# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-25-010359
**Filing Date:** 2025-11
**Character Count:** 351207
**Document Hash:** c64b573ba1d59e0eb918962f4d72e9b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010359.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INCOME TRUST
- **CENTRAL INDEX KEY:** 0000764624

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251519289

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS INCOME FUNDS
- **DATE OF NAME CHANGE:** 20060407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY INCOME FUNDS
- **DATE OF NAME CHANGE:** 19941228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY SHEARSON INCOME FUNDS
- **DATE OF NAME CHANGE:** 19931015

## Series and Classes Contracts Data

### Western Asset Short-Term Bond Fund (Series ID: S000016639)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046471 | Class A      | SBSTX           |
| C000046473 | Class C1     | SSTLX           |
| C000046474 | Class I      | SBSYX           |
| C000062459 | Class R      | LWARX           |
| C000088507 | Class C      | LWSOX           |
| C000117030 | Class IS     | LWSTX           |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 47.4%** | **Corporate Bonds & Notes — 47.4%** | **Corporate Bonds & Notes — 47.4%** | **Corporate Bonds & Notes — 47.4%** | **Corporate Bonds & Notes — 47.4%** |
| **Communication Services — 3.3%** | **Communication Services — 3.3%** | **Communication Services — 3.3%** | **Communication Services — 3.3%** | **Communication Services — 3.3%** |
| *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* | *Diversified Telecommunication Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp;&nbsp; $148259<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254344<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 7/16/28 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 656532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/16/27 | &nbsp;&nbsp; 2180000<br>| &nbsp;&nbsp;&nbsp; 2182666<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 257574<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 1587000<br>| &nbsp;&nbsp;&nbsp; 1561768<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5061143* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 54000<br>| &nbsp;&nbsp;&nbsp; 53305<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *256442* |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 285512<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98343<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *383855* |
| *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 739965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1676941<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340528<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2757434* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8458874** |
| **Consumer Discretionary — 3.9%** | **Consumer Discretionary — 3.9%** | **Consumer Discretionary — 3.9%** | **Consumer Discretionary — 3.9%** | **Consumer Discretionary — 3.9%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *159011*<br> <sup>(a)</sup><br>|
| *Automobiles — 1.5%* | *Automobiles — 1.5%* | *Automobiles — 1.5%* | *Automobiles — 1.5%* | *Automobiles — 1.5%* |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/13/29 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1236385<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/13/25 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 968254<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209727<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 457240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 843074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 173500<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *3888180* |
| *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Dollar General Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 393387<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.257% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 659824<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *1053211* |
| *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 235838<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 512833<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 826758<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 889644<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9941<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9924<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; $80000<br>| &nbsp;&nbsp;&nbsp; $80055<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142856<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 408142<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 257773<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3646536* |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9807<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118328<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/25/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10169<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1178105<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1316409* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10063347** |
| **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 2280000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2308371*<br> <sup>(a)</sup><br>|
| *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/22/26 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 642688<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 551858<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *1194546* |
| *Tobacco — 1.7%* | *Tobacco — 1.7%* | *Tobacco — 1.7%* | *Tobacco — 1.7%* | *Tobacco — 1.7%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10569<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 633598<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 669059<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 624157<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1282307<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1052185<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *4271875* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7774792** |
| **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** |
| *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp., Senior Notes | &nbsp;&nbsp; 1.995% | &nbsp;&nbsp; 5/11/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 466773<br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60820<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1022948<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1511684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1351721<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77957<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1009583<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 253696<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 519046<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 133842<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 2860000<br>| &nbsp;&nbsp;&nbsp; 2854023<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10076<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1288348<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 162325<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.294% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; $670000<br>| &nbsp;&nbsp;&nbsp; $665654<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120539<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239747<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 722413<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1042036<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 486231<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 284616<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 379704<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 618009<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1099964<br>|
| &nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 795393<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shell International Finance BV, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/10/26 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 178814<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240280<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 531108<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 374901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 22113<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 22587<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42512<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211732<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 210482<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **19131430** |
| **Financials — 10.2%** | **Financials — 10.2%** | **Financials — 10.2%** | **Financials — 10.2%** | **Financials — 10.2%** |
| *Banks — 5.7%* | *Banks — 5.7%* | *Banks — 5.7%* | *Banks — 5.7%* | *Banks — 5.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199745<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term <br> SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 699290<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + <br> 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 305026<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 2.951% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 394078<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1023406<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (4.792% to 5/9/28 then SOFR + 1.450%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1100445<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury <br> Constant Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 918154<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes | &nbsp;&nbsp; 4.838% | &nbsp;&nbsp; 8/6/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1331900<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.887% to 1/10/27 then 3 mo. Term SOFR + <br> 1.825%) | &nbsp;&nbsp; 3.887% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109574<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.643% to 5/7/27 then SOFR + 1.143%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1621392<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (1.247% to 1/26/26 then SOFR + 0.892%) | &nbsp;&nbsp; 1.247% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 514571<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (5.283% to 3/18/26 then SOFR + <br> 0.777%) | &nbsp;&nbsp; 5.283% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200935<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1419509<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (4.017% to 3/28/27 then SOFR + 1.830%) | &nbsp;&nbsp; 4.017% | &nbsp;&nbsp; 3/28/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 548456<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + <br> 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131146<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.103% to 4/22/30 then SOFR + <br> 1.435%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; $630000<br>| &nbsp;&nbsp;&nbsp; $650997<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 2090000<br>| &nbsp;&nbsp;&nbsp; 2115038<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 986898<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60705<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9743<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114498<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *14455506* |
| *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (3.992% to 6/13/27 then SOFR <br> + 1.151%) | &nbsp;&nbsp; 3.992% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 859935<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10150<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. Term <br> SOFR + 1.772%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 496445<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.387% to 6/15/26 then SOFR + <br> 1.510%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 480586<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.482% to 8/23/27 then SOFR + <br> 1.725%) | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 8/23/28 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1036698<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.727% to 4/25/29 then SOFR + <br> 1.265%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 481376<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.210% to 4/20/27 then SOFR + 1.610%) | &nbsp;&nbsp; 4.210% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1031291<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 489645<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.656% to 4/18/29 then SOFR + 1.260%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 4/18/30 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 490898<br> <sup>(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *5377024* |
| *Consumer Finance — 0.9%* | *Consumer Finance — 0.9%* | *Consumer Finance — 0.9%* | *Consumer Finance — 0.9%* | *Consumer Finance — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.645% to 4/23/26 then SOFR + <br> 0.750%) | &nbsp;&nbsp; 5.645% | &nbsp;&nbsp; 4/23/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 584594<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1254476<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 505493<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2344563* |
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 539837<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 173197<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30429<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 960500<br>|
| &nbsp;&nbsp;&nbsp; National Securities Clearing Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 12/7/25 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 486701<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *2365601* |
| *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 597009<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 869946<br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1466955* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26009649** |
| **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** |
| *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; *1032051*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; $1010000<br>| &nbsp;&nbsp;&nbsp; $1041136<br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 174531<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1104363<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/25/27 | &nbsp;&nbsp; 252000<br>| &nbsp;&nbsp;&nbsp; 256196<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2576226* |
| *Health Care Providers & Services — 4.7%* | *Health Care Providers & Services — 4.7%* | *Health Care Providers & Services — 4.7%* | *Health Care Providers & Services — 4.7%* | *Health Care Providers & Services — 4.7%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 906548<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 637949<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 485511<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1029488<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 8/21/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9476<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 2010000<br>| &nbsp;&nbsp;&nbsp; 2011602<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1427419<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 723286<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp;&nbsp; 2045501<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1006573<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1895279<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *12178632* |
| *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 441112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/22/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506733<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 833110<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10075<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 236000<br>| &nbsp;&nbsp;&nbsp; 232005<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208442<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2231477* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **18018386** |
| **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** |
| *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99841<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 328696<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 501879<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181174<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/8/26 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1952346<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259856<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3428768* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *134761*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 146587<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 366684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 485959<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *999230* |

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 12/2/26 | &nbsp;&nbsp; $330000<br>| &nbsp;&nbsp;&nbsp; $*321496*<br>|
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; *858791*<br>|
| *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 375760<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1058982<br>| &nbsp;&nbsp;&nbsp; 1042329<br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 344141<br>| &nbsp;&nbsp;&nbsp; 146,473<br> \*<sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 305488<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1870050* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Paychex Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; *339710*<br>|
| *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1097024<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 733256<br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51977<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52235<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 397639<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 111254<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10411<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *2588722* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **10541528** |
| **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** |
| *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 32000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *31835*<br> <sup>(a)</sup><br>|
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *74875*<br> <sup>(a)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 1.5%* | *Semiconductors & Semiconductor Equipment — 1.5%* | *Semiconductors & Semiconductor Equipment — 1.5%* | *Semiconductors & Semiconductor Equipment — 1.5%* | *Semiconductors & Semiconductor Equipment — 1.5%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc., Senior Notes | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 766781<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 872447<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 639701<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/5/27 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 843660<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 102608<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 11/3/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9827<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 614984<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *3850008* |
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1057938<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 848376<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 596706<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2503020* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; *387759*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6847497** |

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; EQUATE Petrochemical Co. KSC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; $630000<br>| &nbsp;&nbsp;&nbsp; $*628881*<br> <sup>(a)</sup><br>|
| *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *748954*<br> <sup>(a)</sup><br>|
| *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 626034<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206924<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 278431<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9957<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 794359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320554<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *2236259* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Inversiones CMPC SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/4/27 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *561556*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4175650** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30097<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **142051** |
| **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** |
| *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1372916<br>|
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 590856<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 936598<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 602221<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.004% | &nbsp;&nbsp; 2/23/27 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1308712<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/27 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 614467<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 442793<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 742000<br>| &nbsp;&nbsp;&nbsp; 763277<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp;&nbsp; 1775029<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52330<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 744808<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *9204007* |
| *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Snam SpA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *223237*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *74161*<br> <sup>(a)</sup><br>|
| *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *865915*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **10367320** |
| **Total Corporate Bonds & Notes (Cost — $120,539,140)** | **Total Corporate Bonds & Notes (Cost — $120,539,140)** | **Total Corporate Bonds & Notes (Cost — $120,539,140)** | **Total Corporate Bonds & Notes (Cost — $120,539,140)** | &nbsp;&nbsp; **121530524** |
| **Asset-Backed Securities — 15.4%** | **Asset-Backed Securities — 15.4%** | **Asset-Backed Securities — 15.4%** | **Asset-Backed Securities — 15.4%** | **Asset-Backed Securities — 15.4%** |
| &nbsp;&nbsp;&nbsp; ABFC Trust, 2003-OPT1 A3 (1 mo. Term SOFR + 0.794%) | &nbsp;&nbsp; 4.952% | &nbsp;&nbsp; 4/25/33 | &nbsp;&nbsp; 373390<br>| &nbsp;&nbsp;&nbsp; 369457<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-14A B (3 mo. Term SOFR + 1.612%) | &nbsp;&nbsp; 5.937% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 800001<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.522% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 551376<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, 2022-3 A3 | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; $128946<br>| &nbsp;&nbsp;&nbsp; $129140<br>|
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, 2024-1A B | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 1/21/31 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1379413<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.412% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570428<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003465<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A A1RR (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 5.424% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250320<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2021-1A C | &nbsp;&nbsp; 2.130% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 961782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2021-2A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 5.455% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 582135<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BCRED MML CLO LLC, 2021-1A A (3 mo. Term SOFR + 1.742%) | &nbsp;&nbsp; 6.059% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 951532<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.968% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1044891<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A AR2 (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.126% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 420499<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 128751<br>| &nbsp;&nbsp;&nbsp; 128590<br>|
| &nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, 2025-2 A2B (30 Day Average SOFR + 0.690%) | &nbsp;&nbsp; 5.062% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1234039<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, 2021-P4 A4 | &nbsp;&nbsp; 1.640% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 1060950<br>| &nbsp;&nbsp;&nbsp; 1049377<br>|
| &nbsp;&nbsp;&nbsp; Cayuga Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.382%) | &nbsp;&nbsp; 5.704% | &nbsp;&nbsp; 7/17/34 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 566001<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cedar Funding CLO Ltd., 2016-5A AFRR | &nbsp;&nbsp; 1.937% | &nbsp;&nbsp; 7/17/31 | &nbsp;&nbsp; 846137<br>| &nbsp;&nbsp;&nbsp; 829060<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.852% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150670<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust, 2022-B A3 | &nbsp;&nbsp; 3.890% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 448540<br>| &nbsp;&nbsp;&nbsp; 448013<br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2022-32A A1R2 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 5.274% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 690126<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, 2015-41A AR (3 mo. Term SOFR + 1.232%) | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 111432<br>| &nbsp;&nbsp;&nbsp; 111492<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ent Auto Receivables Trust, 2023-1A A4 | &nbsp;&nbsp; 6.260% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 657099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, 2022-3 A2 | &nbsp;&nbsp; 4.380% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 115356<br>| &nbsp;&nbsp;&nbsp; 115378<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 982292<br>| &nbsp;&nbsp;&nbsp; 991446<br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1316516<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit Bsl Ltd., 2021-1A AR (3 mo. Term SOFR + 1.100%) | &nbsp;&nbsp; 5.076% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 480570<br> <sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.892%) | &nbsp;&nbsp; 6.205% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harbor Park CLO Ltd., 2018-1A B1R (3 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 6.025% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 641026<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, 2005-6 M5 (1 mo. Term SOFR + 1.059%) | &nbsp;&nbsp; 5.217% | &nbsp;&nbsp; 12/25/35 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 369264<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HPS Loan Management Ltd., 15A-19 A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 5.652% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250908<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Acquisition Trust, 2007-CH2 MV2 (1 mo. Term SOFR + <br> 0.564%) | &nbsp;&nbsp; 4.722% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 332747<br>| &nbsp;&nbsp;&nbsp; 327175<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 21551<br>| &nbsp;&nbsp;&nbsp; 21254<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, 2025-2A A2 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 447247<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Milos CLO Ltd., 2017-1A AR (3 mo. Term SOFR + 1.332%) | &nbsp;&nbsp; 5.657% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 271268<br>| &nbsp;&nbsp;&nbsp; 271420<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2022-1A A1R (3 mo. Term SOFR + 1.460%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350588<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2016-6A A3 (30 Day Average SOFR + 1.414%) | &nbsp;&nbsp; 5.771% | &nbsp;&nbsp; 3/25/66 | &nbsp;&nbsp; 1346688<br>| &nbsp;&nbsp;&nbsp; 1373845<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.071% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 456198<br>| &nbsp;&nbsp;&nbsp; 453790<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navigator Aviation Ltd., 2025-1 A | &nbsp;&nbsp; 5.107% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271539<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2014-6A A (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 5.121% | &nbsp;&nbsp; 11/25/52 | &nbsp;&nbsp; 155999<br>| &nbsp;&nbsp;&nbsp; 155810<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-A APT1 | &nbsp;&nbsp; 1.360% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 311369<br>| &nbsp;&nbsp;&nbsp; 294092<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newark BSL CLO Ltd., 2017-1A A1R (3 mo. Term SOFR + 1.232%) | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/25/30 | &nbsp;&nbsp; 134187<br>| &nbsp;&nbsp;&nbsp; 134388<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.540%) | &nbsp;&nbsp; 5.810% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 603528<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCCU Auto Receivables Trust, 2025-1A D | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 474490<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520965<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.655% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 924092<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 460790<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.050%) | &nbsp;&nbsp; 5.368% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1603256<br>| &nbsp;&nbsp;&nbsp; 1606462<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Parallel Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.715% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; $570000<br>| &nbsp;&nbsp;&nbsp; $572155<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2023-A A | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 906378<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1218384<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust, 2003-3 M1 (1 mo. Term SOFR + 1.089%) | &nbsp;&nbsp; 3.766% | &nbsp;&nbsp; 12/25/33 | &nbsp;&nbsp; 9535<br>| &nbsp;&nbsp;&nbsp; 9303<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 452438<br>| &nbsp;&nbsp;&nbsp; 454998<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2005-A A4 (3 mo. Term SOFR + <br> 0.572%) | &nbsp;&nbsp; 4.609% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 513364<br>| &nbsp;&nbsp;&nbsp; 506517<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. Term SOFR + <br> 0.552%) | &nbsp;&nbsp; 4.589% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 461257<br>| &nbsp;&nbsp;&nbsp; 443135<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + <br> 0.532%) | &nbsp;&nbsp; 4.569% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 254033<br>| &nbsp;&nbsp;&nbsp; 248037<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2003-10A A4 (90 Day Average SOFR + 0.931%) | &nbsp;&nbsp; 5.299% | &nbsp;&nbsp; 12/17/68 | &nbsp;&nbsp; 446324<br>| &nbsp;&nbsp;&nbsp; 445035<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-A A2A1 (1 mo. Term SOFR + <br> 0.844%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 277178<br>| &nbsp;&nbsp;&nbsp; 274723<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-A C | &nbsp;&nbsp; 2.990% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 548880<br>| &nbsp;&nbsp;&nbsp; 484444<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stonepeak ABS, 2021-1A A | &nbsp;&nbsp; 2.675% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 494581<br>| &nbsp;&nbsp;&nbsp; 477540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Trust, 2005-SC1 1A2 | &nbsp;&nbsp; 7.326% | &nbsp;&nbsp; 5/25/31 | &nbsp;&nbsp; 327558<br>| &nbsp;&nbsp;&nbsp; 235204<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, 2025-1A A2I | &nbsp;&nbsp; 4.821% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, 2023-B B | &nbsp;&nbsp; 6.570% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1315561<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 5.266% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360002<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TRP LLC, 2021-1 A | &nbsp;&nbsp; 2.070% | &nbsp;&nbsp; 6/19/51 | &nbsp;&nbsp; 798600<br>| &nbsp;&nbsp;&nbsp; 765248<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 5.310% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 197660<br>| &nbsp;&nbsp;&nbsp; 197205<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC, 2024-1A A2 | &nbsp;&nbsp; 5.680% | &nbsp;&nbsp; 12/12/31 | &nbsp;&nbsp; 1097142<br>| &nbsp;&nbsp;&nbsp; 1118576<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., 2024-1A C (3 mo. Term SOFR + 1.950%) | &nbsp;&nbsp; 6.275% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391047<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 2023-2 A2A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 3/22/27 | &nbsp;&nbsp; 69280<br>| &nbsp;&nbsp;&nbsp; 69363<br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR + 2.062%) | &nbsp;&nbsp; 6.387% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240400<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2019-1A A1RR (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 5.639% | &nbsp;&nbsp; 7/24/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250625<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term SOFR + 1.270%) | &nbsp;&nbsp; 5.588% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331428<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $39,632,442)** | **Total Asset-Backed Securities (Cost — $39,632,442)** | **Total Asset-Backed Securities (Cost — $39,632,442)** | **Total Asset-Backed Securities (Cost — $39,632,442)** | &nbsp;&nbsp; **39512178** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.4%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2024-10 A1 | &nbsp;&nbsp; 5.348% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 506062<br>| &nbsp;&nbsp;&nbsp; 508866<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 A (1 mo. Term <br> SOFR + 1.354%) | &nbsp;&nbsp; 5.489% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260411<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2017-BNK9 ASB | &nbsp;&nbsp; 3.470% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 571222<br>| &nbsp;&nbsp;&nbsp; 564942<br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK39 XA, IO | &nbsp;&nbsp; 0.524% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 60222068<br>| &nbsp;&nbsp;&nbsp; 1354912<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK40 A4 | &nbsp;&nbsp; 3.504% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 438364<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2023-BNK45 A5 | &nbsp;&nbsp; 5.203% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp;&nbsp; 1632088<br>|
| &nbsp;&nbsp;&nbsp; BDS Ltd., 2021-FL10 D (1 mo. Term SOFR + 2.964%) | &nbsp;&nbsp; 7.100% | &nbsp;&nbsp; 12/16/36 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1323420<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Stearns ALT-A Trust, 2007-1 1A1 (1 mo. Term SOFR + 0.434%) | &nbsp;&nbsp; 4.592% | &nbsp;&nbsp; 1/25/47 | &nbsp;&nbsp; 61502<br>| &nbsp;&nbsp;&nbsp; 53407<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B31 A5 | &nbsp;&nbsp; 2.669% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1176745<br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%) | &nbsp;&nbsp; 8.154% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 693000<br>| &nbsp;&nbsp;&nbsp; 695461<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 641786<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%) | &nbsp;&nbsp; 7.407% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 746918<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, 2007-A1 2A3 | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 3493<br>| &nbsp;&nbsp;&nbsp; 3330<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. <br> Term SOFR + 0.414%) | &nbsp;&nbsp; 4.572% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 783<br>| &nbsp;&nbsp;&nbsp; 764<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. <br> Term SOFR + 0.694%) | &nbsp;&nbsp; 4.852% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; $7596<br>| &nbsp;&nbsp;&nbsp; $7383<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, 2007-AR4 2A1A | &nbsp;&nbsp; 6.951% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 16557<br>| &nbsp;&nbsp;&nbsp; 16865<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Home Loans Reperforming REMIC Trust, 2006-R2 AF1 (1 mo. <br> Term SOFR + 0.534%) | &nbsp;&nbsp; 4.692% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 47117<br>| &nbsp;&nbsp;&nbsp; 44840<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 904246<br>| &nbsp;&nbsp;&nbsp; 800970<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 241350<br> <sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2525 AM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 33202<br>| &nbsp;&nbsp;&nbsp; 33386<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2018-1 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/25/57 | &nbsp;&nbsp; 415144<br>| &nbsp;&nbsp;&nbsp; 408203<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2019-1 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/25/58 | &nbsp;&nbsp; 835550<br>| &nbsp;&nbsp;&nbsp; 818559<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2020-2 M | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/25/59 | &nbsp;&nbsp; 838437<br>| &nbsp;&nbsp;&nbsp; 810553<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R04 1M2 (30 <br> Day Average SOFR + 3.100%) | &nbsp;&nbsp; 7.456% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 555122<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1M2 (30 <br> Day Average SOFR + 1.800%) | &nbsp;&nbsp; 6.156% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252419<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 136733<br>| &nbsp;&nbsp;&nbsp; 127541<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 69536<br>| &nbsp;&nbsp;&nbsp; 66655<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-18 FH (30 Day <br> Average SOFR + 1.400%) | &nbsp;&nbsp; 5.756% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 2266025<br>| &nbsp;&nbsp;&nbsp; 2284318<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Pass-Through Certificates, T-51 1A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 36586<br>| &nbsp;&nbsp;&nbsp; 38089<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H02 FA (1 mo. <br> Term SOFR + 0.794%) | &nbsp;&nbsp; 5.109% | &nbsp;&nbsp; 2/20/60 | &nbsp;&nbsp; 4686<br>| &nbsp;&nbsp;&nbsp; 4700<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H03 FA (1 mo. <br> Term SOFR + 0.664%) | &nbsp;&nbsp; 4.979% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 40284<br>| &nbsp;&nbsp;&nbsp; 40336<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H10 FB (1 mo. <br> Term SOFR + 1.114%) | &nbsp;&nbsp; 5.429% | &nbsp;&nbsp; 5/20/60 | &nbsp;&nbsp; 91167<br>| &nbsp;&nbsp;&nbsp; 91819<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H20 AF (1 mo. <br> Term SOFR + 0.444%) | &nbsp;&nbsp; 4.796% | &nbsp;&nbsp; 10/20/60 | &nbsp;&nbsp; 137066<br>| &nbsp;&nbsp;&nbsp; 136831<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. <br> Term SOFR + 0.464%) | &nbsp;&nbsp; 4.816% | &nbsp;&nbsp; 8/20/58 | &nbsp;&nbsp; 30178<br>| &nbsp;&nbsp;&nbsp; 30167<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. <br> Term SOFR + 0.564%) | &nbsp;&nbsp; 4.916% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 96068<br>| &nbsp;&nbsp;&nbsp; 96044<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H03 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 1/20/61 | &nbsp;&nbsp; 12904<br>| &nbsp;&nbsp;&nbsp; 12910<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H05 FB (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 12/20/60 | &nbsp;&nbsp; 23570<br>| &nbsp;&nbsp;&nbsp; 23599<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H06 FA (1 mo. <br> Term SOFR + 0.564%) | &nbsp;&nbsp; 4.916% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 50164<br>| &nbsp;&nbsp;&nbsp; 50159<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 17162<br>| &nbsp;&nbsp;&nbsp; 17171<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H19 FA (1 mo. <br> Term SOFR + 0.584%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 8/20/61 | &nbsp;&nbsp; 64986<br>| &nbsp;&nbsp;&nbsp; 64992<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H21 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.966% | &nbsp;&nbsp; 7/20/62 | &nbsp;&nbsp; 640536<br>| &nbsp;&nbsp;&nbsp; 640858<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H23 SA (1 mo. <br> Term SOFR + 0.644%) | &nbsp;&nbsp; 4.996% | &nbsp;&nbsp; 10/20/62 | &nbsp;&nbsp; $8240<br>| &nbsp;&nbsp;&nbsp; $8249<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H23 WA (1 mo. <br> Term SOFR + 0.634%) | &nbsp;&nbsp; 4.986% | &nbsp;&nbsp; 10/20/62 | &nbsp;&nbsp; 17701<br>| &nbsp;&nbsp;&nbsp; 17731<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H02 FD (1 mo. <br> Term SOFR + 0.454%) | &nbsp;&nbsp; 4.806% | &nbsp;&nbsp; 12/20/62 | &nbsp;&nbsp; 217988<br>| &nbsp;&nbsp;&nbsp; 217589<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. <br> Term SOFR + 0.514%) | &nbsp;&nbsp; 4.866% | &nbsp;&nbsp; 3/20/63 | &nbsp;&nbsp; 108754<br>| &nbsp;&nbsp;&nbsp; 108326<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H14 FC (1 mo. <br> Term SOFR + 0.584%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 6/20/63 | &nbsp;&nbsp; 14322<br>| &nbsp;&nbsp;&nbsp; 14323<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H14 FD (1 mo. <br> Term SOFR + 0.584%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 6/20/63 | &nbsp;&nbsp; 6442<br>| &nbsp;&nbsp;&nbsp; 6441<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H14 FG (1 mo. <br> Term SOFR + 0.584%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 5/20/63 | &nbsp;&nbsp; 7294<br>| &nbsp;&nbsp;&nbsp; 7295<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2018-168 PA, PAC-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/20/48 | &nbsp;&nbsp; 104990<br>| &nbsp;&nbsp;&nbsp; 100622<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-18 TP, PAC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/49 | &nbsp;&nbsp; 80088<br>| &nbsp;&nbsp;&nbsp; 72991<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-H16 CF (1 mo. <br> Term SOFR + 0.814%) | &nbsp;&nbsp; 5.166% | &nbsp;&nbsp; 10/20/69 | &nbsp;&nbsp; 445221<br>| &nbsp;&nbsp;&nbsp; 444233<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-8 AQ | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 63984<br>| &nbsp;&nbsp;&nbsp; 63782<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-29 AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/51 | &nbsp;&nbsp; 64145<br>| &nbsp;&nbsp;&nbsp; 64034<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day <br> Average SOFR + 0.380%) | &nbsp;&nbsp; 4.839% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 1027010<br>| &nbsp;&nbsp;&nbsp; 1022838<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day <br> Average SOFR + 0.300%) | &nbsp;&nbsp; 4.689% | &nbsp;&nbsp; 9/20/71 | &nbsp;&nbsp; 1331358<br>| &nbsp;&nbsp;&nbsp; 1319434<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-H08 FA (30 Day <br> Average SOFR + 0.750%) | &nbsp;&nbsp; 5.095% | &nbsp;&nbsp; 4/20/72 | &nbsp;&nbsp; 2296852<br>| &nbsp;&nbsp;&nbsp; 2287530<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391021<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%) | &nbsp;&nbsp; 5.285% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 81339<br>| &nbsp;&nbsp;&nbsp; 81499<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. Term SOFR + 0.654%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 11/25/36 | &nbsp;&nbsp; 596482<br>| &nbsp;&nbsp;&nbsp; 524504<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, 2004-AR14 2A1A (1 mo. Term SOFR + <br> 0.834%) | &nbsp;&nbsp; 4.992% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 41623<br>| &nbsp;&nbsp;&nbsp; 32020<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Resecuritization Trust, 2009-10 7A2 | &nbsp;&nbsp; 6.054% | &nbsp;&nbsp; 2/26/37 | &nbsp;&nbsp; 1651458<br>| &nbsp;&nbsp;&nbsp; 747581<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Luminent Mortgage Trust, 2006-7 2A2 (1 mo. Term SOFR + 0.554%) | &nbsp;&nbsp; 4.712% | &nbsp;&nbsp; 12/25/36 | &nbsp;&nbsp; 14389<br>| &nbsp;&nbsp;&nbsp; 19109<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, 2003-A2 2M1 | &nbsp;&nbsp; 6.228% | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; 22271<br>| &nbsp;&nbsp;&nbsp; 19309<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.624% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391830<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, 2021-MHC A (1 mo. Term SOFR + 0.915%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 99948<br>| &nbsp;&nbsp;&nbsp; 99983<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB | &nbsp;&nbsp; 3.514% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 67835<br>| &nbsp;&nbsp;&nbsp; 67474<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2018-H4 XA, IO | &nbsp;&nbsp; 0.968% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 21630876<br>| &nbsp;&nbsp;&nbsp; 466290<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-2A B2 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/57 | &nbsp;&nbsp; 211896<br>| &nbsp;&nbsp;&nbsp; 210693<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-4A A1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/25/57 | &nbsp;&nbsp; 89333<br>| &nbsp;&nbsp;&nbsp; 86203<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2019-NQM5 A3 | &nbsp;&nbsp; 3.065% | &nbsp;&nbsp; 11/25/59 | &nbsp;&nbsp; 334662<br>| &nbsp;&nbsp;&nbsp; 320388<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2022-NQM1 A1 | &nbsp;&nbsp; 2.305% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 820184<br>| &nbsp;&nbsp;&nbsp; 744623<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2022-AFC1 A1A | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 4/25/57 | &nbsp;&nbsp; 486717<br>| &nbsp;&nbsp;&nbsp; 484507<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM LLC, 2025-RCF1 A1 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/25/55 | &nbsp;&nbsp; 491935<br>| &nbsp;&nbsp;&nbsp; 488832<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2024-NQM4 A1 | &nbsp;&nbsp; 5.674% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 471095<br>| &nbsp;&nbsp;&nbsp; 475156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 3397<br>| &nbsp;&nbsp;&nbsp; 1102<br>|
| &nbsp;&nbsp;&nbsp; Residential Accredit Loans Inc., 2007-QS7 1A7 (1 mo. Term SOFR + 0.664%) | &nbsp;&nbsp; 4.822% | &nbsp;&nbsp; 5/25/37 | &nbsp;&nbsp; 392799<br>| &nbsp;&nbsp;&nbsp; 302723<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, 2003-2 A2 (6 mo. Term SOFR + 1.108%) | &nbsp;&nbsp; 5.369% | &nbsp;&nbsp; 6/20/33 | &nbsp;&nbsp; $30212<br>| &nbsp;&nbsp;&nbsp; $29691<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-MFP2 A (1 mo. Term SOFR + 0.936%) | &nbsp;&nbsp; 5.086% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1449486<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-PALM A (1 mo. Term SOFR + 0.704%) | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 822380<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2005-4 1A1 | &nbsp;&nbsp; 4.275% | &nbsp;&nbsp; 3/25/35 | &nbsp;&nbsp; 61137<br>| &nbsp;&nbsp;&nbsp; 50907<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2005-12 3A1 | &nbsp;&nbsp; 4.976% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 2831<br>| &nbsp;&nbsp;&nbsp; 2402<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp., 2005-RF3 2A | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 61562<br>| &nbsp;&nbsp;&nbsp; 56038<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, <br> 2002-3 B2 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/25/32 | &nbsp;&nbsp; 263166<br>| &nbsp;&nbsp;&nbsp; 263541<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%) | &nbsp;&nbsp; 5.722% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 132900<br>| &nbsp;&nbsp;&nbsp; 132576<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + <br> 1.443%) | &nbsp;&nbsp; 5.593% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 667469<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2019-4 B1B | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/25/59 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 706751<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2003-AR5 A7 | &nbsp;&nbsp; 5.771% | &nbsp;&nbsp; 6/25/33 | &nbsp;&nbsp; 9674<br>| &nbsp;&nbsp;&nbsp; 9699<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR4 A5 | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 5688<br>| &nbsp;&nbsp;&nbsp; 5524<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR19 A1B2 (1 mo. <br> Term SOFR + 0.934%) | &nbsp;&nbsp; 5.092% | &nbsp;&nbsp; 12/25/45 | &nbsp;&nbsp; 13030<br>| &nbsp;&nbsp;&nbsp; 13249<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2006-AR13 2A (12 mo. <br> Moving Treasury Average + 1.500%) | &nbsp;&nbsp; 5.653% | &nbsp;&nbsp; 10/25/46 | &nbsp;&nbsp; 283074<br>| &nbsp;&nbsp;&nbsp; 268602<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WMRK Commercial Mortgage Trust, 2022-WMRK A (1 mo. Term SOFR + <br> 2.789%) | &nbsp;&nbsp; 6.939% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1035000<br>| &nbsp;&nbsp;&nbsp; 1039627<br> <sup>(a)(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $35,528,797)** | **Total Collateralized Mortgage Obligations (Cost — $35,528,797)** | **Total Collateralized Mortgage Obligations (Cost — $35,528,797)** | **Total Collateralized Mortgage Obligations (Cost — $35,528,797)** | &nbsp;&nbsp; **34345460** |
| **U.S. Government & Agency Obligations — 13.3%** | **U.S. Government & Agency Obligations — 13.3%** | **U.S. Government & Agency Obligations — 13.3%** | **U.S. Government & Agency Obligations — 13.3%** | **U.S. Government & Agency Obligations — 13.3%** |
| *U.S. Government Agencies — 0.6%* | *U.S. Government Agencies — 0.6%* | *U.S. Government Agencies — 0.6%* | *U.S. Government Agencies — 0.6%* | *U.S. Government Agencies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Notes (SOFR + 0.100%) | &nbsp;&nbsp; 4.230% | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; *1641260*<br> <sup>(b)</sup><br>|
| *U.S. Government Obligations — 12.7%* | *U.S. Government Obligations — 12.7%* | *U.S. Government Obligations — 12.7%* | *U.S. Government Obligations — 12.7%* | *U.S. Government Obligations — 12.7%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.625% | &nbsp;&nbsp; 7/31/26 | &nbsp;&nbsp; 10450000 | &nbsp;&nbsp;&nbsp; 10183212<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200840<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 540063<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp;&nbsp; 5263265<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp; 2701394<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 5730000 | &nbsp;&nbsp;&nbsp; 5765365<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 7710000 | &nbsp;&nbsp;&nbsp; 7747345<br>|
| *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | &nbsp;&nbsp; *32401484* |
| **Total U.S. Government & Agency Obligations (Cost — $33,793,882)** | **Total U.S. Government & Agency Obligations (Cost — $33,793,882)** | **Total U.S. Government & Agency Obligations (Cost — $33,793,882)** | **Total U.S. Government & Agency Obligations (Cost — $33,793,882)** | &nbsp;&nbsp; **34042744** |
| **Mortgage-Backed Securities — 3.9%** | **Mortgage-Backed Securities — 3.9%** | **Mortgage-Backed Securities — 3.9%** | **Mortgage-Backed Securities — 3.9%** | **Mortgage-Backed Securities — 3.9%** |
| *FHLMC — 1.3%* | *FHLMC — 1.3%* | *FHLMC — 1.3%* | *FHLMC — 1.3%* | *FHLMC — 1.3%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 39013<br>| &nbsp;&nbsp;&nbsp; 38561<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35- <br>11/1/35<br>| &nbsp;&nbsp; 1236536 | &nbsp;&nbsp;&nbsp; 1177057<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 1876947<br>| &nbsp;&nbsp;&nbsp; 1623505<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; 502395<br>| &nbsp;&nbsp;&nbsp; 515058<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.495%) | &nbsp;&nbsp; 6.307% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 45469<br>| &nbsp;&nbsp;&nbsp; 46892<br> <sup>(b)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *3401073* |
| *FNMA — 2.4%* | *FNMA — 2.4%* | *FNMA — 2.4%* | *FNMA — 2.4%* | *FNMA — 2.4%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/27- <br>8/1/32<br>| &nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp; 28596<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; $809545<br>| &nbsp;&nbsp;&nbsp; $782598<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/37- <br>2/1/40<br>| &nbsp;&nbsp; 962996 | &nbsp;&nbsp;&nbsp; 920003<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1538676<br>| &nbsp;&nbsp;&nbsp; 1547103<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 590461<br>| &nbsp;&nbsp;&nbsp; 510731<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 513491<br>| &nbsp;&nbsp;&nbsp; 523084<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 454398<br>| &nbsp;&nbsp;&nbsp; 473710<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56- <br>6/1/57<br>| &nbsp;&nbsp; 290895 | &nbsp;&nbsp;&nbsp; 275238<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.375%) | &nbsp;&nbsp; 6.411% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 264033<br>| &nbsp;&nbsp;&nbsp; 267229<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (30 Day Average SOFR + <br> 2.120%) | &nbsp;&nbsp; 1.933% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 993298<br>| &nbsp;&nbsp;&nbsp; 940387<br> <sup>(b)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *6268679* |
| *GNMA — 0.2%* | *GNMA — 0.2%* | *GNMA — 0.2%* | *GNMA — 0.2%* | *GNMA — 0.2%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1229<br>| &nbsp;&nbsp;&nbsp; 1247<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 25930<br>| &nbsp;&nbsp;&nbsp; 26937<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 10363<br>| &nbsp;&nbsp;&nbsp; 11065<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/42- <br>11/15/42<br>| &nbsp;&nbsp; 144375 | &nbsp;&nbsp;&nbsp; 131760<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/15/48- <br>5/15/50<br>| &nbsp;&nbsp; 128542 | &nbsp;&nbsp;&nbsp; 119488<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/20/48- <br>10/20/49<br>| &nbsp;&nbsp; 33442 | &nbsp;&nbsp;&nbsp; 30807<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 mo. FTSE USD <br> IBOR Consumer Cash Fallbacks + 1.056%) | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 7/20/60 | &nbsp;&nbsp; 1726<br>| &nbsp;&nbsp;&nbsp; 1744<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 mo. FTSE USD <br> IBOR Consumer Cash Fallbacks + 2.192%) | &nbsp;&nbsp; 6.634% | &nbsp;&nbsp; 8/20/60 | &nbsp;&nbsp; 83405<br>| &nbsp;&nbsp;&nbsp; 85763<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 year Treasury <br> Constant Maturity Rate + 1.069%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 7/20/60 | &nbsp;&nbsp; 1408<br>| &nbsp;&nbsp;&nbsp; 1417<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 year Treasury <br> Constant Maturity Rate + 1.440%) | &nbsp;&nbsp; 5.420% | &nbsp;&nbsp; 2/20/60 | &nbsp;&nbsp; 21389<br>| &nbsp;&nbsp;&nbsp; 21645<br> <sup>(b)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *431873* |
| **Total Mortgage-Backed Securities (Cost — $10,282,179)** | **Total Mortgage-Backed Securities (Cost — $10,282,179)** | **Total Mortgage-Backed Securities (Cost — $10,282,179)** | **Total Mortgage-Backed Securities (Cost — $10,282,179)** | &nbsp;&nbsp; **10101625** |
| **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, Term Loan B4 (3 mo. Term SOFR + <br> 2.000%) | 6.291% | &nbsp;&nbsp; 12/7/30 | &nbsp;&nbsp; 324701<br>| &nbsp;&nbsp;&nbsp; 324634<br> <sup>(b)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Term Loan Facility Y4 (3 mo. Term SOFR + 3.275%) | 7.593% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 370313<br> <sup>(b)(g)(h)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **694947** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Rent-A-Center Inc., 2025 Term Loan (1 mo. Term SOFR + 2.750%)  | 6.884% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 687566<br>| &nbsp;&nbsp;&nbsp;&nbsp; **688711**<br> <sup>(b)(g)(h)</sup><br>|
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%)  | 5.752% | &nbsp;&nbsp; 11/6/28 | &nbsp;&nbsp; 262500<br>| &nbsp;&nbsp;&nbsp;&nbsp; *264286*<br> <sup>(b)(g)(h)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)  | &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%)  | 7.528% | &nbsp;&nbsp; 7/30/27 | &nbsp;&nbsp; $481108<br>| &nbsp;&nbsp;&nbsp; $*481318*<br> <sup>(b)(g)(h)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **745604** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; APi Group DE Inc., 2021 Incremental Term Loan B (1 mo. Term SOFR + <br> 1.750%)  | &nbsp;&nbsp;&nbsp; APi Group DE Inc., 2021 Incremental Term Loan B (1 mo. Term SOFR + <br> 1.750%)  | 5.913% | &nbsp;&nbsp; 1/3/29 | &nbsp;&nbsp; 348863<br>| &nbsp;&nbsp;&nbsp;&nbsp; **349007**<br> <sup>(b)(g)(h)</sup><br>|
| **Total Senior Loans (Cost — $2,480,752)** | **Total Senior Loans (Cost — $2,480,752)** | **Total Senior Loans (Cost — $2,480,752)** | **Total Senior Loans (Cost — $2,480,752)** | **Total Senior Loans (Cost — $2,480,752)** | &nbsp;&nbsp; **2478269** |
| **Sovereign Bonds — 0.5%** | **Sovereign Bonds — 0.5%** | **Sovereign Bonds — 0.5%** | **Sovereign Bonds — 0.5%** | **Sovereign Bonds — 0.5%** | **Sovereign Bonds — 0.5%** |
| *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; *380711*<br>|
| *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, Senior Notes | &nbsp;&nbsp;&nbsp; Asian Development Bank, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; *806244*<br>|
| **Total Sovereign Bonds (Cost — $1,197,324)** | **Total Sovereign Bonds (Cost — $1,197,324)** | **Total Sovereign Bonds (Cost — $1,197,324)** | **Total Sovereign Bonds (Cost — $1,197,324)** | **Total Sovereign Bonds (Cost — $1,197,324)** | &nbsp;&nbsp; **1186955** |
|  |  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.375 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.375 | 12/12/25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; $97500 | &nbsp;&nbsp;&nbsp; 5119<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 277500 | &nbsp;&nbsp;&nbsp; 61050<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Put @ $96.250 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Put @ $96.250 | 12/12/25 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 7763<br>|
| &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.813 | &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.813 | 10/10/25 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 5625<br>|
| &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.750 | &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.750 | 12/12/25 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 22950<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.500 | 10/24/25 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp; 40078<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | 10/24/25 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp; 11977<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.250 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.250 | 10/24/25 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp; 5625<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.500 | 10/24/25 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp; 12656<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.750 | 10/24/25 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 16172<br>|
| **Total Exchange-Traded Purchased Options (Cost — $325,481)** | **Total Exchange-Traded Purchased Options (Cost — $325,481)** | **Total Exchange-Traded Purchased Options (Cost — $325,481)** | **Total Exchange-Traded Purchased Options (Cost — $325,481)** | **Total Exchange-Traded Purchased Options (Cost — $325,481)** | &nbsp;&nbsp; **189015** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call @ 290.000<sup>bps</sup>, payments <br> received by the Fund on Daily SOFR Compound annually, <br> 290.000<sup>bps</sup> payments made by the Fund annually, <br> maturing on 9/29/28 2.900<sup>bps</sup> (Cost — $34,014)<br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 8260000 | &nbsp;&nbsp; 8260000 | &nbsp;&nbsp;&nbsp; **33470**<br>|
| **Total Purchased Options (Cost — $359,495)** | **Total Purchased Options (Cost — $359,495)** | **Total Purchased Options (Cost — $359,495)** | **Total Purchased Options (Cost — $359,495)** | **Total Purchased Options (Cost — $359,495)** | &nbsp;&nbsp; **222485** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 30<br> \*<sup>(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 13311 | &nbsp;&nbsp;&nbsp; 5,058<br> \*<br>|
| **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | &nbsp;&nbsp;&nbsp; **5088**<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date <br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $115,135) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 9458<br>| &nbsp;&nbsp;&nbsp; **$3,594**<br> \*<sup>(i)(j)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $244,116,112)** | **Total Investments before Short-Term Investments (Cost — $244,116,112)** | **Total Investments before Short-Term Investments (Cost — $244,116,112)** | **Total Investments before Short-Term Investments (Cost — $244,116,112)** | &nbsp;&nbsp; **243428922** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $6,734,704)  | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 6734704<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6734704**<br> <sup>(k)(l)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **U.S. Government Agencies — 1.5%** | **U.S. Government Agencies — 1.5%** | **U.S. Government Agencies — 1.5%** | **U.S. Government Agencies — 1.5%** | **U.S. Government Agencies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $3,892,277) | &nbsp;&nbsp; 3.958% | &nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp; $3940000<br>| &nbsp;&nbsp;&nbsp; **3892110**<br>|
| **Total Short-Term Investments (Cost — $10,626,981)** | **Total Short-Term Investments (Cost — $10,626,981)** | **Total Short-Term Investments (Cost — $10,626,981)** | **Total Short-Term Investments (Cost — $10,626,981)** | &nbsp;&nbsp; **10626814** |
| **Total Investments — 99.2% (Cost — $254,743,093)** | **Total Investments — 99.2% (Cost — $254,743,093)** | **Total Investments — 99.2% (Cost — $254,743,093)** | **Total Investments — 99.2% (Cost — $254,743,093)** | &nbsp;&nbsp; **254055736** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 2174549 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$256230285** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | The coupon payment on this security is currently in default as of September 30, 2025. |
| <sup>(d)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(g)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(h)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(i)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(j)</sup> | Restricted security (Note 3). |
| <sup>(k)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(l)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $6,734,704 and the cost was $6,734,704 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Short-Term Bond Fund**

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| CAS | Connecticut Avenue Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| IBOR | Interbank Offered Rate |
| IO | Interest Only |
| JSC | Joint Stock Company |
| PAC | Planned Amortization Class |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

At September 30, 2025, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $96.875 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; $97500 | &nbsp;&nbsp;&nbsp;&nbsp; $(975) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.500 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; (23288) |
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.250 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; (1688) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; (23625) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;110.750 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; (16734) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; (24258) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; (16594) |
| **Total Exchange-Traded Written Options (Premiums received — $163,029)** | **Total Exchange-Traded Written Options (Premiums received — $163,029)** | **Total Exchange-Traded Written Options (Premiums received — $163,029)** | **Total Exchange-Traded Written Options (Premiums received — $163,029)** | **Total Exchange-Traded Written Options (Premiums received — $163,029)** | &nbsp;&nbsp;&nbsp; **(107162)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |
| Interest rate swaption, Call, 345.000<sup>bps</sup> <br> payments received by the Fund annually, <br> payments made by the Fund on Daily SOFR <br> Compound annually, maturing on 9/29/36 <br>(Premiums received — $32,394)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 9/25/26<br> 3.450 <br><sup>bps</sup><br>| &nbsp;&nbsp;&nbsp; 1910000 | &nbsp;&nbsp; **$(32279)**<br>|
| **Total Written Options (Premiums received — $195,423)** | **Total Written Options (Premiums received — $195,423)** | **Total Written Options (Premiums received — $195,423)** | **Total Written Options (Premiums received — $195,423)** | &nbsp;&nbsp; **$(139441)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| SOFR | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $15779009 | &nbsp;&nbsp;&nbsp;&nbsp; $15891975 | &nbsp;&nbsp;&nbsp;&nbsp; $112966 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 12593209 | &nbsp;&nbsp;&nbsp;&nbsp; 12597650 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 79930890 | &nbsp;&nbsp;&nbsp;&nbsp; 80025000 | &nbsp;&nbsp;&nbsp;&nbsp; 94110 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6546453 | &nbsp;&nbsp;&nbsp;&nbsp; 6551719 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2391411 | &nbsp;&nbsp;&nbsp;&nbsp; 2416641 | &nbsp;&nbsp;&nbsp;&nbsp; 25230 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 242013 |

---

See Notes to Schedule of Investments.

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Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $6296856 | &nbsp;&nbsp;&nbsp;&nbsp; $6300000 | &nbsp;&nbsp;&nbsp;&nbsp; $(3144) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1258965 | &nbsp;&nbsp;&nbsp;&nbsp; 1282531 | &nbsp;&nbsp;&nbsp;&nbsp; (23566) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 701467 | &nbsp;&nbsp;&nbsp;&nbsp; 720375 | &nbsp;&nbsp;&nbsp;&nbsp; (18908) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (45618) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$196395** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $6722000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2212) | &nbsp;&nbsp;&nbsp;&nbsp; $(958) | &nbsp;&nbsp;&nbsp;&nbsp; $(1254) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 23707000 | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33596) | &nbsp;&nbsp;&nbsp;&nbsp; 54776 | &nbsp;&nbsp;&nbsp;&nbsp; (88372) |
| **Total** | &nbsp;&nbsp;&nbsp; **$30429000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(35808)** | &nbsp;&nbsp;&nbsp; **$53818** | &nbsp;&nbsp;&nbsp; **$(89626)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.45 Index | $7931000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$180296** | &nbsp;&nbsp;&nbsp; **$181916** | &nbsp;&nbsp;&nbsp; **$(1620)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Short-Term Bond Fund (the "Fund") is a separate diversified investment series of Legg Mason Partners Income Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

------

Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $121530524 | &nbsp;&nbsp; — | &nbsp;&nbsp; $121530524 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 39512178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39512178 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 34345460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34345460 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 34042744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34042744 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 10101625 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10101625 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2478269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2478269 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1186955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1186955 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $189015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 33470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33470 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 5058 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5088 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 3594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3594 |
| Total Long-Term Investments | &nbsp;&nbsp; 194073 | &nbsp;&nbsp; 243234849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243428922 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 6734704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6734704 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 3892110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3892110 |
| Total Short-Term Investments | &nbsp;&nbsp; 6734704 | &nbsp;&nbsp; 3892110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10626814 |
| **Total Investments** | &nbsp;&nbsp; **$6928777** | &nbsp;&nbsp; **$247126959** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$254055736** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $242013 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $242013 |
| **Total** | &nbsp;&nbsp; **$7170790** | &nbsp;&nbsp; **$247126959** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$254297749** |

---

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Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Written Options | &nbsp;&nbsp; $107162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $107162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $32279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32279 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 45618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45618 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 89626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1620 |
| **Total** | &nbsp;&nbsp; **$152780** | &nbsp;&nbsp; **$123525** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$276305** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2025. The following transactions were effected in such company for the period ended September 30, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $3732797 | $74657621 | 74657621 | $71655714 | 71655714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $111573 |  | $6734704 |

---

**3. Restricted securities** 

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 9/30/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 78 | 3/25 | $949 | $30 | &nbsp;&nbsp; $0.38 | 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 9458 | 3/25 | 115135 | 3594 | 0.38 | 0.00 <br><sup>(a)</sup><br>|
|  |  |  | **$116084** | **$3624** |  | &nbsp;&nbsp; **0.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than 0.005%.

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Western Asset Short-Term Bond Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason Partners Income Trust

- **b. Investment Company Act file number:** 811-04254

- **c. CIK number of Registrant:** 0000764624

- **d. LEI of Registrant:** 549300Y1U2UCLTK83X35

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

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-656-3863

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

- **a. Name of Series:** Western Asset Short-Term Bond Fund

- **b. EDGAR series identifier (if any):** S000016639

- **c. LEI of Series:** 549300G71M2UUYXXMK17

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $258234529.75

**Total Liabilities:** $2412329.81

**Net Assets:** $255822199.94

**Delayed Delivery Securities:** $720000.00

**Cash Not Reported:** $470503.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 877.24000000 | **1-Year:** 22222.00000000 | **5-Year:** 24079.52000000 | **10-Year:** 1718.62000000 | **30-Year:** 85.88000000

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

- **3-Month:** 46.39000000 | **1-Year:** 1363.21000000 | **5-Year:** 2850.48000000 | **10-Year:** 124.10000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046471 | -0.19%               | 0.90%                | 0.35%                |
| Class ID C000046473 | 0.06%                | 0.87%                | 0.33%                |
| Class ID C000117030 | 0.11%                | 0.92%                | 0.37%                |
| Class ID C000046474 | -0.16%               | 0.93%                | 0.39%                |
| Class ID C000088507 | -0.26%               | 0.83%                | 0.28%                |
| Class ID C000062459 | 0.05%                | 0.86%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $58727.41                | $-557508.50                                |
| Month 2  | $-7855.79                | $1075711.42                                |
| Month 3  | $31075.87                | $57120.65                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bank                                                    | BANK 2023-BNK45                                                     | CUSIP: 06541BBK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1632087.78   | 0.64%             | 2056-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                             | CUSIP: 06418BAE8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $394078.25    | 0.15%             | 2027-03-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                          | Chase Mortgage Finance Trust Series 2007-A1                         | CUSIP: 161630AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3493 | PA      | $3329.70      | 0.00%             | 2037-02-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2014-6                                    | CUSIP: 64033RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155999 | PA      | $155810.05    | 0.06%             | 2052-11-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                     | CUSIP: 58013MFP4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9924.36      | 0.00%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                   | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52234.85     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31387EKT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       512 | PA      | $535.33       | 0.00%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fortress Credit BSL Limited                             | Fortress Credit Bsl X Ltd                                           | CUSIP: 34962HAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $480570.24    | 0.19%             | 2033-04-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR NOTE (CBT)                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -26 | NC      | $-6373.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200839.84    | 0.08%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BVU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    640536 | PA      | $640858.40    | 0.25%             | 2062-07-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36241LNK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25930 | PA      | $26936.77     | 0.01%             | 2034-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                       | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98343.43     | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                    | CUSIP: 3132E0BE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    502396 | PA      | $515057.90    | 0.20%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       100 | NC      | $5625.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                   | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10075.98     | 0.00%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                         | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    370000 | PA      | $379704.36    | 0.15%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                            | Saxon Asset Securities Trust 2003-3                                 | CUSIP: 805564PE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9535 | PA      | $9303.47      | 0.00%             | 2033-12-25      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                    | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    650000 | PA      | $656532.18    | 0.26%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2003-2                                       | CUSIP: 81743PAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30212 | PA      | $29690.61     | 0.01%             | 2033-06-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                              | Kenvue Inc                                                          | CUSIP: 49177JAD4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    640000 | PA      | $642687.71    | 0.25%             | 2026-03-22      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                   | General Dynamics Corp                                               | CUSIP: 369550BL1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328696.41    | 0.13%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       108 | NC      | $12656.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2025-FL19 LLC                                                   | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390000 | PA      | $391829.61    | 0.15%             | 2042-05-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2019-4                                    | CUSIP: 89178BBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    910000 | PA      | $706750.77    | 0.28%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                     | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1029487.68   | 0.40%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | Citibank NA                                                         | CUSIP: 17325FBK3<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1331900.22   | 0.52%             | 2029-08-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US LONG BOND(CBT)                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -11 | NC      | $-23565.85    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15857 | PA      | $14473.28     | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                    | CUSIP: 3132AEFK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39013 | PA      | $38560.54     | 0.02%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B31 Mortgage Trust                                   | CUSIP: 08163MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1320000 | PA      | $1176745.02   | 0.46%             | 2054-12-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                         | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $99841.10     | 0.04%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                            | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1288347.79   | 0.50%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2022-BNK39                                                     | CUSIP: 06539VAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  60222068 | PA      | $1354912.22   | 0.53%             | 2055-02-15      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                      | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $73136.59     | 0.03%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 3622AANA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17585 | PA      | $16334.50     | 0.01%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                           | Citigroup Mortgage Loan Trust 2007-AR4                              | CUSIP: 17311WAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16558 | PA      | $16865.47     | 0.01%             | 2037-03-25      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                   | CUSIP: 3136BVAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2266025 | PA      | $2284318.22   | 0.89%             | 2054-08-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                               | Stonepeak 2021-1 ABS                                                | CUSIP: 78433XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    494581 | PA      | $477539.93    | 0.19%             | 2033-02-28      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 3620E0D78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83405 | PA      | $85762.86     | 0.03%             | 2060-08-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                                | VIRGIN MEDIA BRISTOL LLC                                            | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    375000 | PA      | $370312.50    | 0.14%             | 2031-03-31      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                  | Goldman Sachs Bank USA/New York NY                                  | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200934.55    | 0.08%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                   | Texas Instruments Inc                                               | CUSIP: 882508BC7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9827.45      | 0.00%             | 2027-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                           | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134926.50    | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                            | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    740000 | PA      | $744807.78    | 0.29%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                   | Quest Diagnostics Inc                                               | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $2045501.27   | 0.80%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31371FSZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        76 | PA      | $79.10        | 0.00%             | 2027-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                 | EQUATE Petrochemical Co KSC                                         | CUSIP: 29441WAC9<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |    630000 | PA      | $628881.12    | 0.25%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                      | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    236000 | PA      | $232005.11    | 0.09%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                            | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52330.34     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fifth Third Auto Trust                                  | Fifth Third Auto Trust 2023-1                                       | CUSIP: 31680EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    982292 | PA      | $991445.79    | 0.39%             | 2028-08-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                  | CUSIP: 69335PEW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210000 | PA      | $1218384.33   | 0.48%             | 2028-05-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38382YSC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2296852 | PA      | $2287530.27   | 0.89%             | 2072-04-20      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-3 Ltd                                                 | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |   1001699 | PA      | $1001698.60   | 0.39%             | 2031-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                         | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1057938.34   | 0.41%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2024-II Ltd                                            | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $150669.74    | 0.06%             | 2037-04-22      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2022-AFC1 Trust                                               | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486717 | PA      | $484507.18    | 0.19%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BJN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     96068 | PA      | $96044.27     | 0.04%             | 2060-11-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5180000 | PA      | $5263264.46   | 2.06%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        73 | NC      | $11976.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-COPT                              | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $641785.60    | 0.25%             | 2042-08-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                           | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211731.79    | 0.08%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2021-A                             | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277178 | PA      | $274723.26    | 0.11%             | 2053-01-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Cayuga Park CLO, Ltd.                                   | Cayuga Park CLO Ltd                                                 | CUSIP: 149791AP0<br>LEI: 549300SVH2QJEV4A2G21 | Long             | ABS-CBDO         | CORP              | KY        |    565000 | PA      | $566000.84    | 0.22%             | 2034-07-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva                          | Capital One Prime Auto Receivables Trust 2022-2                     | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128751 | PA      | $128590.12    | 0.05%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140FXFZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63385 | PA      | $59973.05     | 0.02%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                             | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10149.75     | 0.00%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                          | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    590000 | PA      | $626034.25    | 0.24%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                                      | Roche Holdings Inc                                                  | CUSIP: 771196CJ9<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1104362.63   | 0.43%             | 2029-03-08      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2006-B                        | CUSIP: 78443CCU6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | CORP              | US        |    254033 | PA      | $248037.45    | 0.10%             | 2039-12-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | SWOP IRS USD                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |   8260000 | NC      | $33469.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                       | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31834.56     | 0.01%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.IG.45.V1                                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $182278.26    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                    | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1876947 | PA      | $1623505.47   | 0.63%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31371HYA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       720 | PA      | $751.77       | 0.00%             | 2029-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US ULTRA BOND CBT                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -6 | NC      | $-18907.94    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31384VQR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1060 | PA      | $1107.65      | 0.00%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1       | CUSIP: 35563PES4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    415144 | PA      | $408203.27    | 0.16%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BMT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64986 | PA      | $64992.12     | 0.03%             | 2061-08-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2670000 | PA      | $2701393.35   | 1.06%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                    | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    950000 | PA      | $960499.85    | 0.38%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2025-1 LLC                                   | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452438 | PA      | $454997.63    | 0.18%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                               | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $531108.28    | 0.21%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                       | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109573.54    | 0.04%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BN99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    108754 | PA      | $108326.42    | 0.04%             | 2063-03-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXX Ltd                                            | CUSIP: 09630QAU5<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $420498.96    | 0.16%             | 2035-04-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| WMRK Commercial Mortgage Trust                          | WMRK Commercial Mortgage Trust 2022-WMRK                            | CUSIP: 929342AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1035000 | PA      | $1039627.49   | 0.41%             | 2027-11-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140XJHZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    809545 | PA      | $782598.21    | 0.31%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    870000 | PA      | $889644.19    | 0.35%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                             | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239747.09    | 0.09%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                               | CUSIP: 69703NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1603256 | PA      | $1606462.42   | 0.63%             | 2032-10-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                 | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51970.72     | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                      | CUSIP: 532457CK2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    820000 | PA      | $833110.18    | 0.33%             | 2029-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                          | Ford Credit Floorplan Master Owner Trust A                          | CUSIP: 34528QHV9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1310000 | PA      | $1316515.81   | 0.51%             | 2028-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7710000 | PA      | $7747345.31   | 3.03%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                     | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1052184.64   | 0.41%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                    | CUSIP: 31329KUV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    599806 | PA      | $571426.43    | 0.22%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                      | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    252000 | PA      | $256196.33    | 0.10%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2022-R04                        | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $555122.16    | 0.22%             | 2042-03-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                            | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53305.02     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPER                             | CHARTER COMMUNICATIONS OPER                                         | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    324701 | PA      | $324634.38    | 0.13%             | 2030-12-09      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Harbor Park CLO Ltd                                     | Harbor Park CLO 18-1 Ltd                                            | CUSIP: 41154XAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $641026.24    | 0.25%             | 2031-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -54 | NC      | $-1687.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Structured Adjustable Rate Mor                          | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12       | CUSIP: 863579SU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2831 | PA      | $2401.65      | 0.00%             | 2035-06-25      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                           | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $486231.14    | 0.19%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | GREYWOLF CLO VI Ltd                                                 | CUSIP: 39809GAC9<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250421.18    | 0.10%             | 2031-04-26      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                         | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77957.16     | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                   | CUSIP: 3136B3HQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136733 | PA      | $127541.02    | 0.05%             | 2048-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                      | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    720000 | PA      | $733255.57    | 0.29%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                    | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1308712.26   | 0.51%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                          | SWCH Commercial Mortgage Trust 2025-DATA                            | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $667469.14    | 0.26%             | 2042-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                               | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $366684.74    | 0.14%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 3620E0DZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1726 | PA      | $1743.51      | 0.00%             | 2060-07-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2017-BNK9                                                      | CUSIP: 06540RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571222 | PA      | $564941.94    | 0.22%             | 2054-11-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 32 Ltd                                            | CUSIP: 19737TBG0<br>LEI: 549300NBGVSLUALOY827 | Long             | ABS-CBDO         | CORP              | KY        |    690000 | PA      | $690125.65    | 0.27%             | 2034-07-24      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    970000 | PA      | $968253.65    | 0.38%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C                          | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3  | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-MBS          | CORP              | US        |       783 | PA      | $763.74       | 0.00%             | 2035-08-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -54 | NC      | $-23287.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38382YGG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1331358 | PA      | $1319434.24   | 0.52%             | 2071-09-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                  | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9807.43      | 0.00%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                     | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2011602.19   | 0.79%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                   | Petroleos del Peru SA                                               | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    710000 | PA      | $618008.85    | 0.24%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BXT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8240 | PA      | $8249.32      | 0.00%             | 2062-10-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                                 | Verdant Receivables 2024-1 LLC                                      | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1097142 | PA      | $1118576.09   | 0.44%             | 2031-12-12      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                    | Mercedes-Benz Finance North America LLC                             | CUSIP: 58769JBA4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    490000 | PA      | $505492.55    | 0.20%             | 2029-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                              | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1009582.58   | 0.39%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                          | Structured Asset Securities Corp                                    | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61562 | PA      | $56037.98     | 0.02%             | 2035-06-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                          | Structured Asset Securities Corp Trust 2005-SC1                     | CUSIP: 86359DTG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327558 | PA      | $235203.92    | 0.09%             | 2031-05-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377REK6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    980000 | PA      | $961782.00    | 0.38%             | 2027-08-20      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                               | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $597008.62    | 0.23%             | 2029-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                                    | CUSIP: 30231GBJ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    670000 | PA      | $665653.79    | 0.26%             | 2027-03-19      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XVI Ltd                                                | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360001.91    | 0.14%             | 2034-07-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                 | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $173196.75    | 0.07%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                          | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $206923.60    | 0.08%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BBX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91167 | PA      | $91819.26     | 0.04%             | 2060-05-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                             | CUSIP: 06418GAH0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1023406.09   | 0.40%             | 2027-06-04      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                            | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    220000 | PA      | $223237.29    | 0.09%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                       | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1621392.10   | 0.63%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                                | Engie SA                                                            | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    840000 | PA      | $865915.35    | 0.34%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                | Canadian Pacific Railway Co                                         | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    330000 | PA      | $321496.32    | 0.13%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38380QYC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1027010 | PA      | $1022837.65   | 0.40%             | 2070-04-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                    | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10410.73     | 0.00%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3138EKYT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    264033 | PA      | $267228.51    | 0.10%             | 2037-09-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RCF1 LLC                                                  | CUSIP: 74390RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491935 | PA      | $488832.42    | 0.19%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375B3P5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7294 | PA      | $7294.57      | 0.00%             | 2063-05-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2003-10                                      | CUSIP: 78442GJH0<br>LEI: 5493000NQN5E3MSIIG77 | Long             | ABS-O            | CORP              | US        |    446324 | PA      | $445034.66    | 0.17%             | 2068-12-17      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                                 | Federal Home Loan Bank Discount Notes                               | CUSIP: 313385SD9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   3940000 | PA      | $3892109.85   | 1.52%             | 2026-01-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                          | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114498.35    | 0.04%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BKL5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50164 | PA      | $50158.95     | 0.02%             | 2061-02-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                              | Federal National Mortgage Association                               | CUSIP: 3135G07G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1640000 | PA      | $1641260.24   | 0.64%             | 2026-06-18      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E                          | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC              | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    260000 | PA      | $260411.01    | 0.10%             | 2043-01-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140QP4F1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    513491 | PA      | $523083.91    | 0.20%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                            | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254344.13    | 0.10%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                                  | Asian Development Bank                                              | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |    830000 | PA      | $806243.96    | 0.32%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38381B4T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80088 | PA      | $72990.70     | 0.03%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR ULTRA                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        21 | NC      | $25229.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Taco Bell Funding, LLC                                  | Taco Bell Funding LLC                                               | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $210959.64    | 0.08%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                             | Cencora Inc                                                         | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    480000 | PA      | $485510.77    | 0.19%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                    | CUSIP: 31329KUC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    636730 | PA      | $605630.93    | 0.24%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                           | McKesson Corp                                                       | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    720000 | PA      | $723286.53    | 0.28%             | 2029-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEVICES                                  | Advanced Micro Devices Inc                                          | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |    760000 | PA      | $766781.01    | 0.30%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                            | CUSIP: 571748BY7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    860000 | PA      | $869946.07    | 0.34%             | 2027-11-08      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                        | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1099964.42   | 0.43%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -36 | NC      | $-16593.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo I Ltd                                                  | CUSIP: 96467FAU4<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250625.00    | 0.10%             | 2036-07-24      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                           | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30618.39     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2017-4                          | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89333 | PA      | $86203.40     | 0.03%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                 | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    310000 | PA      | $305487.56    | 0.12%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P4                              | CUSIP: 14687KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060951 | PA      | $1049377.09   | 0.41%             | 2027-12-10      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                  | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    520000 | PA      | $514570.98    | 0.20%             | 2027-01-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140H3ZJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25120 | PA      | $23703.61     | 0.01%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BJS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12904 | PA      | $12910.49     | 0.01%             | 2061-01-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                          | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102608.16    | 0.04%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                            | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209727.09    | 0.08%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T                          | STWD 2022-FL3 Ltd                                                   | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    132900 | PA      | $132575.60    | 0.05%             | 2038-11-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -126 | NC      | $-16734.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                  | CUSIP: 69335PET8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $906378.12    | 0.35%             | 2028-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     26434 | PA      | $24199.39     | 0.01%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     43906 | PA      | $40168.27     | 0.02%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                  | CUSIP: 31392XUX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33202 | PA      | $33385.66     | 0.01%             | 2032-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                         | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    620000 | PA      | $624156.97    | 0.24%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                      | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    610000 | PA      | $614466.55    | 0.24%             | 2027-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2005-AR19 Trust      | CUSIP: 92925CBD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13030 | PA      | $13249.51     | 0.01%             | 2045-12-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BXV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17701 | PA      | $17730.73     | 0.01%             | 2062-10-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                      | CUSIP: 532457CQ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10074.71     | 0.00%             | 2029-08-14      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        54 | NC      | $421.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                      | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    430000 | PA      | $441112.08    | 0.17%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                 | CUSIP: 14149YBN7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    620000 | PA      | $637948.89    | 0.25%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                         | CUSIP: 03755QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $570427.50    | 0.22%             | 2034-10-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140FXDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117214 | PA      | $110905.92    | 0.04%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                         | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    850000 | PA      | $848375.43    | 0.33%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                         | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    240000 | PA      | $242154.20    | 0.09%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17162 | PA      | $17170.58     | 0.01%             | 2061-02-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2022-3 LLC                               | CUSIP: 29374FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115356 | PA      | $115377.56    | 0.05%             | 2029-07-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                            | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1952345.66   | 0.76%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                    | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10569.34     | 0.00%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                     | CNH Equipment Trust 2022-B                                          | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448540 | PA      | $448013.11    | 0.18%             | 2027-11-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                              | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74875.29     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                            | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162325.09    | 0.06%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                        | Hewlett Packard Enterprise Co                                       | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387758.79    | 0.15%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2005-A                        | CUSIP: 78443CBV5<br>LEI: 549300ZTEFT8CS12SF95 | Long             | ABS-O            | CORP              | US        |    513364 | PA      | $506516.70    | 0.20%             | 2038-12-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                              | CUSIP: 91324PEZ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1895278.62   | 0.74%             | 2029-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MASTR Specialized Loan Trust                            | Mastr Specialized Loan Trust                                        | CUSIP: 57643BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21551 | PA      | $21253.59     | 0.01%             | 2046-06-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2090000 | PA      | $2115037.97   | 0.83%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38382NZ83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64145 | PA      | $64034.51     | 0.03%             | 2051-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                        | API GROUP DE INC                                                    | CUSIP: 00186XAN3<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |    348863 | PA      | $349007.52    | 0.14%             | 2029-01-03      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                              | Kenvue Inc                                                          | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    540000 | PA      | $551858.09    | 0.22%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2024-1 Ltd                                        | CUSIP: 09204UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1040000 | PA      | $1044890.50   | 0.41%             | 2037-10-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99366.23     | 0.04%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                 | Shell International Finance BV                                      | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    180000 | PA      | $178813.62    | 0.07%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                   | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120539.16    | 0.05%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                            | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    580000 | PA      | $602220.96    | 0.24%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2006-AR13 Trust      | CUSIP: 93363RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283074 | PA      | $268601.96    | 0.10%             | 2046-10-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9957.33      | 0.00%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2022-BNK40                                                     | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $438363.97    | 0.17%             | 2064-03-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 14 Ltd                                                    | CUSIP: 00144GAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800000.00    | 0.31%             | 2034-04-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375B3L4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14322 | PA      | $14322.85     | 0.01%             | 2063-06-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140XB4B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    313315 | PA      | $300439.55    | 0.12%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                     | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9476.30      | 0.00%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                      | BMW US Capital LLC                                                  | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1236385.04   | 0.48%             | 2029-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    460000 | PA      | $481375.89    | 0.19%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                                    | Howmet Aerospace Inc                                                | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    520000 | PA      | $501878.88    | 0.20%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C                          | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4  | CUSIP: 16678RCD7<br>LEI: 549300BO65N44G8TZI31 | Long             | ABS-MBS          | CORP              | US        |      7596 | PA      | $7383.31      | 0.00%             | 2035-10-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                         | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    140000 | PA      | $142855.51    | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                    | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    640000 | PA      | $633598.21    | 0.25%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                             | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506732.70    | 0.20%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                        | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13311 | NS      | $5058.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                         | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    430000 | PA      | $442792.53    | 0.17%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Obra CLO Ltd                                            | Obra CLO 2 Ltd                                                      | CUSIP: 674436AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $603528.06    | 0.24%             | 2038-07-20      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38382MTZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63984 | PA      | $63781.64     | 0.02%             | 2051-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                                  | National Securities Clearing Corp                                   | CUSIP: 637639AE5<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |    490000 | PA      | $486700.90    | 0.19%             | 2025-12-07      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View CLO XVI Ltd                                           | CUSIP: 62432UAN1<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350588.42    | 0.14%             | 2034-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 41 Senior Loan Fund                                          | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |    111432 | PA      | $111492.13    | 0.04%             | 2031-04-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                  | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    240000 | PA      | $257773.20    | 0.10%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd.                                   | Newark BSL CLO 2 Ltd                                                | CUSIP: 65023PAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    134187 | PA      | $134388.40    | 0.05%             | 2030-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38376XNT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40284 | PA      | $40336.47     | 0.02%             | 2060-03-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2021-A                             | CUSIP: 78448YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    548880 | PA      | $484444.32    | 0.19%             | 2053-01-15      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through                           | Freddie Mac Structured Pass-Through Certificates                    | CUSIP: 31392W7B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36586 | PA      | $38088.83     | 0.01%             | 2043-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2021-FL3 Ltd                                    | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     81339 | PA      | $81499.10     | 0.03%             | 2039-07-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                            | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $173500.00    | 0.07%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                        | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    930000 | PA      | $936597.77    | 0.37%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                       | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    230000 | PA      | $235838.09    | 0.09%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140XJFG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1538676 | PA      | $1547103.35   | 0.60%             | 2038-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31382N3S9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1020 | PA      | $1064.83      | 0.00%             | 2029-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    540000 | PA      | $540063.28    | 0.21%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                           | MHC Commercial Mortgage Trust 2021-MHC                              | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99948 | PA      | $99982.79     | 0.04%             | 2038-04-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Milos CLO, LTD                                          | Milos CLO Ltd                                                       | CUSIP: 60162PAE2<br>LEI: 254900GFWI4EEB8IJS18 | Long             | ABS-CBDO         | CORP              | KY        |    271268 | PA      | $271420.24    | 0.11%             | 2030-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails CLO XII Ltd                                            | CUSIP: 67515DAS7<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    920000 | PA      | $924092.34    | 0.36%             | 2035-07-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-MFP2                                               | CUSIP: 85236WCE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1449485.69   | 0.57%             | 2036-11-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                               | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134761.12    | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                             | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457240.10    | 0.18%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2022-1                           | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    904246 | PA      | $800970.31    | 0.31%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31384VQK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       888 | PA      | $927.53       | 0.00%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-XL2                               | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    693000 | PA      | $695460.64    | 0.27%             | 2038-10-15      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                    | Mercedes-Benz Finance North America LLC                             | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1254476.00   | 0.49%             | 2027-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        90 | NC      | $16171.87     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Structured Adjustable Rate Mor                          | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4        | CUSIP: 863579MP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61137 | PA      | $50907.12     | 0.02%             | 2035-03-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                                | Verdelite Static CLO 2024-1 Ltd                                     | CUSIP: 92338VAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    390000 | PA      | $391047.27    | 0.15%             | 2032-07-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-10                                    | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |    506062 | PA      | $508866.21    | 0.20%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                      | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31838.47     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                             | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30097.16     | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                            | Chevron Corp                                                        | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $466772.65    | 0.18%             | 2027-05-11      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                    | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111254.54    | 0.04%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31377BXH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        22 | PA      | $23.01        | 0.00%             | 2027-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2019-NQM5                       | CUSIP: 64830PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    334662 | PA      | $320387.82    | 0.13%             | 2059-11-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     36275 | PA      | $33268.06     | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140X9MD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    624561 | PA      | $595858.86    | 0.23%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    710000 | PA      | $699289.53    | 0.27%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                         | Venture 38 CLO Ltd                                                  | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    197660 | PA      | $197205.35    | 0.08%             | 2032-07-30      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2       | CUSIP: 35563PRE1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    838437 | PA      | $810553.25    | 0.32%             | 2059-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31387SX68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1469 | PA      | $1534.13      | 0.00%             | 2031-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                        | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    870000 | PA      | $872447.48    | 0.34%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                    | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1676940.96   | 0.66%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                           | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $284616.37    | 0.11%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                    | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    344141 | PA      | $146473.29    | 0.06%             | 2030-03-12      | Variable      | 11.00%                | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                 | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74160.87     | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                  | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22112.70     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Pro                          | RAMP Series 2004-SL4 Trust                                          | CUSIP: 76112BGP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3397 | PA      | $1101.62      | 0.00%             | 2032-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                     | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20387.40     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110296 | PA      | $104359.29    | 0.04%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2006-A                        | CUSIP: 78443CCL6<br>LEI: 549300I2YWZ9E1B0EY33 | Long             | ABS-O            | CORP              | US        |    461257 | PA      | $443135.27    | 0.17%             | 2039-06-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181174.39    | 0.07%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | Israel Government International Bond                                | CUSIP: 46514BRN9<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    370000 | PA      | $380711.05    | 0.15%             | 2029-03-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                 | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    900000 | PA      | $906548.18    | 0.35%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                  | CUSIP: 437076CN0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118327.93    | 0.05%             | 2027-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | SWOP IRS USD                                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  -1910000 | NC      | $-32279.18    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                      | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    470000 | PA      | $490897.95    | 0.19%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES XLIV CLO Ltd                                                   | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250320.23    | 0.10%             | 2034-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                  | CUSIP: 437076DB5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10169.16     | 0.00%             | 2027-06-25      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496445.12    | 0.19%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced                           | Volkswagen Auto Loan Enhanced Trust 2023-2                          | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69280 | PA      | $69363.02     | 0.03%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 2YR NOTE (CBT)                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       384 | NC      | $94110.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                            | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148258.90    | 0.06%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                          | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $257573.94    | 0.10%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                    | CUSIP: 64035DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311369 | PA      | $294091.97    | 0.11%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BGS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30178 | PA      | $30167.28     | 0.01%             | 2058-08-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32         | CUSIP: 61691GAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67835 | PA      | $67473.81     | 0.03%             | 2049-12-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2025-FL4 LLC                                    | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390000 | PA      | $391020.90    | 0.15%             | 2043-01-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Parallel Ltd                                            | Parallel 2023-1 Ltd                                                 | CUSIP: 69915NAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $572154.66    | 0.22%             | 2036-07-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust           | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    560000 | PA      | $539837.57    | 0.21%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                 | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9458 | NS      | $3594.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                          | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9743.30      | 0.00%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    800000 | PA      | $794358.66    | 0.31%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                    | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    860000 | PA      | $859935.11    | 0.34%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                              | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1006573.15   | 0.39%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | Reperforming Loan REMIC Trust 2006-R2                               | CUSIP: 125435AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47118 | PA      | $44840.41     | 0.02%             | 2036-07-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                 | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    630000 | PA      | $650997.26    | 0.25%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                   | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    980000 | PA      | $1022947.58   | 0.40%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp.                              | Impac Secured Assets Trust 2006-3                                   | CUSIP: 45255RAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    596482 | PA      | $524503.93    | 0.21%             | 2036-11-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-1 Ltd                                        | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $460789.68    | 0.18%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                   | CUSIP: 3136BN3N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69536 | PA      | $66654.80     | 0.03%             | 2052-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition                          | JP Morgan Mortgage Acquisition Trust 2007-CH2                       | CUSIP: 46630MAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332747 | PA      | $327175.25    | 0.13%             | 2037-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                           | CUSIP: 674599EH4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1042035.55   | 0.41%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                        | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $548455.48    | 0.21%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                      | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1031291.26   | 0.40%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo                          | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A2          | CUSIP: 589929P51<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22271 | PA      | $19308.95     | 0.01%             | 2033-03-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                    | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    700000 | PA      | $669059.15    | 0.26%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding V CLO Ltd                                             | CUSIP: 15032AAY3<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |    846137 | PA      | $829060.21    | 0.32%             | 2031-07-17      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                  | Tesla Auto Lease Trust 2023-B                                       | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1310000 | PA      | $1315560.95   | 0.51%             | 2027-08-20      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2016-6                                   | CUSIP: 63940LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1346688 | PA      | $1373844.69   | 0.54%             | 2066-03-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                               | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60705.03     | 0.02%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXX                                                      | CUSIP: 03768CAS8<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003465.10   | 0.39%             | 2031-10-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                           | CUSIP: 31326FRF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45469 | PA      | $46892.20     | 0.02%             | 2043-06-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                          | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    850000 | PA      | $843659.87    | 0.33%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375B3N0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6442 | PA      | $6441.18      | 0.00%             | 2063-06-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| YAMANA GOLD INC                                         | Yamana Gold Inc                                                     | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $320553.72    | 0.13%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Asset Backed Funding Certifica                          | ABFC 2003-OPT1 Trust                                                | CUSIP: 04542BDG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    373390 | PA      | $369456.64    | 0.14%             | 2033-04-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust                             | OCCU Auto Receivables Trust 2025-1                                  | CUSIP: 67098SAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $474490.19    | 0.19%             | 2034-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2005-AR4 Trust       | CUSIP: 92922FG77<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5688 | PA      | $5523.61      | 0.00%             | 2035-04-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -45 | NC      | $-24257.81    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 3622A3CG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     82313 | PA      | $77120.67     | 0.03%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36210FXS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1229 | PA      | $1246.60      | 0.00%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2025-ESH                                | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $241349.98    | 0.09%             | 2042-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -39 | NC      | $-975.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -36 | NC      | $-23625.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox CLO III Ltd                                                | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $331428.11    | 0.13%             | 2035-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                          | Amur Equipment Finance Receivables XIII LLC                         | CUSIP: 03237CAC6<br>LEI: 254900O8ABFLU3FOSN14 | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1379413.26   | 0.54%             | 2031-01-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                        | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159010.63    | 0.06%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                        | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    590000 | PA      | $596706.28    | 0.23%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $240279.64    | 0.09%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QAZAQGAZ NC JSC                                         | QazaqGaz NC JSC                                                     | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    800000 | PA      | $795392.70    | 0.31%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                  | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22586.67     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31387N3S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       345 | PA      | $359.80       | 0.00%             | 2031-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves             | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   6697942 | NS      | $6697942.22   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                             | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $111953.60    | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                     | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    420000 | PA      | $408141.68    | 0.16%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 15 Ltd                                                    | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $551375.55    | 0.22%             | 2038-04-17      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2021-FL10 Ltd                                                   | CUSIP: 07335YAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1320000 | PA      | $1323420.25   | 0.52%             | 2036-12-16      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       108 | NC      | $25312.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                            | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259856.13    | 0.10%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2018-H4                              | CUSIP: 61691RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21630876 | PA      | $466290.30    | 0.18%             | 2051-12-15      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Ent Auto Receivables Trust                              | Ent Auto Receivables Trust 2023-1                                   | CUSIP: 293601AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $657099.07    | 0.26%             | 2029-11-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2016-1 Ltd                                                 | CUSIP: 92915CAU8<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $240400.49    | 0.09%             | 2031-01-20      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38381BDT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    104991 | PA      | $100621.74    | 0.04%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                        | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $80054.60     | 0.03%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                          | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1032050.62   | 0.40%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                          | MetroNet Infrastructure Issuer LLC                                  | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $447246.80    | 0.17%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                        | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1511683.72   | 0.59%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $285512.02    | 0.11%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                           | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122966.40    | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203137.00    | 0.08%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     46229 | PA      | $42367.28     | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM4 Trust                                                | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    471095 | PA      | $475156.05    | 0.19%             | 2069-12-26      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31384VWG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1505 | PA      | $1572.13      | 0.00%             | 2030-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31384WJZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       765 | PA      | $799.03       | 0.00%             | 2031-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                    | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    340000 | PA      | $340527.78    | 0.13%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                  | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133842.53    | 0.05%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                   | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51977.05     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                          | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1427418.62   | 0.56%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2021-1                                   | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456198 | PA      | $453790.04    | 0.18%             | 2069-12-26      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                                 | Connecticut Light and Power Co/The                                  | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    580000 | PA      | $590856.50    | 0.23%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                      | Ingersoll Rand Inc                                                  | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    830000 | PA      | $858790.69    | 0.34%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management                                     | HPS Loan Management 15-2019 Ltd                                     | CUSIP: 40439DAN8<br>LEI: 254900T9FXVALKHZXT96 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250908.00    | 0.10%             | 2035-01-22      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                       | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    500000 | PA      | $512833.00    | 0.20%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan ReRemic                                       | JP Morgan Resecuritization Trust Series 2009-10                     | CUSIP: 46634ACP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1651458 | PA      | $747580.57    | 0.29%             | 2037-02-26      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                      | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1097023.60   | 0.43%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38380LF65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    445221 | PA      | $444232.94    | 0.17%             | 2069-10-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        52 | NC      | $4440.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                    | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    420000 | PA      | $397639.20    | 0.16%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1       | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    835550 | PA      | $818558.88    | 0.32%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                      | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1178104.49   | 0.46%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                   | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60820.39     | 0.02%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480585.62    | 0.19%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                    | Waste Management Inc                                                | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $485958.84    | 0.19%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31386X4F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6342 | PA      | $6622.48      | 0.00%             | 2029-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                      | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $208442.20    | 0.08%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    280000 | PA      | $278431.24    | 0.11%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $2383.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                 | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30429.28     | 0.01%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                 | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    580000 | PA      | $584593.99    | 0.23%             | 2027-04-23      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                             | Asurion LLC                                                         | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    481108 | PA      | $481317.49    | 0.19%             | 2027-07-30      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                     | CUSIP: 58013MFB5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9941.27      | 0.00%             | 2027-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10450000 | PA      | $10183212.34  | 3.98%             | 2026-07-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                 | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131146.40    | 0.05%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-20699.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                          | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2182665.27   | 0.85%             | 2027-03-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BCRED MML CLO 2021-1 LLC                                | BCRED MML CLO 2021-1 LLC                                            | CUSIP: 05554LAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    950000 | PA      | $951531.97    | 0.37%             | 2035-01-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 5YR NOTE (CBT)                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        22 | NC      | $4144.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bear Stearns Alt-A Trust                                | Bear Stearns ALT-A Trust 2007-1                                     | CUSIP: 07386XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61502 | PA      | $53407.01     | 0.02%             | 2047-01-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305025.75    | 0.12%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37760 | PA      | $34125.15     | 0.01%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORP                                     | Dollar General Corp                                                 | CUSIP: 256677AK1<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |    390000 | PA      | $393387.22    | 0.15%             | 2027-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                      | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    480000 | PA      | $489645.16    | 0.19%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM1 Trust                                                 | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820184 | PA      | $744622.91    | 0.29%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                       | CUSIP: 842400HY2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1775028.92   | 0.69%             | 2028-10-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    590461 | PA      | $510730.84    | 0.20%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Luminent Mortgage Trust                                 | Luminent Mortgage Trust 2006-7                                      | CUSIP: 55028BAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14389 | PA      | $19109.05     | 0.01%             | 2036-12-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                           | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    730000 | PA      | $722412.75    | 0.28%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31384WD49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2145 | PA      | $2241.02      | 0.00%             | 2031-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                   | CUSIP: 36241LN69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10363 | PA      | $11064.81     | 0.00%             | 2036-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                  | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    510000 | PA      | $519046.51    | 0.20%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BAM4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4686 | PA      | $4699.99      | 0.00%             | 2060-02-20      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                          | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1587000 | PA      | $1561768.13   | 0.61%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                      | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $918153.76    | 0.36%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                              | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253695.66    | 0.10%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In                          | RALI Series 2007-QS7 Trust                                          | CUSIP: 74923WAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    392799 | PA      | $302722.65    | 0.12%             | 2037-05-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       108 | NC      | $22950.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SETANTA AIRCRAFT LEASING                                | SETANTA AIRCRAFT LEASING                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    262500 | PA      | $264286.31    | 0.10%             | 2028-11-06      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                               | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    740000 | PA      | $748954.13    | 0.29%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                      | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1090000 | PA      | $1100445.32   | 0.43%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                             | Paychex Inc                                                         | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    330000 | PA      | $339710.21    | 0.13%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                  | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42512.08     | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                      | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210481.68    | 0.08%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        66 | NC      | $112966.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TRP LLC                                                 | TRP 2021 LLC                                                        | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    798600 | PA      | $765247.54    | 0.30%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                             | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    830000 | PA      | $843074.08    | 0.33%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                                   | American Airlines 2015-1 Class A Pass Through Trust                 | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1058982 | PA      | $1042328.59   | 0.41%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                        | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    630000 | PA      | $639700.75    | 0.25%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                                     | Inversiones CMPC SA                                                 | CUSIP: 46128MAJ0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    560000 | PA      | $561556.24    | 0.22%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2003-AR5 Trust       | CUSIP: 929227R65<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9674 | PA      | $9699.27      | 0.00%             | 2033-06-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-ARIA                                                  | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $746918.03    | 0.29%             | 2036-10-15      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BH21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    217988 | PA      | $217588.85    | 0.09%             | 2062-12-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31386QFL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       166 | PA      | $173.20       | 0.00%             | 2031-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31390PM38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6637 | PA      | $6930.81      | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                 | Carmax Auto Owner Trust 2025-2                                      | CUSIP: 14320AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1230000 | PA      | $1234039.44   | 0.48%             | 2028-07-17      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        63 | NC      | $14765.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Auto Receivables Trust                             | Ally Auto Receivables Trust 2022-3                                  | CUSIP: 02008DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128946 | PA      | $129140.15    | 0.05%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                   | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1390000 | PA      | $1419509.30   | 0.55%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                              | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    340000 | PA      | $374901.00    | 0.15%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                          | Structured Asset Sec Corp Mort Pass Thr Cert Ser 2002-3             | CUSIP: 86358RWV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    263166 | PA      | $263541.12    | 0.10%             | 2032-03-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                               | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $375760.08    | 0.15%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       111 | NC      | $61050.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140XMTM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    454398 | PA      | $473710.17    | 0.19%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                           | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    950000 | PA      | $986898.20    | 0.39%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-PALM                                               | CUSIP: 85237AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825000 | PA      | $822379.55    | 0.32%             | 2034-10-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                  | GE HealthCare Technologies Inc                                      | CUSIP: 36267VAF0<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1041135.82   | 0.41%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                             | CUSIP: 15189XBD9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1372916.25   | 0.54%             | 2028-10-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                            | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2308371.20   | 0.90%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                   | CUSIP: 29379VBH5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   2860000 | PA      | $2854023.40   | 1.12%             | 2026-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                  | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199744.70    | 0.08%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BGF3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137066 | PA      | $136830.93    | 0.05%             | 2060-10-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    810000 | PA      | $826757.65    | 0.32%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Home Equity Asset Trust                                 | Home Equity Asset Trust 2005-6                                      | CUSIP: 437084NG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $369263.75    | 0.14%             | 2035-12-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                     | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1282306.66   | 0.50%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        39 | NC      | $5118.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                    | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $739965.46    | 0.29%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                    | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5730000 | PA      | $5765364.87   | 2.25%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                           | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $174531.29    | 0.07%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 3140LYQL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    993298 | PA      | $940387.24    | 0.37%             | 2051-11-01      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2024-R01                        | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252419.25    | 0.10%             | 2044-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2021-2 Ltd                                  | CUSIP: 05766GAL1<br>LEI: 549300N3EVICXRV85R74 | Long             | ABS-CBDO         | CORP              | KY        |    580000 | PA      | $582134.81    | 0.23%             | 2035-01-20      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara           | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    742000 | PA      | $763276.85    | 0.30%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 36208A7L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21389 | PA      | $21645.16     | 0.01%             | 2060-02-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                            | CUSIP: 38375BKE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     23570 | PA      | $23599.52     | 0.01%             | 2060-12-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                  | CUSIP: 67516CAW9<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $520964.76    | 0.20%             | 2034-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                   | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    630000 | PA      | $614983.74    | 0.24%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        78 | NS      | $29.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru                          | IndyMac INDX Mortgage Loan Trust 2004-AR14                          | CUSIP: 45660LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41623 | PA      | $32019.81     | 0.01%             | 2035-01-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                               | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $146586.83    | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        72 | NC      | $5625.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                           | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    670000 | PA      | $659824.34    | 0.26%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        54 | NC      | $7762.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                  | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1351721.08   | 0.53%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                         | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1036698.25   | 0.41%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Navigator Aviation Ltd                                  | Navigator 2025-1 Aviation Ltd                                       | CUSIP: 63943GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    270000 | PA      | $271539.00    | 0.11%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31385JJX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2517 | PA      | $2629.13      | 0.00%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2017-2                          | CUSIP: 64829KAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211896 | PA      | $210692.94    | 0.08%             | 2057-03-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                       | UPBOUND GROUP INC                                                   | CUSIP: 000000000<br>LEI: 529900QUHE15UQNCCJ63 | Long             | LON              | CORP              | US        |    687566 | PA      | $688711.29    | 0.27%             | 2032-08-19      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                     | CUSIP: 31390HA70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1192 | PA      | $1245.03      | 0.00%             | 2032-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                  | CUSIP: 3620E0DY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1408 | PA      | $1417.02      | 0.00%             | 2060-07-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Legg Mason Partners Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer