UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks: 59.7%
Aerospace & defense: 1.0%
Axon Enterprise, Inc.*		32	$	24,012
Boeing Co.*		364		75,464
General Dynamics Corp.		118		32,862
General Electric Co.		524		128,857
Howmet Aerospace, Inc.		201		34,148
Huntington Ingalls Industries, Inc.		17		3,792
L3Harris Technologies, Inc.		81		19,792
Lockheed Martin Corp.		100		48,238
Northrop Grumman Corp.		1,612		781,449
RTX Corp.		655		89,394
Textron, Inc.		98		7,255
TransDigm Group, Inc.		543		797,357
				2,042,620
Air freight & logistics: 0.0%^†
CH Robinson Worldwide, Inc.		46		4,415
Expeditors International of Washington, Inc.		55		6,200
FedEx Corp.		98		21,374
United Parcel Service, Inc., Class B		376		36,675
				68,664
Automobile components: 0.3%
Aptiv PLC*		10,541		704,244

Automobiles: 0.7%
Ford Motor Co.		3,785		39,288
General Motors Co.		898		44,550
Tesla, Inc.*		4,239		1,468,644
				1,552,482
Banks: 2.6%
Bank of America Corp.		7,389		326,076
Citigroup, Inc.		2,102		158,323
Citizens Financial Group, Inc.		556		22,435
Fifth Third Bancorp		753		28,757
First Citizens BancShares, Inc., Class A		388		717,365
First Horizon Corp.		43,419		863,170
Huntington Bancshares, Inc.		1,568		24,508
JPMorgan Chase & Co.		3,108		820,512
KeyCorp		998		15,828
M&T Bank Corp.		184		33,606
PNC Financial Services Group, Inc.		431		74,912
Regions Financial Corp.		985		21,118
Truist Financial Corp.		1,496		59,092
U.S. Bancorp		1,774		77,329
Wells Fargo & Co.		29,285		2,189,932
				5,432,963
Beverages: 0.2%
Celsius Holdings, Inc.*		6,366		241,144
Coca-Cola Co.		409		29,489

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Beverages—(continued)
Constellation Brands, Inc., Class A		27	$	4,814
Keurig Dr. Pepper, Inc.		182		6,128
Monster Beverage Corp.*		100		6,395
PepsiCo, Inc.		140		18,403
				306,373
Biotechnology: 0.5%
AbbVie, Inc.		2,140		398,276
ABIOMED, Inc.*^,1		76		127
Amgen, Inc.		653		188,182
Biogen, Inc.*		162		21,026
Gilead Sciences, Inc.		1,499		165,010
Incyte Corp.*		173		11,255
Moderna, Inc.*		438		11,633
Regeneron Pharmaceuticals, Inc.		130		63,736
Vertex Pharmaceuticals, Inc.*		312		137,920
				997,165
Broadline retail: 2.6%
Amazon.com, Inc.*		26,924		5,519,689
eBay, Inc.		414		30,293
				5,549,982
Building products: 0.6%
A.O. Smith Corp.		67		4,309
Advanced Drainage Systems, Inc.		5,653		621,604
Allegion PLC		39		5,565
Builders FirstSource, Inc.*		40		4,307
Carrier Global Corp.		400		28,480
Johnson Controls International PLC		5,854		593,420
Lennox International, Inc.		12		6,773
Masco Corp.		94		5,868
Trane Technologies PLC		105		45,178
				1,315,504
Capital markets: 1.9%
Ameriprise Financial, Inc.		113		57,544
Bank of New York Mellon Corp.		799		70,799
Blackrock, Inc.		1,177		1,153,331
Blackstone, Inc.		812		112,673
Cboe Global Markets, Inc.		128		29,327
Charles Schwab Corp.		8,828		779,866
CME Group, Inc.		402		116,178
Coinbase Global, Inc., Class A*		225		55,490
FactSet Research Systems, Inc.		47		21,538
Franklin Resources, Inc.		399		8,634
Goldman Sachs Group, Inc.		345		207,155
Intercontinental Exchange, Inc.		638		114,712
Invesco Ltd.		618		8,936
KKR & Co., Inc.		725		88,058
MarketAxess Holdings, Inc.		48		10,388
Moody’s Corp.		176		84,360

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Capital markets—(continued)
Morgan Stanley		1,386	$	177,450
MSCI, Inc.		87		49,070
Nasdaq, Inc.		457		38,178
Northern Trust Corp.		221		23,590
Raymond James Financial, Inc.		194		28,514
S&P Global, Inc.		1,275		653,896
State Street Corp.		313		30,136
T. Rowe Price Group, Inc.		239		22,368
				3,942,191
Chemicals: 0.1%
Westlake Corp.		3,800		269,914

Commercial services & supplies: 0.4%
Cintas Corp.		160		36,240
Copart, Inc.*		433		22,291
Republic Services, Inc.		103		26,501
Rollins, Inc.		124		7,099
Veralto Corp.		107		10,810
Waste Management, Inc.		2,658		640,498
				743,439
Communications equipment: 0.4%
Arista Networks, Inc.*		6,183		535,695
Cisco Systems, Inc.		3,738		235,643
F5, Inc.*		57		16,267
Juniper Networks, Inc.		240		8,623
Motorola Solutions, Inc.		155		64,384
				860,612
Construction & engineering: 0.0%^†
Quanta Services, Inc.		79		27,062

Construction materials: 0.3%
Vulcan Materials Co.		2,340		620,264

Consumer finance: 0.9%
American Express Co.		606		178,194
Capital One Financial Corp.		8,602		1,627,069
Synchrony Financial		386		22,253
				1,827,516
Consumer staples distribution & retail: 0.9%
Costco Wholesale Corp.		50		52,009
Dollar General Corp.		6		583
Dollar Tree, Inc.*		10		903
Kroger Co.		102		6,959
Sysco Corp.		54		3,942
Target Corp.		69		6,487
Walmart, Inc.		18,369		1,813,388
				1,884,271
Distributors: 0.0%^†
Genuine Parts Co.		130		16,448
LKQ Corp.		196		7,932

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Distributors—(continued)
Pool Corp.²		32	$	9,619
				33,999
Diversified telecommunication services: 0.2%
AT&T, Inc.		8,105		225,319
Verizon Communications, Inc.		4,718		207,403
				432,722
Electric utilities: 1.7%
Alliant Energy Corp.		644		40,076
American Electric Power Co., Inc.		1,337		138,366
Constellation Energy Corp.		781		239,103
Duke Energy Corp.		1,944		228,848
Edison International		956		53,201
Entergy Corp.		1,093		91,025
Evergy, Inc.		535		35,529
Eversource Energy		901		58,394
Exelon Corp.		2,516		110,251
FirstEnergy Corp.		1,247		52,299
NextEra Energy, Inc.		26,893		1,899,722
NRG Energy, Inc.		501		78,106
PG&E Corp.		5,441		91,844
Pinnacle West Capital Corp.		244		22,260
PPL Corp.		1,845		64,114
Southern Co.		2,736		246,240
Xcel Energy, Inc.		1,431		100,313
				3,549,691
Electrical equipment: 0.4%
AMETEK, Inc.		118		21,091
Eaton Corp. PLC		198		63,400
Emerson Electric Co.		290		34,620
GE Vernova, Inc.		136		64,325
Generac Holdings, Inc.*		31		3,786
Hubbell, Inc.		20		7,792
Regal Rexnord Corp.		4,901		653,990
Rockwell Automation, Inc.		48		15,146
				864,150
Electronic equipment, instruments & components: 0.2%
Amphenol Corp., Class A		1,116		100,362
CDW Corp.		134		24,168
Corning, Inc.		698		34,614
Jabil, Inc.		100		16,801
Keysight Technologies, Inc.*		182		28,581
TE Connectivity PLC		273		43,699
Teledyne Technologies, Inc.*		53		26,440
Trimble, Inc.*		242		17,247
Zebra Technologies Corp., Class A*		56		16,227
				308,139
Energy equipment & services: 0.0%^†
Baker Hughes Co.		950		35,198

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(continued)
Halliburton Co.		782	$	15,319
Schlumberger NV		1,183		39,098
				89,615
Entertainment: 2.6%
Electronic Arts, Inc.		266		38,245
Liberty Media Corp.-Liberty Formula One, Class C*		8,400		810,852
Live Nation Entertainment, Inc.*^,2		4,604		631,623
Netflix, Inc.*		484		584,299
Spotify Technology SA*		834		554,727
Take-Two Interactive Software, Inc.*		7,296		1,650,939
TKO Group Holdings, Inc.		69		10,889
Walt Disney Co.		9,491		1,072,862
Warner Bros Discovery, Inc.*		2,277		22,702
				5,377,138
Financial services: 3.3%
Apollo Global Management, Inc.		5,987		782,441
Berkshire Hathaway, Inc., Class B*		5,789		2,917,424
Corpay, Inc.*		80		26,009
Fidelity National Information Services, Inc.		608		48,403
Fiserv, Inc.*		620		100,930
Global Payments, Inc.		265		20,037
Jack Henry & Associates, Inc.		74		13,407
Mastercard, Inc., Class A		3,855		2,257,488
PayPal Holdings, Inc.*		1,076		75,621
Visa, Inc., Class A		1,913		698,608
				6,940,368
Food products: 0.4%
Archer-Daniels-Midland Co.		89		4,296
General Mills, Inc.		88		4,775
Hershey Co.		33		5,303
Kellanova		57		4,710
Kraft Heinz Co.		30,657		819,461
McCormick & Co., Inc.		54		3,927
Mondelez International, Inc., Class A		114		7,694
Tyson Foods, Inc., Class A		73		4,100
				854,266
Gas utilities: 0.0%^†
Atmos Energy Corp.		367		56,768

Ground transportation: 0.4%
CSX Corp.		917		28,968
JB Hunt Transport Services, Inc.		36		4,999
Lyft, Inc., Class A*		34,651		528,081
Norfolk Southern Corp.		103		25,453
Old Dominion Freight Line, Inc.		79		12,654
Uber Technologies, Inc.*		1,014		85,338

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Ground transportation—(continued)
Union Pacific Corp.		289	$	64,060
				749,553
Health care equipment & supplies: 1.4%
Abbott Laboratories		2,100		280,518
Align Technology, Inc.*		89		16,104
Baxter International, Inc.		649		19,795
Becton Dickinson & Co.		360		62,132
Boston Scientific Corp.*		8,124		855,132
Cooper Cos., Inc.*		11,577		790,478
Dexcom, Inc.*		498		42,728
Edwards Lifesciences Corp.*		741		57,961
GE HealthCare Technologies, Inc.		573		40,419
Hologic, Inc.*		266		16,537
IDEXX Laboratories, Inc.*		100		51,336
Insulet Corp.*		82		26,653
Intuitive Surgical, Inc.*		436		240,820
Medtronic PLC		1,533		127,208
ResMed, Inc.		180		44,062
Solventum Corp.*		140		10,233
STERIS PLC		108		26,483
Stryker Corp.		428		163,770
Zimmer Biomet Holdings, Inc.		233		21,476
				2,893,845
Health care providers & services: 0.8%
Cardinal Health, Inc.		307		47,413
Cencora, Inc.		216		62,908
Centene Corp.*		652		36,799
Cigna Group		329		104,175
CVS Health Corp.		1,516		97,085
DaVita, Inc.*		40		5,450
Elevance Health, Inc.		277		106,324
HCA Healthcare, Inc.		222		84,669
Henry Schein, Inc.*		168		11,758
Humana, Inc.		150		34,969
Labcorp Holdings, Inc.		97		24,150
McKesson Corp.		156		112,243
Molina Healthcare, Inc.*		68		20,743
Quest Diagnostics, Inc.		144		24,961
UnitedHealth Group, Inc.		3,234		976,377
Universal Health Services, Inc., Class B		73		13,895
				1,763,919
Health care REITs: 0.2%
Welltower, Inc.		2,953		455,589

Hotels, restaurants & leisure: 1.0%
Airbnb, Inc., Class A*		415		53,535
Booking Holdings, Inc.		30		165,568
Caesars Entertainment, Inc.*		217		5,833

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure—(continued)
Carnival Corp.*		892	$	20,712
Chipotle Mexican Grill, Inc.*		16,093		805,937
Darden Restaurants, Inc.		110		23,563
Domino’s Pizza, Inc.		33		15,636
DoorDash, Inc., Class A*		317		66,142
Expedia Group, Inc.		105		17,509
Hilton Worldwide Holdings, Inc.		225		55,899
Las Vegas Sands Corp.		12,077		497,089
Marriott International, Inc., Class A		215		56,723
McDonald’s Corp.		649		203,689
MGM Resorts International*^,2		281		8,894
Norwegian Cruise Line Holdings Ltd.*		360		6,354
Royal Caribbean Cruises Ltd.		226		58,075
Starbucks Corp.		1,060		88,987
Wynn Resorts Ltd.²		75		6,791
Yum! Brands, Inc.		255		36,705
				2,193,641
Household durables: 0.1%
DR Horton, Inc.		272		32,112
Garmin Ltd.		145		29,431
Lennar Corp., Class A		208		22,064
Mohawk Industries, Inc.*		38		3,823
NVR, Inc.*		3		21,348
PulteGroup, Inc.		192		18,822
				127,600
Household products: 0.0%^†
Church & Dwight Co., Inc.		42		4,129
Clorox Co.		29		3,824
Colgate-Palmolive Co.		102		9,480
Kimberly-Clark Corp.		42		6,038
Procter & Gamble Co.		249		42,303
				65,774
Independent power and renewable electricity producers: 0.1%
AES Corp.		1,980		19,978
Vistra Corp.		854		137,127
				157,105
Industrial conglomerates: 0.1%
3M Co.		261		38,719
Honeywell International, Inc.		319		72,308
				111,027
Industrial REITs: 0.4%
Prologis, Inc.		7,491		813,523

Insurance: 1.2%
Aflac, Inc.		535		55,394
Allstate Corp.		293		61,492
American International Group, Inc.		653		55,270
Aon PLC, Class A		233		86,695
Arch Capital Group Ltd.		413		39,252

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Insurance—(continued)
Arthur J Gallagher & Co.		281	$	97,631
Assurant, Inc.		67		13,600
Brown & Brown, Inc.		258		29,128
Chubb Ltd.		402		119,474
Cincinnati Financial Corp.		165		24,885
Erie Indemnity Co., Class A		26		9,321
Everest Group Ltd.		49		17,012
Globe Life, Inc.		121		14,746
Hartford Insurance Group, Inc.		328		42,588
Loews Corp.		180		16,072
Marsh & McLennan Cos., Inc.		3,342		780,892
MetLife, Inc.		662		52,020
Principal Financial Group, Inc.		232		18,070
Progressive Corp.		3,100		883,283
Prudential Financial, Inc.		393		40,829
Travelers Cos., Inc.		254		70,028
W.R. Berkley Corp.		322		24,050
Willis Towers Watson PLC		117		37,036
				2,588,768
Interactive media & services: 4.2%
Alphabet, Inc., Class A		22,346		3,837,702
Alphabet, Inc., Class C		5,334		921,982
Match Group, Inc.²		278		8,323
Meta Platforms, Inc., Class A		6,294		4,075,302
				8,843,309
IT services: 0.5%
Accenture PLC, Class A		592		187,557
Akamai Technologies, Inc.*		149		11,314
Cognizant Technology Solutions Corp., Class A		470		38,065
EPAM Systems, Inc.*		52		9,073
Gartner, Inc.*		80		34,914
GoDaddy, Inc., Class A*		130		23,680
International Business Machines Corp.		875		226,677
Shopify, Inc., Class A*		4,349		466,300
VeriSign, Inc.		78		21,253
				1,018,833
Leisure products: 0.0%^†
Hasbro, Inc.		116		7,738

Life sciences tools & services: 0.7%
Agilent Technologies, Inc.		362		40,515
Bio-Rad Laboratories, Inc., Class A*		3,342		758,400
Bio-Techne Corp.		215		10,406
Charles River Laboratories International, Inc.*		63		8,545
Danaher Corp.		777		147,552
IQVIA Holdings, Inc.*		190		26,663
Mettler-Toledo International, Inc.*		22		25,421

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—(continued)
Revvity, Inc.²		159	$	14,377
Thermo Fisher Scientific, Inc.		1,047		421,753
Waters Corp.*		68		23,748
West Pharmaceutical Services, Inc.		87		18,344
				1,495,724
Machinery: 1.1%
Caterpillar, Inc.		232		80,743
Cummins, Inc.		61		19,610
Deere & Co.		119		60,245
Dover Corp.		46		8,177
Fortive Corp.		145		10,178
Gates Industrial Corp. PLC*		23,343		493,704
IDEX Corp.		30		5,427
Illinois Tool Works, Inc.		120		29,410
Ingersoll Rand, Inc.		16,517		1,348,448
Nordson Corp.		42		8,904
Otis Worldwide Corp.		188		17,926
PACCAR, Inc.		250		23,462
Parker-Hannifin Corp.		62		41,211
Pentair PLC		51		5,058
Snap-on, Inc.		38		12,189
Stanley Black & Decker, Inc.		74		4,842
Westinghouse Air Brake Technologies Corp.		89		18,006
Xylem, Inc.		119		14,999
				2,202,539
Media: 0.1%
Charter Communications, Inc., Class A*^,2		103		40,816
Comcast Corp., Class A		4,247		146,819
Fox Corp., Class A		277		15,218
Fox Corp., Class B		92		4,626
Interpublic Group of Cos., Inc.		429		10,279
News Corp., Class A		398		11,240
News Corp., Class B²		99		3,239
Omnicom Group, Inc.		194		14,247
Paramount Global, Class B		493		5,965
				252,449
Multi-utilities: 0.4%
Ameren Corp.		657		63,650
CenterPoint Energy, Inc.		1,620		60,329
CMS Energy Corp.		717		50,355
Consolidated Edison, Inc.		849		88,712
Dominion Energy, Inc.		2,099		118,950
DTE Energy Co.		491		67,095
NiSource, Inc.		1,186		46,895
Public Service Enterprise Group, Inc.		1,242		100,639
Sempra		1,582		124,329

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Multi-utilities—(continued)
WEC Energy Group, Inc.		781	$	83,911
				804,865
Oil, gas & consumable fuels: 2.4%
APA Corp.		377		6,413
Chevron Corp.		1,607		219,677
ConocoPhillips		1,192		101,737
Coterra Energy, Inc.		654		15,899
Devon Energy Corp.		20,976		634,734
Diamondback Energy, Inc.		175		23,546
EOG Resources, Inc.		518		56,239
EQT Corp.		566		31,204
Expand Energy Corp.		9,011		1,046,447
Exxon Mobil Corp.		7,036		719,783
Hess Corp.		277		36,617
Kinder Morgan, Inc.		1,790		50,192
Marathon Petroleum Corp.		289		46,454
Occidental Petroleum Corp.		675		27,527
ONEOK, Inc.		581		46,968
Phillips 66		401		45,505
Targa Resources Corp.		188		29,691
Texas Pacific Land Corp.		15		16,710
Valero Energy Corp.		264		34,048
Williams Cos., Inc.		30,632		1,853,542
				5,042,933
Passenger airlines: 0.0%^†
Delta Air Lines, Inc.		334		16,162
Southwest Airlines Co.²		301		10,047
United Airlines Holdings, Inc.*		134		10,646
				36,855
Personal care products: 0.0%^†
Estee Lauder Cos., Inc., Class A		57		3,815
Kenvue, Inc.		103		2,459
				6,274
Pharmaceuticals: 2.3%
Bristol-Myers Squibb Co.		31,978		1,543,898
Eli Lilly & Co.		3,020		2,227,763
Johnson & Johnson		2,906		451,040
Merck & Co., Inc.		3,051		234,439
Pfizer, Inc.		6,850		160,907
Viatris, Inc.		1,683		14,794
Zoetis, Inc.		556		93,758
				4,726,599
Professional services: 0.1%
Amentum Holdings, Inc.*		3		55
Automatic Data Processing, Inc.		196		63,804
Broadridge Financial Solutions, Inc.		55		13,356
Dayforce, Inc.*^,2		91		5,376
Equifax, Inc.		55		14,530

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Professional services—(continued)
Jacobs Solutions, Inc.		44	$	5,557
Leidos Holdings, Inc.		53		7,872
Paychex, Inc.		155		24,476
Paycom Software, Inc.		17		4,405
Verisk Analytics, Inc.		63		19,791
				159,222
Semiconductors & semiconductor equipment: 7.3%
Advanced Micro Devices, Inc.*		7,129		789,394
Analog Devices, Inc.		2,203		471,398
Applied Materials, Inc.		757		118,660
Broadcom, Inc.		11,807		2,858,120
Enphase Energy, Inc.*		127		5,256
First Solar, Inc.*		2,183		345,089
Intel Corp.		4,064		79,451
KLA Corp.		128		96,881
Lam Research Corp.		1,166		94,201
Marvell Technology, Inc.		7,347		442,216
Microchip Technology, Inc.		514		29,833
Micron Technology, Inc.		7,234		683,324
Monolithic Power Systems, Inc.		48		31,771
NVIDIA Corp.		64,987		8,781,693
NXP Semiconductors NV		236		45,107
ON Semiconductor Corp.*		391		16,430
QUALCOMM, Inc.		1,044		151,589
Skyworks Solutions, Inc.		146		10,078
Teradyne, Inc.		162		12,733
Texas Instruments, Inc.		833		152,314
				15,215,538
Software: 7.6%
Adobe, Inc.*		403		167,281
ANSYS, Inc.*		87		28,781
AppLovin Corp., Class A*		1,292		507,756
Autodesk, Inc.*		199		58,928
Cadence Design Systems, Inc.*		259		74,351
Crowdstrike Holdings, Inc., Class A*		235		110,772
Dynatrace, Inc.*		12,323		665,565
Fair Isaac Corp.*		24		41,431
Fortinet, Inc.*		596		60,661
Gen Digital, Inc.		471		13,414
HubSpot, Inc.*		942		555,686
Intuit, Inc.		265		199,670
Microsoft Corp.		20,809		9,579,631
Oracle Corp.		7,867		1,302,225
Palantir Technologies, Inc., Class A*		1,925		253,676
Palo Alto Networks, Inc.*		619		119,108
PTC, Inc.*		119		20,030
Roper Technologies, Inc.		697		397,478
Salesforce, Inc.		2,150		570,545
ServiceNow, Inc.*		196		198,174

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Synopsys, Inc.*		141	$	65,421
Tyler Technologies, Inc.*		42		24,234
Workday, Inc., Class A*		198		49,047
Zscaler, Inc.*		2,939		810,282
				15,874,147
Specialty retail: 0.4%
AutoZone, Inc.*		15		55,996
Best Buy Co., Inc.		186		12,328
CarMax, Inc.*		134		8,638
Home Depot, Inc.		906		333,671
Lowe’s Cos., Inc.		512		115,574
O’Reilly Automotive, Inc.*		53		72,477
Ross Stores, Inc.		310		43,428
TJX Cos., Inc.		1,026		130,199
Tractor Supply Co.		443		21,441
Ulta Beauty, Inc.*		43		20,273
Williams-Sonoma, Inc.		123		19,896
				833,921
Technology hardware, storage & peripherals: 3.5%
Apple, Inc.		35,701		7,170,546
Dell Technologies, Inc., Class C		284		31,600
Hewlett Packard Enterprise Co.		1,291		22,308
HP, Inc.		842		20,966
NetApp, Inc.		186		18,444
Seagate Technology Holdings PLC		204		24,060
Super Micro Computer, Inc.*		455		18,209
Western Digital Corp.*		320		16,496
				7,322,629
Textiles, apparel & luxury goods: 0.2%
Deckers Outdoor Corp.*		144		15,195
Lululemon Athletica, Inc.*		97		30,717
NIKE, Inc., Class B		7,080		428,977
Ralph Lauren Corp.		29		8,028
Tapestry, Inc.		199		15,631
				498,548
Tobacco: 0.5%
Altria Group, Inc.		168		10,183
Philip Morris International, Inc.		5,992		1,082,095
				1,092,278
Trading companies & distributors: 0.0%^†
Fastenal Co.		562		23,233
United Rentals, Inc.		29		20,543
WW Grainger, Inc.		22		23,926
				67,702
Water utilities: 0.0%^†
American Water Works Co., Inc.		469		67,053

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Number of shares		Value
Common stocks—(concluded)
Wireless telecommunication services: 0.5%
T-Mobile U.S., Inc.		4,479	$	1,084,814
Total common stocks (cost—$102,810,582)				125,226,436

Preferred stocks: 0.0%†
Financial services: 0.0%^†
SquareTwo Financial Corp.*^,1,3 (cost—$0)		35,000		0

Exchange traded funds: 6.6%
iShares Core S&P Mid-Cap ETF		54,995		3,301,900
iShares Russell 1000 Value ETF²		56,382		10,634,773
Total exchange traded funds (cost—$13,233,795)				13,936,673

	Face
	amount
Asset-backed securities: 6.9%
ARES XLVIII CLO Ltd.,
Series 2018-48A, Class C,
1* 3 mo. USD Term SOFR + 2.062%
6.331%, due 07/20/30^4,5	$	725,000	727,089
Capital One Multi-Asset Execution Trust,
Series 2005-B3, Class B3,
1* 3 mo. USD Term SOFR + 0.812%
5.068%, due 05/15/28⁵		350,000	349,904
CCG Receivables Trust,
Series 2024-1, Class A2,
4.990%, due 03/15/32⁴		429,234	430,907
Dell Equipment Finance Trust,
Series 2023-2, Class B,
5.770%, due 01/22/29⁴		525,000	527,949
Series 2024-1, Class D,
6.120%, due 09/23/30⁴		150,000	152,043
Series 2023-3, Class D,
6.750%, due 10/22/29⁴		650,000	660,494
DLLMT LLC,
Series 2024-1A, Class A3,
4.840%, due 08/21/28⁴		475,000	478,223
Drive Auto Receivables Trust,
Series 2024-2, Class C,
4.670%, due 05/17/32		500,000	497,280
Series 2024-1, Class A3,
5.350%, due 02/15/28		163,755	163,938
Dryden 102 CLO Ltd.,
Series 2023-102A, Class C,
3 mo. USD Term SOFR + 2.900%
7.156%, due 10/15/36^4,5		750,000	754,380

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Asset-backed securities—(continued)
DT Auto Owner Trust,
Series 2021-1A, Class D,
1.160%, due 11/16/26⁴	$	67,916	$	67,813
Enterprise Fleet Financing LLC,
Series 2025-2, Class A2,
4.510%, due 02/22/28⁴		200,000		199,801
Series 2024-4, Class A2,
4.690%, due 07/20/27⁴		1,025,000		1,025,405
Series 2023-2, Class A2,
5.560%, due 04/22/30⁴		338,874		340,656
Series 2024-2, Class A2,
5.740%, due 12/20/26⁴		114,848		115,350
Exeter Automobile Receivables Trust,
Series 2025-2A, Class B,
4.920%, due 09/17/29		325,000		326,337
Series 2024-4A, Class C,
5.480%, due 08/15/30		150,000		151,394
GM Financial Automobile Leasing Trust,
Series 2023-1, Class B,
5.510%, due 01/20/27		475,000		475,499
GoldenTree Loan Management U.S. CLO 8 Ltd.,
Series 2020-8A, Class DRR,
3 mo. USD Term SOFR + 2.900%
7.170%, due 10/20/34^4,5		470,000		470,620
HPEFS Equipment Trust,
Series 2024-1A, Class B,
5.180%, due 05/20/31⁴		775,000		777,293
Series 2024-1A, Class D,
5.820%, due 11/20/31⁴		500,000		502,419
Series 2024-2A, Class D,
5.820%, due 04/20/32⁴		850,000		861,184
Hyundai Auto Lease Securitization Trust,
Series 2025-B, Class B,
4.940%, due 08/15/29⁴		275,000		276,421
OHA Credit Partners XV Ltd.,
Series 2017-15A, Class D2R,
3 mo. USD Term SOFR + 4.500%
8.770%, due 04/20/37^4,5		250,000		251,007
OneMain Financial Issuance Trust,
Series 2021-1A, Class A1,
1.550%, due 06/16/36⁴		600,000		570,625
Series 2020-2A, Class A,
1.750%, due 09/14/35⁴		600,000		583,620
Series 2020-2A, Class B,
2.210%, due 09/14/35⁴		300,000		283,717
Santander Drive Auto Receivables Trust,
Series 2022-5, Class C,
4.740%, due 10/16/28		393,040		392,838

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Asset-backed securities—(concluded)
Series 2025-2, Class B,
4.870%, due 05/15/31	$	325,000	$	327,324
Series 2023-1, Class C,
5.090%, due 05/15/30		1,100,000		1,105,091
Series 2023-2, Class A3,
5.210%, due 07/15/27		19,931		19,936
Series 2023-3, Class A3,
5.610%, due 10/15/27		214,696		214,953
Series 2023-6, Class A2,
6.080%, due 05/17/27		2,869		2,871
SFS Auto Receivables Securitization Trust,
Series 2024-1A, Class A2,
5.350%, due 06/21/27⁴		73,780		73,833
World Financial Network Credit Card Master Note Trust,
Series 2024-B, Class A,
4.620%, due 05/15/31		250,000		251,114
Total asset-backed securities
(cost—$14,456,655)				14,409,328

Corporate bonds: 16.8%
Advertising: 0.1%
Clear Channel Outdoor Holdings, Inc.
5.125%, due 08/15/27⁴		35,000		34,238
7.750%, due 04/15/28⁴		37,000		33,809
7.875%, due 04/01/30⁴		52,000		52,683
				120,730
Aerospace & defense: 0.5%
AAR Escrow Issuer LLC,
6.750%, due 03/15/29⁴		40,000		40,986
Bombardier, Inc.
7.000%, due 06/01/32⁴		92,000		94,090
7.250%, due 07/01/31⁴		10,000		10,313
7.875%, due 04/15/27⁴		21,000		21,097
8.750%, due 11/15/30⁴		89,000		95,524
GE Capital International Funding Co. Unlimited Co.,
4.418%, due 11/15/35		200,000		189,876
Goat Holdco LLC,
6.750%, due 02/01/32⁴		48,000		47,815
HEICO Corp.,
5.350%, due 08/01/33		100,000		100,952
TransDigm, Inc.
4.625%, due 01/15/29		25,000		24,212
5.500%, due 11/15/27		150,000		149,883
6.000%, due 01/15/33⁴		96,000		94,993
6.375%, due 03/01/29⁴		25,000		25,407
6.625%, due 03/01/32⁴		68,000		69,462

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face amount		Value
Corporate bonds—(continued)
Aerospace & defense—(concluded)
7.125%, due 12/01/31⁴	$	10,000	$	10,344
				974,954
Agriculture: 0.0%†
Reynolds American, Inc.,
5.700%, due 08/15/35		70,000		70,225

Airlines: 0.5%
Allegiant Travel Co.,
7.250%, due 08/15/27⁴		60,000		59,257
American Airlines, Inc.
7.250%, due 02/15/28⁴		68,000		68,680
8.500%, due 05/15/29⁴		50,000		51,806
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/26⁴		88,667		88,515
5.750%, due 04/20/29⁴		30,000		29,459
Delta Air Lines Pass-Through Trust,
Series 2020-1,Class AA
2.000%, due 06/10/28		80,402		75,090
Delta Air Lines, Inc.,
4.375%, due 04/19/28		100,000		98,685
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.500%, due 06/20/27⁴		405,000		405,930
United Airlines, Inc.,
4.625%, due 04/15/29⁴		45,000		42,743
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.875%, due 05/01/27⁴		90,000		88,098
9.500%, due 06/01/28⁴		41,000		40,389
				1,048,652
Apparel: 0.0%†
Champ Acquisition Corp.,
8.375%, due 12/01/31⁴		80,000		83,999

Auto manufacturers: 0.2%
Ford Motor Credit Co. LLC,
4.125%, due 08/17/27		275,000		265,299
General Motors Co.,
6.600%, due 04/01/36		200,000		206,523
				471,822
Auto parts & equipment: 0.2%
American Axle & Manufacturing, Inc.,
6.500%, due 04/01/27		74,000		73,645
Clarios Global LP/Clarios U.S. Finance Co.,
6.750%, due 02/15/30⁴		20,000		20,370
Goodyear Tire & Rubber Co.
5.000%, due 05/31/26		125,000		125,067
5.250%, due 07/15/31		121,000		112,904
				331,986

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Banks: 2.3%

Bank of America Corp.

(fixed, converts to FRN on 03/20/50)

4.083%, due 03/20/51⁵ $ 75,000 $ 57,927

6.110%, due 01/29/37 450,000 466,041

Bank of Nova Scotia,

(fixed, converts to FRN on 05/04/32)

4.588%, due 05/04/37⁵ 100,000 93,204

Barclays PLC,

(fixed, converts to FRN on 08/09/32)

5.746%, due 08/09/33⁵ 200,000 204,135

Canadian Imperial Bank of Commerce,

6.092%, due 10/03/33 150,000 159,123

Citigroup, Inc.

(fixed, converts to FRN on 03/20/29)

3.980%, due 03/20/30⁵ 175,000 169,989

5.500%, due 09/13/25 175,000 175,321

6.675%, due 09/13/43 200,000 212,164

Deutsche Bank AG,

(fixed, converts to FRN on 01/07/27)

2.552%, due 01/07/28⁵ 150,000 144,564

Freedom Mortgage Corp.,

12.000%, due 10/01/28⁴ 55,000 58,997

Goldman Sachs Group, Inc.

3.750%, due 02/25/26 150,000 149,229

5.150%, due 05/22/45 110,000 96,900

(fixed, converts to FRN on 02/10/30)

6.850%, due 02/10/30^5,6 111,000 111,917

HSBC Holdings PLC,

6.500%, due 09/15/37 200,000 210,581

JPMorgan Chase & Co.,

(fixed, converts to FRN on 07/24/47)

4.032%, due 07/24/48⁵ 400,000 314,526

Lloyds Banking Group PLC,

4.582%, due 12/10/25 400,000 399,218

Mitsubishi UFJ Financial Group, Inc.,

3.677%, due 02/22/27 350,000 345,556

Morgan Stanley

4.300%, due 01/27/45 275,000 228,247

4.350%, due 09/08/26 590,000 587,601

(fixed, converts to FRN on 02/07/34)

5.942%, due 02/07/39⁵ 100,000 100,930

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Banks—(concluded)

PNC Financial Services Group, Inc.,

(fixed, converts to FRN on 01/24/33)

5.068%, due 01/24/34⁵ $ 100,000 $ 98,809

Royal Bank of Canada,

2.300%, due 11/03/31 250,000 216,381

Societe Generale SA,

4.000%, due 01/12/27⁴ 200,000 197,400

4,798,760

Beverages: 0.1%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

4.700%, due 02/01/36 75,000 72,091

4.900%, due 02/01/46 130,000 117,198

189,289

Biotechnology: 0.1%

Amgen, Inc.,

5.250%, due 03/02/33 150,000 151,377

Gilead Sciences, Inc.,

4.750%, due 03/01/46 50,000 43,772

195,149

Building Materials: 0.1%

Builders FirstSource, Inc.

4.250%, due 02/01/32⁴ 10,000 9,073

6.375%, due 06/15/32⁴ 10,000 10,094

Carrier Global Corp.,

6.200%, due 03/15/54 100,000 105,682

Knife River Corp.,

7.750%, due 05/01/31⁴ 45,000 47,102

Smyrna Ready Mix Concrete LLC

6.000%, due 11/01/28⁴ 51,000 50,259

8.875%, due 11/15/31⁴ 78,000 80,098

302,308

Chemicals: 0.5%

Celanese U.S. Holdings LLC

Steps to 6.830% on 07/15/25

6.580%, due 07/15/29 115,000 118,128

Steps to 6.879% on 07/15/25

6.629%, due 07/15/32 250,000 255,851

CF Industries, Inc.,

5.150%, due 03/15/34 200,000 194,086

Chemours Co.

4.625%, due 11/15/29⁴ 45,000 36,811

8.000%, due 01/15/33⁴ 64,000 55,798

LYB International Finance II BV,

3.500%, due 03/02/27 150,000 146,899

LYB International Finance III LLC,

3.625%, due 04/01/51 100,000 64,681

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Chemicals—(concluded)

NOVA Chemicals Corp.

8.500%, due 11/15/28⁴ $ 11,000 $ 11,587

9.000%, due 02/15/30⁴ 40,000 43,065

Olympus Water U.S. Holding Corp.,

9.625%, due 11/15/28⁷ 100,000 118,939

1,045,845

Commercial services: 0.4%

ADT Security Corp.,

4.875%, due 07/15/32⁴ 90,000 85,427

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

8.250%, due 01/15/30⁴ 10,000 10,171

Block, Inc.,

6.500%, due 05/15/32 22,000 22,484

Brink’s Co.,

6.500%, due 06/15/29⁴ 45,000 45,915

Carriage Services, Inc.,

4.250%, due 05/15/29⁴ 45,000 42,109

Garda World Security Corp.,

8.375%, due 11/15/32⁴ 42,000 42,141

Global Payments, Inc.,

5.950%, due 08/15/52 100,000 92,923

Herc Holdings, Inc.,

6.625%, due 06/15/29⁴ 33,000 33,428

NESCO Holdings II, Inc.,

5.500%, due 04/15/29⁴ 101,000 95,151

PayPal Holdings, Inc.,

5.500%, due 06/01/54 50,000 47,088

Prime Security Services Borrower LLC/Prime Finance, Inc.,

6.250%, due 01/15/28⁴ 45,000 44,954

Quanta Services, Inc.,

2.350%, due 01/15/32 100,000 84,236

Raven Acquisition Holdings LLC,

6.875%, due 11/15/31⁴ 52,000 51,764

Service Corp. International,

5.750%, due 10/15/32 10,000 9,937

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,

6.750%, due 08/15/32⁴ 42,000 42,852

United Rentals North America, Inc.,

6.125%, due 03/15/34⁴ 59,000 59,803

Wand NewCo 3, Inc.,

7.625%, due 01/30/32⁴ 58,000 60,338

870,721

Computers: 0.4%

Ahead DB Holdings LLC,

6.625%, due 05/01/28⁴ 45,000 44,346

Apple, Inc.

3.450%, due 02/09/45 100,000 76,238

3.850%, due 05/04/43 160,000 131,017

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Computers—(concluded)

ASGN, Inc.,

4.625%, due 05/15/28⁴ $ 61,000 $ 58,847

Diebold Nixdorf, Inc.,

7.750%, due 03/31/30⁴ 41,000 43,095

International Business Machines Corp.,

5.875%, due 11/29/32 175,000 186,171

KBR, Inc.,

4.750%, due 09/30/28⁴ 41,000 39,405

Kyndryl Holdings, Inc.,

6.350%, due 02/20/34 200,000 209,869

McAfee Corp.,

7.375%, due 02/15/30⁴ 134,000 123,908

Seagate HDD Cayman,

8.250%, due 12/15/29 25,000 26,647

939,543

Cosmetics/Personal Care: 0.0%†

Perrigo Finance Unlimited Co.,

6.125%, due 09/30/32 15,000 14,973

Distribution & wholesale: 0.0%†

Resideo Funding, Inc.,

6.500%, due 07/15/32⁴ 45,000 45,370

Diversified financial services: 1.5%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.300%, due 01/30/32 250,000 221,990

Ally Financial, Inc.,

5.750%, due 11/20/25 150,000 150,256

Bread Financial Holdings, Inc.

(fixed, converts to FRN on 06/15/30)

8.375%, due 06/15/35^4,5 59,000 57,284

9.750%, due 03/15/29⁴ 155,000 165,259

Capital One Financial Corp.

3.750%, due 07/28/26 200,000 197,723

(fixed, converts to FRN on 02/01/33)

5.817%, due 02/01/34⁵ 300,000 303,919

CME Group, Inc.,

3.750%, due 06/15/28 150,000 148,345

Freedom Mortgage Holdings LLC

9.125%, due 05/15/31⁴ 49,000 49,970

9.250%, due 02/01/29⁴ 66,000 68,047

GGAM Finance Ltd.

6.875%, due 04/15/29⁴ 145,000 147,710

8.000%, due 02/15/27⁴ 100,000 102,899

Jane Street Group/JSG Finance, Inc.,

7.125%, due 04/30/31⁴ 81,000 84,618

Jerrold Finco PLC,

7.875%, due 04/15/30⁷ 100,000 137,442

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Macquarie Airfinance Holdings Ltd.
6.500%, due 03/26/31⁴	$	33,000	$	34,297
8.125%, due 03/30/29⁴		40,000		41,859
Nationstar Mortgage Holdings, Inc.
6.000%, due 01/15/27⁴		35,000		35,005
7.125%, due 02/01/32⁴		59,000		61,436
Navient Corp.
6.750%, due 06/15/26		484,000		490,110
11.500%, due 03/15/31		44,000		49,844
OneMain Finance Corp.
6.750%, due 03/15/32		118,000		117,287
7.125%, due 03/15/26		65,000		65,880
PHH Escrow Issuer LLC/PHH Corp.,
9.875%, due 11/01/29⁴		45,000		44,189
PRA Group, Inc.
8.375%, due 02/01/28⁴		35,000		35,306
8.875%, due 01/31/30⁴		52,000		53,302
Provident Funding Associates LP/PFG Finance Corp.,
9.750%, due 09/15/29⁴		45,000		46,813
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
2.875%, due 10/15/26⁴		250,000		242,110
				3,152,900
Electric: 1.3%
Berkshire Hathaway Energy Co.,
4.450%, due 01/15/49		50,000		40,106
Calpine Corp.
4.625%, due 02/01/29⁴		30,000		29,238
5.125%, due 03/15/28⁴		77,000		76,331
Clearway Energy Operating LLC,
4.750%, due 03/15/28⁴		65,000		63,514
Consolidated Edison Co. of New York, Inc.,
5.900%, due 11/15/53		100,000		99,380
DTE Electric Co.,
Series A,
3.000%, due 03/01/32		200,000		179,208
Duke Energy Ohio, Inc.,
4.300%, due 02/01/49		250,000		194,428
Edison International,
(fixed, converts to FRN on 06/15/29)
7.875%, due 06/15/54⁵		37,000		35,599
Eversource Energy,
5.500%, due 01/01/34		200,000		199,491
Exelon Corp.
3.400%, due 04/15/26		70,000		69,265
4.450%, due 04/15/46		200,000		160,605

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Electric—(concluded)
FirstEnergy Corp.,
Series C,
4.850%, due 07/15/47	$	75,000	$	61,832
Florida Power & Light Co.,
5.950%, due 02/01/38		45,000		47,452
Georgia Power Co.,
Series B,
3.700%, due 01/30/50		200,000		144,119
Leeward Renewable Energy Operations LLC,
4.250%, due 07/01/29⁴		37,000		33,704
Lightning Power LLC,
7.250%, due 08/15/32⁴		52,000		54,520
National Rural Utilities Cooperative Finance Corp.,
3.900%, due 11/01/28		100,000		98,061
NRG Energy, Inc.
3.625%, due 02/15/31⁴		66,000		59,849
6.000%, due 02/01/33⁴		67,000		66,393
Oncor Electric Delivery Co. LLC,
3.750%, due 04/01/45		40,000		30,019
PG&E Corp.,
5.000%, due 07/01/28		96,000		93,668
Pike Corp.,
8.625%, due 01/31/31⁴		59,000		63,548
Public Service Electric & Gas Co.,
2.450%, due 01/15/30		250,000		228,610
San Diego Gas & Electric Co.,
4.100%, due 06/15/49		100,000		74,389
Sempra,
6.000%, due 10/15/39		150,000		148,905
Southern California Edison Co.,
3.650%, due 02/01/50		175,000		113,359
Southwestern Electric Power Co.,
3.250%, due 11/01/51		100,000		61,798
Talen Energy Supply LLC,
8.625%, due 06/01/30⁴		118,000		126,018
Vistra Corp.,
(fixed, converts to FRN on 12/15/26)
7.000%, due 12/15/26^4,5,6		102,000		103,466
				2,756,875
Electrical components & equipment: 0.1%
Energizer Holdings, Inc.
4.375%, due 03/31/29⁴		101,000		94,875
4.750%, due 06/15/28⁴		30,000		28,928
WESCO Distribution, Inc.
6.375%, due 03/15/29⁴		5,000		5,104

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Electrical components & equipment—(concluded)
6.625%, due 03/15/32⁴	$	41,000	$	41,973
				170,880
Electronics: 0.0%†
Coherent Corp.,
5.000%, due 12/15/29⁴		40,000		38,759

Energy-Alternate Sources: 0.0%†
TerraForm Power Operating LLC,
4.750%, due 01/15/30⁴		97,000		91,434

Engineering & construction: 0.1%
Arcosa, Inc.,
6.875%, due 08/15/32⁴		37,000		37,943
Artera Services LLC,
8.500%, due 02/15/31⁴		89,000		75,633
Brundage-Bone Concrete Pumping Holdings, Inc.,
7.500%, due 02/01/32⁴		5,000		4,991
Weekley Homes LLC/Weekley Finance Corp.,
4.875%, due 09/15/28⁴		15,000		14,417
				132,984
Entertainment: 0.2%
Caesars Entertainment, Inc.
6.000%, due 10/15/32⁴		55,000		52,761
6.500%, due 02/15/32⁴		25,000		25,201
Churchill Downs, Inc.,
5.750%, due 04/01/30⁴		20,000		19,718
Cirsa Finance International SARL,
10.375%, due 11/30/27⁷		112,500		134,751
Light & Wonder International, Inc.,
7.500%, due 09/01/31⁴		67,000		69,237
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,
8.000%, due 08/01/30⁴		45,000		44,482
Warnermedia Holdings, Inc.,
5.050%, due 03/15/42		100,000		71,933
				418,083
Food: 0.2%
J.M. Smucker Co.,
6.200%, due 11/15/33		100,000		106,162
Kroger Co.,
3.875%, due 10/15/46		150,000		110,548
Performance Food Group, Inc.,
6.125%, due 09/15/32⁴		37,000		37,298
United Natural Foods, Inc.,
6.750%, due 10/15/28⁴		52,000		51,655
Viking Baked Goods Acquisition Corp.,
8.625%, due 11/01/31⁴		37,000		34,884
				340,547

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Forest products & paper: 0.0%†
Magnera Corp.,
7.250%, due 11/15/31⁴	$	11,000	$	10,065

Gas: 0.1%
NiSource, Inc.,
5.350%, due 04/01/34		100,000		100,326

Hand & machine tools: 0.1%
Regal Rexnord Corp.,
6.400%, due 04/15/33		150,000		155,218

Healthcare-products: 0.1%
Abbott Laboratories,
4.900%, due 11/30/46		50,000		46,361
Medline Borrower LP,
5.250%, due 10/01/29⁴		96,000		93,816
Medline Borrower LP/Medline Co-Issuer, Inc.,
6.250%, due 04/01/29⁴		4,000		4,070
Solventum Corp.,
5.600%, due 03/23/34		150,000		151,294
				295,541
Healthcare-services: 0.5%
CHS/Community Health Systems, Inc.
5.250%, due 05/15/30⁴		60,000		54,033
5.625%, due 03/15/27⁴		28,000		27,590
6.000%, due 01/15/29⁴		57,000		54,765
6.875%, due 04/15/29⁴		43,000		35,940
10.875%, due 01/15/32⁴		67,000		71,413
Concentra Health Services, Inc.,
6.875%, due 07/15/32⁴		52,000		53,499
DaVita, Inc.
4.625%, due 06/01/30⁴		105,000		98,116
6.875%, due 09/01/32⁴		25,000		25,396
HAH Group Holding Co. LLC,
9.750%, due 10/01/31⁴		52,000		51,789
HCA, Inc.,
5.250%, due 06/15/49		150,000		129,732
LifePoint Health, Inc.
9.875%, due 08/15/30⁴		77,000		82,497
10.000%, due 06/01/32⁴		15,000		15,691
11.000%, due 10/15/30⁴		35,000		38,477
Prime Healthcare Services, Inc.,
9.375%, due 09/01/29⁴		64,000		65,023
Select Medical Corp.,
6.250%, due 12/01/32⁴		10,000		9,911
Star Parent, Inc.,
9.000%, due 10/01/30⁴		64,000		66,148
Tenet Healthcare Corp.,
6.125%, due 06/15/30		96,000		96,941
UnitedHealth Group, Inc.,
4.625%, due 07/15/35		40,000		37,805
				1,014,766

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Home builders: 0.1%

Ashton Woods USA LLC/Ashton Woods Finance Co.

4.625%, due 08/01/29⁴ $ 37,000 $ 34,877

6.625%, due 01/15/28⁴ 10,000 10,042

Installed Building Products, Inc.,

5.750%, due 02/01/28⁴ 59,000 58,612

103,531

Housewares: 0.0%†

Newell Brands, Inc.

6.375%, due 05/15/30 25,000 23,486

Steps to 7.375% on 10/01/25

6.875%, due 04/01/36 42,000 38,599

Steps to 7.500% on 10/01/25

7.000%, due 04/01/46 5,000 4,065

66,150

Insurance: 0.4%

Aon Global Ltd.,

4.750%, due 05/15/45 100,000 85,507

Berkshire Hathaway Finance Corp.,

4.250%, due 01/15/49 100,000 82,850

Hartford Insurance Group, Inc.,

6.100%, due 10/01/41 150,000 151,856

Marsh & McLennan Cos., Inc.,

5.000%, due 03/15/35 150,000 147,581

MetLife, Inc.,

4.125%, due 08/13/42 130,000 106,860

Metropolitan Life Global Funding I,

5.150%, due 03/28/33⁴ 150,000 150,437

Teachers Insurance & Annuity Association of America,

4.270%, due 05/15/47⁴ 50,000 39,494

764,585

Internet: 0.2%

Amazon.com, Inc.,

2.500%, due 06/03/50 150,000 88,198

Expedia Group, Inc.,

3.800%, due 02/15/28 100,000 97,937

Match Group Holdings II LLC,

5.625%, due 02/15/29⁴ 45,000 44,623

Meta Platforms, Inc.,

5.400%, due 08/15/54 50,000 47,465

Netflix, Inc.,

4.875%, due 06/15/30⁴ 100,000 101,477

Snap, Inc.,

6.875%, due 03/01/33⁴ 45,000 45,583

425,283

Investment companies: 0.2%

Blue Owl Technology Finance Corp.

6.100%, due 03/15/28⁴ 52,000 51,563

6.750%, due 04/04/29 125,000 125,756

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Investment companies—(concluded)

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

5.250%, due 05/15/27 $ 189,000 $ 179,849

6.250%, due 05/15/26 51,000 50,522

9.750%, due 01/15/29 50,000 48,449

10.000%, due 11/15/29⁴ 5,000 4,874

461,013

Iron & steel: 0.1%

Big River Steel LLC/BRS Finance Corp.,

6.625%, due 01/31/29⁴ 65,000 65,477

Cleveland-Cliffs, Inc.

6.875%, due 11/01/29⁴ 45,000 41,840

7.000%, due 03/15/32⁴ 92,000 79,354

7.500%, due 09/15/31⁴ 25,000 22,481

209,152

Leisure time: 0.3%

Carnival Corp.

5.750%, due 03/01/27⁴ 70,000 70,175

5.875%, due 06/15/31⁴ 60,000 60,036

6.000%, due 05/01/29⁴ 92,000 92,243

NCL Corp. Ltd.

5.875%, due 03/15/26⁴ 8,000 8,005

6.750%, due 02/01/32⁴ 131,000 131,024

Pinnacle Bidco PLC,

8.250%, due 10/11/28⁷ 100,000 119,790

Royal Caribbean Cruises Ltd.

5.500%, due 04/01/28⁴ 10,000 10,024

5.625%, due 09/30/31⁴ 68,000 67,210

6.000%, due 02/01/33⁴ 11,000 11,039

6.250%, due 03/15/32⁴ 30,000 30,405

7.500%, due 10/15/27 25,000 26,313

Sabre GLBL, Inc.,

10.750%, due 11/15/29⁴ 57,000 58,140

684,404

Lodging: 0.1%

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.

4.875%, due 07/01/31⁴ 94,000 84,288

5.000%, due 06/01/29⁴ 25,000 23,454

6.625%, due 01/15/32⁴ 40,000 39,949

147,691

Machinery-diversified: 0.1%

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC,

9.000%, due 02/15/29⁴ 89,000 90,959

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Machinery-diversified—(concluded)
Westinghouse Air Brake Technologies Corp.,
5.611%, due 03/11/34	$	150,000	$	152,902
				243,861
Media: 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/31⁴		143,000		130,975
4.250%, due 01/15/34⁴		40,000		34,529
4.750%, due 03/01/30⁴		122,000		116,460
5.375%, due 06/01/29⁴		139,000		137,080
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.200%, due 03/15/28		250,000		246,849
Comcast Corp.,
2.887%, due 11/01/51		239,000		141,824
Directv Financing LLC,
8.875%, due 02/01/30⁴		131,000		129,043
Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.875%, due 08/15/27⁴		15,000		14,765
10.000%, due 02/15/31⁴		13,000		12,654
DISH Network Corp.,
11.750%, due 11/15/27⁴		85,000		87,695
Gray Media, Inc.
5.375%, due 11/15/31⁴		10,000		7,140
10.500%, due 07/15/29⁴		33,000		35,096
Nexstar Media, Inc.,
4.750%, due 11/01/28⁴		45,000		43,294
Sirius XM Radio LLC
3.875%, due 09/01/31⁴		52,000		45,474
4.125%, due 07/01/30⁴		59,000		53,606
5.500%, due 07/01/29⁴		35,000		34,428
Time Warner Cable LLC,
6.550%, due 05/01/37		25,000		25,166
Univision Communications, Inc.
4.500%, due 05/01/29⁴		40,000		35,507
7.375%, due 06/30/30⁴		63,000		58,897
8.000%, due 08/15/28⁴		20,000		20,013
8.500%, due 07/31/31⁴		65,000		62,410
Walt Disney Co.,
4.950%, due 10/15/45		120,000		108,015
				1,580,920
Mining: 0.1%
Arsenal AIC Parent LLC,
8.000%, due 10/01/30⁴		52,000		54,607
Capstone Copper Corp.,
6.750%, due 03/31/33⁴		25,000		24,995

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Mining—(concluded)
FMG Resources August 2006 Pty. Ltd.
5.875%, due 04/15/30⁴	$	15,000	$	14,990
6.125%, due 04/15/32⁴		76,000		75,814
Hudbay Minerals, Inc.,
6.125%, due 04/01/29⁴		59,000		59,148
				229,554
Miscellaneous manufacturers: 0.1%
Amsted Industries, Inc.
4.625%, due 05/15/30⁴		60,000		58,020
6.375%, due 03/15/33⁴		86,000		87,289
Axon Enterprise, Inc.,
6.250%, due 03/15/33⁴		43,000		43,627
				188,936
Office & business equipment: 0.0%†
Xerox Holdings Corp.,
8.875%, due 11/30/29⁴		71,000		47,842
Zebra Technologies Corp.,
6.500%, due 06/01/32⁴		33,000		33,588
				81,430
Oil & gas: 0.6%
Aethon United BR LP/Aethon United Finance Corp.,
7.500%, due 10/01/29⁴		52,000		53,288
Aker BP ASA,
3.750%, due 01/15/30⁴		150,000		140,680
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, due 06/30/29⁴		87,000		86,684
6.625%, due 10/15/32⁴		25,000		25,144
8.250%, due 12/31/28⁴		10,000		10,151
Civitas Resources, Inc.,
8.750%, due 07/01/31⁴		81,000		79,194
ConocoPhillips Co.,
3.758%, due 03/15/42		50,000		38,863
Crescent Energy Finance LLC,
7.625%, due 04/01/32⁴		45,000		42,425
Diamond Foreign Asset Co./Diamond Finance LLC,
8.500%, due 10/01/30⁴		56,000		56,098
Encino Acquisition Partners Holdings LLC,
8.750%, due 05/01/31⁴		33,000		36,042
EQT Corp.,
3.125%, due 05/15/26⁴		150,000		147,293
Equinor ASA,
4.800%, due 11/08/43		50,000		44,826
Exxon Mobil Corp.,
4.114%, due 03/01/46		50,000		40,012
Marathon Petroleum Corp.,
4.750%, due 09/15/44		60,000		48,376

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Oil & gas—(concluded)

Nabors Industries, Inc.,

9.125%, due 01/31/30⁴ $ 37,000 $ 33,714

Shell Finance U.S., Inc.,

4.375%, due 05/11/45 100,000 82,678

Sunoco LP,

7.250%, due 05/01/32⁴ 89,000 92,538

Talos Production, Inc.

9.000%, due 02/01/29⁴ 20,000 19,864

9.375%, due 02/01/31⁴ 42,000 41,294

Transocean Aquila Ltd.,

8.000%, due 09/30/28⁴ 16,308 16,282

Transocean Titan Financing Ltd.,

8.375%, due 02/01/28⁴ 79,619 80,853

Transocean, Inc.,

8.750%, due 02/15/30⁴ 4,000 4,055

1,220,354

Oil & gas services: 0.2%

Archrock Partners LP/Archrock Partners Finance Corp.,

6.250%, due 04/01/28⁴ 11,000 10,982

Bristow Group, Inc.,

6.875%, due 03/01/28⁴ 108,000 107,684

Kodiak Gas Services LLC,

7.250%, due 02/15/29⁴ 45,000 46,117

Oceaneering International, Inc.,

6.000%, due 02/01/28 34,000 33,542

USA Compression Partners LP/USA Compression Finance Corp.

6.875%, due 09/01/27 29,000 28,989

7.125%, due 03/15/29⁴ 57,000 57,896

Weatherford International Ltd.,

8.625%, due 04/30/30⁴ 40,000 40,630

325,840

Packaging & containers: 0.0%†

Clearwater Paper Corp.,

4.750%, due 08/15/28⁴ 52,000 49,748

LABL, Inc.,

8.625%, due 10/01/31⁴ 25,000 20,698

70,446

Pharmaceuticals: 0.3%

AbbVie, Inc.,

4.450%, due 05/14/46 200,000 167,659

Endo Finance Holdings, Inc.,

8.500%, due 04/15/31⁴ 10,000 10,351

Pfizer, Inc.,

7.200%, due 03/15/39 270,000 314,819

Teva Pharmaceutical Finance Netherlands II BV,

3.750%, due 05/09/27 100,000 114,066

606,895

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(continued)

Pipelines: 0.8%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

5.375%, due 06/15/29⁴ $ 37,000 $ 36,623

Blue Racer Midstream LLC/Blue Racer Finance Corp.,

7.250%, due 07/15/32⁴ 82,000 85,017

Buckeye Partners LP

6.750%, due 02/01/30⁴ 62,000 63,997

6.875%, due 07/01/29⁴ 22,000 22,620

CNX Midstream Partners LP,

4.750%, due 04/15/30⁴ 105,000 97,336

Enbridge Energy Partners LP,

7.375%, due 10/15/45 100,000 111,083

Energy Transfer LP

5.400%, due 10/01/47 50,000 43,110

3 mo. USD Term SOFR + 3.279%

7.555%, due 11/01/66⁵ 75,000 73,590

Howard Midstream Energy Partners LLC,

7.375%, due 07/15/32⁴ 107,000 110,733

Kinder Morgan, Inc.

4.300%, due 03/01/28 150,000 149,577

5.550%, due 06/01/45 70,000 64,248

Plains All American Pipeline LP/PAA Finance Corp.,

5.700%, due 09/15/34 200,000 198,483

Prairie Acquiror LP,

9.000%, due 08/01/29⁴ 37,000 37,614

Sabine Pass Liquefaction LLC,

5.000%, due 03/15/27 80,000 80,351

Summit Midstream Holdings LLC,

8.625%, due 10/31/29⁴ 11,000 11,025

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

7.375%, due 02/15/29⁴ 45,000 45,769

Targa Resources Corp.,

4.200%, due 02/01/33 150,000 137,105

Venture Global LNG, Inc.

7.000%, due 01/15/30⁴ 2,000 1,991

8.125%, due 06/01/28⁴ 35,000 35,819

8.375%, due 06/01/31⁴ 40,000 40,606

9.875%, due 02/01/32⁴ 97,000 103,193

Western Midstream Operating LP

4.650%, due 07/01/26 100,000 99,720

6.150%, due 04/01/33 100,000 102,142

1,751,752

Real estate: 0.1%

Jones Lang LaSalle, Inc.,

6.875%, due 12/01/28 200,000 213,419

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Real estate investment trusts: 0.5%
Extra Space Storage LP,
5.400%, due 02/01/34	$	200,000	$	198,834
Iron Mountain, Inc.
5.250%, due 07/15/30⁴		106,000		103,436
5.625%, due 07/15/32⁴		55,000		53,665
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.750%, due 06/15/29⁴		45,000		43,592
MPT Operating Partnership LP/MPT Finance Corp.,
5.000%, due 10/15/27		56,000		48,942
Public Storage Operating Co.,
2.250%, due 11/09/31		200,000		172,257
Service Properties Trust
4.750%, due 10/01/26		33,000		32,479
5.250%, due 02/15/26		96,000		95,120
8.625%, due 11/15/31⁴		67,000		71,358
Starwood Property Trust, Inc.,
7.250%, due 04/01/29⁴		41,000		42,623
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC
6.500%, due 02/15/29⁴		167,000		157,454
10.500%, due 02/15/28⁴		91,000		96,540
				1,116,300
Retail: 0.5%
Academy Ltd.,
6.000%, due 11/15/27⁴		45,000		45,105
Asbury Automotive Group, Inc.,
4.625%, due 11/15/29⁴		20,000		19,013
Bath & Body Works, Inc.
6.625%, due 10/01/30⁴		82,000		83,754
6.875%, due 11/01/35		25,000		25,178
Cougar JV Subsidiary LLC,
8.000%, due 05/15/32⁴		45,000		47,267
Home Depot, Inc.
3.350%, due 09/15/25		40,000		39,873
3.350%, due 04/15/50		100,000		68,430
LCM Investments Holdings II LLC,
8.250%, due 08/01/31⁴		41,000		43,470
Lithia Motors, Inc.,
4.375%, due 01/15/31⁴		76,000		71,226
Macy’s Retail Holdings LLC,
6.125%, due 03/15/32⁴		11,000		10,190
McDonald’s Corp.
3.800%, due 04/01/28		250,000		246,921
4.875%, due 12/09/45		20,000		17,709
Patrick Industries, Inc.,
6.375%, due 11/01/32⁴		67,000		66,039

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face
	amount		Value
Corporate bonds—(continued)
Retail—(concluded)
Raising Cane’s Restaurants LLC,
9.375%, due 05/01/29⁴	$	178,000	$	188,896
Sally Holdings LLC/Sally Capital, Inc.,
6.750%, due 03/01/32		68,000		69,086
Victra Holdings LLC/Victra Finance Corp.,
8.750%, due 09/15/29⁴		59,000		60,244
White Cap Buyer LLC,
6.875%, due 10/15/28⁴		48,000		47,055
				1,149,456
Semiconductors: 0.2%
Broadcom, Inc.,
4.926%, due 05/15/37⁴		150,000		142,920
NVIDIA Corp.,
2.850%, due 04/01/30		100,000		94,073
NXP BV/NXP Funding LLC,
5.550%, due 12/01/28		100,000		102,226
				339,219
Software: 0.4%
Cloud Software Group, Inc.
6.500%, due 03/31/29⁴		148,000		147,834
9.000%, due 09/30/29⁴		118,000		120,782
Microsoft Corp.
2.525%, due 06/01/50		120,000		72,822
3.500%, due 02/12/35		150,000		138,256
Open Text Corp.,
3.875%, due 12/01/29⁴		30,000		27,921
Oracle Corp.
5.375%, due 07/15/40		216,000		204,631
5.375%, due 09/27/54		100,000		88,691
				800,937
Telecommunications: 0.7%
AT&T, Inc.
3.800%, due 12/01/57		117,000		80,103
6.000%, due 08/15/40		180,000		181,556
Cisco Systems, Inc.,
5.300%, due 02/26/54		50,000		47,322
EchoStar Corp.,
10.750%, due 11/30/29		195,000		195,955
Frontier Communications Holdings LLC
5.875%, due 10/15/27⁴		70,000		70,182
6.750%, due 05/01/29⁴		91,000		92,245
Level 3 Financing, Inc.
4.000%, due 04/15/31⁴		33,000		27,308
4.875%, due 06/15/29⁴		39,000		35,421
10.500%, due 05/15/30⁴		10,000		10,938
10.750%, due 12/15/30⁴		15,000		16,913

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Corporate bonds—(concluded)

Telecommunications—(concluded)

Sprint LLC,

7.625%, due 03/01/26 $ 150,000 $ 151,649

Telecom Italia Capital SA,

7.721%, due 06/04/38 59,000 61,545

T-Mobile USA, Inc.,

5.150%, due 04/15/34 200,000 199,663

Verizon Communications, Inc.,

2.355%, due 03/15/32 209,000 178,249

Viasat, Inc.,

7.500%, due 05/30/31⁴ 66,000 52,657

Windstream Services LLC/Windstream Escrow Finance Corp.,

8.250%, due 10/01/31⁴ 81,000 84,300

Zayo Group Holdings, Inc.

4.000%, due 03/01/27⁴ 10,000 9,407

6.125%, due 03/01/28⁴ 73,000 62,950

1,558,363

Transportation: 0.2%

Burlington Northern Santa Fe LLC,

5.150%, due 09/01/43 160,000 150,918

Genesee & Wyoming, Inc.,

6.250%, due 04/15/32⁴ 43,000 43,671

Star Leasing Co. LLC,

7.625%, due 02/15/30⁴ 45,000 42,330

Stonepeak Nile Parent LLC,

7.250%, due 03/15/32⁴ 42,000 43,499

United Parcel Service, Inc.,

3.750%, due 11/15/47 50,000 36,799

317,217

Trucking & leasing: 0.2%

Fortress Transportation & Infrastructure Investors LLC

5.500%, due 05/01/28⁴ 230,000 228,078

7.875%, due 12/01/30⁴ 78,000 81,968

Penske Truck Leasing Co. LP/PTL Finance Corp.,

6.050%, due 08/01/28⁴ 150,000 155,531

465,577

Total corporate bonds

(cost—$36,882,060) 35,304,989

Mortgage-backed securities: 1.5%

Bank,

Series 2020-BN30, Class A4,

1.925%, due 12/15/53 350,000 296,640

BMO Mortgage Trust,

Series 2023-C4, Class A5,

5.117%, due 02/15/56⁵ 500,000 499,704

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Face

amount Value

Mortgage-backed securities—(concluded)

BX Trust,

Series 2025-ROIC, Class C,

1 mo. USD Term SOFR + 1.543%

5.872%, due 03/15/30^4,5 $ 125,000 $ 122,813

Citigroup Commercial Mortgage Trust,

Series 2018-C5, Class A4,

4.228%, due 06/10/51⁵ 350,000 343,933

Extended Stay America Trust,

Series 2021-ESH, Class D,

1* 1 mo. USD Term SOFR + 2.364%

6.694%, due 07/15/38^4,5 786,536 786,536

Flagstar Mortgage Trust,

Series 2018-5, Class A2,

4.000%, due 09/25/48^4,5 132,236 123,736

Hilton USA Trust,

Series 2016-SFP, Class B,

3.323%, due 11/05/35⁴ 425,000 120,913

Hudson Yards Mortgage Trust,

Series 2016-10HY, Class A,

2.835%, due 08/10/38⁴ 400,000 388,575

Residential Mortgage Loan Trust,

Series 2020-1, Class A1,

2.376%, due 01/26/60^4,5 3,497 3,458

TTAN,

Series 2021-MHC, Class B,

1 mo. USD Term SOFR + 1.214%

5.544%, due 03/15/38^4,5 288,392 288,211

Verus Securitization Trust,

Series 2021-R1, Class A1,

0.820%, due 10/25/63^4,5 48,436 46,562

Total mortgage-backed securities

(cost—$3,456,970) 3,021,081

Non-U.S. government agency obligations: 0.1%

Mexico Government International Bonds,

4.750%, due 04/27/32

(cost—$204,310) 200,000 186,800

U.S. government agency obligations: 13.7%

Federal Home Loan Mortgage Corp.

2.500%, due 05/01/52 1,215,817 1,001,811

3.000%, due 11/01/46 66,538 58,294

3.000%, due 07/01/47 83,352 72,856

3.000%, due 08/01/47 84,677 74,015

4.000%, due 05/01/47 64,087 59,904

5.000%, due 03/01/38 6,940 6,999

5.500%, due 05/01/37 31,274 32,071

5.500%, due 08/01/40 6,331 6,494

6.500%, due 08/01/28 8,487 8,675

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face amount		Value
U.S. government agency obligations—(concluded)
Federal National Mortgage Association
2.000%, due 11/01/50	$	852,866	$	668,904
2.000%, due 01/01/51		415,607		324,534
2.000%, due 03/01/51		412,740		323,135
2.500%, due 04/01/50		1,227,286		1,011,885
2.500%, due 05/01/51		715,228		588,147
2.500%, due 02/01/52		963,941		801,392
2.500%, due 03/01/52		1,617,553		1,323,232
3.000%, due 11/01/48		140,957		123,334
3.000%, due 02/01/50		146,501		126,514
3.500%, due 12/01/47		55,516		50,119
3.500%, due 02/01/48		392,944		354,854
4.000%, due 12/01/39		21,473		20,610
4.000%, due 02/01/41		11,113		10,672
4.500%, due 09/01/37		65,608		65,499
4.500%, due 07/01/47		33,223		31,861
5.000%, due 10/01/39		3,388		3,408
5.000%, due 05/01/40		2,872		2,885
5.500%, due 08/01/39		5,511		5,646
7.000%, due 08/01/32		50,643		53,312
7.500%, due 02/01/33		21		21
Government National Mortgage Association
2.000%, due 03/20/51		1,093,341		878,953
2.500%, due 03/20/51		1,137,503		954,973
3.000%, due 01/20/47		32,088		28,361
3.000%, due 07/20/47		87,752		77,347
3.000%, due 08/20/47		66,268		58,411
3.500%, due 04/20/47		81,319		73,633
4.000%, due 07/15/42		20,693		19,556
5.000%, due 11/20/52		508,009		494,696
6.000%, due 11/20/28		90		92
6.000%, due 02/20/29		202		206
6.000%, due 02/20/34		158,860		165,005
Government National Mortgage Association, TBA,
6.000%		975,000		984,487
Uniform Mortgage-Backed Security, TBA
2.000%		1,450,000		1,126,738
3.000%		2,050,000		1,744,612
3.500%		1,500,000		1,329,941
4.000%		375,000		343,696
4.500%		3,150,000		2,971,543
5.000%		2,300,000		2,226,699
5.500%		2,450,000		2,425,708
6.000%		3,725,000		3,761,989
6.500%		1,875,000		1,925,288
Total U.S. government agency obligations (cost—$29,495,516)				28,803,017

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

	Face amount		Value
U.S. Treasury obligations: 0.4%
U.S. Treasury Notes
3.875%, due 04/30/30	$	280,000	$	278,884
4.000%, due 04/30/32		630,000		623,799
Total U.S. Treasury obligations (cost—$903,012)				902,683

Short term investments: 2.8%
Investment companies: 1.3%
State Street Institutional U.S. Government Money Market Fund, 4.266⁸ (cost—$2,635,675)		2,635,675		2,635,675

U.S. Treasury obligations: 1.5%
U.S. Treasury Bills
4.219%, due 09/18/25⁸		1,400,000		1,382,673
4.305%, due 08/21/25⁸		1,400,000		1,386,824
4.319%, due 07/08/25⁸		400,000		398,260
				3,167,757
Total short term investments (Cost—$5,803,432)				5,803,432

	Number of shares		Value
Investment of cash collateral from securities loaned: 2.8%
Money market funds: 2.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.294%⁸ (cost—$5,893,965)		5,893,965		5,893,965
Total investments (cost—$213,140,297)⁹: 111.3%				233,488,404
Liabilities in excess of other assets—(11.3)%				(23,629,117	)
Net assets: 100.0%			$	209,859,287

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)

Index futures buy contracts:
53	USD	Russell 2000 Value Index Futures	June 2025	$	5,333,920		$	5,480,995		$	147,075
U.S. Treasury futures buy contracts:
145	USD	U.S. Treasury Note 5 Year Futures	September 2025	$	15,654,766		$	15,687,187		$	32,421
Total				$	20,988,686		$	21,168,182		$	179,496
Index futures sell contracts:
15	USD	S&P 500 E-Mini Index Futures	June 2025	$	(4,235,995	)	$	(4,437,000	)	$	(201,005	)
U.S. Treasury futures sell contracts:
6	USD	U.S. Treasury Note 10 Year Futures	September 2025	$	(662,663	)	$	(664,500	)	$	(1,837	)
4	USD	U.S. Treasury Note 2 Year Futures	September 2025		(828,557	)		(829,750	)		(1,193	)
7	USD	Ultra U.S. Treasury Bond Futures	September 2025		(800,177	)		(812,438	)		(12,261	)
4	USD	Ultra U.S. Treasury Note 10 Year Futures	September 2025		(444,151	)		(450,188	)		(6,037	)
Total				$	(6,971,543	)	$	(7,193,876	)	$	(222,333	)
Net unrealized appreciation (depreciation)										$	(42,837	)

Centrally cleared credit default swap agreements on credit indices—buy protection¹⁰

Referenced obligations	Implied credit spread as of May 31, 2025¹¹	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio¹²			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
CDX.NA.IG.S44	N/A	USD	4,300	06/20/30	Quarterly		(1.000	)%	$	(82,152	)	$	(94,857	)	$	(12,705	)
CDX.NA.HY.S44	N/A	USD	6,100	06/20/30	Quarterly		(5.000	)		15,639			(437,845	)		(453,484	)
Total									$	(66,513	)	$	(532,702	)	$	(466,189	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	96,582	EUR	85,000	06/16/25	$	9
CITI	CAD	550,000	USD	396,686	06/16/25		(4,366	)
CITI	EUR	545,000	USD	606,598	06/16/25		(12,722	)
SSB	GBP	105,000	USD	138,795	06/16/25		(2,686	)
Net unrealized appreciation (depreciation)						$	(19,765	)

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 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	$	125,226,309		$	127		$	—	$	125,226,436
Preferred stocks		—			—			0		0
Exchange traded funds		13,936,673			—			—		13,936,673
Asset-backed securities		—			14,409,328			—		14,409,328
Corporate bonds		—			35,304,989			—		35,304,989
Mortgage-backed securities		—			3,021,081			—		3,021,081
Non-U.S. government agency obligations		—			186,800			—		186,800
U.S. government agency obligations		—			28,803,017			—		28,803,017
U.S. Treasury obligations		—			902,683			—		902,683
Short-term investments		—			2,635,675			—		2,635,675
Short-term U.S. Treasury obligations		—			3,167,757			—		3,167,757
Investment of cash collateral from securities loaned		—			5,893,965			—		5,893,965
Futures contracts		179,496			—			—		179,496
Forward foreign currency contracts		—			9			—		9
Total	$	139,342,478		$	94,325,431		$	0	$	233,667,909

Liabilities
Futures contracts	$	(222,333	)	$	—		$	—	$	(222,333	)
Swap agreements		—			(532,702	)		—		(532,702	)
Forward foreign currency contracts		—			(19,774	)		—		(19,774	)
Total	$	(222,333	)	$	(552,476	)	$	—	$	(774,809	)

At May 31, 2025, 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	Security, or portion thereof, was on loan at the period end.
3	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
4	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $26,601,686, represented 12.7% of the Fund’s net assets at period end.
5	Floating or variable rate securities. The rates disclosed are as of May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
6	Perpetual investment. Date shown reflects the next call date.

UBS U.S. Allocation Fund

Portfolio of investments – May 31, 2025

(unaudited)

7	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.
8	Rate shown reflects yield at May 31, 2025.
9	Includes $11,250,474 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,893,965 and non-cash collateral of $5,585,759.
10	If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio 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.
11	Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
12	Payments made or received are based on the notional amount.

Portfolio acronyms:
BOA	Bank of America
CITI	Citibank NA
DAC	Designated Activity Company
ETF	Exchange Traded Fund
FRN	Floating Rate Note
HSBC	HSBC Bank PLC
MSCI	Morgan Stanley Capital International
SOFR	Secured Overnight Financing Rate
SSB	State Street Bank and Trust Co.
TBA	To-Be-Announced Security

Currency type abbreviations:
EUR	Euro
GBP	British Pound
USD	United States Dollar

UBS U.S. Allocation Fund

Valuation of investments

The Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Fund does not price its shares, on most national holidays and Good Friday. To the extent that the Fund’s assets are traded in other markets on days when the NYSE is not open, the value of the Fund’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

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

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

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

The Fund may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a “fair value,” that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

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

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

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

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

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

UBS U.S. Allocation Fund

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee with respect to the Portfolios’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of Fund’s investments. These inputs are summarized into the three broad levels listed below:

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

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

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

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

For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s Semi-Annual report to shareholders dated February 28, 2025.