Ubs Investment Trust NPORTP UBS U.S. Allocation Fund (May 2023 report)

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks: 61.3%
Aerospace & defense: 0.8%
Axon Enterprise, Inc.*		76	$	14,661
Boeing Co.*		793		163,120
General Dynamics Corp.		324		66,154
Howmet Aerospace, Inc.		590		25,222
Huntington Ingalls Industries, Inc.		50		10,069
L3harris Technologies, Inc.		262		46,091
Lockheed Martin Corp.		324		143,859
Northrop Grumman Corp.		198		86,227
Raytheon Technologies Corp.		2,111		194,508
Textron, Inc.		295		18,252
TransDigm Group, Inc.		1,121		867,262
				1,635,425
Air freight & logistics: 0.1%
C.H. Robinson Worldwide, Inc.		157		14,843
Expeditors International of Washington, Inc.		212		23,386
FedEx Corp.		329		71,715
United Parcel Service, Inc., Class B		1,029		171,843
				281,787
Automobile components: 0.4%
Aptiv PLC*		9,486		835,527
BorgWarner, Inc.		250		11,082
				846,609
Automobiles: 0.7%
Ford Motor Co.		3,991		47,892
General Motors Co.		1,438		46,605
Tesla, Inc.*		6,791		1,384,889
				1,479,386
Banks: 1.3%
Bank of America Corp.		9,796		272,231
Citigroup, Inc.		2,653		117,581
Citizens Financial Group, Inc.		810		20,882
Comerica, Inc.		230		8,303
Fifth Third Bancorp		958		23,251
Huntington Bancshares, Inc.		1,893		19,517
JPMorgan Chase & Co.		4,110		557,768
KeyCorp		1,291		12,058
M&T Bank Corp.		240		28,599
PNC Financial Services Group, Inc.		550		63,707
Regions Financial Corp.		1,227		21,190
Truist Financial Corp.		1,824		55,577
U.S. Bancorp		1,897		56,720
Wells Fargo & Co.		39,914		1,588,976
Zions Bancorp N.A.		315		8,596
				2,854,956
Beverages: 1.2%
Brown-Forman Corp., Class B		349		21,558
Coca-Cola Co.		8,660		516,656

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Beverages—(continued)
Constellation Brands, Inc., Class A		3,154	$	766,327
Keurig Dr Pepper, Inc.		1,902		59,190
Molson Coors Beverage Co., Class B		370		22,884
Monster Beverage Corp.*		1,685		98,775
PepsiCo, Inc.		5,999		1,093,918
				2,579,308
Biotechnology: 2.3%
AbbVie, Inc.		23,355		3,222,056
Amgen, Inc.		506		111,649
Biogen, Inc.*		126		37,348
Contra Abiomed, Inc.*		76		77
Gilead Sciences, Inc.		1,187		91,328
Incyte Corp.*		171		10,525
Moderna, Inc.*		331		42,272
Regeneron Pharmaceuticals, Inc.*		103		75,763
Vertex Pharmaceuticals, Inc.*		3,801		1,229,889
				4,820,907
Broadline retail: 1.9%
Amazon.com, Inc.*		32,729		3,946,463
eBay, Inc.		494		21,015
Etsy, Inc.*		152		12,319
				3,979,797
Building products: 0.1%
A.O. Smith Corp.		175		11,190
Allegion PLC		114		11,940
Carrier Global Corp.		1,230		50,307
Johnson Controls International PLC		957		57,133
Masco Corp.		287		13,868
Trane Technologies PLC		314		51,254
				195,692
Capital markets: 1.5%
Ameriprise Financial, Inc.		5,512		1,645,167
Bank of New York Mellon Corp.		991		39,838
BlackRock, Inc.		208		136,770
Cboe Global Markets, Inc.		156		20,658
Charles Schwab Corp.		2,098		110,544
CME Group, Inc.		503		89,911
FactSet Research Systems, Inc.		52		20,014
Franklin Resources, Inc.		352		8,452
Goldman Sachs Group, Inc.		466		150,938
Intercontinental Exchange, Inc.		782		82,853
Invesco Ltd.		806		11,590
MarketAxess Holdings, Inc.		54		14,710
Moody's Corp.		214		67,812
Morgan Stanley		1,796		146,841
MSCI, Inc.		864		406,538
Nasdaq, Inc.		432		23,911
Northern Trust Corp.		277		19,922

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Capital markets—(continued)
Raymond James Financial, Inc.		265	$	23,943
S&P Global, Inc.		458		168,283
State Street Corp.		470		31,969
T. Rowe Price Group, Inc.		321		34,398
				3,255,062
Chemicals: 0.6%
Air Products & Chemicals, Inc.		308		82,895
Albemarle Corp.		160		30,965
Celanese Corp.		139		14,459
CF Industries Holdings, Inc.		8,016		493,064
Corteva, Inc.		1,060		56,700
Dow, Inc.		1,064		51,902
DuPont de Nemours, Inc.		670		45,017
Eastman Chemical Co.		185		14,262
Ecolab, Inc.		342		56,447
FMC Corp.		180		18,734
International Flavors & Fragrances, Inc.		356		27,515
Linde PLC		709		250,745
LyondellBasell Industries NV, Class A		345		29,511
Mosaic Co.		470		15,021
PPG Industries, Inc.		357		46,871
Sherwin-Williams Co.		342		77,901
				1,312,009
Commercial services & supplies: 0.1%
Cintas Corp.		119		56,185
Copart, Inc.*		589		51,590
Republic Services, Inc.		286		40,506
Rollins, Inc.		327		12,858
Waste Management, Inc.		520		84,198
				245,337
Communications equipment: 0.2%
Arista Networks, Inc.*		281		46,742
Cisco Systems, Inc.		4,690		232,952
F5, Inc.*		83		12,249
Juniper Networks, Inc.		474		14,395
Motorola Solutions, Inc.		204		57,512
				363,850
Construction & engineering: 0.0%^†
Quanta Services, Inc.		213		37,825

Construction materials: 0.0%^†
Martin Marietta Materials, Inc.		95		37,814
Vulcan Materials Co.		194		37,927
				75,741
Consumer finance: 0.8%
American Express Co.		3,887		616,323
Capital One Financial Corp.		514		53,564
Discover Financial Services		362		37,192

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Consumer finance—(continued)
SLM Corp.		69,463	$	1,060,005
Synchrony Financial		577		17,864
				1,784,948
Consumer staples distribution & retail: 1.5%
BJ's Wholesale Club Holdings, Inc.*		9,148		573,122
Costco Wholesale Corp.		978		500,306
Dollar General Corp.		484		97,328
Dollar Tree, Inc.*		9,734		1,312,922
Kroger Co.		1,446		65,547
Sysco Corp.		1,114		77,924
Target Corp.		1,013		132,632
Walgreens Boots Alliance, Inc.		1,467		44,553
Walmart, Inc.		3,097		454,856
				3,259,190
Containers & packaging: 0.1%
Amcor PLC		2,204		21,246
Avery Dennison Corp.		120		19,336
Ball Corp.		449		22,971
International Paper Co.		484		14,249
Packaging Corp. of America		135		16,744
Sealed Air Corp.		254		9,614
Westrock Co.		331		9,271
				113,431
Distributors: 0.0%^†
Genuine Parts Co.		157		23,382
LKQ Corp.		285		15,034
Pool Corp.		43		13,598
				52,014
Diversified telecommunication services: 0.2%
AT&T, Inc.		13,602		213,959
Verizon Communications, Inc.		7,998		284,969
				498,928
Electric utilities: 1.4%
Alliant Energy Corp.		673		34,633
American Electric Power Co., Inc.		1,318		109,552
Constellation Energy Corp.		822		69,064
Duke Energy Corp.		1,984		177,151
Edison International		958		64,684
Entergy Corp.		444		43,601
Evergy, Inc.		494		28,578
Eversource Energy		917		63,484
Exelon Corp.		2,526		100,156
FirstEnergy Corp.		1,395		52,159
NextEra Energy, Inc.		23,032		1,691,931
NRG Energy, Inc.		587		19,835
PG&E Corp.*		4,024		68,166
Pinnacle West Capital Corp.		220		17,002
PPL Corp.		1,900		49,780

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Electric utilities—(continued)
Southern Co.		2,787	$	194,393
Xcel Energy, Inc.		1,423		92,908
				2,877,077
Electrical equipment: 0.8%
AMETEK, Inc.		308		44,681
Eaton Corp. PLC		544		95,690
Emerson Electric Co.		806		62,610
Generac Holdings, Inc.*		84		9,149
Regal Rexnord Corp.		9,164		1,190,312
Rockwell Automation, Inc.		166		46,248
Shoals Technologies Group, Inc., Class A*		13,729		322,494
				1,771,184
Electronic equipment, instruments & components: 0.1%
Amphenol Corp., Class A		724		54,626
CDW Corp.		152		26,097
Corning, Inc.		893		27,513
Keysight Technologies, Inc.*		190		30,742
TE Connectivity Ltd.		424		51,931
Teledyne Technologies, Inc.*		64		24,874
Trimble, Inc.*		318		14,841
Zebra Technologies Corp., Class A*		70		18,380
				249,004
Energy equipment & services: 0.1%
Baker Hughes Co.		1,511		41,175
Halliburton Co.		1,273		36,471
Schlumberger NV		2,079		89,044
				166,690
Entertainment: 1.9%
Activision Blizzard, Inc.*		1,365		109,473
Electronic Arts, Inc.		500		64,000
Live Nation Entertainment, Inc.*		269		21,504
Netflix, Inc.*		3,879		1,533,097
Take-Two Interactive Software, Inc.*		14,087		1,940,202
Walt Disney Co.*		3,432		301,879
Warner Bros Discovery, Inc.*		4,352		49,091
				4,019,246
Financial services: 2.5%
Berkshire Hathaway, Inc., Class B*		2,517		808,158
Fidelity National Information Services, Inc.		9,875		538,879
Fiserv, Inc.*		875		98,166
FleetCor Technologies, Inc.*		88		19,936
Global Payments, Inc.		380		37,122
Jack Henry & Associates, Inc.		97		14,830
Mastercard, Inc., Class A		5,739		2,094,850
PayPal Holdings, Inc.*		1,620		100,424
Visa, Inc., Class A		2,273		502,401
Voya Financial, Inc.		15,568		1,055,511
				5,270,277

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Food products: 2.0%
Archer-Daniels-Midland Co.		1,212	$	85,628
Bunge Ltd.		18,185		1,684,659
Campbell Soup Co.		421		21,282
Conagra Brands, Inc.		1,000		34,870
General Mills, Inc.		1,321		111,175
Hershey Co.		320		83,104
Hormel Foods Corp.		612		23,409
J.M. Smucker Co.		207		30,344
Kellogg Co.		551		36,790
Kraft Heinz Co.		1,786		68,261
Lamb Weston Holdings, Inc.		331		36,807
McCormick & Co., Inc.		510		43,722
Mondelez International, Inc., Class A		25,724		1,888,399
Tyson Foods, Inc., Class A		589		29,827
				4,178,277
Gas utilities: 0.0%^†
Atmos Energy Corp.		303		34,930

Ground transportation: 0.5%
CSX Corp.		3,071		94,188
J.B. Hunt Transport Services, Inc.		107		17,866
Norfolk Southern Corp.		317		65,993
Old Dominion Freight Line, Inc.*		120		37,253
Union Pacific Corp.		3,920		754,678
				969,978
Health care equipment & supplies: 1.2%
Abbott Laboratories		6,980		711,960
Align Technology, Inc.*		65		18,373
Baxter International, Inc.		449		18,283
Becton Dickinson & Co.		258		62,374
Boston Scientific Corp.*		1,380		71,042
Cooper Cos., Inc.		1,631		605,965
DENTSPLY SIRONA, Inc.		178		6,429
Dexcom, Inc.*		4,413		517,468
Edwards Lifesciences Corp.*		605		50,959
GE HealthCare Technologies, Inc.		323		25,682
Hologic, Inc.*		217		17,119
IDEXX Laboratories, Inc.*		76		35,323
Insulet Corp.*		63		17,278
Intuitive Surgical, Inc.*		332		102,203
Medtronic PLC		1,273		105,354
ResMed, Inc.		135		28,457
STERIS PLC		88		17,597
Stryker Corp.		320		88,186
Teleflex, Inc.		57		13,381
Zimmer Biomet Holdings, Inc.		188		23,940
				2,537,373

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care providers & services: 2.0%
AmerisourceBergen Corp.		146		24,842
Cardinal Health, Inc.		226		18,600
Centene Corp.*		558		34,825
Cigna Group		285		70,512
CVS Health Corp.		1,223		83,201
DaVita, Inc.*		66		6,182
Elevance Health, Inc.		219		98,073
HCA Healthcare, Inc.		204		53,895
Henry Schein, Inc.*		165		12,193
Humana, Inc.		113		56,711
Laboratory Corp. of America Holdings		5,684		1,208,020
McKesson Corp.		121		47,292
Molina Healthcare, Inc.*		50		13,695
Quest Diagnostics, Inc.		116		15,387
UnitedHealth Group, Inc.		5,210		2,538,520
Universal Health Services, Inc., Class B		74		9,778
				4,291,726
Health care REITs: 0.0%^†
Healthpeak Properties, Inc.		745		14,870
Ventas, Inc.		571		24,633
Welltower, Inc.		660		49,243
				88,746
Hotel & resort REITs: 0.0%^†
Host Hotels & Resorts, Inc.		998		16,567

Hotels, restaurants & leisure: 1.3%
Airbnb, Inc., Class A*		204		22,393
Booking Holdings, Inc.*		40		100,351
Caesars Entertainment, Inc.*		212		8,694
Carnival Corp.^*,1		1,104		12,398
Chipotle Mexican Grill, Inc.*		29		60,218
Darden Restaurants, Inc.		127		20,132
Domino's Pizza, Inc.		44		12,753
Expedia Group, Inc.*		6,084		582,300
Hilton Worldwide Holdings, Inc.		264		35,936
Las Vegas Sands Corp.*		15,172		836,432
Marriott International, Inc., Class A		266		44,632
McDonald's Corp.		2,643		753,546
MGM Resorts International		361		14,184
Norwegian Cruise Line Holdings Ltd.*		360		5,346
Royal Caribbean Cruises Ltd.*		251		20,323
Starbucks Corp.		1,118		109,162
Wynn Resorts Ltd.		115		11,350
Yum! Brands, Inc.		277		35,647
				2,685,797

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Household durables: 0.1%
D.R. Horton, Inc.		323	$	34,509
Garmin Ltd.		144		14,854
Lennar Corp., Class A		241		25,816
Mohawk Industries, Inc.*		38		3,497
Newell Brands, Inc.¹		245		2,036
NVR, Inc.*		3		16,663
PulteGroup, Inc.		235		15,529
Whirlpool Corp.		57		7,369
				120,273
Household products: 0.5%
Church & Dwight Co., Inc.		541		50,015
Clorox Co.		250		39,545
Colgate-Palmolive Co.		1,842		137,008
Kimberly-Clark Corp.		746		100,173
Procter & Gamble Co.		5,226		744,705
				1,071,446
Independent power and renewable electricity producers: 0.0%^†
AES Corp.		1,502		29,649

Industrial conglomerates: 0.4%
3M Co.		806		75,208
General Electric Co.		1,540		156,356
Honeywell International, Inc.		3,648		698,957
				930,521
Industrial REITs: 0.7%
Prologis, Inc.		11,331		1,411,276

Insurance: 1.4%
Aflac, Inc.		832		53,423
Allstate Corp.		7,415		804,157
American International Group, Inc.		988		52,196
Aon PLC, Class A		284		87,554
Arch Capital Group Ltd.*		477		33,247
Arthur J. Gallagher & Co.		294		58,897
Assurant, Inc.		65		7,799
Brown & Brown, Inc.		279		17,390
Chubb Ltd.		571		106,092
Cincinnati Financial Corp.		247		23,836
Everest Re Group Ltd.		62		21,081
Globe Life, Inc.		123		12,691
Hartford Financial Services Group, Inc.		493		33,780
Lincoln National Corp.		247		5,167
Loews Corp.		298		16,688
Marsh & McLennan Cos., Inc.		7,884		1,365,351
MetLife, Inc.		888		44,000
Principal Financial Group, Inc.		313		20,489
Progressive Corp.		802		102,584
Prudential Financial, Inc.		552		43,437
Travelers Cos., Inc.		341		57,711

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Insurance—(continued)
W. R. Berkley Corp.		308	$	17,150
Willis Towers Watson PLC		151		33,046
				3,017,766
Interactive media & services: 3.8%
Alphabet, Inc., Class C*		9,731		1,200,514
Alphabet, Inc., Class A*		42,900		5,271,123
Match Group, Inc.*		492		16,974
Meta Platforms, Inc., Class A*		4,167		1,103,088
Snap, Inc., Class A*		38,510		392,802
				7,984,501
IT services: 0.2%
Accenture PLC, Class A		724		221,486
Akamai Technologies, Inc.*		185		17,042
Cognizant Technology Solutions Corp., Class A		619		38,681
DXC Technology Co.*		341		8,535
EPAM Systems, Inc.*		71		18,220
Gartner, Inc.*		101		34,629
International Business Machines Corp.		1,037		133,348
VeriSign, Inc.*		114		25,459
				497,400
Leisure products: 0.3%
Brunswick Corp.		7,196		543,298
Hasbro, Inc.		116		6,885
				550,183
Life sciences tools & services: 1.3%
Agilent Technologies, Inc.		4,378		506,403
Bio-Rad Laboratories, Inc., Class A*		3,027		1,130,130
Bio-Techne Corp.		130		10,633
Charles River Laboratories International, Inc.*		41		7,928
Danaher Corp.		621		142,594
Illumina, Inc.*		139		27,334
IQVIA Holdings, Inc.*		3,002		591,124
Mettler-Toledo International, Inc.*		23		30,403
Revvity, Inc.		102		11,763
Thermo Fisher Scientific, Inc.		371		188,639
Waters Corp.*		53		13,315
West Pharmaceutical Services, Inc.		68		22,755
				2,683,021
Machinery: 1.0%
Caterpillar, Inc.		734		151,020
Cummins, Inc.		191		39,042
Deere & Co.		378		130,780
Dover Corp.		188		25,066
Fortive Corp.		505		32,880
IDEX Corp.		93		18,522
Illinois Tool Works, Inc.		400		87,492

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Machinery—(continued)
Ingersoll Rand, Inc.		25,303	$	1,433,668
Nordson Corp.		61		13,294
Otis Worldwide Corp.		586		46,593
PACCAR, Inc.		760		52,273
Parker-Hannifin Corp.		175		56,077
Pentair PLC		232		12,869
Snap-on, Inc.		66		16,425
Stanley Black & Decker, Inc.		205		15,369
Westinghouse Air Brake Technologies Corp.		247		22,880
Xylem, Inc.		349		34,970
				2,189,220
Media: 1.0%
Charter Communications, Inc., Class A*		204		66,535
Comcast Corp., Class A		46,709		1,837,999
DISH Network Corp., Class A*		334		2,148
Fox Corp., Class A		576		17,971
Fox Corp., Class B		189		5,521
Interpublic Group of Cos., Inc.		791		29,417
News Corp., Class A		613		11,224
News Corp., Class B		291		5,378
Omnicom Group, Inc.		392		34,570
Paramount Global, Class B		929		14,130
				2,024,893
Metals & mining: 0.1%
Freeport-McMoRan, Inc.		2,106		72,320
Newmont Corp.		1,117		45,294
Nucor Corp.		356		47,014
Steel Dynamics, Inc.		242		22,240
				186,868
Multi-utilities: 0.3%
Ameren Corp.		659		53,425
Centerpoint Energy, Inc.		1,637		46,180
CMS Energy Corp.		765		44,355
Consolidated Edison, Inc.		906		84,530
Dominion Energy, Inc.		2,115		106,342
DTE Energy Co.		491		52,832
NiSource, Inc.		1,089		29,283
Public Service Enterprise Group, Inc.		1,289		77,018
Sempra Energy		784		112,527
WEC Energy Group, Inc.		826		72,151
				678,643
Office REITs: 0.0%^†
Alexandria Real Estate Equities, Inc.		199		22,579
Boston Properties, Inc.		202		9,831
				32,410

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels: 2.5%
APA Corp.		27,364	$	869,628
Chevron Corp.		2,562		385,888
ConocoPhillips		1,764		175,165
Coterra Energy, Inc.		1,145		26,621
Devon Energy Corp.		951		43,841
Diamondback Energy, Inc.		271		34,458
EOG Resources, Inc.		4,492		481,947
EQT Corp.		528		18,359
Exxon Mobil Corp.		9,857		1,007,188
Hess Corp.		407		51,555
Kinder Morgan, Inc.		2,677		43,126
Marathon Oil Corp.		889		19,700
Marathon Petroleum Corp.		620		65,044
Occidental Petroleum Corp.		1,059		61,062
ONEOK, Inc.		578		32,750
Phillips 66		681		62,386
Pioneer Natural Resources Co.		325		64,818
Targa Resources Corp.		338		23,001
Valero Energy Corp.		570		61,013
Williams Cos., Inc.		61,354		1,758,406
				5,285,956
Passenger airlines: 0.1%
Alaska Air Group, Inc.*		196		8,806
American Airlines Group, Inc.*		874		12,918
Delta Air Lines, Inc.*		839		30,481
Southwest Airlines Co.		824		24,613
United Airlines Holdings, Inc.*		448		21,264
				98,082
Personal care products: 0.3%
Estee Lauder Cos., Inc., Class A		506		93,119
Kenvue, Inc.*		24,600		617,214
				710,333
Pharmaceuticals: 1.7%
Bristol-Myers Squibb Co.		2,016		129,911
Catalent, Inc.*		178		6,627
Eli Lilly & Co.		6,053		2,599,521
Johnson & Johnson		2,492		386,409
Merck & Co., Inc.		2,404		265,426
Organon & Co.		345		6,690
Pfizer, Inc.		5,332		202,723
Viatris, Inc.		1,131		10,349
Zoetis, Inc.		446		72,702
				3,680,358
Professional services: 0.5%
Automatic Data Processing, Inc.		589		123,095
Broadridge Financial Solutions, Inc.		160		23,475
Ceridian HCM Holding, Inc.*		207		12,803
CoStar Group, Inc.*		554		43,988

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Professional services—(continued)
Equifax, Inc.		164	$	34,214
Jacobs Solutions, Inc.		165		18,084
Leidos Holdings, Inc.		226		17,642
Paychex, Inc.		436		45,749
Paycom Software, Inc.		63		17,648
Robert Half International, Inc.		144		9,363
Verisk Analytics, Inc.		2,795		612,412
				958,473
Real estate management & development: 0.0%^†
CBRE Group, Inc.*		458		34,313

Residential REITs: 0.1%
AvalonBay Communities, Inc.		180		31,316
Camden Property Trust		153		15,984
Equity Residential		493		29,974
Essex Property Trust, Inc.		83		17,933
Invitation Homes, Inc.		969		32,830
Mid-America Apartment Communities, Inc.		136		20,000
UDR, Inc.		555		22,017
				170,054
Retail REITs: 0.1%
Federal Realty Investment Trust		96		8,467
Kimco Realty Corp.		890		16,358
Realty Income Corp.		957		56,884
Regency Centers Corp.		215		12,098
Simon Property Group, Inc.		473		49,736
				143,543
Semiconductors & semiconductor equipment: 3.9%
Advanced Micro Devices, Inc.*		9,826		1,161,531
Analog Devices, Inc.		580		103,060
Applied Materials, Inc.		949		126,502
Broadcom, Inc.		1,944		1,570,674
Enphase Energy, Inc.*		163		28,342
First Solar, Inc.*		113		22,935
Intel Corp.		4,761		149,686
KLA Corp.		172		76,194
Lam Research Corp.		156		96,205
Microchip Technology, Inc.		610		45,909
Micron Technology, Inc.		15,318		1,044,688
Monolithic Power Systems, Inc.		56		27,435
NVIDIA Corp.		8,690		3,287,775
NXP Semiconductors NV		297		53,193
ON Semiconductor Corp.*		513		42,887
Qorvo, Inc.*		144		14,005
QUALCOMM, Inc.		1,280		145,165
Skyworks Solutions, Inc.		188		19,460
SolarEdge Technologies, Inc.*		68		19,368
Teradyne, Inc.		173		17,333

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(continued)
Texas Instruments, Inc.		1,039	$	180,661
				8,233,008
Software: 7.4%
Adobe, Inc.*		528		220,593
ANSYS, Inc.*		104		33,653
Autodesk, Inc.*		259		51,642
Cadence Design Systems, Inc.*		315		72,737
Dynatrace, Inc.*		8,404		428,520
Fair Isaac Corp.*		31		24,418
Fortinet, Inc.*		731		49,949
Gen Digital, Inc.		524		9,191
HubSpot, Inc.*		1,108		573,933
Intuit, Inc.		325		136,214
Microsoft Corp.		23,333		7,662,324
Oracle Corp.		11,207		1,187,269
Palo Alto Networks, Inc.*		3,889		829,874
PTC, Inc.*		120		16,128
Roper Technologies, Inc.		131		59,503
Salesforce, Inc.*		6,297		1,406,624
ServiceNow, Inc.*		1,620		882,543
Splunk, Inc.*		9,981		991,013
Synopsys, Inc.*		177		80,528
Tyler Technologies, Inc.*		51		20,245
VMware, Inc., Class A*		7,578		1,032,806
				15,769,707
Specialized REITs: 0.4%
American Tower Corp.		672		123,944
Crown Castle, Inc.		3,993		452,048
Digital Realty Trust, Inc.		392		40,164
Equinix, Inc.		133		99,158
Extra Space Storage, Inc.		179		25,824
Iron Mountain, Inc.		403		21,528
Public Storage		215		60,910
SBA Communications Corp.		144		31,936
VICI Properties, Inc.		1,506		46,581
Weyerhaeuser Co.		1,102		31,583
				933,676
Specialty retail: 1.0%
Advance Auto Parts, Inc.		51		3,717
AutoZone, Inc.*		20		47,737
Bath & Body Works, Inc.		221		7,788
Best Buy Co., Inc.		227		16,496
CarMax, Inc.*		179		12,926
Home Depot, Inc.		1,019		288,836
Lowe's Cos., Inc.		4,139		832,477
O'Reilly Automotive, Inc.*		63		56,909
Ross Stores, Inc.		343		35,542
TJX Cos., Inc.		9,960		764,828

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Specialty retail—(continued)
Tractor Supply Co.		122	$	25,570
Ulta Beauty, Inc.*		50		20,491
				2,113,317
Technology hardware, storage & peripherals: 3.3%
Apple, Inc.		38,855		6,887,049
Hewlett Packard Enterprise Co.		1,537		22,164
HP, Inc.		1,064		30,920
NetApp, Inc.		247		16,388
Seagate Technology Holdings PLC		182		10,938
Western Digital Corp.*		384		14,872
				6,982,331
Textiles, apparel & luxury goods: 0.7%
Lululemon Athletica, Inc.*		1,777		589,840
NIKE, Inc., Class B		7,694		809,870
Ralph Lauren Corp.		50		5,316
Tapestry, Inc.		279		11,166
VF Corp.		234		4,029
				1,420,221
Tobacco: 0.2%
Altria Group, Inc.		3,968		176,259
Philip Morris International, Inc.		3,439		309,544
				485,803
Trading companies & distributors: 0.3%
Fastenal Co.		837		45,072
United Rentals, Inc.		1,831		611,170
WW Grainger, Inc.		59		38,292
				694,534
Water utilities: 0.0%^†
American Water Works Co., Inc.		484		69,914

Wireless telecommunication services: 0.1%
T-Mobile U.S., Inc.*		1,122		153,994
Total common stocks (cost—$119,445,207)				130,174,761

Preferred stocks: 0.0%†
Financial Services: 0.0%^†
SquareTwo Financial Corp.*^,2,3 (cost—$0)		35,000		0

Exchange traded funds: 3.0%
iShares Core S&P Mid-Cap ETF (cost—$5,948,086)		26,183		6,289,680

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities: 4.5%
AmeriCredit Automobile Receivables Trust,
Series 2019-2, Class D,
2.990%, due 06/18/25	$	593,000	$	582,301
Ares XLVIII CLO Ltd.,
Series 2018-48A, Class C,
3 mo. USD LIBOR + 1.800%
7.050%, due 07/20/30^4,5		725,000		684,724
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
3 mo. USD LIBOR + 0.550%
5.810%, due 05/15/28⁵		350,000		344,853
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/27⁴		275,000		265,340
Drive Auto Receivables Trust,
Series 2021-2, Class C,
0.870%, due 10/15/27		665,000		645,602
Series 2020-2, Class C,
2.280%, due 08/17/26		143,348		142,674
DT Auto Owner Trust,
Series 2021-1A, Class D,
1.160%, due 11/16/26⁴		325,000		304,111
Series 2021-1A, Class C,
0.840%, due 10/15/26⁴		321,386		312,000
Enterprise Fleet Financing LLC,
Series 2020-1, Class A2,
1.780%, due 12/22/25⁴		12,039		12,024
Exeter Automobile Receivables Trust,
Series 2020-3A, Class C,
1.320%, due 07/15/25		145,843		145,294
Series 2020-2A, Class C,
3.280%, due 05/15/25⁴		7,736		7,726
GLS Auto Receivables Issuer Trust,
Series 2020-2A, Class C,
4.570%, due 04/15/26⁴		612,000		604,032
Highbridge Loan Management Ltd.,
Series 12A-18, Class B,
3 mo. USD LIBOR + 1.850%
7.112%, due 07/18/31^4,5		700,000		661,517
HPEFS Equipment Trust,
Series 2021-1A, Class D,
1.030%, due 03/20/31⁴		675,000		648,577
OneMain Financial Issuance Trust,
Series 2020-2A, Class B,
2.210%, due 09/14/35⁴		300,000		263,304
Series 2020-2A, Class A,
1.750%, due 09/14/35⁴		600,000		539,628
Series 2021-1A, Class A1,
1.550%, due 06/16/36⁴		600,000		524,286

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
Santander Drive Auto Receivables Trust,
Series 2021-3, Class C,
0.950%, due 09/15/27	$	750,000	$	733,423
Series 2020-2, Class D,
2.220%, due 09/15/26		635,120		621,892
Santander Retail Auto Lease Trust,
Series 2021-C, Class C,
1.110%, due 03/20/26⁴		325,000		308,851
Tesla Auto Lease Trust,
Series 2021-B, Class D,
1.320%, due 09/22/25⁴		325,000		305,540
Voya CLO Ltd.,
Series 2018-2A, Class C1,
3 mo. USD LIBOR + 1.850%
7.110%, due 07/15/31^4,5		700,000		663,645
Westlake Automobile Receivables Trust,
Series 2019-3A, Class D,
2.720%, due 11/15/24⁴		147,406		147,059
Total asset-backed securities (cost—$9,862,596)				9,468,403

Corporate bonds: 17.1%
Advertising: 0.0%^†
Clear Channel Outdoor Holdings, Inc.,
5.125%, due 08/15/27⁴		35,000		30,854

Aerospace & defense: 0.2%
Bombardier, Inc.
7.125%, due 06/15/26⁴		30,000		29,420
7.875%, due 04/15/27⁴		25,000		24,718
Raytheon Technologies Corp.,
4.125%, due 11/16/28		150,000		145,116
TransDigm U.K. Holdings PLC,
6.875%, due 05/15/26		60,000		59,557
TransDigm, Inc.
5.500%, due 11/15/27		30,000		28,203
6.250%, due 03/15/26⁴		20,000		19,863
7.500%, due 03/15/27		35,000		34,902
				341,779
Agriculture: 0.1%
Darling Ingredients, Inc.,
6.000%, due 06/15/30⁴		40,000		39,359
Reynolds American, Inc.,
5.700%, due 08/15/35		70,000		65,493
				104,852
Airlines: 0.2%
American Airlines, Inc.,
7.250%, due 02/15/28⁴		25,000		24,463

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Airlines—(concluded)
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/26⁴	$	31,000	$	30,423
5.750%, due 04/20/29⁴		30,000		28,746
Delta Air Lines, Inc.,
7.000%, due 05/01/25⁴		250,000		256,811
Delta Airlines Pass-Through Trust,
2.000%, due 06/10/28		93,557		82,227
United Airlines, Inc.
4.375%, due 04/15/26⁴		38,000		35,952
4.625%, due 04/15/29⁴		30,000		27,175
				485,797
Auto manufacturers: 0.4%
Allison Transmission, Inc.,
5.875%, due 06/01/29⁴		35,000		33,752
Ford Motor Co.
6.625%, due 10/01/28		35,000		35,658
7.450%, due 07/16/31		55,000		57,444
9.625%, due 04/22/30		30,000		34,181
Ford Motor Credit Co. LLC,
4.542%, due 08/01/26		200,000		187,033
General Motors Co.,
6.600%, due 04/01/36		200,000		202,980
General Motors Financial Co., Inc.,
4.000%, due 10/06/26		200,000		190,691
Jaguar Land Rover Automotive PLC,
5.875%, due 11/15/24⁶		125,000		134,334
				876,073
Auto parts & equipment: 0.1%
Adient Global Holdings Ltd.,
7.000%, due 04/15/28⁴		20,000		20,212
Clarios Global LP/Clarios U.S. Finance Co.
6.750%, due 05/15/28⁴		30,000		30,000
8.500%, due 05/15/27⁴		25,000		25,064
Dana, Inc.
4.250%, due 09/01/30		20,000		16,025
5.625%, due 06/15/28		20,000		18,310
				109,611
Banks: 3.6%
Bank of America Corp.
4.200%, due 08/26/24		120,000		118,033
6.110%, due 01/29/37		850,000		889,734
6.500%, due 10/23/24^5,7
Series Z,
(fixed, converts to FRN on 10/23/24)		30,000		30,000
Bank of New York Mellon Corp.,
1.600%, due 04/24/25		150,000		140,950

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
Bank of Nova Scotia,
4.588%, due 05/04/37⁵
(fixed, converts to FRN on 05/04/32)	$	150,000	$	130,272
Barclays PLC
4.337%, due 01/10/28		305,000		289,567
5.746%, due 08/09/33⁵
(fixed, converts to FRN on 08/09/32)		200,000		193,258
Citigroup, Inc.
3.980%, due 03/20/30⁵
(fixed, converts to FRN on 03/20/29)		175,000		162,250
5.500%, due 09/13/25		300,000		299,933
6.675%, due 09/13/43		200,000		212,723
9.341%, due 07/30/23^5,7
3 mo. USD LIBOR + 4.068%		35,000		34,825
Deutsche Bank AG
2.552%, due 01/07/28⁵
(fixed, converts to FRN on 01/07/27)		150,000		130,426
3.700%, due 05/30/24		125,000		121,337
Goldman Sachs Group, Inc.
3.750%, due 02/25/26		150,000		144,863
5.150%, due 05/22/45		160,000		147,618
7.063%, due 11/29/23⁵
3 mo. USD LIBOR + 1.600%		600,000		601,902
HSBC Holdings PLC,
6.500%, due 09/15/37		200,000		208,577
JPMorgan Chase & Co.
3.875%, due 09/10/24		550,000		539,276
3.960%, due 01/29/27⁵
(fixed, converts to FRN on 01/29/26)		300,000		290,089
4.032%, due 07/24/48⁵
(fixed, converts to FRN on 07/24/47)		400,000		326,881
6.000%, due 08/01/23^5,7
Series R,
(fixed, converts to FRN on 08/01/23)		60,000		59,676
Lloyds Banking Group PLC,
4.582%, due 12/10/25		400,000		381,645
Mitsubishi UFJ Financial Group, Inc.,
3.677%, due 02/22/27		350,000		337,554
Morgan Stanley
4.300%, due 01/27/45		325,000		281,516
4.350%, due 09/08/26		815,000		794,887

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
Novo Banco SA,
7.733%, due 09/15/23^5,6
3 mo. Euribor + 4.780%	$	100,000	$	106,890
Royal Bank of Canada,
2.300%, due 11/03/31		200,000		162,449
Societe Generale SA,
4.000%, due 01/12/27⁴		200,000		187,729
Sumitomo Mitsui Financial Group, Inc.,
3.544%, due 01/17/28		150,000		140,045
Wells Fargo & Co.,
3.196%, due 06/17/27⁵
(fixed, converts to FRN on 06/17/26)		95,000		89,165
				7,554,070
Beverages: 0.2%
Anheuser-Busch Cos.
LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		75,000		73,468
4.900%, due 02/01/46		205,000		194,687
Primo Water Holdings, Inc.,
4.375%, due 04/30/29⁴		93,000		79,994
				348,149
Biotechnology: 0.2%
Amgen, Inc.,
5.250%, due 03/02/33		150,000		150,530
Biogen, Inc.,
3.250%, due 02/15/51		56,000		38,313
Gilead Sciences, Inc.
2.950%, due 03/01/27		200,000		188,790
4.750%, due 03/01/46		50,000		46,769
				424,402
Building Materials: 0.2%
Builders FirstSource, Inc.
4.250%, due 02/01/32⁴		10,000		8,591
5.000%, due 03/01/30⁴		30,000		27,797
6.375%, due 06/15/32⁴		10,000		9,839
Emerald Debt Merger Sub LLC,
6.625%, due 12/15/30⁴		30,000		29,760
Masco Corp.,
4.500%, due 05/15/47		150,000		119,721
New Enterprise Stone & Lime Co., Inc.,
5.250%, due 07/15/28⁴		61,000		53,985
Smyrna Ready Mix Concrete LLC,
6.000%, due 11/01/28⁴		51,000		47,424

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Building Materials—(concluded)
Summit Materials LLC/Summit Materials Finance Corp.,
5.250%, due 01/15/29⁴	$	35,000	$	32,840
				329,957
Chemicals: 0.3%
Celanese U.S. Holdings LLC,
6.330%, due 07/15/29		30,000		30,177
CF Industries, Inc.,
5.150%, due 03/15/34		150,000		142,264
Chemours Co.
4.625%, due 11/15/29⁴		45,000		36,424
5.375%, due 05/15/27		30,000		27,622
DuPont de Nemours, Inc.,
4.725%, due 11/15/28		100,000		99,379
LYB International Finance II BV,
3.500%, due 03/02/27		150,000		143,139
NOVA Chemicals Corp.,
5.250%, due 06/01/27⁴		60,000		54,152
Nutrien Ltd.,
4.200%, due 04/01/29		100,000		95,321
Tronox, Inc.,
4.625%, due 03/15/29⁴		40,000		32,467
WR Grace Holdings LLC,
4.875%, due 06/15/27⁴		19,000		17,622
				678,567
Coal: 0.1%
Teck Resources Ltd.,
3.900%, due 07/15/30		200,000		183,243

Commercial services: 0.4%
ADT Security Corp.,
4.875%, due 07/15/32⁴		30,000		25,556
ASGN, Inc.,
4.625%, due 05/15/28⁴		91,000		81,997
Block, Inc.,
3.500%, due 06/01/31		34,000		27,771
Carriage Services, Inc.,
4.250%, due 05/15/29⁴		55,000		44,684
Garda World Security Corp.
4.625%, due 02/15/27⁴		55,000		50,230
9.500%, due 11/01/27⁴		23,000		21,512
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.,
5.000%, due 02/01/26⁴		30,000		26,775
Neptune Bidco U.S., Inc.,
9.290%, due 04/15/29⁴		25,000		22,875
NESCO Holdings II, Inc.,
5.500%, due 04/15/29⁴		68,000		60,099

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/27⁴	$	5,000	$	4,389
5.750%, due 04/15/26⁴		45,000		44,024
Quanta Services, Inc.,
2.350%, due 01/15/32		400,000		317,751
Sabre Global, Inc.
9.250%, due 04/15/25⁴		30,000		28,650
11.250%, due 12/15/27⁴		45,000		34,591
Williams Scotsman International, Inc.,
4.625%, due 08/15/28⁴		30,000		27,403
Yale University,
1.482%, due 04/15/30		100,000		82,529
				900,836
Computers: 0.4%
Ahead DB Holdings LLC,
6.625%, due 05/01/28⁴		30,000		24,375
Apple, Inc.
3.450%, due 02/09/45		200,000		168,060
3.850%, due 05/04/43		210,000		186,642
Booz Allen Hamilton, Inc.,
3.875%, due 09/01/28⁴		160,000		143,385
International Business Machines Corp.,
5.875%, due 11/29/32		175,000		188,567
KBR, Inc.,
4.750%, due 09/30/28⁴		75,000		68,632
NCR Corp.,
5.125%, due 04/15/29⁴		35,000		30,616
Science Applications International Corp.,
4.875%, due 04/01/28⁴		70,000		65,187
Seagate HDD Cayman,
8.250%, due 12/15/29⁴		5,000		5,113
				880,577
Distribution & wholesale: 0.0%^†
American Builders & Contractors Supply Co., Inc.
3.875%, due 11/15/29⁴		26,000		22,128
4.000%, due 01/15/28⁴		10,000		9,121
Ritchie Bros Holdings, Inc.
6.750%, due 03/15/28⁴		10,000		10,119
7.750%, due 03/15/31⁴		10,000		10,423
				51,791
Diversified financial services: 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		200,000		173,407
6.500%, due 07/15/25		29,000		29,213
Avolon Holdings Funding Ltd.,
2.750%, due 02/21/28⁴		200,000		166,374

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Capital One Financial Corp.,
3.750%, due 07/28/26	$	200,000	$	187,313
CME Group, Inc.,
3.750%, due 06/15/28		150,000		145,631
Enact Holdings, Inc.,
6.500%, due 08/15/25⁴		60,000		58,945
Intercontinental Exchange, Inc.,
3.000%, due 06/15/50		200,000		136,658
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/30⁴		29,000		23,375
6.000%, due 01/15/27⁴		35,000		31,920
Navient Corp.,
6.750%, due 06/15/26		255,000		241,707
OneMain Finance Corp.
6.125%, due 03/15/24		125,000		122,113
7.125%, due 03/15/26		115,000		109,960
PennyMac Financial Services, Inc.,
5.375%, due 10/15/25⁴		20,000		18,589
Rocket Mortgage LLC/Rocket
Mortgage Co.-Issuer, Inc.,
2.875%, due 10/15/26⁴		150,000		131,067
Visa, Inc.,
2.000%, due 08/15/50		50,000		30,529
				1,606,801
Electric: 1.3%
Alabama Power Co.,
6.000%, due 03/01/39		30,000		31,328
Berkshire Hathaway Energy Co.
3.750%, due 11/15/23		80,000		79,261
4.450%, due 01/15/49		50,000		43,460
Calpine Corp.
4.625%, due 02/01/29⁴		30,000		25,371
5.125%, due 03/15/28⁴		35,000		31,353
Clearway Energy Operating LLC,
4.750%, due 03/15/28⁴		65,000		60,497
Dominion Energy, Inc.,
3.900%, due 10/01/25		150,000		145,701
DTE Electric Co.,
3.000%, due 03/01/32		200,000		173,483
Duke Energy Carolinas LLC,
2.550%, due 04/15/31		150,000		128,702
Duke Energy Ohio, Inc.,
4.300%, due 02/01/49		250,000		207,146
Edison International,
4.950%, due 04/15/25		188,000		185,268
Exelon Corp.
3.400%, due 04/15/26		170,000		162,553
4.450%, due 04/15/46		300,000		252,806

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Electric—(concluded)
FirstEnergy Corp.,
5.100%, due 07/15/47
Series C,	$	20,000	$	17,700
Florida Power & Light Co.,
5.950%, due 02/01/38		45,000		48,874
Georgia Power Co.,
3.700%, due 01/30/50		250,000		189,026
Leeward Renewable Energy Operations LLC,
4.250%, due 07/01/29⁴		25,000		22,000
National Rural Utilities Cooperative Finance Corp.,
3.900%, due 11/01/28		100,000		95,761
NRG Energy, Inc.
3.625%, due 02/15/31⁴		30,000		23,641
5.250%, due 06/15/29⁴		10,000		9,017
Oncor Electric Delivery Co. LLC,
3.750%, due 04/01/45		40,000		32,511
PG&E Corp.,
5.000%, due 07/01/28		50,000		46,121
Public Service Electric & Gas Co.,
2.450%, due 01/15/30		150,000		130,371
Southern California Edison Co.,
3.650%, due 02/01/50		175,000		129,958
Southwestern Electric Power Co.,
3.250%, due 11/01/51		250,000		164,303
Talen Energy Supply LLC,
8.625%, due 06/01/30⁴		30,000		30,534
Virginia Electric & Power Co.,
4.600%, due 12/01/48		100,000		87,829
Vistra Corp.,
7.000%, due 12/15/26^4,5,7
(fixed, converts to FRN on 12/15/26)		4,000		3,518
Vistra Operations Co. LLC
5.000%, due 07/31/27⁴		75,000		70,483
5.625%, due 02/15/27⁴		30,000		28,854
				2,657,430
Electrical components & equipment: 0.0%^†
Energizer Holdings, Inc.
4.375%, due 03/31/29⁴		54,000		46,238
4.750%, due 06/15/28⁴		30,000		26,686
WESCO Distribution, Inc.,
7.250%, due 06/15/28⁴		30,000		30,663
				103,587
Electronics: 0.0%^†
Coherent Corp.,
5.000%, due 12/15/29⁴		40,000		35,571

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Electronics—(concluded)
Sensata Technologies, Inc.,
4.375%, due 02/15/30⁴	$	50,000	$	44,643
				80,214
Energy-Alternate Sources: 0.0%^†
TerraForm Power Operating LLC,
4.750%, due 01/15/30⁴		72,000		64,637

Engineering & construction: 0.1%
Arcosa, Inc.,
4.375%, due 04/15/29⁴		58,000		52,356
Dycom Industries, Inc.,
4.500%, due 04/15/29⁴		45,000		40,639
Great Lakes Dredge & Dock Corp.,
5.250%, due 06/01/29⁴		37,000		29,070
Weekley Homes LLC/Weekley Finance Corp.,
4.875%, due 09/15/28⁴		15,000		13,150
				135,215
Entertainment: 0.2%
Affinity Interactive,
6.875%, due 12/15/27⁴		89,000		77,893
Caesars Entertainment, Inc.,
8.125%, due 07/01/27⁴		113,000		115,146
CDI Escrow Issuer, Inc.,
5.750%, due 04/01/30⁴		20,000		18,746
Cinemark USA, Inc.
5.250%, due 07/15/28⁴		10,000		8,754
5.875%, due 03/15/26⁴		35,000		33,250
International Game Technology PLC,
5.250%, due 01/15/29⁴		20,000		18,924
Jacobs Entertainment, Inc.,
6.750%, due 02/15/29⁴		73,000		64,087
Warnermedia Holdings, Inc.,
5.050%, due 03/15/42		150,000		121,361
				458,161
Environmental control: 0.0%^†
Covanta Holding Corp.,
5.000%, due 09/01/30		25,000		21,508
GFL Environmental, Inc.,
4.750%, due 06/15/29⁴		65,000		59,017
				80,525
Food: 0.1%
Kroger Co.,
3.875%, due 10/15/46		250,000		190,507
United Natural Foods, Inc.,
6.750%, due 10/15/28⁴		60,000		55,962
				246,469
Food service: 0.0%^†
Aramark Services, Inc.,
5.000%, due 02/01/28⁴		65,000		61,432

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Healthcare-products: 0.1%
Abbott Laboratories
3.750%, due 11/30/26	$	62,000	$	61,164
4.900%, due 11/30/46		50,000		49,958
Avantor Funding, Inc.,
4.625%, due 07/15/28⁴		50,000		46,248
Medline Borrower LP,
5.250%, due 10/01/29⁴		24,000		20,535
Medtronic, Inc.,
4.375%, due 03/15/35		97,000		94,051
Zimmer Biomet Holdings, Inc.,
4.250%, due 08/15/35		50,000		43,204
				315,160
Healthcare-services: 0.4%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/29⁴		35,000		32,092
5.500%, due 07/01/28⁴		55,000		52,279
Centene Corp.,
3.000%, due 10/15/30		18,000		15,060
CHS/Community Health Systems, Inc.
5.625%, due 03/15/27⁴		63,000		53,927
6.125%, due 04/01/30⁴		25,000		13,504
6.875%, due 04/15/29⁴		33,000		18,558
8.000%, due 03/15/26⁴		195,000		182,077
DaVita, Inc.,
4.625%, due 06/01/30⁴		33,000		28,263
Encompass Health Corp.,
4.500%, due 02/01/28		100,000		92,112
Legacy LifePoint Health LLC
4.375%, due 02/15/27⁴		50,000		37,669
6.750%, due 04/15/25⁴		15,000		13,380
Select Medical Corp.,
6.250%, due 08/15/26⁴		75,000		72,928
Tenet Healthcare Corp.
4.625%, due 06/15/28		10,000		9,300
5.125%, due 11/01/27		31,000		29,623
6.125%, due 10/01/28		36,000		34,121
6.125%, due 06/15/30⁴		30,000		28,994
UnitedHealth Group, Inc.,
4.625%, due 07/15/35		40,000		39,242
				753,129
Home builders: 0.0%^†
Forestar Group, Inc.,
3.850%, due 05/15/26⁴		25,000		23,031
Installed Building Products, Inc.,
5.750%, due 02/01/28⁴		40,000		37,453
KB Home,
6.875%, due 06/15/27		20,000		20,315
				80,799

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Housewares: 0.0%^†
Newell Brands, Inc.
5.875%, due 04/01/36	$	65,000	$	52,000
6.000%, due 04/01/46		5,000		3,643
				55,643
Insurance: 0.5%
Allstate Corp.
3.280%, due 12/15/26		200,000		190,211
3.850%, due 08/10/49		50,000		38,297
American International Group, Inc.,
2.500%, due 06/30/25		50,000		47,391
Aon Global Ltd.,
4.750%, due 05/15/45		150,000		133,570
Berkshire Hathaway Finance Corp.,
4.250%, due 01/15/49		100,000		90,085
Hartford Financial Services Group, Inc.,
6.100%, due 10/01/41		150,000		152,126
Lincoln National Corp.,
4.000%, due 09/01/23		150,000		149,207
MetLife, Inc.,
4.125%, due 08/13/42		130,000		107,451
Prudential Financial, Inc.,
6.625%, due 06/21/40		110,000		120,333
Teachers Insurance & Annuity Association of America,
4.270%, due 05/15/47⁴		50,000		41,344
				1,070,015
Internet: 0.2%
Alibaba Group Holding Ltd.,
2.125%, due 02/09/31		200,000		163,788
Amazon.com, Inc.,
2.500%, due 06/03/50		150,000		97,528
Uber Technologies, Inc.
4.500%, due 08/15/29⁴		25,000		22,804
7.500%, due 09/15/27⁴		25,000		25,645
United Group BV,
4.875%, due 07/01/24⁶		100,000		106,088
				415,853
Investment companies: 0.0%^†
Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
6.250%, due 05/15/26		75,000		65,710

Iron & steel: 0.0%^†
Big River Steel LLC/BRS Finance Corp.,
6.625%, due 01/31/29⁴		44,000		43,670
Commercial Metals Co.,
4.125%, due 01/15/30		20,000		17,556
Mineral Resources Ltd.,
8.500%, due 05/01/30⁴		25,000		25,094
				86,320

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Leisure time: 0.3%
Carnival Corp.
5.750%, due 03/01/27⁴	$	70,000	$	59,923
10.500%, due 02/01/26⁴		10,000		10,391
Carnival Holdings Bermuda Ltd.,
10.375%, due 05/01/28⁴		74,000		80,100
Harley-Davidson, Inc.,
3.500%, due 07/28/25		250,000		238,666
NCL Corp. Ltd.
5.875%, due 03/15/26⁴		30,000		27,215
8.375%, due 02/01/28⁴		35,000		36,199
Pinnacle Bidco PLC,
6.375%, due 02/15/25⁶		100,000		120,823
Royal Caribbean Cruises Ltd.
5.500%, due 04/01/28⁴		35,000		32,153
7.500%, due 10/15/27		25,000		24,537
11.625%, due 08/15/27⁴		80,000		86,943
				716,950
Lodging: 0.0%^†
Hilton Domestic Operating Co., Inc.,
4.000%, due 05/01/31⁴		40,000		34,522

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/31⁴		10,000		8,488
5.000%, due 06/01/29⁴		25,000		22,235
Travel & Leisure Co.,
6.625%, due 07/31/26⁴		35,000		34,675
				99,920
Machinery-diversified: 0.1%
Deere & Co.,
3.900%, due 06/09/42		150,000		134,445
Mueller Water Products, Inc.,
4.000%, due 06/15/29⁴		25,000		22,450
				156,895
Media: 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/31⁴		25,000		20,026
4.250%, due 01/15/34⁴		40,000		29,592
4.750%, due 03/01/30⁴		122,000		102,891
5.375%, due 06/01/29⁴		60,000		54,004
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.200%, due 03/15/28		150,000		140,276
Comcast Corp.
2.887%, due 11/01/51		439,000		289,079
4.150%, due 10/15/28		300,000		292,629
DISH DBS Corp.,
5.875%, due 11/15/24		122,000		104,492

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Media—(concluded)
DISH Network Corp.,
11.750%, due 11/15/27⁴	$	80,000	$	76,569
Fox Corp.
3.050%, due 04/07/25		25,000		23,987
5.576%, due 01/25/49		50,000		45,210
Gray Escrow II, Inc.,
5.375%, due 11/15/31⁴		55,000		34,996
Gray Television, Inc.,
5.875%, due 07/15/26⁴		40,000		34,381
Nexstar Media, Inc.
4.750%, due 11/01/28⁴		65,000		54,846
5.625%, due 07/15/27⁴		40,000		36,700
Radiate Holdco LLC/Radiate Finance, Inc.
4.500%, due 09/15/26⁴		5,000		3,850
6.500%, due 09/15/28⁴		10,000		5,025
Sirius XM Radio, Inc.
3.875%, due 09/01/31⁴		25,000		18,449
4.000%, due 07/15/28⁴		40,000		33,494
4.125%, due 07/01/30⁴		5,000		3,932
5.500%, due 07/01/29⁴		35,000		30,551
Time Warner Cable LLC,
6.550%, due 05/01/37		25,000		23,816
Univision Communications, Inc.
4.500%, due 05/01/29⁴		65,000		54,567
7.375%, due 06/30/30⁴		25,000		23,243
Walt Disney Co.,
4.950%, due 10/15/45		120,000		114,532
				1,651,137
Mining: 0.1%
FMG Resources August Pty. Ltd.
5.875%, due 04/15/30⁴		15,000		14,156
6.125%, due 04/15/32⁴		15,000		14,154
Hudbay Minerals, Inc.,
6.125%, due 04/01/29⁴		40,000		35,922
Novelis Corp.,
4.750%, due 01/30/30⁴		30,000		26,625
VistaJet Malta Finance PLC/Vista Management Holding, Inc.,
9.500%, due 06/01/28⁴		20,000		18,306
				109,163
Miscellaneous manufacturers: 0.3%
Amsted Industries, Inc.
4.625%, due 05/15/30⁴		35,000		31,381
5.625%, due 07/01/27⁴		20,000		19,310
GE Capital Funding LLC,
3.450%, due 05/15/25		200,000		193,228
GE Capital International Funding Co. Unlimited Co.,
4.418%, due 11/15/35		200,000		189,678

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Miscellaneous manufacturers—(concluded)
Illinois Tool Works, Inc.,
2.650%, due 11/15/26	$	110,000	$	104,191
				537,788
Oil & gas: 0.8%
Aker BP ASA,
3.750%, due 01/15/30⁴		150,000		133,810
Antero Resources Corp.,
7.625%, due 02/01/29⁴		17,000		17,294
Apache Corp.,
5.100%, due 09/01/40		26,000		21,385
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/29⁴		41,000		35,994
7.000%, due 11/01/26⁴		29,000		27,798
8.250%, due 12/31/28⁴		10,000		9,662
BP Capital Markets America, Inc.,
3.017%, due 01/16/27		75,000		71,045
Callon Petroleum Co.,
8.000%, due 08/01/28⁴		55,000		53,782
Comstock Resources, Inc.
5.875%, due 01/15/30⁴		12,000		10,005
6.750%, due 03/01/29⁴		25,000		21,850
ConocoPhillips Co.,
3.758%, due 03/15/42		150,000		124,633
Ecopetrol SA,
5.375%, due 06/26/26		325,000		308,953
EOG Resources, Inc.,
3.900%, due 04/01/35		50,000		45,150
EQT Corp.
3.125%, due 05/15/26⁴		150,000		138,867
7.000%, due 02/01/30		18,000		18,622
Equinor ASA,
4.800%, due 11/08/43		50,000		47,659
Exxon Mobil Corp.,
4.114%, due 03/01/46		50,000		43,376
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/29⁴		59,000		53,404
6.000%, due 04/15/30⁴		10,000		9,014
6.250%, due 11/01/28⁴		20,000		18,683
Marathon Petroleum Corp.,
4.750%, due 09/15/44		110,000		90,619
Murphy Oil Corp.,
7.050%, due 05/01/29		69,000		69,193
Nabors Industries Ltd.,
7.250%, due 01/15/26⁴		20,000		18,221
Nabors Industries, Inc.,
7.375%, due 05/15/27⁴		15,000		14,093
Occidental Petroleum Corp.
6.450%, due 09/15/36		27,000		27,473

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Shell International Finance BV,
4.375%, due 05/11/45	$	100,000	$	88,569
Southwestern Energy Co.,
5.375%, due 03/15/30		55,000		50,553
Transocean Titan Financing Ltd.,
8.375%, due 02/01/28⁴		50,000		50,634
Transocean, Inc.,
8.750%, due 02/15/30⁴		5,000		4,998
Venture Global LNG, Inc.
8.125%, due 06/01/28⁴		35,000		35,175
8.375%, due 06/01/31⁴		40,000		40,209
				1,700,723
Oil & gas services: 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/28⁴		11,000		10,202
6.875%, due 04/01/27⁴		74,000		70,708
Oceaneering International, Inc.,
6.000%, due 02/01/28		18,000		16,832
USA Compression Partners LP/USA Compression Finance Corp.,
6.875%, due 09/01/27		64,000		59,938
Weatherford International Ltd.,
8.625%, due 04/30/30⁴		27,000		27,132
				184,812
Packaging & containers: 0.1%
Cascades, Inc./Cascades USA, Inc.,
5.375%, due 01/15/28⁴		35,000		32,812
Clearwater Paper Corp.,
4.750%, due 08/15/28⁴		35,000		31,055
Graphic Packaging International LLC,
3.500%, due 03/15/28⁴		40,000		36,309
Mauser Packaging Solutions Holding Co.,
7.875%, due 08/15/26⁴		50,000		49,556
Owens-Brockway Glass Container, Inc.
6.625%, due 05/13/27⁴		28,000		27,965
7.250%, due 05/15/31⁴		5,000		5,088
				182,785
Pharmaceuticals: 0.5%
AbbVie, Inc.
3.200%, due 05/14/26		30,000		28,797
3.800%, due 03/15/25		90,000		88,030
4.450%, due 05/14/46		200,000		172,387
Bristol-Myers Squibb Co.,
4.125%, due 06/15/39		250,000		226,277
Nidda Healthcare Holding GmbH,
7.500%, due 08/21/26⁶		100,000		105,554

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Pfizer, Inc.,
7.200%, due 03/15/39	$	270,000	$	335,491
Teva Pharmaceutical Finance Netherlands II BV,
3.750%, due 05/09/27		100,000		96,622
				1,053,158
Pipelines: 0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
5.375%, due 06/15/29⁴		25,000		22,984
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.625%, due 12/15/25⁴		67,000		67,736
Buckeye Partners LP
4.500%, due 03/01/28⁴		40,000		35,194
5.600%, due 10/15/44		12,000		8,677
5.850%, due 11/15/43		15,000		11,139
CNX Midstream Partners LP,
4.750%, due 04/15/30⁴		71,000		58,795
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
7.375%, due 02/01/31⁴		30,000		29,447
8.000%, due 04/01/29⁴		45,000		45,241
Enbridge Energy Partners LP,
7.375%, due 10/15/45		100,000		114,362
Energy Transfer LP,
5.400%, due 10/01/47		100,000		85,969
EnLink Midstream LLC
5.625%, due 01/15/28⁴		29,000		27,937
6.500%, due 09/01/30⁴		60,000		59,629
EQM Midstream Partners LP
4.750%, due 01/15/31⁴		13,000		11,156
6.500%, due 07/01/27⁴		20,000		19,537
7.500%, due 06/01/27⁴		30,000		30,185
Genesis Energy LP/Genesis Energy Finance Corp.
8.000%, due 01/15/27		54,000		52,598
8.875%, due 04/15/30		35,000		34,419
Hess Midstream Operations LP
4.250%, due 02/15/30⁴		13,000		11,265
5.125%, due 06/15/28⁴		38,000		35,577
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/28⁴		29,000		26,716
6.375%, due 04/15/27⁴		10,000		9,872
Kinder Morgan, Inc.
4.300%, due 03/01/28		150,000		144,970
5.550%, due 06/01/45		120,000		108,836

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(concluded)
MPLX LP,
4.875%, due 06/01/25	$	120,000	$	118,601
Plains All American Pipeline LP/PAA Finance Corp.,
3.800%, due 09/15/30		150,000		133,296
Sabine Pass Liquefaction LLC,
5.000%, due 03/15/27		180,000		177,877
Venture Global Calcasieu Pass LLC,
3.875%, due 08/15/29⁴		28,000		24,361
Western Midstream Operating LP
4.650%, due 07/01/26		200,000		192,907
5.450%, due 04/01/44		5,000		4,164
Williams Cos., Inc.,
4.300%, due 03/04/24		80,000		79,135
				1,782,582
Real estate investment trusts: 0.3%
AvalonBay Communities, Inc.,
3.450%, due 06/01/25		70,000		67,631
Boston Properties LP,
2.750%, due 10/01/26		40,000		35,135
Iron Mountain, Inc.
4.875%, due 09/15/27⁴		45,000		42,107
5.000%, due 07/15/28⁴		60,000		54,933
5.250%, due 07/15/30⁴		45,000		40,314
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.750%, due 06/15/29⁴		30,000		23,448
Public Storage,
2.250%, due 11/09/31		300,000		246,830
Service Properties Trust,
7.500%, due 09/15/25		41,000		40,205
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
10.500%, due 02/15/28⁴		43,000		41,720
VICI Properties LP/VICI Note Co., Inc.,
4.625%, due 12/01/29⁴		55,000		50,128
				642,451
Retail: 0.8%
Academy Ltd.,
6.000%, due 11/15/27⁴		35,000		33,783
Asbury Automotive Group, Inc.,
4.625%, due 11/15/29⁴		20,000		17,629
Bath & Body Works, Inc.,
6.625%, due 10/01/30⁴		70,000		66,699
Beacon Roofing Supply, Inc.,
4.125%, due 05/15/29⁴		28,000		24,150
Group 1 Automotive, Inc.,
4.000%, due 08/15/28⁴		54,000		47,285

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Retail—(concluded)
Home Depot, Inc.
2.125%, due 09/15/26	$	300,000	$	279,018
3.350%, due 09/15/25		40,000		38,911
3.350%, due 04/15/50		200,000		149,252
Lithia Motors, Inc.,
4.625%, due 12/15/27⁴		20,000		18,513
Lowe's Cos., Inc.,
2.800%, due 09/15/41		300,000		206,459
Macy's Retail Holdings LLC,
5.875%, due 04/01/29⁴		34,000		30,056
McDonald's Corp.
3.800%, due 04/01/28		425,000		410,975
4.875%, due 12/09/45		20,000		18,835
Nordstrom, Inc.,
6.950%, due 03/15/28		11,000		10,526
Patrick Industries, Inc.
4.750%, due 05/01/29⁴		30,000		25,621
7.500%, due 10/15/27⁴		40,000		38,600
QVC, Inc.,
4.850%, due 04/01/24		30,000		28,620
Target Corp.,
1.950%, due 01/15/27		150,000		138,210
White Cap Buyer LLC,
6.875%, due 10/15/28⁴		32,000		27,673
				1,610,815
Semiconductors: 0.3%
Broadcom, Inc.,
3.137%, due 11/15/35⁴		340,000		259,212
NVIDIA Corp.,
2.850%, due 04/01/30		100,000		91,401
NXP BV/NXP Funding LLC,
5.550%, due 12/01/28		100,000		100,625
NXP BV/NXP Funding LLC/NXP USA, Inc.,
3.875%, due 06/18/26		95,000		91,467
QUALCOMM, Inc.,
3.250%, due 05/20/27		80,000		76,764
				619,469
Software: 0.5%
Cloud Software Group, Inc.
6.500%, due 03/31/29⁴		35,000		30,950
9.000%, due 09/30/29⁴		35,000		29,750
Fiserv, Inc.,
3.200%, due 07/01/26		90,000		84,994
Microsoft Corp.
2.525%, due 06/01/50		120,000		82,602
3.500%, due 02/12/35		250,000		236,052
Open Text Corp.
3.875%, due 12/01/29⁴		30,000		24,986
6.900%, due 12/01/27⁴		30,000		30,673

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Software—(concluded)
Oracle Corp.
2.800%, due 04/01/27	$	250,000	$	230,841
5.375%, due 07/15/40		366,000		348,786
				1,099,634
Telecommunications: 0.9%
Altice France SA,
5.875%, due 02/01/27⁶		100,000		88,915
AT&T, Inc.
3.800%, due 12/01/57		117,000		83,246
6.000%, due 08/15/40		330,000		337,066
CommScope Technologies LLC,
6.000%, due 06/15/25⁴		31,000		29,136
CommScope, Inc.
6.000%, due 03/01/26⁴		31,000		29,109
8.250%, due 03/01/27⁴		60,000		47,069
Deutsche Telekom International Finance BV,
8.750%, due 06/15/30		150,000		180,576
Frontier Communications Holdings LLC
5.875%, due 10/15/27⁴		60,000		53,472
6.750%, due 05/01/29⁴		35,000		25,817
Iliad Holding SASU,
5.125%, due 10/15/26⁶		100,000		101,764
Lumen Technologies, Inc.,
4.000%, due 02/15/27⁴		15,000		9,814
Rogers Communications, Inc.,
5.000%, due 03/15/44		40,000		35,212
Sprint Capital Corp.,
6.875%, due 11/15/28		20,000		21,381
Sprint LLC,
7.625%, due 03/01/26		150,000		156,821
Telecom Italia Capital SA
7.200%, due 07/18/36		30,000		26,739
7.721%, due 06/04/38		25,000		22,844
Verizon Communications, Inc.
2.355%, due 03/15/32		209,000		168,552
4.016%, due 12/03/29		432,000		406,860
				1,824,393
Transportation: 0.3%
Burlington Northern Santa Fe LLC,
5.150%, due 09/01/43		210,000		207,055
Norfolk Southern Corp.,
3.400%, due 11/01/49		100,000		71,351
Union Pacific Corp.,
3.375%, due 02/01/35		300,000		259,108

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Transportation—(concluded)
United Parcel Service, Inc.,
3.750%, due 11/15/47	$	50,000	$	41,306
				578,820
Total corporate bonds (cost—$40,459,950)				36,189,153

Mortgage-backed securities: 1.7%
Angel Oak Mortgage Trust,
Series 2020-R1, Class A1,
0.990%, due 04/25/53^4,5		92,017		83,056
Series 2020-4, Class A1,
1.469%, due 06/25/65^4,5		62,429		56,920
Series 2019-5, Class A1,
2.593%, due 10/25/49^4,5		40,661		38,752
Angel Oak Mortgage Trust I LLC,
Series 2019-4, Class A1,
2.993%, due 07/26/49^4,5		86		85
BAMLL Commercial Mortgage Securities Trust,
Series 2015-200P, Class D,
3.596%, due 04/14/33^4,5		400,000		354,383
BANK,
Series 2020-BN30, Class A4,
1.925%, due 12/15/53		350,000		274,649
BMO Mortgage Trust,
Series 2023-C4, Class A5,
5.117%, due 02/15/56⁵		500,000		498,777
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4,
4.228%, due 06/10/51⁵		350,000		332,187
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/65^4,5		2,310		2,282
Series 2020-3, Class A1,
1.506%, due 04/27/65^4,5		16,001		14,863
COLT Pass-Through Certificates,
Series 2021-1R, Class A1,
0.857%, due 05/25/65^4,5		38,253		31,904
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/65^4,5,8		81,257		73,240
Extended Stay America Trust,
Series 2021-ESH, Class D,
7.358%, due 07/15/38^4,5		892,947		866,009
Flagstar Mortgage Trust,
Series 2018-5, Class A2,
4.000%, due 09/25/48^4,5		222,062		208,308

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/60^4,5	$	39,757	$	36,143
Hilton USA Trust,
Series 2016-SFP, Class B,
3.323%, due 11/05/35⁴		425,000		369,750
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/60^4,5		17,158		16,751
Series 2019-3, Class A1,
2.633%, due 09/25/59^4,5		27,370		26,217
Series 2020-1, Class A1,
2.376%, due 01/26/60^4,5		20,003		18,861
Verus Securitization Trust,
Series 2021-R3, Class A1,
1.020%, due 04/25/64^4,5		208,047		184,222
Series 2020-5, Class A1,
1.218%, due 05/25/65^4,5,8		70,389		63,706
Series 2020-4, Class A1,
1.502%, due 05/25/65^4,5,8		31,120		28,476
Series 2019-4, Class A1,
2.642%, due 11/25/59^4,5,8		26,179		25,097
Series 2021-R1, Class A1,
0.820%, due 10/25/63^4,5		106,889		95,566
Vista Point Securitization Trust,
Series 2020-2, Class A1,
1.475%, due 04/25/65^4,5		24,889		22,063
Total mortgage-backed securities (cost—$4,114,307)				3,722,267

Non-U.S. government agency obligations: 0.4%
Chile Government International Bonds,
3.125%, due 01/21/26		200,000		192,750
Mexico Government International Bond
3.250%, due 04/16/30		200,000		178,225
4.750%, due 04/27/32		200,000		191,162
Panama Government International Bond,
6.700%, due 01/26/36		265,000		282,689
Total non-U.S. government agency obligations (cost—$974,004)				844,826

U.S. government agency obligations: 9.9%
FHLMC
2.000%, due 02/01/51		3,667,832		3,028,418
2.000%, due 12/01/51		2,089,280		1,720,457
3.000%, due 11/01/46		78,809		71,323
3.000%, due 07/01/47		100,533		90,974
3.000%, due 08/01/47		98,476		89,112
4.000%, due 05/01/47		86,462		82,911
5.000%, due 03/01/38		9,132		9,291

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 05/01/37	$	47,015	$	48,847
5.500%, due 08/01/40		10,392		10,796
6.500%, due 08/01/28		18,844		19,676
FNMA
2.000%, due 01/01/51		473,525		391,039
2.000%, due 03/01/51		468,705		387,168
2.000%, due 05/01/51		2,778,544		2,290,460
2.500%, due 08/01/35		219,221		202,333
2.500%, due 08/01/51		1,070,046		917,933
2.500%, due 03/01/52		2,122,975		1,816,902
3.000%, due 11/01/48		166,695		150,684
3.000%, due 02/01/50		172,218		153,968
3.500%, due 12/01/47		66,258		61,596
3.500%, due 02/01/48		471,816		438,618
4.000%, due 12/01/39		27,794		26,905
4.000%, due 02/01/41		14,487		14,015
4.000%, due 08/01/45		90,849		87,613
4.500%, due 09/01/37		92,076		91,691
4.500%, due 07/01/47		42,118		41,482
5.000%, due 10/01/39		4,189		4,272
5.000%, due 05/01/40		3,117		3,172
5.500%, due 08/01/39		11,832		12,280
7.000%, due 08/01/32		67,445		71,876
7.500%, due 02/01/33		429		432
GNMA I,
4.000%, due 07/15/42		25,093		24,393
GNMA II
2.000%, due 03/20/51		1,856,016		1,577,030
2.500%, due 03/20/51		1,893,166		1,658,230
3.000%, due 01/20/47		39,168		35,835
3.000%, due 07/20/47		107,204		97,774
3.000%, due 08/20/47		81,276		74,127
3.000%, due 10/20/49		1,339,292		1,216,392
3.500%, due 04/20/47		99,090		93,059
6.000%, due 11/20/28		187		190
6.000%, due 02/20/29		402		410
6.000%, due 02/20/34		190,148		194,743

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
GNMA TBA,
3.000%	$	250,000	$	224,841
UMBS TBA,
2.500%		4,150,000		3,547,134
Total U.S. government agency obligations (cost—$21,773,062)				21,080,402

U.S. Treasury obligations: 0.9%
U.S. Treasury Inflation-Indexed Notes
0.125%, due 01/15/30		522,003		474,846
1.125%, due 01/15/33		1,094,245		1,061,001
1.250%, due 04/15/28		402,472		394,391
Total U.S. Treasury obligations (cost—$1,953,433)				1,930,238

	Number of shares
Short term investments: 2.4%
Investment companies: 2.0%
State Street Institutional U.S. Government Money Market Fund, 5.020%⁹ (cost—$4,292,364)		4,292,364		4,292,364

Short-term U.S. Treasury obligations:0.4%
U.S. Treasury Bills
5.125%, due 08/31/23		425,000		419,700
5.198%, due 08/15/23		400,000		395,750
Total short-term U.S. Treasury obligations (cost—$815,499)				815,450
Total investments (cost—$209,638,508)¹⁰: 101.2%				214,807,544
Liabilities in excess of other assets: (1.2)%				(2,613,545	)
Net assets: 100.0%			$	212,193,999

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts
72	USD	E-mini Russell 2000 Index Futures	June 2023	$	6,334,736		$	6,306,480		$	(28,256	)
U.S. Treasury futures buy contracts
3	USD	U.S. Long Bond Futures	September 2023		382,410			385,031			2,621
25	USD	U.S. Treasury Note 10 Year Futures	September 2023		2,838,826			2,861,719			22,893
29	USD	U.S. Treasury Note 5 Year Futures	September 2023		3,162,284			3,163,266			982
1	USD	Ultra U.S. Treasury Bond Futures	September 2023		135,040			136,875			1,835
9	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2023		1,080,371			1,084,078			3,707
Total				$	13,933,667		$	13,937,449		$	3,782
Index futures sell contracts
26	USD	S&P 500 E-Mini Index Futures	June 2023		(5,057,919	)		(5,447,650	)	$	(389,731	)
U.S. Treasury futures sell contracts
8	USD	U.S. Treasury Note 2 Year Futures	September 2023		(1,641,810	)		(1,646,625	)		(4,815	)
Total				$	(6,699,729	)	$	(7,094,275	)	$	(394,546	)
Net unrealized appreciation (depreciation)										$	(390,764	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹¹

Referenced obligations		Notional amount (000)			Maturity date		Payment frequency		Payments received by the Portfolio				Upfront payments received (made)				Value				Unrealized appreciation (depreciation)
CDX.NA.HY.S40		USD	10,400		06/20/28		Quarterly			5.000	%		$	(42,719	)		$	(218,288	)		$	(261,007	)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the Portfolio¹²	Payments received by the Portfolio¹²	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BB	USD	3	09/20/23	Quarterly	12 Month Secured Overnight Financing Rate	Markit iBoxx USD Liquid High Yield Index	$	—	$	(33,576	)	$	(33,576	)
JPMCB	USD	1	09/20/23	Quarterly	Markit iBoxx USD Liquid High Yield Index	Markit iBoxx USD Liquid High Yield Index		—		(3,834	)		(3,834	)
							$	—	$	(37,410	)	$	(37,410	)

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

Forward foreign currency contracts

Counterparty

Sell

Purchase

Settlement
date

Unrealized
appreciation
(depreciation)

CIBC

EUR

700,000

USD

763,532

06/15/23

14,748

CIBC

GBP

100,000

USD

125,286

06/15/23

858

Net unrealized appreciation (depreciation)

15,606

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of May 31, 2023 in valuing the Fund's investments. In the event a Fund holds investments (other than a money market fund) for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	130,174,684		$	77		$	—	$	130,174,761
Preferred stocks		—			—			0		0
Exchange traded funds		6,289,680			—			—		6,289,680
Asset-backed securities		—			9,468,403			—		9,468,403
Corporate bonds		—			36,189,153			—		36,189,153
Mortgage-backed securities		—			3,722,267			—		3,722,267
Non-U.S. government agency obligations		—			844,826			—		844,826
U.S. government agency obligations		—			21,080,402			—		21,080,402
U.S. Treasury obligations		—			1,930,238			—		1,930,238
Short-term investments		—			5,107,814			—		5,107,814
Futures contracts		32,038			—			—		32,038
Forward foreign currency contracts		—			15,606			—		15,606
Total	$	136,496,402		$	78,358,786		$	0	$	214,855,188

Liabilities
Futures contracts	$	(422,802	)	$	—		$	—	$	(422,802	)
Swap agreements		—			(255,698	)		—		(255,698	)
Total	$	(422,802	)	$	(255,698	)	$	—	$	(678,500	)

At May 31, 2023, 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.

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2023 (unaudited)

Portfolio footnotes

†	Amount represents less than 0.05% or (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	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $17,343,098, represented 8.2% of the Fund's net assets at period end.

5	Floating or variable rate securities. The rates disclosed are as of May 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

6	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.

7	Perpetual investment. Date shown reflects the next call date.

8	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.

9	Rates shown reflect yield at May 31, 2023.

10	Includes $42,823 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $0 and non-cash collateral of $14,969.

11	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.

12	Payments made or received are based on the notional amount.

Portfolio acronyms:

BB		Barclays Bank PLC
CIBC		Canadian Imperial Bank of Commerce
ETF		Exchange Traded Fund
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
FRN		Floating Rate Note
GNMA		Government National Mortgage Association
HSBC		HSBC Bank PLC
LIBOR		London Interbank Offered Rate
MSCI		Morgan Stanley Capital International
TBA		To-Be-Announced Security

Currency type abbreviations:

USD		United States Dollar
EUR		Euro
GBP		Great Britain Pound

UBS U.S. Allocation Fund

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.

UBS U.S. Allocation Fund

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee with respect to the Portfolios’ 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 Fund's investments. These inputs are summarized into the three broad levels listed below:

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

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

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

A fair value hierarchy has been included near the end of 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, 2023.

Ubs Investment Trust NPORT-PUBS U.S. Allocation Fund (May 2023 report)