UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks: 57.6% | ||||||||
Aerospace & defense: 0.7% | ||||||||
Boeing Co.* | 353 | $ | 63,145 | |||||
General Dynamics Corp. | 134 | 33,820 | ||||||
Howmet Aerospace, Inc. | 231 | 8,702 | ||||||
Huntington Ingalls Industries, Inc. | 21 | 4,871 | ||||||
L3harris Technologies, Inc. | 123 | 27,931 | ||||||
Lockheed Martin Corp. | 150 | 72,778 | ||||||
Northrop Grumman Corp. | 91 | 48,529 | ||||||
Raytheon Technologies Corp. | 906 | 89,440 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 15,557 | 407,749 | ||||||
Textron, Inc. | 120 | 8,566 | ||||||
TransDigm Group, Inc. | 1,342 | 843,447 | ||||||
1,608,978 | ||||||||
Air freight & logistics: 0.1% | ||||||||
C.H. Robinson Worldwide, Inc. | 80 | 8,018 | ||||||
Expeditors International of Washington, Inc. | 97 | 11,258 | ||||||
FedEx Corp. | 151 | 27,515 | ||||||
United Parcel Service, Inc., Class B | 463 | 87,845 | ||||||
134,636 | ||||||||
Airlines: 0.0%† | ||||||||
Alaska Air Group, Inc.* | 102 | 4,839 | ||||||
American Airlines Group, Inc.* | 362 | 5,224 | ||||||
Delta Air Lines, Inc.* | 290 | 10,257 | ||||||
Southwest Airlines Co.* | 371 | 14,806 | ||||||
United Airlines Holdings, Inc.* | 211 | 9,320 | ||||||
44,446 | ||||||||
Auto components: 0.4% | ||||||||
Aptiv PLC* | 9,117 | 972,511 | ||||||
BorgWarner, Inc. | 136 | 5,781 | ||||||
978,292 | ||||||||
Automobiles: 0.7% | ||||||||
Ford Motor Co. | 3,636 | 50,540 | ||||||
General Motors Co. | 1,340 | 54,350 | ||||||
Tesla, Inc.* | 7,152 | 1,392,495 | ||||||
1,497,385 | ||||||||
Banks: 2.2% | ||||||||
Bank of America Corp. | 11,430 | 432,626 | ||||||
Bank OZK | 19,455 | 897,848 | ||||||
Citigroup, Inc. | 3,230 | 156,364 | ||||||
Citizens Financial Group, Inc. | 800 | 33,904 | ||||||
Comerica, Inc. | 230 | 16,500 | ||||||
Fifth Third Bancorp | 1,145 | 41,632 | ||||||
First Republic Bank | 295 | 37,645 | ||||||
Huntington Bancshares, Inc. | 2,298 | 35,573 | ||||||
JPMorgan Chase & Co. | 4,797 | 662,850 | ||||||
KeyCorp | 1,435 | 26,993 | ||||||
M&T Bank Corp. | 291 | 49,476 | ||||||
PNC Financial Services Group, Inc. | 659 | 110,883 | ||||||
Regions Financial Corp. | 1,509 | 35,024 | ||||||
Signature Bank | 112 | 15,624 | ||||||
SVB Financial Group* | 1,417 | 328,432 | ||||||
Truist Financial Corp. | 2,184 | 102,233 | ||||||
U.S. Bancorp | 2,244 | 101,855 | ||||||
Wells Fargo & Co. | 37,637 | 1,804,694 | ||||||
Zions Bancorp N.A. | 285 | 14,769 | ||||||
4,904,925 | ||||||||
Beverages: 1.1% | ||||||||
Brown-Forman Corp., Class B | 307 | 22,417 | ||||||
Coca-Cola Co. | 6,874 | 437,255 | ||||||
Constellation Brands, Inc., Class A | 3,359 | 864,439 | ||||||
Keurig Dr Pepper, Inc. | 1,488 | 57,541 | ||||||
Molson Coors Beverage Co., Class B | 364 | 20,060 | ||||||
Monster Beverage Corp.* | 683 | 70,254 | ||||||
PepsiCo, Inc. | 5,787 | 1,073,546 | ||||||
2,545,512 | ||||||||
Biotechnology: 2.7% | ||||||||
AbbVie, Inc. | 25,085 | 4,043,200 | ||||||
Amgen, Inc. | 947 | 271,221 | ||||||
Biogen, Inc.* | 252 | 76,903 | ||||||
Gilead Sciences, Inc. | 2,217 | 194,719 | ||||||
Incyte Corp.* | 297 | 23,662 | ||||||
Moderna, Inc.* | 592 | 104,139 | ||||||
Regeneron Pharmaceuticals, Inc.* | 187 | 140,568 | ||||||
Vertex Pharmaceuticals, Inc.* | 3,855 | 1,219,722 | ||||||
6,074,134 | ||||||||
Building products: 0.1% | ||||||||
A.O. Smith Corp. | 91 | 5,527 | ||||||
Allegion PLC | 54 | 6,137 | ||||||
Carrier Global Corp. | 458 | 20,299 | ||||||
Fortune Brands Home & Security, Inc. | 76 | 4,966 | ||||||
Johnson Controls International PLC | 407 | 27,041 | ||||||
Masco Corp. | 188 | 9,547 | ||||||
Trane Technologies PLC | 150 | 26,763 | ||||||
100,280 | ||||||||
Capital markets: 1.9% | ||||||||
Ameriprise Financial, Inc. | 5,260 | 1,746,057 | ||||||
Bank of New York Mellon Corp. | 1,142 | 52,418 | ||||||
BlackRock, Inc. | 246 | 176,136 | ||||||
Cboe Global Markets, Inc. | 192 | 24,353 | ||||||
Charles Schwab Corp. | 10,705 | 883,591 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Capital markets—(continued) | ||||||||
CME Group, Inc. | 602 | $ | 106,253 | |||||
FactSet Research Systems, Inc. | 63 | 29,061 | ||||||
Franklin Resources, Inc. | 519 | 13,914 | ||||||
Goldman Sachs Group, Inc. | 560 | 216,244 | ||||||
Intercontinental Exchange, Inc. | 930 | 100,728 | ||||||
Invesco Ltd. | 797 | 15,231 | ||||||
MarketAxess Holdings, Inc. | 66 | 17,683 | ||||||
Moody's Corp. | 267 | 79,638 | ||||||
Morgan Stanley | 2,180 | 202,893 | ||||||
MSCI, Inc. | 141 | 71,604 | ||||||
Nasdaq, Inc. | 560 | 38,338 | ||||||
Northern Trust Corp. | 330 | 30,726 | ||||||
Raymond James Financial, Inc. | 315 | 36,823 | ||||||
S&P Global, Inc. | 560 | 197,568 | ||||||
State Street Corp. | 606 | 48,280 | ||||||
T. Rowe Price Group, Inc. | 375 | 46,841 | ||||||
4,134,380 | ||||||||
Chemicals: 0.8% | ||||||||
Albemarle Corp. | 935 | 259,921 | ||||||
CF Industries Holdings, Inc. | 13,089 | 1,416,099 | ||||||
1,676,020 | ||||||||
Commercial services & supplies: 0.1% | ||||||||
Cintas Corp. | 48 | 22,166 | ||||||
Copart, Inc.* | 256 | 17,039 | ||||||
Republic Services, Inc. | 122 | 16,993 | ||||||
Rollins, Inc. | 137 | 5,540 | ||||||
Waste Management, Inc. | 230 | 38,576 | ||||||
100,314 | ||||||||
Communications equipment: 0.2% | ||||||||
Arista Networks, Inc.* | 389 | 54,188 | ||||||
Cisco Systems, Inc. | 6,280 | 312,241 | ||||||
F5, Inc.* | 83 | 12,833 | ||||||
Juniper Networks, Inc. | 477 | 15,855 | ||||||
Motorola Solutions, Inc. | 250 | 68,050 | ||||||
463,167 | ||||||||
Construction & engineering: 0.0%† | ||||||||
Quanta Services, Inc. | 81 | 12,140 | ||||||
Consumer finance: 0.6% | ||||||||
American Express Co. | 1,000 | 157,590 | ||||||
Capital One Financial Corp. | 642 | 66,280 | ||||||
Discover Financial Services | 454 | 49,195 | ||||||
SLM Corp. | 57,706 | 1,007,547 | ||||||
Synchrony Financial | 759 | 28,523 | ||||||
1,309,135 | ||||||||
Distributors: 0.0%† | ||||||||
Genuine Parts Co. | 118 | 21,633 | ||||||
LKQ Corp. | 262 | 14,234 | ||||||
Pool Corp. | 43 | 14,165 | ||||||
50,032 | ||||||||
Diversified financial services: 0.8% | ||||||||
Berkshire Hathaway, Inc., Class B* | 2,964 | 944,330 | ||||||
Voya Financial, Inc. | 13,777 | 909,007 | ||||||
1,853,337 | ||||||||
Diversified telecommunication services: 0.1% | ||||||||
AT&T, Inc. | 6,567 | 126,612 | ||||||
Lumen Technologies, Inc. | 1,225 | 6,701 | ||||||
Verizon Communications, Inc. | 3,868 | 150,774 | ||||||
284,087 | ||||||||
Electric utilities: 1.1% | ||||||||
Alliant Energy Corp. | 315 | 17,735 | ||||||
American Electric Power Co., Inc. | 706 | 68,341 | ||||||
Constellation Energy Corp. | 459 | 44,119 | ||||||
Duke Energy Corp. | 1,048 | 104,727 | ||||||
Edison International | 534 | 35,596 | ||||||
Entergy Corp. | 276 | 32,091 | ||||||
Evergy, Inc. | 296 | 17,526 | ||||||
Eversource Energy | 463 | 38,364 | ||||||
Exelon Corp. | 1,366 | 56,511 | ||||||
FirstEnergy Corp. | 802 | 33,074 | ||||||
NextEra Energy, Inc. | 19,977 | 1,692,052 | ||||||
NRG Energy, Inc. | 313 | 13,287 | ||||||
PG&E Corp.* | 2,318 | 36,393 | ||||||
Pinnacle West Capital Corp. | 144 | 11,278 | ||||||
PPL Corp. | 968 | 28,575 | ||||||
Southern Co. | 1,447 | 97,875 | ||||||
Xcel Energy, Inc. | 753 | 52,876 | ||||||
2,380,420 | ||||||||
Electrical equipment: 0.6% | ||||||||
AMETEK, Inc. | 146 | 20,793 | ||||||
Eaton Corp. PLC | 255 | 41,680 | ||||||
Emerson Electric Co. | 384 | 36,776 | ||||||
Generac Holdings, Inc.* | 19 | 2,005 | ||||||
Regal Rexnord Corp. | 8,780 | 1,151,146 | ||||||
Rockwell Automation, Inc. | 65 | 17,174 | ||||||
1,269,574 | ||||||||
Electronic equipment, instruments & components: 0.2% | ||||||||
Amphenol Corp., Class A | 886 | 71,261 | ||||||
CDW Corp. | 215 | 40,558 | ||||||
Corning, Inc. | 1,123 | 38,328 | ||||||
Keysight Technologies, Inc.* | 292 | 52,820 | ||||||
TE Connectivity Ltd. | 501 | 63,186 | ||||||
Teledyne Technologies, Inc.* | 75 | 31,507 | ||||||
Trimble, Inc.* | 338 | 20,196 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Electronic equipment, instruments & components—(continued) | ||||||||
Zebra Technologies Corp., Class A* | 86 | $ | 23,244 | |||||
341,100 | ||||||||
Energy equipment & services: 0.1% | ||||||||
Baker Hughes Co. | 2,259 | 65,556 | ||||||
Halliburton Co. | 2,134 | 80,857 | ||||||
Schlumberger Ltd. | 3,108 | 160,218 | ||||||
306,631 | ||||||||
Entertainment: 1.1% | ||||||||
Activision Blizzard, Inc. | 656 | 48,511 | ||||||
Electronic Arts, Inc. | 235 | 30,733 | ||||||
Live Nation Entertainment, Inc.* | 136 | 9,895 | ||||||
Netflix, Inc.* | 3,327 | 1,016,498 | ||||||
Take-Two Interactive Software, Inc.* | 11,344 | 1,198,948 | ||||||
Walt Disney Co.* | 1,676 | 164,030 | ||||||
Warner Bros Discovery, Inc.* | 2,082 | 23,735 | ||||||
2,492,350 | ||||||||
Equity real estate investment trusts: 1.2% | ||||||||
Alexandria Real Estate Equities, Inc. | 223 | 34,701 | ||||||
American Tower Corp. | 643 | 142,264 | ||||||
AvalonBay Communities, Inc. | 192 | 33,581 | ||||||
Boston Properties, Inc. | 209 | 15,065 | ||||||
Camden Property Trust | 171 | 20,576 | ||||||
Crown Castle, Inc. | 3,394 | 480,013 | ||||||
Digital Realty Trust, Inc. | 379 | 42,622 | ||||||
Equinix, Inc. | 131 | 90,475 | ||||||
Equity Residential | 450 | 29,187 | ||||||
Essex Property Trust, Inc. | 104 | 22,919 | ||||||
Extra Space Storage, Inc. | 202 | 32,459 | ||||||
Federal Realty Investment Trust | 106 | 11,777 | ||||||
Healthpeak Properties, Inc. | 606 | 15,914 | ||||||
Host Hotels & Resorts, Inc. | 1,063 | 20,133 | ||||||
Invitation Homes, Inc. | 722 | 23,559 | ||||||
Iron Mountain, Inc. | 423 | 22,982 | ||||||
Kimco Realty Corp. | 895 | 20,513 | ||||||
Mid-America Apartment Communities, Inc. | 161 | 26,546 | ||||||
Prologis, Inc. | 10,868 | 1,280,142 | ||||||
Public Storage | 228 | 67,935 | ||||||
Realty Income Corp. | 811 | 51,150 | ||||||
Regency Centers Corp. | 234 | 15,545 | ||||||
SBA Communications Corp. | 153 | 45,793 | ||||||
Simon Property Group, Inc. | 436 | 52,076 | ||||||
UDR, Inc. | 320 | 13,270 | ||||||
Ventas, Inc. | 480 | 22,334 | ||||||
VICI Properties, Inc. | 1,270 | 43,434 | ||||||
Vornado Realty Trust | 221 | 5,589 | ||||||
Welltower, Inc. | 597 | 42,405 | ||||||
Weyerhaeuser Co. | 982 | 32,121 | ||||||
2,757,080 | ||||||||
Food & staples retailing: 0.8% | ||||||||
BJ's Wholesale Club Holdings, Inc.* | 7,682 | 577,994 | ||||||
Costco Wholesale Corp. | 789 | 425,468 | ||||||
Kroger Co. | 1,132 | 55,683 | ||||||
Sysco Corp. | 921 | 79,676 | ||||||
Walgreens Boots Alliance, Inc. | 1,226 | 50,879 | ||||||
Walmart, Inc. | 4,345 | 662,265 | ||||||
1,851,965 | ||||||||
Food products: 1.8% | ||||||||
Archer-Daniels-Midland Co. | 996 | 97,110 | ||||||
Bunge Ltd. | 17,091 | 1,791,820 | ||||||
Campbell Soup Co. | 382 | 20,502 | ||||||
Conagra Brands, Inc. | 774 | 29,397 | ||||||
General Mills, Inc. | 1,048 | 89,394 | ||||||
Hershey Co. | 280 | 65,848 | ||||||
Hormel Foods Corp. | 517 | 24,299 | ||||||
J.M. Smucker Co. | 191 | 29,416 | ||||||
Kellogg Co. | 471 | 34,359 | ||||||
Kraft Heinz Co. | 1,449 | 57,018 | ||||||
Lamb Weston Holdings, Inc. | 284 | 24,680 | ||||||
McCormick & Co., Inc. | 431 | 36,713 | ||||||
Mondelez International, Inc., Class A | 25,622 | 1,732,303 | ||||||
Tyson Foods, Inc., Class A | 547 | 36,255 | ||||||
4,069,114 | ||||||||
Gas utilities: 0.0%† | ||||||||
Atmos Energy Corp. | 204 | 24,521 | ||||||
Health care equipment & supplies: 1.3% | ||||||||
Abbott Laboratories | 7,077 | 761,344 | ||||||
ABIOMED, Inc.* | 76 | 28,712 | ||||||
Align Technology, Inc.* | 133 | 26,156 | ||||||
Baxter International, Inc. | 860 | 48,616 | ||||||
Becton Dickinson and Co. | 500 | 124,670 | ||||||
Boston Scientific Corp.* | 2,456 | 111,183 | ||||||
Cooper Cos., Inc. | 1,387 | 438,777 | ||||||
DENTSPLY SIRONA, Inc. | 307 | 9,290 | ||||||
Dexcom, Inc.* | 4,516 | 525,120 | ||||||
Edwards Lifesciences Corp.* | 1,054 | 81,422 | ||||||
Hologic, Inc.* | 399 | 30,388 | ||||||
IDEXX Laboratories, Inc.* | 152 | 64,732 | ||||||
Intuitive Surgical, Inc.* | 619 | 167,371 | ||||||
Medtronic PLC | 2,296 | 181,476 | ||||||
ResMed, Inc. | 269 | 61,924 | ||||||
STERIS PLC | 187 | 34,733 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Health care equipment & supplies—(continued) | ||||||||
Stryker Corp. | 590 | $ | 137,995 | |||||
Teleflex, Inc. | 76 | 17,793 | ||||||
Zimmer Biomet Holdings, Inc. | 387 | 46,479 | ||||||
2,898,181 | ||||||||
Health care providers & services: 2.1% | ||||||||
AmerisourceBergen Corp. | 259 | 44,209 | ||||||
Cardinal Health, Inc. | 448 | 35,916 | ||||||
Centene Corp.* | 4,450 | 387,372 | ||||||
Cigna Corp. | 531 | 174,641 | ||||||
CVS Health Corp. | 2,280 | 232,286 | ||||||
DaVita, Inc.* | 66 | 4,866 | ||||||
Elevance Health, Inc. | 420 | 223,826 | ||||||
HCA Healthcare, Inc. | 375 | 90,083 | ||||||
HealthEquity, Inc.* | 4,152 | 263,569 | ||||||
Henry Schein, Inc.* | 231 | 18,693 | ||||||
Humana, Inc. | 219 | 120,428 | ||||||
Laboratory Corp. of America Holdings | 4,834 | 1,163,544 | ||||||
McKesson Corp. | 251 | 95,802 | ||||||
Molina Healthcare, Inc.* | 106 | 35,698 | ||||||
Quest Diagnostics, Inc. | 216 | 32,795 | ||||||
UnitedHealth Group, Inc. | 3,387 | 1,855,263 | ||||||
Universal Health Services, Inc., Class B | 111 | 14,524 | ||||||
4,793,515 | ||||||||
Hotels, restaurants & leisure: 1.8% | ||||||||
Airbnb, Inc., Class A* | 204 | 20,837 | ||||||
Booking Holdings, Inc.* | 37 | 76,940 | ||||||
Caesars Entertainment, Inc.* | 212 | 10,772 | ||||||
Carnival Corp.* | 668 | 6,633 | ||||||
Chipotle Mexican Grill, Inc.* | 471 | 766,298 | ||||||
Darden Restaurants, Inc. | 123 | 18,080 | ||||||
Domino's Pizza, Inc. | 29 | 11,273 | ||||||
Expedia Group, Inc.* | 4,135 | 441,783 | ||||||
Hilton Worldwide Holdings, Inc. | 246 | 35,084 | ||||||
Las Vegas Sands Corp.* | 33,502 | 1,569,234 | ||||||
Marriott International, Inc., Class A | 249 | 41,172 | ||||||
McDonald's Corp. | 2,854 | 778,543 | ||||||
MGM Resorts International | 369 | 13,601 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 360 | 5,918 | ||||||
Royal Caribbean Cruises Ltd.* | 189 | 11,327 | ||||||
Starbucks Corp. | 1,071 | 109,456 | ||||||
Wynn Resorts Ltd.* | 67 | 5,605 | ||||||
Yum! Brands, Inc. | 248 | 31,908 | ||||||
3,954,464 | ||||||||
Household durables: 0.0%† | ||||||||
D.R. Horton, Inc. | 283 | 24,338 | ||||||
Garmin Ltd. | 144 | 13,391 | ||||||
Lennar Corp., Class A | 271 | 23,802 | ||||||
Mohawk Industries, Inc.* | 38 | 3,850 | ||||||
Newell Brands, Inc. | 245 | 3,178 | ||||||
NVR, Inc.* | 2 | 9,278 | ||||||
PulteGroup, Inc. | 232 | 10,389 | ||||||
Whirlpool Corp. | 57 | 8,352 | ||||||
96,578 | ||||||||
Household products: 0.4% | ||||||||
Church & Dwight Co., Inc. | 417 | 34,139 | ||||||
Clorox Co. | 237 | 35,230 | ||||||
Colgate-Palmolive Co. | 1,481 | 114,748 | ||||||
Kimberly-Clark Corp. | 595 | 80,700 | ||||||
Procter & Gamble Co. | 4,193 | 625,428 | ||||||
890,245 | ||||||||
Independent power and renewable electricity producers: 0.0%† | ||||||||
AES Corp. | 879 | 25,421 | ||||||
Industrial conglomerates: 0.4% | ||||||||
3M Co. | 358 | 45,097 | ||||||
General Electric Co. | 695 | 59,749 | ||||||
Honeywell International, Inc. | 3,481 | 764,254 | ||||||
869,100 | ||||||||
Insurance: 1.4% | ||||||||
Aflac, Inc. | 978 | 70,347 | ||||||
Allstate Corp. | 6,552 | 877,313 | ||||||
American International Group, Inc. | 1,220 | 76,994 | ||||||
Aon PLC, Class A | 356 | 109,748 | ||||||
Arch Capital Group Ltd.* | 575 | 34,448 | ||||||
Arthur J. Gallagher & Co. | 347 | 69,091 | ||||||
Assurant, Inc. | 101 | 12,950 | ||||||
Brown & Brown, Inc. | 352 | 20,976 | ||||||
Chubb Ltd. | 681 | 149,541 | ||||||
Cincinnati Financial Corp. | 289 | 32,067 | ||||||
Everest Re Group Ltd. | 62 | 20,952 | ||||||
Globe Life, Inc. | 166 | 19,913 | ||||||
Hartford Financial Services Group, Inc. | 526 | 40,171 | ||||||
Lincoln National Corp. | 247 | 9,618 | ||||||
Loews Corp. | 377 | 21,923 | ||||||
Marsh & McLennan Cos., Inc. | 5,993 | 1,037,868 | ||||||
MetLife, Inc. | 1,100 | 84,370 | ||||||
Principal Financial Group, Inc. | 375 | 33,630 | ||||||
Progressive Corp. | 947 | 125,146 | ||||||
Prudential Financial, Inc. | 594 | 64,170 | ||||||
Travelers Cos., Inc. | 395 | 74,975 | ||||||
W. R. Berkley Corp. | 376 | 28,681 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Insurance—(continued) | ||||||||
Willis Towers Watson PLC | 179 | $ | 44,063 | |||||
3,058,955 | ||||||||
Interactive media & services: 1.8% | ||||||||
Alphabet, Inc., Class C* | 4,949 | 502,076 | ||||||
Alphabet, Inc., Class A* | 27,947 | 2,822,368 | ||||||
Match Group, Inc.* | 269 | 13,601 | ||||||
Meta Platforms, Inc., Class A* | 3,984 | 470,510 | ||||||
Snap, Inc., Class A* | 29,069 | 299,701 | ||||||
4,108,256 | ||||||||
Internet & direct marketing retail: 1.6% | ||||||||
Amazon.com, Inc.* | 36,156 | 3,490,500 | ||||||
eBay, Inc. | 453 | 20,585 | ||||||
Etsy, Inc.* | 113 | 14,926 | ||||||
3,526,011 | ||||||||
IT services: 2.7% | ||||||||
Accenture PLC, Class A | 968 | 291,300 | ||||||
Akamai Technologies, Inc.* | 12,574 | 1,192,770 | ||||||
Automatic Data Processing, Inc. | 645 | 170,370 | ||||||
Block, Inc.* | 4,747 | 321,704 | ||||||
Broadridge Financial Solutions, Inc. | 192 | 28,629 | ||||||
Cognizant Technology Solutions Corp., Class A | 758 | 47,155 | ||||||
DXC Technology Co.* | 341 | 10,117 | ||||||
EPAM Systems, Inc.* | 91 | 33,541 | ||||||
Fidelity National Information Services, Inc. | 7,377 | 535,423 | ||||||
Fiserv, Inc.* | 976 | 101,855 | ||||||
FleetCor Technologies, Inc.* | 110 | 21,582 | ||||||
Gartner, Inc.* | 129 | 45,198 | ||||||
Global Payments, Inc. | 450 | 46,701 | ||||||
International Business Machines Corp. | 1,364 | 203,100 | ||||||
Jack Henry & Associates, Inc. | 123 | 23,290 | ||||||
Mastercard, Inc., Class A | 5,845 | 2,083,158 | ||||||
MongoDB, Inc.* | 1,085 | 165,669 | ||||||
Paychex, Inc. | 476 | 59,038 | ||||||
PayPal Holdings, Inc.* | 1,731 | 135,728 | ||||||
VeriSign, Inc.* | 137 | 27,374 | ||||||
Visa, Inc., Class A | 2,489 | 540,113 | ||||||
6,083,815 | ||||||||
Leisure products: 0.2% | ||||||||
Brunswick Corp. | 6,894 | 511,535 | ||||||
Hasbro, Inc. | 116 | 7,287 | ||||||
518,822 | ||||||||
Life sciences tools & services: 1.6% | ||||||||
Agilent Technologies, Inc. | 4,071 | 630,923 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 2,373 | 984,107 | ||||||
Bio-Techne Corp. | 268 | 22,777 | ||||||
Charles River Laboratories International, Inc.* | 87 | 19,886 | ||||||
Danaher Corp. | 1,134 | 310,047 | ||||||
Illumina, Inc.* | 274 | 59,754 | ||||||
IQVIA Holdings, Inc.* | 4,415 | 962,558 | ||||||
Mettler-Toledo International, Inc.* | 37 | 54,374 | ||||||
PerkinElmer, Inc. | 234 | 32,697 | ||||||
Thermo Fisher Scientific, Inc. | 680 | 380,950 | ||||||
Waters Corp.* | 110 | 38,126 | ||||||
West Pharmaceutical Services, Inc. | 126 | 29,567 | ||||||
3,525,766 | ||||||||
Machinery: 1.1% | ||||||||
AGCO Corp. | 2,418 | 320,917 | ||||||
Caterpillar, Inc. | 314 | 74,233 | ||||||
Cummins, Inc. | 88 | 22,102 | ||||||
Deere & Co. | 174 | 76,734 | ||||||
Dover Corp. | 85 | 12,066 | ||||||
Fortive Corp. | 232 | 15,672 | ||||||
IDEX Corp. | 44 | 10,449 | ||||||
Illinois Tool Works, Inc. | 179 | 40,717 | ||||||
Ingersoll Rand, Inc. | 31,453 | 1,697,518 | ||||||
Nordson Corp. | 20 | 4,730 | ||||||
Otis Worldwide Corp. | 280 | 21,865 | ||||||
PACCAR, Inc. | 219 | 23,194 | ||||||
Parker-Hannifin Corp. | 79 | 23,616 | ||||||
Pentair PLC | 119 | 5,447 | ||||||
Snap-on, Inc. | 23 | 5,534 | ||||||
Stanley Black & Decker, Inc. | 93 | 7,600 | ||||||
Westinghouse Air Brake Technologies Corp. | 110 | 11,120 | ||||||
Xylem, Inc. | 108 | 12,134 | ||||||
2,385,648 | ||||||||
Media: 0.5% | ||||||||
Charter Communications, Inc., Class A* | 108 | 42,259 | ||||||
Comcast Corp., Class A | 29,393 | 1,076,960 | ||||||
DISH Network Corp., Class A* | 334 | 5,361 | ||||||
Fox Corp., Class A | 292 | 9,475 | ||||||
Fox Corp., Class B | 189 | 5,768 | ||||||
Interpublic Group of Cos., Inc. | 373 | 12,816 | ||||||
News Corp., Class A | 343 | 6,568 | ||||||
Omnicom Group, Inc. | 156 | 12,443 | ||||||
Paramount Global, Class B | 475 | 9,538 | ||||||
1,181,188 | ||||||||
Multiline retail: 0.7% | ||||||||
Dollar General Corp. | 201 | 51,392 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Multiline retail—(continued) | ||||||||
Dollar Tree, Inc.* | 9,075 | $ | 1,363,882 | |||||
Target Corp. | 431 | 72,007 | ||||||
1,487,281 | ||||||||
Multi-utilities: 0.2% | ||||||||
Ameren Corp. | 398 | 35,549 | ||||||
CenterPoint Energy, Inc. | 870 | 27,066 | ||||||
CMS Energy Corp. | 401 | 24,489 | ||||||
Consolidated Edison, Inc. | 491 | 48,138 | ||||||
Dominion Energy, Inc. | 1,142 | 69,788 | ||||||
DTE Energy Co. | 257 | 29,814 | ||||||
NiSource, Inc. | 526 | 14,696 | ||||||
Public Service Enterprise Group, Inc. | 700 | 42,385 | ||||||
Sempra Energy | 458 | 76,115 | ||||||
WEC Energy Group, Inc. | 434 | 43,027 | ||||||
411,067 | ||||||||
Oil, gas & consumable fuels: 3.5% | ||||||||
APA Corp. | 26,501 | 1,241,572 | ||||||
Chevron Corp. | 4,089 | 749,555 | ||||||
ConocoPhillips | 2,902 | 358,426 | ||||||
Coterra Energy, Inc. | 1,738 | 48,508 | ||||||
Devon Energy Corp. | 1,508 | 103,328 | ||||||
Diamondback Energy, Inc. | 396 | 58,616 | ||||||
EOG Resources, Inc. | 4,393 | 623,498 | ||||||
EQT Corp. | 7,065 | 299,627 | ||||||
Exxon Mobil Corp. | 12,348 | 1,374,826 | ||||||
Hess Corp. | 614 | 88,361 | ||||||
Kinder Morgan, Inc. | 4,352 | 83,210 | ||||||
Marathon Oil Corp. | 1,581 | 48,426 | ||||||
Marathon Petroleum Corp. | 1,148 | 139,838 | ||||||
Occidental Petroleum Corp. | 1,706 | 118,550 | ||||||
ONEOK, Inc. | 981 | 65,648 | ||||||
Phillips 66 | 1,101 | 119,392 | ||||||
Pioneer Natural Resources Co. | 547 | 129,087 | ||||||
Targa Resources Corp. | 507 | 37,716 | ||||||
Valero Energy Corp. | 873 | 116,650 | ||||||
Williams Cos., Inc. | 59,701 | 2,071,625 | ||||||
7,876,459 | ||||||||
Personal products: 0.0%† | ||||||||
Estee Lauder Cos., Inc. | 408 | 96,202 | ||||||
Pharmaceuticals: 2.0% | ||||||||
Bristol-Myers Squibb Co. | 3,780 | 303,458 | ||||||
Catalent, Inc.* | 331 | 16,593 | ||||||
Eli Lilly & Co. | 6,024 | 2,235,386 | ||||||
Johnson & Johnson | 4,603 | 819,334 | ||||||
Merck & Co., Inc. | 4,442 | 489,153 | ||||||
Organon & Co. | 508 | 13,218 | ||||||
Pfizer, Inc. | 9,854 | 493,981 | ||||||
Viatris, Inc. | 2,048 | 22,590 | ||||||
Zoetis, Inc. | 808 | 124,545 | ||||||
4,518,258 | ||||||||
Professional services: 0.2% | ||||||||
CoStar Group, Inc.* | 243 | 19,693 | ||||||
Equifax, Inc. | 69 | 13,618 | ||||||
Jacobs Solutions, Inc. | 76 | 9,617 | ||||||
Leidos Holdings, Inc. | 75 | 8,200 | ||||||
Robert Half International, Inc. | 59 | 4,648 | ||||||
Verisk Analytics, Inc. | 2,409 | 442,557 | ||||||
498,333 | ||||||||
Real estate management & development: 0.0%† | ||||||||
CBRE Group, Inc.* | 430 | 34,228 | ||||||
Road & rail: 0.5% | ||||||||
CSX Corp. | 1,282 | 41,909 | ||||||
J.B. Hunt Transport Services, Inc. | 27 | 4,965 | ||||||
Norfolk Southern Corp. | 150 | 38,475 | ||||||
Old Dominion Freight Line, Inc. | 55 | 16,643 | ||||||
Union Pacific Corp. | 4,169 | 906,466 | ||||||
1,008,458 | ||||||||
Semiconductors & semiconductor equipment: 3.0% | ||||||||
Advanced Micro Devices, Inc.* | 13,025 | 1,011,131 | ||||||
Analog Devices, Inc. | 771 | 132,543 | ||||||
Applied Materials, Inc. | 1,321 | 144,782 | ||||||
Broadcom, Inc. | 2,417 | 1,331,839 | ||||||
Enphase Energy, Inc.* | 215 | 68,927 | ||||||
Intel Corp. | 6,166 | 185,412 | ||||||
KLA Corp. | 225 | 88,459 | ||||||
Lam Research Corp. | 208 | 98,255 | ||||||
Marvell Technology, Inc. | 16,134 | 750,554 | ||||||
Microchip Technology, Inc. | 861 | 68,182 | ||||||
Micron Technology, Inc. | 15,138 | 872,706 | ||||||
Monolithic Power Systems, Inc. | 69 | 26,355 | ||||||
NVIDIA Corp. | 6,562 | 1,110,487 | ||||||
NXP Semiconductors N.V. | 418 | 73,501 | ||||||
ON Semiconductor Corp.* | 629 | 47,301 | ||||||
Qorvo, Inc.* | 192 | 19,056 | ||||||
QUALCOMM, Inc. | 1,702 | 215,286 | ||||||
Skyworks Solutions, Inc. | 273 | 26,104 | ||||||
SolarEdge Technologies, Inc.* | 88 | 26,300 | ||||||
Teradyne, Inc. | 219 | 20,465 | ||||||
Texas Instruments, Inc. | 1,388 | 250,478 | ||||||
Universal Display Corp. | 1,412 | 159,019 | ||||||
6,727,142 | ||||||||
Software: 6.1% | ||||||||
Adobe, Inc.* | 712 | 245,590 | ||||||
ANSYS, Inc.* | 139 | 35,348 | ||||||
Autodesk, Inc.* | 328 | 66,240 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Number of shares | Value | |||||||
Common stocks—(continued) | ||||||||
Software—(continued) | ||||||||
Cadence Design Systems, Inc.* | 407 | $ | 70,020 | |||||
Ceridian HCM Holding, Inc.* | 270 | 18,479 | ||||||
Fortinet, Inc.* | 10,626 | 564,878 | ||||||
Gen Digital, Inc. | 1,011 | 23,213 | ||||||
HubSpot, Inc.* | 1,962 | 594,545 | ||||||
Intuit, Inc. | 428 | 174,449 | ||||||
Microsoft Corp. | 25,216 | 6,433,610 | ||||||
Oracle Corp. | 14,367 | 1,192,892 | ||||||
Palo Alto Networks, Inc.* | 2,448 | 415,915 | ||||||
Paycom Software, Inc.* | 81 | 27,467 | ||||||
PTC, Inc.* | 155 | 19,718 | ||||||
Roper Technologies, Inc. | 162 | 71,100 | ||||||
Salesforce, Inc.* | 6,438 | 1,031,689 | ||||||
ServiceNow, Inc.* | 1,858 | 773,485 | ||||||
Splunk, Inc.* | 9,563 | 742,854 | ||||||
Synopsys, Inc.* | 245 | 83,187 | ||||||
Tyler Technologies, Inc.* | 65 | 22,278 | ||||||
VMware, Inc., Class A* | 8,030 | 975,565 | ||||||
13,582,522 | ||||||||
Specialty retail: 1.0% | ||||||||
Advance Auto Parts, Inc. | 51 | 7,700 | ||||||
AutoZone, Inc.* | 19 | 49,001 | ||||||
Bath & Body Works, Inc. | 221 | 9,393 | ||||||
Best Buy Co., Inc. | 205 | 17,487 | ||||||
CarMax, Inc.* | 163 | 11,306 | ||||||
Home Depot, Inc. | 952 | 308,438 | ||||||
Lowe's Cos., Inc. | 4,267 | 906,951 | ||||||
O'Reilly Automotive, Inc.* | 56 | 48,414 | ||||||
Ross Stores, Inc. | 331 | 38,949 | ||||||
TJX Cos., Inc. | 9,501 | 760,555 | ||||||
Tractor Supply Co. | 108 | 24,441 | ||||||
Ulta Beauty, Inc.* | 50 | 23,242 | ||||||
2,205,877 | ||||||||
Technology hardware, storage & peripherals: 3.2% | ||||||||
Apple, Inc. | 47,804 | 7,076,426 | ||||||
Hewlett Packard Enterprise Co. | 2,097 | 35,188 | ||||||
HP, Inc. | 1,432 | 43,017 | ||||||
NetApp, Inc. | 318 | 21,500 | ||||||
Seagate Technology Holdings Plc | 333 | 17,639 | ||||||
Western Digital Corp.* | 514 | 18,890 | ||||||
7,212,660 | ||||||||
Textiles, apparel & luxury goods: 0.4% | ||||||||
Lululemon Athletica, Inc.* | 1,698 | 645,766 | ||||||
Nike, Inc., Class B | 1,141 | 125,156 | ||||||
Ralph Lauren Corp. | 50 | 5,656 | ||||||
Tapestry, Inc. | 280 | 10,576 | ||||||
VF Corp. | 266 | 8,730 | ||||||
795,884 | ||||||||
Tobacco: 0.2% | ||||||||
Altria Group, Inc. | 3,148 | 146,634 | ||||||
Philip Morris International, Inc. | 2,732 | 272,298 | ||||||
418,932 | ||||||||
Trading companies & distributors: 0.3% | ||||||||
Fastenal Co. | 399 | 20,552 | ||||||
United Rentals, Inc.* | 1,853 | 654,165 | ||||||
W.W. Grainger, Inc. | 26 | 15,680 | ||||||
690,397 | ||||||||
Water utilities: 0.0%† | ||||||||
American Water Works Co., Inc. | 253 | 38,395 | ||||||
Wireless telecommunication services: 0.0%† | ||||||||
T-Mobile U.S., Inc.* | 559 | 84,666 | ||||||
Total common stocks (cost—$119,125,708) | 128,866,681 | |||||||
Preferred stocks: 0.0%† | ||||||||
Financial Services: 0.0%† | ||||||||
Squaretwo Financial Corp.1,2 (cost—$0) | 35,000 | 0 | ||||||
Exchange traded funds: 3.0% | ||||||||
iShares Core S&P Mid-Cap ETF3 (cost—$5,948,086) | 26,183 | 6,729,031 | ||||||
Face amount | ||||||||
Asset-backed securities: 6.2% | ||||||||
American Credit Acceptance Receivables Trust, | ||||||||
Series 2019-1, Class D, | ||||||||
3.810%, due 04/14/254 | $ | 87,095 | 87,057 | |||||
Ares XLVIII CLO Ltd., | ||||||||
Series 2018-48A, Class C, | ||||||||
3 mo. USD LIBOR + 1.800% | ||||||||
6.043%, due 07/20/304,5 | 725,000 | 675,989 | ||||||
Capital One Multi-Asset Execution Trust, | ||||||||
Series 2005-B3, Class B3, | ||||||||
3 mo. USD LIBOR + 0.550% | ||||||||
4.629%, due 05/15/285 | 350,000 | 335,774 | ||||||
CCG Receivables Trust, | ||||||||
Series 2020-1, Class C, | ||||||||
1.840%, due 12/14/274 | 275,000 | 261,586 | ||||||
Drive Auto Receivables Trust, | ||||||||
Series 2020-2, Class C, | ||||||||
2.280%, due 08/17/26 | 431,258 | 428,010 | ||||||
Series 2018-5, Class D, | ||||||||
4.300%, due 04/15/26 | 357,773 | 356,696 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Asset-backed securities—(continued) | ||||||||
DT Auto Owner Trust, | ||||||||
Series 2019-1A, Class D, | ||||||||
3.870%, due 11/15/244 | $ | 857,492 | $ | 856,187 | ||||
Series 2021-1A, Class C, | ||||||||
0.840%, due 10/15/264 | 325,000 | 310,422 | ||||||
Series 2021-1A, Class D, | ||||||||
1.160%, due 11/16/264 | 325,000 | 297,856 | ||||||
Enterprise Fleet Financing LLC, | ||||||||
Series 2020-1, Class A2, | ||||||||
1.780%, due 12/22/254 | 215,487 | 213,906 | ||||||
Exeter Automobile Receivables Trust, | ||||||||
Series 2021-3A, Class A3, | ||||||||
0.350%, due 02/18/25 | 97,705 | 97,513 | ||||||
Series 2021-4A, Class A3, | ||||||||
0.680%, due 07/15/25 | 474,058 | 471,024 | ||||||
Series 2020-3A, Class C, | ||||||||
1.320%, due 07/15/25 | 643,455 | 634,672 | ||||||
Series 2020-2A, Class C, | ||||||||
3.280%, due 05/15/254 | 627,164 | 623,411 | ||||||
Flagship Credit Auto Trust, | ||||||||
Series 2019-1, Class C, | ||||||||
3.600%, due 02/18/254 | 220,651 | 220,405 | ||||||
Ford Credit Auto Lease Trust, | ||||||||
Series 2020-B, Class C, | ||||||||
1.700%, due 02/15/25 | 173,000 | 172,639 | ||||||
GLS Auto Receivables Issuer Trust, | ||||||||
Series 2021-1A, Class B, | ||||||||
0.820%, due 04/15/254 | 260,999 | 260,219 | ||||||
GLS Auto Receivables Trust, | ||||||||
Series 2018-3A, Class C, | ||||||||
4.180%, due 07/15/244 | 246,682 | 246,535 | ||||||
Highbridge Loan Management Ltd., | ||||||||
Series 12A-18, Class B, | ||||||||
3 mo. USD LIBOR + 1.850% | ||||||||
6.044%, due 07/18/314,5 | 700,000 | 650,971 | ||||||
HPEFS Equipment Trust, | ||||||||
Series 2020-2A, Class B, | ||||||||
1.200%, due 07/22/304 | 32,824 | 32,757 | ||||||
Series 2021-1A, Class D, | ||||||||
1.030%, due 03/20/314 | 675,000 | 636,706 | ||||||
Invitation Homes Trust, | ||||||||
Series 2018-SFR1, Class C, | ||||||||
1 mo. USD LIBOR + 1.250% | ||||||||
5.154%, due 03/17/374,5 | 149,978 | 147,450 | ||||||
New Residential Advance | ||||||||
Receivables Trust Advance | ||||||||
Receivables Backed Notes, | ||||||||
Series 2020-APT1, Class AT1, | ||||||||
1.035%, due 12/16/524 | 175,000 | 174,566 | ||||||
OneMain Financial Issuance Trust, | ||||||||
Series 2020-2A, Class A, | ||||||||
1.750%, due 09/14/354 | 600,000 | 523,618 | ||||||
Series 2020-2A, Class B, | ||||||||
2.210%, due 09/14/354 | 300,000 | 254,228 | ||||||
Series 2021-1A, Class A1, | ||||||||
1.550%, due 06/16/364 | 600,000 | 506,378 | ||||||
Santander Retail Auto Lease Trust, | ||||||||
Series 2021-C, Class C, | ||||||||
1.110%, due 03/20/264 | 325,000 | 298,943 | ||||||
Tesla Auto Lease Trust, | ||||||||
Series 2020-A, Class D, | ||||||||
2.330%, due 02/20/244 | 150,000 | 146,982 | ||||||
Series 2021-A, Class D, | ||||||||
1.340%, due 03/20/254 | 575,000 | 541,786 | ||||||
Series 2021-B, Class D, | ||||||||
1.320%, due 09/22/254 | 325,000 | 297,869 | ||||||
Voya CLO Ltd., | ||||||||
Series 2018-2A, Class C1, | ||||||||
3 mo. USD LIBOR + 1.850% | ||||||||
5.929%, due 07/15/314,5 | 700,000 | 643,122 | ||||||
Westlake Automobile Receivables Trust, | ||||||||
Series 2020-3A, Class B, | ||||||||
0.780%, due 11/17/254 | 1,183,691 | 1,175,148 | ||||||
Series 2020-1A, Class C, | ||||||||
2.520%, due 04/15/254 | 719,872 | 716,545 | ||||||
Series 2019-3A, Class D, | ||||||||
2.720%, due 11/15/244 | 669,756 | 664,311 | ||||||
Total asset-backed securities (cost—$14,542,066) | 13,961,281 | |||||||
Corporate bonds: 16.3% | ||||||||
Advertising: 0.0%† | ||||||||
Clear Channel Outdoor Holdings, Inc., | ||||||||
5.125%, due 08/15/274 | 35,000 | 30,165 | ||||||
Aerospace & defense: 0.2% | ||||||||
Bombardier, Inc. | ||||||||
7.125%, due 06/15/264 | 55,000 | 54,037 | ||||||
7.500%, due 03/15/254 | 41,000 | 41,061 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.900%, due 02/01/27 | 20,000 | 19,800 | ||||||
6.750%, due 01/15/28 | 32,000 | 32,640 | ||||||
Raytheon Technologies Corp., | ||||||||
4.125%, due 11/16/28 | 150,000 | 145,362 | ||||||
TransDigm UK Holdings PLC, | ||||||||
6.875%, due 05/15/26 | 60,000 | 59,140 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Aerospace & defense—(concluded) | ||||||||
TransDigm, Inc. | ||||||||
5.500%, due 11/15/27 | $ | 30,000 | $ | 28,275 | ||||
6.250%, due 03/15/264 | 50,000 | 49,757 | ||||||
6.375%, due 06/15/26 | 30,000 | 29,464 | ||||||
7.500%, due 03/15/27 | 35,000 | 35,087 | ||||||
494,623 | ||||||||
Agriculture: 0.1% | ||||||||
Darling Ingredients, Inc. | ||||||||
5.250%, due 04/15/274 | 30,000 | 29,035 | ||||||
6.000%, due 06/15/304 | 40,000 | 39,008 | ||||||
Reynolds American, Inc., | ||||||||
5.700%, due 08/15/35 | 70,000 | 64,623 | ||||||
132,666 | ||||||||
Airlines: 0.2% | ||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | ||||||||
5.500%, due 04/20/264 | 31,000 | 30,064 | ||||||
Delta Air Lines, Inc., | ||||||||
7.000%, due 05/01/254 | 250,000 | 254,747 | ||||||
Delta Airlines Pass-Through Trust, | ||||||||
2.000%, due 06/10/28 | 96,845 | 83,073 | ||||||
United Airlines, Inc. | ||||||||
4.375%, due 04/15/264 | 38,000 | 35,379 | ||||||
4.625%, due 04/15/294 | 30,000 | 26,707 | ||||||
429,970 | ||||||||
Auto manufacturers: 0.4% | ||||||||
Allison Transmission, Inc., | ||||||||
5.875%, due 06/01/294 | 35,000 | 33,083 | ||||||
Ford Motor Co. | ||||||||
6.625%, due 10/01/28 | 35,000 | 35,377 | ||||||
7.450%, due 07/16/31 | 55,000 | 58,013 | ||||||
9.625%, due 04/22/30 | 30,000 | 34,342 | ||||||
Ford Motor Credit Co. LLC, | ||||||||
4.542%, due 08/01/26 | 200,000 | 188,218 | ||||||
General Motors Co., | ||||||||
6.600%, due 04/01/36 | 200,000 | 202,041 | ||||||
General Motors Financial Co., Inc., | ||||||||
4.000%, due 10/06/26 | 200,000 | 188,295 | ||||||
Jaguar Land Rover Automotive PLC, | ||||||||
2.200%, due 01/15/246 | 125,000 | 124,372 | ||||||
PM General Purchaser LLC, | ||||||||
9.500%, due 10/01/284 | 55,000 | 48,247 | ||||||
911,988 | ||||||||
Auto parts & equipment: 0.0%† | ||||||||
Dana, Inc. | ||||||||
4.250%, due 09/01/30 | 20,000 | 16,000 | ||||||
5.625%, due 06/15/28 | 20,000 | 18,400 | ||||||
34,400 | ||||||||
Banks: 3.4% | ||||||||
Bank of America Corp. | ||||||||
4.200%, due 08/26/24 | 120,000 | 118,318 | ||||||
6.110%, due 01/29/37 | 850,000 | 881,289 | ||||||
6.500%, due 10/23/24 | ||||||||
Series Z, | ||||||||
(fixed, converts to FRN on 10/23/24)7 | 30,000 | 29,593 | ||||||
Bank of New York Mellon Corp., | ||||||||
1.600%, due 04/24/25 | 150,000 | 139,278 | ||||||
Bank of Nova Scotia, | ||||||||
4.588%, due 05/04/37 | ||||||||
(fixed, converts to FRN on 05/04/32) | 150,000 | 129,342 | ||||||
Barclays PLC | ||||||||
4.337%, due 01/10/28 | 305,000 | 283,688 | ||||||
5.746%, due 08/09/33 | ||||||||
(fixed, converts to FRN on 08/09/32) | 200,000 | 191,570 | ||||||
Capital One N.A., | ||||||||
3.375%, due 02/15/23 | 70,000 | 69,767 | ||||||
Citigroup, Inc. | ||||||||
3.980%, due 03/20/30 | ||||||||
(fixed, converts to FRN on 03/20/29) | 275,000 | 251,445 | ||||||
5.500%, due 09/13/25 | 300,000 | 304,472 | ||||||
5.950%, due 01/30/23 | ||||||||
(fixed, converts to FRN on 01/30/23)7 | 35,000 | 34,650 | ||||||
6.675%, due 09/13/43 | 200,000 | 218,091 | ||||||
Credit Suisse Group AG, | ||||||||
4.550%, due 04/17/26 | 250,000 | 217,273 | ||||||
Deutsche Bank AG | ||||||||
2.552%, due 01/07/28 | ||||||||
(fixed, converts to FRN on 01/07/27) | 150,000 | 125,931 | ||||||
3.700%, due 05/30/24 | 125,000 | 121,125 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.750%, due 02/25/26 | 150,000 | 145,155 | ||||||
5.150%, due 05/22/45 | 210,000 | 200,007 | ||||||
6.334%, due 11/29/233 | ||||||||
mo. USD LIBOR + 1.600%5 | 600,000 | 605,535 | ||||||
HSBC Holdings PLC, | ||||||||
6.500%, due 09/15/37 | 200,000 | 193,264 | ||||||
JPMorgan Chase & Co. | ||||||||
3.875%, due 09/10/24 | 550,000 | 540,556 | ||||||
3.960%, due 01/29/27 | ||||||||
(fixed, converts to FRN on 01/29/26) | 200,000 | 192,177 | ||||||
4.032%, due 07/24/48 | ||||||||
(fixed, converts to FRN on 07/24/47) | 350,000 | 285,637 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Banks—(concluded) | ||||||||
6.000%, due 08/01/23 | ||||||||
Series R, | ||||||||
(fixed, converts to FRN on 08/01/23)7 | $ | 60,000 | $ | 59,400 | ||||
Lloyds Banking Group PLC, | ||||||||
4.582%, due 12/10/25 | 400,000 | 380,154 | ||||||
Mitsubishi UFJ Financial Group, Inc., | ||||||||
3.677%, due 02/22/27 | 350,000 | 329,773 | ||||||
Morgan Stanley | ||||||||
4.300%, due 01/27/45 | 225,000 | 193,774 | ||||||
4.350%, due 09/08/26 | 815,000 | 793,486 | ||||||
Royal Bank of Canada, | ||||||||
2.300%, due 11/03/31 | 200,000 | 161,164 | ||||||
Societe Generale SA, | ||||||||
4.000%, due 01/12/274 | 200,000 | 184,416 | ||||||
Sumitomo Mitsui Financial Group, Inc., | ||||||||
3.544%, due 01/17/28 | 150,000 | 138,905 | ||||||
Wells Fargo & Co., | ||||||||
3.196%, due 06/17/27 | ||||||||
(fixed, converts to FRN on 06/17/26) | 95,000 | 88,432 | ||||||
7,607,667 | ||||||||
Beverages: 0.2% | ||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||||||||
4.700%, due 02/01/36 | 75,000 | 71,962 | ||||||
4.900%, due 02/01/46 | 205,000 | 191,774 | ||||||
Primo Water Holdings, Inc., | ||||||||
4.375%, due 04/30/294 | 93,000 | 80,367 | ||||||
344,103 | ||||||||
Biotechnology: 0.1% | ||||||||
Biogen, Inc., | ||||||||
3.250%, due 02/15/51 | 56,000 | 38,874 | ||||||
Gilead Sciences, Inc. | ||||||||
2.950%, due 03/01/27 | 200,000 | 186,772 | ||||||
4.750%, due 03/01/46 | 50,000 | 45,990 | ||||||
271,636 | ||||||||
Building Materials: 0.1% | ||||||||
Builders FirstSource, Inc. | ||||||||
4.250%, due 02/01/324 | 10,000 | 8,106 | ||||||
5.000%, due 03/01/304 | 30,000 | 26,612 | ||||||
6.375%, due 06/15/324 | 10,000 | 9,239 | ||||||
Masco Corp., | ||||||||
4.500%, due 05/15/47 | 150,000 | 119,824 | ||||||
New Enterprise Stone & Lime Co., Inc., | ||||||||
5.250%, due 07/15/284 | 61,000 | 55,205 | ||||||
Smyrna Ready Mix Concrete LLC, | ||||||||
6.000%, due 11/01/284 | 51,000 | 45,390 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., | ||||||||
5.250%, due 01/15/294 | 35,000 | 32,310 | ||||||
296,686 | ||||||||
Chemicals: 0.3% | ||||||||
Celanese US Holdings LLC, | ||||||||
6.330%, due 07/15/29 | 30,000 | 28,826 | ||||||
Chemours Co. | ||||||||
4.625%, due 11/15/294 | 45,000 | 36,225 | ||||||
5.375%, due 05/15/27 | 30,000 | 27,150 | ||||||
DuPont de Nemours, Inc., | ||||||||
4.725%, due 11/15/28 | 100,000 | 99,655 | ||||||
LYB International Finance II BV, | ||||||||
3.500%, due 03/02/27 | 150,000 | 138,766 | ||||||
NOVA Chemicals Corp. | ||||||||
4.250%, due 05/15/294 | — | 0 | ||||||
5.250%, due 06/01/274 | 60,000 | 53,855 | ||||||
Nutrien Ltd., | ||||||||
4.200%, due 04/01/29 | 100,000 | 94,636 | ||||||
Tronox, Inc., | ||||||||
4.625%, due 03/15/294 | 40,000 | 32,208 | ||||||
WR Grace Holdings LLC | ||||||||
4.875%, due 06/15/274 | 30,000 | 26,878 | ||||||
5.625%, due 10/01/244 | 60,000 | 58,654 | ||||||
596,853 | ||||||||
Commercial services: 0.4% | ||||||||
ASGN, Inc., | ||||||||
4.625%, due 05/15/284 | 69,000 | 61,583 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | ||||||||
5.375%, due 03/01/294 | 10,000 | 8,805 | ||||||
5.750%, due 07/15/274 | 52,000 | 48,095 | ||||||
Block, Inc., | ||||||||
3.500%, due 06/01/31 | 34,000 | 27,591 | ||||||
Carriage Services, Inc., | ||||||||
4.250%, due 05/15/294 | 55,000 | 41,278 | ||||||
Garda World Security Corp. | ||||||||
4.625%, due 02/15/274 | 55,000 | 49,395 | ||||||
9.500%, due 11/01/274 | 23,000 | 21,277 | ||||||
Gartner, Inc., | ||||||||
4.500%, due 07/01/284 | 10,000 | 9,414 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., | ||||||||
5.000%, due 02/01/264 | 30,000 | 26,247 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Commercial services—(concluded) | ||||||||
MoneyGram International, Inc., | ||||||||
5.375%, due 08/01/264 | $ | 103,000 | $ | 103,879 | ||||
NESCO Holdings II, Inc., | ||||||||
5.500%, due 04/15/294 | 45,000 | 39,587 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||||
3.375%, due 08/31/274 | 5,000 | 4,399 | ||||||
5.750%, due 04/15/264 | 45,000 | 44,550 | ||||||
Quanta Services, Inc., | ||||||||
2.350%, due 01/15/32 | 400,000 | 307,948 | ||||||
United Rentals North America, Inc., | ||||||||
6.000%, due 12/15/294 | 25,000 | 25,125 | ||||||
Williams Scotsman International, Inc. | ||||||||
4.625%, due 08/15/284 | 60,000 | 54,552 | ||||||
6.125%, due 06/15/254 | 27,000 | 26,730 | ||||||
Yale University, | ||||||||
1.482%, due 04/15/30 | ||||||||
Series 2020, | 100,000 | 80,877 | ||||||
981,332 | ||||||||
Computers: 0.4% | ||||||||
Ahead DB Holdings LLC, | ||||||||
6.625%, due 05/01/284 | 30,000 | 24,511 | ||||||
Apple, Inc. | ||||||||
3.450%, due 02/09/45 | 200,000 | 165,263 | ||||||
3.850%, due 05/04/43 | 210,000 | 187,435 | ||||||
Booz Allen Hamilton, Inc. | ||||||||
3.875%, due 09/01/284 | 160,000 | 144,198 | ||||||
4.000%, due 07/01/294 | 40,000 | 35,465 | ||||||
International Business Machines Corp., | ||||||||
5.875%, due 11/29/32 | 175,000 | 189,284 | ||||||
KBR, Inc., | ||||||||
4.750%, due 09/30/284 | 75,000 | 66,537 | ||||||
NCR Corp., | ||||||||
5.125%, due 04/15/294 | 35,000 | 30,107 | ||||||
Science Applications International Corp., | ||||||||
4.875%, due 04/01/284 | 70,000 | 64,487 | ||||||
Seagate HDD Cayman, | ||||||||
4.091%, due 06/01/29 | 50,000 | 41,375 | ||||||
948,662 | ||||||||
Distribution & wholesale: 0.0%† | ||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
3.875%, due 11/15/294 | 26,000 | 21,442 | ||||||
4.000%, due 01/15/284 | 10,000 | 9,050 | ||||||
30,492 | ||||||||
Diversified financial services: 0.7% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
3.000%, due 10/29/28 | 200,000 | 168,978 | ||||||
6.500%, due 07/15/25 | 29,000 | 29,297 | ||||||
Avolon Holdings Funding Ltd., | ||||||||
2.750%, due 02/21/284 | 200,000 | 161,024 | ||||||
Capital One Financial Corp., | ||||||||
3.750%, due 07/28/26 | 200,000 | 189,182 | ||||||
CME Group, Inc., | ||||||||
3.750%, due 06/15/28 | 150,000 | 144,962 | ||||||
Enact Holdings, Inc., | ||||||||
6.500%, due 08/15/254 | 95,000 | 92,362 | ||||||
Intercontinental Exchange, Inc., | ||||||||
3.000%, due 06/15/50 | 200,000 | 139,774 | ||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
5.125%, due 12/15/304 | 29,000 | 22,608 | ||||||
6.000%, due 01/15/274 | 35,000 | 31,819 | ||||||
Navient Corp., | ||||||||
6.750%, due 06/15/26 | 200,000 | 190,588 | ||||||
OneMain Finance Corp. | ||||||||
5.625%, due 03/15/23 | 40,000 | 39,917 | ||||||
7.125%, due 03/15/26 | 115,000 | 111,411 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | ||||||||
2.875%, due 10/15/264 | 150,000 | 127,914 | ||||||
Visa, Inc., | ||||||||
2.000%, due 08/15/50 | 50,000 | 31,245 | ||||||
1,481,081 | ||||||||
Electric: 1.1% | ||||||||
Alabama Power Co., | ||||||||
6.000%, due 03/01/39 | 30,000 | 31,522 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
3.750%, due 11/15/23 | 80,000 | 78,978 | ||||||
4.450%, due 01/15/49 | 50,000 | 43,878 | ||||||
Calpine Corp. | ||||||||
4.625%, due 02/01/294 | 30,000 | 25,902 | ||||||
5.125%, due 03/15/284 | 35,000 | 31,348 | ||||||
Clearway Energy Operating LLC, | ||||||||
4.750%, due 03/15/284 | 65,000 | 60,045 | ||||||
Dominion Energy, Inc., | ||||||||
3.900%, due 10/01/25 | 150,000 | 146,082 | ||||||
Duke Energy Carolinas LLC, | ||||||||
2.550%, due 04/15/31 | 150,000 | 126,807 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Electric—(concluded) | ||||||||
Duke Energy Ohio, Inc., | ||||||||
4.300%, due 02/01/49 | $ | 250,000 | $ | 206,919 | ||||
Edison International, | ||||||||
4.950%, due 04/15/25 | 188,000 | 185,608 | ||||||
Exelon Corp. | ||||||||
3.400%, due 04/15/26 | 170,000 | 162,527 | ||||||
4.450%, due 04/15/46 | 300,000 | 256,276 | ||||||
FirstEnergy Corp., | ||||||||
5.350%, due 07/15/47 | ||||||||
Series C,8 | 20,000 | 17,622 | ||||||
Florida Power & Light Co., | ||||||||
5.950%, due 02/01/38 | 45,000 | 47,914 | ||||||
Georgia Power Co., | ||||||||
3.700%, due 01/30/50 | 250,000 | 190,352 | ||||||
Leeward Renewable Energy Operations LLC, | ||||||||
4.250%, due 07/01/294 | 25,000 | 21,023 | ||||||
National Rural Utilities Cooperative Finance Corp., | ||||||||
3.900%, due 11/01/28 | 100,000 | 94,667 | ||||||
Northern States Power Co., | ||||||||
2.600%, due 05/15/23 | 50,000 | 49,506 | ||||||
NRG Energy, Inc. | ||||||||
3.625%, due 02/15/314 | 30,000 | 23,990 | ||||||
5.250%, due 06/15/294 | 10,000 | 9,217 | ||||||
Oncor Electric Delivery Co. LLC, | ||||||||
3.750%, due 04/01/45 | 40,000 | 32,438 | ||||||
PG&E Corp., | ||||||||
5.000%, due 07/01/28 | 50,000 | 46,130 | ||||||
Public Service Electric and Gas Co., | ||||||||
2.450%, due 01/15/30 | 150,000 | 129,302 | ||||||
Southern California Edison Co., | ||||||||
3.650%, due 02/01/50 | 175,000 | 130,579 | ||||||
Southwestern Electric Power Co., | ||||||||
3.250%, due 11/01/51 | 250,000 | 168,001 | ||||||
Virginia Electric and Power Co., | ||||||||
4.600%, due 12/01/48 | 100,000 | 87,774 | ||||||
Vistra Operations Co. LLC | ||||||||
5.000%, due 07/31/274 | 75,000 | 70,401 | ||||||
5.625%, due 02/15/274 | 60,000 | 58,047 | ||||||
2,532,855 | ||||||||
Electrical components & equipment: 0.1%† | ||||||||
Energizer Holdings, Inc. | ||||||||
4.375%, due 03/31/294 | 54,000 | 45,939 | ||||||
4.750%, due 06/15/284 | 30,000 | 26,158 | ||||||
WESCO Distribution, Inc., | ||||||||
7.250%, due 06/15/284 | 30,000 | 30,392 | ||||||
102,489 | ||||||||
Electronics: 0.0%† | ||||||||
Coherent Corp., | ||||||||
5.000%, due 12/15/294 | 40,000 | 35,300 | ||||||
Sensata Technologies, Inc., | ||||||||
4.375%, due 02/15/304 | 50,000 | 44,280 | ||||||
79,580 | ||||||||
Energy-Alternate Sources: 0.0%† | ||||||||
TerraForm Power Operating LLC, | ||||||||
4.750%, due 01/15/304 | 72,000 | 64,800 | ||||||
Engineering & construction: 0.1% | ||||||||
Arcosa, Inc., | ||||||||
4.375%, due 04/15/294 | 35,000 | 30,438 | ||||||
Artera Services LLC, | ||||||||
9.033%, due 12/04/254 | 68,000 | 56,572 | ||||||
Dycom Industries, Inc., | ||||||||
4.500%, due 04/15/294 | 45,000 | 38,648 | ||||||
Great Lakes Dredge & Dock Corp., | ||||||||
5.250%, due 06/01/294 | 77,000 | 62,054 | ||||||
Weekley Homes LLC/Weekley Finance Corp., | ||||||||
4.875%, due 09/15/284 | 15,000 | 12,157 | ||||||
199,869 | ||||||||
Entertainment: 0.2% | ||||||||
Affinity Gaming, | ||||||||
6.875%, due 12/15/274 | 89,000 | 76,348 | ||||||
Caesars Entertainment, Inc. | ||||||||
6.250%, due 07/01/254 | 53,000 | 52,380 | ||||||
8.125%, due 07/01/274 | 88,000 | 88,334 | ||||||
CDI Escrow Issuer, Inc., | ||||||||
5.750%, due 04/01/304 | 20,000 | 18,553 | ||||||
Churchill Downs, Inc., | ||||||||
5.500%, due 04/01/274 | 35,000 | 33,286 | ||||||
Cinemark USA, Inc. | ||||||||
5.250%, due 07/15/284 | 10,000 | 7,987 | ||||||
5.875%, due 03/15/264 | 35,000 | 30,648 | ||||||
International Game Technology Plc, | ||||||||
5.250%, due 01/15/294 | 20,000 | 18,835 | ||||||
Jacobs Entertainment, Inc., | ||||||||
6.750%, due 02/15/294 | 73,000 | 65,700 | ||||||
Warnermedia Holdings, Inc., | ||||||||
5.050%, due 03/15/424 | 150,000 | 120,082 | ||||||
512,153 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Environmental control: 0.0%† | ||||||||
Covanta Holding Corp., | ||||||||
5.000%, due 09/01/30 | $ | 25,000 | $ | 21,359 | ||||
GFL Environmental, Inc., | ||||||||
4.750%, due 06/15/294 | 65,000 | 56,929 | ||||||
78,288 | ||||||||
Food: 0.1% | ||||||||
Kroger Co., | ||||||||
3.875%, due 10/15/46 | 250,000 | 193,291 | ||||||
Performance Food Group, Inc., | ||||||||
5.500%, due 10/15/274 | 40,000 | 38,600 | ||||||
United Natural Foods, Inc., | ||||||||
6.750%, due 10/15/284 | 60,000 | 58,200 | ||||||
290,091 | ||||||||
Food service: 0.0%† | ||||||||
Aramark Services, Inc., | ||||||||
5.000%, due 02/01/284 | 65,000 | 60,786 | ||||||
Forest products & paper: 0.0%† | ||||||||
Clearwater Paper Corp., | ||||||||
4.750%, due 08/15/284 | 35,000 | 30,668 | ||||||
Healthcare-products: 0.2% | ||||||||
Abbott Laboratories | ||||||||
3.750%, due 11/30/26 | 62,000 | 61,118 | ||||||
4.900%, due 11/30/46 | 50,000 | 50,177 | ||||||
Avantor Funding, Inc., | ||||||||
4.625%, due 07/15/284 | 70,000 | 64,400 | ||||||
Medline Borrower LP, | ||||||||
5.250%, due 10/01/294 | 24,000 | 19,560 | ||||||
Medtronic, Inc., | ||||||||
4.375%, due 03/15/35 | 97,000 | 93,461 | ||||||
Zimmer Biomet Holdings, Inc., | ||||||||
4.250%, due 08/15/35 | 50,000 | 42,239 | ||||||
330,955 | ||||||||
Healthcare-services: 0.4% | ||||||||
Acadia Healthcare Co., Inc. | ||||||||
5.000%, due 04/15/294 | 35,000 | 32,291 | ||||||
5.500%, due 07/01/284 | 55,000 | 51,710 | ||||||
Centene Corp., | ||||||||
3.000%, due 10/15/30 | 18,000 | 14,852 | ||||||
CHS/Community Health Systems, Inc. | ||||||||
5.625%, due 03/15/274 | 63,000 | 53,474 | ||||||
6.875%, due 04/15/294 | 53,000 | 28,355 | ||||||
8.000%, due 03/15/264 | 195,000 | 179,964 | ||||||
DaVita, Inc., | ||||||||
4.625%, due 06/01/304 | 33,000 | 26,713 | ||||||
Encompass Health Corp., | ||||||||
4.500%, due 02/01/28 | 100,000 | 89,926 | ||||||
Legacy LifePoint Health LLC | ||||||||
4.375%, due 02/15/274 | 50,000 | 41,448 | ||||||
6.750%, due 04/15/254 | 35,000 | 32,092 | ||||||
Select Medical Corp., | ||||||||
6.250%, due 08/15/264 | 75,000 | 72,590 | ||||||
Tenet Healthcare Corp. | ||||||||
4.625%, due 06/15/284 | 10,000 | 8,950 | ||||||
4.875%, due 01/01/264 | 34,000 | 32,265 | ||||||
5.125%, due 11/01/274 | 55,000 | 51,776 | ||||||
6.125%, due 10/01/284 | 96,000 | 84,720 | ||||||
6.125%, due 06/15/304 | 30,000 | 28,427 | ||||||
UnitedHealth Group, Inc., | ||||||||
4.625%, due 07/15/35 | 40,000 | 39,266 | ||||||
868,819 | ||||||||
Home builders: 0.0% | ||||||||
Forestar Group, Inc., | ||||||||
3.850%, due 05/15/264 | 25,000 | 22,074 | ||||||
Installed Building Products, Inc., | ||||||||
5.750%, due 02/01/284 | 40,000 | 35,024 | ||||||
KB Home, | ||||||||
6.875%, due 06/15/27 | 20,000 | 19,948 | ||||||
77,046 | ||||||||
Housewares: 0.0%† | ||||||||
Newell Brands, Inc. | ||||||||
5.625%, due 04/01/368 | 65,000 | 55,637 | ||||||
5.750%, due 04/01/468 | 5,000 | 3,850 | ||||||
59,487 | ||||||||
Insurance: 0.5% | ||||||||
Allstate Corp. | ||||||||
3.280%, due 12/15/26 | 200,000 | 190,016 | ||||||
3.850%, due 08/10/49 | 50,000 | 38,945 | ||||||
American International Group, Inc., | ||||||||
2.500%, due 06/30/25 | 50,000 | 47,211 | ||||||
Aon Global Ltd., | ||||||||
4.750%, due 05/15/45 | 150,000 | 131,289 | ||||||
Berkshire Hathaway Finance Corp., | ||||||||
4.250%, due 01/15/49 | 100,000 | 89,525 | ||||||
Hartford Financial Services Group, Inc., | ||||||||
6.100%, due 10/01/41 | 150,000 | 153,558 | ||||||
Lincoln National Corp., | ||||||||
4.000%, due 09/01/23 | 150,000 | 148,438 | ||||||
MetLife, Inc., | ||||||||
4.125%, due 08/13/42 | 130,000 | 110,826 | ||||||
Prudential Financial, Inc., | ||||||||
6.625%, due 06/21/40 | 110,000 | 120,748 | ||||||
Teachers Insurance & Annuity Association of America, | ||||||||
4.270%, due 05/15/474 | 50,000 | 42,125 | ||||||
1,072,681 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Internet: 0.1% | ||||||||
Alibaba Group Holding Ltd., | ||||||||
2.125%, due 02/09/31 | $ | 200,000 | $ | 159,014 | ||||
Amazon.com, Inc., | ||||||||
2.500%, due 06/03/50 | 150,000 | 97,978 | ||||||
Uber Technologies, Inc. | ||||||||
4.500%, due 08/15/294 | 25,000 | 21,763 | ||||||
7.500%, due 09/15/274 | 25,000 | 25,130 | ||||||
303,885 | ||||||||
Investment companies: 0.0%† | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., | ||||||||
6.250%, due 05/15/26 | 40,000 | 39,483 | ||||||
Iron & steel: 0.0%† | ||||||||
Big River Steel LLC/BRS Finance Corp., | ||||||||
6.625%, due 01/31/294 | 44,000 | 42,271 | ||||||
Commercial Metals Co., | ||||||||
4.125%, due 01/15/30 | 20,000 | 17,211 | ||||||
59,482 | ||||||||
Leisure time: 0.2% | ||||||||
Carnival Corp. | ||||||||
5.750%, due 03/01/274 | 70,000 | 52,051 | ||||||
7.625%, due 03/01/264 | 30,000 | 25,275 | ||||||
Carnival Holdings Bermuda Ltd., | ||||||||
10.375%, due 05/01/284 | 60,000 | 62,472 | ||||||
Harley-Davidson, Inc., | ||||||||
3.500%, due 07/28/25 | 250,000 | 238,272 | ||||||
NCL Corp. Ltd., | ||||||||
5.875%, due 03/15/264 | 30,000 | 24,608 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
5.500%, due 08/31/264 | 44,000 | 38,170 | ||||||
7.500%, due 10/15/27 | 25,000 | 21,979 | ||||||
11.625%, due 08/15/274 | 20,000 | 20,550 | ||||||
483,377 | ||||||||
Lodging: 0.1%† | ||||||||
Hilton Domestic Operating Co., Inc., | ||||||||
4.000%, due 05/01/314 | 40,000 | 33,647 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC | ||||||||
4.875%, due 07/01/314 | 10,000 | 8,254 | ||||||
5.000%, due 06/01/294 | 25,000 | 21,648 | ||||||
Travel + Leisure Co., | ||||||||
6.625%, due 07/31/264 | 35,000 | 34,294 | ||||||
97,843 | ||||||||
Machinery-diversified: 0.1% | ||||||||
Deere & Co., | ||||||||
3.900%, due 06/09/42 | 150,000 | 134,914 | ||||||
GrafTech Finance, Inc., | ||||||||
4.625%, due 12/15/284 | 67,000 | 55,861 | ||||||
Mueller Water Products, Inc., | ||||||||
4.000%, due 06/15/294 | 25,000 | 21,504 | ||||||
212,279 | ||||||||
Media: 0.9% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.250%, due 02/01/314 | 25,000 | 20,295 | ||||||
4.250%, due 01/15/344 | 40,000 | 31,160 | ||||||
4.750%, due 03/01/304 | 98,000 | 84,253 | ||||||
5.375%, due 06/01/294 | 60,000 | 54,448 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
4.200%, due 03/15/28 | 150,000 | 139,529 | ||||||
Comcast Corp. | ||||||||
2.887%, due 11/01/51 | 439,000 | 292,853 | ||||||
3.969%, due 11/01/47 | 85,000 | 68,969 | ||||||
4.150%, due 10/15/28 | 300,000 | 291,083 | ||||||
CSC Holdings LLC, | ||||||||
6.500%, due 02/01/294 | 200,000 | 182,264 | ||||||
DISH DBS Corp., | ||||||||
5.875%, due 11/15/24 | 25,000 | 23,757 | ||||||
DISH Network Corp., | ||||||||
11.750%, due 11/15/274 | 35,000 | 35,974 | ||||||
Fox Corp. | ||||||||
3.050%, due 04/07/25 | 25,000 | 23,910 | ||||||
5.576%, due 01/25/49 | 50,000 | 44,840 | ||||||
Gray Escrow II, Inc., | ||||||||
5.375%, due 11/15/314 | 55,000 | 41,963 | ||||||
Gray Television, Inc., | ||||||||
5.875%, due 07/15/264 | 40,000 | 36,845 | ||||||
Nexstar Media, Inc. | ||||||||
4.750%, due 11/01/284 | 10,000 | 8,899 | ||||||
5.625%, due 07/15/274 | 40,000 | 37,717 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc. | ||||||||
4.500%, due 09/15/264 | 10,000 | 8,177 | ||||||
6.500%, due 09/15/284 | 60,000 | 32,382 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.875%, due 09/01/314 | 25,000 | 20,438 | ||||||
4.000%, due 07/15/284 | 55,000 | 48,610 | ||||||
4.125%, due 07/01/304 | 25,000 | 21,096 | ||||||
5.500%, due 07/01/294 | 35,000 | 32,588 | ||||||
Time Warner Cable Enterprises LLC, | ||||||||
8.375%, due 03/15/23 | 35,000 | 35,259 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Media—(concluded) | ||||||||
Time Warner Cable LLC, | ||||||||
6.550%, due 05/01/37 | $ | 25,000 | $ | 23,961 | ||||
Univision Communications, Inc. | ||||||||
4.500%, due 05/01/294 | 40,000 | 34,050 | ||||||
6.625%, due 06/01/274 | 50,000 | 48,727 | ||||||
7.375%, due 06/30/304 | 25,000 | 24,950 | ||||||
Walt Disney Co. | ||||||||
2.000%, due 09/01/29 | 100,000 | 84,658 | ||||||
4.950%, due 10/15/45 | 120,000 | 115,511 | ||||||
1,949,166 | ||||||||
Mining: 0.2% | ||||||||
Arconic Corp., | ||||||||
6.125%, due 02/15/284 | 75,000 | 70,421 | ||||||
Hudbay Minerals, Inc., | ||||||||
6.125%, due 04/01/294 | 25,000 | 22,380 | ||||||
Novelis Corp. | ||||||||
3.250%, due 11/15/264 | 10,000 | 8,936 | ||||||
3.875%, due 08/15/314 | 4,000 | 3,280 | ||||||
4.750%, due 01/30/304 | 75,000 | 66,682 | ||||||
Teck Resources Ltd., | ||||||||
3.900%, due 07/15/30 | 200,000 | 179,805 | ||||||
351,504 | ||||||||
Miscellaneous manufacturers: 0.2% | ||||||||
Amsted Industries, Inc. | ||||||||
4.625%, due 05/15/304 | 35,000 | 29,575 | ||||||
5.625%, due 07/01/274 | 20,000 | 18,903 | ||||||
GE Capital Funding LLC, | ||||||||
3.450%, due 05/15/25 | 200,000 | 192,917 | ||||||
GE Capital International Funding Co. Unlimited Co., | ||||||||
4.418%, due 11/15/35 | 200,000 | 188,771 | ||||||
Illinois Tool Works, Inc., | ||||||||
2.650%, due 11/15/26 | 110,000 | 102,697 | ||||||
532,863 | ||||||||
Oil & gas: 0.8% | ||||||||
Aker BP ASA, | ||||||||
3.750%, due 01/15/304 | 150,000 | 132,935 | ||||||
Antero Resources Corp., | ||||||||
7.625%, due 02/01/294 | 17,000 | 17,346 | ||||||
Apache Corp., | ||||||||
5.100%, due 09/01/40 | 51,000 | 41,948 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||
5.875%, due 06/30/294 | 41,000 | 36,951 | ||||||
7.000%, due 11/01/264 | 29,000 | 28,427 | ||||||
8.250%, due 12/31/284 | 10,000 | 9,966 | ||||||
BP Capital Markets America, Inc., | ||||||||
3.017%, due 01/16/27 | 75,000 | 70,509 | ||||||
California Resources Corp., | ||||||||
7.125%, due 02/01/264 | 63,000 | 61,268 | ||||||
Comstock Resources, Inc. | ||||||||
5.875%, due 01/15/304 | 15,000 | 13,820 | ||||||
6.750%, due 03/01/294 | 65,000 | 63,482 | ||||||
ConocoPhillips Co., | ||||||||
3.758%, due 03/15/42 | 150,000 | 127,011 | ||||||
Ecopetrol SA, | ||||||||
5.375%, due 06/26/26 | 325,000 | 302,924 | ||||||
EOG Resources, Inc., | ||||||||
3.900%, due 04/01/35 | 50,000 | 45,294 | ||||||
EQT Corp. | ||||||||
3.125%, due 05/15/264 | 150,000 | 138,470 | ||||||
7.000%, due 02/01/308 | 18,000 | 18,937 | ||||||
Equinor ASA, | ||||||||
4.800%, due 11/08/43 | 50,000 | 48,047 | ||||||
Exxon Mobil Corp., | ||||||||
4.114%, due 03/01/46 | 50,000 | 43,535 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
5.750%, due 02/01/294 | 79,000 | 72,368 | ||||||
6.000%, due 04/15/304 | 10,000 | 9,195 | ||||||
6.250%, due 11/01/284 | 20,000 | 19,046 | ||||||
Marathon Petroleum Corp., | ||||||||
4.750%, due 09/15/44 | 110,000 | 93,708 | ||||||
Murphy Oil Corp., | ||||||||
7.050%, due 05/01/29 | 44,000 | 43,323 | ||||||
Nabors Industries Ltd., | ||||||||
7.250%, due 01/15/264 | 20,000 | 19,225 | ||||||
Nabors Industries, Inc. | ||||||||
7.375%, due 05/15/274 | 15,000 | 14,588 | ||||||
9.000%, due 02/01/254 | 67,000 | 67,596 | ||||||
Occidental Petroleum Corp. | ||||||||
5.875%, due 09/01/25 | 42,000 | 42,383 | ||||||
6.375%, due 09/01/28 | 26,000 | 26,546 | ||||||
6.450%, due 09/15/36 | 57,000 | 57,143 | ||||||
6.950%, due 07/01/24 | 14,000 | 14,194 | ||||||
8.500%, due 07/15/27 | 26,000 | 28,340 | ||||||
Shell International Finance BV, | ||||||||
4.375%, due 05/11/45 | 100,000 | 89,793 | ||||||
Southwestern Energy Co., | ||||||||
5.375%, due 03/15/30 | 55,000 | 51,711 | ||||||
1,850,029 | ||||||||
Oil & gas services: 0.1% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||
6.250%, due 04/01/284 | 11,000 | 10,202 | ||||||
6.875%, due 04/01/274 | 22,000 | 21,285 | ||||||
Oceaneering International, Inc. | ||||||||
4.650%, due 11/15/24 | 58,000 | 56,208 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Oil & gas services—(concluded) | ||||||||
6.000%, due 02/01/28 | $ | 4,000 | $ | 3,624 | ||||
USA Compression Partners LP/USA Compression Finance Corp., | ||||||||
6.875%, due 09/01/27 | 64,000 | 61,101 | ||||||
Weatherford International Ltd. | ||||||||
8.625%, due 04/30/304 | 27,000 | 25,893 | ||||||
11.000%, due 12/01/244 | 13,000 | 13,331 | ||||||
191,644 | ||||||||
Packaging & containers: 0.1% | ||||||||
Cascades, Inc./Cascades USA, Inc., | ||||||||
5.375%, due 01/15/284 | 35,000 | 30,926 | ||||||
Graphic Packaging International LLC | ||||||||
3.500%, due 03/15/284 | 40,000 | 34,773 | ||||||
4.750%, due 07/15/274 | 20,000 | 18,637 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
5.375%, due 01/15/254 | 39,000 | 36,988 | ||||||
6.625%, due 05/13/274 | 28,000 | 26,937 | ||||||
148,261 | ||||||||
Pharmaceuticals: 0.4% | ||||||||
AbbVie, Inc. | ||||||||
3.200%, due 05/14/26 | 30,000 | 28,517 | ||||||
3.800%, due 03/15/25 | 90,000 | 88,050 | ||||||
4.450%, due 05/14/46 | 200,000 | 176,415 | ||||||
Bristol-Myers Squibb Co., | ||||||||
4.125%, due 06/15/39 | 250,000 | 226,985 | ||||||
Pfizer, Inc., | ||||||||
7.200%, due 03/15/39 | 270,000 | 333,283 | ||||||
853,250 | ||||||||
Pipelines: 0.8% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | ||||||||
5.375%, due 06/15/294 | 25,000 | 23,063 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., | ||||||||
7.625%, due 12/15/254 | 67,000 | 67,609 | ||||||
Buckeye Partners LP | ||||||||
4.500%, due 03/01/284 | 40,000 | 35,500 | ||||||
5.600%, due 10/15/44 | 12,000 | 9,000 | ||||||
5.850%, due 11/15/43 | 15,000 | 11,340 | ||||||
CNX Midstream Partners LP, | ||||||||
4.750%, due 04/15/304 | 71,000 | 59,214 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., | ||||||||
8.000%, due 04/01/294 | 25,000 | 25,188 | ||||||
DCP Midstream Operating LP, | ||||||||
5.375%, due 07/15/25 | 25,000 | 24,689 | ||||||
Enbridge Energy Partners LP, | ||||||||
7.375%, due 10/15/45 | 100,000 | 113,261 | ||||||
Energy Transfer LP, | ||||||||
5.400%, due 10/01/47 | 100,000 | 86,238 | ||||||
EnLink Midstream LLC | ||||||||
5.625%, due 01/15/284 | 29,000 | 28,275 | ||||||
6.500%, due 09/01/304 | 30,000 | 30,469 | ||||||
EQM Midstream Partners LP | ||||||||
4.750%, due 01/15/314 | 13,000 | 10,944 | ||||||
6.500%, due 07/01/274 | 20,000 | 19,400 | ||||||
7.500%, due 06/01/274 | 30,000 | 30,318 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
5.625%, due 06/15/24 | 32,000 | 30,999 | ||||||
8.000%, due 01/15/27 | 54,000 | 51,538 | ||||||
Hess Midstream Operations LP | ||||||||
4.250%, due 02/15/304 | 13,000 | 11,115 | ||||||
5.125%, due 06/15/284 | 38,000 | 35,775 | ||||||
5.625%, due 02/15/264 | 62,000 | 60,945 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp. | ||||||||
5.000%, due 02/01/284 | 29,000 | 26,424 | ||||||
6.375%, due 04/15/274 | 10,000 | 9,784 | ||||||
Kinder Morgan, Inc. | ||||||||
4.300%, due 03/01/28 | 150,000 | 145,029 | ||||||
5.550%, due 06/01/45 | 120,000 | 111,987 | ||||||
MPLX LP, | ||||||||
4.875%, due 06/01/25 | 120,000 | 118,392 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., | ||||||||
3.800%, due 09/15/30 | 150,000 | 131,396 | ||||||
Sabine Pass Liquefaction LLC, | ||||||||
5.000%, due 03/15/27 | 180,000 | 177,676 | ||||||
Venture Global Calcasieu Pass LLC, | ||||||||
3.875%, due 08/15/294 | 28,000 | 24,185 | ||||||
Western Midstream Operating LP | ||||||||
3.350%, due 02/01/258 | 44,000 | 42,174 | ||||||
4.650%, due 07/01/26 | 200,000 | 194,507 | ||||||
5.450%, due 04/01/44 | 5,000 | 4,108 | ||||||
Williams Cos., Inc., | ||||||||
4.300%, due 03/04/24 | 80,000 | 79,058 | ||||||
1,829,600 | ||||||||
Real estate investment trusts: 0.3% | ||||||||
AvalonBay Communities, Inc., | ||||||||
3.450%, due 06/01/25 | 70,000 | 67,588 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
Corporate bonds—(continued) | ||||||||
Real estate investment trusts—(concluded) | ||||||||
Boston Properties LP, | ||||||||
2.750%, due 10/01/26 | $ | 40,000 | $ | 36,291 | ||||
Iron Mountain, Inc. | ||||||||
4.875%, due 09/15/274 | 45,000 | 42,313 | ||||||
5.000%, due 07/15/284 | 60,000 | 54,563 | ||||||
5.250%, due 07/15/304 | 45,000 | 40,500 | ||||||
iStar, Inc., | ||||||||
4.750%, due 10/01/24 | 30,000 | 29,516 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., | ||||||||
4.750%, due 06/15/294 | 30,000 | 24,528 | ||||||
Public Storage, | ||||||||
2.250%, due 11/09/31 | 200,000 | 161,746 | ||||||
Service Properties Trust, | ||||||||
7.500%, due 09/15/25 | 20,000 | 19,350 | ||||||
VICI Properties LP/VICI Note Co., Inc. | ||||||||
4.500%, due 09/01/264 | 37,000 | 34,647 | ||||||
4.625%, due 12/01/294 | 55,000 | 49,905 | ||||||
560,947 | ||||||||
Retail: 0.7% | ||||||||
Academy Ltd., | ||||||||
6.000%, due 11/15/274 | 35,000 | 33,132 | ||||||
Asbury Automotive Group, Inc., | ||||||||
4.625%, due 11/15/294 | 20,000 | 17,450 | ||||||
Bath & Body Works, Inc., | ||||||||
6.625%, due 10/01/304 | 80,000 | 74,894 | ||||||
Beacon Roofing Supply, Inc. | ||||||||
4.125%, due 05/15/294 | 28,000 | 23,547 | ||||||
4.500%, due 11/15/264 | 5,000 | 4,612 | ||||||
Group 1 Automotive, Inc., | ||||||||
4.000%, due 08/15/284 | 54,000 | 45,805 | ||||||
Home Depot, Inc. | ||||||||
2.125%, due 09/15/26 | 300,000 | 276,427 | ||||||
3.350%, due 09/15/25 | 40,000 | 38,869 | ||||||
3.350%, due 04/15/50 | 200,000 | 151,709 | ||||||
Lithia Motors, Inc., | ||||||||
4.625%, due 12/15/274 | 20,000 | 18,500 | ||||||
Lowe's Cos., Inc., | ||||||||
2.800%, due 09/15/41 | 300,000 | 211,882 | ||||||
Macy's Retail Holdings LLC, | ||||||||
5.875%, due 04/01/294 | 53,000 | 49,298 | ||||||
McDonald's Corp. | ||||||||
3.800%, due 04/01/28 | 425,000 | 410,163 | ||||||
4.875%, due 12/09/45 | 20,000 | 18,799 | ||||||
Patrick Industries, Inc. | ||||||||
4.750%, due 05/01/294 | 30,000 | 23,550 | ||||||
7.500%, due 10/15/274 | 40,000 | 38,074 | ||||||
QVC, Inc. | ||||||||
4.750%, due 02/15/27 | 40,000 | 30,027 | ||||||
4.850%, due 04/01/24 | 30,000 | 28,563 | ||||||
Target Corp., | ||||||||
1.950%, due 01/15/27 | 150,000 | 137,123 | ||||||
White Cap Buyer LLC, | ||||||||
6.875%, due 10/15/284 | 32,000 | 27,583 | ||||||
1,660,007 | ||||||||
Semiconductors: 0.3% | ||||||||
Broadcom, Inc., | ||||||||
3.137%, due 11/15/354 | 340,000 | 251,967 | ||||||
NVIDIA Corp., | ||||||||
2.850%, due 04/01/30 | 100,000 | 88,213 | ||||||
NXP BV/NXP Funding LLC, | ||||||||
5.550%, due 12/01/28 | 100,000 | 101,313 | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc., | ||||||||
3.875%, due 06/18/26 | 95,000 | 90,385 | ||||||
QUALCOMM, Inc., | ||||||||
3.250%, due 05/20/27 | 80,000 | 76,414 | ||||||
608,292 | ||||||||
Software: 0.5% | ||||||||
Cloud Software Group Holdings, Inc., | ||||||||
6.500%, due 03/31/294 | 35,000 | 30,569 | ||||||
Fiserv, Inc., | ||||||||
3.200%, due 07/01/26 | 90,000 | 84,723 | ||||||
Microsoft Corp. | ||||||||
2.525%, due 06/01/50 | 120,000 | 82,643 | ||||||
3.500%, due 02/12/35 | 250,000 | 232,405 | ||||||
Open Text Corp., | ||||||||
6.900%, due 12/01/274 | 30,000 | 30,037 | ||||||
Oracle Corp. | ||||||||
2.800%, due 04/01/27 | 250,000 | 228,128 | ||||||
5.375%, due 07/15/40 | 366,000 | 338,166 | ||||||
1,026,671 | ||||||||
Telecommunications: 1.0% | ||||||||
Altice France Holding SA, | ||||||||
10.500%, due 05/15/274 | 200,000 | 158,000 | ||||||
AT&T, Inc. | ||||||||
3.800%, due 12/01/57 | 117,000 | 84,938 | ||||||
6.000%, due 08/15/40 | 380,000 | 386,752 | ||||||
CommScope, Inc. | ||||||||
6.000%, due 03/01/264 | 25,000 | 24,186 | ||||||
8.250%, due 03/01/274 | 35,000 | 30,044 | ||||||
Consolidated Communications, Inc., | ||||||||
6.500%, due 10/01/284 | 32,000 | 26,330 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face | |||||||
amount | Value | ||||||
Corporate bonds—(continued) | |||||||
Telecommunications—(concluded) | |||||||
Deutsche Telekom International Finance BV, | |||||||
8.750%, due 06/15/308 | $ | 150,000 | $ | 178,741 | |||
DKT Finance ApS, | |||||||
7.000%, due 06/17/236 | 100,000 | 101,307 | |||||
Frontier Communications Holdings LLC | |||||||
5.875%, due 10/15/274 | 90,000 | 85,637 | |||||
6.750%, due 05/01/294 | 35,000 | 29,405 | |||||
GoTo Group, Inc., | |||||||
5.500%, due 09/01/274 | 45,000 | 26,325 | |||||
Level 3 Financing, Inc., | |||||||
4.250%, due 07/01/284 | 86,000 | 67,337 | |||||
Lumen Technologies, Inc. | |||||||
4.000%, due 02/15/274 | 35,000 | 29,837 | |||||
5.125%, due 12/15/264 | 35,000 | 29,925 | |||||
5.625%, due 04/01/25 | 5,000 | 4,800 | |||||
Rogers Communications, Inc., | |||||||
5.000%, due 03/15/44 | 40,000 | 34,853 | |||||
Sprint Capital Corp., | |||||||
6.875%, due 11/15/28 | 55,000 | 58,279 | |||||
Sprint LLC, | |||||||
7.625%, due 03/01/26 | 150,000 | 157,760 | |||||
Telecom Italia Capital SA | |||||||
7.200%, due 07/18/36 | 30,000 | 24,867 | |||||
7.721%, due 06/04/38 | 25,000 | 21,028 | |||||
Verizon Communications, Inc. | |||||||
2.355%, due 03/15/32 | 209,000 | 167,770 | |||||
4.016%, due 12/03/29 | 432,000 | 407,582 | |||||
Viasat, Inc. | |||||||
5.625%, due 09/15/254 | 60,000 | 55,750 | |||||
5.625%, due 04/15/274 | 20,000 | 18,381 | |||||
2,209,834 | |||||||
Transportation: 0.3% | |||||||
Burlington Northern Santa Fe LLC, | |||||||
5.150%, due 09/01/43 | 210,000 | 210,689 | |||||
Norfolk Southern Corp., | |||||||
3.400%, due 11/01/49 | 100,000 | 74,004 | |||||
Union Pacific Corp., | |||||||
3.375%, due 02/01/35 | 300,000 | 257,152 | |||||
United Parcel Service, Inc., | |||||||
3.750%, due 11/15/47 | 50,000 | 42,023 | |||||
583,868 | |||||||
Trucking & leasing: 0.0%† | |||||||
Fortress Transportation and Infrastructure Investors LLC, | |||||||
5.500%, due 05/01/284 | 26,000 | 22,621 | |||||
Total corporate bonds | |||||||
(cost—$41,436,844) | 36,527,797 | ||||||
Mortgage-backed securities: 2.4% | |||||||
Angel Oak Mortgage Trust, | |||||||
Series 2019-5, Class A1, | |||||||
2.593%, due 10/25/494,9 | 48,786 | 45,736 | |||||
Series 2020-4, Class A1, | |||||||
1.469%, due 06/25/654,9 | 68,158 | 61,442 | |||||
Series 2020-R1, Class A1, | |||||||
0.990%, due 04/25/534,9 | 106,574 | 99,101 | |||||
Angel Oak Mortgage Trust I LLC, | |||||||
Series 2018-3, Class A1, | |||||||
3.649%, due 09/25/484,9 | 2,002 | 1,990 | |||||
Series 2019-4, Class A1, | |||||||
2.993%, due 07/26/494,9 | 9,650 | 9,575 | |||||
BAMLL Commercial Mortgage Securities Trust, | |||||||
Series 2015-200P, Class D, | |||||||
3.716%, due 04/14/334,9 | 400,000 | 352,814 | |||||
BANK, | |||||||
Series 2020-BN30, Class A4, | |||||||
1.925%, due 12/15/53 | 350,000 | 276,089 | |||||
BX Commercial Mortgage Trust, | |||||||
Series 2021-SOAR, Class D, | |||||||
5.276%, due 06/15/384,5 | 347,369 | 325,595 | |||||
Citigroup Commercial Mortgage Trust, | |||||||
Series 2018-C5, Class A4, | |||||||
4.228%, due 06/10/519 | 350,000 | 332,046 | |||||
COLT Funding LLC, | |||||||
Series 2021-3R, Class A1, | |||||||
1.051%, due 12/25/644,9 | 277,581 | 229,604 | |||||
COLT Mortgage Loan Trust, | |||||||
Series 2020-2, Class A1, | |||||||
1.853%, due 03/25/654,9 | 3,948 | 3,856 | |||||
Series 2020-3, Class A1, | |||||||
1.506%, due 04/27/654,9 | 18,236 | 17,110 | |||||
COLT Mortgage Pass-Through Certificates, | |||||||
Series 2021-1R, Class A1, | |||||||
0.857%, due 05/25/654,9 | 39,860 | 32,421 | |||||
CSMC Trust, | |||||||
Series 2020-NQM1, Class A1, | |||||||
1.208%, due 05/25/654,8 | 86,740 | 78,632 | |||||
Deephaven Residential Mortgage Trust, | |||||||
Series 2021-1, Class A1, | |||||||
0.715%, due 05/25/654,9 | 84,950 | 75,391 | |||||
Extended Stay America Trust, | |||||||
Series 2021-ESH, Class D, | |||||||
6.126%, due 07/15/384,5 | 895,168 | 848,042 | |||||
Flagstar Mortgage Trust, | |||||||
Series 2018-5, Class A2, | |||||||
4.000%, due 09/25/484,9 | 261,058 | 246,885 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face | ||||||||
amount | Value | |||||||
Mortgage-backed securities—(continued) | ||||||||
GS Mortgage-Backed Securities Corp. Trust, | ||||||||
Series 2021-NQM1, Class A1, | ||||||||
1.017%, due 07/25/614,9 | $ | 243,384 | $ | 200,857 | ||||
GS Mortgage-Backed Securities Trust, | ||||||||
Series 2020-NQM1, Class A1, | ||||||||
1.382%, due 09/27/604,9 | 46,711 | 42,396 | ||||||
Hilton USA Trust, | ||||||||
Series 2016-SFP, Class B, | ||||||||
3.323%, due 11/05/354 | 425,000 | 399,600 | ||||||
JPMBB Commercial Mortgage Securities Trust, | ||||||||
Series 2014-C26, Class AS, | ||||||||
3.800%, due 01/15/48 | 250,000 | 234,696 | ||||||
MHC Commercial Mortgage Trust, | ||||||||
Series 2021-MHC, Class D, | ||||||||
5.476%, due 04/15/384,5 | 700,000 | 659,669 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
Series 2016-C32, Class AS, | ||||||||
3.994%, due 12/15/499 | 260,000 | 239,702 | ||||||
Residential Mortgage Loan Trust, | ||||||||
Series 2019-3, Class A1, | ||||||||
2.633%, due 09/25/594,9 | 35,820 | 34,553 | ||||||
Series 2020-1, Class A1, | ||||||||
2.376%, due 01/26/604,9 | 24,986 | 23,250 | ||||||
Series 2020-2, Class A1, | ||||||||
1.654%, due 05/25/604,9 | 26,045 | 25,503 | ||||||
Verus Securitization Trust, | ||||||||
Series 2019-4, Class A1, | ||||||||
2.642%, due 11/25/594,8 | 28,720 | 27,219 | ||||||
Series 2020-4, Class A1, | ||||||||
1.502%, due 05/25/654,8 | 33,987 | 30,336 | ||||||
Series 2020-5, Class A1, | ||||||||
1.218%, due 05/25/654,8 | 78,146 | 70,993 | ||||||
Series 2021-R1, Class A1, | ||||||||
0.820%, due 10/25/634,9 | 122,263 | 106,264 | ||||||
Series 2021-R3, Class A1, | ||||||||
1.020%, due 04/25/644,9 | 231,605 | 199,706 | ||||||
Vista Point Securitization Trust, | ||||||||
Series 2020-2, Class A1, | ||||||||
1.475%, due 04/25/654,9 | 28,540 | 24,932 | ||||||
Total mortgage-backed securities | ||||||||
(cost—$5,922,194) | 5,356,005 | |||||||
Non-U.S. government agency obligations: 0.4% | ||||||||
Chile Government International Bond, | ||||||||
3.125%, due 01/21/26 | 200,000 | 190,038 | ||||||
Mexico Government International Bond | ||||||||
3.250%, due 04/16/30 | 200,000 | 178,500 | ||||||
4.750%, due 04/27/32 | 200,000 | 193,000 | ||||||
Panama Government International Bond, | ||||||||
6.700%, due 01/26/36 | 265,000 | 281,198 | ||||||
Total non-U.S. government agency obligations | ||||||||
(cost—$978,757) | 842,736 | |||||||
U.S. government agency obligations: 10.0% | ||||||||
FHLMC | ||||||||
2.000%, due 02/01/51 | 3,777,692 | 3,119,723 | ||||||
3.000%, due 11/01/46 | 82,305 | 74,454 | ||||||
3.000%, due 07/01/47 | 105,085 | 94,999 | ||||||
3.000%, due 08/01/47 | 103,848 | 93,881 | ||||||
4.000%, due 05/01/47 | 90,861 | 87,455 | ||||||
5.000%, due 03/01/38 | 9,788 | 9,965 | ||||||
5.500%, due 05/01/37 | 48,259 | 50,208 | ||||||
5.500%, due 08/01/40 | 12,459 | 12,963 | ||||||
6.500%, due 08/01/28 | 21,132 | 21,919 | ||||||
FNMA | ||||||||
2.000%, due 01/01/51 | 487,639 | 402,783 | ||||||
2.000%, due 03/01/51 | 482,306 | 397,904 | ||||||
2.500%, due 08/01/35 | 233,039 | 215,682 | ||||||
2.500%, due 08/01/51 | 1,097,231 | 940,638 | ||||||
3.000%, due 11/01/48 | 173,230 | 156,546 | ||||||
3.000%, due 02/01/50 | 179,242 | 160,075 | ||||||
3.500%, due 12/01/47 | 70,603 | 65,798 | ||||||
3.500%, due 02/01/48 | 492,028 | 458,538 | ||||||
4.000%, due 12/01/39 | 29,525 | 28,758 | ||||||
4.000%, due 02/01/41 | 15,204 | 14,800 | ||||||
4.000%, due 08/01/45 | 94,253 | 91,107 | ||||||
4.500%, due 09/01/37 | 100,730 | 100,421 | ||||||
4.500%, due 07/01/47 | 44,133 | 43,673 | ||||||
5.000%, due 10/01/39 | 4,471 | 4,564 | ||||||
5.000%, due 05/01/40 | 3,495 | 3,571 | ||||||
5.500%, due 08/01/39 | 17,661 | 18,360 | ||||||
7.000%, due 08/01/32 | 71,582 | 76,743 | ||||||
7.500%, due 02/01/33 | 1,013 | 1,044 | ||||||
GNMA I, | ||||||||
4.000%, due 07/15/42 | 25,752 | 25,182 | ||||||
GNMA II | ||||||||
3.000%, due 01/20/47 | 41,260 | 37,859 | ||||||
3.000%, due 07/20/47 | 113,073 | 103,771 | ||||||
3.000%, due 08/20/47 | 85,455 | 78,425 | ||||||
3.500%, due 04/20/47 | 104,603 | 98,812 | ||||||
6.000%, due 11/20/28 | 223 | 227 | ||||||
6.000%, due 02/20/29 | 463 | 472 | ||||||
6.000%, due 02/20/34 | 198,770 | 208,005 | ||||||
GNMA II TBA | ||||||||
2.000% | 1,925,000 | 1,632,733 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Face amount | Value | |||||||
U.S. government agency obligations—(continued) | ||||||||
2.500% | $ | 1,975,000 | $ | 1,729,537 | ||||
3.000% | 2,375,000 | 2,138,920 | ||||||
UMBS TBA | ||||||||
2.000% | 4,975,000 | 4,086,888 | ||||||
2.500% | 6,325,000 | 5,396,237 | ||||||
Total U.S. government agency obligations (cost—$22,336,744) | 22,283,640 | |||||||
U.S. Treasury obligations: 1.0% | ||||||||
U.S. Treasury Bonds,3.375%, due 08/15/42 | 905,000 | 827,934 | ||||||
U.S. Treasury Inflation Indexed Notes (TIPS),0.125%, due 07/15/31 | 1,627,775 | 1,469,851 | ||||||
Total U.S. Treasury obligations (cost—$2,318,809) | 2,297,785 |
Number of shares | ||||||||
Short term investments: 8.6% | ||||||||
Investment companies: 8.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 3.660%10 (cost—$19,296,519) | 19,296,519 | 19,296,519 |
Number of | Notional amount | Value | |||||||||
Options Purchased: 0.0%† | |||||||||||
CDX.NA.HY.S39, strike @98.000, expiring 12/21/22, (Counterparty: JPMCB), (cost—$20,430) | 1,000,000 | USD | 98,000,000 | $ | 1,083 |
Number of shares | ||||||||
Investment of cash collateral from securities loaned: 3.0% | ||||||||
Money market funds: 3.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 3.820%10 (cost—$6,648,737) | $ | 6,648,737 | 6,648,737 | |||||
Total investments (cost—$238,574,894)11: 108.5% | 242,811,295 | |||||||
Liabilities in excess of other assets: (8.5)% | (19,115,670 | ) | ||||||
Net assets: 100.0% | $ | 223,695,625 |
Options written | |||||||||||||||||||||||
Notional | Number of contracts | Call options | Counterparty | Expiration date | Premiums received | Current Value | Unrealized appreciation (depreciation) | ||||||||||||||||
USD | 91,000 | 1,000,000 | CDX.NA.HY.S39, strike @91.000 | JPMCB | 12/21/22 | $ | 5,300 | $ | (35 | ) | $ | 5,265 | |||||||||||
Put options | |||||||||||||||||||||||
USD | 95,500 | 1,000,000 | CDX.NA.HY.S39, strike @95.500 | JPMCB | 12/21/22 | $ | 12,200 | $ | (269 | ) | $ | 11,931 | |||||||||||
Total options written | $ | 17,500 | $ | (304 | ) | $ | 17,196 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Futures contracts | ||||||||||||||||||
Number of contracts | Currency | Expiration date | Current notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
Index futures buy contracts | ||||||||||||||||||
105 | USD | E-mini Russell 2000 Index Futures | December 2022 | $ | 10,045,607 | $ | 9,909,375 | $ | (136,232 | ) | ||||||||
U.S. Treasury futures buy contracts | ||||||||||||||||||
25 | USD | U.S. Treasury Note 10 Year Futures | March 2023 | $ | 2,835,543 | $ | 2,837,500 | $ | 1,957 | |||||||||
3 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2023 | 355,550 | 358,969 | 3,419 | ||||||||||||
27 | USD | U.S. Treasury Note 5 Year Futures | March 2023 | 2,914,333 | 2,931,398 | 17,065 | ||||||||||||
9 | USD | U.S. Treasury Note 2 Year Futures | March 2023 | 1,843,322 | 1,848,234 | 4,912 | ||||||||||||
Total | $ | 17,994,355 | $ | 17,885,476 | $ | (108,879 | ) | |||||||||||
U.S. Treasury futures sell contracts | ||||||||||||||||||
3 | USD | U.S. Treasury Ultra Bond Futures | March 2023 | $ | (405,207 | ) | $ | (408,844 | ) | $ | (3,637 | ) | ||||||
Index futures sell contracts | ||||||||||||||||||
27 | USD | S&P 500 E-Mini Index Futures | December 2022 | $ | (5,405,659 | ) | $ | (5,509,687 | ) | $ | (104,028 | ) | ||||||
Total | $ | (5,810,866 | ) | $ | (5,918,531 | ) | $ | (107,665 | ) | |||||||||
Net unrealized appreciation (depreciation) | $ | (216,544 | ) |
Centrally cleared credit default swap agreements on credit indices—buy protection12 | |||||||||||||||||||||||
Referenced obligations | Notional amount (000) | Maturity date | Payment frequency | Payments made by the Portfolio13 | Upfront payments received (made) | Value | Unrealized appreciation (depreciation) | ||||||||||||||||
CDX.NA.IG.S39 | USD | 6,000 | 12/20/27 | Quarterly | 1.000 | % | $ | 8,740 | $ | (77,935 | ) | $ | (69,195 | ) |
OTC Total return swap agreements
Counterparty | Notional amount (000) | Maturity Date | Payment frequency | Payment made by the Portfolio13 | Payments recieved by the Portfolio13 | Upfront payments received (made) | Value | Unrealized appreciation (depreciation) | |||||||||||||||
JPMCB | USD | 2 | 03/20/23 | Quarterly | Markit iBoxx USD Liquid High Yield Index | 12 Month SOFR | $ | — | $ | 3,940 | $ | 3,940 | |||||||||||
MSCI | USD | 2 | 03/20/23 | Quarterly | Markit iBoxx USD Liquid High Yield Index | 12 Month SOFR | — | 5,487 | 5,487 | ||||||||||||||
$ | — | $ | 9,427 | $ | 9,427 |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
Fair valuation summary
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.
Description | Unadjusted quoted prices in active market for identical investments (Level 1) | Other significant observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | ||||||||||||
Assets | ||||||||||||||||
Common stocks | $ | 128,866,681 | $ | — | $ | — | $ | 128,866,681 | ||||||||
Preferred stocks | — | — | — | — | ||||||||||||
Exchange traded funds | 6,729,031 | — | — | 6,729,031 | ||||||||||||
Asset-backed securities | — | 13,961,281 | — | 13,961,281 | ||||||||||||
Corporate bonds | — | 36,527,797 | — | 36,527,797 | ||||||||||||
Mortgage-backed securities | — | 5,356,005 | — | 5,356,005 | ||||||||||||
Non-U.S. government agency obligations | — | 842,736 | — | 842,736 | ||||||||||||
U.S. government agency obligations | — | 22,283,640 | — | 22,283,640 | ||||||||||||
U.S. Treasury obligations | — | 2,297,785 | — | 2,297,785 | ||||||||||||
Short-term investments | — | 19,296,519 | — | 19,296,519 | ||||||||||||
Options purchased | — | 1,083 | — | 1,083 | ||||||||||||
Investment of cash collateral from securities loaned | — | 6,648,737 | — | 6,648,737 | ||||||||||||
Futures contracts | 27,353 | — | — | 27,353 | ||||||||||||
Swap agreements | — | 9,427 | — | 9,427 | ||||||||||||
Total | $ | 135,623,065 | $ | 107,225,010 | $ | — | $ | 242,848,075 | ||||||||
Liabilities | ||||||||||||||||
Options written | $ | — | $ | (304 | ) | $ | — | $ | (304 | ) | ||||||
Futures contracts | (243,897 | ) | — | — | (243,897 | ) | ||||||||||
Swap agreements | — | (77,935 | ) | — | (77,935 | ) | ||||||||||
Total | $ | (243,897 | ) | $ | (78,239 | ) | $ | — | $ | (322,136 | ) |
At November 30, 2022, there were no transfers in or out of Level 3.
Securities valued using unobservable inputs, i.e. Level 3, were not considered significant to the Fund.
Portfolio footnotes | |
† | Amount is less than 0.05% or (0.05). |
* | Non–income producing security. |
1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
2 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
3 | Security, or portion thereof, was on loan at the period end. |
4 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $25,321,251, represented 11.3% of the Fund's net assets at period end. |
5 | Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. |
6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
7 | Perpetual investment. Date shown reflects the next call date. |
8 | Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date. |
UBS U.S. Allocation Fund
Portfolio of investments – November 30, 2022 (unaudited)
9 | Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
10 | Rates shown reflect yield at November 30, 2022. |
11 | Includes $6,661,697 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,648,737 and non-cash collateral of $0. |
12 | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
13 | Payments made or received are based on the notional amount. |
Portfolio acronyms | |
ETF | Exchange Traded Fund |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
HSBC | HSBC Bank PLC |
JPMCB | JPMorgan Chase Bank |
LIBOR | London Interbank Offered Rate |
MSCI | Morgan Stanley Capital International |
SOFR | Secured Overnight Financing Rate |
TBA | To-Be-Announced Security |
TIPS | Treasury inflation protected securities |
Currency type abbreviations | |
USD | United States Dollar |
UBS Series Funds
UBS U.S. Allocation Fund
Valuation of investments
The Fund generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Fund does not price its shares, on most national holidays and Good Friday. To the extent that the Fund’s assets are traded in other markets on days when the NYSE is not open, the value of the Fund’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.
The Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.
Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Trustees (the “Board”). Foreign currency exchange rates are generally determined as of the close of the NYSE.
Certain investments in which the Fund invests may be traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in the Fund’s net asset value. However, if the Fund determines that such developments are so significant that they will materially affect the value of the Fund’s investments, the Fund may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.
The Fund may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at a “fair value,” that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.
The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.
Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund’s use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.
All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Fund’s custodian.
Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts, if any, are valued daily using forward exchange rates quoted by independent pricing services.
Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.
UBS Series Funds
UBS U.S. Allocation Fund
The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee with respect to the Portfolios’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.
The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.
US generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of Fund's investments. These inputs are summarized into the three broad levels listed below:
Level 1—Unadjusted quoted prices in active markets for identical investments.
Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.
Level 3—Unobservable inputs inclusive of the Funds' own assumptions in determining the fair value of investments.
A fair value hierarchy has been included near the end of Fund’s Portfolio of investments.
For more information regarding the Fund’s other significant accounting policies, please refer to the Fund’s annual report to shareholders dated August 31, 2022.