NPORT-EX 2 NPORT_CFD7_91001095_1123.htm

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks: 63.8%
Aerospace & defense: 0.7%
Axon Enterprise, Inc.*		81	$	18,619
Boeing Co.*		635		147,085
General Dynamics Corp.		266		65,694
Howmet Aerospace, Inc.		426		22,408
Huntington Ingalls Industries, Inc.		56		13,273
L3Harris Technologies, Inc.		211		40,261
Lockheed Martin Corp.		250		111,943
Northrop Grumman Corp.		160		76,026
RTX Corp.		1,613		131,427
Textron, Inc.		226		17,325
TransDigm Group, Inc.		777		748,150
				1,392,211
Air freight & logistics: 0.1%
CH Robinson Worldwide, Inc.		137		11,241
Expeditors International of Washington, Inc.		173		20,819
FedEx Corp.		266		68,848
United Parcel Service, Inc., Class B		818		124,017
				224,925
Automobile components: 0.4%
Aptiv PLC*		9,594		794,767
BorgWarner, Inc.		246		8,288
				803,055
Automobiles: 0.9%
Ford Motor Co.		4,482		45,986
General Motors Co.		1,587		50,149
Tesla, Inc.*		7,239		1,737,939
				1,834,074
Banks: 1.3%
Bank of America Corp.		4,587		139,858
Citigroup, Inc.		1,326		61,129
Citizens Financial Group, Inc.		243		6,627
Comerica, Inc.		62		2,804
Fifth Third Bancorp		410		11,869
Huntington Bancshares, Inc.		920		10,359
JPMorgan Chase & Co.		1,978		308,726
KeyCorp		628		7,781
M&T Bank Corp.		110		14,099
PNC Financial Services Group, Inc.		272		36,437
Regions Financial Corp.		537		8,957
Truist Financial Corp.		898		28,862
U.S. Bancorp		1,081		41,208
Wells Fargo & Co.		45,382		2,023,583
Zions Bancorp NA		153		5,451
				2,707,750
Beverages: 0.8%
Brown-Forman Corp., Class B		161		9,457
Coca-Cola Co.		3,496		204,306

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Beverages—(continued)
Constellation Brands, Inc., Class A		3,286	$	790,250
Keurig Dr Pepper, Inc.		852		26,898
Molson Coors Beverage Co., Class B		152		9,354
Monster Beverage Corp.*		8,421		464,418
PepsiCo, Inc.		1,234		207,670
				1,712,353
Biotechnology: 1.8%
AbbVie, Inc.		23,454		3,339,615
Amgen, Inc.		519		139,943
Biogen, Inc.*		149		34,878
Contra Abiomed, Inc.*^,1,2		76		78
Gilead Sciences, Inc.		1,195		91,537
Incyte Corp.*		172		9,346
Moderna, Inc.*		342		26,573
Regeneron Pharmaceuticals, Inc.*		104		85,676
Vertex Pharmaceuticals, Inc.*		250		88,703
				3,816,349
Broadline retail: 2.4%
Amazon.com, Inc.*		34,229		5,000,515
eBay, Inc.		614		25,180
Etsy, Inc.*		117		8,870
				5,034,565
Building products: 0.4%
A O Smith Corp.		136		10,249
Allegion PLC		109		11,564
Carrier Global Corp.		935		48,582
Hayward Holdings, Inc.*		56,895		670,792
Johnson Controls International PLC		748		39,494
Masco Corp.		234		14,169
Trane Technologies PLC		258		58,156
				853,006
Capital markets: 2.0%
Ameriprise Financial, Inc.		5,602		1,980,363
Bank of New York Mellon Corp.		529		25,561
BlackRock, Inc.		1,761		1,322,916
Blackstone, Inc.		483		54,275
Cboe Global Markets, Inc.		71		12,935
Charles Schwab Corp.		1,008		61,811
CME Group, Inc.		247		53,935
FactSet Research Systems, Inc.		28		12,697
Franklin Resources, Inc.		230		5,704
Goldman Sachs Group, Inc.		228		77,871
Intercontinental Exchange, Inc.		397		45,194
Invesco Ltd.		259		3,696
MarketAxess Holdings, Inc.		24		5,763
Moody's Corp.		109		39,781
Morgan Stanley		864		68,550
MSCI, Inc.		815		424,493

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Capital markets—(continued)
Nasdaq, Inc.		207	$	11,559
Northern Trust Corp.		122		9,669
Raymond James Financial, Inc.		123		12,933
S&P Global, Inc.		221		91,898
State Street Corp.		206		15,001
T Rowe Price Group, Inc.		141		14,118
				4,350,723
Chemicals: 0.4%
CF Industries Holdings, Inc.		10,483		787,797

Commercial services & supplies: 0.1%
Cintas Corp.		102		56,431
Copart, Inc.*		951		47,759
Republic Services, Inc.		227		36,738
Rollins, Inc.		305		12,426
Veralto Corp.*		234		18,077
Waste Management, Inc.		409		69,935
				241,366
Communications equipment: 0.2%
Arista Networks, Inc.*		299		65,693
Cisco Systems, Inc.		4,957		239,820
F5, Inc.*		57		9,758
Juniper Networks, Inc.		477		13,571
Motorola Solutions, Inc.		197		63,605
				392,447
Construction & engineering: 0.0%^†
Quanta Services, Inc.		164		30,883

Consumer finance: 0.9%
American Express Co.		4,575		781,273
Capital One Financial Corp.		261		29,143
Discover Financial Services		155		14,415
SLM Corp.		69,272		1,041,158
Synchrony Financial		229		7,411
				1,873,400
Consumer staples distribution & retail: 1.4%
Costco Wholesale Corp.		388		229,983
Dollar General Corp.		183		23,995
Dollar Tree, Inc.*		12,980		1,604,198
Kroger Co.		568		25,145
Sysco Corp.		429		30,961
Target Corp.		394		52,721
Walgreens Boots Alliance, Inc.		705		14,058
Walmart, Inc.		6,469		1,007,159
				2,988,220
Distributors: 0.0%^†
Genuine Parts Co.		160		21,245
LKQ Corp.		288		12,825
Pool Corp.		45		15,629
				49,699

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Diversified consumer services: 0.4%
Chegg, Inc.*		89,139	$	885,150

Diversified telecommunication services: 0.2%
AT&T, Inc.		10,790		178,790
Verizon Communications, Inc.		6,441		246,884
				425,674
Electric utilities: 1.3%
Alliant Energy Corp.		704		35,601
American Electric Power Co., Inc.		1,460		116,143
Constellation Energy Corp.		931		112,688
Duke Energy Corp.		2,193		202,370
Edison International		1,097		73,488
Entergy Corp.		626		63,483
Evergy, Inc.		611		31,185
Eversource Energy		972		57,747
Exelon Corp.		2,833		109,099
FirstEnergy Corp.		1,466		54,154
NextEra Energy, Inc.		23,783		1,391,543
NRG Energy, Inc.		691		33,057
PG&E Corp.*		6,042		103,741
Pinnacle West Capital Corp.		325		24,356
PPL Corp.		2,026		52,919
Southern Co.		3,115		221,103
Xcel Energy, Inc.		1,565		95,215
				2,777,892
Electrical equipment: 0.7%
AMETEK, Inc.		249		38,652
Eaton Corp. PLC		447		101,778
Emerson Electric Co.		655		58,230
Generac Holdings, Inc.*		63		7,375
Hubbell, Inc.		59		17,700
Regal Rexnord Corp.		9,119		1,092,456
Rockwell Automation, Inc.		139		38,286
Shoals Technologies Group, Inc., Class A*		14,232		197,113
				1,551,590
Electronic equipment, instruments & components: 0.7%
Amphenol Corp., Class A		725		65,968
CDW Corp.		155		32,686
Corning, Inc.		915		26,068
Keysight Technologies, Inc.*		9,191		1,248,965
TE Connectivity Ltd.		368		48,208
Teledyne Technologies, Inc.*		53		21,357
Trimble, Inc.*		327		15,173
Zebra Technologies Corp., Class A*		56		13,271
				1,471,696
Energy equipment & services: 0.1%
Baker Hughes Co.		1,731		58,421
Halliburton Co.		1,538		56,952

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(continued)
Schlumberger NV		2,427	$	126,301
				241,674
Entertainment: 1.4%
Electronic Arts, Inc.		359		49,545
Live Nation Entertainment, Inc.*		6,658		560,737
Netflix, Inc.*		671		318,034
Take-Two Interactive Software, Inc.*		11,606		1,836,069
Walt Disney Co.*		2,788		258,420
Warner Bros Discovery, Inc.*		3,168		33,106
				3,055,911
Financial services: 2.5%
Berkshire Hathaway, Inc., Class B*		1,232		443,520
Fidelity National Information Services, Inc.		20,434		1,198,250
Fiserv, Inc.*		405		52,897
FleetCor Technologies, Inc.*		50		12,025
Global Payments, Inc.		166		19,329
Jack Henry & Associates, Inc.		73		11,584
Mastercard, Inc., Class A		5,154		2,132,880
PayPal Holdings, Inc.*		748		43,092
Visa, Inc., Class A		1,079		276,958
Voya Financial, Inc.		15,617		1,116,772
				5,307,307
Food products: 1.8%
Archer-Daniels-Midland Co.		455		33,547
Bunge Global SA		17,889		1,965,464
Campbell Soup Co.		208		8,358
Conagra Brands, Inc.		393		11,118
General Mills, Inc.		588		37,432
Hershey Co.		130		24,430
Hormel Foods Corp.		200		6,118
J M Smucker Co.		99		10,863
Kellanova		245		12,872
Kraft Heinz Co.		715		25,104
Lamb Weston Holdings, Inc.		116		11,604
McCormick & Co., Inc.		217		14,068
Mondelez International, Inc., Class A		23,772		1,689,238
Tyson Foods, Inc., Class A		224		10,492
				3,860,708
Gas utilities: 0.0%^†
Atmos Energy Corp.		433		49,280

Ground transportation: 1.0%
CSX Corp.		2,209		71,351
JB Hunt Transport Services, Inc.		90		16,674
Lyft, Inc., Class A*		85,201		999,408
Norfolk Southern Corp.		256		55,849
Old Dominion Freight Line, Inc.		105		40,851

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Ground transportation—(continued)
Union Pacific Corp.		3,760	$	847,015
				2,031,148
Health care equipment & supplies: 1.0%
Abbott Laboratories		1,681		175,312
Align Technology, Inc.*		76		16,249
Baxter International, Inc.		441		15,911
Becton Dickinson & Co.		279		65,894
Boston Scientific Corp.*		1,405		78,526
Cooper Cos., Inc.		1,633		550,190
DENTSPLY SIRONA, Inc.		291		9,239
Dexcom, Inc.*		5,247		606,134
Edwards Lifesciences Corp.*		569		38,527
GE HealthCare Technologies, Inc.		407		27,863
Hologic, Inc.*		211		15,044
IDEXX Laboratories, Inc.*		83		38,663
Insulet Corp.*		82		15,505
Intuitive Surgical, Inc.*		344		106,929
Medtronic PLC		1,289		102,179
ResMed, Inc.		158		24,921
STERIS PLC		102		20,496
Stryker Corp.		330		97,789
Teleflex, Inc.		43		9,705
Zimmer Biomet Holdings, Inc.		215		25,007
				2,040,083
Health care providers & services: 2.9%
Cardinal Health, Inc.		230		24,628
Cencora, Inc.		172		34,980
Centene Corp.*		16,340		1,203,931
Cigna Group		288		75,710
CVS Health Corp.		1,249		84,870
DaVita, Inc.*		83		8,421
Elevance Health, Inc.		233		111,721
HCA Healthcare, Inc.		191		47,842
Henry Schein, Inc.*		162		10,810
Humana, Inc.		126		61,092
Laboratory Corp. of America Holdings		5,662		1,228,145
McKesson Corp.		129		60,702
Molina Healthcare, Inc.*		57		20,837
Quest Diagnostics, Inc.		122		16,742
UnitedHealth Group, Inc.		5,655		3,127,045
Universal Health Services, Inc., Class B		79		10,861
				6,128,337
Health care REITs: 0.0%^†
Healthpeak Properties, Inc.		626		10,842
Ventas, Inc.		461		21,132
Welltower, Inc.		625		55,688
				87,662

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Hotel & resort REITs: 0.0%^†
Host Hotels & Resorts, Inc.		790	$	13,801

Hotels, restaurants & leisure: 1.2%
Airbnb, Inc., Class A*		690		87,175
Booking Holdings, Inc.*		40		125,028
Caesars Entertainment, Inc.*		217		9,704
Carnival Corp.*		1,145		17,244
Chipotle Mexican Grill, Inc.*		387		852,271
Darden Restaurants, Inc.		138		21,593
Domino's Pizza, Inc.		43		16,894
Expedia Group, Inc.*		170		23,151
Hilton Worldwide Holdings, Inc.		297		49,753
Las Vegas Sands Corp.		16,863		777,722
Marriott International, Inc., Class A		286		57,972
McDonald's Corp.		835		235,336
MGM Resorts International		274		10,807
Norwegian Cruise Line Holdings Ltd.*		360		5,497
Royal Caribbean Cruises Ltd.*		282		30,304
Starbucks Corp.		1,314		130,480
Wynn Resorts Ltd.		124		10,468
Yum! Brands, Inc.		326		40,929
				2,502,328
Household durables: 0.1%
DR Horton, Inc.		357		45,578
Garmin Ltd.		178		21,759
Lennar Corp., Class A		304		38,888
Mohawk Industries, Inc.*		38		3,356
NVR, Inc.*		3		18,466
PulteGroup, Inc.		223		19,717
Whirlpool Corp.		57		6,207
				153,971
Household products: 0.2%
Church & Dwight Co., Inc.		232		22,418
Clorox Co.		120		17,202
Colgate-Palmolive Co.		728		57,345
Kimberly-Clark Corp.		285		35,263
Procter & Gamble Co.		2,089		320,703
				452,931
Independent power and renewable electricity producers: 0.0%^†
AES Corp.		2,010		34,592

Industrial conglomerates: 0.5%
3M Co.		603		59,739
General Electric Co.		1,214		147,865
Honeywell International, Inc.		4,544		890,261
				1,097,865
Industrial REITs: 0.6%
Prologis, Inc.		10,958		1,259,403

Insurance: 1.4%
Aflac, Inc.		346		28,618

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Insurance—(continued)
Allstate Corp.		7,257	$	1,000,523
American International Group, Inc.		485		31,918
Aon PLC, Class A		142		46,645
Arch Capital Group Ltd.*		251		21,006
Arthur J Gallagher & Co.		146		36,354
Assurant, Inc.		40		6,721
Brown & Brown, Inc.		143		10,688
Chubb Ltd.		282		64,699
Cincinnati Financial Corp.		101		10,382
Everest Group Ltd.		31		12,727
Globe Life, Inc.		85		10,466
Hartford Financial Services Group, Inc.		189		14,772
Loews Corp.		140		9,841
Marsh & McLennan Cos., Inc.		7,497		1,495,052
MetLife, Inc.		424		26,979
Principal Financial Group, Inc.		140		10,336
Progressive Corp.		399		65,448
Prudential Financial, Inc.		277		27,085
Travelers Cos., Inc.		175		31,608
W R Berkley Corp.		129		9,359
Willis Towers Watson PLC		70		17,241
				2,988,468
Interactive media & services: 4.0%
Alphabet, Inc., Class C*		7,646		1,023,952
Alphabet, Inc., Class A*		42,630		5,649,754
Match Group, Inc.*		404		13,082
Meta Platforms, Inc., Class A*		5,630		1,841,854
				8,528,642
IT services: 0.3%
Accenture PLC, Class A		765		254,852
Akamai Technologies, Inc.*		184		21,258
Cognizant Technology Solutions Corp., Class A		606		42,650
EPAM Systems, Inc.*		72		18,590
Gartner, Inc.*		91		39,570
International Business Machines Corp.		1,089		172,672
VeriSign, Inc.*		105		22,281
				571,873
Leisure products: 0.4%
Brunswick Corp.		10,232		806,998
Hasbro, Inc.		116		5,383
				812,381
Life sciences tools & services: 1.7%
Agilent Technologies, Inc.		5,857		748,525
Bio-Rad Laboratories, Inc., Class A*		6,027		1,837,753
Bio-Techne Corp.		184		11,574
Charles River Laboratories International, Inc.*		41		8,080

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—(continued)
Danaher Corp.		635	$	141,802
Illumina, Inc.*		166		16,924
IQVIA Holdings, Inc.*		3,029		648,509
Mettler-Toledo International, Inc.*		21		22,930
Revvity, Inc.		141		12,535
Thermo Fisher Scientific, Inc.		373		184,918
Waters Corp.*		59		16,556
West Pharmaceutical Services, Inc.		73		25,605
				3,675,711
Machinery: 1.2%
Caterpillar, Inc.		572		143,412
Cummins, Inc.		169		37,883
Deere & Co.		306		111,509
Dover Corp.		161		22,727
Fortive Corp.		383		26,419
IDEX Corp.		84		16,941
Illinois Tool Works, Inc.		315		76,296
Ingersoll Rand, Inc.		25,058		1,789,893
Nordson Corp.		61		14,356
Otis Worldwide Corp.		433		37,147
PACCAR, Inc.		582		53,439
Parker-Hannifin Corp.		151		65,410
Pentair PLC		182		11,746
Snap-on, Inc.		69		18,954
Stanley Black & Decker, Inc.		175		15,908
Westinghouse Air Brake Technologies Corp.		207		24,128
Xylem, Inc.		253		26,598
				2,492,766
Media: 1.2%
Charter Communications, Inc.,Class A*		145		58,019
Comcast Corp., Class A		45,079		1,888,359
Fox Corp., Class A		427		12,613
Fox Corp., Class B		189		5,228
Interpublic Group of Cos., Inc.		574		17,645
News Corp., Class A		570		12,563
News Corp., Class B		99		2,281
Omnicom Group, Inc.		299		24,108
Paramount Global, Class B		802		11,525
Trade Desk, Inc., Class A*		8,824		621,739
				2,654,080
Multi-utilities: 0.3%
Ameren Corp.		745		57,805
CenterPoint Energy, Inc.		1,801		50,914
CMS Energy Corp.		824		46,770
Consolidated Edison, Inc.		992		89,389
Dominion Energy, Inc.		2,399		108,771
DTE Energy Co.		600		62,466

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Multi-utilities—(continued)
NiSource, Inc.		1,269	$	32,537
Public Service Enterprise Group, Inc.		1,431		89,337
Sempra		1,762		128,397
WEC Energy Group, Inc.		903		75,509
				741,895
Office REITs: 0.0%^†
Alexandria Real Estate Equities, Inc.		165		18,051
Boston Properties, Inc.		160		9,109
				27,160
Oil, gas & consumable fuels: 3.1%
APA Corp.		29,080		1,046,880
Chevron Corp.		3,076		441,714
ConocoPhillips		2,095		242,119
Coterra Energy, Inc.		1,381		36,251
Devon Energy Corp.		1,120		50,366
Diamondback Energy, Inc.		306		47,250
EOG Resources, Inc.		4,697		578,060
EQT Corp.		579		23,137
Exxon Mobil Corp.		12,149		1,248,188
Hess Corp.		464		65,220
Kinder Morgan, Inc.		3,290		57,805
Marathon Oil Corp.		980		24,921
Marathon Petroleum Corp.		694		103,538
Occidental Petroleum Corp.		1,129		66,780
ONEOK, Inc.		999		68,781
Phillips 66		776		100,019
Pioneer Natural Resources Co.		410		94,973
Targa Resources Corp.		365		33,014
Valero Energy Corp.		593		74,339
Williams Cos., Inc.		61,404		2,259,053
				6,662,408
Passenger airlines: 0.0%^†
Alaska Air Group, Inc.*		104		3,932
American Airlines Group, Inc.*		753		9,360
Delta Air Lines, Inc.		758		27,993
Southwest Airlines Co.		661		16,902
United Airlines Holdings, Inc.*		370		14,578
				72,765
Personal care products: 0.0%^†
Estee Lauder Cos., Inc., Class A		199		25,410
Kenvue, Inc.		1,675		34,237
				59,647
Pharmaceuticals: 1.1%
Bristol-Myers Squibb Co.		2,040		100,735
Catalent, Inc.*		179		6,954
Eli Lilly & Co.		2,442		1,443,320
Johnson & Johnson		2,373		367,008
Merck & Co., Inc.		2,467		252,818

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Number of shares		Value
Common stocks—(continued)
Pharmaceuticals—(continued)
Pfizer, Inc.		5,499	$	167,554
Viatris, Inc.		1,142		10,484
Zoetis, Inc.		452		79,855
				2,428,728
Professional services: 0.1%
Automatic Data Processing, Inc.		460		105,763
Broadridge Financial Solutions, Inc.		139		26,941
Ceridian HCM Holding, Inc.*		175		12,058
Equifax, Inc.		142		30,915
Jacobs Solutions, Inc.		144		18,314
Leidos Holdings, Inc.		182		19,532
Paychex, Inc.		358		43,665
Paycom Software, Inc.		64		11,626
Robert Half, Inc.		115		9,428
Verisk Analytics, Inc.		167		40,319
				318,561
Real estate management & development: 0.0%^†
CBRE Group, Inc., Class A*		346		27,320
CoStar Group, Inc.*		453		37,617
				64,937
Residential REITs: 0.1%
AvalonBay Communities, Inc.		146		25,249
Camden Property Trust		98		8,845
Equity Residential		397		22,566
Essex Property Trust, Inc.		57		12,167
Invitation Homes, Inc.		663		22,118
Mid-America Apartment Communities, Inc.		115		14,315
UDR, Inc.		354		11,824
				117,084
Retail REITs: 0.1%
Federal Realty Investment Trust		69		6,596
Kimco Realty Corp.		682		13,176
Realty Income Corp.		826		44,571
Regency Centers Corp.		186		11,677
Simon Property Group, Inc.		337		42,088
				118,108
Semiconductors & semiconductor equipment: 4.6%
Advanced Micro Devices, Inc.*		1,920		232,627
Analog Devices, Inc.		599		109,845
Applied Materials, Inc.		1,028		153,974
Broadcom, Inc.		2,691		2,491,139
Enphase Energy, Inc.*		162		16,365
First Solar, Inc.*		136		21,458
Intel Corp.		5,076		226,897
KLA Corp.		162		88,228
Lam Research Corp.		158		113,115
Marvell Technology, Inc.		8,856		493,545

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—(continued)
Microchip Technology, Inc.		658	$	54,904
Micron Technology, Inc.		15,339		1,167,605
Monolithic Power Systems, Inc.		54		29,631
NVIDIA Corp.		8,916		4,170,013
NXP Semiconductors NV		306		62,449
ON Semiconductor Corp.*		521		37,163
Qorvo, Inc.*		104		10,036
QUALCOMM, Inc.		1,336		172,411
Skyworks Solutions, Inc.		194		18,804
SolarEdge Technologies, Inc.*		55		4,366
Teradyne, Inc.		202		18,630
Texas Instruments, Inc.		1,101		168,134
				9,861,339
Software: 7.9%
Adobe, Inc.*		2,077		1,269,068
ANSYS, Inc.*		102		29,923
Autodesk, Inc.*		256		55,918
Cadence Design Systems, Inc.*		325		88,813
Dynatrace, Inc.*		11,594		620,859
Fair Isaac Corp.*		28		30,453
Fortinet, Inc.*		788		41,417
Gen Digital, Inc.		814		17,973
HubSpot, Inc.*		1,420		701,381
Intuit, Inc.		335		191,439
Microsoft Corp.		25,922		9,822,105
Oracle Corp.		11,414		1,326,421
Palo Alto Networks, Inc.*		3,401		1,003,601
PTC, Inc.*		143		22,502
Roper Technologies, Inc.		126		67,820
Salesforce, Inc.*		1,179		296,990
ServiceNow, Inc.*		1,502		1,029,981
Synopsys, Inc.*		180		97,781
Tyler Technologies, Inc.*		42		17,171
				16,731,616
Specialized REITs: 0.2%
American Tower Corp.		523		109,192
Crown Castle, Inc.		488		57,233
Digital Realty Trust, Inc.		340		47,185
Equinix, Inc.		106		86,391
Extra Space Storage, Inc.		226		29,418
Iron Mountain, Inc.		317		20,336
Public Storage		171		44,248
SBA Communications Corp.		116		28,647
VICI Properties, Inc.		1,147		34,284
Weyerhaeuser Co.		832		26,083
				483,017
Specialty retail: 0.8%
AutoZone, Inc.*		21		54,809

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Number of shares		Value
Common stocks—(continued)
Specialty retail—(continued)
Bath & Body Works, Inc.		221	$	7,209
Best Buy Co., Inc.		235		16,671
CarMax, Inc.*		196		12,532
Home Depot, Inc.		1,132		354,871
Lowe's Cos., Inc.		676		134,409
O'Reilly Automotive, Inc.*		68		66,802
Ross Stores, Inc.		391		50,979
TJX Cos., Inc.		11,532		1,016,084
Tractor Supply Co.		125		25,376
Ulta Beauty, Inc.*		56		23,855
				1,763,597
Technology hardware, storage & peripherals: 3.4%
Apple, Inc.		37,130		7,052,844
Hewlett Packard Enterprise Co.		1,540		26,041
HP, Inc.		1,063		31,188
NetApp, Inc.		272		24,858
Seagate Technology Holdings PLC		257		20,329
Western Digital Corp.*		381		18,406
				7,173,666
Textiles, apparel & luxury goods: 1.0%
Lululemon Athletica, Inc.*		2,141		956,599
NIKE, Inc., Class B		10,048		1,107,993
Ralph Lauren Corp.		50		6,469
Tapestry, Inc.		198		6,271
VF Corp.		284		4,751
				2,082,083
Tobacco: 0.1%
Altria Group, Inc.		1,542		64,826
Philip Morris International, Inc.		1,344		125,476
				190,302
Trading companies & distributors: 0.3%
Fastenal Co.		616		36,942
United Rentals, Inc.		1,072		510,293
WW Grainger, Inc.		53		41,668
				588,903
Water utilities: 0.0%^†
American Water Works Co., Inc.		548		72,248

Wireless telecommunication services: 0.1%
T-Mobile U.S., Inc.		776		116,749
Total common stocks (cost—$118,323,084)				135,920,560

Preferred stocks: 0.0%^†
Financial services: 0.0%^†
SquareTwo Financial Corp.*^,1,2 (cost—$0)		35,000		0

Exchange traded funds: 1.5%
iShares Core S&P Mid-Cap ETF (cost—$3,175,973)		12,591		3,224,051

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Asset-backed securities: 6.2%
AmeriCredit Automobile Receivables Trust,
Series 2020-2, Class C,
1.480%, due 02/18/26	$	446,723	$	437,822
Series 2022-1, Class A3,
2.450%, due 11/18/26		597,941		584,524
Series 2019-2, Class D,
2.990%, due 06/18/25		535,111		533,164
ARES XLVIII CLO Ltd.,
Series 2018-48A, Class C,
3 mo. USD Term SOFR + 2.062%
7.477%, due 07/20/30^3,4		725,000		703,138
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
3 mo. USD Term SOFR + 0.812%
6.206%, due 05/15/28⁴		350,000		347,618
CCG Receivables Trust,
Series 2020-1, Class C,
1.840%, due 12/14/27³		275,000		269,028
Drive Auto Receivables Trust,
Series 2021-2, Class C,
0.870%, due 10/15/27		399,142		393,239
DT Auto Owner Trust,
Series 2021-1A, Class D,
1.160%, due 11/16/26³		325,000		308,537
Series 2021-1A, Class C,
0.840%, due 10/15/26³		162,654		160,325
Exeter Automobile Receivables Trust,
Series 2023-2A, Class A2,
5.870%, due 11/17/25		828,187		827,971
Series 2023-4A, Class A2,
6.070%, due 12/15/25		925,000		924,307
GLS Auto Receivables Issuer Trust,
Series 2020-2A, Class C,
4.570%, due 04/15/26³		412,693		410,131
Highbridge Loan Management Ltd.,
Series 12A-18, Class B,
3 mo. USD Term SOFR + 2.112%
7.507%, due 07/18/31^3,4		700,000		682,375
HPEFS Equipment Trust,
Series 2022-1A, Class B,
1.790%, due 05/21/29³		650,000		632,055
Series 2021-1A, Class D,
1.030%, due 03/20/31³		675,000		664,983

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Face amount		Value
Asset-backed securities—(continued)
OneMain Financial Issuance Trust,
Series 2021-1A, Class A1,
1.550%, due 06/16/36³	$	600,000	$	528,687
Series 2020-2A, Class A,
1.750%, due 09/14/35³		600,000		543,583
Series 2020-2A, Class B,
2.210%, due 09/14/35³		300,000		260,710
Santander Drive Auto Receivables Trust,
Series 2021-3, Class C,
0.950%, due 09/15/27		363,465		359,366
Series 2020-4, Class D,
1.480%, due 01/15/27		256,140		249,963
Series 2020-2, Class D,
2.220%, due 09/15/26		328,933		324,324
Series 2020-1, Class C,
4.110%, due 12/15/25		142,149		141,941
Series 2023-4, Class A2,
6.180%, due 02/16/27		1,250,000		1,251,975
Santander Retail Auto Lease Trust,
Series 2021-C, Class C,
1.110%, due 03/20/26³		325,000		316,245
Tesla Auto Lease Trust,
Series 2021-A, Class B,
1.020%, due 03/20/25³		118,524		118,181
Voya CLO Ltd.,
Series 2018-2A, Class C1,
3 mo. USD Term SOFR + 2.112%
7.506%, due 07/15/31^3,4		700,000		674,162
Westlake Automobile Receivables Trust,
Series 2020-3A, Class D,
1.650%, due 02/17/26³		645,000		630,710
Total asset-backed securities (cost—$13,514,881)				13,279,064

Corporate bonds: 16.0%
Advertising: 0.0%^†
Clear Channel Outdoor Holdings, Inc.,
5.125%, due 08/15/27³		35,000		32,396

Aerospace & defense: 0.1%
Bombardier, Inc.
7.125%, due 06/15/26³		30,000		29,998
7.875%, due 04/15/27³		50,000		50,036
8.750%, due 11/15/30³		40,000		40,952
TransDigm, Inc.
5.500%, due 11/15/27		30,000		28,873
6.250%, due 03/15/26³		20,000		19,862
7.125%, due 12/01/31³		10,000		10,171
7.500%, due 03/15/27		35,000		35,012
				214,904

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Agriculture: 0.1%
Darling Ingredients, Inc.,
6.000%, due 06/15/30³	$	40,000	$	38,620
Reynolds American, Inc.,
5.700%, due 08/15/35		70,000		65,694
				104,314
Airlines: 0.2%
American Airlines, Inc.,
7.250%, due 02/15/28³		25,000		24,691
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/26³		13,334		13,126
5.750%, due 04/20/29³		15,000		14,371
Delta Air Lines Pass-Through Trust,
2.000%, due 06/10/28		90,268		78,901
Delta Air Lines, Inc.,
7.000%, due 05/01/25³		250,000		252,631
United Airlines, Inc.
4.375%, due 04/15/26³		38,000		36,136
4.625%, due 04/15/29³		30,000		26,781
VistaJet Malta Finance PLC/Vista Management Holding, Inc.,
9.500%, due 06/01/28³		30,000		24,886
				471,523
Auto manufacturers: 0.3%
Allison Transmission, Inc.,
5.875%, due 06/01/29³		35,000		33,875
Ford Motor Co.
5.291%, due 12/08/46		10,000		8,129
6.100%, due 08/19/32		10,000		9,729
7.450%, due 07/16/31		55,000		57,907
9.625%, due 04/22/30		30,000		34,364
Ford Motor Credit Co. LLC,
4.542%, due 08/01/26		200,000		190,241
General Motors Co.,
6.600%, due 04/01/36		200,000		204,923
				539,168
Auto parts & equipment: 0.1%
Adient Global Holdings Ltd.,
7.000%, due 04/15/28³		20,000		20,321
American Axle & Manufacturing, Inc.,
6.500%, due 04/01/27		25,000		24,116
Dana, Inc.
4.250%, due 09/01/30		20,000		16,975
5.625%, due 06/15/28		20,000		19,062
Goodyear Tire & Rubber Co.,
5.250%, due 07/15/31		65,000		56,388
				136,862
Banks: 3.1%
Bank of America Corp.
4.200%, due 08/26/24		120,000		118,560

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
6.110%, due 01/29/37	$	700,000	$	717,507
6.500%, due 10/23/24^4,5
Series Z,
(fixed, converts to FRN on 10/23/24)		30,000		29,737
Bank of New York Mellon Corp.,
1.600%, due 04/24/25		150,000		142,465
Bank of Nova Scotia,
4.588%, due 05/04/37⁴
(fixed, converts to FRN on 05/04/32)		100,000		85,019
Barclays PLC
4.337%, due 01/10/28		305,000		287,524
5.746%, due 08/09/33⁴
(fixed, converts to FRN on 08/09/32)		200,000		192,944
Citigroup, Inc.
3.980%, due 03/20/30⁴
(fixed, converts to FRN on 03/20/29)		175,000		161,598
5.500%, due 09/13/25		300,000		298,733
6.675%, due 09/13/43		275,000		289,221
Deutsche Bank AG
2.552%, due 01/07/28⁴
(fixed, converts to FRN on 01/07/27)		150,000		134,088
3.700%, due 05/30/24		125,000		123,386
Freedom Mortgage Corp.,
12.000%, due 10/01/28³		55,000		58,107
Goldman Sachs Group, Inc.
3.750%, due 02/25/26		150,000		144,733
5.150%, due 05/22/45		160,000		144,185
HSBC Holdings PLC,
6.500%, due 09/15/37		200,000		204,465
JPMorgan Chase & Co.
3.875%, due 09/10/24		550,000		542,062
3.960%, due 01/29/27⁴
(fixed, converts to FRN on 01/29/26)		300,000		290,245
4.032%, due 07/24/48⁴
(fixed, converts to FRN on 07/24/47)		400,000		320,439
8.939%, due 02/01/24^4,5
Series R,
3 mo. USD Term SOFR + 3.561%		60,000		60,283
Lloyds Banking Group PLC,
4.582%, due 12/10/25		400,000		386,047
Mitsubishi UFJ Financial Group, Inc.,
3.677%, due 02/22/27		350,000		333,614

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
Morgan Stanley
4.300%, due 01/27/45	$	250,000	$	209,744
4.350%, due 09/08/26		815,000		790,618
Royal Bank of Canada,
2.300%, due 11/03/31		100,000		80,323
Societe Generale SA,
4.000%, due 01/12/27³		200,000		187,813
Sumitomo Mitsui Financial Group, Inc.,
3.544%, due 01/17/28		150,000		139,405
Wells Fargo & Co.,
3.196%, due 06/17/27⁴
(fixed, converts to FRN on 06/17/26)		95,000		89,542
				6,562,407
Beverages: 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.700%, due 02/01/36		75,000		71,468
4.900%, due 02/01/46		205,000		189,833
Primo Water Holdings, Inc.,
4.375%, due 04/30/29³		33,000		29,279
				290,580
Biotechnology: 0.2%
Amgen, Inc.,
5.250%, due 03/02/33		150,000		148,482
Biogen, Inc.,
3.250%, due 02/15/51		56,000		36,387
Gilead Sciences, Inc.
2.950%, due 03/01/27		200,000		187,607
4.750%, due 03/01/46		50,000		44,977
				417,453
Building Materials: 0.2%
Builders FirstSource, Inc.
4.250%, due 02/01/32³		10,000		8,578
5.000%, due 03/01/30³		30,000		27,939
6.375%, due 06/15/32³		10,000		9,840
Carrier Global Corp.,
6.200%, due 03/15/54³		100,000		105,705
Emerald Debt Merger Sub LLC,
6.625%, due 12/15/30³		30,000		29,925
Knife River Corp.,
7.750%, due 05/01/31³		30,000		30,812
Masco Corp.,
4.500%, due 05/15/47		150,000		118,028
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/28³		51,000		48,461
8.875%, due 11/15/31³		30,000		30,513

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Building Materials—(concluded)
Summit Materials LLC/Summit Materials Finance Corp.,
5.250%, due 01/15/29³	$	15,000	$	14,025
				423,826
Chemicals: 0.3%
CF Industries, Inc.,
5.150%, due 03/15/34		100,000		94,684
Chemours Co.
4.625%, due 11/15/29³		45,000		37,810
5.375%, due 05/15/27		30,000		28,514
LYB International Finance II BV,
3.500%, due 03/02/27		150,000		141,622
LYB International Finance III LLC,
3.625%, due 04/01/51		200,000		134,241
NOVA Chemicals Corp.
5.250%, due 06/01/27³		44,000		39,606
8.500%, due 11/15/28³		11,000		11,363
Olympus Water U.S. Holding Corp.,
9.625%, due 11/15/28⁶		100,000		111,484
Tronox, Inc.,
4.625%, due 03/15/29³		40,000		34,010
WR Grace Holdings LLC,
5.625%, due 08/15/29³		50,000		42,089
				675,423
Coal: 0.1%
Teck Resources Ltd.,
3.900%, due 07/15/30		200,000		180,093

Commercial services: 0.4%
ADT Security Corp.,
4.875%, due 07/15/32³		30,000		26,290
ASGN, Inc.,
4.625%, due 05/15/28³		91,000		84,683
Block, Inc.,
3.500%, due 06/01/31		34,000		28,455
Carriage Services, Inc.,
4.250%, due 05/15/29³		55,000		46,541
Garda World Security Corp.
4.625%, due 02/15/27³		55,000		52,295
9.500%, due 11/01/27³		38,000		36,652
Neptune Bidco U.S., Inc.,
9.290%, due 04/15/29³		85,000		78,938
NESCO Holdings II, Inc.,
5.500%, due 04/15/29³		68,000		60,970
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, due 08/31/27³		5,000		4,523
5.750%, due 04/15/26³		45,000		44,508
Quanta Services, Inc.,
2.350%, due 01/15/32		200,000		156,615

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Sabre GLBL, Inc.,
11.250%, due 12/15/27³	$	60,000	$	54,365
Williams Scotsman, Inc.
4.625%, due 08/15/28³		30,000		27,577
7.375%, due 10/01/31³		30,000		30,723
Yale University,
1.482%, due 04/15/30		100,000		81,169
				814,304
Computers: 0.3%
Ahead DB Holdings LLC,
6.625%, due 05/01/28³		30,000		25,749
Apple, Inc.
3.450%, due 02/09/45		200,000		158,674
3.850%, due 05/04/43		210,000		179,208
Booz Allen Hamilton, Inc.,
3.875%, due 09/01/28³		10,000		9,195
International Business Machines Corp.,
5.875%, due 11/29/32		175,000		185,554
KBR, Inc.,
4.750%, due 09/30/28³		75,000		66,943
NCR Voyix Corp.,
5.125%, due 04/15/29³		35,000		32,055
Seagate HDD Cayman,
8.250%, due 12/15/29³		25,000		26,551
				683,929
Distribution & wholesale: 0.0%^†
American Builders & Contractors Supply Co., Inc.,
4.000%, due 01/15/28³		10,000		9,204

Diversified financial services: 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, due 10/29/28		200,000		176,271
6.500%, due 07/15/25		29,000		29,137
Avolon Holdings Funding Ltd.,
2.750%, due 02/21/28³		200,000		173,654
Capital One Financial Corp.,
3.750%, due 07/28/26		200,000		187,850
CME Group, Inc.,
3.750%, due 06/15/28		150,000		143,685
Enact Holdings, Inc.,
6.500%, due 08/15/25³		60,000		59,264
Intercontinental Exchange, Inc.,
3.000%, due 06/15/50		200,000		132,086
Macquarie Airfinance Holdings Ltd.,
8.125%, due 03/30/29³		40,000		40,766
Nationstar Mortgage Holdings, Inc.
5.000%, due 02/01/26³		30,000		28,604
5.125%, due 12/15/30³		29,000		25,059

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
6.000%, due 01/15/27³	$	35,000	$	33,775
Navient Corp.
6.750%, due 06/15/26		255,000		254,031
11.500%, due 03/15/31		25,000		26,885
NFP Corp.,
6.875%, due 08/15/28³		45,000		40,066
OneMain Finance Corp.
5.375%, due 11/15/29		30,000		27,001
6.125%, due 03/15/24		12,000		11,982
7.125%, due 03/15/26		115,000		115,961
PRA Group, Inc.
7.375%, due 09/01/25³		35,000		33,621
8.375%, due 02/01/28³		5,000		4,538
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.,
2.875%, due 10/15/26³		150,000		135,563
Visa, Inc.,
2.000%, due 08/15/50		50,000		28,968
				1,708,767
Electric: 1.2%
Alabama Power Co.,
6.000%, due 03/01/39		30,000		30,321
Berkshire Hathaway Energy Co.,
4.450%, due 01/15/49		50,000		40,269
Calpine Corp.
4.625%, due 02/01/29³		30,000		27,172
5.125%, due 03/15/28³		35,000		32,940
Clearway Energy Operating LLC,
4.750%, due 03/15/28³		65,000		60,827
Dominion Energy, Inc.,
3.900%, due 10/01/25		150,000		145,557
DTE Electric Co.,
3.000%, due 03/01/32		200,000		169,785
Duke Energy Carolinas LLC,
2.550%, due 04/15/31		150,000		125,066
Duke Energy Ohio, Inc.,
4.300%, due 02/01/49		250,000		197,746
Edison International,
4.950%, due 04/15/25		188,000		185,375
Exelon Corp.
3.400%, due 04/15/26		170,000		162,966
4.450%, due 04/15/46		300,000		244,297
Florida Power & Light Co.,
5.950%, due 02/01/38		45,000		46,668
Georgia Power Co.,
3.700%, due 01/30/50		250,000		182,370
Leeward Renewable Energy Operations LLC,
4.250%, due 07/01/29³		25,000		21,033

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Electric—(concluded)
National Rural Utilities Cooperative Finance Corp.,
3.900%, due 11/01/28	$	100,000	$	94,440
NRG Energy, Inc.
3.625%, due 02/15/31³		40,000		32,706
5.250%, due 06/15/29³		25,000		23,291
Oncor Electric Delivery Co. LLC,
3.750%, due 04/01/45		40,000		30,959
PG&E Corp.,
5.000%, due 07/01/28		50,000		47,563
Public Service Electric & Gas Co.,
2.450%, due 01/15/30		150,000		127,909
Sempra,
5.500%, due 08/01/33		150,000		148,695
Southern California Edison Co.,
3.650%, due 02/01/50		175,000		123,700
Southwestern Electric Power Co.,
3.250%, due 11/01/51		250,000		156,304
Talen Energy Supply LLC,
8.625%, due 06/01/30³		65,000		68,095
Virginia Electric & Power Co.,
4.600%, due 12/01/48		100,000		83,369
Vistra Corp.,
7.000%, due 12/15/26^3,4,5
(fixed, converts to FRN on 12/15/26)		4,000		3,800
Vistra Operations Co. LLC,
5.625%, due 02/15/27³		30,000		29,181
				2,642,404
Electrical components & equipment: 0.0%^†
Energizer Holdings, Inc.
4.375%, due 03/31/29³		54,000		46,574
4.750%, due 06/15/28³		30,000		26,816
WESCO Distribution, Inc.,
7.250%, due 06/15/28³		15,000		15,253
				88,643
Electronics: 0.0%^†
Coherent Corp.,
5.000%, due 12/15/29³		40,000		36,201
Sensata Technologies, Inc.,
4.375%, due 02/15/30³		50,000		44,562
				80,763
Energy-Alternate Sources: 0.0%^†
TerraForm Power Operating LLC,
4.750%, due 01/15/30³		97,000		87,300

Engineering & construction: 0.0%^†
Weekley Homes LLC/Weekley Finance Corp.,
4.875%, due 09/15/28³		15,000		13,743

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Entertainment: 0.3%
Affinity Interactive,
6.875%, due 12/15/27³	$	89,000	$	77,480
Caesars Entertainment, Inc.,
8.125%, due 07/01/27³		113,000		115,119
CDI Escrow Issuer, Inc.,
5.750%, due 04/01/30³		20,000		18,778
Cinemark USA, Inc.,
5.250%, due 07/15/28³		10,000		9,001
Cirsa Finance International SARL,
10.375%, due 11/30/27⁶		125,000		147,280
International Game Technology PLC,
5.250%, due 01/15/29³		20,000		18,868
Jacobs Entertainment, Inc.,
6.750%, due 02/15/29³		73,000		65,424
Light & Wonder International, Inc.,
7.500%, due 09/01/31³		45,000		45,660
Ontario Gaming GTA LP,
8.000%, due 08/01/30³		30,000		30,303
Warnermedia Holdings, Inc.,
5.050%, due 03/15/42		150,000		123,845
				651,758
Environmental control: 0.0%^†
GFL Environmental, Inc.,
4.750%, due 06/15/29³		10,000		9,133

Food: 0.1%
B&G Foods, Inc.,
8.000%, due 09/15/28³		10,000		10,220
Kroger Co.,
3.875%, due 10/15/46		250,000		183,037
United Natural Foods, Inc.,
6.750%, due 10/15/28³		35,000		26,817
				220,074
Food service: 0.0%^†
Aramark Services, Inc.,
5.000%, due 02/01/28³		10,000		9,464

Healthcare-products: 0.1%
Abbott Laboratories
3.750%, due 11/30/26		62,000		60,420
4.900%, due 11/30/46		50,000		48,304
Medline Borrower LP,
5.250%, due 10/01/29³		62,000		56,108
Medtronic, Inc.,
4.375%, due 03/15/35		97,000		90,967
Zimmer Biomet Holdings, Inc.,
4.250%, due 08/15/35		50,000		42,071
				297,870
Healthcare-services: 0.3%
Acadia Healthcare Co., Inc.,
5.000%, due 04/15/29³		15,000		14,003

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
Centene Corp.,
3.000%, due 10/15/30	$	18,000	$	15,019
CHS/Community Health Systems, Inc.
5.625%, due 03/15/27³		63,000		56,212
6.125%, due 04/01/30³		25,000		13,957
6.875%, due 04/15/29³		53,000		31,270
8.000%, due 03/15/26³		195,000		187,739
DaVita, Inc.,
4.625%, due 06/01/30³		38,000		32,118
LifePoint Health, Inc.,
9.875%, due 08/15/30³		10,000		9,724
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
9.750%, due 12/01/26³		25,000		24,172
Star Parent, Inc.,
9.000%, due 10/01/30³		30,000		31,157
Tenet Healthcare Corp.
4.625%, due 06/15/28		10,000		9,314
5.125%, due 11/01/27		31,000		29,740
6.125%, due 10/01/28		36,000		34,902
6.125%, due 06/15/30		65,000		63,317
UnitedHealth Group, Inc.,
4.625%, due 07/15/35		40,000		38,432
				591,076
Home builders: 0.0%^†
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625%, due 08/01/29³		15,000		12,620
6.625%, due 01/15/28³		10,000		9,437
Forestar Group, Inc.,
3.850%, due 05/15/26³		25,000		23,269
Installed Building Products, Inc.,
5.750%, due 02/01/28³		40,000		37,639
				82,965
Housewares: 0.0%^†
Newell Brands, Inc.
6.375%, due 04/01/36		65,000		57,404
6.500%, due 04/01/46		5,000		4,001
				61,405
Insurance: 0.4%
Allstate Corp.
3.280%, due 12/15/26		200,000		189,443
3.850%, due 08/10/49		50,000		36,992
Aon Global Ltd.,
4.750%, due 05/15/45		150,000		129,517
Berkshire Hathaway Finance Corp.,
4.250%, due 01/15/49		100,000		86,310

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Insurance—(concluded)
Hartford Financial Services Group, Inc.,
6.100%, due 10/01/41	$	150,000	$	150,573
MetLife, Inc.,
4.125%, due 08/13/42		130,000		106,565
Prudential Financial, Inc.,
6.625%, due 06/21/40		110,000		118,872
Teachers Insurance & Annuity Association of America,
4.270%, due 05/15/47³		50,000		40,427
				858,699
Internet: 0.0%^†
Amazon.com, Inc.,
2.500%, due 06/03/50		150,000		93,734

Investment companies: 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250%, due 05/15/27		35,000		31,675
6.250%, due 05/15/26		85,000		80,256
				111,931
Iron & steel: 0.0%^†
Big River Steel LLC/BRS Finance Corp.,
6.625%, due 01/31/29³		44,000		43,924
Commercial Metals Co.,
4.125%, due 01/15/30		20,000		17,509
Mineral Resources Ltd.,
8.500%, due 05/01/30³		25,000		25,274
				86,707
Leisure time: 0.3%
Carnival Corp.
5.750%, due 03/01/27³		70,000		66,540
6.000%, due 05/01/29³		30,000		27,600
Carnival Holdings Bermuda Ltd.,
10.375%, due 05/01/28³		84,000		91,342
Harley-Davidson, Inc.,
3.500%, due 07/28/25		250,000		239,760
NCL Corp. Ltd.
5.875%, due 03/15/26³		50,000		47,375
8.375%, due 02/01/28³		35,000		36,206
Royal Caribbean Cruises Ltd.
5.500%, due 04/01/28³		10,000		9,553
7.500%, due 10/15/27		25,000		25,822
11.625%, due 08/15/27³		80,000		86,764
				630,962
Lodging: 0.1%
Hilton Domestic Operating Co., Inc.,
4.000%, due 05/01/31³		40,000		35,192

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Lodging—(concluded)
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.
4.875%, due 07/01/31³	$	10,000	$	8,395
5.000%, due 06/01/29³		25,000		22,080
Travel & Leisure Co.,
6.625%, due 07/31/26³		35,000		34,985
				100,652
Machinery-diversified: 0.1%
Deere & Co.,
3.900%, due 06/09/42		150,000		127,238

Media: 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/31³		45,000		37,539
4.250%, due 01/15/34³		40,000		31,203
4.750%, due 03/01/30³		122,000		106,770
5.375%, due 06/01/29³		60,000		55,639
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.200%, due 03/15/28		150,000		141,159
Comcast Corp.
2.887%, due 11/01/51		439,000		276,558
4.150%, due 10/15/28		150,000		145,023
CSC Holdings LLC,
5.250%, due 06/01/24		235,000		223,861
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.,
5.875%, due 08/15/27³		15,000		13,498
DISH DBS Corp.
5.875%, due 11/15/24		17,000		14,924
7.375%, due 07/01/28		10,000		4,943
7.750%, due 07/01/26		10,000		5,969
DISH Network Corp.,
11.750%, due 11/15/27³		80,000		79,410
Fox Corp.,
3.050%, due 04/07/25		25,000		24,175
Gray Escrow II, Inc.,
5.375%, due 11/15/31³		55,000		39,210
Gray Television, Inc.,
5.875%, due 07/15/26³		40,000		37,400
Nexstar Media, Inc.,
4.750%, due 11/01/28³		30,000		26,554
Sirius XM Radio, Inc.
3.875%, due 09/01/31³		25,000		20,228
4.000%, due 07/15/28³		40,000		35,740
4.125%, due 07/01/30³		5,000		4,219
5.500%, due 07/01/29³		35,000		32,521

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Media—(concluded)
Summer BidCo BV,
9.000%, due 11/15/25^6,7
9.000% Cash or 9.750% PIK	$	126,870	$	135,509
Time Warner Cable LLC,
6.550%, due 05/01/37		25,000		23,609
Univision Communications, Inc.
4.500%, due 05/01/29³		40,000		35,097
7.375%, due 06/30/30³		25,000		24,535
8.000%, due 08/15/28³		5,000		5,054
Walt Disney Co.,
4.950%, due 10/15/45		120,000		110,649
				1,690,996
Mining: 0.1%
Arsenal AIC Parent LLC,
8.000%, due 10/01/30³		35,000		35,711
FMG Resources August 2006 Pty. Ltd.
5.875%, due 04/15/30³		15,000		14,421
6.125%, due 04/15/32³		15,000		14,497
Hudbay Minerals, Inc.,
6.125%, due 04/01/29³		40,000		37,703
Novelis Corp.,
4.750%, due 01/30/30³		30,000		27,235
				129,567
Miscellaneous manufacturers: 0.3%
Amsted Industries, Inc.
4.625%, due 05/15/30³		35,000		30,123
5.625%, due 07/01/27³		20,000		19,078
GE Capital Funding LLC,
3.450%, due 05/15/25		200,000		192,473
GE Capital International Funding Co. Unlimited Co.,
4.418%, due 11/15/35		200,000		186,189
Illinois Tool Works, Inc.,
2.650%, due 11/15/26		110,000		104,030
				531,893
Oil & gas: 0.8%
Aker BP ASA,
3.750%, due 01/15/30³		150,000		133,345
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/29³		41,000		37,678
7.000%, due 11/01/26³		29,000		28,600
8.250%, due 12/31/28³		10,000		10,009
BP Capital Markets America, Inc.,
3.017%, due 01/16/27		75,000		70,849
Callon Petroleum Co.,
8.000%, due 08/01/28³		55,000		55,772
Civitas Resources, Inc.
8.375%, due 07/01/28³		25,000		25,605
8.750%, due 07/01/31³		55,000		56,923

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Comstock Resources, Inc.
5.875%, due 01/15/30³	$	12,000	$	10,409
6.750%, due 03/01/29³		25,000		23,017
ConocoPhillips Co.,
3.758%, due 03/15/42		150,000		119,255
Diamond Foreign Asset Co./Diamond Finance LLC,
8.500%, due 10/01/30³		38,000		38,110
Ecopetrol SA,
5.375%, due 06/26/26		325,000		314,048
EOG Resources, Inc.,
3.900%, due 04/01/35		50,000		43,859
EQT Corp.,
3.125%, due 05/15/26³		150,000		140,748
Equinor ASA,
4.800%, due 11/08/43		50,000		46,009
Exxon Mobil Corp.,
4.114%, due 03/01/46		50,000		42,207
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/29³		59,000		55,451
6.000%, due 04/15/30³		35,000		32,648
6.250%, due 11/01/28³		20,000		19,459
Marathon Petroleum Corp.,
4.750%, due 09/15/44		110,000		91,363
Nabors Industries Ltd.,
7.250%, due 01/15/26³		50,000		47,796
Nabors Industries, Inc.,
7.375%, due 05/15/27³		15,000		14,503
Shell International Finance BV,
4.375%, due 05/11/45		100,000		86,572
Southwestern Energy Co.,
5.375%, due 03/15/30		55,000		52,149
Transocean Aquila Ltd.,
8.000%, due 09/30/28³		20,000		20,039
Transocean Titan Financing Ltd.,
8.375%, due 02/01/28³		50,000		51,000
Transocean, Inc.
8.750%, due 02/15/30³		4,750		4,851
11.500%, due 01/30/27³		15,000		15,600
				1,687,874
Oil & gas services: 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/28³		11,000		10,739
6.875%, due 04/01/27³		74,000		73,323
Bristow Group, Inc.,
6.875%, due 03/01/28³		55,000		52,382
CSI Compressco LP/CSI Compressco Finance, Inc.,
7.500%, due 04/01/25³		40,000		39,538

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Oil & gas services—(concluded)
Oceaneering International, Inc.,
6.000%, due 02/01/28	$	43,000	$	41,692
USA Compression Partners LP/USA Compression Finance Corp.,
6.875%, due 09/01/27		64,000		63,176
Weatherford International Ltd.,
8.625%, due 04/30/30³		27,000		27,916
				308,766
Packaging & containers: 0.1%
Cascades, Inc./Cascades USA, Inc.,
5.375%, due 01/15/28³		15,000		14,138
Clearwater Paper Corp.,
4.750%, due 08/15/28³		35,000		31,233
Mauser Packaging Solutions Holding Co.,
7.875%, due 08/15/26³		50,000		49,669
Owens-Brockway Glass Container, Inc.
6.625%, due 05/13/27³		28,000		27,712
7.250%, due 05/15/31³		5,000		4,963
				127,715
Pharmaceuticals: 0.5%
AbbVie, Inc.
3.200%, due 05/14/26		30,000		28,784
3.800%, due 03/15/25		90,000		88,283
4.450%, due 05/14/46		200,000		174,743
Bristol-Myers Squibb Co.,
4.125%, due 06/15/39		250,000		214,950
Nidda Healthcare Holding GmbH,
7.500%, due 08/21/26⁶		100,000		110,963
Pfizer, Inc.,
7.200%, due 03/15/39		270,000		321,953
Teva Pharmaceutical Finance Netherlands II BV,
3.750%, due 05/09/27		100,000		102,277
				1,041,953
Pipelines: 0.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
5.375%, due 06/15/29³		25,000		23,411
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.625%, due 12/15/25³		67,000		67,674
Buckeye Partners LP
4.500%, due 03/01/28³		40,000		36,496
5.600%, due 10/15/44		12,000		8,505
5.850%, due 11/15/43		15,000		11,335
CNX Midstream Partners LP,
4.750%, due 04/15/30³		71,000		61,822

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Pipelines—(concluded)
Enbridge Energy Partners LP,
7.375%, due 10/15/45	$	100,000	$	111,655
Energy Transfer LP
5.400%, due 10/01/47		100,000		88,031
7.375%, due 02/01/31³		30,000		30,842
8.000%, due 04/01/29³		30,000		31,075
EnLink Midstream LLC,
6.500%, due 09/01/30³		60,000		60,390
EQM Midstream Partners LP
4.750%, due 01/15/31³		13,000		11,578
6.500%, due 07/01/27³		20,000		20,032
7.500%, due 06/01/27³		30,000		30,663
Genesis Energy LP/Genesis Energy Finance Corp.
8.000%, due 01/15/27		22,000		22,020
8.875%, due 04/15/30		19,000		19,317
Howard Midstream Energy Partners LLC,
8.875%, due 07/15/28³		55,000		57,195
Kinder Morgan, Inc.
4.300%, due 03/01/28		150,000		144,328
5.550%, due 06/01/45		120,000		108,552
MPLX LP,
4.875%, due 06/01/25		120,000		118,692
Plains All American Pipeline LP/PAA Finance Corp.,
3.800%, due 09/15/30		150,000		133,699
Sabine Pass Liquefaction LLC,
5.000%, due 03/15/27		180,000		178,325
Venture Global Calcasieu Pass LLC,
3.875%, due 08/15/29³		53,000		46,473
Venture Global LNG, Inc.
8.125%, due 06/01/28³		35,000		34,701
8.375%, due 06/01/31³		40,000		39,413
9.500%, due 02/01/29³		55,000		56,749
9.875%, due 02/01/32³		55,000		56,366
Western Midstream Operating LP,
4.650%, due 07/01/26		200,000		194,215
Williams Cos., Inc.,
4.300%, due 03/04/24		80,000		79,662
				1,883,216
Real estate investment trusts: 0.4%
AvalonBay Communities, Inc.,
3.450%, due 06/01/25		70,000		67,985
Boston Properties LP,
2.750%, due 10/01/26		40,000		36,227
Brandywine Operating Partnership LP,
4.550%, due 10/01/29		7,000		5,778
Healthpeak OP LLC,
5.250%, due 12/15/32		150,000		144,868

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Hudson Pacific Properties LP,
5.950%, due 02/15/28	$	22,000	$	18,161
Iron Mountain, Inc.
4.875%, due 09/15/27³		45,000		42,598
5.000%, due 07/15/28³		60,000		56,029
5.250%, due 07/15/30³		45,000		41,267
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.250%, due 02/01/27³		30,000		27,681
4.750%, due 06/15/29³		30,000		26,119
Public Storage Operating Co.,
2.250%, due 11/09/31		300,000		241,776
Service Properties Trust
5.250%, due 02/15/26		60,000		56,400
7.500%, due 09/15/25		41,000		41,166
8.625%, due 11/15/31³		30,000		30,766
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
10.500%, due 02/15/28³		43,000		42,296
VICI Properties LP/VICI Note Co., Inc.,
4.625%, due 12/01/29³		55,000		49,775
				928,892
Retail: 0.8%
Academy Ltd.,
6.000%, due 11/15/27³		35,000		34,152
Asbury Automotive Group, Inc.,
4.625%, due 11/15/29³		20,000		18,012
Bath & Body Works, Inc.
6.625%, due 10/01/30³		55,000		54,439
6.875%, due 11/01/35		45,000		42,575
Beacon Roofing Supply, Inc.
4.125%, due 05/15/29³		28,000		24,727
6.500%, due 08/01/30³		30,000		29,966
Home Depot, Inc.
2.125%, due 09/15/26		300,000		278,930
3.350%, due 09/15/25		40,000		38,945
3.350%, due 04/15/50		200,000		143,927
LCM Investments Holdings II LLC,
8.250%, due 08/01/31³		25,000		25,131
Lithia Motors, Inc.
4.375%, due 01/15/31³		35,000		30,162
4.625%, due 12/15/27³		20,000		18,589
Lowe's Cos., Inc.,
2.800%, due 09/15/41		300,000		203,855
Macy's Retail Holdings LLC
4.500%, due 12/15/34		15,000		11,175
5.875%, due 04/01/29³		9,000		8,459

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Retail—(concluded)
6.125%, due 03/15/32³	$	15,000	$	13,452
McDonald's Corp.
3.800%, due 04/01/28		425,000		406,431
4.875%, due 12/09/45		20,000		18,216
Nordstrom, Inc.
4.250%, due 08/01/31		5,000		3,947
4.375%, due 04/01/30		10,000		8,314
6.950%, due 03/15/28		11,000		11,126
Patrick Industries, Inc.
4.750%, due 05/01/29³		30,000		25,926
7.500%, due 10/15/27³		40,000		39,712
QVC, Inc.,
4.850%, due 04/01/24		30,000		29,444
Raising Cane's Restaurants LLC,
9.375%, due 05/01/29³		35,000		36,752
Target Corp.,
1.950%, due 01/15/27		150,000		137,918
White Cap Buyer LLC,
6.875%, due 10/15/28³		32,000		29,198
				1,723,480
Semiconductors: 0.3%
Broadcom, Inc.,
3.137%, due 11/15/35³		140,000		108,968
NVIDIA Corp.,
2.850%, due 04/01/30		100,000		89,785
NXP BV/NXP Funding LLC,
5.550%, due 12/01/28		100,000		100,032
NXP BV/NXP Funding LLC/NXP USA, Inc.,
3.875%, due 06/18/26		95,000		91,409
QUALCOMM, Inc.
3.250%, due 05/20/27		80,000		76,205
4.800%, due 05/20/45		100,000		93,598
				559,997
Software: 0.6%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.,
8.000%, due 06/15/29³		30,000		30,774
Cloud Software Group, Inc.
6.500%, due 03/31/29³		100,000		92,088
9.000%, due 09/30/29³		80,000		71,997
Fiserv, Inc.,
3.200%, due 07/01/26		90,000		85,427
Microsoft Corp.
2.525%, due 06/01/50		120,000		77,245
3.500%, due 02/12/35		250,000		228,267
Open Text Corp.,
3.875%, due 12/01/29³		30,000		26,239
Oracle Corp.
2.800%, due 04/01/27		250,000		232,142

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Software—(concluded)
5.375%, due 07/15/40	$	366,000	$	345,038
				1,189,217
Telecommunications: 0.8%
Altice France SA
2.500%, due 01/15/25⁶		100,000		101,751
5.875%, due 02/01/27⁶		100,000		90,618
AT&T, Inc.
3.800%, due 12/01/57		117,000		79,973
6.000%, due 08/15/40		330,000		330,504
CommScope Technologies LLC,
6.000%, due 06/15/25³		8,000		6,280
CommScope, Inc.,
6.000%, due 03/01/26³		31,000		26,582
Deutsche Telekom International Finance BV,
8.750%, due 06/15/30		150,000		177,079
Frontier Communications Holdings LLC
5.875%, due 10/15/27³		70,000		65,763
6.750%, due 05/01/29³		45,000		38,109
Iliad Holding SASU,
5.125%, due 10/15/26⁶		100,000		107,353
Level 3 Financing, Inc.,
10.500%, due 05/15/30³		10,000		9,275
Lumen Technologies, Inc.,
4.000%, due 02/15/27³		15,000		7,925
Sprint LLC,
7.625%, due 03/01/26		150,000		155,541
Telecom Italia Capital SA,
7.721%, due 06/04/38		20,000		19,953
Verizon Communications, Inc.
2.355%, due 03/15/32		209,000		166,717
4.016%, due 12/03/29		432,000		405,645
				1,789,068
Transportation: 0.2%
Burlington Northern Santa Fe LLC,
5.150%, due 09/01/43		210,000		200,923
Norfolk Southern Corp.,
3.400%, due 11/01/49		100,000		69,631
Union Pacific Corp.,
3.375%, due 02/01/35		125,000		104,695
United Parcel Service, Inc.,
3.750%, due 11/15/47		50,000		39,466
				414,715
Trucking & leasing: 0.0%^†
Fortress Transportation & Infrastructure Investors LLC
5.500%, due 05/01/28³		40,000		37,563

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Trucking & leasing—(concluded)
7.875%, due 12/01/30³	$	15,000	$	15,260
				52,823
Total corporate bonds (cost—$37,974,877)				34,171,846

Mortgage-backed securities: 1.3%
Bank,
Series 2020-BN30, Class A4,
1.925%, due 12/15/53		350,000		268,342
BMO Mortgage Trust,
Series 2023-C4, Class A5,
5.117%, due 02/15/56⁴		500,000		479,824
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4,
4.228%, due 06/10/51⁴		350,000		327,143
Extended Stay America Trust,
Series 2021-ESH, Class D,
7.688%, due 07/15/38^3,4		860,454		844,402
Flagstar Mortgage Trust,
Series 2018-5, Class A2,
4.000%, due 09/25/48^3,4		183,821		169,446
Hilton USA Trust,
Series 2016-SFP, Class B,
3.323%, due 11/05/35³		425,000		282,936
Residential Mortgage Loan Trust,
Series 2020-2, Class A1,
1.654%, due 05/25/60^3,4		11,481		11,304
Series 2020-1, Class A1,
2.376%, due 01/26/60^3,4		14,818		14,030
Series 2019-3, Class A1,
2.633%, due 09/25/59^3,4		17,970		17,432
Verus Securitization Trust,
Series 2021-R1, Class A1,
0.820%, due 10/25/63^3,4		92,847		83,103
Series 2021-R3, Class A1,
1.020%, due 04/25/64^3,4		189,605		167,432
Series 2020-5, Class A1,
1.218%, due 05/25/65^3,4		59,831		54,772
Series 2019-4, Class A1,
3.642%, due 11/25/59^3,4		23,092		22,077
Total mortgage-backed securities (cost—$3,160,403)				2,742,243

Non-U.S. government agency obligations: 0.3%
Mexico Government International Bonds
3.250%, due 04/16/30		200,000		175,500
4.750%, due 04/27/32		200,000		186,000

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Panama Government International Bonds,
6.700%, due 01/26/36	$	265,000	$	251,800
Total non-U.S. government agency obligations
(cost—$765,164)				613,300

U.S. government agency obligations: 11.5%
Federal Home Loan Mortgage Corp.
2.000%, due 02/01/51		3,544,541		2,771,111
3.000%, due 11/01/46		75,244		65,327
3.000%, due 07/01/47		95,852		83,043
3.000%, due 08/01/47		94,467		81,844
4.000%, due 05/01/47		80,644		74,794
5.000%, due 03/01/38		8,521		8,481
5.500%, due 05/01/37		34,704		35,309
5.500%, due 08/01/40		8,616		8,794
6.500%, due 08/01/28		16,339		16,914
Federal National Mortgage Association
2.000%, due 01/01/51		457,560		357,904
2.000%, due 03/01/51		453,323		354,324
2.000%, due 05/01/51		2,687,858		2,099,037
2.500%, due 08/01/35		204,828		185,325
2.500%, due 08/01/51		992,856		811,809
2.500%, due 02/01/52		1,098,340		904,723
2.500%, due 03/01/52		2,022,294		1,642,571
3.000%, due 11/01/48		159,252		138,068
3.000%, due 02/01/50		164,192		140,324
3.500%, due 12/01/47		64,027		57,115
3.500%, due 02/01/48		458,106		409,267
4.000%, due 12/01/39		26,007		24,472
4.000%, due 02/01/41		13,549		12,740
4.000%, due 08/01/45		87,746		81,392
4.500%, due 09/01/37		83,414		81,665
4.500%, due 07/01/47		39,731		37,912
5.000%, due 10/01/39		4,002		3,973
5.000%, due 05/01/40		3,055		3,031
5.500%, due 08/01/39		5,870		5,985
7.000%, due 08/01/32		63,462		66,250
7.500%, due 02/01/33		302		304
Government National Mortgage Association
2.000%, due 03/20/51		1,770,562		1,431,715
2.500%, due 03/20/51		1,801,972		1,509,694
3.000%, due 01/20/47		36,989		32,536
3.000%, due 07/20/47		101,240		88,982
3.000%, due 08/20/47		76,654		67,373
3.000%, due 10/20/49		1,261,483		1,104,239
3.500%, due 04/20/47		93,408		84,669
4.000%, due 07/15/42		24,573		23,163
6.000%, due 11/20/28		160		164
6.000%, due 02/20/29		350		360

UBS U.S. Allocation Fund

Portfolio of investments – November 30, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
6.000%, due 02/20/34	$	183,019	$	188,532
Government National Mortgage Association, TBA,
3.000%		250,000		216,233
Uniform Mortgage-Backed Security, TBA
3.000%		600,000		505,831
4.000%		2,000,000		1,815,308
4.500%		1,575,000		1,474,532
5.000%		775,000		746,024
5.500%		2,600,000		2,562,667
6.000%		1,625,000		1,630,525
6.500%		400,000		406,344
Total U.S. government agency obligations (cost—$25,659,172)				24,452,699

U.S. Treasury obligations: 0.3%
U.S. Treasury Bonds,
4.375%, due 08/15/43		545,000		520,901
U.S. Treasury Notes,
3.375%, due 05/15/33		80,000		73,925
Total U.S. Treasury obligations (cost—$568,097)				594,826

Short term investments: 3.0%
Investment companies: 2.5%
State Street Institutional U.S. Government Money Market Fund, 5.314%⁸ (cost—$5,220,991)		5,220,991		5,220,991

Short-term U.S. Treasury obligations: 0.5%
U.S. Treasury Bills, 5.430%, due 03/21/24⁸		140,000		137,697
U.S. Treasury Bills, 5.430%, due 03/21/24⁸		230,000		226,206
U.S. Treasury Bills, 5.430%, due 05/23/24⁸		50,000		48,749
U.S. Treasury Bills, 5.487%, due 03/21/24⁸		575,000		565,662
U.S. Treasury Bills, 5.500%, due 02/22/24⁸		170,000		167,916
Total short-term U.S. Treasury obligations (cost—$1,146,221)				1,146,230
Total short term investments (Cost—$6,367,212)				6,367,221
Total investments (cost—$209,508,863): 103.9%				221,365,810
Liabilities in excess of other assets—(3.9)%				(8,311,411	)
Net assets: 100.0%			$	213,054,399

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

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	December 2023	$	6,704,016		$	6,523,920		$	(180,096	)
U.S. Treasury futures buy contracts:
1	USD	U.S. Long Bond Futures	March 2024	$	115,877		$	116,438		$	561
12	USD	U.S. Treasury Note 10 Year Futures	March 2024		1,311,092			1,317,562			6,470
51	USD	U.S. Treasury Note 5 Year Futures	March 2024		5,419,624			5,449,430			29,806
13	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2024		1,466,872			1,475,703			8,831
Total				$	15,017,481		$	14,883,053		$	(134,428	)
Index futures sell contracts:
24	USD	S&P 500 E-Mini Index Futures	December 2023	$	(5,272,188	)	$	(5,492,100	)	$	(219,912	)
Total				$	(5,272,188	)	$	(5,492,100	)	$	(219,912	)
Net unrealized appreciation (depreciation)										$	(354,340	)

Centrally cleared credit default swap agreements on credit indices—sell protection⁹

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.S41	USD	347	12/20/28	Quarterly	5.000	%	$	(13,610	)	$	16,979	$	3,369

OTC Total return swap agreements

Counterparty

Notional
amount
(000)

Maturity
Date

Payment
frequency

Payment
made by the
Portfolio¹⁰

Payments
received by
the Portfolio¹⁰

Upfront
payments
received
(made)

Value

Unrealized
appreciation
(depreciation)

JPMCB

USD

12/20/23

Quarterly

12 Month SOFR

Markit iBoxx USD Liquid High Yield Index

—

31,246

Forward foreign currency contracts

Counterparty

Sell

Purchase

Settlement
date

Unrealized
appreciation
(depreciation)

BOA

EUR

885,000

USD

950,877

01/11/24

(14,127

)

Net unrealized appreciation (depreciation)

(14,127

)

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 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	$	135,920,482		$	78		$	—	$	135,920,560
Preferred stocks		—			—			—		—
Exchange traded funds		3,224,051			—			—		3,224,051
Asset-backed securities		—			13,279,064			—		13,279,064
Corporate bonds		—			34,171,846			—		34,171,846
Mortgage-backed securities		—			2,742,243			—		2,742,243
Non-U.S. government agency obligations		—			613,300			—		613,300
U.S. government agency obligations		—			24,452,699			—		24,452,699
U.S. Treasury obligations		—			594,826			—		594,826
Investment companies		—			5,220,991			—		5,220,991
Short-term U.S. Treasury obligations		—			1,146,230			—		1,146,230
Futures contracts		45,668			—			—		45,668
Swap agreements		—			48,225			—		48,225
Total	$	139,190,201		$	82,269,502		$	—	$	221,459,703

Liabilities
Futures contracts	$	(400,008	)	$	—		$	—	$	(400,008	)
Forward foreign currency contracts		—			(14,127	)		—		(14,127	)
Total	$	(400,008	)	$	(14,127	)	$	—	$	(414,135	)

At November 30, 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.

Portfolio footnotes

^†	Amount represents 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 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 $17,221,499 represented 8.1% of the Fund's net assets at period end.
4	Floating or variable rate securities. The rates disclosed are as of November 30, 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.
5	Perpetual investment. Date shown reflects the next call date.

UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2023
(unaudited)

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	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
8	Rates shown reflect yield at November 30, 2023.
9	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.
10	Payments made or received are based on the notional amount.

Portfolio acronyms:

BOA	Bank of America
ETF	Exchange Traded Fund
FRN	Floating Rate Note
HSBC	HSBC Bank PLC
JPMCB	JPMorgan Chase Bank
MSCI	Morgan Stanley Capital International
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced Security

Currency type abbreviations:

USD	United States Dollar
EUR	Euro

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 Annual report to shareholders dated August 31, 2023.