# EDGAR Filing Document

**Accession Number:** 0000873803
**File Stem:** 0001752724-23-017397
**Filing Date:** 2023-1
**Character Count:** 574602
**Document Hash:** ad44c220c1c9641ed5690752b1f47e0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-017397.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001752724-23-017397

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000873803
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06292
- **FILM NUMBER:** 23565567

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRINSON INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20010625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAINEWEBBER INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19960511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KIDDER PEABODY INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### UBS U.S. Allocation Fund (Series ID: S000002487)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006689 | Class A      | PWTAX           |
| C000006692 | Class P      | PWTYX           |

## Nport-Ex

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 57.6%** |  |  |
| **Aerospace & defense: 0.7%** |  |  |
| Boeing Co.\* | 353 | $63145 |
| General Dynamics Corp. | 134 | 33820 |
| Howmet Aerospace, Inc. | 231 | 8702 |
| Huntington Ingalls Industries, Inc. | 21 | 4871 |
| L3harris Technologies, Inc. | 123 | 27931 |
| Lockheed Martin Corp. | 150 | 72778 |
| Northrop Grumman Corp. | 91 | 48529 |
| Raytheon Technologies Corp. | 906 | 89440 |
| Spirit AeroSystems Holdings, Inc., Class A | 15557 | 407749 |
| Textron, Inc. | 120 | 8566 |
| TransDigm Group, Inc. | 1342 | 843447 |
|  |  | 1608978 |
| **Air freight & logistics: 0.1%** |  |  |
| C.H. Robinson Worldwide, Inc. | 80 | 8018 |
| Expeditors International of Washington, Inc. | 97 | 11258 |
| FedEx Corp. | 151 | 27515 |
| United Parcel Service, Inc., Class B | 463 | 87845 |
|  |  | 134636 |
| **Airlines: 0.0%†** |  |  |
| Alaska Air Group, Inc.\* | 102 | 4839 |
| American Airlines Group, Inc.\* | 362 | 5224 |
| Delta Air Lines, Inc.\* | 290 | 10257 |
| Southwest Airlines Co.\* | 371 | 14806 |
| United Airlines Holdings, Inc.\* | 211 | 9320 |
|  |  | 44446 |
| **Auto components: 0.4%** |  |  |
| Aptiv PLC\* | 9117 | 972511 |
| BorgWarner, Inc. | 136 | 5781 |
|  |  | 978292 |
| **Automobiles: 0.7%** |  |  |
| Ford Motor Co. | 3636 | 50540 |
| General Motors Co. | 1340 | 54350 |
| Tesla, Inc.\* | 7152 | 1392495 |
|  |  | 1497385 |
| **Banks: 2.2%** |  |  |
| Bank of America Corp. | 11430 | 432626 |
| Bank OZK | 19455 | 897848 |
| Citigroup, Inc. | 3230 | 156364 |
| Citizens Financial Group, Inc. | 800 | 33904 |
| Comerica, Inc. | 230 | 16500 |
| Fifth Third Bancorp | 1145 | 41632 |
| First Republic Bank | 295 | 37645 |
| Huntington Bancshares, Inc. | 2298 | 35573 |
| JPMorgan Chase & Co. | 4797 | 662850 |
| KeyCorp | 1435 | 26993 |
| M&T Bank Corp. | 291 | 49476 |
| PNC Financial Services Group, Inc. | 659 | 110883 |
| Regions Financial Corp. | 1509 | 35024 |
| Signature Bank | 112 | 15624 |
| SVB Financial Group\* | 1417 | 328432 |
| Truist Financial Corp. | 2184 | 102233 |
| U.S. Bancorp | 2244 | 101855 |
| Wells Fargo & Co. | 37637 | 1804694 |
| Zions Bancorp N.A. | 285 | 14769 |
|  |  | 4904925 |
| **Beverages: 1.1%** |  |  |
| Brown-Forman Corp., Class B | 307 | 22417 |
| Coca-Cola Co. | 6874 | 437255 |
| Constellation Brands, Inc., Class A | 3359 | 864439 |
| Keurig Dr Pepper, Inc. | 1488 | 57541 |
| Molson Coors Beverage Co., Class B | 364 | 20060 |
| Monster Beverage Corp.\* | 683 | 70254 |
| PepsiCo, Inc. | 5787 | 1073546 |
|  |  | 2545512 |
| **Biotechnology: 2.7%** |  |  |
| AbbVie, Inc. | 25085 | 4043200 |
| Amgen, Inc. | 947 | 271221 |
| Biogen, Inc.\* | 252 | 76903 |
| Gilead Sciences, Inc. | 2217 | 194719 |
| Incyte Corp.\* | 297 | 23662 |
| Moderna, Inc.\* | 592 | 104139 |
| Regeneron Pharmaceuticals, Inc.\* | 187 | 140568 |
| Vertex Pharmaceuticals, Inc.\* | 3855 | 1219722 |
|  |  | 6074134 |
| **Building products: 0.1%** |  |  |
| A.O. Smith Corp. | 91 | 5527 |
| Allegion PLC | 54 | 6137 |
| Carrier Global Corp. | 458 | 20299 |
| Fortune Brands Home & Security, Inc. | 76 | 4966 |
| Johnson Controls International PLC | 407 | 27041 |
| Masco Corp. | 188 | 9547 |
| Trane Technologies PLC | 150 | 26763 |
|  |  | 100280 |
| **Capital markets: 1.9%** |  |  |
| Ameriprise Financial, Inc. | 5260 | 1746057 |
| Bank of New York Mellon Corp. | 1142 | 52418 |
| BlackRock, Inc. | 246 | 176136 |
| Cboe Global Markets, Inc. | 192 | 24353 |
| Charles Schwab Corp. | 10705 | 883591 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Capital markets—(continued)** |  |  |
| CME Group, Inc. | 602 | $106253 |
| FactSet Research Systems, Inc. | 63 | 29061 |
| Franklin Resources, Inc. | 519 | 13914 |
| Goldman Sachs Group, Inc. | 560 | 216244 |
| Intercontinental Exchange, Inc. | 930 | 100728 |
| Invesco Ltd. | 797 | 15231 |
| MarketAxess Holdings, Inc. | 66 | 17683 |
| Moody's Corp. | 267 | 79638 |
| Morgan Stanley | 2180 | 202893 |
| MSCI, Inc. | 141 | 71604 |
| Nasdaq, Inc. | 560 | 38338 |
| Northern Trust Corp. | 330 | 30726 |
| Raymond James Financial, Inc. | 315 | 36823 |
| S&P Global, Inc. | 560 | 197568 |
| State Street Corp. | 606 | 48280 |
| T. Rowe Price Group, Inc. | 375 | 46841 |
|  |  | 4134380 |
| **Chemicals: 0.8%** |  |  |
| Albemarle Corp. | 935 | 259921 |
| CF Industries Holdings, Inc. | 13089 | 1416099 |
|  |  | 1676020 |
| **Commercial services & supplies: 0.1%** |  |  |
| Cintas Corp. | 48 | 22166 |
| Copart, Inc.\* | 256 | 17039 |
| Republic Services, Inc. | 122 | 16993 |
| Rollins, Inc. | 137 | 5540 |
| Waste Management, Inc. | 230 | 38576 |
|  |  | 100314 |
| **Communications equipment: 0.2%** |  |  |
| Arista Networks, Inc.\* | 389 | 54188 |
| Cisco Systems, Inc. | 6280 | 312241 |
| F5, Inc.\* | 83 | 12833 |
| Juniper Networks, Inc. | 477 | 15855 |
| Motorola Solutions, Inc. | 250 | 68050 |
|  |  | 463167 |
| **Construction & engineering: 0.0%†** |  |  |
| Quanta Services, Inc. | 81 | 12140 |
| **Consumer finance: 0.6%** |  |  |
| American Express Co. | 1000 | 157590 |
| Capital One Financial Corp. | 642 | 66280 |
| Discover Financial Services | 454 | 49195 |
| SLM Corp. | 57706 | 1007547 |
| Synchrony Financial | 759 | 28523 |
|  |  | 1309135 |
| **Distributors: 0.0%†** |  |  |
| Genuine Parts Co. | 118 | 21633 |
| LKQ Corp. | 262 | 14234 |
| Pool Corp. | 43 | 14165 |
|  |  | 50032 |
| **Diversified financial services: 0.8%** |  |  |
| Berkshire Hathaway, Inc., Class B\* | 2964 | 944330 |
| Voya Financial, Inc. | 13777 | 909007 |
|  |  | 1853337 |
| **Diversified telecommunication services: 0.1%** |  |  |
| AT&T, Inc. | 6567 | 126612 |
| Lumen Technologies, Inc. | 1225 | 6701 |
| Verizon Communications, Inc. | 3868 | 150774 |
|  |  | 284087 |
| **Electric utilities: 1.1%** |  |  |
| Alliant Energy Corp. | 315 | 17735 |
| American Electric Power Co., Inc. | 706 | 68341 |
| Constellation Energy Corp. | 459 | 44119 |
| Duke Energy Corp. | 1048 | 104727 |
| Edison International | 534 | 35596 |
| Entergy Corp. | 276 | 32091 |
| Evergy, Inc. | 296 | 17526 |
| Eversource Energy | 463 | 38364 |
| Exelon Corp. | 1366 | 56511 |
| FirstEnergy Corp. | 802 | 33074 |
| NextEra Energy, Inc. | 19977 | 1692052 |
| NRG Energy, Inc. | 313 | 13287 |
| PG&E Corp.\* | 2318 | 36393 |
| Pinnacle West Capital Corp. | 144 | 11278 |
| PPL Corp. | 968 | 28575 |
| Southern Co. | 1447 | 97875 |
| Xcel Energy, Inc. | 753 | 52876 |
|  |  | 2380420 |
| **Electrical equipment: 0.6%** |  |  |
| AMETEK, Inc. | 146 | 20793 |
| Eaton Corp. PLC | 255 | 41680 |
| Emerson Electric Co. | 384 | 36776 |
| Generac Holdings, Inc.\* | 19 | 2005 |
| Regal Rexnord Corp. | 8780 | 1151146 |
| Rockwell Automation, Inc. | 65 | 17174 |
|  |  | 1269574 |
| **Electronic equipment, instruments & components: 0.2%** |  |  |
| Amphenol Corp., Class A | 886 | 71261 |
| CDW Corp. | 215 | 40558 |
| Corning, Inc. | 1123 | 38328 |
| Keysight Technologies, Inc.\* | 292 | 52820 |
| TE Connectivity Ltd. | 501 | 63186 |
| Teledyne Technologies, Inc.\* | 75 | 31507 |
| Trimble, Inc.\* | 338 | 20196 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Electronic equipment, instruments & components—(continued)** |  |  |  |
| Zebra Technologies Corp., Class A\* | 86 | $| 23244 |
|  |  |  | 341100 |
| **Energy equipment & services: 0.1%** | **Energy equipment & services: 0.1%** | **Energy equipment & services: 0.1%** | **Energy equipment & services: 0.1%** |
| Baker Hughes Co. | 2259 |  | 65556 |
| Halliburton Co. | 2134 |  | 80857 |
| Schlumberger Ltd. | 3108 |  | 160218 |
|  |  |  | 306631 |
| **Entertainment: 1.1%** |  |  |  |
| Activision Blizzard, Inc. | 656 |  | 48511 |
| Electronic Arts, Inc. | 235 |  | 30733 |
| Live Nation Entertainment, Inc.\* | 136 |  | 9895 |
| Netflix, Inc.\* | 3327 |  | 1016498 |
| Take-Two Interactive Software, Inc.\* | 11344 |  | 1198948 |
| Walt Disney Co.\* | 1676 |  | 164030 |
| Warner Bros Discovery, Inc.\* | 2082 |  | 23735 |
|  |  |  | 2492350 |
| **Equity real estate investment trusts: 1.2%** |  |  |  |
| Alexandria Real Estate Equities, Inc. | 223 |  | 34701 |
| American Tower Corp. | 643 |  | 142264 |
| AvalonBay Communities, Inc. | 192 |  | 33581 |
| Boston Properties, Inc. | 209 |  | 15065 |
| Camden Property Trust | 171 |  | 20576 |
| Crown Castle, Inc. | 3394 |  | 480013 |
| Digital Realty Trust, Inc. | 379 |  | 42622 |
| Equinix, Inc. | 131 |  | 90475 |
| Equity Residential | 450 |  | 29187 |
| Essex Property Trust, Inc. | 104 |  | 22919 |
| Extra Space Storage, Inc. | 202 |  | 32459 |
| Federal Realty Investment Trust | 106 |  | 11777 |
| Healthpeak Properties, Inc. | 606 |  | 15914 |
| Host Hotels & Resorts, Inc. | 1063 |  | 20133 |
| Invitation Homes, Inc. | 722 |  | 23559 |
| Iron Mountain, Inc. | 423 |  | 22982 |
| Kimco Realty Corp. | 895 |  | 20513 |
| Mid-America Apartment Communities, Inc. | 161 |  | 26546 |
| Prologis, Inc. | 10868 |  | 1280142 |
| Public Storage | 228 |  | 67935 |
| Realty Income Corp. | 811 |  | 51150 |
| Regency Centers Corp. | 234 |  | 15545 |
| SBA Communications Corp. | 153 |  | 45793 |
| Simon Property Group, Inc. | 436 |  | 52076 |
| UDR, Inc. | 320 |  | 13270 |
| Ventas, Inc. | 480 |  | 22334 |
| VICI Properties, Inc. | 1270 |  | 43434 |
| Vornado Realty Trust | 221 |  | 5589 |
| Welltower, Inc. | 597 |  | 42405 |
| Weyerhaeuser Co. | 982 |  | 32121 |
|  |  |  | 2757080 |
| **Food & staples retailing: 0.8%** |  |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 7682 |  | 577994 |
| Costco Wholesale Corp. | 789 |  | 425468 |
| Kroger Co. | 1132 |  | 55683 |
| Sysco Corp. | 921 |  | 79676 |
| Walgreens Boots Alliance, Inc. | 1226 |  | 50879 |
| Walmart, Inc. | 4345 |  | 662265 |
|  |  |  | 1851965 |
| **Food products: 1.8%** |  |  |  |
| Archer-Daniels-Midland Co. | 996 |  | 97110 |
| Bunge Ltd. | 17091 |  | 1791820 |
| Campbell Soup Co. | 382 |  | 20502 |
| Conagra Brands, Inc. | 774 |  | 29397 |
| General Mills, Inc. | 1048 |  | 89394 |
| Hershey Co. | 280 |  | 65848 |
| Hormel Foods Corp. | 517 |  | 24299 |
| J.M. Smucker Co. | 191 |  | 29416 |
| Kellogg Co. | 471 |  | 34359 |
| Kraft Heinz Co. | 1449 |  | 57018 |
| Lamb Weston Holdings, Inc. | 284 |  | 24680 |
| McCormick & Co., Inc. | 431 |  | 36713 |
| Mondelez International, Inc., Class A | 25622 |  | 1732303 |
| Tyson Foods, Inc., Class A | 547 |  | 36255 |
|  |  |  | 4069114 |
| **Gas utilities: 0.0%†** |  |  |  |
| Atmos Energy Corp. | 204 |  | 24521 |
| **Health care equipment & supplies: 1.3%** |  |  |  |
| Abbott Laboratories | 7077 |  | 761344 |
| ABIOMED, Inc.\* | 76 |  | 28712 |
| Align Technology, Inc.\* | 133 |  | 26156 |
| Baxter International, Inc. | 860 |  | 48616 |
| Becton Dickinson and Co. | 500 |  | 124670 |
| Boston Scientific Corp.\* | 2456 |  | 111183 |
| Cooper Cos., Inc. | 1387 |  | 438777 |
| DENTSPLY SIRONA, Inc. | 307 |  | 9290 |
| Dexcom, Inc.\* | 4516 |  | 525120 |
| Edwards Lifesciences Corp.\* | 1054 |  | 81422 |
| Hologic, Inc.\* | 399 |  | 30388 |
| IDEXX Laboratories, Inc.\* | 152 |  | 64732 |
| Intuitive Surgical, Inc.\* | 619 |  | 167371 |
| Medtronic PLC | 2296 |  | 181476 |
| ResMed, Inc. | 269 |  | 61924 |
| STERIS PLC | 187 |  | 34733 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Health care equipment & supplies—(continued)** |  |  |  |
| Stryker Corp. | 590 | $| 137995 |
| Teleflex, Inc. | 76 |  | 17793 |
| Zimmer Biomet Holdings, Inc. | 387 |  | 46479 |
|  |  |  | 2898181 |
| **Health care providers & services: 2.1%** | **Health care providers & services: 2.1%** | **Health care providers & services: 2.1%** | **Health care providers & services: 2.1%** |
| AmerisourceBergen Corp. | 259 |  | 44209 |
| Cardinal Health, Inc. | 448 |  | 35916 |
| Centene Corp.\* | 4450 |  | 387372 |
| Cigna Corp. | 531 |  | 174641 |
| CVS Health Corp. | 2280 |  | 232286 |
| DaVita, Inc.\* | 66 |  | 4866 |
| Elevance Health, Inc. | 420 |  | 223826 |
| HCA Healthcare, Inc. | 375 |  | 90083 |
| HealthEquity, Inc.\* | 4152 |  | 263569 |
| Henry Schein, Inc.\* | 231 |  | 18693 |
| Humana, Inc. | 219 |  | 120428 |
| Laboratory Corp. of America Holdings | 4834 |  | 1163544 |
| McKesson Corp. | 251 |  | 95802 |
| Molina Healthcare, Inc.\* | 106 |  | 35698 |
| Quest Diagnostics, Inc. | 216 |  | 32795 |
| UnitedHealth Group, Inc. | 3387 |  | 1855263 |
| Universal Health Services, Inc., Class B | 111 |  | 14524 |
|  |  |  | 4793515 |
| **Hotels, restaurants & leisure: 1.8%** | **Hotels, restaurants & leisure: 1.8%** | **Hotels, restaurants & leisure: 1.8%** | **Hotels, restaurants & leisure: 1.8%** |
| Airbnb, Inc., Class A\* | 204 |  | 20837 |
| Booking Holdings, Inc.\* | 37 |  | 76940 |
| Caesars Entertainment, Inc.\* | 212 |  | 10772 |
| Carnival Corp.\* | 668 |  | 6633 |
| Chipotle Mexican Grill, Inc.\* | 471 |  | 766298 |
| Darden Restaurants, Inc. | 123 |  | 18080 |
| Domino's Pizza, Inc. | 29 |  | 11273 |
| Expedia Group, Inc.\* | 4135 |  | 441783 |
| Hilton Worldwide Holdings, Inc. | 246 |  | 35084 |
| Las Vegas Sands Corp.\* | 33502 |  | 1569234 |
| Marriott International, Inc., Class A | 249 |  | 41172 |
| McDonald's Corp. | 2854 |  | 778543 |
| MGM Resorts International | 369 |  | 13601 |
| Norwegian Cruise Line Holdings Ltd.\* | 360 |  | 5918 |
| Royal Caribbean Cruises Ltd.\* | 189 |  | 11327 |
| Starbucks Corp. | 1071 |  | 109456 |
| Wynn Resorts Ltd.\* | 67 |  | 5605 |
| Yum! Brands, Inc. | 248 |  | 31908 |
|  |  |  | 3954464 |
| **Household durables: 0.0%†** | **Household durables: 0.0%†** | **Household durables: 0.0%†** | **Household durables: 0.0%†** |
| D.R. Horton, Inc. | 283 |  | 24338 |
| Garmin Ltd. | 144 |  | 13391 |
| Lennar Corp., Class A | 271 |  | 23802 |
| Mohawk Industries, Inc.\* | 38 |  | 3850 |
| Newell Brands, Inc. | 245 |  | 3178 |
| NVR, Inc.\* | 2 |  | 9278 |
| PulteGroup, Inc. | 232 |  | 10389 |
| Whirlpool Corp. | 57 |  | 8352 |
|  |  |  | 96578 |
| **Household products: 0.4%** | **Household products: 0.4%** | **Household products: 0.4%** | **Household products: 0.4%** |
| Church & Dwight Co., Inc. | 417 |  | 34139 |
| Clorox Co. | 237 |  | 35230 |
| Colgate-Palmolive Co. | 1481 |  | 114748 |
| Kimberly-Clark Corp. | 595 |  | 80700 |
| Procter & Gamble Co. | 4193 |  | 625428 |
|  |  |  | 890245 |
| **Independent power and renewable electricity producers: 0.0%†** | **Independent power and renewable electricity producers: 0.0%†** | **Independent power and renewable electricity producers: 0.0%†** | **Independent power and renewable electricity producers: 0.0%†** |
| AES Corp. | 879 |  | 25421 |
| **Industrial conglomerates: 0.4%** | **Industrial conglomerates: 0.4%** | **Industrial conglomerates: 0.4%** | **Industrial conglomerates: 0.4%** |
| 3M Co. | 358 |  | 45097 |
| General Electric Co. | 695 |  | 59749 |
| Honeywell International, Inc. | 3481 |  | 764254 |
|  |  |  | 869100 |
| **Insurance: 1.4%** | **Insurance: 1.4%** | **Insurance: 1.4%** | **Insurance: 1.4%** |
| Aflac, Inc. | 978 |  | 70347 |
| Allstate Corp. | 6552 |  | 877313 |
| American International Group, Inc. | 1220 |  | 76994 |
| Aon PLC, Class A | 356 |  | 109748 |
| Arch Capital Group Ltd.\* | 575 |  | 34448 |
| Arthur J. Gallagher & Co. | 347 |  | 69091 |
| Assurant, Inc. | 101 |  | 12950 |
| Brown & Brown, Inc. | 352 |  | 20976 |
| Chubb Ltd. | 681 |  | 149541 |
| Cincinnati Financial Corp. | 289 |  | 32067 |
| Everest Re Group Ltd. | 62 |  | 20952 |
| Globe Life, Inc. | 166 |  | 19913 |
| Hartford Financial Services Group, Inc. | 526 |  | 40171 |
| Lincoln National Corp. | 247 |  | 9618 |
| Loews Corp. | 377 |  | 21923 |
| Marsh & McLennan Cos., Inc. | 5993 |  | 1037868 |
| MetLife, Inc. | 1100 |  | 84370 |
| Principal Financial Group, Inc. | 375 |  | 33630 |
| Progressive Corp. | 947 |  | 125146 |
| Prudential Financial, Inc. | 594 |  | 64170 |
| Travelers Cos., Inc. | 395 |  | 74975 |
| W. R. Berkley Corp. | 376 |  | 28681 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Willis Towers Watson PLC | 179 | $44063 |
|  |  | 3058955 |
| **Interactive media & services: 1.8%** |  |  |
| Alphabet, Inc., Class C\* | 4949 | 502076 |
| Alphabet, Inc., Class A\* | 27947 | 2822368 |
| Match Group, Inc.\* | 269 | 13601 |
| Meta Platforms, Inc., Class A\* | 3984 | 470510 |
| Snap, Inc., Class A\* | 29069 | 299701 |
|  |  | 4108256 |
| **Internet & direct marketing retail: 1.6%** |  |  |
| Amazon.com, Inc.\* | 36156 | 3490500 |
| eBay, Inc. | 453 | 20585 |
| Etsy, Inc.\* | 113 | 14926 |
|  |  | 3526011 |
| **IT services: 2.7%** |  |  |
| Accenture PLC, Class A | 968 | 291300 |
| Akamai Technologies, Inc.\* | 12574 | 1192770 |
| Automatic Data Processing, Inc. | 645 | 170370 |
| Block, Inc.\* | 4747 | 321704 |
| Broadridge Financial Solutions, Inc. | 192 | 28629 |
| Cognizant Technology Solutions Corp., Class A | 758 | 47155 |
| DXC Technology Co.\* | 341 | 10117 |
| EPAM Systems, Inc.\* | 91 | 33541 |
| Fidelity National Information Services, Inc. | 7377 | 535423 |
| Fiserv, Inc.\* | 976 | 101855 |
| FleetCor Technologies, Inc.\* | 110 | 21582 |
| Gartner, Inc.\* | 129 | 45198 |
| Global Payments, Inc. | 450 | 46701 |
| International Business Machines Corp. | 1364 | 203100 |
| Jack Henry & Associates, Inc. | 123 | 23290 |
| Mastercard, Inc., Class A | 5845 | 2083158 |
| MongoDB, Inc.\* | 1085 | 165669 |
| Paychex, Inc. | 476 | 59038 |
| PayPal Holdings, Inc.\* | 1731 | 135728 |
| VeriSign, Inc.\* | 137 | 27374 |
| Visa, Inc., Class A | 2489 | 540113 |
|  |  | 6083815 |
| **Leisure products: 0.2%** |  |  |
| Brunswick Corp. | 6894 | 511535 |
| Hasbro, Inc. | 116 | 7287 |
|  |  | 518822 |
| **Life sciences tools & services: 1.6%** |  |  |
| Agilent Technologies, Inc. | 4071 | 630923 |
| Bio-Rad Laboratories, Inc., Class A\* | 2373 | 984107 |
| Bio-Techne Corp. | 268 | 22777 |
| Charles River Laboratories International, Inc.\* | 87 | 19886 |
| Danaher Corp. | 1134 | 310047 |
| Illumina, Inc.\* | 274 | 59754 |
| IQVIA Holdings, Inc.\* | 4415 | 962558 |
| Mettler-Toledo International, Inc.\* | 37 | 54374 |
| PerkinElmer, Inc. | 234 | 32697 |
| Thermo Fisher Scientific, Inc. | 680 | 380950 |
| Waters Corp.\* | 110 | 38126 |
| West Pharmaceutical Services, Inc. | 126 | 29567 |
|  |  | 3525766 |
| **Machinery: 1.1%** |  |  |
| AGCO Corp. | 2418 | 320917 |
| Caterpillar, Inc. | 314 | 74233 |
| Cummins, Inc. | 88 | 22102 |
| Deere & Co. | 174 | 76734 |
| Dover Corp. | 85 | 12066 |
| Fortive Corp. | 232 | 15672 |
| IDEX Corp. | 44 | 10449 |
| Illinois Tool Works, Inc. | 179 | 40717 |
| Ingersoll Rand, Inc. | 31453 | 1697518 |
| Nordson Corp. | 20 | 4730 |
| Otis Worldwide Corp. | 280 | 21865 |
| PACCAR, Inc. | 219 | 23194 |
| Parker-Hannifin Corp. | 79 | 23616 |
| Pentair PLC | 119 | 5447 |
| Snap-on, Inc. | 23 | 5534 |
| Stanley Black & Decker, Inc. | 93 | 7600 |
| Westinghouse Air Brake Technologies Corp. | 110 | 11120 |
| Xylem, Inc. | 108 | 12134 |
|  |  | 2385648 |
| **Media: 0.5%** |  |  |
| Charter Communications, Inc., Class A\* | 108 | 42259 |
| Comcast Corp., Class A | 29393 | 1076960 |
| DISH Network Corp., Class A\* | 334 | 5361 |
| Fox Corp., Class A | 292 | 9475 |
| Fox Corp., Class B | 189 | 5768 |
| Interpublic Group of Cos., Inc. | 373 | 12816 |
| News Corp., Class A | 343 | 6568 |
| Omnicom Group, Inc. | 156 | 12443 |
| Paramount Global, Class B | 475 | 9538 |
|  |  | 1181188 |
| **Multiline retail: 0.7%** |  |  |
| Dollar General Corp. | 201 | 51392 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Multiline retail—(continued)** |  |  |
| Dollar Tree, Inc.\* | 9075 | $1363882 |
| Target Corp. | 431 | 72007 |
|  |  | 1487281 |
| **Multi-utilities: 0.2%** |  |  |
| Ameren Corp. | 398 | 35549 |
| CenterPoint Energy, Inc. | 870 | 27066 |
| CMS Energy Corp. | 401 | 24489 |
| Consolidated Edison, Inc. | 491 | 48138 |
| Dominion Energy, Inc. | 1142 | 69788 |
| DTE Energy Co. | 257 | 29814 |
| NiSource, Inc. | 526 | 14696 |
| Public Service Enterprise Group, Inc. | 700 | 42385 |
| Sempra Energy | 458 | 76115 |
| WEC Energy Group, Inc. | 434 | 43027 |
|  |  | 411067 |
| **Oil, gas & consumable fuels: 3.5%** |  |  |
| APA Corp. | 26501 | 1241572 |
| Chevron Corp. | 4089 | 749555 |
| ConocoPhillips | 2902 | 358426 |
| Coterra Energy, Inc. | 1738 | 48508 |
| Devon Energy Corp. | 1508 | 103328 |
| Diamondback Energy, Inc. | 396 | 58616 |
| EOG Resources, Inc. | 4393 | 623498 |
| EQT Corp. | 7065 | 299627 |
| Exxon Mobil Corp. | 12348 | 1374826 |
| Hess Corp. | 614 | 88361 |
| Kinder Morgan, Inc. | 4352 | 83210 |
| Marathon Oil Corp. | 1581 | 48426 |
| Marathon Petroleum Corp. | 1148 | 139838 |
| Occidental Petroleum Corp. | 1706 | 118550 |
| ONEOK, Inc. | 981 | 65648 |
| Phillips 66 | 1101 | 119392 |
| Pioneer Natural Resources Co. | 547 | 129087 |
| Targa Resources Corp. | 507 | 37716 |
| Valero Energy Corp. | 873 | 116650 |
| Williams Cos., Inc. | 59701 | 2071625 |
|  |  | 7876459 |
| **Personal products: 0.0%†** |  |  |
| Estee Lauder Cos., Inc. | 408 | 96202 |
| **Pharmaceuticals: 2.0%** |  |  |
| Bristol-Myers Squibb Co. | 3780 | 303458 |
| Catalent, Inc.\* | 331 | 16593 |
| Eli Lilly & Co. | 6024 | 2235386 |
| Johnson & Johnson | 4603 | 819334 |
| Merck & Co., Inc. | 4442 | 489153 |
| Organon & Co. | 508 | 13218 |
| Pfizer, Inc. | 9854 | 493981 |
| Viatris, Inc. | 2048 | 22590 |
| Zoetis, Inc. | 808 | 124545 |
|  |  | 4518258 |
| **Professional services: 0.2%** |  |  |
| CoStar Group, Inc.\* | 243 | 19693 |
| Equifax, Inc. | 69 | 13618 |
| Jacobs Solutions, Inc. | 76 | 9617 |
| Leidos Holdings, Inc. | 75 | 8200 |
| Robert Half International, Inc. | 59 | 4648 |
| Verisk Analytics, Inc. | 2409 | 442557 |
|  |  | 498333 |
| **Real estate management & development: 0.0%†** |  |  |
| CBRE Group, Inc.\* | 430 | 34228 |
| **Road & rail: 0.5%** |  |  |
| CSX Corp. | 1282 | 41909 |
| J.B. Hunt Transport Services, Inc. | 27 | 4965 |
| Norfolk Southern Corp. | 150 | 38475 |
| Old Dominion Freight Line, Inc. | 55 | 16643 |
| Union Pacific Corp. | 4169 | 906466 |
|  |  | 1008458 |
| **Semiconductors & semiconductor equipment: 3.0%** |  |  |
| Advanced Micro Devices, Inc.\* | 13025 | 1011131 |
| Analog Devices, Inc. | 771 | 132543 |
| Applied Materials, Inc. | 1321 | 144782 |
| Broadcom, Inc. | 2417 | 1331839 |
| Enphase Energy, Inc.\* | 215 | 68927 |
| Intel Corp. | 6166 | 185412 |
| KLA Corp. | 225 | 88459 |
| Lam Research Corp. | 208 | 98255 |
| Marvell Technology, Inc. | 16134 | 750554 |
| Microchip Technology, Inc. | 861 | 68182 |
| Micron Technology, Inc. | 15138 | 872706 |
| Monolithic Power Systems, Inc. | 69 | 26355 |
| NVIDIA Corp. | 6562 | 1110487 |
| NXP Semiconductors N.V. | 418 | 73501 |
| ON Semiconductor Corp.\* | 629 | 47301 |
| Qorvo, Inc.\* | 192 | 19056 |
| QUALCOMM, Inc. | 1702 | 215286 |
| Skyworks Solutions, Inc. | 273 | 26104 |
| SolarEdge Technologies, Inc.\* | 88 | 26300 |
| Teradyne, Inc. | 219 | 20465 |
| Texas Instruments, Inc. | 1388 | 250478 |
| Universal Display Corp. | 1412 | 159019 |
|  |  | 6727142 |
| **Software: 6.1%** |  |  |
| Adobe, Inc.\* | 712 | 245590 |
| ANSYS, Inc.\* | 139 | 35348 |
| Autodesk, Inc.\* | 328 | 66240 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Software—(continued)** |  |  |  |
| Cadence Design Systems, Inc.\* | 407 | $| 70020 |
| Ceridian HCM Holding, Inc.\* | 270 |  | 18479 |
| Fortinet, Inc.\* | 10626 |  | 564878 |
| Gen Digital, Inc. | 1011 |  | 23213 |
| HubSpot, Inc.\* | 1962 |  | 594545 |
| Intuit, Inc. | 428 |  | 174449 |
| Microsoft Corp. | 25216 |  | 6433610 |
| Oracle Corp. | 14367 |  | 1192892 |
| Palo Alto Networks, Inc.\* | 2448 |  | 415915 |
| Paycom Software, Inc.\* | 81 |  | 27467 |
| PTC, Inc.\* | 155 |  | 19718 |
| Roper Technologies, Inc. | 162 |  | 71100 |
| Salesforce, Inc.\* | 6438 |  | 1031689 |
| ServiceNow, Inc.\* | 1858 |  | 773485 |
| Splunk, Inc.\* | 9563 |  | 742854 |
| Synopsys, Inc.\* | 245 |  | 83187 |
| Tyler Technologies, Inc.\* | 65 |  | 22278 |
| VMware, Inc., Class A\* | 8030 |  | 975565 |
|  |  |  | 13582522 |
| **Specialty retail: 1.0%** |  |  |  |
| Advance Auto Parts, Inc. | 51 |  | 7700 |
| AutoZone, Inc.\* | 19 |  | 49001 |
| Bath & Body Works, Inc. | 221 |  | 9393 |
| Best Buy Co., Inc. | 205 |  | 17487 |
| CarMax, Inc.\* | 163 |  | 11306 |
| Home Depot, Inc. | 952 |  | 308438 |
| Lowe's Cos., Inc. | 4267 |  | 906951 |
| O'Reilly Automotive, Inc.\* | 56 |  | 48414 |
| Ross Stores, Inc. | 331 |  | 38949 |
| TJX Cos., Inc. | 9501 |  | 760555 |
| Tractor Supply Co. | 108 |  | 24441 |
| Ulta Beauty, Inc.\* | 50 |  | 23242 |
|  |  |  | 2205877 |
| **Technology hardware, storage & peripherals: 3.2%** |  |  |  |
| Apple, Inc. | 47804 |  | 7076426 |
| Hewlett Packard Enterprise Co. | 2097 |  | 35188 |
| HP, Inc. | 1432 |  | 43017 |
| NetApp, Inc. | 318 |  | 21500 |
| Seagate Technology Holdings Plc | 333 |  | 17639 |
| Western Digital Corp.\* | 514 |  | 18890 |
|  |  |  | 7212660 |
| **Textiles, apparel & luxury goods: 0.4%** | **Textiles, apparel & luxury goods: 0.4%** | **Textiles, apparel & luxury goods: 0.4%** | **Textiles, apparel & luxury goods: 0.4%** |
| Lululemon Athletica, Inc.\* | 1698 |  | 645766 |
| Nike, Inc., Class B | 1141 |  | 125156 |
| Ralph Lauren Corp. | 50 |  | 5656 |
| Tapestry, Inc. | 280 |  | 10576 |
| VF Corp. | 266 |  | 8730 |
|  |  |  | 795884 |
| **Tobacco: 0.2%** |  |  |  |
| Altria Group, Inc. | 3148 |  | 146634 |
| Philip Morris International, Inc. | 2732 |  | 272298 |
|  |  |  | 418932 |
| **Trading companies & distributors: 0.3%** |  |  |  |
| Fastenal Co. | 399 |  | 20552 |
| United Rentals, Inc.\* | 1853 |  | 654165 |
| W.W. Grainger, Inc. | 26 |  | 15680 |
|  |  |  | 690397 |
| **Water utilities: 0.0%†** |  |  |  |
| American Water Works Co., Inc. | 253 |  | 38395 |
| **Wireless telecommunication services: 0.0%†** |  |  |  |
| T-Mobile U.S., Inc.\* | 559 |  | 84666 |
| **Total common stocks**<br> (cost—$119,125,708) |  |  | **128866681** |
| **Preferred stocks: 0.0%†** | **Preferred stocks: 0.0%†** | **Preferred stocks: 0.0%†** | **Preferred stocks: 0.0%†** |
| **Financial Services: 0.0%†** |  |  |  |
| Squaretwo Financial Corp.<sup>1,2</sup><br> (cost—$0) | 35000 |  | 0 |
| **Exchange traded funds: 3.0%** | **Exchange traded funds: 3.0%** | **Exchange traded funds: 3.0%** | **Exchange traded funds: 3.0%** |
| iShares Core S&P Mid-Cap ETF<sup>3</sup><br> (cost—$5,948,086) | 26183 |  | 6729031 |
|  | **Face<br> amount** |  |  |
| **Asset-backed securities: 6.2%** |  |  |  |
| American Credit Acceptance Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class D, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.810%, due 04/14/25<sup>4</sup> | $87095 |  | 87057 |
| Ares XLVIII CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-48A, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.800% |  |  |  |
| &nbsp;&nbsp;&nbsp;6.043%, due 07/20/30<sup>4,5</sup> | 725000 |  | 675989 |
| Capital One Multi-Asset Execution Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-B3, Class B3, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 0.550% |  |  |  |
| &nbsp;&nbsp;&nbsp;4.629%, due 05/15/28<sup>5</sup> | 350000 |  | 335774 |
| CCG Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.840%, due 12/14/27<sup>4</sup> | 275000 |  | 261586 |
| Drive Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.280%, due 08/17/26 | 431258 |  | 428010 |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class D, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 04/15/26 | 357773 |  | 356696 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount** | **Face<br> amount** | **Value** | **Value** |
| **Asset-backed securities—(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.870%, due 11/15/24<sup>4</sup> | $| 857492 | $| 856187 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.840%, due 10/15/26<sup>4</sup> |  | 325000 |  | 310422 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.160%, due 11/16/26<sup>4</sup> |  | 325000 |  | 297856 |
| Enterprise Fleet Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.780%, due 12/22/25<sup>4</sup> |  | 215487 |  | 213906 |
| Exeter Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.350%, due 02/18/25 |  | 97705 |  | 97513 |
| &nbsp;&nbsp;&nbsp;Series 2021-4A, Class A3, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.680%, due 07/15/25 |  | 474058 |  | 471024 |
| &nbsp;&nbsp;&nbsp;Series 2020-3A, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.320%, due 07/15/25 |  | 643455 |  | 634672 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.280%, due 05/15/254 |  | 627164 |  | 623411 |
| Flagship Credit Auto Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 02/18/254 |  | 220651 |  | 220405 |
| Ford Credit Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-B, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.700%, due 02/15/25 |  | 173000 |  | 172639 |
| GLS Auto Receivables Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.820%, due 04/15/25<sup>4</sup> |  | 260999 |  | 260219 |
| GLS Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-3A, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.180%, due 07/15/24<sup>4</sup> |  | 246682 |  | 246535 |
| Highbridge Loan Management Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 12A-18, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.850% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.044%, due 07/18/31<sup>4,5</sup> |  | 700000 |  | 650971 |
| HPEFS Equipment Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, due 07/22/30<sup>4</sup> |  | 32824 |  | 32757 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.030%, due 03/20/31<sup>4</sup> |  | 675000 |  | 636706 |
| Invitation Homes Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-SFR1, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD LIBOR + 1.250% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.154%, due 03/17/37<sup>4,5</sup> |  | 149978 |  | 147450 |
| New Residential Advance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivables Trust Advance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivables Backed Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-APT1, Class AT1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.035%, due 12/16/52<sup>4</sup> |  | 175000 |  | 174566 |
| OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/14/35<sup>4</sup> |  | 600000 |  | 523618 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.210%, due 09/14/35<sup>4</sup> |  | 300000 |  | 254228 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.550%, due 06/16/36<sup>4</sup> |  | 600000 |  | 506378 |
| Santander Retail Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.110%, due 03/20/26<sup>4</sup> |  | 325000 |  | 298943 |
| Tesla Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.330%, due 02/20/24<sup>4</sup> |  | 150000 |  | 146982 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.340%, due 03/20/25<sup>4</sup> |  | 575000 |  | 541786 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.320%, due 09/22/25<sup>4</sup> |  | 325000 |  | 297869 |
| Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-2A, Class C1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.850% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.929%, due 07/15/31<sup>4,5</sup> |  | 700000 |  | 643122 |
| Westlake Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-3A, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.780%, due 11/17/25<sup>4</sup> |  | 1183691 |  | 1175148 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.520%, due 04/15/25<sup>4</sup> |  | 719872 |  | 716545 |
| &nbsp;&nbsp;&nbsp;Series 2019-3A, Class D, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.720%, due 11/15/24<sup>4</sup> |  | 669756 |  | 664311 |
| **Total asset-backed securities**<br> (cost—$14,542,066) |  |  |  | **13961281** |
| **Corporate bonds: 16.3%** | **Corporate bonds: 16.3%** | **Corporate bonds: 16.3%** | **Corporate bonds: 16.3%** | **Corporate bonds: 16.3%** |
| **Advertising: 0.0%†** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 08/15/27<sup>4</sup> |  | 35000 |  | 30165 |
| **Aerospace & defense: 0.2%** |  |  |  |  |
| Bombardier, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/15/26<sup>4</sup> |  | 55000 |  | 54037 |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/25<sup>4</sup> |  | 41000 |  | 41061 |
| Howmet Aerospace, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 02/01/27 |  | 20000 |  | 19800 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/28 |  | 32000 |  | 32640 |
| Raytheon Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/16/28 |  | 150000 |  | 145362 |
| TransDigm UK Holdings PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/26 |  | 60000 |  | 59140 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Aerospace & defense—(concluded)** | | |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/27 | $30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28275 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49757 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464 |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494623 |
| **Agriculture: 0.1%** |  |  |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29035 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39008 |
| Reynolds American, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132666 |
| **Airlines: 0.2%** |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/20/26<sup>4</sup> | 31000 | 30064 |
| Delta Air Lines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/25<sup>4</sup> | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254747 |
| Delta Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;96845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83073 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35379 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429970 |
| **Auto manufacturers: 0.4%** |  |  |
| Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33083 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35377 |
| &nbsp;&nbsp;&nbsp;7.450%, due 07/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58013 |
| &nbsp;&nbsp;&nbsp;9.625%, due 04/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34342 |
| Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.542%, due 08/01/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188218 |
| General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/01/36 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202041 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/06/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188295 |
| Jaguar Land Rover Automotive PLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 01/15/24<sup>6</sup> | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124372 |
| PM General Purchaser LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911988 |
| **Auto parts & equipment: 0.0%<sup>†</sup>** |  |  |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/01/30 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 |
| **Banks: 3.4%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 08/26/24 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118318 |
| &nbsp;&nbsp;&nbsp;6.110%, due 01/29/37 | 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881289 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/23/24 |  |  |
| &nbsp;&nbsp;&nbsp;Series Z, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/23/24)<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29593 |
| Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;1.600%, due 04/24/25 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139278 |
| Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;4.588%, due 05/04/37 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/04/32) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129342 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.337%, due 01/10/28 | 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283688 |
| &nbsp;&nbsp;&nbsp;5.746%, due 08/09/33 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/09/32) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191570 |
| Capital One N.A., |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69767 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, due 03/20/30 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/29) | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251445 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/13/25 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304472 |
| &nbsp;&nbsp;&nbsp;5.950%, due 01/30/23 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/30/23)<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34650 |
| &nbsp;&nbsp;&nbsp;6.675%, due 09/13/43 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218091 |
| Credit Suisse Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 04/17/26 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217273 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.552%, due 01/07/28 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/07/27) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125931 |
| &nbsp;&nbsp;&nbsp;3.700%, due 05/30/24 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121125 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/25/26 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145155 |
| &nbsp;&nbsp;&nbsp;5.150%, due 05/22/45 | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200007 |
| &nbsp;&nbsp;&nbsp;6.334%, due 11/29/233 |  |  |
| &nbsp;&nbsp;&nbsp;mo. USD LIBOR + 1.600%<sup>5</sup> | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605535 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/37 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193264 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/10/24 | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540556 |
| &nbsp;&nbsp;&nbsp;3.960%, due 01/29/27 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/26) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192177 |
| &nbsp;&nbsp;&nbsp;4.032%, due 07/24/48 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/47) | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285637 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Banks—(concluded)** | | |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/23 |  |  |
| &nbsp;&nbsp;&nbsp;Series R, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/01/23)<sup>7</sup> | $60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59400 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.582%, due 12/10/25 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380154 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.677%, due 02/22/27 | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329773 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 01/27/45 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193774 |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/08/26 | 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793486 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/03/31 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161164 |
| Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/12/27<sup>4</sup> | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184416 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.544%, due 01/17/28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138905 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.196%, due 06/17/27 |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/26) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7607667 |
| **Beverages: 0.2%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71962 |
| &nbsp;&nbsp;&nbsp;4.900%, due 02/01/46 | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191774 |
| Primo Water Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/30/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344103 |
| **Biotechnology: 0.1%** |  |  |
| Biogen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 02/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38874 |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 03/01/27 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186772 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271636 |
| **Building Materials: 0.1%** |  |  |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/32<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8106 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26612 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/32<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9239 |
| Masco Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/15/47 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119824 |
| New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55205 |
| Smyrna Ready Mix Concrete LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>4</sup> | 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45390 |
| Summit Materials LLC/Summit Materials Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296686 |
| **Chemicals: 0.3%** |  |  |
| Celanese US Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.330%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28826 |
| Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36225 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27150 |
| DuPont de Nemours, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.725%, due 11/15/28 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99655 |
| LYB International Finance II BV, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/02/27 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138766 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53855 |
| Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 04/01/29 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94636 |
| Tronox, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32208 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26878 |
| &nbsp;&nbsp;&nbsp;5.625%, due 10/01/24<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596853 |
| **Commercial services: 0.4%** |  |  |
| ASGN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61583 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48095 |
| Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27591 |
| Carriage Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41278 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49395 |
| &nbsp;&nbsp;&nbsp;9.500%, due 11/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 |
| Gartner, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9414 |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26247 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Commercial services—(concluded)** | | |
| MoneyGram International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/01/26<sup>4</sup> | $103000 | $&nbsp;&nbsp;&nbsp;&nbsp;103879 |
| NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39587 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 08/31/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44550 |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.350%, due 01/15/32 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307948 |
| United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25125 |
| Williams Scotsman International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54552 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26730 |
| Yale University, |  |  |
| &nbsp;&nbsp;&nbsp;1.482%, due 04/15/30 |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981332 |
| **Computers: 0.4%** |  |  |
| Ahead DB Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24511 |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 02/09/45 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165263 |
| &nbsp;&nbsp;&nbsp;3.850%, due 05/04/43 | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187435 |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/28<sup>4</sup> | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144198 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35465 |
| International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/29/32 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189284 |
| KBR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/30/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66537 |
| NCR Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30107 |
| Science Applications International Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64487 |
| Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;&nbsp;4.091%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948662 |
| **Distribution & wholesale: 0.0%<sup>†</sup>** |  |  |
| American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21442 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/28<sup>4</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30492 |
| **Diversified financial services: 0.7%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/28 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168978 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29297 |
| Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/21/28<sup>4</sup> | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161024 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 07/28/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189182 |
| CME Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/15/28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144962 |
| Enact Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/15/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92362 |
| Intercontinental Exchange, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/15/50 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139774 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22608 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31819 |
| Navient Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190588 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39917 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/26 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111411 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/15/26<sup>4</sup> | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127914 |
| Visa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 08/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1481081 |
| **Electric: 1.1%** |  |  |
| Alabama Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31522 |
| Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78978 |
| &nbsp;&nbsp;&nbsp;4.450%, due 01/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43878 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25902 |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31348 |
| Clearway Energy Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60045 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 10/01/25 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146082 |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.550%, due 04/15/31 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126807 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Electric—(concluded)** | | |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 02/01/49 | $250000 | $&nbsp;&nbsp;&nbsp;&nbsp;206919 |
| Edison International, |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/25 | 188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185608 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 04/15/26 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162527 |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/15/46 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256276 |
| FirstEnergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 07/15/47 |  |  |
| &nbsp;&nbsp;&nbsp;Series C,<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17622 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 02/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47914 |
| Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/30/50 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190352 |
| Leeward Renewable Energy Operations LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21023 |
| National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 11/01/28 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94667 |
| Northern States Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.600%, due 05/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49506 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23990 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217 |
| Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32438 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46130 |
| Public Service Electric and Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 01/15/30 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129302 |
| Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 02/01/50 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130579 |
| Southwestern Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/01/51 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168001 |
| Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 12/01/48 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87774 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/31/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70401 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2532855 |
| **Electrical components & equipment: 0.1%<sup>†</sup>** |  |  |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/31/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45939 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26158 |
| WESCO Distribution, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/28<sup>4</sup> | 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102489 |
| **Electronics: 0.0%<sup>†</sup>** |  |  |
| Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 |
| Sensata Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79580 |
| **Energy-Alternate Sources: 0.0%<sup>†</sup>** |  |  |
| TerraForm Power Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 |
| **Engineering & construction: 0.1%** |  |  |
| Arcosa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30438 |
| Artera Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.033%, due 12/04/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56572 |
| Dycom Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38648 |
| Great Lakes Dredge & Dock Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62054 |
| Weekley Homes LLC/Weekley Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199869 |
| **Entertainment: 0.2%** |  |  |
| Affinity Gaming, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76348 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/01/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52380 |
| &nbsp;&nbsp;&nbsp;8.125%, due 07/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88334 |
| CDI Escrow Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18553 |
| Churchill Downs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33286 |
| Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7987 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30648 |
| International Game Technology Plc, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18835 |
| Jacobs Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42<sup>4</sup> | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512153 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Environmental control: 0.0%<sup>†</sup>** | | |
| Covanta Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30 | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21359 |
| GFL Environmental, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78288 |
| **Food: 0.1%** |  |  |
| Kroger Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/46 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193291 |
| Performance Food Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 |
| United Natural Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290091 |
| **Food service: 0.0%<sup>†</sup>** |  |  |
| Aramark Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60786 |
| **Forest products & paper: 0.0%<sup>†</sup>** |  |  |
| Clearwater Paper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 08/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30668 |
| **Healthcare-products: 0.2%** |  |  |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61118 |
| &nbsp;&nbsp;&nbsp;4.900%, due 11/30/46 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50177 |
| Avantor Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64400 |
| Medline Borrower LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19560 |
| Medtronic, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93461 |
| Zimmer Biomet Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330955 |
| **Healthcare-services: 0.4%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32291 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51710 |
| Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14852 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53474 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28355 |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/26<sup>4</sup> | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179964 |
| DaVita, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26713 |
| Encompass Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/28 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89926 |
| Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41448 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32092 |
| Select Medical Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/15/26<sup>4</sup> | 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72590 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8950 |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32265 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51776 |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84720 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28427 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868819 |
| **Home builders: 0.0%** |  |  |
| Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.850%, due 05/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22074 |
| Installed Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35024 |
| KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77046 |
| **Housewares: 0.0%<sup>†</sup>** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/01/36<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55637 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/46<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59487 |
| **Insurance: 0.5%** |  |  |
| Allstate Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.280%, due 12/15/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190016 |
| &nbsp;&nbsp;&nbsp;3.850%, due 08/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38945 |
| American International Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47211 |
| Aon Global Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/45 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131289 |
| Berkshire Hathaway Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/49 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89525 |
| Hartford Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 10/01/41 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153558 |
| Lincoln National Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/23 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148438 |
| MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/13/42 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110826 |
| Prudential Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/21/40 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120748 |
| Teachers Insurance & Annuity Association of America, |  |  |
| &nbsp;&nbsp;&nbsp;4.270%, due 05/15/47<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1072681 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Internet: 0.1%** | | |
| Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 02/09/31 | $200000 | $&nbsp;&nbsp;&nbsp;&nbsp;159014 |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/03/50 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97978 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21763 |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303885 |
| **Investment companies: 0.0%<sup>†</sup>** |  |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39483 |
| **Iron & steel: 0.0%<sup>†</sup>** |  |  |
| Big River Steel LLC/BRS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/31/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42271 |
| Commercial Metals Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59482 |
| **Leisure time: 0.2%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52051 |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25275 |
| Carnival Holdings Bermuda Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 05/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62472 |
| Harley-Davidson, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/28/25 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238272 |
| NCL Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24608 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/31/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38170 |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21979 |
| &nbsp;&nbsp;&nbsp;11.625%, due 08/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483377 |
| **Lodging: 0.1%<sup>†</sup>** |  |  |
| Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33647 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/01/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21648 |
| Travel + Leisure Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/31/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97843 |
| **Machinery-diversified: 0.1%** |  |  |
| Deere & Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 06/09/42 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134914 |
| GrafTech Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/28<sup>4</sup> | 67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55861 |
| Mueller Water Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212279 |
| **Media: 0.9%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20295 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/34<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31160 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84253 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54448 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/15/28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139529 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.887%, due 11/01/51 | 439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292853 |
| &nbsp;&nbsp;&nbsp;3.969%, due 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68969 |
| &nbsp;&nbsp;&nbsp;4.150%, due 10/15/28 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291083 |
| CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/29<sup>4</sup> | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182264 |
| DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23757 |
| DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 11/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35974 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.050%, due 04/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23910 |
| &nbsp;&nbsp;&nbsp;5.576%, due 01/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44840 |
| Gray Escrow II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41963 |
| Gray Television, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36845 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8899 |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37717 |
| Radiate Holdco LLC/Radiate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32382 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20438 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48610 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21096 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32588 |
| Time Warner Cable Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35259 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Media—(concluded)** | | |
| Time Warner Cable LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.550%, due 05/01/37 | $25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23961 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34050 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48727 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24950 |
| Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/29 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84658 |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/15/45 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1949166 |
| **Mining: 0.2%** |  |  |
| Arconic Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70421 |
| Hudbay Minerals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22380 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8936 |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66682 |
| Teck Resources Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 07/15/30 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351504 |
| **Miscellaneous manufacturers: 0.2%** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29575 |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18903 |
| GE Capital Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 05/15/25 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192917 |
| GE Capital International Funding Co. Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.418%, due 11/15/35 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188771 |
| Illinois Tool Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, due 11/15/26 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532863 |
| **Oil & gas: 0.8%** |  |  |
| Aker BP ASA, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/30<sup>4</sup> | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132935 |
| Antero Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17346 |
| Apache Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41948 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36951 |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28427 |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/31/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966 |
| BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.017%, due 01/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70509 |
| California Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/26<sup>4</sup> | 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61268 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13820 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63482 |
| ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.758%, due 03/15/42 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127011 |
| Ecopetrol SA, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/26/26 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302924 |
| EOG Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45294 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 05/15/26<sup>4</sup> | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138470 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18937 |
| Equinor ASA, |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/08/43 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48047 |
| Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.114%, due 03/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43535 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72368 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9195 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19046 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/44 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93708 |
| Murphy Oil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43323 |
| Nabors Industries Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19225 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67596 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42383 |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26546 |
| &nbsp;&nbsp;&nbsp;6.450%, due 09/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57143 |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14194 |
| &nbsp;&nbsp;&nbsp;8.500%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28340 |
| Shell International Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/11/45 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89793 |
| Southwestern Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1850029 |
| **Oil & gas services: 0.1%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10202 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21285 |
| Oceaneering International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56208 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Oil & gas services—(concluded)** | | |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/28 | $4000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 |
| USA Compression Partners LP/USA Compression Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61101 |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/30/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25893 |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/01/24<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191644 |
| **Packaging & containers: 0.1%** |  |  |
| Cascades, Inc./Cascades USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30926 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18637 |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36988 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/13/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148261 |
| **Pharmaceuticals: 0.4%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 05/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28517 |
| &nbsp;&nbsp;&nbsp;3.800%, due 03/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88050 |
| &nbsp;&nbsp;&nbsp;4.450%, due 05/14/46 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176415 |
| Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/39 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226985 |
| Pfizer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 03/15/39 | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853250 |
| **Pipelines: 0.8%** |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23063 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 12/15/25<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67609 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 |
| &nbsp;&nbsp;&nbsp;5.600%, due 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 |
| CNX Midstream Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59214 |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25188 |
| DCP Midstream Operating LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/25 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689 |
| Enbridge Energy Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/15/45 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113261 |
| Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 10/01/47 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86238 |
| EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28275 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30469 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/31<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10944 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30318 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30999 |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51538 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35775 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60945 |
| Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26424 |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 03/01/28 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145029 |
| &nbsp;&nbsp;&nbsp;5.550%, due 06/01/45 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111987 |
| MPLX LP, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/25 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118392 |
| Plains All American Pipeline LP/PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 09/15/30 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131396 |
| Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27 | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177676 |
| Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24185 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 02/01/25<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42174 |
| &nbsp;&nbsp;&nbsp;4.650%, due 07/01/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194507 |
| &nbsp;&nbsp;&nbsp;5.450%, due 04/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108 |
| Williams Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 03/04/24 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1829600 |
| **Real estate investment trusts: 0.3%** |  |  |
| AvalonBay Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 06/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67588 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** | | |
| **Real estate investment trusts—(concluded)** | | |
| Boston Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 10/01/26 | $40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36291 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42313 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54563 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 |
| iStar, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/2<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29516 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24528 |
| Public Storage, |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 11/09/31 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161746 |
| Service Properties Trust, |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19350 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34647 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560947 |
| **Retail: 0.7%** |  |  |
| Academy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33132 |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17450 |
| Bath & Body Works, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74894 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 05/15/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23547 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 |
| Group 1 Automotive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45805 |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 09/15/26 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276427 |
| &nbsp;&nbsp;&nbsp;3.350%, due 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38869 |
| &nbsp;&nbsp;&nbsp;3.350%, due 04/15/50 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151709 |
| Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 09/15/41 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211882 |
| Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49298 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 04/01/28 | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410163 |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/09/45 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18799 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23550 |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38074 |
| QVC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/27 | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30027 |
| &nbsp;&nbsp;&nbsp;4.850%, due 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28563 |
| Target Corp., |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 01/15/27 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137123 |
| White Cap Buyer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1660007 |
| **Semiconductors: 0.3%** |  |  |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, due 11/15/35<sup>4</sup> | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251967 |
| NVIDIA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, due 04/01/30 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88213 |
| NXP BV/NXP Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 12/01/28 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101313 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90385 |
| QUALCOMM, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 05/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608292 |
| **Software: 0.5%** |  |  |
| Cloud Software Group Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30569 |
| Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84723 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.525%, due 06/01/50 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82643 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/12/35 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232405 |
| Open Text Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, due 12/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30037 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 04/01/27 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228128 |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/40 | 366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1026671 |
| **Telecommunications: 1.0%** |  |  |
| Altice France Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/27<sup>4</sup> | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 12/01/57 | 117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84938 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/40 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386752 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/26<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24186 |
| &nbsp;&nbsp;&nbsp;8.250%, due 03/01/27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30044 |
| Consolidated Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26330 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Telecommunications—(concluded)** |  |  |
| Deutsche Telekom International Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/30<sup>8</sup> | $150000 | $178741 |
| DKT Finance ApS, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/17/23<sup>6</sup> | 100000 | 101307 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27<sup>4</sup> | 90000 | 85637 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/29<sup>4</sup> | 35000 | 29405 |
| GoTo Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/27<sup>4</sup> | 45000 | 26325 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/28<sup>4</sup> | 86000 | 67337 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/27<sup>4</sup> | 35000 | 29837 |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/15/26<sup>4</sup> | 35000 | 29925 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/01/25 | 5000 | 4800 |
| Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/44 | 40000 | 34853 |
| Sprint Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/15/28 | 55000 | 58279 |
| Sprint LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/26 | 150000 | 157760 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 07/18/36 | 30000 | 24867 |
| &nbsp;&nbsp;&nbsp;7.721%, due 06/04/38 | 25000 | 21028 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.355%, due 03/15/32 | 209000 | 167770 |
| &nbsp;&nbsp;&nbsp;4.016%, due 12/03/29 | 432000 | 407582 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/15/25<sup>4</sup> | 60000 | 55750 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/15/27<sup>4</sup> | 20000 | 18381 |
|  |  | 2209834 |
| **Transportation: 0.3%** |  |  |
| Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 09/01/43 | 210000 | 210689 |
| Norfolk Southern Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 11/01/49 | 100000 | 74004 |
| Union Pacific Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/01/35 | 300000 | 257152 |
| United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 11/15/47 | 50000 | 42023 |
|  |  | 583868 |
| **Trucking & leasing: 0.0%<sup>†</sup>** |  |  |
| Fortress Transportation and Infrastructure Investors LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>4</sup> | 26000 | 22621 |
| **Total corporate bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$41,436,844) |  | **36527797** |
| **Mortgage-backed securities: 2.4%** |  |  |
| Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.593%, due 10/25/49<sup>4,9</sup> | 48786 | 45736 |
| &nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.469%, due 06/25/65<sup>4,9</sup> | 68158 | 61442 |
| &nbsp;&nbsp;&nbsp;Series 2020-R1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.990%, due 04/25/53<sup>4,9</sup> | 106574 | 99101 |
| Angel Oak Mortgage Trust I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.649%, due 09/25/48<sup>4,9</sup> | 2002 | 1990 |
| &nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.993%, due 07/26/49<sup>4,9</sup> | 9650 | 9575 |
| BAMLL Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-200P, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.716%, due 04/14/33<sup>4,9</sup> | 400000 | 352814 |
| BANK, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-BN30, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;1.925%, due 12/15/53 | 350000 | 276089 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SOAR, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.276%, due 06/15/38<sup>4,5</sup> | 347369 | 325595 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C5, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.228%, due 06/10/51<sup>9</sup> | 350000 | 332046 |
| COLT Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3R, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.051%, due 12/25/64<sup>4,9</sup> | 277581 | 229604 |
| COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.853%, due 03/25/65<sup>4,9</sup> | 3948 | 3856 |
| &nbsp;&nbsp;&nbsp;Series 2020-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.506%, due 04/27/65<sup>4,9</sup> | 18236 | 17110 |
| COLT Mortgage Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1R, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.857%, due 05/25/65<sup>4,9</sup> | 39860 | 32421 |
| CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.208%, due 05/25/65<sup>4,8</sup> | 86740 | 78632 |
| Deephaven Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.715%, due 05/25/65<sup>4,9</sup> | 84950 | 75391 |
| Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.126%, due 07/15/38<sup>4,5</sup> | 895168 | 848042 |
| Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/25/48<sup>4,9</sup> | 261058 | 246885 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| GS Mortgage-Backed Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.017%, due 07/25/61<sup>4,9</sup> | 243384 | 200857 |
| GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.382%, due 09/27/60<sup>4,9</sup> | 46711 | 42396 |
| Hilton USA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-SFP, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.323%, due 11/05/35<sup>4</sup> | 425000 | 399600 |
| JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C26, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 01/15/48 | 250000 | 234696 |
| MHC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.476%, due 04/15/38<sup>4,5</sup> | 700000 | 659669 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C32, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;3.994%, due 12/15/49<sup>9</sup> | 260000 | 239702 |
| Residential Mortgage Loan Trust, | Residential Mortgage Loan Trust, | Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;Series 2019-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.633%, due 09/25/59<sup>4,9</sup> | 35820 | 34553 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.376%, due 01/26/60<sup>4,9</sup> | 24986 | 23250 |
| &nbsp;&nbsp;&nbsp;Series 2020-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.654%, due 05/25/60<sup>4,9</sup> | 26045 | 25503 |
| Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.642%, due 11/25/59<sup>4,8</sup> | 28720 | 27219 |
| &nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.502%, due 05/25/65<sup>4,8</sup> | 33987 | 30336 |
| &nbsp;&nbsp;&nbsp;Series 2020-5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.218%, due 05/25/65<sup>4,8</sup> | 78146 | 70993 |
| &nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.820%, due 10/25/63<sup>4,9</sup> | 122263 | 106264 |
| &nbsp;&nbsp;&nbsp;Series 2021-R3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.020%, due 04/25/64<sup>4,9</sup> | 231605 | 199706 |
| Vista Point Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.475%, due 04/25/65<sup>4,9</sup> | 28540 | 24932 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$5,922,194) |  | **5356005** |
| **Non-U.S. government agency obligations: 0.4%** | **Non-U.S. government agency obligations: 0.4%** | **Non-U.S. government agency obligations: 0.4%** |
| Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/21/26 | 200000 | 190038 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| &nbsp;&nbsp;&nbsp;3.250%, due 04/16/30 | 200000 | 178500 |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/27/32 | 200000 | 193000 |
| Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 01/26/36 | 265000 | 281198 |
| **Total non-U.S. government agency obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$978,757) |  | **842736** |
| **U.S. government agency obligations: 10.0%** | **U.S. government agency obligations: 10.0%** | **U.S. government agency obligations: 10.0%** |
| FHLMC | FHLMC | FHLMC |
| &nbsp;&nbsp;&nbsp;2.000%, due 02/01/51 | 3777692 | 3119723 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/46 | 82305 | 74454 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/47 | 105085 | 94999 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/47 | 103848 | 93881 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/47 | 90861 | 87455 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/38 | 9788 | 9965 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/37 | 48259 | 50208 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/40 | 12459 | 12963 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/28 | 21132 | 21919 |
| FNMA | FNMA | FNMA |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/51 | 487639 | 402783 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/01/51 | 482306 | 397904 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/35 | 233039 | 215682 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/51 | 1097231 | 940638 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/48 | 173230 | 156546 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/50 | 179242 | 160075 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/47 | 70603 | 65798 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/48 | 492028 | 458538 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/39 | 29525 | 28758 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/41 | 15204 | 14800 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/45 | 94253 | 91107 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/37 | 100730 | 100421 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/47 | 44133 | 43673 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 4471 | 4564 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/40 | 3495 | 3571 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/39 | 17661 | 18360 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32 | 71582 | 76743 |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/33 | 1013 | 1044 |
| GNMA I, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/42 | 25752 | 25182 |
| GNMA II | GNMA II | GNMA II |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/20/47 | 41260 | 37859 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/20/47 | 113073 | 103771 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/20/47 | 85455 | 78425 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/47 | 104603 | 98812 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/20/28 | 223 | 227 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/20/29 | 463 | 472 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/20/34 | 198770 | 208005 |
| GNMA II TBA | GNMA II TBA | GNMA II TBA |
| &nbsp;&nbsp;&nbsp;2.000% | 1925000 | 1632733 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount** | **Face<br> amount** | **Value** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;2.500% | $| 1975000 | $| 1729537 |
| &nbsp;&nbsp;&nbsp;3.000% |  | 2375000 |  | 2138920 |
| UMBS TBA | UMBS TBA | UMBS TBA | UMBS TBA | UMBS TBA |
| &nbsp;&nbsp;&nbsp;2.000% |  | 4975000 |  | 4086888 |
| &nbsp;&nbsp;&nbsp;2.500% |  | 6325000 |  | 5396237 |
| **Total U.S. government agency obligations** <br> (cost—$22,336,744) |  |  |  | **22283640** |
| **U.S. Treasury obligations: 1.0%** | **U.S. Treasury obligations: 1.0%** | **U.S. Treasury obligations: 1.0%** | **U.S. Treasury obligations: 1.0%** | **U.S. Treasury obligations: 1.0%** |
| U.S. Treasury Bonds,3.375%, due 08/15/42 |  | 905000 |  | 827934 |
| U.S. Treasury Inflation Indexed Notes (TIPS),0.125%, due 07/15/31 |  | 1627775 |  | 1469851 |
| **Total U.S. Treasury obligations<br> (cost—$2,318,809)** |  |  |  | **2297785** |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| **Short term investments: 8.6%** | **Short term investments: 8.6%** |
| **Investment companies: 8.6%** |  |
| State Street Institutional U.S. Government Money Market Fund, 3.660%<sup>10</sup><br> (cost—$19,296,519) | 19296519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number**<br> **of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Options Purchased: 0.0%<sup>†</sup>** | **Options Purchased: 0.0%<sup>†</sup>** | **Options Purchased: 0.0%<sup>†</sup>** | **Options Purchased: 0.0%<sup>†</sup>** | **Options Purchased: 0.0%<sup>†</sup>** |
| CDX.NA.HY.S39, strike @98.000, expiring 12/21/22, (Counterparty: JPMCB),<br> (cost—$20,430) | 1000000 | USD | 98000000 | $1083 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Investment of cash collateral from securities loaned: 3.0%** | **Investment of cash collateral from securities loaned: 3.0%** | **Investment of cash collateral from securities loaned: 3.0%** |
| **Money market funds: 3.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.820%<sup>10</sup><br> (cost—$6,648,737) | $6648737 | 6648737 |
| **Total investments<br> (cost—$238,574,894)<sup>11</sup>: 108.5%** |  | **242811295** |
| Liabilities in excess of other assets: (8.5)% |  | (19115670) |
| **Net assets: 100.0%** |  | $**223695625** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options written** | **Options written** | **Options written** | **Options written** | **Options written** | **Options written** | **Options written** | **Options written** | **Options written** |
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 91000 | 1000000 | CDX.NA.HY.S39, strike @91.000 | JPMCB | 12/21/22 | $5300 | $(35) | $5265 |
|  |  |  | **Put options** |  |  |  |  |  |
| USD | 95500 | 1000000 | CDX.NA.HY.S39, strike @95.500 | JPMCB | 12/21/22 | $12200 | $(269) | $11931 |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**17500** | $**(304)** | $**17196** |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** |
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts** | **Index futures buy contracts** | **Index futures buy contracts** | **Index futures buy contracts** | **Index futures buy contracts** | **Index futures buy contracts** | **Index futures buy contracts** |
| 105 | USD | E-mini Russell 2000 Index Futures | December 2022 | $10045607 | $9909375 | $(136232) |
| **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** | **U.S. Treasury futures buy contracts** |
| 25 | USD | U.S. Treasury Note 10 Year Futures | March 2023 | $2835543 | $2837500 | $1957 |
| 3 | USD | Ultra U.S. Treasury Note 10 Year Futures | March 2023 | 355550 | 358969 | 3419 |
| 27 | USD | U.S. Treasury Note 5 Year Futures | March 2023 | 2914333 | 2931398 | 17065 |
| 9 | USD | U.S. Treasury Note 2 Year Futures | March 2023 | 1843322 | 1848234 | 4912 |
| **Total** |  |  |  | $**17994355** | $**17885476** | $**(108879)** |
| **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** | **U.S. Treasury futures sell contracts** |
| 3 | USD | U.S. Treasury Ultra Bond Futures | March 2023 | $(405207) | $(408844) | $(3637) |
| **Index futures sell contracts** | **Index futures sell contracts** | **Index futures sell contracts** | **Index futures sell contracts** | **Index futures sell contracts** | **Index futures sell contracts** | **Index futures sell contracts** |
| 27 | USD | S&P 500 E-Mini Index Futures | December 2022 | $(5405659) | $(5509687) | $(104028) |
| **Total** |  |  |  | $**(5810866)** | $**(5918531)** | $**(107665)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(216544)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** |
| **Referenced obligations** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the <br> Portfolio<sup>13</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.IG.S39 | USD | 6000 | 12/20/27 | Quarterly | 1.000% | $8740 | $(77935) | $(69195) |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>13</sup>** | **Payments<br> recieved by<br> the Portfolio<sup>13</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 2 | 03/20/23 | Quarterly | Markit iBoxx USD Liquid High Yield Index | 12 Month SOFR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3940 | $3940 |
| MSCI | USD | 2 | 03/20/23 | Quarterly | Markit iBoxx USD Liquid High Yield Index | 12 Month SOFR |  | 5487 | 5487 |
|  |  |  |  |  |  |  | $**—** | $**9427** | $**9427** |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $128866681 | $— | $— | $128866681 |
| Preferred stocks |  |  |  |  |
| Exchange traded funds | 6729031 |  |  | 6729031 |
| Asset-backed securities |  | 13961281 |  | 13961281 |
| Corporate bonds |  | 36527797 |  | 36527797 |
| Mortgage-backed securities |  | 5356005 |  | 5356005 |
| Non-U.S. government agency obligations |  | 842736 |  | 842736 |
| U.S. government agency obligations |  | 22283640 |  | 22283640 |
| U.S. Treasury obligations |  | 2297785 |  | 2297785 |
| Short-term investments |  | 19296519 |  | 19296519 |
| Options purchased |  | 1083 |  | 1083 |
| Investment of cash collateral from securities loaned |  | 6648737 |  | 6648737 |
| Futures contracts | 27353 |  |  | 27353 |
| Swap agreements |  | 9427 |  | 9427 |
| **Total** | $**135623065** | $**107225010** | $**—** | $**242848075** |
| **Liabilities** |  |  |  |  |
| Options written | $— | $(304) | $— | $(304) |
| Futures contracts | (243897) |  |  | (243897) |
| Swap agreements |  | (77935) |  | (77935) |
| **Total** | $**(243897)** | $**(78239)** | $**—** | $**(322136)** |

---

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

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

---

| | |
|:---|:---|
| **Portfolio footnotes** | **Portfolio footnotes** |
| † | Amount is less than 0.05% or (0.05). |
| \* | Non–income producing security. |
| 1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 2 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 3 | Security, or portion thereof, was on loan at the period end. |
| 4 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $25,321,251, represented 11.3% of the Fund's net assets at period end. |
| 5 | Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. |
| 6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 7 | Perpetual investment. Date shown reflects the next call date. |
| 8 | Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date. |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – November 30, 2022 (unaudited)** 

---

| | |
|:---|:---|
| 9 | Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| 10 | Rates shown reflect yield at November 30, 2022. |
| 11 | Includes $6,661,697 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,648,737 and non-cash collateral of $0. |
| 12 | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 13 | Payments made or received are based on the notional amount. |

---

---

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

---

---

| | |
|:---|:---|
| **Currency type abbreviations** | **Currency type abbreviations** |
| USD | United States Dollar |

---

**UBS Series Funds**

UBS U.S. Allocation Fund

**Valuation of investments**

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

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

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

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

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

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

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

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

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

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

**UBS Series Funds**

UBS U.S. Allocation Fund

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

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

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

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

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

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

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

For more information regarding the Fund's other significant accounting policies, please refer to the Fund's annual report to shareholders dated August 31, 2022.

## 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 INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-06292

- **c. CIK number of Registrant:** 0000873803

- **d. LEI of Registrant:** 549300G2BM6HG0OCX065

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

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

  - **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 U.S. Allocation Fund

- **b. EDGAR series identifier (if any):** S000002487

- **c. LEI of Series:** 549300J5GDB8VRARXP29

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $246235304.47

**Total Liabilities:** $22476743.40

**Net Assets:** $223758561.07

**Delayed Delivery Securities:** $30187.50

**Cash Not Reported:** $969405.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1041.41000000 | **1-Year:** -1283.67000000 | **5-Year:** -5093.98000000 | **10-Year:** -15116.63000000 | **30-Year:** -15007.89000000

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

- **3-Month:** -13.72000000 | **1-Year:** -109.17000000 | **5-Year:** -2616.35000000 | **10-Year:** -1281.74000000 | **30-Year:** -123.31000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006689 | -7.60%               | 5.15%                | 4.26%                |
| Class ID C000006692 | -7.59%               | 5.19%                | 4.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1510114.12             | $-14764371.36                              |
| Month 2  | $-1783668.67             | $11422634.83                               |
| Month 3  | $-1143012.26             | $9937560.11                                |

**Designated Index Information**

- **Index Name:** 65% Russell 3000 30% Barclays US Aggregate 5% ML High Yield Cash Pay (J0A0)

- **Index Identifier:** 65% Russell 3000 30% Barclays US Aggregate 5% ML High Yield Cash Pay (J0A0)

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES INC                          | United Airlines, Inc.                                                          | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     38000 | PA      | $35378.96     | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                  | Honeywell International, Inc.                                                  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3481 | NS      | $764253.55    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                  | Discover Financial Services                                                    | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |       454 | NS      | $49195.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                       | Nationstar Mortgage Holdings, Inc.                                             | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31818.85     | 0.01%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                    | PG&E Corp.                                                                     | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46130.50     | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                  | Oracle Corp.                                                                   | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228128.36    | 0.10%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                      | Macy's Retail Holdings LLC                                                     | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $49297.95     | 0.02%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC                     | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21648.25     | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                        | Time Warner Cable LLC                                                          | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23961.43     | 0.01%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                     | Hilcorp Energy I LP/Hilcorp Finance Co.                                        | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19046.25     | 0.01%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                 | Comcast Corp.                                                                  | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291082.52    | 0.13%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                   | GLS Auto Receivables Trust                                                     | CUSIP: 36255XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246682 | PA      | $246535.39    | 0.11%             | 2024-07-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                     | Angel Oak Mortgage Trust                                                       | CUSIP: 034651AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106574 | PA      | $99101.43     | 0.04%             | 2053-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                     | EQT Corp.                                                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      7065 | NS      | $299626.65    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                       | Verizon Communications, Inc.                                                   | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    432000 | PA      | $407581.82    | 0.18%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Nordson Corp                                 | Nordson Corp.                                                                  | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |        20 | NS      | $4729.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                        | Wells Fargo & Co.                                                              | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     95000 | PA      | $88431.71     | 0.04%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratories International Inc | Charles River Laboratories International, Inc.                                 | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |        87 | NS      | $19885.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                             | EPAM Systems, Inc.                                                             | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |        91 | NS      | $33540.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Mortgage Loan Trust              | Residential Mortgage Loan Trust                                                | CUSIP: 76123MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26045 | PA      | $25502.93     | 0.01%             | 2060-05-25      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                            | Cisco Systems, Inc.                                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      6280 | NS      | $312241.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                     | Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.              | CUSIP: 67421QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25187.50     | 0.01%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                               | Albemarle Corp.                                                                | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       935 | NS      | $259920.65    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                 | Assurant, Inc.                                                                 | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       101 | NS      | $12950.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                     | CUSIP: 674599EB7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42383.25     | 0.02%             | 2025-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                               | Salesforce, Inc.                                                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6438 | NS      | $1031689.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit, Inc.                                                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       428 | NS      | $174448.52    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                     | Bank OZK                                                                       | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     19455 | NS      | $897848.25    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                      | Booz Allen Hamilton, Inc.                                                      | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35465.20     | 0.02%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                    | L3Harris Technologies, Inc.                                                    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       123 | NS      | $27930.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                                | BlackRock, Inc.                                                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |       253 | NS      | $181148.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                      | Zebra Technologies Corp.                                                       | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |        86 | NS      | $23244.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                    | Warner Bros Discovery, Inc.                                                    | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      2082 | NS      | $23734.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CALPINE CORP                                 | Calpine Corp.                                                                  | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25902.12     | 0.01%             | 2029-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                     | Acadia Healthcare Co., Inc.                                                    | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32291.35     | 0.01%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                    | Apple, Inc.                                                                    | CUSIP: 037833BA7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    200000 | PA      | $165262.97    | 0.07%             | 2045-02-09      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United Parcel Service Inc                    | United Parcel Service, Inc.                                                    | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       463 | NS      | $87844.99     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                          | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |       201 | NS      | $51391.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH NETWORK CORP                            | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35974.05     | 0.02%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DISH Network Corp                            | DISH Network Corp.                                                             | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |       334 | NS      | $5360.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                | Accenture PLC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       968 | NS      | $291300.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Auto Lease Trust                       | Tesla Auto Lease Trust                                                         | CUSIP: 88161KAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $297868.68    | 0.13%             | 2025-09-22      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA Inc                          | DENTSPLY SIRONA, Inc.                                                          | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |       307 | NS      | $9289.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                           | Equity Residential                                                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |       450 | NS      | $29187.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENLINK MIDSTREAM LLC                         | EnLink Midstream LLC                                                           | CUSIP: 29336TAD2<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30468.60     | 0.01%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMETEK Inc                                   | AMETEK, Inc.                                                                   | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       146 | NS      | $20793.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton USA Trust                             | Hilton USA Trust                                                               | CUSIP: 43289VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $399600.26    | 0.18%             | 2035-11-05      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc               | American Electric Power Co., Inc.                                              | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       769 | NS      | $74439.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust                                                     | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122263 | PA      | $106263.79    | 0.05%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| General Motors Co                            | General Motors Co.                                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      1340 | NS      | $54350.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                         | Western Digital Corp.                                                          | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       514 | NS      | $18889.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                     | AT&T, Inc.                                                                     | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    117000 | PA      | $84938.25     | 0.04%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association, TBA                                  | CUSIP: 21H0206C4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1925000 | PA      | $1632733.03   | 0.73%             | 2052-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                      | DCP Midstream Operating LP                                                     | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24689.44     | 0.01%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                     | Angel Oak Mortgage Trust I LLC                                                 | CUSIP: 03464NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2002 | PA      | $1990.17      | 0.00%             | 2048-09-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Comerica Inc                                 | Comerica, Inc.                                                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       230 | NS      | $16500.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES / NOTE                       | VICI Properties LP/VICI Note Co., Inc.                                         | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              |  | US        |     55000 | PA      | $49905.53     | 0.02%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                    | Teledyne Technologies, Inc.                                                    | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        75 | NS      | $31507.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                       | U.S. Treasury Inflation-Indexed Notes                                          | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1627775 | PA      | $1469851.24   | 0.66%             | 2031-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31390RK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1013 | PA      | $1043.58      | 0.00%             | 2033-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Welltower Inc                                | Welltower, Inc.                                                                | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               |  | US        |       664 | NS      | $47163.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                              | McDonald's Corp.                                                               | CUSIP: 58013MFF6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    425000 | PA      | $410163.13    | 0.18%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Expeditors International of Washington Inc   | Expeditors International of Washington, Inc.                                   | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |        97 | NS      | $11257.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                     | Prudential Financial, Inc.                                                     | CUSIP: 74432QBN4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    110000 | PA      | $120747.79    | 0.05%             | 2040-06-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                     | Swap                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              |  | US        |    600000 | OU      | $9351.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                      | Delta Air Lines Pass-Through Trust                                             | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96845 | PA      | $83073.08     | 0.04%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                             | Genuine Parts Co.                                                              | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       118 | NS      | $21632.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                     | MSCI, Inc.                                                                     | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       141 | NS      | $71604.03     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                   | Chipotle Mexican Grill, Inc.                                                   | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       471 | NS      | $766298.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                  | Viatris, Inc.                                                                  | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      2048 | NS      | $22589.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                         | Progressive Corp.                                                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       982 | NS      | $129771.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                  | Jack Henry & Associates, Inc.                                                  | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       123 | NS      | $23290.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                    | Pool Corp.                                                                     | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |        43 | NS      | $14164.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                  | American Water Works Co., Inc.                                                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       253 | NS      | $38395.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418TK89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3495 | PA      | $3570.88      | 0.00%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                   | Vertex Pharmaceuticals, Inc.                                                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      3855 | NS      | $1219722.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                 | Barclays PLC                                                                   | CUSIP: 06738EAU9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $283688.49    | 0.13%             | 2028-01-10      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                          | Dominion Energy, Inc.                                                          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      1142 | NS      | $69787.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                   | Mondelez International, Inc.                                                   | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     25692 | NS      | $1737036.12   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                           | Union Pacific Corp.                                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4169 | NS      | $906465.67    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAIN INC                        | Caesars Entertainment, Inc.                                                    | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88334.40     | 0.04%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC/CCO Holdings Capital Corp.                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $31160.00     | 0.01%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4603 | NS      | $819334.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                     | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.              | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              |  | US        |     30000 | PA      | $24527.80     | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp                           | Realty Income Corp.                                                            | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |       811 | NS      | $51149.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PATRICK INDUSTRIES INC                       | Patrick Industries, Inc.                                                       | CUSIP: 703343AC7<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38073.60     | 0.02%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                              | McDonald's Corp.                                                               | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2819 | NS      | $768995.01    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                     | Option                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |   1000000 | NC      | $1082.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NetApp Inc                                   | NetApp, Inc.                                                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       318 | NS      | $21499.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                    | Hess Corp.                                                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |       614 | NS      | $88360.74     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL HLDGS BM LTD                        | Carnival Holdings Bermuda Ltd.                                                 | CUSIP: 14366RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62472.00     | 0.03%             | 2028-05-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN                     | Time Warner Cable Enterprises LLC                                              | CUSIP: 88731EAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35258.96     | 0.02%             | 2023-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                       | UnitedHealth Group, Inc.                                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3387 | NS      | $1855263.12   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AKER BP ASA                                  | Aker BP ASA                                                                    | CUSIP: 00973RAF0<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    150000 | PA      | $132935.38    | 0.06%             | 2030-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp.                                                                 | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     30000 | PA      | $25275.00     | 0.01%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                 | Comcast Corp.                                                                  | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    439000 | PA      | $292852.87    | 0.13%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                        | United Parcel Service, Inc.                                                    | CUSIP: 911312BN5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42022.66     | 0.02%             | 2047-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Clorox Co/The                                | Clorox Co.                                                                     | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       237 | NS      | $35230.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                     | Molson Coors Beverage Co.                                                      | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |       364 | NS      | $20060.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HPEFS Equipment Trust                        | HPEFS Equipment Trust                                                          | CUSIP: 40440YAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675000 | PA      | $636705.83    | 0.28%             | 2031-03-20      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc              | Philip Morris International, Inc.                                              | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2794 | NS      | $278477.98    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES INC                         | Dycom Industries, Inc.                                                         | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38647.80     | 0.02%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United Rentals Inc                           | United Rentals, Inc.                                                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1853 | NS      | $654164.59    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR FUNDING INC                          | Avantor Funding, Inc.                                                          | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64400.00     | 0.03%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                          | Dominion Energy, Inc.                                                          | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146082.44    | 0.07%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                            | Kinder Morgan, Inc.                                                            | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111986.89    | 0.05%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                     | BX Commercial Mortgage Trust                                                   | CUSIP: 05608WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    347369 | PA      | $325595.28    | 0.15%             | 2038-06-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp         | International Business Machines Corp.                                          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1364 | NS      | $203099.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                  | Pentair PLC                                                                    | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |       119 | NS      | $5446.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                           | Valero Energy Corp.                                                            | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       873 | NS      | $116650.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                   | AbbVie, Inc.                                                                   | CUSIP: 00287YAW9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176414.59    | 0.08%             | 2046-05-14      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp                                | Amphenol Corp.                                                                 | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |       886 | NS      | $71260.98     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                             | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     37768 | NS      | $1810975.60   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                          | Northern Trust Corp.                                                           | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |       381 | NS      | $35474.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                    | News Corp.                                                                     | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       343 | NS      | $6568.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                 | Broadcom, Inc.                                                                 | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    340000 | PA      | $251966.92    | 0.11%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                      | Goldman Sachs Group, Inc.                                                      | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145154.92    | 0.06%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                          | DT Auto Owner Trust                                                            | CUSIP: 23343GAG7<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |    857492 | PA      | $856187.09    | 0.38%             | 2024-11-15      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                      | Marathon Petroleum Corp.                                                       | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1110 | NS      | $135209.10    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PerkinElmer Inc                              | PerkinElmer, Inc.                                                              | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |       234 | NS      | $32696.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS INC                            | Lithia Motors, Inc.                                                            | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18500.00     | 0.01%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                     | PM General Purchaser LLC                                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $48246.72     | 0.02%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                      | Oncor Electric Delivery Co. LLC                                                | CUSIP: 68233JBB9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32438.46     | 0.01%             | 2045-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                       | Future                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         3 | NC      | $3418.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                           | NextEra Energy, Inc.                                                           | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19977 | NS      | $1692051.90   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128KQV86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48259 | PA      | $50207.59     | 0.02%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                | Hilton Worldwide Holdings, Inc.                                                | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       246 | NS      | $35084.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                      | UDR, Inc.                                                                      | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |       320 | NS      | $13270.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                               | Microsoft Corp.                                                                | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    120000 | PA      | $82642.60     | 0.04%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| General Mills Inc                            | General Mills, Inc.                                                            | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      1048 | NS      | $89394.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                | DR Horton, Inc.                                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |       283 | NS      | $24338.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | Paychex, Inc.                                                                  | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       476 | NS      | $59038.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                            | Marathon Oil Corp.                                                             | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |      1428 | NS      | $43739.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Multi-Asset Execution Trust      | Capital One Multi-Asset Execution Trust                                        | CUSIP: 14041NCG4<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $335773.90    | 0.15%             | 2028-05-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                     | MarketAxess Holdings, Inc.                                                     | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        66 | NS      | $17682.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       105 | NC      | $-136232.25   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| NOVA Chemicals Corp                          | NOVA Chemicals Corp.                                                           | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $53854.62     | 0.02%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                  | Exelon Corp.                                                                   | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    300000 | PA      | $256276.33    | 0.11%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                     | CHS/Community Health Systems, Inc.                                             | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     53000 | PA      | $28355.00     | 0.01%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Schlumberger Ltd                             | Schlumberger Ltd.                                                              | CUSIP: 000000000<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      3108 | NS      | $160217.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANEERING INTL INC                         | Oceaneering International, Inc.                                                | CUSIP: 675232AA0<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     58000 | PA      | $56208.38     | 0.03%             | 2024-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                      | Illinois Tool Works, Inc.                                                      | CUSIP: 452308AX7<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102697.05    | 0.05%             | 2026-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                   | AbbVie, Inc.                                                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     25085 | NS      | $4043200.30   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                            | Tractor Supply Co.                                                             | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       108 | NS      | $24441.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                | Universal Health Services, Inc.                                                | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       111 | NS      | $14524.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS INC                     | United Natural Foods, Inc.                                                     | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58200.00     | 0.03%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                     | NCR Corp.                                                                      | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30107.34     | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC              | Seagate Technology Holdings PLC                                                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       333 | NS      | $17639.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                     | Lloyds Banking Group PLC                                                       | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $380154.42    | 0.17%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                          | Bank of Nova Scotia                                                            | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $129341.94    | 0.06%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Ventas Inc                                   | Ventas, Inc.                                                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |       582 | NS      | $27080.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128MJ2F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    103848 | PA      | $93881.25     | 0.04%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                     | Warnermedia Holdings, Inc.                                                     | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120082.23    | 0.05%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                        | Nabors Industries, Inc.                                                        | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14587.50     | 0.01%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                     | National Rural Utilities Cooperative Finance Corp.                             | CUSIP: 637432NQ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94666.66     | 0.04%             | 2028-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                      | Walt Disney Co.                                                                | CUSIP: 254687FL5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84658.10     | 0.04%             | 2029-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                             | COLT Mortgage Loan Trust                                                       | CUSIP: 19688JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3948 | PA      | $3856.12      | 0.00%             | 2065-03-25      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                     | Graphic Packaging International LLC                                            | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34773.07     | 0.02%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust        | Westlake Automobile Receivables Trust                                          | CUSIP: 96042QAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1183691 | PA      | $1175148.26   | 0.53%             | 2025-11-17      | Fixed         | 0.78%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                | Citigroup, Inc.                                                                | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $218090.61    | 0.10%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                      | Flagstar Mortgage Trust                                                        | CUSIP: 33849NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261058 | PA      | $246884.58    | 0.11%             | 2048-09-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific, Inc.                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       680 | NS      | $380949.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                        | Costco Wholesale Corp.                                                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       801 | NS      | $431939.25    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| YALE UNIVERSITY                              | Yale University                                                                | CUSIP: 98459LAB9<br>LEI: 9SFB6DIM0FRWV0EV8S84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80877.05     | 0.04%             | 2030-04-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                         | Boston Properties LP                                                           | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |     40000 | PA      | $36291.11     | 0.02%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                            | Expedia Group, Inc.                                                            | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4135 | NS      | $441783.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                           | Ford Motor Co.                                                                 | CUSIP: 345370BY5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35376.60     | 0.02%             | 2028-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                        | Alibaba Group Holding Ltd.                                                     | CUSIP: 01609WAX0<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $159014.00    | 0.07%             | 2031-02-09      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Everest Re Group Ltd                         | Everest Re Group Ltd.                                                          | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |        62 | NS      | $20952.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                            | Brown-Forman Corp.                                                             | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |       307 | NS      | $22417.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                 | Teradyne, Inc.                                                                 | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       219 | NS      | $20465.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418CMX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44133 | PA      | $43673.02     | 0.02%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                      | United Rentals North America, Inc.                                             | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25125.00     | 0.01%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp          | Cognizant Technology Solutions Corp.                                           | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       758 | NS      | $47155.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                   | Masco Corp.                                                                    | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |       188 | NS      | $9546.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                     | eBay, Inc.                                                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       453 | NS      | $20584.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                         | WEC Energy Group, Inc.                                                         | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       434 | NS      | $43026.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                            | EOG Resources, Inc.                                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4340 | NS      | $615976.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                       | Arch Capital Group Ltd.                                                        | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |       575 | NS      | $34448.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                          | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20437.50     | 0.01%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 3M Co                                        | 3M Co.                                                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       358 | NS      | $45097.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL                       | Williams Scotsman International, Inc.                                          | CUSIP: 71953LAA9<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26730.00     | 0.01%             | 2025-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NIKE Inc                                     | NIKE, Inc.                                                                     | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      1141 | NS      | $125156.29    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Mortgage Loan Trust              | Residential Mortgage Loan Trust                                                | CUSIP: 76119NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35820 | PA      | $34552.54     | 0.02%             | 2059-09-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc                     | Agilent Technologies, Inc.                                                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      4071 | NS      | $630923.58    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                     | Deutsche Telekom International Finance BV                                      | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $178740.92    | 0.08%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Splunk Inc                                   | Splunk, Inc.                                                                   | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |      9563 | NS      | $742853.84    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORPORATION                       | Murphy Oil Corp.                                                               | CUSIP: 626717AA0<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43322.77     | 0.02%             | 2029-05-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                        | Mexico Government International Bonds                                          | CUSIP: 91087BAK6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $193000.00    | 0.09%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                 | Calpine Corp.                                                                  | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31347.77     | 0.01%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                 | State Street Navigator Securities Lending Government Money Market Portfolio    | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   6648736 | NS      | $6648736.50   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                         | GrafTech Finance, Inc.                                                         | CUSIP: 384311AA4<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |     67000 | PA      | $55861.25     | 0.02%             | 2028-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain, Inc.                                                            | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     45000 | PA      | $40500.00     | 0.02%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                        | Micron Technology, Inc.                                                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     15138 | NS      | $872705.70    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                         | Regency Centers Corp.                                                          | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |       234 | NS      | $15544.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                     | EQM Midstream Partners LP                                                      | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19400.00     | 0.01%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                         | Williams Cos., Inc.                                                            | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     59701 | NS      | $2071624.70   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                  | HubSpot, Inc.                                                                  | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1962 | NS      | $594544.86    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                  | Snap-on, Inc.                                                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |        23 | NS      | $5533.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                | Citigroup, Inc.                                                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3230 | NS      | $156364.30    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm, Inc.                                                                | CUSIP: 893647BH9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35087.50     | 0.02%             | 2027-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance Inc                 | Walgreens Boots Alliance, Inc.                                                 | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      1339 | NS      | $55568.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                    | Chubb Ltd.                                                                     | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       702 | NS      | $154152.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRINT LLC                                   | Sprint LLC                                                                     | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157759.80    | 0.07%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                     | Hilcorp Energy I LP/Hilcorp Finance Co.                                        | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79000 | PA      | $72368.50     | 0.03%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                       | Tesla Auto Lease Trust                                                         | CUSIP: 88161FAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    575000 | PA      | $541786.45    | 0.24%             | 2025-03-20      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                            | Omnicom Group, Inc.                                                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |       215 | NS      | $17148.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                          | NCL Corp. Ltd.                                                                 | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     30000 | PA      | $24608.44     | 0.01%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                       | Williams Cos., Inc.                                                            | CUSIP: 96950FAM6<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79057.57     | 0.04%             | 2024-03-04      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc/The         | PNC Financial Services Group, Inc.                                             | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |       687 | NS      | $115594.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                    | Caesars Entertainment, Inc.                                                    | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       212 | NS      | $10771.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                        | General Dynamics Corp.                                                         | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       134 | NS      | $33820.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                              | Xcel Energy, Inc.                                                              | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       753 | NS      | $52875.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                            | Newell Brands, Inc.                                                            | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55636.75     | 0.02%             | 2036-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                      | Big River Steel LLC/BRS Finance Corp.                                          | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $42271.35     | 0.02%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                              | McDonald's Corp.                                                               | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18798.81     | 0.01%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                     | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                          | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $36950.84     | 0.02%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DaVita Inc                                   | DaVita, Inc.                                                                   | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |        66 | NS      | $4866.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                 | State Street Institutional US Government Money Market Fund                     | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  19296519 | NS      | $19296519.21  | 8.62%             |  |  |  | No            |                  2 | On Loan: No      |
| SVB Financial Group                          | SVB Financial Group                                                            | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      1417 | NS      | $328432.26    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                 | Allegion PLC                                                                   | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |        54 | NS      | $6137.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                 | Comcast Corp.                                                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     29393 | NS      | $1076959.52   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                    | Qorvo, Inc.                                                                    | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       192 | NS      | $19056.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDI ESCROW ISSUER INC                        | CDI Escrow Issuer, Inc.                                                        | CUSIP: 12511VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $18552.60     | 0.01%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       -27 | NC      | $-104027.95   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                  | Invesco Ltd.                                                                   | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |       797 | NS      | $15230.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                            | General Motors Co.                                                             | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202041.20    | 0.09%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                            | Atmos Energy Corp.                                                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |       204 | NS      | $24520.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES LTD                        | Nabors Industries Ltd.                                                         | CUSIP: 629571AA8<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $19225.00     | 0.01%             | 2026-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                | Marriott International, Inc.                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       249 | NS      | $41172.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                 | Moody's Corp.                                                                  | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       283 | NS      | $84410.41     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENLINK MIDSTREAM LLC                         | EnLink Midstream LLC                                                           | CUSIP: 29336TAC4<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28275.00     | 0.01%             | 2028-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AGCO Corp                                    | AGCO Corp.                                                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      2418 | NS      | $320916.96    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                     | Builders FirstSource, Inc.                                                     | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9238.67      | 0.00%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                     | Fox Corp.                                                                      | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       292 | NS      | $9475.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                     | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      1128 | NS      | $33298.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                  | Exelon Corp.                                                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      1366 | NS      | $56511.42     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GE CAPITAL INTL FUNDING                      | GE Capital International Funding Co. Unlimited Co.                             | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $188770.53    | 0.08%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                     | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $30164.72     | 0.01%             | 2027-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                     | Celanese U.S. Holdings LLC                                                     | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28826.22     | 0.01%             | 2029-07-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                                 | Arconic Corp.                                                                  | CUSIP: 03966VAA5<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70421.25     | 0.03%             | 2028-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Cintas Corp                                  | Cintas Corp.                                                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        48 | NS      | $22165.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FleetCor Technologies Inc                    | FleetCor Technologies, Inc.                                                    | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       110 | NS      | $21582.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                | Medtronic PLC                                                                  | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      2296 | NS      | $181475.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                | CME Group, Inc.                                                                | CUSIP: 12572QAJ4<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144961.59    | 0.06%             | 2028-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software, Inc.                                                          | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |        81 | NS      | $27467.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                        | Truist Financial Corp.                                                         | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      2184 | NS      | $102233.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                         | Bank of America Corp.                                                          | CUSIP: 060505EL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29592.86     | 0.01%             | 2024-10-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                   | Advanced Micro Devices, Inc.                                                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12962 | NS      | $1006240.06   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                 | Huntington Bancshares, Inc.                                                    | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      2298 | NS      | $35573.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                           | Enphase Energy, Inc.                                                           | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       200 | NS      | $64118.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                           | Coterra Energy, Inc.                                                           | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      1738 | NS      | $48507.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Trust             | OneMain Financial Issuance Trust                                               | CUSIP: 682696AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $254227.89    | 0.11%             | 2035-09-14      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                  | PepsiCo, Inc.                                                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5829 | NS      | $1081337.79   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                        | Texas Instruments, Inc.                                                        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      1388 | NS      | $250478.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                | CME Group, Inc.                                                                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       602 | NS      | $106253.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                       | Bank of New York Mellon Corp.                                                  | CUSIP: 06406RAN7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139278.06    | 0.06%             | 2025-04-24      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                          | PayPal Holdings, Inc.                                                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1731 | NS      | $135727.71    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                 | Centene Corp.                                                                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      4395 | NS      | $382584.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                    | Uniform Mortgage-Backed Security, TBA                                          | CUSIP: 01F0206C8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4975000 | PA      | $4086887.88   | 1.83%             | 2052-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                         | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     34000 | PA      | $32265.32     | 0.01%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                 | Alphabet, Inc.                                                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     27996 | NS      | $2827316.04   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                       | Lumen Technologies, Inc.                                                       | CUSIP: 156700AZ9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4800.00      | 0.00%             | 2025-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Boston Properties Inc                        | Boston Properties, Inc.                                                        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |       209 | NS      | $15064.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                     | Estee Lauder Cos., Inc.                                                        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |       408 | NS      | $96202.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                     | Angel Oak Mortgage Trust                                                       | CUSIP: 03464KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48786 | PA      | $45736.40     | 0.02%             | 2049-10-25      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                       | Lumen Technologies, Inc.                                                       | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      1225 | NS      | $6700.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                  | Phillips 66                                                                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1058 | NS      | $114729.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                      | Royal Caribbean Cruises Ltd.                                                   | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     44000 | PA      | $38170.00     | 0.02%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Microchip Technology Inc                     | Microchip Technology, Inc.                                                     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       861 | NS      | $68182.59     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31416XSV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15204 | PA      | $14799.85     | 0.01%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust             | OneMain Financial Issuance Trust                                               | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $523618.08    | 0.23%             | 2035-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Prologis Inc                                 | Prologis, Inc.                                                                 | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     10868 | NS      | $1280141.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                         | CUSIP: 88033GDG2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8950.19      | 0.00%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                                            | CUSIP: 002824BF6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61117.65     | 0.03%             | 2026-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                      | Goldman Sachs Group, Inc.                                                      | CUSIP: 38141EB81<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    600000 | PA      | $605534.62    | 0.27%             | 2023-11-29      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31390MGJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71581 | PA      | $76742.68     | 0.03%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp                        | Lincoln National Corp.                                                         | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |       247 | NS      | $9618.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                        | Uber Technologies, Inc.                                                        | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21763.13     | 0.01%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association, TBA                                  | CUSIP: 21H0226C0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1975000 | PA      | $1729537.13   | 0.77%             | 2052-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                     | Venture Global Calcasieu Pass LLC                                              | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     28000 | PA      | $24185.00     | 0.01%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                     | Visa, Inc.                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2489 | NS      | $540113.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CLO Ltd                                 | ARES XLVIII CLO Ltd.                                                           | CUSIP: 04017FAG4<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |    725000 | PA      | $675988.55    | 0.30%             | 2030-07-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co                | Hewlett Packard Enterprise Co.                                                 | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      2097 | NS      | $35187.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                              | Southern Co.                                                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      1518 | NS      | $102677.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                   | Zoetis, Inc.                                                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       808 | NS      | $124545.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                               | NRG Energy, Inc.                                                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       313 | NS      | $13286.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                       | Boston Scientific Corp.                                                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      2456 | NS      | $111183.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                   | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       387 | NS      | $46478.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 3140H2Z43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70603 | PA      | $65797.70     | 0.03%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MONEYGRAM INTERNATIONAL                      | MoneyGram International, Inc.                                                  | CUSIP: 60935YAA7<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |    103000 | PA      | $103879.19    | 0.05%             | 2026-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co                    | Archer-Daniels-Midland Co.                                                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |       996 | NS      | $97110.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                     | Graphic Packaging International LLC                                            | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18637.00     | 0.01%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ResMed Inc                                   | ResMed, Inc.                                                                   | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       269 | NS      | $61923.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                          | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       420 | NS      | $223826.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                  | Lennar Corp.                                                                   | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       217 | NS      | $19059.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                     | Hilton Domestic Operating Co., Inc.                                            | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33646.64     | 0.02%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Co                              | Baker Hughes Co.                                                               | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2259 | NS      | $65556.18     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                       | Group 1 Automotive, Inc.                                                       | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     54000 | PA      | $45805.47     | 0.02%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                           | J M Smucker Co.                                                                | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |       191 | NS      | $29415.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                        | NXP Semiconductors NV                                                          | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       418 | NS      | $73501.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                          | Leidos Holdings, Inc.                                                          | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |        75 | NS      | $8199.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                               | CBRE Group, Inc.                                                               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       430 | NS      | $34228.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                         | Royal Bank of Canada                                                           | CUSIP: 78016EYH4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $161163.97    | 0.07%             | 2031-11-03      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                     | Service Properties Trust                                                       | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     20000 | PA      | $19350.00     | 0.01%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc                  | Raymond James Financial, Inc.                                                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       355 | NS      | $41499.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                 | CSMC Trust                                                                     | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86740 | PA      | $78631.66     | 0.04%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                | Coherent Corp.                                                                 | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35300.00     | 0.02%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                   | Biogen, Inc.                                                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       252 | NS      | $76902.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                    | Block, Inc.                                                                    | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      4747 | NS      | $321704.19    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                   | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       976 | NS      | $101855.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                         | Edison International                                                           | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       534 | NS      | $35596.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                      | Procter & Gamble Co.                                                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4301 | NS      | $641537.16    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTL LTD                         | Weatherford International Ltd.                                                 | CUSIP: 947075AP2<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     13000 | PA      | $13330.83     | 0.01%             | 2024-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Akamai Technologies Inc                      | Akamai Technologies, Inc.                                                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     12574 | NS      | $1192769.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                               | Microsoft Corp.                                                                | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232405.20    | 0.10%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                            | Amsted Industries, Inc.                                                        | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29575.00     | 0.01%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                     | EQT Corp.                                                                      | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138469.55    | 0.06%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Generac Holdings Inc                         | Generac Holdings, Inc.                                                         | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |        19 | NS      | $2004.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                            | State Street Corp.                                                             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       606 | NS      | $48280.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                         | Lockheed Martin Corp.                                                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       150 | NS      | $72778.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc             | BJ's Wholesale Club Holdings, Inc.                                             | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      7682 | NS      | $577993.68    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                     | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26546.00     | 0.01%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                | TransDigm, Inc.                                                                | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49757.00     | 0.02%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                          | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21095.50     | 0.01%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                     | California Resources Corp.                                                     | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     63000 | PA      | $61267.50     | 0.03%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                     | Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.                           | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $127914.00    | 0.06%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                               | Lowe's Cos., Inc.                                                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      4245 | NS      | $902274.75    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                | Old Dominion Freight Line, Inc.                                                | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |        55 | NS      | $16643.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                | Citigroup, Inc.                                                                | CUSIP: 172967GD7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34650.00     | 0.02%             | 2023-01-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                         | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     96000 | PA      | $84720.00     | 0.04%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                     | Jacobs Entertainment, Inc.                                                     | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |     73000 | PA      | $65700.00     | 0.03%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC/CCO Holdings Capital Corp.                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $84252.85     | 0.04%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                       | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956PAG7<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42239.11     | 0.02%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                       | Telecom Italia Capital SA                                                      | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $21028.25     | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                   | Hasbro, Inc.                                                                   | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |       116 | NS      | $7287.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSATA TECH INC                             | Sensata Technologies, Inc.                                                     | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44280.25     | 0.02%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain, Inc.                                                            | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     60000 | PA      | $54563.10     | 0.02%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                          | Sprint Capital Corp.                                                           | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58278.55     | 0.03%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Cummins Inc                                  | Cummins, Inc.                                                                  | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |        88 | NS      | $22102.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36202C6G3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       223 | PA      | $226.94       | 0.00%             | 2028-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                  | Royal Caribbean Cruises Ltd.                                                   | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       189 | NS      | $11326.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                    | IDEX Corp.                                                                     | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |        44 | NS      | $10449.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                            | Ralph Lauren Corp.                                                             | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |        50 | NS      | $5656.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                  | CDW Corp.                                                                      | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       215 | NS      | $40557.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                      | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                   | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71962.10     | 0.03%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                       | Southwestern Energy Co.                                                        | CUSIP: 845467AS8<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51711.00     | 0.02%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                     | Builders FirstSource, Inc.                                                     | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8106.60      | 0.00%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128MJ2B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    105085 | PA      | $94998.88     | 0.04%             | 2047-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc                       | Tyler Technologies, Inc.                                                       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |        65 | NS      | $22278.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                        | Norfolk Southern Corp.                                                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       150 | NS      | $38475.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                     | Avolon Holdings Funding Ltd.                                                   | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $161024.09    | 0.07%             | 2028-02-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                               | Microsoft Corp.                                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     25129 | NS      | $6411413.06   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                               | A O Smith Corp.                                                                | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |        91 | NS      | $5527.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CINEMARK USA INC                             | Cinemark USA, Inc.                                                             | CUSIP: 172441BD8<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30647.75     | 0.01%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Align Technology Inc                         | Align Technology, Inc.                                                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       133 | NS      | $26155.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                             | Paramount Global                                                               | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       475 | NS      | $9538.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                         | Targa Resources Corp.                                                          | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       507 | NS      | $37715.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SABINE PASS LIQUEFACTION                     | Sabine Pass Liquefaction LLC                                                   | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177675.92    | 0.08%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31417KTY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17661 | PA      | $18360.26     | 0.01%             | 2039-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                              | Tyson Foods, Inc.                                                              | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |       547 | NS      | $36255.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                      | Becton Dickinson & Co.                                                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       500 | NS      | $124670.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                   | CUSIP: 428102AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $60945.38     | 0.03%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DKT Finance ApS                              | DKT Finance ApS                                                                | CUSIP: 000000000<br>LEI: 529900CPZ2SMDPG5RV48 | Long             | DBT              | CORP              | DK        |    100000 | PA      | $101307.20    | 0.05%             | 2023-06-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                          | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |       643 | NS      | $142263.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                              | Dollar Tree, Inc.                                                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      9075 | NS      | $1363881.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                      | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                   | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $191774.07    | 0.09%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| IQVIA Holdings Inc                           | IQVIA Holdings, Inc.                                                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      4415 | NS      | $962558.30    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                           | Regal Rexnord Corp.                                                            | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      8780 | NS      | $1151145.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | Intercontinental Exchange, Inc.                                                | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       930 | NS      | $100728.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                        | Applied Materials, Inc.                                                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1321 | NS      | $144781.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                    | Occidental Petroleum Corp.                                                     | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1639 | NS      | $113894.11    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                      | Rockwell Automation, Inc.                                                      | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |        65 | NS      | $17174.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 3140JAPG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    173230 | PA      | $156545.95    | 0.07%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                  | Moderna, Inc.                                                                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       592 | NS      | $104138.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                    | Constellation Energy Corp.                                                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       459 | NS      | $44119.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                   | Kellogg Co.                                                                    | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |       471 | NS      | $34359.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                     | Virginia Electric & Power Co.                                                  | CUSIP: 927804GA6<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87774.41     | 0.04%             | 2048-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust              | Federal Realty Investment Trust                                                | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               |  | US        |       106 | NS      | $11776.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                 | Stryker Corp.                                                                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       590 | NS      | $137995.10    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc            | Huntington Ingalls Industries, Inc.                                            | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |        21 | NS      | $4871.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                       | Trane Technologies PLC                                                         | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       150 | NS      | $26763.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley BAML Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust                             | CUSIP: 61691GAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $239701.83    | 0.11%             | 2049-12-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC               | Enterprise Fleet Financing LLC                                                 | CUSIP: 29373KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215488 | PA      | $213905.89    | 0.10%             | 2025-12-22      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities Inc          | Alexandria Real Estate Equities, Inc.                                          | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |       223 | NS      | $34701.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECH CORP                           | Raytheon Technologies Corp.                                                    | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145362.07    | 0.06%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Zions Bancorp NA                             | Zions Bancorp NA                                                               | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |       285 | NS      | $14768.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                   | Pinnacle West Capital Corp.                                                    | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       144 | NS      | $11278.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                     | Constellation Brands, Inc.                                                     | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      3359 | NS      | $864438.65    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                  | Trimble, Inc.                                                                  | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |       338 | NS      | $20195.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                     | Willis Towers Watson PLC                                                       | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       198 | NS      | $48739.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                  | NVIDIA Corp.                                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      6530 | NS      | $1105071.90   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                     | CHS/Community Health Systems, Inc.                                             | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    195000 | PA      | $179963.55    | 0.08%             | 2026-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                            | Chile Government International Bonds                                           | CUSIP: 168863CA4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $190037.50    | 0.08%             | 2026-01-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                     | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57142.50     | 0.03%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Best Buy Co Inc                              | Best Buy Co., Inc.                                                             | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |       205 | NS      | $17486.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                 | Chevron Corp.                                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3954 | NS      | $724807.74    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc           | Johnson Controls International PLC                                             | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |       478 | NS      | $31758.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128M8M68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12459 | PA      | $12963.52     | 0.01%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                     | Western Midstream Operating LP                                                 | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194507.00    | 0.09%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                   | GLS Auto Receivables Issuer Trust                                              | CUSIP: 36261AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260999 | PA      | $260218.85    | 0.12%             | 2025-04-15      | Fixed         | 0.82%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                    | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       712 | NS      | $245590.16    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                      | KeyCorp                                                                        | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      1435 | NS      | $26992.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                       | Future                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        21 | NC      | $461.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Trust             | OneMain Financial Issuance Trust                                               | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $506378.22    | 0.23%             | 2036-06-16      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc            | Take-Two Interactive Software, Inc.                                            | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     11344 | NS      | $1198947.36   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                         | Waste Management, Inc.                                                         | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       230 | NS      | $38575.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Automobile Receivables Trust        | Westlake Automobile Receivables Trust                                          | CUSIP: 96042HAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    669756 | PA      | $664310.99    | 0.30%             | 2024-11-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                 | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |       276 | NS      | $32090.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS-BROCKWAY                               | Owens-Brockway Glass Container, Inc.                                           | CUSIP: 690872AB2<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36987.82     | 0.02%             | 2025-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp.                                                                 | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     70000 | PA      | $52050.95     | 0.02%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC                           | Enact Holdings, Inc.                                                           | CUSIP: 37255LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $92361.85     | 0.04%             | 2025-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                        | NESCO Holdings II, Inc.                                                        | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39586.95     | 0.02%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                          | United Airlines, Inc.                                                          | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26706.51     | 0.01%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                 | Alphabet, Inc.                                                                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4949 | NS      | $502076.05    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                       | U.S. Treasury Bonds                                                            | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    905000 | PA      | $827933.59    | 0.37%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co                     | Florida Power & Light Co.                                                      | CUSIP: 341081FA0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47913.95     | 0.02%             | 2038-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Cigna Corp                                   | Cigna Corp.                                                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       531 | NS      | $174640.59    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc                     | Ceridian HCM Holding, Inc.                                                     | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       270 | NS      | $18478.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                      | Frontier Communications Holdings LLC                                           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $85636.80     | 0.04%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                     | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     51000 | PA      | $45390.00     | 0.02%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp                                | M&T Bank Corp.                                                                 | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       291 | NS      | $49475.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra Energy                                | Sempra Energy                                                                  | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |       458 | NS      | $76115.02     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                      | O'Reilly Automotive, Inc.                                                      | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |        56 | NS      | $48414.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                             | W R Berkley Corp.                                                              | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |       376 | NS      | $28681.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                              | CVS Health Corp.                                                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2280 | NS      | $232286.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                     | Visa, Inc.                                                                     | CUSIP: 92826CAQ5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $31244.84     | 0.01%             | 2050-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                             | Crown Castle, Inc.                                                             | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      3394 | NS      | $480013.42    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications, Inc.                                                 | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34050.00     | 0.02%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co.                                                           | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192177.03    | 0.09%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Illumina Inc                                 | Illumina, Inc.                                                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       274 | NS      | $59753.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORESTAR GROUP INC                           | Forestar Group, Inc.                                                           | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22074.25     | 0.01%             | 2026-05-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                           | Walt Disney Co.                                                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1676 | NS      | $164030.12    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                  | Nutrien Ltd.                                                                   | CUSIP: 67077MAT5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $94635.63     | 0.04%             | 2029-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                        | CNX Midstream Partners LP                                                      | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71000 | PA      | $59213.54     | 0.03%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                        | Encompass Health Corp.                                                         | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89925.54     | 0.04%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Garmin Ltd                                   | Garmin Ltd.                                                                    | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       144 | NS      | $13390.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                          | Quanta Services, Inc.                                                          | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |        81 | NS      | $12140.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                  | Target Corp.                                                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       403 | NS      | $67329.21     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABC SUPPLY CO INC                            | American Builders & Contractors Supply Co., Inc.                               | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9050.10      | 0.00%             | 2028-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                          | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48610.10     | 0.02%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                  | Gartner, Inc.                                                                  | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9414.20      | 0.00%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gartner Inc                                  | Gartner, Inc.                                                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       129 | NS      | $45197.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                     | Marsh & McLennan Cos., Inc.                                                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      6024 | NS      | $1043236.32   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                | Principal Financial Group, Inc.                                                | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |       375 | NS      | $33630.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      4390 | NS      | $669123.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CCG Receivables Trust                        | CCG Receivables Trust                                                          | CUSIP: 12509DAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $261585.75    | 0.12%             | 2027-12-14      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                | CommScope, Inc.                                                                | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30044.18     | 0.01%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Universal Display Corp                       | Universal Display Corp.                                                        | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1412 | NS      | $159019.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                             | Coca-Cola Co.                                                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      7034 | NS      | $447432.74    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | Fortinet, Inc.                                                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     10626 | NS      | $564878.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Deephaven Residential Mortgage Trust         | Deephaven Residential Mortgage Trust                                           | CUSIP: 24380VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84950 | PA      | $75391.04     | 0.03%             | 2065-05-25      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| Robert Half International Inc                | Robert Half International, Inc.                                                | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |        59 | NS      | $4648.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | American Airlines Group, Inc.                                                  | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       362 | NS      | $5223.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                  | MongoDB, Inc.                                                                  | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1085 | NS      | $165668.65    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                                 | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |       228 | NS      | $67934.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HPEFS Equipment Trust                        | HPEFS Equipment Trust                                                          | CUSIP: 40438PAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32824 | PA      | $32757.46     | 0.01%             | 2030-07-22      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                        | Caesars Entertainment, Inc.                                                    | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52380.03     | 0.02%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                      | Exxon Mobil Corp.                                                              | CUSIP: 30231GAW2<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43535.04     | 0.02%             | 2046-03-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                   | Stanley Black & Decker, Inc.                                                   | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |        93 | NS      | $7599.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                      | Bristol-Myers Squibb Co.                                                       | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226984.52    | 0.10%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/GENESI                     | Genesis Energy LP/Genesis Energy Finance Corp.                                 | CUSIP: 37185LAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $30999.07     | 0.01%             | 2024-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                   | Airbnb, Inc.                                                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       204 | NS      | $20836.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVELIS CORP                                 | Novelis Corp.                                                                  | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8935.64      | 0.00%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PACCAR Inc                                   | PACCAR, Inc.                                                                   | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |       219 | NS      | $23194.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                             | Exxon Mobil Corp.                                                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     12065 | NS      | $1343317.10   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                     | Burlington Northern Santa Fe LLC                                               | CUSIP: 12189LAP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $210688.62    | 0.09%             | 2043-09-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Corning Inc                                  | Corning, Inc.                                                                  | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      1123 | NS      | $38327.99     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                               | Lowe's Cos., Inc.                                                              | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    300000 | PA      | $211881.86    | 0.09%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                                  | Target Corp.                                                                   | CUSIP: 87612EBM7<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137122.56    | 0.06%             | 2027-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc                            | Newell Brands, Inc.                                                            | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |       245 | NS      | $3177.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                       | Franklin Resources, Inc.                                                       | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |       519 | NS      | $13914.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                     | Option                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |  -1000000 | NC      | $-34.60       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Etsy Inc                                     | Etsy, Inc.                                                                     | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       113 | NS      | $14926.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                     | USA Compression Partners LP/USA Compression Finance Corp.                      | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $61100.80     | 0.03%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                        | AvalonBay Communities, Inc.                                                    | CUSIP: 05348EAV1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |     70000 | PA      | $67587.89     | 0.03%             | 2025-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                              | CMS Energy Corp.                                                               | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       401 | NS      | $24489.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                     | Option                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |  -1000000 | NC      | $-269.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                       | Energizer Holdings, Inc.                                                       | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     54000 | PA      | $45938.88     | 0.02%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts Inc                    | Host Hotels & Resorts, Inc.                                                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |      1063 | NS      | $20133.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES INC                        | Nabors Industries, Inc.                                                        | CUSIP: 62957HAH8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67595.63     | 0.03%             | 2025-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                           | Panama Government International Bonds                                          | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    265000 | PA      | $281198.13    | 0.13%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Inc                          | Harley-Davidson, Inc.                                                          | CUSIP: 412822AD0<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238272.14    | 0.11%             | 2025-07-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants Inc                       | Darden Restaurants, Inc.                                                       | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       123 | NS      | $18079.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                            | Brunswick Corp.                                                                | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |      6894 | NS      | $511534.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                       | ConocoPhillips Co.                                                             | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127010.90    | 0.06%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC                     | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8254.00      | 0.00%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Alaska Air Group Inc                         | Alaska Air Group, Inc.                                                         | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |       102 | NS      | $4838.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Inc                                | TransDigm, Inc.                                                                | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29463.90     | 0.01%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DANA INC                                     | Dana, Inc.                                                                     | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16000.37     | 0.01%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                       | Verizon Communications, Inc.                                                   | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    209000 | PA      | $167770.53    | 0.07%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                        | McCormick & Co., Inc.                                                          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |       486 | NS      | $41397.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp                                | DISH DBS Corp.                                                                 | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23756.50     | 0.01%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard Inc                      | Activision Blizzard, Inc.                                                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |       656 | NS      | $48511.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31419AGZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29525 | PA      | $28757.94     | 0.01%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                       | Marvell Technology, Inc.                                                       | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16134 | NS      | $750553.68    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                      | Consolidated Edison, Inc.                                                      | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       491 | NS      | $48137.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BEACON ROOFING SUPPLY IN                     | Beacon Roofing Supply, Inc.                                                    | CUSIP: 073685AH2<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     58000 | PA      | $48775.10     | 0.02%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                         | Garda World Security Corp.                                                     | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $49394.95     | 0.02%             | 2027-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                               | Public Storage                                                                 | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |    200000 | PA      | $161745.80    | 0.07%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC                           | Gray Escrow II, Inc.                                                           | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $41963.35     | 0.02%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                          | Churchill Downs, Inc.                                                          | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33286.55     | 0.01%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co.                                                           | CUSIP: 48126HAA8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59400.00     | 0.03%             | 2023-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust                                                     | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231606 | PA      | $199705.50    | 0.09%             | 2064-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                  | MetLife, Inc.                                                                  | CUSIP: 59156RBD9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    130000 | PA      | $110826.38    | 0.05%             | 2042-08-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                  | NVIDIA Corp.                                                                   | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88213.36     | 0.04%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CoStar Group Inc                             | CoStar Group, Inc.                                                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       243 | NS      | $19692.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                       | First Republic Bank                                                            | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |       333 | NS      | $42494.13     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                              | TJX Cos., Inc.                                                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9501 | NS      | $760555.05    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                        | DuPont de Nemours, Inc.                                                        | CUSIP: 26078JAD2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99655.04     | 0.04%             | 2028-11-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                          | Buckeye Partners LP                                                            | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35500.00     | 0.02%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Incyte Corp                                  | Incyte Corp.                                                                   | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       297 | NS      | $23661.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extended Stay America Trust                  | Extended Stay America Trust                                                    | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    895168 | PA      | $848041.96    | 0.38%             | 2038-07-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                        | Monster Beverage Corp.                                                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |       683 | NS      | $70253.38     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                     | Lamb Weston Holdings, Inc.                                                     | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |       284 | NS      | $24679.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                     | Antero Midstream Partners LP/Antero Midstream Finance Corp.                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23062.50     | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                       | Berkshire Hathaway, Inc.                                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3029 | NS      | $965039.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS                       | Mueller Water Products, Inc.                                                   | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21504.15     | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                     | Angel Oak Mortgage Trust                                                       | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68159 | PA      | $61441.84     | 0.03%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                               | GoTo Group, Inc.                                                               | CUSIP: 541056AA5<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     45000 | PA      | $26324.99     | 0.01%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                                                 | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    225000 | PA      | $193774.12    | 0.09%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                               | Hershey Co.                                                                    | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       280 | NS      | $65847.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                     | EQT Corp.                                                                      | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18937.05     | 0.01%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                | CommScope, Inc.                                                                | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24186.50     | 0.01%             | 2026-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                       | Lumen Technologies, Inc.                                                       | CUSIP: 156700BB1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29925.00     | 0.01%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                      | Asbury Automotive Group, Inc.                                                  | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17450.00     | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co.                                                           | CUSIP: 46647PAK2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $285636.60    | 0.13%             | 2048-07-24      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                          | TransDigm Group, Inc.                                                          | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1342 | NS      | $843447.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                  | Netflix, Inc.                                                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      3327 | NS      | $1016498.31   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                   | Cadence Design Systems, Inc.                                                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       407 | NS      | $70020.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                            | Kimco Realty Corp.                                                             | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               |  | US        |       895 | NS      | $20513.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                         | Juniper Networks, Inc.                                                         | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |       477 | NS      | $15855.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                       | Intuitive Surgical, Inc.                                                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       619 | NS      | $167371.41    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                         | Bank of America Corp.                                                          | CUSIP: 06051GFH7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118318.45    | 0.05%             | 2024-08-26      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AFFINITY GAMING                              | Affinity Gaming                                                                | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $76347.76     | 0.03%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                             | COLT Funding LLC                                                               | CUSIP: 19688DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    277581 | PA      | $229604.46    | 0.10%             | 2064-12-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                     | EQM Midstream Partners LP                                                      | CUSIP: 26885BAL4<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     13000 | PA      | $10943.92     | 0.00%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36202DAN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       463 | PA      | $472.41       | 0.00%             | 2029-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                        | Bath & Body Works, Inc.                                                        | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74894.40     | 0.03%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                       | Future                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        27 | NC      | $17065.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                      | Southwestern Electric Power Co.                                                | CUSIP: 845437BT8<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    250000 | PA      | $168000.56    | 0.08%             | 2051-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                     | Teachers Insurance & Annuity Association of America                            | CUSIP: 878091BF3<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42125.11     | 0.02%             | 2047-05-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Xylem Inc/NY                                 | Xylem, Inc.                                                                    | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |       108 | NS      | $12133.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                               | Mastercard, Inc.                                                               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5845 | NS      | $2083158.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                        | Republic Services, Inc.                                                        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       122 | NS      | $16993.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T, Inc.                                                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      6567 | NS      | $126611.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                        | Southwest Airlines Co.                                                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |       371 | NS      | $14806.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADEMY LTD                                  | Academy Ltd.                                                                   | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33132.50     | 0.01%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust          | Exeter Automobile Receivables Trust                                            | CUSIP: 30166NAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    643455 | PA      | $634672.35    | 0.28%             | 2025-07-15      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2417 | NS      | $1331839.51   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                     | Archrock Partners LP/Archrock Partners Finance Corp.                           | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $21285.00     | 0.01%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                                                 | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    815000 | PA      | $793486.37    | 0.35%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                    | Amgen, Inc.                                                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       929 | NS      | $266065.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                         | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     11676 | NS      | $441936.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN TEXT CORP                               | Open Text Corp.                                                                | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30037.50     | 0.01%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| DXC Technology Co                            | DXC Technology Co.                                                             | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |       341 | NS      | $10117.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMSTOCK RESOURCES INC                       | Comstock Resources, Inc.                                                       | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13820.25     | 0.01%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SolarEdge Technologies Inc                   | SolarEdge Technologies, Inc.                                                   | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |        88 | NS      | $26299.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Auto Owner Trust                          | DT Auto Owner Trust                                                            | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $297856.07    | 0.13%             | 2026-11-16      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418DXK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    482306 | PA      | $397904.17    | 0.18%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                 | Voya CLO Ltd.                                                                  | CUSIP: 92917JAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $643121.50    | 0.29%             | 2031-07-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd           | Norwegian Cruise Line Holdings Ltd.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       360 | NS      | $5918.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                     | Snap, Inc.                                                                     | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     29069 | NS      | $299701.39    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                     | Archrock Partners LP/Archrock Partners Finance Corp.                           | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10202.50     | 0.00%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                     | Essex Property Trust, Inc.                                                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |       104 | NS      | $22919.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                            | Hormel Foods Corp.                                                             | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |       517 | NS      | $24299.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TELECOM ITALIA CAPITAL                       | Telecom Italia Capital SA                                                      | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     30000 | PA      | $24867.00     | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                    | Tesla, Inc.                                                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      7053 | NS      | $1373219.10   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                     | Acadia Healthcare Co., Inc.                                                    | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51709.61     | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                   | U.S. Bancorp                                                                   | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      2244 | NS      | $101855.16    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Squaretwo Financial Corp                     | SquareTwo Financial Corp.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     35000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Campbell Soup Co                             | Campbell Soup Co.                                                              | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |       382 | NS      | $20501.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                   | Flagship Credit Auto Trust                                                     | CUSIP: 33844RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220651 | PA      | $220404.61    | 0.10%             | 2025-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                           | Home Depot, Inc.                                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       915 | NS      | $296450.85    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications, Inc.                                                 | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24950.50     | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co.                                                           | CUSIP: 46625HJY7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    550000 | PA      | $540556.18    | 0.24%             | 2024-09-10      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corp                          | Alliant Energy Corp.                                                           | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |       315 | NS      | $17734.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                              | Deere & Co.                                                                    | CUSIP: 244199BF1<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134913.70    | 0.06%             | 2042-06-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                               | Home Depot, Inc.                                                               | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    200000 | PA      | $151709.39    | 0.07%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                   | Intel Corp.                                                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      6166 | NS      | $185411.62    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association, TBA                                  | CUSIP: 21H0306C3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2375000 | PA      | $2138920.25   | 0.96%             | 2052-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                      | Royal Caribbean Cruises Ltd.                                                   | CUSIP: 780153BL5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     20000 | PA      | $20550.00     | 0.01%             | 2027-08-15      | Fixed         | 11.62%                | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                 | Drive Auto Receivables Trust                                                   | CUSIP: 26208VAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    431258 | PA      | $428009.53    | 0.19%             | 2026-08-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                        | Camden Property Trust                                                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |       171 | NS      | $20576.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                         | Bank                                                                           | CUSIP: 06541UBW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $276089.35    | 0.12%             | 2053-12-15      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                      | Public Service Electric & Gas Co.                                              | CUSIP: 74456QCB0<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129301.61    | 0.06%             | 2030-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 3140Q8KB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    492028 | PA      | $458538.23    | 0.20%             | 2048-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                     | Science Applications International Corp.                                       | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64487.50     | 0.03%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                     | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                        | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $168977.88    | 0.08%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36211B4Z4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    198770 | PA      | $208005.29    | 0.09%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| QVC Inc                                      | QVC, Inc.                                                                      | CUSIP: 747262AS2<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28563.15     | 0.01%             | 2024-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                   | Evergy, Inc.                                                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       296 | NS      | $17526.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                           | Conagra Brands, Inc.                                                           | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |       774 | NS      | $29396.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE HDD CAYMAN                           | Seagate HDD Cayman                                                             | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $41375.00     | 0.02%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                            | Iron Mountain, Inc.                                                            | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |       423 | NS      | $22981.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Home & Security Inc           | Fortune Brands Home & Security, Inc.                                           | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |        76 | NS      | $4965.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                         | Vornado Realty Trust                                                           | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |       221 | NS      | $5589.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGIZER HOLDINGS INC                       | Energizer Holdings, Inc.                                                       | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26158.20     | 0.01%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PG&E Corp                                    | PG&E Corp.                                                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      2318 | NS      | $36392.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                               | BorgWarner, Inc.                                                               | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |       136 | NS      | $5781.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                         | Jacobs Solutions, Inc.                                                         | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        76 | NS      | $9617.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                     | CUSIP: 674599DB8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14193.76     | 0.01%             | 2024-07-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                 | Organon & Co.                                                                  | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |       508 | NS      | $13218.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                      | Goldman Sachs Group, Inc.                                                      | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    210000 | PA      | $200007.00    | 0.09%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp                        | Lincoln National Corp.                                                         | CUSIP: 534187BD0<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148437.97    | 0.07%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                          | Arista Networks, Inc.                                                          | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       389 | NS      | $54187.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                                    | Block, Inc.                                                                    | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     34000 | PA      | $27591.34     | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      7020 | NS      | $755211.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                     | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     26000 | PA      | $28340.00     | 0.01%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                        | Genesis Energy LP/Genesis Energy Finance Corp.                                 | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $51538.22     | 0.02%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                   | FedEx Corp.                                                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       151 | NS      | $27515.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                        | Norfolk Southern Corp.                                                         | CUSIP: 655844CD8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74004.51     | 0.03%             | 2049-11-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                     | Builders FirstSource, Inc.                                                     | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26611.62     | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                          | Synchrony Financial                                                            | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |       759 | NS      | $28523.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                | Ford Motor Co.                                                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |      3636 | NS      | $50540.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckeye Partners LP                          | Buckeye Partners LP                                                            | CUSIP: 118230AP6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     12000 | PA      | $9000.00      | 0.00%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                       | Clearway Energy Operating LLC                                                  | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60044.66     | 0.03%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                     | Intercontinental Exchange, Inc.                                                | CUSIP: 45866FAL8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $139774.00    | 0.06%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                          | Hudbay Minerals, Inc.                                                          | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22379.92     | 0.01%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                   | Viasat, Inc.                                                                   | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18380.60     | 0.01%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                         | CUSIP: 88033GDA5<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51776.45     | 0.02%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                        | Mexico Government International Bonds                                          | CUSIP: 91087BAH3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $178500.00    | 0.08%             | 2030-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio Inc                         | Duke Energy Ohio, Inc.                                                         | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    250000 | PA      | $206919.03    | 0.09%             | 2049-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                     | Berkshire Hathaway Energy Co.                                                  | CUSIP: 59562VAY3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78978.14     | 0.04%             | 2023-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust              | Residential Mortgage Loan Trust                                                | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24986 | PA      | $23249.73     | 0.01%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Match Group Inc                              | Match Group, Inc.                                                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       269 | NS      | $13600.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                      | SBA Communications Corp.                                                       | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |       153 | NS      | $45792.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCOSA INC                                   | Arcosa, Inc.                                                                   | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30438.11     | 0.01%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                         | Bank of America Corp.                                                          | CUSIP: 59022CAJ2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    850000 | PA      | $881289.02    | 0.39%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                     | Angel Oak Mortgage Trust I LLC                                                 | CUSIP: 03463UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9650 | PA      | $9575.26      | 0.00%             | 2049-07-26      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                          | Gilead Sciences, Inc.                                                          | CUSIP: 375558BM4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186772.23    | 0.08%             | 2027-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                             | Deutsche Bank AG                                                               | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $125930.93    | 0.06%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Inc                           | Domino's Pizza, Inc.                                                           | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |        29 | NS      | $11273.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAP MARKETS AMERICA                       | BP Capital Markets America, Inc.                                               | CUSIP: 10373QAV2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70508.83     | 0.03%             | 2027-01-16      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                     | Capital One Financial Corp.                                                    | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189181.98    | 0.08%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                         | Parker-Hannifin Corp.                                                          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |        79 | NS      | $23616.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                     | Sumitomo Mitsui Financial Group, Inc.                                          | CUSIP: 86562MAY6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $138904.56    | 0.06%             | 2028-01-17      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                     | Berkshire Hathaway Energy Co.                                                  | CUSIP: 084659AR2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43877.63     | 0.02%             | 2049-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SLM Corp                                     | SLM Corp.                                                                      | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57706 | NS      | $1007546.76   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.              | Swap                                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   6000000 | OU      | $-65935.20    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corp                                     | CSX Corp.                                                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      1426 | NS      | $46615.94     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER PAPER CORP                        | Clearwater Paper Corp.                                                         | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30667.65     | 0.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                     | Western Midstream Operating LP                                                 | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4108.20      | 0.00%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                      | Shell International Finance BV                                                 | CUSIP: 822582BF8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $89793.45     | 0.04%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FUNDING LLC                       | NXP BV/NXP Funding LLC                                                         | CUSIP: 62947QBC1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $101312.50    | 0.05%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                     | Radiate Holdco LLC/Radiate Finance, Inc.                                       | CUSIP: 75026JAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $32382.00     | 0.01%             | 2028-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                  | Chemours Co.                                                                   | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $36225.00     | 0.02%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                     | Charter Communications Operating LLC/Charter Communications Operating Capital  | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $139529.03    | 0.06%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                | Allstate Corp.                                                                 | CUSIP: 020002BG5<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38945.69     | 0.02%             | 2049-08-10      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                            | Kinder Morgan, Inc.                                                            | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      4352 | NS      | $83210.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                             | Wynn Resorts Ltd.                                                              | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |        67 | NS      | $5605.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                    | Cincinnati Financial Corp.                                                     | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |       289 | NS      | $32067.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                  | Goldman Sachs Group, Inc.                                                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       572 | NS      | $220877.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T, Inc.                                                                     | CUSIP: 00206RDF6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    380000 | PA      | $386752.07    | 0.17%             | 2040-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 3140XCCM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1097231 | PA      | $940638.22    | 0.42%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                       | General Motors Financial Co., Inc.                                             | CUSIP: 37045XBQ8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188295.17    | 0.08%             | 2026-10-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                   | Viasat, Inc.                                                                   | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55750.20     | 0.02%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                       | UnitedHealth Group, Inc.                                                       | CUSIP: 91324PCQ3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39266.01     | 0.02%             | 2035-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rollins Inc                                  | Rollins, Inc.                                                                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |       137 | NS      | $5540.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities Trust          | GS Mortgage-Backed Securities Trust                                            | CUSIP: 36259WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46711 | PA      | $42395.61     | 0.02%             | 2060-09-27      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust   | JPMBB Commercial Mortgage Securities Trust                                     | CUSIP: 46643TBE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $234696.45    | 0.10%             | 2048-01-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                        | Uber Technologies, Inc.                                                        | CUSIP: 90353TAE0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25130.00     | 0.01%             | 2027-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                               | ServiceNow, Inc.                                                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1858 | NS      | $773485.40    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                       | CenterPoint Energy, Inc.                                                       | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |       870 | NS      | $27065.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC Holdings LLC                             | CSC Holdings LLC                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182264.00    | 0.08%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust          | Exeter Automobile Receivables Trust                                            | CUSIP: 30167YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    627164 | PA      | $623411.35    | 0.28%             | 2025-05-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Sysco Corp                                   | Sysco Corp.                                                                    | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |       921 | NS      | $79675.71     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                    | AvalonBay Communities, Inc.                                                    | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |       192 | NS      | $33580.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMO WATER HOLDINGS INC                     | Primo Water Holdings, Inc.                                                     | CUSIP: 74168LAA4<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |     93000 | PA      | $80366.88     | 0.04%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                  | Vistra Operations Co. LLC                                                      | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70400.56     | 0.03%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                      | Royal Caribbean Cruises Ltd.                                                   | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     25000 | PA      | $21978.68     | 0.01%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc                 | FactSet Research Systems, Inc.                                                 | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |        63 | NS      | $29061.27     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc   | Fidelity National Information Services, Inc.                                   | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      7377 | NS      | $535422.66    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA POWER CO                             | Georgia Power Co.                                                              | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    250000 | PA      | $190352.47    | 0.09%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 3138WFJP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     94253 | PA      | $91106.83     | 0.04%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                   | Dexcom, Inc.                                                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      4516 | NS      | $525120.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER LP                          | Medline Borrower LP                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     24000 | PA      | $19560.00     | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                      | Legacy LifePoint Health LLC                                                    | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $32092.38     | 0.01%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                   | AbbVie, Inc.                                                                   | CUSIP: 00287YAY5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28517.28     | 0.01%             | 2026-05-14      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                      | Great Lakes Dredge & Dock Corp.                                                | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |     77000 | PA      | $62054.14     | 0.03%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128M6YJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9787 | PA      | $9964.76      | 0.00%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                                 | NiSource, Inc.                                                                 | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       526 | NS      | $14696.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                     | Weekley Homes LLC/Weekley Finance Corp.                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $12157.21     | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                             | FirstEnergy Corp.                                                              | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       802 | NS      | $33074.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                          | General Electric Co.                                                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       695 | NS      | $59749.15     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3128MJY61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82305 | PA      | $74454.13     | 0.03%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APA Corp                                     | APA Corp.                                                                      | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     26501 | NS      | $1241571.85   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                        | Ahead DB Holdings LLC                                                          | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24510.60     | 0.01%             | 2028-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KBR INC                                      | KBR, Inc.                                                                      | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66536.53     | 0.03%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Deere & Co                                   | Deere & Co.                                                                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       174 | NS      | $76734.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                       | Berkshire Hathaway Finance Corp.                                               | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89524.77     | 0.04%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc                           | Analog Devices, Inc.                                                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       771 | NS      | $132542.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                     | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                        | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     29000 | PA      | $29297.54     | 0.01%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                               | Home Depot, Inc.                                                               | CUSIP: 437076BN1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    300000 | PA      | $276426.77    | 0.12%             | 2026-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                      | Charles Schwab Corp.                                                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     10763 | NS      | $888378.02    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                  | MetLife, Inc.                                                                  | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      1100 | NS      | $84370.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                      | Illinois Tool Works, Inc.                                                      | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       179 | NS      | $40717.13     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                     | CHS/Community Health Systems, Inc.                                             | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     63000 | PA      | $53473.77     | 0.02%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                    | MGM Resorts International                                                      | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |       239 | NS      | $8809.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                    | Aflac, Inc.                                                                    | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       978 | NS      | $70347.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                            | Eversource Energy                                                              | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |       463 | NS      | $38364.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                       | F5, Inc.                                                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |        83 | NS      | $12832.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                           | Ford Motor Co.                                                                 | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     30000 | PA      | $34341.93     | 0.02%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                     | Northern States Power Co.                                                      | CUSIP: 665772CK3<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49506.19     | 0.02%             | 2023-05-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                             | Duke Energy Corp.                                                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1048 | NS      | $104726.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc.                                                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3984 | NS      | $470510.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                   | Pfizer, Inc.                                                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      9736 | NS      | $488065.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                 | VeriSign, Inc.                                                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       137 | NS      | $27373.97     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                              | Ross Stores, Inc.                                                              | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       291 | NS      | $34241.97     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                                   | Fiserv, Inc.                                                                   | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84722.67     | 0.04%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Artera Services LLC                          | Artera Services LLC                                                            | CUSIP: 73939VAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |     68000 | PA      | $56571.92     | 0.03%             | 2025-12-04      | Fixed         | 9.03%                 | No            |                  2 | On Loan: No      |
| Bio-Techne Corp                              | Bio-Techne Corp.                                                               | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       268 | NS      | $22777.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                      | Lululemon Athletica, Inc.                                                      | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      1698 | NS      | $645766.38    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO                         | Commercial Metals Co.                                                          | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17210.94     | 0.01%             | 2030-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                          | Delta Air Lines, Inc.                                                          | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254746.97    | 0.11%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                  | Ameren Corp.                                                                   | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       398 | NS      | $35549.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust                                   | CUSIP: 02528CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87095 | PA      | $87056.55     | 0.04%             | 2025-04-14      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                   | Verizon Communications, Inc.                                                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      3868 | NS      | $150774.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                        | Molina Healthcare, Inc.                                                        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       106 | NS      | $35697.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                      | Darling Ingredients, Inc.                                                      | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29035.50     | 0.01%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                  | Oracle Corp.                                                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     14367 | NS      | $1192892.01   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                   | CarMax, Inc.                                                                   | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       163 | NS      | $11305.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                        | Bath & Body Works, Inc.                                                        | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |       221 | NS      | $9392.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic Inc                                | Medtronic, Inc.                                                                | CUSIP: 585055BT2<br>LEI: D56MRZY2INAN94ZONZ37 | Long             | DBT              | CORP              | US        |     97000 | PA      | $93461.26     | 0.04%             | 2035-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp                   | Raytheon Technologies Corp.                                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       954 | NS      | $94178.88     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BOMBARDIER INC                               | Bombardier, Inc.                                                               | CUSIP: 097751BV2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $54036.95     | 0.02%             | 2026-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                           | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     13777 | NS      | $909006.46    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                    | Edwards Lifesciences Corp.                                                     | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1054 | NS      | $81421.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                                     | International Business Machines Corp.                                          | CUSIP: 459200BB6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $189284.00    | 0.08%             | 2032-11-29      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                          | Select Medical Corp.                                                           | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72589.50     | 0.03%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Globe Life Inc                               | Globe Life, Inc.                                                               | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       166 | NS      | $19913.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                     | Blue Racer Midstream LLC/Blue Racer Finance Corp.                              | CUSIP: 095796AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $67608.70     | 0.03%             | 2025-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                       | Tesla Auto Lease Trust                                                         | CUSIP: 88167HAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $146982.12    | 0.07%             | 2024-02-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| SUMMIT MATERIALS LLC/FIN                     | Summit Materials LLC/Summit Materials Finance Corp.                            | CUSIP: 86614RAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $32310.25     | 0.01%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                            | Brown & Brown, Inc.                                                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       352 | NS      | $20975.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP                                 | Centene Corp.                                                                  | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     18000 | PA      | $14851.80     | 0.01%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                | Boeing Co.                                                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       353 | NS      | $63144.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS TRANS & INFRAST                     | Fortress Transportation & Infrastructure Investors LLC                         | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     26000 | PA      | $22620.78     | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36179SUU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     41260 | PA      | $37859.18     | 0.02%             | 2047-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                   | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $35775.48     | 0.02%             | 2028-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc                            | Newell Brands, Inc.                                                            | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3850.00      | 0.00%             | 2046-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                 | Autodesk, Inc.                                                                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       328 | NS      | $66239.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust                                                     | CUSIP: 92537KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28720 | PA      | $27219.05     | 0.01%             | 2059-11-25      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Aon PLC                                      | Aon PLC                                                                        | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       356 | NS      | $109747.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                  | Vistra Operations Co. LLC                                                      | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58047.19     | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU                     | Installed Building Products, Inc.                                              | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35024.00     | 0.02%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                     | Fox Corp.                                                                      | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       189 | NS      | $5768.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                      | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.                           | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8804.49      | 0.00%             | 2029-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                              | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      1011 | NS      | $23212.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                   | AbbVie, Inc.                                                                   | CUSIP: 00287YCX5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88050.32     | 0.04%             | 2025-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                     | Nexstar Media, Inc.                                                            | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8899.20      | 0.00%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                               | Amazon.com, Inc.                                                               | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $97977.57     | 0.04%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Allstate Corp/The                            | Allstate Corp.                                                                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      6552 | NS      | $877312.80    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                | Citigroup, Inc.                                                                | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    275000 | PA      | $251444.75    | 0.11%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                     | Nexstar Media, Inc.                                                            | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37716.80     | 0.02%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KB Home                                      | KB Home                                                                        | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19947.60     | 0.01%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dover Corp                                   | Dover Corp.                                                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |        85 | NS      | $12065.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES / NOTE                       | VICI Properties LP/VICI Note Co., Inc.                                         | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              |  | US        |     37000 | PA      | $34647.54     | 0.02%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                        | GFL Environmental, Inc.                                                        | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $56928.95     | 0.03%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                          | Cardinal Health, Inc.                                                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       448 | NS      | $35916.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                       | AmerisourceBergen Corp.                                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       259 | NS      | $44208.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                          | TE Connectivity Ltd.                                                           | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |       501 | NS      | $63186.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO                          | Travel & Leisure Co.                                                           | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34294.59     | 0.02%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Equinor ASA                                  | Equinor ASA                                                                    | CUSIP: 85771PAQ5<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     50000 | PA      | $48047.48     | 0.02%             | 2043-11-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                   | DaVita, Inc.                                                                   | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     33000 | PA      | $26712.84     | 0.01%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                        | Carriage Services, Inc.                                                        | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $41277.50     | 0.02%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc                       | Advance Auto Parts, Inc.                                                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |        51 | NS      | $7700.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                       | NXP BV/NXP Funding LLC/NXP USA, Inc.                                           | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     95000 | PA      | $90384.90     | 0.04%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp                          | Carrier Global Corp.                                                           | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       565 | NS      | $25040.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                       | Roper Technologies, Inc.                                                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       162 | NS      | $71100.18     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                            | Devon Energy Corp.                                                             | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      1437 | NS      | $98463.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                     | American Airlines, Inc./AAdvantage Loyalty IP Ltd.                             | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     31000 | PA      | $30064.36     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                 | Drive Auto Receivables Trust                                                   | CUSIP: 26208MAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    357773 | PA      | $356696.36    | 0.16%             | 2026-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions Inc                       | Skyworks Solutions, Inc.                                                       | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       273 | NS      | $26104.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                             | Altria Group, Inc.                                                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      3249 | NS      | $151338.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                          | VICI Properties, Inc.                                                          | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |      1270 | NS      | $43434.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                     | LKQ Corp.                                                                      | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |       262 | NS      | $14234.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Television Inc                          | Gray Television, Inc.                                                          | CUSIP: 389375AJ5<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36845.00     | 0.02%             | 2026-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust            | Santander Retail Auto Lease Trust                                              | CUSIP: 80286CAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $298943.29    | 0.13%             | 2026-03-20      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                   | Biogen, Inc.                                                                   | CUSIP: 09062XAK9<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     56000 | PA      | $38874.00     | 0.02%             | 2051-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                 | Ford Credit Auto Lease Trust                                                   | CUSIP: 34531RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173000 | PA      | $172638.59    | 0.08%             | 2025-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks, Inc.                                                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2448 | NS      | $415915.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Inc                     | Allison Transmission, Inc.                                                     | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33083.43     | 0.01%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                     | Hess Midstream Operations LP                                                   | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $11115.00     | 0.00%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                               | Owens-Brockway Glass Container, Inc.                                           | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26936.77     | 0.01%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                               | Starbucks Corp.                                                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1013 | NS      | $103528.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                         | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28427.40     | 0.01%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                       | Future                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         9 | NC      | $4912.34      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC/CCO Holdings Capital Corp.                                    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $20295.00     | 0.01%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co                          | Emerson Electric Co.                                                           | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       384 | NS      | $36775.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc               | JB Hunt Transport Services, Inc.                                               | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |        27 | NS      | $4965.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Trust                       | Invitation Homes Trust                                                         | CUSIP: 46185JAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149978 | PA      | $147450.38    | 0.07%             | 2037-03-17      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group, Inc.                                                 | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       800 | NS      | $33904.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Automobile Receivables Trust 2020-1 | Westlake Automobile Receivables Trust                                          | CUSIP: 96042KAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719872 | PA      | $716544.50    | 0.32%             | 2025-04-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc.                                                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |       436 | NS      | $52075.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark Services Inc                         | Aramark Services, Inc.                                                         | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60786.05     | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABIOMED Inc                                  | ABIOMED, Inc.                                                                  | CUSIP: 003654100<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |        76 | NS      | $28712.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                              | Yum! Brands, Inc.                                                              | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       248 | NS      | $31907.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage Trust          | Citigroup Commercial Mortgage Trust                                            | CUSIP: 17291DAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $332045.77    | 0.15%             | 2051-06-10      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                               | NRG Energy, Inc.                                                               | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9216.55      | 0.00%             | 2029-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                 | Comcast Corp.                                                                  | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     85000 | PA      | $68969.38     | 0.03%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| HOLLY NRG PRTNR/FIN CORP                     | Holly Energy Partners LP/Holly Energy Finance Corp.                            | CUSIP: 435765AH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29000 | PA      | $26423.70     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL FUNDING LLC                       | GE Capital Funding LLC                                                         | CUSIP: 36166NAG8<br>LEI: 549300XAGH9TOLX5XM67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192917.19    | 0.09%             | 2025-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                     | Radiate Holdco LLC/Radiate Finance, Inc.                                       | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8177.00      | 0.00%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                             | Alabama Power Co.                                                              | CUSIP: 010392FB9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31522.34     | 0.01%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                | Live Nation Entertainment, Inc.                                                | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       136 | NS      | $9895.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                      | Frontier Communications Holdings LLC                                           | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $29404.55     | 0.01%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust                                                     | CUSIP: 92538LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33987 | PA      | $30336.34     | 0.01%             | 2065-05-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                             | Cinemark USA, Inc.                                                             | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7987.50      | 0.00%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                          | Buckeye Partners LP                                                            | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11340.38     | 0.01%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                     | TerraForm Power Operating LLC                                                  | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |     72000 | PA      | $64800.00     | 0.03%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                       | WESCO Distribution, Inc.                                                       | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30391.50     | 0.01%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF                 | iShares Core S&P Mid-Cap ETF                                                   | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |     26183 | NS      | $6729031.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: —       |
| HOWMET AEROSPACE INC                         | Howmet Aerospace, Inc.                                                         | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19800.00     | 0.01%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                       | Credit Suisse Group AG                                                         | CUSIP: 225433AR2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $217273.38    | 0.10%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PulteGroup Inc                               | PulteGroup, Inc.                                                               | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       119 | NS      | $5328.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                      | Legacy LifePoint Health LLC                                                    | CUSIP: 53219LAS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $41447.85     | 0.02%             | 2027-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Holdings Inc              | Spirit AeroSystems Holdings, Inc.                                              | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15557 | NS      | $407748.97    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3132DWA52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3777692 | PA      | $3119723.22   | 1.39%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                     | Prime Security Services Borrower LLC/Prime Finance, Inc.                       | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4399.35      | 0.00%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp of America Holdings          | Laboratory Corp. of America Holdings                                           | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |      4834 | NS      | $1163543.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The             | Bank of New York Mellon Corp.                                                  | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      1246 | NS      | $57191.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                      | PTC, Inc.                                                                      | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       155 | NS      | $19717.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CASCADES INC/USA INC                         | Cascades, Inc./Cascades USA, Inc.                                              | CUSIP: 14739LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     35000 | PA      | $30926.00     | 0.01%             | 2028-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      2231 | NS      | $207639.17    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                | Carnival Corp.                                                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       668 | NS      | $6633.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB INTERNATIONAL FINANC                     | LYB International Finance II BV                                                | CUSIP: 50247WAB3<br>LEI: 549300ZSNDBYN4Z4VZ93 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $138766.39    | 0.06%             | 2027-03-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                              | Ulta Beauty, Inc.                                                              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        50 | NS      | $23242.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                    | iStar, Inc.                                                                    | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              |  | US        |     30000 | PA      | $29515.69     | 0.01%             | 2024-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                             | Deutsche Bank AG                                                               | CUSIP: 251526BY4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    125000 | PA      | $121125.29    | 0.05%             | 2024-05-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co                 | Pioneer Natural Resources Co.                                                  | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       528 | NS      | $124602.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                   | Masco Corp.                                                                    | CUSIP: 574599BM7<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119823.98    | 0.05%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                           | Ingersoll Rand, Inc.                                                           | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     31453 | NS      | $1697518.41   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                  | Oracle Corp.                                                                   | CUSIP: 68389XAM7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    366000 | PA      | $338165.61    | 0.15%             | 2040-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar, Inc.                                                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       334 | NS      | $78960.94     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                      | MPLX LP                                                                        | CUSIP: 55336VAJ9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118391.56    | 0.05%             | 2025-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                  | Exelon Corp.                                                                   | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162526.66    | 0.07%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                   | CF Industries Holdings, Inc.                                                   | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     13089 | NS      | $1416098.91   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ABC SUPPLY CO INC                            | American Builders & Contractors Supply Co., Inc.                               | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     46000 | PA      | $37936.20     | 0.02%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc                 | Monolithic Power Systems, Inc.                                                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |        69 | NS      | $26355.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                 | QUALCOMM, Inc.                                                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1702 | NS      | $215285.98    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KROGER CO                                    | Kroger Co.                                                                     | CUSIP: 501044DF5<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    250000 | PA      | $193291.42    | 0.09%             | 2046-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Textron Inc                                  | Textron, Inc.                                                                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |       120 | NS      | $8565.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications, Inc.                                                 | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48726.55     | 0.02%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HARTFORD FINL SVCS GRP                       | Hartford Financial Services Group, Inc.                                        | CUSIP: 416515AP9<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153557.77    | 0.07%             | 2041-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                  | Chemours Co.                                                                   | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27150.00     | 0.01%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36179TEY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85455 | PA      | $78424.58     | 0.04%             | 2047-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                            | Lam Research Corp.                                                             | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       208 | NS      | $98255.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                 | AutoZone, Inc.                                                                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        19 | NS      | $49001.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEEWARD RENEWABL                             | Leeward Renewable Energy Operations LLC                                        | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21022.50     | 0.01%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE NA                               | Capital One NA                                                                 | CUSIP: 140420NB2<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69766.78     | 0.03%             | 2023-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                        | ON Semiconductor Corp.                                                         | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       629 | NS      | $47300.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                             | HealthEquity, Inc.                                                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      4152 | NS      | $263568.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                     | Ameriprise Financial, Inc.                                                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      5274 | NS      | $1750704.30   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                           | HCA Healthcare, Inc.                                                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       375 | NS      | $90082.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418DLT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179242 | PA      | $160075.47    | 0.07%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                     | New Enterprise Stone & Lime Co., Inc.                                          | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     61000 | PA      | $55205.00     | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                      | International Game Technology PLC                                              | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $18834.60     | 0.01%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Highbridge Loan Management Ltd               | Highbridge Loan Management Ltd.                                                | CUSIP: 44330QAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $650970.60    | 0.29%             | 2031-07-18      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories Inc                     | Bio-Rad Laboratories, Inc.                                                     | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      2373 | NS      | $984106.83    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WR GRACE HOLDING LLC                         | WR Grace Holdings LLC                                                          | CUSIP: 92943GAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $58653.60     | 0.03%             | 2024-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                          | Otis Worldwide Corp.                                                           | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |       280 | NS      | $21865.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Point Securitization Trust             | Vista Point Securitization Trust                                               | CUSIP: 92838TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28540 | PA      | $24932.05     | 0.01%             | 2065-04-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| KLA Corp                                     | KLA Corp.                                                                      | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       225 | NS      | $88458.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418DRV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233039 | PA      | $215682.55    | 0.10%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Copart Inc                                   | Copart, Inc.                                                                   | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |       256 | NS      | $17039.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                 | AES Corp.                                                                      | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       879 | NS      | $25420.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                        | Northrop Grumman Corp.                                                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        91 | NS      | $48529.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The    | Hartford Financial Services Group, Inc.                                        | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       526 | NS      | $40170.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy, Inc.                                                       | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       396 | NS      | $58615.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                      | NVR, Inc.                                                                      | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |         2 | NS      | $9278.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                          | Electronic Arts, Inc.                                                          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       235 | NS      | $30733.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                | McKesson Corp.                                                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       251 | NS      | $95801.68     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential AP Advance Receivables Trust | New Residential Advance Receivables Trust Advance Receivables Backed Notes     | CUSIP: 64831JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $174565.95    | 0.08%             | 2052-12-16      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                             | FirstEnergy Corp.                                                              | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17622.40     | 0.01%             | 2047-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                       | Regions Financial Corp.                                                        | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      1509 | NS      | $35023.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                          | Gilead Sciences, Inc.                                                          | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45989.62     | 0.02%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                         | Verisk Analytics, Inc.                                                         | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2409 | NS      | $442557.39    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                   | Humana, Inc.                                                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       219 | NS      | $120428.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN INCORPORATED                            | ASGN, Inc.                                                                     | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |     69000 | PA      | $61582.50     | 0.03%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                                 | Tapestry, Inc.                                                                 | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |       155 | NS      | $5854.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                    | Keysight Technologies, Inc.                                                    | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       292 | NS      | $52819.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                | Kroger Co.                                                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      1132 | NS      | $55683.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                           | Union Pacific Corp.                                                            | CUSIP: 907818EB0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    300000 | PA      | $257151.99    | 0.11%             | 2035-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                             | Societe Generale SA                                                            | CUSIP: 83368RAK8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $184415.64    | 0.08%             | 2027-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                 | United Airlines Holdings, Inc.                                                 | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       211 | NS      | $9319.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                                 | Fortive Corp.                                                                  | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |       232 | NS      | $15671.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                       | Church & Dwight Co., Inc.                                                      | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |       417 | NS      | $34139.79     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORP                        | Antero Resources Corp.                                                         | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17345.80     | 0.01%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                 | Synopsys, Inc.                                                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       245 | NS      | $83187.30     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                     | Plains All American Pipeline LP/PAA Finance Corp.                              | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $131396.46    | 0.06%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                      | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.                           | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $48095.27     | 0.02%             | 2027-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                          | Southern California Edison Co.                                                 | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    175000 | PA      | $130578.79    | 0.06%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                    | Apple, Inc.                                                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     47637 | NS      | $7051705.11   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                | Citigroup, Inc.                                                                | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304471.95    | 0.14%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP                         | Covanta Holding Corp.                                                          | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21359.25     | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY COR                     | Garda World Security Corp.                                                     | CUSIP: 36257BAA7<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     23000 | PA      | $21277.16     | 0.01%             | 2027-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                 | Danaher Corp.                                                                  | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1134 | NS      | $310046.94    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds American Inc                        | Reynolds American, Inc.                                                        | CUSIP: 761713BA3<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64623.02     | 0.03%             | 2035-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                 | QUALCOMM, Inc.                                                                 | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76414.43     | 0.03%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                      | Darling Ingredients, Inc.                                                      | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39007.60     | 0.02%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36178GFG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25752 | PA      | $25181.59     | 0.01%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                 | Ecopetrol SA                                                                   | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    325000 | PA      | $302924.38    | 0.14%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ANSYS Inc                                    | ANSYS, Inc.                                                                    | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       139 | NS      | $35347.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                | Regeneron Pharmaceuticals, Inc.                                                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       187 | NS      | $140567.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLLY NRG PRTNR/FIN CORP                     | Holly Energy Partners LP/Holly Energy Finance Corp.                            | CUSIP: 435765AJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9783.86      | 0.00%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                       | Patrick Industries, Inc.                                                       | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23550.00     | 0.01%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                     | Jaguar Land Rover Automotive PLC                                               | CUSIP: 000000000<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $124371.74    | 0.06%             | 2024-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                      | Cboe Global Markets, Inc.                                                      | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       192 | NS      | $24353.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                      | Swap                                                                           | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCR              |  | US        |    500000 | OU      | $7211.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                         | Edison International                                                           | CUSIP: 281020AR8<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    188000 | PA      | $185608.47    | 0.08%             | 2025-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                 | Novelis Corp.                                                                  | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3280.00      | 0.00%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                            | Iron Mountain, Inc.                                                            | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     45000 | PA      | $42313.05     | 0.02%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Teleflex Inc                                 | Teleflex, Inc.                                                                 | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |        76 | NS      | $17793.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm, Inc.                                                                | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28275.00     | 0.01%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                                            | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50177.31     | 0.02%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Signature Bank/New York NY                   | Signature Bank                                                                 | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |       112 | NS      | $15624.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                                | Allstate Corp.                                                                 | CUSIP: 020002BD2<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190016.00    | 0.08%             | 2026-12-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                    | Apple, Inc.                                                                    | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    210000 | PA      | $187434.96    | 0.08%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                          | Quanta Services, Inc.                                                          | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    400000 | PA      | $307948.28    | 0.14%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                         | Howmet Aerospace, Inc.                                                         | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |       231 | NS      | $8701.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                | Automatic Data Processing, Inc.                                                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       645 | NS      | $170370.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                     | Performance Food Group, Inc.                                                   | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38600.00     | 0.02%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Apache Corp                                  | Apache Corp.                                                                   | CUSIP: 037411AW5<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     51000 | PA      | $41947.50     | 0.02%             | 2040-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc        | Mid-America Apartment Communities, Inc.                                        | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |       161 | NS      | $26545.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                     | Prudential Financial, Inc.                                                     | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       594 | NS      | $64169.82     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                            | Kinder Morgan, Inc.                                                            | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145029.38    | 0.06%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                     | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                          | CUSIP: 04364VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29000 | PA      | $28427.27     | 0.01%             | 2026-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                         | Howmet Aerospace, Inc.                                                         | CUSIP: 022249AU0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32640.00     | 0.01%             | 2028-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                       | Comstock Resources, Inc.                                                       | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63482.25     | 0.03%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc                     | Digital Realty Trust, Inc.                                                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |       422 | NS      | $47458.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                   | Pfizer, Inc.                                                                   | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    270000 | PA      | $333282.84    | 0.15%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                   | Nasdaq, Inc.                                                                   | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |       560 | NS      | $38337.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AON GLOBAL LTD                               | Aon Global Ltd.                                                                | CUSIP: 00185AAH7<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $131288.81    | 0.06%             | 2045-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                        | Duke Energy Carolinas LLC                                                      | CUSIP: 26442CBB9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    150000 | PA      | $126807.28    | 0.06%             | 2031-04-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM UK HOLDINGS                        | TransDigm U.K. Holdings PLC                                                    | CUSIP: 89365DAB9<br>LEI: 549300JTYP71LZZSE903 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $59139.60     | 0.03%             | 2026-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                         | Oceaneering International, Inc.                                                | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3623.78      | 0.00%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36179TCW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    113073 | PA      | $103770.99    | 0.05%             | 2047-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    487639 | PA      | $402782.92    | 0.18%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 3132L8QW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90861 | PA      | $87454.65     | 0.04%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                     | Rogers Communications, Inc.                                                    | CUSIP: 775109BB6<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $34852.83     | 0.02%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                       | Lumen Technologies, Inc.                                                       | CUSIP: 156700BC9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29837.50     | 0.01%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WW Grainger Inc                              | WW Grainger, Inc.                                                              | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |        26 | NS      | $15679.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                  | Equifax, Inc.                                                                  | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |        69 | NS      | $13618.53     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                          | Fifth Third Bancorp                                                            | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      1145 | NS      | $41632.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                           | Energy Transfer LP                                                             | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86237.75     | 0.04%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                        | Level 3 Financing, Inc.                                                        | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     86000 | PA      | $67337.08     | 0.03%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile U.S., Inc.                                                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       559 | NS      | $84666.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                          | Kimberly-Clark Corp.                                                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       635 | NS      | $86125.05     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc             | Mettler-Toledo International, Inc.                                             | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        37 | NS      | $54373.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                   | Verus Securitization Trust                                                     | CUSIP: 92538CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78146 | PA      | $70993.36     | 0.03%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/The             | Interpublic Group of Cos., Inc.                                                | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |       373 | NS      | $12816.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                        | Travelers Cos., Inc.                                                           | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       395 | NS      | $74974.95     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORP                                     | Fox Corp.                                                                      | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44839.95     | 0.02%             | 2049-01-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Charter Communications Inc                   | Charter Communications, Inc.                                                   | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       108 | NS      | $42259.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                           | Kraft Heinz Co.                                                                | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      1449 | NS      | $57018.15     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                              | Weyerhaeuser Co.                                                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |       982 | NS      | $32121.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                      | Extra Space Storage, Inc.                                                      | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |       202 | NS      | $32459.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                         | OneMain Finance Corp.                                                          | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111411.43    | 0.05%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                       | Mitsubishi UFJ Financial Group, Inc.                                           | CUSIP: 606822AN4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    350000 | PA      | $329772.72    | 0.15%             | 2027-02-22      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                 | Navient Corp.                                                                  | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190588.00    | 0.09%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                          | Delta Air Lines, Inc.                                                          | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |       424 | NS      | $14996.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                  | Federal Home Loan Mortgage Corp.                                               | CUSIP: 31292GWC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21132 | PA      | $21918.65     | 0.01%             | 2028-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                      | Marathon Petroleum Corp.                                                       | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    110000 | PA      | $93708.09     | 0.04%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                      | Booz Allen Hamilton, Inc.                                                      | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    160000 | PA      | $144198.40    | 0.06%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DANA INC                                     | Dana, Inc.                                                                     | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18400.00     | 0.01%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                            | HSBC Holdings PLC                                                              | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $193264.05    | 0.09%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                         | Las Vegas Sands Corp.                                                          | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     33502 | NS      | $1569233.68   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                               | NRG Energy, Inc.                                                               | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23989.50     | 0.01%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                    | Uniform Mortgage-Backed Security, TBA                                          | CUSIP: 01F0226C4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6325000 | PA      | $5396237.00   | 2.41%             | 2052-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                          | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32588.50     | 0.01%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                         | Booking Holdings, Inc.                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        37 | NS      | $76939.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                       | T Rowe Price Group, Inc.                                                       | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       414 | NS      | $51712.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                    | Aptiv PLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      9117 | NS      | $972510.39    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                         | Keurig Dr Pepper, Inc.                                                         | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      1488 | NS      | $57540.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TRONOX INC                                   | Tronox, Inc.                                                                   | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32207.60     | 0.01%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                     | Weatherford International Ltd.                                                 | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     27000 | PA      | $25893.00     | 0.01%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                     | Fox Corp.                                                                      | CUSIP: 35137LAM7<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23909.81     | 0.01%             | 2025-04-07      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                               | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4442 | NS      | $489153.04    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                  | Equinix, Inc.                                                                  | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |       131 | NS      | $90475.15     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                    | Healthpeak Properties, Inc.                                                    | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               |  | US        |       606 | NS      | $15913.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                           | Cooper Cos., Inc.                                                              | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1387 | NS      | $438777.45    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                                      | VF Corp.                                                                       | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |       266 | NS      | $8730.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                     | Altice France Holding SA                                                       | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $158000.00    | 0.07%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                         | Colgate-Palmolive Co.                                                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1481 | NS      | $114747.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc           | Broadridge Financial Solutions, Inc.                                           | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       192 | NS      | $28629.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association     | Government National Mortgage Association                                       | CUSIP: 36179S2P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    104603 | PA      | $98811.56     | 0.04%             | 2047-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                               | Home Depot, Inc.                                                               | CUSIP: 437076BK7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38868.71     | 0.02%             | 2025-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                        | Quest Diagnostics, Inc.                                                        | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       216 | NS      | $32795.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                   | STERIS PLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       187 | NS      | $34733.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                               | S&P Global, Inc.                                                               | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       575 | NS      | $202860.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                         | OneMain Finance Corp.                                                          | CUSIP: 85172FAL3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39916.69     | 0.02%             | 2023-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| West Pharmaceutical Services Inc             | West Pharmaceutical Services, Inc.                                             | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       126 | NS      | $29567.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                       | Nationstar Mortgage Holdings, Inc.                                             | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29000 | PA      | $22608.53     | 0.01%             | 2030-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                             | COLT Mortgage Loan Trust                                                       | CUSIP: 12597QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18236 | PA      | $17110.10     | 0.01%             | 2065-04-27      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp                               | Whirlpool Corp.                                                                | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |        57 | NS      | $8352.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                  | Waters Corp.                                                                   | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       110 | NS      | $38126.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                               | Eli Lilly & Co.                                                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      6008 | NS      | $2229448.64   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                                    | Bunge Ltd.                                                                     | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | BM        |     17091 | NS      | $1791820.44   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE ENERGY PARTNERS                     | Enbridge Energy Partners LP                                                    | CUSIP: 29250RAX4<br>LEI: CZ6VG2MNE1J6YDI02G48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113261.14    | 0.05%             | 2045-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL                       | Williams Scotsman International, Inc.                                          | CUSIP: 96950GAE2<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54552.00     | 0.02%             | 2028-08-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                 | Novelis Corp.                                                                  | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66682.37     | 0.03%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                     | Ford Motor Credit Co. LLC                                                      | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188218.00    | 0.08%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                      | Arthur J Gallagher & Co.                                                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       347 | NS      | $69091.17     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                          | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |       450 | NS      | $46701.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                             | Henry Schein, Inc.                                                             | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       231 | NS      | $18692.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                          | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4903 | NS      | $677496.54    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                               | Halliburton Co.                                                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      1987 | NS      | $75287.43     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                               | Amazon.com, Inc.                                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     35814 | NS      | $3457483.56   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE CAP BUYER LLC                          | White Cap Buyer LLC                                                            | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $44821.84     | 0.02%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HP Inc                                       | HP, Inc.                                                                       | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      1432 | NS      | $43017.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp     | Westinghouse Air Brake Technologies Corp.                                      | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       110 | NS      | $11119.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                | DTE Energy Co.                                                                 | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       257 | NS      | $29814.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31417L5L5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4471 | PA      | $4564.32      | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                 | Barclays PLC                                                                   | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191570.35    | 0.09%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                           | Ford Motor Co.                                                                 | CUSIP: 345370CA6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58012.96     | 0.03%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust          | Exeter Automobile Receivables Trust                                            | CUSIP: 30165JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    474058 | PA      | $471024.22    | 0.21%             | 2025-07-15      | Fixed         | 0.68%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                     | Hilcorp Energy I LP/Hilcorp Finance Co.                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9195.31      | 0.00%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Loews Corp                                   | Loews Corp.                                                                    | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |       377 | NS      | $21922.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC/CCO Holdings Capital Corp.                                    | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $54448.20     | 0.02%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                     | Consolidated Communications, Inc.                                              | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |     32000 | PA      | $26329.60     | 0.01%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP HOLDG                     | Cloud Software Group Holdings, Inc.                                            | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $30568.69     | 0.01%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                     | Prime Security Services Borrower LLC/Prime Finance, Inc.                       | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44550.00     | 0.02%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Catalent Inc                                 | Catalent, Inc.                                                                 | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       331 | NS      | $16593.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                       | Motorola Solutions, Inc.                                                       | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       250 | NS      | $68050.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                       | IDEXX Laboratories, Inc.                                                       | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       152 | NS      | $64732.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TECK RESOURCES LIMITED                       | Teck Resources Ltd.                                                            | CUSIP: 878742BG9<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $179804.55    | 0.08%             | 2030-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LEGENDS HOSPITALITY HOLD                     | Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.       | CUSIP: 52473NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $26246.56     | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                    | ONEOK, Inc.                                                                    | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       981 | NS      | $65648.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                  | Hologic, Inc.                                                                  | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |       399 | NS      | $30387.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                     | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                          | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9966.00      | 0.00%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mohawk Industries Inc                        | Mohawk Industries, Inc.                                                        | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |        38 | NS      | $3850.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                                   | VMware, Inc.                                                                   | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      8030 | NS      | $975564.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                            | EOG Resources, Inc.                                                            | CUSIP: 26875PAN1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45294.13     | 0.02%             | 2035-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                       | Future                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -3 | NC      | $-3637.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                     | Baxter International, Inc.                                                     | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |       860 | NS      | $48615.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                      | Bristol-Myers Squibb Co.                                                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3721 | NS      | $298721.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MHC Commercial Mortgage Trust                | MHC Commercial Mortgage Trust                                                  | CUSIP: 55316VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $659668.73    | 0.29%             | 2038-04-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Inc                         | Invitation Homes, Inc.                                                         | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |       722 | NS      | $23558.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                          | American Express Co.                                                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1000 | NS      | $157590.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                        | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39482.80     | 0.02%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CH Robinson Worldwide Inc                    | CH Robinson Worldwide, Inc.                                                    | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |        80 | NS      | $8017.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                   | Capital One Financial Corp.                                                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       642 | NS      | $66280.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Exeter Automobile Receivables Trust          | Exeter Automobile Receivables Trust                                            | CUSIP: 30166AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97705 | PA      | $97513.39     | 0.04%             | 2025-02-18      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Inc          | Public Service Enterprise Group, Inc.                                          | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |       700 | NS      | $42385.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc             | American International Group, Inc.                                             | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      1296 | NS      | $81790.56     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMSTED INDUSTRIES                            | Amsted Industries, Inc.                                                        | CUSIP: 032177AH0<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18903.22     | 0.01%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                             | COLT Pass-Through Certificates                                                 | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39860 | PA      | $32421.07     | 0.01%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Fastenal Co                                  | Fastenal Co.                                                                   | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |       399 | NS      | $20552.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                     | EQM Midstream Partners LP                                                      | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30318.30     | 0.01%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                     | Western Midstream Operating LP                                                 | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     44000 | PA      | $42174.44     | 0.02%             | 2025-02-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                          | DT Auto Owner Trust                                                            | CUSIP: 23344GAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $310421.83    | 0.14%             | 2026-10-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc | BAMLL Commercial Mortgage Securities Trust                                     | CUSIP: 05526QAJ5<br>LEI: 549300UQK6PJ8BF5JQ90 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $352813.52    | 0.16%             | 2033-04-14      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                               | Eaton Corp. PLC                                                                | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       255 | NS      | $41679.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                          | Gilead Sciences, Inc.                                                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2217 | NS      | $194719.11    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QVC INC                                      | QVC, Inc.                                                                      | CUSIP: 747262AY9<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30026.60     | 0.01%             | 2027-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust          | GS Mortgage-Backed Securities Corp. Trust                                      | CUSIP: 36262EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243384 | PA      | $200857.03    | 0.09%             | 2061-07-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                          | American International Group, Inc.                                             | CUSIP: 026874DQ7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47211.07     | 0.02%             | 2025-06-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                      | Walt Disney Co.                                                                | CUSIP: 254687EX0<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115510.93    | 0.05%             | 2045-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                               | Bombardier, Inc.                                                               | CUSIP: 097751BM2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     41000 | PA      | $41061.50     | 0.02%             | 2025-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BEACON ROOFING SUPPLY IN                     | Beacon Roofing Supply, Inc.                                                    | CUSIP: 073685AF6<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4612.36      | 0.00%             | 2026-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips                                                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2793 | NS      | $344963.43    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                   | Federal National Mortgage Association                                          | CUSIP: 31410KME1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100730 | PA      | $100421.18    | 0.04%             | 2037-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                         | WR Grace Holdings LLC                                                          | CUSIP: 92943GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $26878.50     | 0.01%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** UBS INVESTMENT TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer