# EDGAR Filing Document

**Accession Number:** 0001060517
**File Stem:** 0001410368-25-012222
**Filing Date:** 2025-9
**Character Count:** 105066
**Document Hash:** a50e72c0602e5f20de2a04639621e28f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012222.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012222

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS Series Funds
- **CENTRAL INDEX KEY:** 0001060517

**ORGANIZATION NAME:**
- **EIN:** 134010447
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08767
- **FILM NUMBER:** 251349607

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UBS MONEY SERIES
- **DATE OF NAME CHANGE:** 20020716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRINSON MONEY SERIES
- **DATE OF NAME CHANGE:** 20010625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MITCHELL HUTCHINS LIR MONEY SERIES
- **DATE OF NAME CHANGE:** 19990730

## Series and Classes Contracts Data

### UBS Ultra Short Income Fund (Series ID: S000061955)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200717 | Class A      | USIAX           |
| C000200718 | Class P      | USIPX           |
| C000200719 | Class I      | USDIX           |

## Nport-Ex

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount** | **Value** |
|  **Asset-backed securities — 14.9%** | **Asset-backed securities — 14.9%** | **Asset-backed securities — 14.9%** |
|  BMW Vehicle Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, due 12/26/28 | $697000 | $693701 |
|  CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.740%, due 01/15/27 | 3306117 | 3286801 |
|  CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, due 07/16/29<sup>1</sup> | 3000000 | 2995654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, due 07/16/29<sup>1</sup> | 3000000 | 2993931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, due 07/16/29<sup>1</sup> | 88528 | 88422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280%, due 04/14/32<sup>1</sup> | 249045 | 251467 |
|  Chesapeake Funding II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 05/15/35<sup>1</sup> | 185159 | 186126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.160%, due 10/15/35<sup>1</sup> | 1934231 | 1956136 |
|  Daimler Trucks Retail Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, due 01/15/30 | 270989 | 271210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, due 03/15/27 | 1024352 | 1029835 |
|  Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, due 01/22/29<sup>1</sup> | 403551 | 405105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, due 04/23/29<sup>1</sup> | 856954 | 861347 |
|  DLLAA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%, due 02/22/28<sup>1</sup> | 1500000 | 1514966 |
|  DLLST LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, due 08/20/27<sup>1</sup> | 1000000 | 1002702 |
|  Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220%, due 08/20/27<sup>1</sup> | 720225 | 715175 |
|  Ford Credit Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, due 12/15/26 | 883216 | 883233 |
|  Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490%, due 04/15/33<sup>1</sup> | 600000 | 595694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060%, due 04/15/33<sup>1</sup> | 670000 | 665202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, due 12/15/29 | 1935000 | 1938049 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount** | **Value** |
|  **Asset-backed securities — (continued)** | **Asset-backed securities — (continued)** | **Asset-backed securities — (continued)** |
|  GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, due 05/20/27 | $1000000 | $1001264 |
|  GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%, due 10/16/28 | 1000000 | 1008708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030%, due 09/18/28 | 3000000 | 3016858 |
|  GreatAmerica Leasing Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, due 09/15/26<sup>1</sup> | 118630 | 118763 |
|  HPEFS Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.730%, due 04/20/28<sup>1</sup> | 450000 | 450287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%, due 02/22/28<sup>1</sup> | 117799 | 117826 |
|  Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.120%, due 02/15/28 | 2215000 | 2186037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660%, due 06/15/28 | 3140000 | 3082731 |
|  John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320%, due 09/15/26 | 436114 | 435209 |
|  Kubota Credit Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, due 10/15/26<sup>1</sup> | 115715 | 115306 |
|  Mercedes-Benz Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, due 11/15/28 | 1431478 | 1447562 |
|  MMAF Equipment Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 01/13/28<sup>1</sup> | 1032423 | 1026192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, due 11/13/26<sup>1</sup> | 99563 | 99759 |
|  Nissan Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, due 11/15/27 | 665000 | 666319 |
|  PenFed Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, due 12/15/28<sup>1</sup> | 1629912 | 1628081 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, due 07/20/27<sup>1</sup> | 2500000 | 2502129 |
|  USAA Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, due 02/15/30<sup>1</sup> | 3629000 | 3633778 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount** | **Value** |
|  **Asset-backed securities — (concluded)** | **Asset-backed securities — (concluded)** | **Asset-backed securities — (concluded)** |
|  Verizon Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, due 04/22/30 | 35000 | 35570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620%, due 11/20/30 | 500000 | 503970 |
|  World Omni Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660%, due 05/17/27 | 193181 | 192350 |
|  **Total asset-backed securities** <br> (cost — $45,635,614) |  | **45603455** |
| **Commercial paper: 20.3%** | **Commercial paper: 20.3%** | **Commercial paper: 20.3%** |
|  **Auto manufacturers: 4.2%** | **Auto manufacturers: 4.2%** | **Auto manufacturers: 4.2%** |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, due 08/01/25<sup>1</sup> | 13000000 | 13000000 |
|  **Banking-non-U.S.: 5.0%** | **Banking-non-U.S.: 5.0%** | **Banking-non-U.S.: 5.0%** |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%, due 08/25/25 | 3000000 | 2991420 |
|  DBS Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%, due 08/05/25<sup>1</sup> | 3000000 | 2998556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, due 08/05/25<sup>1</sup> | 2000000 | 1999027 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, due 10/01/25<sup>1</sup> | 4300000 | 4268014 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, due 09/24/25<sup>1</sup> | 3000000 | 2980740 |
|  |  | 15237757 |
|  **Chemicals: 1.6%** | **Chemicals: 1.6%** | **Chemicals: 1.6%** |
|  Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, due 09/08/25 | 5000000 | 4975564 |
|  **Electric utilities: 3.3%** | **Electric utilities: 3.3%** | **Electric utilities: 3.3%** |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, due 08/05/25<sup>1</sup> | 2000000 | 1999013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, due 08/11/25<sup>1</sup> | 5000000 | 4993722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%, due 08/26/25<sup>1</sup> | 3000000 | 2990563 |
|  |  | 9983298 |
|  **Food products: 2.6%** | **Food products: 2.6%** | **Food products: 2.6%** |
|  Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.606%, due 09/19/25<sup>1</sup> | 3000000 | 2981584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.619%, due 08/06/25<sup>1</sup> | 5000000 | 4996848 |
|  |  | 7978432 |
|  **Household products/wares: 1.0%** | **Household products/wares: 1.0%** | **Household products/wares: 1.0%** |
|  Reckitt Benckiser Treasury Services PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.619%, due 08/22/25<sup>1</sup> | 3000000 | 2992055 |
|  **Multi-utilities: 0.6%** | **Multi-utilities: 0.6%** | **Multi-utilities: 0.6%** |
|  Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.635%, due 08/06/25<sup>1</sup> | 2000000 | 1998733 |
|  **Transportation: 1.0%** | **Transportation: 1.0%** | **Transportation: 1.0%** |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.466%, due 08/26/25<sup>1</sup> | 3000000 | 2990854 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount** | **Value** |
| **Commercial paper — (concluded)** | **Commercial paper — (concluded)** | **Commercial paper — (concluded)** |
|  **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** |
|  Enel Finance America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, due 09/26/25<sup>1</sup> | $3000000 | $2978767 |
|  **Total commercial paper** <br> (cost — $62,135,460) |  | **62135460** |
|  **Corporate bonds — 63.1%** | **Corporate bonds — 63.1%** | **Corporate bonds — 63.1%** |
|  **Aerospace & defense: 1.5%** | **Aerospace & defense: 1.5%** | **Aerospace & defense: 1.5%** |
|  RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, due 02/27/26 | 4500000 | 4508364 |
|  **Auto manufacturers: 3.5%** | **Auto manufacturers: 3.5%** | **Auto manufacturers: 3.5%** |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.720%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, due 10/22/27<sup>2</sup> | 2500000 | 2495922 |
|  BMW U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.135%, due 08/13/26<sup>1,2</sup> | 1634000 | 1638153 |
|  Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, due 08/08/25<sup>1</sup> | 2000000 | 2000320 |
|  Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, due 08/03/26<sup>1</sup> | 2000000 | 2012077 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.650%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%, due 03/19/27<sup>2</sup> | 2500000 | 2504731 |
|  |  | 10651203 |
|  **Banks: 41.8%** | **Banks: 41.8%** | **Banks: 41.8%** |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, due 06/22/26<sup>1,3</sup> | 2000000 | 1943678 |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.560%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.905%, due 03/18/26<sup>1,2</sup> | 3000000 | 3004765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.620%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%, due 06/18/28<sup>1,2</sup> | 1000000 | 1003179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.680%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.007%, due 07/16/27<sup>1,2</sup> | 2000000 | 2010216 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, due 04/19/26 | 3000000 | 2979478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.970%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.308%, due 07/22/27<sup>2</sup> | 1500000 | 1506950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.050%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, due 02/04/28<sup>2</sup> | 15000 | 15141 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.760%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, due 06/04/27<sup>2</sup> | 2000000 | 2011020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, due 06/05/26<sup>3</sup> | 2250000 | 2265066 |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 02/02/26 | 5000000 | 5004778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.780%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%, due 06/04/27<sup>2</sup> | 997000 | 1001228 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount** | **Value** |
|  **Corporate bonds — (continued)** |  |  |
|  **Banks — (continued)** | **Banks — (continued)** |  |
|  Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.896%, due 07/13/26<sup>1</sup> | $3000000 | $3042386 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, due 01/12/26 | 4000000 | 3996985 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.720%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%, due 01/13/28<sup>2</sup> | 1750000 | 1752529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%, due 07/17/26 | 2000000 | 2022418 |
|  Capital One NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, due 07/27/26 | 2000000 | 1979277 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.712%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.048%, due 11/19/27<sup>2</sup> | 2000000 | 2004058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.781%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%, due 05/29/27<sup>2</sup> | 2000000 | 2009168 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, due 01/12/26 | 2500000 | 2490470 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.460%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.797%, due 11/27/26<sup>1,2</sup> | 2500000 | 2505055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.640%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.981%, due 03/14/28<sup>1,2</sup> | 2000000 | 2009460 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.600%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.921%, due 01/21/28<sup>2</sup> | 2000000 | 2004401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.710%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.047%, due 03/05/27<sup>2</sup> | 1385000 | 1390800 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.870%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.209%, due 03/11/27<sup>1,2</sup> | 1000000 | 1002742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%, due 07/05/26<sup>1</sup> | 2500000 | 2527025 |
|  Danske Bank AS (fixed, converts to FRN on 09/22/25), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%, due 09/22/26<sup>1,2</sup> | 4000000 | 4007070 |
|  DBS Group Holdings Ltd. 1 day USD SOFR + 0.600%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.938%, due 03/21/28<sup>1,2</sup> | 2500000 | 2508225 |
|  Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.750%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.092%, due 05/21/27<sup>2</sup> | 2000000 | 2005098 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 05/25/26 | 2000000 | 1991259 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 01/06/26<sup>1</sup> | 2000000 | 1999994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 1.560%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.907%, due 09/11/27<sup>2</sup> | 1935000 | 1954143 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
|  **Corporate bonds — (continued)** |  |  |
|  **Banks — (continued)** | **Banks — (continued)** |  |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.180%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517%, due 02/24/28<sup>2</sup> | $2250000 | $2271173 |
|  KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, due 01/26/26 | 3100000 | 3098041 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.740%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, due 06/12/28<sup>1,2</sup> | 1000000 | 1002690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.920%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%, due 07/02/27<sup>1,2</sup> | 2500000 | 2521775 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.757%, due 09/13/26 | 1500000 | 1472457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, due 03/01/26 | 2000000 | 1991951 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.477%, due 04/12/26<sup>1,3</sup> | 2000000 | 1985765 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, due 09/08/26 | 2000000 | 1994790 |
|  Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.685%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.011%, due 10/15/27<sup>2</sup> | 2750000 | 2758388 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.620%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.959%, due 06/11/27<sup>1,2</sup> | 3000000 | 3009552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.650%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990%, due 06/13/28<sup>1,2</sup> | 1000000 | 1003517 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.251%, due 03/25/27<sup>2</sup> | 2000000 | 2001824 |
|  NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.236%, due 05/17/27<sup>1,2</sup> | 2600000 | 2615714 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.740%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%, due 03/19/27<sup>1,2</sup> | 3000000 | 3014953 |
|  PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, due 07/23/26 | 2000000 | 1968148 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.720%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043%, due 10/18/27<sup>2</sup> | 2500000 | 2507250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.820%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%, due 03/27/28<sup>2</sup> | 1500000 | 1504099 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.890%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, due 03/05/27<sup>1,2</sup> | 2000000 | 2013317 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
|  **Corporate bonds — (continued)** |  |  |
|  **Banks — (continued)** | **Banks — (continued)** |  |
|  Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, due 04/12/26<sup>1</sup> | $2000000 | $1989260 |
|  State Street Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.460%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.797%, due 11/25/26<sup>2</sup> | 2000000 | 2001308 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.880%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.199%, due 01/14/27<sup>2</sup> | 2000000 | 2011411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, due 01/13/26 | 2000000 | 2007162 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.740%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.077%, due 05/23/28<sup>1,2</sup> | 1500000 | 1509544 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.730%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.066%, due 04/05/27<sup>2</sup> | 2000000 | 2010413 |
|  U.S. Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.690%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.009%, due 10/22/27<sup>2</sup> | 1750000 | 1752593 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, due 04/22/26 | 2500000 | 2474305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.780%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, due 01/24/28<sup>2</sup> | 1500000 | 1502232 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.420%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.747%, due 04/16/26<sup>2</sup> | 1000000 | 1000936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.500%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%, due 03/06/28<sup>1,2</sup> | 3000000 | 3009940 |
|  |  | 127952570 |
|  **Biotechnology: 0.6%** |  |  |
|  Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, due 08/19/26 | 2000000 | 1961180 |
|  **Computers: 0.6%** |  |  |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, due 05/15/26 | 2000000 | 1982329 |
|  **Diversified financial services: 0.6%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 01/30/26 | 2000000 | 1972903 |
|  **Electric: 4.3%** |  |  |
|  Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, due 08/15/26 | 2000000 | 1963116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, due 10/01/25 | 2000000 | 1997426 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, due 10/01/26 | 1750000 | 1717371 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
|  **Corporate bonds — (continued)** |  |  |
|  **Electric — (continued)** |  |  |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, due 02/05/27<sup>2</sup> | $2000000 | $2007649 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, due 01/29/26 | 2120000 | 2123220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, due 02/04/28<sup>2</sup> | 1500000 | 1512421 |
|  Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, due 07/01/26 | 2000000 | 1978091 |
|  |  | 13299294 |
|  **Gas: 0.2%** |  |  |
|  NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, due 08/15/25 | 521000 | 520318 |
|  **Insurance: 2.7%** |  |  |
|  Allstate Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, due 12/15/25 | 2930000 | 2889713 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, due 12/15/25 | 2000000 | 1993353 |
|  Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.700%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, due 06/11/27<sup>1,2</sup> | 2000000 | 2003142 |
|  New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.880%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, due 04/25/28<sup>1,2</sup> | 1500000 | 1514415 |
|  |  | 8400623 |
|  **Internet: 0.7%** |  |  |
|  eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, due 11/22/25 | 2000000 | 2005629 |
|  **Machinery-construction & mining: 0.7%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.560%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%, due 11/15/27<sup>2</sup> | 2000000 | 2001423 |
|  **Machinery-diversified: 0.7%** |  |  |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.440%, <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.777%, due 03/06/26<sup>2</sup> | 2000000 | 2002318 |
|  **Oil & gas: 0.7%** |  |  |
|  Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR Index + 0.470%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.807%, due 02/26/28<sup>2</sup> | 2000000 | 2010519 |
|  **Pharmaceuticals: 0.8%** |  |  |
|  AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, due 05/14/26 | 2500000 | 2475515 |
|  **Retail: 1.8%** |  |  |
|  Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.330%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, due 12/24/25<sup>2</sup> | 2500000 | 2501837 |

---

------

**UBS Ultra Short Income Fund** 

**Portfolio of investments — July 31, 2025 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount** | **Face**<br>**amount** | **Value** |
|  **Corporate bonds — (concluded)** |  |  |  |
|  **Retail — (continued)** |  |  |  |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, due 04/15/26 | $| 3000000 | $2955248 |
|  |  |  | 5457085 |
|  **Software: 1.3%** |  |  |  |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, due 03/25/26 |  | 4000000 | 3921574 |
|  **Telecommunications: 0.6%** |  |  |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, due 07/15/26 |  | 2000000 | 1972299 |
|  **Total corporate bonds** <br> (cost — $192,886,039) |  |  | **193095146** |
|  | **Number of**<br>**shares** | **Number of**<br>**shares** |  |
|  **Short-term investments — 0.5%** | **Short-term investments — 0.5%** | **Short-term investments — 0.5%** | **Short-term investments — 0.5%** |
|  **Investment companies: 0.5%** | **Investment companies: 0.5%** | **Investment companies: 0.5%** | **Investment companies: 0.5%** |
|  State Street Institutional U.S. Government Money Market Fund, 4.250%<sup>4</sup> <br>(cost $1,424,462) |  | 1424462 | 1424462 |
|  **Investment of cash collateral from securities loaned — 1.3%** | **Investment of cash collateral from securities loaned — 1.3%** | **Investment of cash collateral from securities loaned — 1.3%** | **Investment of cash collateral from securities loaned — 1.3%** |
|  **Money market funds: 1.3%** |  |  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.276%<sup>4</sup> <br>(cost — $4,033,915) |  | 4033915 | 4033915 |
|  **Total investments** <br> (cost — $306,115,490)<sup>5</sup> — 100.1% |  |  | **306292438** |
|  Liabilities in excess of other assets — (0.1)% |  |  | (266880) |
|  **Net assets — 100.0%** |  |  | $**306025558** |

---

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of July 31, 2025 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted quoted<br>prices in active<br>market for<br>identical<br>investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
|  Assets |  |  |  |  |
|  Asset-backed securities | $— | $45603455 | $— | $45603455 |
|  Commercial paper |  | 62135460 |  | 62135460 |
|  Corporate bonds |  | 193095146 |  | 193095146 |
|  Short-term investments | 1424462 |  |  | 1424462 |
|  Investment of cash collateral from securities loaned | 4033915 |  |  | 4033915 |
|  **Total** | $**5458377** | $**300834061** | $**—** | $**306292438** |

---

At July 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| 1 | 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 $138,500,453, represented 45.3% of the Fund's net assets at period end.  |

---

---

| | |
|:---|:---|
| 2 | Floating or variable rate securities. The rates disclosed are as of July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.  |

---

3 Security, or portion thereof, was on loan at the period end.

4 Rate shown reflects yield at July 31, 2025.

---

| | |
|:---|:---|
| 5 | Includes $3,950,608 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,033,915 and non-cash collateral of $0.  |

---

---

| | |
|:---|:---|
|  **Portfolio acronyms:** | **Portfolio acronyms:** |
| FRN | Floating Rate Note |
| SOFR | Secured Overnight Financing Rate |

---

------

**UBS Series Funds** 

UBS Ultra Short Income 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 US Securities and Exchange Commission ("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 Asset Management (Americas) Inc. 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 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.

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 the 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 Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the 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 April 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** UBS SERIES FUNDS

- **b. Investment Company Act file number:** 811-08767

- **c. CIK number of Registrant:** 0001060517

- **d. LEI of Registrant:** 54930058UKPXVB81RJ71

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-821-3000

**Item A.2. Information about the Series.**

- **a. Name of Series:** UBS Ultra Short Income Fund

- **b. EDGAR series identifier (if any):** S000061955

- **c. LEI of Series:** 549300S6VZYIBES1HD75

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $313795670.61

**Total Liabilities:** $8642464.13

**Net Assets:** $305153206.48

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -3435.68000000 | **1-Year:** -15183.35000000 | **5-Year:** -3757.20000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200717 | 0.38%                | 0.47%                | 0.37%                |
| Class ID C000200718 | 0.39%                | 0.48%                | 0.38%                |
| Class ID C000200719 | 0.39%                | 0.48%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $148764.83                                 |
| Month 2  | $0.00                    | $192585.76                                 |
| Month 3  | $8957.97                 | $-23923.48                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ford Credit Auto Owner Trust/Ford Credit               | Ford Credit Auto Owner Trust                                                | CUSIP: 34532JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $665201.59    | 0.22%             | 2033-04-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                                 | Skandinaviska Enskilda Banken AB                                            | CUSIP: 830505BA0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   2000000 | PA      | $2013316.50   | 0.66%             | 2027-03-05      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                     | CUSIP: 00774MAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1972903.18   | 0.65%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                 | PNC Financial Services Group, Inc.                                          | CUSIP: 693475AX3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1968147.98   | 0.64%             | 2026-07-23      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                               | Sumitomo Mitsui Financial Group, Inc.                                       | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2011411.14   | 0.66%             | 2027-01-14      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                   | Verizon Master Trust                                                        | CUSIP: 92348KDM2<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503970.45    | 0.17%             | 2030-11-20      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                               | eBay, Inc.                                                                  | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005628.74   | 0.66%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                          | Citigroup, Inc.                                                             | CUSIP: 172967KG5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2490470.03   | 0.82%             | 2026-01-12      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp.                                                           | CUSIP: 26244HVB6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4993722.22   | 1.64%             | 2025-08-11      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                 | Mizuho Financial Group, Inc.                                                | CUSIP: 60687YAD1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $1985765.26   | 0.65%             | 2026-04-12      | Fixed         | 3.48%                 | No            |                  2 | On Loan: —       |
| DAIMLER TRUCK FINAN NA                                 | Daimler Truck Finance North America LLC                                     | CUSIP: 233853AS9<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000320.22   | 0.66%             | 2025-08-08      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                   | Westpac Banking Corp.                                                       | CUSIP: 9612E0DL8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $3009940.38   | 0.99%             | 2028-03-06      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust                      | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2502129.50   | 0.82%             | 2027-07-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2123219.86   | 0.70%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                           | Barclays PLC                                                                | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $3996985.44   | 1.31%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK & TR                                 | State Street Bank & Trust Co.                                               | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001308.10   | 0.66%             | 2026-11-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co                                          | DTE Energy Co.                                                              | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1717371.57   | 0.56%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                    | Dominion Energy, Inc.                                                       | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1997426.34   | 0.65%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                             | Mondelez International, Inc.                                                | CUSIP: 60920VWK4<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2981584.17   | 0.98%             | 2025-09-19      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                           | NiSource, Inc.                                                              | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    521000 | PA      | $520317.67    | 0.17%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp.                                                       | CUSIP: 06051GJV2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1506950.37   | 0.49%             | 2027-07-22      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                      | World Omni Auto Receivables Trust                                           | CUSIP: 98164GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193181 | PA      | $192349.68    | 0.06%             | 2027-05-17      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA/NY                            | Cooperatieve Rabobank UA                                                    | CUSIP: 21687AVR1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2991420.00   | 0.98%             | 2025-08-25      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                           | Ford Credit Auto Owner Trust                                                | CUSIP: 34534LAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1935000 | PA      | $1938048.98   | 0.64%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                         | Lowe's Cos., Inc.                                                           | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2955248.19   | 0.97%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                       | Skandinaviska Enskilda Banken AB                                            | CUSIP: 83050TWQ0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | STIV             | CORP              | SE        |   3000000 | PA      | $2980740.00   | 0.98%             | 2025-09-24      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                            | KeyBank NA                                                                  | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3098041.14   | 1.02%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                 | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1750000 | PA      | $1752529.43   | 0.57%             | 2028-01-13      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                           | Canadian National Railway Co.                                               | CUSIP: 13639CVS1<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2990854.17   | 0.98%             | 2025-08-26      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                               | Sumitomo Mitsui Financial Group, Inc.                                       | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2007161.98   | 0.66%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                | Australia & New Zealand Banking Group Ltd.                                  | CUSIP: 05252ADL2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2010215.46   | 0.66%             | 2027-07-16      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                                | National Australia Bank Ltd.                                                | CUSIP: 632525CL3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1003516.89   | 0.33%             | 2028-06-13      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                                 | DBS Group Holdings Ltd.                                                     | CUSIP: 24023KAM0<br>LEI: 5493007FKT78NKPM5V55 | Long             | DBT              | CORP              | SG        |   2500000 | PA      | $2508225.00   | 0.82%             | 2028-03-21      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                | John Deere Capital Corp.                                                    | CUSIP: 24422EXL8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2002318.52   | 0.66%             | 2026-03-06      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ANZ NEW ZEALAND INTL/LDN                               | ANZ New Zealand International Ltd.                                          | CUSIP: 00182EBN8<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |   2000000 | PA      | $1943677.68   | 0.64%             | 2026-06-22      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| MITSUBISHI UFJ FIN GRP                                 | Mitsubishi UFJ Financial Group, Inc.                                        | CUSIP: 606822AJ3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1500000 | PA      | $1472456.81   | 0.48%             | 2026-09-13      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit               | Ford Credit Auto Owner Trust                                                | CUSIP: 34532JAB0<br>LEI: 549300164ZV2301BC703 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $595693.92    | 0.20%             | 2033-04-15      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                           | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   4033915 | NS      | $4033915.00   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| DLLST LLC                                              | DLLST LLC                                                                   | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002701.80   | 0.33%             | 2027-08-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                        | Chevron USA, Inc.                                                           | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2010518.92   | 0.66%             | 2028-02-26      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES TRUST                   | Mercedes-Benz Auto Receivables Trust                                        | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1431478 | PA      | $1447561.89   | 0.47%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Owner Trust                                | BMW Vehicle Owner Trust                                                     | CUSIP: 05602RAE1<br>LEI: 5493002H8OC00FUV1078 | Long             | ABS-O            | CORP              | US        |    697000 | PA      | $693700.82    | 0.23%             | 2028-12-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp.                                                           | CUSIP: 26244HV59<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1999013.34   | 0.66%             | 2025-08-05      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                              | DLLAA LLC                                                                   | CUSIP: 23292HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1514965.95   | 0.50%             | 2028-02-22      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                  | GM Financial Automobile Leasing Trust                                       | CUSIP: 362548AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001263.80   | 0.33%             | 2027-05-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                               | Svenska Handelsbanken AB                                                    | CUSIP: 86959LAT0<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1500000 | PA      | $1509544.10   | 0.49%             | 2028-05-23      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | MMAF Equipment Finance LLC                                                  | CUSIP: 55317WAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99563 | PA      | $99759.01     | 0.03%             | 2026-11-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                           | State Street Institutional U.S. Government Money Market Fund                | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1424462 | NS      | $1424461.97   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK NA CINCINNATI                                  | U.S. Bank NA                                                                | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1752593.19   | 0.57%             | 2027-10-22      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                          | Allstate Corp.                                                              | CUSIP: 020002BH3<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   2930000 | PA      | $2889713.14   | 0.95%             | 2025-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                    | Bank of Nova Scotia                                                         | CUSIP: 06417XAN1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5004778.15   | 1.64%             | 2026-02-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                    | NatWest Markets PLC                                                         | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2600000 | PA      | $2615714.40   | 0.86%             | 2027-05-17      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                                 | Commonwealth Bank of Australia                                              | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   2500000 | PA      | $2505055.05   | 0.82%             | 2026-11-27      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co/The                                    | Dow Chemical Co.                                                            | CUSIP: 26055AW85<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4975563.89   | 1.63%             | 2025-09-08      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                 | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607LSL8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2022417.64   | 0.66%             | 2026-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                                | Cooperatieve Rabobank UA                                                    | CUSIP: 21688ABL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $2004400.94   | 0.66%             | 2028-01-21      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                   | Royal Bank of Canada                                                        | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1504099.01   | 0.49%             | 2028-03-27      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                  | CCG Receivables Trust                                                       | CUSIP: 12511JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2995654.50   | 0.98%             | 2029-07-16      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                 | American Honda Finance Corp.                                                | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2495921.35   | 0.82%             | 2027-10-22      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust     | GM Financial Consumer Automobile Receivables Trust                          | CUSIP: 38013JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008707.60   | 0.33%             | 2028-10-16      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                 | Mitsubishi UFJ Financial Group, Inc.                                        | CUSIP: 606822AD6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $1991951.38   | 0.65%             | 2026-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                               | New York Life Global Funding                                                | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1514415.00   | 0.50%             | 2028-04-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                | Australia & New Zealand Banking Group Ltd.                                  | CUSIP: 05252ADS7<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1003179.09   | 0.33%             | 2028-06-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                 | Goldman Sachs Bank USA                                                      | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005098.00   | 0.66%             | 2027-05-21      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| DBS Bank Ltd                                           | DBS Bank Ltd.                                                               | CUSIP: 23305DV51<br>LEI: ATUEL7OJR5057F2PV266 | Long             | STIV             | CORP              | SG        |   3000000 | PA      | $2998556.67   | 0.98%             | 2025-08-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co Inc                        | General Motors Financial Co., Inc.                                          | CUSIP: 37046TV19<br>LEI: 5493008B6JBRUJ90QL97 | Long             | STIV             | CORP              | US        |  13000000 | PA      | $13000000.00  | 4.26%             | 2025-08-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                            | Citibank NA                                                                 | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2009167.98   | 0.66%             | 2027-05-29      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust                                                       | CUSIP: 40443DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117799 | PA      | $117825.78    | 0.04%             | 2028-02-22      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Sempra                                                 | Sempra                                                                      | CUSIP: 81686MV66<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1998733.33   | 0.65%             | 2025-08-06      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                  | Toronto-Dominion Bank                                                       | CUSIP: 89115A2X9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2010412.78   | 0.66%             | 2027-04-05      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1512420.84   | 0.50%             | 2028-02-04      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd                       | Oversea-Chinese Banking Corp. Ltd.                                          | CUSIP: 69034AX15<br>LEI: 5493007O3QFXCPOGWK22 | Long             | STIV             | CORP              | SG        |   4300000 | PA      | $4268013.97   | 1.40%             | 2025-10-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                         | Home Depot, Inc.                                                            | CUSIP: 437076CY6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2501836.83   | 0.82%             | 2025-12-24      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                   | Mercedes-Benz Finance North America LLC                                     | CUSIP: 58769JAK3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2012077.34   | 0.66%             | 2026-08-03      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                              | Amgen, Inc.                                                                 | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1961179.68   | 0.64%             | 2026-08-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                              | Kubota Credit Owner Trust                                                   | CUSIP: 50117EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115715 | PA      | $115305.90    | 0.04%             | 2026-10-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| DBS Bank Ltd                                           | DBS Bank Ltd.                                                               | CUSIP: 23305DV51<br>LEI: ATUEL7OJR5057F2PV266 | Long             | STIV             | CORP              | SG        |   2000000 | PA      | $1999026.67   | 0.66%             | 2025-08-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                       | Duke Energy Corp.                                                           | CUSIP: 26244HVS9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2990562.50   | 0.98%             | 2025-08-26      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                     | Credit Agricole SA                                                          | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2527025.38   | 0.83%             | 2026-07-05      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust                                                       | CUSIP: 40443DAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450287.42    | 0.15%             | 2028-04-20      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust                                                | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    856954 | PA      | $861347.26    | 0.28%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | MMAF Equipment Finance LLC                                                  | CUSIP: 55317RAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1032423 | PA      | $1026191.94   | 0.34%             | 2028-01-13      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                               | National Rural Utilities Cooperative Finance Corp.                          | CUSIP: 63743HFQ0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007649.00   | 0.66%             | 2027-02-05      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                               | International Business Machines Corp.                                       | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1982329.08   | 0.65%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                                              | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1994790.18   | 0.65%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                            | Southern Co.                                                                | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1978090.82   | 0.65%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                 | Morgan Stanley Bank NA                                                      | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2758387.69   | 0.90%             | 2027-10-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                      | HSBC Holdings PLC                                                           | CUSIP: 404280BB4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1991258.46   | 0.65%             | 2026-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                             | Mondelez International, Inc.                                                | CUSIP: 60920VV66<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4996847.22   | 1.64%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                   | Bank of America Corp.                                                       | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2979478.11   | 0.98%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                   | Westpac Banking Corp.                                                       | CUSIP: 961214FS7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1000935.80   | 0.33%             | 2026-04-16      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                                 | Banque Federative du Credit Mutuel SA                                       | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $3042386.22   | 1.00%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                    | Bank of Nova Scotia                                                         | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    997000 | PA      | $1001227.72   | 0.33%             | 2027-06-04      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                | CarMax Auto Owner Trust                                                     | CUSIP: 14317DAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3306117 | PA      | $3286800.63   | 1.08%             | 2027-01-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                                 | Commonwealth Bank of Australia                                              | CUSIP: 2027A0KW8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2009460.00   | 0.66%             | 2028-03-14      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| AON GLOBAL LTD                                         | Aon Global Ltd.                                                             | CUSIP: 00185AAK0<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1993352.86   | 0.65%             | 2025-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                | Australia & New Zealand Banking Group Ltd.                                  | CUSIP: 05252ADK4<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $3004764.99   | 0.98%             | 2026-03-18      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                              | Chesapeake Funding II LLC                                                   | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    185159 | PA      | $186125.59    | 0.06%             | 2035-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing LLC                                              | CUSIP: 29373MAC3<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |    720225 | PA      | $715175.37    | 0.23%             | 2027-08-20      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| PenFed Auto Receivables Owner Trust                    | PenFed Auto Receivables Owner Trust                                         | CUSIP: 706874AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1629912 | PA      | $1628080.85   | 0.53%             | 2028-12-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Treasury Services PLC                | Reckitt Benckiser Treasury Services PLC                                     | CUSIP: 7562E0VN3<br>LEI: 213800LAXWIUOOBZ3908 | Long             | STIV             | CORP              | GB        |   3000000 | PA      | $2992055.00   | 0.98%             | 2025-08-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                               | RTX Corp.                                                                   | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4508364.11   | 1.48%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Daimler Trucks Retail Trust                            | Daimler Trucks Retail Trust                                                 | CUSIP: 233868AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1024352 | PA      | $1029835.20   | 0.34%             | 2027-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                             | AbbVie, Inc.                                                                | CUSIP: 00287YAY5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2475515.30   | 0.81%             | 2026-05-14      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                        | Nordea Bank Abp                                                             | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   3000000 | PA      | $3014952.57   | 0.99%             | 2027-03-19      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp.                                                       | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15141.30     | 0.00%             | 2028-02-04      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                           | ING Groep NV                                                                | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1935000 | PA      | $1954142.96   | 0.64%             | 2027-09-11      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp.                                                                | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3921573.84   | 1.29%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust                                                | CUSIP: 24703GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    403551 | PA      | $405105.37    | 0.13%             | 2029-01-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                                | National Australia Bank Ltd.                                                | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $3009551.91   | 0.99%             | 2027-06-11      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                   | Royal Bank of Canada                                                        | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2507250.00   | 0.82%             | 2027-10-18      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust     | GM Financial Consumer Automobile Receivables Trust                          | CUSIP: 38013JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3016857.90   | 0.99%             | 2028-09-18      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                  | CCG Receivables Trust                                                       | CUSIP: 12511JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2993931.00   | 0.98%             | 2029-07-16      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                               | AT&T, Inc.                                                                  | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972299.42   | 0.65%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co.                                                        | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2271173.38   | 0.74%             | 2028-02-24      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                               | Toyota Motor Credit Corp.                                                   | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2504731.08   | 0.82%             | 2027-03-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                           | Ford Credit Auto Lease Trust                                                | CUSIP: 345287AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    883216 | PA      | $883233.16    | 0.29%             | 2026-12-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                                | National Bank of Canada                                                     | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2001823.88   | 0.66%             | 2027-03-25      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                 | Standard Chartered PLC                                                      | CUSIP: 853254AZ3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1989260.00   | 0.65%             | 2026-04-12      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                     | Credit Agricole SA                                                          | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1002741.91   | 0.33%             | 2027-03-11      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                       | Bank of Montreal                                                            | CUSIP: 06368LNT9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2250000 | PA      | $2265066.11   | 0.74%             | 2026-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| GREAT AMERICA LEASING RECEIVABLES                      | GreatAmerica Leasing Receivables Funding LLC                                | CUSIP: 39154TBW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118630 | PA      | $118763.31    | 0.04%             | 2026-09-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                       | Bank of Montreal                                                            | CUSIP: 06368L3M6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2011020.00   | 0.66%             | 2027-06-04      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                               | Caterpillar Financial Services Corp.                                        | CUSIP: 14913UAT7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001422.66   | 0.66%             | 2027-11-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                 | John Deere Owner Trust                                                      | CUSIP: 47787JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436114 | PA      | $435209.46    | 0.14%             | 2026-09-15      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                   | Verizon Master Trust                                                        | CUSIP: 92348KCQ4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35569.82     | 0.01%             | 2030-04-22      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co.                                                           | CUSIP: 949746RW3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2474304.48   | 0.81%             | 2026-04-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                  | CCG Receivables Trust                                                       | CUSIP: 12511JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88528 | PA      | $88421.63     | 0.03%             | 2029-07-16      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                     | Macquarie Bank Ltd.                                                         | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1002690.00   | 0.33%             | 2028-06-12      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                           | ING Groep NV                                                                | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $1999994.12   | 0.66%             | 2026-01-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                                | Nissan Auto Lease Trust                                                     | CUSIP: 65473FAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    665000 | PA      | $666318.89    | 0.22%             | 2027-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                                  | USAA Auto Owner Trust                                                       | CUSIP: 90291UAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3629000 | PA      | $3633777.94   | 1.19%             | 2030-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co.                                                           | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1502232.00   | 0.49%             | 2028-01-24      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                                | Cooperatieve Rabobank UA                                                    | CUSIP: 21688ABE1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1385000 | PA      | $1390799.62   | 0.46%             | 2027-03-05      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                    | Dominion Energy, Inc.                                                       | CUSIP: 25746UCK3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963115.82   | 0.64%             | 2026-08-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Daimler Trucks Retail Trust                            | Daimler Trucks Retail Trust                                                 | CUSIP: 233869AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270989 | PA      | $271209.50    | 0.09%             | 2030-01-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                        | Danske Bank AS                                                              | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   4000000 | PA      | $4007069.84   | 1.31%             | 2026-09-22      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Enel Finance America LLC                               | Enel Finance America LLC                                                    | CUSIP: 29279GWS2<br>LEI: 549300EGNLVUJX1DEC60 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2978766.67   | 0.98%             | 2025-09-26      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                              | Chesapeake Funding II LLC                                                   | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   1934231 | PA      | $1956136.37   | 0.64%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                  | CCG Receivables Trust                                                       | CUSIP: 12511QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249045 | PA      | $251467.39    | 0.08%             | 2032-04-14      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                     | BMW U.S. Capital LLC                                                        | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1634000 | PA      | $1638152.73   | 0.54%             | 2026-08-13      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                         | Hyundai Auto Receivables Trust                                              | CUSIP: 44934KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2215000 | PA      | $2186036.66   | 0.72%             | 2028-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                     | Macquarie Bank Ltd.                                                         | CUSIP: 55608PBU7<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   2500000 | PA      | $2521775.00   | 0.83%             | 2027-07-02      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE NA                                         | Capital One NA                                                              | CUSIP: 25466AAJ0<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1979277.42   | 0.65%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                         | Hyundai Auto Receivables Trust                                              | CUSIP: 44935FAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3140000 | PA      | $3082731.11   | 1.01%             | 2028-06-15      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                            | Citibank NA                                                                 | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004057.72   | 0.66%             | 2027-11-19      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                | Metropolitan Life Global Funding I                                          | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003142.26   | 0.66%             | 2027-06-11      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** UBS SERIES FUNDS

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer