# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-26-021646
**Filing Date:** 2026-5
**Character Count:** 375653
**Document Hash:** 50e2847dbf689bef7602d85ced489bdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021646.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021646

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261031909

**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)

March 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Western Asset Short-Term Bond Fund**

&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>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 48.9%** | **Corporate Bonds & Notes — 48.9%** | **Corporate Bonds & Notes — 48.9%** | **Corporate Bonds & Notes — 48.9%** | **Corporate Bonds & Notes — 48.9%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| *Diversified Telecommunication Services — 1.2%* | *Diversified Telecommunication Services — 1.2%* | *Diversified Telecommunication Services — 1.2%* | *Diversified Telecommunication Services — 1.2%* | *Diversified Telecommunication Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp;&nbsp; $252203<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; 652577<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/16/27 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1619325<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; 259357<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *2783462* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 54000<br>| &nbsp;&nbsp;&nbsp; 53368<br>|
| &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; 198300<br> <sup>(a)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *251668* |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 475975<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1089580<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *1565555* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120450<br> <sup>(a)</sup><br>|
| &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; 282619<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; 99200<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51211<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *553480* |
| *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *638515*<br> <sup>(a)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5792680** |
| **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118598<br> <sup>(a)</sup><br>|
| &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; 157295<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *275893* |
| *Automobiles — 1.1%* | *Automobiles — 1.1%* | *Automobiles — 1.1%* | *Automobiles — 1.1%* | *Automobiles — 1.1%* |
| &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; 1223009<br> <sup>(a)</sup><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; 452818<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; 837232<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; 189672<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *2702731* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 329047<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/20/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 338643<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 208977<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 375704<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.257% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 661559<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *1913930* |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 232972<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; 505265<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; 820725<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; $870000<br>| &nbsp;&nbsp;&nbsp; $881502<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; 9943<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; 9914<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77773<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; 240933<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; 141414<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; 410194<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; 253315<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3583950* |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9845<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; 118555<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; 10099<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; 1184457<br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 204655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59959<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1587570* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10064074** |
| **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 2280000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2294653*<br> <sup>(a)</sup><br>|
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; *548365*<br>|
| *Tobacco — 1.8%* | *Tobacco — 1.8%* | *Tobacco — 1.8%* | *Tobacco — 1.8%* | *Tobacco — 1.8%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10434<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; 633184<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; 672137<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; 620541<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; 1277669<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; 1048411<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *4262376* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7105394** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp., Senior Notes | &nbsp;&nbsp; 1.995% | &nbsp;&nbsp; 5/11/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 469947<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; 101386<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; 60277<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; 1012008<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; 1525327<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; 1350652<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; 80040<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; 1013591<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; 252025<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; 514833<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; 132545<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; 10026<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; $1300000<br>| &nbsp;&nbsp;&nbsp; $1297437<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; 161069<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.294% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 666143<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; 119895<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239451<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; 726617<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 482858<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 281100<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; 375464<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; 563502<br> <sup>(a)</sup><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; 794496<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; 179762<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 328692<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; 239965<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; 367812<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51449<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; 21996<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; 22428<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; 42392<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; 100000<br>| &nbsp;&nbsp;&nbsp; 100121<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; 208313<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **13814006** |
| **Financials — 12.4%** | **Financials — 12.4%** | **Financials — 12.4%** | **Financials — 12.4%** | **Financials — 12.4%** |
| *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 591663<br>|
| &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; 199153<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; 697733<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.162% to 1/24/30 then SOFR + <br> 1.000%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 1/24/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 601351<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; 302108<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; 395277<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; 1012996<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; 1094094<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; 909516<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; 1317525<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; 109485<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; 1612840<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.240% to 5/13/30 then SOFR + 1.570%) | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 588306<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; 1405838<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; 547540<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 (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; $130008<br> <sup>(b)</sup><br>|
| &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; 641557<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. <br> Term SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 596485<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; 2101421<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; 973660<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; 60154<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; 9827<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; 113162<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *16011699* |
| *Capital Markets — 2.8%* | *Capital Markets — 2.8%* | *Capital Markets — 2.8%* | *Capital Markets — 2.8%* | *Capital Markets — 2.8%* |
| &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; 856364<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; 10059<br>|
| &nbsp;&nbsp;&nbsp; Depository Trust Co., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/27/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250238<br> <sup>(a)</sup><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; 495665<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.369% to 10/21/30 then SOFR + <br> 1.060%) | &nbsp;&nbsp; 4.369% | &nbsp;&nbsp; 10/21/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 588436<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; 480078<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; 1030229<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; 474662<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; 1027349<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; 484462<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; 483572<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, Senior Notes (4.734% to 7/18/30 then <br> SOFR + 1.080%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 598256<br> <sup>(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6779370* |
| *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* |
| &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; 580596<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; 1246922<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; 498596<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 622380<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2948494* |
| *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* |
| &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; 539189<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118142<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; 169713<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; 29692<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; 50764<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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 |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; $950000<br>| &nbsp;&nbsp;&nbsp; $953351<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1860851* |
| *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* |
| &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; 592522<br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 93446<br> <sup>(a)</sup><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; 864278<br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Senior Notes | &nbsp;&nbsp; 4.748% | &nbsp;&nbsp; 4/2/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 702011<br> <sup>(a)(c)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2252257* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29852671** |
| **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** |
| *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; *1025415*<br>|
| *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* | *Health Care Equipment & Supplies — 0.8%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 344532<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; 173439<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; 1100933<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; 253971<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1872875* |
| *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 901717<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 481915<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; 1033884<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; 9585<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; 2003296<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1405429<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 718297<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; 2029794<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; 1003964<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; 1879582<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *11467463* |
| *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* |
| &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; 440616<br> <sup>(a)</sup><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; 828299<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; 10011<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; 233797<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; 205396<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1718119* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **16083872** |
| **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** |
| *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* |
| &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; 99996<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; 31475<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; 72377<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; 328311<br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 376017<br> <sup>(a)</sup><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; 501774<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; $470000<br>| &nbsp;&nbsp;&nbsp; $475541<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; 180167<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/8/26 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1936286<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 258968<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *4260912* |
| *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; *131918*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 127666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145926<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; 362627<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; 483326<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1119545* |
| *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/6/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198055<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 603335<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *801390* |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &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; 324947<br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 612713<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *937660* |
| *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; *849314*<br>|
| *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1005062<br>| &nbsp;&nbsp;&nbsp; 992905<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68640<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; 304351<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1365896* |
| *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; *333097*<br>|
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1108719<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; 728393<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; 51304<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; 51280<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; 132713<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; 395098<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; 110133<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; 10138<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *2587778* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12387510** |
| **Information Technology — 2.9%** | **Information Technology — 2.9%** | **Information Technology — 2.9%** | **Information Technology — 2.9%** | **Information Technology — 2.9%** |
| *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., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *72344*<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; 765043<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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 |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; $630000<br>| &nbsp;&nbsp;&nbsp; $633345<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/5/27 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 843145<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 103091<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 596823<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; 9840<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; 621646<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *3572933* |
| *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* | *Software — 1.2%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1045376<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/4/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 256765<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 823967<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 137029<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 592355<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2855492* |
| *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; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112095<br> <sup>(a)</sup><br>|
| &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; 383010<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *495105* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6995874** |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Equate Petrochemical Co. KSCC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *623906*<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; *744761*<br>|
| *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 417441<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; 203771<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; 277844<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; 9958<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; 792699<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; 319393<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *2021106* |
| *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; *558801*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3948574** |
| **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; 110040<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; 29488<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128581<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **268109** |
| **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** |
| *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* | *Electric Utilities — 4.1%* |
| &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; 1360199<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; 585391<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248108<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; $930000<br>| &nbsp;&nbsp;&nbsp; $929410<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; 595133<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; 1299858<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; 610229<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; 440326<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; 748513<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; 1763262<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; 51777<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; 742625<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 600523<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *9975354* |
| *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; *222350*<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; *72817*<br> <sup>(a)</sup><br>|
| *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *859951*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **11130472** |
| **Total Corporate Bonds & Notes (Cost — $117,268,812)** | **Total Corporate Bonds & Notes (Cost — $117,268,812)** | **Total Corporate Bonds & Notes (Cost — $117,268,812)** | **Total Corporate Bonds & Notes (Cost — $117,268,812)** | &nbsp;&nbsp; **117443236** |
| **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** | **Asset-Backed Securities — 16.7%** |
| &nbsp;&nbsp;&nbsp; 522 Funding CLO Ltd., 2019-5A AR2 (3 mo. Term SOFR + 1.020%) | &nbsp;&nbsp; 4.680% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360096<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABFC Trust, 2003-OPT1 A3 (1 mo. Term SOFR + 0.794%) | &nbsp;&nbsp; 4.473% | &nbsp;&nbsp; 4/25/33 | &nbsp;&nbsp; 369537<br>| &nbsp;&nbsp;&nbsp; 370887<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 388986<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 550149<br> <sup>(a)(b)</sup><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; 1371151<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A A1R3 (3 mo. Term SOFR + 1.160%) | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520145<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 4.848% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570662<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1002210<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A A1RR (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.802% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250266<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2021-60A AR2 (3 mo. Term SOFR + 0.960%) | &nbsp;&nbsp; 4.628% | &nbsp;&nbsp; 7/18/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 299715<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ARI Fleet Lease Trust, 2025-B A2 | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1395048<br>| &nbsp;&nbsp;&nbsp; 1399020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AN (3 mo. Term SOFR + 1.340%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 390746<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AY (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140269<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AutoNation Finance Trust, 2026-1A D | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 1/11/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 159124<br> <sup>(a)</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; 816667<br>| &nbsp;&nbsp;&nbsp; 812558<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2021-1A AR (3 mo. Term SOFR + 0.990%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 459617<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2021-2A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.798% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 580178<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayfront Iabs Pte Ltd., 7A A (SOFR + 1.280%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 4/11/48 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 399962<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayswater Park CLO Ltd., 2023-1A AR (3 mo. Term SOFR + 1.210%) | &nbsp;&nbsp; 4.878% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 390066<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BCRED MML CLO LLC, 2021-1A A (3 mo. Term SOFR + 1.742%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 950501<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1043257<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A AR2 (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.822% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 420112<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brightwood Capital MM CLO Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.204% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 447969<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; 15415<br>| &nbsp;&nbsp;&nbsp; 15412<br>|
| &nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, 2025-2 A2B (30 Day Average SOFR + 0.690%) | &nbsp;&nbsp; 4.362% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 797536<br>| &nbsp;&nbsp;&nbsp; 798702<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; 468212<br>| &nbsp;&nbsp;&nbsp; 465790<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.189% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp;&nbsp; $150387<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; 281713<br>| &nbsp;&nbsp;&nbsp; 281647<br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2022-32A A1R2 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.788% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 690600<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2019-1A A1R3 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 477839<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; 650688<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; 596294<br>| &nbsp;&nbsp;&nbsp; 600365<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; 1311642<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit Bsl Ltd., 2021-1A AR (3 mo. Term SOFR + 1.100%) | &nbsp;&nbsp; 4.768% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 341371<br>| &nbsp;&nbsp;&nbsp; 341554<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2025-36A A1 (3 mo. Term SOFR + 1.230%) | &nbsp;&nbsp; 5.008% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 480079<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2022-4 A4 | &nbsp;&nbsp; 4.880% | &nbsp;&nbsp; 8/16/28 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1353608<br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.892%) | &nbsp;&nbsp; 5.560% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 103492<br>| &nbsp;&nbsp;&nbsp; 103684<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, 2005-6 M5 (1 mo. Term SOFR + 1.059%) | &nbsp;&nbsp; 4.738% | &nbsp;&nbsp; 12/25/35 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 372466<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Acquisition Trust, 2007-CH2 MV2 (1 mo. Term SOFR + <br> 0.564%) | &nbsp;&nbsp; 4.243% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 298870<br>| &nbsp;&nbsp;&nbsp; 295235<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., 2020-46A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.672% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 609603<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Man Capital CLO Ltd., 2021-2RA A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 4.990% | &nbsp;&nbsp; 4/17/39 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 488888<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAPS Trust, 2026-1A A | &nbsp;&nbsp; 5.201% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 335878<br>| &nbsp;&nbsp;&nbsp; 328830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marble Point CLO Ltd., 2021-4A A1R (3 mo. Term SOFR + 1.160%) | &nbsp;&nbsp; 4.829% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 640221<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%) | &nbsp;&nbsp; 4.313% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 20524<br>| &nbsp;&nbsp;&nbsp; 19935<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; 444336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain Point CLO Ltd., 2026-1A A1 (3 mo. Term SOFR + 1.230%) | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/20/39 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210119<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2019-2A A1R (3 mo. Term SOFR + 1.670%) | &nbsp;&nbsp; 5.342% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280735<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2016-6A A3 (30 Day Average SOFR + 1.414%) | &nbsp;&nbsp; 5.076% | &nbsp;&nbsp; 3/25/66 | &nbsp;&nbsp; 1284735<br>| &nbsp;&nbsp;&nbsp; 1302362<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 432165<br>| &nbsp;&nbsp;&nbsp; 426137<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; 263213<br>| &nbsp;&nbsp;&nbsp; 258452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2014-6A A (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 4.426% | &nbsp;&nbsp; 11/25/52 | &nbsp;&nbsp; 144899<br>| &nbsp;&nbsp;&nbsp; 143598<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; 261706<br>| &nbsp;&nbsp;&nbsp; 249629<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2025-1A A1 (30 Day Average SOFR + 0.750%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 536835<br>| &nbsp;&nbsp;&nbsp; 536976<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., 2022-51A AR2 (3 mo. Term SOFR <br> + 1.000%) | &nbsp;&nbsp; 4.668% | &nbsp;&nbsp; 10/23/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400050<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.540%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601728<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; 473839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.972% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520608<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 4.998% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 920431<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., 2013-2A AR2 (3 mo. Term SOFR + 1.220%) | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 10/20/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 429960<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 458748<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A A1R (3 mo. Term SOFR + 0.820%) | &nbsp;&nbsp; 4.480% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 499919<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parallel Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.058% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570098<br> <sup>(a)(b)</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; 1211927<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust, 2003-3 M1 (1 mo. Term SOFR + 1.089%) | &nbsp;&nbsp; 4.073% | &nbsp;&nbsp; 12/25/33 | &nbsp;&nbsp; 8551<br>| &nbsp;&nbsp;&nbsp; 8251<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; 419159<br>| &nbsp;&nbsp;&nbsp; 418180<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. Term SOFR + <br> 0.552%) | &nbsp;&nbsp; 4.226% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 416704<br>| &nbsp;&nbsp;&nbsp; 406611<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; 4.206% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 224865<br>| &nbsp;&nbsp;&nbsp; 220498<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2003-10A A4 (90 Day Average SOFR + 0.931%) | &nbsp;&nbsp; 4.622% | &nbsp;&nbsp; 12/17/68 | &nbsp;&nbsp; 412258<br>| &nbsp;&nbsp;&nbsp; 409665<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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; SMB Private Education Loan Trust, 2021-A A2A1 (1 mo. Term SOFR + 0.844%) | &nbsp;&nbsp; 4.517% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; $249002<br>| &nbsp;&nbsp;&nbsp; $246866<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; 484771<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stonepeak ABS, 2021-1A A | &nbsp;&nbsp; 2.675% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 456150<br>| &nbsp;&nbsp;&nbsp; 446122<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Trust, 2005-SC1 1A2 | &nbsp;&nbsp; 5.972% | &nbsp;&nbsp; 5/25/31 | &nbsp;&nbsp; 305433<br>| &nbsp;&nbsp;&nbsp; 215785<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 540144<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; 207237<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; 124856<br>| &nbsp;&nbsp;&nbsp; 124965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.798% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360375<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.667% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 121711<br>| &nbsp;&nbsp;&nbsp; 121856<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; 876488<br>| &nbsp;&nbsp;&nbsp; 890512<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., 2024-1A C (3 mo. Term SOFR + 1.950%) | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391388<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR + 2.062%) | &nbsp;&nbsp; 5.729% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 241082<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, 2019-1A A2II | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 508883<br>| &nbsp;&nbsp;&nbsp; 490091<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term SOFR + 1.270%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330120<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $40,406,065)** | **Total Asset-Backed Securities (Cost — $40,406,065)** | **Total Asset-Backed Securities (Cost — $40,406,065)** | **Total Asset-Backed Securities (Cost — $40,406,065)** | &nbsp;&nbsp; **40248992** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 15.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 15.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 15.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 15.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 15.0%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2024-10 A1 | &nbsp;&nbsp; 5.348% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 445586<br>| &nbsp;&nbsp;&nbsp; 446228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2025-6 A1 | &nbsp;&nbsp; 5.515% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 453350<br>| &nbsp;&nbsp;&nbsp; 455208<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; 5.029% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259644<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2017-BNK9 ASB | &nbsp;&nbsp; 3.470% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 418834<br>| &nbsp;&nbsp;&nbsp; 415653<br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK39 XA, IO | &nbsp;&nbsp; 0.412% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 60095904<br>| &nbsp;&nbsp;&nbsp; 1251978<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK40 A4 | &nbsp;&nbsp; 3.389% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 436669<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; 1607262<br>|
| &nbsp;&nbsp;&nbsp; BDS Ltd., 2021-FL10 D (1 mo. Term SOFR + 2.964%) | &nbsp;&nbsp; 6.644% | &nbsp;&nbsp; 12/16/36 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1323340<br> <sup>(a)(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; 1177598<br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.713% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 242132<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.423% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 641278<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 2026-FL6 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.127% | &nbsp;&nbsp; 8/19/43 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 439217<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, 2007-A1 2A3 | &nbsp;&nbsp; 5.874% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 3375<br>| &nbsp;&nbsp;&nbsp; 3220<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; 4.093% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 734<br>| &nbsp;&nbsp;&nbsp; 723<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. <br> Term SOFR + 0.694%) | &nbsp;&nbsp; 4.373% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 6839<br>| &nbsp;&nbsp;&nbsp; 6699<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, 2007-AR4 2A1A | &nbsp;&nbsp; 6.201% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 15953<br>| &nbsp;&nbsp;&nbsp; 16299<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; 4.213% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 42322<br>| &nbsp;&nbsp;&nbsp; 40158<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2026-INV1 A1 | &nbsp;&nbsp; 4.797% | &nbsp;&nbsp; 12/25/70 | &nbsp;&nbsp; 588382<br>| &nbsp;&nbsp;&nbsp; 584059<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; 848173<br>| &nbsp;&nbsp;&nbsp; 759428<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.973% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240315<br> <sup>(a)(b)</sup><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; 369186<br>| &nbsp;&nbsp;&nbsp; 365219<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; 763196<br>| &nbsp;&nbsp;&nbsp; 749876<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; 770738<br>| &nbsp;&nbsp;&nbsp; 750350<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

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Western Asset Short-Term Bond Fund 2026 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>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R04 1M2 (30 <br> Day Average SOFR + 3.100%) | &nbsp;&nbsp; 6.762% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; $540000<br>| &nbsp;&nbsp;&nbsp; $547731<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; 5.462% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252254<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; 128961<br>| &nbsp;&nbsp;&nbsp; 119886<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 64627<br>| &nbsp;&nbsp;&nbsp; 61706<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-18 FH (30 Day <br> Average SOFR + 1.400%) | &nbsp;&nbsp; 5.062% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 1719351<br>| &nbsp;&nbsp;&nbsp; 1734773<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; 36159<br>| &nbsp;&nbsp;&nbsp; 36984<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; 4.467% | &nbsp;&nbsp; 2/20/60 | &nbsp;&nbsp; 3320<br>| &nbsp;&nbsp;&nbsp; 3330<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; 4.337% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 36361<br>| &nbsp;&nbsp;&nbsp; 36393<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; 4.787% | &nbsp;&nbsp; 5/20/60 | &nbsp;&nbsp; 76522<br>| &nbsp;&nbsp;&nbsp; 77014<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; 4.113% | &nbsp;&nbsp; 10/20/60 | &nbsp;&nbsp; 95719<br>| &nbsp;&nbsp;&nbsp; 95507<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; 4.133% | &nbsp;&nbsp; 8/20/58 | &nbsp;&nbsp; 8367<br>| &nbsp;&nbsp;&nbsp; 8346<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; 4.233% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 77233<br>| &nbsp;&nbsp;&nbsp; 77190<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; 4.283% | &nbsp;&nbsp; 1/20/61 | &nbsp;&nbsp; 10192<br>| &nbsp;&nbsp;&nbsp; 10194<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; 4.283% | &nbsp;&nbsp; 12/20/60 | &nbsp;&nbsp; 19239<br>| &nbsp;&nbsp;&nbsp; 19245<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; 4.233% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 34509<br>| &nbsp;&nbsp;&nbsp; 34493<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; 4.283% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 13739<br>| &nbsp;&nbsp;&nbsp; 13742<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; 4.283% | &nbsp;&nbsp; 7/20/62 | &nbsp;&nbsp; 610918<br>| &nbsp;&nbsp;&nbsp; 611874<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H23 SA (1 mo. <br> Term SOFR + 0.644%) | &nbsp;&nbsp; 4.313% | &nbsp;&nbsp; 10/20/62 | &nbsp;&nbsp; 8149<br>| &nbsp;&nbsp;&nbsp; 8159<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; 4.303% | &nbsp;&nbsp; 10/20/62 | &nbsp;&nbsp; 13153<br>| &nbsp;&nbsp;&nbsp; 13160<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; 4.123% | &nbsp;&nbsp; 12/20/62 | &nbsp;&nbsp; 193725<br>| &nbsp;&nbsp;&nbsp; 193361<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; 4.183% | &nbsp;&nbsp; 3/20/63 | &nbsp;&nbsp; 92576<br>| &nbsp;&nbsp;&nbsp; 92222<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; 4.253% | &nbsp;&nbsp; 6/20/63 | &nbsp;&nbsp; 18382<br>| &nbsp;&nbsp;&nbsp; 18378<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; 4.253% | &nbsp;&nbsp; 6/20/63 | &nbsp;&nbsp; 5392<br>| &nbsp;&nbsp;&nbsp; 5390<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; 4.253% | &nbsp;&nbsp; 5/20/63 | &nbsp;&nbsp; 5765<br>| &nbsp;&nbsp;&nbsp; 5764<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; 98829<br>| &nbsp;&nbsp;&nbsp; 95090<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-18 TP, PAC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/49 | &nbsp;&nbsp; 77768<br>| &nbsp;&nbsp;&nbsp; 70173<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-H16 CF (1 mo. <br> Term SOFR + 0.814%) | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 10/20/69 | &nbsp;&nbsp; 739405<br>| &nbsp;&nbsp;&nbsp; 740204<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-8 AQ | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; $61938<br>| &nbsp;&nbsp;&nbsp; $61043<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-29 AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/51 | &nbsp;&nbsp; 62094<br>| &nbsp;&nbsp;&nbsp; 61283<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day <br> Average SOFR + 0.380%) | &nbsp;&nbsp; 4.053% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 803436<br>| &nbsp;&nbsp;&nbsp; 801381<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; 3.973% | &nbsp;&nbsp; 9/20/71 | &nbsp;&nbsp; 1084619<br>| &nbsp;&nbsp;&nbsp; 1079395<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; 4.412% | &nbsp;&nbsp; 4/20/72 | &nbsp;&nbsp; 2296286<br>| &nbsp;&nbsp;&nbsp; 2303031<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.154% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 390158<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; IMPAC Secured Assets Corp., 2006-3 A7 (1 mo. Term SOFR + 0.654%) | &nbsp;&nbsp; 4.333% | &nbsp;&nbsp; 11/25/36 | &nbsp;&nbsp; 576135<br>| &nbsp;&nbsp;&nbsp; 516344<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; 4.513% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 41363<br>| &nbsp;&nbsp;&nbsp; 32082<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; 1653770<br>| &nbsp;&nbsp;&nbsp; 773262<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Luminent Mortgage Trust, 2006-7 2A2 (1 mo. Term SOFR + 0.554%) | &nbsp;&nbsp; 4.233% | &nbsp;&nbsp; 12/25/36 | &nbsp;&nbsp; 14425<br>| &nbsp;&nbsp;&nbsp; 18152<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, 2003-A2 2M1 | &nbsp;&nbsp; 5.864% | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; 20542<br>| &nbsp;&nbsp;&nbsp; 18024<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 390594<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2026-FL21 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.030% | &nbsp;&nbsp; 2/18/41 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119659<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MLTI Trust, 2026-SF75 A (1 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 488352<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; 41313<br>| &nbsp;&nbsp;&nbsp; 41204<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2018-H4 XA, IO | &nbsp;&nbsp; 0.783% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 21577379<br>| &nbsp;&nbsp;&nbsp; 389023<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; 188071<br>| &nbsp;&nbsp;&nbsp; 187038<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; 81224<br>| &nbsp;&nbsp;&nbsp; 78430<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; 293707<br>| &nbsp;&nbsp;&nbsp; 280967<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 505041<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; 773958<br>| &nbsp;&nbsp;&nbsp; 702160<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PLYM Commercial Mortgage Trust, 2026-IND A (1 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.923% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 607852<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; 455306<br>| &nbsp;&nbsp;&nbsp; 453629<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2025-AFC1 A1 | &nbsp;&nbsp; 5.101% | &nbsp;&nbsp; 10/25/60 | &nbsp;&nbsp; 287114<br>| &nbsp;&nbsp;&nbsp; 286539<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2024-NQM4 A1 | &nbsp;&nbsp; 5.674% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 411336<br>| &nbsp;&nbsp;&nbsp; 413094<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2026-RCF1 A1 | &nbsp;&nbsp; 4.845% | &nbsp;&nbsp; 1/25/56 | &nbsp;&nbsp; 570728<br>| &nbsp;&nbsp;&nbsp; 567972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 3314<br>| &nbsp;&nbsp;&nbsp; 877<br>|
| &nbsp;&nbsp;&nbsp; Residential Accredit Loans Inc., 2007-QS7 1A7 (1 mo. Term SOFR + 0.664%) | &nbsp;&nbsp; 4.343% | &nbsp;&nbsp; 5/25/37 | &nbsp;&nbsp; 369007<br>| &nbsp;&nbsp;&nbsp; 283903<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RIDE, 2025-SHRE A | &nbsp;&nbsp; 5.075% | &nbsp;&nbsp; 2/14/47 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 476982<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, 2025-BNC1 A2 | &nbsp;&nbsp; 4.502% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 617449<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, 2003-2 A2 (6 mo. Term SOFR + 1.108%) | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 6/20/33 | &nbsp;&nbsp; 24881<br>| &nbsp;&nbsp;&nbsp; 24598<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-MFP2 A (1 mo. Term SOFR + 0.936%) | &nbsp;&nbsp; 4.609% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1449324<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-PALM A (1 mo. Term SOFR + 0.704%) | &nbsp;&nbsp; 4.377% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 824728<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2005-4 1A1 | &nbsp;&nbsp; 3.990% | &nbsp;&nbsp; 3/25/35 | &nbsp;&nbsp; 57371<br>| &nbsp;&nbsp;&nbsp; 48226<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2005-12 3A1 | &nbsp;&nbsp; 4.744% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 2751<br>| &nbsp;&nbsp;&nbsp; 2316<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp., 2005-RF3 2A | &nbsp;&nbsp; 4.461% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 56454<br>| &nbsp;&nbsp;&nbsp; 51655<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; 258085<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD LLC, 2025-FL4 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.127% | &nbsp;&nbsp; 11/19/42 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 640042<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD Ltd., 2022-FL3 A (30 Day Average SOFR + 1.350%) | &nbsp;&nbsp; 5.022% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 32612<br>| &nbsp;&nbsp;&nbsp; 32572<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; 5.115% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 662662<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; 711833<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2003-AR5 A7 | &nbsp;&nbsp; 5.718% | &nbsp;&nbsp; 6/25/33 | &nbsp;&nbsp; $9084<br>| &nbsp;&nbsp;&nbsp; $9110<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR4 A5 | &nbsp;&nbsp; 4.253% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 5335<br>| &nbsp;&nbsp;&nbsp; 5217<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; 4.613% | &nbsp;&nbsp; 12/25/45 | &nbsp;&nbsp; 12023<br>| &nbsp;&nbsp;&nbsp; 12197<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; 5.359% | &nbsp;&nbsp; 10/25/46 | &nbsp;&nbsp; 275742<br>| &nbsp;&nbsp;&nbsp; 265246<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WMRK Commercial Mortgage Trust, 2022-WMRK A (1 mo. Term SOFR + <br> 2.789%) | &nbsp;&nbsp; 6.462% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 905360<br>| &nbsp;&nbsp;&nbsp; 907469<br> <sup>(a)(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $37,234,326)** | **Total Collateralized Mortgage Obligations (Cost — $37,234,326)** | **Total Collateralized Mortgage Obligations (Cost — $37,234,326)** | **Total Collateralized Mortgage Obligations (Cost — $37,234,326)** | &nbsp;&nbsp; **36045316** |
| **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** | **U.S. Government & Agency Obligations — 12.3%** |
| *U.S. Government Agencies — 0.7%* | *U.S. Government Agencies — 0.7%* | *U.S. Government Agencies — 0.7%* | *U.S. Government Agencies — 0.7%* | *U.S. Government Agencies — 0.7%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Notes (SOFR + 0.100%) | &nbsp;&nbsp; 3.730% | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; *1640360*<br> <sup>(b)</sup><br>|
| *U.S. Government Obligations — 11.6%* | *U.S. Government Obligations — 11.6%* | *U.S. Government Obligations — 11.6%* | *U.S. Government Obligations — 11.6%* | *U.S. Government Obligations — 11.6%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.625% | &nbsp;&nbsp; 7/31/26 | &nbsp;&nbsp; 10450000 | &nbsp;&nbsp;&nbsp; 10343171<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200101<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 537743<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 644795<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 433578<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp; 2680325<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 5730000 | &nbsp;&nbsp;&nbsp; 5721159<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 4980000 | &nbsp;&nbsp;&nbsp; 4916291<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp; 2395298<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 59494<br>|
| *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | &nbsp;&nbsp; *27931955* |
| **Total U.S. Government & Agency Obligations (Cost — $29,636,406)** | **Total U.S. Government & Agency Obligations (Cost — $29,636,406)** | **Total U.S. Government & Agency Obligations (Cost — $29,636,406)** | **Total U.S. Government & Agency Obligations (Cost — $29,636,406)** | &nbsp;&nbsp; **29572315** |
| **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** |
| *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; 34228<br>| &nbsp;&nbsp;&nbsp; 33712<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; 1141070 | &nbsp;&nbsp;&nbsp; 1086737<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 1793703<br>| &nbsp;&nbsp;&nbsp; 1559140<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; 458908<br>| &nbsp;&nbsp;&nbsp; 470792<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.495%) | &nbsp;&nbsp; 6.320% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 36694<br>| &nbsp;&nbsp;&nbsp; 38015<br> <sup>(b)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *3188396* |
| *FNMA — 2.3%* | *FNMA — 2.3%* | *FNMA — 2.3%* | *FNMA — 2.3%* | *FNMA — 2.3%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 686706<br>| &nbsp;&nbsp;&nbsp; 663300<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; 883819 | &nbsp;&nbsp;&nbsp; 845241<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1303156<br>| &nbsp;&nbsp;&nbsp; 1306076<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 563386<br>| &nbsp;&nbsp;&nbsp; 489647<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 485288<br>| &nbsp;&nbsp;&nbsp; 492609<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 385881<br>| &nbsp;&nbsp;&nbsp; 403638<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; 276343 | &nbsp;&nbsp;&nbsp; 261819<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; 254116<br>| &nbsp;&nbsp;&nbsp; 256646<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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) (30 Day Average SOFR + <br> 2.120%) | &nbsp;&nbsp; 1.926% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; $883420<br>| &nbsp;&nbsp;&nbsp; $846542<br> <sup>(b)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *5565518* |
| *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; 966<br>| &nbsp;&nbsp;&nbsp; 969<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 21953<br>| &nbsp;&nbsp;&nbsp; 22814<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; 135619 | &nbsp;&nbsp;&nbsp; 123546<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; 119883 | &nbsp;&nbsp;&nbsp; 112032<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; 32409 | &nbsp;&nbsp;&nbsp; 30095<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 mo. FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.056%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 7/20/60 | &nbsp;&nbsp; 1712<br>| &nbsp;&nbsp;&nbsp; 1728<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 mo. FTSE USD IBOR <br> Consumer Cash Fallbacks + 2.573%) | &nbsp;&nbsp; 6.058% | &nbsp;&nbsp; 8/20/60 | &nbsp;&nbsp; 48811<br>| &nbsp;&nbsp;&nbsp; 51070<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (1 year Treasury <br> Constant Maturity Rate + 1.157%) | &nbsp;&nbsp; 4.592% | &nbsp;&nbsp; 7/20/60 | &nbsp;&nbsp; 707<br>| &nbsp;&nbsp;&nbsp; 713<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; 4.950% | &nbsp;&nbsp; 2/20/60 | &nbsp;&nbsp; 14598<br>| &nbsp;&nbsp;&nbsp; 14792<br> <sup>(b)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *357759* |
| **Total Mortgage-Backed Securities (Cost — $9,275,519)** | **Total Mortgage-Backed Securities (Cost — $9,275,519)** | **Total Mortgage-Backed Securities (Cost — $9,275,519)** | **Total Mortgage-Backed Securities (Cost — $9,275,519)** | &nbsp;&nbsp; **9111673** |
| **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** | **Senior Loans — 1.3%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Term Loan Facility Y (6 mo. Term SOFR + 3.275%)  | 7.052% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **343322**<br> <sup>(b)(e)(f)</sup><br>|
| **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan |  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188312<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term SOFR + <br> 4.250%) | 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 225321<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rent-A-Center Inc., 2025 Term Loan (3 mo. Term SOFR + 2.750%) | 6.418% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 684129<br>| &nbsp;&nbsp;&nbsp; 684984<br> <sup>(b)(e)(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1098617** |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + 3.000%)  | 6.668% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *118275*<br> <sup>(b)(e)(f)</sup><br>|
| *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Incremental Term Loan B (1 mo. Term SOFR + <br> 2.500%)  | 6.168% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 189524<br>| &nbsp;&nbsp;&nbsp;&nbsp; *183828*<br> <sup>(b)(e)(f)</sup><br>|
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%) | 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 69816<br>| &nbsp;&nbsp;&nbsp; 68626<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%) | 5.450% | &nbsp;&nbsp; 11/6/28 | &nbsp;&nbsp; 262500<br>| &nbsp;&nbsp;&nbsp; 263936<br> <sup>(b)(e)(f)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *332562* |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., 2026 Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | 5.668% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 239394<br>| &nbsp;&nbsp;&nbsp; 238079<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B14 (1 mo. Term SOFR + 3.750%) | 7.418% | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 183945<br> <sup>(b)(e)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 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 |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. Term <br> SOFR + 2.500%) | 6.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; $69824<br>| &nbsp;&nbsp;&nbsp; $68652<br> <sup>(b)(e)(f)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *490676* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1125341** |
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR + <br> 1.750%)  | 5.418% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 29604<br>| &nbsp;&nbsp;&nbsp;&nbsp; *29682*<br> <sup>(b)(e)(f)</sup><br>|
| *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 59849<br>| &nbsp;&nbsp;&nbsp;&nbsp; *58839*<br> <sup>(b)(e)(f)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **88521** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility |  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 96176<br>| &nbsp;&nbsp;&nbsp; 12,022<br> \*<sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 40642<br>| &nbsp;&nbsp;&nbsp; 40236<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan |  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 252439<br>| &nbsp;&nbsp;&nbsp; 176707<br> <sup>(g)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 10080<br>| &nbsp;&nbsp;&nbsp; 9979<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 19907<br>| &nbsp;&nbsp;&nbsp; 19708<br> <sup>(b)(e)(f)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **258652** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 (3 mo. Term <br> SOFR + 3.250%) | 6.950% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 89774<br>| &nbsp;&nbsp;&nbsp; 82503<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%) | 7.518% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62694<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B |  | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 79800<br>| &nbsp;&nbsp;&nbsp; 76363<br> <sup>(g)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **221560** |
| **Total Senior Loans (Cost — $3,195,428)** | **Total Senior Loans (Cost — $3,195,428)** | **Total Senior Loans (Cost — $3,195,428)** | **Total Senior Loans (Cost — $3,195,428)** | &nbsp;&nbsp; **3136013** |
| **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%* |
| &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; *375889*<br>|
| *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; 1.500% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; *815039*<br>|
| **Total Sovereign Bonds (Cost — $1,197,994)** | **Total Sovereign Bonds (Cost — $1,197,994)** | **Total Sovereign Bonds (Cost — $1,197,994)** | **Total Sovereign Bonds (Cost — $1,197,994)** | &nbsp;&nbsp; **1190928** |
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; $277500 | &nbsp;&nbsp;&nbsp; 7631<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Notes Futures, Call @ $103.750 | 5/22/26 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 21328<br>|
| **Total Purchased Options (Cost — $116,012)** | **Total Purchased Options (Cost — $116,012)** | **Total Purchased Options (Cost — $116,012)** | **Total Purchased Options (Cost — $116,012)** | &nbsp;&nbsp; **28959** |

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Short-Term Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **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%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; $20<br> \*<sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 13311 | &nbsp;&nbsp;&nbsp; 3,328<br> \*<br>|
| **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | **Total Common Stocks (Cost — $186,966)** | &nbsp;&nbsp;&nbsp; **3348**<br>|
|  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 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%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $115,136) | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 9458<br>| &nbsp;&nbsp;&nbsp; **2,364**<br> \*<sup>(a)(j)(k)</sup><br>|
| **Total Investments — 98.5% (Cost — $238,632,664)** | **Total Investments — 98.5% (Cost — $238,632,664)** | **Total Investments — 98.5% (Cost — $238,632,664)** | &nbsp;&nbsp; **236783144** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; 3655812 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$240438956** |

---

&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> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</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>(e)</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>(f)</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>(g)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(h)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(k)</sup> | Restricted security (Note 3). |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| DIP |  | Debtor-in-possession |
| 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 |

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

 **Western Asset Short-Term Bond Fund**

At March 31, 2026, 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; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; $97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; $62500 | &nbsp;&nbsp;&nbsp;&nbsp; $(4531) |
| 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; (51300) |
| U.S. Treasury 2-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;103.000 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; (7110) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; (8086) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;107.000 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; (6328) |
| **Total Exchange-Traded Written Options (Premiums received — $61,841)** | **Total Exchange-Traded Written Options (Premiums received — $61,841)** | **Total Exchange-Traded Written Options (Premiums received — $61,841)** | **Total Exchange-Traded Written Options (Premiums received — $61,841)** | **Total Exchange-Traded Written Options (Premiums received — $61,841)** | &nbsp;&nbsp;&nbsp; **$(77355)** |

---

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

---

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

---

At March 31, 2026, 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; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $11822578 | &nbsp;&nbsp;&nbsp;&nbsp; $11799813 | &nbsp;&nbsp;&nbsp;&nbsp; $(22765) |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 12567209 | &nbsp;&nbsp;&nbsp;&nbsp; 12527450 | &nbsp;&nbsp;&nbsp;&nbsp; (39759) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 160062422 | &nbsp;&nbsp;&nbsp;&nbsp; 159318000 | &nbsp;&nbsp;&nbsp;&nbsp; (744422) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3944804 | &nbsp;&nbsp;&nbsp;&nbsp; 3859531 | &nbsp;&nbsp;&nbsp;&nbsp; (85273) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (892219) |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1722597 | &nbsp;&nbsp;&nbsp;&nbsp; 1730875 | &nbsp;&nbsp;&nbsp;&nbsp; (8278) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1241606 | &nbsp;&nbsp;&nbsp;&nbsp; 1221516 | &nbsp;&nbsp;&nbsp;&nbsp; 20090 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1293900 | &nbsp;&nbsp;&nbsp;&nbsp; 1252625 | &nbsp;&nbsp;&nbsp;&nbsp; 41275 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699374 | &nbsp;&nbsp;&nbsp;&nbsp; 18834 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71921 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(820298)** |

---

&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 March 31, 2026, 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**  |
| &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>Appreciation<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; $20106 | &nbsp;&nbsp;&nbsp;&nbsp; $(958) | &nbsp;&nbsp;&nbsp;&nbsp; $21064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41132000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.320% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225831 | &nbsp;&nbsp;&nbsp;&nbsp; (3311) | &nbsp;&nbsp;&nbsp;&nbsp; 229142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10830000 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 2.452%\* | CPURNSA\* | &nbsp;&nbsp;&nbsp;&nbsp; 29133 | &nbsp;&nbsp;&nbsp;&nbsp; (5129) | &nbsp;&nbsp;&nbsp;&nbsp; 34262 |

---

See Notes to Schedule of Investments.

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Short-Term Bond Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  |
|  | &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> Appreciation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $20983000 | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3.520% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $220999 | &nbsp;&nbsp;&nbsp;&nbsp; $45587 | &nbsp;&nbsp;&nbsp;&nbsp; $175412 |
| **Total** | &nbsp;&nbsp;&nbsp; **$79667000** |  |  |  | &nbsp;&nbsp;&nbsp; **$496069** | &nbsp;&nbsp;&nbsp; **$36189** | &nbsp;&nbsp;&nbsp; **$459880** |

---

&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>Appreciation<br>|
| Markit CDX.NA.IG.46 Index | $7191000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$124123** | &nbsp;&nbsp;&nbsp; **$121622** | &nbsp;&nbsp;&nbsp; **$2501** |

---

&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. |
| \* | One time payment made at termination date. |

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; CPURNSA | 3.302% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 3.680% |

---

&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:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| 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 2026 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 2026 Quarterly Report

------

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

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; $117443236 | &nbsp;&nbsp; — | &nbsp;&nbsp; $117443236 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 40248992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40248992 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 36045316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36045316 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 29572315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29572315 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9111673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9111673 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 69923 | &nbsp;&nbsp; $188729 | &nbsp;&nbsp; 258652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2877361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2877361 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1190928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1190928 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; $28959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28959 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3348 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 2364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2364 |
| **Total Investments** | &nbsp;&nbsp; **$32287** | &nbsp;&nbsp; **$236562128** | &nbsp;&nbsp; **$188729** | &nbsp;&nbsp; **$236783144** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $80199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $80199 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $459880 | &nbsp;&nbsp; — | &nbsp;&nbsp; 459880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2501 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$80199** | &nbsp;&nbsp; **$462381** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$542580** |
| **Total** | &nbsp;&nbsp; **$112486** | &nbsp;&nbsp; **$237024509** | &nbsp;&nbsp; **$188729** | &nbsp;&nbsp; **$237325724** |
| **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; $77355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $77355 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 900497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 900497 |
| **Total** | &nbsp;&nbsp; **$977852** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$977852** |

---

&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 March 31, 2026. The following transactions were effected

------

Western Asset Short-Term Bond Fund 2026 Quarterly Report

------

in such company for the period ended March 31, 2026. <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>2025 | 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>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $20236992 | 20236992 | $20236992 | 20236992 |

---

&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>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $27414 |  |  |

---

**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>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 3/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 78 | 3/25 | $950 | $20 | &nbsp;&nbsp; $0.26<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 9458 | 3/25 | 115136 | 2364 <br><sup>(b)</sup><br>| 0.25<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$116086** | **$2384** | &nbsp;&nbsp; <br> &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.00%** <br><sup>(a)</sup><br>|

---

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

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

<sup>(b)</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 registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board. 

------

Western Asset Short-Term Bond Fund 2026 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:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $242491140.22

**Total Liabilities:** $2347674.98

**Net Assets:** $240143465.24

**Cash Not Reported:** $2647139.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1066.11000000 | **1-Year:** 20244.53000000 | **5-Year:** 24377.38000000 | **10-Year:** 985.62000000 | **30-Year:** 75.39000000

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

- **3-Month:** 22.35000000 | **1-Year:** 1347.96000000 | **5-Year:** 3172.88000000 | **10-Year:** 75.62000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046471 | 0.34%                | 0.59%                | -0.45%               |
| Class ID C000046473 | 0.32%                | 0.30%                | -0.48%               |
| Class ID C000117030 | 0.37%                | 0.61%                | -0.69%               |
| Class ID C000046474 | 0.37%                | 0.34%                | -0.43%               |
| Class ID C000088507 | 0.27%                | 0.53%                | -0.79%               |
| Class ID C000062459 | 0.31%                | 0.56%                | -0.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $43661.92                | $47033.05                                  |
| Month 2  | $-33285.42               | $641771.29                                 |
| Month 3  | $4019.88                 | $-1903998.05                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Howmet Aerospace Inc                                                                | HWM 4.85 10/15/31                                              | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    470000 | PA      | $475540.73    | 0.20%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES HOLDING CO LLC                                                   | CPGX 6.042 08/15/28 144A                                       | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    980000 | PA      | $1012008.37   | 0.42%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V4.369 10/21/31 .                                           | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    600000 | PA      | $588435.71    | 0.25%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                                              | athenahealth Term Loan B 300 2029-02-01                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     59849 | PA      | $58838.92     | 0.02%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2014-6                                                    | NSLT 2014-6A A                                                 | CUSIP: 64033RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144899 | PA      | $143597.76    | 0.06%             | 2052-11-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                           | NEE 5.15 06/15/29                                              | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    580000 | PA      | $595132.85    | 0.25%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | GOOGL 3.7 02/15/29                                             | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    480000 | PA      | $475974.79    | 0.20%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                                       | DISH 5.25 12/01/26 144A                                        | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99199.84     | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2016-C32                         | MSBAM 2016-C32 ASB                                             | CUSIP: 61691GAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41313 | PA      | $41204.28     | 0.02%             | 2049-12-17      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 5-Year T-Note Futures, Jun-2026,ETH                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-8277.76     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                                               | TRGP 4.35 01/15/29                                             | CUSIP: 87612GAR2<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328692.11    | 0.14%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| VERDELITE STATIC CLO 2024-1 LTD                                                     | BVSTAT 2024-1A C                                               | CUSIP: 92338VAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $391387.70    | 0.16%             | 2032-07-20      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                | CCL 5.875 06/15/31 144A                                        | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    230000 | PA      | $232971.83    | 0.10%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                     | BBDBCN 6.75 06/15/33 144A                                      | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $72377.06     | 0.03%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.625 08/15/28                                               | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    540000 | PA      | $537742.97    | 0.22%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -25 | NC      | $-4531.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tsmc Arizona Corp.                                                                  | TAISEM 1.75 10/25/26                                           | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    630000 | PA      | $621645.61    | 0.26%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIATION HOLDINGS INC                                                        | Spirit Aviation Holdings Inc. COM                              | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13311 | NS      | $3327.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petrobras Global Finance B.V.                                                       | PETBRA 5.75 02/01/29                                           | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    370000 | PA      | $375463.79    | 0.16%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                              | FANG 3.25 12/01/26                                             | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1013590.53   | 0.42%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                               | QUIKHO 6.375 03/01/32 144A                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131917.89    | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                    | PR 6.25 02/01/33 144A                                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20386.52     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2003-2                                                       | SEMT 2003-2 A2                                                 | CUSIP: 81743PAQ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24881 | PA      | $24598.07     | 0.01%             | 2033-06-20      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2024-R01 1M2                                               | CUSIP: 20753UAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    250000 | PA      | $252254.15    | 0.11%             | 2044-01-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2012-H23 SA                                                | CUSIP: 38375BXT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      8149 | PA      | $8158.92      | 0.00%             | 2062-10-20      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 5-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -45 | NC      | $-6328.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Asset Backed Funding Corp                                                           | ABFC 2003-OPT1 A3                                              | CUSIP: 04542BDG4<br>LEI: 5493009YQSUTUX056896 | Long             | ABS-O            | CORP              | US        |    369537 | PA      | $370886.60    | 0.15%             | 2033-04-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Luminent Mortgage Trust 2006-2                                                      | LUM 2006-7 2A2                                                 | CUSIP: 55028BAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14425 | PA      | $18151.85     | 0.01%             | 2036-12-26      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc                                             | Sedgwick CMS Term Loan B 250 2031-07-01                        | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |     69824 | PA      | $68652.12     | 0.03%             | 2031-07-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO I LTD                                                                   | ELMW1 2019-1A A1R3                                             | CUSIP: 290015BJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $477839.57    | 0.20%             | 2037-04-20      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 5-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -45 | NC      | $-8085.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Yamana Gold Inc                                                                     | YRICN 4.625 12/15/27                                           | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $319393.37    | 0.13%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES                                    | SCRT 2018-1 M                                                  | CUSIP: 35563PES4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    369186 | PA      | $365219.25    | 0.15%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2021-29 AG                                                 | CUSIP: 38382NZ83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     62094 | PA      | $61282.81     | 0.03%             | 2051-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                         | TRACTC 5.875 03/01/31 144A                                     | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $128581.38    | 0.05%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                     | EQT 3.125 05/15/26 144A                                        | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1297437.38   | 0.54%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                            | JANEST 7.125 04/30/31 144A                                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169713.39    | 0.07%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FM8017                                                      | CUSIP: 3140XB4B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    285997 | PA      | $274330.43    | 0.11%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | MBGGR 5.1 11/15/29 144A                                        | CUSIP: 58769JBA4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    490000 | PA      | $498596.35    | 0.21%             | 2029-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V4.505 10/22/28                                            | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130007.61    | 0.05%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNR 2025-18 FH                                                 | CUSIP: 3136BVAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1719351 | PA      | $1734772.82   | 0.72%             | 2054-08-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2005-AR19 TRUST   | WAMU 2005-AR19 A1B2                                            | CUSIP: 92925CBD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12023 | PA      | $12196.61     | 0.01%             | 2045-12-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Rent-A-Center Inc                                                                   | UPBOUND GROUP INC                                              | CUSIP: 000000000<br>LEI: 529900QUHE15UQNCCJ63 | Long             | LON              | CORP              | US        |    684129 | PA      | $684983.81    | 0.29%             | 2032-08-13      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                      | WBD 3.755 03/15/27 *                                           | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53367.66     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STWD 2022-FL3 LTD                                                                   | STWD 2022-FL3 A                                                | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     32612 | PA      | $32571.59     | 0.01%             | 2038-11-18      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| The Depository Trust Company                                                        | DTCSLF 4.3 03/27/29 144A                                       | CUSIP: 249672AC0<br>LEI: 549300HBJLRO8YFMI370 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250237.85    | 0.10%             | 2029-03-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc)                            | Ascensus Term Loan B 300 2028-08-01                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120000 | PA      | $118275.00    | 0.05%             | 2032-11-24      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                        | Cloudera First-lien Term Loan 375 2028-07-24                   | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     70000 | PA      | $62693.75     | 0.03%             | 2028-10-08      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| GREYSTONE CRE NOTES 2025-FL4 LTD                                                    | GSTNE 2025-FL4 A                                               | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390000 | PA      | $390158.07    | 0.16%             | 2043-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | PM 4.75 02/12/27                                               | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1277669.15   | 0.53%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V4.387 06/15/27                                             | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480077.75    | 0.20%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                            | VST 5.05 12/30/26 144A                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    740000 | PA      | $742625.52    | 0.31%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-COPT                                              | BX 2025-COPT A                                                 | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $641278.08    | 0.27%             | 2042-08-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V4.994 04/12/29 .                                           | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    480000 | PA      | $484462.22    | 0.20%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL X LTD                                                           | FCBSL 2021-1A AR                                               | CUSIP: 34962HAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    341371 | PA      | $341553.80    | 0.14%             | 2033-04-20      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2022-H08 FA                                                | CUSIP: 38382YSC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2296286 | PA      | $2303031.24   | 0.96%             | 2072-04-20      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SECURITIES CORP TRUST 2007-9                                       | SASC 2002-3 B2                                                 | CUSIP: 86358RWV5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263166 | PA      | $258084.95    | 0.11%             | 2032-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                               | AMRZ 4.7 04/07/28                                              | CUSIP: 43475RAQ9<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    740000 | PA      | $744761.02    | 0.31%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Roche Holdings, Inc.                                                                | ROSW 4.79 03/08/29 144A                                        | CUSIP: 771196CJ9<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1100932.68   | 0.46%             | 2029-03-08      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| OHA LOAN FUNDING 2013-2 LTD                                                         | OHALF 2013-2A AR2                                              | CUSIP: 67104LAK3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $429959.71    | 0.18%             | 2038-10-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                   | EPD 4.6 01/11/27                                               | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10025.70     | 0.00%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pm General Purchaser Llc                                                            | AMGENE 9.5 10/01/28 144A                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $189672.00    | 0.08%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        34 | NC      | $-85272.56    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | AESOP 2021-1A C                                                | CUSIP: 05377REK6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    816667 | PA      | $812557.86    | 0.34%             | 2027-08-20      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 784985                                                      | CUSIP: 3622AANA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16753 | PA      | $15717.43     | 0.01%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-FL1 LLC                              | ARCREN 2025-FL1 A                                              | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    260000 | PA      | $259643.96    | 0.11%             | 2043-01-21      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | HONA 4.3 03/16/31 144A                                         | CUSIP: 43849RAE5<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    380000 | PA      | $376017.11    | 0.16%             | 2031-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                  | VEGLPL 7.75 05/01/35 144A                                      | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22428.06     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                              | TXN 2.9 11/03/27                                               | CUSIP: 882508BC7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9840.21      | 0.00%             | 2027-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                  | EIX 5.65 10/01/28                                              | CUSIP: 842400HY2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1763261.80   | 0.73%             | 2028-10-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2012-H23 WA                                                | CUSIP: 38375BXV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     13153 | PA      | $13160.45     | 0.01%             | 2062-10-20      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                           | MARS 4.6 03/01/28 144A                                         | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2294653.26   | 0.96%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                      | BNP V5.125 01/13/29 144A                                       | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $909515.54    | 0.38%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SLM PRIVATE CREDIT STUDENT LOAN TRUST 2006-B                                        | SLMA 2006-B A5                                                 | CUSIP: 78443CCU6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | CORP              | US        |    224865 | PA      | $220497.64    | 0.09%             | 2039-12-15      | Floating      | 21.23%                | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | IRS USD                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $39265.13     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                  | MO 6.2 11/01/28                                                | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10433.76     | 0.00%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       111 | NC      | $7631.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co LLC                                                            | VST 6.875 04/15/32 144A                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51776.87     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                | CCL 6.125 02/15/33 144A                                        | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    500000 | PA      | $505265.00    | 0.21%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 10-Year T-Note Futures, Jun-2026,ETH                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -11 | NC      | $20090.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                                                         | AMD 4.319 03/24/28                                             | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |    760000 | PA      | $765043.20    | 0.32%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UNH 3.7 05/15/27                                               | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1003963.66   | 0.42%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2011-H01 AF                                                | CUSIP: 38375BJN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     77233 | PA      | $77189.81     | 0.03%             | 2060-11-20      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V3.887 01/10/28                                              | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109485.15    | 0.05%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-A                                             | SMB 2021-A C                                                   | CUSIP: 78448YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    548880 | PA      | $484771.18    | 0.20%             | 2053-01-15      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                 | Medline Industries Term Loan B 200 2028-10-01                  | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     29605 | PA      | $29682.27     | 0.01%             | 2028-10-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN AB9207                                                      | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35573 | PA      | $32090.24     | 0.01%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN BS8439                                                      | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     41477 | PA      | $38211.91     | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2010-H10 FB                                                | CUSIP: 38375BBX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     76522 | PA      | $77013.99     | 0.03%             | 2060-05-20      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Mastr Specialized Loan Trust 2006-03                                                | MASD 2006-3 A                                                  | CUSIP: 57643BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20524 | PA      | $19935.58     | 0.01%             | 2046-06-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                    | SANLTD 2.3 03/08/27                                            | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    420000 | PA      | $410193.92    | 0.17%             | 2027-03-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                               | Jane Street Group Term Loan B 200 2031-12-01                   | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |     70000 | PA      | $68806.85     | 0.03%             | 2031-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BCRED MML CLO 2021-1 LTD                                                            | BXCMM 2021-1A A                                                | CUSIP: 05554LAG7<br>LEI: 254900YNH73ABE60Y849 | Long             | ABS-CBDO         | CORP              | US        |    950000 | PA      | $950501.03    | 0.40%             | 2035-01-16      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                                        | CVX 1.995 05/11/27                                             | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $469947.50    | 0.20%             | 2027-05-11      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                                          | FORDF 2023-1 A1                                                | CUSIP: 34528QHV9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1310000 | PA      | $1311641.82   | 0.55%             | 2028-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| GALAXY 36 CLO LTD                                                                   | GALXY 2025-36A A1                                              | CUSIP: 362937AA2<br>LEI: 3912001BAV136N4VWQ53 | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $480078.67    | 0.20%             | 2038-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                                               | AON 5.15 03/01/29                                              | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $592522.23    | 0.25%             | 2029-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB4421                                                      | CUSIP: 3140QP4F1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485288 | PA      | $492608.56    | 0.21%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS 1.3 08/21/27                                               | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9584.49      | 0.00%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                     | BBDBCN 7.25 07/01/31 144A                                      | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31475.01     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FR ZT1970                                                      | CUSIP: 3132AEFK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34228 | PA      | $33711.47     | 0.01%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                  | VEGLPL 6.125 12/15/30 144A                                     | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51448.80     | 0.02%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                     | EQT 5 01/15/29                                                 | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161069.03    | 0.07%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parallel 2023-1 Ltd./Parallel 2023-1 LLC                                            | PARL 2023-1A A1R                                               | CUSIP: 69915NAJ7<br>LEI: 549300IVH7GEF68EFD31 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $570098.15    | 0.24%             | 2036-07-21      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                                     | CWHL 2006-R2 AF1                                               | CUSIP: 125435AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42322 | PA      | $40157.58     | 0.02%             | 2036-07-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| SAXON ASSET SECURITIES TRUST 1999-2                                                 | SAST 2003-3 M1                                                 | CUSIP: 805564PE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8551 | PA      | $8251.50      | 0.00%             | 2033-12-25      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | VZ 2.1 03/22/28                                                | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $259356.97    | 0.11%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | IRS USD                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $220999.46    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                      | SARM 2005-12 3A1                                               | CUSIP: 863579SU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2751 | PA      | $2316.46      | 0.00%             | 2035-06-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                             | MRP 6.25 09/15/32 144A                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29487.98     | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN AB9109                                                      | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40970 | PA      | $37414.89     | 0.02%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE FUNDING LLC MORTGAGE-BACKED CERTIFICATES SERIES 2004-4                  | CCMFC 2004-4A A2                                               | CUSIP: 16678RCD7<br>LEI: 549300BO65N44G8TZI31 | Long             | ABS-O            | CORP              | US        |      6839 | PA      | $6699.20      | 0.00%             | 2035-10-25      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                        | Focus Financial Term Loan B-8 (add-on) 275 2031-09-01          | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    189524 | PA      | $183827.66    | 0.08%             | 2031-09-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.95 02/04/31                                             | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137029.26    | 0.06%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                     | ATCLO 2025-26A AY                                              | CUSIP: 04942WAE2<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    140000 | PA      | $140269.26    | 0.06%             | 2038-10-22      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                            | Virgin Media Term Loan Y (Incremental) 325 2031-02-26          | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    375000 | PA      | $343321.88    | 0.14%             | 2031-03-31      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                            | T 4.7 08/15/30                                                 | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252203.07    | 0.11%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                          | INDX 2004-AR14 2A1A                                            | CUSIP: 45660LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41363 | PA      | $32081.53     | 0.01%             | 2035-01-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | AMZN 4.1 11/20/30                                              | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    380000 | PA      | $375704.22    | 0.16%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                           | VNOM 4.9 08/01/30                                              | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100121.00    | 0.04%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Columbia Cent CLO 32 Ltd.                                                           | CECLO 2022-32A A1R2                                            | CUSIP: 19737TBG0<br>LEI: 549300NBGVSLUALOY827 | Long             | ABS-CBDO         | CORP              | KY        |    690000 | PA      | $690599.61    | 0.29%             | 2034-07-24      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| VERDANT RECEIVABLES 2024-1 LLC                                                      | VERD 2024-1A A2                                                | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    876488 | PA      | $890511.88    | 0.37%             | 2031-12-12      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BF0104                                                      | CUSIP: 3140FXDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111796 | PA      | $105920.43    | 0.04%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | Three-Month SOFR Futures, Dec-2026,ETH                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        52 | NC      | $-39759.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Balboa Bay Loan Funding 2021-1 Ltd / Llc                                            | BOBA 2021-1A AR                                                | CUSIP: 05765XAL5<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $459617.51    | 0.19%             | 2034-07-20      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                            | VST 4.7 01/31/31 144A                                          | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    610000 | PA      | $600523.28    | 0.25%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                    | CP 1.75 12/02/26                                               | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    330000 | PA      | $324947.51    | 0.14%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                                 | CMPCCI 4.375 04/04/27 144A                                     | CUSIP: 46128MAJ0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    560000 | PA      | $558801.21    | 0.23%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                  | VEGLPL 7.5 05/01/33 144A                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21995.78     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | ABT 4 03/15/31                                                 | CUSIP: 002824BS8<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $344531.88    | 0.14%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN POINT CLO 1 LTD                                                            | MTNPT 2026-1A A1                                               | CUSIP: 624257AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    210000 | PA      | $210119.28    | 0.09%             | 2039-04-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN 783094                                                      | CUSIP: 36241LNK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21952 | PA      | $22814.03     | 0.01%             | 2034-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CNH EQUIPMENT TRUST 2022-B                                                          | CNH 2022-B A3                                                  | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    281713 | PA      | $281647.51    | 0.12%             | 2027-11-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                  | IR 5.4 08/14/28                                                | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    830000 | PA      | $849313.59    | 0.35%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XXIII Ltd.                                                         | Marble Point CLO XXIII Ltd                                     | CUSIP: 56607TAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $640220.80    | 0.27%             | 2035-01-22      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | AMZN 3.9 11/20/28                                              | CUSIP: 023135CS3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    340000 | PA      | $338642.91    | 0.14%             | 2028-11-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO VI LTD                                                                 | GWOLF 2018-1A A2                                               | CUSIP: 39809GAC9<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |    103492 | PA      | $103683.80    | 0.04%             | 2031-04-26      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2012-H21 FA                                                | CUSIP: 38375BVU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    610918 | PA      | $611873.74    | 0.25%             | 2062-07-20      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                    | TEVA 3.15 10/01/26                                             | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    236000 | PA      | $233796.66    | 0.10%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE FUNDING LLC MORTGAGE-BACKED CERTIFICATES SERIES 2004-3                  | CCMFC 2004-3A A2                                               | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-O            | CORP              | US        |       734 | PA      | $723.09       | 0.00%             | 2035-08-27      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 892951                                                      | CUSIP: 3620E0DZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1712 | PA      | $1727.51      | 0.00%             | 2060-07-20      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                 | BNS 5.4 06/04/27 GMTN                                          | CUSIP: 06418GAH0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1012996.19   | 0.42%             | 2027-06-04      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS 3 08/15/26                                                 | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1033884.46   | 0.43%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                                    | NTT 4.62 07/16/28 144A                                         | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    650000 | PA      | $652577.21    | 0.27%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 3 10/29/28                                                 | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    560000 | PA      | $539188.89    | 0.22%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V5.656 04/18/30                                             | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    470000 | PA      | $483572.35    | 0.20%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                            | Cloud Software Group (Citrix/TIBCO) Term Loan B 325 2031-03-01 | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     89774 | PA      | $82502.71     | 0.03%             | 2031-03-21      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Firstenergy Transmission Llc                                                        | FE 4.55 01/15/30                                               | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    930000 | PA      | $929410.20    | 0.39%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                | ASUCOR 8 12/31/32 144A                                         | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93445.92     | 0.04%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                    | PM 4.125 04/28/28                                              | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1048411.10   | 0.44%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PRKCM 2025-AFC1 TRUST                                                               | PRKCM 2025-AFC1 A1                                             | CUSIP: 69392YAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287114 | PA      | $286539.17    | 0.12%             | 2060-10-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2003-10                                                      | SLMA 2003-10A A4                                               | CUSIP: 78442GJH0<br>LEI: 5493000NQN5E3MSIIG77 | Long             | ABS-O            | CORP              | US        |    412258 | PA      | $409664.89    | 0.17%             | 2068-12-17      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                    | TEVA 6 12/01/32                                                | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $205396.00    | 0.09%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                | LVS 5.625 06/15/28                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    870000 | PA      | $881501.97    | 0.37%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FH 2B1386                                                      | CUSIP: 31326FRF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36694 | PA      | $38014.96     | 0.02%             | 2043-06-01      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                | HWM 3 01/15/29                                                 | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    520000 | PA      | $501773.63    | 0.21%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SCMS 2025-BNC1 MORTGAGE TRUST                                                       | SCMS 2025-BNC1 A2                                              | CUSIP: 78398LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620000 | PA      | $617449.20    | 0.26%             | 2057-12-17      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC         | BWCAP 2023-1A A1R                                              | CUSIP: 108928AQ5<br>LEI: 254900KA4G802DSTDW29 | Long             | ABS-CBDO         | CORP              | JE        |    450000 | PA      | $447968.93    | 0.19%             | 2035-10-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS2866                                                      | CUSIP: 3140XJFG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1303156 | PA      | $1306075.86   | 0.54%             | 2038-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.5 05/06/28                                              | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1045375.46   | 0.44%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                    | AIMCO 2021-15A AR                                              | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $550149.55    | 0.23%             | 2038-04-17      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| AUTONATION FINANCE TRUST 2025-1                                                     | DRVPNK 2026-1A D                                               | CUSIP: 05330WAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $159123.66    | 0.07%             | 2034-01-11      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                  | VEGLPL 6.75 01/15/36 144A                                      | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42392.08     | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRPM 2026-RCF1 LLC                                                                  | PRPM 2026-RCF1 A1                                              | CUSIP: 69383VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570728 | PA      | $567971.86    | 0.24%             | 2056-01-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                       | MIDCAP 5.37 04/15/29 144A                                      | CUSIP: 59590AAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $622379.49    | 0.26%             | 2029-04-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR ZA2379                                                      | CUSIP: 31329KUC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    585247 | PA      | $556507.93    | 0.23%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                               | CAH 4.7 11/15/26                                               | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    900000 | PA      | $901716.93    | 0.38%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                                 | MNET 2025-2A A2                                                | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $444335.72    | 0.19%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2022-R04                                        | CAS 2022-R04 1M2                                               | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    540000 | PA      | $547730.64    | 0.23%             | 2042-03-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                            | AXP V5.645 04/23/27                                            | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    580000 | PA      | $580595.78    | 0.24%             | 2027-04-23      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO 2025-6 LTD                                                        | STCP 2025-6A A1                                                | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    540000 | PA      | $540144.02    | 0.22%             | 2038-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                  | CHRD 6 10/01/30 144A                                           | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101386.00    | 0.04%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | TFC V6.047 06/08/27 MTN                                        | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60153.65     | 0.03%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                             | MPLX 4.125 03/01/27                                            | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239450.99    | 0.10%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                              | WM 4.5 03/15/28                                                | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $483325.89    | 0.20%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST 2021-P4                                              | CRVNA 2021-P4 A4                                               | CUSIP: 14687KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468212 | PA      | $465789.81    | 0.19%             | 2027-12-10      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO                                                  | NEUB 2022-51A AR2                                              | CUSIP: 64135BAW9<br>LEI: 549300E2R8NH2QE50368 | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $400050.12    | 0.17%             | 2036-10-23      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                           | XYZ 6 08/15/33 144A                                            | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118141.62    | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Engie SA                                                                            | ENGIFP 5.25 04/10/29 144A                                      | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    840000 | PA      | $859951.20    | 0.36%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC V5.24 05/13/31                                            | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    580000 | PA      | $588306.46    | 0.24%             | 2031-05-13      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | SOLV 5.45 02/25/27                                             | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    252000 | PA      | $253971.02    | 0.11%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | AMZN 3.85 03/13/28                                             | CUSIP: 023135DB9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    330000 | PA      | $329046.88    | 0.14%             | 2028-03-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -54 | NC      | $-51300.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | G2 892399                                                      | CUSIP: 36208A7L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14598 | PA      | $14791.50     | 0.01%             | 2060-01-20      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN AB9108                                                      | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25027 | PA      | $22870.37     | 0.01%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FN MA4540                                                      | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    563386 | PA      | $489647.25    | 0.20%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR 2025-1 AVIATION LIMITED                                                   | NAVTR 2025-1 A                                                 | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    263213 | PA      | $258452.25    | 0.11%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                      | SARM 2005-4 1A1                                                | CUSIP: 863579MP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57370 | PA      | $48225.73     | 0.02%             | 2035-03-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| LEHMAN XS TRUST SERIES 2005-5N                                                      | SASC 2005-RF3 2A                                               | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56454 | PA      | $51654.93     | 0.02%             | 2035-06-25      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.75 01/31/31                                                | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $59493.75     | 0.02%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance Plc                                                         | IMBLN 4.5 06/30/28 144A                                        | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    620000 | PA      | $620541.19    | 0.26%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                | LVS 5.9 06/01/27                                               | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    810000 | PA      | $820725.39    | 0.34%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | IRS USD                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $237161.31    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                | Spirit Airlines, LLC DIP New Money Term Loan 10/25             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     40642 | PA      | $40235.72     | 0.02%             | 2040-01-02      | None          | 11.68%                | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                                               | BELL 2025-1A A2I                                               | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $207237.14    | 0.09%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Wendys Funding Llc                                                                  | WEN 2019-1A A2II                                               | CUSIP: 95058XAH1<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    508883 | PA      | $490090.60    | 0.20%             | 2049-06-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2019-4                                                    | TPMT 2019-4 B1B                                                | CUSIP: 89178BBA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $711832.85    | 0.30%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                   | INTC 3.75 08/05/27                                             | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    850000 | PA      | $843144.49    | 0.35%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2019-H16 CF                                                | CUSIP: 38380LF65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    739405 | PA      | $740203.80    | 0.31%             | 2069-10-20      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2011-H07 FA                                                | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     13739 | PA      | $13742.01     | 0.01%             | 2061-02-20      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS2947                                                      | CUSIP: 3140XJHZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    686705 | PA      | $663300.28    | 0.28%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                     | LLY 4.2 08/14/29                                               | CUSIP: 532457CQ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10011.53     | 0.00%             | 2029-08-14      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                         | LMT 4.15 08/15/28                                              | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180167.06    | 0.08%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                  | META 4.2 11/15/30                                              | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1089580.06   | 0.45%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PLYM COMMERCIAL MORTGAGE TRUST 2026-IND                                             | PLYM 2026-IND A                                                | CUSIP: 69292BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $607851.70    | 0.25%             | 2043-03-16      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | AOMT 2025-6 A1                                                 | CUSIP: 034937AA0<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-O            | CORP              | US        |    453350 | PA      | $455208.09    | 0.19%             | 2070-04-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST 2025-B                                                        | ARIFL 2025-B A2                                                | CUSIP: 00193GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1395048 | PA      | $1399020.32   | 0.58%             | 2034-03-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| WHITEBOX CLO III LTD                                                                | WBOX 2021-3A A1R                                               | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330119.72    | 0.14%             | 2035-10-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | AVOL 4.25 04/15/26 144A                                        | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $99995.56     | 0.04%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO XXX Ltd/Bluemountain CLO XXX LLC                                   | BLUEM 2020-30A AR2                                             | CUSIP: 09630QAU5<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $420111.80    | 0.17%             | 2035-04-16      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| RALI SERIES 2006-QS17 TRUST                                                         | RALI 2007-QS7 1A7                                              | CUSIP: 74923WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    369007 | PA      | $283903.24    | 0.12%             | 2037-05-25      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNR 2018-74 AB                                                 | CUSIP: 3136B3HQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    128961 | PA      | $119886.14    | 0.05%             | 2048-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V5.775 06/12/29                                            | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113161.66    | 0.05%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                      | C 4.838 08/06/29                                               | CUSIP: 17325FBK3<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1317525.27   | 0.55%             | 2029-08-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Bayswater Park CLO Ltd. / Bayswater Park CLO LLC                                    | BAYPK 2023-1A AR                                               | CUSIP: 072929AQ5<br>LEI: 254900BXH0PMWI87VS84 | Long             | ABS-CBDO         | CORP              | JE        |    390000 | PA      | $390066.22    | 0.16%             | 2039-01-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp                                                                  | PFSFC 2023-B B                                                 | CUSIP: 69335PEW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210000 | PA      | $1211926.80   | 0.50%             | 2028-05-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Perusahaan Listrik Negara PT                                                        | PLNIJ 5.45 05/21/28 144A                                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    742000 | PA      | $748512.53    | 0.31%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LLP / Medline Co-Issuer Inc.                                       | MEDIND 6.25 04/01/29 144A                                      | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173439.59    | 0.07%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| The Connecticut Light and Power Company                                             | ES 4.65 01/01/29                                               | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    580000 | PA      | $585391.44    | 0.24%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                               | LOW 1.7 09/15/28                                               | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1184456.81   | 0.49%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                          | OXY 3.2 08/15/26                                               | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    730000 | PA      | $726617.11    | 0.30%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MLTI TRUST 2026-SF75                                                                | MLTI 2026-SF75 A                                               | CUSIP: 55318JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $488352.42    | 0.20%             | 2031-03-17      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                      | MCK 4.25 09/15/29                                              | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    720000 | PA      | $718296.94    | 0.30%             | 2029-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                             | BLKPRL 6.125 02/15/31 144A                                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $112095.17    | 0.05%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | GLENLN 3.875 10/27/27 144A                                     | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    800000 | PA      | $792698.79    | 0.33%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.875 07/31/27                                               | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200101.56    | 0.08%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST SERIES 2020-2                       | SCRT 2020-2 M                                                  | CUSIP: 35563PRE1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    770738 | PA      | $750350.04    | 0.31%             | 2059-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                 | ONCRTX 4.5 03/20/27                                            | CUSIP: 68233JDB7<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    610000 | PA      | $610228.56    | 0.25%             | 2027-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OBX 2022-NQM1 TRUST                                                                 | OBX 2022-NQM1 A1                                               | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    773958 | PA      | $702159.69    | 0.29%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| ARES XLIV CLO LTD                                                                   | ARES 2017-44A A1RR                                             | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250265.75    | 0.10%             | 2034-04-17      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.55 02/04/29                                             | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    260000 | PA      | $256765.40    | 0.11%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SALT 2021-1 TRUST                                                                   | SALTT 2021-1A A                                                | CUSIP: 78433XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456150 | PA      | $446122.16    | 0.19%             | 2033-02-28      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2017-2                                         | DRMT 2026-INV1 A1                                              | CUSIP: 24381GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588382 | PA      | $584059.08    | 0.24%             | 2070-12-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| MF1 2026-FL21 LLC                                                                   | MF1 2026-FL21 A                                                | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    120000 | PA      | $119659.42    | 0.05%             | 2041-02-19      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                             | MIK 8.5 03/15/33 144A                                          | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    210000 | PA      | $204655.29    | 0.09%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Qazaqgaz National Co JSC                                                            | KZTGKZ 4.375 09/26/27 144A                                     | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    800000 | PA      | $794496.02    | 0.33%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2011-H05 FB                                                | CUSIP: 38375BKE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     19239 | PA      | $19244.56     | 0.01%             | 2060-12-20      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing DAC                                                        | AerCap/Setanta Term Loan B 175 2028-11-01                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    262500 | PA      | $263935.88    | 0.11%             | 2028-11-06      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                    | MRSH 4.55 11/08/27                                             | CUSIP: 571748BY7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    860000 | PA      | $864278.32    | 0.36%             | 2027-11-08      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNMA F 06/18/26                                                | CUSIP: 3135G07G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1640000 | PA      | $1640359.80   | 0.68%             | 2026-06-18      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2013-H08 BF                                                | CUSIP: 38375BN99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     92576 | PA      | $92222.45     | 0.04%             | 2063-03-20      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V4.21 04/20/28                                              | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1027349.21   | 0.43%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                | Spirit Airlines, LLC Second DIP New Money Delayed TL           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10080 | PA      | $9978.74      | 0.00%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                   | LPLA 4.9 04/03/28                                              | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    950000 | PA      | $953350.63    | 0.40%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2011-H06 FA                                                | CUSIP: 38375BKL5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     34509 | PA      | $34493.48     | 0.01%             | 2061-02-20      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                          | OKE 5.55 11/01/26                                              | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $482857.83    | 0.20%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                     | ATCLO 2025-26A AN                                              | CUSIP: 04942WAC6<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $390745.99    | 0.16%             | 2038-10-22      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2013-H14 FC                                                | CUSIP: 38375B3L4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     18382 | PA      | $18377.58     | 0.01%             | 2063-06-20      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                         | CRGYFN 7.375 01/15/33 144A                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80039.54     | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | VZ 4.125 03/16/27                                              | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1619324.62   | 0.67%             | 2027-03-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                             | UKG Term Loan B 350 2031-01-20                                 | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     79800 | PA      | $76363.33     | 0.03%             | 2031-02-10      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                           | NIPLIF 4.748 04/02/31 144A                                     | CUSIP: 654579AQ4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $702010.62    | 0.29%             | 2031-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                        | UAL 5.375 03/01/31                                             | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68639.67     | 0.03%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.5 11/15/28                                                 | CUSIP: 91282CPK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $644794.92    | 0.27%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V5.727 04/25/30                                             | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    460000 | PA      | $474662.03    | 0.20%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| SREIT COMMERCIAL MORTGAGE TRUST 202                                                 | SREIT 2021-MFP2 A                                              | CUSIP: 85236WCE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1449323.87   | 0.60%             | 2036-11-17      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2021-A                                                    | NSLT 2021-A APT1                                               | CUSIP: 64035DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261706 | PA      | $249629.49    | 0.10%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | HYNMTR 5.95 09/21/26 144A                                      | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452817.32    | 0.19%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD3637                                                      | CUSIP: 3132E0BE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    458908 | PA      | $470792.40    | 0.20%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING 2024-II LTD                                                            | CIFC 2024-2A A1                                                | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $150387.53    | 0.06%             | 2037-04-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                        | CHASE 2007-A1 2A3                                              | CUSIP: 161630AJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3375 | PA      | $3219.76      | 0.00%             | 2037-02-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                             | MBGGR 4.75 08/01/27 144A                                       | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1246921.87   | 0.52%             | 2027-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | U.S. Treasury Bond Futures, Jun-2026,ETH                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -11 | NC      | $41275.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toronto-Dominion Bank                                                           | TD 5.523 07/17/28 MTN                                          | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    950000 | PA      | $973659.70    | 0.41%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V5.103 04/22/31                                            | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    630000 | PA      | $641556.76    | 0.27%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2024-10                                                    | AOMT 2024-10 A1                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-O            | CORP              | US        |    445586 | PA      | $446228.05    | 0.19%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO XXX LTD                                                                  | APID XXXA A2R                                                  | CUSIP: 03768CAS8<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002210.00   | 0.42%             | 2031-10-20      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BF0183                                                      | CUSIP: 3140FXFZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60125 | PA      | $56964.83     | 0.02%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                | Spirit Contingent TL                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96176 | PA      | $12021.98     | 0.01%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CVS Health Corp                                                                     | CVS 4.3 03/25/28                                               | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2003295.87   | 0.83%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PRPM 2024-Nmq4 Trust                                                                | PRPM 2024-NQM4 A1                                              | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    411336 | PA      | $413094.02    | 0.17%             | 2069-12-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX 5.75 11/08/26                                              | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1936286.46   | 0.81%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA                                                   | PETRPE 4.75 06/19/32 144A                                      | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    710000 | PA      | $563502.15    | 0.23%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLACK DIAMOND CLO 2024-1 LTD                                                        | BLACK 2024-1A A1                                               | CUSIP: 09204UAA6<br>LEI: 254900ANJLMZULCJ1D24 | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1043256.76   | 0.43%             | 2037-10-26      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                                     | BANK 2022-BNK39 XA                                             | CUSIP: 06539VAP3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  60095904 | PA      | $1251977.96   | 0.52%             | 2055-02-18      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| HOME EQUITY ASSET TRUST 2005-8 M1                                                   | HEAT 2005-6 M5                                                 | CUSIP: 437084NG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $372465.70    | 0.16%             | 2035-12-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                         | HUM 5.75 12/01/28                                              | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1405429.28   | 0.59%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                             | BECN 6.75 04/30/32 144A                                        | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $132712.58    | 0.06%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2021-H03 FA                                                | CUSIP: 38380QYC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    803436 | PA      | $801380.59    | 0.33%             | 2070-04-20      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2013-H02 FD                                                | CUSIP: 38375BH21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    193725 | PA      | $193360.65    | 0.08%             | 2062-12-20      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank National Association                                    | MS V4.734 07/18/31                                             | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598256.60    | 0.25%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding 2021-2 LTD / LLC                                            | BOBA 2021-2A A1R                                               | CUSIP: 05766GAL1<br>LEI: 549300N3EVICXRV85R74 | Long             | ABS-CBDO         | CORP              | KY        |    580000 | PA      | $580178.06    | 0.24%             | 2035-01-22      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                   | ALC 2025-2A A1                                                 | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $388986.47    | 0.16%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                              | FANG 5.2 04/18/27                                              | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252024.72    | 0.10%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC V5.597 05/17/28                                           | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1390000 | PA      | $1405838.49   | 0.59%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FM5755                                                      | CUSIP: 3140X9MD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    574186 | PA      | $548647.25    | 0.23%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2018-H4                                              | MSC 2018-H4 XA                                                 | CUSIP: 61691RAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21577379 | PA      | $389022.89    | 0.16%             | 2051-12-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR RB5145                                                      | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1793703 | PA      | $1559140.34   | 0.65%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                | VIKCRU 9.125 07/15/31 144A                                     | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    240000 | PA      | $253315.20    | 0.11%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TRUST 2023-B                                                       | TESLA 2023-B B                                                 | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124856 | PA      | $124964.99    | 0.05%             | 2027-08-20      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Venture 38 Clo Ltd.                                                                 | VENTR 2019-38A ARR                                             | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    121711 | PA      | $121855.86    | 0.05%             | 2032-07-30      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                        | GD 3.5 04/01/27                                                | CUSIP: 369550BL1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328311.12    | 0.14%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                         | Asurion First-lien Term Loan B-14 375 2033-02-09               | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    190000 | PA      | $183944.70    | 0.08%             | 2033-03-11      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | ABBV 4.8 03/15/27                                              | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1025414.61   | 0.43%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | AMZN 4 03/13/29                                                | CUSIP: 023135DC7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208976.73    | 0.09%             | 2029-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                 | BMW 4.65 08/13/29 144A                                         | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1223009.25   | 0.51%             | 2029-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                         | COR 4.625 12/15/27                                             | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    480000 | PA      | $481915.03    | 0.20%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                | GLENLN 4 03/27/27 144A                                         | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9958.40      | 0.00%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-NQM5                                       | NRZT 2019-NQM5 A3                                              | CUSIP: 64830PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    293707 | PA      | $280967.00    | 0.12%             | 2059-11-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BJ2544                                                      | CUSIP: 3140H3ZJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23636 | PA      | $22264.08     | 0.01%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BXMT 2026-FL6 LTD                                                                   | BXMT 2026-FL6 A                                                | CUSIP: 05620AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $439217.33    | 0.18%             | 2043-08-19      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                | URI 3.75 01/15/32                                              | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    120000 | PA      | $110132.78    | 0.05%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SLM PRIVATE CREDIT STUDENT LOAN TRUST 2006-A                                        | SLMA 2006-A A5                                                 | CUSIP: 78443CCL6<br>LEI: 549300I2YWZ9E1B0EY33 | Long             | ABS-O            | CORP              | US        |    416704 | PA      | $406611.48    | 0.17%             | 2039-06-15      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| AmWINS Group Inc                                                                    | AmWINS Group Term Loan B 200 2032-01-01                        | CUSIP: 03234TBB3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |    240000 | PA      | $238682.40    | 0.10%             | 2032-01-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                            | GNR 2021-8 AQ                                                  | CUSIP: 38382MTZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGSE             | US        |     61938 | PA      | $61043.05     | 0.03%             | 2051-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                          | BATSLN 2.259 03/25/28                                          | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    700000 | PA      | $672136.35    | 0.28%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2005-AR18 TRUST   | WAMU 2005-AR4 A5                                               | CUSIP: 92922FG77<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5335 | PA      | $5217.29      | 0.00%             | 2035-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-BIO2                                              | BX 2024-BIO2 D                                                 | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $242131.63    | 0.10%             | 2041-08-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V5.162 01/24/31                                            | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    590000 | PA      | $601351.19    | 0.25%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Bank 2017-Bnk4                                                                      | BANK 2022-BNK40 A4                                             | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $436669.06    | 0.18%             | 2064-03-17      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| Bayfront Iabs VII Pte Ltd.                                                          | BAYFRT 7A A                                                    | CUSIP: 000000000<br>LEI: 213800DAFLLBYWNXMG91 | Long             | ABS-O            | CORP              | SG        |    400000 | PA      | $399961.60    | 0.17%             | 2048-04-11      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V2.215 01/27/28 mtn                                        | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9826.89      | 0.00%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| MAPS TRUST 2026-1                                                                   | MAPSL 2026-1A A                                                | CUSIP: 55293WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335879 | PA      | $328830.35    | 0.14%             | 2051-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | HYNMTR 5.275 06/24/27 144A                                     | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    830000 | PA      | $837232.22    | 0.35%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 784825                                                      | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15656 | PA      | $14377.83     | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BDS 2021-FL10 LTD                                                                   | BDS 2021-FL10 D                                                | CUSIP: 07335YAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1320000 | PA      | $1323340.00   | 0.55%             | 2036-12-18      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                                 | LIGPLL 7.25 08/15/32 144A                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72817.34     | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX 4.125 11/16/28                                             | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258968.46    | 0.11%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                              | UAL 4.625 04/15/29 144A                                        | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    310000 | PA      | $304351.46    | 0.13%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                | Spirit Airlines, LLC Third DIP New Money TL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19907 | PA      | $19708.34     | 0.01%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                        | Harbor Freight Term Loan B 250 2031-05-27                      | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    190000 | PA      | $188311.85    | 0.08%             | 2031-06-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES HOLDING CO LLC                                                   | CPGX 6.055 08/15/26 144A                                       | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60277.47     | 0.03%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                    | PCG 5.55 05/15/29                                              | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    430000 | PA      | $440326.51    | 0.18%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V4.643 05/07/28                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1612839.80   | 0.67%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INVESTORS INC                                                | MLMI 2003-A2 2M1                                               | CUSIP: 589929P51<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20542 | PA      | $18024.08     | 0.01%             | 2033-03-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| OCCU AUTO RECEIVABLES TRUST 2025-1                                                  | OCCU 2025-1A D                                                 | CUSIP: 67098SAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $473839.15    | 0.20%             | 2034-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp Mortgage Pass Through Certificates Series 2006-3          | IMSA 2006-3 A7                                                 | CUSIP: 45255RAZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    576135 | PA      | $516344.08    | 0.22%             | 2036-11-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2010-H02 FA                                                | CUSIP: 38375BAM4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      3320 | PA      | $3329.64      | 0.00%             | 2060-02-20      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                          | BATSLN 3.557 08/15/27                                          | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    640000 | PA      | $633183.90    | 0.26%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-A                                             | SMB 2021-A A2A1                                                | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249002 | PA      | $246865.73    | 0.10%             | 2053-01-15      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN 491289                                                      | CUSIP: 36210FXS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       966 | PA      | $968.99       | 0.00%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRUST 2015-1                                         | AAL 3.375 05/01/27                                             | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005062 | PA      | $992904.65    | 0.41%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2020 LTD                                                            | APEXC 2020-1A A1R3                                             | CUSIP: 03756ABN6<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |    520000 | PA      | $520144.77    | 0.22%             | 2035-04-20      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| ENT AUTO RECEIVABLES TRUST 2023-1                                                   | ENT 2023-1A A4                                                 | CUSIP: 293601AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $650687.62    | 0.27%             | 2029-11-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                         | FMCN 7.25 02/15/34 144A                                        | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $203770.40    | 0.08%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                              | ASIA 1.5 01/20/27 GMTN                                         | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | PH        |    830000 | PA      | $815039.54    | 0.34%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                | URI 6.125 03/15/34 144A                                        | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10138.37     | 0.00%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                   | XOM 3.294 03/19/27                                             | CUSIP: 30231GBJ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    670000 | PA      | $666143.21    | 0.28%             | 2027-03-19      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                   | INTC 1.6 08/12/28                                              | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103091.07    | 0.04%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 2-Year T-Note Futures, Jun-2026,ETH                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       768 | NC      | $-744421.77   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | GN 784571                                                      | CUSIP: 3622A3CG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78406 | PA      | $73819.48     | 0.03%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                         | CLR 2.268 11/15/26 144A                                        | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1525327.49   | 0.64%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2025-ESH                                                | ESA 2025-ESH A                                                 | CUSIP: 30227TAA8<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $240315.17    | 0.10%             | 2042-10-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2013-H14 FG                                                | CUSIP: 38375B3P5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      5765 | PA      | $5763.65      | 0.00%             | 2063-05-20      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                              | NYC 2025-28L F                                                 | CUSIP: 67123JAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505040.60    | 0.21%             | 2038-11-05      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| ARES XLIV CLO LTD                                                                   | ARES 2021-60A AR2                                              | CUSIP: 04018FAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299714.67    | 0.12%             | 2034-07-18      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                      | HPE 4.4 10/15/30                                               | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    390000 | PA      | $383009.55    | 0.16%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GN AB2892                                                      | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34049 | PA      | $31171.20     | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                        | SNPS 4.65 04/01/28                                             | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    590000 | PA      | $592355.24    | 0.25%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                           | TRGP 5 01/15/28                                                | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239965.44    | 0.10%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.625 10/31/30                                               | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4980000 | PA      | $4916291.01   | 2.05%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                                                        | VOYA 2016-1A BR                                                | CUSIP: 92915CAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $241081.68    | 0.10%             | 2031-01-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | MCD 3.5 07/01/27 MTN                                           | CUSIP: 58013MFP4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9913.65      | 0.00%             | 2027-07-01      | Fixed         | 3.50%                 | 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      | $19.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2016-6                                                   | NAVSL 2016-6A A3                                               | CUSIP: 63940LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1284735 | PA      | $1302361.60   | 0.54%             | 2066-03-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                          | OKE 5.8 11/01/30                                               | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $281100.39    | 0.12%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL HOLDINGS (US) INC                                                 | GFLCN 5.5 02/01/34 144A                                        | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $127665.97    | 0.05%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                     | HD 2.5 04/15/27                                                | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9844.96      | 0.00%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -6 | NC      | $18833.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN MORTGAGE ACQUISITION TRUST 2007-CH2                                       | JPMAC 2007-CH2 MV2                                             | CUSIP: 46630MAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    298870 | PA      | $295235.25    | 0.12%             | 2037-01-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                     | HD 4.875 06/25/27                                              | CUSIP: 437076DB5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10098.86     | 0.00%             | 2027-06-25      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                                                      | DGX 4.6 12/15/27                                               | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $2029794.41   | 0.85%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                         | SRGIM 5 05/28/30 144A                                          | CUSIP: 83304JAA5<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222349.34    | 0.09%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRKCM 2022-AFC1 TRUST                                                               | PRKCM 2022-AFC1 A1A                                            | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455306 | PA      | $453629.20    | 0.19%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2013-H14 FD                                                | CUSIP: 38375B3N0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      5392 | PA      | $5390.12      | 0.00%             | 2063-06-20      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Resecuritization Tr Ser 2009-10                                           | JPMRR 2009-10 7A2                                              | CUSIP: 46634ACP7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1653770 | PA      | $773261.69    | 0.32%             | 2037-02-26      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                       | Spirit Aviation Holdings Inc. WT EXP                           | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9458 | NS      | $2364.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                  | SANTAN V4.175 03/24/28                                         | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199153.13    | 0.08%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                     | HD 2.875 04/15/27                                              | CUSIP: 437076CN0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118555.53    | 0.05%             | 2027-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2005-AR18 TRUST   | WAMU 2006-AR13 2A                                              | CUSIP: 93363RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275742 | PA      | $265246.02    | 0.11%             | 2046-10-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Wmrk Commercial Mortgage Trust 2022-Wmrk                                            | WMRK 2022-WMRK A                                               | CUSIP: 929342AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    905360 | PA      | $907469.44    | 0.38%             | 2027-11-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| MEGlobal BV                                                                         | EQPTRC 4.25 11/03/26 144A                                      | CUSIP: 29441WAC9<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |    630000 | PA      | $623905.63    | 0.26%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                            | JANEST 6.125 11/01/32 144A                                     | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29692.61     | 0.01%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                               | SO 5.004 02/23/27                                              | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1299857.75   | 0.54%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                   | BK V3.992 06/13/28 MTN                                         | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    860000 | PA      | $856363.76    | 0.36%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Fifth Third Auto Trust 2023-1                                                       | FITAT 2023-1 A3                                                | CUSIP: 31680EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    596294 | PA      | $600365.24    | 0.25%             | 2028-08-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                                                    | RDSALN 2.875 05/10/26                                          | CUSIP: 822582BT8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    180000 | PA      | $179761.88    | 0.07%             | 2026-05-10      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables VI LLC                                           | AXIS 2024-1A B                                                 | CUSIP: 03237CAC6<br>LEI: 254900O8ABFLU3FOSN14 | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1371151.53   | 0.57%             | 2031-01-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                             | CNP 5.2 10/01/28                                               | CUSIP: 15189XBD9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1360198.69   | 0.57%             | 2028-10-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                   | HRI 7 06/15/30 144A                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51304.20     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                                           | PRXNA 3.257 01/19/27 144A                                      | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    670000 | PA      | $661559.02    | 0.28%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES                                    | SCRT 2019-1 M                                                  | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    763196 | PA      | $749876.10    | 0.31%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                               | RCL 5.375 07/15/27 144A                                        | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    240000 | PA      | $240933.08    | 0.10%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 4 02/28/30                                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2670000 | PA      | $2680325.40   | 1.12%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                   | CSCHLD 6.5 02/01/29 144A                                       | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $638515.00    | 0.27%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                    | CHTR 4.25 01/15/34 144A                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $282619.79    | 0.12%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 892614                                                      | CUSIP: 3620E0D78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48811 | PA      | $51070.26     | 0.02%             | 2060-08-20      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                     | LLY 4.5 02/09/29                                               | CUSIP: 532457CK2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    820000 | PA      | $828298.56    | 0.34%             | 2029-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 892950                                                      | CUSIP: 3620E0DY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       707 | PA      | $713.08       | 0.00%             | 2060-07-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                        | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $29133.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS5955                                                      | CUSIP: 3140XMTM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    385881 | PA      | $403637.91    | 0.17%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2022-4                           | GMCAR 2022-4 A4                                                | CUSIP: 36265QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1353608.42   | 0.56%             | 2028-08-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 4.125 10/31/29                                               | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    430000 | PA      | $433577.73    | 0.18%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2021-1                                                   | NAVSL 2021-1A A1B                                              | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432165 | PA      | $426136.71    | 0.18%             | 2069-12-26      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET 5.55 02/15/28                                               | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132545.22    | 0.06%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                             | EQMSRM 8 03/15/33 144A                                         | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72344.68     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sreit Trust 2021-Palm                                                               | SREIT 2021-PALM A                                              | CUSIP: 85237AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $824727.83    | 0.34%             | 2034-10-16      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V4.482 08/23/28                                             | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1030228.71   | 0.43%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                 | CEG 3.9 01/08/28                                               | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248108.09    | 0.10%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Trinitas Clo XVI Ltd.                                                               | TRNTS 2021-16A A1R                                             | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360375.48    | 0.15%             | 2034-07-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | ETN 3.95 03/06/29                                              | CUSIP: 278058DW9<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198054.69    | 0.08%             | 2029-03-06      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V2.956 05/13/31                                            | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    640000 | PA      | $596484.95    | 0.25%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.2 09/27/29 *                                            | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    850000 | PA      | $823966.64    | 0.34%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                    | MCD 3.5 03/01/27 MTN                                           | CUSIP: 58013MFB5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9942.72      | 0.00%             | 2027-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET MORTGAGE PRODUCTS INC                                             | RAMP 2004-SL4 A5                                               | CUSIP: 76112BGP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3314 | PA      | $877.33       | 0.00%             | 2032-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                               | Petco Animal Supplies Term Loan B 425 2031-01-11               | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    230000 | PA      | $225321.80    | 0.09%             | 2031-01-22      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR ZA2396                                                      | CUSIP: 31329KUV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    555823 | PA      | $530228.61    | 0.22%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEHMAN XS TRUST SERIES 2005-5N                                                      | SASC 2005-SC1 1A2                                              | CUSIP: 86359DTG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305433 | PA      | $215785.35    | 0.09%             | 2031-05-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                   | HRI 7.25 06/15/33 144A                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51279.60     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE CLO 2021-1 LTD                                                        | PLMRS 2021-1A A1AR                                             | CUSIP: 69701WAJ5<br>LEI: 549300O6Q3S8TEDA9I81 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $458747.79    | 0.19%             | 2038-04-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO XII Ltd / LLC                                                      | OCTR 2022-12A A1R                                              | CUSIP: 67515DAS7<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    920000 | PA      | $920431.11    | 0.38%             | 2035-07-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                            | FLTR 5.875 06/04/31 144A                                       | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $198300.00    | 0.08%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MAN CAPITAL 2021-2R                                                                 | MUCLO 2021-2RA A1R                                             | CUSIP: 56164SAA0<br>LEI: 549300MBY3B6FX1O8T44 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $488888.58    | 0.20%             | 2039-04-18      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BF0191                                                      | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104422 | PA      | $98933.69     | 0.04%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                     | GEV 4.25 02/04/31                                              | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    610000 | PA      | $603335.15    | 0.25%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                               | FCX 4.125 03/01/28                                             | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277844.03    | 0.12%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BANK 2023-BNK45                                                                     | BANK 2023-BNK45 A5                                             | CUSIP: 06541BBK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1590000 | PA      | $1607262.47   | 0.67%             | 2056-02-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2025-2                                                      | CARMX 2025-2 A2B                                               | CUSIP: 14320AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    797536 | PA      | $798701.83    | 0.33%             | 2028-07-17      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Swch Commercial Mortgage Trust 2025-Data                                            | SWCH 2025-DATA A                                               | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $662661.76    | 0.28%             | 2042-02-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.875 07/31/30                                               | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5730000 | PA      | $5721158.78   | 2.38%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                              | GFLCN 4 08/01/28 144A                                          | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $145926.17    | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO XV Ltd.                                                           | MVEW 2019-2A A1R                                               | CUSIP: 62432PAS1<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $280734.72    | 0.12%             | 2037-07-15      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                               | AL 1.875 08/15/26                                              | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1108719.36   | 0.46%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                              | GFLCN 6.75 01/15/31 144A                                       | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $362627.07    | 0.15%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V5.933 09/15/27                                            | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302107.98    | 0.13%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2022-2                                     | COPAR 2022-2 A3                                                | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15415 | PA      | $15411.82     | 0.01%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZFFNGR 7.5 03/24/31 144A                                       | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157294.43    | 0.07%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust 2017-2                                          | NRZT 2017-2A B2                                                | CUSIP: 64829KAU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188071 | PA      | $187037.91    | 0.08%             | 2057-03-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CARRINGTON MORTGAGE LOAN TRUST SERIES 2005-OPT2                                     | CMLTI 2007-AR4 2A1A                                            | CUSIP: 17311WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15953 | PA      | $16299.32     | 0.01%             | 2037-03-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 2-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        35 | NC      | $21328.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank 2017-Bnk9                                                                      | BANK 2017-BNK9 ASB                                             | CUSIP: 06540RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418834 | PA      | $415653.30    | 0.17%             | 2054-11-17      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                                          | SPIRIT FUNDED ROLL UP TL                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252439 | PA      | $176707.30    | 0.07%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BNP Paribas SA                                                                      | BNP V4.792 05/09/29 144A                                       | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1090000 | PA      | $1094094.01   | 0.46%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                         | PAYX 5.1 04/15/30                                              | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    330000 | PA      | $333097.47    | 0.14%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                        | AVGO 4.6 07/15/30                                              | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    630000 | PA      | $633345.24    | 0.26%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | RY 4.875 01/19/27 GMTN                                         | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2090000 | PA      | $2101420.97   | 0.88%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STWD 2025-FL4 LLC                                                                   | STWD 2025-FL4 A                                                | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    640000 | PA      | $640042.43    | 0.27%             | 2042-11-19      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FSPC T-51 1A                                                   | CUSIP: 31392W7B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     36159 | PA      | $36983.74     | 0.02%             | 2043-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B31 MORTGAGE TRUST                                                   | BMARK 2021-B31 A5                                              | CUSIP: 08163MAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1177598.40   | 0.49%             | 2054-12-17      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                 | BNS 2.951 03/11/27                                             | CUSIP: 06418BAE8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $395277.42    | 0.16%             | 2027-03-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| OBRA CLO LTD                                                                        | OBRAC 2025-2A A1                                               | CUSIP: 674436AA8<br>LEI: 254900MMN4MOZ34WUC71 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $601727.82    | 0.25%             | 2038-07-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| RIDE TRUST 2025-SHRE                                                                | RIDE 2025-SHRE A                                               | CUSIP: 765692AA6<br>LEI: 5493000HCHF3YP6AGZ15 | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $476981.71    | 0.20%             | 2047-02-14      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL INC                                                               | WAMU 2003-AR5 A7                                               | CUSIP: 929227R65<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9084 | PA      | $9109.77      | 0.00%             | 2033-06-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2010-H26 LF                                                | CUSIP: 38375BGS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      8367 | PA      | $8346.42      | 0.00%             | 2058-08-20      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2021-H16 FG                                                | CUSIP: 38382YGG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1084619 | PA      | $1079394.85   | 0.45%             | 2071-09-20      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 0.625 07/31/26                                               | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10450000 | PA      | $10343170.59  | 4.31%             | 2026-07-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                               | WOOF 8.25 02/01/31 144A                                        | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59958.86     | 0.02%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING XLVI LTD                                                       | MDPK 2020-46A ARR                                              | CUSIP: 55822AAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    610000 | PA      | $609603.07    | 0.25%             | 2034-10-16      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                    | Three-Month SOFR Futures, Mar-2026,ETH                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        49 | NC      | $-22765.40    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                  | VGNT 6.125 04/15/31 144A                                       | CUSIP: 23292NAA6<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118598.09    | 0.05%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                              | MU 5.3 01/15/31                                                | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    570000 | PA      | $596822.95    | 0.25%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                             | VENLNG 9.5 02/01/29 144A                                       | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    340000 | PA      | $367811.80    | 0.15%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                          | APEXC 2021-2A A1AR                                             | CUSIP: 03755QAA1<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $570661.83    | 0.24%             | 2034-10-20      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V3.691 06/05/28                                             | CUSIP: 38141GWL4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495664.69    | 0.21%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                   | ISRAEL 5.375 03/12/29 5Y                                       | CUSIP: 46514BRN9<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    370000 | PA      | $375888.78    | 0.16%             | 2029-03-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 2-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -35 | NC      | $-7109.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.5 11/30/30                                                 | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2440000 | PA      | $2395298.44   | 1.00%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNR 2022-57 BC                                                 | CUSIP: 3136BN3N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     64627 | PA      | $61705.96     | 0.03%             | 2052-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                                           | EFMT 2022-1 A1                                                 | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    848173 | PA      | $759428.00    | 0.32%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2017-4                                          | NRZT 2017-4A A1                                                | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81224 | PA      | $78430.13     | 0.03%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                      | FDX 4.3 03/15/29 144A                                          | CUSIP: 314352AA3<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    620000 | PA      | $612712.56    | 0.26%             | 2029-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                    | CHTR 7 02/01/33 144A                                           | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $120449.92    | 0.05%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO X                                                                  | OCTR 2020-10A AR2                                              | CUSIP: 67516CAW9<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $520607.72    | 0.22%             | 2034-10-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                  | SANTAN 4.551 11/06/30                                          | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $591663.26    | 0.25%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PALMER SQ LN FDG 24-1 LTD /LLC                                                      | PSTAT 2024-1A A1R                                              | CUSIP: 69703NAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499918.95    | 0.21%             | 2032-10-15      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2010-H20 AF                                                | CUSIP: 38375BGF3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     95719 | PA      | $95506.72     | 0.04%             | 2060-10-20      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET 5.5 06/01/27 *                                              | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    510000 | PA      | $514832.75    | 0.21%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                      | SCHW 5.875 08/24/26                                            | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10058.80     | 0.00%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| 522 FDG CLO LTD 2019-5R                                                             | MORGN 2019-5A AR2                                              | CUSIP: 33829WAL3<br>LEI: 549300HKB0UTKU91DG08 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360095.76    | 0.15%             | 2035-04-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                                                   | MF1 2025-FL19 A                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390000 | PA      | $390593.54    | 0.16%             | 2042-05-18      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                 | KMI 4.3 03/01/28                                               | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119894.79    | 0.05%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                         | FMCN 8 03/01/33 144A                                           | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $417441.20    | 0.17%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc.                                                            | VSNT 7.25 01/30/31 144A                                        | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51211.05     | 0.02%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BT9458                                                      | CUSIP: 3140LYQL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    883420 | PA      | $846541.96    | 0.35%             | 2051-11-01      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                         | KVUE 5.05 03/22/28                                             | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    540000 | PA      | $548365.23    | 0.23%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                      | WES 6.35 01/15/29                                              | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208312.70    | 0.09%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN AL3421                                                      | CUSIP: 3138EKYT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    254116 | PA      | $256645.89    | 0.11%             | 2037-09-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS (NORTH AMERICA) INC                                                  | URI 3.875 02/15/31                                             | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    420000 | PA      | $395097.99    | 0.16%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2018-168 PA                                                | CUSIP: 38381BDT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     98829 | PA      | $95089.83     | 0.04%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V3.419 12/20/28                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    710000 | PA      | $697732.71    | 0.29%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                             | MRP 6.375 08/01/30 144A                                        | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $110040.03    | 0.05%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                      | INTNED V4.017 03/28/28                                         | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $547540.33    | 0.23%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2019-18 TP                                                 | CUSIP: 38381B4T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     77768 | PA      | $70173.23     | 0.03%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                               | RCL 5.625 09/30/31 144A                                        | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    140000 | PA      | $141414.49    | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                     | CDS CDX.NA.IG.46.V1                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $126520.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                                                           | NSLT 2025-1A A1                                                | CUSIP: 64035EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536835 | PA      | $536976.01    | 0.22%             | 2033-10-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                | NCLH 5.875 01/15/31 144A                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $77773.27     | 0.03%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                  | CTRA 3.9 05/15/27                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1350652.16   | 0.56%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2010-H03 FA                                                | CUSIP: 38376XNT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     36361 | PA      | $36393.09     | 0.02%             | 2060-03-20      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                                   | SE 2025-1A A                                                   | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    419159 | PA      | $418180.21    | 0.17%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                               | AL 5.3 02/01/28                                                | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    720000 | PA      | $728392.77    | 0.30%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2011-H03 FA                                                | CUSIP: 38375BJS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     10192 | PA      | $10194.50     | 0.00%             | 2061-01-20      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD                                                                    | BHCCN 10 04/15/32 144A                                         | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    430000 | PA      | $440616.27    | 0.18%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UNH 4.7 04/15/29                                               | CUSIP: 91324PEZ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1879581.78   | 0.78%             | 2029-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                            | JANEST 6.75 05/01/33 144A                                      | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50763.90     | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer