# EDGAR Filing Document

**Accession Number:** 0000873803
**File Stem:** 0001752724-25-180823
**Filing Date:** 2025-7
**Character Count:** 507685
**Document Hash:** c77e68a84c85de67d3fa245df21de1aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180823.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180823

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000873803

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06292
- **FILM NUMBER:** 251155351

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 59.7%** |  |  |
| **Aerospace & defense: 1.0%** |  |  |
| Axon Enterprise, Inc.\* | 32 | $24012 |
| Boeing Co.\* | 364 | 75464 |
| General Dynamics Corp. | 118 | 32862 |
| General Electric Co. | 524 | 128857 |
| Howmet Aerospace, Inc. | 201 | 34148 |
| Huntington Ingalls Industries, Inc. | 17 | 3792 |
| L3Harris Technologies, Inc. | 81 | 19792 |
| Lockheed Martin Corp. | 100 | 48238 |
| Northrop Grumman Corp. | 1612 | 781449 |
| RTX Corp. | 655 | 89394 |
| Textron, Inc. | 98 | 7255 |
| TransDigm Group, Inc. | 543 | 797357 |
|  |  | 2042620 |
| **Air freight & logistics: 0.0%<sup>†</sup>** |  |  |
| CH Robinson Worldwide, Inc. | 46 | 4415 |
| Expeditors International of Washington, Inc. | 55 | 6200 |
| FedEx Corp. | 98 | 21374 |
| United Parcel Service, Inc., Class B | 376 | 36675 |
|  |  | 68664 |
| **Automobile components: 0.3%** |  |  |
| Aptiv PLC\* | 10541 | 704244 |
| **Automobiles: 0.7%** |  |  |
| Ford Motor Co. | 3785 | 39288 |
| General Motors Co. | 898 | 44550 |
| Tesla, Inc.\* | 4239 | 1468644 |
|  |  | 1552482 |
| **Banks: 2.6%** |  |  |
| Bank of America Corp. | 7389 | 326076 |
| Citigroup, Inc. | 2102 | 158323 |
| Citizens Financial Group, Inc. | 556 | 22435 |
| Fifth Third Bancorp | 753 | 28757 |
| First Citizens BancShares, Inc., Class A | 388 | 717365 |
| First Horizon Corp. | 43419 | 863170 |
| Huntington Bancshares, Inc. | 1568 | 24508 |
| JPMorgan Chase & Co. | 3108 | 820512 |
| KeyCorp | 998 | 15828 |
| M&T Bank Corp. | 184 | 33606 |
| PNC Financial Services Group, Inc. | 431 | 74912 |
| Regions Financial Corp. | 985 | 21118 |
| Truist Financial Corp. | 1496 | 59092 |
| U.S. Bancorp | 1774 | 77329 |
| Wells Fargo & Co. | 29285 | 2189932 |
|  |  | 5432963 |
| **Beverages: 0.2%** |  |  |
| Celsius Holdings, Inc.\* | 6366 | 241144 |
| Coca-Cola Co. | 409 | 29489 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Beverages—(continued)** | **Beverages—(continued)** | **Beverages—(continued)** |
| Constellation Brands, Inc., Class A | 27 | $4814 |
| Keurig Dr. Pepper, Inc. | 182 | 6128 |
| Monster Beverage Corp.\* | 100 | 6395 |
| PepsiCo, Inc. | 140 | 18403 |
|  |  | 306373 |
| **Biotechnology: 0.5%** |  |  |
| AbbVie, Inc. | 2140 | 398276 |
| ABIOMED, Inc.\*<sup>,1</sup> | 76 | 127 |
| Amgen, Inc. | 653 | 188182 |
| Biogen, Inc.\* | 162 | 21026 |
| Gilead Sciences, Inc. | 1499 | 165010 |
| Incyte Corp.\* | 173 | 11255 |
| Moderna, Inc.\* | 438 | 11633 |
| Regeneron Pharmaceuticals, Inc. | 130 | 63736 |
| Vertex Pharmaceuticals, Inc.\* | 312 | 137920 |
|  |  | 997165 |
| **Broadline retail: 2.6%** |  |  |
| Amazon.com, Inc.\* | 26924 | 5519689 |
| eBay, Inc. | 414 | 30293 |
|  |  | 5549982 |
| **Building products: 0.6%** |  |  |
| A.O. Smith Corp. | 67 | 4309 |
| Advanced Drainage Systems, Inc. | 5653 | 621604 |
| Allegion PLC | 39 | 5565 |
| Builders FirstSource, Inc.\* | 40 | 4307 |
| Carrier Global Corp. | 400 | 28480 |
| Johnson Controls International PLC | 5854 | 593420 |
| Lennox International, Inc. | 12 | 6773 |
| Masco Corp. | 94 | 5868 |
| Trane Technologies PLC | 105 | 45178 |
|  |  | 1315504 |
| **Capital markets: 1.9%** |  |  |
| Ameriprise Financial, Inc. | 113 | 57544 |
| Bank of New York Mellon Corp. | 799 | 70799 |
| Blackrock, Inc. | 1177 | 1153331 |
| Blackstone, Inc. | 812 | 112673 |
| Cboe Global Markets, Inc. | 128 | 29327 |
| Charles Schwab Corp. | 8828 | 779866 |
| CME Group, Inc. | 402 | 116178 |
| Coinbase Global, Inc., Class A\* | 225 | 55490 |
| FactSet Research Systems, Inc. | 47 | 21538 |
| Franklin Resources, Inc. | 399 | 8634 |
| Goldman Sachs Group, Inc. | 345 | 207155 |
| Intercontinental Exchange, Inc. | 638 | 114712 |
| Invesco Ltd. | 618 | 8936 |
| KKR & Co., Inc. | 725 | 88058 |
| MarketAxess Holdings, Inc. | 48 | 10388 |
| Moody's Corp. | 176 | 84360 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Capital markets—(continued)** |  |  |
| Morgan Stanley | 1386 | $177450 |
| MSCI, Inc. | 87 | 49070 |
| Nasdaq, Inc. | 457 | 38178 |
| Northern Trust Corp. | 221 | 23590 |
| Raymond James Financial, Inc. | 194 | 28514 |
| S&P Global, Inc. | 1275 | 653896 |
| State Street Corp. | 313 | 30136 |
| T. Rowe Price Group, Inc. | 239 | 22368 |
|  |  | 3942191 |
| **Chemicals: 0.1%** |  |  |
| Westlake Corp. | 3800 | 269914 |
| **Commercial services & supplies: 0.4%** |  |  |
| Cintas Corp. | 160 | 36240 |
| Copart, Inc.\* | 433 | 22291 |
| Republic Services, Inc. | 103 | 26501 |
| Rollins, Inc. | 124 | 7099 |
| Veralto Corp. | 107 | 10810 |
| Waste Management, Inc. | 2658 | 640498 |
|  |  | 743439 |
| **Communications equipment: 0.4%** |  |  |
| Arista Networks, Inc.\* | 6183 | 535695 |
| Cisco Systems, Inc. | 3738 | 235643 |
| F5, Inc.\* | 57 | 16267 |
| Juniper Networks, Inc. | 240 | 8623 |
| Motorola Solutions, Inc. | 155 | 64384 |
|  |  | 860612 |
| **Construction & engineering: 0.0%<sup>†</sup>** |  |  |
| Quanta Services, Inc. | 79 | 27062 |
| **Construction materials: 0.3%** |  |  |
| Vulcan Materials Co. | 2340 | 620264 |
| **Consumer finance: 0.9%** |  |  |
| American Express Co. | 606 | 178194 |
| Capital One Financial Corp. | 8602 | 1627069 |
| Synchrony Financial | 386 | 22253 |
|  |  | 1827516 |
| **Consumer staples distribution & retail: 0.9%** |  |  |
| Costco Wholesale Corp. | 50 | 52009 |
| Dollar General Corp. | 6 | 583 |
| Dollar Tree, Inc.\* | 10 | 903 |
| Kroger Co. | 102 | 6959 |
| Sysco Corp. | 54 | 3942 |
| Target Corp. | 69 | 6487 |
| Walmart, Inc. | 18369 | 1813388 |
|  |  | 1884271 |
| **Distributors: 0.0%<sup>†</sup>** |  |  |
| Genuine Parts Co. | 130 | 16448 |
| LKQ Corp. | 196 | 7932 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Distributors—(continued)** |  |  |
| Pool Corp.<sup>2</sup> | 32 | $9619 |
|  |  | 33999 |
| **Diversified telecommunication services: 0.2%** |  |  |
| AT&T, Inc. | 8105 | 225319 |
| Verizon Communications, Inc. | 4718 | 207403 |
|  |  | 432722 |
| **Electric utilities: 1.7%** |  |  |
| Alliant Energy Corp. | 644 | 40076 |
| American Electric Power Co., Inc. | 1337 | 138366 |
| Constellation Energy Corp. | 781 | 239103 |
| Duke Energy Corp. | 1944 | 228848 |
| Edison International | 956 | 53201 |
| Entergy Corp. | 1093 | 91025 |
| Evergy, Inc. | 535 | 35529 |
| Eversource Energy | 901 | 58394 |
| Exelon Corp. | 2516 | 110251 |
| FirstEnergy Corp. | 1247 | 52299 |
| NextEra Energy, Inc. | 26893 | 1899722 |
| NRG Energy, Inc. | 501 | 78106 |
| PG&E Corp. | 5441 | 91844 |
| Pinnacle West Capital Corp. | 244 | 22260 |
| PPL Corp. | 1845 | 64114 |
| Southern Co. | 2736 | 246240 |
| Xcel Energy, Inc. | 1431 | 100313 |
|  |  | 3549691 |
| **Electrical equipment: 0.4%** |  |  |
| AMETEK, Inc. | 118 | 21091 |
| Eaton Corp. PLC | 198 | 63400 |
| Emerson Electric Co. | 290 | 34620 |
| GE Vernova, Inc. | 136 | 64325 |
| Generac Holdings, Inc.\* | 31 | 3786 |
| Hubbell, Inc. | 20 | 7792 |
| Regal Rexnord Corp. | 4901 | 653990 |
| Rockwell Automation, Inc. | 48 | 15146 |
|  |  | 864150 |
| **Electronic equipment, instruments & components: 0.2%** |  |  |
| Amphenol Corp., Class A | 1116 | 100362 |
| CDW Corp. | 134 | 24168 |
| Corning, Inc. | 698 | 34614 |
| Jabil, Inc. | 100 | 16801 |
| Keysight Technologies, Inc.\* | 182 | 28581 |
| TE Connectivity PLC | 273 | 43699 |
| Teledyne Technologies, Inc.\* | 53 | 26440 |
| Trimble, Inc.\* | 242 | 17247 |
| Zebra Technologies Corp., Class A\* | 56 | 16227 |
|  |  | 308139 |
| **Energy equipment & services: 0.0%<sup>†</sup>** |  |  |
| Baker Hughes Co. | 950 | 35198 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Energy equipment & services—(continued)** |  |  |
| Halliburton Co. | 782 | $15319 |
| Schlumberger NV | 1183 | 39098 |
|  |  | 89615 |
| **Entertainment: 2.6%** |  |  |
| Electronic Arts, Inc. | 266 | 38245 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 8400 | 810852 |
| Live Nation Entertainment, Inc.\*<sup>,2</sup> | 4604 | 631623 |
| Netflix, Inc.\* | 484 | 584299 |
| Spotify Technology SA\* | 834 | 554727 |
| Take-Two Interactive Software, Inc.\* | 7296 | 1650939 |
| TKO Group Holdings, Inc. | 69 | 10889 |
| Walt Disney Co. | 9491 | 1072862 |
| Warner Bros Discovery, Inc.\* | 2277 | 22702 |
|  |  | 5377138 |
| **Financial services: 3.3%** |  |  |
| Apollo Global Management, Inc. | 5987 | 782441 |
| Berkshire Hathaway, Inc., Class B\* | 5789 | 2917424 |
| Corpay, Inc.\* | 80 | 26009 |
| Fidelity National Information Services, Inc. | 608 | 48403 |
| Fiserv, Inc.\* | 620 | 100930 |
| Global Payments, Inc. | 265 | 20037 |
| Jack Henry & Associates, Inc. | 74 | 13407 |
| Mastercard, Inc., Class A | 3855 | 2257488 |
| PayPal Holdings, Inc.\* | 1076 | 75621 |
| Visa, Inc., Class A | 1913 | 698608 |
|  |  | 6940368 |
| **Food products: 0.4%** |  |  |
| Archer-Daniels-Midland Co. | 89 | 4296 |
| General Mills, Inc. | 88 | 4775 |
| Hershey Co. | 33 | 5303 |
| Kellanova | 57 | 4710 |
| Kraft Heinz Co. | 30657 | 819461 |
| McCormick & Co., Inc. | 54 | 3927 |
| Mondelez International, Inc., Class A | 114 | 7694 |
| Tyson Foods, Inc., Class A | 73 | 4100 |
|  |  | 854266 |
| **Gas utilities: 0.0%<sup>†</sup>** |  |  |
| Atmos Energy Corp. | 367 | 56768 |
| **Ground transportation: 0.4%** |  |  |
| CSX Corp. | 917 | 28968 |
| JB Hunt Transport Services, Inc. | 36 | 4999 |
| Lyft, Inc., Class A\* | 34651 | 528081 |
| Norfolk Southern Corp. | 103 | 25453 |
| Old Dominion Freight Line, Inc. | 79 | 12654 |
| Uber Technologies, Inc.\* | 1014 | 85338 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Ground transportation—(continued)** |  |  |
| Union Pacific Corp. | 289 | $64060 |
|  |  | 749553 |
| **Health care equipment & supplies: 1.4%** |  |  |
| Abbott Laboratories | 2100 | 280518 |
| Align Technology, Inc.\* | 89 | 16104 |
| Baxter International, Inc. | 649 | 19795 |
| Becton Dickinson & Co. | 360 | 62132 |
| Boston Scientific Corp.\* | 8124 | 855132 |
| Cooper Cos., Inc.\* | 11577 | 790478 |
| Dexcom, Inc.\* | 498 | 42728 |
| Edwards Lifesciences Corp.\* | 741 | 57961 |
| GE HealthCare Technologies, Inc. | 573 | 40419 |
| Hologic, Inc.\* | 266 | 16537 |
| IDEXX Laboratories, Inc.\* | 100 | 51336 |
| Insulet Corp.\* | 82 | 26653 |
| Intuitive Surgical, Inc.\* | 436 | 240820 |
| Medtronic PLC | 1533 | 127208 |
| ResMed, Inc. | 180 | 44062 |
| Solventum Corp.\* | 140 | 10233 |
| STERIS PLC | 108 | 26483 |
| Stryker Corp. | 428 | 163770 |
| Zimmer Biomet Holdings, Inc. | 233 | 21476 |
|  |  | 2893845 |
| **Health care providers & services: 0.8%** |  |  |
| Cardinal Health, Inc. | 307 | 47413 |
| Cencora, Inc. | 216 | 62908 |
| Centene Corp.\* | 652 | 36799 |
| Cigna Group | 329 | 104175 |
| CVS Health Corp. | 1516 | 97085 |
| DaVita, Inc.\* | 40 | 5450 |
| Elevance Health, Inc. | 277 | 106324 |
| HCA Healthcare, Inc. | 222 | 84669 |
| Henry Schein, Inc.\* | 168 | 11758 |
| Humana, Inc. | 150 | 34969 |
| Labcorp Holdings, Inc. | 97 | 24150 |
| McKesson Corp. | 156 | 112243 |
| Molina Healthcare, Inc.\* | 68 | 20743 |
| Quest Diagnostics, Inc. | 144 | 24961 |
| UnitedHealth Group, Inc. | 3234 | 976377 |
| Universal Health Services, Inc., Class B | 73 | 13895 |
|  |  | 1763919 |
| **Health care REITs: 0.2%** |  |  |
| Welltower, Inc. | 2953 | 455589 |
| **Hotels, restaurants & leisure: 1.0%** |  |  |
| Airbnb, Inc., Class A\* | 415 | 53535 |
| Booking Holdings, Inc. | 30 | 165568 |
| Caesars Entertainment, Inc.\* | 217 | 5833 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |
| Carnival Corp.\* | 892 | $20712 |
| Chipotle Mexican Grill, Inc.\* | 16093 | 805937 |
| Darden Restaurants, Inc. | 110 | 23563 |
| Domino's Pizza, Inc. | 33 | 15636 |
| DoorDash, Inc., Class A\* | 317 | 66142 |
| Expedia Group, Inc. | 105 | 17509 |
| Hilton Worldwide Holdings, Inc. | 225 | 55899 |
| Las Vegas Sands Corp. | 12077 | 497089 |
| Marriott International, Inc., Class A | 215 | 56723 |
| McDonald's Corp. | 649 | 203689 |
| MGM Resorts International\*<sup>,2</sup> | 281 | 8894 |
| Norwegian Cruise Line Holdings Ltd.\* | 360 | 6354 |
| Royal Caribbean Cruises Ltd. | 226 | 58075 |
| Starbucks Corp. | 1060 | 88987 |
| Wynn Resorts Ltd.<sup>2</sup> | 75 | 6791 |
| Yum! Brands, Inc. | 255 | 36705 |
|  |  | 2193641 |
| **Household durables: 0.1%** |  |  |
| DR Horton, Inc. | 272 | 32112 |
| Garmin Ltd. | 145 | 29431 |
| Lennar Corp., Class A | 208 | 22064 |
| Mohawk Industries, Inc.\* | 38 | 3823 |
| NVR, Inc.\* | 3 | 21348 |
| PulteGroup, Inc. | 192 | 18822 |
|  |  | 127600 |
| **Household products: 0.0%<sup>†</sup>** |  |  |
| Church & Dwight Co., Inc. | 42 | 4129 |
| Clorox Co. | 29 | 3824 |
| Colgate-Palmolive Co. | 102 | 9480 |
| Kimberly-Clark Corp. | 42 | 6038 |
| Procter & Gamble Co. | 249 | 42303 |
|  |  | 65774 |
| **Independent power and renewable electricity producers: 0.1%** |  |  |
| AES Corp. | 1980 | 19978 |
| Vistra Corp. | 854 | 137127 |
|  |  | 157105 |
| **Industrial conglomerates: 0.1%** |  |  |
| 3M Co. | 261 | 38719 |
| Honeywell International, Inc. | 319 | 72308 |
|  |  | 111027 |
| **Industrial REITs: 0.4%** |  |  |
| Prologis, Inc. | 7491 | 813523 |
| **Insurance: 1.2%** |  |  |
| Aflac, Inc. | 535 | 55394 |
| Allstate Corp. | 293 | 61492 |
| American International Group, Inc. | 653 | 55270 |
| Aon PLC, Class A | 233 | 86695 |
| Arch Capital Group Ltd. | 413 | 39252 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Arthur J Gallagher & Co. | 281 | $97631 |
| Assurant, Inc. | 67 | 13600 |
| Brown & Brown, Inc. | 258 | 29128 |
| Chubb Ltd. | 402 | 119474 |
| Cincinnati Financial Corp. | 165 | 24885 |
| Erie Indemnity Co., Class A | 26 | 9321 |
| Everest Group Ltd. | 49 | 17012 |
| Globe Life, Inc. | 121 | 14746 |
| Hartford Insurance Group, Inc. | 328 | 42588 |
| Loews Corp. | 180 | 16072 |
| Marsh & McLennan Cos., Inc. | 3342 | 780892 |
| MetLife, Inc. | 662 | 52020 |
| Principal Financial Group, Inc. | 232 | 18070 |
| Progressive Corp. | 3100 | 883283 |
| Prudential Financial, Inc. | 393 | 40829 |
| Travelers Cos., Inc. | 254 | 70028 |
| W.R. Berkley Corp. | 322 | 24050 |
| Willis Towers Watson PLC | 117 | 37036 |
|  |  | 2588768 |
| **Interactive media & services: 4.2%** |  |  |
| Alphabet, Inc., Class A | 22346 | 3837702 |
| Alphabet, Inc., Class C | 5334 | 921982 |
| Match Group, Inc.<sup>2</sup> | 278 | 8323 |
| Meta Platforms, Inc., Class A | 6294 | 4075302 |
|  |  | 8843309 |
| **IT services: 0.5%** |  |  |
| Accenture PLC, Class A | 592 | 187557 |
| Akamai Technologies, Inc.\* | 149 | 11314 |
| Cognizant Technology Solutions Corp., Class A | 470 | 38065 |
| EPAM Systems, Inc.\* | 52 | 9073 |
| Gartner, Inc.\* | 80 | 34914 |
| GoDaddy, Inc., Class A\* | 130 | 23680 |
| International Business Machines Corp. | 875 | 226677 |
| Shopify, Inc., Class A\* | 4349 | 466300 |
| VeriSign, Inc. | 78 | 21253 |
|  |  | 1018833 |
| **Leisure products: 0.0%<sup>†</sup>** |  |  |
| Hasbro, Inc. | 116 | 7738 |
| **Life sciences tools & services: 0.7%** |  |  |
| Agilent Technologies, Inc. | 362 | 40515 |
| Bio-Rad Laboratories, Inc., Class A\* | 3342 | 758400 |
| Bio-Techne Corp. | 215 | 10406 |
| Charles River Laboratories International, Inc.\* | 63 | 8545 |
| Danaher Corp. | 777 | 147552 |
| IQVIA Holdings, Inc.\* | 190 | 26663 |
| Mettler-Toledo International, Inc.\* | 22 | 25421 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Life sciences tools & services—(continued)** |  |  |
| Revvity, Inc.<sup>2</sup> | 159 | $14377 |
| Thermo Fisher Scientific, Inc. | 1047 | 421753 |
| Waters Corp.\* | 68 | 23748 |
| West Pharmaceutical Services, Inc. | 87 | 18344 |
|  |  | 1495724 |
| **Machinery: 1.1%** |  |  |
| Caterpillar, Inc. | 232 | 80743 |
| Cummins, Inc. | 61 | 19610 |
| Deere & Co. | 119 | 60245 |
| Dover Corp. | 46 | 8177 |
| Fortive Corp. | 145 | 10178 |
| Gates Industrial Corp. PLC\* | 23343 | 493704 |
| IDEX Corp. | 30 | 5427 |
| Illinois Tool Works, Inc. | 120 | 29410 |
| Ingersoll Rand, Inc. | 16517 | 1348448 |
| Nordson Corp. | 42 | 8904 |
| Otis Worldwide Corp. | 188 | 17926 |
| PACCAR, Inc. | 250 | 23462 |
| Parker-Hannifin Corp. | 62 | 41211 |
| Pentair PLC | 51 | 5058 |
| Snap-on, Inc. | 38 | 12189 |
| Stanley Black & Decker, Inc. | 74 | 4842 |
| Westinghouse Air Brake Technologies Corp. | 89 | 18006 |
| Xylem, Inc. | 119 | 14999 |
|  |  | 2202539 |
| **Media: 0.1%** |  |  |
| Charter Communications, Inc., Class A\*<sup>,2</sup> | 103 | 40816 |
| Comcast Corp., Class A | 4247 | 146819 |
| Fox Corp., Class A | 277 | 15218 |
| Fox Corp., Class B | 92 | 4626 |
| Interpublic Group of Cos., Inc. | 429 | 10279 |
| News Corp., Class A | 398 | 11240 |
| News Corp., Class B<sup>2</sup> | 99 | 3239 |
| Omnicom Group, Inc. | 194 | 14247 |
| Paramount Global, Class B | 493 | 5965 |
|  |  | 252449 |
| **Multi-utilities: 0.4%** |  |  |
| Ameren Corp. | 657 | 63650 |
| CenterPoint Energy, Inc. | 1620 | 60329 |
| CMS Energy Corp. | 717 | 50355 |
| Consolidated Edison, Inc. | 849 | 88712 |
| Dominion Energy, Inc. | 2099 | 118950 |
| DTE Energy Co. | 491 | 67095 |
| NiSource, Inc. | 1186 | 46895 |
| Public Service Enterprise Group, Inc. | 1242 | 100639 |
| Sempra | 1582 | 124329 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Multi-utilities—(continued)** |  |  |
| WEC Energy Group, Inc. | 781 | $83911 |
|  |  | 804865 |
| **Oil, gas & consumable fuels: 2.4%** |  |  |
| APA Corp. | 377 | 6413 |
| Chevron Corp. | 1607 | 219677 |
| ConocoPhillips | 1192 | 101737 |
| Coterra Energy, Inc. | 654 | 15899 |
| Devon Energy Corp. | 20976 | 634734 |
| Diamondback Energy, Inc. | 175 | 23546 |
| EOG Resources, Inc. | 518 | 56239 |
| EQT Corp. | 566 | 31204 |
| Expand Energy Corp. | 9011 | 1046447 |
| Exxon Mobil Corp. | 7036 | 719783 |
| Hess Corp. | 277 | 36617 |
| Kinder Morgan, Inc. | 1790 | 50192 |
| Marathon Petroleum Corp. | 289 | 46454 |
| Occidental Petroleum Corp. | 675 | 27527 |
| ONEOK, Inc. | 581 | 46968 |
| Phillips 66 | 401 | 45505 |
| Targa Resources Corp. | 188 | 29691 |
| Texas Pacific Land Corp. | 15 | 16710 |
| Valero Energy Corp. | 264 | 34048 |
| Williams Cos., Inc. | 30632 | 1853542 |
|  |  | 5042933 |
| **Passenger airlines: 0.0%<sup>†</sup>** |  |  |
| Delta Air Lines, Inc. | 334 | 16162 |
| Southwest Airlines Co.<sup>2</sup> | 301 | 10047 |
| United Airlines Holdings, Inc.\* | 134 | 10646 |
|  |  | 36855 |
| **Personal care products: 0.0%<sup>†</sup>** |  |  |
| Estee Lauder Cos., Inc., Class A | 57 | 3815 |
| Kenvue, Inc. | 103 | 2459 |
|  |  | 6274 |
| **Pharmaceuticals: 2.3%** |  |  |
| Bristol-Myers Squibb Co. | 31978 | 1543898 |
| Eli Lilly & Co. | 3020 | 2227763 |
| Johnson & Johnson | 2906 | 451040 |
| Merck & Co., Inc. | 3051 | 234439 |
| Pfizer, Inc. | 6850 | 160907 |
| Viatris, Inc. | 1683 | 14794 |
| Zoetis, Inc. | 556 | 93758 |
|  |  | 4726599 |
| **Professional services: 0.1%** |  |  |
| Amentum Holdings, Inc.\* | 3 | 55 |
| Automatic Data Processing, Inc. | 196 | 63804 |
| Broadridge Financial Solutions, Inc. | 55 | 13356 |
| Dayforce, Inc.\*<sup>,2</sup> | 91 | 5376 |
| Equifax, Inc. | 55 | 14530 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Professional services—(continued)** |  |  |
| Jacobs Solutions, Inc. | 44 | $5557 |
| Leidos Holdings, Inc. | 53 | 7872 |
| Paychex, Inc. | 155 | 24476 |
| Paycom Software, Inc. | 17 | 4405 |
| Verisk Analytics, Inc. | 63 | 19791 |
|  |  | 159222 |
| **Semiconductors & semiconductor equipment: 7.3%** |  |  |
| Advanced Micro Devices, Inc.\* | 7129 | 789394 |
| Analog Devices, Inc. | 2203 | 471398 |
| Applied Materials, Inc. | 757 | 118660 |
| Broadcom, Inc. | 11807 | 2858120 |
| Enphase Energy, Inc.\* | 127 | 5256 |
| First Solar, Inc.\* | 2183 | 345089 |
| Intel Corp. | 4064 | 79451 |
| KLA Corp. | 128 | 96881 |
| Lam Research Corp. | 1166 | 94201 |
| Marvell Technology, Inc. | 7347 | 442216 |
| Microchip Technology, Inc. | 514 | 29833 |
| Micron Technology, Inc. | 7234 | 683324 |
| Monolithic Power Systems, Inc. | 48 | 31771 |
| NVIDIA Corp. | 64987 | 8781693 |
| NXP Semiconductors NV | 236 | 45107 |
| ON Semiconductor Corp.\* | 391 | 16430 |
| QUALCOMM, Inc. | 1044 | 151589 |
| Skyworks Solutions, Inc. | 146 | 10078 |
| Teradyne, Inc. | 162 | 12733 |
| Texas Instruments, Inc. | 833 | 152314 |
|  |  | 15215538 |
| **Software: 7.6%** |  |  |
| Adobe, Inc.\* | 403 | 167281 |
| ANSYS, Inc.\* | 87 | 28781 |
| AppLovin Corp., Class A\* | 1292 | 507756 |
| Autodesk, Inc.\* | 199 | 58928 |
| Cadence Design Systems, Inc.\* | 259 | 74351 |
| Crowdstrike Holdings, Inc., Class A\* | 235 | 110772 |
| Dynatrace, Inc.\* | 12323 | 665565 |
| Fair Isaac Corp.\* | 24 | 41431 |
| Fortinet, Inc.\* | 596 | 60661 |
| Gen Digital, Inc. | 471 | 13414 |
| HubSpot, Inc.\* | 942 | 555686 |
| Intuit, Inc. | 265 | 199670 |
| Microsoft Corp. | 20809 | 9579631 |
| Oracle Corp. | 7867 | 1302225 |
| Palantir Technologies, Inc., Class A\* | 1925 | 253676 |
| Palo Alto Networks, Inc.\* | 619 | 119108 |
| PTC, Inc.\* | 119 | 20030 |
| Roper Technologies, Inc. | 697 | 397478 |
| Salesforce, Inc. | 2150 | 570545 |
| ServiceNow, Inc.\* | 196 | 198174 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Software—(continued)** |  |  |
| Synopsys, Inc.\* | 141 | $65421 |
| Tyler Technologies, Inc.\* | 42 | 24234 |
| Workday, Inc., Class A\* | 198 | 49047 |
| Zscaler, Inc.\* | 2939 | 810282 |
|  |  | 15874147 |
| **Specialty retail: 0.4%** |  |  |
| AutoZone, Inc.\* | 15 | 55996 |
| Best Buy Co., Inc. | 186 | 12328 |
| CarMax, Inc.\* | 134 | 8638 |
| Home Depot, Inc. | 906 | 333671 |
| Lowe's Cos., Inc. | 512 | 115574 |
| O'Reilly Automotive, Inc.\* | 53 | 72477 |
| Ross Stores, Inc. | 310 | 43428 |
| TJX Cos., Inc. | 1026 | 130199 |
| Tractor Supply Co. | 443 | 21441 |
| Ulta Beauty, Inc.\* | 43 | 20273 |
| Williams-Sonoma, Inc. | 123 | 19896 |
|  |  | 833921 |
| **Technology hardware, storage & peripherals: 3.5%** |  |  |
| Apple, Inc. | 35701 | 7170546 |
| Dell Technologies, Inc., Class C | 284 | 31600 |
| Hewlett Packard Enterprise Co. | 1291 | 22308 |
| HP, Inc. | 842 | 20966 |
| NetApp, Inc. | 186 | 18444 |
| Seagate Technology Holdings PLC | 204 | 24060 |
| Super Micro Computer, Inc.\* | 455 | 18209 |
| Western Digital Corp.\* | 320 | 16496 |
|  |  | 7322629 |
| **Textiles, apparel & luxury goods: 0.2%** |  |  |
| Deckers Outdoor Corp.\* | 144 | 15195 |
| Lululemon Athletica, Inc.\* | 97 | 30717 |
| NIKE, Inc., Class B | 7080 | 428977 |
| Ralph Lauren Corp. | 29 | 8028 |
| Tapestry, Inc. | 199 | 15631 |
|  |  | 498548 |
| **Tobacco: 0.5%** |  |  |
| Altria Group, Inc. | 168 | 10183 |
| Philip Morris International, Inc. | 5992 | 1082095 |
|  |  | 1092278 |
| **Trading companies & distributors: 0.0%<sup>†</sup>** |  |  |
| Fastenal Co. | 562 | 23233 |
| United Rentals, Inc. | 29 | 20543 |
| WW Grainger, Inc. | 22 | 23926 |
|  |  | 67702 |
| **Water utilities: 0.0%<sup>†</sup>** |  |  |
| American Water Works Co., Inc. | 469 | 67053 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Wireless telecommunication services: 0.5%** | **Wireless telecommunication services: 0.5%** | **Wireless telecommunication services: 0.5%** |
| T-Mobile U.S., Inc. | 4479 | $1084814 |
| **Total common stocks<br> (cost—$102,810,582)** |  | **125226436** |
| **Preferred stocks: 0.0%†** | **Preferred stocks: 0.0%†** | **Preferred stocks: 0.0%†** |
| **Financial services: 0.0%<sup>†</sup>** |  |  |
| SquareTwo Financial Corp.\*<sup>,1,3</sup><br> (cost—$0) | 35000 | 0 |
| **Exchange traded funds: 6.6%** | **Exchange traded funds: 6.6%** | **Exchange traded funds: 6.6%** |
| iShares Core S&P Mid-Cap ETF | 54995 | 3301900 |
| iShares Russell 1000 Value ETF<sup>2</sup> | 56382 | 10634773 |
| **Total exchange traded funds<br> (cost—$13,233,795)** |  | **13936673** |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | |
| **Asset-backed securities: 6.9%** | **Asset-backed securities: 6.9%** | **Asset-backed securities: 6.9%** |
| ARES XLVIII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-48A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1\* 3 mo. USD Term SOFR + 2.062% |  |  |
| &nbsp;&nbsp;&nbsp;6.331%, due 07/20/30<sup>4,5</sup> | $725000 | 727089 |
| Capital One Multi-Asset Execution Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-B3, Class B3, |  |  |
| &nbsp;&nbsp;&nbsp;1\* 3 mo. USD Term SOFR + 0.812% |  |  |
| &nbsp;&nbsp;&nbsp;5.068%, due 05/15/28<sup>5</sup> | 350000 | 349904 |
| CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.990%, due 03/15/32<sup>4</sup> | 429234 | 430907 |
| Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.770%, due 01/22/29<sup>4</sup> | 525000 | 527949 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.120%, due 09/23/30<sup>4</sup> | 150000 | 152043 |
| &nbsp;&nbsp;&nbsp;Series 2023-3, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/22/29<sup>4</sup> | 650000 | 660494 |
| DLLMT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;4.840%, due 08/21/28<sup>4</sup> | 475000 | 478223 |
| Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.670%, due 05/17/32 | 500000 | 497280 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 02/15/28 | 163755 | 163938 |
| Dryden 102 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-102A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.900% |  |  |
| &nbsp;&nbsp;&nbsp;7.156%, due 10/15/36<sup>4,5</sup> | 750000 | 754380 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| DT Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1.160%, due 11/16/26<sup>4</sup> | $67916 | $67813 |
| Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.510%, due 02/22/28<sup>4</sup> | 200000 | 199801 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.690%, due 07/20/27<sup>4</sup> | 1025000 | 1025405 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 04/22/30<sup>4</sup> | 338874 | 340656 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 12/20/26<sup>4</sup> | 114848 | 115350 |
| Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.920%, due 09/17/29 | 325000 | 326337 |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.480%, due 08/15/30 | 150000 | 151394 |
| GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 01/20/27 | 475000 | 475499 |
| GoldenTree Loan Management U.S. CLO 8 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-8A, Class DRR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.900% |  |  |
| &nbsp;&nbsp;&nbsp;7.170%, due 10/20/34<sup>4,5</sup> | 470000 | 470620 |
| HPEFS Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.180%, due 05/20/31<sup>4</sup> | 775000 | 777293 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 11/20/31<sup>4</sup> | 500000 | 502419 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/32<sup>4</sup> | 850000 | 861184 |
| Hyundai Auto Lease Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-B, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.940%, due 08/15/29<sup>4</sup> | 275000 | 276421 |
| OHA Credit Partners XV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-15A, Class D2R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.770%, due 04/20/37<sup>4,5</sup> | 250000 | 251007 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.550%, due 06/16/36<sup>4</sup> | 600000 | 570625 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/14/35<sup>4</sup> | 600000 | 583620 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.210%, due 09/14/35<sup>4</sup> | 300000 | 283717 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-5, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.740%, due 10/16/28 | 393040 | 392838 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.870%, due 05/15/31 | $325000 | $327324 |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.090%, due 05/15/30 | 1100000 | 1105091 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.210%, due 07/15/27 | 19931 | 19936 |
| &nbsp;&nbsp;&nbsp;Series 2023-3, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.610%, due 10/15/27 | 214696 | 214953 |
| &nbsp;&nbsp;&nbsp;Series 2023-6, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.080%, due 05/17/27 | 2869 | 2871 |
| SFS Auto Receivables Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 06/21/27<sup>4</sup> | 73780 | 73833 |
| World Financial Network Credit Card Master Note Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.620%, due 05/15/31 | 250000 | 251114 |
| **Total asset-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$14,456,655) |  | **14409328** |
| **Corporate bonds: 16.8%** |  |  |
| **Advertising: 0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 08/15/27<sup>4</sup> | 35000 | 34238 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/28<sup>4</sup> | 37000 | 33809 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/30<sup>4</sup> | 52000 | 52683 |
|  |  | 120730 |
| **Aerospace & defense: 0.5%** |  |  |
| AAR Escrow Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/29<sup>4</sup> | 40000 | 40986 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/01/32<sup>4</sup> | 92000 | 94090 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/31<sup>4</sup> | 10000 | 10313 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/27<sup>4</sup> | 21000 | 21097 |
| &nbsp;&nbsp;&nbsp;8.750%, due 11/15/30<sup>4</sup> | 89000 | 95524 |
| GE Capital International Funding Co. Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.418%, due 11/15/35 | 200000 | 189876 |
| Goat Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>4</sup> | 48000 | 47815 |
| HEICO Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 08/01/33 | 100000 | 100952 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/29 | 25000 | 24212 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/27 | 150000 | 149883 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/33<sup>4</sup> | 96000 | 94993 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/29<sup>4</sup> | 25000 | 25407 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>4</sup> | 68000 | 69462 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Aerospace & defense—(concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>4</sup> | $10000 | $10344 |
|  |  | 974954 |
| **Agriculture: 0.0%†** |  |  |
| Reynolds American, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 08/15/35 | 70000 | 70225 |
| **Airlines: 0.5%** |  |  |
| Allegiant Travel Co., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/27<sup>4</sup> | 60000 | 59257 |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/28<sup>4</sup> | 68000 | 68680 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/29<sup>4</sup> | 50000 | 51806 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/20/26<sup>4</sup> | 88667 | 88515 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/20/29<sup>4</sup> | 30000 | 29459 |
| Delta Air Lines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1,Class AA |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/10/28 | 80402 | 75090 |
| Delta Air Lines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/19/28 | 100000 | 98685 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/20/27<sup>4</sup> | 405000 | 405930 |
| United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/29<sup>4</sup> | 45000 | 42743 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/01/27<sup>4</sup> | 90000 | 88098 |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/01/28<sup>4</sup> | 41000 | 40389 |
|  |  | 1048652 |
| **Apparel: 0.0%†** |  |  |
| Champ Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 12/01/31<sup>4</sup> | 80000 | 83999 |
| **Auto manufacturers: 0.2%** |  |  |
| Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/17/27 | 275000 | 265299 |
| General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/01/36 | 200000 | 206523 |
|  |  | 471822 |
| **Auto parts & equipment: 0.2%** |  |  |
| American Axle & Manufacturing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/27 | 74000 | 73645 |
| Clarios Global LP/Clarios U.S. Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/30<sup>4</sup> | 20000 | 20370 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/31/26 | 125000 | 125067 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/31 | 121000 | 112904 |
|  |  | 331986 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks: 2.3%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/50) |  |  |
| &nbsp;&nbsp;&nbsp;4.083%, due 03/20/51<sup>5</sup> | $75000 | $57927 |
| &nbsp;&nbsp;&nbsp;6.110%, due 01/29/37 | 450000 | 466041 |
| Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/04/32) |  |  |
| &nbsp;&nbsp;&nbsp;4.588%, due 05/04/37<sup>5</sup> | 100000 | 93204 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/09/32) |  |  |
| &nbsp;&nbsp;&nbsp;5.746%, due 08/09/33<sup>5</sup> | 200000 | 204135 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;6.092%, due 10/03/33 | 150000 | 159123 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/29) |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, due 03/20/30<sup>5</sup> | 175000 | 169989 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/13/25 | 175000 | 175321 |
| &nbsp;&nbsp;&nbsp;6.675%, due 09/13/43 | 200000 | 212164 |
| Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/07/27) |  |  |
| &nbsp;&nbsp;&nbsp;2.552%, due 01/07/28<sup>5</sup> | 150000 | 144564 |
| Freedom Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 10/01/28<sup>4</sup> | 55000 | 58997 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/25/26 | 150000 | 149229 |
| &nbsp;&nbsp;&nbsp;5.150%, due 05/22/45 | 110000 | 96900 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/10/30) |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 02/10/30<sup>5,6</sup> | 111000 | 111917 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/37 | 200000 | 210581 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/47) |  |  |
| &nbsp;&nbsp;&nbsp;4.032%, due 07/24/48<sup>5</sup> | 400000 | 314526 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.582%, due 12/10/25 | 400000 | 399218 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.677%, due 02/22/27 | 350000 | 345556 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 01/27/45 | 275000 | 228247 |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/08/26 | 590000 | 587601 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/07/34) |  |  |
| &nbsp;&nbsp;&nbsp;5.942%, due 02/07/39<sup>5</sup> | 100000 | 100930 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Banks—(concluded)** | | |
| PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/33) |  |  |
| &nbsp;&nbsp;&nbsp;5.068%, due 01/24/34<sup>5</sup> | $100000 | $98809 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/03/31 | 250000 | 216381 |
| Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/12/27<sup>4</sup> | 200000 | 197400 |
|  |  | 4798760 |
| **Beverages: 0.1%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 02/01/36 | 75000 | 72091 |
| &nbsp;&nbsp;&nbsp;4.900%, due 02/01/46 | 130000 | 117198 |
|  |  | 189289 |
| **Biotechnology: 0.1%** |  |  |
| Amgen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/02/33 | 150000 | 151377 |
| Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/46 | 50000 | 43772 |
|  |  | 195149 |
| **Building Materials: 0.1%** |  |  |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/32<sup>4</sup> | 10000 | 9073 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/32<sup>4</sup> | 10000 | 10094 |
| Carrier Global Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 03/15/54 | 100000 | 105682 |
| Knife River Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/01/31<sup>4</sup> | 45000 | 47102 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>4</sup> | 51000 | 50259 |
| &nbsp;&nbsp;&nbsp;8.875%, due 11/15/31<sup>4</sup> | 78000 | 80098 |
|  |  | 302308 |
| **Chemicals: 0.5%** |  |  |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 6.830% on 07/15/25 |  |  |
| &nbsp;&nbsp;&nbsp;6.580%, due 07/15/29 | 115000 | 118128 |
| &nbsp;&nbsp;&nbsp;Steps to 6.879% on 07/15/25 |  |  |
| &nbsp;&nbsp;&nbsp;6.629%, due 07/15/32 | 250000 | 255851 |
| CF Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/15/34 | 200000 | 194086 |
| Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>4</sup> | 45000 | 36811 |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/15/33<sup>4</sup> | 64000 | 55798 |
| LYB International Finance II BV, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/02/27 | 150000 | 146899 |
| LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 04/01/51 | 100000 | 64681 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Chemicals—(concluded)** | | |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/15/28<sup>4</sup> | $11000 | $11587 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/30<sup>4</sup> | 40000 | 43065 |
| Olympus Water U.S. Holding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/15/28<sup>7</sup> | 100000 | 118939 |
|  |  | 1045845 |
| **Commercial services: 0.4%** |  |  |
| ADT Security Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/32<sup>4</sup> | 90000 | 85427 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>4</sup> | 10000 | 10171 |
| Block, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32 | 22000 | 22484 |
| Brink's Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/29<sup>4</sup> | 45000 | 45915 |
| Carriage Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>4</sup> | 45000 | 42109 |
| Garda World Security Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/15/32<sup>4</sup> | 42000 | 42141 |
| Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 08/15/52 | 100000 | 92923 |
| Herc Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>4</sup> | 33000 | 33428 |
| NESCO Holdings II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>4</sup> | 101000 | 95151 |
| PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 50000 | 47088 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/28<sup>4</sup> | 45000 | 44954 |
| Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.350%, due 01/15/32 | 100000 | 84236 |
| Raven Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/15/31<sup>4</sup> | 52000 | 51764 |
| Service Corp. International, |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/32 | 10000 | 9937 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/32<sup>4</sup> | 42000 | 42852 |
| United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/34<sup>4</sup> | 59000 | 59803 |
| Wand NewCo 3, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 01/30/32<sup>4</sup> | 58000 | 60338 |
|  |  | 870721 |
| **Computers: 0.4%** |  |  |
| Ahead DB Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/28<sup>4</sup> | 45000 | 44346 |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 02/09/45 | 100000 | 76238 |
| &nbsp;&nbsp;&nbsp;3.850%, due 05/04/43 | 160000 | 131017 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Computers—(concluded)** | | |
| ASGN, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>4</sup> | $61000 | $58847 |
| Diebold Nixdorf, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/31/30<sup>4</sup> | 41000 | 43095 |
| International Business Machines Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/29/32 | 175000 | 186171 |
| KBR, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/30/28<sup>4</sup> | 41000 | 39405 |
| Kyndryl Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/20/34 | 200000 | 209869 |
| McAfee Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/30<sup>4</sup> | 134000 | 123908 |
| Seagate HDD Cayman, |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/15/29 | 25000 | 26647 |
|  |  | 939543 |
| **Cosmetics/Personal Care: 0.0%†** |  |  |
| Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32 | 15000 | 14973 |
| **Distribution & wholesale: 0.0%†** |  |  |
| Resideo Funding, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>4</sup> | 45000 | 45370 |
| **Diversified financial services: 1.5%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/30/32 | 250000 | 221990 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/20/25 | 150000 | 150256 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30) |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/35<sup>4,5</sup> | 59000 | 57284 |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>4</sup> | 155000 | 165259 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 07/28/26 | 200000 | 197723 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/33) |  |  |
| &nbsp;&nbsp;&nbsp;5.817%, due 02/01/34<sup>5</sup> | 300000 | 303919 |
| CME Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/15/28 | 150000 | 148345 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 05/15/31<sup>4</sup> | 49000 | 49970 |
| &nbsp;&nbsp;&nbsp;9.250%, due 02/01/29<sup>4</sup> | 66000 | 68047 |
| GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>4</sup> | 145000 | 147710 |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/15/27<sup>4</sup> | 100000 | 102899 |
| Jane Street Group/JSG Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/31<sup>4</sup> | 81000 | 84618 |
| Jerrold Finco PLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>7</sup> | 100000 | 137442 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Diversified financial services—(concluded)** | | |
| Macquarie Airfinance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/26/31<sup>4</sup> | $33000 | $34297 |
| &nbsp;&nbsp;&nbsp;8.125%, due 03/30/29<sup>4</sup> | 40000 | 41859 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/27<sup>4</sup> | 35000 | 35005 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>4</sup> | 59000 | 61436 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/26 | 484000 | 490110 |
| &nbsp;&nbsp;&nbsp;11.500%, due 03/15/31 | 44000 | 49844 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 | 118000 | 117287 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/26 | 65000 | 65880 |
| PHH Escrow Issuer LLC/PHH Corp., |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 11/01/29<sup>4</sup> | 45000 | 44189 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>4</sup> | 35000 | 35306 |
| &nbsp;&nbsp;&nbsp;8.875%, due 01/31/30<sup>4</sup> | 52000 | 53302 |
| Provident Funding Associates LP/PFG Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 09/15/29<sup>4</sup> | 45000 | 46813 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/15/26<sup>4</sup> | 250000 | 242110 |
|  |  | 3152900 |
| **Electric: 1.3%** |  |  |
| Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 01/15/49 | 50000 | 40106 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/01/29<sup>4</sup> | 30000 | 29238 |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/15/28<sup>4</sup> | 77000 | 76331 |
| Clearway Energy Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/15/28<sup>4</sup> | 65000 | 63514 |
| Consolidated Edison Co. of New York, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 11/15/53 | 100000 | 99380 |
| DTE Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/32 | 200000 | 179208 |
| Duke Energy Ohio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 02/01/49 | 250000 | 194428 |
| Edison International, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/29) |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 06/15/54<sup>5</sup> | 37000 | 35599 |
| Eversource Energy, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/34 | 200000 | 199491 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 04/15/26 | 70000 | 69265 |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/15/46 | 200000 | 160605 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Electric—(concluded)** | | |
| FirstEnergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 07/15/47 | $75000 | $61832 |
| Florida Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 02/01/38 | 45000 | 47452 |
| Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/30/50 | 200000 | 144119 |
| Leeward Renewable Energy Operations LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/29<sup>4</sup> | 37000 | 33704 |
| Lightning Power LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/32<sup>4</sup> | 52000 | 54520 |
| National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 11/01/28 | 100000 | 98061 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>4</sup> | 66000 | 59849 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>4</sup> | 67000 | 66393 |
| Oncor Electric Delivery Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/01/45 | 40000 | 30019 |
| PG&E Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28 | 96000 | 93668 |
| Pike Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/31/31<sup>4</sup> | 59000 | 63548 |
| Public Service Electric & Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 01/15/30 | 250000 | 228610 |
| San Diego Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 06/15/49 | 100000 | 74389 |
| Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/39 | 150000 | 148905 |
| Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 02/01/50 | 175000 | 113359 |
| Southwestern Electric Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/01/51 | 100000 | 61798 |
| Talen Energy Supply LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/01/30<sup>4</sup> | 118000 | 126018 |
| Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26) |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/26<sup>4,5,6</sup> | 102000 | 103466 |
|  |  | 2756875 |
| **Electrical components & equipment: 0.1%** |  |  |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/31/29<sup>4</sup> | 101000 | 94875 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/28<sup>4</sup> | 30000 | 28928 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/29<sup>4</sup> | 5000 | 5104 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Electrical components & equipment—(concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/15/32<sup>4</sup> | $41000 | $41973 |
|  |  | 170880 |
| **Electronics: 0.0%†** |  |  |
| Coherent Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>4</sup> | 40000 | 38759 |
| **Energy-Alternate Sources: 0.0%†** |  |  |
| TerraForm Power Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/30<sup>4</sup> | 97000 | 91434 |
| **Engineering & construction: 0.1%** |  |  |
| Arcosa, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/15/32<sup>4</sup> | 37000 | 37943 |
| Artera Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/31<sup>4</sup> | 89000 | 75633 |
| Brundage-Bone Concrete Pumping Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/32<sup>4</sup> | 5000 | 4991 |
| Weekley Homes LLC/Weekley Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>4</sup> | 15000 | 14417 |
|  |  | 132984 |
| **Entertainment: 0.2%** |  |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/32<sup>4</sup> | 55000 | 52761 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/32<sup>4</sup> | 25000 | 25201 |
| Churchill Downs, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>4</sup> | 20000 | 19718 |
| Cirsa Finance International SARL, |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 11/30/27<sup>7</sup> | 112500 | 134751 |
| Light & Wonder International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/31<sup>4</sup> | 67000 | 69237 |
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/01/30<sup>4</sup> | 45000 | 44482 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 | 100000 | 71933 |
|  |  | 418083 |
| **Food: 0.2%** |  |  |
| J.M. Smucker Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 11/15/33 | 100000 | 106162 |
| Kroger Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/46 | 150000 | 110548 |
| Performance Food Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/15/32<sup>4</sup> | 37000 | 37298 |
| United Natural Foods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/28<sup>4</sup> | 52000 | 51655 |
| Viking Baked Goods Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/31<sup>4</sup> | 37000 | 34884 |
|  |  | 340547 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Forest products & paper: 0.0%†** | | |
| Magnera Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/31<sup>4</sup> | $11000 | $10065 |
| **Gas: 0.1%** |  |  |
| NiSource, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/01/34 | 100000 | 100326 |
| **Hand & machine tools: 0.1%** |  |  |
| Regal Rexnord Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 04/15/33 | 150000 | 155218 |
| **Healthcare-products: 0.1%** |  |  |
| Abbott Laboratories, |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 11/30/46 | 50000 | 46361 |
| Medline Borrower LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/29<sup>4</sup> | 96000 | 93816 |
| Medline Borrower LP/Medline Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/29<sup>4</sup> | 4000 | 4070 |
| Solventum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/23/34 | 150000 | 151294 |
|  |  | 295541 |
| **Healthcare-services: 0.5%** |  |  |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/30<sup>4</sup> | 60000 | 54033 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/27<sup>4</sup> | 28000 | 27590 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>4</sup> | 57000 | 54765 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>4</sup> | 43000 | 35940 |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/32<sup>4</sup> | 67000 | 71413 |
| Concentra Health Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>4</sup> | 52000 | 53499 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/30<sup>4</sup> | 105000 | 98116 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/01/32<sup>4</sup> | 25000 | 25396 |
| HAH Group Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/01/31<sup>4</sup> | 52000 | 51789 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/49 | 150000 | 129732 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 08/15/30<sup>4</sup> | 77000 | 82497 |
| &nbsp;&nbsp;&nbsp;10.000%, due 06/01/32<sup>4</sup> | 15000 | 15691 |
| &nbsp;&nbsp;&nbsp;11.000%, due 10/15/30<sup>4</sup> | 35000 | 38477 |
| Prime Healthcare Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 09/01/29<sup>4</sup> | 64000 | 65023 |
| Select Medical Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/32<sup>4</sup> | 10000 | 9911 |
| Star Parent, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/01/30<sup>4</sup> | 64000 | 66148 |
| Tenet Healthcare Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 | 96000 | 96941 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/35 | 40000 | 37805 |
|  |  | 1014766 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Home builders: 0.1%** | | |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29<sup>4</sup> | $37000 | $34877 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/28<sup>4</sup> | 10000 | 10042 |
| Installed Building Products, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/28<sup>4</sup> | 59000 | 58612 |
|  |  | 103531 |
| **Housewares: 0.0%†** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/15/30 | 25000 | 23486 |
| &nbsp;&nbsp;&nbsp;Steps to 7.375% on 10/01/25 |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/36 | 42000 | 38599 |
| &nbsp;&nbsp;&nbsp;Steps to 7.500% on 10/01/25 |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/46 | 5000 | 4065 |
|  |  | 66150 |
| **Insurance: 0.4%** |  |  |
| Aon Global Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/45 | 100000 | 85507 |
| Berkshire Hathaway Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/49 | 100000 | 82850 |
| Hartford Insurance Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 10/01/41 | 150000 | 151856 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/35 | 150000 | 147581 |
| MetLife, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/13/42 | 130000 | 106860 |
| Metropolitan Life Global Funding I, |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/28/33<sup>4</sup> | 150000 | 150437 |
| Teachers Insurance & Annuity Association of America, |  |  |
| &nbsp;&nbsp;&nbsp;4.270%, due 05/15/47<sup>4</sup> | 50000 | 39494 |
|  |  | 764585 |
| **Internet: 0.2%** |  |  |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/03/50 | 150000 | 88198 |
| Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 02/15/28 | 100000 | 97937 |
| Match Group Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>4</sup> | 45000 | 44623 |
| Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/15/54 | 50000 | 47465 |
| Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/30<sup>4</sup> | 100000 | 101477 |
| Snap, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/33<sup>4</sup> | 45000 | 45583 |
|  |  | 425283 |
| **Investment companies: 0.2%** |  |  |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>4</sup> | 52000 | 51563 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/04/29 | 125000 | 125756 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Investment companies—(concluded)** | | |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27 | $189000 | $179849 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/26 | 51000 | 50522 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/29 | 50000 | 48449 |
| &nbsp;&nbsp;&nbsp;10.000%, due 11/15/29<sup>4</sup> | 5000 | 4874 |
|  |  | 461013 |
| **Iron & steel: 0.1%** |  |  |
| Big River Steel LLC/BRS Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/31/29<sup>4</sup> | 65000 | 65477 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/29<sup>4</sup> | 45000 | 41840 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>4</sup> | 92000 | 79354 |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/31<sup>4</sup> | 25000 | 22481 |
|  |  | 209152 |
| **Leisure time: 0.3%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/27<sup>4</sup> | 70000 | 70175 |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/31<sup>4</sup> | 60000 | 60036 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/29<sup>4</sup> | 92000 | 92243 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/26<sup>4</sup> | 8000 | 8005 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>4</sup> | 131000 | 131024 |
| Pinnacle Bidco PLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/11/28<sup>7</sup> | 100000 | 119790 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/28<sup>4</sup> | 10000 | 10024 |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/31<sup>4</sup> | 68000 | 67210 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>4</sup> | 11000 | 11039 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/32<sup>4</sup> | 30000 | 30405 |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/27 | 25000 | 26313 |
| Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/15/29<sup>4</sup> | 57000 | 58140 |
|  |  | 684404 |
| **Lodging: 0.1%** |  |  |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/01/31<sup>4</sup> | 94000 | 84288 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/29<sup>4</sup> | 25000 | 23454 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/32<sup>4</sup> | 40000 | 39949 |
|  |  | 147691 |
| **Machinery-diversified: 0.1%** |  |  |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>4</sup> | 89000 | 90959 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Machinery-diversified—(concluded)** |  |  |
| Westinghouse Air Brake Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.611%, due 03/11/34 | $150000 | $152902 |
|  |  | 243861 |
| **Media: 0.8%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/31<sup>4</sup> | 143000 | 130975 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/34<sup>4</sup> | 40000 | 34529 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>4</sup> | 122000 | 116460 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>4</sup> | 139000 | 137080 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/15/28 | 250000 | 246849 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.887%, due 11/01/51 | 239000 | 141824 |
| Directv Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/01/30<sup>4</sup> | 131000 | 129043 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/15/27<sup>4</sup> | 15000 | 14765 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/15/31<sup>4</sup> | 13000 | 12654 |
| DISH Network Corp., |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 11/15/27<sup>4</sup> | 85000 | 87695 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>4</sup> | 10000 | 7140 |
| &nbsp;&nbsp;&nbsp;10.500%, due 07/15/29<sup>4</sup> | 33000 | 35096 |
| Nexstar Media, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/01/28<sup>4</sup> | 45000 | 43294 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>4</sup> | 52000 | 45474 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/30<sup>4</sup> | 59000 | 53606 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/29<sup>4</sup> | 35000 | 34428 |
| Time Warner Cable LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.550%, due 05/01/37 | 25000 | 25166 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/29<sup>4</sup> | 40000 | 35507 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/30<sup>4</sup> | 63000 | 58897 |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/28<sup>4</sup> | 20000 | 20013 |
| &nbsp;&nbsp;&nbsp;8.500%, due 07/31/31<sup>4</sup> | 65000 | 62410 |
| Walt Disney Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/15/45 | 120000 | 108015 |
|  |  | 1580920 |
| **Mining: 0.1%** |  |  |
| Arsenal AIC Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>4</sup> | 52000 | 54607 |
| Capstone Copper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>4</sup> | 25000 | 24995 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Mining—(concluded)** |  |  |
| FMG Resources August 2006 Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/30<sup>4</sup> | $15000 | $14990 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/32<sup>4</sup> | 76000 | 75814 |
| Hudbay Minerals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/29<sup>4</sup> | 59000 | 59148 |
|  |  | 229554 |
| **Miscellaneous manufacturers: 0.1%** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/30<sup>4</sup> | 60000 | 58020 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/33<sup>4</sup> | 86000 | 87289 |
| Axon Enterprise, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>4</sup> | 43000 | 43627 |
|  |  | 188936 |
| **Office & business equipment: 0.0%†** |  |  |
| Xerox Holdings Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 11/30/29<sup>4</sup> | 71000 | 47842 |
| Zebra Technologies Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>4</sup> | 33000 | 33588 |
|  |  | 81430 |
| **Oil & gas: 0.6%** |  |  |
| Aethon United BR LP/Aethon United Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/01/29<sup>4</sup> | 52000 | 53288 |
| Aker BP ASA, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/30<sup>4</sup> | 150000 | 140680 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>4</sup> | 87000 | 86684 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>4</sup> | 25000 | 25144 |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/31/28<sup>4</sup> | 10000 | 10151 |
| Civitas Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/31<sup>4</sup> | 81000 | 79194 |
| ConocoPhillips Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.758%, due 03/15/42 | 50000 | 38863 |
| Crescent Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>4</sup> | 45000 | 42425 |
| Diamond Foreign Asset Co./Diamond Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/01/30<sup>4</sup> | 56000 | 56098 |
| Encino Acquisition Partners Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/01/31<sup>4</sup> | 33000 | 36042 |
| EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 05/15/26<sup>4</sup> | 150000 | 147293 |
| Equinor ASA, |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/08/43 | 50000 | 44826 |
| Exxon Mobil Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.114%, due 03/01/46 | 50000 | 40012 |
| Marathon Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/44 | 60000 | 48376 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(concluded)** |  |  |
| Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>4</sup> | $37000 | $33714 |
| Shell Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/11/45 | 100000 | 82678 |
| Sunoco LP, |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/01/32<sup>4</sup> | 89000 | 92538 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/29<sup>4</sup> | 20000 | 19864 |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/01/31<sup>4</sup> | 42000 | 41294 |
| Transocean Aquila Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/28<sup>4</sup> | 16308 | 16282 |
| Transocean Titan Financing Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>4</sup> | 79619 | 80853 |
| Transocean, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/30<sup>4</sup> | 4000 | 4055 |
|  |  | 1220354 |
| **Oil & gas services: 0.2%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/28<sup>4</sup> | 11000 | 10982 |
| Bristow Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/28<sup>4</sup> | 108000 | 107684 |
| Kodiak Gas Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/29<sup>4</sup> | 45000 | 46117 |
| Oceaneering International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/28 | 34000 | 33542 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/01/27 | 29000 | 28989 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>4</sup> | 57000 | 57896 |
| Weatherford International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/30/30<sup>4</sup> | 40000 | 40630 |
|  |  | 325840 |
| **Packaging & containers: 0.0%†** |  |  |
| Clearwater Paper Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 08/15/28<sup>4</sup> | 52000 | 49748 |
| LABL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 10/01/31<sup>4</sup> | 25000 | 20698 |
|  |  | 70446 |
| **Pharmaceuticals: 0.3%** |  |  |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 05/14/46 | 200000 | 167659 |
| Endo Finance Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/15/31<sup>4</sup> | 10000 | 10351 |
| Pfizer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 03/15/39 | 270000 | 314819 |
| Teva Pharmaceutical Finance Netherlands II BV, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/09/27 | 100000 | 114066 |
|  |  | 606895 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Pipelines: 0.8%** | | |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>4</sup> | $37000 | $36623 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/32<sup>4</sup> | 82000 | 85017 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>4</sup> | 62000 | 63997 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>4</sup> | 22000 | 22620 |
| CNX Midstream Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/30<sup>4</sup> | 105000 | 97336 |
| Enbridge Energy Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/15/45 | 100000 | 111083 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 10/01/47 | 50000 | 43110 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.279% |  |  |
| &nbsp;&nbsp;&nbsp;7.555%, due 11/01/66<sup>5</sup> | 75000 | 73590 |
| Howard Midstream Energy Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>4</sup> | 107000 | 110733 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 03/01/28 | 150000 | 149577 |
| &nbsp;&nbsp;&nbsp;5.550%, due 06/01/45 | 70000 | 64248 |
| Plains All American Pipeline LP/PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 09/15/34 | 200000 | 198483 |
| Prairie Acquiror LP, |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 08/01/29<sup>4</sup> | 37000 | 37614 |
| Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27 | 80000 | 80351 |
| Summit Midstream Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 10/31/29<sup>4</sup> | 11000 | 11025 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/29<sup>4</sup> | 45000 | 45769 |
| Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 02/01/33 | 150000 | 137105 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/30<sup>4</sup> | 2000 | 1991 |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>4</sup> | 35000 | 35819 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>4</sup> | 40000 | 40606 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>4</sup> | 97000 | 103193 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 07/01/26 | 100000 | 99720 |
| &nbsp;&nbsp;&nbsp;6.150%, due 04/01/33 | 100000 | 102142 |
|  |  | 1751752 |
| **Real estate: 0.1%** |  |  |
| Jones Lang LaSalle, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/01/28 | 200000 | 213419 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Real estate investment trusts: 0.5%** | | |
| Extra Space Storage LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 02/01/34 | $200000 | $198834 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/30<sup>4</sup> | 106000 | 103436 |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/15/32<sup>4</sup> | 55000 | 53665 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/29<sup>4</sup> | 45000 | 43592 |
| MPT Operating Partnership LP/MPT Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/27 | 56000 | 48942 |
| Public Storage Operating Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 11/09/31 | 200000 | 172257 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/26 | 33000 | 32479 |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/26 | 96000 | 95120 |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/15/31<sup>4</sup> | 67000 | 71358 |
| Starwood Property Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/01/29<sup>4</sup> | 41000 | 42623 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>4</sup> | 167000 | 157454 |
| &nbsp;&nbsp;&nbsp;10.500%, due 02/15/28<sup>4</sup> | 91000 | 96540 |
|  |  | 1116300 |
| **Retail: 0.5%** |  |  |
| Academy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/27<sup>4</sup> | 45000 | 45105 |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>4</sup> | 20000 | 19013 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>4</sup> | 82000 | 83754 |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/35 | 25000 | 25178 |
| Cougar JV Subsidiary LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/32<sup>4</sup> | 45000 | 47267 |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 09/15/25 | 40000 | 39873 |
| &nbsp;&nbsp;&nbsp;3.350%, due 04/15/50 | 100000 | 68430 |
| LCM Investments Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/01/31<sup>4</sup> | 41000 | 43470 |
| Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/31<sup>4</sup> | 76000 | 71226 |
| Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/32<sup>4</sup> | 11000 | 10190 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 04/01/28 | 250000 | 246921 |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/09/45 | 20000 | 17709 |
| Patrick Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/01/32<sup>4</sup> | 67000 | 66039 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(continued)** | | |
| **Retail—(concluded)** | | |
| Raising Cane's Restaurants LLC, |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 05/01/29<sup>4</sup> | $178000 | $188896 |
| Sally Holdings LLC/Sally Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/32 | 68000 | 69086 |
| Victra Holdings LLC/Victra Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 09/15/29<sup>4</sup> | 59000 | 60244 |
| White Cap Buyer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/28<sup>4</sup> | 48000 | 47055 |
|  |  | 1149456 |
| **Semiconductors: 0.2%** |  |  |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.926%, due 05/15/37<sup>4</sup> | 150000 | 142920 |
| NVIDIA Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, due 04/01/30 | 100000 | 94073 |
| NXP BV/NXP Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 12/01/28 | 100000 | 102226 |
|  |  | 339219 |
| **Software: 0.4%** |  |  |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/29<sup>4</sup> | 148000 | 147834 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>4</sup> | 118000 | 120782 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.525%, due 06/01/50 | 120000 | 72822 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/12/35 | 150000 | 138256 |
| Open Text Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/01/29<sup>4</sup> | 30000 | 27921 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/40 | 216000 | 204631 |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/27/54 | 100000 | 88691 |
|  |  | 800937 |
| **Telecommunications: 0.7%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 12/01/57 | 117000 | 80103 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/40 | 180000 | 181556 |
| Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 02/26/54 | 50000 | 47322 |
| EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/30/29 | 195000 | 195955 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27<sup>4</sup> | 70000 | 70182 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/29<sup>4</sup> | 91000 | 92245 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/31<sup>4</sup> | 33000 | 27308 |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/29<sup>4</sup> | 39000 | 35421 |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/30<sup>4</sup> | 10000 | 10938 |
| &nbsp;&nbsp;&nbsp;10.750%, due 12/15/30<sup>4</sup> | 15000 | 16913 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Corporate bonds—(concluded)** | | |
| **Telecommunications—(concluded)** | | |
| Sprint LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/26 | $150000 | $151649 |
| Telecom Italia Capital SA, |  |  |
| &nbsp;&nbsp;&nbsp;7.721%, due 06/04/38 | 59000 | 61545 |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/15/34 | 200000 | 199663 |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.355%, due 03/15/32 | 209000 | 178249 |
| Viasat, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/30/31<sup>4</sup> | 66000 | 52657 |
| Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>4</sup> | 81000 | 84300 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/27<sup>4</sup> | 10000 | 9407 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/01/28<sup>4</sup> | 73000 | 62950 |
|  |  | 1558363 |
| **Transportation: 0.2%** |  |  |
| Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 09/01/43 | 160000 | 150918 |
| Genesee & Wyoming, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/32<sup>4</sup> | 43000 | 43671 |
| Star Leasing Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/15/30<sup>4</sup> | 45000 | 42330 |
| Stonepeak Nile Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/15/32<sup>4</sup> | 42000 | 43499 |
| United Parcel Service, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 11/15/47 | 50000 | 36799 |
|  |  | 317217 |
| **Trucking & leasing: 0.2%** |  |  |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>4</sup> | 230000 | 228078 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/01/30<sup>4</sup> | 78000 | 81968 |
| Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, due 08/01/28<sup>4</sup> | 150000 | 155531 |
|  |  | 465577 |
| **Total corporate bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$36,882,060) |  | **35304989** |
| **Mortgage-backed securities: 1.5%** |  |  |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-BN30, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;1.925%, due 12/15/53 | 350000 | 296640 |
| BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-C4, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;5.117%, due 02/15/56<sup>5</sup> | 500000 | 499704 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(concluded)** |  |  |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.543% |  |  |
| &nbsp;&nbsp;&nbsp;5.872%, due 03/15/30<sup>4,5</sup> | $125000 | $122813 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C5, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.228%, due 06/10/51<sup>5</sup> | 350000 | 343933 |
| Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1\* 1 mo. USD Term SOFR + 2.364% |  |  |
| &nbsp;&nbsp;&nbsp;6.694%, due 07/15/38<sup>4,5</sup> | 786536 | 786536 |
| Flagstar Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/25/48<sup>4,5</sup> | 132236 | 123736 |
| Hilton USA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-SFP, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.323%, due 11/05/35<sup>4</sup> | 425000 | 120913 |
| Hudson Yards Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-10HY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.835%, due 08/10/38<sup>4</sup> | 400000 | 388575 |
| Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.376%, due 01/26/60<sup>4,5</sup> | 3497 | 3458 |
| TTAN, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.214% |  |  |
| &nbsp;&nbsp;&nbsp;5.544%, due 03/15/38<sup>4,5</sup> | 288392 | 288211 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.820%, due 10/25/63<sup>4,5</sup> | 48436 | 46562 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$3,456,970) |  | **3021081** |
| **Non-U.S. government agency obligations: 0.1%** |  |  |
| Mexico Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/27/32 |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$204,310) | 200000 | **186800** |
| **U.S. government agency obligations: 13.7%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 05/01/52 | 1215817 | 1001811 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/46 | 66538 | 58294 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/47 | 83352 | 72856 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/47 | 84677 | 74015 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/47 | 64087 | 59904 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/38 | 6940 | 6999 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/37 | 31274 | 32071 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/40 | 6331 | 6494 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/28 | 8487 | 8675 |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/50 | $852866 | $668904 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/51 | 415607 | 324534 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/01/51 | 412740 | 323135 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/50 | 1227286 | 1011885 |
| &nbsp;&nbsp;&nbsp;2.500%, due 05/01/51 | 715228 | 588147 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/52 | 963941 | 801392 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 1617553 | 1323232 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/48 | 140957 | 123334 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/50 | 146501 | 126514 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/47 | 55516 | 50119 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/48 | 392944 | 354854 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/39 | 21473 | 20610 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/41 | 11113 | 10672 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/37 | 65608 | 65499 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/47 | 33223 | 31861 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 3388 | 3408 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/40 | 2872 | 2885 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/39 | 5511 | 5646 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32 | 50643 | 53312 |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/33 | 21 | 21 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/20/51 | 1093341 | 878953 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/20/51 | 1137503 | 954973 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/20/47 | 32088 | 28361 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/20/47 | 87752 | 77347 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/20/47 | 66268 | 58411 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/47 | 81319 | 73633 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/42 | 20693 | 19556 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/20/52 | 508009 | 494696 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/20/28 | 90 | 92 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/20/29 | 202 | 206 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/20/34 | 158860 | 165005 |
| Government National Mortgage Association, TBA, |  |  |
| &nbsp;&nbsp;&nbsp;6.000% | 975000 | 984487 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;2.000% | 1450000 | 1126738 |
| &nbsp;&nbsp;&nbsp;3.000% | 2050000 | 1744612 |
| &nbsp;&nbsp;&nbsp;3.500% | 1500000 | 1329941 |
| &nbsp;&nbsp;&nbsp;4.000% | 375000 | 343696 |
| &nbsp;&nbsp;&nbsp;4.500% | 3150000 | 2971543 |
| &nbsp;&nbsp;&nbsp;5.000% | 2300000 | 2226699 |
| &nbsp;&nbsp;&nbsp;5.500% | 2450000 | 2425708 |
| &nbsp;&nbsp;&nbsp;6.000% | 3725000 | 3761989 |
| &nbsp;&nbsp;&nbsp;6.500% | 1875000 | 1925288 |
| **Total U.S. government agency obligations<br> (cost—$29,495,516)** |  | **28803017** |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. Treasury obligations: 0.4%** | **U.S. Treasury obligations: 0.4%** | **U.S. Treasury obligations: 0.4%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/30/30 | $280000 | $278884 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/30/32 | 630000 | 623799 |
| **Total U.S. Treasury obligations**<br> (cost—$903,012) |  | **902683** |
| **Short term investments: 2.8%** | **Short term investments: 2.8%** | **Short term investments: 2.8%** |
| **Investment companies: 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.266<sup>8</sup><br> (cost—$2,635,675) | 2635675 | 2635675 |
| **U.S. Treasury obligations: 1.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.219%, due 09/18/25<sup>8</sup> | 1400000 | 1382673 |
| &nbsp;&nbsp;&nbsp;4.305%, due 08/21/25<sup>8</sup> | 1400000 | 1386824 |
| &nbsp;&nbsp;&nbsp;4.319%, due 07/08/25<sup>8</sup> | 400000 | 398260 |
|  |  | **3167757** |
| **Total short term investments<br> (Cost—$5,803,432)** |  | **5803432** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment of cash collateral from securities loaned: 2.8%** | **Investment of cash collateral from securities loaned: 2.8%** | **Investment of cash collateral from securities loaned: 2.8%** |
| **Money market funds: 2.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.294%<sup>8</sup><br> (cost—$5,893,965) | 5893965 | 5893965 |
| **Total investments**<br> (cost—$213,140,297)<sup>9</sup>: 111.3%** |  | **233488404** |
| Liabilities in excess of other assets—(11.3)% |  | (23629117) |
| **Net assets: 100.0%** |  | $**209859287** |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 53 | USD | Russell 2000 Value Index Futures | June 2025 | $5333920 | $5480995 | $147075 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 145 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | $15654766 | $15687187 | $32421 |
| **Total** |  |  |  | $**20988686** | $**21168182** | $**179496** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 15 | USD | S&P 500 E-Mini Index Futures | June 2025 | $(4235995) | $(4437000) | $(201005) |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 6 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | $(662663) | $(664500) | $(1837) |
| 4 | USD | U.S. Treasury Note 2 Year Futures | September 2025 | (828557) | (829750) | (1193) |
| 7 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | (800177) | (812438) | (12261) |
| 4 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | (444151) | (450188) | (6037) |
| **Total** |  |  |  | $**(6971543)** | $**(7193876)** | $**(222333)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(42837)** |

---

**Centrally cleared credit default swap agreements on credit indices—buy protection<sup>10</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> May 31,<br> 2025<sup>11</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the**<br> **Portfolio<sup>12</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.IG.S44 | N/A | USD | 4300 | 06/20/30 | Quarterly | (1.000)% | $(82152) | $(94857) | $(12705) |
| CDX.NA.HY.S44 | N/A | USD | 6100 | 06/20/30 | Quarterly | (5.000) | 15639 | (437845) | (453484) |
| **Total** |  |  |  |  |  |  | $**(66513)** | $**(532702)** | $**(466189)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | USD | 96582 | EUR | 85000 | 06/16/25 | $9 |
| CITI | CAD | 550000 | USD | 396686 | 06/16/25 | (4366) |
| CITI | EUR | 545000 | USD | 606598 | 06/16/25 | (12722) |
| SSB | GBP | 105000 | USD | 138795 | 06/16/25 | (2686) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(19765)** |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $125226309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $125226436 |
| Preferred stocks |  |  | 0 | 0 |
| Exchange traded funds | 13936673 |  |  | 13936673 |
| Asset-backed securities |  | 14409328 |  | 14409328 |
| Corporate bonds |  | 35304989 |  | 35304989 |
| Mortgage-backed securities |  | 3021081 |  | 3021081 |
| Non-U.S. government agency obligations |  | 186800 |  | 186800 |
| U.S. government agency obligations |  | 28803017 |  | 28803017 |
| U.S. Treasury obligations |  | 902683 |  | 902683 |
| Short-term investments |  | 2635675 |  | 2635675 |
| Short-term U.S. Treasury obligations |  | 3167757 |  | 3167757 |
| Investment of cash collateral from securities loaned |  | 5893965 |  | 5893965 |
| Futures contracts | 179496 |  |  | 179496 |
| Forward foreign currency contracts |  | 9 |  | 9 |
| **Total** | $**139342478** | $**94325431** | $**0** | $**233667909** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(222333) | $— | $— | $(222333) |
| Swap agreements |  | (532702) |  | (532702) |
| Forward foreign currency contracts |  | (19774) |  | (19774) |
| **Total** | $**(222333)** | $**(552476)** | $**—** | $**(774809)** |

---

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

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 4 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $26,601,686, represented 12.7% of the Fund's net assets at period end. |
| 5 | Floating or variable rate securities. The rates disclosed are as of May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 6 | Perpetual investment. Date shown reflects the next call date. |

---

**UBS U.S. Allocation Fund**

**Portfolio of investments – May 31, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| 7 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 8 | Rate shown reflects yield at May 31, 2025. |
| 9 | Includes $11,250,474 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,893,965 and non-cash collateral of $5,585,759. |
| 10 | If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 11 | Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| 12 | Payments made or received are based on the notional amount. |

---

---

| | |
|:---|:---|
| **Portfolio acronyms:** | **Portfolio acronyms:** |
| BOA | Bank of America |
| CITI | Citibank NA |
| DAC | Designated Activity Company |
| ETF | Exchange Traded Fund |
| FRN | Floating Rate Note |
| HSBC | HSBC Bank PLC |
| MSCI | Morgan Stanley Capital International |
| SOFR | Secured Overnight Financing Rate |
| SSB | State Street Bank and Trust Co. |
| TBA | To-Be-Announced Security |

---

---

| | |
|:---|:---|
| **Currency type abbreviations:** | **Currency type abbreviations:** |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

UBS U.S. Allocation Fund

**Valuation of investments**

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

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

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

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

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

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

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

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

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

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

UBS U.S. Allocation Fund

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

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

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

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

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

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

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

For more information regarding the Fund's other significant accounting policies, please refer to the Fund's Semi-Annual report to shareholders dated February 28, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** UBS INVESTMENT TRUST

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

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

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

- **a. Name of Series:** UBS U.S. Allocation Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $234382471.27

**Total Liabilities:** $24481115.08

**Net Assets:** $209901356.19

**Cash Not Reported:** $1583550.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -155.68000000 | **1-Year:** -2360.15000000 | **5-Year:** -3854.39000000 | **10-Year:** -6538.34000000 | **30-Year:** -3041.37000000

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

- **3-Month:** -80.24000000 | **1-Year:** -1377.27000000 | **5-Year:** 1969.73000000 | **10-Year:** -673.35000000 | **30-Year:** -182.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006689 | -4.18%               | -0.99%               | 3.34%                |
| Class ID C000006692 | -4.15%               | -0.98%               | 3.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1820999.23              | $-11357166.80                              |
| Month 2  | $-1459508.66             | $-1087539.12                               |
| Month 3  | $1575356.12              | $5767876.17                                |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                             | Title                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems, Inc.                                            | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     57000 | PA      | $54764.59     | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                      | Honeywell International, Inc.                                                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       319 | NS      | $72307.73     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DTCV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1215817 | PA      | $1001811.08   | 0.48%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings, Inc.                                            | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35005.25     | 0.02%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                        | PG&E Corp.                                                                    | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     96000 | PA      | $93667.87     | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.     | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23454.27     | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                             | Talos Production, Inc.                                                        | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41294.11     | 0.02%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                    | PRA Group, Inc.                                                               | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53301.90     | 0.03%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                            | Time Warner Cable LLC                                                         | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25166.21     | 0.01%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold CAD                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-4366.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                         | Ashton Woods USA LLC/Ashton Woods Finance Co.                                 | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $34877.31     | 0.02%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                          | Starwood Property Trust, Inc.                                                 | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     41000 | PA      | $42622.58     | 0.02%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                         | Performance Food Group, Inc.                                                  | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37297.70     | 0.02%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                         | EQT Corp.                                                                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |       566 | NS      | $31203.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                     | Nordson Corp.                                                                 | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |        42 | NS      | $8903.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGHTNING POWER LLC                              | Lightning Power LLC                                                           | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54519.70     | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratories International Inc     | Charles River Laboratories International, Inc.                                | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |        63 | NS      | $8544.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                 | EPAM Systems, Inc.                                                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |        52 | NS      | $9073.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                        | Jabil, Inc.                                                                   | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       100 | NS      | $16801.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CON EDISON CO OF NY INC                          | Consolidated Edison Co. of New York, Inc.                                     | CUSIP: 209111GG2<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99379.72     | 0.05%             | 2053-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                | Cisco Systems, Inc.                                                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      3738 | NS      | $235643.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                     | Assurant, Inc.                                                                | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |        67 | NS      | $13599.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                            | Provident Funding Associates LP/PFG Finance Corp.                             | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $46812.60     | 0.02%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                   | Salesforce, Inc.                                                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2150 | NS      | $570545.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                       | Intuit, Inc.                                                                  | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       265 | NS      | $199669.55    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                    | Dynatrace, Inc.                                                               | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     12323 | NS      | $665565.23    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                           | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1400000 | PA      | $1382673.54   | 0.66%             | 2025-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F052664<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2450000 | PA      | $2425708.25   | 1.16%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                     | NiSource, Inc.                                                                | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100326.12    | 0.05%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                              | Allegiant Travel Co.                                                          | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59256.87     | 0.03%             | 2027-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                        | L3Harris Technologies, Inc.                                                   | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |        81 | NS      | $19791.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                          | Zebra Technologies Corp.                                                      | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |        56 | NS      | $16227.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                        | Warner Bros Discovery, Inc.                                                   | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      2277 | NS      | $22701.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp.                                                                 | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29237.90     | 0.01%             | 2029-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple, Inc.                                                                   | CUSIP: 037833BA7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76237.87     | 0.04%             | 2045-02-09      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United Parcel Service Inc                        | United Parcel Service, Inc.                                                   | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       376 | NS      | $36675.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                              | Dollar General Corp.                                                          | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |         6 | NS      | $583.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH NETWORK CORP                                | DISH Network Corp.                                                            | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87695.44     | 0.04%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140XLG77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    963941 | PA      | $801392.43    | 0.38%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc                                    | Blackrock, Inc.                                                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1177 | NS      | $1153330.53   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                    | Accenture PLC                                                                 | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       592 | NS      | $187557.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                       | AMETEK, Inc.                                                                  | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       118 | NS      | $21091.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton USA Trust                                 | Hilton USA Trust                                                              | CUSIP: 43289VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $120912.50    | 0.06%             | 2035-11-05      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                               | Ally Financial, Inc.                                                          | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150255.88    | 0.07%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG, Inc.                                                      | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     97000 | PA      | $103193.06    | 0.05%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                           | Champ Acquisition Corp.                                                       | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83998.56     | 0.04%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                         | Blue Racer Midstream LLC/Blue Racer Finance Corp.                             | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $85016.70     | 0.04%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                   | American Electric Power Co., Inc.                                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      1337 | NS      | $138366.13    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust                                                    | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48437 | PA      | $46561.85     | 0.02%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                           | Sempra                                                                        | CUSIP: 816851AP4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148905.06    | 0.07%             | 2039-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                         | Raising Cane's Restaurants LLC                                                | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    178000 | PA      | $188895.91    | 0.09%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                | General Motors Co.                                                            | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |       898 | NS      | $44549.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                             | Western Digital Corp.                                                         | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       320 | NS      | $16496.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                         | AT&T, Inc.                                                                    | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    117000 | PA      | $80102.60     | 0.04%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                          | American Axle & Manufacturing, Inc.                                           | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     74000 | PA      | $73644.99     | 0.04%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD           | GoldenTree Loan Management U.S. CLO 8 Ltd.                                    | CUSIP: 38136NBE5<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470620.40    | 0.22%             | 2034-10-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                            | HPEFS Equipment Trust                                                         | CUSIP: 40444MAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $861183.96    | 0.41%             | 2032-04-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                | Herc Holdings, Inc.                                                           | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33428.44     | 0.02%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                        | Teledyne Technologies, Inc.                                                   | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        53 | NS      | $26439.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                      | Vistra Corp.                                                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       854 | NS      | $137126.78    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F032666<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2950000 | PA      | $2615549.65   | 1.25%             | 2054-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                         | HAH Group Holding Co. LLC                                                     | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51788.71     | 0.02%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31390RK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        21 | PA      | $21.46        | 0.00%             | 2033-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Welltower Inc                                    | Welltower, Inc.                                                               | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |      2953 | NS      | $455588.84    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp.                                                              | CUSIP: 58013MFF6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246920.98    | 0.12%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Expeditors International of Washington Inc       | Expeditors International of Washington, Inc.                                  | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |        55 | NS      | $6200.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co. LLC                                                     | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    275000 | PA      | $265299.68    | 0.13%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                          | Delta Air Lines Pass-Through Trust                                            | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80402 | PA      | $75089.77     | 0.04%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                          | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC                 | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |    167000 | PA      | $157454.10    | 0.08%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                 | Genuine Parts Co.                                                             | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       130 | NS      | $16447.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                         | MSCI, Inc.                                                                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |        87 | NS      | $49069.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                       | Chipotle Mexican Grill, Inc.                                                  | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13688 | NS      | $685495.04    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                         | Summit Midstream Holdings LLC                                                 | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $11024.68     | 0.01%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Viatris Inc                                      | Viatris, Inc.                                                                 | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      1683 | NS      | $14793.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                             | Progressive Corp.                                                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3100 | NS      | $883283.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                      | Jack Henry & Associates, Inc.                                                 | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |        74 | NS      | $13406.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                        | Pool Corp.                                                                    | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |        32 | NS      | $9618.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| American Water Works Co Inc                      | American Water Works Co., Inc.                                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       469 | NS      | $67052.93     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418TK89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2872 | PA      | $2884.66      | 0.00%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                       | Vertex Pharmaceuticals, Inc.                                                  | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       312 | NS      | $137919.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     10000 | PA      | $10024.20     | 0.00%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy, Inc.                                                         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      2099 | NS      | $118950.33    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                       | Mondelez International, Inc.                                                  | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |       114 | NS      | $7693.86      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                      | Vistra Corp.                                                                  | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    102000 | PA      | $103466.25    | 0.05%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp.                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       289 | NS      | $64059.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $34529.32     | 0.02%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                | Johnson & Johnson                                                             | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2906 | NS      | $451040.26    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                           | Goodyear Tire & Rubber Co.                                                    | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125066.50    | 0.06%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                           | FMG Resources August 2006 Pty. Ltd.                                           | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     15000 | PA      | $14989.70     | 0.01%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                         | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.             | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              |  | US        |     45000 | PA      | $43592.45     | 0.02%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                         | Cougar JV Subsidiary LLC                                                      | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $47266.97     | 0.02%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp.                                                              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       649 | NS      | $203688.65    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10344.51     | 0.00%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NetApp Inc                                       | NetApp, Inc.                                                                  | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       186 | NS      | $18443.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48449.00     | 0.02%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                        | Hess Corp.                                                                    | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |       277 | NS      | $36616.63     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                          | VistaJet Malta Finance PLC/Vista Management Holding, Inc.                     | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     41000 | PA      | $40389.16     | 0.02%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                           | UnitedHealth Group, Inc.                                                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4754 | NS      | $1435280.14   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AKER BP ASA                                      | Aker BP ASA                                                                   | CUSIP: 00973RAF0<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    150000 | PA      | $140680.28    | 0.07%             | 2030-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                     | Comcast Corp.                                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    239000 | PA      | $141824.11    | 0.07%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                            | United Parcel Service, Inc.                                                   | CUSIP: 911312BN5<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36799.51     | 0.02%             | 2047-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Clorox Co/The                                    | Clorox Co.                                                                    | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |        29 | NS      | $3824.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                  | Philip Morris International, Inc.                                             | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5992 | NS      | $1082095.28   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc                    | Advanced Drainage Systems, Inc.                                               | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      5653 | NS      | $621603.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                               | United Rentals, Inc.                                                          | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |        29 | NS      | $20543.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONSTAR MTG HLD INC                           | Nationstar Mortgage Holdings, Inc.                                            | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $61436.29     | 0.03%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                              | Buckeye Partners LP                                                           | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22620.07     | 0.01%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG, Inc.                                                      | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35819.00     | 0.02%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                              | Carrier Global Corp.                                                          | CUSIP: 14448CBD5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105682.29    | 0.05%             | 2054-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                            | Freedom Mortgage Holdings LLC                                                 | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49970.40     | 0.02%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64247.98     | 0.03%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp             | International Business Machines Corp.                                         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       875 | NS      | $226677.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                      | Pentair PLC                                                                   | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |        51 | NS      | $5058.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                         | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.                                     | CUSIP: 68306MAA7<br>LEI: 894500EC9KLZLOC3V025 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $44482.23     | 0.02%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                               | Valero Energy Corp.                                                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       264 | NS      | $34048.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                       | AbbVie, Inc.                                                                  | CUSIP: 00287YAW9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $167658.78    | 0.08%             | 2046-05-14      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp                                    | Amphenol Corp.                                                                | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      1116 | NS      | $100361.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                 | Wells Fargo & Co.                                                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     29285 | NS      | $2189932.30   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos., Inc.                                                   | CUSIP: 571748CC4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147580.74    | 0.07%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp                              | Northern Trust Corp.                                                          | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |       221 | NS      | $23589.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                        | News Corp.                                                                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       398 | NS      | $11239.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F030660<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2050000 | PA      | $1744611.50   | 0.83%             | 2054-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                     | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149228.79    | 0.07%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                          | Marathon Petroleum Corp.                                                      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       289 | NS      | $46453.86     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAY MEDIA INC                                   | Gray Media, Inc.                                                              | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     33000 | PA      | $35096.19     | 0.02%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                              | Axon Enterprise, Inc.                                                         | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43626.85     | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Revvity Inc                                      | Revvity, Inc.                                                                 | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |       159 | NS      | $14376.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| GM Financial Automobile Leasing Trust            | GM Financial Automobile Leasing Trust                                         | CUSIP: 362541AF1<br>LEI: 254900DSTG5GSVOBDN09 | Long             | ABS-O            | CORP              | US        |    475000 | PA      | $475498.56    | 0.23%             | 2027-01-20      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                            | Caesars Entertainment, Inc.                                                   | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25201.13     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co. LLC                                               | CUSIP: 68233JBB9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30018.71     | 0.01%             | 2045-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                             | Edison International                                                          | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35598.55     | 0.02%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                  | Goat Holdco LLC                                                               | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $47814.96     | 0.02%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                            | Genesee & Wyoming, Inc.                                                       | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43670.84     | 0.02%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy, Inc.                                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     26893 | NS      | $1899721.52   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128KQV86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31274 | PA      | $32070.84     | 0.02%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                    | Hilton Worldwide Holdings, Inc.                                               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       225 | NS      | $55899.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                          | Howard Midstream Energy Partners LLC                                          | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $110732.70    | 0.05%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD                            | Transocean Aquila Ltd.                                                        | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     16308 | PA      | $16282.09     | 0.01%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                   | Microsoft Corp.                                                               | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    120000 | PA      | $72821.49     | 0.03%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| General Mills Inc                                | General Mills, Inc.                                                           | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |        88 | NS      | $4774.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                          | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.                   | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45769.64     | 0.02%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DR Horton Inc                                    | DR Horton, Inc.                                                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |       272 | NS      | $32112.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                      | Paychex, Inc.                                                                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       155 | NS      | $24476.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Multi-Asset Execution Trust          | Capital One Multi-Asset Execution Trust                                       | CUSIP: 14041NCG4<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $349904.31    | 0.17%             | 2028-05-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                         | MarketAxess Holdings, Inc.                                                    | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        48 | NS      | $10387.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp.                                                                  | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $160604.95    | 0.08%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                       | DaVita, Inc.                                                                  | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25396.05     | 0.01%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems, Inc.                                            | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     43000 | PA      | $35939.83     | 0.02%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                | Expedia Group, Inc.                                                           | CUSIP: 30212PAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97937.56     | 0.05%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Schlumberger NV                                  | Schlumberger NV                                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      1183 | NS      | $39098.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMSTED INDUSTRIES                                | Amsted Industries, Inc.                                                       | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     86000 | PA      | $87289.36     | 0.04%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Zscaler Inc                                      | Zscaler, Inc.                                                                 | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      2939 | NS      | $810282.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                       | AbbVie, Inc.                                                                  | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2140 | NS      | $398275.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                | Tractor Supply Co.                                                            | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       443 | NS      | $21441.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                    | Universal Health Services, Inc.                                               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |        73 | NS      | $13895.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS INC                         | United Natural Foods, Inc.                                                    | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51655.30     | 0.02%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution, Inc.                                                      | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41972.94     | 0.02%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC                  | Seagate Technology Holdings PLC                                               | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       204 | NS      | $24059.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                         | Lloyds Banking Group PLC                                                      | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $399218.14    | 0.19%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Note Trust                         | CUSIP: 981464HU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251113.48    | 0.12%             | 2031-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                              | Bank of Nova Scotia                                                           | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $93204.08     | 0.04%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128MJ2F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84677 | PA      | $74014.79     | 0.04%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom, Inc.                                                                | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142920.27    | 0.07%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                         | National Rural Utilities Cooperative Finance Corp.                            | CUSIP: 637432NQ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98060.65     | 0.05%             | 2028-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                   | Solventum Corp.                                                               | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151293.81    | 0.07%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                               | CUSIP: 172967HA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212163.95    | 0.10%             | 2043-09-13      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                          | Flagstar Mortgage Trust                                                       | CUSIP: 33849NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132236 | PA      | $123736.23    | 0.06%             | 2048-09-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                     | Thermo Fisher Scientific, Inc.                                                | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1047 | NS      | $421752.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                            | Costco Wholesale Corp.                                                        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        50 | NS      | $52009.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                | Expedia Group, Inc.                                                           | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       105 | NS      | $17508.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                | Everest Group Ltd.                                                            | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |        49 | NS      | $17012.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                            | Uber Technologies, Inc.                                                       | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      1014 | NS      | $85338.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                     | Teradyne, Inc.                                                                | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       162 | NS      | $12733.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418CMX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33223 | PA      | $31861.39     | 0.02%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                    | J.M. Smucker Co.                                                              | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106161.92    | 0.05%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp              | Cognizant Technology Solutions Corp.                                          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       470 | NS      | $38065.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                       | Masco Corp.                                                                   | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |        94 | NS      | $5867.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                    | EchoStar Corp.                                                                | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    195000 | PA      | $195955.50    | 0.09%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140XLDF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    715228 | PA      | $588146.84    | 0.28%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| eBay Inc                                         | eBay, Inc.                                                                    | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       414 | NS      | $30292.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                             | WEC Energy Group, Inc.                                                        | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       781 | NS      | $83910.64     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                | EOG Resources, Inc.                                                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       518 | NS      | $56239.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                           | Arch Capital Group Ltd.                                                       | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |       413 | NS      | $39251.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC                                   | Sabre GLBL, Inc.                                                              | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     57000 | PA      | $58140.00     | 0.03%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                           | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     52000 | PA      | $45474.21     | 0.02%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 3M Co                                            | 3M Co.                                                                        | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       261 | NS      | $38719.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                         | NIKE, Inc.                                                                    | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      7080 | NS      | $428977.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                         | Agilent Technologies, Inc.                                                    | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |       362 | NS      | $40515.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GGAM FINANCE LTD                                 | GGAM Finance Ltd.                                                             | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    145000 | PA      | $147710.05    | 0.07%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                              | LYB International Finance III LLC                                             | CUSIP: 50249AAJ2<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |    100000 | PA      | $64681.23     | 0.03%             | 2051-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                           | Westinghouse Air Brake Technologies Corp.                                     | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152902.47    | 0.07%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24211.87     | 0.01%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds            | Mexico Government International Bonds                                         | CUSIP: 91087BAK6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $186800.00    | 0.09%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                     | Calpine Corp.                                                                 | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     77000 | PA      | $76330.71     | 0.04%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp.                                                          | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     11000 | PA      | $11586.78     | 0.01%             | 2028-11-15      | Fixed         | 8.50%                 | 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        |   5893965 | NS      | $5893965.00   | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| LABL INC                                         | LABL, Inc.                                                                    | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20698.55     | 0.01%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                     | Hudson Yards Mortgage Trust                                                   | CUSIP: 44421LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $388575.20    | 0.19%             | 2038-08-10      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain, Inc.                                                           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    106000 | PA      | $103436.08    | 0.05%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                            | Micron Technology, Inc.                                                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      7234 | NS      | $683323.64    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                             | Williams Cos., Inc.                                                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     30632 | NS      | $1853542.32   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                      | HubSpot, Inc.                                                                 | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       942 | NS      | $555685.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA, Inc.                                                            | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199663.20    | 0.10%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        53 | NC      | $147075.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                      | Snap-on, Inc.                                                                 | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |        38 | NS      | $12188.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      2102 | NS      | $158322.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F042665<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3150000 | PA      | $2971543.05   | 1.42%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp.                                                               | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $27921.10     | 0.01%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chubb Ltd                                        | Chubb Ltd.                                                                    | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       402 | NS      | $119474.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRINT LLC                                       | Sprint LLC                                                                    | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151648.93    | 0.07%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                                | Omnicom Group, Inc.                                                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |       194 | NS      | $14247.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                              | NCL Corp. Ltd.                                                                | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      8000 | PA      | $8005.06      | 0.00%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc/The             | PNC Financial Services Group, Inc.                                            | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |       431 | NS      | $74912.11     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                               | Cooper Cos., Inc.                                                             | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      9631 | NS      | $657604.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                        | Caesars Entertainment, Inc.                                                   | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       217 | NS      | $5832.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCG Receivables Trust                            | CCG Receivables Trust                                                         | CUSIP: 12515PAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429234 | PA      | $430906.67    | 0.21%             | 2032-03-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Spotify Technology SA                            | Spotify Technology SA                                                         | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |       834 | NS      | $554726.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                            | General Dynamics Corp.                                                        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       118 | NS      | $32861.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                  | Xcel Energy, Inc.                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      1431 | NS      | $100313.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                                | Newell Brands, Inc.                                                           | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     42000 | PA      | $38598.74     | 0.02%             | 2036-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                          | Big River Steel LLC/BRS Finance Corp.                                         | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65477.10     | 0.03%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp.                                                              | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17708.97     | 0.01%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                         | Macquarie Airfinance Holdings Ltd.                                            | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $41858.88     | 0.02%             | 2029-03-30      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                         | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                         | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87000 | PA      | $86684.16     | 0.04%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DaVita Inc                                       | DaVita, Inc.                                                                  | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |        40 | NS      | $5450.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DLLMT LLC                                        | DLLMT LLC                                                                     | CUSIP: 23347AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475000 | PA      | $478223.40    | 0.23%             | 2028-08-21      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                       | Viasat, Inc.                                                                  | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     66000 | PA      | $52657.00     | 0.03%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp.                                                           | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155217.82    | 0.07%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust                                                  | CUSIP: 24702EAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $660494.25    | 0.31%             | 2029-10-22      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 102 CLO Ltd.                                                           | CUSIP: 26253TAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $754380.00    | 0.36%             | 2036-10-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| First Horizon Corp                               | First Horizon Corp.                                                           | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     43419 | NS      | $863169.72    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                     | Allegion PLC                                                                  | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |        39 | NS      | $5565.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                     | Comcast Corp.                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      4247 | NS      | $146818.79    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp.                                             | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51562.49     | 0.02%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                              | Churchill Downs, Inc.                                                         | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19718.37     | 0.01%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                    | Carnival Corp.                                                                | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     92000 | PA      | $92242.49     | 0.04%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Invesco Ltd                                      | Invesco Ltd.                                                                  | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |       618 | NS      | $8936.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                                | General Motors Co.                                                            | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206522.71    | 0.10%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                | Atmos Energy Corp.                                                            | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |       367 | NS      | $56767.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                    | Marriott International, Inc.                                                  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       215 | NS      | $56723.45     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                     | Moody's Corp.                                                                 | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       176 | NS      | $84360.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC                           | Jones Lang LaSalle, Inc.                                                      | CUSIP: 48020QAB3<br>LEI: 6SYKCME112RT8TQUO411 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213418.77    | 0.10%             | 2028-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                         | Builders FirstSource, Inc.                                                    | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10093.58     | 0.00%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                         | Fox Corp.                                                                     | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       277 | NS      | $15218.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                              | Delta Air Lines, Inc.                                                         | CUSIP: 247361ZN1<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98685.42     | 0.05%             | 2028-04-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PPL Corp                                         | PPL Corp.                                                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      1845 | NS      | $64113.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp.                                                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      2516 | NS      | $110251.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                         | Macquarie Airfinance Holdings Ltd.                                            | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     33000 | PA      | $34297.46     | 0.02%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI                         | Viking Baked Goods Acquisition Corp.                                          | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |     37000 | PA      | $34883.60     | 0.02%             | 2031-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL INTL FUNDING                          | GE Capital International Funding Co. Unlimited Co.                            | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $189875.69    | 0.09%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings, Inc.                                          | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34237.96     | 0.02%             | 2027-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                         | Celanese U.S. Holdings LLC                                                    | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118128.00    | 0.06%             | 2029-07-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                        | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    200000 | PA      | $198834.31    | 0.09%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Cintas Corp                                      | Cintas Corp.                                                                  | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       160 | NS      | $36240.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                    | Medtronic PLC                                                                 | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1533 | NS      | $127208.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                    | CME Group, Inc.                                                               | CUSIP: 12572QAJ4<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148344.65    | 0.07%             | 2028-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Paycom Software Inc                              | Paycom Software, Inc.                                                         | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |        17 | NS      | $4404.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                            | Truist Financial Corp.                                                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      1496 | NS      | $59092.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC/Directv Financing Co-Obligor, Inc.                      | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12653.58     | 0.01%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain, Inc.                                                           | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     55000 | PA      | $53664.87     | 0.03%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                      | McAfee Corp.                                                                  | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    134000 | PA      | $123908.05    | 0.06%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                  | San Diego Gas & Electric Co.                                                  | CUSIP: 797440BX1<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74389.42     | 0.04%             | 2049-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                       | Advanced Micro Devices, Inc.                                                  | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      7129 | NS      | $789394.17    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                     | Huntington Bancshares, Inc.                                                   | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      1568 | NS      | $24507.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                               | Enphase Energy, Inc.                                                          | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       127 | NS      | $5256.53      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                               | Coterra Energy, Inc.                                                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |       654 | NS      | $15898.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust                                              | CUSIP: 682696AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $283717.20    | 0.14%             | 2035-09-14      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                      | PepsiCo, Inc.                                                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       140 | NS      | $18403.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                        | Gates Industrial Corp. PLC                                                    | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     23343 | NS      | $493704.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMOURS CO                                      | Chemours Co.                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     64000 | PA      | $55798.11     | 0.03%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                            | Texas Instruments, Inc.                                                       | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       833 | NS      | $152314.05    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                    | CME Group, Inc.                                                               | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       402 | NS      | $116178.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                         | Super Micro Computer, Inc.                                                    | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |       455 | NS      | $18209.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIFE RIVER CORP                                 | Knife River Corp.                                                             | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $47102.00     | 0.02%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                              | Vulcan Materials Co.                                                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      2340 | NS      | $620263.80    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                              | PayPal Holdings, Inc.                                                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1076 | NS      | $75621.28     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC/Directv Financing Co-Obligor, Inc.                      | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14764.63     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                      | Netflix, Inc.                                                                 | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101476.98    | 0.05%             | 2030-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Centene Corp                                     | Centene Corp.                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |       652 | NS      | $36798.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPSTONE COPPER CORP                             | Capstone Copper Corp.                                                         | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24995.41     | 0.01%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                            | Dell Technologies, Inc.                                                       | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       284 | NS      | $31600.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP/PAA Finance Corp.                             | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198482.76    | 0.09%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                     | Alphabet, Inc.                                                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22346 | NS      | $3837702.04   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                                | Cisco Systems, Inc.                                                           | CUSIP: 17275RBU5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47322.21     | 0.02%             | 2054-02-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                     | Drive Auto Receivables Trust                                                  | CUSIP: 26208WAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    163755 | PA      | $163938.30    | 0.08%             | 2028-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                         | Estee Lauder Cos., Inc.                                                       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |        57 | NS      | $3815.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69462.34     | 0.03%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                      | Phillips 66                                                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       401 | NS      | $45505.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                         | Microchip Technology, Inc.                                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       514 | NS      | $29832.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31416XSV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11113 | PA      | $10672.04     | 0.01%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust                                              | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $583619.76    | 0.28%             | 2035-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Prologis Inc                                     | Prologis, Inc.                                                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |      7491 | NS      | $813522.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31390MGJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50643 | PA      | $53311.96     | 0.03%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                         | Olympus Water U.S. Holding Corp.                                              | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $118938.40    | 0.06%             | 2028-11-15      | Fixed         | 9.62%                 | 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      | $251007.00    | 0.12%             | 2037-04-20      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                          | Crescent Energy Finance LLC                                                   | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42425.39     | 0.02%             | 2032-04-01      | Fixed         | 7.62%                 | 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        |   1100000 | PA      | $1105091.24   | 0.53%             | 2030-05-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                         | Visa, Inc.                                                                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1913 | NS      | $698608.47    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CLO Ltd                                     | ARES XLVIII CLO Ltd.                                                          | CUSIP: 04017FAG4<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |    725000 | PA      | $727088.73    | 0.35%             | 2030-07-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co                    | Hewlett Packard Enterprise Co.                                                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      1291 | NS      | $22308.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                  | Southern Co.                                                                  | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      2736 | NS      | $246240.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                      | Purchased USD / Sold EUR                                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-12722.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing LLC                                                | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114848 | PA      | $115350.45    | 0.05%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                       | Zoetis, Inc.                                                                  | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       556 | NS      | $93758.28     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                   | NRG Energy, Inc.                                                              | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       501 | NS      | $78105.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                           | Boston Scientific Corp.                                                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      8124 | NS      | $855132.24    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                       | Zimmer Biomet Holdings, Inc.                                                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       233 | NS      | $21475.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ELECTRIC CO                                  | DTE Electric Co.                                                              | CUSIP: 23338VAQ9<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179207.62    | 0.09%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140H2Z43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55516 | PA      | $50118.78     | 0.02%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Corp                                    | Westlake Corp.                                                                | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |      3800 | NS      | $269914.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                        | Archer-Daniels-Midland Co.                                                    | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |        89 | NS      | $4296.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                       | ResMed, Inc.                                                                  | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       180 | NS      | $44062.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                              | Elevance Health, Inc.                                                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       277 | NS      | $106323.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                      | Lennar Corp.                                                                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       208 | NS      | $22064.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                | Lam Research Corp.                                                            | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      1166 | NS      | $94201.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                                  | Baker Hughes Co.                                                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       950 | NS      | $35197.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                          | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC                 | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |     91000 | PA      | $96539.99     | 0.05%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                            | NXP Semiconductors NV                                                         | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       236 | NS      | $45106.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                              | Leidos Holdings, Inc.                                                         | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |        53 | NS      | $7871.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    250000 | PA      | $221989.52    | 0.11%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                             | Royal Bank of Canada                                                          | CUSIP: 78016EYH4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $216381.07    | 0.10%             | 2031-11-03      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc                      | Raymond James Financial, Inc.                                                 | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       194 | NS      | $28514.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERENT CORP                                    | Coherent Corp.                                                                | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38758.54     | 0.02%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                       | Biogen, Inc.                                                                  | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       162 | NS      | $21025.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                           | CUSIP: 912797PZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    400000 | PA      | $398260.05    | 0.19%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc                                       | Fiserv, Inc.                                                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       620 | NS      | $100929.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                             | Edison International                                                          | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       956 | NS      | $53201.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                          | Procter & Gamble Co.                                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       249 | NS      | $42302.61     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                         | Perrigo Finance Unlimited Co.                                                 | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     15000 | PA      | $14973.46     | 0.01%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TKO Group Holdings Inc                           | TKO Group Holdings, Inc.                                                      | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        69 | NS      | $10888.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                          | Akamai Technologies, Inc.                                                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       149 | NS      | $11313.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp.                                                               | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138256.24    | 0.07%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                                | Amsted Industries, Inc.                                                       | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58019.50     | 0.03%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100929.82    | 0.05%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                         | EQT Corp.                                                                     | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147292.85    | 0.07%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Generac Holdings Inc                             | Generac Holdings, Inc.                                                        | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |        31 | NS      | $3786.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XEROX HOLDINGS CORP                              | Xerox Holdings Corp.                                                          | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     71000 | PA      | $47842.13     | 0.02%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CONTRA ABIOMED INC                               | ABIOMED, Inc.                                                                 | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |        76 | NS      | $127.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Corp                                | State Street Corp.                                                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       313 | NS      | $30135.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                             | Lockheed Martin Corp.                                                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       100 | NS      | $48238.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust          | Hyundai Auto Lease Securitization Trust                                       | CUSIP: 44935DAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $276421.37    | 0.13%             | 2029-08-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                           | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     59000 | PA      | $53605.55     | 0.03%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                         | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.                           | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242110.03    | 0.12%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                                   | Lowe's Cos., Inc.                                                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       512 | NS      | $115573.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                    | Old Dominion Freight Line, Inc.                                               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |        79 | NS      | $12653.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO Mortgage Trust                               | BMO Mortgage Trust                                                            | CUSIP: 05610CAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499704.15    | 0.24%             | 2056-02-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                              | Cirsa Finance International SARL                                              | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |    112500 | PA      | $134750.96    | 0.06%             | 2027-11-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F060667<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3725000 | PA      | $3761989.25   | 1.79%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                            | HPEFS Equipment Trust                                                         | CUSIP: 403963AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    775000 | PA      | $777292.61    | 0.37%             | 2031-05-20      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                           | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    630000 | PA      | $623798.44    | 0.30%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $116459.87    | 0.06%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                         | Smyrna Ready Mix Concrete LLC                                                 | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     78000 | PA      | $80097.89     | 0.04%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                           | Telecom Italia Capital SA                                                     | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     59000 | PA      | $61544.73     | 0.03%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                       | Hasbro, Inc.                                                                  | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |       116 | NS      | $7738.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                      | Cummins, Inc.                                                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |        61 | NS      | $19610.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36202C6G3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        90 | PA      | $91.90        | 0.00%             | 2028-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                      | Workday, Inc.                                                                 | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       198 | NS      | $49046.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TTAN                                             | TTAN                                                                          | CUSIP: 87303TAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    288392 | PA      | $288211.46    | 0.14%             | 2038-03-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                      | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       226 | NS      | $58075.22     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                        | IDEX Corp.                                                                    | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |        30 | NS      | $5427.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                                | Ralph Lauren Corp.                                                            | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |        29 | NS      | $8027.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                      | CDW Corp.                                                                     | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       134 | NS      | $24168.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                          | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $72090.63     | 0.03%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust                                        | CUSIP: 80287JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19931 | PA      | $19935.58     | 0.01%             | 2027-07-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                         | Builders FirstSource, Inc.                                                    | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9073.05      | 0.00%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128MJ2B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83352 | PA      | $72856.33     | 0.03%             | 2047-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust                                                                      | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $122812.50    | 0.06%             | 2030-03-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc                           | Tyler Technologies, Inc.                                                      | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |        42 | NS      | $24233.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                            | Norfolk Southern Corp.                                                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       103 | NS      | $25453.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp.                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     20809 | NS      | $9579631.24   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP/USA Compression Finance Corp.                     | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $57895.81     | 0.03%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Insulet Corp                                     | Insulet Corp.                                                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |        82 | NS      | $26652.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                   | A.O. Smith Corp.                                                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |        67 | NS      | $4308.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                         | Medline Borrower LP/Medline Co-Issuer, Inc.                                   | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000 | PA      | $4070.26      | 0.00%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Align Technology Inc                             | Align Technology, Inc.                                                        | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |        89 | NS      | $16103.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                 | Paramount Global                                                              | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       493 | NS      | $5965.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                             | Targa Resources Corp.                                                         | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       188 | NS      | $29690.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SABINE PASS LIQUEFACTION                         | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80351.43     | 0.04%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31417KTY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5511 | PA      | $5646.46      | 0.00%             | 2039-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                            | Bread Financial Holdings, Inc.                                                | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57283.73     | 0.03%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                                  | Tyson Foods, Inc.                                                             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |        73 | NS      | $4099.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                            | Becton Dickinson & Co.                                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       360 | NS      | $62132.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    111000 | PA      | $111917.08    | 0.05%             | 2030-02-10      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                                  | Dollar Tree, Inc.                                                             | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |        10 | NS      | $902.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                          | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $117197.92    | 0.06%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| IQVIA Holdings Inc                               | IQVIA Holdings, Inc.                                                          | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       190 | NS      | $26662.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                               | Regal Rexnord Corp.                                                           | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      4901 | NS      | $653989.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing, Inc.                                                       | CUSIP: 527298CH4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     33000 | PA      | $27307.50     | 0.01%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                         | Service Properties Trust                                                      | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     33000 | PA      | $32479.18     | 0.02%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                              | Axon Enterprise, Inc.                                                         | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |        32 | NS      | $24011.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                    | Intercontinental Exchange, Inc.                                               | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       638 | NS      | $114712.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                            | Applied Materials, Inc.                                                       | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       757 | NS      | $118659.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                         | Prime Healthcare Services, Inc.                                               | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $65023.30     | 0.03%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                        | Occidental Petroleum Corp.                                                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       675 | NS      | $27526.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                        | Aptiv PLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     10541 | NS      | $704244.21    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                          | Rockwell Automation, Inc.                                                     | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |        48 | NS      | $15146.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140JAPG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140957 | PA      | $123333.88    | 0.06%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                      | Moderna, Inc.                                                                 | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       438 | NS      | $11633.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                         | Diamond Foreign Asset Co./Diamond Finance LLC                                 | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     56000 | PA      | $56097.55     | 0.03%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Corp                        | Constellation Energy Corp.                                                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       781 | NS      | $239103.15    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                        | Kellanova                                                                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |        57 | NS      | $4709.91      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KODIAK GAS SERVICES LLC                          | Kodiak Gas Services LLC                                                       | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46116.59     | 0.02%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                     | Stryker Corp.                                                                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       428 | NS      | $163769.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STAR PARENT INC                                  | Star Parent, Inc.                                                             | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     64000 | PA      | $66148.41     | 0.03%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries Inc                | Huntington Ingalls Industries, Inc.                                           | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |        17 | NS      | $3792.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                           | Trane Technologies PLC                                                        | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       105 | NS      | $45178.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL FINANCE US INC                             | Shell Finance U.S., Inc.                                                      | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $82678.04     | 0.04%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp                       | Pinnacle West Capital Corp.                                                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       244 | NS      | $22260.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                         | Constellation Brands, Inc.                                                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |        27 | NS      | $4813.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                      | Trimble, Inc.                                                                 | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |       242 | NS      | $17247.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                         | Willis Towers Watson PLC                                                      | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       117 | NS      | $37036.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTERA SERVICES LLC                              | Artera Services LLC                                                           | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |     89000 | PA      | $75632.44     | 0.04%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                      | NVIDIA Corp.                                                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     64987 | NS      | $8781693.31   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                  | Best Buy Co., Inc.                                                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |       186 | NS      | $12328.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                     | Chevron Corp.                                                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1607 | NS      | $219676.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FMG RESOURCES AUG 2006                           | FMG Resources August 2006 Pty. Ltd.                                           | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     76000 | PA      | $75814.38     | 0.04%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Williams-Sonoma Inc                              | Williams-Sonoma, Inc.                                                         | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       123 | NS      | $19896.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc               | Johnson Controls International PLC                                            | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      5854 | NS      | $593419.98    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128M8M68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6331 | PA      | $6494.42      | 0.00%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99720.61     | 0.05%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group, Inc.                                            | CUSIP: 693475BM6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98808.68     | 0.05%             | 2034-01-24      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                        | Adobe, Inc.                                                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       403 | NS      | $167281.27    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                          | KeyCorp                                                                       | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |       998 | NS      | $15828.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust                                              | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $570625.02    | 0.27%             | 2036-06-16      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc                | Take-Two Interactive Software, Inc.                                           | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      7296 | NS      | $1650938.88   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                             | Waste Management, Inc.                                                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2658 | NS      | $640498.26    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                     | Entergy Corp.                                                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1093 | NS      | $91025.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                                    | Carnival Corp.                                                                | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     70000 | PA      | $70175.10     | 0.03%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                            | NESCO Holdings II, Inc.                                                       | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    101000 | PA      | $95150.53     | 0.05%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                              | United Airlines, Inc.                                                         | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42743.33     | 0.02%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F040669<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    375000 | PA      | $343696.13    | 0.16%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                           | Canadian Imperial Bank of Commerce                                            | CUSIP: 13607LWW9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $159122.78    | 0.08%             | 2033-10-03      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Hubbell Inc                                      | Hubbell, Inc.                                                                 | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |        20 | NS      | $7791.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                     | Alphabet, Inc.                                                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5334 | NS      | $921981.90    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Power & Light Co                         | Florida Power & Light Co.                                                     | CUSIP: 341081FA0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47452.20     | 0.02%             | 2038-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp.                                                                  | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88691.05     | 0.04%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Cigna Group/The                                  | Cigna Group                                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       329 | NS      | $104174.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                     | Dayforce, Inc.                                                                | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |        91 | NS      | $5376.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                          | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70182.49     | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                         | Smyrna Ready Mix Concrete LLC                                                 | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50259.38     | 0.02%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                           | Arsenal AIC Parent LLC                                                        | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $54606.71     | 0.03%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp                                    | M&T Bank Corp.                                                                | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       184 | NS      | $33605.76     | 0.02%             |  |  |  | No            |                  1 | 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        |    405000 | PA      | $405929.48    | 0.19%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sempra                                           | Sempra                                                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      1582 | NS      | $124329.38    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                          | O'Reilly Automotive, Inc.                                                     | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |        53 | NS      | $72477.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                 | W.R. Berkley Corp.                                                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |       322 | NS      | $24050.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F050668<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2300000 | PA      | $2226699.00   | 1.06%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                  | CVS Health Corp.                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1516 | NS      | $97084.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications, Inc.                                                | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35506.56     | 0.02%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                             | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199491.22    | 0.10%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                               | Walt Disney Co.                                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      9491 | NS      | $1072862.64   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102141.69    | 0.05%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                            | CNX Midstream Partners LP                                                     | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $97335.84     | 0.05%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                             | Targa Resources Corp.                                                         | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137105.45    | 0.07%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Garmin Ltd                                       | Garmin Ltd.                                                                   | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       145 | NS      | $29430.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                              | Quanta Services, Inc.                                                         | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |        79 | NS      | $27062.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                      | Target Corp.                                                                  | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |        69 | NS      | $6486.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                      | Gartner, Inc.                                                                 | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |        80 | NS      | $34913.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                         | Marsh & McLennan Cos., Inc.                                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3342 | NS      | $780891.72    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                    | Principal Financial Group, Inc.                                               | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |       232 | NS      | $18070.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                      | Walmart, Inc.                                                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     18369 | NS      | $1813387.68   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP HLD II LLC                           | Match Group Holdings II LLC                                                   | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44622.61     | 0.02%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co/The                                 | Coca-Cola Co.                                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       409 | NS      | $29488.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                     | Fortinet, Inc.                                                                | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       596 | NS      | $60660.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                         | Lyft, Inc.                                                                    | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     34651 | NS      | $528081.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                      | GoDaddy, Inc.                                                                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       130 | NS      | $23679.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications, Inc.                                                | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20012.80     | 0.01%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                          | MPT Operating Partnership LP/MPT Finance Corp.                                | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |     56000 | PA      | $48941.76     | 0.02%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                 | Wand NewCo 3, Inc.                                                            | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     58000 | PA      | $60337.52     | 0.03%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                          | Exxon Mobil Corp.                                                             | CUSIP: 30231GAW2<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40012.30     | 0.02%             | 2046-03-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                       | Stanley Black & Decker, Inc.                                                  | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |        74 | NS      | $4841.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                       | Airbnb, Inc.                                                                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       415 | NS      | $53535.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                       | PACCAR, Inc.                                                                  | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |       250 | NS      | $23462.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                 | Exxon Mobil Corp.                                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7036 | NS      | $719782.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                         | Burlington Northern Santa Fe LLC                                              | CUSIP: 12189LAP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $150917.76    | 0.07%             | 2043-09-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Corning Inc                                      | Corning, Inc.                                                                 | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |       698 | NS      | $34613.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                           | Franklin Resources, Inc.                                                      | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |       399 | NS      | $8634.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                         | USA Compression Partners LP/USA Compression Finance Corp.                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29000 | PA      | $28989.49     | 0.01%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                                  | CMS Energy Corp.                                                              | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       717 | NS      | $50354.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings, Inc.                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    101000 | PA      | $94874.79     | 0.05%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs, Inc.                                                        | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     92000 | PA      | $79354.37     | 0.04%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health, Inc.                                                        | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $38476.94     | 0.02%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp.                                                      | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33588.26     | 0.02%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs, Inc.                                                        | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41839.62     | 0.02%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | Purchased USD / Sold GBP                                                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-2685.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amentum Holdings Inc                             | Amentum Holdings, Inc.                                                        | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |         3 | NS      | $55.33        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                           | Darden Restaurants, Inc.                                                      | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       110 | NS      | $23563.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                           | ConocoPhillips Co.                                                            | CUSIP: 20826FBC9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38862.47     | 0.02%             | 2042-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.     | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94000 | PA      | $84287.69     | 0.04%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                           | Verizon Communications, Inc.                                                  | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    209000 | PA      | $178248.53    | 0.08%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                            | McCormick & Co., Inc.                                                         | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |        54 | NS      | $3927.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                        | Palantir Technologies, Inc.                                                   | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      1925 | NS      | $253676.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Drive Auto Receivables Trust                     | Drive Auto Receivables Trust                                                  | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497280.45    | 0.24%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31419AGZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21473 | PA      | $20610.25     | 0.01%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                           | Marvell Technology, Inc.                                                      | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7347 | NS      | $442215.93    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust                                        | CUSIP: 80287NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $327323.62    | 0.16%             | 2031-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Inc                          | Consolidated Edison, Inc.                                                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       849 | NS      | $88712.01     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE OP CO                             | Public Storage Operating Co.                                                  | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |    200000 | PA      | $172257.24    | 0.08%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                   | Gray Media, Inc.                                                              | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7140.50      | 0.00%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                             | Kyndryl Holdings, Inc.                                                        | CUSIP: 50155QAN0<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209868.62    | 0.10%             | 2034-02-20      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group, Inc.                                                    | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    118000 | PA      | $120782.32    | 0.06%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust        | SFS Auto Receivables Securitization Trust                                     | CUSIP: 78435VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73780 | PA      | $73832.56     | 0.04%             | 2027-06-21      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp.                                                          | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $43064.96     | 0.02%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                | Lithia Motors, Inc.                                                           | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     76000 | PA      | $71226.58     | 0.03%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                      | MetLife, Inc.                                                                 | CUSIP: 59156RBD9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    130000 | PA      | $106859.88    | 0.05%             | 2042-08-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                      | NVIDIA Corp.                                                                  | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94072.32     | 0.04%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                  | TJX Cos., Inc.                                                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1026 | NS      | $130199.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                      | Incyte Corp.                                                                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       173 | NS      | $11255.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                          | Texas Pacific Land Corp.                                                      | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        15 | NS      | $16710.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extended Stay America Trust                      | Extended Stay America Trust                                                   | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    786536 | PA      | $786536.38    | 0.37%             | 2038-07-15      | Floating      | 6.69%                 | 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        |    214696 | PA      | $214953.21    | 0.10%             | 2027-10-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                            | Monster Beverage Corp.                                                        | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |       100 | NS      | $6395.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                         | Antero Midstream Partners LP/Antero Midstream Finance Corp.                   | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $36623.48     | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                           | Berkshire Hathaway, Inc.                                                      | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5789 | NS      | $2917424.44   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                     | DoorDash, Inc.                                                                | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       317 | NS      | $66142.05     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    275000 | PA      | $228247.37    | 0.11%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                                   | Hershey Co.                                                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |        33 | NS      | $5302.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC                 | First Citizens BancShares, Inc.                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       388 | NS      | $717365.44    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                          | Asbury Automotive Group, Inc.                                                 | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19012.81     | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                          | United Rentals North America, Inc.                                            | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59802.93     | 0.03%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co.                                                          | CUSIP: 46647PAK2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $314525.62    | 0.15%             | 2048-07-24      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                              | TransDigm Group, Inc.                                                         | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       543 | NS      | $797357.49    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                      | Netflix, Inc.                                                                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       484 | NS      | $584299.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                       | Cadence Design Systems, Inc.                                                  | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       259 | NS      | $74351.13     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                             | Juniper Networks, Inc.                                                        | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |       240 | NS      | $8623.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                           | Intuitive Surgical, Inc.                                                      | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       436 | NS      | $240820.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36202DAN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       202 | PA      | $205.60       | 0.00%             | 2029-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                                | Bristow Group, Inc.                                                           | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107683.83    | 0.05%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                            | Bath & Body Works, Inc.                                                       | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     82000 | PA      | $83754.64     | 0.04%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                          | Southwestern Electric Power Co.                                               | CUSIP: 845437BT8<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    100000 | PA      | $61798.05     | 0.03%             | 2051-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                         | Teachers Insurance & Annuity Association of America                           | CUSIP: 878091BF3<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39493.99     | 0.02%             | 2047-05-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Xylem Inc/NY                                     | Xylem, Inc.                                                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |       119 | NS      | $14998.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                   | Mastercard, Inc.                                                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3855 | NS      | $2257488.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                            | Republic Services, Inc.                                                       | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       103 | NS      | $26500.87     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                         | AT&T, Inc.                                                                    | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      8105 | NS      | $225319.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                            | Southwest Airlines Co.                                                        | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |       301 | NS      | $10047.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| ACADEMY LTD                                      | Academy Ltd.                                                                  | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45105.39     | 0.02%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                     | Broadcom, Inc.                                                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11807 | NS      | $2858120.49   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications, Inc.                                                | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62410.54     | 0.03%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                            | HPEFS Equipment Trust                                                         | CUSIP: 403963AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502419.40    | 0.24%             | 2031-11-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    590000 | PA      | $587601.40    | 0.28%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                        | Amgen, Inc.                                                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       653 | NS      | $188181.54    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp.                                                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      7389 | NS      | $326076.57    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust                                                           | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67916 | PA      | $67812.67     | 0.03%             | 2026-11-16      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418DXK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    412740 | PA      | $323134.76    | 0.15%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                              | Prairie Acquiror LP                                                           | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37613.72     | 0.02%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd               | Norwegian Cruise Line Holdings Ltd.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       360 | NS      | $6354.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                         | Archrock Partners LP/Archrock Partners Finance Corp.                          | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10982.15     | 0.01%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                           | Patrick Industries, Inc.                                                      | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66038.70     | 0.03%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp.                                                        | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     96000 | PA      | $96940.64     | 0.05%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418DNG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1227286 | PA      | $1011884.78   | 0.48%             | 2050-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                        | Tesla, Inc.                                                                   | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4239 | NS      | $1468643.94   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                       | U.S. Bancorp                                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      1774 | NS      | $77328.66     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution, Inc.                                                      | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5103.76      | 0.00%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Squaretwo Financial Corp                         | SquareTwo Financial Corp.                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     35000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                         | Clarios Global LP/Clarios U.S. Finance Co.                                    | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     20000 | PA      | $20370.20     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                     | Navient Corp.                                                                 | CUSIP: 63938CAP3<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     44000 | PA      | $49844.30     | 0.02%             | 2031-03-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                         | Ashton Woods USA LLC/Ashton Woods Finance Co.                                 | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10041.91     | 0.00%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                          | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.                          | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10171.10     | 0.00%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health, Inc.                                                        | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     77000 | PA      | $82496.80     | 0.04%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                               | Home Depot, Inc.                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       906 | NS      | $333670.74    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                         | Univision Communications, Inc.                                                | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     63000 | PA      | $58896.81     | 0.03%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                       | HEICO Corp.                                                                   | CUSIP: 422806AB5<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100951.97    | 0.05%             | 2033-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corp                              | Alliant Energy Corp.                                                          | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |       644 | NS      | $40076.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINK'S CO/THE                                   | Brink's Co.                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45915.08     | 0.02%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                   | Home Depot, Inc.                                                              | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $68429.81     | 0.03%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                       | Intel Corp.                                                                   | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      4064 | NS      | $79451.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDEO FUNDING INC                              | Resideo Funding, Inc.                                                         | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45370.13     | 0.02%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                             | Labcorp Holdings, Inc.                                                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        97 | NS      | $24150.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                             | Bank                                                                          | CUSIP: 06541UBW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $296639.53    | 0.14%             | 2053-12-15      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric & Gas Co.                                             | CUSIP: 74456QCB0<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228609.88    | 0.11%             | 2030-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140Q8KB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    392944 | PA      | $354853.72    | 0.17%             | 2048-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                            | Bath & Body Works, Inc.                                                       | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25178.00     | 0.01%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                         | American Airlines, Inc./AAdvantage Loyalty IP Ltd.                            | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     30000 | PA      | $29459.33     | 0.01%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36211B4Z4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    158860 | PA      | $165005.25    | 0.08%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                       | Evergy, Inc.                                                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       535 | NS      | $35529.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4873.97      | 0.00%             | 2029-11-15      | Fixed         | 10.00%                | 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        |   2635675 | NS      | $2635674.82   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings, Inc.                                          | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52683.33     | 0.03%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings, Inc.                                                      | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28928.11     | 0.01%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PG&E Corp                                        | PG&E Corp.                                                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      5441 | NS      | $91844.08     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARM FNC NL II                             | Teva Pharmaceutical Finance Netherlands II BV                                 | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $114066.18    | 0.05%             | 2027-05-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Jacobs Solutions Inc                             | Jacobs Solutions, Inc.                                                        | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        44 | NS      | $5557.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group, Inc.                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    110000 | PA      | $96900.04     | 0.05%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| News Corp                                        | News Corp.                                                                    | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |        99 | NS      | $3239.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Abbott Laboratories                              | Abbott Laboratories                                                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2100 | NS      | $280518.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                         | CUSIP: 01F062663<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1875000 | PA      | $1925287.50   | 0.92%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                       | FedEx Corp.                                                                   | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        98 | NS      | $21373.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                     | Veralto Corp.                                                                 | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |       107 | NS      | $10810.21     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                              | Synchrony Financial                                                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |       386 | NS      | $22252.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                    | Ford Motor Co.                                                                | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |      3785 | NS      | $39288.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines, Inc.                                                       | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68679.74     | 0.03%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing LLC                                                | CUSIP: 29375TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199800.92    | 0.10%             | 2028-02-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                           | Clearway Energy Operating LLC                                                 | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63514.20     | 0.03%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                          | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC                    | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     89000 | PA      | $90958.80     | 0.04%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                              | Hudbay Minerals, Inc.                                                         | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     59000 | PA      | $59148.21     | 0.03%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc                                       | Kenvue, Inc.                                                                  | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |       103 | NS      | $2458.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Ohio Inc                             | Duke Energy Ohio, Inc.                                                        | CUSIP: 26442EAG5<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    250000 | PA      | $194427.91    | 0.09%             | 2049-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                     | Apollo Global Management, Inc.                                                | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      5987 | NS      | $782441.03    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Mortgage Loan Trust                  | Residential Mortgage Loan Trust                                               | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3497 | PA      | $3458.15      | 0.00%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Match Group Inc                                  | Match Group, Inc.                                                             | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       278 | NS      | $8323.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Arista Networks Inc                              | Arista Networks, Inc.                                                         | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6183 | NS      | $535695.12    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp.                                                         | CUSIP: 59022CAJ2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    450000 | PA      | $466041.37    | 0.22%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                        | Amgen, Inc.                                                                   | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151376.68    | 0.07%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                         | Service Properties Trust                                                      | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     96000 | PA      | $95119.89     | 0.05%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG                                                              | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $144563.78    | 0.07%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Inc                               | Domino's Pizza, Inc.                                                          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |        33 | NS      | $15636.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp.                                                   | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197723.29    | 0.09%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                             | Parker-Hannifin Corp.                                                         | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |        62 | NS      | $41211.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc                   | GE HealthCare Technologies, Inc.                                              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |       573 | NS      | $40419.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                         | Berkshire Hathaway Energy Co.                                                 | CUSIP: 084659AR2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40105.74     | 0.02%             | 2049-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                         | CSX Corp.                                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       917 | NS      | $28968.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER PAPER CORP                            | Clearwater Paper Corp.                                                        | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |     52000 | PA      | $49747.88     | 0.02%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Corpay Inc                                       | Corpay, Inc.                                                                  | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |        80 | NS      | $26008.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GARDA WORLD SECURITY                             | Garda World Security Corp.                                                    | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     42000 | PA      | $42140.74     | 0.02%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FUNDING LLC                           | NXP BV/NXP Funding LLC                                                        | CUSIP: 62947QBC1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $102226.00    | 0.05%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                      | Chemours Co.                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $36810.64     | 0.02%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246849.39    | 0.12%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     68000 | PA      | $67210.24     | 0.03%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                                | Kinder Morgan, Inc.                                                           | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      1790 | NS      | $50191.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                                 | Wynn Resorts Ltd.                                                             | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |        75 | NS      | $6790.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179WBY3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1137503 | PA      | $954973.34    | 0.45%             | 2051-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings, Inc.                                                    | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    100000 | PA      | $71932.75     | 0.03%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Cincinnati Financial Corp                        | Cincinnati Financial Corp.                                                    | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |       165 | NS      | $24885.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                      | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       345 | NS      | $207155.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                         | AT&T, Inc.                                                                    | CUSIP: 00206RDF6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181556.38    | 0.09%             | 2040-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                           | UnitedHealth Group, Inc.                                                      | CUSIP: 91324PCQ3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37805.45     | 0.02%             | 2035-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rollins Inc                                      | Rollins, Inc.                                                                 | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |       124 | NS      | $7099.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL CORP                              | Select Medical Corp.                                                          | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9910.50      | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                     | Magnera Corp.                                                                 | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10065.00     | 0.00%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                   | ServiceNow, Inc.                                                              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       196 | NS      | $198173.64    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                           | CenterPoint Energy, Inc.                                                      | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      1620 | NS      | $60328.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                      | Future                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       -15 | NC      | $-201005.18   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     30000 | PA      | $30405.00     | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sysco Corp                                       | Sysco Corp.                                                                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |        54 | NS      | $3942.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     96000 | PA      | $94993.16     | 0.05%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     25000 | PA      | $26312.50     | 0.01%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc                     | FactSet Research Systems, Inc.                                                | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |        47 | NS      | $21538.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc       | Fidelity National Information Services, Inc.                                  | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |       608 | NS      | $48402.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                                | Erie Indemnity Co.                                                            | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |        26 | NS      | $9321.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA POWER CO                                 | Georgia Power Co.                                                             | CUSIP: 373334KN0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $144119.18    | 0.07%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                       | Dexcom, Inc.                                                                  | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       498 | NS      | $42728.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER LP                              | Medline Borrower LP                                                           | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     96000 | PA      | $93816.42     | 0.04%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                            | Bread Financial Holdings, Inc.                                                | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    155000 | PA      | $165258.83    | 0.08%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128M6YJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6940 | PA      | $6998.89      | 0.00%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                                     | NiSource, Inc.                                                                | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      1186 | NS      | $46894.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                         | Weekley Homes LLC/Weekley Finance Corp.                                       | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14416.78     | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                 | FirstEnergy Corp.                                                             | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1247 | NS      | $52299.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                              | General Electric Co.                                                          | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       524 | NS      | $128856.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                         | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                         | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25144.33     | 0.01%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3128MJY61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66538 | PA      | $58293.48     | 0.03%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APA Corp                                         | APA Corp.                                                                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       377 | NS      | $6412.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                            | Ahead DB Holdings LLC                                                         | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44346.08     | 0.02%             | 2028-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KBR INC                                          | KBR, Inc.                                                                     | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39405.51     | 0.02%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Deere & Co                                       | Deere & Co.                                                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       119 | NS      | $60244.94     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                            | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73589.72     | 0.04%             | 2066-11-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                           | Berkshire Hathaway Finance Corp.                                              | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82849.93     | 0.04%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc                               | Analog Devices, Inc.                                                          | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2203 | NS      | $471397.94    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                          | Charles Schwab Corp.                                                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      8828 | NS      | $779865.52    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                      | MetLife, Inc.                                                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |       662 | NS      | $52019.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing, Inc.                                                       | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10937.50     | 0.01%             | 2030-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                          | Illinois Tool Works, Inc.                                                     | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       120 | NS      | $29409.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems, Inc.                                            | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27589.56     | 0.01%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                                     | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |       281 | NS      | $8893.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Aflac Inc                                        | Aflac, Inc.                                                                   | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       535 | NS      | $55393.90     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                          | VistaJet Malta Finance PLC/Vista Management Holding, Inc.                     | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     90000 | PA      | $88098.18     | 0.04%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                | Eversource Energy                                                             | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |       901 | NS      | $58393.81     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                           | F5, Inc.                                                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |        57 | NS      | $16266.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corp.                                                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1944 | NS      | $228847.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                         | Transocean Titan Financing Ltd.                                               | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     79619 | PA      | $80853.31     | 0.04%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms, Inc.                                                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6294 | NS      | $4075302.06   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                       | Pfizer, Inc.                                                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6850 | NS      | $160906.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                     | VeriSign, Inc.                                                                | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |        78 | NS      | $21252.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing, Inc.                                                       | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     39000 | PA      | $35421.11     | 0.02%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                  | Ross Stores, Inc.                                                             | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       310 | NS      | $43427.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                  | Bio-Techne Corp.                                                              | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       215 | NS      | $10406.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                          | Lululemon Athletica, Inc.                                                     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |        97 | NS      | $30716.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                      | Ameren Corp.                                                                  | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       657 | NS      | $63650.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                  | First Solar, Inc.                                                             | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2183 | NS      | $345088.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC                             | Cleveland-Cliffs, Inc.                                                        | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22480.89     | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                       | Verizon Communications, Inc.                                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      4718 | NS      | $207403.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                            | Molina Healthcare, Inc.                                                       | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |        68 | NS      | $20742.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                      | Oracle Corp.                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      7867 | NS      | $1302224.51   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                       | CarMax, Inc.                                                                  | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       134 | NS      | $8637.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                                        | Block, Inc.                                                                   | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22483.71     | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp                                         | RTX Corp.                                                                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       655 | NS      | $89394.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                        | Edwards Lifesciences Corp.                                                    | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |       741 | NS      | $57961.02     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                                         | International Business Machines Corp.                                         | CUSIP: 459200BB6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $186170.77    | 0.09%             | 2032-11-29      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                         | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.     | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39949.19     | 0.02%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                                | CF Industries, Inc.                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194086.31    | 0.09%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KKR & Co Inc                                     | KKR & Co., Inc.                                                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |       725 | NS      | $88058.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                   | Globe Life, Inc.                                                              | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       121 | NS      | $14746.27     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JERROLD FINCO PLC                                | Jerrold Finco PLC                                                             | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $137441.90    | 0.07%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                | Brown & Brown, Inc.                                                           | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       258 | NS      | $29128.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                    | Boeing Co.                                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       364 | NS      | $75464.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS TRANS & INFRAST                         | Fortress Transportation & Infrastructure Investors LLC                        | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    230000 | PA      | $228077.78    | 0.11%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179SUU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     32088 | PA      | $28360.69     | 0.01%             | 2047-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                | Newell Brands, Inc.                                                           | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4065.40      | 0.00%             | 2046-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                     | Autodesk, Inc.                                                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       199 | NS      | $58927.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DIRECTV FINANCING LLC                            | Directv Financing LLC                                                         | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $129043.33    | 0.06%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                         | Crowdstrike Holdings, Inc.                                                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       235 | NS      | $110771.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                          | Aon PLC                                                                       | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       233 | NS      | $86694.64     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTALLED BUILDING PRODU                         | Installed Building Products, Inc.                                             | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58611.51     | 0.03%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust                                        | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    393040 | PA      | $392838.11    | 0.19%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                         | Fox Corp.                                                                     | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |        92 | NS      | $4625.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                   | GE Vernova, Inc.                                                              | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       136 | NS      | $64325.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                   | Blackstone, Inc.                                                              | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       812 | NS      | $112673.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                         | LCM Investments Holdings II LLC                                               | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     41000 | PA      | $43470.21     | 0.02%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                  | Gen Digital, Inc.                                                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       471 | NS      | $13414.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA INC                                | Nexstar Media, Inc.                                                           | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43293.97     | 0.02%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                   | Amazon.com, Inc.                                                              | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $88197.77     | 0.04%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Allstate Corp/The                                | Allstate Corp.                                                                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       293 | NS      | $61491.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCINO ACQUISITION PARTN                         | Encino Acquisition Partners Holdings LLC                                      | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     33000 | PA      | $36041.84     | 0.02%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Solventum Corp                                   | Solventum Corp.                                                               | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |       140 | NS      | $10232.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                               | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169988.70    | 0.08%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Dover Corp                                       | Dover Corp.                                                                   | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |        46 | NS      | $8176.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                              | Cardinal Health, Inc.                                                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       307 | NS      | $47413.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                      | Cencora, Inc.                                                                 | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       216 | NS      | $62907.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                          | Zayo Group Holdings, Inc.                                                     | CUSIP: 98919VAB1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     73000 | PA      | $62949.73     | 0.03%             | 2028-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -7 | NC      | $-12260.57    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                      | Equinor ASA                                                                   | CUSIP: 85771PAQ5<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     50000 | PA      | $44825.97     | 0.02%             | 2043-11-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                       | DaVita, Inc.                                                                  | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98116.29     | 0.05%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                            | Carriage Services, Inc.                                                       | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $42109.15     | 0.02%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                         | Snap, Inc.                                                                    | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45582.57     | 0.02%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    508009 | PA      | $494696.09    | 0.24%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                     | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     89000 | PA      | $92538.20     | 0.04%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp                              | Carrier Global Corp.                                                          | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       400 | NS      | $28480.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                           | Roper Technologies, Inc.                                                      | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       697 | NS      | $397478.19    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                | Devon Energy Corp.                                                            | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     20976 | NS      | $634733.76    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                         | American Airlines, Inc./AAdvantage Loyalty IP Ltd.                            | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     88667 | PA      | $88515.18     | 0.04%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions Inc                           | Skyworks Solutions, Inc.                                                      | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       146 | NS      | $10078.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                 | Altria Group, Inc.                                                            | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |       168 | NS      | $10182.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSOCEAN INC                                   | Transocean, Inc.                                                              | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      4000 | PA      | $4055.02      | 0.00%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LKQ Corp                                         | LKQ Corp.                                                                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |       196 | NS      | $7932.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                           | Palo Alto Networks, Inc.                                                      | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       619 | NS      | $119107.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                         | Raven Acquisition Holdings LLC                                                | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $51764.01     | 0.02%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                           | Goodyear Tire & Rubber Co.                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    121000 | PA      | $112903.82    | 0.05%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                                   | Starbucks Corp.                                                               | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1060 | NS      | $88987.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STAR LEASING CO LLC                              | Star Leasing Co. LLC                                                          | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42329.82     | 0.02%             | 2030-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                              | TE Connectivity PLC                                                           | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       273 | NS      | $43699.11     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $130974.66    | 0.06%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co                              | Emerson Electric Co.                                                          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       290 | NS      | $34620.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                   | JB Hunt Transport Services, Inc.                                              | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |        36 | NS      | $4998.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                     | Citizens Financial Group, Inc.                                                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       556 | NS      | $22434.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                            | American Airlines, Inc.                                                       | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51805.75     | 0.02%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                  | Yum! Brands, Inc.                                                             | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       255 | NS      | $36704.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage Trust              | Citigroup Commercial Mortgage Trust                                           | CUSIP: 17291DAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $343932.93    | 0.16%             | 2051-06-10      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                          | Talen Energy Supply LLC                                                       | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    118000 | PA      | $126018.32    | 0.06%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                    | Live Nation Entertainment, Inc.                                               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      4604 | NS      | $631622.76    | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems, Inc.                                            | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     67000 | PA      | $71413.22     | 0.03%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                          | Frontier Communications Holdings LLC                                          | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91000 | PA      | $92245.06     | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                              | PayPal Holdings, Inc.                                                         | CUSIP: 70450YAQ6<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47087.94     | 0.02%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                         | TerraForm Power Operating LLC                                                 | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |     97000 | PA      | $91433.69     | 0.04%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF                     | iShares Core S&P Mid-Cap ETF                                                  | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |     54995 | NS      | $3301899.80   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA GROUP INC                                    | PRA Group, Inc.                                                               | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35306.25     | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health, Inc.                                                        | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15691.19     | 0.01%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PulteGroup Inc                                   | PulteGroup, Inc.                                                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       192 | NS      | $18821.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JANE STREET GRP/JSG FIN                          | Jane Street Group/JSG Finance, Inc.                                           | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $84617.70     | 0.04%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                               | Meta Platforms, Inc.                                                          | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47465.25     | 0.02%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $-2206.14     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                 | Bank of New York Mellon Corp.                                                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |       799 | NS      | $70799.39     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                          | PTC, Inc.                                                                     | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       119 | NS      | $20030.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1386 | NS      | $177449.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                    | Carnival Corp.                                                                | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       892 | NS      | $20712.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB INTERNATIONAL FINANC                         | LYB International Finance II BV                                               | CUSIP: 50247WAB3<br>LEI: 549300ZSNDBYN4Z4VZ93 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $146899.09    | 0.07%             | 2027-03-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                                  | Ulta Beauty, Inc.                                                             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        43 | NS      | $20272.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25407.43     | 0.01%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                         | Celanese U.S. Holdings LLC                                                    | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255851.25    | 0.12%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                          | Macy's Retail Holdings LLC                                                    | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10189.87     | 0.00%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                               | Ingersoll Rand, Inc.                                                          | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     16517 | NS      | $1348447.88   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                      | Oracle Corp.                                                                  | CUSIP: 68389XAM7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    216000 | PA      | $204631.47    | 0.10%             | 2040-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140QNL75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1617553 | PA      | $1323231.78   | 0.63%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                  | Caterpillar, Inc.                                                             | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       232 | NS      | $80742.96     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp.                                                                  | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69265.36     | 0.03%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   4300000 | OU      | $-86137.60    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG, Inc.                                                      | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1991.15      | 0.00%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc                     | Monolithic Power Systems, Inc.                                                | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |        48 | NS      | $31771.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                     | QUALCOMM, Inc.                                                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1044 | NS      | $151588.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KROGER CO                                        | Kroger Co.                                                                    | CUSIP: 501044DF5<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    150000 | PA      | $110548.20    | 0.05%             | 2046-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                                      | Shopify, Inc.                                                                 | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      4349 | NS      | $466299.78    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                      | Textron, Inc.                                                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |        98 | NS      | $7254.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust                                                  | CUSIP: 24702GAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152043.27    | 0.07%             | 2030-09-23      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust                                           | CUSIP: 30166UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151393.61    | 0.07%             | 2030-08-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Hartford Insurance Group Inc/The                 | Hartford Insurance Group, Inc.                                                | CUSIP: 416515AP9<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151856.13    | 0.07%             | 2041-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179TEY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     66268 | PA      | $58411.08     | 0.03%             | 2047-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                            | Nabors Industries, Inc.                                                       | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     37000 | PA      | $33713.57     | 0.02%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                            | Freedom Mortgage Corp.                                                        | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58997.57     | 0.03%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                          | Zayo Group Holdings, Inc.                                                     | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9407.13      | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                     | AutoZone, Inc.                                                                | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        15 | NS      | $55995.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LEEWARD RENEWABL                                 | Leeward Renewable Energy Operations LLC                                       | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |     37000 | PA      | $33703.86     | 0.02%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                            | ON Semiconductor Corp.                                                        | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       391 | NS      | $16429.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                         | Ameriprise Financial, Inc.                                                    | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       113 | NS      | $57544.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                               | HCA Healthcare, Inc.                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       222 | NS      | $84668.58     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418DLT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146501 | PA      | $126514.19    | 0.06%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One           | Liberty Media Corp.-Liberty Formula One                                       | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8400 | NS      | $810852.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                         | Bio-Rad Laboratories, Inc.                                                    | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      3342 | NS      | $758400.06    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                              | Otis Worldwide Corp.                                                          | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |       188 | NS      | $17925.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TALOS PRODUCTION INC                             | Talos Production, Inc.                                                        | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19863.72     | 0.01%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KLA Corp                                         | KLA Corp.                                                                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       128 | NS      | $96880.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                       | Copart, Inc.                                                                  | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |       433 | NS      | $22290.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                     | AES Corp.                                                                     | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      1980 | NS      | $19978.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                            | Northrop Grumman Corp.                                                        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1612 | NS      | $781449.24    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GGAM FINANCE LTD                                 | GGAM Finance Ltd.                                                             | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $102898.60    | 0.05%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                         | Windstream Services LLC/Windstream Escrow Finance Corp.                       | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $84300.43     | 0.04%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Hartford Insurance Group Inc/The                 | Hartford Insurance Group, Inc.                                                | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       328 | NS      | $42587.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                           | Diamondback Energy, Inc.                                                      | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       175 | NS      | $23546.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                          | NVR, Inc.                                                                     | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |         3 | NS      | $21347.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE BIDCO PLC                               | Pinnacle Bidco PLC                                                            | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $119789.99    | 0.06%             | 2028-10-11      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc                              | Electronic Arts, Inc.                                                         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       266 | NS      | $38245.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                    | McKesson Corp.                                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       156 | NS      | $112243.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                          | Royal Caribbean Cruises Ltd.                                                  | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     11000 | PA      | $11039.48     | 0.01%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                 | FirstEnergy Corp.                                                             | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61832.20     | 0.03%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                           | Regions Financial Corp.                                                       | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |       985 | NS      | $21118.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                              | Gilead Sciences, Inc.                                                         | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43771.92     | 0.02%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                             | Verisk Analytics, Inc.                                                        | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |        63 | NS      | $19790.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                       | Humana, Inc.                                                                  | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       150 | NS      | $34969.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN INCORPORATED                                | ASGN, Inc.                                                                    | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |     61000 | PA      | $58846.93     | 0.03%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                                     | Tapestry, Inc.                                                                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |       199 | NS      | $15631.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co. LP/PTL Finance Corp.                                 | CUSIP: 709599BW3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155531.10    | 0.07%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc                        | Keysight Technologies, Inc.                                                   | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       182 | NS      | $28581.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                    | Kroger Co.                                                                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |       102 | NS      | $6959.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                           | Brundage-Bone Concrete Pumping Holdings, Inc.                                 | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4991.25      | 0.00%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                 | Societe Generale SA                                                           | CUSIP: 83368RAK8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $197399.64    | 0.09%             | 2027-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy, Inc.                                                              | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66393.44     | 0.03%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                     | United Airlines Holdings, Inc.                                                | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       134 | NS      | $10645.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGHT & WONDER INTL INC                          | Light & Wonder International, Inc.                                            | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     67000 | PA      | $69236.93     | 0.03%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier, Inc.                                                              | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10312.51     | 0.00%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fortive Corp                                     | Fortive Corp.                                                                 | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |       145 | NS      | $10177.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                           | Church & Dwight Co., Inc.                                                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |        42 | NS      | $4129.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                          | Aethon United BR LP/Aethon United Finance Corp.                               | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $53287.99     | 0.03%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                     | Synopsys, Inc.                                                                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       141 | NS      | $65421.18     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CAL EDISON                              | Southern California Edison Co.                                                | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    175000 | PA      | $113358.94    | 0.05%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple, Inc.                                                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     35701 | NS      | $7170545.85   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup, Inc.                                                               | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175320.84    | 0.08%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                            | Freedom Mortgage Holdings LLC                                                 | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68047.32     | 0.03%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                     | Danaher Corp.                                                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       777 | NS      | $147552.30    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds American Inc                            | Reynolds American, Inc.                                                       | CUSIP: 761713BA3<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70224.50     | 0.03%             | 2035-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                         | Prime Security Services Borrower LLC/Prime Finance, Inc.                      | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44953.95     | 0.02%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36178GFG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20693 | PA      | $19555.63     | 0.01%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                         | Service Properties Trust                                                      | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     67000 | PA      | $71357.74     | 0.03%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier, Inc.                                                              | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     92000 | PA      | $94089.78     | 0.04%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing LLC                                                | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1025000 | PA      | $1025405.29   | 0.49%             | 2027-07-20      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                            | AAR Escrow Issuer LLC                                                         | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40986.40     | 0.02%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANSYS Inc                                        | ANSYS, Inc.                                                                   | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |        87 | NS      | $28781.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                         | Lennox International, Inc.                                                    | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |        12 | NS      | $6773.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                    | Regeneron Pharmaceuticals, Inc.                                               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       130 | NS      | $63736.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                          | Cboe Global Markets, Inc.                                                     | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       128 | NS      | $29327.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                         | Builders FirstSource, Inc.                                                    | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |        40 | NS      | $4307.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE HDD CAYMAN                               | Seagate HDD Cayman                                                            | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $26646.63     | 0.01%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm, Inc.                                                               | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149882.66    | 0.07%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                              | Abbott Laboratories                                                           | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46360.85     | 0.02%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                          | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.                         | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42000 | PA      | $42852.46     | 0.02%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                   | Bombardier, Inc.                                                              | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     21000 | PA      | $21096.52     | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple, Inc.                                                                   | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    160000 | PA      | $131017.46    | 0.06%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FIN                          | Blue Owl Technology Finance Corp.                                             | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125756.43    | 0.06%             | 2029-04-04      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                              | Quanta Services, Inc.                                                         | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84236.42     | 0.04%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                             | Howmet Aerospace, Inc.                                                        | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |       201 | NS      | $34147.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                    | AppLovin Corp.                                                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      1292 | NS      | $507756.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDO FINANCE HOLDINGS                            | Endo Finance Holdings, Inc.                                                   | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10350.81     | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing Inc                    | Automatic Data Processing, Inc.                                               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       196 | NS      | $63803.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                         | Prudential Financial, Inc.                                                    | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       393 | NS      | $40828.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                                | Kinder Morgan, Inc.                                                           | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149576.68    | 0.07%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                     | ADT Security Corp.                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85426.85     | 0.04%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                       | Pfizer, Inc.                                                                  | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    270000 | PA      | $314818.70    | 0.15%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                       | Nasdaq, Inc.                                                                  | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |       457 | NS      | $38177.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp.                                                   | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303919.41    | 0.14%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| AON GLOBAL LTD                                   | Aon Global Ltd.                                                               | CUSIP: 00185AAH7<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $85506.76     | 0.04%             | 2045-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                             | Oceaneering International, Inc.                                               | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33541.91     | 0.02%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179TCW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     87752 | PA      | $77347.34     | 0.04%             | 2047-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                         | Sally Holdings LLC/Sally Capital, Inc.                                        | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $69086.03     | 0.03%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    415607 | PA      | $324533.54    | 0.15%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132L8QW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64087 | PA      | $59904.19     | 0.03%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                         | CHS/Community Health Systems, Inc.                                            | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54032.75     | 0.03%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WW Grainger Inc                                  | WW Grainger, Inc.                                                             | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |        22 | NS      | $23926.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC                                | Newell Brands, Inc.                                                           | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23486.12     | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                                      | Equifax, Inc.                                                                 | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |        55 | NS      | $14530.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAIN INC                            | Caesars Entertainment, Inc.                                                   | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52760.85     | 0.03%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                              | Fifth Third Bancorp                                                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |       753 | NS      | $28757.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                            | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43110.16     | 0.02%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| iShares Russell 1000 Value ETF                   | iShares Russell 1000 Value ETF                                                | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Long             | EC               | RF                | US        |     56382 | NS      | $10634772.84  | 5.07%             |  |  |  | No            |                  1 | On Loan: —       |
| T-Mobile US Inc                                  | T-Mobile U.S., Inc.                                                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      4479 | NS      | $1084813.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                              | Kimberly-Clark Corp.                                                          | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |        42 | NS      | $6037.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                 | Mettler-Toledo International, Inc.                                            | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        22 | NS      | $25421.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                               | Purchased EUR / Sold USD                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |         1 | NC      | $9.06         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/The                 | Interpublic Group of Cos., Inc.                                               | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |       429 | NS      | $10278.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                            | Travelers Cos., Inc.                                                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       254 | NS      | $70027.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                       | Charter Communications, Inc.                                                  | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       103 | NS      | $40815.81     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Deckers Outdoor Corp                             | Deckers Outdoor Corp.                                                         | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       144 | NS      | $15194.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                               | Kraft Heinz Co.                                                               | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     30657 | NS      | $819461.61    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp.                                                         | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $57927.02     | 0.03%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp.                                                         | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    118000 | PA      | $117286.61    | 0.06%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                             | OneMain Finance Corp.                                                         | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65880.04     | 0.03%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group, Inc.                                          | CUSIP: 606822AN4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    350000 | PA      | $345555.67    | 0.16%             | 2027-02-22      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                              | NCL Corp. Ltd.                                                                | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    131000 | PA      | $131024.38    | 0.06%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                     | Navient Corp.                                                                 | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    484000 | PA      | $490110.02    | 0.23%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                              | Delta Air Lines, Inc.                                                         | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |       334 | NS      | $16162.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31292GWC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8487 | PA      | $8674.72      | 0.00%             | 2028-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                          | Marathon Petroleum Corp.                                                      | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48376.44     | 0.02%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179WBX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1093341 | PA      | $878952.86    | 0.42%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                | HSBC Holdings PLC                                                             | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210581.42    | 0.10%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                             | Las Vegas Sands Corp.                                                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     12077 | NS      | $497089.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments, Inc.                                                         | CUSIP: 37940XAR3<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92923.04     | 0.04%             | 2052-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy, Inc.                                                              | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     66000 | PA      | $59849.41     | 0.03%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                           | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34427.58     | 0.02%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       145 | NC      | $32421.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                             | Booking Holdings, Inc.                                                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        30 | NS      | $165567.90    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                           | T. Rowe Price Group, Inc.                                                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       239 | NS      | $22368.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                           | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1400000 | PA      | $1386823.55   | 0.66%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                             | Keurig Dr. Pepper, Inc.                                                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |       182 | NS      | $6127.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONA                         | Weatherford International Ltd.                                                | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     40000 | PA      | $40630.56     | 0.02%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                   | Merck & Co., Inc.                                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      3051 | NS      | $234438.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS TRANS & INFRAST                         | Fortress Transportation & Infrastructure Investors LLC                        | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     78000 | PA      | $81968.17     | 0.04%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                            | Stonepeak Nile Parent LLC                                                     | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     42000 | PA      | $43499.40     | 0.02%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                               | Expand Energy Corp.                                                           | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      9011 | NS      | $1046447.43   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DIEBOLD NIXDORF INC                              | Diebold Nixdorf, Inc.                                                         | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     41000 | PA      | $43095.39     | 0.02%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                             | Colgate-Palmolive Co.                                                         | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       102 | NS      | $9479.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc               | Broadridge Financial Solutions, Inc.                                          | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |        55 | NS      | $13355.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                      | CUSIP: 36179S2P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     81319 | PA      | $73632.91     | 0.04%             | 2047-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                   | Home Depot, Inc.                                                              | CUSIP: 437076BK7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39873.12     | 0.02%             | 2025-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                            | Quest Diagnostics, Inc.                                                       | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       144 | NS      | $24960.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                       | STERIS PLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       108 | NS      | $26482.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                   | S&P Global, Inc.                                                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1275 | NS      | $653896.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCOSA INC                                       | Arcosa, Inc.                                                                  | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37943.09     | 0.02%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust                                        | CUSIP: 80287DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2869 | PA      | $2871.07      | 0.00%             | 2027-05-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| West Pharmaceutical Services Inc                 | West Pharmaceutical Services, Inc.                                            | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |        87 | NS      | $18343.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $-1193.54     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp. International                                                   | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9937.39      | 0.00%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Waters Corp                                      | Waters Corp.                                                                  | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |        68 | NS      | $23748.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                           | Victra Holdings LLC/Victra Finance Corp.                                      | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $60243.66     | 0.03%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                   | Eli Lilly & Co.                                                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3020 | NS      | $2227763.40   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE ENERGY PARTNERS                         | Enbridge Energy Partners LP                                                   | CUSIP: 29250RAX4<br>LEI: CZ6VG2MNE1J6YDI02G48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111082.99    | 0.05%             | 2045-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                           | Venture Global LNG, Inc.                                                      | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40605.68     | 0.02%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                          | Arthur J Gallagher & Co.                                                      | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       281 | NS      | $97630.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                              | Global Payments, Inc.                                                         | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |       265 | NS      | $20036.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                                 | Henry Schein, Inc.                                                            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       168 | NS      | $11758.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co.                                                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3108 | NS      | $820512.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                                   | Halliburton Co.                                                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |       782 | NS      | $15319.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                   | Amazon.com, Inc.                                                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     26924 | NS      | $5519689.24   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE CAP BUYER LLC                              | White Cap Buyer LLC                                                           | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $47054.77     | 0.02%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HP Inc                                           | HP, Inc.                                                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |       842 | NS      | $20965.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings, Inc.                                          | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     37000 | PA      | $33808.75     | 0.02%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp         | Westinghouse Air Brake Technologies Corp.                                     | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |        89 | NS      | $18006.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                          | HCA, Inc.                                                                     | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129732.41    | 0.06%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co                                    | DTE Energy Co.                                                                | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       491 | NS      | $67095.15     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31417L5L5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3388 | PA      | $3408.40      | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    189000 | PA      | $179849.22    | 0.09%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                  | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204135.25    | 0.10%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Loews Corp                                       | Loews Corp.                                                                   | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |       180 | NS      | $16072.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC/CCO Holdings Capital Corp.                                   | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $137079.80    | 0.07%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group, Inc.                                                    | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    148000 | PA      | $147833.49    | 0.07%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                            | Level 3 Financing, Inc.                                                       | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     15000 | PA      | $16912.50     | 0.01%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions, Inc.                                                      | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       155 | NS      | $64383.90     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Swap                                                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   6100000 | OU      | $-375997.90   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                  | Fair Isaac Corp.                                                              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |        24 | NS      | $41430.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust                                                  | CUSIP: 24703GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $527948.61    | 0.25%             | 2029-01-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | Future                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -5 | NC      | $-7546.61     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                              | Coinbase Global, Inc.                                                         | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       225 | NS      | $55489.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                           | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    280000 | PA      | $278884.37    | 0.13%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                           | IDEXX Laboratories, Inc.                                                      | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       100 | NS      | $51336.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing LLC                                                | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    338874 | PA      | $340656.40    | 0.16%             | 2030-04-22      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                        | ONEOK, Inc.                                                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       581 | NS      | $46968.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                      | Hologic, Inc.                                                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |       266 | NS      | $16537.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                         | Ascent Resources Utica Holdings LLC/ARU Finance Corp.                         | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10150.58     | 0.00%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mohawk Industries Inc                            | Mohawk Industries, Inc.                                                       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |        38 | NS      | $3823.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                                    | Carnival Corp.                                                                | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     60000 | PA      | $60036.00     | 0.03%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Baxter International Inc                         | Baxter International, Inc.                                                    | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |       649 | NS      | $19794.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                          | Bristol-Myers Squibb Co.                                                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     31978 | NS      | $1543897.84   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                              | American Express Co.                                                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       606 | NS      | $178194.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                            | Icahn Enterprises LP/Icahn Enterprises Finance Corp.                          | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $50522.16     | 0.02%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CH Robinson Worldwide Inc                        | CH Robinson Worldwide, Inc.                                                   | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |        46 | NS      | $4414.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust                                           | CUSIP: 30168JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $326336.95    | 0.16%             | 2029-09-17      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                              | Buckeye Partners LP                                                           | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63997.21     | 0.03%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                        | Pike Corp.                                                                    | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     59000 | PA      | $63547.72     | 0.03%             | 2031-01-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                       | Capital One Financial Corp.                                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      8602 | NS      | $1627068.30   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc              | Public Service Enterprise Group, Inc.                                         | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      1242 | NS      | $100639.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                 | American International Group, Inc.                                            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |       653 | NS      | $55269.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MET LIFE GLOB FUNDING I                          | Metropolitan Life Global Funding I                                            | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150437.31    | 0.07%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fastenal Co                                      | Fastenal Co.                                                                  | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |       562 | NS      | $23233.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOMBARDIER INC                                   | Bombardier, Inc.                                                              | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     89000 | PA      | $95524.41     | 0.05%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C                         | PHH Escrow Issuer LLC/PHH Corp.                                               | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44189.10     | 0.02%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                   | Eaton Corp. PLC                                                               | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       198 | NS      | $63399.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 3140QFUZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    852866 | PA      | $668904.44    | 0.32%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                              | Gilead Sciences, Inc.                                                         | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1499 | NS      | $165009.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY COMPANY/THE                          | Walt Disney Co.                                                               | CUSIP: 254687EX0<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    120000 | PA      | $108015.38    | 0.05%             | 2045-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                            | Civitas Resources, Inc.                                                       | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79194.17     | 0.04%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                   | ConocoPhillips                                                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      1192 | NS      | $101737.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                         | Concentra Health Services, Inc.                                               | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53499.00     | 0.03%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Federal National Mortgage Association                                         | CUSIP: 31410KME1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65608 | PA      | $65499.43     | 0.03%             | 2037-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** UBS INVESTMENT TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer