The UBS Funds

Semiannual Report | December 31, 2021

Table of contents				Page
President's letter					1
Market commentary					3
UBS All China Equity Fund					5
UBS Dynamic Alpha Fund					12
UBS Global Allocation Fund					24
UBS Emerging Markets Equity Opportunity Fund					37
UBS Engage For Impact Fund					42
UBS International Sustainable Equity Fund					49
UBS US Dividend Ruler Fund					57
UBS US Quality Growth at Reasonable Price Fund					63
UBS U.S. Small Cap Growth Fund					69
UBS Municipal Bond Fund					77
UBS Sustainable Development Bank Bond Fund					84
UBS Total Return Bond Fund					90
Glossary of terms used in the Portfolio of investments					104
Explanation of expense disclosure					105
Statement of assets and liabilities					108
Statement of operations					116
Statement of changes in net assets					120
Financial highlights					125
Notes to financial statements					138
General information					168

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President's letter

February 10, 2022

Dear Shareholder,

When I last wrote you after the first half of 2021, the world was experiencing continued economic recovery, reopening around the world and optimism in the markets. The second half of 2021 was more characterized by volatility and uncertainty due to new COVID-19 variants, inflation expectations and other world events.

US President Joe Biden and Congress passed a $1.2 trillion dollar infrastructure bill which promises to pump additional fiscal stimulus, supporting investors' economic outlook and markets. Vaccines continued to facilitate a sustainable recovery, with roughly 60% of the world's population having received at least one dose by the end of the year. But while growth exceeded expectations so did inflation, and while many stock markets continued to move higher so did bond yields.

Ongoing fallout from the COVID-19 Delta variant and the emergence of the fast-spreading Omicron variant also temporarily drove markets lower as pandemic-related outbreaks in critical links of global supply chains resulted in longer-than-expected supply disruptions, further feeding inflation and stymying growth in many countries.

And geopolitical events, such as the tense US—China relationship and the Russian aggression against Ukraine continued to provide headline risk that injected volatility into markets. Meanwhile, the global rates backdrop that had been supporting the economic recovery since the onset of the COVID-19 pandemic shifted.

In the second half, after a string of US CPI (consumer price index) readings that were the highest since the '80s, the Fed turned markedly more hawkish on inflation and began tapering its quantitative easing (QE) bond purchases and telegraphed ending the program and raising rates in 2022. As the Fed's stance evolved over time, it both roiled markets while calming many investors concerned about continued economic expansion over the longer term. The Bank of England raised rates in December for the first time since the pandemic began.

On the China growth and policy front, Beijing announced a slew of market-supportive, pro-growth policies in December 2021 to counter some of the economic pain from restructuring policies it implemented earlier in the year, which many had feared would derail China growth and help to slow the global economic expansion. And, the Peoples Bank of China turned policy 180°, abandoning its tightening cycle, aimed in part at curbing bubbly credit and housing markets, and lowered its key policy rates for the first time since April 2020.

Despite continued headwinds from COVID-19 and its variants, rising inflation, higher interest rates and supply chain challenges, the global economic recovery continued but momentum weakened.

Equity returns for the past six months were mixed globally with the US posting solid gains, international developed equities less so and emerging markets falling in the second half of 2021. Fixed Income market returns globally were generally weak, with a few bright spots, notably, US high yield, where investors sought out the additional spread, and China government bonds which saw a flight to quality, as other credits sectors came under duress. And strong demand, low inventories and supply challenges were a 'trifecta' pushing commodity markets higher in the second half of 2021.

So it appears volatility is likely back with us for the longer-term as markets and investors continue to digest potential threats to growth, rising inflation and interest rates against a backdrop of uncertainty around geopolitics and developments in the ongoing recovery from the COVID-19 pandemic, which has turned from a sprint into a marathon.

President's letter

Building a genuinely diversified portfolio capable of delivering growth amid uncertainty and volatility is as challenging as ever. That said, we believe that there are many unique and compelling opportunities across global asset classes and that the right strategies in the hands of skilled investment professionals have the potential to deliver better investment outcomes for our clients.

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

Sincerely,

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

The markets in review

The economic expansion continues

Despite continued headwinds from COVID-19 and its variants, rising inflation, higher interest rates, and supply chain challenges, the US economy continued to expand at a healthy pace overall. A number of factors supported the economy, including continued fiscal spending, monetary policy accommodation by the US Federal Reserve Board (the "Fed") and robust job growth. Looking back, first quarter 2021 US annualized gross domestic product ("GDP") rose by 6.3%. GDP then grew 6.7% and 2.3% over the second and third quarters of the year, respectively. Finally, the Commerce Department's initial estimate for fourth quarter annualized GDP growth—released after the reporting period ended—was 6.9%.

While the Fed maintained the federal funds rate in a record-low range between 0.00% and 0.25% in 2021, toward the end of the year it signaled a shift in its monetary policy. With inflation remaining elevated and no longer viewed as being "transitory," in November the Fed announced that it would start tapering its monthly purchase of Treasury and agency mortgage-backed securities. At its next meeting in December, the central bank further reduced its bond purchases, which are currently set to end in March 2022. The Fed may then start raising rates, and it anticipates three rate hikes in 2022. Overseas, the Bank of England raised rates for the first time since the pandemic began in December. However, both the European Central Bank and Bank of Japan have hinted that they may not raise rates in 2022.

From a global perspective, in its October 2021 World Economic Outlook, the International Monetary Fund ("IMF") said, "The global recovery continues but the momentum has weakened, hobbled by the pandemic. Fueled by the highly transmissible Delta variant, the recorded global COVID-19 death toll has risen close to 5 million and health risks abound, holding back a full return to normalcy. Pandemic outbreaks in critical links of global supply chains have resulted in longer-than-expected supply disruptions, further feeding inflation in many countries." Overall, risks to economic prospects have increased, and policy trade-offs have become more complex. The IMF expects 2021 GDP growth in the Eurozone, UK and Japan will be 5.0%, 6.8% and 2.4%, respectively. For comparison purposes, the GDP of these economies declined -6.3%, -9.8% and -4.6%, respectively, in 2020.

Developed country equities move higher

Equities in developed countries generated positive returns during the six-months ended December 31, 2021. Supporting the market were the ongoing COVID-19 vaccine rollout, monetary and fiscal policy initiatives and corporate profits that often exceeded expectations. While there were some setbacks, they proved to be temporary and investor demand for equities was solid. For the six-months ended December 31, 2021, the S&P 500 Index¹ gained 11.67% and ended the year near an all-time high. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² returned 2.24%. However, emerging markets equities, as measured by the MSCI Emerging Markets Index (net),³ fell 9.30%.

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

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

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

The markets in review

The overall fixed income market was weak

The overall global fixed income market generated weak results over the reporting period. As mentioned, with inflation moving higher the Fed and Bank of England, along with a number of emerging market central banks, started removing monetary policy accommodation. In the US, both short- and long-term Treasury yields moved higher (bond yields and prices move in the opposite direction). For the year as a whole, the yield on the US 10-year Treasury rose from 1.45% to 1.52%. 10-year government bond yields outside the US generally moved higher as well. The overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴ returned 0.06% during the six-months ended December 31, 2021. Returns of riskier fixed income securities were mixed. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁵ gained 1.63%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ returned -0.52%.

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

⁵  The ICE BofAML US High Yield Cash Pay Constrained Index is an unmanaged index of publicly placed, non-convertible, coupon-bearing US dollar denominated, below investment grade corporate debt with a term to maturity of at least one year. The index is market capitalization weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index. Investors should note that indices do not reflect the deduction of fees and expenses.

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

UBS All China Equity Fund

Portfolio performance

For the six months ended December 31, 2021, the UBS All China Equity Fund (the "Fund") returned -18.86%. The Fund's benchmark, the MSCI China All Shares Index (net) (the "Index"), returned -15.53% over the same time period. (Please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.)

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

Portfolio performance summary¹

What worked:

•  Within stock selection, Kweichow Moutai was the top contributor to Fund performance for the six-month period.

  – Moutai's share price rose after the company raised the prices of some of its products. This increased investor anticipation that the core product line would see price hikes, as well. (For details, see "Portfolio highlights.")

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

  – NetEase, a gaming company, outperformed after the company's third quarter results showed that its top line and deferred revenue growth, a good indication of fourth quarter revenue, outperformed market expectations. We expect NetEase to have a strong product cycle next year, including the release of its Naraka Bladepoint and Harry Potter games. These new games should help with the company's expansion beyond Japan, its current key overseas market, to Europe and the US. (For details, see "Portfolio highlights.")

  – Shandong Pharmaceutical Glass, Shandong Pharmaceutical rose as a vaccine beneficiary amid concerns over the new COVID-19 variant, Omicron. Price increases were implemented in November to mitigate the rising cost of raw materials.

  – Hong Kong Exchanges & Clearing outperformed on the back of expectations for a stronger pipeline of initial public offerings (IPOs). The company also benefited from being viewed as relatively more immune to local policy changes.

  – The decision not to hold Pinduoduo contributed to relative performance during the reporting period. The stock underperformed as competition among e-commerce platforms has intensified. Further, a rise in US bond yields triggered risk aversion among investors, which hurt stocks with high valuations. In addition, Pinduoduo was negatively impacted by concerns over ADR de-listing risks related to the Holding Foreign Companies Accountable Act (HFCAA). We believe it is not yet clear whether Pinduoduo would be able to sustain its growth without user discounts.

What didn't work:

•  Certain stock selection decisions made a negative contribution to Fund returns during the reporting period.

  – Shares of Chinasoft International outperformed earlier, but pulled back after reporting weaker-than-expected 2021 earnings due to short-term margin pressures. Increasing labor input costs, higher research & development (R&D) expenses, and the resurgence of Covid-19 cases in China all caused delays in projects. We continue to hold this stock.

¹  For a detailed commentary on the market environment in general during the reporting period, see page 3.

UBS All China Equity Fund

  – We added to the Fund's position in Ping An Insurance after the stock price fell to attractive levels based on weaker sentiment and concerns that Evergrande's missed interest payments may negatively impact Ping An Insurance. However, the company publicly disclosed that it does not have any direct exposure to Evergrande, and we believe the company's real estate exposure is manageable. We also added to Ping An Insurance as we believe it offers the best exposure to structural growth in China's life insurance and long-term financial planning markets. We continue to hold this stock. (For details, see "Portfolio highlights.")

  – Jinke Smart Services fell along with negative sentiment regarding the Chinese property sector. The market has concerns about whether the property management business will continue to receive new projects from its related developers. Jinke has historically relied more on third-party development instead, and has improved its independence by introducing Boyu Capital as a strategic investor to the company. We continue to hold this stock.

  – Shares of Alibaba Group fell on concerns of weaker-than-expected growth in core commerce in China, partly due to macroeconomic weakness and increased competition. Alibaba also lowered its earnings guidance for fiscal year 2022. The stock is trading at attractive valuations, and the company is investing in growing its e-commerce business such as Taobao Deals. We believe Alibaba's investment in other businesses such as cloud and logistics may contribute more over time. We continue to hold this stock. (For details, see "Portfolio highlights.")

  – Ping An Healthcare fell on weak market sentiment about internet healthcare in China lacking a positive catalyst. The market is waiting for the final version of detailed regulations on internet healthcare. The company guided earnings expectations lower in October. We continue to hold this stock.

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

Portfolio highlights

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

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

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

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

UBS All China Equity Fund

•  We believe Ping An Insurance is well-placed to benefit from the structural growth in the investment and retirement needs of the aging Chinese population. Premium penetration remains low compared to more developed Asian economies. The company's valuation looks attractive at current levels.

This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2021. The views and opinions in the letter were current as of February 10, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

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

UBS All China Equity Fund

Average annual total returns for periods ended 12/31/21 (unaudited)

				6 months				1 year				Inception1
Class P2					(18.86	)%			N/A				(32.29	)%
MSCI China All Shares Index (net)3					(15.53	)			(12.91	)%			(25.15	)

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2021 prospectuses were as follows: Class P—17.70% and 1.13%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 28, 2022, do not exceed 1.10% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

¹  Inception date of Class P of UBS All China Equity Fund is February 23, 2021.

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

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

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

UBS All China Equity Fund

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of December 31, 2021

Top ten holdings

Kweichow Moutai Co. Ltd., Class A					13.6	%
Tencent Holdings Ltd.					9.5
NetEase, Inc.					7.0
Alibaba Group Holding Ltd.					6.5
Ping An Insurance Group Co. of China Ltd., Class H					5.1
Hong Kong Exchanges & Clearing Ltd.					4.9
Jiangsu Hengrui Medicine Co. Ltd., Class A					4.9
China Merchants Bank Co. Ltd., Class H					4.4
Wuliangye Yibin Co. Ltd., Class A					2.9
Ping An Bank Co. Ltd., Class A					2.7
Total					61.5	%

Top issuer breakdown by country or territory of origin

China					90.7	%
Hong Kong					6.6
United States					3.6
Total					100.9	%

 

Common stocks
Banks					7.1	%
Beverages					18.0
Capital markets					4.9
Chemicals					1.6
Construction materials					1.8
Diversified consumer services					0.1
Diversified financial services					2.3
Entertainment					9.6
Food products					1.3
Gas utilities					0.6
Health care equipment & supplies					1.6
Health care providers & services					0.3
Health care technology					0.4
Household durables					1.7
Insurance					6.8
Interactive media & services					9.5
Internet & direct marketing retail					8.4
IT services					1.8
Life sciences tools & services					1.2
Pharmaceuticals					9.2
Real estate management & development					6.0
Software					0.2
Textiles, apparel & luxury goods					2.3
Transportation infrastructure					0.6
Total common stocks					97.3
Short-term investments					3.6
Investment of cash collateral from securities loaned					0.3
Total investments					101.2
Liabilities in excess of other assets					(1.2	)
Net assets					100.0	%

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

UBS All China Equity Fund

Portfolio of investments

December 31, 2021 (unaudited)

				Number of shares				Value
Common stocks: 97.3%
China: 90.7%
Alibaba Group Holding Ltd.*					6,100			$	93,015
Alibaba Health Information Technology Ltd.*,1					6,000				5,071
Anhui Conch Cement Co. Ltd., Class H					5,000				24,976
Anhui Gujing Distillery Co. Ltd., Class B					1,500				21,353
China Gas Holdings Ltd.					4,200				8,726
China Jinmao Holdings Group Ltd.					46,000				14,217
China Merchants Bank Co. Ltd., Class H					8,000				62,122
China Resources Land Ltd.					6,000				25,239
Chinasoft International Ltd.*					20,000				26,059
Country Garden Services Holdings Co. Ltd.					2,000				11,978
CSPC Pharmaceutical Group Ltd.					34,000				36,932
Far East Horizon Ltd.1					37,000				32,836
Hainan Meilan International Airport Co. Ltd., Class H*					3,000				9,253
Jiangsu Hengrui Medicine Co. Ltd., Class A					8,700				69,222
Jinke Smart Services Group Co. Ltd., Class H1					2,500				10,885
Kingsoft Corp. Ltd.					5,000				21,962
Kweichow Moutai Co. Ltd., Class A					600				192,991
Li Ning Co. Ltd.					3,000				32,837
Longfor Group Holdings Ltd.2					5,000				23,533
Meituan, Class B*,2					900				26,016
Midea Group Co. Ltd., Class A					2,100				24,320
NetEase, Inc.					4,900				98,973
NetEase, Inc., ADR					160				16,285
Ping An Bank Co. Ltd., Class A					15,000				38,787
Ping An Healthcare and Technology Co. Ltd.*,1,2					1,200				4,363
Ping An Insurance Group Co. of China Ltd., Class H					10,000				72,010
Shandong Pharmaceutical Glass Co. Ltd., Class A					3,400				23,419
TAL Education Group, ADR*					468				1,839
Tencent Holdings Ltd.					2,300				134,740
Tuya, Inc., ADR*					400				2,500
Wanhua Chemical Group Co. Ltd., Class A					1,400				22,186

				Number of shares				Value
Common stocks—(concluded)
China—(concluded)
Wuliangye Yibin Co. Ltd., Class A					1,200			$	41,923
Wuxi Biologics Cayman, Inc.*,2					1,500				17,804
Yihai International Holding Ltd.*,1					4,000				18,493
Yunnan Baiyao Group Co. Ltd., Class A					1,500				24,630
									1,291,495
Hong Kong: 6.6%
AIA Group Ltd.					2,400				24,192
Hong Kong Exchanges & Clearing Ltd.					1,200				70,084
									94,276
Total common stocks (cost $1,857,247)									1,385,771
Short-term investments: 3.6%
Investment companies: 3.6%
State Street Institutional U.S. Government Money Market Fund, 0.030%3 (cost $50,472)					50,472				50,472
Investment of cash collateral from securities loaned: 0.3%
Money market funds: 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%3 (cost $4,332)					4,389				4,332
Total investments: 101.2% (cost $1,912,051)									1,440,575
Liabilities in excess of other assets: (1.2%)									(16,890	)
Net assets: 100.0%								$	1,423,685

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

UBS All China Equity Fund

Portfolio of investments

December 31, 2021 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description				Unadjusted quoted prices in active markets for identical investments (Level 1)				Other significant observable inputs (Level 2)				Unobservable inputs (Level 3)				Total
Assets
Common stocks				$	1,385,771			$	—			$	—			$	1,385,771
Short-term investments					—				50,472				—				50,472
Investment of cash collateral from securities loaned					—				4,332				—				4,332
Total				$	1,385,771			$	54,804			$	—			$	1,440,575

At December 31, 2021, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $71,716, represented 5.0% of the Fund's net assets at period end.

³  Rates shown reflect yield at December 31, 2021.

UBS Dynamic Alpha Fund

Portfolio performance

For the six months ended December 31, 2021, Class A shares of UBS Dynamic Alpha Fund (the "Fund") returned 0.12% (Class A shares returned -5.42% after the deduction of the maximum sales charge), while Class P shares returned 0.26%. For purposes of comparison, the ICE BofA Merrill Lynch US Treasury 1-5 Year Index retuned -0.69% during the same time period, the MSCI World Index (net) returned 7.76%, and the FTSE One-Month US Treasury Bill Index returned 0.03%. (Class P shares have lower expenses than the other share class of the Fund.)

Returns for all share classes over various time periods are shown on page 14; please note that these returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, while the Index returns do not reflect the deduction of fees and expenses.

Overall, the Fund delivered strong risk-adjusted and absolute returns over the reporting period and comfortably outperformed its benchmark and return objective. We used derivatives for risk management purposes and as a tool to help enhance returns across various strategies. With respect to our active currency strategy, utilizing currency forwards had a direct positive impact on performance. Derivatives were just one tool, among others, that we used to implement our market allocation strategy.

The Fund generated strong performance over the first half of the period, with most of our trades and directional exposures contributing to results. It was a period of reflation, reopening and optimism. Global growth accelerated, yield curves steepened early in the period, and inflation expectations rose. Against this backdrop, equites meaningfully outperformed bonds and our cyclicals value trades added value. Finally, attractively valued emerging market currencies benefited from a weaker US dollar and gradually improving global financial conditions. The Fund was exposed to all those factors.

The following two months were less constructive and represented more of a mixed bag for the Fund on an absolute basis. While our equity exposure continued to perform well overall, we observed a countertrend, with a move back to pandemic winners and away from reflation exposures. This was driven by investors becoming more cautious due to a peak in global growth momentum. In addition, investor sentiment was impacted by the new Omicron variant which was several times more contagious than previous variants. In turn, investors turned more cautious, bond yields began to decline, and the US dollar strengthened in anticipation of weaker near-term global growth. December, however, was again an exceptionally good month for the Fund, significantly outperforming other unconstrained strategies (e.g., as measured by the HFRX Global Hedge Fund Index), closing out the year on strong footing.

We remain positioned for a strong growth environment given financial and monetary conditions remain accommodative, vaccines continue to work and protect against severe disease and should allow for a gradual ongoing reopening of additional parts of the global economy.

Portfolio performance summary¹

What worked:

•  The portfolio's strategic allocation to equities and credit contributed to performance.

  – Our strategic allocation to global equities delivered strong positive returns over the reporting period as the global economy continued to recover.

  – Fixed income was a slight detractor overall as yields rose by almost 80 basis points (i.e., 0.80%) over the reporting period. An exception was high-yield corporate bonds, which were additive for returns due to narrowing credit spreads.

¹  For a detailed commentary on the market environment in general during the reporting period, see page 3.

UBS Dynamic Alpha Fund

•  Overall, market allocation decisions were additive for results.

  – We maintained an equity overweight for most of the reporting period, but decided to assume a more neutral stance (at least from a risk [beta] point of view), as we transitioned into second quarter of 2021 (prior to the beginning of the reporting period), as several of our key risk indicators turned more negative. First, economic momentum was peaking and markets historically struggle during such an adjustment period. Second, our behavioral sentiment indicators were softening, as the media increasingly focused on the aforementioned peak in global growth. Lastly, we were concerned that a quick rise in yields could pressure lofty equity valuations.

  – Within equities, we maintained a pro-cyclical value positioning for most of the reporting period, with the rational of further earnings upside from a reopening of the global economy. Most of the trades within this category contributed to performance, such as long Stoxx600 Banks versus Eurostoxx50, long FTSE MIB Italy versus Stoxx50 and long emerging versus developed market equities.

•  Overall, active currency positions contributed to results.

  – The largest contributor to performance was a short US dollar Norwegian krone trade. This was beneficial given hawkish rhetoric from the Norges Bank and a procyclical growth improvement which similarly helped long emerging market positions, such as the Brazilian real and Mexican peso against the US dollar, which were additive to performance.

What didn't work:

•  Certain market allocation decisions detracted from results.

  – Within equities, the trades that detracted were generally more defensively minded, such as a long UK versus EuroStoxx50 position and a long Topix versus MSCI World trade. Both underperformed slightly more than we anticipated, driven by some idiosyncratic developments in their respective markets. For example, flows and sentiment remained weak for the Topix, largely due to slow progress on vaccine distribution and approval which delayed the reopening and increased the vulnerability to COVID-19 variants. However, we anticipated Japanese equities to underperform less given their fundamental strength, cheapness and the ongoing Bank of Japan buying during stress periods. UK equities also underperformed for several reasons, but probably the most important were: 1) the pound's strength relative to other major trading currencies, 2) increasing instead of falling risk premium on UK stocks following the "skinny" Brexit deal and 3) the strength of broader eurozone equities during the first half of 2021. However, we retained both trades as they continued to improve the risk-adjusted return of the overall portfolio given our other positions.

  – There were no meaningful detractors on the relative value fixed income side, as our yield curve steepener position and our short US duration stance thereafter added to overall performance.

•  Certain active currency positions detracted from performance.

  – The Fund's short positions in developed commodity currencies, such as the Canadian dollar and New Zealand dollar against the US dollar, were the largest detractors over the period amidst the improved global growth outlook and a rebound in commodity prices.

This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended December 31, 2021. The views and opinions in the letter were current as of February 10, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

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

UBS Dynamic Alpha Fund

Average annual total returns for periods ended 12/31/21 (unaudited)

				6 months				1 year				5 years				10 years
Before deducting maximum sales charge
Class A1					0.12	%			4.08	%			2.87	%			2.73	%
Class P2					0.26				4.42				3.12				2.99
After deducting maximum sales charge
Class A1					(5.42	)%			(1.61	)%			1.69	%			2.15	%
ICE BofAML US Treasury 1-5 Year Index3					(0.69	)			(1.10	)			1.88				1.34
MSCI World Index (net)4					7.76				21.82				15.03				12.70
FTSE One-Month US Treasury Bill Index5					0.03				0.04				1.06				0.56

The annualized gross and net expense ratios, respectively, for each class of shares as in the October 28, 2021 prospectuses were as follows: Class A—2.32% and 1.38%; Class P—2.09% and 1.13%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2022, do not exceed 1.35% for Class A shares and 1.10% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.

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

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

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

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

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

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

UBS Dynamic Alpha Fund

Portfolio statistics and industry diversification—(unaudited)^1,2

As a percentage of net assets as of December 31, 2021

Top ten holdings

U.S. Treasury Bills, 0.450% due 03/10/22					13.9	%
U.S. Treasury Bills, 0.114% due 06/02/22					11.2
iShares MSCI International Value Factor ETF					4.6
U.S. Treasury Notes, 2.000% due 02/15/22					3.5
Bundesobligation, 0.000% due 04/11/25					3.4
iShares MSCI USA Value Factor ETF					3.2
U.S. Treasury Notes, 0.250% due 05/31/25					3.2
New Zealand Government Inflation Linked Bond, 3.000% due 09/20/30					2.3
Ireland Government Bond, 1.000% due 05/15/26					1.9
Japan Government Ten Year Bond, 0.400% due 03/20/25					1.8
Total					49.0	%

Top five issuer breakdown by country or territory of origin

United States					52.9	%
Japan					5.7
Germany					4.8
United Kingdom					4.4
France					3.9
Total					71.7	%

Corporate bonds
Advertising					0.1	%
Aerospace & defense					0.2
Agriculture					0.6
Airlines					0.2
Apparel					0.0	†
Auto manufacturers					1.4
Banks					7.4
Chemicals					0.8
Commercial services					0.3
Computers					0.2
Diversified financial services					1.1
Electric					2.4
Engineering & construction					0.6
Gas					0.8
Healthcare-products					0.1
Insurance					2.7
Media					0.6
Mining					0.1
Miscellaneous manufacturers					0.2
Oil & gas					0.8
Pharmaceuticals					0.4
Pipelines					0.5
Real estate					0.3
Real estate investment trusts					0.8
Retail					0.0	†
Semiconductors					0.2
Software					0.1
Sovereign					0.4
Supranationals					0.1
Telecommunications					0.3
Transportation					0.3
Water					1.3
Total corporate bonds					25.3
Mortgage-backed securities					0.0	†
Non-U.S. government agency obligations					22.9
U.S. Treasury obligations					35.5
Exchange traded funds					7.8
Investment of cash collateral from securities loaned					4.1
Total investments					95.6
Other assets in excess of liabilities					4.4
Net assets					100.0	%

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

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

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

UBS Dynamic Alpha Fund

Portfolio of investments

December 31, 2021 (unaudited)

				Face amount1				Value
Corporate bonds: 25.3%
Australia: 0.9%
APT Pipelines Ltd. 4.200%, due 03/23/252					15,000			$	16,042
Aurizon Network Pty Ltd. 4.000%, due 06/21/242				AUD	30,000				23,555
Ausgrid Finance Pty Ltd. 3.750%, due 10/30/242				AUD	30,000				22,990
Commonwealth Bank of Australia (fixed, converts to FRN on 10/03/24), 1.936%, due 10/03/292				EUR	100,000				118,162
Westpac Banking Corp. 2.000%, due 01/13/23					30,000				30,449
(fixed, converts to FRN on 09/21/27), 5.000%, due 09/21/273					80,000				83,286
									294,484
Belgium: 0.4%
RESA SA 1.000%, due 07/22/262				EUR	100,000				117,260
Bermuda: 0.1%
XLIT Ltd. 5.250%, due 12/15/43					20,000				27,500
Canada: 0.2%
Canadian Pacific Railway Co. 1.350%, due 12/02/244					60,000				60,072
TELUS Corp. 3.750%, due 01/17/25				CAD	15,000				12,453
									72,525
China: 0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.700%, due 05/01/255					5,000				5,162
3.150%, due 05/01/275					15,000				15,768
									20,930
France: 2.5%
AXA SA (fixed, converts to FRN on 05/28/29), 3.250%, due 05/28/492				EUR	100,000				127,546
Credit Agricole SA 1.375%, due 03/13/252				EUR	100,000				118,330
Electricite de France SA 5.625%, due 01/22/24					100,000				105,471
SCOR SE (fixed, converts to FRN on 03/13/29), 5.250%, due 03/13/292,3					200,000				208,160
Terega SA 2.200%, due 08/05/252				EUR	100,000				121,332
Unibail-Rodamco-Westfield SE (fixed, converts to FRN on 04/25/26), 2.875%, due 01/25/262,3				EUR	100,000				114,071
									794,910

				Face amount1				Value
Corporate bonds—(continued)
Germany: 1.4%
ADLER Group SA 1.500%, due 07/26/242,6				EUR	100,000			$	99,334
Kreditanstalt fuer Wiederaufbau 2.625%, due 01/25/22					110,000				110,144
Volkswagen International Finance N.V. 1.125%, due 10/02/232				EUR	100,000				116,130
Series NC6, (fixed, converts to FRN on 06/27/24), 3.375%, due 06/27/24 2,3				EUR	100,000				119,892
									445,500
Guernsey: 0.4%
Globalworth Real Estate Investments Ltd. 3.000%, due 03/29/252				EUR	100,000				119,599
Ireland: 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.650%, due 10/29/24					300,000				299,456
Japan: 0.1%
Mitsubishi UFJ Financial Group, Inc. 2.665%, due 07/25/22					25,000				25,293
Mexico: 1.0%
Mexico City Airport Trust 5.500%, due 07/31/472					200,000				199,663
Petroleos Mexicanos 3.750%, due 02/21/242				EUR	100,000				116,878
									316,541
Poland: 0.4%
Tauron Polska Energia SA 2.375%, due 07/05/272				EUR	100,000				116,753
Spain: 2.0%
Banco Santander SA 3.250%, due 04/04/262				EUR	100,000				125,410
4.000%, due 01/19/232				AUD	200,000				149,997
Canal de Isabel II Gestion SA 1.680%, due 02/26/252				EUR	100,000				118,495
Iberdrola International BV (fixed, converts to FRN on 03/26/24), 2.625%, due 03/26/242,3				EUR	100,000				119,307
Redexis Gas Finance BV 1.875%, due 04/27/272				EUR	100,000				120,056
									633,265
Supranationals: 0.5%
Corp Andina de Fomento 4.500%, due 06/05/252				AUD	35,000				27,071
European Financial Stability Facility 0.500%, due 07/11/252				EUR	100,000				117,139
									144,210

UBS Dynamic Alpha Fund

Portfolio of investments

December 31, 2021 (unaudited)

				Face amount1				Value
Corporate bonds—(continued)
Switzerland: 0.4%
Argentum Netherlands BV for Swiss Life AG (fixed, converts to FRN on 06/16/25), 4.375%, due 06/16/252,3				EUR	100,000			$	126,231
United Kingdom: 4.3%
Anglian Water Services Financing PLC 4.500%, due 02/22/262				GBP	100,000				151,474
AstraZeneca PLC 3.500%, due 08/17/23					30,000				31,307
Barclays PLC (fixed, converts to FRN on 10/06/22), 2.375%, due 10/06/232				GBP	100,000				136,694
BAT Capital Corp. 3.557%, due 08/15/27					35,000				36,708
BAT International Finance PLC 0.875%, due 10/13/232				EUR	100,000				115,249
Lloyds Banking Group PLC 2.250%, due 10/16/242				GBP	100,000				137,865
Natwest Group PLC (fixed, converts to FRN on 06/25/23), 4.519%, due 06/25/24					200,000				209,225
Phoenix Group Holdings PLC 4.125%, due 07/20/222				GBP	150,000				206,245
Reynolds American, Inc. 4.450%, due 06/12/25					25,000				27,000
Virgin Money UK PLC (fixed, converts to FRN on 04/24/25), 3.375%, due 04/24/262				GBP	100,000				139,713
WPP Finance 2010 3.750%, due 09/19/24					25,000				26,428
Yorkshire Water Finance PLC (fixed, converts to FRN on 03/22/23), 3.750%, due 03/22/462				GBP	100,000				137,963
									1,355,871
United States: 9.6%
3M Co. 2.650%, due 04/15/25					20,000				20,875
AbbVie, Inc. 3.450%, due 03/15/22					25,000				25,023
Air Products and Chemicals, Inc. 2.050%, due 05/15/30					20,000				20,117
Albemarle Corp. 5.450%, due 12/01/44					50,000				65,044
Altria Group, Inc. 4.400%, due 02/14/26					13,000				14,320
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375%, due 10/01/22					34,859				34,747
Apache Corp. 4.250%, due 01/15/44					60,000				60,750
AT&T, Inc. 4.350%, due 03/01/29					60,000				67,397

				Face amount1				Value
Corporate bonds—(continued)
United States—(continued)
Bank of America Corp. (fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23					90,000			$	91,860
3.875%, due 08/01/25					80,000				86,713
Boeing Co. 2.196%, due 02/04/26					20,000				19,995
Bristol-Myers Squibb Co. 3.875%, due 08/15/25					24,000				25,972
Broadcom, Inc. 3.150%, due 11/15/25					35,000				36,643
Charter Communications Operating LLC/Charter Communications Operating Capital 4.500%, due 02/01/24					50,000				53,174
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP 3.300%, due 05/01/235					120,000				123,574
5.125%, due 04/01/255					25,000				27,758
Chevron USA, Inc. 3.850%, due 01/15/28					20,000				22,143
Citigroup, Inc. 3.875%, due 10/25/23					130,000				137,011
4.600%, due 03/09/26					20,000				22,057
Comcast Corp. 3.950%, due 10/15/25					35,000				38,211
Costco Wholesale Corp. 1.600%, due 04/20/30					10,000				9,688
CVS Health Corp. 2.625%, due 08/15/24					35,000				36,239
Dell International LLC/EMC Corp. 5.300%, due 10/01/29					60,000				70,332
Diamondback Energy, Inc. 3.250%, due 12/01/26					50,000				52,731
Enable Midstream Partners LP 3.900%, due 05/15/247					25,000				26,104
Energy Transfer LP 4.500%, due 04/15/24					5,000				5,299
EnLink Midstream Partners LP 4.400%, due 04/01/24					10,000				10,450
ERAC USA Finance LLC 5.625%, due 03/15/425					35,000				47,404
Exelon Corp. 3.400%, due 04/15/26					15,000				15,978
Ford Motor Credit Co. LLC 3.021%, due 03/06/24				EUR	100,000				118,709
General Electric Co., Series A, 6.750%, due 03/15/32					6,000				8,182
General Motors Financial Co., Inc. 4.350%, due 04/09/25					90,000				96,829
Georgia Power Co., Series A, 2.100%, due 07/30/23					25,000				25,440
Glencore Funding LLC 4.875%, due 03/12/295					40,000				45,234

UBS Dynamic Alpha Fund

Portfolio of investments

December 31, 2021 (unaudited)

				Face amount1				Value
Corporate bonds—(continued)
United States—(continued)
Goldman Sachs Group, Inc. 1.625%, due 07/27/262				EUR	40,000			$	48,056
3.375%, due 03/27/252				EUR	35,000				43,898
3.500%, due 04/01/25					90,000				95,169
Illinois Tool Works, Inc. 2.650%, due 11/15/26					45,000				47,190
JPMorgan Chase & Co. 3.200%, due 01/25/23					220,000				225,966
3.625%, due 12/01/27					60,000				64,651
Kinder Morgan, Inc. 5.625%, due 11/15/235					35,000				37,398
Liberty Mutual Group, Inc. 4.569%, due 02/01/295					25,000				28,728
Lincoln National Corp. 3.800%, due 03/01/28					70,000				76,797
Mastercard, Inc. 2.000%, due 03/03/25					20,000				20,505
Morgan Stanley 4.000%, due 07/23/25					85,000				92,118
4.350%, due 09/08/26					20,000				22,107
MPLX LP 4.250%, due 12/01/27					30,000				33,228
National Rural Utilities Cooperative Finance Corp. 3.700%, due 03/15/29					15,000				16,505
NIKE, Inc. 2.400%, due 03/27/25					10,000				10,353
Oncor Electric Delivery Co. LLC 3.700%, due 11/15/28					25,000				27,514
Oracle Corp. 2.500%, due 04/01/25					20,000				20,469
PacifiCorp. 2.700%, due 09/15/30					5,000				5,147
Quanta Services, Inc. 0.950%, due 10/01/24					50,000				49,457
Raytheon Technologies Corp. 3.950%, due 08/16/25					25,000				27,108
Southern California Edison Co., Series E, 3.700%, due 08/01/25					20,000				21,354
Southern Co. 3.250%, due 07/01/26					35,000				37,026
Swiss Re Treasury U.S. Corp. 4.250%, due 12/06/425					30,000				36,754
Thermo Fisher Scientific, Inc. 1.215%, due 10/18/24					20,000				19,978
TWDC Enterprises 18 Corp. 1.850%, due 07/30/26					10,000				10,084
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.650%, due 01/07/26					35,012				34,622
Verizon Communications, Inc. 3.376%, due 02/15/256					25,000				26,608

				Face amount1				Value
Corporate bonds—(concluded)
United States—(concluded)
ViacomCBS, Inc. 4.750%, due 05/15/25					75,000			$	82,251
Virginia Electric and Power Co., Series A, 3.800%, due 04/01/28					20,000				21,889
Visa, Inc. 1.900%, due 04/15/27					25,000				25,358
Williams Cos., Inc. 4.300%, due 03/04/24					35,000				36,933
Xcel Energy, Inc. 4.800%, due 09/15/41					80,000				97,055
									3,004,279
Total corporate bonds (cost $7,585,075)									7,914,607
Mortgage-backed securities: 0.0%†
Cayman Islands: 0.0%†
LNR CDO IV Ltd., Series 2006-1A, Class FFX, 7.592%, due 05/28/435,8,9					8,000,000				0
United States: 0.0%†
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-7, Class B11, 2.668%, due 04/25/3510					46,431				0
Total mortgage-backed securities (cost $8,096,407)									0
Non-U.S. government agency obligations: 22.9%
Australia: 1.5%
Australia Government Bond 2.250%, due 05/21/282				AUD	420,000				319,948
2.750%, due 11/21/272				AUD	200,000				156,415
									476,363
Canada: 3.4%
Canada Housing Trust No. 1 2.350%, due 09/15/235				CAD	120,000				96,927
Canadian Government Bond 1.500%, due 02/01/22				CAD	520,000				411,508
1.500%, due 09/01/24				CAD	690,000				551,682
									1,060,117
China: 0.4%
China Development Bank 1.250%, due 01/21/232				GBP	100,000				135,306
Colombia: 0.1%
Colombia Government International Bond 8.125%, due 05/21/24					30,000				33,943

UBS Dynamic Alpha Fund

Portfolio of investments

December 31, 2021 (unaudited)

				Face amount1				Value
Non-U.S. government agency obligations—(continued)
France: 1.4%
Caisse d'Amortissement de la Dette Sociale 1.375%, due 11/25/242				EUR	100,000			$	119,414
French Republic Government Bond OAT 0.000%, due 03/25/252				EUR	260,000				300,534
									419,948
Germany: 3.4%
Bundesobligation 0.000%, due 04/11/252				EUR	910,000				1,056,157
Ireland: 1.9%
Ireland Government Bond 1.000%, due 05/15/262				EUR	490,000				590,656
Japan: 5.6%
Japan Bank for International Cooperation 0.625%, due 05/22/23					200,000				199,552
Japan Government Ten Year Bond 0.400%, due 03/20/25				JPY	63,000,000				556,348
Japan Government Two Year Bond 0.100%, due 05/01/22				JPY	42,000,000				365,359
Japanese Government CPI Linked Bond 0.100%, due 03/10/26				JPY	47,932,480				428,363
0.100%, due 03/10/29				JPY	23,153,410				209,031
									1,758,653
New Zealand: 2.9%
New Zealand Government Bond 0.500%, due 05/15/26				NZD	300,000				190,906
New Zealand Government Inflation Linked Bond 3.000%, due 09/20/302				NZD	755,634				724,294
									915,200
Poland: 0.3%
Republic of Poland Government International Bond 0.000%, due 02/10/252				EUR	90,000				102,321
Romania: 0.4%
Romanian Government International Bond 2.750%, due 02/26/262				EUR	100,000				122,320
Spain: 0.7%
Spain Government Bond 1.600%, due 04/30/252,5				EUR	180,000				218,272
Supranationals: 0.1%
European Union 3.000%, due 09/04/262				EUR	30,000				39,377

				Face amount1				Value
Non-U.S. government agency obligations—(concluded)
Sweden: 0.7%
Kommuninvest I Sverige AB 0.500%, due 02/02/222					200,000			$	200,052
United Kingdom: 0.1%
Bank of England Euro Note 0.500%, due 04/28/232					40,000				39,962
Total non-U.S. government agency obligations (cost $7,192,891)									7,168,647
U.S. Treasury obligations: 35.5%
United States: 35.5%
U.S. Treasury Bills 0.114%, due 06/02/2211					3,500,000				3,498,451
0.450%, due 03/10/2211					4,350,000				4,349,661
U.S. Treasury Notes 0.250%, due 05/31/25					1,030,000				1,001,916
0.375%, due 04/30/25					560,000				547,575
1.375%, due 09/30/23					320,000				323,875
1.500%, due 02/28/23					210,000				212,486
2.000%, due 02/15/22					1,090,000				1,092,470
2.750%, due 11/15/23					100,000				103,777
Total U.S. Treasury obligations (cost $11,170,955)									11,130,211
				Number of shares
Exchange traded funds: 7.8%
United States: 7.8%
iShares MSCI USA Value Factor ETF					9,270				1,014,787
iShares MSCI International Value Factor ETF6					56,055				1,426,039
Total exchange traded funds (cost $1,841,092)									2,440,826
Investment of cash collateral from securities loaned: 4.1%
Money market funds: 4.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030%12 (cost $1,289,086)					1,289,086				1,289,086
Total investments: 95.6% (cost $37,175,506)									29,943,377
Other assets in excess of liabilities: 4.4%									1,387,117
Net assets: 100.0%								$	31,330,494

UBS Dynamic Alpha Fund

Portfolio of investments

December 31, 2021 (unaudited)

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

Futures contracts

Number of contracts				Currency								Expiration date				Current notional amount				Value				Unrealized appreciation (depreciation)
Index futures buy contracts:
	1			AUD				ASX SPI 200 Index Futures				March 2022				$	131,941			$	133,632			$	1,691
	1			CAD				S&P/TSX 60 Index Futures				March 2022					199,062				202,522				3,460
	134			EUR				STOXX 600 Banks Index Futures				March 2022					1,046,699				1,102,238				55,539
	13			EUR				EURO STOXX 600 Index Futures				March 2022					348,493				360,022				11,529
	5			EUR				FTSE MIB Index Futures				March 2022					752,136				775,546				23,410
	15			GBP				FTSE 100 Index Futures				March 2022					1,458,605				1,487,010				28,405
	8			JPY				TOPIX Index Futures				March 2022					1,347,153				1,385,378				38,225
	17			USD				Mini MSCI Emerging Markets (EM) Index Futures				March 2022					1,031,847				1,042,355				10,508
	5			USD				S&P 500 E-Mini Index Futures				March 2022					1,164,736				1,189,625				24,889
Interest rate futures buy contracts:
	2			CAD				Canada Government Bond 10 Year Futures				March 2022					219,743				225,495				5,752
U.S. Treasury futures buy contracts:
	13			USD				U.S. Treasury Note 5 Year Futures				March 2022					1,566,214				1,572,695				6,481
	Total															$	9,266,629			$	9,476,518			$	209,889
Index futures sell contracts:
	27			EUR				EURO STOXX 50 Index Futures				March 2022				$	(1,280,571	)		$	(1,317,956	)		$	(37,385	)
Interest rate futures sell contracts:
	2			EUR				German Euro BOBL Futures				March 2022					(305,844	)			(303,387	)			2,457
	6			EUR				German Euro Bund Futures				March 2022					(1,191,524	)			(1,170,628	)			20,896
	5			GBP				United Kingdom Long Gilt Bond Futures				March 2022					(847,656	)			(845,292	)			2,364
U.S. Treasury futures sell contracts:
	13			USD				U.S. Treasury Note 10 Year Futures				March 2022					(1,675,966	)			(1,696,094	)			(20,128	)
	1			USD				U.S. Ultra Bond Futures				March 2022					(192,741	)			(197,125	)			(4,384	)
	4			USD				U.S. Ultra Treasury Note 10 Year Futures				March 2022					(575,900	)			(585,750	)			(9,850	)
	Total															$	(6,070,202	)		$	(6,116,232	)		$	(46,030	)
	Net unrealized appreciation (depreciation)																							$	163,859

Centrally cleared credit default swap agreements on corporate issues—sell protection¹³

Referenced obligations				Notional amount (000)				Maturity date				Payment frequency				Payments received by the Portfolio14				Upfront payments received (made)				Value				Unrealized appreciation (depreciation)
iTraxx Europe Crossover Series 36 Index				EUR	400			12/20/26				Quarterly					5.000	%		$	(55,294	)		$	54,839			$	(455	)