Ubs Investment Trust NPORT-P UBS U.S. Allocation Fund (May 2020 report)

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—57.7%
Airlines—0.6%
Southwest Airlines Co.		40,744		1,307,882
Beverages—0.6%
Constellation Brands, Inc., Class A		3,095		534,506
PepsiCo, Inc.		6,749		887,831
				1,422,337
Biotechnology—1.4%
Alexion Pharmaceuticals, Inc.*		10,304		1,235,450
Amgen, Inc.		3,946		906,396
Incyte Corp.*		9,814		1,000,145
				3,141,991
Capital markets—1.3%
Ameriprise Financial, Inc.		20,907		2,928,444
Chemicals—1.0%
FMC Corp.		7,914		778,817
Westlake Chemical Corp.		30,605		1,459,858
				2,238,675
Commercial services & supplies—1.1%
IAA, Inc.*		17,803		729,923
Stericycle, Inc.*		29,936		1,641,391
				2,371,314
Communications equipment—0.5%
Arista Networks, Inc.*		5,320		1,242,007
Consumer finance—0.5%
Synchrony Financial		55,959		1,139,885
Containers & packaging—0.6%
Berry Plastics Group, Inc.*		28,566		1,282,899
Diversified financial services—1.0%
Berkshire Hathaway, Inc., Class B*		12,076		2,241,064
Electric utilities—1.2%
NextEra Energy, Inc.		10,612		2,712,003

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Electrical equipment—0.4%
Rockwell Automation, Inc.	3,705	800,873
Electronic equipment, instruments & components—0.4%
Jabil, Inc.	32,632	976,349
Entertainment—1.6%
Madison Square Garden Entertainment Corp.*	7,548	598,028
Netflix, Inc.*	1,781	747,539
Take-Two Interactive Software, Inc.*	17,323	2,358,873
		3,704,440
Equity real estate investment trusts—1.8%
Crown Castle International Corp.	5,700	981,312
Prologis, Inc.	32,300	2,955,450
		3,936,762
Food products—2.4%
Bunge Ltd.	60,600	2,364,612
Mondelez International, Inc., Class A	57,222	2,982,411
		5,347,023
Health care equipment & supplies—2.0%
Abbott Laboratories	11,063	1,050,100
Boston Scientific Corp.*	38,774	1,473,024
Cooper Cos., Inc./The	2,633	834,609
Medtronic PLC	11,500	1,133,670
		4,491,403
Health care providers & services—2.0%
Laboratory Corp. of America Holdings*	18,350	3,217,122
UnitedHealth Group, Inc.	4,032	1,229,155
		4,446,277
Hotels, restaurants & leisure—1.7%
Carnival Corp.1	104,456	1,644,137
Starbucks Corp.	20,774	1,620,164
Wynn Resorts Ltd.	6,416	534,325
		3,798,626
Insurance—2.1%
MetLife, Inc.	53,896	1,940,795

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Insurance—(concluded)
Progressive Corp./The		35,892		2,788,091
				4,728,886
Interactive media & services—3.0%
Alphabet, Inc., Class A*		3,458		4,957,112
Facebook, Inc., Class A*		3,184		716,687
IAC/InterActiveCorp. *		4,093		1,106,624
				6,780,423
Internet & direct marketing retail—3.7%
Alibaba Group Holding Ltd., ADR*		2,891		599,565
Amazon.com, Inc.*		2,493		6,088,828
Booking Holdings, Inc.*		1,000		1,639,420
				8,327,813
IT services—2.4%
Fidelity National Information Services, Inc.		8,478		1,177,001
MasterCard, Inc., Class A		3,136		943,591
Visa, Inc., Class A		17,285		3,374,723
				5,495,315
Life sciences tools & services—1.3%
10X Genomics, Inc., Class A*		5,670		442,090
Bio-Rad Laboratories, Inc., Class A*		4,846		2,380,937
				2,823,027
Machinery—1.5%
AGCO Corp.		25,878		1,429,242
Ingersoll Rand, Inc.*		68,322		1,926,680
				3,355,922
Media—1.0%
ViacomCBS, Inc., Class B		104,559	��	2,168,554
Multiline retail—1.9%
Dollar General Corp.		7,763		1,486,692

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Number of shares	Value ($)
Common stocks—(continued)
Multiline retail—(concluded)
Dollar Tree, Inc.*	28,030	2,743,296
		4,229,988
Oil, gas & consumable fuels—1.4%
Apache Corp.1	121,523	1,311,233
Chevron Corp.	4,519	414,393
Williams Cos., Inc./The	68,226	1,393,857
		3,119,483
Pharmaceuticals—3.1%
Elanco Animal Health, Inc.*	73,647	1,576,782
GlaxoSmithKline PLC, ADR	21,500	901,280
Johnson & Johnson	30,728	4,570,790
		7,048,852
Road & rail—0.4%
Union Pacific Corp.	5,417	920,132
Semiconductors & semiconductor equipment—3.3%
Analog Devices, Inc.	8,183	924,270
Cree, Inc.*	19,836	1,045,159
Marvell Technology Group Ltd.	48,343	1,576,949
Micron Technology, Inc.*	36,862	1,766,058
ON Semiconductor Corp.*	42,100	694,229
Qorvo, Inc.*	6,763	708,357
Universal Display Corp.	4,296	629,793
		7,344,815
Software—6.8%
Adobe, Inc.*	1,270	490,982
Autodesk, Inc.*	7,807	1,642,437
HubSpot, Inc.*	4,615	922,723
Microsoft Corp.	36,413	6,672,682
Salesforce.com, Inc.*	13,340	2,331,698
ServiceNow, Inc.*	4,297	1,666,935
Splunk, Inc.*	7,921	1,472,039
		15,199,496
Specialty retail—0.9%
Lowe's Cos., Inc.	14,864	1,937,522

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Number of  shares		Value ($)
Common stocks—(concluded)
Technology hardware, storage & peripherals—2.6%
Apple, Inc.		16,556		5,263,815
Western Digital Corp.		14,290		634,047
				5,897,862
Trading companies & distributors—0.2%
United Rentals, Inc.*		3,481		483,476
Total Common stocks (cost—$112,650,979)				129,391,820
Preferred stocks—0.0%†
Financial services—0.0%†
Squaretwo Financial Corp.2,3 (cost—$0)		35,000		0

	Face amount($)
Asset-backed securities—2.9%
AmeriCredit Automobile Receivables Trust,
Series 2018-1, Class D,
3.820%, due 03/18/24	175,000	179,669
Capital Auto Receivables Asset Trust,
Series 2016-3, Class D,
2.650%, due 01/20/24	125,000	125,074
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
3 mo. USD LIBOR + 0.550%,
1.769%, due 05/15/284	350,000	335,046
Dell Equipment Finance Trust,
Series 2018-1, Class C,
3.530%, due 06/22/235	331,000	336,225
Series 2018-1, Class D,
3.850%, due 06/24/245	210,000	211,578
Drive Auto Receivables Trust,
Series 2017-1, Class D,
3.840%, due 03/15/23	87,624	88,711
Series 2018-4, Class D,
4.090%, due 01/15/26	250,000	255,176
Exeter Automobile Receivables Trust,
Series 2018-1A, Class D,
3.530%, due 11/15/235	150,000	150,434

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)	Value ($)
Asset-backed securities—(continued)
Flagship Credit Auto Trust,
Series 2016-3, Class C,
2.720%, due 07/15/225	83,865	84,114
Ford Credit Auto Owner Trust,
Series 2018-1, Class A,
3.190%, due 07/15/315	560,000	586,361
Series 2020-1, Class A,
2.040%, due 08/15/315	450,000	451,876
HPEFS Equipment Trust,
Series 2019-1A, Class D,
2.720%, due 09/20/295	350,000	339,748
Series 2020-1A, Class D,
2.260%, due 02/20/305	350,000	330,544
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
1.432%, due 03/17/374,5	150,000	144,483
New Residential Advance Receivables Trust Advance Receivables Backed,
Series 2019-T5, Class AT5,
2.425%, due 10/15/515	525,000	520,011
OneMain Direct Auto Receivables Trust,
Series 2019-1A, Class A,
3.630%, due 09/14/275	550,000	576,699
Santander Drive Auto Receivables Trust,
Series 2017-2, Class D,
3.490%, due 07/17/23	150,000	152,737
Series 2018-2, Class C,
3.350%, due 07/17/23	225,000	226,637
Series 2018-2, Class D,
3.880%, due 02/15/24	225,000	228,710
Sofi Consumer Loan Program Trust,
Series 2018-1, Class B,
3.650%, due 02/25/275	175,000	174,166
Series 2018-2, Class A2,
3.350%, due 04/26/275	183,704	185,000
Series 2018-2, Class B,
3.790%, due 04/26/275	200,000	197,903
Series 2018-3, Class B,
4.020%, due 08/25/275	200,000	189,697
Series 2019-1, Class A,
3.240%, due 02/25/285	205,581	207,285

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)	Value ($)
Asset-backed securities—(concluded)
World Financial Network Credit Card Master Trust,
Series 2016-A, Class A,
2.030%, due 04/15/25	225,000	225,949
Total asset-backed securities (cost—$6,492,468)
		6,503,833
Corporate bonds—12.8%
Advertising—0.0%†
Lamar Media Corp.
4.875%, due 01/15/295	5,000	5,137
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.625%, due 03/15/305	10,000	9,200
		14,337
Aerospace & defense—0.1%
Bombardier, Inc.
7.500%, due 03/15/255	50,000	30,375
7.875%, due 04/15/275	35,000	21,088
8.750%, due 12/01/215	50,000	36,218
Raytheon Technologies Corp.
4.125%, due 11/16/28	150,000	173,897
Spirit AeroSystems, Inc.
7.500%, due 04/15/255	20,000	19,888
TransDigm, Inc.
6.250%, due 03/15/265	20,000	20,450
		301,916
Agriculture—0.1%
Philip Morris International, Inc.
2.900%, due 11/15/21	130,000	134,595
Reynolds American, Inc.
5.700%, due 08/15/35	70,000	83,053
		217,648
Airlines—0.0%†
Delta Air Lines, Inc.
7.000%, due 05/01/255	35,000	36,174
Apparel—0.0%†
Hanesbrands, Inc.
5.375%, due 05/15/255	25,000	25,625
William Carter Co./The
5.500%, due 05/15/255	30,000	30,900

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Apparel—(concluded)
5.625%, due 03/15/275		10,000		10,215
Wolverine World Wide, Inc.
6.375%, due 05/15/255		30,000		31,050
				97,790
Auto manufacturers—0.2%
Allison Transmission, Inc.
5.000%, due 10/01/245		40,000		40,300
5.875%, due 06/01/295		15,000		15,150
Ford Motor Co.
8.500%, due 04/21/23		30,000		31,116
9.000%, due 04/22/25		10,000		10,512
General Motors Co.
6.600%, due 04/01/36		100,000		106,855
General Motors Financial Co., Inc.
3.700%, due 11/24/20		60,000		60,276
5.200%, due 03/20/23		30,000		31,231
Navistar International Corp.
9.500%, due 05/01/255		25,000		26,875
				322,315
Auto parts & equipment—0.0%†
Clarios Global LP
6.750%, due 05/15/255		5,000		5,189
Dana Financing Luxembourg SARL
5.750%, due 04/15/255		30,000		29,700
Meritor, Inc.
6.250%, due 02/15/24		40,000		39,800
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
6.250%, due 05/15/265		5,000		5,087
8.500%, due 05/15/275		15,000		14,719
				94,495
Banks—3.0%
Australia & New Zealand Banking Group Ltd. MTN
2.700%, due 11/16/20		50,000		50,490
Bank of America Corp.
5.700%, due 01/24/22		550,000		593,805
6.110%, due 01/29/37		250,000		340,911
Series Z,
(fixed, converts to FRN on 10/23/24), 6.500%, due 10/23/24 6		25,000		26,942

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp. MTN
4.200%, due 08/26/24		120,000		132,339
Bank of New York Mellon Corp./The MTN
1.600%, due 04/24/25		150,000		155,238
Barclays PLC
4.337%, due 01/10/28		305,000		331,866
Citigroup, Inc.
5.500%, due 09/13/25		500,000		584,845
(fixed, converts to FRN on 01/30/23), 5.950%, due 01/30/236		65,000		65,305
6.675%, due 09/13/43		125,000		180,856
Deutsche Bank AG
4.250%, due 02/04/21		150,000		151,473
Goldman Sachs Group, Inc./The
5.150%, due 05/22/45		160,000		201,694
5.750%, due 01/24/22		200,000		215,331
Goldman Sachs Group, Inc./The MTN
3 mo. USD LIBOR + 1.600%,
1.963%, due 11/29/234		600,000		603,819
HSBC Holdings PLC
6.500%, due 09/15/37		100,000		134,637
JPMorgan Chase & Co.
3.875%, due 09/10/24		550,000		604,394
(fixed, converts to FRN on 07/24/47), 4.032%, due 07/24/48		200,000		233,832
4.625%, due 05/10/21		260,000		269,956
Series R,
(fixed, converts to FRN on 08/01/23), 6.000%, due 08/01/236		50,000		50,555
Series V,
3 mo. USD LIBOR + 3.320%,
4.753%, due 07/01/204,6		75,000		63,769
KfW
1.662%, due 04/18/367		105,000		83,064
Lloyds Banking Group PLC
4.582%, due 12/10/25		200,000		216,466
Morgan Stanley
4.300%, due 01/27/45		75,000		90,892
4.875%, due 11/01/22		720,000		781,116
Morgan Stanley GMTN
4.350%, due 09/08/26		365,000		411,628

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)	Value ($)
Corporate bonds—(continued)
Banks—(concluded)
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 09/30/31), 7.648%, due 09/30/316	25,000	35,625
Standard Chartered PLC
(fixed, converts to FRN on 07/30/37), 7.014%, due 07/30/375,6	100,000	108,500
Wells Fargo & Co. MTN
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27	95,000	100,965
		6,820,313
Beverages—0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36	75,000	85,514
4.900%, due 02/01/46	30,000	34,788
		120,302
Biotechnology—0.2%
Biogen, Inc.
5.200%, due 09/15/45	50,000	66,503
Gilead Sciences, Inc.
2.950%, due 03/01/27	200,000	220,707
4.750%, due 03/01/46	50,000	66,426
		353,636
Building materials—0.1%
Boise Cascade Co.
5.625%, due 09/01/245	40,000	40,700
Builders FirstSource, Inc.
5.000%, due 03/01/305	15,000	14,062
6.750%, due 06/01/275	5,000	5,263
JELD-WEN, Inc.
4.625%, due 12/15/255	10,000	9,475
4.875%, due 12/15/275	15,000	14,063
Patrick Industries, Inc.
7.500%, due 10/15/275	35,000	35,087

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Building materials—(concluded)
Summit Materials LLC/Summit Materials Finance Corp.
6.500%, due 03/15/275		25,000		25,312
				143,962
Chemicals—0.2%
CF Industries, Inc.
5.375%, due 03/15/44		50,000		53,375
DuPont de Nemours, Inc.
4.725%, due 11/15/28		100,000		118,790
NOVA Chemicals Corp.
5.250%, due 06/01/275		75,000		63,497
Nutrien Ltd.
4.200%, due 04/01/29		100,000		113,722
Polyone Corp.
5.750%, due 05/15/255		20,000		20,954
W.R. Grace & Co.-Conn.
5.625%, due 10/01/245		50,000		50,875
				421,213
Commercial services—0.2%
ASGN, Inc.
4.625%, due 05/15/285		30,000		28,586
Garda World Security Corp.
9.500%, due 11/01/275		27,000		28,022
Herc Holdings, Inc.
5.500%, due 07/15/275		30,000		29,213
RR Donnelley & Sons Co.
7.875%, due 03/15/21		10,000		9,950
Service Corp. International
5.125%, due 06/01/29		35,000		37,712
TMS International Holding Corp.
7.250%, due 08/15/255		50,000		38,500
United Rentals North America, Inc.
3.875%, due 11/15/27		40,000		40,100
4.000%, due 07/15/30		35,000		34,103
6.500%, due 12/15/26		25,000		26,719

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
WW International, Inc.
8.625%, due 12/01/255		50,000		52,125
				325,030
Computers—0.2%
Apple, Inc.
3.850%, due 05/04/43		110,000		135,386
Banff Merger Sub, Inc.
9.750%, due 09/01/265		50,000		50,184
Booz Allen Hamilton, Inc.
5.125%, due 05/01/255		50,000		50,575
Dell International LLC/EMC Corp.
4.420%, due 06/15/215		50,000		50,938
NCR Corp.
6.125%, due 09/01/295		20,000		19,950
6.375%, due 12/15/23		75,000		76,679
8.125%, due 04/15/255		10,000		10,762
Science Applications International Corp.
4.875%, due 04/01/285		10,000		10,213
Western Digital Corp.
4.750%, due 02/15/26		50,000		52,625
				457,312
Cosmetics & personal care—0.1%
Avon International Capital PLC
6.500%, due 08/15/225		80,000		77,600
Avon International Operations, Inc.
7.875%, due 08/15/225		25,000		24,907
				102,507
Distribution & wholesale—0.1%
American Builders & Contractors Supply Co., Inc.
4.000%, due 01/15/285		10,000		10,050
HD Supply, Inc.
5.375%, due 10/15/265		25,000		25,875
IAA, Inc.
5.500%, due 06/15/275		35,000		35,525
Performance Food Group, Inc.
5.500%, due 10/15/275		10,000		9,801

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
6.875%, due 05/01/255		30,000		31,425
				112,676
Diversified financial services—0.4%
Ally Financial, Inc.
4.125%, due 02/13/22		100,000		102,221
Capital One Bank USA N.A.
3.375%, due 02/15/23		70,000		72,459
GE Capital International Funding Co. Unlimited Co.
2.342%, due 11/15/20		200,000		201,323
4.418%, due 11/15/35		200,000		199,687
goeasy Ltd.
5.375%, due 12/01/245		10,000		9,375
Nationstar Mortgage Holdings, Inc.
6.000%, due 01/15/275		30,000		27,000
Navient Corp. MTN
7.250%, due 01/25/22		50,000		49,750
NFP Corp.
6.875%, due 07/15/255		8,000		7,700
Quicken Loans LLC
5.750%, due 05/01/255		60,000		61,200
Springleaf Finance Corp.
5.375%, due 11/15/29		10,000		8,865
5.625%, due 03/15/23		35,000		34,300
6.125%, due 03/15/24		30,000		29,109
7.125%, due 03/15/26		100,000		98,500
8.875%, due 06/01/25		15,000		15,600
				917,089
Electric—1.0%
Alabama Power Co.
6.000%, due 03/01/39		30,000		41,881
Berkshire Hathaway Energy Co.
3.750%, due 11/15/23		80,000		87,724
4.450%, due 01/15/49		150,000		189,244
Calpine Corp.
5.125%, due 03/15/285		30,000		30,450
5.250%, due 06/01/265		30,000		31,065
Clearway Energy Operating LLC
4.750%, due 03/15/285		25,000		25,813
Dominion Energy, Inc.
3.900%, due 10/01/25		150,000		166,997

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
DTE Electric Co.
3.950%, due 03/01/49		100,000		120,836
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		250,000		315,065
Exelon Corp.
3.400%, due 04/15/26		170,000		188,369
4.450%, due 04/15/46		150,000		176,101
Florida Power & Light Co.
5.950%, due 02/01/38		45,000		67,562
Indiana Michigan Power Co.,
Series K,
4.550%, due 03/15/46		100,000		123,905
National Rural Utilities Cooperative Finance Corp.
3.900%, due 11/01/28		100,000		114,426
Northern States Power Co.
2.600%, due 05/15/23		50,000		51,870
NRG Energy, Inc.
5.250%, due 06/15/295		10,000		10,900
6.625%, due 01/15/27		40,000		42,600
7.250%, due 05/15/26		35,000		37,657
Oncor Electric Delivery Co. LLC
3.750%, due 04/01/45		40,000		46,511
Southern Power Co.
5.250%, due 07/15/43		60,000		67,965
Talen Energy Supply LLC
7.250%, due 05/15/275		5,000		5,103
10.500%, due 01/15/265		60,000		47,400
Virginia Electric and Power Co.
4.600%, due 12/01/48		100,000		130,287
Vistra Operations Co. LLC
5.000%, due 07/31/275		65,000		68,006
5.500%, due 09/01/265		85,000		89,250
				2,276,987
Electrical components & equipment—0.0%†
Energizer Holdings, Inc.
6.375%, due 07/15/265		25,000		26,500
Energy-Alternate Sources—0.0%†
TerraForm Power Operating LLC
4.750%, due 01/15/305		50,000		51,875

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Engineering & construction—0.1%
AECOM
5.125%, due 03/15/27		55,000		58,358
5.875%, due 10/15/24		20,000		21,434
New Enterprise Stone & Lime Co., Inc.
6.250%, due 03/15/265		35,000		33,950
10.125%, due 04/01/225		75,000		74,250
				187,992
Entertainment—0.1%
Caesars Resort Collection LLC/CRC Finco, Inc.
5.250%, due 10/15/255		35,000		31,128
Eldorado Resorts, Inc.
6.000%, due 09/15/26		40,000		41,800
Jacobs Entertainment, Inc.
7.875%, due 02/01/245		35,000		26,600
Live Nation Entertainment, Inc.
6.500%, due 05/15/275		10,000		10,619
Penn National Gaming, Inc.
5.625%, due 01/15/275		30,000		28,211
Six Flags Theme Parks, Inc.
7.000%, due 07/01/255		30,000		31,875
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.875%, due 11/01/275		35,000		29,400
				199,633
Environmental control—0.1%
Clean Harbors, Inc.
4.875%, due 07/15/275		15,000		15,525
5.125%, due 07/15/295		25,000		26,260
Covanta Holding Corp.
5.875%, due 07/01/25		60,000		59,263
Harsco Corp.
5.750%, due 07/31/275		15,000		14,680
Waste Pro USA, Inc.
5.500%, due 02/15/265		60,000		59,311
				175,039
Food—0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.875%, due 02/15/305		20,000		20,725
5.875%, due 02/15/285		15,000		16,055
7.500%, due 03/15/265		30,000		33,487

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Food—(concluded)
Chobani LLC/Chobani Finance Corp., Inc.
7.500%, due 04/15/255		55,000		54,725
JBS USA LUX SA/JBS USA Finance, Inc.
5.875%, due 07/15/245		100,000		101,625
6.750%, due 02/15/285		50,000		54,116
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500%, due 01/15/305		25,000		25,937
6.500%, due 04/15/295		30,000		32,625
Kraft Heinz Foods Co.
3.875%, due 05/15/275		50,000		52,238
4.250%, due 03/01/315		50,000		53,204
4.625%, due 01/30/29		20,000		21,575
Kroger Co./The
2.800%, due 08/01/22		100,000		104,439
3.850%, due 08/01/23		160,000		173,885
Lamb Weston Holdings, Inc.
4.875%, due 05/15/285		5,000		5,236
Post Holdings, Inc.
5.500%, due 12/15/295		5,000		5,225
				755,097
Healthcare-products—0.1%
Abbott Laboratories
3.750%, due 11/30/26		62,000		72,629
Hill-Rom Holdings, Inc.
4.375%, due 09/15/275		10,000		10,262
Hologic, Inc.
4.375%, due 10/15/255		10,000		10,223
4.625%, due 02/01/285		10,000		10,350
Medtronic, Inc.
4.375%, due 03/15/35		47,000		59,907
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.250%, due 02/01/285		20,000		19,900
Zimmer Biomet Holdings, Inc.
4.250%, due 08/15/35		50,000		52,995
				236,266
Healthcare-services—0.4%
Catalent Pharma Solutions, Inc.
5.000%, due 07/15/275		30,000		30,750
Centene Corp.
4.250%, due 12/15/27		20,000		20,892

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
4.625%, due 12/15/29		95,000		102,267
5.250%, due 04/01/255		50,000		51,468
Charles River Laboratories International, Inc.
4.250%, due 05/01/285		10,000		10,084
CHS/Community Health Systems, Inc.
8.000%, due 03/15/265		40,000		39,075
8.625%, due 01/15/245		30,000		30,150
DaVita, Inc.
4.625%, due 06/01/305,8		25,000		24,938
Encompass Health Corp.
4.500%, due 02/01/28		30,000		30,450
HCA, Inc.
3.500%, due 09/01/30		55,000		54,165
5.375%, due 02/01/25		120,000		131,723
IQVIA, Inc.
5.000%, due 05/15/275		25,000		26,063
LifePoint Health, Inc.
4.375%, due 02/15/275		60,000		57,900
6.750%, due 04/15/255		5,000		5,275
MEDNAX, Inc.
6.250%, due 01/15/275		20,000		18,700
Molina Healthcare, Inc.
4.375%, due 06/15/285,8		5,000		5,044
4.875%, due 06/15/255		30,000		30,525
Select Medical Corp.
6.250%, due 08/15/265		55,000		57,819
Tenet Healthcare Corp.
4.625%, due 07/15/24		35,000		35,438
4.875%, due 01/01/265		35,000		35,970
5.125%, due 11/01/275		35,000		36,138
8.125%, due 04/01/22		55,000		57,475
UnitedHealth Group, Inc.
4.625%, due 07/15/35		40,000		52,157
				944,466
Home builders—0.1%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.
4.875%, due 02/15/305		30,000		25,491
Installed Building Products, Inc.
5.750%, due 02/01/285		10,000		10,150
KB Home
4.800%, due 11/15/29		10,000		10,090

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Home builders—(concluded)
6.875%, due 06/15/27		65,000		71,825
Lennar Corp.
5.250%, due 06/01/26		25,000		26,875
Mattamy Group Corp.
4.625%, due 03/01/305		25,000		23,094
PulteGroup, Inc.
6.000%, due 02/15/35		10,000		11,200
6.375%, due 05/15/33		10,000		11,350
Shea Homes LP/Shea Homes Funding Corp.
4.750%, due 02/15/285		25,000		23,250
Williams Scotsman International, Inc.
6.875%, due 08/15/235		30,000		30,375
				243,700
Household products/wares—0.0%†
Kimberly-Clark Corp.
3.625%, due 08/01/20		45,000		45,212
Prestige Brands, Inc.
6.375%, due 03/01/245		25,000		25,719
Spectrum Brands, Inc.
5.000%, due 10/01/295		5,000		4,881
				75,812
Housewares—0.0%†
Newell Brands, Inc.
4.875%, due 06/01/25		50,000		51,865
Insurance—0.4%
American International Group, Inc.
2.500%, due 06/30/25		75,000		77,579
Berkshire Hathaway Finance Corp.
3.000%, due 05/15/22		150,000		158,029
4.250%, due 01/15/49		100,000		125,257
CNO Financial Group, Inc.
5.250%, due 05/30/29		15,000		15,607
HUB International Ltd.
7.000%, due 05/01/265		50,000		51,354
Lincoln National Corp.
4.000%, due 09/01/23		150,000		162,334
MetLife, Inc.
4.125%, due 08/13/42		80,000		91,672

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
Prudential Financial, Inc. MTN
6.625%, due 06/21/40		110,000		160,438
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/475		50,000		58,784
				901,054
Internet—0.0%†
Match Group, Inc.
4.625%, due 06/01/285		20,000		20,550
Netflix, Inc.
5.875%, due 02/15/25		50,000		56,010
				76,560
Investment companies—0.0%†
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250%, due 02/01/22		35,000		35,175
Leisure Time—0.0%†
VOC Escrow Ltd.
5.000%, due 02/15/285		20,000		16,400
Lodging—0.0%†
Boyd Gaming Corp.
4.750%, due 12/01/275		20,000		18,419
8.625%, due 06/01/255		10,000		10,690
Wyndham Destinations, Inc.
4.625%, due 03/01/305		25,000		21,625
				50,734
Machinery-diversified—0.1%
John Deere Capital Corp. MTN
2.450%, due 09/11/20		40,000		40,231
Mueller Water Products, Inc.
5.500%, due 06/15/265		45,000		46,350
Tennant Co.
5.625%, due 05/01/25		30,000		30,075
				116,656
Media—0.7%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, due 08/15/305		5,000		5,188
4.500%, due 05/01/325		5,000		5,164

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Media—(continued)
4.750%, due 03/01/305		25,000		26,125
5.125%, due 05/01/275		20,000		21,000
5.375%, due 06/01/295		50,000		53,875
5.750%, due 02/15/265		85,000		88,628
5.875%, due 05/01/275		75,000		78,562
Charter Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		150,000		166,995
Comcast Corp.
3.969%, due 11/01/47		235,000		276,625
4.600%, due 10/15/38		75,000		93,098
CSC Holdings LLC
7.500%, due 04/01/285		25,000		27,687
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375%, due 08/15/265		25,000		19,875
6.625%, due 08/15/275		25,000		15,043
Fox Corp.
3.050%, due 04/07/25		25,000		26,584
Liberty Interactive LLC
8.250%, due 02/01/30		30,000		27,761
Nexstar Broadcasting, Inc.
5.625%, due 08/01/245		50,000		51,000
5.625%, due 07/15/275		10,000		10,250
Sirius XM Radio, Inc.
5.375%, due 04/15/255		100,000		102,613
5.500%, due 07/01/295		30,000		32,025
TEGNA, Inc.
4.625%, due 03/15/285		20,000		19,000
5.000%, due 09/15/295		25,000		23,688
Time Warner Cable, Inc.
6.550%, due 05/01/37		25,000		31,892
Time Warner Entertainment Co. LP
8.375%, due 03/15/23		35,000		41,183
TWDC Enterprises 18 Corp. GMTN
2.150%, due 09/17/20		50,000		50,235
Walt Disney Co./The
4.950%, due 10/15/45		70,000		89,687

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Media—(concluded)
Ziggo BV
5.500%, due 01/15/275		150,000		157,774
				1,541,557
Mining—0.2%
Alcoa Nederland Holding BV
6.750%, due 09/30/245		10,000		10,150
Arconic Corp.
6.000%, due 05/15/255		30,000		31,082
Freeport-McMoRan, Inc.
4.125%, due 03/01/28		35,000		34,037
4.250%, due 03/01/30		35,000		33,950
4.550%, due 11/14/24		25,000		25,438
Hudbay Minerals, Inc.
7.250%, due 01/15/235		30,000		28,371
Kaiser Aluminum Corp.
4.625%, due 03/01/285		20,000		18,900
Kinross Gold Corp.
5.950%, due 03/15/24		150,000		167,826
Novelis Corp.
5.875%, due 09/30/265		50,000		51,209
Southern Copper Corp.
6.750%, due 04/16/40		90,000		116,016
				516,979
Miscellaneous manufacturers—0.2%
Amsted Industries, Inc.
4.625%, due 05/15/305		10,000		9,400
5.625%, due 07/01/275		15,000		15,235
Eaton Corp.
2.750%, due 11/02/22		70,000		73,227
General Electric Co. MTN
4.650%, due 10/17/21		100,000		103,777
Illinois Tool Works, Inc.
2.650%, due 11/15/26		110,000		121,805
				323,444
Office & business equipment—0.0%†
CDW LLC/CDW Finance Corp.
4.125%, due 05/01/25		5,000		5,113

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Oil & gas—0.5%
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/265		20,000		13,540
10.000%, due 04/01/225		14,000		12,250
Cenovus Energy, Inc.
3.000%, due 08/15/22		15,000		14,252
4.250%, due 04/15/27		30,000		27,228
Continental Resources, Inc.
3.800%, due 06/01/24		20,000		17,400
4.500%, due 04/15/23		20,000		18,506
5.000%, due 09/15/22		55,000		52,288
Denbury Resources, Inc.
9.000%, due 05/15/215		25,000		10,750
Ecopetrol SA
5.375%, due 06/26/26		225,000		238,641
EQT Corp.
6.125%, due 02/01/259		20,000		20,441
Equinor ASA
4.800%, due 11/08/43		50,000		63,816
Hilcorp Energy I LP/Hilcorp Finance Co.
5.000%, due 12/01/245		15,000		13,200
5.750%, due 10/01/255		30,000		27,000
Marathon Petroleum Corp.
4.750%, due 09/15/44		60,000		60,668
MEG Energy Corp.
6.500%, due 01/15/255		37,000		36,463
Nabors Industries Ltd.
7.250%, due 01/15/265		10,000		5,700
Nabors Industries, Inc.
5.750%, due 02/01/25		25,000		7,750
Noble Holding International Ltd.
6.200%, due 08/01/40		35,000		700
Oasis Petroleum, Inc.
6.250%, due 05/01/265		5,000		825
Occidental Petroleum Corp.
3.500%, due 06/15/25		50,000		38,969
5.550%, due 03/15/26		75,000		63,750
6.950%, due 07/01/24		30,000		27,159
Series 1,
4.100%, due 02/01/21		25,000		24,500
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/285		40,000		33,600
9.250%, due 05/15/255		27,000		29,233

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Precision Drilling Corp.
7.750%, due 12/15/23		15,000		8,119
QEP Resources, Inc.
5.250%, due 05/01/23		25,000		13,313
Shell International Finance BV
4.375%, due 05/11/45		100,000		123,193
Sunoco LP/Sunoco Finance Corp.
5.875%, due 03/15/28		15,000		15,187
W&T Offshore, Inc.
9.750%, due 11/01/235		25,000		14,125
WPX Energy, Inc.
4.500%, due 01/15/30		15,000		13,753
5.250%, due 09/15/24		70,000		69,475
				1,115,794
Oil & gas services—0.0%†
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/285		10,000		9,525
6.875%, due 04/01/275		30,000		28,650
Calfrac Holdings LP
8.500%, due 06/15/265		16,000		480
10.875%, due 03/15/265		7,700		1,540
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 04/01/26		10,000		9,625
6.875%, due 09/01/27		35,000		33,337
				83,157
Packaging & containers—0.1%
Cascades, Inc./Cascades USA, Inc.
5.125%, due 01/15/265		32,000		32,800
Graphic Packaging International LLC
3.500%, due 03/15/285		35,000		34,125
4.750%, due 07/15/275		15,000		15,713
Greif, Inc.
6.500%, due 03/01/275		15,000		15,150
OI European Group BV
4.000%, due 03/15/235		50,000		49,375
Owens-Brockway Glass Container, Inc.
5.875%, due 08/15/235		30,000		31,125
Silgan Holdings, Inc.
4.125%, due 02/01/285		10,000		10,047

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
Trident TPI Holdings, Inc.
6.625%, due 11/01/255		25,000		22,250
				210,585
Pharmaceuticals—0.5%
AbbVie, Inc.
3.200%, due 05/14/26		30,000		32,626
3.800%, due 03/15/255		90,000		99,130
4.450%, due 05/14/46		200,000		231,465
Bausch Health Americas, Inc.
8.500%, due 01/31/275		90,000		98,357
Bausch Health Cos., Inc.
5.000%, due 01/30/285		25,000		24,156
5.250%, due 01/30/305		10,000		9,825
5.875%, due 05/15/235		3,000		2,998
6.250%, due 02/15/295		15,000		15,375
7.000%, due 03/15/245		60,000		62,087
9.000%, due 12/15/255		20,000		21,875
Bristol-Myers Squibb Co.
4.125%, due 06/15/395		150,000		189,892
CVS Health Corp.
3.500%, due 07/20/22		60,000		63,258
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.000%, due 07/15/235		25,000		19,469
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.875%, due 09/01/255		20,000		20,275
Par Pharmaceutical, Inc.
7.500%, due 04/01/275		25,000		25,467
Pfizer, Inc.
7.200%, due 03/15/39		70,000		114,753
				1,031,008
Pipelines—0.5%
Buckeye Partners LP
4.125%, due 03/01/255		10,000		9,813
4.125%, due 12/01/27		15,000		14,475
5.850%, due 11/15/43		25,000		20,844
Cheniere Corpus Christi Holdings LLC
5.875%, due 03/31/25		80,000		88,075
Cheniere Energy Partners LP
4.500%, due 10/01/295		15,000		14,663
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
5.625%, due 05/01/275		25,000		21,750
5.750%, due 04/01/25		35,000		32,550
DCP Midstream Operating LP
5.375%, due 07/15/25		25,000		24,177
Delek Logistics Partners LP/Delek Logistics Finance Corp.
6.750%, due 05/15/25		50,000		48,250
Enterprise Products Operating LLC
2.850%, due 04/15/21		40,000		40,610
EQM Midstream Partners LP
5.500%, due 07/15/28		25,000		23,124
Genesis Energy LP/Genesis Energy Finance Corp.
6.000%, due 05/15/23		25,000		23,562
Hess Midstream Operations LP
5.625%, due 02/15/265		45,000		43,425
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/285		20,000		19,700
Kinder Morgan, Inc.
5.550%, due 06/01/45		120,000		146,965
MPLX LP
4.875%, due 06/01/25		120,000		127,728
PBF Logistics LP/PBF Logistics Finance Corp.
6.875%, due 05/15/23		25,000		23,812
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		80,000		88,777
Sunoco Logistics Partners Operations LP
5.400%, due 10/01/47		100,000		99,333
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.000%, due 01/15/28		75,000		72,937
Western Midstream Operating LP
3.100%, due 02/01/259		40,000		37,225
4.650%, due 07/01/26		25,000		23,318
Williams Cos., Inc./The
4.300%, due 03/04/24		80,000		86,023
				1,131,136
Real estate investment trusts—0.2%
AvalonBay Communities, Inc. GMTN
3.450%, due 06/01/25		70,000		75,807
Boston Properties LP
2.750%, due 10/01/26		40,000		41,205

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Equinix, Inc.
5.375%, due 05/15/27		65,000		69,980
Iron Mountain, Inc.
4.875%, due 09/15/275		40,000		40,200
iStar, Inc.
4.750%, due 10/01/24		30,000		27,000
5.250%, due 09/15/22		50,000		48,274
Ladder Capital Finance Holdings LLP/Ladder Capital Finance Corp.
4.250%, due 02/01/275		10,000		8,350
5.250%, due 10/01/255		40,000		34,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.500%, due 09/01/26		38,000		37,335
Ventas Realty LP
3.500%, due 02/01/25		35,000		34,840
VEREIT Operating Partnership LP
4.875%, due 06/01/26		15,000		14,952
				431,943
Retail—0.3%
1011778 BC ULC/New Red Finance, Inc.
3.875%, due 01/15/285		5,000		4,926
5.000%, due 10/15/255		70,000		70,748
5.750%, due 04/15/255		5,000		5,311
Asbury Automotive Group, Inc.
4.500%, due 03/01/285		5,000		4,738
4.750%, due 03/01/305		5,000		4,800
Beacon Roofing Supply, Inc.
4.500%, due 11/15/265		5,000		4,900
Home Depot, Inc./The
2.125%, due 09/15/26		50,000		53,922
3.350%, due 09/15/25		40,000		44,860
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.750%, due 06/01/275		35,000		36,284
Lithia Motors, Inc.
4.625%, due 12/15/275		15,000		14,475
Macy's, Inc.
8.375%, due 06/15/255,8		5,000		5,069
McDonald's Corp. MTN
3.800%, due 04/01/28		225,000		258,510
4.875%, due 12/09/45		20,000		25,371
Michaels Stores, Inc.
8.000%, due 07/15/275		35,000		28,175

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
PetSmart, Inc.
7.125%, due 03/15/235		20,000		19,400
8.875%, due 06/01/255		20,000		19,850
QVC, Inc.
4.750%, due 02/15/27		10,000		9,525
4.850%, due 04/01/24		25,000		24,250
5.125%, due 07/02/22		10,000		9,987
Yum! Brands, Inc.
4.750%, due 01/15/305		10,000		10,366
7.750%, due 04/01/255		10,000		11,050
				666,517
Semiconductors—0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.125%, due 01/15/25		40,000		41,351
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/265		95,000		102,607
Qorvo, Inc.
4.375%, due 10/15/295		15,000		15,356
5.500%, due 07/15/26		30,000		31,425
QUALCOMM, Inc.
3.250%, due 05/20/27		80,000		89,029
Texas Instruments, Inc.
1.850%, due 05/15/22		90,000		92,348
				372,116
Software—0.6%
Boxer Parent Co., Inc.
7.125%, due 10/02/255,8		2,000		2,090
CDK Global, Inc.
5.250%, due 05/15/295		10,000		10,200
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.750%, due 03/01/255		40,000		39,943
Fiserv, Inc.
3.200%, due 07/01/26		90,000		97,921
3.500%, due 07/01/29		200,000		220,718
Microsoft Corp.
2.375%, due 02/12/22		180,000		186,165
4.450%, due 11/03/45		220,000		302,019
MSCI, Inc.
3.625%, due 09/01/305		5,000		5,119
5.375%, due 05/15/275		15,000		16,125

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Software—(concluded)
5.750%, due 08/15/255		25,000		25,952
Open Text Corp.
5.875%, due 06/01/265		30,000		30,975
Oracle Corp.
2.500%, due 05/15/22		130,000		134,546
2.800%, due 04/01/27		50,000		54,216
5.375%, due 07/15/40		120,000		162,705
				1,288,694
Telecommunications—0.9%
America Movil SAB de CV
3.125%, due 07/16/22		40,000		40,848
AT&T, Inc.
3.550%, due 06/01/24		150,000		161,609
6.000%, due 08/15/40		270,000		348,659
CenturyLink, Inc.
5.125%, due 12/15/265		25,000		25,250
5.625%, due 04/01/25		10,000		10,300
Series Y,
7.500%, due 04/01/24		55,000		60,500
CommScope, Inc.
8.250%, due 03/01/275		65,000		67,762
Consolidated Communications, Inc.
6.500%, due 10/01/22		50,000		47,944
Deutsche Telekom International Finance BV
8.750%, due 06/15/309		150,000		227,444
Frontier Communications Corp.
0.000%, due 04/01/275,10		40,000		41,150
Level 3 Financing, Inc.
5.375%, due 05/01/25		100,000		102,731
Rogers Communications, Inc.
5.000%, due 03/15/44		40,000		51,637
Sprint Capital Corp.
6.875%, due 11/15/28		25,000		30,875
8.750%, due 03/15/32		35,000		50,312
Sprint Corp.
7.625%, due 02/15/25		30,000		34,988
7.625%, due 03/01/26		10,000		11,950
7.875%, due 09/15/23		75,000		85,125
T-Mobile USA, Inc.
6.375%, due 03/01/25		100,000		103,131

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(concluded)
Telecommunications—(concluded)
Telecom Italia Capital SA
6.375%, due 11/15/33		20,000		22,350
Telesat Canada/Telesat LLC
6.500%, due 10/15/275		25,000		24,517
Verizon Communications, Inc.
3.376%, due 02/15/25		193,000		213,980
4.016%, due 12/03/29		182,000		214,441
4.862%, due 08/21/46		50,000		67,082
ViaSat, Inc.
5.625%, due 09/15/255		50,000		48,739
5.625%, due 04/15/275		15,000		15,156
Zayo Group Holdings, Inc.
4.000%, due 03/01/275		5,000		4,925
				2,113,405
Transportation—0.2%
Burlington Northern Santa Fe LLC
3.050%, due 03/15/22		150,000		155,964
5.150%, due 09/01/43		110,000		146,976
Norfolk Southern Corp.
3.250%, due 12/01/21		70,000		72,129
3.400%, due 11/01/49		50,000		54,596
United Parcel Service, Inc.
3.750%, due 11/15/47		50,000		57,063
				486,728
Total corporate bonds (cost—$27,515,685)				28,598,702
Mortgage-backed securities—3.4%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1,
2.593%, due 10/25/495,11		301,939		304,029
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1,
3.649%, due 09/25/485,11		161,375		163,475
Series 2019-4, Class A1,
2.993%, due 07/26/495,11		340,206		344,103
Ashford Hospitality Trust,
Series 2018-ASHF, Class D,
1 mo. USD LIBOR + 2.100%,
2.284%, due 04/15/354,5		200,000		165,269

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Bank,
Series 2017-BNK7, Class C,
4.050%, due 09/15/6011		200,000		173,735
Series 2018-BN14, Class E,
3.000%, due 09/15/605		350,000		180,239
BBCMS Trust,
Series 2015-SRCH, Class A2,
4.197%, due 08/10/355		350,000		384,472
BENCHMARK Mortgage Trust,
Series 2019-B10, Class C,
3.750%, due 03/15/62		250,000		218,754
Series 2019-B10, Class D,
3.000%, due 03/15/625		227,000		138,309
CD Mortgage Trust,
Series 2018-CD7, Class D,
3.101%, due 08/15/515,11		334,000		190,973
CHT Mortgage Trust,
Series 2017-CSMO, Class D,
1 mo. USD LIBOR + 2.250%,
2.434%, due 11/15/364,5		375,000		337,436
Citigroup Commercial Mortgage Trust,
Series 2017-C4, Class D,
3.000%, due 10/12/505		300,000		178,112
Series 2017-P8, Class D,
3.000%, due 09/15/505		450,000		196,203
COMM Mortgage Trust,
Series 2015-CR24, Class D,
3.463%, due 08/10/4811		150,000		102,168
Series 2016-DC2, Class A5,
3.765%, due 02/10/49		160,000		170,023
Series 2017-COR2, Class C,
4.561%, due 09/10/5011		500,000		429,281
Deephaven Residential Mortgage Trust,
Series 2018-3A, Class A1,
3.789%, due 08/25/585,11		229,085		231,541
FREMF Mortgage Trust,
Series 2017-K64, Class B,
3.981%, due 05/25/505,11		50,000		50,800
GS Mortgage Securities Trust,
Series 2020-GC47, Class A5,
2.377%, due 05/12/53		100,000		103,092
Hilton USA Trust,
Series 2016-SFP, Class B,
3.323%, due 11/05/355		425,000		407,282

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-ASH8, Class D,
1 mo. USD LIBOR + 2.050%,
2.234%, due 02/15/354,5		150,000		122,030
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS,
3.800%, due 01/15/48		250,000		259,750
Series 2015-C29, Class D,
3.704%, due 05/15/4811		150,000		84,840
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C2, Class D,
3.396%, due 06/15/495,11		300,000		191,116
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class AS,
3.994%, due 12/15/4911		260,000		273,719
Series 2017-C34, Class C,
4.185%, due 11/15/5211		150,000		122,044
Morgan Stanley Capital I,
Series 2017-HR2, Class C,
4.225%, due 12/15/5011		250,000		203,913
Series 2017-HR2, Class D,
2.730%, due 12/15/50		125,000		71,656
Residential Mortgage Loan Trust,
Series 2019-3, Class A1,
2.633%, due 09/25/595,11		317,402		317,360
Series 2020-1, Class A1,
2.376%, due 02/25/245,11		120,939		119,131
RETL,
Series 2019-RVP, Class C,
1 mo. USD LIBOR + 2.100%,
2.284%, due 03/15/364,5		250,000		217,880
Verus Securitization Trust,
Series 2019-1, Class A1,
3.836%, due 02/25/595,11		251,294		253,719
Series 2019-2, Class A1,
3.211%, due 05/25/595,11		305,037		307,100
Series 2019-3, Class A1,
2.784%, due 07/25/595,9		221,382		224,050
Series 2019-4, Class A1,
2.642%, due 11/25/595,9		264,029		265,952

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(concluded)
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class C,
4.835%, due 05/15/5111		150,000		126,104
Total mortgage-backed securities (cost—$8,694,140)				7,629,660
Municipal bonds—0.6%
California—0.2%
State of California (Build America Bonds)
7.550%, due 04/01/39		205,000		353,525
Michigan—0.0%†
Michigan Finance Authority Hospital Revenue Refunding Bonds
3.084%, due 12/01/34		100,000		106,958
New York—0.3%
Metropolitan Transportation Authority Revenue (Build America Bonds)
6.668%, due 11/15/39		40,000		48,793
New York City Transitional Finance Authority Future Tax Secured Revenue,
Series C-5,
3.800%, due 05/01/29		300,000		336,045
New York State Dormitory Authority,
Series F,
2.657%, due 02/15/28		150,000		157,326
Series F,
3.190%, due 02/15/43		100,000		105,705
				647,869
Tennessee—0.1%
Tennessee Valley Authority
2.875%, due 09/15/24		120,000		132,603
Utah—0.0%†
Utah Transit Authority
3.443%, due 12/15/42		100,000		102,018
Total municipal bonds (cost—$1,240,064)				1,342,973
Non-U.S. government agency obligations—0.7%
Chile Government International Bond
3.125%, due 01/21/26		200,000		217,000
Colombia Government International Bond
8.125%, due 05/21/24		135,000		161,916

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
Non-U.S. government agency obligations—(concluded)
Indonesia Government International Bond
3.400%, due 09/18/29		200,000		212,300
Israel Government AID Bond
5.500%, due 09/18/33		175,000		257,124
Mexico Government International Bond
3.250%, due 04/16/30		200,000		196,800
4.750%, due 04/27/32		200,000		216,500
Panama Government International Bond
6.700%, due 01/26/36		90,000		125,297
8.875%, due 09/30/27		60,000		83,662
Republic of Poland Government International Bond
5.000%, due 03/23/22		35,000		37,494
Uruguay Government International Bond
4.125%, due 11/20/45		80,000		88,500
Total Non-U.S. government agency obligations
(cost—$1,506,594)				1,596,593
U.S. government agency obligations—5.1%
Federal Home Loan Mortgage Corporation Certificates
3.000%, due 11/01/46		236,926		250,512
3.000%, due 07/01/47		356,164		375,544
3.000%, due 08/01/47		308,106		325,028
4.000%, due 05/01/47		419,445		450,399
5.000%, due 03/01/38		18,818		21,599
5.500%, due 05/01/37		157,185		181,620
5.500%, due 08/01/40		20,519		23,498
6.500%, due 08/01/28		42,458		47,441
Federal National Mortgage Association Certificates
1.875%, due 09/24/26		200,000		214,667
2.375%, due 01/19/23		590,000		623,441
2.500%, due 05/01/35		372,865		390,478
3.000%, due 11/01/48		445,874		471,703
3.000%, due 02/01/50		706,429		743,377
3.500%, due 12/01/47		282,493		300,082
3.500%, due 02/01/48		1,569,529		1,668,744
4.000%, due 12/01/39		67,077		73,749
4.000%, due 02/01/41		38,113		41,937
4.000%, due 08/01/45		189,260		209,183
4.500%, due 09/01/37		182,751		200,858
4.500%, due 07/01/47		162,548		176,439
5.000%, due 10/01/39		8,004		9,182
5.000%, due 05/01/40		11,345		13,001
5.500%, due 08/01/39		26,106		29,022
7.000%, due 08/01/32		124,579		147,922

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face
	amount ($)			Value ($)
U.S. government agency obligations—(concluded)
7.500%, due 02/01/33		1,935			2,134
Government National Mortgage Association Certificate I
4.000%, due 07/15/42		56,626			62,584
Government National Mortgage Association Certificates II
3.000%, due 01/20/47		124,482			132,214
3.000%, due 07/20/47		377,005			400,279
3.000%, due 08/20/47		287,518			305,544
3.500%, due 04/20/47		357,573			383,278
6.000%, due 11/20/28		430			484
6.000%, due 02/20/29		967			1,088
6.000%, due 02/20/34		231,403			260,036
UMBS TBA
2.500%		1,175,000			1,218,879
3.000%		375,000			395,303
3.500%		575,000			606,625
4.000%		575,000			612,016
Total U.S. government agency obligations
(cost—$10,907,928)					11,369,890
U.S. Treasury obligations—5.8%
U.S. Treasury Bonds
2.000%, due 02/15/50		80,000			91,453
2.250%, due 08/15/49		595,000			713,721
2.875%, due 05/15/49		535,000			721,999
3.125%, due 02/15/42		865,000			1,169,811
3.375%, due 11/15/48		220,000			322,592
3.750%, due 11/15/43		305,000			453,104
U.S. Treasury Inflation Index Note (TIPS)			��
0.250%, due 07/15/29		903,189			969,473
U.S. Treasury Notes
0.125%, due 04/30/22		1,425,000			1,424,221
1.125%, due 02/28/25		3,345,000			3,477,885
1.125%, due 02/28/27		245,000			255,470
1.375%, due 01/31/25		895,000			939,855
1.500%, due 03/31/23		1,100,000			1,140,906
1.500%, due 02/15/30		357,000			385,895
1.625%, due 08/15/29		10,000			10,910
1.750%, due 11/15/29		515,000			568,471

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

	Face amount ($)		Value ($)
U.S. Treasury obligations—(concluded)
1.875%, due 07/31/26		270,000		293,604
Total U.S. Treasury obligations
(cost—$12,268,954)				12,939,370

	Number of shares
Short-term investments—10.6%
Investment companies—10.6%
State Street Institutional U.S. Government Money Market Fund   (cost—$23,822,864)	23,822,864		23,822,864
Investment of cash collateral from securities loaned—0.7%
Money market funds—0.7%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$1,680,429)	1,680,429	1,680,429
Total investments12 (cost—$206,780,105)—100.3%		224,876,134
Liabilities in excess of other assets—(0.3)%		(744,378		)
Net assets — 100.0%		$	224,131,756

For a listing of defined portfolio acronyms that are used throughout the Schedule of investments as well as the tables that follow, please refer to the end of this report.

Futures contracts  

Number of contracts			Expiration date	Current notional amount($)	Value($)	Unrealized appreciation (depreciation)($)
Index futures buy contracts:
215	USD	Russell 2000 Mini Index Futures	June 2020	11,588,996	14,972,600	3,383,604
U.S. Treasury futures buy contracts:
1	USD	U.S. Treasury Note 10 Year Futures	September 2020	138,814	139,063	249
144	USD	U.S. Treasury Note 2 Year Futures	September 2020	31,792,726	31,801,500	8,774
13	USD	U.S. Treasury Note 5 Year Futures	September 2020	1,631,097	1,633,125	2,028
Total				45,151,633	48,546,288	3,394,655

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

Number of contracts			Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Futures contracts— (concluded)
Index futures sell contracts:
62	USD	S&P 500 E-Mini Index Futures	June 2020		(8,026,225	)		(9,430,200	)		(1,403,975	)
U.S. Treasury futures sell contracts:
43	USD	U.S. Treasury Note 10 Year Futures	September 2020		(5,968,905	)		(5,979,688	)		(10,783	)
1	USD	U.S. Ultra Treasury Bond 30 Year Futures	September 2020		(219,764	)		(218,031	)		1,733
Total					(14,214,894	)		(15,627,919	)		(1,413,025	)
Net unrealized appreciation (depreciation)											1,981,630

Centrally cleared credit default swap agreements on credit indices—buy protection¹⁴

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio13(%)			Upfront payments received (made)($)			Value($)		Unrealized appreciation (depreciation)($)
CDX North American High Yield 34 Index	USD	5,141	06/20/25	Quarterly		5.000	%		(198,412	)		51,960	(146,452	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁵

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio13(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North American Investment Grade 34 Index

USD

9,500

06/20/25

Quarterly

1.000

%

102,435

118,518

220,953

OTC Total return swap agreements 

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio13(%)	Payments received by the Portfolio13(%)	Upfront payments received (made)($)		Value($)			Unrealized appreciation (depreciation)($)
GS	USD	—	06/20/20	Quarterly	3 Month USD LIBOR	IBOXX Liquid High Yield Index		—		3,486			3,486
JPMCB	USD	1	06/20/20	Quarterly	3 Month USD LIBOR	IBOXX Liquid High Yield Index		—		(9,541	)		(9,541	)
								—		(6,055	)		(6,055	)

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

Fair valuation summary  

The following is a summary of the fair valuations according to the inputs used as of May 31, 2020 in valuing the Fund's investments. In the event the 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 Schedule of investments:  

Assets

Description	Unadjusted quoted prices in active markets for identical investments (Level 1) ($)			Other significant observable inputs (Level 2) ($)			Unobservable inputs (Level 3) ($)		Total ($)
Common stocks		129,391,820			—			—		129,391,820
Preferred stocks		—			—			0		0
Asset-backed securities		—			6,503,833			—		6,503,833
Corporate bonds		—			28,598,702			—		28,598,702
Mortgage-backed securities		—			7,629,660			—		7,629,660
Municipal bonds		—			1,342,973			—		1,342,973
Non-U.S. government agency obligations		—			1,596,593			—		1,596,593
U.S. government agency obligations		—			11,369,890			—		11,369,890
U.S. Treasury obligations		—			12,939,370			—		12,939,370
Short-term investments		—			23,822,864			—		23,822,864
Investment of cash collateral from securities loaned		—			1,680,429			—		1,680,429
Futures contracts		3,396,388			—			—		3,396,388
Swap agreements		—			173,964			—		173,964
Total		132,788,208			95,658,278			0		228,446,486
Liabilities
Futures contracts		(1,414,758	)		—			—		(1,414,758	)
Swap agreements		—			(9,541	)		—		(9,541	)
Total		(1,414,758	)		(9,541	)		—		(1,424,299	)

At May 31, 2020, there were no transfers in or out of Level 3.

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

Portfolio footnotes

†	Amount represents less than 0.05%
*	Non-income producing security.
1	Security, or portion thereof, was on loan at the period end.
2	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
3	Security fair valued by a Valuation Committee under the direction of the Board of Trustees.

UBS U.S. Allocation Fund

Schedule of investments – May 31, 2020 (unaudited)

4	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
5	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 $16,434,572, represented 7.3% of the Fund's net assets at period end.
6	Perpetual investment. Date shown reflects the next call date.
7	Rate shown reflects annualized yield at the period end on zero coupon bond.
8	Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.
9	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.
10	Bond interest in default.
11	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
12	Includes $2,338,655 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,680,429 and non-cash collateral of $725,840.
13	Payments made or received are based on the notional amount.
14	If the Fund  is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund  will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.
15	If the Fund  is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund  will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

Portfolio acronyms

ADR	American Depositary Receipt
FRN	Floating Rate Note
GMTN	Global Medium Term Note
GS	Goldman Sachs
JPMCB	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
OTC	Over The Counter
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities

Currency type abbreviations

USD United States Dollar

Valuation of investments

The Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the 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 ot 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.

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

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

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

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

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

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

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

OTC 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. Centrally cleared swaps, if any, are valued using prices from the central counterparty clearing houses.

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (“VC”) (formerly UBS AM Global Valuation Committee or GVC) the responsibility for making fair value determinations 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 a Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the 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 Fund’s own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund’s Schedule of investments.

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s semi-annual report to shareholders dated February 29, 2020.