# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001752724-23-025227
**Filing Date:** 2023-2
**Character Count:** 76137
**Document Hash:** d7830ac7f1511e90235d6a08533372a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-025227.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001752724-23-025227

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS FUNDS
- **CENTRAL INDEX KEY:** 0000886244
- **IRS NUMBER:** 367056204
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06637
- **FILM NUMBER:** 23633908

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-525-7100

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRINSON FUNDS INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### UBS Multi Income Bond Fund (Series ID: S000053041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166868 | Class A      | UTBAX           |
| C000166870 | Class P      | UTBPX           |

## 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 FUNDS

- **b. Investment Company Act file number:** 811-06637

- **c. CIK number of Registrant:** 0000886244

- **d. LEI of Registrant:** 549300N85N4CCOEZQJ49

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

  - **Street Address 1:** ONE NORTH WACKER DR.

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-525-7100

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

- **a. Name of Series:** UBS Multi Income Bond Fund

- **b. EDGAR series identifier (if any):** S000053041

- **c. LEI of Series:** 549300OHZ6UI1RKLNQ71

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $27865077.18

**Total Liabilities:** $2058828.28

**Net Assets:** $25806248.90

**Cash Not Reported:** $196794.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -25.87000000 | **1-Year:** -209.87000000 | **5-Year:** -4254.11000000 | **10-Year:** -2977.73000000 | **30-Year:** -2250.17000000

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

- **3-Month:** -4.98000000 | **1-Year:** -119.49000000 | **5-Year:** -1084.55000000 | **10-Year:** -164.33000000 | **30-Year:** -26.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166868 | 0.13%                | 3.14%                | 0.09%                |
| Class ID C000166870 | 0.15%                | 3.16%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9660.23                | $-119076.37                                |
| Month 2  | $-43540.98               | $738536.20                                 |
| Month 3  | $-19160.24               | $-83550.00                                 |

**Designated Index Information**

- **Index Name:** 50% BARCLAYS US INTERMEDIATE CORP 25% BARCLAYS US CORP HY 25% BARCLAYS GLOB EM HARD CCY Agg hUSD

- **Index Identifier:** 50% BARCLAYS US INTERMEDIATE CORP 25% BARCLAYS US CORP HY 25% BARCLAYS GLOB EM HARD CCY Agg hUSD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oracle Corp                                           | Oracle Corp.                                                                  | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    300000 | PA      | $272998.50    | 1.06%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                               | Asbury Automotive Group, Inc.                                                 | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132060.00    | 0.51%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                              | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.                        | CUSIP: 03969AAQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $190347.67    | 0.74%             | 2025-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| AT&T INC                                              | AT&T, Inc.                                                                    | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     58000 | PA      | $40016.13     | 0.16%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                               | DCP Midstream Operating LP                                                    | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247675.00    | 0.96%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                   | JPMorgan Chase & Co.                                                          | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136129.66    | 0.53%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Inflation-Indexed Notes                                         | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    528081 | PA      | $466592.93    | 1.81%             | 2031-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                           | MetLife, Inc.                                                                 | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106381.00    | 0.41%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                            | Sprint LLC                                                                    | CUSIP: 85207UAH8<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254885.00    | 0.99%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                               | Bristol-Myers Squibb Co.                                                      | CUSIP: 110122CN6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     99000 | PA      | $94381.88     | 0.37%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                               | United Rentals North America, Inc.                                            | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296160.00    | 1.15%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                    | BMW U.S. Capital LLC                                                          | CUSIP: 05565EAH8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    400000 | PA      | $373688.20    | 1.45%             | 2026-04-11      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD                              | Agile Group Holdings Ltd.                                                     | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $104966.00    | 0.41%             | 2025-01-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                          | Comcast Corp.                                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     64000 | PA      | $41103.68     | 0.16%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                    | Union Pacific Corp.                                                           | CUSIP: 907818EF1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33005.95     | 0.13%             | 2045-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                   | Avantor Funding, Inc.                                                         | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    275000 | PA      | $249876.00    | 0.97%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                     | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36472.46     | 0.14%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                          | Barclays PLC                                                                  | CUSIP: 06738EAW5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184399.27    | 0.71%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                          | State Street Institutional US Government Money Market Fund                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    179022 | NS      | $179022.00    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                      | Boyd Gaming Corp.                                                             | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186276.00    | 0.72%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| BROADCOM INC                                          | Broadcom, Inc.                                                                | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $220579.89    | 0.85%             | 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        |    200000 | PA      | $192511.39    | 0.75%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| QNB FINANCE LTD                                       | QNB Finance Ltd.                                                              | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $229421.88    | 0.89%             | 2027-02-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                          | GS Mortgage Securities Corportation II                                        | CUSIP: 36250SAL3<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $83353.68     | 0.32%             | 2051-07-10      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         6 | NC      | $-20226.71    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                        | Microsoft Corp.                                                               | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65804.90     | 0.25%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                   | NOVA Chemicals Corp.                                                          | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $224555.75    | 0.87%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                           | Exelon Corp.                                                                  | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42235.14     | 0.16%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                           | Aker BP ASA                                                                   | CUSIP: 00973RAG8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    350000 | PA      | $323329.50    | 1.25%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                              | EQT Corp.                                                                     | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    370000 | PA      | $341571.14    | 1.32%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                     | Expedia Group, Inc.                                                           | CUSIP: 30212PAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $229499.51    | 0.89%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                               | Illinois Tool Works, Inc.                                                     | CUSIP: 452308AX7<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74295.70     | 0.29%             | 2026-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                              | Lloyds Banking Group PLC                                                      | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $193659.48    | 0.75%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                        | Morgan Stanley                                                                | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102635.34    | 0.40%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                            | FedEx Corp.                                                                   | CUSIP: 31428XBG0<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40563.35     | 0.16%             | 2046-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                         | Citigroup, Inc.                                                               | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53435.54     | 0.21%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                               | ONE Mortgage Trust                                                            | CUSIP: 682413AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $344618.25    | 1.34%             | 2036-03-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                 | Indonesia Government International Bonds                                      | CUSIP: 455780AX4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $113011.00    | 0.44%             | 2037-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| YALE UNIVERSITY                                       | Yale University                                                               | CUSIP: 98459LAB9<br>LEI: 9SFB6DIM0FRWV0EV8S84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80051.91     | 0.31%             | 2030-04-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                   | JPMorgan Chase & Co.                                                          | CUSIP: 46625HJQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99614.00     | 0.39%             | 2024-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                 | Mexico Government International Bonds                                         | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    150000 | PA      | $120871.88    | 0.47%             | 2044-03-08      | Fixed         | 4.75%                 | 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        |    636125 | NS      | $636125.00    | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                                           | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $158172.66    | 0.61%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LYB INTL FINANCE BV                                   | LYB International Finance BV                                                  | CUSIP: 50247VAC3<br>LEI: 549300J6QSW38QNOJK61 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $41674.36     | 0.16%             | 2044-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                              | Petrobras Global Finance BV                                                   | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $208220.00    | 0.81%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                       | McDonald's Corp.                                                              | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69310.91     | 0.27%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                            | AbbVie, Inc.                                                                  | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92630.55     | 0.36%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                     | General Motors Co.                                                            | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293819.10    | 1.14%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                       | State of Hawaii                                                               | CUSIP: 419792ZD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $51168.61     | 0.20%             | 2038-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                              | BX Trust                                                                      | CUSIP: 12434DAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $372162.20    | 1.44%             | 2036-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                | Bank of New York Mellon Corp.                                                 | CUSIP: 06406RAN7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92919.20     | 0.36%             | 2025-04-24      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| MASCO CORP                                            | Masco Corp.                                                                   | CUSIP: 574599BS4<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $331157.28    | 1.28%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                 | Wells Fargo Commercial Mortgage Trust                                         | CUSIP: 95001JBC0<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $124668.27    | 0.48%             | 2051-05-15      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Starwood Retail Property Trust                        | Starwood Retail Property Trust                                                | CUSIP: 85571XAN7<br>LEI: 5493007115G809OI4R97 | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $312.50       | 0.00%             | 2027-11-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                             | Kroger Co.                                                                    | CUSIP: 501044CK5<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27364.60     | 0.11%             | 2038-04-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                | Lumen Technologies, Inc.                                                      | CUSIP: 156700AZ9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191937.21    | 0.74%             | 2025-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                   | Abbott Laboratories                                                           | CUSIP: 002824BF6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92485.13     | 0.36%             | 2026-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                              | Avolon Holdings Funding Ltd.                                                  | CUSIP: 05401AAH4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $46188.27     | 0.18%             | 2025-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                  | Glencore Funding LLC                                                          | CUSIP: 378272AL2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96737.34     | 0.37%             | 2025-04-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                               | Dell International LLC/EMC Corp.                                              | CUSIP: 24703TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $252657.57    | 0.98%             | 2025-07-15      | Fixed         | 5.85%                 | 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        |    300000 | PA      | $257148.71    | 1.00%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                              | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392209.58    | 1.52%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | 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        |    165000 | PA      | $149997.41    | 0.58%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                 | Continental Resources, Inc.                                                   | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229065.00    | 0.89%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                  | FREMF Mortgage Trust                                                          | CUSIP: 30296CAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     50000 | PA      | $46516.91     | 0.18%             | 2050-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC                                    | Enact Holdings, Inc.                                                          | CUSIP: 37255LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $245340.00    | 0.95%             | 2025-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                               | International Game Technology PLC                                             | CUSIP: 460599AC7<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $301827.00    | 1.17%             | 2025-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                  | Colombia Government International Bonds                                       | CUSIP: 195325BD6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    155000 | PA      | $158758.75    | 0.62%             | 2024-05-21      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                              | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $286330.40    | 1.11%             | 2026-04-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                     | NatWest Group PLC                                                             | CUSIP: 780097BD2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $247415.35    | 0.96%             | 2023-09-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                              | Liberty Mutual Group, Inc.                                                    | CUSIP: 53079EBE3<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44680.05     | 0.17%             | 2023-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                             | Apple, Inc.                                                                   | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94672.47     | 0.37%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                          | GS Mortgage Securities Trust                                                  | CUSIP: 36252HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $174557.48    | 0.68%             | 2050-03-10      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission                       | Texas Transportation Commission                                               | CUSIP: 882830BH4<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    100000 | PA      | $68221.68     | 0.26%             | 2044-10-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                    | Energy Transfer LP                                                            | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49644.95     | 0.19%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP                                  | Covanta Holding Corp.                                                         | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $122890.50    | 0.48%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                               | Bristol-Myers Squibb Co.                                                      | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44488.33     | 0.17%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                                           | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25000 | PA      | $25093.75     | 0.10%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $72607.54     | 0.28%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                | ConocoPhillips Co.                                                            | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $207328.42    | 0.80%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| State of California                                   | State of California                                                           | CUSIP: 13063A7D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $303718.65    | 1.18%             | 2039-10-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| State of Washington                                   | State of Washington                                                           | CUSIP: 93974CRE2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70680.88     | 0.27%             | 2040-08-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                     | General Motors Co.                                                            | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101770.99    | 0.39%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                                 | DuPont de Nemours, Inc.                                                       | CUSIP: 26078JAD2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98604.21     | 0.38%             | 2028-11-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| BX Trust                                              | BX Mortgage Trust                                                             | CUSIP: 05609PAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $162820.96    | 0.63%             | 2036-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                           | Extended Stay America Trust                                                   | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    341667 | PA      | $327097.02    | 1.27%             | 2038-07-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                       | Hillenbrand, Inc.                                                             | CUSIP: 431571AD0<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199000.00    | 0.77%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                        | Morgan Stanley                                                                | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42616.76     | 0.17%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                          | Comcast Corp.                                                                 | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     67000 | PA      | $41434.50     | 0.16%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                     | Newell Brands, Inc.                                                           | CUSIP: 651229BB1<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194500.00    | 0.75%             | 2025-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| arbor multifamily mortgage securities trust           | Arbor Multifamily Mortgage Securities Trust                                   | CUSIP: 03882KAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $106194.06    | 0.41%             | 2054-10-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue | City of San Antonio Electric & Gas Systems Revenue                            | CUSIP: 796253Y30<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    105000 | PA      | $111873.07    | 0.43%             | 2041-02-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Newmark Group Inc                                     | Newmark Group, Inc.                                                           | CUSIP: 65158NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148576.83    | 0.58%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                  | Bank of America Corp.                                                         | CUSIP: 06051GFH7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246132.28    | 0.95%             | 2024-08-26      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| General Electric Co                                   | General Electric Co.                                                          | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     99000 | PA      | $97261.81     | 0.38%             | 2023-03-15      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                        | Morgan Stanley                                                                | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135833.96    | 0.53%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                              | Liberty Mutual Group, Inc.                                                    | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    155000 | PA      | $144881.40    | 0.56%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC           | BBCMS Trust                                                                   | CUSIP: 05547HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $124690.73    | 0.48%             | 2035-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                     | Swap                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |   1350000 | OU      | $-23825.77    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                   | JPMorgan Chase & Co.                                                          | CUSIP: 46625HJY7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342604.32    | 1.33%             | 2024-09-10      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                                          | Arconic Corp.                                                                 | CUSIP: 03966VAB3<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245774.15    | 0.95%             | 2025-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southwest Airlines Co                                 | Southwest Airlines Co.                                                        | CUSIP: 844741BC1<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183912.68    | 0.71%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                                   | Sirius XM Radio, Inc.                                                         | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221985.00    | 0.86%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                               | Goldman Sachs Group, Inc.                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26946.55     | 0.10%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio Inc                                  | Duke Energy Ohio, Inc.                                                        | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40759.13     | 0.16%             | 2049-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                  | Bank of America Corp.                                                         | CUSIP: 59022CAJ2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126420.08    | 0.49%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                | BP Capital Markets America, Inc.                                              | CUSIP: 10373QAV2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46553.04     | 0.18%             | 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        |    300000 | PA      | $282453.45    | 1.09%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                               | HCA, Inc.                                                                     | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197585.90    | 0.77%             | 2026-06-15      | Fixed         | 5.25%                 | 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        |    350000 | PA      | $321689.76    | 1.25%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                               | GLP Capital LP/GLP Financing II, Inc.                                         | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $196602.91    | 0.76%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                    | City of Houston                                                               | CUSIP: 442331QM9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57513.73     | 0.22%             | 2032-03-01      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                           | Oracle Corp.                                                                  | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36544.79     | 0.14%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                  | Purchased USD / Sold EUR                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $-451.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                        | Home Depot, Inc.                                                              | CUSIP: 437076BN1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91505.82     | 0.35%             | 2026-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                    | New York State Dormitory Authority                                            | CUSIP: 64990FS96<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $132788.64    | 0.51%             | 2028-02-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                      | SLG Office Trust                                                              | CUSIP: 78449RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $76151.76     | 0.30%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                   | Delta Air Lines, Inc.                                                         | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306582.22    | 1.19%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                   | Gilead Sciences, Inc.                                                         | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72304.97     | 0.28%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                              | Uruguay Government International Bonds                                        | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    100000 | PA      | $126650.00    | 0.49%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                | WESCO Distribution, Inc.                                                      | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253128.03    | 0.98%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                  | Bank of America Corp.                                                         | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109183.11    | 0.42%             | 2026-03-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                      | Peruvian Government International Bonds                                       | CUSIP: 715638AS1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $209225.00    | 0.81%             | 2025-07-21      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL INTL FUNDING                               | GE Capital International Funding Co. Unlimited Co.                            | CUSIP: 36164Q6M5<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $191307.12    | 0.74%             | 2025-11-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                             | Olin Corp.                                                                    | CUSIP: 680665AJ5<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189000.00    | 0.73%             | 2027-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                          | Ecopetrol SA                                                                  | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    250000 | PA      | $237625.00    | 0.92%             | 2025-01-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: —       |
| Republic of Turkey                                    | Turkey Government International Bonds                                         | CUSIP: 900123AY6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    100000 | PA      | $83000.00     | 0.32%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | 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        |     65000 | PA      | $61973.44     | 0.24%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                | Verizon Communications, Inc.                                                  | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    400000 | PA      | $384593.51    | 1.49%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                        | Air Lease Corp.                                                               | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46262.78     | 0.18%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         8 | NC      | $2108.72      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROS FINANCE CORP                                | Toll Brothers Finance Corp.                                                   | CUSIP: 88947EAS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $238708.60    | 0.93%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                          | Comcast Corp.                                                                 | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     38000 | PA      | $30357.38     | 0.12%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                  | OneMain Finance Corp.                                                         | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192135.01    | 0.74%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                             | iStar, Inc.                                                                   | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              |  | US        |    200000 | PA      | $198497.67    | 0.77%             | 2024-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                               | MPLX LP                                                                       | CUSIP: 55336VAJ9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68927.04     | 0.27%             | 2025-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                           | Exelon Corp.                                                                  | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237371.37    | 0.92%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                         | AEP Texas, Inc.                                                               | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38995.22     | 0.15%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                              | Volkswagen Group of America Finance LLC                                       | CUSIP: 928668BR2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241928.67    | 0.94%             | 2025-06-06      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BOC AVIATION LTD                                      | BOC Aviation Ltd.                                                             | CUSIP: 09681MAM0<br>LEI: 254900H06V5RMEB3KE72 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $236177.50    | 0.92%             | 2025-04-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER                              | Harley-Davidson Financial Services, Inc.                                      | CUSIP: 41283LAY1<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |    300000 | PA      | $279608.31    | 1.08%             | 2025-06-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                   | Gilead Sciences, Inc.                                                         | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44996.39     | 0.17%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                    | Panama Government International Bonds                                         | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $32212.50     | 0.12%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                         | Citigroup, Inc.                                                               | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301836.21    | 1.17%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                          | QUALCOMM, Inc.                                                                | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57057.08     | 0.22%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                          | Ecopetrol SA                                                                  | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     70000 | PA      | $66020.50     | 0.26%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                 | New York State Urban Development Corp.                                        | CUSIP: 6500357E2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     70000 | PA      | $65843.35     | 0.26%             | 2027-03-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| MED Trust                                             | Med Trust                                                                     | CUSIP: 58403YAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $283449.18    | 1.10%             | 2038-11-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                     | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    350000 | PA      | $335274.81    | 1.30%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                              | Rogers Communications, Inc.                                                   | CUSIP: 775109BB6<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $51402.37     | 0.20%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                    | Energy Transfer LP                                                            | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42352.87     | 0.16%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                              | Fox Corp.                                                                     | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22304.78     | 0.09%             | 2049-01-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                              | AT&T, Inc.                                                                    | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282479.03    | 1.09%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                               | Marathon Petroleum Corp.                                                      | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58449.87     | 0.23%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                     | HSBC Holdings PLC                                                             | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $101959.99    | 0.40%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                              | Fox Corp.                                                                     | CUSIP: 35137LAM7<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23899.16     | 0.09%             | 2025-04-07      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                    | Seagate HDD Cayman                                                            | CUSIP: 81180WAN1<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     80000 | PA      | $67830.40     | 0.26%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                              | Ford Motor Credit Co. LLC                                                     | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $276421.50    | 1.07%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                         | AEP Texas, Inc.                                                               | CUSIP: 0010EPAF5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51749.36     | 0.20%             | 2033-02-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                | Teck Resources Ltd.                                                           | CUSIP: 878742BG9<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $268284.81    | 1.04%             | 2030-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                              | Volkswagen Group of America Finance LLC                                       | CUSIP: 928668AT9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196722.25    | 0.76%             | 2025-11-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $1512.71      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES INC                                   | Quanta Services, Inc.                                                         | CUSIP: 74762EAG7<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    400000 | PA      | $368367.64    | 1.43%             | 2024-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Inflation-Indexed Notes                                         | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    316605 | PA      | $295044.48    | 1.14%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                     | Future                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -5 | NC      | $49464.25     | 0.19%             |  |  |  | No            |                  1 | 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        |    100000 | PA      | $88432.95     | 0.34%             | 2033-04-14      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                                   | American International Group, Inc.                                            | CUSIP: 026874DQ7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     33000 | PA      | $31066.20     | 0.12%             | 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        |     50000 | PA      | $46875.08     | 0.18%             | 2045-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** UBS FUNDS

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer