 | $78650066 |
| Shares repurchased | (4400633) | (74660562) |
| Dividends reinvested | 597886 | 10642373 |
| Net increase (decrease) | 832395 | $14631877 |

---

------

The UBS Funds

Notes to financial statements (unaudited)

**UBS Sustainable Development Bank Bond Fund** For the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 71427 | $690118 | 1210407 | $11690995 |
| Shares repurchased | (126317) | (1217235) | (1051952) | (10196463) |
| Dividends reinvested | 9568 | 92449 | 123401 | 1189367 |
| Net increase (decrease) | (45322) | $(434668) | 281856 | $2683899 |

---

For the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 208264 | $1965426 | 2619792 | $24925147 |
| Shares repurchased | (516806) | (4882296) | (3027499) | (28678497) |
| Dividends reinvested | 13007 | 123084 | 194474 | 1839312 |
| Net increase (decrease) | (295535) | $(2793786) | (213233) | $(1914038) |

---

**UBS Multi Income Bond Fund** For the six months ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 701 | $9507 | 3513301 | $48176508 |
| Shares repurchased | (45) | (605) | (72905) | (985922) | (222754) | (3054050) |
| Dividends reinvested | 379 | 5118 | 24588 | 331992 | 12465 | 170477 |
| Net increase (decrease) | 334 | $4513 | (47616) | $(644423) | 3303012 | $45292935 |

---

For the year ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class P** | **Class P** | **Class P2** | **Class P2** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4024 | $55161 | 108 | $1428 | 1846924 | $24817416 |
| Shares repurchased | (4659) | (61939) | (211275) | (2831914) | (80757) | (1081428) |
| Dividends reinvested | 838 | 11198 | 54253 | 725034 | 4555 | 60649 |
| Net increase (decrease) | 203 | $4420 | (156914) | $(2105452) | 1770722 | $23796637 |

---

**Federal tax status**

It is each Fund's policy to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax. Accordingly, no federal income tax provision was required.

The tax character of distributions paid during the fiscal years ended June 30, 2025 was as follows:

------

The UBS Funds

Notes to financial statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
|<br>**Fund** | **Distributions paid<br>from tax-exempt<br>income** | **Distributions<br>paid from<br>ordinary income** | **Distributions<br>paid from net<br>long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| UBS Global Allocation Fund | $— | $2730898 | $— | $2730898 |
| UBS Emerging Markets Equity Opportunity Fund |  | 13004914 |  | 13004914 |
| UBS Engage For Impact Fund |  | 569385 | 1774794 | 2344179 |
| UBS International Sustainable Equity Fund |  | 2396701 |  | 2396701 |
| UBS US Dividend Ruler Fund |  | 3135949 | 8071742 | 11207691 |
| UBS US Quality Growth At Reasonable Price Fund |  | 2441585 | 8742172 | 11183757 |
| UBS Sustainable Development Bank Bond Fund |  | 2254313 |  | 2254313 |
| UBS Multi Income Bond Fund |  | 1335502 |  | 1335502 |

---

The tax character of distributions paid and components of accumulated earnings (deficit) on a tax basis current fiscal year will be determined after the Trust's fiscal year ending June 30, 2026.

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of investments** | **Gross unrealized <br>appreciation** | **Gross unrealized <br>depreciation** | **Net unrealized<br>appreciation<br>(depreciation)<br>on investments** |
| UBS Global Allocation Fund | $183360974 | $15195247 | $(1838982) | $13356265 |
| UBS Emerging Markets Equity Opportunity Fund | 327330219 | 98638893 | (30382360) | 68256533 |
| UBS Engage For Impact Fund | 42192710 | 12296486 | (3931179) | 8365307 |
| UBS International Sustainable Equity Fund | 140782437 | 33027146 | (2859260) | 30167886 |
| UBS US Dividend Ruler Fund | 223113855 | 66983959 | (2139494) | 64844465 |
| UBS US Quality Growth At Reasonable Price Fund | 231643464 | 103627736 | (2268614) | 101359122 |
| UBS Sustainable Development Bank Bond Fund | 78799588 | 627890 | (621536) | 6354 |
| UBS Multi Income Bond Fund | 124498113 | 1022806 | (857803) | 165003 |

---

Net capital losses recognized by the Funds, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. These carryforwards are available as a reduction, to the extent provided in regulations, of future realized capital gains. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed.

At June 30, 2025, the following Funds had net capital losses that will be carried forward indefinitely, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term losses** | **Long-term losses** | **Net capital losses** |
| UBS Global Allocation Fund | $— | $— | $— |
| UBS Emerging Markets Equity Opportunity Fund | 27894873 | 121295940 | 149190813 |
| UBS Engage For Impact Fund |  |  |  |
| UBS International Sustainable Equity Fund |  | 12919891 | 12919891 |
| UBS US Dividend Ruler Fund |  |  |  |
| UBS US Quality Growth At Reasonable Price Fund |  |  |  |
| UBS Sustainable Development Bank Bond Fund | 487058 | 6859190 | 7346248 |
| UBS Multi Income Bond Fund | 3585982 | 2722125 | 6308107 |

---

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded, as of

------

The UBS Funds

Notes to financial statements (unaudited)

December 31, 2025, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Fund's policy to record any significant foreign tax exposures in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended December 31, 2025, the Funds did not incur any interest or penalties.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes that will be paid by the Funds.

Each of the tax years in the four year fiscal period ended December 31, 2025 or since inception in the case of UBS All China Equity Fund, UBS US Dividend Ruler Fund and UBS US Quality Growth At Reasonable Price Fund remains subject to examination by the Internal Revenue Service and state taxing authorities and/or non-US tax authorities.

------

PRESORTED

STANDARD

U.S. POSTAGE

PAID

COMPUTERSHARE

![](j2629182_za002.jpg)

**UBS Asset Management (Americas) LLC**

1285 Avenue of the Americas

New York, NY 10019

S1627

------

(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

(1) All board members and all members of any advisory board for regular compensation: $294,154

(2) Each board member and each member of an advisory board for special compensation: Not applicable.

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

------

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The Nominating, Compensation and Governance Committee will consider nominees recommended by Qualifying Fund Shareholders if an Independent Trustee vacancy on the Board occurs. A Qualifying Fund Shareholder is a shareholder that: (i) owns of record, or beneficially through a financial intermediary, 1/2 of 1% or more of the Trust's outstanding shares and (ii) has been a shareholder of at least 1/2 of 1% of the Trust's total outstanding shares for 12 months or more prior to submitting the recommendation to the Nominating, Compensation and Corporate Governance Committee. In order to recommend a nominee, a Qualifying Fund Shareholder should send a letter to the chair of the Nominating Committee, Ms. Abbie Smith, care of Keith A. Weller, the Secretary of The UBS Funds at UBS Asset Management, One North Wacker Drive, Chicago, Illinois 60606, and indicate on the envelope "Nominating Committee." The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each class and series of shares of the Trust which are owned of record and beneficially by such Qualifying Fund Shareholder and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that
the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of
this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes
in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

(a) (1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and
designated by registrant as a "Code of Conduct") is filed herewith as Exhibit EX-99.CODE ETH. Not applicable to this
filing of a semi-annual report

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange
Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's
securities are listed. Not applicable to the registrant.

[(a)](tm262918d1_ex99-cert.htm) [(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.](tm262918d1_ex99-cert.htm)

(a) (4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company
Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable
to the registrant.

(a) (5) Change in the registrant's independent public accountant. Provide the information
 called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to
 and necessary for a complete understanding of information not previously disclosed, the information should relate to events
 occurring during the reporting period. Not applicable.

[(b)](tm262918d1_ex99-906cert.htm) [Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.](tm262918d1_ex99-906cert.htm)

(c) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached
hereto as Exhibit EX-99. IRANNOTICE. Not applicable to this filing of a semi-annual report

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| The UBS Funds | The UBS Funds |
| By: | /s/ Mark Carver |
|  | Mark Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| The UBS Funds | The UBS Funds |
| By: | /s/ Mark Carver |
|  | Mark Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |
| Date: | March 9, 2026 |

---

## Ex-99.Cert

Exhibit EX-99.CERT

**<u>Certifications</u>**

I, Mark Carver, Principal Executive Officer of The UBS Funds, certify that:

1. I have reviewed this report on Form N-CSR of The UBS Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Mark Carver |
|  | Mark Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |

---

I, Joanne M. Kilkeary, Principal Financial Officer of The UBS Funds, certify that:

1. I have reviewed this report on Form N-CSR of The UBS Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |
| Date: | March 9, 2026 |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of The UBS Funds (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| By: | /s/ Mark Carver |
|  | Mark Carver |
|  | Principal Executive Officer |
| Dated: | March 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |
| Dated: | March 9, 2026 |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.