# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001752724-25-205186
**Filing Date:** 2025-8
**Character Count:** 82662
**Document Hash:** 8aeccaf164c16caf3a92de2863d09323
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205186.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205186

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS FUNDS
- **CENTRAL INDEX KEY:** 0000886244

**ORGANIZATION NAME:**
- **EIN:** 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:** 251255715

**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           |
| C000237722 | Class P2     | UTBTX           |

## 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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $47153622.94

**Total Liabilities:** $4738568.16

**Net Assets:** $42415054.78

**Cash Not Reported:** $892920.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -109.63000000 | **1-Year:** -1675.66000000 | **5-Year:** -4581.41000000 | **10-Year:** -5382.75000000 | **30-Year:** -1279.03000000

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

- **3-Month:** -60.76000000 | **1-Year:** -837.72000000 | **5-Year:** -1105.73000000 | **10-Year:** -266.29000000 | **30-Year:** -63.21000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237722 | -0.18%               | -0.16%               | 2.06%                |
| Class ID C000166868 | -0.27%               | -0.25%               | 2.06%                |
| Class ID C000166870 | -0.32%               | -0.15%               | 2.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-106291.69              | $-74598.41                                 |
| Month 2  | $-162685.07              | $243450.08                                 |
| Month 3  | $-28727.04               | $521994.40                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hungary Government International Bonds             | Hungary Government International Bonds                                        | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    100000 | PA      | $112418.00    | 0.27%             | 2041-03-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                           | Allison Transmission, Inc.                                                    | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247691.25    | 0.58%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ALLEGIANT TRAVEL CO                                | Allegiant Travel Co.                                                          | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300087.00    | 0.71%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        66 | NC      | $123608.43    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                                 | Ally Financial, Inc.                                                          | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250568.33    | 0.59%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co.                                                          | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263880.00    | 0.62%             | 2029-06-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                           | AT&T, Inc.                                                                    | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     58000 | PA      | $40582.67     | 0.10%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 40444MAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254371.45    | 0.60%             | 2032-04-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    600000 | OU      | $-5214.42     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                | JPMorgan Chase & Co.                                                          | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146931.43    | 0.35%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                     | NCR Voyix Corp.                                                               | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148480.19    | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Elmwood CLO 22 Ltd                                 | Elmwood CLO 22 Ltd.                                                           | CUSIP: 29001YAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250789.50    | 0.59%             | 2038-04-17      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                        | MetLife, Inc.                                                                 | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    260000 | PA      | $272263.98    | 0.64%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 403963AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100335.79    | 0.24%             | 2031-05-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup, Inc.                                                               | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197246.55    | 0.47%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD                           | Agile Group Holdings Ltd.                                                     | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $8000.00      | 0.02%             | 2025-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Japan Government Forty Year Bonds                  | Japan Government Forty Year Bonds                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  67550000 | PA      | $265640.53    | 0.63%             | 2058-03-20      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                       | Comcast Corp.                                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     64000 | PA      | $38948.94     | 0.09%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                               | Edison International                                                          | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117690.20    | 0.28%             | 2026-03-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245395.51    | 0.58%             | 2026-11-10      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                | Avantor Funding, Inc.                                                         | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    275000 | PA      | $270038.75    | 0.64%             | 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        |    400000 | PA      | $377319.69    | 0.89%             | 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      | $200301.17    | 0.47%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                | Meritage Homes Corp.                                                          | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240883.08    | 0.57%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom, Inc.                                                                | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $253031.76    | 0.60%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| QNB FINANCE LTD                                    | QNB Finance Ltd.                                                              | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $243230.00    | 0.57%             | 2027-02-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                           | Brazil Notas do Tesouro Nacional                                              | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  11410000 | PA      | $1731603.11   | 4.08%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                     | Rocket Cos., Inc.                                                             | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254757.50    | 0.60%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                | NOVA Chemicals Corp.                                                          | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $248692.77    | 0.59%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                           | Swap                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4500000 | OU      | $-13137.47    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Exelon Corp                                        | Exelon Corp.                                                                  | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $124042.19    | 0.29%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                           | EQT Corp.                                                                     | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    277000 | PA      | $273328.19    | 0.64%             | 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      | $246299.85    | 0.58%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                         | FedEx Corp.                                                                   | CUSIP: 31428XCU8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80590.78     | 0.19%             | 2046-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Purchased USD / Sold JPY                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $963.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                           | Lloyds Banking Group PLC                                                      | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199802.51    | 0.47%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                | Carrier Global Corp.                                                          | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232329.09    | 0.55%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                    | Swap                                                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              |  | US        |   1100000 | OU      | $-12964.93    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                              | Nabors Industries, Inc.                                                       | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246874.45    | 0.58%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                     | Solventum Corp.                                                               | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205829.15    | 0.49%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                      | Citigroup, Inc.                                                               | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54543.49     | 0.13%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                              | Indonesia Government International Bonds                                      | CUSIP: 455780AX4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $111537.50    | 0.26%             | 2037-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL, Inc.                                                              | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31853.93     | 0.08%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| Mexico Government International Bonds              | Mexico Government International Bonds                                         | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    150000 | PA      | $118237.50    | 0.28%             | 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: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   2546322 | NS      | $2546322.50   | 6.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    850000 | OU      | $-15930.11    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA, Inc.                                                            | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    575000 | PA      | $582333.71    | 1.37%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| LYB INTL FINANCE BV                                | LYB International Finance BV                                                  | CUSIP: 50247VAC3<br>LEI: 549300J6QSW38QNOJK61 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $42246.18     | 0.10%             | 2044-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                 | Regal Rexnord Corp.                                                           | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    600000 | PA      | $628515.09    | 1.48%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                           | Petrobras Global Finance BV                                                   | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207260.00    | 0.49%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                         | AbbVie, Inc.                                                                  | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96615.25     | 0.23%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal         | Future                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -19 | NC      | $-10261.70    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| INTOWN Mortgage Trust                              | INTOWN Mortgage Trust                                                         | CUSIP: 46117WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $497812.50    | 1.17%             | 2042-03-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden 102 CLO Ltd.                                                           | CUSIP: 26253TAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251272.00    | 0.59%             | 2036-10-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD             | GoldenTree Loan Management U.S. CLO 7 Ltd.                                    | CUSIP: 38138LBC1<br>LEI: 549300DO8S88M0JNL340 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $490465.99    | 1.16%             | 2034-04-20      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | Petroleos Mexicanos                                                           | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $232100.00    | 0.55%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                  | General Motors Co.                                                            | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423642.07    | 1.00%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| JONES LANG LASALLE INC                             | Jones Lang LaSalle, Inc.                                                      | CUSIP: 48020QAB3<br>LEI: 6SYKCME112RT8TQUO411 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268267.75    | 0.63%             | 2028-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust                                                                      | CUSIP: 12434DAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $398750.00    | 0.94%             | 2036-10-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                             | Extra Space Storage LP                                                        | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    700000 | PA      | $710954.59    | 1.68%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State of California                                | State of California                                                           | CUSIP: 13063EHV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203004.88    | 0.48%             | 2035-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    900000 | OU      | $-12193.56    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MASCO CORP                                         | Masco Corp.                                                                   | CUSIP: 574599BS4<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $371383.44    | 0.88%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                          | Kroger Co.                                                                    | CUSIP: 501044CK5<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    250000 | PA      | $280001.38    | 0.66%             | 2038-04-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds              | Mexico Government International Bonds                                         | CUSIP: 91086QAS7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $106150.00    | 0.25%             | 2034-09-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OHA Credit Partners XV Ltd.                                                   | CUSIP: 67707BAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250941.25    | 0.59%             | 2037-04-20      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust                                        | CUSIP: 80287GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251402.45    | 0.59%             | 2030-05-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                | Peru Government International Bonds                                           | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    250000 | PA      | $224418.75    | 0.53%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                  | Purchased GBP / Sold USD                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |         1 | NC      | $296.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                | Africa Finance Corp.                                                          | CUSIP: 000000000<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $198074.00    | 0.47%             | 2026-04-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                           | Olympus Water U.S. Holding Corp.                                              | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210606.00    | 0.50%             | 2028-11-15      | Fixed         | 9.75%                 | 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      | $292580.85    | 0.69%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                              | Minerva Luxembourg SA                                                         | CUSIP: 000000000<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $177530.00    | 0.42%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust                                                         | CUSIP: 403963AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502284.60    | 1.18%             | 2031-05-20      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co.                                                             | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247437.68    | 0.58%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust                                                                      | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $123906.25    | 0.29%             | 2030-03-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        11 | NC      | $9694.32      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust                            | CUSIP: 38013JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404415.72    | 0.95%             | 2028-10-16      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                           | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100600.29    | 0.24%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                            | United Rentals North America, Inc.                                            | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99601.18     | 0.23%             | 2028-01-15      | Fixed         | 4.88%                 | 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        |    265000 | PA      | $242909.70    | 0.57%             | 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        |    400000 | PA      | $394403.23    | 0.93%             | 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      | $49365.76     | 0.12%             | 2050-05-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                          | Olin Corp.                                                                    | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386014.56    | 0.91%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    650000 | OU      | $-6278.94     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                    | Concentrix Corp.                                                              | CUSIP: 20602DAC5<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    400000 | PA      | $416024.52    | 0.98%             | 2033-08-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| OCCIDENTAL PETROLEUM COR                           | Occidental Petroleum Corp.                                                    | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102312.26    | 0.24%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                | Global Payments, Inc.                                                         | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    600000 | PA      | $612444.00    | 1.44%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| AERCAP IRELAND CAP/GLOBA                           | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $299493.06    | 0.71%             | 2026-04-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                      | Boeing Co.                                                                    | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    550000 | PA      | $597590.63    | 1.41%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                           | Smyrna Ready Mix Concrete LLC                                                 | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199512.16    | 0.47%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                           | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.      | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $220288.64    | 0.52%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    700000 | OU      | $-16199.40    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds             | Romania Government International Bonds                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    150000 | PA      | $146850.00    | 0.35%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                        | Corp. Nacional del Cobre de Chile                                             | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    400000 | PA      | $387600.00    | 0.91%             | 2033-02-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                               | Reworld Holding Corp.                                                         | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142701.57    | 0.34%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                                  | Wellfleet CLO Ltd.                                                            | CUSIP: 94949GAJ0<br>LEI: 2549001JCRYETQY84B65 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249796.00    | 0.59%             | 2033-04-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                        | Swap                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    900000 | OU      | $-10181.97    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                              | Sixth Street CLO XVIII Ltd.                                                   | CUSIP: 83012HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250645.00    | 0.59%             | 2034-04-20      | Floating      | 7.43%                 | 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      | $74972.33     | 0.18%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                             | Energizer Holdings, Inc.                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    300000 | PA      | $283744.35    | 0.67%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                             | ConocoPhillips Co.                                                            | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79990.78     | 0.19%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                               | Kyndryl Holdings, Inc.                                                        | CUSIP: 50155QAN0<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    550000 | PA      | $587584.82    | 1.39%             | 2034-02-20      | Fixed         | 6.35%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC             | Purchased EUR / Sold USD                                                      | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $13153.15     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Mortgage Trust                                                             | CUSIP: 05609PAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $173906.25    | 0.41%             | 2036-10-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                        | Extended Stay America Trust                                                   | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300205 | PA      | $300580.00    | 0.71%             | 2038-07-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust                                        | CUSIP: 80285XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50988 | PA      | $51050.59     | 0.12%             | 2027-10-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp.                                                         | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196245.50    | 0.46%             | 2027-01-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| FIFTH THIRD BANK INC                               | Fifth Third Bank NA                                                           | CUSIP: 31677QBM0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199896.56    | 0.47%             | 2025-07-28      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                                | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213090.27    | 0.50%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds  | Argentina Republic Government International Bonds                             | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    150000 | PA      | $100650.00    | 0.24%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                       | Comcast Corp.                                                                 | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     67000 | PA      | $39339.13     | 0.09%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                 | Panama Government International Bonds                                         | CUSIP: 698299AK0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $56325.00     | 0.13%             | 2029-04-01      | Fixed         | 9.38%                 | 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      | $128634.62    | 0.30%             | 2054-10-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| KB HOME                                            | KB Home                                                                       | CUSIP: 48666KBA6<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206925.80    | 0.49%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                                | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139749.44    | 0.33%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                    | Venture 46 CLO Ltd.                                                           | CUSIP: 92326CBA4<br>LEI: 549300O7L2XN74VSK595 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500375.00    | 1.18%             | 2037-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                           | Liberty Mutual Group, Inc.                                                    | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155100.42    | 0.37%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                       | AGL CLO 25 Ltd.                                                               | CUSIP: 00120NAU8<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250000.00    | 0.59%             | 2038-07-21      | Floating      | 7.21%                 | 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      | $129918.84    | 0.31%             | 2035-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                       | Centene Corp.                                                                 | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    525000 | PA      | $452018.07    | 1.07%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                           | Science Applications International Corp.                                      | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147674.43    | 0.35%             | 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        |    300000 | PA      | $285802.48    | 0.67%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lyb Finance Co Bv                                  | LYB Finance Co. BV                                                            | CUSIP: 61238QAA6<br>LEI: 549300BBGA3CFHX0KS75 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $158282.01    | 0.37%             | 2027-03-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                | Sirius XM Radio LLC                                                           | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245283.66    | 0.58%             | 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        |    130000 | PA      | $116780.81    | 0.28%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                     | Future                                                                        | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -1 | NC      | $-3197.14     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Ohio Inc                               | Duke Energy Ohio, Inc.                                                        | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40173.30     | 0.09%             | 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        |    225000 | PA      | $237603.13    | 0.56%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297062.27    | 0.70%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                           | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    595000 | PA      | $613872.66    | 1.45%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                            | HCA, Inc.                                                                     | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200277.64    | 0.47%             | 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      | $346936.62    | 0.82%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden 108 CLO Ltd.                                                           | CUSIP: 26253MAN0<br>LEI: 5493004WJFSUXXJ5FA29 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500810.50    | 1.18%             | 2037-07-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | Future                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -5 | NC      | $1636.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                            | KeyCorp                                                                       | CUSIP: 49326EEH2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74826.45     | 0.18%             | 2025-10-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds                             | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    100000 | PA      | $105306.00    | 0.25%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                        | Oracle Corp.                                                                  | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    475000 | PA      | $363563.20    | 0.86%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        88 | NC      | $178284.27    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES / NOTE                             | VICI Properties LP/VICI Note Co., Inc.                                        | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $198780.54    | 0.47%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co.                                                          | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196753.12    | 0.46%             | 2026-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                            | JetBlue Airways Corp./JetBlue Loyalty LP                                      | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $194576.25    | 0.46%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | Sempra                                                                        | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124484.67    | 0.29%             | 2025-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP CLO Ltd.                                                                  | CUSIP: 67115CAL8<br>LEI: 254900V271655KJK1382 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502125.00    | 1.18%             | 2037-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                                  | CF Industries, Inc.                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597521.77    | 1.41%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                           | Fortress Transportation & Infrastructure Investors LLC                        | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    325000 | PA      | $323250.82    | 0.76%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup, Inc.                                                               | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    180000 | PA      | $189430.56    | 0.45%             | 2028-11-15      | Fixed         | 7.62%                 | 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      | $198948.60    | 0.47%             | 2025-11-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                             | Allegion U.S. Holding Co., Inc.                                               | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308163.86    | 0.73%             | 2034-05-29      | Fixed         | 5.60%                 | 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      | $64615.85     | 0.15%             | 2026-06-18      | Fixed         | 3.88%                 | 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        |    551254 | NS      | $551254.47    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group, Inc.                                                     | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140514.22    | 0.33%             | 2025-08-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| LCH Ltd.                                           | Swap                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2500000 | OU      | $39730.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp                                       | Comcast Corp.                                                                 | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     38000 | PA      | $29299.36     | 0.07%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                            | Jane Street Group/JSG Finance, Inc.                                           | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105215.70    | 0.25%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                            | Nissan Auto Lease Trust                                                       | CUSIP: 65479XAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505980.10    | 1.19%             | 2029-06-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                           | Celanese U.S. Holdings LLC                                                    | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419348.80    | 0.99%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Citibank NA                                        | Purchased USD / Sold EUR                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-2000.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                      | AEP Texas, Inc.                                                               | CUSIP: 00108WAJ9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $37863.38     | 0.09%             | 2049-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                 | Purchased NZD / Sold USD                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NZ        |         1 | NC      | $101.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                               | Bank of America Corp.                                                         | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254291.75    | 0.60%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED                                  | ASGN, Inc.                                                                    | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292582.42    | 0.69%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds              | Panama Government International Bonds                                         | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     50000 | PA      | $28500.00     | 0.07%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                           | Blue Racer Midstream LLC/Blue Racer Finance Corp.                             | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156548.84    | 0.37%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                      | Citigroup, Inc.                                                               | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300361.22    | 0.71%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121962.08    | 0.29%             | 2026-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        28 | NC      | $104467.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL TECHNOLOGY FIN                            | Blue Owl Technology Finance Corp.                                             | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326347.22    | 0.77%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                       | Barclays PLC                                                                  | CUSIP: 06738ECL7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $436687.00    | 1.03%             | 2034-09-13      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                  | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150122.81    | 0.35%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                               | OneMain Finance Corp.                                                         | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195801.72    | 0.46%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                            | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178104.24    | 0.42%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                              | Civitas Resources, Inc.                                                       | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153586.65    | 0.36%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                               | OneMain Finance Corp.                                                         | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203761.60    | 0.48%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                       | Navient Corp.                                                                 | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    450000 | PA      | $455414.40    | 1.07%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                           | AT&T, Inc.                                                                    | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299024.02    | 0.70%             | 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        |    170000 | PA      | $141396.43    | 0.33%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                        | Avient Corp.                                                                  | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201869.60    | 0.48%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                  | HSBC Holdings PLC                                                             | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $213924.67    | 0.50%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        62 | NC      | $49864.45     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                           | Swap                                                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2500000 | OU      | $-39730.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                        | Oracle Corp.                                                                  | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94911.53     | 0.22%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                      | AEP Texas, Inc.                                                               | CUSIP: 0010EPAF5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54166.73     | 0.13%             | 2033-02-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                  | Purchased USD / Sold CAD                                                      | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-33.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                              | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $367370.56    | 0.87%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL, Inc.                                                              | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    119000 | PA      | $121826.25    | 0.29%             | 2027-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp.                                                   | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $395445.98    | 0.93%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** UBS FUNDS

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer