Ubs Investment Trust NPORT-P UBS U.S. Allocation Fund (May 2022 report)

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—57.9%
Aerospace & defense—0.8%
Spirit AeroSystems Holdings, Inc., Class A		27,201		854,655
Teledyne Technologies, Inc.*		75		30,386
TransDigm Group, Inc.*		1,769		1,070,900
				1,955,941
Auto components—0.0%†
Aptiv PLC*		219		23,267
BorgWarner, Inc.		263		10,604
				33,871
Automobiles—1.1%
Ford Motor Co.		78,266		1,070,679
General Motors Co.*		1,198		46,339
Tesla, Inc.*		2,009		1,523,344
				2,640,362
Banks—1.5%
Bank of America Corp.		4,797		178,448
Bank OZK		22,676		940,374
Citigroup, Inc.		1,309		69,914
Citizens Financial Group, Inc.		282		11,669
Comerica, Inc.		85		7,073
Fifth Third Bancorp		445		17,546
First Republic Bank		135		20,929
Huntington Bancshares, Inc.		976		13,547
JPMorgan Chase & Co.		1,981		261,948
KeyCorp		561		11,198
M&T Bank Corp.		118		21,236
PNC Financial Services Group, Inc.		277		48,589
Regions Financial Corp.		575		12,702
Signature Bank		49		10,597
SVB Financial Group*		46		22,474
Truist Financial Corp.		862		42,876
U.S. Bancorp		950		50,416
Wells Fargo & Co.		39,243		1,796,152
Zions Bancorp N.A.		93		5,305
				3,542,993
Beverages—0.8%
Brown-Forman Corp., Class B		374		24,729
Coca-Cola Co.		7,531		477,315
Constellation Brands, Inc., Class A		3,692		906,275

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Beverages—(concluded)
Molson Coors Beverage Co., Class B		364		20,326
Monster Beverage Corp.*		726		64,701
PepsiCo, Inc.		2,677		449,066
				1,942,412
Biotechnology—2.8%
AbbVie, Inc.		30,558		4,503,332
Amgen, Inc.		1,181		303,210
Biogen, Inc.*		313		62,600
BioNTech SE, ADR*		1,900		310,384
Gilead Sciences, Inc.		2,605		168,934
Incyte Corp.*		413		31,343
Moderna, Inc.*		751		109,143
Regeneron Pharmaceuticals, Inc.*		227		150,896
Vertex Pharmaceuticals, Inc.*		4,501		1,209,194
				6,849,036
Capital markets—1.2%
Ameriprise Financial, Inc.		6,008		1,659,830
Bank of New York Mellon Corp.		486		22,653
BlackRock, Inc.		101		67,577
Cboe Global Markets, Inc.		82		9,209
Charles Schwab Corp.		9,103		638,120
CME Group, Inc.		242		48,117
FactSet Research Systems, Inc.		31		11,835
Franklin Resources, Inc.		183		4,956
Goldman Sachs Group, Inc.		231		75,502
Intercontinental Exchange, Inc.		400		40,956
Invesco Ltd.		254		4,912
MarketAxess Holdings, Inc.		30		8,450
Moody's Corp.		120		36,188
Morgan Stanley		957		82,436
MSCI, Inc.		66		29,195
Nasdaq, Inc.		88		13,663
Northern Trust Corp.		148		16,539
Raymond James Financial, Inc.		136		13,395
S&P Global, Inc.		247		86,322
State Street Corp.		248		17,978

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Capital markets—(concluded)
T. Rowe Price Group, Inc.		166		21,097
				2,908,930
Chemicals—1.5%
Air Products and Chemicals, Inc.		576		141,788
Albemarle Corp.		314		81,772
Celanese Corp.		287		44,921
CF Industries Holdings, Inc.		19,876		1,963,153
Corteva, Inc.		1,862		116,598
Dow, Inc.		1,910		129,842
DuPont de Nemours, Inc.		1,377		93,429
Eastman Chemical Co.		347		38,226
Ecolab, Inc.		644		105,558
FMC Corp.		343		42,045
International Flavors & Fragrances, Inc.		684		90,404
Linde PLC		1,325		430,201
LyondellBasell Industries N.V., Class A		662		75,634
Mosaic Co.		997		62,462
PPG Industries, Inc.		641		81,080
Sherwin-Williams Co.		651		174,494
				3,671,607
Communications equipment—0.2%
Arista Networks, Inc.*		365		37,332
Cisco Systems, Inc.		6,900		310,845
F5, Inc.*		83		13,532
Juniper Networks, Inc.		477		14,634
Motorola Solutions, Inc.		271		59,550
				435,893
Construction materials—0.1%
Martin Marietta Materials, Inc.		162		54,980
Vulcan Materials Co.		365		60,177
				115,157
Consumer finance—0.4%
American Express Co.		415		70,060
Capital One Financial Corp.		282		36,057
Discover Financial Services		199		22,585

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Consumer finance—(concluded)
Synchrony Financial		21,232		786,433
				915,135
Containers & packaging—0.1%
Amcor PLC		3,967		51,968
Avery Dennison Corp.		222		38,308
Ball Corp.		874		61,958
International Paper Co.		1,057		51,212
Packaging Corp. of America		252		39,634
Sealed Air Corp.		392		24,375
Westrock Co.		723		35,058
				302,513
Distributors—0.0%†
Genuine Parts Co.		111		15,177
LKQ Corp.		227		11,666
Pool Corp.		29		11,560
				38,403
Diversified consumer services—0.2%
Chegg, Inc.*		19,564		380,715
Diversified financial services—0.6%
Berkshire Hathaway, Inc., Class B*		1,233		389,603
Voya Financial, Inc.1		16,059		1,101,808
				1,491,411
Diversified telecommunication services—0.2%
AT&T, Inc.		9,866		210,047
Lumen Technologies, Inc.1		1,225		14,994
Verizon Communications, Inc.		5,935		304,406
				529,447
Electric utilities—0.6%
NextEra Energy, Inc.		20,119		1,522,807
Electrical equipment—0.5%
Regal Rexnord Corp.		10,234		1,278,738
Electronic equipment, instruments & components—0.1%
Amphenol Corp., Class A		921		65,262
CDW Corp.		217		36,860
Corning, Inc.		1,183		42,375

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
IPG Photonics Corp.*		50		5,275
Keysight Technologies, Inc.*		295		42,952
TE Connectivity Ltd.		497		64,307
Trimble, Inc.*		426		28,989
Zebra Technologies Corp., Class A*		86		29,084
				315,104
Energy equipment & services—0.4%
Baker Hughes Co.		2,998		107,868
Halliburton Co.		12,580		509,490
Schlumberger N.V.		4,639		213,208
				830,566
Entertainment—0.8%
Activision Blizzard, Inc.		1,093		85,123
Electronic Arts, Inc.		390		54,074
Live Nation Entertainment, Inc.*		189		17,964
Netflix, Inc.*		627		123,795
Take-Two Interactive Software, Inc.*		10,544		1,313,044
Walt Disney Co.*		2,594		286,481
Warner Bros Discovery, Inc.*		3,095		57,103
				1,937,584
Equity real estate investment trusts—1.1%
Alexandria Real Estate Equities, Inc.		193		32,028
American Tower Corp.		628		160,850
AvalonBay Communities, Inc.		184		38,265
Boston Properties, Inc.		186		20,679
Camden Property Trust		140		20,089
Crown Castle International Corp.		595		112,842
Digital Realty Trust, Inc.		377		52,625
Duke Realty Corp.		520		27,472
Equinix, Inc.		124		85,199
Equity Residential		460		35,342
Essex Property Trust, Inc.		82		23,276
Extra Space Storage, Inc.		175		31,185
Federal Realty Investment Trust		93		10,692
Healthpeak Properties, Inc.		795		23,604
Host Hotels & Resorts, Inc.		960		19,190
Iron Mountain, Inc.		387		20,859
Kimco Realty Corp.		1,046		24,738
Mid-America Apartment Communities, Inc.		153		27,693

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Equity real estate investment trusts—(concluded)
Prologis, Inc.		12,221		1,557,933
Public Storage		216		71,418
Realty Income Corp.		831		56,691
Regency Centers Corp.		212		14,460
SBA Communications Corp.		143		48,135
Simon Property Group, Inc.		478		54,803
UDR, Inc.		421		20,124
Ventas, Inc.		535		30,356
Vornado Realty Trust		215		7,516
Welltower, Inc.		637		56,750
Weyerhaeuser Co.		984		38,888
				2,723,702
Food & staples retailing—0.6%
Costco Wholesale Corp.		854		398,152
Kroger Co.		1,350		71,510
Sysco Corp.		975		82,075
Walgreens Boots Alliance, Inc.		1,339		58,688
Walmart, Inc.		6,312		811,913
				1,422,338
Food products—2.0%
Archer-Daniels-Midland Co.		1,088		98,812
Bunge Ltd.		19,921		2,357,053
Campbell Soup Co.		382		18,302
Conagra Brands, Inc.		899		29,568
General Mills, Inc.		1,174		82,004
Hershey Co.		281		59,490
Hormel Foods Corp.		517		25,162
J.M. Smucker Co.		221		27,707
Kellogg Co.		457		31,871
Kraft Heinz Co.		1,308		49,482
Lamb Weston Holdings, Inc.		284		19,193
McCormick & Co., Inc.\MD		486		45,062
Mondelez International, Inc., Class A		29,790		1,893,452
Tyson Foods, Inc., Class A		547		49,017
				4,786,175
Health care equipment & supplies—1.7%
Abbott Laboratories		3,694		433,897
ABIOMED, Inc.*		94		24,788
Align Technology, Inc.*		155		43,034

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Baxter International, Inc.		1,075		81,754
Becton Dickinson and Co.		606		155,015
Boston Scientific Corp.*		3,045		124,875
Cooper Cos., Inc.		1,297		454,910
Danaher Corp.		1,334		351,936
DENTSPLY SIRONA, Inc.		476		18,830
Dexcom, Inc.*		1,775		528,843
Edwards Lifesciences Corp.*		9,666		974,816
Hologic, Inc.*		537		40,420
IDEXX Laboratories, Inc.*		180		70,492
Intuitive Surgical, Inc.*		765		174,145
Medtronic PLC		2,811		281,522
ResMed, Inc.		310		63,073
STERIS PLC		213		48,607
Stryker Corp.		717		168,136
Teleflex, Inc.		96		27,623
West Pharmaceutical Services, Inc.		156		48,419
Zimmer Biomet Holdings, Inc.		449		53,974
				4,169,109
Health care providers & services—1.9%
AmerisourceBergen Corp.		324		50,152
Anthem, Inc.		509		259,391
Cardinal Health, Inc.		600		33,792
Centene Corp.*		1,191		96,995
Cigna Corp.		689		184,852
CVS Health Corp.		2,737		264,805
DaVita, Inc.*		132		12,869
HCA Healthcare, Inc.		511		107,514
Henry Schein, Inc.*		296		25,349
Humana, Inc.		273		124,005
Laboratory Corp. of America Holdings		5,230		1,290,346
McKesson Corp.		320		105,181
Molina Healthcare, Inc.*		122		35,407
Quest Diagnostics, Inc.		255		35,960
UnitedHealth Group, Inc.		3,691		1,833,615
Universal Health Services, Inc., Class B		155		19,314
				4,479,547
Health care technology—0.0%†
Cerner Corp.		636		60,325

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Hotels, restaurants & leisure—1.3%
Airbnb, Inc., Class A*		204		24,657
Booking Holdings, Inc.*		392		879,476
Caesars Entertainment, Inc.*		194		9,733
Carnival Corp.*		668		9,272
Chipotle Mexican Grill, Inc.*		21		29,454
Darden Restaurants, Inc.		102		12,750
Domino's Pizza, Inc.		29		10,532
Expedia Group, Inc.*		125		16,166
Hilton Worldwide Holdings, Inc.		233		32,820
Las Vegas Sands Corp.*		29,908		1,060,538
Marriott International, Inc., Class A		226		38,777
McDonald's Corp.		3,637		917,288
MGM Resorts International		331		11,575
Norwegian Cruise Line Holdings Ltd.*		238		3,810
Penn National Gaming, Inc.*		126		4,027
Royal Caribbean Cruises Ltd.*		189		10,975
Starbucks Corp.		1,051		82,503
Wynn Resorts Ltd.*		67		4,429
Yum! Brands, Inc.		246		29,882
				3,188,664
Household durables—0.0%†
D.R. Horton, Inc.		286		21,493
Garmin Ltd.		123		12,991
Lennar Corp., Class A		226		18,137
Mohawk Industries, Inc.*		38		5,375
Newell Brands, Inc.		245		5,253
NVR, Inc.*		2		8,901
PulteGroup, Inc.		261		11,813
Whirlpool Corp.		57		10,502
				94,465
Household products—0.4%
Church & Dwight Co., Inc.		472		42,508
Clorox Co.		237		34,450
Colgate-Palmolive Co.		1,661		130,904
Kimberly-Clark Corp.		635		84,468
Procter & Gamble Co.		4,651		687,790
				980,120
Insurance—1.0%
Aflac, Inc.		390		23,622

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Insurance—(concluded)
Allstate Corp.		7,294		997,017
American International Group, Inc.		560		32,861
Aon PLC, Class A		149		41,075
Arthur J. Gallagher & Co.		152		24,615
Assurant, Inc.		46		8,128
Brown & Brown, Inc.		189		11,221
Chubb Ltd.		286		60,429
Cincinnati Financial Corp.		106		13,553
Everest Re Group Ltd.		39		11,017
Globe Life, Inc.		82		8,001
Hartford Financial Services Group, Inc.		224		16,242
Lincoln National Corp.		133		7,705
Loews Corp.		108		7,073
Marsh & McLennan Cos., Inc.		6,379		1,020,321
MetLife, Inc.		459		30,932
Principal Financial Group, Inc.		162		11,815
Progressive Corp.		394		47,036
Prudential Financial, Inc.		236		25,075
Travelers Cos., Inc.		151		27,035
W. R. Berkley Corp.		151		10,740
Willis Towers Watson PLC		88		18,574
				2,454,087
Interactive media & services—3.0%
Alphabet, Inc., Class A*		1,963		4,466,296
Alphabet, Inc., Class C*		393		896,347
Match Group, Inc.*		7,115		560,520
Meta Platforms, Inc., Class A*		6,383		1,236,004
Twitter, Inc.*		1,149		45,500
				7,204,667
Internet & direct marketing retail—1.8%
Amazon.com, Inc.*		1,736		4,173,674
eBay, Inc.		517		25,162
Etsy, Inc.*		112		9,086
				4,207,922
IT services—3.1%
Accenture PLC, Class A		1,035		308,906
Akamai Technologies, Inc.*		17,287		1,746,679
Automatic Data Processing, Inc.		665		148,255
Block Inc.*		3,089		270,318

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
IT services—(concluded)
Broadridge Financial Solutions, Inc.		196		28,659
Cognizant Technology Solutions Corp., Class A		841		62,823
DXC Technology Co.*		342		12,045
EPAM Systems, Inc.*		91		30,805
Fidelity National Information Services, Inc.		11,432		1,194,644
Fiserv, Inc.*		963		96,473
FleetCor Technologies, Inc.*		132		32,843
Gartner, Inc.*		133		34,899
Global Payments, Inc.		462		60,541
International Business Machines Corp.		1,477		205,067
Jack Henry & Associates, Inc.		99		18,624
Mastercard, Inc., Class A		1,409		504,239
Paychex, Inc.		510		63,153
PayPal Holdings, Inc.*		1,892		161,217
VeriSign, Inc.*		162		28,277
Visa, Inc., Class A		12,097		2,566,621
				7,575,088
Leisure products—0.0%†
Hasbro, Inc.		116		10,411
Life sciences tools & services—1.3%
10X Genomics, Inc., Class A*		3,158		161,658
Agilent Technologies, Inc.		654		83,424
Bio-Rad Laboratories, Inc., Class A*		2,389		1,284,780
Bio-Techne Corp.		81		29,948
Charles River Laboratories International, Inc.*		107		25,047
Illumina, Inc.*		332		79,507
IQVIA Holdings, Inc.*		3,518		757,250
Mettler-Toledo International, Inc.*		45		57,875
PerkinElmer, Inc.		269		40,261
Thermo Fisher Scientific, Inc.		826		468,813
Waters Corp.*		130		42,634
				3,031,197
Machinery—1.3%
AGCO Corp.		11,323		1,450,816
Ingersoll Rand, Inc.		36,342		1,713,525
				3,164,341
Media—0.7%
Charter Communications, Inc., Class A*		165		83,644

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Media—(concluded)
Comcast Corp., Class A		36,007		1,594,390
DISH Network Corp., Class A*		334		7,625
Fox Corp., Class A		432		15,340
Fox Corp., Class B		189		6,182
Interpublic Group of Cos., Inc.		542		17,469
News Corp., Class A		571		9,935
News Corp., Class B		294		5,169
Omnicom Group, Inc.		285		21,264
Paramount Global, Class B		846		29,043
				1,790,061
Metals & mining—0.2%
Freeport-McMoRan, Inc.		3,821		149,325
Newmont Corp.		2,063		139,974
Nucor Corp.		693		91,795
				381,094
Multiline retail—1.1%
Dollar General Corp.		210		46,271
Dollar Tree, Inc.*		15,612		2,503,072
Target Corp.		424		68,637
				2,617,980
Oil, gas & consumable fuels—4.1%
APA Corp.		36,904		1,734,857
Chevron Corp.		6,223		1,086,909
ConocoPhillips		6,670		749,441
Coterra Energy, Inc.		2,590		88,915
Devon Energy Corp.		2,030		152,047
Diamondback Energy, Inc.		574		87,259
EOG Resources, Inc.		1,888		258,581
Exxon Mobil Corp.		13,696		1,314,816
Hess Corp.		893		109,902
Kinder Morgan, Inc.		6,477		127,532
Marathon Oil Corp.		2,435		76,532
Marathon Petroleum Corp.		1,884		191,772
Occidental Petroleum Corp.		2,869		198,850
ONEOK, Inc.		1,473		96,997
Phillips 66		1,527		153,937
Pioneer Natural Resources Co.		2,025		562,829
Valero Energy Corp.		1,332		172,627

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
Williams Cos., Inc.		75,014		2,780,019
				9,943,822
Personal products—0.1%
Estee Lauder Cos., Inc., Class A		452		115,102
Pharmaceuticals—2.0%
Bristol-Myers Squibb Co.		4,587		346,089
Catalent, Inc.*		384		39,575
Eli Lilly & Co.		7,073		2,216,961
Johnson & Johnson		5,508		988,851
Merck & Co., Inc.		5,289		486,747
Organon & Co.		539		20,461
Pfizer, Inc.		11,749		623,167
Viatris, Inc.		2,548		31,264
Zoetis, Inc.		985		168,366
				4,921,481
Professional services—0.2%
Verisk Analytics, Inc.		2,259		395,144
Real estate management & development—0.0%†
CBRE Group, Inc., Class A*		451		37,361
Road & rail—0.3%
Union Pacific Corp.		3,710		815,384
Semiconductors & semiconductor equipment—3.6%
Advanced Micro Devices, Inc.*		2,694		274,411
Analog Devices, Inc.		847		142,635
Applied Materials, Inc.		1,480		173,589
Broadcom, Inc.		2,195		1,273,385
Enphase Energy, Inc.*		216		40,217
Intel Corp.		6,683		296,859
KLA Corp.		240		87,564
Lam Research Corp.		1,926		1,001,578
Marvell Technology, Inc.		13,503		798,702
Microchip Technology, Inc.		915		66,475
Micron Technology, Inc.		17,521		1,293,751
Monolithic Power Systems, Inc.		69		31,077
NVIDIA Corp.		12,049		2,249,789
NXP Semiconductors N.V.		428		81,217

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(continued)
Semiconductors & semiconductor equipment—(concluded)
Qorvo, Inc.*		193		21,568
QUALCOMM, Inc.		1,854		265,530
Skyworks Solutions, Inc.		275		29,939
SolarEdge Technologies, Inc.*		92		25,097
Teradyne, Inc.		276		30,156
Texas Instruments, Inc.		1,519		268,498
Universal Display Corp.		2,297		290,134
				8,742,171
Software—5.9%
Adobe, Inc.*		774		322,356
ANSYS, Inc.*		140		36,450
Autodesk, Inc.*		358		74,374
Cadence Design Systems, Inc.*		456		70,101
Ceridian HCM Holding, Inc.*		192		10,810
Citrix Systems, Inc.		225		22,655
Fortinet, Inc.*		1,165		342,673
HubSpot, Inc.*		2,190		739,541
Intuit, Inc.		457		189,408
Microsoft Corp.		24,631		6,696,430
NortonLifeLock, Inc.		1,019		24,802
Oracle Corp.		16,450		1,183,084
Palo Alto Networks, Inc.*		486		244,351
Paycom Software, Inc.*		64		18,198
PTC, Inc.*		155		18,062
Roper Technologies, Inc.		174		76,985
Salesforce, Inc.*		7,366		1,180,328
ServiceNow, Inc.*		1,787		835,369
Splunk, Inc.*		8,422		863,760
Synopsys, Inc.*		243		77,566
Tyler Technologies, Inc.*		65		23,128
VMware, Inc., Class A		9,360		1,199,016
				14,249,447
Specialty retail—0.7%
Advance Auto Parts, Inc.		51		9,683
AutoZone, Inc.*		15		30,895
Bath & Body Works, Inc.		221		9,065
Best Buy Co., Inc.		180		14,771
CarMax, Inc.*		140		13,898
Home Depot, Inc.		906		274,292
Lowe's Cos., Inc.		5,446		1,063,604

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Common stocks—(concluded)
Specialty retail—(concluded)
O'Reilly Automotive, Inc.*		54		34,407
Ross Stores, Inc.		313		26,611
TJX Cos., Inc.		1,099		69,863
Tractor Supply Co.		93		17,424
Ulta Beauty, Inc.*		42		17,770
				1,582,283
Technology hardware, storage & peripherals—3.6%
Apple, Inc.		50,871		7,571,640
Hewlett Packard Enterprise Co.		2,097		32,713
HP, Inc.		1,746		67,815
NetApp, Inc.		377		27,125
Seagate Technology Holdings PLC		337		28,534
Western Digital Corp.*		14,977		908,954
				8,636,781
Textiles, apparel & luxury goods—0.4%
Lululemon Athletica, Inc.*		2,646		774,458
Nike, Inc., Class B		1,096		130,260
PVH Corp.		73		5,174
Ralph Lauren Corp.		50		5,054
Tapestry, Inc.		153		5,278
VF Corp.		266		13,422
				933,646
Tobacco—0.2%
Altria Group, Inc.		3,541		191,533
Philip Morris International, Inc.		3,013		320,131
				511,664
Trading companies & distributors—0.3%
United Rentals, Inc.*		2,353		701,618
Wireless telecommunication services—0.1%
T-Mobile U.S., Inc.*		818		109,031
Total common stocks (cost—$125,789,147)				139,674,853

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of shares		Value ($)
Preferred stocks—0.0%†
Financial services—0.0%†
Squaretwo Financial Corp.2,3 (cost—$0)		35,000		0
Exchange traded funds—2.6%
Invesco S&P 500 Equal Weight ETF1 (cost—$6,564,243)		42,297		6,299,292

	Face
	amount($)
Asset-backed securities—4.4%
Ares XLVIII CLO Ltd.,
Series 2018-48A, Class C,
3 mo. USD LIBOR + 1.800%,
2.863%, due 07/20/304,5		725,000	677,507
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
3 mo. USD LIBOR + 0.550%,
1.594%, due 05/15/284		350,000	342,407
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/275		275,000	263,554
Dell Equipment Finance Trust,
Series 2021-2, Class D,
1.210%, due 06/22/275		325,000	307,742
Drive Auto Receivables Trust,
Series 2018-4, Class D,
4.090%, due 01/15/26		113,173	113,788
Series 2020-2, Class C,
2.280%, due 08/17/26		625,000	623,108
DT Auto Owner Trust,
Series 2021-1A, Class C,
0.840%, due 10/15/265		325,000	313,592
Series 2021-1A, Class D,
1.160%, due 11/16/265		325,000	306,393

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(continued)
Enterprise Fleet Financing LLC,
Series 2020-1, Class A2,
1.780%, due 12/22/255		555,931		553,261
Exeter Automobile Receivables Trust,
Series 2020-2A, Class C,
3.280%, due 05/15/255		589,326		590,723
Series 2021-4A, Class A3,
0.680%, due 07/15/25		1,000,000		989,578
Highbridge Loan Management Ltd.,
Series 12A-18, Class B,
3 mo. USD LIBOR + 1.850%,
2.894%, due 07/18/314,5		700,000		651,615
HPEFS Equipment Trust,
Series 2021-1A, Class D,
1.030%, due 03/20/315		675,000		639,107
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%,
2.137%, due 03/17/374,5		149,978		147,022
New Residential Advance Receivables Trust Advance Receivables Backed Notes,
Series 2020-APT1, Class AT1,
1.035%, due 12/16/525		175,000		172,427
NRZ Advance Receivables Trust,
Series 2020-T3, Class AT3,
1.317%, due 10/15/525		60,000		59,703
Ocwen Master Advance Receivables Trust,
Series 2020-T1, Class AT1,
1.278%, due 08/15/525		304,474		303,418
OneMain Financial Issuance Trust,
Series 2020-2A, Class A,
1.750%, due 09/14/355		600,000		546,725
Series 2020-2A, Class B,
2.210%, due 09/14/355		300,000		267,071
Series 2021-1A, Class A1,
1.550%, due 06/16/365		600,000		530,735
Santander Retail Auto Lease Trust,
Series 2021-C, Class C,
1.110%, due 03/20/265		325,000		305,933
Tesla Auto Lease Trust,
Series 2020-A, Class D,
2.330%, due 02/20/245		150,000		147,195
Series 2021-A, Class D,
1.340%, due 03/20/255		575,000		542,835
Series 2021-B, Class D,
1.320%, due 09/22/255		325,000		304,244

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Asset-backed securities—(concluded)
Voya CLO Ltd.,
Series 2018-2A, Class C1,
3 mo. USD LIBOR + 1.850%,
2.894%, due 07/15/314,5		700,000		649,224
World Omni Select Auto Trust,
Series 2021-A, Class D,
1.440%, due 11/15/27		325,000		303,422
Total asset-backed securities (cost—$11,162,829)				10,652,329

Corporate bonds—15.9%
Aerospace & defense—0.2%
Bombardier, Inc.
7.500%, due 12/01/245	60,000	58,200
7.500%, due 03/15/255	36,000	34,586
7.875%, due 04/15/275	35,000	31,927
Howmet Aerospace, Inc.
5.900%, due 02/01/27	20,000	21,136
6.750%, due 01/15/28	32,000	34,080
Raytheon Technologies Corp.
4.125%, due 11/16/28	150,000	152,621
TransDigm UK Holdings PLC
6.875%, due 05/15/26	60,000	60,449
TransDigm, Inc.
5.500%, due 11/15/27	30,000	28,721
6.250%, due 03/15/265	50,000	50,863
6.375%, due 06/15/26	30,000	29,775
7.500%, due 03/15/27	35,000	35,615
		537,973
Agriculture—0.0%†
Darling Ingredients, Inc.
6.000%, due 06/15/30	10,000	10,000
Reynolds American, Inc.
5.700%, due 08/15/35	70,000	69,415
		79,415
Airlines—0.1%
Delta Air Lines, Inc.
7.000%, due 05/01/255	250,000	267,427
United Airlines, Inc.
4.375%, due 04/15/265	38,000	36,672

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Airlines—(concluded)
4.625%, due 04/15/295		20,000		18,764
				322,863
Auto manufacturers—0.4%
Allison Transmission, Inc.
5.875%, due 06/01/295		35,000		35,070
Ford Motor Co.
6.625%, due 10/01/28		35,000		36,498
7.450%, due 07/16/31		55,000		61,347
9.000%, due 04/22/25		85,000		95,256
Ford Motor Credit Co. LLC
4.542%, due 08/01/26		200,000		196,272
General Motors Co.
6.600%, due 04/01/36		200,000		216,142
General Motors Financial Co., Inc.
4.000%, due 10/06/26		200,000		195,993
PM General Purchaser LLC
9.500%, due 10/01/285		70,000		58,782
				895,360
Auto parts & equipment—0.0%†
Dana, Inc.
4.250%, due 09/01/30		20,000		17,431
5.625%, due 06/15/28		20,000		19,369
Meritor, Inc.
6.250%, due 06/01/255		45,000		46,287
				83,087
Banks—2.9%
Bank of America Corp.
4.200%, due 08/26/24		120,000		121,954
6.110%, due 01/29/37		725,000		824,424
Series Z,
(fixed, converts to FRN on 10/23/24),
6.500%, due 10/23/246		30,000		30,442
Bank of New York Mellon Corp.
1.600%, due 04/24/25		150,000		143,124
Barclays PLC
4.337%, due 01/10/28		305,000		300,381
Citigroup, Inc.
(fixed, converts to FRN on 03/20/29),
3.980%, due 03/20/30		150,000		145,199
5.500%, due 09/13/25		300,000		313,831

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Banks—(concluded)
(fixed, converts to FRN on 01/30/23),
5.950%, due 01/30/236		35,000		34,802
6.675%, due 09/13/43		200,000		238,808
Deutsche Bank AG
(fixed, converts to FRN on 01/07/27),
2.552%, due 01/07/28		150,000		133,354
Goldman Sachs Group, Inc.
3 mo. USD LIBOR + 1.600%,
3.198%, due 11/29/234		600,000		606,220
3.750%, due 02/25/26		150,000		150,125
5.150%, due 05/22/45		210,000		216,074
HSBC Holdings PLC
6.500%, due 09/15/37		200,000		223,708
JPMorgan Chase & Co.
3.875%, due 09/10/24		550,000		557,023
(fixed, converts to FRN on 01/29/26),
3.960%, due 01/29/27		200,000		199,868
(fixed, converts to FRN on 07/24/47),
4.032%, due 07/24/48		350,000		320,653
Series R,
(fixed, converts to FRN on 08/01/23),
6.000%, due 08/01/236		60,000		58,760
Lloyds Banking Group PLC
4.582%, due 12/10/25		400,000		402,025
Morgan Stanley
4.300%, due 01/27/45		225,000		212,104
4.350%, due 09/08/26		490,000		495,921
4.875%, due 11/01/22		720,000		728,293
Royal Bank of Canada
2.300%, due 11/03/31		200,000		171,140
Societe Generale SA
4.000%, due 01/12/275		200,000		193,373
Sumitomo Mitsui Financial Group, Inc.
3.544%, due 01/17/28		150,000		145,078
Wells Fargo & Co.
(fixed, converts to FRN on 06/17/26),
3.196%, due 06/17/27		95,000		91,948
				7,058,632
Beverages—0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		75,000		75,915
4.900%, due 02/01/46		30,000		29,916

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Beverages—(concluded)
Primo Water Holdings, Inc.
4.375%, due 04/30/295		93,000		81,396
				187,227
Biotechnology—0.1%
Biogen, Inc.
3.250%, due 02/15/515		56,000		40,888
Gilead Sciences, Inc.
2.950%, due 03/01/27		200,000		192,871
4.750%, due 03/01/46		50,000		49,735
				283,494
Building materials—0.1%
Builders FirstSource, Inc.
4.250%, due 02/01/325		10,000		8,917
5.000%, due 03/01/305		30,000		28,135
6.750%, due 06/01/275		4,000		4,089
Cornerstone Building Brands, Inc.
6.125%, due 01/15/295		37,000		27,431
Masco Corp.
4.500%, due 05/15/47		150,000		136,083
New Enterprise Stone & Lime Co., Inc.
5.250%, due 07/15/285		61,000		53,983
9.750%, due 07/15/285		12,000		11,509
SRM Escrow Issuer LLC
6.000%, due 11/01/285		51,000		47,616
Summit Materials LLC/Summit Materials Finance Corp.
5.250%, due 01/15/295		35,000		33,049
				350,812
Chemicals—0.3%
Chemours Co.
4.625%, due 11/15/295		45,000		40,669
5.375%, due 05/15/27		30,000		29,775
DuPont de Nemours, Inc.
4.725%, due 11/15/28		100,000		103,642
LYB International Finance II BV
3.500%, due 03/02/27		150,000		146,759
NOVA Chemicals Corp.
4.250%, due 05/15/295		25,000		22,193
5.250%, due 06/01/275		85,000		82,677
Nutrien Ltd.
4.200%, due 04/01/29		100,000		100,060

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Chemicals—(concluded)
Tronox, Inc.
4.625%, due 03/15/295		40,000		36,700
WR Grace Holdings LLC
4.875%, due 06/15/275		30,000		28,043
5.625%, due 10/01/245		60,000		59,700
				650,218
Commercial banks—0.4%
Bank of Nova Scotia
(fixed, converts to FRN on 05/04/32),
4.588%, due 05/04/37		150,000		141,477
Credit Suisse Group AG
4.550%, due 04/17/26		250,000		249,719
Deutsche Bank AG
3.700%, due 05/30/24		125,000		124,594
Mitsubishi UFJ Financial Group, Inc.
3.677%, due 02/22/27		350,000		344,119
				859,909
Commercial services—0.5%
ASGN, Inc.
4.625%, due 05/15/285		69,000		64,601
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.375%, due 03/01/295		10,000		9,150
5.750%, due 07/15/275		92,000		89,084
Block, Inc.
3.500%, due 06/01/315		9,000		7,718
Carriage Services, Inc.
4.250%, due 05/15/295		55,000		46,475
Garda World Security Corp.
9.500%, due 11/01/275		83,000		78,039
Gartner, Inc.
4.500%, due 07/01/285		10,000		9,724
Hertz Corp.
4.625%, due 12/01/265		40,000		36,614
5.000%, due 12/01/295		5,000		4,388
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.
5.000%, due 02/01/265		30,000		28,061
MoneyGram International, Inc.
5.375%, due 08/01/265		103,000		103,257
NESCO Holdings II, Inc.
5.500%, due 04/15/295		45,000		40,612

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Commercial services—(concluded)
Nielsen Co. Luxembourg SARL
5.000%, due 02/01/255		19,000		18,809
Nielsen Finance LLC/Nielsen Finance Co.
5.625%, due 10/01/285		35,000		34,689
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/275		5,000		4,475
5.750%, due 04/15/265		45,000		44,506
Quanta Services, Inc.
2.350%, due 01/15/32		400,000		323,793
Williams Scotsman International, Inc.
4.625%, due 08/15/285		60,000		56,728
WW International, Inc.
4.500%, due 04/15/295		34,000		24,055
Yale University,
Series 2020,
1.482%, due 04/15/30		100,000		85,125
ZipRecruiter, Inc.
5.000%, due 01/15/305		20,000		18,860
				1,128,763
Computers—0.4%
Ahead DB Holdings LLC
6.625%, due 05/01/285		30,000		25,597
Apple, Inc.
3.450%, due 02/09/45		200,000		180,539
3.850%, due 05/04/43		210,000		201,580
Booz Allen Hamilton, Inc.
3.875%, due 09/01/285		160,000		149,615
4.000%, due 07/01/295		40,000		37,852
International Business Machines Corp.
5.875%, due 11/29/32		175,000		200,424
KBR, Inc.
4.750%, due 09/30/285		75,000		69,563
Science Applications International Corp.
4.875%, due 04/01/285		70,000		66,479
				931,649
Distribution & wholesale—0.0%†
American Builders & Contractors Supply Co., Inc.
3.875%, due 11/15/295		46,000		40,926

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
4.000%, due 01/15/285		10,000		9,406
				50,332
Diversified financial services—0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		200,000		175,486
6.500%, due 07/15/25		29,000		30,270
Avolon Holdings Funding Ltd.
2.750%, due 02/21/285		200,000		172,647
Capital One Bank USA N.A.
3.375%, due 02/15/23		70,000		70,359
Capital One Financial Corp.
3.750%, due 07/28/26		200,000		195,679
CME Group, Inc.
3.750%, due 06/15/28		150,000		150,301
Coinbase Global, Inc.
3.375%, due 10/01/285		4,000		2,924
Enact Holdings, Inc.
6.500%, due 08/15/255		95,000		95,249
Intercontinental Exchange, Inc.
3.000%, due 06/15/50		200,000		151,890
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/305		29,000		25,961
5.500%, due 08/15/285		40,000		37,751
6.000%, due 01/15/275		35,000		33,946
Navient Corp.
4.875%, due 03/15/28		73,000		64,119
5.000%, due 03/15/27		40,000		36,800
6.750%, due 06/15/26		200,000		196,576
OneMain Finance Corp.
3.875%, due 09/15/28		40,000		34,548
5.375%, due 11/15/29		10,000		9,241
5.625%, due 03/15/23		40,000		40,301
6.125%, due 03/15/24		35,000		35,355
7.125%, due 03/15/26		115,000		117,760
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
2.875%, due 10/15/265		150,000		134,176
3.625%, due 03/01/295		20,000		17,313

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Diversified financial services—(concluded)
Visa, Inc.
2.000%, due 08/15/50		50,000		34,102
				1,862,754
Electric—1.0%
Alabama Power Co.
6.000%, due 03/01/39		30,000		33,993
Berkshire Hathaway Energy Co.
3.750%, due 11/15/23		80,000		80,912
4.450%, due 01/15/49		50,000		48,323
Calpine Corp.
4.625%, due 02/01/295		30,000		26,100
5.125%, due 03/15/285		35,000		32,664
Clearway Energy Operating LLC
4.750%, due 03/15/285		65,000		62,075
Dominion Energy, Inc.
3.900%, due 10/01/25		150,000		151,264
Duke Energy Carolinas LLC
2.550%, due 04/15/31		150,000		133,835
Duke Energy Ohio, Inc.
4.300%, due 02/01/49		150,000		142,602
Edison International
4.950%, due 04/15/25		188,000		192,208
Exelon Corp.
3.400%, due 04/15/26		170,000		167,024
4.450%, due 04/15/46		300,000		284,467
FirstEnergy Corp.,
Series C,
5.350%, due 07/15/477		20,000		18,582
Florida Power & Light Co.
5.950%, due 02/01/38		45,000		52,117
Georgia Power Co.,
Series B,
3.700%, due 01/30/50		150,000		123,814
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/295		25,000		21,873
National Rural Utilities Cooperative Finance Corp.
3.900%, due 11/01/28		100,000		99,259
Northern States Power Co.
2.600%, due 05/15/23		50,000		50,031
NRG Energy, Inc.
3.625%, due 02/15/315		30,000		26,400
5.250%, due 06/15/295		10,000		9,752

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Electric—(concluded)
Oncor Electric Delivery Co. LLC
3.750%, due 04/01/45		40,000		35,729
PG&E Corp.
5.000%, due 07/01/28		25,000		23,624
Public Service Electric and Gas Co.
2.450%, due 01/15/30		150,000		135,859
Southern California Edison Co.
3.650%, due 02/01/50		175,000		139,846
Southwestern Electric Power Co.
3.250%, due 11/01/51		250,000		191,909
Virginia Electric and Power Co.
4.600%, due 12/01/48		100,000		99,844
Vistra Operations Co. LLC
5.000%, due 07/31/275		75,000		73,373
5.625%, due 02/15/275		60,000		60,030
				2,517,509
Electrical components & equipment—0.0%†
Energizer Holdings, Inc.
4.375%, due 03/31/295		54,000		45,659
4.750%, due 06/15/285		30,000		26,475
				72,134
Electronics—0.0%†
II-VI, Inc.
5.000%, due 12/15/295		40,000		37,500
Sensata Technologies BV
4.000%, due 04/15/295		10,000		9,525
Sensata Technologies, Inc.
4.375%, due 02/15/305		50,000		47,475
				94,500
Energy-Alternate Sources—0.1%
Renewable Energy Group, Inc.
5.875%, due 06/01/285		68,000		72,241
TerraForm Power Operating LLC
4.750%, due 01/15/305		72,000		68,220
				140,461
Engineering & construction—0.1%
Arcosa, Inc.
4.375%, due 04/15/295		35,000		31,863

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Engineering & construction—(concluded)
Artera Services LLC
9.033%, due 12/04/255		68,000		53,720
Dycom Industries, Inc.
4.500%, due 04/15/295		45,000		41,302
Great Lakes Dredge & Dock Corp.
5.250%, due 06/01/295		77,000		72,380
Weekley Homes LLC/Weekley Finance Corp.
4.875%, due 09/15/285		35,000		31,018
				230,283
Entertainment—0.2%
Affinity Gaming
6.875%, due 12/15/275		99,000		88,016
Caesars Entertainment, Inc.
6.250%, due 07/01/255		53,000		53,689
8.125%, due 07/01/275		113,000		114,943
CDI Escrow Issuer, Inc.
5.750%, due 04/01/305		30,000		29,428
Churchill Downs, Inc.
5.500%, due 04/01/275		35,000		35,004
Cinemark USA, Inc.
5.250%, due 07/15/285		10,000		8,986
5.875%, due 03/15/265		35,000		33,237
Jacobs Entertainment, Inc.
6.750%, due 02/15/295		80,000		73,854
Magallanes, Inc.
5.050%, due 03/15/425		150,000		135,581
				572,738
Environmental control—0.0%†
Covanta Holding Corp.
4.875%, due 12/01/295		35,000		30,790
5.000%, due 09/01/30		25,000		21,688
GFL Environmental, Inc.
4.750%, due 06/15/295		25,000		22,774
				75,252
Food—0.2%
Kroger Co.
2.800%, due 08/01/22		100,000		100,095
3.875%, due 10/15/46		250,000		215,015
Performance Food Group, Inc.
5.500%, due 10/15/275		40,000		39,341

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Food—(concluded)
United Natural Foods, Inc.
6.750%, due 10/15/285		35,000		33,819
				388,270
Forest Products & Paper—0.0%†
Clearwater Paper Corp.
4.750%, due 08/15/285		35,000		31,480
Healthcare-products—0.2%
Abbott Laboratories
3.750%, due 11/30/26		62,000		63,268
4.900%, due 11/30/46		50,000		54,949
Avantor Funding, Inc.
4.625%, due 07/15/285		70,000		68,147
Medtronic, Inc.
4.375%, due 03/15/35		97,000		100,923
Mozart Debt Merger Sub, Inc.
5.250%, due 10/01/295		24,000		21,245
Zimmer Biomet Holdings, Inc.
4.250%, due 08/15/35		50,000		46,607
				355,139
Healthcare-services—0.5%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/295		35,000		33,977
5.500%, due 07/01/285		55,000		54,381
Centene Corp.
4.625%, due 12/15/29		90,000		88,699
CHS/Community Health Systems, Inc.
5.625%, due 03/15/275		90,000		83,839
6.875%, due 04/15/295		53,000		41,409
8.000%, due 03/15/265		195,000		195,394
DaVita, Inc.
4.625%, due 06/01/305		63,000		54,731
Encompass Health Corp.
4.500%, due 02/01/28		100,000		92,967
Legacy LifePoint Health LLC
4.375%, due 02/15/275		70,000		65,229
6.750%, due 04/15/255		35,000		35,666
Select Medical Corp.
6.250%, due 08/15/265		75,000		74,818
Tenet Healthcare Corp.
4.625%, due 07/15/24		14,000		13,992

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Healthcare-services—(concluded)
4.625%, due 06/15/285		10,000		9,622
4.875%, due 01/01/265		40,000		39,910
5.125%, due 11/01/275		75,000		74,428
6.125%, due 10/01/285		121,000		118,120
UnitedHealth Group, Inc.
4.625%, due 07/15/35		40,000		41,855
				1,119,037
Home builders—0.1%
Forestar Group, Inc.
3.850%, due 05/15/265		35,000		32,083
Installed Building Products, Inc.
5.750%, due 02/01/285		40,000		37,620
KB Home
6.875%, due 06/15/27		40,000		42,319
Mattamy Group Corp.
5.250%, due 12/15/275		19,000		17,534
Picasso Finance Sub, Inc.
6.125%, due 06/15/255		27,000		27,472
Tri Pointe Homes, Inc.
5.700%, due 06/15/28		32,000		30,493
				187,521
Housewares—0.0%†
Newell Brands, Inc.
5.750%, due 04/01/467		5,000		4,536
Insurance—0.5%
Allstate Corp.
3.280%, due 12/15/26		200,000		198,901
3.850%, due 08/10/49		50,000		44,540
American International Group, Inc.
2.500%, due 06/30/25		75,000		72,393
Aon Global Ltd.
4.750%, due 05/15/45		50,000		48,155
Berkshire Hathaway Finance Corp.
4.250%, due 01/15/49		100,000		98,565
Hartford Financial Services Group, Inc.
6.100%, due 10/01/41		150,000		170,942
Lincoln National Corp.
4.000%, due 09/01/23		150,000		151,970

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Insurance—(concluded)
MetLife, Inc.
4.125%, due 08/13/42		130,000		122,199
Prudential Financial, Inc.
6.625%, due 06/21/40		110,000		131,621
Teachers Insurance & Annuity Association of America
4.270%, due 05/15/475		50,000		46,460
				1,085,746
Internet—0.1%
Alibaba Group Holding Ltd.
2.125%, due 02/09/31		200,000		166,200
Amazon.com, Inc.
2.500%, due 06/03/50		150,000		111,672
Uber Technologies, Inc.
4.500%, due 08/15/295		25,000		22,611
7.500%, due 09/15/275		25,000		25,842
				326,325
Investment companies—0.0%†
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250%, due 05/15/26		40,000		40,206
Iron & steel—0.0%†
Big River Steel LLC/BRS Finance Corp.
6.625%, due 01/31/295		44,000		44,195
Commercial Metals Co.
4.125%, due 01/15/30		20,000		18,165
TMS International Corp.
6.250%, due 04/15/295		35,000		27,982
				90,342
Leisure Time—0.2%
Carnival Corp.
5.750%, due 03/01/275		70,000		62,102
7.625%, due 03/01/265		60,000		56,262
Harley-Davidson, Inc.
3.500%, due 07/28/25		250,000		245,995
NCL Corp. Ltd.
5.875%, due 03/15/265		30,000		27,030
Royal Caribbean Cruises Ltd.
5.500%, due 08/31/265		44,000		38,610
7.500%, due 10/15/27		25,000		22,875

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Leisure Time—(concluded)
9.125%, due 06/15/235		30,000		30,600
				483,474
Lodging—0.0%†
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/315		10,000		8,814
5.000%, due 06/01/295		25,000		23,249
				32,063
Machinery-diversified—0.1%
Deere & Co.
3.900%, due 06/09/42		150,000		143,709
GrafTech Finance, Inc.
4.625%, due 12/15/285		77,000		70,476
Mueller Water Products, Inc.
4.000%, due 06/15/295		25,000		22,500
				236,685
Media—0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/315		25,000		22,055
4.250%, due 01/15/345		40,000		33,135
4.750%, due 03/01/305		98,000		90,405
5.375%, due 06/01/295		60,000		58,283
Charter Communications Operating LLC/Charter Communications Operating Capital
4.200%, due 03/15/28		150,000		145,189
Comcast Corp.
2.887%, due 11/01/515		439,000		333,106
3.969%, due 11/01/47		85,000		77,622
4.150%, due 10/15/28		300,000		306,909
Fox Corp.
3.050%, due 04/07/25		25,000		24,636
5.576%, due 01/25/49		50,000		51,890
Gray Escrow II, Inc.
5.375%, due 11/15/315		55,000		50,089
Gray Television, Inc.
5.875%, due 07/15/265		35,000		34,491
Liberty Interactive LLC
8.250%, due 02/01/30		35,000		25,269
Nexstar Media, Inc.
4.750%, due 11/01/285		10,000		9,425
5.625%, due 07/15/275		40,000		39,901

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Media—(concluded)
Radiate Holdco LLC/Radiate Finance, Inc.
4.500%, due 09/15/265		10,000		9,270
6.500%, due 09/15/285		60,000		49,865
Sirius XM Radio, Inc.
3.875%, due 09/01/315		25,000		21,981
4.000%, due 07/15/285		55,000		51,004
4.125%, due 07/01/305		25,000		22,531
5.500%, due 07/01/295		35,000		34,765
Time Warner Cable LLC
6.550%, due 05/01/37		25,000		26,419
Time Warner Entertainment Co. LP
8.375%, due 03/15/23		35,000		36,342
Univision Communications, Inc.
4.500%, due 05/01/295		40,000		36,650
6.625%, due 06/01/275		25,000		25,268
Walt Disney Co.
2.000%, due 09/01/29		100,000		88,303
4.950%, due 10/15/45		120,000		125,200
				1,830,003
Mining—0.1%
Arconic Corp.
6.125%, due 02/15/285		75,000		73,534
Hudbay Minerals, Inc.
6.125%, due 04/01/295		25,000		22,403
Novelis Corp.
3.250%, due 11/15/265		10,000		9,173
3.875%, due 08/15/315		4,000		3,490
4.750%, due 01/30/305		75,000		71,156
Southern Copper Corp.
6.750%, due 04/16/40		90,000		106,356
				286,112
Miscellaneous manufacturers—0.3%
Amsted Industries, Inc.
4.625%, due 05/15/305		35,000		31,500
5.625%, due 07/01/275		20,000		19,250
Eaton Corp.
2.750%, due 11/02/22		70,000		70,182
GE Capital Funding LLC
3.450%, due 05/15/25		200,000		198,789
GE Capital International Funding Co. Unlimited Co.
4.418%, due 11/15/35		200,000		197,197

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Miscellaneous manufacturers—(concluded)
Illinois Tool Works, Inc.
2.650%, due 11/15/26		110,000		106,974
				623,892
Oil & gas—0.9%
Aker BP ASA
3.750%, due 01/15/305		150,000		139,787
Antero Resources Corp.
5.375%, due 03/01/305		13,000		13,185
7.625%, due 02/01/295		44,000		47,694
Apache Corp.
5.100%, due 09/01/40		58,000		54,112
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/295		49,000		46,917
7.000%, due 11/01/265		29,000		29,057
8.250%, due 12/31/285		13,000		13,181
BP Capital Markets America, Inc.
3.017%, due 01/16/27		75,000		72,891
California Resources Corp.
7.125%, due 02/01/265		76,000		77,900
Comstock Resources, Inc.
5.875%, due 01/15/305		20,000		19,085
6.750%, due 03/01/295		74,000		73,896
ConocoPhillips Co.
3.758%, due 03/15/425		150,000		138,634
Ecopetrol SA
5.375%, due 06/26/26		325,000		321,669
EOG Resources, Inc.
3.900%, due 04/01/35		50,000		47,921
EQT Corp.
3.125%, due 05/15/265		150,000		141,412
7.500%, due 02/01/307		38,000		42,187
Equinor ASA
4.800%, due 11/08/43		50,000		52,358
Exxon Mobil Corp.
4.114%, due 03/01/46		50,000		48,353
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/295		79,000		77,397
6.000%, due 04/15/305		10,000		9,725
6.250%, due 11/01/285		20,000		20,150
Marathon Petroleum Corp.
4.750%, due 09/15/44		110,000		101,465

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Oil & gas—(concluded)
Murphy Oil Corp.
6.875%, due 08/15/24		17,000		17,127
7.050%, due 05/01/29		44,000		45,320
Nabors Industries, Inc.
9.000%, due 02/01/255		67,000		68,404
Occidental Petroleum Corp.
5.500%, due 12/01/25		2,000		2,070
5.875%, due 09/01/25		42,000		43,884
6.375%, due 09/01/28		54,000		58,346
6.450%, due 09/15/36		37,000		41,391
6.950%, due 07/01/24		29,000		30,740
8.500%, due 07/15/27		103,000		119,480
Shell International Finance BV
4.375%, due 05/11/45		100,000		99,501
Southwestern Energy Co.
5.375%, due 03/15/30		80,000		81,000
8.375%, due 09/15/28		13,000		14,245
Transocean, Inc.
11.500%, due 01/30/275		12,000		12,026
				2,222,510
Oil & gas services—0.1%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/285		13,000		12,675
6.875%, due 04/01/275		29,000		28,754
Oceaneering International, Inc.
4.650%, due 11/15/24		71,000		69,720
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 09/01/27		79,000		76,063
				187,212
Packaging & containers—0.1%
Cascades, Inc./Cascades USA, Inc.
5.375%, due 01/15/285		10,000		9,315
Graphic Packaging International LLC
3.500%, due 03/15/285		40,000		37,156
4.750%, due 07/15/275		20,000		19,409
Owens-Brockway Glass Container, Inc.
5.375%, due 01/15/255		39,000		38,033
6.625%, due 05/13/275		28,000		27,608

UBS U.S. Allocation Fund 

Portfolio of investments – May 31, 2022 (unaudited)

	Face amount ($)		Value ($)
Corporate bonds—(continued)
Packaging & containers—(concluded)
Silgan Holdings, Inc.
4.125%, due 02/01/28		60,000		57,699
				189,220
Pharmaceuticals—0.5%
AbbVie, Inc.
3.200%, due 05/14/26		30,000		29,532
3.800%, due 03/15/25		90,000		90,992
4.450%, due 05/14/46		200,000		190,833
Bausch Health Americas, Inc.
8.500%, due 01/31/275		75,000		59,580
9.250%, due 04/01/265		25,000		20,951
Bausch Health Cos., Inc.
6.125%, due 02/01/275		5,000		4,562
6.250%, due 02/15/295		35,000		21,752
9.000%, due 12/15/255		60,000		50,982
Bristol-Myers Squibb Co.
4.125%, due 06/15/39		250,000		245,864
Pfizer, Inc.
7.200%, due 03/15/39		270,000		365,852
				1,080,900
Pipelines—0.8%
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/255		67,000		67,670
Buckeye Partners LP
4.500%, due 03/01/285		40,000		37,239
5.600%, due 10/15/44		12,000		9,258
5.850%, due 11/15/43		15,000		11,697
Cheniere Energy, Inc.
4.625%, due 10/15/28		29,000		28,174
CNX Midstream Partners LP
4.750%, due 04/15/305		71,000		63,313
DCP Midstream Operating LP
5.375%, due 07/15/25		25,000		25,624
5.625%, due 07/15/27		51,000		52,700
Enbridge Energy Partners LP
7.375%, due 10/15/45		100,000		125,533
Energy Transfer LP
5.400%, due 10/01/47		100,000		92,048
EnLink Midstream LLC
5.625%, due 01/15/285		29,000		28,819

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Pipelines—(concluded)
EQM Midstream Partners LP
4.750%, due 01/15/315		13,000		11,278
6.500%, due 07/01/275		20,000		20,000
7.500%, due 06/01/27		30,000		30,412
Genesis Energy LP/Genesis Energy Finance Corp.
5.625%, due 06/15/24		38,000		36,480
8.000%, due 01/15/27		65,000		64,115
Hess Midstream Operations LP
4.250%, due 02/15/305		13,000		11,914
5.125%, due 06/15/285		38,000		37,521
5.625%, due 02/15/265		62,000		63,302
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/285		29,000		27,256
6.375%, due 04/15/275		10,000		9,988
Kinder Morgan, Inc.
4.300%, due 03/01/28		150,000		150,309
5.550%, due 06/01/45		120,000		120,808
MPLX LP
4.875%, due 06/01/25		120,000		122,254
Plains All American Pipeline LP/PAA Finance Corp.
3.800%, due 09/15/30		150,000		138,306
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		180,000		185,552
Venture Global Calcasieu Pass LLC
3.875%, due 08/15/295		38,000		35,951
Western Midstream Operating LP
3.600%, due 02/01/257		44,000		42,966
4.650%, due 07/01/26		200,000		199,500
5.450%, due 04/01/44		5,000		4,613
Williams Cos., Inc.
4.300%, due 03/04/24		80,000		81,189
				1,935,789
Real estate—0.0%†
Howard Hughes Corp.
5.375%, due 08/01/285		34,000		33,125
Real estate investment trusts—0.2%
AvalonBay Communities, Inc.
3.450%, due 06/01/25		70,000		69,703
Boston Properties LP
2.750%, due 10/01/26		40,000		37,847
Iron Mountain, Inc.
4.875%, due 09/15/275		45,000		44,343

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
5.000%, due 07/15/285		60,000		58,358
iStar, Inc.
4.750%, due 10/01/24		30,000		29,891
5.500%, due 02/15/26		40,000		40,174
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.750%, due 06/15/295		30,000		27,000
5.250%, due 10/01/255		20,000		19,150
Service Properties Trust
7.500%, due 09/15/25		30,000		29,709
Ventas Realty LP
3.500%, due 02/01/25		35,000		34,712
VICI Properties LP/VICI Note Co., Inc.
4.500%, due 09/01/265		37,000		35,312
4.625%, due 12/01/295		55,000		51,700
5.750%, due 02/01/275		15,000		14,951
				492,850
Retail—0.7%
Academy Ltd.
6.000%, due 11/15/275		35,000		32,375
Bath & Body Works, Inc.
6.625%, due 10/01/305		80,000		79,857
Beacon Roofing Supply, Inc.
4.125%, due 05/15/295		58,000		51,106
4.500%, due 11/15/265		5,000		4,850
Group 1 Automotive, Inc.
4.000%, due 08/15/285		54,000		49,181
Home Depot, Inc.
2.125%, due 09/15/26		300,000		286,395
3.350%, due 09/15/25		40,000		40,417
3.350%, due 04/15/50		200,000		169,379
Lithia Motors, Inc.
4.625%, due 12/15/275		20,000		19,686
Lowe's Cos., Inc.
2.800%, due 09/15/41		200,000		155,074
Macy's Retail Holdings LLC
5.875%, due 04/01/295		53,000		49,896
McDonald's Corp.
3.800%, due 04/01/28		425,000		424,000
4.875%, due 12/09/45		20,000		20,622
Patrick Industries, Inc.
4.750%, due 05/01/295		30,000		24,075
7.500%, due 10/15/275		40,000		39,600

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(continued)
Retail—(concluded)
QVC, Inc.
4.750%, due 02/15/27		40,000		34,555
4.850%, due 04/01/24		30,000		29,250
Target Corp.
1.950%, due 01/15/27		150,000		141,689
White Cap Buyer LLC
6.875%, due 10/15/285		77,000		68,530
				1,720,537
Semiconductors—0.2%
Broadcom, Inc.
3.137%, due 11/15/355		190,000		155,138
NVIDIA Corp.
2.850%, due 04/01/30		100,000		93,573
NXP BV/NXP Funding LLC
5.550%, due 12/01/28		100,000		104,021
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.875%, due 06/18/26		95,000		93,784
QUALCOMM, Inc.
3.250%, due 05/20/27		80,000		79,408
				525,924
Software—0.3%
Boxer Parent Co., Inc.
7.125%, due 10/02/255		32,000		31,342
Dun & Bradstreet Corp.
5.000%, due 12/15/295		40,000		36,375
Fiserv, Inc.
3.200%, due 07/01/26		90,000		87,401
Microsoft Corp.
2.525%, due 06/01/50		120,000		92,768
3.500%, due 02/12/35		250,000		245,111
Oracle Corp.
2.800%, due 04/01/27		50,000		46,396
5.375%, due 07/15/40		166,000		159,373
				698,766
Telecommunications—1.0%
Altice France Holding SA
10.500%, due 05/15/275		200,000		196,546
AT&T, Inc.
3.800%, due 12/01/57		117,000		96,490
6.000%, due 08/15/40		380,000		412,113

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)			Value ($)
Corporate bonds—(continued)
Telecommunications—(concluded)
Consolidated Communications, Inc.
6.500%, due 10/01/285		92,000			79,775
Deutsche Telekom International Finance BV
8.750%, due 06/15/307		150,000			191,043
DKT Finance ApS
7.000%, due 06/17/238		EUR	100,000		106,281
Frontier Communications Holdings LLC		$
5.875%, due 10/15/275			90,000		88,200
6.750%, due 05/01/295		35,000			30,848
Level 3 Financing, Inc.
4.250%, due 07/01/285		86,000			75,465
5.250%, due 03/15/26		35,000			34,386
LogMeIn, Inc.
5.500%, due 09/01/275		45,000			36,027
Lumen Technologies, Inc.
5.625%, due 04/01/25		5,000			4,964
Rogers Communications, Inc.
5.000%, due 03/15/44		40,000			39,315
Sprint Capital Corp.
6.875%, due 11/15/28		115,000			130,097
Sprint Corp.
7.625%, due 03/01/26		190,000			210,284
Verizon Communications, Inc.
2.355%, due 03/15/32		209,000			180,003
4.016%, due 12/03/29		432,000			428,170
Viasat, Inc.
5.625%, due 09/15/255		60,000			56,925
5.625%, due 04/15/275		20,000			19,262
					2,416,194
Transportation—0.3%
Burlington Northern Santa Fe LLC
5.150%, due 09/01/43		210,000			225,048
Cargo Aircraft Management, Inc.
4.750%, due 02/01/285		50,000			48,500
Norfolk Southern Corp.
3.400%, due 11/01/49		100,000			81,854
Union Pacific Corp.
3.375%, due 02/01/35		300,000			276,171

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Corporate bonds—(concluded)
Transportation—(concluded)
United Parcel Service, Inc.
3.750%, due 11/15/47		50,000		45,832
				677,405
Trucking & leasing—0.0%†
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/285		121,000		104,024
Total corporate bonds
(cost—$41,436,660)				38,390,652
Mortgage-backed securities—6.6%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1,
2.593%, due 10/25/495,9		66,634		65,705
Series 2020-4, Class A1,
1.469%, due 06/25/655,9		82,207		79,022
Series 2020-5, Class A1,
1.373%, due 05/25/655,9		56,582		54,221
Series 2020-R1, Class A1,
0.990%, due 04/25/535,9		138,832		134,734
Series 2021-4, Class A1,
1.035%, due 01/20/655,9		161,530		145,977
Series 2021-5, Class A1,
0.951%, due 07/25/665,9		243,738		224,248
Series 2021-8, Class A1,
1.820%, due 11/25/665,9		265,661		245,260
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1,
3.649%, due 09/25/485,9		12,386		12,339
Series 2019-4, Class A1,
2.993%, due 07/26/495,9		31,837		31,724
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF3, Class B,
2.511%, due 10/15/545		375,000		303,528
Series 2022-MF4, Class B,
3.293%, due 02/15/555,9		650,000		582,829
BAMLL Commercial Mortgage Securities Trust,
Series 2015-200P, Class D,
3.596%, due 04/14/335,9		400,000		376,374
BANK,
Series 2020-BN30, Class A4,
1.925%, due 12/15/53		350,000		295,860

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
BX Commercial Mortgage Trust,
Series 2021-SOAR, Class D,
1 mo. USD LIBOR + 1.400%,
2.275%, due 06/15/384,5		350,000		327,009
BX Mortgage Trust,
Series 2021-PAC, Class D,
1 mo. USD LIBOR + 1.298%,
2.173%, due 10/15/364,5		325,000		300,694
BX Trust,
Series 2021-LGCY, Class D,
1 mo. USD LIBOR + 1.302%,
2.177%, due 10/15/234,5		800,000		740,172
Series 2021-MFM1, Class D,
1 mo. USD LIBOR + 1.500%,
2.375%, due 01/15/344,5		175,000		166,025
CHT Mortgage Trust,
Series 2017-CSMO, Class D,
1 mo. USD LIBOR + 2.250%,
3.125%, due 11/15/364,5		375,000		364,647
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4,
4.228%, due 06/10/519		350,000		351,398
COLT Funding LLC,
Series 2021-3R, Class A1,
1.051%, due 12/25/645,9		336,096		327,007
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/655,9		9,487		9,377
Series 2020-3, Class A1,
1.506%, due 04/27/655,9		23,164		22,349
Series 2021-2, Class A1,
0.924%, due 08/25/665,9		146,786		130,129
Series 2021-3, Class A1,
0.956%, due 09/27/665,9		188,160		166,436
Series 2021-6, Class A1,
1.907%, due 12/25/665,9		454,837		425,062
Series 2021-HX1, Class A1,
1.110%, due 10/25/665,9		535,946		494,189
Series 2022-1, Class A1,
2.284%, due 12/27/665,9		905,377		865,098
COLT Mortgage Pass-Through Certificates,
Series 2021-1R, Class A1,
0.857%, due 05/25/655,9		45,085		44,305
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/655,7		103,275		98,907

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Deephaven Residential Mortgage Trust,
Series 2021-1, Class A1,
0.715%, due 05/25/655,9		100,313		96,426
Series 2022-1, Class A1,
2.205%, due 01/25/675,9		595,286		561,817
Extended Stay America Trust,
Series 2021-ESH, Class D,
1 mo. USD LIBOR + 2.250%,
3.125%, due 07/15/384,5		911,391		881,733
GCAT Trust,
Series 2021-NQM4, Class A1,
1.093%, due 08/25/665,9		230,971		206,720
GS Mortgage Securities Trust,
Series 2017-GS5, Class B,
4.047%, due 03/10/509		325,000		312,984
GS Mortgage-Backed Securities Corp. Trust,
Series 2021-NQM1, Class A1,
1.017%, due 07/25/615,9		283,004		268,959
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/605,9		58,499		56,960
Hilton USA Trust,
Series 2016-SFP, Class B,
3.323%, due 11/05/355		425,000		416,163
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS,
3.800%, due 01/15/48		250,000		247,331
Med Trust,
Series 2021-MDLN, Class D,
1 mo. USD LIBOR + 2.000%,
2.875%, due 11/15/384,5		800,000		766,442
MFA Trust,
Series 2021-NQM2, Class A1,
1.029%, due 11/25/645,9		111,500		101,865
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class D,
1 mo. USD LIBOR + 1.601%,
2.476%, due 04/15/384,5		700,000		666,718
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class AS,
3.994%, due 12/15/499		260,000		253,204
Series 2017-C34, Class C,
4.176%, due 11/15/529		150,000		140,089
New Residential Mortgage Loan Trust,
Series 2020-NQM2, Class A1,
1.650%, due 05/24/605,9		31,379		30,453

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
Mortgage-backed securities—(continued)
Series 2021-NQM3, Class A1,
1.156%, due 11/27/565,9		439,869		411,562
Series 2022-NQM1, Class A1,
2.277%, due 01/25/265,9		787,702		760,476
ONE Mortgage Trust,
Series 2021-PARK, Class C,
1 mo. USD LIBOR + 1.100%,
1.975%, due 03/15/364,5		850,000		803,480
Residential Mortgage Loan Trust,
Series 2019-3, Class A1,
2.633%, due 09/25/595,9		55,238		54,527
Series 2020-1, Class A1,
2.376%, due 01/26/605,9		35,151		34,533
Series 2020-2, Class A1,
1.654%, due 05/25/605,9		45,426		45,111
SLG Office Trust,
Series 2021-OVA, Class C,
2.851%, due 07/15/415		150,000		125,142
Verus Securitization Trust,
Series 2019-4, Class A1,
2.642%, due 11/25/595,7		36,982		36,878
Series 2020-4, Class A1,
1.502%, due 05/25/655,7		41,637		39,996
Series 2020-5, Class A1,
1.218%, due 05/25/655,7		93,403		89,248
Series 2021-1, Class A1,
0.815%, due 01/25/665,9		131,358		125,186
Series 2021-4, Class A1,
0.938%, due 07/25/665,9		117,902		104,095
Series 2021-5, Class A1,
1.013%, due 09/25/665,9		419,374		374,870
Series 2021-R1, Class A1,
0.820%, due 10/25/635,9		157,726		154,242
Series 2021-R3, Class A1,
1.020%, due 04/25/645,9		276,746		266,271
Vista Point Securitization Trust,
Series 2020-1, Class A1,
1.763%, due 03/25/655,9		4,332		4,324
Series 2020-2, Class A1,
1.475%, due 04/25/655,9		35,149		34,038

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)			Value ($)
Mortgage-backed securities—(concluded)
Wells Fargo Commercial Mortgage Trust,			��
Series 2018-C44, Class C,
4.833%, due 05/15/519		150,000			142,988
Total mortgage-backed securities
(cost—$17,124,865)					15,999,456
Non-U.S. government agency obligations—0.4%
Chile Government International Bond
3.125%, due 01/21/26		200,000			197,163
Mexico Government International Bond
3.250%, due 04/16/30		200,000			183,700
4.750%, due 04/27/32		200,000			201,300
Panama Government International Bond
6.700%, due 01/26/36		265,000			300,907
Total non-U.S. government agency obligations
(cost—$983,332)					883,070
U.S. government agency obligations—7.1%
Federal Home Loan Mortgage Corporation Certificates
3.000%, due 11/01/46		87,993			85,247
3.000%, due 07/01/47		111,614			107,842
3.000%, due 08/01/47		110,050			106,331
4.000%, due 05/01/47		99,937			101,454
5.000%, due 03/01/38		10,714			11,397
5.500%, due 05/01/37		49,559			53,411
5.500%, due 08/01/40		12,802			14,024
6.500%, due 08/01/28		25,059			26,837
Federal National Mortgage Association Certificates
2.000%, due 01/01/51		508,583			453,471
2.000%, due 03/01/51		1,817,293			1,615,863
2.500%, due 08/01/35		252,443			245,671
2.500%, due 08/01/51		1,131,998			1,043,919
3.000%, due 11/01/48		184,055			178,155
3.000%, due 02/01/50		192,495			185,086
3.500%, due 12/01/47		76,213			75,763
3.500%, due 02/01/48		527,884			524,769
4.000%, due 12/01/39		31,918			32,666
4.000%, due 02/01/41		15,700			16,069
4.000%, due 08/01/45		98,916			100,591
4.500%, due 09/01/37		110,338			115,125
4.500%, due 07/01/47		48,818			50,223
5.000%, due 10/01/39		4,810			5,113
5.000%, due 05/01/40		3,557			3,783
5.500%, due 08/01/39		17,971			19,408

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Face
	amount ($)		Value ($)
U.S. government agency obligations—(concluded)
7.000%, due 08/01/32		75,618		84,490
7.500%, due 02/01/33		1,179		1,252
Government National Mortgage Association Certificate I
4.000%, due 07/15/42		26,467		27,245
Government National Mortgage Association Certificates II
3.000%, due 01/20/47		45,183		44,298
3.000%, due 07/20/47		124,181		121,562
3.000%, due 08/20/47		94,114		92,129
3.500%, due 04/20/47		115,366		115,646
6.000%, due 11/20/28		256		271
6.000%, due 02/20/29		535		566
6.000%, due 02/20/34		207,396		225,588
UMBS TBA
2.000%		5,350,000		4,741,930
2.500%		4,700,000		4,321,688
3.000%		2,375,000		2,262,435
Total U.S. government agency obligations (cost—$17,531,952)				17,211,318
U.S. Treasury obligations—0.4%
U.S. Treasury Inflation Index Notes (TIPS)
0.125%, due 10/15/26		704,632		717,789
U.S. Treasury Notes
2.500%, due 03/31/27		225,000		221,678
Total U.S. Treasury obligations
(cost—$965,530)				939,467

	Number of shares
Short-term investments—9.3%
Investment companies—9.3%
State Street Institutional U.S. Government Money Market Fund, 0.740%10 (cost—$22,459,339)		22,459,339	22,459,339
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.800%10 (cost—$199,550)		199,550	199,550

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value($)
Swaptions purchased—0.0%†
Put Interest rate swaptions—0.0%†
CDX North America High Yield Index Series 38, strike @99, expires 07/20/22((Counterparty BOA), underlying swap terminating 06/20/25) (cost—$24,600)		1,200,000	USD	1,200,000		10,509
Total investments (cost—$244,242,047)11—104.7%						252,719,835
Liabilities in excess of other assets—(4.7)%						(11,330,050	)
Net assets—100.0%					$	241,389,785

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	1,200		1,200,000	CDX North America High Yield Index Series 38, strike @94, terminating 06/20/25	BOA	Pay	07/20/22		9,864		(3,425	)		6,439
USD	1,200		1,200,000	CDX North America High Yield Index Series 38, strike @96, terminating 06/20/25	BOA	Pay	07/20/22		13,800		(5,213	)		8,587
Total swaptions written									23,664		(8,638	)		15,026

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount($)			Value($)			Unrealized appreciation (depreciation)($)
Index futures buy contracts:
81	USD	E-Mini Russell 1000 Value Index Futures	June 2022		6,281,704			6,341,895			60,191
115	USD	E-Mini Russell 2000 Index Futures	June 2022		11,141,194			10,705,925			(435,269	)
U.S. Treasury futures buy contracts:
80	USD	U.S. Treasury Note 10 Year Futures	September 2022		9,599,386			9,556,250			(43,136	)
4	USD	U.S. Treasury Note 2 Year Futures	September 2022		843,130			844,406			1,276
24	USD	U.S. Treasury Note 5 Year Futures	September 2022		2,707,944			2,710,875			2,931
9	USD	U.S. Ultra Treasury Note 10 Year Futures	September 2022		1,412,253			1,401,750			(10,503	)
Total					31,985,611			31,561,101			(424,510	)
Index futures sell contracts:
72	USD	S&P 500 E-Mini Index Futures	June 2022		(15,998,888	)		(14,872,500	)		1,126,388
Interest rate futures sell contracts:
6	USD	U.S. Long Bond Futures	September 2022		(843,741	)		(836,625	)		7,116
3	USD	U.S. Ultra Treasury Note 10 Year Futures	September 2022		(388,214	)		(385,453	)		2,761
Total					(17,230,843	)		(16,094,578	)		1,136,265
Net unrealized appreciation (depreciation)											711,755

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

Centrally cleared credit default swap agreements on credit indices—buy protection12

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio13(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America.Investment Grade Series 38

USD

6,000

06/20/27

Quarterly

1.000

(3,899

)

(68,240

)

(72,139

)

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

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio13(%)

Upfront payments received (made)($)

Value($)

Unrealized appreciation (depreciation)($)

CDX North America High Yield Series 37

USD

750

12/20/26

Quarterly

5.000

5,481

28,081

33,562

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of May 31, 2022 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 Portfolio 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		139,674,853			—			—		139,674,853
Preferred stocks		—			—			0		0
Exchange traded funds		6,299,292			—			—		6,299,292
Asset-backed securities		—			10,652,329			—		10,652,329
Corporate bonds		—			38,390,652			—		38,390,652
Mortgage-backed securities		—			15,999,456			—		15,999,456
Non-U.S. government agency obligations		—			883,070			—		883,070
U.S. government agency obligations		—			17,211,318			—		17,211,318
U.S. Treasury obligations		—			939,467			—		939,467
Short-term investments		—			22,459,339			—		22,459,339
Investment of cash collateral from securities loaned		—			199,550			—		199,550
Swaptions purchased		—			10,509			—		10,509
Futures contracts		1,200,663			—			—		1,200,663
Swap agreements		—			28,081			—		28,081
Total		147,174,808			106,773,771			0		253,948,579
Liabilities
Swaptions written		—			(8,638	)		—		(8,638	)
Futures contracts		(488,908	)		—			—		(488,908	)
Swap agreements		—			(68,240	)		—		(68,240	)
Total		(488,908	)		(76,878	)		—		(565,786	)

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

At May 31, 2022, there were no transfers in or out of Level 3.

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	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
	3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
	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 $33,274,499, represented 13.8% of the Fund's net assets at period end.
	6	Perpetual investment. Date shown reflects the next call date.
	7	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.
	8	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
	9	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.
	10	Rates shown reflect yield at May 31, 2022.
	11	Includes $6,761,064 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund  includes cash collateral of $199,550 and non-cash collateral of $6,827,867.
	12	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.
	13	Payments made or received are based on the notional amount.
	14	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.

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2022 (unaudited)

Portfolio acronyms
	ADR	American Depositary Receipt
	BOA	Bank of America
	DAC	Designated Activity Company
	ETF	Exchange Traded Fund
	FRN	Floating Rate Note
	GS	Goldman Sachs
	LIBOR	London Interbank Offered Rate
	MSCI	Morgan Stanley Capital International
	TBA	To-Be-Announced Security
	TIPS	Treasury inflation protected securities
Currency type abbreviations
	EUR	Euro
	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 not open, the value of the Fund’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

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

Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the 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 Fund may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a “fair value,” that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

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

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the 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.

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

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee (“VC”) 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 generally accepted accounting principles (“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 Portfolio 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 28, 2022.