UBS Liquid Assets Government Fund

Schedule of Investments (Unaudited Holdings as of 04/30/2023)

Weighted Average Maturity: 9 days

Weighted Average Life: 83 days
Final maturity
Issuer Category of investment CUSIP Principal amount Maturity date date Coupon or Yield Value % of total*
Federal Farm Credit Banks U.S. Government Agency Debt 3133EMZA3 5,000,000 05/01/23 05/12/23 4.845 5,000,008 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EMY55 2,000,000 05/01/23 08/04/23 4.835 2,000,273 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133EM3V2 4,000,000 05/01/23 08/28/23 4.835 3,999,645 0.40
Federal Farm Credit Banks U.S. Government Agency Debt 3133EMZ54 2,000,000 05/01/23 08/10/23 4.835 2,000,127 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133EM4T6 3,000,000 05/01/23 09/08/23 4.835 2,999,949 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133EM6F4 1,000,000 05/01/23 09/27/23 4.835 1,000,088 0.10
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENBS8 3,000,000 05/01/23 10/27/23 4.835 2,999,676 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENCY4 3,000,000 05/01/23 11/02/23 4.850 2,999,999 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENCN8 3,000,000 05/01/23 11/30/23 4.835 3,000,170 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENEK2 2,000,000 05/01/23 08/22/23 4.860 2,000,064 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENAJ9 5,000,000 05/01/23 07/13/23 4.828 5,000,073 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENGX2 2,000,000 05/01/23 12/13/23 4.870 2,000,563 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENGZ7 5,000,000 05/01/23 12/14/23 4.880 5,000,085 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENQH6 3,000,000 05/01/23 03/01/24 4.855 3,000,214 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENWG1 3,000,000 05/01/23 05/09/24 4.860 3,000,809 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENE89 1,000,000 05/01/23 08/08/24 4.910 1,000,688 0.10
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENH94 4,000,000 05/01/23 08/26/24 4.910 4,001,126 0.40
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENJ43 5,000,000 05/01/23 08/26/24 4.900 5,002,586 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133ENR28 3,000,000 05/01/23 10/04/24 4.915 3,000,617 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN3K4 5,000,000 05/01/23 12/05/24 5.010 5,009,822 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN6E5 2,500,000 05/01/23 01/17/25 4.990 2,501,103 0.25
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN6L9 2,000,000 05/01/23 01/23/25 4.980 2,002,851 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN7G9 5,000,000 05/01/23 09/05/24 4.945 4,999,966 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN7K0 2,000,000 05/01/23 01/30/25 4.970 2,002,493 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPAB1 3,000,000 05/01/23 02/06/25 4.975 3,000,112 0.30
Federal Farm Credit Banks U.S. Government Agency Debt 3133EN5R7 5,000,000 05/01/23 10/10/24 4.950 5,005,615 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPAX3 5,000,000 05/01/23 02/14/25 4.960 5,000,575 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPCC7 5,000,000 05/01/23 02/28/25 4.940 5,000,556 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 313312MD9 10,000,000 09/25/23 09/25/23 4.945 9,804,842 1.00
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPCV5 5,000,000 05/01/23 03/10/25 4.940 5,001,278 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPDX0 5,000,000 05/01/23 08/21/23 4.920 5,000,508 0.50

Information Classification: Limited Access Page 1 of 3

Federal Farm Credit Banks U.S. Government Agency Debt 3133EPEX9 2,000,000 05/01/23 01/03/25 4.960 2,001,005 0.20
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPFZ3 5,000,000 05/01/23 04/18/24 4.885 5,001,212 0.50
Federal Farm Credit Banks U.S. Government Agency Debt 3133EPHG3 5,000,000 05/01/23 05/01/23 4.920 5,002,712 0.50
Federal Home Loan Banks U.S. Government Agency Debt 313384JZ3 4,000,000 08/04/23 08/04/23 4.920 3,949,624 0.40
Federal Home Loan Banks U.S. Government Agency Debt 313384FD6 5,000,000 05/04/23 05/04/23 4.650 4,998,107 0.50
Federal Home Loan Banks U.S. Government Agency Debt 313384FC8 15,000,000 05/03/23 05/03/23 4.650 14,996,213 1.50
Federal Home Loan Banks U.S. Government Agency Debt 313384JQ3 10,000,000 07/26/23 07/26/23 4.940 9,885,472 1.00
Federal Home Loan Banks U.S. Government Agency Debt 313384GG8 5,000,000 05/31/23 05/31/23 4.650 4,981,098 0.50
Federal Home Loan Banks U.S. Government Agency Debt 313384JX8 5,000,000 08/02/23 08/02/23 4.920 4,938,347 0.50
Federal Home Loan Banks U.S. Government Agency Debt 313384KW8 10,000,000 08/25/23 08/25/23 4.920 9,846,434 1.00
Federal Home Loan Banks U.S. Government Agency Debt 313384FU8 10,000,000 05/19/23 05/19/23 4.650 9,977,300 1.00
Federal Home Loan Banks U.S. Government Agency Debt 313384GU7 10,000,000 06/12/23 06/12/23 4.860 9,944,788 1.00
Federal Home Loan Banks U.S. Government Agency Debt 313384GJ2 3,000,000 06/02/23 06/02/23 4.860 2,987,372 0.30
Federal Home Loan Banks U.S. Government Agency Debt 313384FK0 5,000,000 05/10/23 05/10/23 4.650 4,994,194 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130ASTJ8 10,000,000 05/01/23 05/24/23 4.865 9,999,985 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130ATH91 5,000,000 05/01/23 06/27/23 4.860 4,999,970 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130ATRV1 8,000,000 05/01/23 07/25/23 4.880 8,000,353 0.80
Federal Home Loan Banks U.S. Government Agency Debt 3130ATYW1 5,000,000 05/01/23 05/23/23 4.900 5,000,098 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUGA6 10,000,000 05/01/23 06/06/23 4.850 9,999,834 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130AUJ70 10,000,000 05/01/23 05/11/23 4.840 9,999,910 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130AUJZ8 10,000,000 05/01/23 06/13/23 4.850 9,999,815 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130AULJ1 15,000,000 05/01/23 07/18/23 4.860 14,999,929 1.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUMX9 5,000,000 05/01/23 05/26/23 4.850 4,999,943 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUNP5 5,000,000 05/01/23 11/27/23 4.880 4,999,941 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUNR1 5,000,000 05/01/23 01/24/24 4.890 5,000,019 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUPK4 5,000,000 05/01/23 06/30/23 4.860 4,999,993 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUQQ0 5,000,000 05/01/23 08/01/23 4.870 5,000,079 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AUR30 4,500,000 05/01/23 10/03/23 4.880 4,500,773 0.45
Federal Home Loan Banks U.S. Government Agency Debt 3130AV3L4 5,000,000 05/01/23 05/26/23 4.830 5,000,813 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AVF23 10,000,000 05/01/23 09/06/23 4.930 9,999,973 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130AVFN7 5,000,000 05/01/23 08/18/23 4.920 5,001,419 0.50
Federal Home Loan Banks U.S. Government Agency Debt 3130AVG55 10,000,000 05/01/23 09/25/23 4.880 9,999,911 1.00
Federal Home Loan Banks U.S. Government Agency Debt 3130AVHX3 7,000,000 05/01/23 03/28/24 4.910 7,000,727 0.70
Federal Home Loan Banks U.S. Government Agency Debt 3130AVU59 5,000,000 05/04/23 05/03/24 4.855 5,003,279 0.50
Fixed Income Clearing Corp. U.S. Treasury Repurchase Agreement N/A 123,927,000 05/01/23 05/01/23 4.800 123,927,000 12.38
Goldman Sachs & Co. Tri Party Repo U.S. Treasury Repurchase Agreement N/A 10,000,000 05/01/23 05/01/23 4.750 10,000,000 1.00
MUFG Securities Americas Inc. Tri Party Repo U.S. Government Agency Repurchase N/A 475,000,000 05/01/23 05/01/23 4.800 475,000,000 47.47
Agreement
U.S. Treasury Bill U.S. Treasury Debt 912797FG7 10,646,400 05/30/23 05/30/23 4.183 10,611,130 1.06
U.S. Treasury Floating Rate Note U.S. Treasury Debt 91282CFS5 10,000,000 05/01/23 10/31/24 5.271 10,011,433 1.00
U.S. Treasury Floating Rate Note U.S. Treasury Debt 91282CGF2 19,000,000 05/01/23 01/31/25 5.331 19,036,948 1.89
Total 1,000,573,400 999,933,634 100.00

Information Classification: Limited Access Page 2 of 3

Investors in the fund should read and carefully consider the investment objective, risks, charges and expenses before investing. The fund’s prospectus contains this and other information about the
fund. Contact the UBS Asset Management National Sales Desk at 888-793-8637 for a current prospectus. An investment in the fund is only one component of a balanced investment plan.

Investors should note that current and future portfolio holdings are subject to risk.
You could lose money by investing in a money market fund. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, a fund cannot guarantee it
will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money
market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a
money market fund at any time.
Not FDIC insured. May lose value. No bank guarantee.
The fund is actively managed, and its holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.
UBS Asset Management (US) Inc. is the fund’s distributor.
U.S. Treasury Repurchase Agreements are collateralized only by U.S. Treasuries (including Strips) and cash.
U.S. Government Agency Repurchase Agreements are collateralized only by U.S. Government Agency securities, U.S. Treasuries, and/or cash.
Other Repurchase Agreements are collateralized by securities other than U.S. Treasuries, U.S. Government Agency securities and cash.
*% of Total
Represents the percentage of the total principal amount of the securities in the portfolio.

Information Classification: Limited Access Page 3 of 3

ROBERT CASTILLO
5/23/2023