# EDGAR Filing Document

**Accession Number:** 0000886244
**File Stem:** 0001752724-23-025223
**Filing Date:** 2023-2
**Character Count:** 80879
**Document Hash:** 1801a547a8a9773e5d6c867b1a130b3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-025223.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001752724-23-025223

**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:** 23633903

**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 DYNAMIC ALPHA FUND (Series ID: S000003135)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008503 | CLASS A      | BNAAX           |
| C000008506 | CLASS P      | BNAYX           |

## 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 DYNAMIC ALPHA FUND

- **b. EDGAR series identifier (if any):** S000003135

- **c. LEI of Series:** 1NQOD781VYFVBIL5FH78

**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:** $25975252.77

**Total Liabilities:** $1797138.91

**Net Assets:** $24178113.86

**Cash Not Reported:** $2239904.18

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -47.46000000 | **1-Year:** -476.33000000 | **5-Year:** -617.67000000 | **10-Year:** -427.98000000 | **30-Year:** -543.16000000

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

- **3-Month:** -0.37000000 | **1-Year:** -15.97000000 | **5-Year:** -626.12000000 | **10-Year:** -68.82000000 | **30-Year:** -100.02000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008506 | 0.69%                | 3.09%                | -0.27%               |
| Class ID C000008503 | 0.71%                | 3.01%                | -0.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9088.68                | $159383.78                                 |
| Month 2  | $85184.80                | $754751.52                                 |
| Month 3  | $-37447.32               | $168202.94                                 |

**Designated Index Information**

- **Index Name:** Cash - USD

- **Index Identifier:** RMUSD0LP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co. LLC                                             | CUSIP: 68233JBH6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23576.65     | 0.10%             | 2028-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CAISSE D'AMORT DETTE SOC                         | Caisse d'Amortissement de la Dette Sociale                                  | CUSIP: 000000000<br>LEI: 969500P04DQJS4BPM574 | Long             | DBT              | NUSS              | FR        |    100000 | PA      | $103346.55    | 0.43%             | 2024-11-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                               | Republic of Poland Government International Bonds                           | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     90000 | PA      | $89735.12     | 0.37%             | 2025-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold CHF                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-1244.89     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | Future                                                                      | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         7 | NC      | $-30843.71    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Ausgrid Finance Pty Ltd                          | Ausgrid Finance Pty. Ltd.                                                   | CUSIP: 000000000<br>LEI: 549300DN8D7YR73BKB57 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $19993.31     | 0.08%             | 2024-10-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       129 | NC      | $3719.68      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                 | Altria Group, Inc.                                                          | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12726.41     | 0.05%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd.                                                     | CUSIP: Q04578AD4<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     15000 | PA      | $14483.60     | 0.06%             | 2025-03-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                   | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67314.97     | 0.28%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | Purchased USD / Sold COP                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $2530.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased CNY / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CN        |         1 | NC      | $-253.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                               | Banco Santander SA                                                          | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $136150.70    | 0.56%             | 2023-01-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bonds OAT                                        | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    260000 | PA      | $261591.14    | 1.08%             | 2025-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                             | Purchased NOK / Sold USD                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NO        |         1 | NC      | $33276.87     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA DEVELOPMENT BANK                           | China Development Bank                                                      | CUSIP: 000000000<br>LEI: 300300C1020111000029 | Long             | DBT              | NUSS              | CN        |    100000 | PA      | $120707.62    | 0.50%             | 2023-01-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United Mexican States                            | Mexico Government International Bonds                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     20000 | PA      | $24420.79     | 0.10%             | 2024-02-06      | Fixed         | 6.75%                 | 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        |     99795 | NS      | $99795.12     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        11 | NC      | $1880.23      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOSTRADE PER L'ITALIA                          | Autostrade per l'Italia SpA                                                 | CUSIP: 000000000<br>LEI: 815600149448CEB9B230 | Long             | DBT              | CORP              | IT        |     50000 | PA      | $53099.65     | 0.22%             | 2025-09-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold JPY                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-5225.30     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp                                         | EQT Corp.                                                                   | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18463.30     | 0.08%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                          | Illinois Tool Works, Inc.                                                   | CUSIP: 452308AX7<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41791.33     | 0.17%             | 2026-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                               | Raytheon Technologies Corp.                                                 | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24423.52     | 0.10%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased USD / Sold HKD                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-257.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNZ INTL FUNDING/LONDON                          | BNZ International Funding Ltd.                                              | CUSIP: 000000000<br>LEI: 549300HVMZ89HDMELW08 | Long             | DBT              | CORP              | NZ        |    100000 | PA      | $102423.82    | 0.42%             | 2024-07-03      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| IRISH TSY 1% 2026                                | Ireland Government Bonds                                                    | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |    490000 | PA      | $497097.35    | 2.06%             | 2026-05-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Redexis Gas Finance BV                           | Redexis Gas Finance BV                                                      | CUSIP: 000000000<br>LEI: 724500XI19XTPCL36320 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $96047.79     | 0.40%             | 2027-04-27      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                           | Corp. Andina de Fomento                                                     | CUSIP: 000000000<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | NUSS              | XX        |     35000 | PA      | $23300.56     | 0.10%             | 2025-06-05      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Italian Derivatives Market                       | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IT        |         7 | NC      | $-36097.16    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                            | Australia Government Bonds                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    200000 | PA      | $130476.76    | 0.54%             | 2027-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased USD / Sold CAD                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $54306.17     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications, Inc.                                                | CUSIP: 000000000<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $40824.76     | 0.17%             | 2023-02-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                             | Purchased BRL / Sold USD                                                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |         1 | NC      | $33900.82     | 0.14%             |  |  |  | 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        |   1141725 | NS      | $1141725.00   | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased JPY / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $7210.94      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                           | Williams Cos., Inc.                                                         | CUSIP: 96950FAM6<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34576.65     | 0.14%             | 2024-03-04      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased USD / Sold AUD                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-4514.51     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI International Value Factor ETF      | iShares MSCI International Value Factor ETF                                 | CUSIP: 46435G409<br>LEI: 549300HD4TSTWEGNNR73 | Long             | EC               | RF                | US        |     52125 | NS      | $1207736.25   | 5.00%             |  |  |  | No            |                  1 | On Loan: —       |
| EUROPEAN UNION                                   | European Union                                                              | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |     30000 | PA      | $32153.95     | 0.13%             | 2026-09-04      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| M&G PLC                                          | M&G PLC                                                                     | CUSIP: 000000000<br>LEI: 254900TWUJUQ44TQJY84 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $116369.99    | 0.48%             | 2049-07-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                            | Costco Wholesale Corp.                                                      | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8192.67      | 0.03%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased GBP / Sold NOK                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-1861.32     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                          | Romania Government International Bonds                                      | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     80000 | PA      | $80647.66     | 0.33%             | 2026-02-26      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                         | Spain Government Bonds                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    180000 | PA      | $187113.20    | 0.77%             | 2025-04-30      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                | NatWest Group PLC                                                           | CUSIP: 780097BJ9<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198141.00    | 0.82%             | 2024-06-25      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $4900.41      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ZEALAND GOVERNMENT                           | New Zealand Government Bonds                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |    500000 | PA      | $276498.98    | 1.14%             | 2026-05-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CANADA HOUSING TRUST                             | Canada Housing Trust No. 1                                                  | CUSIP: 13509PDV2<br>LEI: 549300M44WH89JG50067 | Long             | DBT              | NUSS              | CA        |    120000 | PA      | $87259.68     | 0.36%             | 2023-09-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co.                                                        | CUSIP: 46625HJH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219830.44    | 0.91%             | 2023-01-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                   | Mastercard, Inc.                                                            | CUSIP: 57636QAN4<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18919.11     | 0.08%             | 2025-03-03      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $2479.74      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                              | Petroleos Mexicanos                                                         | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $104689.96    | 0.43%             | 2024-02-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    400000 | OU      | $4142.29      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TWDC Enterprises 18 Corp                         | TWDC Enterprises 18 Corp.                                                   | CUSIP: 25468PDM5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9036.82      | 0.04%             | 2026-07-30      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased GBP / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $13927.17     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JPN BANK FOR INT'L COOP                          | Japan Bank for International Cooperation                                    | CUSIP: 471048CH9<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $196728.47    | 0.81%             | 2023-05-22      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| AXA SA                                           | AXA SA                                                                      | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $94854.67     | 0.39%             | 2049-05-28      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                     | CUSIP: 00774MAU9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $276720.09    | 1.14%             | 2024-10-29      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NEW ZEALAND GVT ILB                              | New Zealand Government Bonds Inflation-Linked                               | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |    467020 | PA      | $381855.81    | 1.58%             | 2030-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                            | Reynolds American, Inc.                                                     | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24456.43     | 0.10%             | 2025-06-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC                                                             | CUSIP: 046353AR9<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $29744.49     | 0.12%             | 2023-08-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                           | Mexico City Airport Trust                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $154000.00    | 0.64%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP NZ                          | Westpac Banking Corp.                                                       | CUSIP: 96122UAA2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     80000 | PA      | $69600.00     | 0.29%             | 2027-09-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                              | Gilead Sciences, Inc.                                                       | CUSIP: 375558BL6<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19668.97     | 0.08%             | 2023-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | Future                                                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        16 | NC      | $-11550.40    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC / APTIV CORP                           | Aptiv PLC/Aptiv Corp.                                                       | CUSIP: 00217GAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     50000 | PA      | $47149.60     | 0.20%             | 2025-02-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                  | CVS Health Corp.                                                            | CUSIP: 126650DE7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24015.24     | 0.10%             | 2024-08-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                 | BAT Capital Corp.                                                           | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22839.05     | 0.09%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp.                                                       | CUSIP: 06051GFS3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77871.34     | 0.32%             | 2025-08-01      | Fixed         | 3.88%                 | 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      | $-140023.57   | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        13 | NC      | $-12010.34    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Exchange                                   | Future                                                                      | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         1 | NC      | $-4771.02     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Colombia                             | Colombia Government International Bonds                                     | CUSIP: 195325BD6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     30000 | PA      | $30727.50     | 0.13%             | 2024-05-21      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | Purchased BRL / Sold USD                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |         1 | NC      | $6908.73      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT                              | Canada Government Bonds                                                     | CUSIP: 135087J96<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    690000 | PA      | $488809.45    | 2.02%             | 2024-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                             | CUSIP: 172967KJ9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19644.39     | 0.08%             | 2026-03-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                    | Purchased CLP / Sold USD                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |         1 | NC      | $23678.96     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | Purchased NOK / Sold GBP                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |         1 | NC      | $15651.35     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Electricite de France SA                         | Electricite de France SA                                                    | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $94526.63     | 0.39%             | 2024-01-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                 | TotalEnergies SE                                                            | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100131.13    | 0.41%             | 2025-02-26      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TELUS Corp                                       | TELUS Corp.                                                                 | CUSIP: 87971MAX1<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $10787.70     | 0.04%             | 2025-01-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                              | Southern California Edison Co.                                              | CUSIP: 842400GN7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19349.63     | 0.08%             | 2025-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TRANSPORT ET INFRASTRUCT                         | Terega SA                                                                   | CUSIP: 000000000<br>LEI: 969500Y0L922VYT3UI51 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103008.25    | 0.43%             | 2025-08-05      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |         6 | NC      | $-14513.28    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                             | CUSIP: 172967HD6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109049.23    | 0.45%             | 2023-10-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | Purchased JPY / Sold USD                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |         1 | NC      | $110179.38    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                         | Canadian Pacific Railway Co.                                                | CUSIP: 13645RBD5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $55926.07     | 0.23%             | 2024-12-02      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan, Inc.                                                         | CUSIP: 49456BAB7<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35020.19     | 0.14%             | 2023-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BUNDESSCHATZANWEISUNGEN                          | Bundesschatzanweisungen                                                     | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    150000 | PA      | $159194.25    | 0.66%             | 2023-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tauron Polska Energia SA                         | Tauron Polska Energia SA                                                    | CUSIP: 000000000<br>LEI: 259400NAPDFBOTNCRL54 | Long             | DBT              | CORP              | PL        |    100000 | PA      | $85823.29     | 0.35%             | 2027-07-05      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        -2 | NC      | $14360.73     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNDESOBLIGATION                                 | Bundesobligation                                                            | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    910000 | PA      | $920114.17    | 3.81%             | 2025-04-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCOR SE                                          | SCOR SE                                                                     | CUSIP: 000000000<br>LEI: 96950056ULJ4JI7V3752 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $153000.00    | 0.63%             | 2029-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | Future                                                                      | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DE               |  | AU        |         1 | NC      | $-3157.55     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased USD / Sold PHP                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-31459.66    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | Purchased COP / Sold USD                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CO        |         1 | NC      | $2816.28      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp                                     | Comcast Corp.                                                               | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34275.93     | 0.14%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828ZL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    560000 | PA      | $511087.50    | 2.11%             | 2025-04-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co., Inc.                                          | CUSIP: 37045XCK0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58369.56     | 0.24%             | 2025-04-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| IBERDROLA INTL BV                                | Iberdrola International BV                                                  | CUSIP: 000000000<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $103942.79    | 0.43%             | 2023-12-26      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                            | Duke Energy Carolinas LLC                                                   | CUSIP: 26442CAQ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34906.24     | 0.14%             | 2023-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -46 | NC      | $74841.34     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         9 | NC      | $-2474.08     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                         | AT&T, Inc.                                                                  | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38038.68     | 0.16%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -13 | NC      | $54919.80     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                              | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19404.85     | 0.08%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co.                                                                | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32910.52     | 0.14%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                         | Liberty Mutual Group, Inc.                                                  | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23367.97     | 0.10%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| EFSF                                             | European Financial Stability Facility                                       | CUSIP: 000000000<br>LEI: 222100OW6UHQXNHKN143 | Long             | DBT              | NUSS              | LU        |    100000 | PA      | $100714.31    | 0.42%             | 2025-07-11      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                           | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55241.87     | 0.23%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| iShares MSCI USA Value Factor ETF                | iShares MSCI USA Value Factor ETF                                           | CUSIP: 46432F388<br>LEI: 549300QCMVXVCAPD3O82 | Long             | EC               | RF                | US        |      2255 | NS      | $205520.70    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                           | Volkswagen International Finance NV                                         | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $105428.57    | 0.44%             | 2023-10-02      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        18 | NC      | $-44107.20    | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                | Future                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -2 | NC      | $8326.02      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 91282CEC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    460000 | PA      | $421295.31    | 1.74%             | 2027-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JAPAN GOVT CPI LINKED                            | Japan Government CPI Linked Bonds                                           | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  49550220 | PA      | $391712.54    | 1.62%             | 2026-03-10      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        16 | NC      | $-1641.60     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AURIZON NETWORK PTY LTD                          | Aurizon Network Pty. Ltd.                                                   | CUSIP: 000000000<br>LEI: 549300FNL9A7DVZKZ444 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $20109.90     | 0.08%             | 2024-06-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHEVRON PHILLIPS CHEM CO                         | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP          | CUSIP: 166754AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $119212.01    | 0.49%             | 2023-05-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CHEVRON PHILLIPS CHEM CO                         | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP          | CUSIP: 166754AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24961.57     | 0.10%             | 2025-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased AUD / Sold EUR                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | AU        |         1 | NC      | $-1697.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                              | CUSIP: 6174468C6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73236.77     | 0.30%             | 2025-07-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                         | Lloyds Banking Group PLC                                                    | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $114690.68    | 0.47%             | 2024-10-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NIKE INC                                         | NIKE, Inc.                                                                  | CUSIP: 654106AH6<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19102.82     | 0.08%             | 2025-03-27      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp.                          | CUSIP: 637432NS0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13795.70     | 0.06%             | 2029-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | Purchased AUD / Sold GBP                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |         1 | NC      | $7993.06      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP Finance 2010                                 | WPP Finance 2010                                                            | CUSIP: 92936MAF4<br>LEI: 549300OJB3S151W7KN44 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $24209.18     | 0.10%             | 2024-09-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                | Johnson & Johnson                                                           | CUSIP: 478160BT0<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29889.73     | 0.12%             | 2023-03-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| GLOBALWORTH REAL ESTATE                          | Globalworth Real Estate Investments Ltd.                                    | CUSIP: 000000000<br>LEI: 213800R3E823B1UBIA81 | Long             | DBT              |  | GG        |    100000 | PA      | $92981.92     | 0.38%             | 2025-03-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Baxter International Inc                         | Baxter International, Inc.                                                  | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27707.31     | 0.11%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                         | Enterprise Products Operating LLC                                           | CUSIP: 29379VBB8<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19692.73     | 0.08%             | 2024-02-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                   | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26603.56     | 0.11%             | 2025-03-27      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                         | Thermo Fisher Scientific, Inc.                                              | CUSIP: 883556CS9<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18770.20     | 0.08%             | 2024-10-18      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2016-1 B PTT                          | United Airlines Pass-Through Trust                                          | CUSIP: 90933HAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30729 | PA      | $27803.22     | 0.11%             | 2026-01-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications, Inc.                                                | CUSIP: 92343VEN0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24221.57     | 0.10%             | 2025-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased USD / Sold GBP                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-38239.10    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                            | Australia Government Bonds                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    420000 | PA      | $265405.32    | 1.10%             | 2028-05-21      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)                            | Japan Government Ten Year Bonds                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  63000000 | PA      | $483718.45    | 2.00%             | 2025-03-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| VISA INC                                         | Visa, Inc.                                                                  | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22514.36     | 0.09%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                   | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43844.54     | 0.18%             | 2028-01-26      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1160000 | OU      | $7543.36      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC/EMC Corp.                                            | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $58680.12     | 0.24%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce               | Purchased USD / Sold NZD                                                    | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $-90512.56    | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                              | Bank of Nova Scotia                                                         | CUSIP: 06417XAL5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30055.35     | 0.12%             | 2024-12-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp.                                                                | CUSIP: 68389XBT1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18857.53     | 0.08%             | 2025-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNIBAIL-RODAMCO-WESTFLD                          | Unibail-Rodamco-Westfield SE                                                | CUSIP: 000000000<br>LEI: 969500SHQITWXSIS7N89 | Long             | DBT              |  | FR        |    100000 | PA      | $80171.53     | 0.33%             | 2026-01-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                         | CUSIP: 912796X53<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2940318.13   | 12.16%            | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EFSF                                             | European Financial Stability Facility                                       | CUSIP: 000000000<br>LEI: 222100OW6UHQXNHKN143 | Long             | DBT              | NUSS              | LU        |     80000 | PA      | $85586.98     | 0.35%             | 2023-01-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828R28<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $307117.97    | 1.27%             | 2023-04-30      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased NZD / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |         1 | NC      | $6778.45      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co.                                                           | CUSIP: 373334KM2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24565.25     | 0.10%             | 2023-07-30      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased GBP / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-115.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp.                                                                | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14242.28     | 0.06%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased EUR / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $1016.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Albemarle Corp                                   | Albemarle Corp.                                                             | CUSIP: 012725AD9<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27109.13     | 0.11%             | 2044-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| State Street Bank & Trust Co.                    | Purchased AUD / Sold USD                                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |         1 | NC      | $-3643.25     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| VIRGIN MONEY UK PLC                              | Virgin Money U.K. PLC                                                       | CUSIP: 000000000<br>LEI: 213800TAU9ZX2WZNCO64 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $111432.80    | 0.46%             | 2026-04-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LNR CDO Ltd                                      | LNR CDO IV Ltd.                                                             | CUSIP: 53944MAT6<br>LEI: 549300FIVXZ33M229N06 | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $0.00         | 0.00%             | 2043-05-28      | Fixed         | 7.59%                 | No            |                  3 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                           | Asian Development Bank                                                      | CUSIP: 045167ES8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $149740.41    | 0.62%             | 2023-01-24      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Apache Corp                                      | Apache Corp.                                                                | CUSIP: 037411BC8<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     60000 | PA      | $41966.26     | 0.17%             | 2044-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                           | Commonwealth Bank of Australia                                              | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $100798.78    | 0.42%             | 2029-10-03      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| RESA SA BELGIUM                                  | Resa SA                                                                     | CUSIP: 000000000<br>LEI: 549300Y2TNSX5TN57R56 | Long             | DBT              | CORP              | BE        |    100000 | PA      | $96533.78     | 0.40%             | 2026-07-22      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         6 | NC      | $-49017.90    | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| BAT INTL FINANCE PLC                             | BAT International Finance PLC                                               | CUSIP: 000000000<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $104928.46    | 0.43%             | 2023-10-13      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828P79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    210000 | PA      | $209035.93    | 0.86%             | 2023-02-28      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                         | CUSIP: 912796S34<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3400000 | PA      | $3393714.72   | 14.04%            | 2023-01-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828WE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $98296.88     | 0.41%             | 2023-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| XLIT Ltd                                         | XLIT Ltd.                                                                   | CUSIP: 98420EAB1<br>LEI: 635400XCGXK8NVDIVE95 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $19423.14     | 0.08%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                             | Westpac Banking Corp.                                                       | CUSIP: 961214EJ8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $29981.67     | 0.12%             | 2023-01-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co.                                                        | CUSIP: 46625HRX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46222.85     | 0.19%             | 2027-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ARGENTUM (SWISS LIFE)                            | Argentum Netherlands BV for Swiss Life AG                                   | CUSIP: 000000000<br>LEI: 724500RPEZI5VVQQWE89 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $103759.53    | 0.43%             | 2025-06-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | Future                                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |         1 | NC      | $-6437.81     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust   | Structured Adjustable Rate Mortgage Loan Trust                              | CUSIP: 863579PU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61615 | PA      | $5856.84      | 0.02%             | 2035-04-25      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1030000 | PA      | $935046.88    | 3.87%             | 2025-05-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                  | Xcel Energy, Inc.                                                           | CUSIP: 98389BAN0<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $69895.93     | 0.29%             | 2041-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| KOREA WATER RESOURCES                            | Korea Water Resources Corp.                                                 | CUSIP: 000000000<br>LEI: 98840035IHSMZZ2TP220 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $199172.00    | 0.82%             | 2023-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom, Inc.                                                              | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33153.14     | 0.14%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                 | Paramount Global                                                            | CUSIP: 92556HAA5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32487.74     | 0.13%             | 2025-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | Purchased USD / Sold INR                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $2737.97      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                          | MPLX LP                                                                     | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28347.65     | 0.12%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1 | NC      | $2959.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BK OF ENGLAND EURO NOTE                          | Bank of England Euro Notes                                                  | CUSIP: 000000000<br>LEI: YUEDD7W89PH0FV8Q2S28 | Long             | DBT              | NUSS              | GB        |     40000 | PA      | $39485.36     | 0.16%             | 2023-04-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                              | Quanta Services, Inc.                                                       | CUSIP: 74762EAG7<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46045.95     | 0.19%             | 2024-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings, Inc.                                                  | CUSIP: 55903VAG8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45026.47     | 0.19%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS                         | Air Products & Chemicals, Inc.                                              | CUSIP: 009158BC9<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16741.45     | 0.07%             | 2030-05-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| YORKSHIRE WATER SRV BRAD                         | Yorkshire Water Finance PLC                                                 | CUSIP: 000000000<br>LEI: 213800O8BDOGHJMTCP32 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $120219.82    | 0.50%             | 2046-03-22      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric & Power Co.                                               | CUSIP: 927804FZ2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18841.74     | 0.08%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC           | Purchased USD / Sold CNY                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-17315.33    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                         | CUSIP: 912828T26<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $312200.00    | 1.29%             | 2023-09-30      | Fixed         | 1.38%                 | 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