UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks: 57.6%
Aerospace & defense: 0.7%
Boeing Co.*		353	$	63,145
General Dynamics Corp.		134		33,820
Howmet Aerospace, Inc.		231		8,702
Huntington Ingalls Industries, Inc.		21		4,871
L3harris Technologies, Inc.		123		27,931
Lockheed Martin Corp.		150		72,778
Northrop Grumman Corp.		91		48,529
Raytheon Technologies Corp.		906		89,440
Spirit AeroSystems Holdings, Inc., Class A		15,557		407,749
Textron, Inc.		120		8,566
TransDigm Group, Inc.		1,342		843,447
				1,608,978
Air freight & logistics: 0.1%
C.H. Robinson Worldwide, Inc.		80		8,018
Expeditors International of Washington, Inc.		97		11,258
FedEx Corp.		151		27,515
United Parcel Service, Inc., Class B		463		87,845
				134,636
Airlines: 0.0%†
Alaska Air Group, Inc.*		102		4,839
American Airlines Group, Inc.*		362		5,224
Delta Air Lines, Inc.*		290		10,257
Southwest Airlines Co.*		371		14,806
United Airlines Holdings, Inc.*		211		9,320
				44,446
Auto components: 0.4%
Aptiv PLC*		9,117		972,511
BorgWarner, Inc.		136		5,781
				978,292
Automobiles: 0.7%
Ford Motor Co.		3,636		50,540
General Motors Co.		1,340		54,350
Tesla, Inc.*		7,152		1,392,495
				1,497,385
Banks: 2.2%
Bank of America Corp.		11,430		432,626
Bank OZK		19,455		897,848
Citigroup, Inc.		3,230		156,364
Citizens Financial Group, Inc.		800		33,904
Comerica, Inc.		230		16,500
Fifth Third Bancorp		1,145		41,632
First Republic Bank		295		37,645
Huntington Bancshares, Inc.		2,298		35,573
JPMorgan Chase & Co.		4,797		662,850
KeyCorp		1,435		26,993
M&T Bank Corp.		291		49,476
PNC Financial Services Group, Inc.		659		110,883
Regions Financial Corp.		1,509		35,024
Signature Bank		112		15,624
SVB Financial Group*		1,417		328,432
Truist Financial Corp.		2,184		102,233
U.S. Bancorp		2,244		101,855
Wells Fargo & Co.		37,637		1,804,694
Zions Bancorp N.A.		285		14,769
				4,904,925
Beverages: 1.1%
Brown-Forman Corp., Class B		307		22,417
Coca-Cola Co.		6,874		437,255
Constellation Brands, Inc., Class A		3,359		864,439
Keurig Dr Pepper, Inc.		1,488		57,541
Molson Coors Beverage Co., Class B		364		20,060
Monster Beverage Corp.*		683		70,254
PepsiCo, Inc.		5,787		1,073,546
				2,545,512
Biotechnology: 2.7%
AbbVie, Inc.		25,085		4,043,200
Amgen, Inc.		947		271,221
Biogen, Inc.*		252		76,903
Gilead Sciences, Inc.		2,217		194,719
Incyte Corp.*		297		23,662
Moderna, Inc.*		592		104,139
Regeneron Pharmaceuticals, Inc.*		187		140,568
Vertex Pharmaceuticals, Inc.*		3,855		1,219,722
				6,074,134
Building products: 0.1%
A.O. Smith Corp.		91		5,527
Allegion PLC		54		6,137
Carrier Global Corp.		458		20,299
Fortune Brands Home & Security, Inc.		76		4,966
Johnson Controls International PLC		407		27,041
Masco Corp.		188		9,547
Trane Technologies PLC		150		26,763
				100,280
Capital markets: 1.9%
Ameriprise Financial, Inc.		5,260		1,746,057
Bank of New York Mellon Corp.		1,142		52,418
BlackRock, Inc.		246		176,136
Cboe Global Markets, Inc.		192		24,353
Charles Schwab Corp.		10,705		883,591

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Capital markets—(continued)
CME Group, Inc.		602	$	106,253
FactSet Research Systems, Inc.		63		29,061
Franklin Resources, Inc.		519		13,914
Goldman Sachs Group, Inc.		560		216,244
Intercontinental Exchange, Inc.		930		100,728
Invesco Ltd.		797		15,231
MarketAxess Holdings, Inc.		66		17,683
Moody's Corp.		267		79,638
Morgan Stanley		2,180		202,893
MSCI, Inc.		141		71,604
Nasdaq, Inc.		560		38,338
Northern Trust Corp.		330		30,726
Raymond James Financial, Inc.		315		36,823
S&P Global, Inc.		560		197,568
State Street Corp.		606		48,280
T. Rowe Price Group, Inc.		375		46,841
				4,134,380
Chemicals: 0.8%
Albemarle Corp.		935		259,921
CF Industries Holdings, Inc.		13,089		1,416,099
				1,676,020
Commercial services & supplies: 0.1%
Cintas Corp.		48		22,166
Copart, Inc.*		256		17,039
Republic Services, Inc.		122		16,993
Rollins, Inc.		137		5,540
Waste Management, Inc.		230		38,576
				100,314
Communications equipment: 0.2%
Arista Networks, Inc.*		389		54,188
Cisco Systems, Inc.		6,280		312,241
F5, Inc.*		83		12,833
Juniper Networks, Inc.		477		15,855
Motorola Solutions, Inc.		250		68,050
				463,167
Construction & engineering: 0.0%†
Quanta Services, Inc.		81		12,140
Consumer finance: 0.6%
American Express Co.		1,000		157,590
Capital One Financial Corp.		642		66,280
Discover Financial Services		454		49,195
SLM Corp.		57,706		1,007,547
Synchrony Financial		759		28,523
				1,309,135
Distributors: 0.0%†
Genuine Parts Co.		118		21,633
LKQ Corp.		262		14,234
Pool Corp.		43		14,165
				50,032
Diversified financial services: 0.8%
Berkshire Hathaway, Inc., Class B*		2,964		944,330
Voya Financial, Inc.		13,777		909,007
				1,853,337
Diversified telecommunication services: 0.1%
AT&T, Inc.		6,567		126,612
Lumen Technologies, Inc.		1,225		6,701
Verizon Communications, Inc.		3,868		150,774
				284,087
Electric utilities: 1.1%
Alliant Energy Corp.		315		17,735
American Electric Power Co., Inc.		706		68,341
Constellation Energy Corp.		459		44,119
Duke Energy Corp.		1,048		104,727
Edison International		534		35,596
Entergy Corp.		276		32,091
Evergy, Inc.		296		17,526
Eversource Energy		463		38,364
Exelon Corp.		1,366		56,511
FirstEnergy Corp.		802		33,074
NextEra Energy, Inc.		19,977		1,692,052
NRG Energy, Inc.		313		13,287
PG&E Corp.*		2,318		36,393
Pinnacle West Capital Corp.		144		11,278
PPL Corp.		968		28,575
Southern Co.		1,447		97,875
Xcel Energy, Inc.		753		52,876
				2,380,420
Electrical equipment: 0.6%
AMETEK, Inc.		146		20,793
Eaton Corp. PLC		255		41,680
Emerson Electric Co.		384		36,776
Generac Holdings, Inc.*		19		2,005
Regal Rexnord Corp.		8,780		1,151,146
Rockwell Automation, Inc.		65		17,174
				1,269,574
Electronic equipment, instruments & components: 0.2%
Amphenol Corp., Class A		886		71,261
CDW Corp.		215		40,558
Corning, Inc.		1,123		38,328
Keysight Technologies, Inc.*		292		52,820
TE Connectivity Ltd.		501		63,186
Teledyne Technologies, Inc.*		75		31,507
Trimble, Inc.*		338		20,196

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—(continued)
Zebra Technologies Corp., Class A*		86	$	23,244
				341,100
Energy equipment & services: 0.1%
Baker Hughes Co.		2,259		65,556
Halliburton Co.		2,134		80,857
Schlumberger Ltd.		3,108		160,218
				306,631
Entertainment: 1.1%
Activision Blizzard, Inc.		656		48,511
Electronic Arts, Inc.		235		30,733
Live Nation Entertainment, Inc.*		136		9,895
Netflix, Inc.*		3,327		1,016,498
Take-Two Interactive Software, Inc.*		11,344		1,198,948
Walt Disney Co.*		1,676		164,030
Warner Bros Discovery, Inc.*		2,082		23,735
				2,492,350
Equity real estate investment trusts: 1.2%
Alexandria Real Estate Equities, Inc.		223		34,701
American Tower Corp.		643		142,264
AvalonBay Communities, Inc.		192		33,581
Boston Properties, Inc.		209		15,065
Camden Property Trust		171		20,576
Crown Castle, Inc.		3,394		480,013
Digital Realty Trust, Inc.		379		42,622
Equinix, Inc.		131		90,475
Equity Residential		450		29,187
Essex Property Trust, Inc.		104		22,919
Extra Space Storage, Inc.		202		32,459
Federal Realty Investment Trust		106		11,777
Healthpeak Properties, Inc.		606		15,914
Host Hotels & Resorts, Inc.		1,063		20,133
Invitation Homes, Inc.		722		23,559
Iron Mountain, Inc.		423		22,982
Kimco Realty Corp.		895		20,513
Mid-America Apartment Communities, Inc.		161		26,546
Prologis, Inc.		10,868		1,280,142
Public Storage		228		67,935
Realty Income Corp.		811		51,150
Regency Centers Corp.		234		15,545
SBA Communications Corp.		153		45,793
Simon Property Group, Inc.		436		52,076
UDR, Inc.		320		13,270
Ventas, Inc.		480		22,334
VICI Properties, Inc.		1,270		43,434
Vornado Realty Trust		221		5,589
Welltower, Inc.		597		42,405
Weyerhaeuser Co.		982		32,121
				2,757,080
Food & staples retailing: 0.8%
BJ's Wholesale Club Holdings, Inc.*		7,682		577,994
Costco Wholesale Corp.		789		425,468
Kroger Co.		1,132		55,683
Sysco Corp.		921		79,676
Walgreens Boots Alliance, Inc.		1,226		50,879
Walmart, Inc.		4,345		662,265
				1,851,965
Food products: 1.8%
Archer-Daniels-Midland Co.		996		97,110
Bunge Ltd.		17,091		1,791,820
Campbell Soup Co.		382		20,502
Conagra Brands, Inc.		774		29,397
General Mills, Inc.		1,048		89,394
Hershey Co.		280		65,848
Hormel Foods Corp.		517		24,299
J.M. Smucker Co.		191		29,416
Kellogg Co.		471		34,359
Kraft Heinz Co.		1,449		57,018
Lamb Weston Holdings, Inc.		284		24,680
McCormick & Co., Inc.		431		36,713
Mondelez International, Inc., Class A		25,622		1,732,303
Tyson Foods, Inc., Class A		547		36,255
				4,069,114
Gas utilities: 0.0%†
Atmos Energy Corp.		204		24,521
Health care equipment & supplies: 1.3%
Abbott Laboratories		7,077		761,344
ABIOMED, Inc.*		76		28,712
Align Technology, Inc.*		133		26,156
Baxter International, Inc.		860		48,616
Becton Dickinson and Co.		500		124,670
Boston Scientific Corp.*		2,456		111,183
Cooper Cos., Inc.		1,387		438,777
DENTSPLY SIRONA, Inc.		307		9,290
Dexcom, Inc.*		4,516		525,120
Edwards Lifesciences Corp.*		1,054		81,422
Hologic, Inc.*		399		30,388
IDEXX Laboratories, Inc.*		152		64,732
Intuitive Surgical, Inc.*		619		167,371
Medtronic PLC		2,296		181,476
ResMed, Inc.		269		61,924
STERIS PLC		187		34,733

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—(continued)
Stryker Corp.		590	$	137,995
Teleflex, Inc.		76		17,793
Zimmer Biomet Holdings, Inc.		387		46,479
				2,898,181
Health care providers & services: 2.1%
AmerisourceBergen Corp.		259		44,209
Cardinal Health, Inc.		448		35,916
Centene Corp.*		4,450		387,372
Cigna Corp.		531		174,641
CVS Health Corp.		2,280		232,286
DaVita, Inc.*		66		4,866
Elevance Health, Inc.		420		223,826
HCA Healthcare, Inc.		375		90,083
HealthEquity, Inc.*		4,152		263,569
Henry Schein, Inc.*		231		18,693
Humana, Inc.		219		120,428
Laboratory Corp. of America Holdings		4,834		1,163,544
McKesson Corp.		251		95,802
Molina Healthcare, Inc.*		106		35,698
Quest Diagnostics, Inc.		216		32,795
UnitedHealth Group, Inc.		3,387		1,855,263
Universal Health Services, Inc., Class B		111		14,524
				4,793,515
Hotels, restaurants & leisure: 1.8%
Airbnb, Inc., Class A*		204		20,837
Booking Holdings, Inc.*		37		76,940
Caesars Entertainment, Inc.*		212		10,772
Carnival Corp.*		668		6,633
Chipotle Mexican Grill, Inc.*		471		766,298
Darden Restaurants, Inc.		123		18,080
Domino's Pizza, Inc.		29		11,273
Expedia Group, Inc.*		4,135		441,783
Hilton Worldwide Holdings, Inc.		246		35,084
Las Vegas Sands Corp.*		33,502		1,569,234
Marriott International, Inc., Class A		249		41,172
McDonald's Corp.		2,854		778,543
MGM Resorts International		369		13,601
Norwegian Cruise Line Holdings Ltd.*		360		5,918
Royal Caribbean Cruises Ltd.*		189		11,327
Starbucks Corp.		1,071		109,456
Wynn Resorts Ltd.*		67		5,605
Yum! Brands, Inc.		248		31,908
				3,954,464
Household durables: 0.0%†
D.R. Horton, Inc.		283		24,338
Garmin Ltd.		144		13,391
Lennar Corp., Class A		271		23,802
Mohawk Industries, Inc.*		38		3,850
Newell Brands, Inc.		245		3,178
NVR, Inc.*		2		9,278
PulteGroup, Inc.		232		10,389
Whirlpool Corp.		57		8,352
				96,578
Household products: 0.4%
Church & Dwight Co., Inc.		417		34,139
Clorox Co.		237		35,230
Colgate-Palmolive Co.		1,481		114,748
Kimberly-Clark Corp.		595		80,700
Procter & Gamble Co.		4,193		625,428
				890,245
Independent power and renewable electricity producers: 0.0%†
AES Corp.		879		25,421
Industrial conglomerates: 0.4%
3M Co.		358		45,097
General Electric Co.		695		59,749
Honeywell International, Inc.		3,481		764,254
				869,100
Insurance: 1.4%
Aflac, Inc.		978		70,347
Allstate Corp.		6,552		877,313
American International Group, Inc.		1,220		76,994
Aon PLC, Class A		356		109,748
Arch Capital Group Ltd.*		575		34,448
Arthur J. Gallagher & Co.		347		69,091
Assurant, Inc.		101		12,950
Brown & Brown, Inc.		352		20,976
Chubb Ltd.		681		149,541
Cincinnati Financial Corp.		289		32,067
Everest Re Group Ltd.		62		20,952
Globe Life, Inc.		166		19,913
Hartford Financial Services Group, Inc.		526		40,171
Lincoln National Corp.		247		9,618
Loews Corp.		377		21,923
Marsh & McLennan Cos., Inc.		5,993		1,037,868
MetLife, Inc.		1,100		84,370
Principal Financial Group, Inc.		375		33,630
Progressive Corp.		947		125,146
Prudential Financial, Inc.		594		64,170
Travelers Cos., Inc.		395		74,975
W. R. Berkley Corp.		376		28,681

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Insurance—(continued)
Willis Towers Watson PLC		179	$	44,063
				3,058,955
Interactive media & services: 1.8%
Alphabet, Inc., Class C*		4,949		502,076
Alphabet, Inc., Class A*		27,947		2,822,368
Match Group, Inc.*		269		13,601
Meta Platforms, Inc., Class A*		3,984		470,510
Snap, Inc., Class A*		29,069		299,701
				4,108,256
Internet & direct marketing retail: 1.6%
Amazon.com, Inc.*		36,156		3,490,500
eBay, Inc.		453		20,585
Etsy, Inc.*		113		14,926
				3,526,011
IT services: 2.7%
Accenture PLC, Class A		968		291,300
Akamai Technologies, Inc.*		12,574		1,192,770
Automatic Data Processing, Inc.		645		170,370
Block, Inc.*		4,747		321,704
Broadridge Financial Solutions, Inc.		192		28,629
Cognizant Technology Solutions Corp., Class A		758		47,155
DXC Technology Co.*		341		10,117
EPAM Systems, Inc.*		91		33,541
Fidelity National Information Services, Inc.		7,377		535,423
Fiserv, Inc.*		976		101,855
FleetCor Technologies, Inc.*		110		21,582
Gartner, Inc.*		129		45,198
Global Payments, Inc.		450		46,701
International Business Machines Corp.		1,364		203,100
Jack Henry & Associates, Inc.		123		23,290
Mastercard, Inc., Class A		5,845		2,083,158
MongoDB, Inc.*		1,085		165,669
Paychex, Inc.		476		59,038
PayPal Holdings, Inc.*		1,731		135,728
VeriSign, Inc.*		137		27,374
Visa, Inc., Class A		2,489		540,113
				6,083,815
Leisure products: 0.2%
Brunswick Corp.		6,894		511,535
Hasbro, Inc.		116		7,287
				518,822
Life sciences tools & services: 1.6%
Agilent Technologies, Inc.		4,071		630,923
Bio-Rad Laboratories, Inc., Class A*		2,373		984,107
Bio-Techne Corp.		268		22,777
Charles River Laboratories International, Inc.*		87		19,886
Danaher Corp.		1,134		310,047
Illumina, Inc.*		274		59,754
IQVIA Holdings, Inc.*		4,415		962,558
Mettler-Toledo International, Inc.*		37		54,374
PerkinElmer, Inc.		234		32,697
Thermo Fisher Scientific, Inc.		680		380,950
Waters Corp.*		110		38,126
West Pharmaceutical Services, Inc.		126		29,567
				3,525,766
Machinery: 1.1%
AGCO Corp.		2,418		320,917
Caterpillar, Inc.		314		74,233
Cummins, Inc.		88		22,102
Deere & Co.		174		76,734
Dover Corp.		85		12,066
Fortive Corp.		232		15,672
IDEX Corp.		44		10,449
Illinois Tool Works, Inc.		179		40,717
Ingersoll Rand, Inc.		31,453		1,697,518
Nordson Corp.		20		4,730
Otis Worldwide Corp.		280		21,865
PACCAR, Inc.		219		23,194
Parker-Hannifin Corp.		79		23,616
Pentair PLC		119		5,447
Snap-on, Inc.		23		5,534
Stanley Black & Decker, Inc.		93		7,600
Westinghouse Air Brake Technologies Corp.		110		11,120
Xylem, Inc.		108		12,134
				2,385,648
Media: 0.5%
Charter Communications, Inc., Class A*		108		42,259
Comcast Corp., Class A		29,393		1,076,960
DISH Network Corp., Class A*		334		5,361
Fox Corp., Class A		292		9,475
Fox Corp., Class B		189		5,768
Interpublic Group of Cos., Inc.		373		12,816
News Corp., Class A		343		6,568
Omnicom Group, Inc.		156		12,443
Paramount Global, Class B		475		9,538
				1,181,188
Multiline retail: 0.7%
Dollar General Corp.		201		51,392

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Multiline retail—(continued)
Dollar Tree, Inc.*		9,075	$	1,363,882
Target Corp.		431		72,007
				1,487,281
Multi-utilities: 0.2%
Ameren Corp.		398		35,549
CenterPoint Energy, Inc.		870		27,066
CMS Energy Corp.		401		24,489
Consolidated Edison, Inc.		491		48,138
Dominion Energy, Inc.		1,142		69,788
DTE Energy Co.		257		29,814
NiSource, Inc.		526		14,696
Public Service Enterprise Group, Inc.		700		42,385
Sempra Energy		458		76,115
WEC Energy Group, Inc.		434		43,027
				411,067
Oil, gas & consumable fuels: 3.5%
APA Corp.		26,501		1,241,572
Chevron Corp.		4,089		749,555
ConocoPhillips		2,902		358,426
Coterra Energy, Inc.		1,738		48,508
Devon Energy Corp.		1,508		103,328
Diamondback Energy, Inc.		396		58,616
EOG Resources, Inc.		4,393		623,498
EQT Corp.		7,065		299,627
Exxon Mobil Corp.		12,348		1,374,826
Hess Corp.		614		88,361
Kinder Morgan, Inc.		4,352		83,210
Marathon Oil Corp.		1,581		48,426
Marathon Petroleum Corp.		1,148		139,838
Occidental Petroleum Corp.		1,706		118,550
ONEOK, Inc.		981		65,648
Phillips 66		1,101		119,392
Pioneer Natural Resources Co.		547		129,087
Targa Resources Corp.		507		37,716
Valero Energy Corp.		873		116,650
Williams Cos., Inc.		59,701		2,071,625
				7,876,459
Personal products: 0.0%†
Estee Lauder Cos., Inc.		408		96,202
Pharmaceuticals: 2.0%
Bristol-Myers Squibb Co.		3,780		303,458
Catalent, Inc.*		331		16,593
Eli Lilly & Co.		6,024		2,235,386
Johnson & Johnson		4,603		819,334
Merck & Co., Inc.		4,442		489,153
Organon & Co.		508		13,218
Pfizer, Inc.		9,854		493,981
Viatris, Inc.		2,048		22,590
Zoetis, Inc.		808		124,545
				4,518,258
Professional services: 0.2%
CoStar Group, Inc.*		243		19,693
Equifax, Inc.		69		13,618
Jacobs Solutions, Inc.		76		9,617
Leidos Holdings, Inc.		75		8,200
Robert Half International, Inc.		59		4,648
Verisk Analytics, Inc.		2,409		442,557
				498,333
Real estate management & development: 0.0%†
CBRE Group, Inc.*		430		34,228
Road & rail: 0.5%
CSX Corp.		1,282		41,909
J.B. Hunt Transport Services, Inc.		27		4,965
Norfolk Southern Corp.		150		38,475
Old Dominion Freight Line, Inc.		55		16,643
Union Pacific Corp.		4,169		906,466
				1,008,458
Semiconductors & semiconductor equipment: 3.0%
Advanced Micro Devices, Inc.*		13,025		1,011,131
Analog Devices, Inc.		771		132,543
Applied Materials, Inc.		1,321		144,782
Broadcom, Inc.		2,417		1,331,839
Enphase Energy, Inc.*		215		68,927
Intel Corp.		6,166		185,412
KLA Corp.		225		88,459
Lam Research Corp.		208		98,255
Marvell Technology, Inc.		16,134		750,554
Microchip Technology, Inc.		861		68,182
Micron Technology, Inc.		15,138		872,706
Monolithic Power Systems, Inc.		69		26,355
NVIDIA Corp.		6,562		1,110,487
NXP Semiconductors N.V.		418		73,501
ON Semiconductor Corp.*		629		47,301
Qorvo, Inc.*		192		19,056
QUALCOMM, Inc.		1,702		215,286
Skyworks Solutions, Inc.		273		26,104
SolarEdge Technologies, Inc.*		88		26,300
Teradyne, Inc.		219		20,465
Texas Instruments, Inc.		1,388		250,478
Universal Display Corp.		1,412		159,019
				6,727,142
Software: 6.1%
Adobe, Inc.*		712		245,590
ANSYS, Inc.*		139		35,348
Autodesk, Inc.*		328		66,240

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Cadence Design Systems, Inc.*		407	$	70,020
Ceridian HCM Holding, Inc.*		270		18,479
Fortinet, Inc.*		10,626		564,878
Gen Digital, Inc.		1,011		23,213
HubSpot, Inc.*		1,962		594,545
Intuit, Inc.		428		174,449
Microsoft Corp.		25,216		6,433,610
Oracle Corp.		14,367		1,192,892
Palo Alto Networks, Inc.*		2,448		415,915
Paycom Software, Inc.*		81		27,467
PTC, Inc.*		155		19,718
Roper Technologies, Inc.		162		71,100
Salesforce, Inc.*		6,438		1,031,689
ServiceNow, Inc.*		1,858		773,485
Splunk, Inc.*		9,563		742,854
Synopsys, Inc.*		245		83,187
Tyler Technologies, Inc.*		65		22,278
VMware, Inc., Class A*		8,030		975,565
				13,582,522
Specialty retail: 1.0%
Advance Auto Parts, Inc.		51		7,700
AutoZone, Inc.*		19		49,001
Bath & Body Works, Inc.		221		9,393
Best Buy Co., Inc.		205		17,487
CarMax, Inc.*		163		11,306
Home Depot, Inc.		952		308,438
Lowe's Cos., Inc.		4,267		906,951
O'Reilly Automotive, Inc.*		56		48,414
Ross Stores, Inc.		331		38,949
TJX Cos., Inc.		9,501		760,555
Tractor Supply Co.		108		24,441
Ulta Beauty, Inc.*		50		23,242
				2,205,877
Technology hardware, storage & peripherals: 3.2%
Apple, Inc.		47,804		7,076,426
Hewlett Packard Enterprise Co.		2,097		35,188
HP, Inc.		1,432		43,017
NetApp, Inc.		318		21,500
Seagate Technology Holdings Plc		333		17,639
Western Digital Corp.*		514		18,890
				7,212,660
Textiles, apparel & luxury goods: 0.4%
Lululemon Athletica, Inc.*		1,698		645,766
Nike, Inc., Class B		1,141		125,156
Ralph Lauren Corp.		50		5,656
Tapestry, Inc.		280		10,576
VF Corp.		266		8,730
				795,884
Tobacco: 0.2%
Altria Group, Inc.		3,148		146,634
Philip Morris International, Inc.		2,732		272,298
				418,932
Trading companies & distributors: 0.3%
Fastenal Co.		399		20,552
United Rentals, Inc.*		1,853		654,165
W.W. Grainger, Inc.		26		15,680
				690,397
Water utilities: 0.0%†
American Water Works Co., Inc.		253		38,395
Wireless telecommunication services: 0.0%†
T-Mobile U.S., Inc.*		559		84,666
Total common stocks (cost—$119,125,708)				128,866,681
Preferred stocks: 0.0%†
Financial Services: 0.0%†
Squaretwo Financial Corp.1,2 (cost—$0)		35,000		0
Exchange traded funds: 3.0%
iShares Core S&P Mid-Cap ETF3 (cost—$5,948,086)		26,183		6,729,031
	Face amount
Asset-backed securities: 6.2%
American Credit Acceptance Receivables Trust,
Series 2019-1, Class D,
3.810%, due 04/14/254	$	87,095		87,057
Ares XLVIII CLO Ltd.,
Series 2018-48A, Class C,
3 mo. USD LIBOR + 1.800%
6.043%, due 07/20/304,5		725,000		675,989
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
3 mo. USD LIBOR + 0.550%
4.629%, due 05/15/285		350,000		335,774
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/274		275,000		261,586
Drive Auto Receivables Trust,
Series 2020-2, Class C,
2.280%, due 08/17/26		431,258		428,010
Series 2018-5, Class D,
4.300%, due 04/15/26		357,773		356,696

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
DT Auto Owner Trust,
Series 2019-1A, Class D,
3.870%, due 11/15/244	$	857,492	$	856,187
Series 2021-1A, Class C,
0.840%, due 10/15/264		325,000		310,422
Series 2021-1A, Class D,
1.160%, due 11/16/264		325,000		297,856
Enterprise Fleet Financing LLC,
Series 2020-1, Class A2,
1.780%, due 12/22/254		215,487		213,906
Exeter Automobile Receivables Trust,
Series 2021-3A, Class A3,
0.350%, due 02/18/25		97,705		97,513
Series 2021-4A, Class A3,
0.680%, due 07/15/25		474,058		471,024
Series 2020-3A, Class C,
1.320%, due 07/15/25		643,455		634,672
Series 2020-2A, Class C,
3.280%, due 05/15/254		627,164		623,411
Flagship Credit Auto Trust,
Series 2019-1, Class C,
3.600%, due 02/18/254		220,651		220,405
Ford Credit Auto Lease Trust,
Series 2020-B, Class C,
1.700%, due 02/15/25		173,000		172,639
GLS Auto Receivables Issuer Trust,
Series 2021-1A, Class B,
0.820%, due 04/15/254		260,999		260,219
GLS Auto Receivables Trust,
Series 2018-3A, Class C,
4.180%, due 07/15/244		246,682		246,535
Highbridge Loan Management Ltd.,
Series 12A-18, Class B,
3 mo. USD LIBOR + 1.850%
6.044%, due 07/18/314,5		700,000		650,971
HPEFS Equipment Trust,
Series 2020-2A, Class B,
1.200%, due 07/22/304		32,824		32,757
Series 2021-1A, Class D,
1.030%, due 03/20/314		675,000		636,706
Invitation Homes Trust,
Series 2018-SFR1, Class C,
1 mo. USD LIBOR + 1.250%
5.154%, due 03/17/374,5		149,978		147,450
New Residential Advance
Receivables Trust Advance
Receivables Backed Notes,
Series 2020-APT1, Class AT1,
1.035%, due 12/16/524		175,000		174,566
OneMain Financial Issuance Trust,
Series 2020-2A, Class A,
1.750%, due 09/14/354		600,000		523,618
Series 2020-2A, Class B,
2.210%, due 09/14/354		300,000		254,228
Series 2021-1A, Class A1,
1.550%, due 06/16/364		600,000		506,378
Santander Retail Auto Lease Trust,
Series 2021-C, Class C,
1.110%, due 03/20/264		325,000		298,943
Tesla Auto Lease Trust,
Series 2020-A, Class D,
2.330%, due 02/20/244		150,000		146,982
Series 2021-A, Class D,
1.340%, due 03/20/254		575,000		541,786
Series 2021-B, Class D,
1.320%, due 09/22/254		325,000		297,869
Voya CLO Ltd.,
Series 2018-2A, Class C1,
3 mo. USD LIBOR + 1.850%
5.929%, due 07/15/314,5		700,000		643,122
Westlake Automobile Receivables Trust,
Series 2020-3A, Class B,
0.780%, due 11/17/254		1,183,691		1,175,148
Series 2020-1A, Class C,
2.520%, due 04/15/254		719,872		716,545
Series 2019-3A, Class D,
2.720%, due 11/15/244		669,756		664,311
Total asset-backed securities (cost—$14,542,066)				13,961,281
Corporate bonds: 16.3%
Advertising: 0.0%†
Clear Channel Outdoor Holdings, Inc.,
5.125%, due 08/15/274		35,000		30,165
Aerospace & defense: 0.2%
Bombardier, Inc.
7.125%, due 06/15/264		55,000		54,037
7.500%, due 03/15/254		41,000		41,061
Howmet Aerospace, Inc.
5.900%, due 02/01/27		20,000		19,800
6.750%, due 01/15/28		32,000		32,640
Raytheon Technologies Corp.,
4.125%, due 11/16/28		150,000		145,362
TransDigm UK Holdings PLC,
6.875%, due 05/15/26		60,000		59,140

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Aerospace & defense—(concluded)
TransDigm, Inc.
5.500%, due 11/15/27	$	30,000	$	28,275
6.250%, due 03/15/264	50,000		49,757
6.375%, due 06/15/26	30,000		29,464
7.500%, due 03/15/27	35,000		35,087
			494,623
Agriculture: 0.1%
Darling Ingredients, Inc.
5.250%, due 04/15/274	30,000		29,035
6.000%, due 06/15/304	40,000		39,008
Reynolds American, Inc.,
5.700%, due 08/15/35	70,000		64,623
			132,666
Airlines: 0.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.500%, due 04/20/264	31,000		30,064
Delta Air Lines, Inc.,
7.000%, due 05/01/254	250,000		254,747
Delta Airlines Pass-Through Trust,
2.000%, due 06/10/28	96,845		83,073
United Airlines, Inc.
4.375%, due 04/15/264	38,000		35,379
4.625%, due 04/15/294	30,000		26,707
			429,970
Auto manufacturers: 0.4%
Allison Transmission, Inc.,
5.875%, due 06/01/294	35,000		33,083
Ford Motor Co.
6.625%, due 10/01/28	35,000		35,377
7.450%, due 07/16/31	55,000		58,013
9.625%, due 04/22/30	30,000		34,342
Ford Motor Credit Co. LLC,
4.542%, due 08/01/26	200,000		188,218
General Motors Co.,
6.600%, due 04/01/36	200,000		202,041
General Motors Financial Co., Inc.,
4.000%, due 10/06/26	200,000		188,295
Jaguar Land Rover Automotive PLC,
2.200%, due 01/15/246	125,000		124,372
PM General Purchaser LLC,
9.500%, due 10/01/284	55,000		48,247
			911,988
Auto parts & equipment: 0.0%†
Dana, Inc.
4.250%, due 09/01/30	20,000		16,000
5.625%, due 06/15/28	20,000		18,400
			34,400
Banks: 3.4%
Bank of America Corp.
4.200%, due 08/26/24	120,000		118,318
6.110%, due 01/29/37	850,000		881,289
6.500%, due 10/23/24
Series Z,
(fixed, converts to FRN on 10/23/24)7	30,000		29,593
Bank of New York Mellon Corp.,
1.600%, due 04/24/25	150,000		139,278
Bank of Nova Scotia,
4.588%, due 05/04/37
(fixed, converts to FRN on 05/04/32)	150,000		129,342
Barclays PLC
4.337%, due 01/10/28	305,000		283,688
5.746%, due 08/09/33
(fixed, converts to FRN on 08/09/32)	200,000		191,570
Capital One N.A.,
3.375%, due 02/15/23	70,000		69,767
Citigroup, Inc.
3.980%, due 03/20/30
(fixed, converts to FRN on 03/20/29)	275,000		251,445
5.500%, due 09/13/25	300,000		304,472
5.950%, due 01/30/23
(fixed, converts to FRN on 01/30/23)7	35,000		34,650
6.675%, due 09/13/43	200,000		218,091
Credit Suisse Group AG,
4.550%, due 04/17/26	250,000		217,273
Deutsche Bank AG
2.552%, due 01/07/28
(fixed, converts to FRN on 01/07/27)	150,000		125,931
3.700%, due 05/30/24	125,000		121,125
Goldman Sachs Group, Inc.
3.750%, due 02/25/26	150,000		145,155
5.150%, due 05/22/45	210,000		200,007
6.334%, due 11/29/233
mo. USD LIBOR + 1.600%5	600,000		605,535
HSBC Holdings PLC,
6.500%, due 09/15/37	200,000		193,264
JPMorgan Chase & Co.
3.875%, due 09/10/24	550,000		540,556
3.960%, due 01/29/27
(fixed, converts to FRN on 01/29/26)	200,000		192,177
4.032%, due 07/24/48
(fixed, converts to FRN on 07/24/47)	350,000		285,637

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
6.000%, due 08/01/23
Series R,
(fixed, converts to FRN on 08/01/23)7	$	60,000	$	59,400
Lloyds Banking Group PLC,
4.582%, due 12/10/25	400,000		380,154
Mitsubishi UFJ Financial Group, Inc.,
3.677%, due 02/22/27	350,000		329,773
Morgan Stanley
4.300%, due 01/27/45	225,000		193,774
4.350%, due 09/08/26	815,000		793,486
Royal Bank of Canada,
2.300%, due 11/03/31	200,000		161,164
Societe Generale SA,
4.000%, due 01/12/274	200,000		184,416
Sumitomo Mitsui Financial Group, Inc.,
3.544%, due 01/17/28	150,000		138,905
Wells Fargo & Co.,
3.196%, due 06/17/27
(fixed, converts to FRN on 06/17/26)	95,000		88,432
			7,607,667
Beverages: 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36	75,000		71,962
4.900%, due 02/01/46	205,000		191,774
Primo Water Holdings, Inc.,
4.375%, due 04/30/294	93,000		80,367
			344,103
Biotechnology: 0.1%
Biogen, Inc.,
3.250%, due 02/15/51	56,000		38,874
Gilead Sciences, Inc.
2.950%, due 03/01/27	200,000		186,772
4.750%, due 03/01/46	50,000		45,990
			271,636
Building Materials: 0.1%
Builders FirstSource, Inc.
4.250%, due 02/01/324	10,000		8,106
5.000%, due 03/01/304	30,000		26,612
6.375%, due 06/15/324	10,000		9,239
Masco Corp.,
4.500%, due 05/15/47	150,000		119,824
New Enterprise Stone & Lime Co., Inc.,
5.250%, due 07/15/284	61,000		55,205
Smyrna Ready Mix Concrete LLC,
6.000%, due 11/01/284	51,000		45,390
Summit Materials LLC/Summit Materials Finance Corp.,
5.250%, due 01/15/294	35,000		32,310
			296,686
Chemicals: 0.3%
Celanese US Holdings LLC,
6.330%, due 07/15/29	30,000		28,826
Chemours Co.
4.625%, due 11/15/294	45,000		36,225
5.375%, due 05/15/27	30,000		27,150
DuPont de Nemours, Inc.,
4.725%, due 11/15/28	100,000		99,655
LYB International Finance II BV,
3.500%, due 03/02/27	150,000		138,766
NOVA Chemicals Corp.
4.250%, due 05/15/294	—		0
5.250%, due 06/01/274	60,000		53,855
Nutrien Ltd.,
4.200%, due 04/01/29	100,000		94,636
Tronox, Inc.,
4.625%, due 03/15/294	40,000		32,208
WR Grace Holdings LLC
4.875%, due 06/15/274	30,000		26,878
5.625%, due 10/01/244	60,000		58,654
			596,853
Commercial services: 0.4%
ASGN, Inc.,
4.625%, due 05/15/284	69,000		61,583
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.375%, due 03/01/294	10,000		8,805
5.750%, due 07/15/274	52,000		48,095
Block, Inc.,
3.500%, due 06/01/31	34,000		27,591
Carriage Services, Inc.,
4.250%, due 05/15/294	55,000		41,278
Garda World Security Corp.
4.625%, due 02/15/274	55,000		49,395
9.500%, due 11/01/274	23,000		21,277
Gartner, Inc.,
4.500%, due 07/01/284	10,000		9,414
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.,
5.000%, due 02/01/264	30,000		26,247

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(concluded)
MoneyGram International, Inc.,
5.375%, due 08/01/264	$	103,000	$	103,879
NESCO Holdings II, Inc.,
5.500%, due 04/15/294	45,000		39,587
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/274	5,000		4,399
5.750%, due 04/15/264	45,000		44,550
Quanta Services, Inc.,
2.350%, due 01/15/32	400,000		307,948
United Rentals North America, Inc.,
6.000%, due 12/15/294	25,000		25,125
Williams Scotsman International, Inc.
4.625%, due 08/15/284	60,000		54,552
6.125%, due 06/15/254	27,000		26,730
Yale University,
1.482%, due 04/15/30
Series 2020,	100,000		80,877
			981,332
Computers: 0.4%
Ahead DB Holdings LLC,
6.625%, due 05/01/284	30,000		24,511
Apple, Inc.
3.450%, due 02/09/45	200,000		165,263
3.850%, due 05/04/43	210,000		187,435
Booz Allen Hamilton, Inc.
3.875%, due 09/01/284	160,000		144,198
4.000%, due 07/01/294	40,000		35,465
International Business Machines Corp.,
5.875%, due 11/29/32	175,000		189,284
KBR, Inc.,
4.750%, due 09/30/284	75,000		66,537
NCR Corp.,
5.125%, due 04/15/294	35,000		30,107
Science Applications International Corp.,
4.875%, due 04/01/284	70,000		64,487
Seagate HDD Cayman,
4.091%, due 06/01/29	50,000		41,375
			948,662
Distribution & wholesale: 0.0%†
American Builders & Contractors Supply Co., Inc.
3.875%, due 11/15/294	26,000		21,442
4.000%, due 01/15/284	10,000		9,050
			30,492
Diversified financial services: 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28	200,000		168,978
6.500%, due 07/15/25	29,000		29,297
Avolon Holdings Funding Ltd.,
2.750%, due 02/21/284	200,000		161,024
Capital One Financial Corp.,
3.750%, due 07/28/26	200,000		189,182
CME Group, Inc.,
3.750%, due 06/15/28	150,000		144,962
Enact Holdings, Inc.,
6.500%, due 08/15/254	95,000		92,362
Intercontinental Exchange, Inc.,
3.000%, due 06/15/50	200,000		139,774
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/304	29,000		22,608
6.000%, due 01/15/274	35,000		31,819
Navient Corp.,
6.750%, due 06/15/26	200,000		190,588
OneMain Finance Corp.
5.625%, due 03/15/23	40,000		39,917
7.125%, due 03/15/26	115,000		111,411
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
2.875%, due 10/15/264	150,000		127,914
Visa, Inc.,
2.000%, due 08/15/50	50,000		31,245
			1,481,081
Electric: 1.1%
Alabama Power Co.,
6.000%, due 03/01/39	30,000		31,522
Berkshire Hathaway Energy Co.
3.750%, due 11/15/23	80,000		78,978
4.450%, due 01/15/49	50,000		43,878
Calpine Corp.
4.625%, due 02/01/294	30,000		25,902
5.125%, due 03/15/284	35,000		31,348
Clearway Energy Operating LLC,
4.750%, due 03/15/284	65,000		60,045
Dominion Energy, Inc.,
3.900%, due 10/01/25	150,000		146,082
Duke Energy Carolinas LLC,
2.550%, due 04/15/31	150,000		126,807

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Electric—(concluded)
Duke Energy Ohio, Inc.,
4.300%, due 02/01/49	$	250,000	$	206,919
Edison International,
4.950%, due 04/15/25	188,000		185,608
Exelon Corp.
3.400%, due 04/15/26	170,000		162,527
4.450%, due 04/15/46	300,000		256,276
FirstEnergy Corp.,
5.350%, due 07/15/47
Series C,8	20,000		17,622
Florida Power & Light Co.,
5.950%, due 02/01/38	45,000		47,914
Georgia Power Co.,
3.700%, due 01/30/50	250,000		190,352
Leeward Renewable Energy Operations LLC,
4.250%, due 07/01/294	25,000		21,023
National Rural Utilities Cooperative Finance Corp.,
3.900%, due 11/01/28	100,000		94,667
Northern States Power Co.,
2.600%, due 05/15/23	50,000		49,506
NRG Energy, Inc.
3.625%, due 02/15/314	30,000		23,990
5.250%, due 06/15/294	10,000		9,217
Oncor Electric Delivery Co. LLC,
3.750%, due 04/01/45	40,000		32,438
PG&E Corp.,
5.000%, due 07/01/28	50,000		46,130
Public Service Electric and Gas Co.,
2.450%, due 01/15/30	150,000		129,302
Southern California Edison Co.,
3.650%, due 02/01/50	175,000		130,579
Southwestern Electric Power Co.,
3.250%, due 11/01/51	250,000		168,001
Virginia Electric and Power Co.,
4.600%, due 12/01/48	100,000		87,774
Vistra Operations Co. LLC
5.000%, due 07/31/274	75,000		70,401
5.625%, due 02/15/274	60,000		58,047
			2,532,855
Electrical components & equipment: 0.1%†
Energizer Holdings, Inc.
4.375%, due 03/31/294	54,000		45,939
4.750%, due 06/15/284	30,000		26,158
WESCO Distribution, Inc.,
7.250%, due 06/15/284	30,000		30,392
			102,489
Electronics: 0.0%†
Coherent Corp.,
5.000%, due 12/15/294	40,000		35,300
Sensata Technologies, Inc.,
4.375%, due 02/15/304	50,000		44,280
			79,580
Energy-Alternate Sources: 0.0%†
TerraForm Power Operating LLC,
4.750%, due 01/15/304	72,000		64,800
Engineering & construction: 0.1%
Arcosa, Inc.,
4.375%, due 04/15/294	35,000		30,438
Artera Services LLC,
9.033%, due 12/04/254	68,000		56,572
Dycom Industries, Inc.,
4.500%, due 04/15/294	45,000		38,648
Great Lakes Dredge & Dock Corp.,
5.250%, due 06/01/294	77,000		62,054
Weekley Homes LLC/Weekley Finance Corp.,
4.875%, due 09/15/284	15,000		12,157
			199,869
Entertainment: 0.2%
Affinity Gaming,
6.875%, due 12/15/274	89,000		76,348
Caesars Entertainment, Inc.
6.250%, due 07/01/254	53,000		52,380
8.125%, due 07/01/274	88,000		88,334
CDI Escrow Issuer, Inc.,
5.750%, due 04/01/304	20,000		18,553
Churchill Downs, Inc.,
5.500%, due 04/01/274	35,000		33,286
Cinemark USA, Inc.
5.250%, due 07/15/284	10,000		7,987
5.875%, due 03/15/264	35,000		30,648
International Game Technology Plc,
5.250%, due 01/15/294	20,000		18,835
Jacobs Entertainment, Inc.,
6.750%, due 02/15/294	73,000		65,700
Warnermedia Holdings, Inc.,
5.050%, due 03/15/424	150,000		120,082
			512,153

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Environmental control: 0.0%†
Covanta Holding Corp.,
5.000%, due 09/01/30	$	25,000	$	21,359
GFL Environmental, Inc.,
4.750%, due 06/15/294	65,000		56,929
			78,288
Food: 0.1%
Kroger Co.,
3.875%, due 10/15/46	250,000		193,291
Performance Food Group, Inc.,
5.500%, due 10/15/274	40,000		38,600
United Natural Foods, Inc.,
6.750%, due 10/15/284	60,000		58,200
			290,091
Food service: 0.0%†
Aramark Services, Inc.,
5.000%, due 02/01/284	65,000		60,786
Forest products & paper: 0.0%†
Clearwater Paper Corp.,
4.750%, due 08/15/284	35,000		30,668
Healthcare-products: 0.2%
Abbott Laboratories
3.750%, due 11/30/26	62,000		61,118
4.900%, due 11/30/46	50,000		50,177
Avantor Funding, Inc.,
4.625%, due 07/15/284	70,000		64,400
Medline Borrower LP,
5.250%, due 10/01/294	24,000		19,560
Medtronic, Inc.,
4.375%, due 03/15/35	97,000		93,461
Zimmer Biomet Holdings, Inc.,
4.250%, due 08/15/35	50,000		42,239
			330,955
Healthcare-services: 0.4%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/294	35,000		32,291
5.500%, due 07/01/284	55,000		51,710
Centene Corp.,
3.000%, due 10/15/30	18,000		14,852
CHS/Community Health Systems, Inc.
5.625%, due 03/15/274	63,000		53,474
6.875%, due 04/15/294	53,000		28,355
8.000%, due 03/15/264	195,000		179,964
DaVita, Inc.,
4.625%, due 06/01/304	33,000		26,713
Encompass Health Corp.,
4.500%, due 02/01/28	100,000		89,926
Legacy LifePoint Health LLC
4.375%, due 02/15/274	50,000		41,448
6.750%, due 04/15/254	35,000		32,092
Select Medical Corp.,
6.250%, due 08/15/264	75,000		72,590
Tenet Healthcare Corp.
4.625%, due 06/15/284	10,000		8,950
4.875%, due 01/01/264	34,000		32,265
5.125%, due 11/01/274	55,000		51,776
6.125%, due 10/01/284	96,000		84,720
6.125%, due 06/15/304	30,000		28,427
UnitedHealth Group, Inc.,
4.625%, due 07/15/35	40,000		39,266
			868,819
Home builders: 0.0%
Forestar Group, Inc.,
3.850%, due 05/15/264	25,000		22,074
Installed Building Products, Inc.,
5.750%, due 02/01/284	40,000		35,024
KB Home,
6.875%, due 06/15/27	20,000		19,948
			77,046
Housewares: 0.0%†
Newell Brands, Inc.
5.625%, due 04/01/368	65,000		55,637
5.750%, due 04/01/468	5,000		3,850
			59,487
Insurance: 0.5%
Allstate Corp.
3.280%, due 12/15/26	200,000		190,016
3.850%, due 08/10/49	50,000		38,945
American International Group, Inc.,
2.500%, due 06/30/25	50,000		47,211
Aon Global Ltd.,
4.750%, due 05/15/45	150,000		131,289
Berkshire Hathaway Finance Corp.,
4.250%, due 01/15/49	100,000		89,525
Hartford Financial Services Group, Inc.,
6.100%, due 10/01/41	150,000		153,558
Lincoln National Corp.,
4.000%, due 09/01/23	150,000		148,438
MetLife, Inc.,
4.125%, due 08/13/42	130,000		110,826
Prudential Financial, Inc.,
6.625%, due 06/21/40	110,000		120,748
Teachers Insurance & Annuity Association of America,
4.270%, due 05/15/474	50,000		42,125
			1,072,681

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Internet: 0.1%
Alibaba Group Holding Ltd.,
2.125%, due 02/09/31	$	200,000	$	159,014
Amazon.com, Inc.,
2.500%, due 06/03/50	150,000		97,978
Uber Technologies, Inc.
4.500%, due 08/15/294	25,000		21,763
7.500%, due 09/15/274	25,000		25,130
			303,885
Investment companies: 0.0%†
Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
6.250%, due 05/15/26	40,000		39,483
Iron & steel: 0.0%†
Big River Steel LLC/BRS Finance Corp.,
6.625%, due 01/31/294	44,000		42,271
Commercial Metals Co.,
4.125%, due 01/15/30	20,000		17,211
			59,482
Leisure time: 0.2%
Carnival Corp.
5.750%, due 03/01/274	70,000		52,051
7.625%, due 03/01/264	30,000		25,275
Carnival Holdings Bermuda Ltd.,
10.375%, due 05/01/284	60,000		62,472
Harley-Davidson, Inc.,
3.500%, due 07/28/25	250,000		238,272
NCL Corp. Ltd.,
5.875%, due 03/15/264	30,000		24,608
Royal Caribbean Cruises Ltd.
5.500%, due 08/31/264	44,000		38,170
7.500%, due 10/15/27	25,000		21,979
11.625%, due 08/15/274	20,000		20,550
			483,377
Lodging: 0.1%†
Hilton Domestic Operating Co., Inc.,
4.000%, due 05/01/314	40,000		33,647
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/314	10,000		8,254
5.000%, due 06/01/294	25,000		21,648
Travel + Leisure Co.,
6.625%, due 07/31/264	35,000		34,294
			97,843
Machinery-diversified: 0.1%
Deere & Co.,
3.900%, due 06/09/42	150,000		134,914
GrafTech Finance, Inc.,
4.625%, due 12/15/284	67,000		55,861
Mueller Water Products, Inc.,
4.000%, due 06/15/294	25,000		21,504
			212,279
Media: 0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/314	25,000		20,295
4.250%, due 01/15/344	40,000		31,160
4.750%, due 03/01/304	98,000		84,253
5.375%, due 06/01/294	60,000		54,448
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.200%, due 03/15/28	150,000		139,529
Comcast Corp.
2.887%, due 11/01/51	439,000		292,853
3.969%, due 11/01/47	85,000		68,969
4.150%, due 10/15/28	300,000		291,083
CSC Holdings LLC,
6.500%, due 02/01/294	200,000		182,264
DISH DBS Corp.,
5.875%, due 11/15/24	25,000		23,757
DISH Network Corp.,
11.750%, due 11/15/274	35,000		35,974
Fox Corp.
3.050%, due 04/07/25	25,000		23,910
5.576%, due 01/25/49	50,000		44,840
Gray Escrow II, Inc.,
5.375%, due 11/15/314	55,000		41,963
Gray Television, Inc.,
5.875%, due 07/15/264	40,000		36,845
Nexstar Media, Inc.
4.750%, due 11/01/284	10,000		8,899
5.625%, due 07/15/274	40,000		37,717
Radiate Holdco LLC/Radiate Finance, Inc.
4.500%, due 09/15/264	10,000		8,177
6.500%, due 09/15/284	60,000		32,382
Sirius XM Radio, Inc.
3.875%, due 09/01/314	25,000		20,438
4.000%, due 07/15/284	55,000		48,610
4.125%, due 07/01/304	25,000		21,096
5.500%, due 07/01/294	35,000		32,588
Time Warner Cable Enterprises LLC,
8.375%, due 03/15/23	35,000		35,259

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Media—(concluded)
Time Warner Cable LLC,
6.550%, due 05/01/37	$	25,000	$	23,961
Univision Communications, Inc.
4.500%, due 05/01/294	40,000		34,050
6.625%, due 06/01/274	50,000		48,727
7.375%, due 06/30/304	25,000		24,950
Walt Disney Co.
2.000%, due 09/01/29	100,000		84,658
4.950%, due 10/15/45	120,000		115,511
			1,949,166
Mining: 0.2%
Arconic Corp.,
6.125%, due 02/15/284	75,000		70,421
Hudbay Minerals, Inc.,
6.125%, due 04/01/294	25,000		22,380
Novelis Corp.
3.250%, due 11/15/264	10,000		8,936
3.875%, due 08/15/314	4,000		3,280
4.750%, due 01/30/304	75,000		66,682
Teck Resources Ltd.,
3.900%, due 07/15/30	200,000		179,805
			351,504
Miscellaneous manufacturers: 0.2%
Amsted Industries, Inc.
4.625%, due 05/15/304	35,000		29,575
5.625%, due 07/01/274	20,000		18,903
GE Capital Funding LLC,
3.450%, due 05/15/25	200,000		192,917
GE Capital International Funding Co. Unlimited Co.,
4.418%, due 11/15/35	200,000		188,771
Illinois Tool Works, Inc.,
2.650%, due 11/15/26	110,000		102,697
			532,863
Oil & gas: 0.8%
Aker BP ASA,
3.750%, due 01/15/304	150,000		132,935
Antero Resources Corp.,
7.625%, due 02/01/294	17,000		17,346
Apache Corp.,
5.100%, due 09/01/40	51,000		41,948
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/294	41,000		36,951
7.000%, due 11/01/264	29,000		28,427
8.250%, due 12/31/284	10,000		9,966
BP Capital Markets America, Inc.,
3.017%, due 01/16/27	75,000		70,509
California Resources Corp.,
7.125%, due 02/01/264	63,000		61,268
Comstock Resources, Inc.
5.875%, due 01/15/304	15,000		13,820
6.750%, due 03/01/294	65,000		63,482
ConocoPhillips Co.,
3.758%, due 03/15/42	150,000		127,011
Ecopetrol SA,
5.375%, due 06/26/26	325,000		302,924
EOG Resources, Inc.,
3.900%, due 04/01/35	50,000		45,294
EQT Corp.
3.125%, due 05/15/264	150,000		138,470
7.000%, due 02/01/308	18,000		18,937
Equinor ASA,
4.800%, due 11/08/43	50,000		48,047
Exxon Mobil Corp.,
4.114%, due 03/01/46	50,000		43,535
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/294	79,000		72,368
6.000%, due 04/15/304	10,000		9,195
6.250%, due 11/01/284	20,000		19,046
Marathon Petroleum Corp.,
4.750%, due 09/15/44	110,000		93,708
Murphy Oil Corp.,
7.050%, due 05/01/29	44,000		43,323
Nabors Industries Ltd.,
7.250%, due 01/15/264	20,000		19,225
Nabors Industries, Inc.
7.375%, due 05/15/274	15,000		14,588
9.000%, due 02/01/254	67,000		67,596
Occidental Petroleum Corp.
5.875%, due 09/01/25	42,000		42,383
6.375%, due 09/01/28	26,000		26,546
6.450%, due 09/15/36	57,000		57,143
6.950%, due 07/01/24	14,000		14,194
8.500%, due 07/15/27	26,000		28,340
Shell International Finance BV,
4.375%, due 05/11/45	100,000		89,793
Southwestern Energy Co.,
5.375%, due 03/15/30	55,000		51,711
			1,850,029
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	22,000		21,285
Oceaneering International, Inc.
4.650%, due 11/15/24	58,000		56,208

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Oil & gas services—(concluded)
6.000%, due 02/01/28	$	4,000	$	3,624
USA Compression Partners LP/USA Compression Finance Corp.,
6.875%, due 09/01/27	64,000		61,101
Weatherford International Ltd.
8.625%, due 04/30/304	27,000		25,893
11.000%, due 12/01/244	13,000		13,331
			191,644
Packaging & containers: 0.1%
Cascades, Inc./Cascades USA, Inc.,
5.375%, due 01/15/284	35,000		30,926
Graphic Packaging International LLC
3.500%, due 03/15/284	40,000		34,773
4.750%, due 07/15/274	20,000		18,637
Owens-Brockway Glass Container, Inc.
5.375%, due 01/15/254	39,000		36,988
6.625%, due 05/13/274	28,000		26,937
			148,261
Pharmaceuticals: 0.4%
AbbVie, Inc.
3.200%, due 05/14/26	30,000		28,517
3.800%, due 03/15/25	90,000		88,050
4.450%, due 05/14/46	200,000		176,415
Bristol-Myers Squibb Co.,
4.125%, due 06/15/39	250,000		226,985
Pfizer, Inc.,
7.200%, due 03/15/39	270,000		333,283
			853,250
Pipelines: 0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
5.375%, due 06/15/294	25,000		23,063
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.625%, due 12/15/254	67,000		67,609
Buckeye Partners LP
4.500%, due 03/01/284	40,000		35,500
5.600%, due 10/15/44	12,000		9,000
5.850%, due 11/15/43	15,000		11,340
CNX Midstream Partners LP,
4.750%, due 04/15/304	71,000		59,214
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
8.000%, due 04/01/294	25,000		25,188
DCP Midstream Operating LP,
5.375%, due 07/15/25	25,000		24,689
Enbridge Energy Partners LP,
7.375%, due 10/15/45	100,000		113,261
Energy Transfer LP,
5.400%, due 10/01/47	100,000		86,238
EnLink Midstream LLC
5.625%, due 01/15/284	29,000		28,275
6.500%, due 09/01/304	30,000		30,469
EQM Midstream Partners LP
4.750%, due 01/15/314	13,000		10,944
6.500%, due 07/01/274	20,000		19,400
7.500%, due 06/01/274	30,000		30,318
Genesis Energy LP/Genesis Energy Finance Corp.
5.625%, due 06/15/24	32,000		30,999
8.000%, due 01/15/27	54,000		51,538
Hess Midstream Operations LP
4.250%, due 02/15/304	13,000		11,115
5.125%, due 06/15/284	38,000		35,775
5.625%, due 02/15/264	62,000		60,945
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/284	29,000		26,424
6.375%, due 04/15/274	10,000		9,784
Kinder Morgan, Inc.
4.300%, due 03/01/28	150,000		145,029
5.550%, due 06/01/45	120,000		111,987
MPLX LP,
4.875%, due 06/01/25	120,000		118,392
Plains All American Pipeline LP/PAA Finance Corp.,
3.800%, due 09/15/30	150,000		131,396
Sabine Pass Liquefaction LLC,
5.000%, due 03/15/27	180,000		177,676
Venture Global Calcasieu Pass LLC,
3.875%, due 08/15/294	28,000		24,185
Western Midstream Operating LP
3.350%, due 02/01/258	44,000		42,174
4.650%, due 07/01/26	200,000		194,507
5.450%, due 04/01/44	5,000		4,108
Williams Cos., Inc.,
4.300%, due 03/04/24	80,000		79,058
			1,829,600
Real estate investment trusts: 0.3%
AvalonBay Communities, Inc.,
3.450%, due 06/01/25	70,000		67,588

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Boston Properties LP,
2.750%, due 10/01/26	$	40,000	$	36,291
Iron Mountain, Inc.
4.875%, due 09/15/274	45,000		42,313
5.000%, due 07/15/284	60,000		54,563
5.250%, due 07/15/304	45,000		40,500
iStar, Inc.,
4.750%, due 10/01/24	30,000		29,516
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.750%, due 06/15/294	30,000		24,528
Public Storage,
2.250%, due 11/09/31	200,000		161,746
Service Properties Trust,
7.500%, due 09/15/25	20,000		19,350
VICI Properties LP/VICI Note Co., Inc.
4.500%, due 09/01/264	37,000		34,647
4.625%, due 12/01/294	55,000		49,905
			560,947
Retail: 0.7%
Academy Ltd.,
6.000%, due 11/15/274	35,000		33,132
Asbury Automotive Group, Inc.,
4.625%, due 11/15/294	20,000		17,450
Bath & Body Works, Inc.,
6.625%, due 10/01/304	80,000		74,894
Beacon Roofing Supply, Inc.
4.125%, due 05/15/294	28,000		23,547
4.500%, due 11/15/264	5,000		4,612
Group 1 Automotive, Inc.,
4.000%, due 08/15/284	54,000		45,805
Home Depot, Inc.
2.125%, due 09/15/26	300,000		276,427
3.350%, due 09/15/25	40,000		38,869
3.350%, due 04/15/50	200,000		151,709
Lithia Motors, Inc.,
4.625%, due 12/15/274	20,000		18,500
Lowe's Cos., Inc.,
2.800%, due 09/15/41	300,000		211,882
Macy's Retail Holdings LLC,
5.875%, due 04/01/294	53,000		49,298
McDonald's Corp.
3.800%, due 04/01/28	425,000		410,163
4.875%, due 12/09/45	20,000		18,799
Patrick Industries, Inc.
4.750%, due 05/01/294	30,000		23,550
7.500%, due 10/15/274	40,000		38,074
QVC, Inc.
4.750%, due 02/15/27	40,000		30,027
4.850%, due 04/01/24	30,000		28,563
Target Corp.,
1.950%, due 01/15/27	150,000		137,123
White Cap Buyer LLC,
6.875%, due 10/15/284	32,000		27,583
			1,660,007
Semiconductors: 0.3%
Broadcom, Inc.,
3.137%, due 11/15/354	340,000		251,967
NVIDIA Corp.,
2.850%, due 04/01/30	100,000		88,213
NXP BV/NXP Funding LLC,
5.550%, due 12/01/28	100,000		101,313
NXP BV/NXP Funding LLC/NXP USA, Inc.,
3.875%, due 06/18/26	95,000		90,385
QUALCOMM, Inc.,
3.250%, due 05/20/27	80,000		76,414
			608,292
Software: 0.5%
Cloud Software Group Holdings, Inc.,
6.500%, due 03/31/294	35,000		30,569
Fiserv, Inc.,
3.200%, due 07/01/26	90,000		84,723
Microsoft Corp.
2.525%, due 06/01/50	120,000		82,643
3.500%, due 02/12/35	250,000		232,405
Open Text Corp.,
6.900%, due 12/01/274	30,000		30,037
Oracle Corp.
2.800%, due 04/01/27	250,000		228,128
5.375%, due 07/15/40	366,000		338,166
			1,026,671
Telecommunications: 1.0%
Altice France Holding SA,
10.500%, due 05/15/274	200,000		158,000
AT&T, Inc.
3.800%, due 12/01/57	117,000		84,938
6.000%, due 08/15/40	380,000		386,752
CommScope, Inc.
6.000%, due 03/01/264	25,000		24,186
8.250%, due 03/01/274	35,000		30,044
Consolidated Communications, Inc.,
6.500%, due 10/01/284	32,000		26,330

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
Deutsche Telekom International Finance BV,
8.750%, due 06/15/308	$	150,000	$	178,741
DKT Finance ApS,
7.000%, due 06/17/236		100,000		101,307
Frontier Communications Holdings LLC
5.875%, due 10/15/274		90,000		85,637
6.750%, due 05/01/294		35,000		29,405
GoTo Group, Inc.,
5.500%, due 09/01/274		45,000		26,325
Level 3 Financing, Inc.,
4.250%, due 07/01/284		86,000		67,337
Lumen Technologies, Inc.
4.000%, due 02/15/274		35,000		29,837
5.125%, due 12/15/264		35,000		29,925
5.625%, due 04/01/25		5,000		4,800
Rogers Communications, Inc.,
5.000%, due 03/15/44		40,000		34,853
Sprint Capital Corp.,
6.875%, due 11/15/28		55,000		58,279
Sprint LLC,
7.625%, due 03/01/26		150,000		157,760
Telecom Italia Capital SA
7.200%, due 07/18/36		30,000		24,867
7.721%, due 06/04/38		25,000		21,028
Verizon Communications, Inc.
2.355%, due 03/15/32		209,000		167,770
4.016%, due 12/03/29		432,000		407,582
Viasat, Inc.
5.625%, due 09/15/254		60,000		55,750
5.625%, due 04/15/274		20,000		18,381
				2,209,834
Transportation: 0.3%
Burlington Northern Santa Fe LLC,
5.150%, due 09/01/43		210,000		210,689
Norfolk Southern Corp.,
3.400%, due 11/01/49		100,000		74,004
Union Pacific Corp.,
3.375%, due 02/01/35		300,000		257,152
United Parcel Service, Inc.,
3.750%, due 11/15/47		50,000		42,023
				583,868
Trucking & leasing: 0.0%†
Fortress Transportation and Infrastructure Investors LLC,
5.500%, due 05/01/284		26,000		22,621
Total corporate bonds
(cost—$41,436,844)				36,527,797
Mortgage-backed securities: 2.4%
Angel Oak Mortgage Trust,
Series 2019-5, Class A1,
2.593%, due 10/25/494,9		48,786		45,736
Series 2020-4, Class A1,
1.469%, due 06/25/654,9		68,158		61,442
Series 2020-R1, Class A1,
0.990%, due 04/25/534,9		106,574		99,101
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1,
3.649%, due 09/25/484,9		2,002		1,990
Series 2019-4, Class A1,
2.993%, due 07/26/494,9		9,650		9,575
BAMLL Commercial Mortgage Securities Trust,
Series 2015-200P, Class D,
3.716%, due 04/14/334,9		400,000		352,814
BANK,
Series 2020-BN30, Class A4,
1.925%, due 12/15/53		350,000		276,089
BX Commercial Mortgage Trust,
Series 2021-SOAR, Class D,
5.276%, due 06/15/384,5		347,369		325,595
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4,
4.228%, due 06/10/519		350,000		332,046
COLT Funding LLC,
Series 2021-3R, Class A1,
1.051%, due 12/25/644,9		277,581		229,604
COLT Mortgage Loan Trust,
Series 2020-2, Class A1,
1.853%, due 03/25/654,9		3,948		3,856
Series 2020-3, Class A1,
1.506%, due 04/27/654,9		18,236		17,110
COLT Mortgage Pass-Through Certificates,
Series 2021-1R, Class A1,
0.857%, due 05/25/654,9		39,860		32,421
CSMC Trust,
Series 2020-NQM1, Class A1,
1.208%, due 05/25/654,8		86,740		78,632
Deephaven Residential Mortgage Trust,
Series 2021-1, Class A1,
0.715%, due 05/25/654,9		84,950		75,391
Extended Stay America Trust,
Series 2021-ESH, Class D,
6.126%, due 07/15/384,5		895,168		848,042
Flagstar Mortgage Trust,
Series 2018-5, Class A2,
4.000%, due 09/25/484,9		261,058		246,885

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face
	amount		Value
Mortgage-backed securities—(continued)
GS Mortgage-Backed Securities Corp. Trust,
Series 2021-NQM1, Class A1,
1.017%, due 07/25/614,9	$	243,384	$	200,857
GS Mortgage-Backed Securities Trust,
Series 2020-NQM1, Class A1,
1.382%, due 09/27/604,9		46,711		42,396
Hilton USA Trust,
Series 2016-SFP, Class B,
3.323%, due 11/05/354		425,000		399,600
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class AS,
3.800%, due 01/15/48		250,000		234,696
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class D,
5.476%, due 04/15/384,5		700,000		659,669
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class AS,
3.994%, due 12/15/499		260,000		239,702
Residential Mortgage Loan Trust,
Series 2019-3, Class A1,
2.633%, due 09/25/594,9		35,820		34,553
Series 2020-1, Class A1,
2.376%, due 01/26/604,9		24,986		23,250
Series 2020-2, Class A1,
1.654%, due 05/25/604,9		26,045		25,503
Verus Securitization Trust,
Series 2019-4, Class A1,
2.642%, due 11/25/594,8		28,720		27,219
Series 2020-4, Class A1,
1.502%, due 05/25/654,8		33,987		30,336
Series 2020-5, Class A1,
1.218%, due 05/25/654,8		78,146		70,993
Series 2021-R1, Class A1,
0.820%, due 10/25/634,9		122,263		106,264
Series 2021-R3, Class A1,
1.020%, due 04/25/644,9		231,605		199,706
Vista Point Securitization Trust,
Series 2020-2, Class A1,
1.475%, due 04/25/654,9		28,540		24,932
Total mortgage-backed securities
(cost—$5,922,194)				5,356,005
Non-U.S. government agency obligations: 0.4%
Chile Government International Bond,
3.125%, due 01/21/26		200,000		190,038
Mexico Government International Bond
3.250%, due 04/16/30		200,000		178,500
4.750%, due 04/27/32		200,000		193,000
Panama Government International Bond,
6.700%, due 01/26/36		265,000		281,198
Total non-U.S. government agency obligations
(cost—$978,757)				842,736
U.S. government agency obligations: 10.0%
FHLMC
2.000%, due 02/01/51		3,777,692		3,119,723
3.000%, due 11/01/46		82,305		74,454
3.000%, due 07/01/47		105,085		94,999
3.000%, due 08/01/47		103,848		93,881
4.000%, due 05/01/47		90,861		87,455
5.000%, due 03/01/38		9,788		9,965
5.500%, due 05/01/37		48,259		50,208
5.500%, due 08/01/40		12,459		12,963
6.500%, due 08/01/28		21,132		21,919
FNMA
2.000%, due 01/01/51		487,639		402,783
2.000%, due 03/01/51		482,306		397,904
2.500%, due 08/01/35		233,039		215,682
2.500%, due 08/01/51		1,097,231		940,638
3.000%, due 11/01/48		173,230		156,546
3.000%, due 02/01/50		179,242		160,075
3.500%, due 12/01/47		70,603		65,798
3.500%, due 02/01/48		492,028		458,538
4.000%, due 12/01/39		29,525		28,758
4.000%, due 02/01/41		15,204		14,800
4.000%, due 08/01/45		94,253		91,107
4.500%, due 09/01/37		100,730		100,421
4.500%, due 07/01/47		44,133		43,673
5.000%, due 10/01/39		4,471		4,564
5.000%, due 05/01/40		3,495		3,571
5.500%, due 08/01/39		17,661		18,360
7.000%, due 08/01/32		71,582		76,743
7.500%, due 02/01/33		1,013		1,044
GNMA I,
4.000%, due 07/15/42		25,752		25,182
GNMA II
3.000%, due 01/20/47		41,260		37,859
3.000%, due 07/20/47		113,073		103,771
3.000%, due 08/20/47		85,455		78,425
3.500%, due 04/20/47		104,603		98,812
6.000%, due 11/20/28		223		227
6.000%, due 02/20/29		463		472
6.000%, due 02/20/34		198,770		208,005
GNMA II TBA
2.000%		1,925,000		1,632,733

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

	Face amount		Value
U.S. government agency obligations—(continued)
2.500%	$	1,975,000	$	1,729,537
3.000%		2,375,000		2,138,920
UMBS TBA
2.000%		4,975,000		4,086,888
2.500%		6,325,000		5,396,237
Total U.S. government agency obligations (cost—$22,336,744)				22,283,640
U.S. Treasury obligations: 1.0%
U.S. Treasury Bonds,3.375%, due 08/15/42		905,000		827,934
U.S. Treasury Inflation Indexed Notes (TIPS),0.125%, due 07/15/31		1,627,775		1,469,851
Total U.S. Treasury obligations (cost—$2,318,809)				2,297,785

	Number of shares
Short term investments: 8.6%
Investment companies: 8.6%
State Street Institutional U.S. Government Money Market Fund, 3.660%10 (cost—$19,296,519)		19,296,519	19,296,519

	Number of contracts		Notional amount		Value
Options Purchased: 0.0%†
CDX.NA.HY.S39, strike @98.000, expiring 12/21/22, (Counterparty: JPMCB), (cost—$20,430)		1,000,000	USD	98,000,000	$	1,083

	Number of shares
Investment of cash collateral from securities loaned: 3.0%
Money market funds: 3.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.820%10 (cost—$6,648,737)	$	6,648,737		6,648,737
Total investments (cost—$238,574,894)11: 108.5%				242,811,295
Liabilities in excess of other assets: (8.5)%				(19,115,670	)
Net assets: 100.0%			$	223,695,625

Options written
Notional amount (000)		Number of contracts	Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	91,000	1,000,000	CDX.NA.HY.S39, strike @91.000	JPMCB	12/21/22	$	5,300	$	(35	)	$	5,265
			Put options
USD	95,500	1,000,000	CDX.NA.HY.S39, strike @95.500	JPMCB	12/21/22	$	12,200	$	(269	)	$	11,931
Total options written						$	17,500	$	(304	)	$	17,196

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)

Futures contracts
Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts
105	USD	E-mini Russell 2000 Index Futures	December 2022	$	10,045,607		$	9,909,375		$	(136,232	)
U.S. Treasury futures buy contracts
25	USD	U.S. Treasury Note 10 Year Futures	March 2023	$	2,835,543		$	2,837,500		$	1,957
3	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2023		355,550			358,969			3,419
27	USD	U.S. Treasury Note 5 Year Futures	March 2023		2,914,333			2,931,398			17,065
9	USD	U.S. Treasury Note 2 Year Futures	March 2023		1,843,322			1,848,234			4,912
Total				$	17,994,355		$	17,885,476		$	(108,879	)
U.S. Treasury futures sell contracts
3	USD	U.S. Treasury Ultra Bond Futures	March 2023	$	(405,207	)	$	(408,844	)	$	(3,637	)
Index futures sell contracts
27	USD	S&P 500 E-Mini Index Futures	December 2022	$	(5,405,659	)	$	(5,509,687	)	$	(104,028	)
Total				$	(5,810,866	)	$	(5,918,531	)	$	(107,665	)
Net unrealized appreciation (depreciation)										$	(216,544	)

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.NA.IG.S39	USD	6,000	12/20/27	Quarterly		1.000	%	$	8,740	$	(77,935	)	$	(69,195	)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the Portfolio13	Payments recieved by the Portfolio13	Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
JPMCB	USD	2	03/20/23	Quarterly	Markit iBoxx USD Liquid High Yield Index	12 Month SOFR	$	—	$	3,940	$	3,940
MSCI	USD	2	03/20/23	Quarterly	Markit iBoxx USD Liquid High Yield Index	12 Month SOFR		—		5,487		5,487
							$	—	$	9,427	$	9,427

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	128,866,681		$	—		$	—	$	128,866,681
Preferred stocks		—			—			—		—
Exchange traded funds		6,729,031			—			—		6,729,031
Asset-backed securities		—			13,961,281			—		13,961,281
Corporate bonds		—			36,527,797			—		36,527,797
Mortgage-backed securities		—			5,356,005			—		5,356,005
Non-U.S. government agency obligations		—			842,736			—		842,736
U.S. government agency obligations		—			22,283,640			—		22,283,640
U.S. Treasury obligations		—			2,297,785			—		2,297,785
Short-term investments		—			19,296,519			—		19,296,519
Options purchased		—			1,083			—		1,083
Investment of cash collateral from securities loaned		—			6,648,737			—		6,648,737
Futures contracts		27,353			—			—		27,353
Swap agreements		—			9,427			—		9,427
Total	$	135,623,065		$	107,225,010		$	—	$	242,848,075
Liabilities
Options written	$	—		$	(304	)	$	—	$	(304	)
Futures contracts		(243,897	)		—			—		(243,897	)
Swap agreements		—			(77,935	)		—		(77,935	)
Total	$	(243,897	)	$	(78,239	)	$	—	$	(322,136	)

At November 30, 2022, there were no transfers in or out of Level 3.

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

Portfolio footnotes
†	Amount is less than 0.05% or (0.05).
*	Non–income producing security.
1	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
2	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
3	Security, or portion thereof, was on loan at the period end.
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 $25,321,251, represented 11.3% of the Fund's net assets at period end.
5	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
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.

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2022 (unaudited)  

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 November 30, 2022.
11	Includes $6,661,697 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,648,737 and non-cash collateral of $0.
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.

Portfolio acronyms
ETF	Exchange Traded Fund
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced Security
TIPS	Treasury inflation protected securities

Currency type abbreviations
USD	United States Dollar

UBS Series Funds

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 Series Funds

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 annual report to shareholders dated August 31, 2022.